Dennis Miller is the author of Retirement Reboot and talks to Jason on his research on retirees and investing. Dennis surveyed Casey Research readers about what they thought the real inflation number was and over 3,000 people responded to the survey. Jason and Dennis both agree that there’s no such thing as ‘sit it and forget it’ investments and you must become an active money manager in order to survive the coming years.

Key Takeaways:

[1:40] Many people are approaching their golden years with not enough capital.
[4:45] Jason introduces Dennis Miller.
[7:30] Dennis used to be a passive saver, now he is an active money manager.
[9:35] People who have done the right thing all of their life are getting burned.
[10:45] Dennis surveyed his subscribers and asked what was the ‘true’ inflation number.
[12:00] What can people do?
[15:15] Investing in metals is a defensive strategy, not an offensive strategy.
[22:35] Gold will hold its value.
[25:45] There is no such thing as a ‘set it and forget it’ investment.
[33:00] Baby Boomers aren’t in debt, they’ve been savers most of their lives and will eventually get hurt in an inflationary environment.

Mentioned In This Episode:

Millersmoney.com
Millersmoney.com/FreeBook

Tweetables:
We are all money mangers now.
Regardless of how you play by the rules and you earned your nest egg, now it’s our job to make sure it lasts for the rest of our life.
We’ve got 10,000 Baby Boomers a day retiring every day for the next 19 years.

Transcript

Jason Hartman:

Hi there, it’s Jason Hartman your host and thank you for joining me for another episode of the Solomon Success show with Biblical wisdom for business and investing. Let’s go to today’s lesson and then I’ll come back on and then we’ll have our main portion with our guest relating to that lesson.

Announcer:

Retirement is a part of what many consider to be the American dream. The notion of enjoying years of leisure in your later life after a few career of work and effort are very appealing. Unfortunately, the financial crisis of 2008 and its resulting aftermath has made this dream into an illusion. Despite an official end to the recession in 2009, employment levels have not returned to their prior level and many people are still struggling to find work that fully utilizes their skills and abilities when combined with the fact that retirement has shifted from defined benefit pension to defined contribution accounts, many people are quickly approach what was suppose to be their golden years with a dramatically unfunded capital basis. The simple truth is that the current financial world has become extremely complex and the overwhelming majority of people are not prepared to deal with that complexity in their financial lives.

In decades passing, companies would provide pensions to their retired workers. Two things have permanently fractured this tradition. The first is the cost of paying benefits to retired workers has sky rocketed. With people living longer and healthcare becoming more expensive, the cost of footing the bill for retirement benefits has become too expensive for many companies to carry. The second factor is that many of those pension paying companies of decades past are going out of business.

The one thing that is worse than a insufficient payment into a 401k account is years of pension promises that suddenly evaporate in to thin air. Combine all of this with the fact that many of life’s necessities are increasing in price much faster than the reported inflation statistics would lead us to believe. The reason for this is because inflation impacts different parts of the consumer basket of goods differently or basic commodities with significant hard costs such as food or energy. Inflation typically lands quickly and forcefully. Note that food and energy are explicit excluded from reported inflation numbers.

For products that benefit from technology such as computers and smart phones, the long term trend is deflationary with the ratio of available quality per-unit of price increasing at an exponential rate. The hitch is that the things which benefit from technology are almost exclusively discretionary in value. This means that inflation structurally disadvantages people at lower income levels while people with greater financial resources can reap the benefits of that technological improvement.

In the 13 chapter of proverbs, King Solomon writes, “A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.” What King Solomon is teaching us through this passage is the importance of thinking ahead and saving for posterity. The legacy that we leave to the future generations of our family’s will be directly impacted by the decisions that we make today. Creating a prosperous future will not happen without deliberate effort. Each of us must be willing to invest the necessary effort to produce the results that we desire.

To teach us more about what we are facing in the retirement reboot, Jason has interviewed Dennis Miller about his experiences and research on retirees and investment. Dennis has tapped into the real fear faced by many retirees. It is only by understanding and facing this fear that we can eventually overcome.

Jason:

That was today’s lesson. Let’s get to our guest, but before we do that. Please regardless of what platform you’re listening to us on, whether it’ll be iTunes, Stitcher Radio or SoundCloud. Please go write us a review, we’d really appreciate that and check out the free resources at our website SolomonSuccess.com. Here’s today main segment. It’s my pleasure to welcome Dennis Miller to the show. No, he’s not Dennis Miller the comedian or political consult, but it’s Dennis Miller who is a new Casey Research author. Of course, we’ve had Doug Casey and some of his people on the show before and he is the author of Retirement Reboot and today let’s talk a little bit about this stuff. Dennis lives in two places, both in Florida and in Illinois, but he happens to be right near me in Scottsdale, Arizona today. Dennis, welcome, how are you?

Dennis Miller:

I’m just fine. Thank you for inviting me on the show.

Jason:

Well, it’s my pleasure. In your book Retirement Reboot, it’s your personal story of how you realized your retirement, without being threaten by the low interest rate environment and, you know, let me just make a comment on that. Most people love low interest rates except retirees or people living off savings, because you just can’t get a yield out of the savings you’ve creating throughout your life, but of course, if you want to buy properties or finance things or use financing to grow your business, it’s a good thing, but it’s really double edge sword for a large part of the population. How did you work your retirement based on what’s going on nowadays?

Dennis:

Well, I was the typical Benjamin Graham passive investor.

Jason:

Fundamental analysis, yeah.

Dennis:

Yeah, I had my first social security check ten years ago and for the first several years of my retirement, the old formula, 100 minus your age, so you take your 100 minus 65 and 65% of your income or your nest egg rather, would be put into fixed instruments, the other 35% you use to protect yourself against inflation and basically we did that. We had nice CD ladders and not very hard after a CD matures, go out and buy another one fives years out and living off the interest and never touching the principle. Well, that all works until something you’re very familiar with, the real estate market changed and all of a sudden they’re bailing out the banks with the first bill and literally I woke up one morning and opened my computer and had more cash in my cash account than I could have ever imagined and it’s almost like, honey, did we win the lottery and you didn’t tell me?

So, I go into the history and find out that the banks didn’t take that money to put it in the economy, they took the money and basically paid off their debt and I had all kinds of CDs all called in within the two or three day period. So, picture having, at that point of my life, probably better than 70% of my retirement and 6-7% CDs all getting called in and the best I could get was maybe 2%, so you know, it’s like, every time a CD got called in, well, we just lost another $400 in limp(?), we just lost another $200 in limp(?) and I couldn’t replace the income, so I had to do a 180 as Benjamin Graham talked about, going from passive investor to full-throttle active investor. Either that or I’m going to have to radically change my life style.

So, I called us some mentors, the late Glenn (#7:44?) of asset strategies and a few other people and the first thing I said to them is, government is printing hand over fist, isn’t that what cause inflation? I’m not sure I want to go into anything that’s long-term Treasury or something like that and they all said, yeah, you understand it and therefore you’re going to have to put your money in different places in order to survive.

So over the next three years with a lot of help, I became a full-throttled active investor. I had money outside the country, seven different foreign currencies and all kinds of things. As part of the process, I started getting a lot of investment newsletter, Casey being one of them. Some of the other ones (#8:25?) Group and several of them because I needed to get educated.

I started writing these people saying you’re not relating to seniors. You’re not relating to savers and I don’t know if you know David Galland, the managing editor from the Casey Group. It got to the point where, you know, we became pen pals, because he’s answering all my questions and then one day he finally writes and says you’re 100% right. We’re really not relating to the problems of your peer group. Why don’t you take it as an assignment?

Jason:

Yeah, you know, interestingly, that’s also true on a governmental level, because they’re inflating away the value of the currency and at the same time, the interest rates are so low, those don’t necessarily go together. I mean, in the Carter era, at least because of Volcker who broke the back of inflation, you had higher interest rates, now, granted, it could be argued that the real rate of inflation was higher than the interest rates, but that’s usually the case, so ultimately people are always moving backwards, but the government and the central bank is definitely not relating to savers either.

I mean, this is what upsets me so much, Dennis, is that people who have done the seemingly right thing all their life, they’ve delayed gratification, they’ve saved money, they’ve put away money for a rainy day, they didn’t spend it all, they were responsible and yet, they’re getting burned by the system.

Dennis:

They’re getting more than burned.

Jason:

Oh, yeah. Well..

Dennis:

Let me just reenforce what you said by some things since I’ve joined Casey Group, because they’ve asked me to help out with that person that you just described. The first thing I did was I went back and I checked now with the CD rates. When my CDs were called in, my interest income was five times my social security check. If I was fool enough to have CDs today in the current rate, my interest income would be half of my social security check. So, that’s how much the federal reserve and the government has taken the money out of the hands of the seniors and savers who played by the rules.

The other side of the squeeze is we got a social security increase this year. It was under 2%, but our medicare actually went up three times that amount. We did a survey of our subscribers and said, okay, we all agree that inflation is not what the government is telling. What do you think it is? It was incredible what happened.

We had 3,000 responses and we gave them one question, what do you think it is and then any comments at the end. Well, the comparison number was a hair over 8% and I asked the people who helped us with the survey, can you send me an email if there were any comments. I had 96 pages of subscriber comments.

Jason:

Wow.

Dennis:

96 pages!

Jason:

What was the upside of those comments?

Dennis:

The upside of the comments is we’re seeing it in everything. We’re seeing it in the downsize, in other words, you can go buy a can of tuna fish, but it went from 6oz to 5oz but it’s the same price and then some of them were pointing out astronomical increases that they are saying and the stuff that they need to live with. So, you have this entire gen ration is getting squeezed on the income side and the inflation is squeezing them on the spending side and they are trying to scramble and figure out what to do and that’s what we’ve been doing since the first bill.

Jason:

Talk just a little bit more about some of the solutions to this. What can people do?

Dennis:

Well, with the first thing is, I read an article recently, I’m a believer that we are all money mangers now unless you got a pension from a branch of the government, most of us retired, had a 401k, you know, some sort of a IRA and regardless of how you play by the rules and you earned your nest egg, now it’s our job to make sure it lasts for the rest of our life. The employee of (#12:32?) Research Institute just came out with their latest report and said, unless you work for the government, 3% of the people working now in the private sector have some sort of defined benefit plan so that everybody who hasn’t worked for the government gets their gold watch, gets their lump of cash and they’re having to make that life savings last for the rest of the generation.

The first thing they gotta do is wake up, our money will not manage itself. I got an email from a 72-year-old subscriber a couple of days ago and she said she was really having trouble with a stock broker, what fund or something could she put it in so she didn’t have to worry about it and my answer to hear is, I don’t know of any sit it and forget it investments today, they don’t exist.

So, rule number one is you better take charge and start to get some education then we can start talking about investments and diversification and yield and dividends and appreciation, but I’m seeing one of the biggest problems is people are going to have to wake up.

Jason:

No question about it and its been a rude awakening and as terrible as that sounds, I think it’s going to get a lot ruder in some cases.

Dennis:

Well, one thing you’ll appreciate with your real estate background is my wife inherited part of a family farm that has been in the family now for a 100 years, nobody in the family is thinking about selling it. That’s one big, big hedge against inflation that is in an effect also providing some income. That is one of the things that we’ve been very, very fortunate with, because if you’re concerned about inflation, buying the right kind of real estate and farm land is one of the first places to look, one of the precious metals.

Jason:

I think the farm land is more interesting than previous metals conceptually because at least with a piece of property you’ve got leverage, you’ve got tax benefits and you’ve got the commodity value of farming. Of course, food has universal need, but there’s management and there are risks with crops and so forth, but you know, let me ask you about the metals for a moment, that’s what’s commonly thought of is the best inflation hedge, Dennis, and those people think my view on this is a little bit odd and maybe you will too and feel free to take issue with me, but and all of this being said, before I jump into it, I invest in metals.

I mean, I own gold and silver, platinum, and palladium and I think it’s okay. I purchased them and they are a way to store wealth to have a savings account that hopefully would not be debased as the dollar or whatever currency in which you live your life is debased, but at the same time, these are defensive strategies, they are not offensive strategies.

If you ask a metals investor, even the most staunch gold bug, did your gold go up in value or did the dollar go down in value and most will say, well, the dollar went down and so all you’re really doing is trending water, keeping pace, which is, hey, it’s a lot better than losing, but it’s speculative. It doesn’t produce income. There’s no financing there’s no leverage, no tax benefit. In fact, the tax treatment is rather bad because its taxes are collectable at 28%.

You know, some other things there, so I don’t know. Your thoughts? There’s another scenario to the gold bug argument which is sort of the economic, the full-on economic collapse, end of the world scenario where it may be useful there too, but without talking about the end of the world scenario just talking about as a hedge against inflation, if you will. Any thoughts there?

Dennis:

Yeah. I reconciled it this way. I went to a Casey conference actually here in Phoenix back in 2011 and they had a lot of speakers and that was what they were talking about was what percentage of your portfolio do you have in gold and they would tell us and many of which – I’m not selling my gold and finally by the second day I realized that the audience was not asking the speaker the right question, because I look at gold and silver and metals in a different vein. The first part is what I learned from Glen Kirsch(?) is what they a core holdings.

Now, the core holdings is the metal that you have that if it all hits the fan, you’re going to have to fall back on regardless of where the price of gold is. It’s like a fire extinguisher, you have it, you hope you never have to use it.

So that I segregate in my mind what I call the core holdings from investment profit holdings and that we have to really in our mind determine which is which because then if you want to start looking at gold for appreciation, then you can have physical metals if you want or you can go into some of the more popular exchange-traded funds. You take companies like Newmont Mining, they are an established company, they are not looking for god, they’re harvesting gold.

They’ve actually tied their dividends to the price of gold and I think that gold is a multipurpose, I say gold, I mean metals, is a multipurpose investment and we have to segregate in our mind what we’re trying to accomplish with it as oppose to ‘I’m a gold bug.’ I’m not a gold bug, I use gold and silver for different purposes and I buy them with that in mind. If gold doubles, I have certain investments I’m going to sell, I’m still going to hold on to my core holdings.

Jason:

So, when you look at that, you know what’s kind of interesting about that too is the whole question of supply and limited supply and so forth and this one is a little far fetched for me to believe that, I know it’ll happen some day, but will it happen this soon. There’s a company that is raising money now and I hear it’s doing reasonably well, I can’t remember the name of the company, to send spacecrafts to asteroids to mine precious metals off of the asteroids.

So, I hear that and then I read another article just recently talking about how earthquakes create new gold supply and then I look at technologies like fracking, for example, which have dramatically increased the supply of the petroleum energy product. I just wonder, nobody really knows what the supply is and the way gold, silver, platinum, palladium, cooper, pretty much anything is valued as by the good old economic law of supply and demand.

Dennis:

Well, there’s a second law with that though, because I’m very familiar with fracking and one of our best preforming picks in our model portfolio happens to have some presence there. The problem that you’re relating with is using the concept of fracking to gold is how expensive is it to get out. In other words, not only do you have your supply/demand issue, but the fact is if you’ve got to fly to an asteroid to harvest it and send it back, gold has to be $50,000 or $60,000 an ounce before it’s economically feasible to do it.

Jason:

That’s why that’s seems a little far fetched to me, but they must think that the math is worth it, because maybe it’s just laying all over the top of the asteroid and it doesn’t even need to be mined, if you will, the way it does on earth. I don’t know, I really don’t know much about that.

Dennis:

My suspicion is maybe they’re better at raising money than they are finding gold.

Jason:

Well, that may be true, that may be true. You know, another interesting concept here is diamonds and you look at diamonds as commodity, which isn’t traded as gold, it’s not viewed as money as much, but diamonds are now being made in laboratories and it makes you wonder, gosh, what does that do to the diamond investment market? There are literally the same thing. They are not fake. They are not cubic zirconia, they are real diamonds it’s just that they’re made in a laboratory versus mined out of the ground. So, just kind of some interesting thoughts there.

Dennis:

You’ve ever gone back and read about how the bureaus tried and through years controlled the diamond market?

Jason:

I thought they still did.

Dennis:

Well, no, they control the law of supply and demand for many, many years and then they lost control of it, so it actually turned into much a free market and, you know, (#20:55?) tried to do it with silver years ago and what was the old story, he wrote a book at how to be worth $500 million dollars and the answer was start with $2 billion.

Jason:

Right, exactly.

Dennis:

So, somebody tries to sit there and control the gold market, I don’t know that they have eough money to be able to do that and that was one of the aspects, but you may be right, someday the supply/demand cruve may change, but right now if we look at history, in the history of man, gold seems to hold its value better than most any asset that I know.

Jason:

Yeah, well, it’s certainty got a lot of history behind it. The old saying is that 2000 years ago, you could buy a toga and a pair of scandals with an ounce of gold and today you can buy a nice man suit and a pair of shoes, but again, if that suit is made in Bangladesh or China, you can actually buy several suits for that ounce of gold, so it depends.

Dennis:

I still wondered if it was more contemporary and then I lost darn paper, but it was when a Ford Mustang came out, you could buy a Ford Mustang for so many one ounce gold pieces and ironically enough, 40 years later, it took the same number of gold pieces to buy a Ford Mustang. So, it holds its value.

Jason:

Yeah, but okay, let’s agree on that, that it does holds its value, that it’s a great measuring stick for inflation and the debasement for fiat currencies, but you’re still only to the point where you’re really trending water, right? I mean, that’s not really being an investor, if you will, it’s being a saver and being a saver is better than not being a saver and if you can save on something that doesn’t lose value, the dollar loses value, we’re sure of that. I mean, history has proven that one out every fiat currency ultimately loses value. There’s no exception whatsoever to that one.

Dennis:

I think people make this mistake. Gold will hold its value, but we have picks in our portfolio that are speculative. Now, understand that our peer group is Baby Boomers and those that have retired, but we’re telling them not to put more than 2.5-5% of their portfolio in speculation. Well, if you go into gold, if you go into high-tech, if you go into a pharmaceutical company that has just discovered the hottest new pharmaceutical cure for whatever, you have the possibility to double and triple and ten times your money if you hit the right company.

So that when you’re looking at the appreciation factor as oppose to savings, gold is one area and one sector to look at, but there’s a lot of other sectors that we can also look at. You know, the right kind of real estate being one of them that we are sitting there trying to show our investors how to allocate their portfolio so that they can get that appreciation without being overloaded in one sector. In other words, if somebody said to you I got 2% of my investment portfolio in gold, you wouldn’t think anything of it. It would be more if they put too much of it in speculating in gold for appreciation as oppose to core holdings that they would really be a great risk.
Jason:

I agree, I agree. So, you surveyed readers about inflation in your newsletter. What are they thinking? Just a little bit more on that.

Dennis:

Well, I tell you what they’re thinking and it was – I wrote an article, it’s on my website about it. I call it reading the tea leafs. Let’s go back to my generation, our paradigm. We sat down and figured out retirement planners, retirement planner said figure 6% for appreciation, 2% for inflation. Well, that’s now out the window.

Jason:

That’s hilarious. 2% for inflation.

Dennis:

Well, that was – I filled out my first one years ago when I get a PC Junior and had some sort of program to do it and it said, if you keep doing what you’re doing, you’re till you’re going to be 125 years old and I thought, well, I can make it, you know, and now, that result to another rule of 6% / 2% was how much you take out of your IRA to supplement your social security and still not be tapping the principle when you’re factoring in inflation. Well, the old number was 4% and that was if you grew 6%, you had 2% inflation, you take out the other 4%, supplement your social security, you’re good to go.

I did that for the first five years of my retirement with no problem. The real message now is if you believe it’s 8%, that means you better be earning 12%. If you’re going to keep your nest egg up with inflation and still throw off that 4% in order to survive. Now tell me that investors are sitting there looking for a set it and forget it, those don’t exist. You better be actively managing.

Jason:

That is a great point and I think you made a great point there, Dennis. I don’t think there is any such thing as a passive, a truly passive investment.

Dennis:

Not anymore.

Jason:

Not anymore. You know, if you give your money to some guy at Merrill Lynch or Ameriprise or one of these big brokerage firms, first of all, you gotta have your head examined in my opinion, but second, you need to learn about stuff. You need to stay engaged. You need to be reading all the right papers and looking at all the right media and paying attention to things. The world just isn’t the way you can just have a set it and forget it investment. Every investment needs to be active.

Dennis:

I totally agree with you. As a matter fact, in our, we have a free site and paid site to our service and on our paid site, we sent them and did a subscriber survey and said, what do you want us to write about and they wanted things about income. We written stuff on reverse mortgages and annuities and one of the things they asked us and we actually did this for an entire monthly issue was how do you find good professional help to help you manage your portfolio and, you know, as you said, if you’re going to send it there, you’re going to have your head examine. That was one of the most eye-opening issues we ever had. How do we get good professional help that’s going to help us hit it at 12% or better.

Jason:

Do you? I mean, does that exist? I’m not sure it even exists.

Dennis:

Well, what happened was there was an article on Motley Fool, which really exposed – the bottom to your listeners is, the difference between what they call a fiduciary relationship and a suitability code of standards and the stock brokers have suitability. There are good people out there that you can have a fiduciary relationship with. What we put into our newsletter was what do they look like, how do you find them, how do you interview them, how do you measure them.

Jason:

Yeah, here’s the problem, Dennis, even if your broker is a good person, a good ethical person and a competent person, they’re still investing in assets over which they don’t control. You can’t control the board of directors of the company from skimming all the profits off the top. You can’t control the C level executives from giving themselves huge bonuses, you know, and backdating options. All of these things affect the shareholders, so there’s just too many layers. That’s the problem. Investments are just out of one’s control. That’s what frustrates me about the way the system is.

Dennis:

Well, and you know what? That’s exactly, you’re expressing the concerns of my entire generation and therefore the reality is, where we have running, how to diversify not only what we call classify them as speculative or a little bit more secure, but how to also diversify them across sectors so that you have a shot at getting a good return, but at the same time you are limiting your risk for just those reasons that you outlined.

Jason:

Yeah, exactly. So, Dennis, what is your outlook for the future? Many voices out there are concerned about hyper inflation. There’s no academic definition for hyper inflation in terms of what percentage that is, but you know, and the there’s a few people and there’s very few talking about deflation. Not too many people saying that. What are your thoughts?

Dennis:

I appreciate you asking. I think I want to temper it first by talking my background. I was the market that changed Casey Research with the need and they said, we got the greatest research company in the world. I’m inclined to agree with them at this point. We need you to help us understand the market better and connect with them, so I’m not giving this to you from an academic or economic background. I’m giving it from the experience of guy who is almost 73 years old and have been an investor for a long time.

I can’t sit here and say whether there’s going to be inflation or hyper inflation, but I know one thing, 8% is a realistic number and that even if it’s 8-10-12%, it’s going to wipe out seniors and savers because the government is not going to keep up with it as far as our social security is concerned and I get asked this question a lot, because we say, well, what do you want to do to protect yourself against hyper inflation, my answer is, I can’t predict the probability of hyper inflation any more than I can predict the probability of your house burning down, but I know one thing, if either one of those happen, it’s a very traumatic financial experience and just like you have insurance against your house burning down, a prudent investor today better be having some sort of allocation to their portfolio and those kind of investments that are going to help whether it’s inflation or hyper inflation.

I can not predict the probability of either event, but catastrophic consequences are so high, a prudent investor better take that into consideration. I think it’s going to be high for awhile. I can’t say how high.

Jason:

Yeah, no, I totally agree with you. If you’re saying it’s 8% now, I mean, I’ve been saying it’s 9-10%. The reported numbers are absurd. The only area where there’s really true deflation is in technology, but we did an article that said, when the iPad came out, I can’t eat my iPad. I saw another article of a similar title to that and I thought, did they copy us or are we just thinking alike? But yeah, no, it’s really a scary thing. I mean, this inflation that is already happening that may get a lot worse, who knows, or who knows when, is going to devastate 250 million people in this country! We’ll just say the other 60 million is positioned better and it’s actually going to benefit them.

And one of the things Dennis, I would love to get your take on and it’s the last maybe concept we can cover here, is how inflation, of course we know it destroys – it’s a pick pocket, a thief, it destroys the value of our savings, our stock brokerage accounts, our bonds, bonds are terrible with inflation, and destroys the value of equity in real estate, because if we have a million dollars equity in a property and there’s inflation, that million dollars is worth less, now the real estate may hedge the inflation, hopefully, but the good side of it is that it also thankfully destroys the value of debts and if you look throughout history and again, this is perverse, it’s not the way it should be, but the debtors actually kind of win inflationary environments, because they pay back the debts in cheaper dollars.

Dennis:

Particularly the biggest debtor of all being the government, right?

Jason:

Well, that’s their business plan, you know, they’re doing it to China and I gotta think China is going to get pretty upset about this ultimately. I mean…

Dennis:

You’ll notice that China and Russia are buying gold with both fists, whatever that means.

Jason:

Yeah, sure.

Dennis:

One thing I’d like to deal with that though and then I also have an offer, with your permission I’d love to offer for your listeners.

Jason:

Absolutely.

Dennis:

The debtor is going to win in a high inflationary environment. We’ve got 10,000 Baby Boomers a day retiring every day for the next 19 years. The majority of the Baby Boomers now are seniors and savers and not the debtors they were back when they were buying a McMansion in their 20s. So, in effect, what you’re talking about is a huge, huge transfer of wealth from our largest generation that needs it to survive on, so there’s going to be some real social issues that people don’t get wit and you know, you’re 100% right and therefore it’s encumber upon us back to where we started in the interview to make sure that we’re on top of things and looking after it ourselves, because no body is going to do it for us.

Jason:

Yep, no question about it. So, you wanted to mention an offer for our listeners?

Dennis:

Yeah, I appreciate the opportunity to visit you. If your listener would go to our website, MillersMoney.com/FreeBook, we would like to offer them a couple of things. One is if they go on that website, they can get a free e copy of the book. So, they’ll get a feel for – it’s basically my story of how I went from a passive to an active investor in addition to that, every Thursday we publish an article on all kinds of topics much of what we talked about today and that’s free and that will hit their inbox and then we also have a paid side, which is very inexpensive, which deals with the model portfolio, shows them how to allocate their investments properly to that they’re not too high risk in any one area. Those concerns that you expressed pretty well for us. So it’s www.MillersMoney.com/FreeBook and they download a copy of the book and see what we’re all about.

Jason:

Sounds good. Hey, Dennis, thank you so much for joining us today.

Dennis:

I enjoyed it. Thank you very much.

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