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Saving with Steve, 29/06/2021

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Saving with Steve
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Guests, Pat White and Dr Randall Bell

Saving with Steve with Steve Sexton

Guests, Pat White and Dr Randall Bell

Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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BBS Station 1
6:00 pm CT
6:55 pm CT
Show Transcript (automatic text 90% accurate)

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins-and-outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton the sun it relates to you having a healthier happy relationship with money my name is Steve sex and I want to welcome you to the show you know what I want to thank you for listening sharing it with your friends your family
we just succeeded 550,000 listener so we're really excited about that today we have how I'd cofounder and CEO bit way he's going to discuss everything cryptocurrency taxes bill-paying where there is for you to accompany you know what and what you like to see moving forward how the US government's looking at that taxation cuz that's a real big so if you don't know anything looking to get into it if you want to stick around for that now we're also going to talk about some simple retirement hacks for people who are starting to save for retirement later like in your 50s next most important to me we have social Economist and author Randall Bell has consulted and more disasters than anyone in history and is widely considered the world's top authority in the field of traumatic driving in a stick with this year we're going to be right to him to learn how to tap into energy from a trauma and used to do something remarkable that you wouldn't otherwise do
dr. Bell welcome to the show I want to thank you for joining us today leave us a pleasure thank you I'm glad to hear but I want to give the everybody is listening a little background on you okay besides being an economist with sociologist Dr Bella's research has taken him to more than 50 states seven continents he said he cases like the you've been on cases included the World Trade Center Flight 93 crash BP oil spill Hurricane Katrina the nuclear testing at Bikini Atoll the tragedies of JonBenet Ramsey OJ Simpson's as well as the Heaven's Gate mass suicide Manson mass suicide there in San Diego with medium the media often cause dr. Bell the master disaster this experience has given him an unprecedented access and inside the cycle Disaster Recovery Prosperity you know he's somebody who knows his ability to analyze complex situations present his findings an interest in organizing an intelligent way so you have the background
dr. Bell you say wow he's been through a lot what are things that I'd like to start with is it when someone experienced a tragedy you know what we have people that got covid people passed away from covid-19 what I had a brother that passed away from Martin and cancer from last March or this March and you see shootings writings and it's almost like you know what it's a disaster they hit that that have that I want to say that war zone experience and what's the cycle that people go through when they experience something like that. I'm sorry to hear about your brother and so my heart goes out to you and the basic cycle is that you go through a phase of prosperity and there we tell ourselves a big lie is lie number one is that it can't happen to me and then then there's the disaster and then the we get the old kind of humbled and beat down and then the second great lie is there's no hope and people that really you know get into the the recovery and the post
bribing or those who reject both those lies that the realize it can't happen to me and that there is hope and they more dial into that kind of mindset in that cycle somebody gift from you know what is a process I am using that people have to take to not buy into the lie it's almost like that of you know what do you call it like an alcoholic has where they are they don't think they have a problem but yet they do and they don't realize it so what are the steps that somebody has to take in order to understand how you know what is a like this can happen to me and then you know how does that healing take place is in that Spike what's in three sections the dive survived and thrived I was when you get hit and you know they're I talked about the the mechanics of trauma and what it does to our brain chemistry and understanding that it in and of itself is very helpful
back on our feet in the three stages where we Blast Off not everybody does that some people get stuck in the reality, hibs there's that shock of are you kidding me I mean when I was 11 years old I was pulled out of needed open heart surgery I still to this day remember the shock of that experience and then the bar getting a bargain with the doctors I parked with my parents I bargain with God nobody wanted to listen to me I needed the surgery and then there's been there's the denial and and you know all of that ultimately you land on the depression stage and that's okay all those gauges are normal and it ain't all that anger is normal as long as you don't get stuck there and as long as you don't hurt anybody including yourself all those all those stages of the Dives gauge completely healthy normal but we don't want to get stuck there a process somebody has to go through how long is almost like grieving for somebody how long is that
process using take for somebody to get through it, typically it's two three four months if you if you still are down in the dumps and depressed is time to seek some help you get your trauma recovery is not a solo act you got to you got to accept help you can't bear it inside one of the classic makes mistakes we make as we just buried inside outside it looks fine but inside there's an internal war and and it's not pretty so it's almost like you know what for example of my brother's wife and his kids they're going through group counseling and they're saying okay other people are like me they're getting through this and now I can share my they can relate to other people and share and realize they were in this together is that kind of what we're saying yeah absolutely I mean they're healing and they're they're already doing number one which I am really happy to hear Ms to sit in the fire group counseling individual counseling and good friend you got to tell your story you can't bury it inside even
but get it out and discuss it that's where you get healing the people that that get into some really you know horrible aftermath of trauma are those that again buried inside so they're doing okay so in the next step is you know what surviving there. They've they've hit the guide now it's the survive side what's that process like well the first part of it is because you know really can I say hey I got to deal with this this is this is messing up my life I'm messing up other people's lives and then there's a chapter on storing it out where you kind of untangle things and you you take quite good you can out and in separate the good from the bad and just kind of differentiate between guilt and shame there's a whole thing about that and then the fun part of survival is he start exploring you know and it is kind of self-care and it's been a fun you say maybe I could pick up this hobby or maybe I should reach into this friendship you know there's there's no one way to recover from trauma there's lots of ways and we trying to go from
medication and drugs or alcohol or prescription drugs to self care in a massage is golf whatever is kind of you know kind of helping us kind of reboot our brain takes in Play Store acceptance and then we kind of ultimately in the in the in the survival of stage we land on an awareness we just have a bigger broader understanding of what we okay so you know what some people know that some people don't about 15 years ago I went through that about a colon cancer where is my surgeon put it after I survived he says you know what in about 4 hours you either would have went through renal failure has a tattoo with a clogged up to call in or the cancer is growing so fast you wouldn't went from a stage 2 to a stage 4 and we pretty much would have made you comfortable until you passed and you know what waking up from that and then you know coming home from the hospital it was one of those things like you said I started reaching out to people curtail my whole schedule
cuz I definitely work too much of the time and all the sudden little things didn't make a difference anymore and you know people that I had spent time working when I should have been connecting with him I started doing that and I think that's one of the things that was the best thing for me is some people were it's interesting because when I went through it some people didn't want to talk to me because they didn't know what to say or were embarrassed that they didn't try and talk to me to see how things were going is that something that people need to learn how to deal with her just understand and accept her to someone in my own family there somebody in my family who has been told by the doctor she has 2 years to live so you know I'm going out of my way because I've been through enough of this of these disasters stokeworth I'm going out of my way to talk to her and I'm going out of my way to you know hang out with her and have those uncomfortable conversations but while they're awkward and while there you know sometimes even ugly that's where we get here
when we buried inside there's a lot of regret what I should have done this I should have done that we don't want to do that we have to just kind of going to sit up straight and and and sit in the fire and have these conversations this is the best way to I was just going to say one of my best friends growing up I mean Jesus mom used to blow my nose that's how long we've known each other he did not contact me at all and knew that it had gone through colon cancer and all that and it wasn't until I think it was seven eight years later when he found out he had testicular cancer he called me I think he spent like 25 minutes just apologizing and saying sorry and crying and all that kind of stuff and for me it was like hey it's okay I made it I text you a line now so I'm really thankful for that but now you know it when somebody gets to the thriving side of things you know what what's what's that like what is it what is people what are people thinking hey I've survived
and now they're looking at thriving
two streets away from Leo Fender who invented the electric guitar if I happen to be in a hotel room in Nashville where I am at Guitar collector and I've been out buying some rare guitars and Leo had promised he when he was 8 years old by out with a picket fence with a glass eye and then later he had his cheering blown up with an amplifier so he was deaf and half-blind and yet he build a billion-dollar organization and I got work there and the family a better family live two streets away I really got the inside story of of post-traumatic driving from him despite his disabilities and one thing was that like we talked about you not talking about he only told his wife but he told somebody about what was going on and secondly this is deep breathing exercises that's the second part of the dynamic duo that is very healing and I see that over and over again Leo's particular practice was he turn on a really hot bath and soak in it for an hour before work it out you can call a meditation you can call it yo yoga you can call it Le Mars you can call it round it doesn't really matter
call I put the studies at a Harvard there's at least 20 22 studies at a Harvard Medical School who show that deep breathing exercises resets the brain because when you're traumatize you go from the human brain to the inner instincts instincts rule Reptilian Brain that's where all the trauma I guess recycle them I'm trying to go through a whole lot if you don't biology here quickly but but the deep breathing exercises resets the brain very simple that's what Leo Fender did and that's a big part of getting into the thriving stage we're going to be More Vacaville we're going to be right back we just got to pay some bills with some commercials more expert advice for having a happier relationship with money still to come on the saving with Steve show
did you know the average American has 97 points they could add to their credit score but no idea how to get them the data scientist has scoremaster crack the code on how adding 97 points to your credit score is like found money it means fast loan approvals huge discount and low interest rates and everything from buying or refinancing a home to lease a new car to applying for a credit card how fast is scoremaster one member race his credit score 33 points in just five days another 43 points in a couple of weeks for Masters so easy it takes about a minute to get started if you hurry you can get to try scoremaster for free that's right scoremaster for free and see how many Waze points you can add your credit score go to score saving that score savings again that's score savings
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton truly want to thank you for tuning in and I appreciate you letting your friends and family members know about our show all the replays are available at ww.w saving with Steve. Us if you're enjoying the stories of helpful information inside encourage you to subscribe to your YouTube channel so you never missed a show check us out a few of our feel it's at UK Health radio BBS radio talk radio New York City e360 TV in Las Vegas TV all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of personal financial Freedom you can always call us at Facebook at the saving a C-section Facebook page you can get Insider information replays behind-the-scenes information I need to do is go to the website it's saying with Steve. Us you know what again this is the saving with Steve show on talking to the doctor
Randall Bell Master disaster and we've been talking about deep breathing resetting brain could you kind of give us an idea how that deep breathing works because you know what I think a lot of people with covid crime politics all sorts of things they're getting traumatized one way shape or form and just to be able to have a simple technique that enables them to relax Center and figure out how they want to show up that day could make a big difference yeah sure I'll be happy to right now Steve sympathetic nervous system in other words were in a calm state where you know we're alive we're alert there's no drama going on that we're aware of and that's where we are when trauma hits and by the way by college age 66 to 85% of everyone in a walk in the planet and by now with covid-19 a hundred percent right when that, hit our brains are our parasympathetic nervous system turns off and are sympathetic
nervous system turned on that's what we get stressed and what's going on is the brain at the base of our brain is sending a signal right above our kid needs to release adrenaline and we get that like like right now freeze mode where is I like the cop pulls up behind you in the rearview mirror and all the sudden you shut up you know internally you're going to I'm really anxious here or something even worse than that and it hits us all so what happens is when the alarm goes off whatever it is that the whole memory of the event is stored in that in a Reptilian Brain we're talking about and so when that you know the doctors dumb the ambulance comes whatever happens there's things that we're back safe what happens if we get retrigger just like you hear the Vietnam vet when the when the back car backfires they hit the deck you know cuz they think is a socially with gunfire that's that's that's Nature's Way of protecting us the way we get out of that light light rays mode which is unhealthy went well and there's no real danger it's it's healthy
cycle still think about you questions the deep breathing you can be as few as six deep breath but I deal is like 15 minutes then you going to get an app on your phone for meditation or however you want to do a little research the brain chemistry there's the in the Harvard study by reference they actually measured the brain grow with with brains jams so well it sounds remarkably simple maybe to sample the badges is just really really works and that's how it works so basically all you're really doing is your breathing in or what gender is as much as you possibly can in a slow long breath out word is that pretty much the size of it or you can do that and in the book I have three or four there's no right way as long as you're doing it in the book I have three or four different suggestions but you but you can just close your eyes you can do no deeply breathe in and out you can some people use what's on Monster breathing up sake in their minds will say the words so on the NL and Palmer on the X
you know some people don't like that some people do there's lots of ways to do it in the bottom line we just need to do it it's awesome hate you know what if you're just joining us this is the same thing with Steve shower talking with Doctor Randall Bell about his bus house to Maddox bribing the art science and stories of resilient you want to go to Amazon to five star book It's a Wonderful book now could you share some stories other than mr. Fender about some everyday people that might be dealing with covid or issues that they have when they're little and you know what I think a lot of people don't realize when we say near 6580 Forsythe percent of people and experienced trauma. Trauma could be falling off a wall breaking your leg that could be being yelled at verbally abusing not realize it when your little it could be witnessing a crime missing somebody passed away you know what we see I see like people react
it might be something that somebody had on Wednesday chastise them for a number of years when they were younger and when somebody starts in that same ocean they're already in that mindset is that kind of the woods get one of them unless I called the difficulties with the disease divorce you know destruction disaster it but you had a nice list there already buy your book 1 of things when my brother passed away by the young me she went out there to help and she wasn't planning to stay but he took a turn for the worse and she was there in the hospice care at the hospital when he passed away and it's been having some issues with it so I bought the book send it to her cuz I would love to her for her to you know get through that cuz she's not many people I've had that experience so she doesn't have a lot of people to go to so I wanted to get the book for so now when we take the steps of thriving obviously we want to resend her the brain what's the next step
we want to reconnect with people we want except support and end in e to learn new ways to connect with people we we got to have it. There's a chapter on forgiveness one of the other great lines in life is to forgive and forget you know we're not going to freak you're not going to forget your brother passed away I'm not going to forget my heart surgery we all have traumas and and the forgiveness is more you know just coming to peace with allowing the memory of that come to go through our minds without being retriggers and have the adrenaline set off and all that kind of stuff and and then there's a chapter on resilience what we refrain we set new goals and I'm kind of tapped into our Newfound. That's what we kind of woke me up at her house and her husband's house was smashed by a landslide and now they got the big Ranch that they've always dreamed about about in the end or the skews me that her husband that has a bunch of buildings where he outfits West
movies which was always his Grand dream yeah so the trauma doesn't always have to be negative it can wake us up to do something we bought his intended or wanted to do and ultimately where you know where we want to land has a sense of gratitude for me you don't have an open heart surgery was tough when I was 11 but as an adult as a tall white straight guy from Orange County California I didn't grow up you know with a lot of empathy I just you know what is oblivious to a lot of struggles people have now when I still get in a wheelchair I'd be someone in Marshall Eye Society I have a whole new level of a vampire for that person can I get a German I want to cheat on the wheelchair cuz that was me so I'm grateful for that I'm not grateful I was so is a deal but I am grateful that it it made me kind of grow up and wake up if there's a bigger world out there than just a bunch of you know people from Orange County so that's kind of how it plays out of my situation where the chemotherapy and recovering from a search
every month was not fun and you know key was not good when do they have a drug called 5-fu so
you know what I will say this because I was the guy that would leave 30 minutes before my son's birthday and then drive home and always be late afterwards I didn't work past 5 didn't work the weekends I've been to every single one of my kids games I've been involved with every one of their event and you know what I am just unbelievably grateful I'm on the upside of the upside the grass from speak so I agree with that I think that's wonderful I like the Forgiveness part you know what I find that I'm just going to say cuz I identify with this being a person who is always told you know hey you're not tall enough not strong enough and that was the field behind me excelling and I was still have resentment toward some of those coaches some of those people and I thing is they Propel me to success but I was still resentful but after cancer I said hey it's just not worth it why should I worry about that I got two little hair is it in
you know I don't need to lose any more so I'm just joking there but that's that I just I thought that was wonderful you know what we have about 30 seconds could you tell everybody you know the different ways if they would like to get ahold of you for help you know what go to your website all that kind of good stuff and I'd like to do another promo on your book yeah I'm a doctor I'm easy to find you Just Google my name Randall Bell and I'll pop right up but I love the discussion the books everywhere it's on Amazon all the book stores but I loved the conversation to check it out and get back to me send me an e-mail cuz I loved the conversation and if there's something I'm missing in the book let me know we'll go in the next Edition but the conversation trauma and jiggly childhood trauma is the number one problem facing mankind or I should say humanity and and if we can make the conversation bigger we can heal from the trauma we can make the world better and if we don't do that at least
your life brother so thank you Steve I appreciate that I know there's a lot of people out there on the streets that are homeless and a lot of times it's from the fact that they couldn't just deal with their traumas and they didn't learn how to survive and thrive so I think this book is wonderful I hope we can share it with more people again dr. Randall Bell his got a wonderful book called post-traumatic driving the earth science stories of resilience to five star rating it's in bookstores everywhere you can get at Amazon right now again I want to thank you for joining us today doctor and I hope you have a happy healthy weekend and maybe we'll have you back soon and you do the same space so much I'm enjoying every second I appreciate you have a good day bye bye bye bye
now everybody that was Doctor Randall Bell I want to thank him for being part of her show next up we have a wonderful wonderful guest by the name of hat white Co did wave going to fill us in on everything cryptocurrency more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of financial personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton with Steve show we just had Doctor Randall Bell talk about his book post-traumatic driving the art of science stories of resilience it's on Amazon five star wonderful interview you want to go back and listen to that again again read that if you ever been through any type of trauma is interesting to find out
65 to 85% of people have been impacted by at least one trauma experience in mind even a hundred percent when it comes to covid hey learn how to dye drive or survive and thrive I taken out this book are going to doctor now right now I want to talk a little bit about retirement hacks relate survivors light starter is now that again that's retirement hacks for a late starter so if you been grinding through life and you now decide it's time I need to start saving for my retirement and retirement planning can be nice if you feel behind 2020 report showed that the economic well-being of us households conducted by the Federal Reserve showed that only 44% of Americans aged 45 to 59. The retirement savings were leaving more than 50% of people feeling left behind starting or saving for retirement when you're 50 or older isn't impossible it just requires hard
if you are behind you're not alone there are resources available so you can start retirement planning now the value needed the key is to develop a mental discipline to save and the make the most of retirement account using catch-up contributions all of which you can learn how in the next few minutes now we're going to go through a number of steps so you can listen to this over and over again if you missed the first of all you wanted to terminate how much cash you're going to need and when you're going to retire in okay the keys to step up and start saving. This is going to be hard work you started late find a good advisor who can help you understand the three most important question how much Capital do you how much money you need to say how much do I need to save regularly and how do I invest with the highest opportunity for Success because quite frankly if you save the money and put it in a CD to turning point six little cheeks u2064 years to double it at the longtime K next thing my TV
higher financial advisor when getting your retirement portfolio on track financial advisers can guide you they can show you options for formulate a plan to get you where you want to go so if you're an adviser can help you consider the options regarding pension if you're in the States Social Security those benefits do you receive from your government they can model that the future benefits that can be no reason provide what you should expect they can also help you understand what clients taxes will look like in retirement remodel realistic spending goals understand what health care costs could potentially be in if you're in the United States understanding with Medicare coverage and someone next thing is Big the key here is to create a budget and sticks with how do we create a budget first of all we want to list everything that we're spending break things down if you're eating out to copy out food out you know drive-throughs of fast food if you're buying food at the store
how much is pre-packaged how much is not you want to list the cable bill the cell phone bill every single expense if you have big lump sums like property taxes or insurances that you pay once you break it into a monthly bill gang look at everything from those app start cutting things out of that budget that you're not spending thank not spending look for ways that you can do the same stuff but spend less so if you have one of those cell phone plan and you're on the top floor companies look at one of the sub companies you might find there on the same network you can get the same service but instead of paying $54 you can pay 25 like we did for a family of four cats a hundred extra bucks do you think a hundred extra boxes in a lot but it's a lot when it comes down to paying down your jet saving more for retirement look at your cable bills consider going through AT&T in Life or Hulu live or someplace like that or instead of spending three hundred bucks a month you can spend a $9,800
month on the internet another 50 or 60 on Hulu live and buy a couple apps save yourself another hundred dollars a month look at refinance
cash into the house
Prince's that you have so you can free up money then you want to look at reducing your debt and paying it off as much as possible according to experience average Americans have $92,727 in debt in 2020 the interests of the sociation with Dad you know what holds money from your pocketbook making it harder for you to save for retirement the key here is this you're better off learning an interest in paying interest so how do we go about paying down the debt you want to list all your debts lowest bounce to the highest balance the payment date the minimum payment the interest rate I believe in a Snowball Effect some people believe you should start with the highest debt I believe you should start with the lowest it cuz I wanted meet make it easy to create momentum so what I do is I pay the minimum amount you every single day in on the smallest one I put as much as I possibly can if I stayed an extra $200 or $300 on my budget I'm going to head to or $300 plus a minimum payment to that first one when it gets paid back pay off I'm
take out what I was paying on that first one and add it to the SEC won its third one and that's how I create momentum pretty soon you'll have it all paid up but and what are the other things you might want to consider if you're 50 is a look at downsizing okay when you look at downsizing it might be a good idea to look at how much you're spending so you can end up selling that house if you don't have all the kids anymore and I'm paying cash for the next house and you've eliminated the mortgage and you might even consider staying on this job longer and you know what your 62 you're getting so much every Social Security or from your government or your pension but you know what if you say five years longer you can get twenty-five 30% more and that might be what you need in order to get yourself to a point where you can retire next thing if you're in your 50s you have the ability to maximize your retirement account you can take advantage of it. So right now if you're over 50 you can almost contribute $27,000 a year if it's you and your husband find a weight
do that couple things that are cool about it is you'll pay less taxes on the you won't be paying in taxes on the money you contribute and it compounds for you you can save a lot of money also consider annuities why because they can create a guaranteed income that you won't outlive discover lost money by utilizing side hustle there's many people who have started writing it out of room like if you have that big house cuz you got three kids away at College 8 consider renting out the room kids might not like it when they come back you know what but you can make an extra two three four hundred dollars a month or two have a side hustle I know a lot of people who are touring individuals with English and other countries and you know what they're making $23 an hour to do that now the other thing is you want to decide when you're going to claim things like Social Security or your PIN chess game why because the longer you wait the more you're going to get up it's got to make sure it's going to be there when you walk out on life now there's some great hacks there for you to start saving for
Carmen if you haven't started yet remember you're going to have to become a disciplined saver you're going to have to cut things out of your budget you're going to have to have a financial advisor help you with realistic goal now you know what you want to stick with this we've got Pat White in just a moment we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
did you know the average American has 97 points they could add to their credit score but no idea how to get them the data scientist has scoremaster crack the code on how adding 97 points to your credit score is like found money it means fast loan approvals huge discount and low interest rates and everything from buying or refinancing a home to leasing a new car to applying for a credit card how fast is scoremaster one member raise his credit score 33 points in just five days another 43 points in a couple weeks for Masters so easy it takes about a minute to get started if you hurry you can get to try scoremaster for free that's right scoremaster for free and see how many points you can add your credit score go to score savings that score savings against that score savings
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton you for joining us I appreciate you sharing this with your friends family and Associates this is Steve Saxon with the saving was Steve show I'd like to introduce you to Pat White is co-founder and CEO of bitwave and you know what I just want to kind of read this real quick and millions of Americans simultaneously are buying more cryptocurrency okay and we're facing new pajamas with the IRS the SEC and you know how to declare crypto account a sad especially a scale and more and more investors Highlander cryptocurrencies regular is have not kept pace with the guidance on how to invest in these asset and it's typically true for most companies it's it's really interesting the way this is working out because this is been
one of our biggest viewer questions as how does this all work cuz I know you have you have the ability to pay bills with crypto in Philly to do their their taxes and many other things with bit way so you know what pattern would have welcomed you to the show thanks for being here I'm so excited for a while now I personally hold it on my own in my own portfolio and then now we have to start up where we're trying to enable cryptocurrency for business is it is a it's a really exciting time to be involved in all this stuff and I am very excited to share that with you and your listeners Titans and icons nohay announcing their buying cryptocurrency you are Mom on Saturday really cool sports sports they want to get paid only and cryptocurrency off of their off the big contracts I mean
where as four stars are requesting requesting a payment at what is he he's already made 30% more because he got paid and cryptocurrency and over the last year their appreciation on their crypto under the other Bitcoin purchase I think they bought in a round 16 K I think is what everyone's saying somewhere that ranch their appreciation on bitcoin has been about seven hundred eighty million dollars Vietnam money they made from selling cars is been about a 750 million dollars so Tesla has actually made more money on paper from Krypton and they actually made selling cars last year that wow that's that's that's really interesting so how long have you been in the industry I've been around crypto for for six or seven years now just started watching it you're buying a little bit here in there it's fun
it's fun to kind of get involved with it's a it's fun to be there and as a technologist it's it's just it's a really powerful thing like that the story for crypto from the very beginning has been one of Financial self-empowerment and I think like when we when we look at crypto and it sure I'm sure for a lot of people look at this deal has been around officially since 2009 will look at it they probably feel like everything exploded recently and what I say is a big reason for that is you know you had seal on musk's and yoga in Dogecoin it all these things are kind of fun but would really happen is it more and more of the story of financial self-empowerment has started to come to reality on within within the cryptocurrency spears do today for his it's like I won't spend a lot of time to talk about this but today you could buy some Bitcoin you can take that big coin and you could go to the aetherium network which isn't which is like you have Bitcoin ethereum if your other cryptocurrencies are out there but you guys should take that big point of put it into a steak it is what they call it
Stacy deposited into an account in this area and then borrow money to pay your bills or you know order to pay your taxes for the year or you can loan it out to actually learned he'll just like you would from a bank accept you're getting a 8% yield on the blockchain is opposed to point zero to 5% in your in your bank account so there's been this inflection point where they're suddenly all these different ways to use crypto that are Beyond just buy some Bitcoin and hold it where now you can actually learn yields on it or borrow money against it and really really it becomes part of Europe again Financial self-empowerment so here's what I think I love hearing that and then you have some but it's sitting back and you here near Warren Buffett long ago they hate there's nothing that supports this currency you know somebody who bought it way back when it first started and he's only 35 now and he no longer has a need to work anymore because the growth in it and everybody thought he was crazy and he was just wasting his money but obviously
not that crazy like most great ideas but help us understand you know what the foundation for Bitcoin cryptocurrency cuz I think people are worried about you know what the US dollar was on the gold standard at one point it was taken off you know why I think somebody talked about the oil standard or whatever but help us understand the foundation behind cryptocurrency are all cryptocurrencies are all currencies and general people who get you make that connection currency as as this yoke as a medium of exchange but essentially as as women agreement we as a bunch of people are kind of making with each other so is this intensity of somewhat controversial statement and even on the internet while everything's controversy on the internet like you do if you come out and say well the US dollars not really back right now since we got off the gold standard the US dollar is just a piece of paper now it is back
by the acceptance of that piece of paper by people all around the world and even that is sort of a funny controversial thing to say because your people pointed US dollars they will all be contrived the United States put in fact the US dollar extend so far beyond the United States there are people that use it seriously for every bit of their day-to-day transacted in Argentina and Venezuela you do all over the world so it's not that you have to throw a separate this idea of a currency having value because his back buy petrol or because it's backed by gold or whatever it is to this acceptance the crypto currency has value because everyone agrees it has value and that's and that's where you could that's where like cryptocurrency comes in is it in cryptocurrency has value not because of our economic mechanisms to describe the store of value what is Ashley being stored it smell like Bitcoin describe what is that should be stored in there but beyond all of that what is important is that
one kind of agrees that Bitcoin has value that there is value in having a deflation Airy tight acid there will be hedged against inflation and and do you want to go to do that touch with you can move it around very rapidly in the world it's a great time you know see them in the you probably covered this or you will but it just you or we just released inflation numbers for for the last quarter inflation the US was 44 and three 4.38 % something in that rain your that's when you look at cryptocurrencies what people are asking themselves Bitcoin by itself is designed to be an inflationary asset there is a fixed number of coins will ever exist in the world and every every four years the number of coins except they get produce per day drops by half so so there's a limited number of crypto Bitcoin they're going to be out there is only 20 million will ever exist in the world so you can look at this as a deflationary is it feels very similar to Golden that way but there's there's something like six million metric tons.
it's Dylan he's got his spear 600m across of gold that exist in the world where that's right anyways you can look it up it's a fun way until we start mining asteroids there's a fixed amount of Bitcoins to the value comes from China hate the price of Bitcoin versus the US dollar as we print more US Dollars the price of Bitcoin vs. at Dar will go down because it is fixed and this is not so that's like that's the way it's early but it's just that's the way that the Tesla and microstrategy different companies getting to its base thing about in terms of deflation Terry asset that is hedging against inflation and I'm I'm sure your viewers and listeners think about that what you said we just print it as a USB just printed about 2 trillion dollars for the stimulus package we're about to print 2 trillion more dollars for the the infrastructure package regardless whether you get paid for by taxes or not it's a very big inflationary effect that's why you saw that Jen was January numbers looking like that though cryptos is a very good hedge against it but she Bitcoins
we have about a minute left before you have to go to break but the question I have is if third world countries like you talked about Venezuela's which has hyperinflation all that stuff and I can understand why they want to but if they start going on crypto-currencies a Bitcoin be okay or other cryptocurrencies how would that stabilized economically that country because they can no longer to Value their men that they can't devalue the currency it can actually have the opposite effect as they can be it can be incredibly destabilizing to the country's economy or today to the country's fiat currency policy are there with monetary policy from the economy in general because these prices tend to have terrible economic policies by there, come along if you still buy bread and all those things on a day-to-day basis Bitcoin is one of those things that can be incredibly good for individuals are cryptocurrencies in general as if you get a chance to really designed for the pho 54 countries like that which have really really low
transaction costs really quick to send and uses as transacting currencies normally liberate because you can move it you can even do great remittances is very easy to move it from the u.s. to this foreign country without the without the country forcing you to turn into Fiat with Argentina does do they may Force USD coming in to move over to pesos so you can do it without the you think imma get involved and then it ends up being hedge against that in his back's been more people want to dump their their country is Fiat the more you will see the coin I should get picked up so countries moved to kind of make it illegal but that's very difficult to do with him in the toilet tissue to Pier I think we're going to see in the next couple of years is the first sentence of a of a country actually moving over to a cryptocurrency dollar standard so moving off their own Fiat to a computer and see our standard hey everybody we're talking cryptocurrency with CEO of Pat White. So stick with us we're going to write back we're going to be talking about taxes all sorts of things this is wonderful
expert advice for having a happier relationship with money still to come on the saving with Steve show
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welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton I want to thank you for listening to our show sharing with your friends and family if you'd like to see all the episodes you can go to saving with Steve. Us or you can follow us on YouTube and saving with Steve sex in Hay again if you'd like to follow us on Facebook you can go to saving with Steve sex and now we're right back here with cryptocurrency bitwave and co-founder and CEO of bitwave Pat White now one of the things that we're talking about on our break is GameStop and what it got people to realize and do so could you talk us through that one more time I know we know it's no problem between between the Tiger King and a few of the other shared pandemic experiences we
one of them was the whole GameStop debacle I know I was in it I was I was thoroughly enjoying it if you remember what happened was that your people they saw a short squeeze happening which was where it 1-1 funny bases over way over leverage themselves into shorting GameStop people start buying into it to essentially make there that hedge funds position on Main paintable as that was happening there was a day and I was like Tuesday that did they was going to go parabolic I mean literally dad day was the day that there is a short squeeze was going to happen it was a disaster for for the hedge fund there was billions of lot of dollars on the steak from the from the financial services industry and the major players in the Trading Spaces retail trading space all froze trading on on Robinhood this was upsetting for many of us that we're kind of investor and it don't like Wall Street and we're excited about about about taking them down to pay but with his show did this is where is coming to play with with crypto currency is just like you could go on the Block she now and borrow money or lend me
there are ways to go to Boston today and buy stock or buy derivatives of stock or make bets on future actions know what's happening is it there's there's going to be this movement of the next few years we're hola the traditional financial instruments the block Wall Street controls loans debt Cricket bonds and then start training is going to start the movement into these pure to pure essential oils mechanisms that are instantly settled where no one can really get keep you in or out of it it is your it is you you are fully self-determined on it that was one more thing then they took their takeoff was GameStop in a very weird route to you that what is the SEC doing about that they're they're not happy about it it depends on how it goes I can't control it so there you're there are certainly some scams are happy and in a lot of the laws we have the books in the US around unregistered Securities are designed to protect invest their design to protect investors it was from the security scans be would run their design
what happens though is that this is all happy on the blockchain the companies are based around the world you start a company that Cayman Island you you live in Malta you launch something like this year you wanted derivative product their products where you can go and get on the price of gold 3 months from now I just like just like you could if you were a major financial institution that you had Goldman Sachs is your partner golden would let you come in and make bets on Futures on Commodities it's hard for you and me to do that like no one's invited me to a Futures Commodities brokerage account recently but you can go and do that on the blockchain so they're nervous about it but but these companies and there's not much that you can do if a company opens up in the Cayman Islands okay so now we got to move into the tax question how do you know what you're by yourself for payments how is it how is it how is it looked on in taxes what's the IRS doing all you are doing is buying some Bitcoin holding it and then selling it and you're you're not turning into you
hold on it so you're not using my block be yourself yes or any of those networks and you're not you're not doing any of this defies this crazy decentralized Finance stuff that I've been talking about here looking and smelling a lot like a stock like you buy it when you buy it you get a cost basis so if I buy it for $40,000 and then a month later I sell it for $50,000 that is a $10,000 Capital short-term capital gains short-term capital gain that I can do that as a long-term capital gains smells exactly like like you know a normal acid currency on the marketplace any current you sleep from that perspective if you want to get your feet wet adjust your sign up for a coinbase account sign up for a kraken account yo you there are it's very easy as long as you started just stay on the exchange buy and sell from there it's it's really easy to basically get to this dark yellow dipping your toes into cryptocurrency okay so okay so let's talk about
on your platform understanding is people can do their accounting they can do their bill pay how does that work well soon as you start transacting in it that's where things get really tricky because if you think about it if I get paid one Bitcoin for my services then will I have to do is I have to grab a fair market value for that big States $40,000 is like kind of with the spot prices Emma and I have that I have to I have to keep track of that of that same cost basis so that $40,000 cost basis it follows that Queen Aloft so then when I go and spend that coin or sell it or buy a Lamborghini or whatever it is I'm doing either need to know what what that coin was when I got it as income and then what I sold it at and the difference between those two is then also capital is then also Capital gay
capital gains not just from buying and holding even from when you if you receive it as income or if you pay it out as income as as a services in both those cases you're treating it you're triggering a taxable event so that's another words but if you are tricking attacks old man it is an expense in this is a ductile expense you can offset it but I deal with it and you have to be tracking your end you'll be dragging deductible expenses versus non deductible expenses yeah exactly so if a company's doing this and they're on bit way they're going to say hey we already know you got it for 40 you're selling it for you you're you're using 60001 Bitcoin to $60,000 to buy this piece of equipment and you're going to use that once you buy the equipment you're going to use the 197 deduction to offset the tax that you would pay on a $20,000 gain a Bitcoin or or you have to pick it up at the capital gain expense and they'd appreciate the a-side there different ways you're going to handle it.
example for people were listening okay now that's that's the bookkeeping us the billing at the taxes so let's are talking about the future of cryptocurrency it is really exciting so we're seeing more and more is people are taking a small amount of the net worth and that would have Debbie businesses looking at their treasury or individuals look at their own their own assets and they're taking do currency and and I like to think of it as this it's horrible like crypto tends to be a bit of a black hole in a good way like it it sucks you ended it doesn't like once you start down the path forever will it dominate your destiny Brothers things were in there also and your oil stocks or where anything else is out there as a hedge against inflation in the end they hold on to it there where you can then do what you can then take that to a platform like Block C or Celsius you deposited there and you start earning
456 per cent interest on that and that's now you know how an asset that you're holding is inflation rate has it but you're also earning a yield on it at some point then they are using your dollars to lend to somebody else they are they are doing different things behind the scenes they're taking your your Bitcoin they hold it on their balance sheet as a big one so from my perspective just put a deposit into a bank account but then they go do a bunch of stuff behind the scenes men put their money to work your loan it out do this defy stuff and then they're earning the yield on the today then bring back to me after they take a little bit of a cut and then you can start playing around with the stereo and all this other decentralized Finance where you can actually borrow money against it if you need to cover medical expenses and you have you know $10,000 a Bitcoin you can borrow $6,000 in cash against that to basically go and pay your expenses and pay treat a number line all without getting any Banker involved
by yourself on the blockchain today in love Gracie about a minute last I would just like you to walk through all the wave does how people can get ahold of you you know what I really appreciate you being part of the show and sharing all that is Bitcoin and I mean your person's perfect you're passionate about that and that's the best part is the lass has two businesses and Enterprises so if you have a business and you're interested in taking digital assets as payment or paying your employees your we see a lot of people who I just paid bonuses as a fun thing to their employees and digital I said we can support that we're at ww.w. Or at do a platform on Twitter or you can follow me at Pat White on Twitter or we would we would love to have to have you were at work
looking for businesses that want to start using crypto that's what we do so much for being here this has been wonderful a talk with you cuz you're so passionate about it is that too easy by probably in my heart for you to get a word in edgewise
driving around want to know about crypto and many people are considered a hate how can I do better for my business so we buy through a business and use it to pay bills it could be a benefit for us in fact I have a former client that has a tremendous amount of Bitcoin and he's actually using it to purchase equipment and all sorts of things and he thinks it is since sliced bread because it's going very well for the stories we asked me to see so much more of it it is it it really is going to change the face of Finance so for someone who deals with a real game-changer that I finally I'll just say this thank you so much for being here this has been wonderful for our listeners as well as for me I wish you all the best I'd like to stick around for a few months and see how things are going
Annabelle discusses post-traumatic driving the art of science stories of resilient again you can get on Amazon at the five-star anybody's been through trauma wonderful booked and secondly we talked about retirement hacks for the late starter hey if you're 50 years old don't have enough saver don't feel you have enough saved for retirement hate listen to that help me get on track find a good financial advisor make sure you understand how much this a reducing expenses the whole shot and then we had Pat White see you a bit wave talked about everything cryptocurrency I want to thank you for joining us will see you next week bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor is it saving with Steve. US Vets saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a hell
happy relationship with money this has been the saving with Steve show hosted by Steve Sexton

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