The 404 1,521: Where we invest on autopilot: The 404
The 404: The 404 1,521: Where we invest on autopilot43:18 /
Aunt Jill Schlesinger returns to the show! This time she tells us about her recent travels, her new favorite storytelling Web site, and a new site called Motif Investing!
It's Wednesday, July 9th, 2014. [LAUGH]. I'm already on new years. And from our studio students in New York City, welcome to the Floor of War. He's really, he's getting really good. [LAUGH] [MUSIC] What's going on everyone and welcome to the 404 Show, I'm Jeff Bakalar. I'm Justin Yu. I'm Ann Jill. Wow, so Jill Schlesinger, you're back once again, thank you for being here dear. Thank you dear. Yes. I feel so happy because Justin, this was going to be three strikes and you're out. I know, I know. Cuz the last few times I was here you were not here, and I started to say to Jeff. What did I do? I'm not, I'm not avoiding you. We're not breaking up. Don't worry. [CROSSTALK] Don't even insinuate it. I wouldn't even say the B word. It was a terrible misunderstanding. Just a terrible coincidence. I was traveling. A friend got married. How dare that friend get married. I know. And he got married on the other side, of the globe too. Yeah. I was in Asia. How was that? It was really, really fun. Yeah. Went to Beijing. Yeah. And Singapore, and Korea. Didn't get arrested, which is good. No, no, almost, but no. Mm-hm. All right. Oh yeah, you almost did. Yeah. It was great though. It was super fun. Yeah. Cool. He's a world traveler. And you're a world traveller. Right, and I have to, of course, thank my 404 family. Yes. Cuz last time I was on, what we were talking about was that I had, you know, the Worlds oldest phone that still actually works. Yeah. And we were talking about what should I do? Yeah. Because I'd been traveling back and forth to visit my girlfriend whose in London. Right. Summer. Really, now they said three months. Now it's almost, eh, six months. Wow. Oh. So, an, and, and so all the 404 fans, who gave me all this great advice, thank you. Mission accomplished. Excellent. Mm-hm. Got it going. And I, I'm feeling like a little bit of the world travel, racking up my miles. You know how you have too many miles, in a short period of time? When you are. Is that bad? I'll tell you what. You know you sort of, like, know you've been traveling a lot when, within like. Two months you're at silver status on. Whoa. British Airways. [CROSSTALK] What does that give you? A nice luggage tag. [LAUGH] That's it? I don't know what it gi [LAUGH] I don't know what it gives. You don't get to hang out in like a fancy lounge? Well, yeah, you get to go in the lounge. But you know what? What's in the lounge? Well, so I take this flight. That goes from Kennedy Airport, to London City Airport which is- So it's not Hethero? It's not Hethero and part of the reason that because, the financial district in London has now moved away from the city and almost like. It's weird, ti's this place called Canary Warf, it's way east of Heathrow, it's like two opposite ends of the city. And it's for all the Banks and everything moved that, over there. And it's kind of like the weird place, it doesn't really feel like you're in London, it feels like you're in some. Combination of like South Street Seaport in 1987 plus Battery Park City. Oh, yes. So it's like, it's like, it's sort of like there's mall fare, which is very odd in London. Yeah. And it's pristine and it's on the water and it's very pretty, but doesn't exactly feel like you're in London. There's an airport that's nearby like ten minutes away so British Airways. Now it does, an all business class flight with just 32 seats. Whoa, what? And it flies directly into City Airport. It's the smallest exit. It's a small runway. Yeah. So they have to have, the, they have the biggest plane possible that can land at City Airport. What kind of plane is it? It's an A318, an air bus. Okay, yeah. So it's not that big. Yeah. But, it's like everyone who gets on is all about the business. Sure. So you get on, you go, so now you go to the airport, you go to Kennedy. Which by the way, it takes so much time to get to Kennedy Airport now. It's. It's pretty terrible. It's totally ridiculous. Didja take the air train, or? No, I think that, you know what, you know, where I live, to get to the air train, it's like a pain in the neck. Yeah. And since our company's for the car service, so I'm happy to take it. Yeah. Rock-n-roll. So, I get to Kennedy Airport at like say 5:30. There's a special check-in for this flight. Oh, a separate line? The kind of, yeah, it's like a separate place where you go check in. And you then go into the British Airways lounge. And when you get to the lounge, there's like a special dining room there, and you go and you have dinner. Okay, that's nice. You go have dinner, you board the plane at like quarter of seven. The start, the really get the plane off pretty much on time, but by 7:15 you're up in the air, they shut all the shades, they don't serve anything. They're like, everyone go to sleep. Oh. Really. So it is like in unison from about. Like camp. 7:15 to 7:30. You see everybody is sorta slowly open up their pills. [LAUGH]. Oh man! Yeah. [LAUGH] Why don't they just start serving that on planes? Goodbye. Well I mean, so, you. It's not that long a flight. Cuz its a smaller plane, and it will not go as fast, as a lot of the big planes. So it's probably like a seven hour flight actually. Mm-hm. Okay. So. You get there at 7 o'Clock, you want to be sleeping, for some portion of that time, right? Sure. So everyone's taking their drugs. The first time I took a vallium. Oh man. And it went pretty well. Right. The only way to fly. [LAUGH]. The second time I had a scot, no I had a glass of wine, and a vallium. [LAUGH] Dude. That also went well. I'm not a doctor, but you're not su- But i'm not flying the plane. I'm just on the plane. I understand, ya know. Why is that a problem? Just cause whenever you take like diazepam, or whatever that is, right/. Yeah, that's it. You're not supposed to mix with alcohol. That's for driving! No, no, np, that's for living. [LAUGH]. Wait a minute, let's get Josh King back on this show. Yeah, I'm pretty sure, [LAUGH] he would be like Jill. You're playing with fire here. I went to Benadryl. The last time was fine Anyway. Well you were here, so it was okay. Exactly. I guess. And it's just rotten meats. Why are you being all weird about this? I'm not being weird. Yeah, Dad. Jeez. You are a little bit, right? No, you wanna know why? Because you just hear about in the outlook, the odds are definitely in your favor. But some people, you know, they mix that, and. Well, now I know I can do it. I guess. [LAUGH] But I don't know if it's like a thing where it's like, okay, I've passed the test, I can, I can do it again. I think it's just like the perfect storm situation. You think so? Yeah, well, I think a lot of it is also, you know, I. I knew one guy who, who died mixing alcohol and like, antidepressants and stuff like that. But, it was like a one in a million shot. Mm-hm. And it just sort of. The wires got crossed. You are kinda scaring me right now. I'm not trying to say don't do it, you've clearly done it, like dozens of times. What are you suggesting? You are scary is how easy it is to get medication for a flight. [LAUGH]. When I was going, when I was going to Asia, I was, like, trying to ask around sort of under my breath. I had people around the office [INAUDIBLE]. Friends, like, hey, do you have any Xanax. And I'll kinda do that for a while and no one had any, and then I asked Jeff finally. It's like, why don't you just go to your doctor. Yeah, that's right. And so I just did that. Your doctor is the most accessible drug dealer [CROSSTALK] and it's covered. It was the best so I just go, I go to the Doctor and I'm like, hey, I'm getting on this flight to China. And he didn't ask more questions like Xanax, or Clonopin. Yeah he's goes like this, he's like I can hook you up. [LAUGH]. That's a number two, that's a number four. Yeah, he already has those filled out. Right. He's like, [CROSSTALK] how many bars do you need? I don't even know what that means. He's using street slang. Wow, I love that. That's messed up. It was amazing. Well, I'll tell ya, it's been, it's been an amazing experience. The problem, of course, is that. I seem to be travelling to London the, the height of the strength of the British pound. It is so expensive there. What is it, what's the- 170 to one. Yeah, it was one six when I was there. It is intense. Now, to show how old I am, and I am your aunt so I can tell you this- Yeah. When I was living in London, for a semester when I was in college. The pound and the dollar were a parity. One to one. That's. The dollar was so strong. Yeah. It was incredible. People were going to Europe with empty suitcases, to go shopping. Right. You go now it's like, you, you get like a cup of coffee, and by the way coffee still sucks there. And it's like $5. [INAUDIBLE] And yeah, it's like five bucks for a cup of coffee. Yeah, yeah. And I'm not talking about like a fancy coffee. A cup of coffee. Right. I remember, the cheapest I remember it ever being was when it was just half. When it was one five. Yeah. A, a, and it's just so it's pretty, it's very expensive there, but it's been great and, you know whatever we're like figuring it out. It's funny you brought up a lot of flying we're, we've been talkin' about the, the TSA Pre. Yeah. Are you a member of this? Yeah. You should do that. I, so I don't, I don't have TSA Pre, I have global entry. Which I love. Do you know what global entry is? No. Oh, it's awesome. What is that? So global entry is a program where you have to register with the Department of Homeland Security and they, like, do a background check on you. That's kinda similar with TSA? Yeah, but it's called something different. It's only when you come in cuz it's not for domestic. I think that TSA Pre is for domestic only. This is when you come back in, you know when you get into that. That big hole and there's like 12 flights that just landed and you're screwed. Yeah. This you go to a special line, and it's a kiosk. You slide in your passport, you put your fingers on the pad for fingerprint. Yeah. And you go right through. And you're done. Done. That's pretty sick. So that's a good thing. I wanna follow up because we were talking about TSA Pre, and Gregory wrote in and he said his. Cousin is TSA Pre and here's what it is. You fill out an application. It costs $100. Yeah, Global Entry does too. That's interesting. Per year? Or is that just. No I think it's one time. I think one time only. Wow, that's pretty good. And it says you go through a length interview and screening process. Yep. Yep. Where they have a whole background check, with Homeland Security. I believe that you're of no risk of ever being a threat in the air. But like, how is, I still don't trust that. I know. I think that they're really just trying like sort of screen through, the people who they think are most likely. They're still going to run your passport, right? Right. Says, if you have any criteria of fitting a frequent flier, you qualify. You can't just do it if you only fly like once a year. Oh that's interesting. Yeah, but apparently you can do it. Oh, so check this out. We go to London, we go to London last week. And then on Friday, because I'm such a cosmopolitan auntie, we go to Paris. For the weekend. Nice. You guys are just like. Right. So whatever. So awesome. Come on. You know what you do. You come on here, and you just like show off. Shut up. [CROSSTALK] Shut up. I am not doing that. But, but so we do the Chunnel. We take the train. Yeah. Which is super expensive. It's fast though, yeah. It's fast. Two hours and 15 minutes. You get on in London, you're out in Paris. That's cool, right. So we're coming back and there's this boss, good looking guy in front of me at the train. You know I'm just sort of checking him out. He looks like Mark, that kind of arms and everything, right? Yeah, nice. [LAUGH] So yeah, and so. Mm-hm. I'm looking at him and he's just chit-chatting a little bit. So he goes, you have to get screened, right? Cuz you're going from one country to another, you go through security even though it's a train. And he puts his phone, his iPad, his keys and his watch. And he puts it in the tray. And he puts it over on the side and he walks through the screener and he picks everything up, and he turns to me as we come to the other side and he said, see what they just did? I said, what? He said, they just let me pass, two electronic devices without scanning them. And he said, and do you know how bad that is? He said, do you know how often it happens? He goes,. He happened to work for the Department of Homeland Secur, No! Department of Defense. Yeah. And he's stationed in London. And he like randomly goes through places, and like takes notes on what's going on. Huh. Any way, he said that it is definitely going to start happening where you have to go through, and turn your device on. Yes, yeah. It's gonna. We, we covered that story yesterday. Right? And he said that. The security is still so lax, because it comes down to one human being who gets bored at his job. Yeah. Right. And that freaked me out. I was so nuts about that. Yeah. And I mean I don't even know what to say except that it, I'm much more willing to spend an extra hour in security if everyone's doing it the right way. Well, it needs to be privatized then. Right? I mean it's crazy. Right? Don't you think, airport security needs to be privatized? I don't know why you think private, just because you work for a private company doesn't mean you wouldn't get bored doing a stupid job. Yeah I mean but it, the. I don't know. I feel like, I don't know, I feel like private security. Maybe. You know. That's what like you know, that's what like, the legal weed dealers do in Colorado. They hire private security. Yeah. To like, escort, you know, their, their products. I don't know. I just, I, I, it's very daunting when you travel a lot to. To see that there's a you know. Yeah. A lot of slip ups. Sure. Oh, here's my friend from Oregon, just saying hi, hi, hi. Oh, I should turn that off right. Your life, we're just. Sorry about that you know, I, I'm telling you, I mean I'm a pretty, it's a lot easier to fly and not worry about these things by the way, if you take valium. That's true. Just want to point that out. No, yeah, put's it out of mind. But, it, it is. I just, I think it's pretty scary that, you know, all these years since 9/11 and it always feels like we're playing catch-up. Like, we're not leading in things what we need to do to be smart about in security [CROSSTALK]. We're reacting to like whatever. Oh, the guy had a bomb in his shoe. Oh, you know, don't have a liquid. Like, why isn't anyone thinking there's a liquid, like, is that too smart? Well don't you, don't you remember, after 9/11, there was this like call for like terrorist ideas. Like the government. Yeah. Was like asking people, like. Right. Think crap up. Like what do you think they'll do? You know. I don't know I, but like, no one will ever, like expect the TSA to invent or innovate. No, no. There's no innovation, you're right. But, anyway, if you're gonna... You're bumming now? No, no, no. If you travel this summer obviously budget plenty of time. And you know, by the way, airfares are super expensive. The airlines have figured out, they get it now. They all of a sudden realize, wait a minute, you know what dynamic pricing is? Of course. And they're all into it, and so it's impossible to get. A cheap flight now, it feels like. Yeah. So, gotta be careful, gotta [CROSSTALK] way in advanced. There's still like little, sort thing, that always stay true, I think, but, I mean we're looking to go to Florida in like December. Yeah. And like if you search Tuesdays. Right. The, the dares are always inexplicably cheaper. Why you going to Florida? Her, Are you turning into like old Jewish people already? Yes. Interesting. Or no, her parents are. We're, and, and you gotta, so you're gonna go down there. We might go to like, you know, Boca, whatever it is. Just to see them, to see them. You're so good. I'm not, I'm not retiring You are so good. I'm not doing that. You are so good. I will never retire in Florida. You will not? You're sure you don't want to make that prophet, what if you, what if pot were legal in Florida, but not in New York. What the freak is that about, man? [LAUGH] I don't live in New York, I live in New Jersey. [LAUGH] Got him. It's not all about drugs, why is it about drugs? It's not. All right, it's not, it's not. I'm just saying, like, well, what is the climate. Well, first of all, that's not gonna happen. It's gonna be legal everywhere. [CROSSTALK] Stay right here and do that. Stay put. [LAUGH]. All right. Okay. Number three. [LAUGH] I don't know. I don't know. Yeah. Exactly. Exactly. [LAUGH] It's to humid. It's disgusting down there. It is humid, and this is your least favorite season of the year. We should go on the record and say, I feel so bad for you this week. Thank you. We, we, yesterday we were talking about, like, ailments of the summer. Like I have to, you don't deal with this. You're, you have a purse you carry around, but like Justin and I, we talked about having to put our cell phones screen out in your pocket, so that your disgusting sweaty guy doesn't activate the. What about a man bag? Would you carry a man bag? I carried a man bag once or twice in my life. Just a messenger bag. Yeah, cuz, like those bicycle messenger bags. What about them? I don't know nothing about no man bag. You can't? Oh fanny packs are ****. You can't do that. [LAUGH]. That's like ridiculous. That's like you're a tourist on a, on like you know, like oh, I just got off the boat. And I got my fanny pack. There is literally not a fanny pack on Earth that's okay. Stacy has like a Gucci fanny pack. [LAUGH]. And it's still lame as hell. Like, super lame. And she knows it. A fanny pack is okay, like, if you're hiking. Yeah. True. Like, okay, and you've gotta like. Maybe. I guess. But, let me just say, why can't you get a man bag? I have a backpack. But it's too heavy? It's, just, there's no solution. I'm gonna sweat. The second I, I don't even wear headphones. Because headphones, is just to me like, it's another article that's [CROSSTALK] hanging on, that just, like, compounds the sweat factor. How's the [INAUDIBLE], it's, it's air conditioned always? It's air conditioned, yeah. It's ju- But it's in there, but once you get out. [CROSSTALK]. Ya know, I hate sitting on the flight. And I'm just waiting for this air conditioned car to arrive. I know. And just re- Circulate stink. Well as I got off the subway today [INAUDIBLE] go check out my tweet that I just put out. I get off the subway and you know, whatever, I was a few minutes early I wanna go, actually put some money on my metro card. Yeah. Which should not be a very involved transaction. Am I correct? This should be somewhat, you would say, [CROSSTALK] well that's an easy thing to do. And then I get this. Message. Yeah. It's like you can't do anything at this terminal. We're looking at. [CROSSTALK]. It's the most ridiculous thing. We're looking at it. It's on my screen right now. So, what is, what was the. Can we put that up? Yeah, what was, what was their message? No receipts. [LAUGH]. No bills accepted. No coins accepted. Exact change only. Single ride tickets only. [LAUGH] Like, what am I doing here? [LAUGH] It sounds like the. The entire matrix of possibilities. What could I have done? Oh, and by the way it said no credit cards with like, I didn't even be able to catch it, but like, it was taped on the top of it. Says no credit cards. You should of thrown, you shoulda thrown a brick through the screen. And then there's that jerk who's sitting in the booth who's just like. In that air-conditioned booth, I'll have you know. [LAUGH] What's going on? Yeah. Anyway, that would put me in quite a mood. But I'm in such good mood here despite my back hurting. That's great, it's also because you're severely drugged up. I only, I took, we had a conversation before the show started, and everyone can maybe send us their notes on this. How many ibuprofen, could one take in a day without getting hurt? Oh, I think you could take like six. I, I. Six? Like you take three at a time. Yeah, no, you take like. I do that three, and then six hours later three, and then six hours later another three. You can do that. Yeah. Once again, let me reiterate. Not a doctor. Right. But, I think you can take 25 of them. I'm not joking, like. I usually take a lot of ibuprofen. My Doctor friend once told me, he's like, dude, you can take as many Advils as you want. Yes. I'm like, why are you telling me this. But, you can't do that with Tylenol. Tylenol, you cannot mess around with. Cuz it's got acetaminophen? Well, there's something about the liver thing. It's bad for your liver. Really bad. Sure. Meanwhile, I, so I'm single handedly keeping the Advil market afloat, I hurt my back, whatever, I'm sounding like such a whiney beotch. You don't have crutches, you don't have like a cane or anything. [CROSSTALK]. You come in here all fit, making me feel like. I like that. I like that you say that, I'm gonna get fat right now, because I'm not gonna be able to work out the next week and a half. You'll be, you'll be all right, you know? You know what's interesting? [LAUGH]. There's been like no financial news this summer. Yeah. It was so funny. I was just with executive producer of CBS This Morning. He's like, why haven't you been on lately? I'm like, there's nothing happening. Yeah, there's nothing going on. There only like talks, like certain companies, may be going public. Yeah, or. We did hit a new milestone. Dow is at 17,000. S & P. [CROSSTALK] Is that good? Is that okay? You know what's funny about those milestones? I, I, people will be like oh it's just a number! But you know what? They mean something to us. Yeah. It's like you hit a milestone, and it's a way to measure where you've come from and sort of take. Take stock of where you are today, right? Yeah. So. Yeah, it's definitely. Something, right? It's a thing we, it's a thing we measure. Yeah, exactly, especially considering that just five years ago or so. The DOW Jones industrial average was, you know, at like a ridiculous level, right? Mm-hm. So when you think about that you say wow, that 6500, and now we're at 17,000. We've almost tripled. But, what does that mean for everyday? What it means for everyday Joe is that? If you have a 401k or an IRA or a Roth. The stock portion has gone up, and you should be doing okay. Don't you think? Isn't that a leading question don't you think? Yeah, it is right. Don't you? [LAUGH] I have a friend who's got a very diverse portfolio and he's always trying like get his buddies to invest, and I'm like oh you know I said something like I told my buddy to. By Amazon like five years ago and it did really well. Right. And he's like but every stock has done well. It's, well not every stock has done as well as the next stock, but presumably if you say okay what if I tried to pick 20 stocks, and compared that to an index fund? Yeah. That's really the relevant. There's comparison, right? Right. And you know a lot of people think oh, oh I'm in the peck industry. So I know how to pick stocks, but chances are you're gonna pick some winners, some losers, and some in-between right? [INAUDIBLE]. So the question is will your portfolio of individual stocks beat an index, and if you look at pa, professional portfolios versus the index, what do you find out? You find out that, they rarely beat the index over time. Right it's like the Vegas bookings. They always get. It's kinda like, yeah so it's sort of like. When, when is it really worth it to do that is if, you know I guess, if you've got this amazing system and you pay a very small amount of money to execute your orders, then it can work but there just aren't a lot of people who can do that. So you might as well just say hey, I'll buy an index fund, or a few index funds. And get a good mix on some stocks, on some bonds, add a little real estate, add a little cash, and go to sleep at night and it doesn't cost you a lot of money. Is there other guy who's gonna say, I put, I put all of my money into Apple stock 15 years ago, and he's a gazillionaire? Sure, but they're few and far between. Mm-hm. And by the way. No, none of us who are like, in the real world want to actually keep all of our money in one stock. Yeah, that does make sense. Yeah. It's just kind of crazy, right? So, I mean I run into this all the time with people at CBS. CBS stock, when I first came over five years ago, was literally like at three. It's now, you know, pushing 70. Hm. And people are like, oh, I should have kept all my money in CBS stock. I'm like, oh yeah, you should have. Did you think that when it was at three? Exactly. You can't, I mean, come on. You can't know these things. So, I think that for investors it's been pretty good. The economy's getting better, not like awesome, it's better. Yeah. Jobs, we had a great jobs report. So, this year, first six months of the year, job creation has been 231,000 a month. That includes the crappy winter, and that is a 19% faster job creation pace than last year. So things are getting better. Hm. It ain't all over. Sure. You know anyone who's out of work? Only all my lawyer friends. Really? Still. Like some of them found stuff. What about you, you've, your friend, like have you, I've noticed that the number of people I know looking for jobs is starting to diminish. Yeah, doesn't that mean people, some people have just given up? So, that's a great question. Because there's a huge number of people, that have simply left the labor force. Right. There's, some of them are like, like your dad's, friend's age maybe, where they're like, you know what I don't wanna work anymore, and I'm gonna just go file for my social security benefits, I'm done. Yeah. Right? Other's have said, eh you know what in the last five years, I'll go back to grad school, I'll go do something else. Because for those people, to go out and kind of re-jigger their professional lives, make sense rather than to go out into the job market. So, there's this thing called, this is fun, you can whip this out at a party, the labor force participation rate. [CROSSTALK] Isn't that nice? Yeah. You like that one? Catchy. Yeah. [LAUGH] That is the total number people that are working or actively looking for work, it has dropped to 35 year lows. Because, a lot of people are just retiring, and they're done. Right, but they're going somewhere. Well not necessarily, some of them are just like, I'm done. Maybe there's like, someone whose like, I'm a nurse, they cut me back, they cut my hours back. **** them, I'm gonna fire the daycare person, I'm gonna stay home. Right. So, you know it is, it's improving it's not all done. I have a few teacher friends who are also [CROSSTALK] not out of the woods just yet. Yeah, yeah. With teaching it's kinda interesting, cuz in the beginning of the recession, it looked like teachers were really doing well, and then all of a sudden the government stopped, like literally all these governments, meaning state and municipal governments, said we gotta cut back, right? Yeah. They lost a lot of funding, tax dollars were down. And then a lot of teachers have a tough time, so that's not a pleasant experience. I'm not terribly familiar with the politics of it in New Jersey, but something's happening that no one's happy about. Well, yeah, I think that the, if you talk to educator, what they, what they're saying is that you had these old pension plans. And so you've got, let's say a teacher who's over 45 years old, and has 20 into the system. And they're very good plans for those people. But the young people really get screwed because they're coming in, and getting far fewer benefits, and there are fewer positions. Right. Right. They just, they're, you know, obviously education's so screwed up, who knows how to fix it. No, I, I haven't figured out any, I don't really buy that Bill Gates has the answer to everything, you know. Mm-hm. He just had the money for it. He had the money thing. But you know he keeps saying oh we're going to do this, it's all about assessment and testing and this, but nothing's been proven. Right now it's a hypothesis, and we're funding on a hypothesis. It's a little bit freaky to me. Yeah. You bored with this? No, I think, but I feel like there, it could be in worse people's hands. True. You know, like I'm. Well, what do you think about this whole idea, like when people like philanthropy, like saying oh I wanna have it measurable. Like, can't you do good sometimes? Like why does it always have to be measurable? I don't know, you know these people who have this enormous wealth. Are, are all about, you know, cause and effect. Yeah. There not, they're not just all, you know, even the, the richest people in the world don't just throw money. So I had this interesting experience, you know this was pride month. Remember when I came on and like, we won the Supreme Court case last year. Yeah. That was so awesome. It was momentous. I might have, like, cried a little bit I brought champagne. You did, they were tears of joy though. Yeah, totally! Tears of joy. So, I was doing this thing for pride month at one of the big banks and I'm interview the vice chairman of the bank and, I said to him, you know it just occurred to me that a lot of times people in the business community talk about the business case, for doing these things. I said, it's not okay for you to just say, it's the right thing to do? Right, no. Like civil rights, it's the right thing to do. I said I've never heard, it's only like in the, with gay rights, you know and, and in businesses, I hear all the time about, we have to make the business case. Well, I can make a business case for equality? I don't get that. Yeah like, and if it's not good we're not gonna do it? Yeah, exactly like so, you know, oh well you know it's smart because we're banks and we have to hire good and talented people, so we should be You know we should actually treat everyone the same way. Yeah, the closest thing where to look at, And, Charitable stuff. Exactly. Yeah. That my latest native prep to you. I was reading, I was reading this one thing about like there is no gay CEO's, Yes hypocrisy is not out. He is not out to piece of me, You know he is out, He's not. You sure? He's not, he's not, he's not [CROSSTALK] I'm pretty sure Wikipedia says this guy is a homosexual No. Well, it may have, he has never acknowledged that he is gay. That pisses me off. Are you sure about that? Positive. There was a big article in, [UNKNOWN], ooh, maybe it was the Wall Street Journal about there were no gay CEOs. Yeah, that's what it was. And, it was so funny because I have a friend who went to go run Diversity at Athlem. I send him an email, like isn't this an excuse for Tim to come out? [CROSSTALK] No response, oddly enough. What the freak? [CROSSTALK] It's so stupid. Is that a thing? I don't know. How? It's not good. [CROSSTALK] Consider that a bad business [CROSSTALK]. Yeah, well I mean. Totally but I don't think. I don't think he has ever, he has never come out. I mean if my, you know, way of thinking is the, the social barometer. It's that it's definitively gay. Right. And I'm not even saying it because like. I know some other influencing. I had this, I had this whole, a conversation with a CBS news correspondence, who isn't exactly out. Okay who's that. [UNKNOWN] [LAUGH] And I said, you know. Why though? Exactly! And you, you know, he, she, cuz I'm not gonna say which one. [CROSSTALK]. Said, he or she said you know, why is that anyone's business? It has nothing to do with my job. You're right. Mm-hm. Which is true. Except that the power of coming out, is all about making people feel comfortable knowing, like oh actually know somebody who's gay. But I also think. Especially if you're at the top of an organization. [CROSSTALK] Well that's what I mean. [CROSSTALK]. I think that the door swings both ways though, because it is for some people, I can imagine, it being exploitative, and you know? And you, it's, it's like you don't want to be judged by something that's not performance based. [CROSSTALK]. I guess, I guess but you know on the other hand you know when all these people who are in the media more and more of them come out, it sort of becomes a non event, right? And then but it's not that way yet. That football player was an event. Yes, well I mean certainly in sports for sure, and look. Like clearly, you know, it's not an issue for any of us. But I just, I don't know like a part of me almost says like well, is it any better that it's just being completely blown up? Then, then have it be. Well, because what happens is it gets blown up, and then it becomes less so. So the first is always the problem, right? If you listen to Billy Jean King interviews, from like way back when. When she was sort of outed. Mm-hm. It was like this horrifying thing. It was terrible. You know, by the way it was like she was outed and her parents didn't know, and she had to tell her parents before she was ready. She was married to a man who kind of knew but wasn't really ready, and you know, all these things. Yeah. So she said, but you know what, on the other hand it just, it made it easier. Like I just had to do it. Right. And then it's easier for the next people. Mm-hm. And I think that that is important. I had this, new organization that I'm totally into, okay. Called Story Core. Oh yeah, I love that. Pull up Story Core. You know what Story Core is? And Story Core is a very cool organization, non-profit organization. You may have heard them on NPR, do you listen to NPR? I do, yeah. So sometimes they're on NPR and they tell these like two minute, three minute stories and they're doing this brand new initiative to, that's called Out Loud. And it's about gay people telling stories about either coming out or what's going on, and everyone should go to Story Corps website, storycorps.org and check it out because, there is something powerful about real people talking about themselves. Their, their own lives and what has happened to them. And it's, sort of that same connection of coming out. It's like, when you connect, stories about real people, about things that are hard for other people to understand, it becomes less scary, it becomes like a way to connect. People in Britain, even the most racist, bigoted people, once it's something humanized to them. It's different, right? It's just different [INAUDIBLE] It really is. So I just think this is, this is like where, this is like grassroots change, and it's so beautiful I love it. Smart. So I'm digging it. It's ten years old, I didn't know that. It's ten years old, yeah. I just had lunch yesterday with a guy who was the founder of it, such an interesting guy. Cool And I, I, I'm gonna toot my horn for these guys as much as possible. Right on. All right, what else? Do we have some questions for you two? Yeah, I have a question from Stew. Stew-ay. [LAUGH] That, yes, it says right at the bottom. I'm curious what you think of so-called auto advisors. Like futureadvisor.com. Yes. The idea that the investor brokerage account in a basket of sector ETF's, Yes. And automatically rebalanced regularly, Yep. To keep the allocation correct. And for tax harvesting purposes, what the hell does that mean? Okay, the fee is about 25% of your assets. Yep, it's great That seems like a lot of money Well, look, if you are going to do it yourself that's a lot of money, but if your comparing it with a full service financial advisor it's not Okay, so let me finish this in the rest. I have questions here. Do you see this as a viable low cost option for people who may not want to pay more for expensive advising? Yes. Or, it kind of seems like overkill to him. Okay, well. But [UNKNOWN] to me now I don't know Jack about this. It sounds like it's just like investment on auto pilot. It is but it's great, and I do love it. And how is this better or not better than having like a, a mutual fund or a 401K. It is like having a mutual fund or a 401K but, somebody's allocating it for you. You're paying someone to make sure that you stay within the perfect allocation, and your desired allocation. And not so much in your 401K, but this is for money outside of your 401K, or in an IRA. Okay. A lot of companies are offering these services. So, if you talk, Schwab has a service like this. I think TD Ameritrade has a service like this. Fidelity has a service like this. These that he is talking about, the betterments, the market riders, these kind of organizations are doing it electronically. And what they're doing is they're trying to capture people like you guys, who are like young, you're starting out, you're making a few bucks. Maybe you're maxing out your 401K and you're gonna start putting money into a Roth IRA. They're saying, you don't know what you're doing. You kinda don't know what you're doing. We'll help you do it. Okay. So what is great about them, is they are low cost. Usually what will happen is, when you have less than say $250,000. It's expensive to have your money managed. These kinds of companies do it for a far, for really like a half a percentage pretty cheap. I'll send you a link to an article I wrote about them, cuz I do think they're kind of a cool thing for people who don't want to do it themselves. It's a very, I think they're good. And I also want to plug this guy who does something super cool, you'll like this one, motif investing. Motif investing. Motif investing. I think this dude is so cool. What does that mean like? A certain flare? Because what he has done is, he has figured out, he's an, a Microsoft guy who, started this company. Which basically was, people want to invest based on a theme. Let's say I want to invest with a, socially conscious theme. I don't want to own any oil companies. I only want to own female board member, you know, people who, companies that have more than. So it's mostly like causes behind your investment. Courses or, or motifs, and you plug it in, and it gives you a basket of 30 stocks for 10 bucks, that is so cheap. Yeah. And it is a very. Talking a big game here, 41% one-year return on shale oil. Well, that's just, well, so a example is, that you say, like a year ago, if you said, hey, I have an idea I wanna, I think shale oil is. Growing, yeah because oil is always you know. Whatever, but that's not, that's not socially responsible. You just sort of take it, you throw it in there. It might be anti environmental, but that's up to you. Yeah exactly, but if you see that they have, they have, ways that that they have portfolios that they have created and that they have allow users to create their own portfolios, and then replicate them for others. So it's like a collaborative and very interesting idea. I, I got a hold of this guy, wired did a conference and they asked me to interview this guy and I, I was doing homework before the interview, and I said Oh my God this guy is really smart. He's a really interesting guy and the site, to me, is sort of like a, a nice combination of say trying to figure out, like I want to do a certain type of investing, I really want to do it myself. I kind of know what I want, but I don't want to go out and research all these companies. His algorithms help screen those companies for you. And that's It really makes me just want to like. Invest. Is that bad? No. Look at this. He's cool. I, I see this and I see the front page of a casino. Yeah, it's a little bit like that. He's a, he's a cool dude though. Yeah. Anyway, I like those kinds of comp, those firms, I think that, look what is the cheapest way to invest. For you to do it yourself and to use index funds. Right. Yeah. That's the cheapest way to invest. But there are other things that are happening now. Low cost. That are low cost. They're electronic based, and they're really good for small portfolios. Or, Yes or, you can just move to New Jersey. Yes Where everything is legal now Everything You can do. Dude. The second you get out of the Lincoln Tunnel Yeah. It just says like, gamble online! Like, it's, it's something, very bad. Yeah. Is happening, like Well, you know, it's cuz Atlantic city is in big bad trouble. Well, that's number one but, the state legalized online gambling. Yeah. For basically everything. I don't know if sports gambling is is okay. It must be. I don't, it might, it might not be. I don't know maybe it is. But, what's crazy is every Atlantic City hotel now has a website, that you gamble on. Hm. So it's like- It's like, that's like the- It's like Borgana has a. A casino online Well exactly That's what I'm going down there for. Because well it's fun to go to a casino. It is, it's better to hold chips in your [CROSSTALK] hand and get screwed in person then instead of online. What is that site where you're doing like gaming, with, with the guys that are going public and I can't remember their name. Twitch. Twitch, yeah. And I was going to ask you about this. Something that you think is, like, viable as a business? Inexicably, it is. [LAUGH] I, like I don't, like for me, it's, it's, it's beyond my generation, I think. Oh. Even though some of my, you know, peers are kinda into it, most of the people. I think most you, on the industry are, kind of, like, befuddled by it. Yeah, it's interesting. But it is, you see, it's, it's not, to me, I don't think it's lucrative and this is, basically it's the idea of spectating. Right. And watching other people play video games. Right. And, and some people have personalities and they comment. But it doesn't seem very lucrative for the streamers, for the players, Uh-huh. It's lucrative for Twitch. Right. Because they're sort of like aggregating all this viewership and, selling ads against it. I'm this is how I feel, it's almost like sports. Mm. Where I like to play sports, I'm not the best. Watcher of sports [CROSSTALK] you know. I mean and i think in that is just to multiplied a million times with games. Where gaming is such an intimate sort of one way street, and to me like the idea of watching, maybe competitive like eight on eight you know competitive. Right, right. Sort of, that to me is okay. But watching some schmo playing grand theft auto by himself. I don't give a ****. I don't care what you're doing. Oh wait. Are you allowed to say that on this show? We are now. Are you guys into the World Cup or not? Yeah. Hell yeah. He's not. You couldn't even get into for like, the moment when the US was playing? I watched it for about a second. Yesterday for just the upset, but not the drama. Oh my god, It was crazy. I mean, I have never seen that many goals scored in a soccer game ever. It was a brazilian goals. [LAUGH] It was unbelievable. I've heard like some really awful jokes, but some of them were pretty great. Really? Yeah, there's one where they like. I'll try to find it. They like take the World Cup logo, and it, it, it over the course of the score it, like, morphs in from the statue to just a Brazilian with his head in his head. [LAUGH] Oh my God. That was lame. I was, in the BA lounge when the US was playing last week, and so it was like two, nothing and everybody was like forget, I'm not gonna watch anymore and I stayed there like, you know, shrieking like an crazy person when the US scored actually. Yeah. And you know what? Soccer is, I, I played soccer my whole life. It can be a tough game to watch for 90 minutes. It's a long game. It's a long game, right? Yeah. And and I cannot, I know this sounds so American, people who are into World Cup from outside the United States, hate when we say things like this, but like. Why do they all have to take a dive all the time? [CROSSTALK] It's so annoying. Oh, let me see this. It's pretty funny, I'll bring it up on the screen here. Yeah. [LAUGH]. Pretty brilliant. I mean that's why the Internet is, you know, we'll keep you around for a little bit, Internet. [CROSSTALK] Yeah, why not? It's good for a. [CROSSTALK] You know? Exactly. And you know what, and poor, I feel bad for our, our boys from the U.S. but the good news is that. They would have got rocked, I'm sorry like. They would of, like when you see that German team play I mean it's like unbelievable. I can't believe we gave them like, I mean Brazil was missing some key players but, they got jacked. I mean, it was so funny because I was like I gotta turn the game on, and then I had to do some stuff on radio, and I picked my head up and it's 3-0, and I'm like what? How did that happen? Our intern Justin came in yesterday while I was doing something in our office and he's like, I think it's 3-0 already. I'm like what? How could that be? And all of the sudden it was 5-0. It was crazy. It's insanity. I felt like it should have been one of those things like you know, when the young kids play and they're up by a certain amount, they kind of call the game? Yeah, yeah. I sort of felt at half time they should have called the game [LAUGH]. Exactly, exactly you know we're done with it. That after a while, you just gotta. Yeah. Alright, so any other questions? Think that's it. Alright, so here's the thing, everybody, you know, gonna be kind of slow time here in the markets. Mm-hm. It's earning season, if markets are making you high's, don't get lured in. Don't be like, piling into the stock market, be careful, be smart about what you're doing. You know, like, don't go nuts. That's the most important thing, and just stick to your game plan. Great advice. Thanks, man. Follow Jill on Twitter at [INAUDIBLE] Oh yeah, because I need 10,000. I mean, are you kidding me? Don't we all, man. No, you're at 10,000 aren't you? What are you at right now? Oh, you're almost there. Where am I? You need 300 more. Yeah, you're 300 away. We have 300 people here, but they probably don't follow me. That's the problem. So what we're gonna ask is, that everyone create a dummy account. Yes! That's perfect. And simply follow Jill on Twitter at jillonmoney. If anyone has questions, that you know,you can always Tweet a question. You can listen to the radio show, and if you have like an involved financial question you wanna come on the radio or you just want me to answer your question. Ask Jill at Jillonmoney.com. Easy enough, and then of course the website Jillonmoney.com. I gotta change some of those pictures, I'm not so thrilled about them now, that I look at them. That is an issue between you and your web master. Okay? That would be me. [LAUGH] Anyway I have to get some new pictures. All right, I, promise to be more careful about my drugs. I was just gonna say to wrap up, you know be careful with the drugs [CROSSTALK] Yeah, leave the alcohol out of it. Take as much drugs as you want, but don't drink alcohol Maybe like, I think, she could have a shot. Yeah, maybe the shot. A shot. Take a shot of like Bacardi, and then call it a day. Ew, horrible. Yeah, so enjoy your flights and whatnot, and enjoy your. I got going in two weeks. I'll come back, maybe, where are we? How often to I get to come. In August. Yeah, but I'm off for a little bit in August. All right. What about the last week of July? What about inviting us on vacation with you? Okay. [LAUGH]. Okay. No, I'm kidding. I'm in. Stacy's like, know what would be nice? I wanna go see Jill's place. Yeah. Au, Audie's? Yeah is that cool? Yeah, why not. I'm just kidding. I'm not inviting myself out. I was like okay. Weekend at Bernie's style. See that, I was like all right, sure Like sure, yeah. All of a sudden, all of a sudden, Jill doesn't wanna come on the show anymore. No, I'm coming on the show. I love coming on the show. It's my favorite part of my job. That's not even my job. That, yeah I know, that's, and we appreciate you doing [CROSSTALK] that for us. [CROSSTALK] Just hanging with my pals. Thank you so much, Justin. I love you. Yeah. Look at that. I'll never leave you again. Thank God. I was really getting a little bit anxious about that. It was just you. I knew he was [CROSSTALK] I know. I'm here permanently. [LAUGH] You're stuck with me remember? Yeah. I am your aunt. Alright. Shoot us an email firstname.lastname@example.org and then, follow us on Facebook and Twitter and Instagram and Reddit and all of that. Good stuff. Yeah. I won't be here tomorrow but, I got to take care of that stuff, but I'm back here Friday and maybe Virgil will be here. [CROSSTALK] Maybe. Jeff is doing the most kiss ****. To **** thing I cannot even believe it. Can we cut her, can we cut her [LAUGH] mike there Mark, you owe him. Yeah, and we'll be back tomorrow. I'm Jeff Backalar. I'm Justin Yu. I'm Aunt Jill. I'm Ariel Nunez. This has been [LAUGH] got so much energy. [UNKNOWN]. High-tech, low-brow. We'll see you tomorrow, peace out. [MUSIC]