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Full Show 7-3-18

Jul 30, 2018|

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This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. Taxes are going up you rent out your house in Massachusetts anyway. You're going to be paying attacks that you were paying just a short time ago at least it looks that way and then. Les Moonves under fire at CBS EC EO CVS been there a long time CBS Nazi V yes. And the big question is is this dirty tricks on the part of Shari Redstone hers. Last Monday is guilty of sexual harassment then finally the third story that will be jumping into has to do with adjustable rate mortgages. Hi everybody it's Berrian Mike with you here it is a Monday morning. And son of a gun there's a deal to impose a hotel tax on air B&B units and also BR BO would homeway all these. Different web sites short term rentals now short term rentals across the board so this is asked Pacific to state of Massachusetts has passed this law. And this is just gonna match what's already existing on hotels so there's a state tax five point 7%. On hotels across the states book hot. Cities and towns can add an additional 6% on top of that and a lot of them do so. A look at this to raise don't. Like to see any new taxes but your bead be at a big big leg up against all the other hotels in town because that's. Well and that's the that's the big argument. Lead the hotel operators worse this complaining in lobbying very effectively. That they were being taken advantage of and it was hurting their businesses and causing them to lay off employees. Conversely though you talked to somebody that owns a place on the caper owns a place in one of the islands are on the shore and they rented out seasonal basis. They are not happy. CN I think that's where there's a little bit of divers answered governor baker came back and said hey I want a yeah have you built in for anyone that rents at their place for. He said lesson 150 days a year. Effectively Spaniard. Part time ranging that your primary residence and you wanna see that tax that is that did not get built into this bill as well as anyone that residences and business tax. Larry eight I was thinking of the Chatham bars and beautiful hotel. About a thousand bucks an idea you know and they pay the tax. And then you could rent out house right now extorting Chatham bars and not true and that's I think that was the think it's and that's where the hotel operators. You know they they had an effective lobby and the problem is. Really air B&B. They're gonna collect the tax and remitted back so I don't I'm not sure how much they cared about this and I'm not sure how much needed to fight. Yeah I don't know I mean when other states have passed similar rules they have wound up in court against there being so I think I mean they're gonna oppose this it's and it's gonna end up making their product marks its this is going to be costs as directly Baird by the consumer it's probably going to be listed right there in your Serbian beat price when you go to book accuracy at very clearly how much the taxes and how much the actual and toys. It makes a pretty difficult if you if you're not using one of these fixed services right let's just assume that your at. You on your home in your rented out a few weeks every summer and you don't do it via air beer beer beer V Serbia we just rent to somebody. You have to collect the taxes you after commitment to the stated it's a problem it is it's it's going to be tough for you know so it's not really doing this full time. New Hampshire did this years ago and they were very diligent in terms of their collection of that rooms so that. They were tough. You'd sell your property and they'd still be coming after you for taxes three years later in the you know on the earning itself. At any rate if it need not signed into law yet the governor could. In theory he committed to veto it looked good I guess there wouldn't be shocked even if they don't have that built you know that caveat built into it here and if he did that they're trying to built overturn the veto this year so it could be a bit of a delay but regardless I think I would probably anticipated using their B&B your day. Vacation rental in Massachusetts are planned action in action 10% at that price sometimes ten maybe more risk at a minimum six for the statin and plus pride double that for local. Even up to think it could go up to what thirteen 14% addition total taxes when you factor all that different pieces. Taxes are going up at CBS. Is having a board meeting. To meet on Les Moonves role after a sexual misconduct allegations. Yet another CEO under fire I don't know if it's true or not they eat the sounds the New Yorkers though that publication that released the news. On Friday. And they claimed to have done a lot of due diligence on their story I don't know if it's churn on either but when I think about the number of big stories referred about executives accused of sexual harassment I can't think of any that turned out to be blatantly false. I can save a few that were you know son somewhat you know lack of evidence back camping and made it had. No real collection will know tonight the Boston Globe Stiller yeah. Yeah yesterday that that's a wanna the only one I can thank him but it. And and I'm not sure that that teach AA actually in in if you look at the information associated that I should or should he have matured that he should be that. Regardless Moonves. Is going back he's been accused by four women. Going back to 19971. Which is really disturbing. Violently kissing her while holding her down. You know again. If if it's a false accusation. It's it's a terrible thing I'm not sure this is Paulson and the fact that there are half a dozen of them. Makes you think it might be true I can't really think event and try to think of big companies who are. As attached to the CEO's name CBS's. Leslie Moonves has been in media turned it around he did. He is so podium attached to that name. It's tough to think of another big company that is so reliant on that single leader. And he's at war. With the large stockholders CP parents Shari Redstone. And so a lot of people been saying to Sherri who I believe lives in Chestnut Hill Massachusetts. Have been saying to her pay. I use the one you behind this because she struck she'd been trying to get rid of them yup it's. Stash Shari Redstone national amusements. Is a big shareholder in both CBS or controlling shareholder and CBS and Viacom. Been trying to get those two companies to merge for what a year and half town on long written. And one of the big problems has been you know who is going to succeed. This. Up until this last Moonves was presumed to take over the big combined entity. But who is going to replace him man last could not agree with the leaders that national amusements or Viacom one was taken over. But if investors out and I mean that is usually what happens after allegations like this then it could be good news for mr. redstone good news for Viacom and not to rate news a fewer you know affiliated with less than that I wonder with the or how long it'll take them to act. You know with the meat to movement the he has 880 in the past I was gonna say they can literally less could be out by this afternoon yeah. It could be I think in a in the past that you usually have the CEO just. Removing themselves Moonves is gonna do that year because he's gonna wanna fight the knowing that your redstone story here so I think it'll. Draw out for a little bit but nonetheless CBS stock was down what 6% on Friday. I think it's down again today Viacom was up a fair bit since on you know the potential for this deal to actually go through. Now that this could be could be. Adjustable rate mortgages lot of B may not be aware of what they are voted most. People who buy a house will buy a house with the thirty year fixed rate mortgage that is the most common mortgage issued. By lenders by Faulk. I think it's something like 70% of mortgages are thirty year fixed rate mortgage is now and then you'll see a twenty year fifteen year fixed rate mortgage. But there are some borrowers who utilized what's called an adjustable. Rate mortgage what are those Michael. Well simply put it sounds like it is instead of the rate staying fixed for thirty years it's still based on a thirty year pay off in most cases. But the rate will adjust on a year to year basis usually locks in for 57 sometimes even ten years and the front. But then after that every year for a couple of years the rate will adjust up or down dependent on prevailing interest rates so during those first five or seven years because those are the most common right just more rate mortgages. You're gonna pay a lower rate than you would on a thirty year fixed. Using this difference may be one quarter point to half a point yeah I've seen I've seen something in that you know how many of your data from the bank's perspective it makes sense right if if somebody is if you're gonna have to tie up that money at a fixed rate for thirty years. Then your higher and higher rate than you would for somebody that's gonna you know accepts him and you know inflation if interest rates move up. Right now it's you know it's kind of a tough sell for people that are thinking about them because everyone seems to be predicting that interest rates are going to climb out of the next five to seven years. So there. Actually I've seen decreasing in popular today if it sometimes can make a lot of sense when they give us an instance where it makes you well you Wear my first home purchase it would have made a lot of sense that my personal purchase was in 2011. I bought it was a small Condo and you know I'm back my hasn't. I probably won't stay here forever but maybe if I move all of rented out or something like that he got pictures I got a fixed rate thirty year fixed rate mortgage. Bought the house and eleven I sold in fifteen. C paid more because you didn't go just possession I should have gone adjustable rate mortgage in that case one interest rates actually declined during actors time. And to. I would have been you know out of their by the time the fixed rate mortgage was up and you know Hussein money it received a fair bit him so AEA got to factor in not just. Where you think insurance are going to be but how long you think you might be home to factor in you know which board makes the most sense for you. I see a lot of people my age refinancing amendment late fifties refinancing into adjustable rate mortgages and they do it Michael because they say to themselves well. You know what I'm gonna sell this place in three years ago YE what wide like take a thirty year fixed winning known and BO the 345. Years. In the our five years and seven years meaning for five years to get it lower fixed payment. Yes seven year you'd pay a little bit more yet again it would be fixed for seven years but at the end of that five years at the end of that seven years you could be in for some sticker shock. You could you know particularly you got to look at the deal here is sometimes they'd put caps and how much you climb each year it. It makes your job a little bit tougher quicker if you're gonna do the adjustable rate it makes your job tougher to go read the documents and understand it. But if you do it right concede yet hackable autumn. Our poll question today is do you have an adjustable rate mortgage and I'm raising my hand I do have but only 11%. Of our listeners in the polls early. Only 11% of our listeners have an adjustable rate mortgage would like to know if you have one financial exchange showed dot com a site participate Ari can text us. At 63566. When we come back. Have a conversation about the laid off natco workers. And they'll be okay that's up next on the financial state. Have a question for Berrian junk now you can text us at 63566. And take part in the show at any time. Start your text through keyword battery and join our exclusive club days as the financial exchange radio network. If you Google passive protection planning the get more than six million results priceless to make sense of all that information. The answer is you shouldn't what you need to do is go Cushing in Dolan the experts and elder law they've written a brand new guide told top misconceptions about Medicaid or applicable trusts this guy. 8668485699. Many people have concerns about how to access their own money if their kids or their trustees and about paying higher taxes if they want their acids to be unavailable for nursing home costs. These are just a few of the myths that Cushing and Dolan reference in their new guide the top misconceptions about Medicaid are remarkable trusts Cushing and Dolan has been helping families like yours for nearly thirty years call for your free guide today at 8668485699. That's 8668485699. You can also downloaded right now on our website and legal exchange showed dye job. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently and believe me. I've had all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices coach AZ plumbing. Easy makes it easy either experts they're knowledgeable they're courteous they will be on time to take care of you were issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy plumbing at 781. 862119. B that's 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10183. Again the number is 781. 862119. No. Everybody it's very Armstrong and Jake tool Jay is the executive vice president at leader bank. And we're here to talk about a brand new product available for landlords it's called Z deposit dot net Jake. What. Terry we created a security deposit product to really help the problem a lot of blame border facing with security deposits which is. You know one it's time consuming to open the small enough security commerce science. And yet to go into the bridge yes signed paperwork and their small dollars and in the turn. In exactly the complaints in Massachusetts really tough for landlord and security deposit account. You have to give them ten in certain forms when they open up the count and you have to pay interest a new and we should do all this canal through Z deposit all of that you can do Thursday deposit it literally takes about forty seconds opened up an account. We handled the automatic forms that are generated in the count number department commission statement all that said lieutenant. And the interest descent of the tenant automatically every year. This sounds like something it's going to be very valuable to large landlords it might have 200 tenants and small landlords that might only have five tenths yeah absolutely with a large landlords. It's just a lot of hassle to managed so we make dad very efficient for the small landlords a lot of them are afraid of nineteen complaints done correctly so some of them. Some of them don't even like taking security deposits were hopeful that this will help them do that. Folks if he'd like to learn more about C deposit go to their website Z deposit dot net. Or you can call and speak to somebody on disease deposit team it's 7816418691. Or online at Z deposit dot net it helps. Landlords manage their tendon deposits to great concept he might wanna learn more about 7816418691. 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. The financial exchanges all over New England to go to financial exchange showed dot com and search for the station closest do you. This is the financial exchange radio network. This segment financial exchange brought you in part by easy plumbing. All the woken up in the middle of the night from the senate that leaky faucet or shower head don't let that kind of pesky problem affect your sleep for daily routine. Call easy plumbing let their team of experts makes it easy makes it easy call easy plumbing at 781. 8621190. Or visit them online it easy plumbing and made dot com. Mass master license number 10183. Our poll question is do you have an adjustable rate mortgage only 9%. Of our listeners have an adjustable rate mortgage and couple people Chiming in looks like 413 Springfield saying. I don't advise anyone getting a mortgage debt increases. And another one here know their trouble well look there's different I'm not the business of advising people what type of mortgage to get there are risks associated with the adjustable rate mortgages but their also benefits. Laid off necco workers are looking to rebound and I guess this cot a lot of people by surprise last week when they shut down on the factory on it was Tuesday. Yeah. And shown on Tuesday said they come back Friday and paper last paycheck. It was it was a little bit surprising mean they've been told that the factors and stay up until November 30. And was. You know pretty quickly shots. And they knew that it did company had been bought out of bankruptcy. They had serie is is this we your situation or lawsuits going on all over the place for still don't actually know who. Now owns. The nickel factor round till was one that bought them but then they sold them to me you know. As far as I know still not disclosed buyer at this point that. But nonetheless gave the factory's workers are gone the workers are gone quite honestly. I can't think of a better time to have been laid off. Download the you'll collect unemployment you should be able to find work I mean there there were. Or reduce story last week there were there were people lining up to hire these workers there is that the owner of Kelly's roast beef was there the owner of the sea foods all just lining up saying hey we've got jobs available here. Come on down them will hire you on the spot. Do you pretty pretty good time to be laid off at the moment never good time be enough but. Historically speaking. You know pretty easy to find a job right now. China is losing the trade war with president trop and you know there's an old saying about trade wars nobody wins a trade war hand. Yeah Ali you can make that argument but right now when I look at what's going on in China their stock markets down about 25% year to date it is yeah. The currencies get and getting hit pretty bad I would say. Economically and stock market wise visited Chinese are lose in the trade. Politically announcers sure that you can make that argument I mean politically the Chinese Government to set up in a place where. Yeah they can really do whatever act they want to. They can do it in in China in the United States we worry in political people worry about elections in China they worry about revolution political opera ten. If you never read everybody ended up in the guillotine you know you never written. And so. Yeah I economic claiming Chinese stock market as you mentioned down 25% whereas the US markets are up 56%. Do you on the first the worst single month. Ever in the month of June guy in terms of it falling and corporate on defaults are rising you know at record levels right now John. And the Chinese have stop bad nothing president. Yeah. They they have you know kind of cut that tells me isn't it that's not get them anywhere well with that tells me is in and I'm just interpreting the data. But it tells me that they're gonna renegotiate I think they're gonna come to the table. If my guess is right they'll come before Labor Day and say okay we will work about a deal the big issue. Hey it in for a Labor Day by right Election Day in particular there was no labor they can you paying any attention to mid term elections. I mean yeah but I guess in the world that I'm by bush and I won I would even look at it until. Probably Columbus Day frankly now that you know like I think people are not focused on elections it's July. In and I think it would I think China can get a much better deal. In terms of the negotiation if they do something before Columbus Day. Then they can after the Victor as they wait until after the mid terms president's gonna sell the screw. And and they'll be no negotiations. The end he'll put you in tariffs on all the products coming in China and they know. Yeah it edit a pity they know that they they probably are looking just like the Europeans they're looking and saying OK we have an opportunity to get a deal now. And that's with the Europeans figured out last week and we have an opportunity get a deal done. I think China will figure that out in a hurry of course the Allman farmers out in California can't wait for this to happen. Can't have passed and all and farmers lobster farmers. Soybean growers. While different industries being impacted by this and that's part of the reason that trumps traveling around and at least starting to offer you know farm bailout. Did anybody know. That the United States is the world's largest producer and exporter of all guns. With 80%. Of the global supply coming just from California it's pretty impressive I had no idea. And I didn't hear a bit tight a surrogate and her dad in China buys a lot of those all at least they used to. They wouldn't care I mean they imposed a 50% tax on these omens then since December last two months the prices have fallen by 10% pretty much entirely. Just based on Chinese traders are right. And then as it relates to other you know you were talking about the trade war. You know there's a company that makes lobster traps. And they're getting hurt near out in Blackstone valley Massachusetts. The TV the president of guy named Jim not and when he goes to buy his steel. It cost 50000 bucks more. Yeah I mean no surprise here the price of steel since January 1 of this year's 33%. And aluminum is up eleven. Doesn't matter you know I'm talking about. Average steel prices you can buy it from the United States and that prices still going to be reflected you'll pay the tariff rate but the increase in prices there. And there hey this guy makes. You know American made lobster traps and he's looking a situation where a high prices are up well heat. He said 54000 dollars for one order. Yeah I do we'll see what happens and it's going to be pricing it will be hey when we come back we'll talk about how much of an increase in Social Security you should expect. Like there's something. I was on Twitter. Show breaking business news is always first right here on the financial exchange radio network. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've that all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. Coach AZ plumbing. Easy makes it easy either experts they're knowledgeable they're courteous they will be on time to take care viewer issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy plumbing at 781. 862. 1190s that 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781. 862119. No. If you're -- looking to find an easier way to collect rent payments than you need to hear about leader bank's -- line rent collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks mostly in the reduce local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC if you're a landlord and are interested in having your bank required does he ran technology Tillman McCall does he ran team at 781 at 6418691. 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. Met as we get older state plane becomes that much more important hi this is Todd let's ga partner with cursing and Dolan. And if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like cares for more than thirty years what their state planning needs we've got a new guide out this month called. The top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trusts and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show. Dot com hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamlined the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and even send out annual interest payments directly to attendants disk called the Z deposit team to get started at 7816418691. That's 7816418691. Or visit them online at C deposit. Dot net member FDIC leader bank a step ahead. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one -- and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and -- your gold locally it just makes sense of -- bank a call and learn more call 8776917900. Or -- 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 -- back a step ahead this is a special announcement for a landlords chasing -- only rent payments and making trips to the bank to deposit checks -- hassle out of round date with -- and leader banks all -- rent collection -- he -- automatically -- tenant's -- and deposited into your account visit WWW -- he -- dot -- to learn more -- see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months -- free -- landlords visit WWW -- see rent -- meant to learn more or call 7816418691. Time now for Wall Street watch a look at the market's performance so far today until Berrian jug right here on the financial exchange radio network. The Dow is up fourteen points but there are a couple of stocks taking it on the chin Tyson Foods in particular Yasser Tyson may have preannouncement of their earnings citing at a cost of terrorist really hurting. Hog and cattle prices and also. Start to flow into the price of chickens. The stock is down right now nearly 6% on the news three dollars and 74 cents. Girls Douglas CBS before the app for the break with Les Moonves from wearing investigators sexual harassment allegations the stock was down 6% on Friday it's down an additional. 4% this morning on that potential news. Tomorrow we are going to be having apple earnings coming up so big big company to watch on Wednesday as they reach that trillion dollar mark are. Let's take a look at Social Security. Earlier this year I predicted that. Retirees would get a pretty sizable increase in their Social Security. Social Security retirement benefits on January 1 of 2019. Still too early to tell but it is looking more and more as if those retiree benefits will increase by about 3% may be more Ed be surprising if they didn't. It's five going to be highest. Cost of living adjustment since. 2012. And this important because is sometimes we overlook. Just how big serves securities and a lot of people's lives mean toward the nearly 70% of Americans. Source courier says more than half there while. That's it's a lot of income. I haven't been getting raises of late and even this raised that they get much of it's going to be eaten up the cost of Medicare. Yeah I think that's something that people sometimes don't understand but there is this hold harmless provision that's built in sort of security where if you have your Medicare premiums coming out of your Social Security benefit which most people do pay up they're not gonna lower your Social Security even though that cost of Medicare keeps going up and now. So what's happened is the cost of Medicare has gone up so security has not. Now it's mr. stern climb up Medicare's and well. Hold on you don't get back in your pocket that's going towards the cost of Medicare that we haven't been able to collect on him. The last 345. Years so what's the high and that people can expect 33 and a half percent I think three and a half percent would I be pushing it for serious as you go ballistic yet period in 2000 dollars a month today that's an extra sixty box. But you could see. What thirtieth that need eaten up by the Medicare can do it I mean last year when we had we had. One point 9% raise last year. A lot of good good chunk of that got beaten up that you Medicare if you were if you were making. You know less than I think thirteen hundred bucks a month on Social Security you saw almost no race seniors secures a depends on what where you stand on that day it's. At the other benefit us opposes those of you who are retired yet right you're gonna see larger benefits. If you're sixty years old saying to yourself wanted to retire in five years. That dollar amounts in view of the larger than human anticipate it should be of the big complaints I hear from retirees is that. If they see their costs rising hacked up 3% in Iraq because they pay for health care right. That that's the fastest rising costs of dealing with his health care it's not there yet we've seen gas prices jump about receive food prices jump up that doesn't really impact. Retirees all that much is health care while health care in the require a lot of services right yeah they're not gonna do their own masonry they're not gonna do their own electrical work in the oval out no one higher electrician her ire Mason or plumber. And I'll tell you what. You go out and hire any trades today there are a lot more expensive than they were ten years and nature are puzzle there. They had. Fairly significant inflation rates supply and demand books paso way you'll likely will see an increase whether on it's that it that you look for apple remains to be seen. Folks as we get older state plane becomes that much more important yet loved ones or friends that made. Need nursing home care you need to protect yourselves and your ass at the best way to do this history trust. But there's a lot of misinformation out there about losing control over your trust and having asked permission from your trusty T use that money. This is simply not true you don't need to give everything away you can stay in control and you never need to ask for permission to use your own money. Cushing in Dolan is in new guide out this month called top misconceptions about Medicaid you revoke bull trusts. This guy details thirty the most common misconceptions about state planning and you can get yours today by calling 866848. 5699. Again that's 8668485699. We can download it right now on our web site. Legal exchange showed dot com again as legal exchange showed dot com. A large chunk of Americans are surprisingly has that hesitant to enlist the help of a financial advisor in fact. 45%. Of American adults. East forty to 59 C they would rather visit the dentist. And make an appointment with a financial advisor why isn't anybody like financial advisors. I think they are. Is a lot of mistrust and the both of us come from working in this industry and even conceive it a general level of mistrust. About a financial services industry a lot of that I think comes from Seattle this I think it's war. I I think there's a lot of people in that category. And that are 45 years old 55 years old. In your finances are deaths. And that's the reality and that I think is. Perhaps. The it imagine your age 55 years old fifty years old. And you haven't saved for retirement. You're you you've used kind of frittered away your money lasting you wanna do is go talk to financial advisor. I agree although I I you know talked to people. Nearly every week that scene saying hey you know I really trusted this financial advisor and found that three years later that he. Put me in this thing that. BA it's way too expensive and it doesn't do anything that I wanted to two and I see that a lot two's I think I think it's a combination of things. You're absolutely right there's definitely a lot of people out there that have not seen much for retirement that are relying you know planning summertime and relying almost entirely outs of security for their retirement. And worried about facing fire. Talk about the fiduciary standard because. I thought a couple years ago. That all financial advisors were gonna have to use the fiduciary standard. That actually cut put on the back burner and it is not the law now so Iraq UK and he. Broke her and insurance salesman. Can. Operate today without the fiduciary standard what's the difference between fiduciary standard and transactional based broker. Yes so I mean there was this law you're right they came out on video of Obama administration and got delayed and it is seemingly might just be done away with entirely into the trump administration where. If you worry financial advisor or broker advising someone on retirement accounts. You had to operate according to futures standard which means you must put that clients' interests. Above Europe. So you have to you make recommendations are in that that are in the client's best interest. So practically you know what that meant as a lot of these high commission noble products that you were paying people 78910%. Rate up front get kind of when a way. And now they start to creep their way back in there because of this delay and perhaps just scraping entirely requirement to be shared how does a consumer protect themselves. I mean you know first off ask. Gilbert asked for you know asked friends asked family members if they know some of their work with to ask if they're operating into the future. Standard that's pro the most important thing is that yeah I was thanks so you could ask. Because I get asked that question Paul walked Jeff and they'll say you know I was talking to a retiree the other day. And she was asking me how to light a financial advisor said key thing. Is make sure their operating under the producer but I think equally important pass that. How are you going to charge me in do you receive any other compensation. When I'm paying that's important question right. If you're paying them something and he's getting compensation from the products that he's recommending or she's recommending. That creates an inherent conflict of interest in just wanna be careful. Is there in fact a shortage of truck drivers one would argue that there is according the American trucking association we'll talk about truck driver shortages next on the financial exchange. Join our brand new tax club by texting the word Mary's to 63566. To send your first and last name and get involved today you're listening to the financial exchange radio network. Hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about this he rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered there information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and will even send out annual interest payments directly to Tenet's -- called the Z deposit team to get started at 7816418691. That's 7816418691. Or visit them online and see deposit. Dot net member FDIC leader bank step ahead. Getting up before the sunrise definitely makes you a morning person who identify problems and you get a head start on salt and hi this is very arm strong I'm up early every day helping advise my clients about their problems one of which can be understanding the fees associated with mutual funds there are management fees twelve B one fees and reinvestment peace among others they can have a negative effect on your portfolio let my firm help you make sense of these bees by requesting our free guide it's called the hidden cost of mutual funds call 803934001. To get your copy today at 803934001. Or download it right now at Armstrong advisory dot com. Securities are for two 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 hybrid. Buddy it's very Armstrong and I'm joined by estate planning attorney Todd Lipsky. From the law firm of Cushing and dole and for your legal exchange quick tip of the day we're talking about Medicaid. Irrevocable trusts Todd. And one of the concerns that I hear from listeners is that. People are afraid of giving up control. To their trust the when they use these durable global trust. Is that in fact a valid concern. It is not a valid concern but that's not a good enough answer let me help you understand why. It's not. First and foremost. Their concern is that way because they're not serving as trustee right and they can't if they want the protection. From the nursing however two things they need to remember. One. During their life. 95%. Of the things that need to be done with that trust. Will be done by them so they can still make the investment decisions talked to the financial advisors to make the investment decisions like their house yeah so. So all of this stuff can be done by them. There's only about 5% of the time that we need a lawyer. Earth that not a lawyer at the trustee to do anything is a trustee opt in one of the children idiots it is and so that's another good point that it normally it's a child. And the last of that number two reason you don't have to worry is they retain the right to remove and replace the trustee anytime they want. So they're really still what that loss as nice folks if he'd like to learn more about the top misconceptions. Regarding Medicaid durable global trusts. Call Cushing in Dolan people free at 866. 8485699. If you let that guide right now he simply go to their website which is legal exchange showed dot com. Legal exchange showed dot com or call them two or three. 866. 8485699. The financial exchanges live on FaceBook and YouTube watch Berrian chug discuss the issues of the day and see which one smiles at the most. Days as the financial exchange radio network. Truckers are underpaid and I'm gonna provide you some Reza some evidence to that effect. Right now Michael the median wages according to Bureau of Labor Statistics. Median wage for trucker is 42480. Dollars a year correct. Now what tells me is that truckers are underpaid is that there's a 95%. Turnover rate at large fleets. And that that's you know that's an incredible number of people jumping ship movement around. Like nothing else that means. I mean we're experiencing answer turnover rate in a lot of different industries right now but I have rarely seen one as high as 95%. And that's that's truly incredible CA came across a stat the American truckers association American trucking association says that. Well there's a 50000. Driver shortage. And I'm somewhat skeptical when they come out and say because they're try they're job is to. Represent the big trucking companies and try to attract people into that industry. But the fact that there's 95% turn over what's happening is now. He's trucking companies are saying oh come to work for us and we'll give you a 5000 dollar signing bonus. While these guys go and now you're usually locked in yet here you if you get a signing bonus at least you you're locked in for a year to. But these guys are jumping around and typically historically. Truckers have been Allman. It is like 94%. Men. And the vast majority of the man so much 70% of the men are white man and over the age fifty. That's changing it is having. An it makes sense whenever you have a shortage and all you haven't an aging workforce. So. These these. The group of men had been driving trucks are getting older and so there's a shortage. Wages are going up and it's starting. You know you really just a few stories here but it's starting to attract. Younger drivers for the as the others. It's tough one after 21 years old to drive one of these raids and if you're 21 years old. If you if you went to college you might not name might not think to yourself and being a truck driver unity didn't go to college you might say yourself like you make more money is an electrician and often travel enough to be away from I think that having been said you know when I was. When he won 22 years old. The appeal driving across the country is that we pretty cool now could see the appeal I wouldn't want he's sleeping near sleeping your vehicle. When wanna do it today when and you know. 31 years old have two kids another on the way but 22 to thirty I mean that's. That it pretty you know pretty enjoyable time to be too I think there are having some X the success. Recruiting people right recruiting more minorities. The other thing with trucking news if you get your hazardous waste license if you can transport. Hazmat materials I suspect he can make Mormon now. There are pretty strict standards for good reason to work in this industry to mean immunity to do this you need to be drug tested now he's going to quickly eliminate a lot of people in this day and age but it's it's important. But they are certain to lose sing a lot of the in the driving standards out there is even letting younger drivers they're talking about letting younger drivers and their talking about removing speed restrictions on a lot of these big rig trucks which. When you see that you start to get in day. Sergio bit nervous and I do an accident right sad a lot of pass and one of those eighteen wheelers on the highway and if it's doing 75 and says 65 that makes me more nervous now. But beach seeing CO woody what are your thoughts on the automation of that industry. Is it I think ten years out twenty years out has. How long before trucker is replaced by a robot or are they ever gonna be replaced by. I think it'll be one of the earlier industries that is replaced and I am certainly not immediately and has that side of things but. On him pretty standard highway routes I think. Within a decade you could seal on the Easter after place which is probably why there have a tough time attracting right yeah you're talking about take making a career choice to be a truck driver. You're going in eyes wide open knowing that's my job might not be here fifteen years and you noted to become a truck driver used to invest in education you don't just go to work ran Indy. That you're gonna have to take a class. It could cost you seven Ingram could cost you ten. But I mean median wage being 42000 about that means half of them bacon more than so that's not bad median wage for a 21 year old without a college degree. Now. I think if their shortages what it tells me you know pain the FAA had an average is not my point is that waged by doing. Mean he seems to be shortages in a lot of industries. He talked to people in the hotel business all we can't find him he talked to have somebody in the restaurant business talk to a restaurant. I'll tell you what they're pulled her down they cannot find people shall work the show for three days not come back we've been cleared for a story a week or two ago about people. Just not even giving notice is not a seller and jobs not showing up or accepting jobs and not showing up to the first day but it took two jobs. A staff that. I can't ever remember seeing and it's this is what's we have now for job market is very much like we had those of you were old enough to remember called us. It's like oh we had only 1990s. And that was a situation where. You know it everybody wanted to signing books you wanted to hire receptions entry levels receptionist. They would wonder assigning. And I first time I've seen this type of job market in twenty years have been a long time says I mean refineries artsy wage growth in the second half this year. I would think hey you know there's a lot of people. Think that. There are measuring wage growth improper. And that needle not accurately tracking wage growth. And that's due to the gig economy eat anything so many people were self employed. That I think about it late most electricians and a lot of plumbers in the they're not W to please their independent contractors. In in this body issues. Among some that study its wages. Is that that's not being hack you accurately calculated in the wage that's possible. But still give in this economy. You would think that you would still see some increase because I don't think you even seen big increases in the W two. They'll categories. Which would mean I've they're measuring it wrong I guess it could be that all the W two people are taking 1099 jobs instead right. You know independent. Contractor work instead customers not seen growth but it it's pretty shocking that you haven't seen much. Do you have an adjustable rate mortgages our poll question today. You can participate in the poll by going to financial exchange showed dot com or can send us a text message 63566. If you haven't texted the show before make sure you put my first name. Berry at the beginning of your text message. Thus far only ten and a half percent of our listeners have an adjustable rate mortgage I don't be higher than. Yeah I've got to be like 2030% I think that adjustable rate mortgage really got. May be falsely portrayed as a bit of an evil doer back in the financial crisis and a lot of people that were. Convinced hey you can afford this all because as your initial mortgage payment is only a thousand bucks a month. And then it and realized they read the fine print there's been a balloon to 3000 dollars a month five years so people I think kind of tied to adjustable rate mortgage. Correct or incorrect. Can save you a lot of money to do right hand really bite you if you're right. Market activity today. Somewhat muted. Especially given the GDP she's still seems to be. A lot of negative sentiment around the market people. You know the they think the trade war is going to get worse right now the Dow is down 31 points the S&P is down eat. The only index sets up as the Russell 2000 that's a small cap and tax a crude oil and we're talking about crude oil in the next hour. That crude oil's trading at seventy dollars and nine cents a barrel up about forty today. That makes me nervous the one thing that could rip you people are worried about the trade work. That's too easy to see and it's too easy this year resolution to it. Yeah the price of oil you get a big spike in the price of what they about like you go back ten. 20078. Where oil goes 24050. Bucks a barrel and also a new pay six bucks a gallon for gas. You wanna talk about something that could really put the screws to the global economy would be a dramatic. Increase in the price of. Well I if yeah I've if you saw that you'd be combining with hugely higher labor costs and it's. Raw material costs it could get ugly quickly. The price of gold. Well it's up eighty cents and 1233 now they when we come back. But talk about a scientist who has a radical idea to eliminate Lyme Disease and the ever shopped on line like you over. Under the influence that's also acts coming up and it took. This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day you're sick leave your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. Earnings season has been pretty good so far we're still in the midst that it was got a jobs report coming out on Friday. Economy seems pretty strong GDP was four point 1%. You know what the markets down today. Dow down sixteen points and NASDAQ down the most it's down seventy points. Or almost 1%. In the S&P span about six point tell everybody it's Berrian might with you here it is a Monday and you know do a lot of good things to. Look at that the investors. Haven't been feeling for awhile. Couple stories that we one count one we wanna read this it has to do with the adjustable rate mortgages. The most people take out fixed rate mortgages adjustable rate mortgages. Our often times for people my age so use them because they wanted to sell my house and five years or three years and retire in and so I don't wanna fixed rate mortgage that a lot of young buyers who use them because they'll say while. We just got married we're buying a Condo or buy their first time home. We know in five years or six years or seven years we're gonna move in and by house. Yet most people take out. Fixed rate mortgages. We have a poll question today is do you have an adjustable rate mortgage is the poll question Michael. Only six point 9% of our listeners have adjustable rate mortgages haven't trying to finesse attest. On the number of mortgages that are out there now are just over suspects haven't found keep searching. Not terribly surprising. Especially right now. Looking at the next decade people are generally assumed interest rates move higher so. Like people pretty excited about. You know blocking and that fixed rate mortgage at a 4% last few years. You know every science inside it was a mistake in ninth. But I'll tell you the reason a lot of people me half of fixed rate mortgages today is. They are Smart enough to refinance. When they could get a thirty year fixed it three and a half percent yet in those there were days here there are listeners right now. Person on thirty year fixed at three and a half percent. They're not make him prepayments on their just their join them mortgage although I met with somebody last week who. 871 arm that is. More years they haven't fixed rate period but they are under troopers it yeah. Now until they had a rare animal pain ya and in the big question news. Where are they going to be when that adjustment to her and can he withstand that today increased payment that's come in on the plate. Do you have an adjustable rate mortgage good or web site and it to exchange showed dot com to participate in that Horry in Texas tech's number 63566. My first name at the beginning of the text your news of the show Barry BA RY. Almost one half. Of Americans shop online. Wild drop and here's how much it is costing. Average of a forty bucks every time he'd. They the headline says draw now. My wife. Many years we'll have a cocktail or two and then decide that you wants to go shopping on line. As your account here yet I think she would count as part of the statistic. I and your friend in college you got pretty pretty drunk when he evening and ordered one must have been the most useless invention refs mean news. A toaster that also cooked your egg and Kutcher bacon on the same time what that sounds pretty good but it did not reduce worker. June drinkers spent the most 82 dollars and everybody else's forty dollars. Eugene drinkers have more disposable income and nobody else 46% of Americans admit to regularly. Making purchases while drinking. Surprised you know that that's pressed on that. Experts recommend this is actually really good idea if you're day in new knee injury did shopper or just even a shopper while under the influence. Leave those items in your Clarkson overnight and then checked in the morning. And see if you really want it it's pretty easy to return stuff on Amazon you pay for. Not to go to of the lockers. Net when I returned something that I'd pop in. What's your excuse not to when she no I'm not nine they just you know I meet mine is usually it's society's related by something. That well Nelson I just don't like. One scientists. Radical idea. Engineer and stock. Lyme Disease I'll tell you what it Lyme Disease. I hope you've never had it is a horrible. Us. Way it's. It's responsible for more deaths than gets credit for. Is just it's and it's terror really difficult to treat an unidentified doctors have a tough I'm treating it. And day immediately identifying can be difficult as I easily and insurance companies for a lot less people in the insurance companies from Lyme Disease or lesser this. While the if you go win. And you get your annual physical which they Sunni duty unity of this idea that they don't test for Lyme Disease. In general made the day and they will test you unless you say to them I was bitten by tick. And I'm worried that I have one disease they're not gonna test reports and it's to save money is it doing the Lyme Disease screen cost the insurance company moment. Yak I. I'm kind of with the insurance companies here. I don't wanna test every American for disease every and that seems like it's just gonna add to my cost of insurance. How much to my insurance prayers go up to me I want a single IIQ test at fort every year that because lately where we live. We're. Yeah you know northeast. Blind stands for is the reason I called Limas it was I think originated in line Connecticut. By I didn't really realize the process here usually. Most transmissions of line as you start winning tick bites aid. Mouse that's caring aligned bacteria. And I just figured that the textures have this inherently. Now a days they pass on the infection by now so that treatment at the department doing here ever thinks it's deer right. So everybody know like I guess it's mainly mice and mice and other roads you know that's what else carries a lot of line. Squirrels. And everybody feel squirrels are so cute don't quit your square. While on disease but the idea here is being cured mice of Lyme Disease than you should be able to prevent the text from passing on him. Benching and engineer engineering. Movie packs. Well they got alone AD VV this country's in trouble well. Via at and I'm a subscriber to movie pass a subscriber but not investor and I did not own the stock idea I bought the service and I got my money's worth that so they go bankrupt as it appears they might. I'm going to be a cat and leave as a word now how do you pay for the surgery due painting up front hers are just a monthly subscription I paid Europe front and daddy. About a 25% discount and how many months in this year. After four maybe maybe five. So I counted how many movies them undersea and made a moment. In terms goon but what you have gone to those movies if you had subscribed. So rules are. It's a date night did it's it's it's an affordable date it is to go oh yeah. By a the company looks like they severely underpriced or serves the problem that they have is they have no cost controls so there's this company obviously. Formed the idea on Hayward a charge subscription based service. But they still have to pay the movie theaters the going rate for that movie. But they seemingly misunderstood. Words that you bury for example. Getting used to go to the movies area often but now that you subscribe to this service you're going to movies all the darn time and there are so I have a fork over the you know the change every time you GoDaddy lose money. Yeah picked up and they've they've clearly miscalculated that they assumed people would just continue to go to the movies as much as they do and pay for the service is and that in that can work out that way. You know what's happened though. Is other companies have come out with similar ideas that are priced properly and they own the theaters cnet's best of the beneficiary is going to be using your AMC. You say to yourself hmm okay. Movie passes an experiment that failed. The wheels at all these theaters and they pride AMC has a product thing cost about twenty bucks a month right. And the film theaters and so when you walk in there they're all concession sales down so that's where these days if you look at the the books for theater company. A lot of the monies made concessions it's. Well think about what you pay for chocolate and so like you you gray eagle at five bucks for a bag of popcorn. And it's in what does it cost them ten cents twenty cents the night. The ad the company's app went dark on Thursday and Friday at tech campus high cost won't get it back up and running its shares in Helio snaps in which the owner of movie pass shells fell 71%. To two dollars in trading on Friday. Is a stock that there as of October last year's highest nearly every 333 dollars a share so. Their fallen from grace is pretty significantly. In the next segment we're gonna be playing trivia at the topic of trivia is NASA. If you're an expert on NASA will you'll enjoy this next segment because that's we're talking about next on the financial exchange. Only this there at the charts graphs and numbers all day and just listen to us there's the financial exchange with Barry Armstrong and chuck signed up on the financial exchange radio network it. According to consumer reports nearly 15. Of all available mutual funds have raised their expenses over the last five years Titus is very Armstrong do you know what you're paying for your mutual funds and understand the difference between ongoing yearly fees and transaction fees that costs of mutual funds -- into your returns which is one reason why some funds end up with sub par performance you may own funds that have higher expenses but that doesn't mean you'll get a higher return the Armstrong advisory group has written a free guide called hidden costs of mutual funds to help you make sense of these fees so call now 803934001. And get your copy today understand the true cost of your investments don't get surprised by hidden please call 803934001. Port download the guide right now at Armstrong advisory dot. On securities are protestors American corporate members in as the PC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group and the securities and are two companies are unaffiliated. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called zebra and it's a great service landlord allowing them to collect tenants rent payments electronically and he rent dot net without the need to collect checks mostly in the reduce local neighborhood banks to do their business and now a collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If you're a landlord and are interested in having your bank requires does he ran technology Tillman McCall does he ran team at 7816418691. That 7816418691. Or visit C Rand dot net stop chasing down late payments and running the bank to make your deposits at your bank UNC were to its list of offerings. Visit he Rand dot net or call 7816418691. For more information that 7816418691716418691. Or zero and dot net as we get older. The state planning becomes that much more important hi this is Todd let's ga partner with cursing and Dolan and if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away and you can stay in control at Cushing and Dolan we've been helping families like cures for more than thirty years with their estate planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trusts and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show dot com. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently and believe me. I've had all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices cult easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care viewer issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781. 862. 1190s that 781. 86201190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781862119. No. We wanna hear from. Thanks Stuart Barry's 263566. And let us know what you think about the stories we discuss your team to the financial exchange radio network. Trivia is sponsored by Arnold's and. Weekly trivia every day here on the financial exchange. Sixty years ago this week congress passed legislation. Establishing. The National Aeronautics and Space Administration today will be testing your knowledge about all things related. To NASA. And the way we play trivia is you text the correct answer to the question that I'm about to ask you. And the will go with text or number nine today. And the question is. Who made the first US space walker text number 6356663566. I would remind those of you who were new to the show especially those of you were in Florida. That in order to participate at least the very first time in trivia gift put my first name at the beginning of your tax masses so would be. Buried BA RRY. And then the correct answer to this question which was. Who made the first. US space walk it's a tough question I noted two give you an idea it happened back in the 1960s. And any. That's our trivia question 63566. Is the number that you texture answer to. Talk about student loan debt one point four trillion dollars it's more than credit card 620. Billion dollars more than what Americans go on their credit cards this is a huge number that is just kept growing. And growing and growing except. 58%. In just the last decade now. It's gotten out of control lead the the typical 2017. College graduate Michael took out. 39400. Dollars in loans that's up 6% from the previous years. At some point this is gonna break in and at some point they are starting to see you out only because you start to hear about these schools start to go out of business. The local one here and died in town Ida went out of business and a few others that are starting to go out of business and that's. The only thing that's driving that is lack of demand for their programs. And I mean lack of alumni donating pride because they're worried about the school being unstable is combining to make him business so. I look at that think that students are finally star at least starting to make. More financially. Sound decisions dinner education. But let's they would make you think that lately is this if I guess it is or may only just from talking to people I haven't seen any real statistics second proves this on the fact that you start to see these schools go out of business here and there. But it's gonna take a wild before that starts to flow through. People are still going to be taking at the big loans for the costly education and that cost is still. Continue to climb up. But you know I see advertisements all the time from online university saying hey we are holding our prices. Flat the next five years we guaranteed rates the next few years and things like that we he people are starting to question the value of college. Yeah I think so especially in such a strong job you know labor market where people go out and you know. Pretty much demand good wages born on college. Types of jobs. Yeah I think people are starting to you know what's interesting is most federal student debt. That is in default. Is on loans that are less than 101000 dollars yeah I saw that number and is a pretty good explanation for me. There's good reason for defaulting but. The thought process there is a few at 101000 dollars and last you might not an action finished your education seem items went for a year dropped out and near near no college education but him anger and and dad. And then he can't make payment to get a job and I think is what foreign half million people that are in default in four point seven million. People are in default. And those are that's four point seven million people. That can't get a mortgage rent in the period typically going to be younger people. And they are out of the housing market they cannot buy a house because in case they can't rent house. If you're if you're in one of these high demand real estate markets like New York like Austin they check your credit. They don't what you just sign up for rent because you have the first months and lastly and renting it crappy place in that that. I I began its unity you wonder why Amylin new rules are not buying homes Appleby contributing factor EF four point seven million him Perkins. That are in default and you know people last. A lot ray yeah we talk about the big financial crises what their caused by in the past a lot of its been about Graham back you know seven is all about the the mortgage crisis. How does this. Lead ups that he's you know all of this debt is really held by the federal government that they're not gonna get into with the system level this is a trillion dollars or one point four trillion dollars in the mortgage crisis I think with seven try yet. What's different about this is its unsecured tire right. If somebody defaults he can't just go collect and and they don't seem to be very diligent in terms of collecting you know like the to meet people I remember when you're interviewed people pews while I'm in default them again like it's no big deal. I lately wide isn't the government do more to collect that. Garnish wages and things like that happening quite that repossess. Cars homes and it just. It seems like it student loan debt is taken very lightly. By the book both the borrower and lender. Lender write in my opinion the lenders should be much more diligent in terms of collecting on that defaulted student loan debt. So how does this all play out again because the federal government holds a lot of the debt they're not gonna get into hot water at Citibank Bank of America did it. You know I do think you'd see a slowdown of younger Americans not make those big purchases just mentioned well absolutely it's gotta be slowed. As the oil industry recovers from a glut in supply crunch. Might be looming while subtitle for tonight I'm very you know eight people worry. He if you talk to investors. The bill sales while you know I'm I'm holding out of the market because and I'm not gonna put my money into the market because. You know stocks are too high or another put my money into the market because I'm worried about the trade war I'll tell you what. In my experience. Oil supply. He is is a huge factor. Andy can cause prices to spike. Dramatically. In it doesn't take much all it would take is small supply interruption. Or miscalculation in terms of increased demand you'll be so happy if that happens see gas prices up at five bucks to be fanatical unloading of the glut of it to don't listen to the radio program if caskets of five ducks there appears buried just going to be the worst persons beer and it's true because of his electric car I don't buy. He's not very often. Remy day. In some way those oil companies have made the same same decision that some as investors are talking about they are worried about what happened back in fourteen when oil prices came plummeting and they just said well there's too much unknown here is or not invest in these big projects and you start to see. Any machine up and there's no supply him. Little if you talk to if you if you look at the industry. A lot of the workers left that industry they found other point in and they are now painting houses are there working as electricians. In the not gonna leave it to go back to Wyoming to work in the oil industry investments fell 25%. And fifteen and sixteen yeah. Capital expenditure is flat and seventy surveys by the fact that prices are up some 30% through creating you're not seen these companies invest more. In it discovery that man and eventually. Either that catches up. Or we the move away from oil which I can't imagine it happened just in the next few years here I just wanted to remind you back in 2008. Oil hit nearly 150. Dollars a barrel. Today oil is trading at seventy bucks will pay for gas about to seventy to eighty. Yeah on ninety among the three dollars and Meyer and our net closer to three. You do the math folks. People don't really start changing their behaviors that point. Than a talk about four dollars a gallon gas and suddenly that suddenly that bring your F 150s. Portsmouth before authors. They coming up next we'll have the answer and the winner of our trivia question we'll also talk about how sellers are tricking Amazon. In order to boost sales of their products. That more coming up on the financial exchange. The financial exchange is alive on FaceBook so make sure to like your page and watched the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. As we get older state planning becomes that much more important hi this is Todd let's ga partner with cursing and all and and if you have loved ones or friends that may need nursing home care. You need to protect your selves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like cures for more than thirty years with their estate planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trust and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show dot com. Getting up before the sun rise definitely makes you a morning person who identified problems and you get a head start on salt in them hi this is very Armstrong I'm up early every day helping advise my clients about their problems one of which can be understanding the fees associated with mutual funds there are management fees twelve B one fees and reinvestment peace among others they can have a negative effect on your portfolio let my firm helped you make sense of these bees by requesting our free guide it's called the hidden cost of mutual funds call 803934001. To get your copy today at 803934001. Or download it right now. At Armstrong advisory dot com. Securities offering to securities America incorporated members finreg SIPC and advisory services are for your securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Are you having problems the blocked sink or drain. What leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've that all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. All easy plumbing. Easy makes it easy they're experts they're knowledgeable courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy plumbing at 781. 862. 1190 a 781. 8621190. Or he can visit them on line at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781. 862119. No. Hi this is chuck and Mike from the financial exchange and today we're talking about the hidden costs of mutual funds. And Michael Lotta times people look at the sales load de Payer they look at the expense ratio on a fund. But they don't realize there are other expenses built into on what kind of expenses do we see in addition to the ones people know well. The biggest one that usually gets left out is something around the trading costs of mutual funds. And a few years ago the SEC pretty much came out and told the mutual fund companies that. Because these costs are so complicated. To calculate. They are not action required to disclose them in the operating expenses so if you look at a fund that trades a lot. And by that I mean turning over the portfolio maybe a hundred or 200% a year. Those costs can be significant. Are there any types of funds that typically have lower turnover rates that don't trade is much so that he can get a better deal absolutely I mean when you look at basics of trading how much 100 vs another. Usually an index fund trades a lot less than an actively managed mutual funds are for instance you can buy an index fund. That just replicate the S&P 500 that's gonna have a lot less turnover then actively managed large cap mutual fund in case. Folks beyond just the headline numbers there are other expenses associated with owning mutual funds and they are strong advisory group has put together a guide on these expenses. Titled hidden cost of mutual funds all you have to do to get it is call 800. 393. 4001. Or you can go to Armstrong advisory dot com once again the title is hitting cost of mutual funds in you can get it by calling 800. 393. 4001. Are going to Armstrong advisory dot com. Securities are pretty securities America incorporated members SpinRite SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Marion Jones no finances and you care about your finances it's good for you know Barrington shot. Believe me here for the financial exchange on the financial exchange revealing them work. Astronaut Ed wait. Made the United States first spacewalk during the Gemini 94 mission on June 3. 1965. And the correct answer came from Paul and Nash PR trivia contest it brought to you by Arnold's lobster and clam bar located on US route six in the east in Massachusetts. And Leach Jeff Susie is when the cape cause stuffed lamb contest for the third year in a row get down Arnold's and check out their grades food for yourself. Call 5082552575. Or visit them online at Arnold's restaurant dot com for more information. I learned a new term this morning it's called click farms. And Amazon is battling these click are who would that when we start off with. Because I wanna inflict far I now understand what click farms that. Maybe somebody in our audience does and so when you Google search something or when you go on Amazon.com. And search for an item what they do is they use. Obviously crowd funding to just determine what is the most popular answer is usually that's what people are looking for a whenever most popular. Is gonna give you the best answer so. Give us an example so let's say hey yesterday I was looking for a new pair had and I wanted to you just wireless headphones and I can go running way. Assertion on Amazon what's gonna come up first is the one that most people have clicked on it looked on a seller which won the most people of bot. Where the best reviewed item but which one has the most clicks and so what I am as you know what the people found to say we're gonna go. Put a product out on Amazon.com. But unless we do something it's gonna be you know the fiftieth item down and not getting traction so we're gonna go higher. This click farm. He's gonna go on to Amazon.com and go search out our item and hated about two times given a whole bunch of reviews all fake radio zoos and drive that item is actually top of the list I read the reviews before I buy and buy an item and often and you wanna be careful what you -- brute greed are the verified reviews someone you can still throughout the ones that are just verified -- actually bought the product you can do if you go and their views. Says there are some that say you know just a general review and sound that we have this person we can confirm that the person that's providing this review actually purchased the but Amazon's you know in other companies so lesser companies the eat in your example. This seller of the headphones. Is hiring a click farm yeah. To go in and pre produced the east falls reviews that we two would then induce somebody. Unwittingly to purchase a product that may not be the best product correct as are not at this bad brand is it's not only the reviews and I mean. In some ways I guess they made some ways it's both batteries and the credibility of this shirt daddy used all I bought it because news. It had a bunch of positive reviews on Amazon must be pride because I I'm guilty that's often times out why perks an area. So it's it's fairly common names on its they're dealing with a whole issue to deal with counterfeit products all over the place they're dealing. Which this year and hey it's tough because it's tough track down those IP addresses and really confirm whether something is. They're fine to mr. purchase it or if there's been hired us. Employers. Are in a situation where they are now if issuing a new policy. No experience necessary you know for years for probably fifteen maybe twenty years employers had the upper hand they can be very selective. On who they hire today you're more jobs open in our workers to fill those jobs and it's as. So what you're seeing his yeah on the job description their blessing no experience necessary there also skipping a lot of the process is that where you know it's a standard when airing some drug tests. Criminal background checks. It I seen the drug test peace being loosened and you know many industries in the last five years that the background the criminal background checks in. Can imagine it without knowing whether or not they've felons that are doing it the year employers are in a situation where they don't have much choice. In its. In the just having to relax their standards in order to find workers they are it's a very tough job markets. And worsening across the board Allison Louisville or two cities in particular mention that such a tight labor market you know for it's pretty hard to find a bank that has checking and savings accounts that provided decent return. If you're in the market for one look no further than leader banks Zuma rewards account qualifying customers receive 1% back on babbitt's 10% packet featured businesses. No minimum balance required and no monthly fees but that's not all. Leaders banks numerous savings account has a two point 05%. EPY again that's two points or 5%. And great perk for qualifying Xoom customers. If you're searching for a great rate it's time to call leader bank at 8776917900. Learn more about Zuma accounts that number again is 877. 6917900. Or visit leader bank dot com. Minimum deposit to open and earn annual percentage yield ten dollars two points or 5% a few wide mass residents only. These may reduce earnings rate subject to change without notice and member FDIC. Leader bank a step ahead. You know if you own shares in General Motors you're disappointed in the trade war because it's cause your stock to go down in price. But if you old stinger shares in Reliance Steel & Aluminum. Or new corps where you had a pretty good quarter right steel prices are up 30%. Pretty pretty happy. You know we were talking about that with that the harbor terrorists is like you said there. No winners in a trade war. There clearly are some winners and some losers. The problem is. You have to pick which ones are gonna win eight when we impose steel aluminum terrorists we decided you. US decided that. We're gonna favor steel and aluminum producers over. Our producers. And lobster trap producers and beer cans producers. And I think you're using that you know China was doing a lot of dumping. BB or subsidizing their steel and aluminum industry. And I've heard people say hey you know what. The reason we're gonna protect those industries is with the national defense issue which I don't disagree. Just. We have yet to be honest and I always go back to the to the press conference with Stan. Holding up the can of soup and say yes and we'll cross. Yeah you're right results in at 3000 dollars to you know to a truck and and had. Do Toyota Camry exactly it's very kind of painting over a few of the details here Sam Adams for instance announced that they're going to be. Hiking up prices have a lot of their beer and they drink that anymore. Largest American on beer company I think yeah. So way it is starting to see you know to come through I think we're really gonna start seeing this in the second half this year B variants to see what we see four inflation numbers this if Sam Adams is getting him imagine the small craft rumors. Because they lose game. If no scales lead me you know they purchase small orders look them right in there gonna hit pretty hard I would think so. They're Bayard every Rory costs like twenty bucks for four packs. It's you know for that data for Tony I expect him is that is not gonna have a negative impact on any one way or the other. GM owners can make money off of their Buick. With me in car sharing service I don't. You know I've thought about this. And don't drive a nice car but I don't know that I would print it out. And I don't use by car are much I don't know that illiterate about discussing a moment personal crap and you look three cars a lot of stuff and there is I think this is going to be a big generational thing you do idea I think there's a lot of people under the age of 35 or maybe even forty I would say. Yeah I don't care driver in my Karl just you know. Keep any pictures and my kids out of it and all you know take my wallet with mes the office rod story. You know if somebody wants to borrow a car for. A few hours them and make. Twenty bucks an hour on it. Sure although he here's here's where I I think that the problems does one Wear and tear on the vehicle right absolutely and you can assess it while getting competency that. The bigger issues of the would be if they damage the car. And I planned to use it on the weekend they crack and out. And all the sudden it's in the shop for a week you're absolutely right and GM has to have a solution that with us so it may then is that the name of the service. Guy it's going to apply to any new G any GM owners obviously they're going to be building in the technology right into car which is pretty neat where. If somebody wants to rent the car they don't need to get the keys from new evidence meet up with the raiders have access to your vehicle and started up remotely. And GMs for writing the insurance here now I I share your concern right let's let's say I commute into Boston every day in my car is just sitting there. Not being used from 7 AM to 5 PM very common Wright is like a lot of people use their car most people I think use their car. 3% of the time yeah indicates otherwise it's just sitting right so I mean on the surface yeah I would like Ted generates income the problems they face. Hey somebody cracks about what's gonna happen I'd better have a replacement car waiting for me my card it's an crashed while renting it out. He what happens if I'm trying to get home by 6 o'clock and the guy that rental cars and get back to five there over. And who's gonna pay for wreck his day it's GMs not gonna pay for than I have no interest in participating in this program him. You don't see people were probably naysayers about Guber and boy it is sure taken off. Yeah and I don't know that this is gonna fall into the same category I'm not sure either but it it's. It's something new and GM needs to they need to innovate if it is innovative. And you know what if they can convince somebody that is looking and it's you know a base level model of one of their vehicles to. You know do the math and I'm sure they're gonna do this right when they're selling their cars they're gonna build into that in the back room with you and talk to you about. Well if you join the maven program and if you rented out for this many hours a week than. You're in generate this much additional meaning you can actually afford that extra 200 dollar car payment and get into the higher version of the escalade into thinking about buck. Maybe it'll work maybe you'll up next we're gonna be joined by Tim Stevens from the CNET roadshow to review the 2019. Mercedes-Benz. That's the next segment on the financial exchange. It's Marian Cilic in the financial exchange on the financial exchange radio network if you Google passive protection planning to get more than six million results. Priceless to make sense of all that information. The answer is you shouldn't would you need to do is called Cushing and Dolan the experts and elder law they've written a brand new guide told top misconceptions about Medicaid -- applicable trusts this guy details thirtieth the most common misconceptions about using irrevocable trust to protect your assets -- your free guide by calling 8668485699. Many people have concerns about how to access their own money if their kids or their trustees and about paying higher taxes if they want their assets to be unavailable for nursing home costs these are just a few of the myths that Cushing and -- reference in their new -- the top misconceptions about Medicaid irrevocable trusts Cushing in Dolan has been helping families like yours for nearly thirty years call for your free guide today at 8668485699. That's 8668485699. You can also downloaded right now on our website and legal exchange showed dye job. Hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to enter their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and even send out annual interest payments directly to tennis this call the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them online at C deposit. Dot net member FDIC leader bank step ahead. Are you having problems the block sink or drain. What a leaky Foster a shower. 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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 bank a step ahead. Security suffered through securities America income member finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Once thought they. What's trending. The world of finance and go from Barry Armstrong and chuck signed up on the financial exchange radio network. His senate financial changes brought you by Peter bank's brand new product called Z deposit this is another free program were streamline the opening of tenant security deposit accounts are totally digital experience. Landlords can open an account online and buy tennis to enter their information. And manage all their security deposits just called Z deposit team gets started at 71. 6418691. That's 7816418691. Visit them online at Z deposit dot net that Z deposits dot net member FDIC leader bank. A step ahead. We're joined now by Tim Stephens from CNET roadshow talking to us about a new Mercedes car that's and be. For sale the United States for the first time ever Tim thanks for coming on. James ciller. I answers right you hear him out. Part of a problem. So first time the a classes can be for sale the United States is the it sounds like it's become the base level sedan that's been. Available in Europe for probably years now. What's gonna bring is going to be more of an entry level car for for American drivers. That's exactly what it ought to be honest to be the most attainable Mercedes-Benz available in the US market so you have visions on May be moving him to the classroom. Obviously cannot be good steppingstone for entry level Mercedes right now that is held by a bit Il a class which is like this or your version of a class. This will be the first time that we get that the base of a class is very very popular and what's the CLA Klesko for here in the states. We feel like started about 33000 dollars so we don't know exactly where the new A class is going to Indian haven't given a formal pricing just yet. But it should start right around that may be a little bit cheaper but I actually would more standard features more CPP and things. Now and I think about brand like Mercedes going into. A cheaper type vehicle. It doesn't mean presumably Mercedes didn't do this in the past because they are one of the you know Big Three luxury brands the United States I think going down market here in does that strategy really make sense for Mercedes. It's simply a bit of a difficult way to maintain that premium luxury the fuel loss still often occur on the attainable to more people but they're going to be doing in a pretty well. Pretty good wager with a class that it still a luxury car is still offers a lot of the premium features that you get even in this class. Things like 64 color ambient lighting in the car massage and heat and things like that. But a bill at a car that is a lot more or blade also still looks really nice to look at that great looking modern Mercedes-Benz. And they look to it. Dubbing it one a nice looking and we took our rule right now who doesn't look bargain in anyway they don't turn press around 33 grand that make it fairly affordable. It does I also look at consumer trends here in the states and we are very much focused on bigger vehicles and this is clearly going in the opposite direction did the Mercedes also doing pretty well with their suvs and dance that's feel like I see a lot of them out there but it. Is this really what American drivers who want rate. That remains speaking this is definitely market is trending toward these crossover suvs and full size suvs the Mercedes has definitely has that market saturated as well this deputies are pretty much every size and shape that you could imagine. So there were really trying for a bit of a different market now Audi had in some success with 83 here in the US. They'll be very much competitor to do this car and so we'll see how the two backup and turns all the pricing and to our ability. But one big change of a classic scene from Europe become the US is the make you into this to ban in Europe this would typically be hatchback car. But knowing that US marked as well like cutbacks they admitted dissident who. And now let's talk about I mean when I think of the three big luxury carmakers and that come to the US solve all exports Audi Mercedes and BMW. Has there been a clear winner of the last five years. Honestly they're all winning right now they've all been filled up in a big way they're all being could profit everything else so they've all been doing really really well and they've all been buoyed by this again this transition toward crossover suvs. Because all of when he got to have a lot of great excuse to choose from. Not obvious to produce some big stride relative to the other two but all frankly they're all doing really really well with artists say which one is the winner right. See it to you about one smear the next car. I appreciate it at a pretty pure carpet a lot of grit it speeches in the news and entertainment system they're introducing his cards pretty great but naw I'm I'm still looking for more performance Carson probably wouldn't be just me. Fair enough well I Tim Stephens from CNET roadshow appreciate you coming on. The class a share for a class a Mercedes-Benz. Available later this year not priced yet but presumably under the current Selig and thanks coming down. Yeah that's sounds like cars can compete with. You know. Toyota Camry York I wouldn't you're a small Buick I mean if that's. 33000. They sit starting at thirty through these early 33 high or Ali. 4045. And vote yet probably but that's 33 for the one that's currently out there which is more expensive and they're releasing this is the Mercedes-Benz. Which has never been for sale in the states and the bit more expensive version as the CEO away which is for sorry third three's yeah I mean your pride and I probably amazing journey here. Yeah and that's you know that's the big question at all these vehicles else's what's gonna happen here are some the next few months that could do away with any of these sales now. I don't know all the details but Wilbur Ross is saying that talks with Mexico. Are nearly done on the NAFTA agreement Canada. Should be much trouble there's a NAFTA. ID you know I think you're gonna see eye and I mentioned this earlier in the show. I think a lot of these trade disputes are gonna be resolved by Labor Day it looks like NAFTA is well on its way Europe is on its way. In the is one link that's missing in that would be China China is desperate to negotiated deal. And when they do. That could lead stocks a lot higher right now the Dow is down Dow's down sixty points. The S&P is down tents in the market right now doesn't agree if if you did the market would be. A toilet though worst performer right now the tech stocks NASDAQ full one percentage point in the pace runner up so much hey that's what people realize there are starting to really question whether is why I support this much money into basically the five companies via FaceBook games on Netflix apple would do. And Amazon continues to take over the world that your new. You know let's one thing to keep an eye on and I'll do it for you is the price of oil folks it's up a dollar 35 a barrel at seventy dollars and 4%. That to me. Is a greater concern believe it or not in the trade wars I'm not worried about trade wars I'm worried about the price of oil. We'll be back tomorrow with another edition of the financial exchange. As we get older estate planning becomes that much more important hi this is Todd let's ga partner with cursing and all and and if you have loved ones or friends that may need nursing home care. You need to protect yourselves and your assets the best way to do this is through a trust. But there's a lot of misinformation out there about losing control and having to ask permission from your trusty this is simply not true you don't need to give everything away. And you can stay in control at Cushing and Dolan we've been helping families like cures for more than thirty years what their state planning needs we've got a new guide out this month called the top misconceptions about Medicaid irrevocable trusts this guy details more than thirty of the most common misconceptions. About these Medicaid irrevocable trusts and you can get your free copy today by calling 866848. 5699. That's 866. Eight or 85699. Or you can download it right now on our website at legal exchange showed dot com that's legal exchange show. Dot com hi this is very Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamlined the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered there information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and even send out annual interest payments directly to attendants disk called the Z deposit team to get started at 7816418691. That's 7816418691. Or visit them online at C deposit. Dot net member FDIC leader bank step ahead. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've had all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. Cold easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous they will be on time to take care viewer issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy plumbing at 781. 862. 1190s that 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number one no. 183 again the number is 788.