Podcast 221. Ask the Plan Man with Bruce Weinstein

Average Joe Finances: Hey, welcome back to the Average Joe Finances podcast. I’m your host, Mike Cavaggioni and today’s guest is Bruce Weinstein. So Bruce, super excited to have you on the show. The Plan Man. Your whole thing is asked the Plan Man and that’s what we’re going to do today. We’re going to ask the Plan Man, some questions. So.

Bruce Weinstein: Lets go.

Average Joe Finances: Thank you so much for joining me today.

Bruce Weinstein: Thank you. I appreciate you being kind enough to have me on the show, Mike. And we are all our average Joes and we want to help people raise the bar and become more than just average. So I think.

Average Joe Finances: Absolutely.

Bruce Weinstein: We have similar messages for our listeners out there. So I’m glad to be here.

Average Joe Finances: Yeah. Again, thank you so much. Now, I want to start this off the same way I start every podcast episode, and we want to know more about you. So we want to know, your whole your background, your story, as far as you want to go into it, but who is Bruce Weinstein?

Bruce Weinstein: I don’t want to go that far back, but I’ve been a financial planner, financial advisor since 1986. This September, I’ll be celebrating my 37th year. I haven’t been in the industry and I went from a cold calling cowboy stockbroker, Merrill Lynch calling out of a phone book to getting very early on mythology of planning. One of the reasons I left Merrill Lynch is my manager was like, I don’t pay you to think I pay you to sell and I didn’t operate that way. Even at 23 years of age. To me, it didn’t make sense. I want to know more about Mike, his family, his situation, his goals. And financial planning really didn’t come about to the later 90s. And this is, maybe 12, 15 years down the road from where I started. The stockbrokers out there had a mission to sell their stuff and I wanted to know how I can help them improve their finances and get to know their situation. And then so I became and 1 of my lines is I have nothing to sell just problems to solve. And so we’ve done investment work over the years. We’re primarily focused on insurance work. These years, my wife and I started Weinstein wealth insurance solutions a little over 2 and a half years ago after having sold 100 million dollar asset book of business in 2016 and we did it because people are just so on. Educated and unfamiliar in the world of insurance, let alone investments. And so we got licensed and we’re working in half the country. We’re not in Hawaii and we can change that if you like, but we’re not in my license Hawaii today, but California and the West Coast were pretty covered. But, and so we’re in the world of health insurance and Medicare and life insurance and disability and long term care and auto and home and everything else. And so we cover all aspects there. And then we partner with attorneys and accountants and actual investment advisors these days because we’re not, we don’t keep the license anymore for investments and we’ll partner with them and we’ll be the quarterback. We’ll be that, that navigator of your ship. And it’s all about the plan, whether it’s an exit plan or a business plan or a tax plan, but it’s a financial plan. And it’s financial planning. Literacy is what we’re promoting. And that’s our message. That’s our deliverable. And I think that goes in line with what you’re doing with average Joe.

Average Joe Finances: Yeah, Bruce, I like that because, especially with what your message is, because, when you first got into the industry, it was all about hey, they wanted you to sell what their products were. And your focus was like, no, I want to help these individuals with. What their problems are, what their financial burdens are. So I like the fact that you shifted your mentality, to not be in that sales realm, but to be more in that problem solving realm, because, for the people that are listening to my show, you already know, when the people that I interview on here, whether they’re. Real estate investors or stock investors, whatever it is that they’re investing in. There’s always a problem that needed to be solved before they were successful, right? And even after you’re successful, there’s still problems that you have to solve. So being a problem solver is huge. Now I know when it comes to insurance, there’s obviously a lot of problems when it comes to insurance, right? Because this is something we were talking about pre recording. About how many different insurances people need, whether it’s in your business or just in life in general, between homeowners insurance, hurricane insurance, or if you have a business you need to have a disability insurance, all these other different things that you have to put together. And when you start looking at the numbers, you’re like, man I’m paying a mortgage payment on all of these insurance bills. So what is it that, that you like to talk about when it comes to planning? For what the right insurance policies are for you.

Bruce Weinstein: I think in general that any kind of planning has to do with people’s specific stages of life. So when I’m marketing and people say what are you looking for? Who’s your ideal client and things of that nature. I’ll come back a lot of times with people who are experiencing a life event. You got married, you had a baby. You got divorced. You changed jobs. You move. So all of these life events as we age up, your needs and priorities start to change. So when you’re a high school graduate may or may not be going to college now you’re of driving age, you need car insurance. You get a job that may or may not provide you benefits. You might need health insurance. If you work for a big company, they’re going to give you disability insurance. A lot of people don’t even understand what their benefits are given to them, let alone those who don’t get it, what they need to have. So a self employed you’re professional, like a doctor, dentist, CPA, lawyer if they’re self employed, right? They’re not working for AT&T. They’re not working for Elon Musk at Tesla. They’re not getting benefits. They’ve got to go get. Their own benefits. You’re in the real estate space. You’re a real estate investor and you’re generating passive income or flipping houses or again, whatever you’re doing in real estate. If you can’t operate your business, who’s going to do those next deals? Who’s going to do that flip and fix it up? If you’re doing the physical work, if you’re disabled, what’s going to happen here? And if you have a spouse and you have a family, who’s going to pick up that slack when your income gets cut off, which is why people like passive income opportunities, right? It takes some of that pressure away. It becomes an inflow of money instead of an outflow of money, right? If I’ve got enough properties generating income and I get disabled my income is still coming in. But if I’m relying on a 9 to 5 job, or, self employed, more like 12 to 12 job, but, you’re working 12 hours a day. I only work a half a day. I only work 12 hours. There you go. If I’m relying on my physical workload, if I’m a billable hour type of person, like an attorney, and now I can’t build those hours, what’s going to happen? So they have a lot more pressure on disability coverage. So circling back to your question, it’s depends on where you are in your life, and those needs will increase, decrease, come off, and come on. So disability will run through a certain age range, where now we start talking to clients that have financial success and freedom, where disability dollars move into long term care, which is as you get older, right? 60 and above market mid fifties are going to start to consider and look at long term care, which is nursing home care, assisted living, because that’s the back end. And so if you don’t want your assets to get doubled up by a nursing home situation, you want your money to go to your kids. I just had a poll today with somebody who had a kidney transplant, one of my fraternity brothers. He’s the biggest thing he’s concerned about is his money gets eaten up. If his health worsens again, that he doesn’t leave that money to the kids that it’s going to go to his health expenses. What does he do? What can we do to solve that fear? So that’s a problem. So now we have to talk about is he insurable because he’s had a kidney transplant. Maybe he’s not insurable. He can’t even get 1 of those programs. It’s too late. Again, not to go down the rabbit hole, but so what do we need to do? We need to get it on his wife because if he eats up all the money, she’s healthy. Now we’ll have the coverage for her. So if he uses all the money, she doesn’t feel like she’s got nothing. So we got to get coverage on her so that if she now needs it and the money’s gone we could still take care of her. So it’s just. Analyzing the situations and, here’s the biggest problem, Mike, with insurance is you got to be insurable. And I can’t say how many people come to me if I just got diagnosed with cancer. I need life insurance. Oh, sorry. Come on now. There’s a reason why, and people don’t understand why are they asking me all these questions? Let me ask you something, Mike. Would you buy a used car without your mechanic ever checking it out?

Average Joe Finances: No, I don’t think I would.

Bruce Weinstein: Okay. Why would a life insurance company want to buy your life without checking you out?

Average Joe Finances: Absolutely.

Bruce Weinstein: It’s the same scenario, right? People like they, part of this is the entitlement, right? People feel they’re entitled, they should be able to get life insurance no matter. what their situation and it’s it doesn’t work that way. You’re asking somebody to bet on your life. If you’re 400 pounds smoking diabetic, nobody’s going to touch you with a 10 foot pole. You have no rights. So no, nobody owes you anything. So the better your health, the better, all of that stuff, then the better your premiums will be. And it’s the same with your auto insurance. When you have 16 traffic accidents, speeding tickets and problems. Do you think State Farm wants you? No, progressive don’t want you. Geico don’t want you. The general don’t want you. You’re a problem. And the rates will be impacted accordingly. Am I answering your question? I’m like.

Average Joe Finances: Yeah no, that’s a great point, and that’s why, 1 of the things I’m glad about I did when I was younger still was go and get these life insurance policies on myself and my wife, at a very good point in our lives to where we probably got the best possible premiums, and now I’ve since retired from the Navy and have other issues that come up, but it’s not really a problem now at this point because I had already did everything at the right time.

Bruce Weinstein: Again, another one of these lines is you’re never going to be younger and you’re never going to be healthier than you are today. At least statistically. Okay. So insurance life insurance is age based. So when you’re 30, the rates are going to be super cheap when you’re 60. Not so much. I just turned 60. So if I want to get new life insurance now I’ve won, right? I’ve made it this far. I’m in good health. I’ve maintained, I don’t take any medications, knock wood. So I might get a preferred rate, but I’m going to pay as a 60 year old preferred instead of a 30 year old preferred. And it’s going to be incrementally more expensive. But from their point of view, I’ve already won the game that from 30 to 60, I didn’t die. Tragically again, knock wood, right? Something didn’t happen. You know what? You and I could both make a list of people we know that have died prematurely, right? They didn’t make it past certain ages and I’ve got family included. My mother passed. This is this is my why, if you will. My mother passed away at 45 years of age from cancer and I was 22. And my mother lived on and this is what I talk about on my website has some articles on it is someday. I someday I’ll do this and someday I’ll do that and her someday. I’ll didn’t come because she got sick. And so that motivated me as a 23 year old to help people not get in their own way financially. Look, how many times have you heard this, Mike? Mike, if you won the lottery, what would you do differently? Would you keep working? What would you do differently? Obviously it depends on how much you want, right?

Average Joe Finances: Yeah, it depends. That’s a question I always think about all the time, because people, a lot of people in my circle say that all the time Hey, if you were to win the lottery right now, what would you do? What would you change? And if you’re going to sit here and change something, then what is it about your life right now that makes you unhappy.

Bruce Weinstein: But even more to where I used it. Is again, I got a lot of little anecdotes is you already have your lottery ticket. You just don’t know the turn in date. Okay, so think about that. Everybody has the ability to cash in when they can. It’s are you in a fiscal position to do everything you want and be financially independent. So whether that means you need to save a million dollars or five million dollars or 50 million dollars, what makes you financially secure is all about you and your wife and your family, right? So you might be comfortable with a hundred thousand dollars in the bank for the rest of your life and retire immediately. It’s all relative to what your needs and what I call you. What do you want for yourself? Yeah, I’d love to win a billion dollars to somebody California just 1 and now whatever the other 1 is going to be a billion this weekend. Yeah, 400M after taxes in advance. I can do some damage with that. We can have a good time. But does anybody need that kind of money? No, 4 million. Yeah. 2 million. Yeah. So what do I need to do in my journey? College age, high school age, whatever it is, I’m not disparaging. People have to go to college these days. Certainly you don’t need that. But whatever your path is 18 to 22, you have to make decisions. An 18 year old that’s making money and banking that money. Had a four year head start on me as a college graduate, right? So I’m value of money if they were doing it right from day one. I can never catch up. They got four years ahead of me. So it’s just a matter of what you do and when you want to do it. If you want to retire at 50, what does that look like? All right. So it’s that’s the plan. That’s where the plan man comes from, right? It’s planning. It’s not my wishes. Whoever you’re working with as an advisor, it’s not about them. It’s about you. They should be making it about you. Mike, put it on the table. Let’s talk about it. What’s your wife’s name? Mike Jamie. Jamie. So what do you and Jamie want? What’s your woody woofy if in a perfect world, what would you like to see happen now? How do we correlate that financially? How much do you need to save? What rate of return, how fast is that journey? And then get you there. Why? And I don’t know how old you are, but my mother didn’t get there. She didn’t make it past 45. I’m 60 now. I got a third of my life more than she got. Guess what I got to do with that. And so she missed that. So anybody that thinks, oh, I’ll just wait till I retire and I’m going to retire at 65. 29 percent of people born don’t reach the age of 65, almost 30 percent of the population. What can they do differently?

Average Joe Finances: That’s definitely a great point. I’ve been, I think about that often because, when I look back at, when I look back at, my mom’s life too, she, she passed at 42, and now I’m getting closer to that number and it’s I’m going to, knock on wood, make it past that. And and then my dad passed in early in the sixties. So it’s sorry. It’s a lot that I look at. I’m just like asking questions about things, but they also live their lives a lot different than I did. I focus a lot more now on my health. And I started focusing on my health a lot younger than they ever did. So it’s the way I look at it is I plan to live. To a ripe old age, unless something else gets in the way and stops me from doing so, and that’s the way I plan my life. So I want to make sure that I’m set. I’m setting my, myself and my family up for, for me to live too. 90, a hundred years old, 120 whatever, 140, with technology today, who knows what we’ll get to, right? Not sure , I bought that, but, it’s I wanna be able to plan out for that so that I know that I’m not gonna be a financial burden on my family in the future, right? So that’s why I’ve got the life insurance policies and I’ve got, the right medical insurance and everything else that I’ve got. And I feel like not enough people look at it that way. And they just think about the here and now this is what I need to do right now that makes me comfortable. What’s going to make you comfortable in the future, right? So that’s why I like, your whole message about being the plan man, right? Not only knowing your, the right insurance plans, but also planning for the future. So there’s a lot, there’s a lot that you could put into that name. That comes with that. So I just want to say that, I really appreciate the message that you share, because I feel like this is a message that a lot of people need to hear. And sometimes when they hear it, it falls on deaf ears. So I’m hoping that hearing it from someone else, having you come on, share this message that people can listen and say, you know what, okay I do need to get this stuff and get my affairs in order. Because there’s so many things you could do. I can also invest with my life insurance plan, right? So I can borrow from it if I need to. So there’s little things that, that I did differently as an investor, because I felt like that was the best plan for me moving forward. Where other people might say, I don’t want to do it that way. I just want, a term plan or whatever. I don’t want whole life insurance, whatever. I have both. I have a whole life insurance policy and I have term. I have a term against my mortgage on the house. .

Bruce Weinstein: Different needs.

Average Joe Finances: Yeah, different needs. Exactly. Anyway.

Bruce Weinstein: You said no, you’re good. I had a couple points. I wanted to jump in on that. You mentioned, but I didn’t, I wasn’t telling to cut you off there. So I apologize. So there’s 2 problems. You mentioned apathy and selfishness.

Average Joe Finances: Absolutely.

Bruce Weinstein: Okay. So people, you mentioned the life insurance and you mentioned not being a burden on your family. So you’re going to be a burden on your family. If you’re disabled, you’re sickly, and you can’t make an income and you don’t have insurance to protect if you’re dead. You’re not a burden on your family. Now, your family might have a burden because they can’t replace your income. They can’t pay the mortgage. They’re going to have to sell the house. And that’s what life insurance takes care of. So life insurance is not for you. It’s for them. So that’s a selfless act. So when people say, I don’t need life insurance, you don’t need it. Your family needs it. What’s going to happen to them. And so you have to poke the pain. So good for you in that regard. Apathy is it’s always going to happen to somebody else. It’s never going to happen to me. And until you get older and you have more responsibilities, and this is where really the rubber hits the road is until you experience it and see what it’s like to go through it. It won’t be a priority for you at your tape. Me seeing my mother get cancer at 39 and dying at 45. I experienced me watching my 85 year old grandmother live 5 more years pinging between my father and my aunt because there was no money to take care of her, put her in assisted living of some kind. They were her assisted living. And do you know what that did? Sacrifice wise for my aunt and my father in their lives as I was bearing them grandchildren and what they couldn’t do because they were taking care of an 89 year old failing. My grandmother was sharp, but physically she was diminished. And so the family didn’t have the money. So again, there’s choices to be made. You’ve got to decide what do you want? So now when I’ve been doing long term care planning with clients since the mid early nineties, okay, and it’s products have changed and the programs have changed, but the easiest client to enroll in a plan, I just experienced it within their family and it tended to be the women. The men are all, oh, bravado. My buddy put a gun in my mouth. Okay, do 90 year olds with their hand shaking with Parkinson’s are going to try and pull the trigger on each other. At that. Yeah, that’s going to happen. That’s just not. When they experienced it with their mother, their aunt, their grandmother, it’s what do I need to do that? I don’t have to experience that. Or I don’t want my kids to experience that and have to deal with that. And those are the layups right? Those are the layups. When I say apathy. And the selfish part that’s the problem what gets in the way. And that could be on investing. It could be on anything. It’s people want today. They want the cell phone and the fancier car. And now I’ve got an episode on car leasing versus financing and the trap of leasing. That’s 1 of my episodes on ask the plan, man. And, that’s living a lifestyle above your means. And so what are you sacrificing in exchange for that? And I won’t mention names, but a dear friend wanted life insurance on her husband numerous years ago, and he wouldn’t stop smoking. Now, for those of you don’t understand what that means is smoker rates are up to five times more than a non smoker. So the insurance was way more expensive and became unaffordable, and they never got life insurance on him. Now, the Audi A3 became an A5, which became a Q7, so putting the money in a fancier car over getting some life insurance became a decision. And now it’s three years he was coming home from work and he had a head on collision with an 18 wheeler and ultimately didn’t survive and no life insurance with a daughter leaving for college. He was the majority breadwinner and now her life is turned upside down. And that decision was. Based upon their priorities and I feel guilt because I’m like, we’ll take less do something. Something’s better than nothing. But I’m going to get him to stop smoke or never happened. Selfish apathy not going to happen to me. It’s going to happen to my neighbor and then bam 1 day. The whole thing changed. And he’s my, he obviously not my age, but he should be my age, right? He’s 59, so yeah. That’s. Yeah. That’s the stuff you try and bestill in people in education and understanding because just open the obituaries every day and look at the ages and they’re not all 90 year olds.

Average Joe Finances: So that’s a great point. And something else you said too about the whole thing with life insurance and smokers, right? My wife and I were both smokers but we were both quitters, right? Quit with enough years that it didn’t even affect our life insurance policy. There is like some silver lining there that if you are a smoker and you want to quit. You can quit and give it some time and when you get your life insurance policy or if you’re a quitter, if you think that because you smoked in the past that, oh, it’s just going to be too expensive. Try it out because if you quit and, you go through everything that you show them that you quit and they do the blood work and everything comes back good. It’s going to be like a non issue and that’s what it was for me. So thankfully, that, that was something we did. I’m glad we quit too, because it just, it wasn’t a good thing to do. So if you’re a smoker, you should quit.

Bruce Weinstein: So I like given so what’s right my show we give so what so here’s a so what for your list you get the insurance as a smoker to get something in place if you can go and document a minimum of 12 months and go back to the insurance company. A lot of times they will reclassify you and reduce the premium. You don’t have to go get a new plan and start over. Now, if you’re in the type of company that won’t do that, then yeah, you need to reapply and it’s probably worth doing. But you got a document and you got to show. That you legitimately stopped and, some of them might be more than 12 months, but yeah, you can turn over that new leaf as you did and save. So again, something’s better than nothing getting something. I’ve had.

Average Joe Finances: I dont know, you can do that.

Bruce Weinstein: Yeah.

Average Joe Finances: Honestly.

Bruce Weinstein: Absolutely.

Average Joe Finances: I didn’t know that you can go back to them and say, hey, look, I quit or, I did something else for my health and. Go back and say, Hey, can you readjust the, this premium.

Bruce Weinstein: Or like I said, worst case, if that particular carrier won’t reclassify, go apply for a new plan and start over. So.

Average Joe Finances: During that period, so if something, God forbid was to happen, you had that coverage in place. So I think that’s what that, I think insurance is something that is people don’t, I don’t know, there’s like this Stigma around it or something like when they’re younger like, oh, I don’t need I don’t need it right now. I’m young I’ve got my whole life in front of me But it’s you know the younger you get it the better off you are like when my Right now, I’ve got the Gerber life insurance policies on my kids, right? And those transition over too, but when my daughters turn 18, one of the things I’m going to give them as a gift is, something to put towards the premium on a whole life insurance policy for them so that, and I’ll buy the policy on them. And I think that’s something that is so important, right? And to me. It’s an investment in my children.

Bruce Weinstein: Sure.

Average Joe Finances: That’s the way I look at it, but I’ve gotten myself to the point where I can do that. What if I did this? What if I did that? Forget about the what ifs at this point, from today, what do you need to do to get to that point in the future where you’re going to be financially secure to do that?

Bruce Weinstein: Yep.

Average Joe Finances: What do you need to do today? That’s the question you need to ask yourself.

Bruce Weinstein: And we talk about the journey and the roadblocks and obstacles along the way, because there’s again, another line, man plans and God laughs. You got greatest plans in the world. Oh, there’s a spot on your lung, sir. Were you ever a smoker? Oh, okay. Now what? So you had these great plans. So you don’t know you don’t, you’re not Superman. You don’t have x ray vision. You can’t self diagnose. You don’t know that there’s some tumor growing on your pituitary gland. That’s going to F up your life. From the kid’s standpoint, when you mentioned you’re putting some stuff on your kids again, I’m not. I’m not trying to pull on people’s emotions, but how many kids are in the cancer ward? How many kids have juvenile diabetes? How many kids are born with problems? They’re never going to be insurable as the issue they survive into adulthood. And so they’re going to have a family someday. They’re going to need to protect that family someday, and they may be uninsurable. So how would they ever take care of that? So again, it again, we talked earlier offline is you can go broke in the world of insurance. So how much is enough? And where do you spend it? And how do you prioritize it? But there are certain things that look, there’s 2 things in life that are guaranteed death and taxes. We help protect you for both, right? That’s what a planner does. We protect you for both. So how do you optimize that? Why don’t people, why are they apathetic on life insurance? I don’t want to bet on me dying. Okay. The other side of it is. How are your kids going to eat? How’s your wife going to pay the bills? And again, it’s just a level of responsibility and maturity that people are lagging. And look, at the end of the day, you can get a very inexpensive term insurance policy for 25, 30 bucks a month. We’re talking a million dollars. If you’re young enough. You don’t have to do the fancy stuff. I’m sure you’re doing like be your own banker, infinite banking type of thing. You mentioned the whole life, right? So that’s a concept and that’s a strategy and that takes a bigger dollar amount. But you also said you had term insurance.

Average Joe Finances: I do.

Bruce Weinstein: So you term insurance is renting. It’s renting life insurance. If people don’t understand what term is, you’re renting it and it’s super inexpensive. Why? Because 97 percent of all term insurance expires. Expires means they don’t pay. They only pay about three percent. So the rates are cheap because they’re protecting the majority of the mass for a finite window of time. In that window of time, the likelihood of you getting hit by a bus, falling off a cliff anvil dropping on your head, pretty minimal, right? They know what a 30 year old life expectancy is, and it’s a numbers game. And what I tell people at the end of the day is insurance, whatever the insurance is, homeowners, auto, life, it’s simply a pool of money. For everybody else that’s managed by an insurance company to make a spread and they want to manage the risk. They want to keep enough money coming in and out. They’re happy to pay you because that’s what it’s for. And they just keep the spread.

Average Joe Finances: Like the lotto. Like you mentioned earlier. Yeah. How does lottery get these huge jackpots? People keep buying the tickets and buying the tickets and it pulls up. Yeah. Oh yeah. Same thing with the insurance, everyone’s going to buy all the insurance. It pulls up until it’s needed.

Bruce Weinstein: That’s what it’s all about.

Average Joe Finances: But yeah, that’s something I didn’t really think about too much though, about how. 97 percent of the term insurance policies never get paid out because they expire. I’m hoping my term insurance policy expires that.

Bruce Weinstein: Don’t we all.

Average Joe Finances: For the 30 year period, that means I made it to my sixties. So a hundred percent. Yeah. A hundred percent.

Bruce Weinstein: And if you need something at that point, we’re working with some families now, and they’re older, we look, we place insurance, probably up to 80 years of age or more, you sometimes you’d have a state planning work that needs to be done with trusts and you want to use life insurance as a leverage your later in life, you’re going to pay up through the nose for it, but it still works.

Average Joe Finances: Yeah, that’s one of the things I got to do here. Shortly is do some estate planning.

Bruce Weinstein: That’s 1 of our, 1 of the 6 boxes of planning is a state, right? Yeah, it look at it all. We’re not trying to overwhelm your audience. You want to take small bites. You can’t look at Mount Everest and say, oh, I’m never going to get there. You got to take 1 step 1 leg at a time and doing something’s better than doing nothing. And again, we talked about life events and change as time changes. And as you age getting a plan in and of its. self going doesn’t mean it’s a complete plan. I tell people all the time, your financial plan is a Polaroid in the film of life. So think about that. We’re just capturing a moment to say, here it is. Do you like where it’s going? Now this is where you could fix it. And this is where we’re going to take you. And if you don’t like where it’s going I can’t go back 5 years and told you should have bought Apple. So I can only fix it from here forward. And we’re going to show you where it’s taking you. And so now’s the time to pivot. I need to save more. I need to spend less. I need to raise the rate of return. I need to work 2 extra years. Now all of a sudden you can accomplish that. Okay then I got to start making those changes today. You got to tighten the belt and people don’t want to hear that, Mike. That’s the problem. They don’t want to hear it. The doctor gives them the medicine. They have to take it. I give them the medicine. They don’t want to take.

Average Joe Finances: Yeah, well sometimes it’s hard to hear something that you don’t want to hear. You don’t want somebody telling you, Hey, this is the route you need to go. If you want to get to that point they want to figure it out themselves which is fine. You can figure it out yourself. Getting advice from somebody that knows the quickest way to get there versus you taking your own path and getting all those bumps, bruises and scrapes. And you wind up paying more money going down that road to get to yourself makes a big difference. So I don’t know, like me personally, I do have. Even though, I run average Joe finances, all this stuff, I do have a financial advisor. I do have life insurance policies. I do use all these other products, that I bring guests on the show that talk about it because it’s one of those things that when you, as you’re growing in life, you need these other things to grow with you. You, I don’t want to leave anything behind. I want to make sure that. As I keep moving forward, I’m crossing all the T’s and dotting all the lines to make sure that, my family, my, and my, my grandkids, that. That they’re going to all be set for my actions. What I did in this life, as a parent, we always want to give our children a better life than what we had. I’m trying to take it to the next level and I want to build generational wealth for my family. For it to get passed down so that, my, my descendants will not have a life that I had growing up where I had to work so hard and fight for this. I, and I’m not saying I want them to have a silver spoon. I still want them to have a good work ethic, but I want to know that they’re taken care of after I leave this earth.

Bruce Weinstein: Sure.

Average Joe Finances: And I feel that’s, it’s, it is a mentality thing. But, It’s also about how proactive are you gonna be, right?

Bruce Weinstein: That’s the word I’ve been clinging to.

Average Joe Finances: Yeah. Yeah.

Bruce Weinstein: It’s proactive.

Average Joe Finances: How proactive are you gonna be to get on top of this stuff?

Bruce Weinstein: The p in plan man is the P for proactivity. It’s a hundred percent.

Average Joe Finances: Love it.

Bruce Weinstein: It’s being proactive. It’s not being reactive. And everything I do with a client is to make them be as proactive as possible. Now, we might have a checklist of 40 things, and you might only do two of them, but we’re gonna address all 38. And you’re going to make a decision and not doing something about it is still a decision. But then I did my job to make sure we covered it to let you know you had an option here.

Average Joe Finances: Yeah.

Bruce Weinstein: That’s the education, right? So you don’t know what you don’t know. That’s why you and I both have a show like that one. Okay, because we’re here. I got to stick with me. I got plenty. But that’s what it’s about. You go to people to find out what you don’t know, and then you make a decision of what you want to do with that information. Now, let’s give them another. What here? The world of insurance costs you nothing to work with a professional. We get paid by the insurance companies. Medicare pays us to enroll you in Medicare. Obamacare pays us to enroll you in Obamacare. The life insurance companies pay you, pay us to enroll you in life insurance. There is no charge. If you ever pay money to sit with an insurance agent, something’s wrong. A financial planner, somebody who does a plan for you or manages your assets, like an attorney and accountant, will have billables. Okay, of some level, whether they’re charging you an asset management fee, but in the world of insurance, you should never go it alone. You’re going to make mistakes and it doesn’t cost you more. I can’t mark it up. I can’t. I don’t control the prices. You control the price based on your age and your health. It’s that simple. Okay. So why much coverage you want? But, I say to people like, oh, oh, they jacked my rates. You had three accidents. You had two speeding tickets. Did they really jack your rates? Or did you?

Average Joe Finances: I like that you use that word, they. Because a lot of people, when they want to put the blame on something else, the word that’s used is they. I’ve done it too in my life in the past. I’ve, oh they don’t know what I’m going with. Or They did this, or they did that, you gotta be careful with the, they word, because a lot of times if you’re using, they, you’re projecting something that you did onto they. Yeah, it’s, I liked that you used that. I just wanted to point that out.

Bruce Weinstein: I have frequently, again many years. We have the coming to Jesus conversations, right? And I’m Jewish. So I could say that, but the coming to Jesus is putting the mirror in front of you. You got to take a hard look at your reality. Now, I’m friendly and I want to be your friend, but I’m going to hold you accountable. If you’re hiring me and engaging me, you’re empowering me to keep my foot on your neck because you need and want my help. You raised your hand. Now, I’m not going to bug you. I don’t poke call you. I didn’t hound you to come to me, but once you come to me and you’re empowering me, I’m going to hold you accountable. And that’s what you’re getting out of your financial advisor is Mike. You said you wanted this. What you’re doing is not matching what you’re saying. Your actions aren’t meeting. Your words. What do you want to do about fixing it? So it’s come to Jesus time and people have these grandiose ideas and then I have to poke them in the eye and say, you’re not doing what you need to be doing. So let’s look in the mirror. It’s coming to Jesus. What do you really want? What’s your priority? How bad do you want it? Are you willing to cut your lifestyle by $5,000 a month to do it? No. Then you can’t have it. You want to go work 5 more years to make it happen? No, you can’t have it. What are you willing to sacrifice? Real quick. There’s three things you can control in the planning process. The amount of money you save or spend, which is your budget. And everybody cringes at the word budget. What’s your budget today? What does your budget look like in retirement? What are you saving today? Or relates to what you can have later and what you want to spend. So the amount of money you save and spend is number one. The rate of return on your money. If you’re a CD investor and a nervous Nelly, and you don’t want to buy real estate and you don’t want to be in the stock market and you’re making 2 percent returns on CDs. Are you ever going to get where you want to be? If you’ve got a billion dollars, sure. But if you’re saving money for 30 years at 2%, and Mike saving it at 12%, and you’re both saving the same amount of money, how many more millions Mike’s going to have over you? And the third thing you control is your time. And time is our biggest enemy. And our biggest ally compounding a money with the rate of return by to time. So if you want to retire at 60 with $10,000 a month of income, and you want to be a nervous Nelly investor at 3%. What does that look like? And if that’s not reaching your objectives, which of the three are you willing to change? Because that’s what you can control those three. So if you can’t make it happen on 2%, are you willing to go to four? Are you willing to go to eight? If you can’t do it on $1,000 a month, can you come up with two if you can’t retire at 60, you want to work till 65 something’s got to give. And so that’s the proactivity. And that’s the planning. We’re touching on earlier is I’m going to show you the path. And if you don’t like where the path’s going, what are you willing to change? And that’s the coming to Jesus conversation.

Average Joe Finances: I like that. I liked the having to look into the mirror. As a matter of fact, I just had an episode about that recently where I had to face a failure with a business that I had a business that I started that was not doing well. And I was in the hole for 40 grand and I kept pushing to try to keep this thing going. And yeah, it just was not working out and I’m in a mastermind, and I actually had somebody basically put the mirror in front of me and say, look at this. Does this look right? And I was just like, no, it doesn’t. So I actually went to my vision board. This was in June. Go to my vision board, just completely scrap it and say, okay, I got to start over here. I am halfway through the year and I got to start over because. I’m, I didn’t set up the right wickets and goals for this particular thing, and I’m not meeting what I should have set up for it. And because of that, I’m failing in this area. And it was one of those come to Jesus moments for me that I had to go in and accept responsibility and shift my focus for the rest of the year which I did. And now I’m in.

Bruce Weinstein: How did you feel?

Average Joe Finances: Nice.

Bruce Weinstein: How empowered were you and relieved were you once you got to that point of capitulation?

Average Joe Finances: Oh, a lot, very relieved for sure because it was one of those things that was just hanging over my head that like every month, okay, where are we at? Oh, we’re still, still negative this month, still negative this month, not doing anything. And I’m just like, and it’s just hanging over my head. And then I, when I made the decision to just let it go, it’s Oh, okay. This ain’t hanging over my head anymore. I still got to pay off the debt that’s here, but I don’t have to worry about this anymore at this point, I don’t have to focus on where I’m going with this because it’s gone. Yeah, no, that I thought that was I like the example you shared because I feel like a lot of people need to have that, face yourself in the mirror. Can you look at yourself in the mirror? And say that you’re doing everything you’re supposed to be doing right now. I think that’s super important for everybody.

Bruce Weinstein: Let me talk, jump on something to what you just said with the epiphany that you had and having to face it, so let’s correlate that to somebody investing and this is stuff that I dealt with since my early days, the market crash in 87 and the 90s, the 2000s, a couple of so I’ve been through stock market corrections and crashes, like literal crashes.

Average Joe Finances: Okay.

Bruce Weinstein: And money is emotional. Your investments get emotional. You’re buying something that’s going down and it’s emotionally taxing on you. And the greatest relief people find is selling and letting go because now they’re not stressing over it. But this is when people make a bad investment decisions because they’re emotional pain as the market is going down. Escalates. And when the market’s down 20%, I hold their hand. The market’s down 30%, I hold their hand. Market’s down 40%. If they don’t want their handheld anymore, they want the pain to stop, and that’s when the market tends to turn. That’s when the markets capitulate and it waits for the last weakest investor to bail out. And Wall Street sits there preying. Prey, not pray, they’re preying on you to sell. Because they want your 40 percent discounted investment portfolio. Your million is 600,000. You’ve had enough. You’re afraid you’re going to lose another $400,000. You’re afraid it’s going to go to 0. If it just lost 40%, what’s another, what’s left and our critical mass gets violated. And I tell people point blank over my 30 year career investing. You don’t pay me to get you in. You’re going to pay me to keep you in because you’re going to get emotionally distracted and you’re going to make a bad decision. And I’m going to talk you out of that decision. And you’re going to watch that. I’m going to be right. Most times that I’m not right. And I used to have my 2 Jerry’s real quick. My 2 Jerry’s were older gentlemen retired and they were my barometers. They’re both past since, but every time they call to sell, no matter how many times I held their hand, no matter how many times they listen to me and they hung in there when their pain was met. They’re like, look, I know you’ve been telling me, but I’ve had enough. I’m like, you’re the barometer. It’s time to buy. What do you mean? I’m like, I’m telling you now you’re down 40%. You’re down 35%. You’ve had enough. This is what I’m telling you to do. We’re going to buy more. We’re going to do buy more. What are you kidding? No, we’re going to rotate some money. We’re going to take because now you’ve hit your pain point where you want absolutely out. And guess what? I’m in time again. It was 100 percent the right move, not getting out. So it just goes to what you’re talking about of where, Pete. When the money’s easy, people in the financial world. Get taken for granted. What do I need you for? What am I paying you? 1%? I can do this better myself. To a point, all monkeys can hit the target. But again, as I said, you don’t pay me to put you in. You’re going to pay me to keep you in and know what to do when the shit’s hitting the fan. Can I curse on your show?

Average Joe Finances: Yeah.

Bruce Weinstein: The shit hits the fan.

Average Joe Finances: I got the little E on there.

Bruce Weinstein: Okay. To, to your story of giving up and bailing out of the business, being a good decision. Yeah. Unfortunately, that ties into people with their investments. If it’s in real estate, if they’re in the sinkhole, the best thing they can do is to get away from something that’s just bad and recognizing it. And conversely, there might be a stock that they put themselves into or were put into that it is time to get out. How do you know? But if you’re in a mutual fund and you’re protected and insulated and diversified, your mutual funds not going out of business, that stock may go out of business. Tesla someday could go out of business, right? Netflix put Blockbuster out of business, right? It changed the buggy whip from the days of horseless, when a horseless carriage came about. But the buggy whip guy went out of business, right? And maybe the the gas car engine, will eventually be totally electric or something else. That’s even created down the road, right? Cell phones, who uses. Who uses a phone anymore, right? Who’s got a rotary phone in their house? Who, so technology changes. So nothing’s guaranteed to last forever. So every investment has to be reassessed. And there is times to bail depending on what it is. So don’t take that the wrong way, but most of us are in mutual funds, which has hundreds of different stocks and those hundred stocks are not going to go out of business, but you can make a bet.

Average Joe Finances: I like to stick with, because of that, I like to stick with mutual funds and ETFs. I, yeah, I feel

Bruce Weinstein: there’s diversification.

Average Joe Finances: Yeah. Yeah. The fact that you’re, you buy this one stock, but it’s actually split into a hundred different other companies. Yeah that’s definitely important.

Bruce Weinstein: But again, I’m going to go back into the go nineties, right? We had the nifty 50. We had the AOLs and the double clicks and now names, people aren’t even going to know who exists. And we had a stock called Lucent. Lucent was a spinoff of AT& T. Lucent in its heyday went from about 3 to about 87. And along the way it had hiccups and pullbacks and setbacks, but it kept going up. And so everybody believed. What they were seeing, everybody believed that every time it went from 60 to 40, it would go back to 60 and then 70 and they bought more at 40 on the dip and they watched it go to 60 and then 70. And then they bought more and they watched it go to 80. And eventually the paradigm shift and the 87 peak got to 70. Oh, I got to buy more at 70. It’s going to go to 100. Oh, no, this time it went to 60. I got to buy more. I liked it at 70. I got to buy more at 60. And it went down and it went to 50. I got to buy more at 50. I’m like, maybe we want to stop buying so much. And it went all the way down to 75 cents, Mike. 75 cents. Where along the way do you hit the panic button? Where along the way do you say, you know what? So getting in is easy. Getting out is hard. There’s another so what, right?

Average Joe Finances: Same thing happened recently with Bitcoin, $60,000, right? How much time you got, but we’re still buying it at $60,000 and then it dropped down to $20,000. They’re like, Oh, so it can go either way with anything. Like you could invest in a really good company and CEO that comes into place that makes a very poor decision. And now your stocks just dropped 70%. That’s why I like being diversified and not being in any, putting all my eggs in one basket. So that’s both with the stock market, but that’s also in real estate. I don’t like to be in just one market. I like to be in different markets because different markets have different growth, they have different cashflow, so it’s just, it matters that you diversify no matter what it is, whether it’s real estate, the stock market, whatever it is that you do, you need to be diverse and all that, but.

Bruce Weinstein: You need to, if I may, you need to know what you need to know what you own.

Average Joe Finances: Yes.

Bruce Weinstein: People don’t know what they own. They don’t understand what a growth fund versus a international, versus a value versus a small cap. I don’t know what emerging markets means. I got half my money in it. Why? It did really well, but do you know what emerging markets are? No. Oh, I bought this mutual fund. It was up 48 percent last year. Oh, let me see. What is it? Really? You put money in like how much money I’m not saying you don’t have money in precious metals, but what percentage Bitcoin? Do you know what you’re buying? So real quick, you go to people go to my social media. It’s out there. It’s time stamped. I posted it. It was a screenshot from CNBC that came across my phone a little over 2 years ago. I’d have to go find it, but I can find it. It’s a screenshot. That Goldman Sachs was announcing public access to Bitcoin for the first time. Bitcoin was around $58,000, $59,000 and I took a screenshot and I posted it. And this is only because I got 35 years under my belt. I said, I’m not the smartest guy in the room, but I’m calling the top on Bitcoin right now. Why? Because from 1 to $59,000, they wouldn’t let you play, Mike. And now at $59,000, they’re going to open the doors and let everybody in the public play. That’s your sell signal. The smart money needs an out. They prey on the small money. Now we’re going to give you access to something you couldn’t get at $30,000. $40,000 people are clamoring over it. Everybody loves it and it’s got to have it, but you can’t get it. So you want it more the power of scarcity and denial, right? When I, when, oh, I’m that guy’s looking at that car too, Mike, who I want that gold fancy convertible, right? Oh, I got another bike. They play the game. So you can’t have this, Mike. Sorry. You can’t have Bitcoin. Oh, come on. I’m watching it go up. It’s $30,000. I can’t, it’s $50,000. You can’t get me. How much you want, buddy? How much you want now? I’ll meet at the trough. Okay. Now I was off by a couple of bucks because you got to let the sucker make a couple of dollars. So now the door is open. The buyers are coming in. But again, here’s your next. So what for every buyer? There’s a seller for every seller. There’s a buyer. What do they know differently than you, Mike? Somebody had to sell you that Bitcoin at $59,000. Why were they selling? And why were you buying? So again, people, I’m not disparaging Bitcoin. It’s just society, this country, the things Wall Street doesn’t want you to know and how they prey on the small investor. And those are episodes on my show. What Wall Street doesn’t want you to know. From my 30 plus years, the retail public is a distribution channel for them to get out of their stuff. They need buyers when they want to sell. And I can go down another rabbit hole with real estate.

Average Joe Finances: I don’t think we have the time for that. Actually, I want to go ahead and transition this Bruce to something that we call the final round. It’s where I’m going to ask you the same four questions that I ask everybody that comes on the show. And it gives us an idea of how you are under a little bit of pressure, which I’m sure you’re going to crush it. All right, I’m nervous. Ready to go?

Bruce Weinstein: Let’s go, baby.

Average Joe Finances: All right, so the final round. First question for you, Bruce, is what’s the biggest mistake you’ve ever made? When it comes to your finances, investing, real estate, or just business in general?

Bruce Weinstein: Got a clock ticking. And there’s plenty. Thanks. I got so many. How do I pick one? I’ll give one that more relative to the listener. Options, stock market, stock options, is a gamble. I’m a gambler. I love, the Vegas and the Atlantic cities. And I got very caught up in option trading. And it’s a short term bet that yields very little over time. And I’ve have way more write offs on my tax return from stock option trades. So I would say. The smart money sells covered calls, they sell puts, so they leverage the time instrument. If you don’t understand options, just go do some homework and research, but I would say misdirecting the gambling side of options.

Average Joe Finances: Okay, yeah, fair enough. All right, Bruce, the 2nd question, these all kind of tie into each other is what is something that you’ve learned that you wish you knew when you first got started? So we’re rewinding back over 37 years before you got into this industry. What is something that you’ve learned over that time period that you wish you knew when you first got started?

Bruce Weinstein: I’ll stick with the stock options. I pissed away. I pissed away a lot of money over the years that if I had been more prudent and financially responsible with those dollars. That $2,000, that $5,000, that $10,000 that you kept losing, and you put that into IBM, General Motors, Ford, McDonald’s, Nike, names, household names, and just stacked those $2,000, $4,000, $5,000 losses year over year, time over time, collect dividends, reinvest the dividends. Yeah, that would be a lesson.

Average Joe Finances: Okay, right on. Okay. The third question of the final round is, do you have any tips or tricks that you would recommend to someone that is just getting started out today? And maybe something that you haven’t shared already, because you already gave us a bunch of really great golden nuggets.

Bruce Weinstein: Somebody starting out as an investor.

Average Joe Finances: Yes.

Bruce Weinstein: Or general finance.

Average Joe Finances: Just in general they’re just starting their financial journey maybe they just got out of debt. What’s the next best step that you would recommend to somebody?

Bruce Weinstein: It’s going to be cliche again, Mike, but it’s plan your work and work your plan, right? It is the plan is a journey. It’s a map. The map’s going to have detours. There’s always construction roadblocks and detours along the way. You have to be prepared to pivot and adjust with that. Not let it get you down your business decision to walk away from that. $40,000 loss is going to empower you. It’s going to give you a life lesson. You’re going to learn to do better next time. And that’s what life is all about. It’s the journey. Failure is part of that. You need to embrace the failure. I have, I raised two boys and I have a stepson. My kids played sports. At least I encouraged them to play sports. My oldest son was more athletic. My younger son, not so much. I told them at an early age, I don’t care if you strike out, swing at the ball. You can’t sit there with the bat on your shoulder. And so that’s a metaphor for life. Is it not? You got to take your swings. You’re going to hit some, you’re going to miss some. Mike took a swing on his business opportunity that he recognized at $40,000. This ain’t going my way. It’s time to change the bat. It’s time to change the game. It’s trying to get a different ball. Get on a different field. It’s okay to fail. Swing. Swing. Keep swinging. Work your plan. Plan your work. Be willing and able to pivot and adjust because nothing will stay as is.

Average Joe Finances: Yeah. No, I love that. Absolutely love that. Okay. Bruce, the final question of the final round, and I’ll preface this. I’ll preface this with besides your own, do you have a favorite business, investing, or real estate related book or podcast or both?

Bruce Weinstein: I’m going to give you two. All right. And for different purposes, I think.

Average Joe Finances: All right. Break the rules. It’s fine. Thank you. Thank you.

Bruce Weinstein: Oh, sorry.

Average Joe Finances: That’s good.

Bruce Weinstein: I think one one’s for everybody. And that’s a book that I read eye opening in the nineties, the millionaire next door, the millionaire next door was eye opening for me because it helped me correlate my messaging that I didn’t really have a correlation to. It’s what I was doing, but not really knowing and understanding or having a correlation to. The concept and so the millionaire next door talks about the difference of the guy who leases and overspends versus the guy who buys a 3 year old car and saves. Right and the lifestyles and more importantly, as I was raising my children, what you were doing to your children growing up in that environment. And so it helped me educate my clients on the potential damage they were doing. To their children, as you mentioned, you want to create generational wealth. But you don’t want to give them a silver spoon. Good luck. Because what you and I came from the school of hard knocks with not having help create us and motivate us. And so my kids grew up in that having side of things and aren’t necessarily as motivated. The way you and I were motivated. So you creating that trust baby grandchild and great grandchild is going to open up different problems. And so you need to understand some of that. And you can adjust and tweak what your desire and your plan is to make sure it’s not necessarily crippling. To those future generations. So millionaire next door.

Average Joe Finances: Part of that planning, just so you know, too, is to ensure that they don’t just get everything.

Bruce Weinstein: Of course not.

Average Joe Finances: It’s dangerous. There’s going to be a lot of work to get there.

Bruce Weinstein: So you got to keep the puppeteer strings, my man. That’s what you got to do.

Average Joe Finances: All right.

Bruce Weinstein: Now the other one, which I found when I restarted my business, Damon, John, the power of broke our broke. I think it’s a great quick read book and helps give a the reader a sense that you don’t need a ton of money. Having money doesn’t mean you could get there faster. You have to evaluate where and how you’re putting your money every single opportunity. Whether it’s paying for your phone bill, going out to dinner, every dollar you’re spending on a lifestyle is going to impact how you’re fast you’re going to grow your business and you have to make those decisions. Do I want to invest in a podcast? Do I want to invest in social media? How do I want to spend that money? And what’s my ROI going to be on that money? For a new business owner starting out, whether it’s real estate investments, job hunting, whatever it is, I think getting a handle on that and a perspective is On how you go about it, because it’s tied to budget, right? The core of every lifeline in the Planned man’s universe is budget and the power of broke works. From that, I don’t have a big budget. Yeah, love that. And the mistake. Great recommendations. And it ties in with The Million Dollar Millionaire Next Door concept because just ’cause you have the money doesn’t mean you have to throw it at those. Opportunities. They still may not be a good opportunity. So when you don’t have the money, it’s easy to say no, I can’t afford that today. Do I want it later when I have the money? I don’t know.

Average Joe Finances: Absolutely. No. Great recommendations. Okay. So that is it for the final round, Bruce, you survived pat yourself on the back. But I do have one more question for you, and this is the most important question of this entire interview, right? People are sitting here listening to this and saying, okay, I need to look myself in the mirror, get this figured out. I need to plan for my future. I need to figure out what. What insurance plans I need. And I need help with that. So I want to know where I could find more information about Bruce. So if you could, can you share your website with us and your profiles? And of course, where can we listen to your podcast?

Bruce Weinstein: All right, so real quick, and I have two websites confuse everybody, but go to planman.tv and that’ll take you right to our YouTube channel. Ask the Plan Man. So planman.tv. You can go see all our previous episodes. You can subscribe and everything and we appreciate that. weinsteinwealth.com is our insurance website. Ask the Plan Man our plan man website, which just correlates to the blogs and the show again. 1-844 Plan man, toll free number. You call me anytime, but anything with ask the plan man, you can find me email and otherwise. Like I said, no cost to talk with us. No cost to work with us. We’re happy to help you. If we can’t do it, we know people who can. We’re more the commandeer, right? We talked about being the navigator of the ship. So we work with a lot of professionals that we just don’t do what they do and we’ll bring them in. So whatever you need, you just want to get sound advice.

Average Joe Finances: All right, fantastic. So I will make sure I have those links and that number in the show notes to make it easy for all my listeners to find you. They can copy and paste or click away. The only thing I ask is if you’re driving right now, please don’t do it while you’re driving. Bruce, this has been fantastic. Thank you so much for taking your time today to have this conversation with me. It was genuine. And I felt like there was a lot of value added to both me and my audience just through this conversation. So thank you so much.

Bruce Weinstein: Oh, I appreciate it. Thank you again for having me. Good luck to everybody.

Average Joe Finances: Absolutely. And hey, to all my listeners, I want to thank all of you for joining me and our special guest, Bruce Weinstein on the Average Joe Finances Podcast. Go leave us a five star review and tell us what you liked about today’s episode with Bruce. Aloha from Hawaii and have a great rest of your day.