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now it's time to bring in one of your favorite guests businessman financial commentator jim rogers chairman of rogers holdings and beeline trust incorporated jim thanks so much for being back here with us on the income generation i am delighted to be here i'm very pleased jim i love having you on the show you know that real quickly though the fed has lost their minds more stimulus than ever in history so is congress more monitoring fiscal stimulus as a combination you know a year ago pre-covered the average person with a thousand dollars in their bank account has seven times more than that today because of the stimulus when do we see the stimulus start to normalize out on the economy because right now inflation is going to the moon jeff it's good to be old in america now because old people are getting the advantage of all of this insanity but it's bad to be young my children are going to have a huge burden to pay this is not good for america this is not good for anybody except maybe a few bureaucrats and a few old people but jim you know nobody has to pay for that if the rate on that debt is zero percent and not even paying principal back so they've got an open check mentality but at some point you're right the stimulus is unsustainable even jerome powell said that so in your best estimation when will the economy start to normalize from this massive boost of stimulus we just went through well right now we're beginning to form some bubbles in the u.s stock market in the financial markets the bond market is clearly a bubble it's never been this expensive in the history of the world so we're starting to have some bubbles i would suspect and my market timing is horrible i would suspect by the end of this year or next it would just get too high and then things will start going down and we'll have a horrible bear market well there's no doubt about that we know that bubble's being created right now but you know i don't buy the fed's argument that inflation is transitory i mean for lord's sake a container of furniture went from 3 500 to 10 000 in about the last 60 days gas is going crazy so we're seeing rampant inflation across the board at some point you think consumer demand would stop because of that but it's not because we're living off the stimulus still that's because there's so much money being printed and spent and thrown out the window jeff you should go outside and stand down under the window and get some of the money that's your problem you're not getting enough of the money you know jim that that's not the correct answer we're looking for of course it has to stop this is going to end very very badly we've never had bonds this expensive in the history of the world because the federal reserve keeps buying them we have staggering amounts of debt in the united states nothing like we've ever had before stock markets have been starting to form bubbles i mean jeff you know as well as i know you know i've seen this movie before i know it ends badly and unfortunately it's going to end badly for a lot of people this time around as usual jim it's been our pleasure having you here on the income generation my pleasure let's do it again sometime and be careful and now let's bring in our next guest someone who's no stranger to helping clients assess their own risk tolerance levels and that's income specialist james locke he's the founder of pool lock associates located in wilmington delaware james it's great to have you back with us here on the income generation hey guys so glad to be back so james in your experience do most people fully understand the concept of risk tolerance as it relates to investing most people that we run into have very little understanding of risk tolerance they have been in investing and saving all their life and really just been keeping their head down and now all of a sudden they're getting closer to retirement and some advisor is telling them hey you're okay you're okay but they've never really done a deep dive and taken a look at it and when we start talking with them that all changes not surprised by that at all however as an advisor that you are james how important is risk tolerance and helping you build the right strategies for a particular client's need every client is different so you have to start with that understanding that you know everyone is different but risk tolerance is really that cornerstone where are we starting from if somebody comes in and says you know hey james the most important thing to me is i don't lose a penny well then we know where we're starting and other people might be further up the risk scale and analyzing that starting point is critical to know where you go from there and what's going to work for that particular client in their entire investment retirement portfolio and so i bet you it's more common than you probably realize that people unknowingly don't know what their risk tolerance is they might be overexposed to risk and not really know it absolutely a lot of people that come in and we talk to for the first time their experience previously of understanding risk was probably filling out some form and they got a letter assigned to them a b c d or e or some number and it doesn't really mean anything to them because they just think oh well i'm not so risky or i'm in safe stuff and they can't really define it we see that all the time once we really get in and break down where their true risk is and hey what will happen to you if the market starts lagging starts going sideways or even starts going up what what's going to happen to you and your portfolio and does it make sense for you in your retirement thanks so much for being back with us on the income generation now it's time to welcome our final guest nathan cox he's co-founder of retirement income solutions a retirement income store located just outside of nashville nathan thanks so much for being back with us here on the income generation well thank you thank you for having me so nathan one thing i often find is that people don't realize the importance and magnitude of what certain risks are that they're usually taking and it might be because of their current advisor or maybe they don't understand and have all the relevant facts but do you ever run into this oh absolutely yeah i think the the financial services industry is a as a whole does a a pretty poor job of explaining risk tolerance levels and i think a lot of people really don't understand truly what type of risk that their what risk they have in their portfolios so what do you think then the most important thing is you think people should know about understanding risk tolerance the most important thing okay i i think that uh the most important thing for people to realize is that everyone is very unique everyone has their their own unique fact patterns when it comes to risk tolerance levels you know what your what your co-worker the amount of risk your co-worker has in their portfolio or maybe a friend or family member really doesn't have that much bearing on on your risk tolerance level i think people need to understand that that they're unique they have different unique fact patterns and their risk tolerance levels may be completely different than others that they know sure so what you're saying then is your your risk tolerance will be adjusted and or change as you get older or maybe closer to retirement oh absolutely yeah and it depends on on many other factors such as uh you know how much income you need in retirement and where where your income sources where's that income going to come from so nathan thanks so much for being back with us here on the income generation thank you for having me
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