The Jon Sanchez Show
11/27 Jon and Daughter Bailey - Millennials and their attitudes toward investing
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Remember, as we discussed last week with Bailey, this generation is not motivated by money. They're motivated by experiences and journeys. And oh, by the way, yeah, they like the money side of it, but it's not their number one motivator. So we have to as parents and grandparents and friends and family of millennials, we have to get them motivated because what I'm finding with this younger generation and Bailey and I have a lot of talks about this is they have to realize the power of the stock market and especially what I think can happen to the stock market over the next 20 years to really get enticed and excited about investing. And we know they're just getting their life started, right? They're just getting their career started, their family started, so on and so forth. And they don't have a lot of disposable income. Well, some of them do, but majority of them don't. But that's okay. It doesn't take a lot of money these days to get started in the stock market. Because remember, you know, years ago, the industry did away with charging commissions, right? You no longer pay a commission when you buy or sell a stock or a mutual fund or an ETF or anything. So you can't use that excuse anymore. So our job is again to really begin to figure out what it's going to take to get this group motivated. And I hope Bailey is going to enlighten us and I know she will not hope enlighten us on kind of what's going through their mind a little bit because there is nothing more rewarding in it. And I'll share with you just if you don't mind Bailey, just a little behind the scenes of you and I, right? Obviously you have grown up in this industry. You were on this radio show when you were literally sitting on my lap. You were what five years old. I think was the first time you were on the John Santor Show. Sounds about right. Yep. Exactly. So she obviously has, I mean, I've been in the business 35 years. Give everybody your age. At 28. Did you know? I did, of course. Okay. Yeah. I was two years behind, but I was close now. I'm just kidding you. So she grew up in this industry, right? She saw the struggles that I had when I was a young broker and now the successes now that, you know, I'm established and got a great team behind me and this beautiful, you know, radio station that has allowed me to be on for, you know, 20 foot, three years or something like that now. And so she's going to bring a lot of insight. So after we go through the stock market recap and talk about what happened in the market today, Bailey, tell the audience a little bit about what you have lined up for us in regards to what your generation goes through. What are some of the things that we're going to be discussing with you? I think one of the biggest things is just filling that generational gap between my generation working for your generation. There's obviously a lot of differences in how we do business. A lot of things that we know that you don't invite versa come into it with technology and social media and all the things that we kind of touched on last week. So there's a lot of gaps to fill both of us working together. Do you want to share with the audience what just happened about an hour ago when you're making fun of me and you're saying there's a big gap there when I contacted you and I said, Oh, we're going to be ready to give you some pictures or how do we post things on Instagram? And you said, Father, don't touch it. Just send me the pictures because you don't know what you're doing. That was the that was the eye opening experience that I had that I can't even post on Instagram. I thought it was simple as, you know, kind of cut and paste to put a picture on there. And you're like, No, dad, there's there's storyboards and there's certain colors. I'm like, Oh, good. Well, that is the perks that you get with someone in marketing versus just just a millennial, right? You can't mess with this, but it's all about business. And I knew the time would come when you would ask for a rundown on that. And I dreaded this day. Thanks a lot, kid. Thanks a lot. That's fine. I got it. I got enough things to worry about. I'll leave the world of social media to you. That's for sure. Well, it's going to be a fascinating discussion. And again, I'm sure many of you, many of you are going to be having discussions with millennials again at the Thanksgiving table and for the weekend. And I hope what you learned from us this afternoon, you can carry forward to them. And, you know, again, there's a great website I will tell you once again, before I forget, it's called calculator.net. And you can go there and they have calculators for anything you want for mortgages, auto loans, but of course, the investing calculator. And it will show you again, you just put in a time period that you want the money to grow an assumed interest rate, how much your contributions are going to be. And it will blow your mind or more importantly, blow your millennials mind as to how fast things can grow. Because remember, folks, one thing they have that we don't is baby boomers, they've got time on their side. They have time on their side. And Bailey, what I started to get to is Bailey was fortunate enough to start a 401k when she started with SWM. And you are your words this morning, when you and I went over what your balance is, we're on blowing away. I can't believe how fast and you use this term, fast the money has compounded real quickly. Tell everybody that. Yeah, absolutely. It's obviously something you're not taught in school, right? You're not taught to put your money away. You don't even think about it. And to look at what I have in that savings already, and I'm only 28 years old and I try and keep it out of my mind. So I don't even think about it as an option to pull out until until I'm retired. But it's so fascinating to see that in real life versus just reading about it in some textbooks from college, maybe. Yeah. Yeah. Oh, yeah. No, it's it's even if you did read about it. I mean, all the college courses I took, I don't think one of them ever mentioned the word 401k, you know, they just never did. Why? I don't know. I remember, you know, a few years ago when I was doing a lot of speaking at UNR to the grad courses, even, you know, those young kids that were in there and they were like, man, I never realized how the power of a 401k and it is. And especially now, the amount of money that you can put into there. I mean, you can get enough to $27,000 if you're under age 50. I mean, it's it's it's mind blowing what they allow you to do compared to, you know, again, I think when I started in this business, Bailey in 93, I think it was if I want to remember right, I think it was like $9,500 or something like that that you could put in. That was it. So, you know, and IRAs were $2,000 a year. And you know, now they're $7,000 a year. And you know, it just goes on and on. So you have every reason to do it. You have every reason. And so Bailey's going to kind of share how she's budgeted her money to get started. Again, what this means at a 28 year old level to see money growing in a 401k and then more importantly, get us into the mindset of what does it take to get these kids motivated to invest? Because I want to see every single one of them be multimillionaires. And really, it does not take much. It just takes a little bit, but it takes diligent discipline savings, a little bit of understanding with the stock market. And guess what? It can happen. It can happen to any of them. Any of them can become multimillionaires, but it's our responsibility. Like Bailey just said, she's a graduate of UNR business major, minor in entrepreneurship. And in, in, she just said, you know, I didn't even have those classes majoring in business. And so this is the real life stuff, folks. This is the real life that we want to go over this afternoon with you. So anything you want to add to that, B? Oh, we'll take off on it in the next section or else I won't stop before commercial. Okay. Sounds good. Sounds good. I appreciate that. See, there's a kid that's growing up in radio. She understands, you know, hard breaks and commercials and all that good stuff. All right, well, let's get down to the stock market side of things today. You know, as anticipated whenever we have a trading session before a holiday, the volume is always very light. And it doesn't take a lot to sway the market one direction or the other. And so we kind of started today on a, on a little bit of a negative tone. And there wasn't any specific reason other than some of the major technology names were weak. One that you, if you heard my stock updates this morning with Ross that I spent a lot of time talking about was Dell. Now, Dell has been a real nice steady grower ever since they came back as a publicly traded company. Remember, they were publicly traded, then they went private and then recently they came back. But they had an earnings report that came out and investors were somewhat disappointed, but they were more disappointed by the guidance from the company. And so we saw Dell selling off yesterday afternoon and the after our session last night and then in the pre-market session this morning, and it just continued. And I think that one would really caused a lot of, you know, eyebrows to be raised with other tech names. I mean, like I said, Dell's kind of a company that kind of can do no wrong. So you had Dell fall about 12.3% today, $17.36 lost to 124.38. You had Autodesk CrowdStrike and Workday, same situation, okay, numbers, bad guidance, Autodesk down $27.32, CrowdStrike down $16.71, Workday down $16.79. So they just kind of, you know, started to snowball into the tech side of things. And then we moved things over to to the other areas. And, you know, there wasn't just a lot of conviction. Again, a lot of traders don't want to be long going into a long weekend. And let me give everybody a reminder, we will not be with you Friday. The market is closing at 10 a.m. stock market, that is, and the bond market will close at 11 a.m. So we'll have an abbreviated session, but there's going to be some national program in our spot on Friday. So we have a long weekend ahead of us. Now, here is the other situation. And it was the economic reports. And my goodness, what they did is they crammed in three days of economic reports into one and about nine major economic reports were released this morning. We're going to digest those just a bit when we go through. I'm not going to bore you with it. It's Wednesday before a long holiday. The last thing you want to do is get into great details about PCE and wholesale inventories and all that. But I do want to share some of those numbers. Then we will get started with our very special guests, my beautiful daughter Bailey Sanchez. Why millennials need to be investing now? Let's turn it over to Kristen Snow. She's in the right now, traffic center. Hi, Kristen. Well, welcome back to the John Sanchez show on his talk. 780k. I was joined by my daughter, Bailey Sanchez, to help us understand why millennials need to be investing now. All right. Hey, quick reminder, all my good friends over S&W attractor. I'm sure they've got a nice long four day weekend, but they're going to be open Monday. And that means they're wheeling and dealing for the end of the year. They're probably going to be open Friday. What am I saying? No, I'm standing a hardworking crew. I bet they'll be there Friday. But regardless, just give them a call. You needed a coyote tractor to get those projects done. The small tractors, the big ones, everything in between, they have them all plus incredible service. That is what they specialize in. Stop by and see them. They're located at 4880 East Nye Lane in Carson City online at s&w tractor.com. And of course, they're phone number 88 to 1225. I'm going to have Bailey give a little bit of background on herself shortly. But Bailey, I'm sure you are very dear friends with Stan and everybody S&W tractor. They have helped you out in your team substantially for the Douglas County rodeo, which you're a partner in. Give a shout out to Stan and just tell the audience, you know, you didn't know I was going to ask you this from your heart with this man's about. Oh, absolutely. The customer service is unmatched. Stan showed up at the last minute when I needed some extra things for the Douglas County rodeo this year. And without a fuss, they showed up as soon as I needed them. So fantastic equipment, fantastic customer service. I truly think that will give them my business for life, honestly. Yes, yes, exactly. Exactly. No, that's the way I am too. Thank you, me. I really appreciate that. All right. Now, let's get the economic reports out of the way and then we're going to get to our subject again. I do want to hit this because again, it was a very, very busy day as far as economic data, three days crunched into one. All right. And this is one of the reasons the market was just a little bit on the sloppy side today. All right. Let's tackle these one at a time. We had October personal income rising six tenths of a percent. Prior was up three tenths of a percent. Okay. Great. And we had a nice little bump up there, doubled it, right? Spending was up four tenths of a percent. Prior spending revised to up six tenths of a percent. Okay. So this is what got Wall Street upset a little bit. Remember this, Bailey and your econ classes? The Wall Street likes to see consumers not save, but spend so they go out and they spend their hard-earned money instead of saving it. That's what Wall Street likes. So we had two kind of negative things happening here. Again, we dropped from six tenths of a percent in September and the spending down to four tenths of a percent. And then secondly, the second, the other thing that the street did not like personal income up six tenths of a percent. But normally, and I know it sounds crazy, normally personal income is less than the personal spending. That's just the way Americans are. But this report, hey, people are saving a little bit. It looks like from this standpoint, because spending again only up four tenths and income up six tenths of a percent. All right, let's go to the labor side of things. Weekly initial claims, 213,000. Prior was revised to 215,000. So that's just a decrease of 2000. Also, weekly claims came in at 1,907 from 1,898. So a little bit of an uptick there. Now, the more important ones, October durable goods. These are your big ticket items, life expectancy greater than three years, jet airplanes, washing machines, automobiles, they throw it all into the mix. October durable goods up to tenths of a percent. Prior was revised to a negative four tenths. So that showed it again. Things looking a little bit good, a little bit better there. Show some softness in the business spending side of things. But overall, not a bad report. We had retail inventories check in. This is the pre inventory level of just one tenth of a percent. Nothing major. And then finally, we had the second estimate of third quarter GDP. Second estimate showed the economy growing at 2.8%. The prior was 2.8%. So again, that was kind of obviously a wash there. So overall, not all that bad. Holiday week coming into holiday weekend. And then again, some of those technology names that just couldn't get out of the way. That's really what culminated together. Nothing really major other than that. On the commodity side of things today, oil barely budged down one tenth of a percent, 68, 78 a barrel. It was a good day for gold though, finally. Up $18.60, $2,639 an ounce. And a pretty good pullback in bond yields down six basis points to a yield close of 4.24%. Okay. With that said, let's get down to our topic. Again, many of you are going to be around a millennial this holiday season. And I want you to ask them that important question as I mentioned before. Ask them if they are investing in the stock market. If they say no, I want you to find out why. Then I want you to convince them to start investing in the stock market. Now, Bailey's put together a great list. And I want to just kind of go through these bullet points that we're going to try to make our way through. I don't know if we'll get to all of them. But what she's highlighted so far is here's the reason her generation doesn't really participate all as much as they should. I mean, I'm not saying none of them do, of course, but not as much as they should. Economic uncertainty, student debt burden, low financial literacy, distrust in financial institutions. They like tangible things instead of intangible, i.e. the stock market. They like to focus on experiences. They're facing a very high cost of living. There's market complexity and perceived barriers. And then the rise of alternative investment channels. So, Bailey, this is a great list. Let's talk about the first point, the economic uncertainty. But before we do, give the audience a little bit of background of who you are as an entrepreneur and so on and so forth, because these things are very near and dear to your heart. Absolutely. I mean, you've made me a serial entrepreneur just as you are. So, I started my own business, gosh, as soon as I got to college, flying drones for real estate, creating videos for them. So, I kind of took a step into the business world a little sooner than most people do when they start their own business. I've been very blessed, of course, that you've given me some insight into this world that, especially at that age, none of my friends knew about investing in the stock market. And I didn't either accept for what you had told me, but there is such a not to jump ahead to the next bullet point. But it's so not taught, right? It's just like taxes. Nobody's teaching you how to do taxes in high school. So, everyone just kind of rolls their eyes when they hear about investing in the stock market. They think it's something for old people in a sense, right? Obviously at my age, absolutely. Yeah. And so, obviously at my age now, it's a bit different. But it's different when you come into this world with someone like you on their side versus somebody else's parents don't know much about it in the first place and can't pass that information down to their kids. Right. Right. Well, well, thank you for those compliments, first of all, honey. But, you know, in the great thing now that your generation grew up with, that mine didn't in previous generations. That's the internet and things called podcasts and live radio shows, etc. Right. And that's why we welcome questions from all of you, whether you're calling our office, calling the radio show, whatever it is, you have to learn. And again, Bailey wants to talk about, you know, this low financial literacy among the millennials is one of the reasons they don't get involved. But Bailey, let's go back to this economic uncertainty side of things. You know, I can't blame you guys. You know, many of you, of course, like yourself, Bailey, you've entered adulthood. You came in, you know, after the 2008 great recession slash financial crisis, you saw a huge amounts of market volatility. You saw the gray hairs that, that, you know, your father here got created because of, you know, what we had to go through with our clients. And again, it's easy to sit back now and armchair quarterback it. But when you were in the thick of it, as we were, you know, we literally thought we're going to go through a great depression, not recession. People were losing their jobs. Their houses were going by the wayside. It was like the food lines were going to start at any time. So you guys witnessed that. This created a lot of risk and a lot of, I'll say skepticism about the stock market. Your generation was really good at writing in front of the likes of Jamie Diamond, the CEO of JP Morgan and other executives that they felt were to blame. Your generation was in the White House and going to financial committee hearings and bashing these people and throwing tomatoes at them and so on and so forth. You guys hated that. You grew up with that. And if that wasn't enough, then you throw in the the COVID pandemic that reinforced the, the different uncertainties and gave you a very cautious approach. So the bottom line is you guys went through a lot of hell that other generations have it. So have not. And so therefore you're a little bit gun shy, correct? Absolutely. And I'm obviously at the bottom of the millennials, the last year millennials, right? But for me, I had to watch you guys struggle through the recession, of course, where I was, I didn't quite understand what's going on, but I knew a general summarization of what's going on, right? So that already looked scary in the first place. But now as an adult as I hit COVID and I owned my own business at that time as well of brick and mortar clothing store. And that's about as sad as it could have gotten for an in person business. And so that really made me lose a lot of faith. Seeing how, I mean, I thrived as soon as we came back from the shutdown. And I opened my doors again, I thrived and I'm lucky that I'm in a small town where a lot of people wanted to support small businesses, of course. But as soon as that inflation hit, it was like somebody put the light switch. And as soon as that happened, I had to shut my doors. I couldn't sell a t-shirt that I normally sold for 20 bucks for 40. Now it was impossible. So that made me lose a lot of certainty of where to put my money, money other than a savings account, maybe, if I could have done that. So and again, it still falls back on that. Not understanding the stock market enough for people my age, they go through all of that. And even if they own a business, and I think everyone just wanted to turn everything to cash and hide it in their closet at that point. I remember so many of your friends contacting me saying, what's this thing called cryptocurrency? That's when the member, the meme stocks, the AMCs, all these that were going up a thousand plus percent. They're like, how do I get involved in these penny stocks? I remember it was like the world of speculation just opened up to your generation and I had to go, look at guys, if you got gambling money, sure, go help yourself on whatever you want to do. But you have to set the foundation to the house first. You've got to build the emergency savings. You've got to contribute if you have a 401k available, then an IRA, then you can go play in the stock market like us big boys. But if you don't have that foundation, you just, as a lot of your friends did, they just dump their money into, they went into crypto, they probably did okay. But if they went into some of these meme stocks that ended up collapsing, they probably lost it all and they're completely tainted against the stock market forever and ever. Well, that was my next point as well, right? I feel like people my age, kind of the first thing I started hearing about with investing, or at least understanding a little was crypto, which obviously was such a new concept and still is in a sense. So I think that was only the first little taste into investing that people my age had tried to understand at least. And of course, it's not a surety by any means going into crypto. So yeah, it's very, very up and down with people my age. Investing. Yeah, you, again, you, you had a, you had a lot of things coming at you right out of the womb as the saying goes. Good to get this stuff on the table. All right, we come back. We'll hit Bailey's second point, which is the student debt burden. Student debt burden. This is a major one again, over a trillion dollars of student debt is laying out there. How does this impact millennials as far as their investing philosophies? Let's turn it over to Kristen Snow. Busy, busy, gosh, she's doing traffic. She's doing news. Oh my goodness. That's why you are so good at what you do, my dear. Welcome. We would have never known never. Welcome back to the John Sanchez show on Stock 780 K O H. Happy Wednesday. That feels like a Friday. Join by my daughter Bailey Sanchez. Our topic why millennials need to be investing now your job over this holiday season, whether it's this Thanksgiving Christmas, whenever maybe if you are sitting at the table in the living room behind the fire or around the fireplace, talk to your millennials. Tell them about the show. Tell them about the importance of them beginning to save and invest and do it really as quickly as you can because time is ticking. What these kids have that a lot of us don't is really simple. They have time. Here's a little stat for you before we get back to Bailey and talk about how debt student loan debt impacts their investing decisions. So here's a little stat for all of you. Pretty simple numbers. And again, I want you to remember this website calculator.net. You can find any type of calculator on this site. Go to the one that says investment. Okay. So I'd rent some numbers for you just to tell your millennials. Okay. You ready for this, Bailey? Listen closely. We've gone over them. Yeah, we've gone over them. Let's say you start with $500. Okay. Most of you have $500. If you parents, grandparents, give your millennial $500 Christmas present. Okay. Most of them like Bailey, you know, Bailey's 28 years old. They've got roughly 30 years until retirement. Okay. If they can average 10% a year in the stock market, which is again, the historical returns. And all they need to do is put in $500 a month. Okay. Let's break that down. That's $25 a day for 20 days. Okay. How much money do you spend going out to lunch? Probably 15, 20 bucks on average. Start brown bagging it because here's why. $500 starting them out. 30 years, 10%, $500 you invested in a month. Guess what? You just made your millennial a millionaire in 30 years. In 30 years, we don't have fast that goes. They will have $1,040,146 and 36 cents. $1,040. I mean, come on. Fascinating. And all they put in was $180,000. That's it. The rest of it is stock market growth, right? Isn't that amazing, Bailey? So yeah, I mean, I don't know how much clear to make it, but that's what I call the golden carrot that you flash in front of these kids. So yeah, all you need to do is just 25 bucks a day, you know, $500 a month. And here's the great thing also. You know, if you can do this inside of a Roth IRA, where you're never going to pay a tax, a bit of income tax on it, that's even better. So it's there. It's within the reach of all of them because again, they've got 30 years, something many of us don't have. Okay, Bailey, let's go back to your second point, which is one of the reasons your generation is somewhat stock market adverse. And that is the student debt burden. So Bailey dug up some stats that I want to share with everybody. And then I'll get her opinion on this. $40,438 is the average outstanding student loan balance among millennials down a little bit from $46,281 back in 2021. Now this is this data is according to the education data organization. Okay, the average student loan debt balance among millennials declines at a compounded rate of only 4.4%. 47% of millennial student barros have loan payments less than 200, 20% have student payments over 546.6%. A student loan debt belonged to millennials in 2022. I mean, the list goes on and on and on. Bailey, let's bring down the real life side of this. How bad because you have some student loan debt. What does it mean to you? How did it happen? And how does it impact you in your investing decisions? Well, I mean, let's look at it now. A college degree now is equivalent to a high school degree. But if you look even 10 years ago, it was something special, right? So we were forced or we felt forced to go get a college degree. We felt like we would stand out. So I think everyone was willing to put debt on the line in order to feel like they would stand out with their resume to to a job that they wanted to apply for. And now it's turned on them because now that they're having to pay off the student loan debt, they're not getting the jobs that they want because younger generations are coming in with the same exact college degree. And it means nothing. And if you look at those statistics too, it says 83% of millennials with student loan debt put off major investments such as buying a home just to pay their student loans. So I think that changed a lot. And if we can look at it too, let's look at four years ago when everyone was promised that their student loan debt would be paid off and people thought about Biden's initiative. I sure am. Yes. And not even to get political, but this was something that people really voted for, right? I think that was the one talking point that everyone wanted. And so I think people probably tried to plan their life around, oh, my student loan debt's going to be paid off. Let me go get something. Yep. Yep. And so let me go plan life around not having to pay off my student loans. And guess what? Your girl right here still has her student loans. So I think people did a lot of false planning based on broken promises too. Right. Absolutely. You're absolutely right on that. And again, folks, there's over a trillion dollars in student loan debt for all generations out there. It's a massive, massive amount. Let's go on to point number three, Bailey, the low financial literacy. We kind of touched on this at the beginning of the show. Let's expand it. Yeah. Again, to my point, you're not taught any of this in high school and college. You're not taught how to do taxes. You're not taught financial literacy aside from what will help you pass whatever test you're having to take in school. So I know that was a lot of my problem even having you by my side. There'd be some days where I had questions about things when you're busy and people my age have no clue about the stock market or investing or your Roth IRAs. And so to me, it would just be like throw my hands in the air. Let's worry about saving money for the weekend, right? And so there's nothing forced upon anyone to learn these things. It's like a hidden secret unless you dig. You're not going to know about investing. What changed in your mind? Maybe it was you coming to work for us, whatever the case is. What changed in your mind that gave you this now insatiable appetite to learn about the financial markets and investing? Was it just a matter of age or what turned it with you? This is very millennial of me or maybe even a generation below. But it was me coming across videos on TikTok or Instagram of people who were able to get financial advice or they were giving advice on all compound interests and things of this sort where I'm like, why have I not learned about this? This is someone really young on social media teaching me about this. It seems like something I should know about. And so that's when I really started to pick your brain. Because I want to plan for my future. I don't want to have to worry about what it's going to be like when I'm old. I don't want to have to worry about going to work still like I know a lot of people do. And so that's what really piqued my interest to learn more about investing. Yeah, absolutely. Well, I guess part of me is really crushed that you growing up as my daughter and you ended up what finally kickstarted you as watching something on TikTok. But that's your daughter or that's your generation. I guess there's not much that I can do. Not much that I can do. Well, I knew it was always important, of course. As you taught, you would lecture me every morning when I walk into the office. But it kind of takes somebody of my age breaking it down and kind of dumb terms, you know, to know what they're talking about. And along those points real quick before we go to break, I like that. Again, I don't care what it takes for a millennial to again, give them that nudge right to start learning about it. But folks, please tell your millennials be extremely careful obtaining financial advice from the TikTokers of the world. Because from what I've seen, you know, 99.999% of them, they are not licensed professionals. They can tell you anything they want to. We're as licensed professionals, we can't. So again, be very careful. I mean, if you want to just get general knowledge, great, but please don't listen to their investment advice. Again, majority of them have no licenses. They're not regulated by anybody. And you know, they're not going to be there. If they say, Oh, yeah, go buy this and it blows up, you're going to go up. And then once again, you're going to be ruined. All right, when we come back, we'll talk about the distrust of distrust. I tried to say distrust of financial institutions. Oh, yeah, the millennials don't trust the financial institutions. Why is that Bailey? We'll explain when we come back. Let us wrap it up with Kristin Snow in the right now, traffic center, Kristin. Welcome back to the John Sanchez show on new stock 780 KOH with my daughter Bailey Sanchez, our director of marketing Sanchez wealth management. Again, I want to take this opportunity before we get back to our topic. Again, why millennials need to invest now to housekeeping? No, number one. Please remember, you can pick up our podcast. We have hundreds and hundreds of shows that your favorite podcast distributor, iTunes, Spotify, et cetera. And again, just pass it on to your millennials and they can go listen and learn about anything they want to. I think we've covered just about everything there is to cover, but we will keep doing that. And secondly, I just wanted to say thank you. And and I'm so grateful for all of you. I'm grateful for our clients. I'm grateful for you as our listeners. And Bailey Sanchez, I'm grateful you as my beautiful outstanding daughter along with my other daughter Brooke and my son Brett. You kids make me and your mom extremely extremely proud. I'm sitting here. Bailey and I are recording this online right now. And this looking at you, you're beautiful. And I love you. You're so smart and so successful. So I love you so much. I wish I spent a Thanksgiving with you, but I told them more. So thank you, honey. Thank you. Thank you. I appreciate it. All right, let's go to your fourth point. Distrust of financial institutions. Let's talk about this one real quick. Yeah, I think it kind of touches on again, seeing the recession, not maybe my age that we were able to comprehend fully what was going on, but to learn from you. And obviously, that's an advantage of the distrust that people had in the financial institutions at the time. It sits in the back of your head as you're learning more about investing and all the things you keep those big events obviously in your head. And so it also comes along with not having the investing literacy to understand the safe ways to invest and the non-safe ways to invest. So it takes somebody, a financial advisor or a trusted mentor to teach these things. Otherwise, we're kind of taught at this point and in this generation to really not trust much, right? Yeah. Yeah. Well, what could we do as let's say you weren't my daughter, right? And you are a guest on the John Sanchez show and you're mentioning all these different things. What could my industry do to, again, enhance your ability and desire to want to invest? What's the number one thing we could do? Well, one, just as a parent or a mentor to somebody or a teacher, please educate anyone below you no matter what their age about investing, about money, about taxes, the simple things that you know at your age, but how I'm going to take you to figure that out. So educate them and let them know the opportunities that are there, of course. But for someone in your industry as well, I know it probably makes you cringe, but you kind of have to start dabbling in the social media side of things and things that reach people my age. Absolutely. And I know it's sometimes hard with compliance and things like that. But at least encourage people my age to reach out to a financial advisor, because if it wasn't for you at 28 years old, I wouldn't think about reaching out to one. But if it wasn't for you and I knew what I know now, I would reach out to one now, just to make sure that I understood what I was doing with my money and how to make it go as far as it can. Right, right, exactly. And the last point we're going to squeeze in is your generation has a real preference for tangible assets, things like real estate and alternatives, collectibles, the cryptos and so on so forth. My advice on that one, Bailey, is your generation, it looks like in any generation, you have to diversify, right? You have a little bit of everything. You don't have a quote, all your eggs on one basket, diversify it out. And you know, some things are going to go up, others are going to go down, which is the best way we want it. We don't everything going up or down at the same time. That diversification is so very, very important. I think COVID taught us that. Yeah, isn't that the truth? Oh boy, taught us a lot of things. That's for sure. A lot of things. All right. Well, you're going to be a guest, I guess every Wednesday, right? We're going to keep doing this because I love talking to you about your generation. It's a lot of fun, great education for me also, so hopefully all of you learn and go talk to your millennials. Don't forget that website, calculator.net. Love you, honey. Love you too. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sancheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer and investment advisor. Remember, FINRA SIPC, securities offered only in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Hey, it's Ryan Seacrest. Life comes at you fast, which is why it's important to find some time to relax a little you time. Enter Chumba Casino with no download required. You can jump on any time anywhere for the chance to redeem some serious prizes. So, treat yourself with Chumba Casino and play over 100 online casino style games all for free. Go to Chumba Casino to collect your free welcome bonus. Sponsor by Chumba Casino. No purchase necessary. VGW Group. Void where prohibited by law. 18 plus terms and conditions apply.
11/27 Jon and Daughter Baily - Millennials and their attitudes toward investing