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[00:00:00] Lee Michael Murphy: Ladies and gentlemen, welcome in to the free retiree show. The show Foria NATOs of career and financial excellence. I’m your host wealth manager, Lee Michael Murphy, and I’m alongside Silicon valley interview, coach and mentor Sergio Patterson. What is up everyone? And the man has been missing in action.

[00:00:20] Lee Michael Murphy: Everyone wants to know where is Silicon valley? Favorite attorney he’s. Matt MCOW. Why is that? Today’s episode didn’t work. Yeah. Barry didn’t work. Sure, sure. Matt, we know we had some early, recordings and, I’m sure you were sleeping through them, but we’ll just say work. We’ll see.

[00:00:38] Lee Michael Murphy: Good.

[00:00:38] Sergio Patterson: Have you, Matt? It’s good. Have you back? Don’t worry about

[00:00:40] Lee Michael Murphy: that. Yeah, but we love having, so for today’s episode, we’re talking about social media and financial advice. What you need to know. And should you get your financial advice from social media? So, guys, if you’re gonna get social media advice, are you going to Facebook, TikTok [00:01:00] grinder, Matt, where are you guys going?

[00:01:04] Sergio Patterson: It depends like when you say financial advice, you’re talking like how a budget or like what to invest in or just all yeah.

all

[00:01:11] Lee Michael Murphy: those things. what’s what’s wait, hold on.

[00:01:14] Matt McElroy: Lean

[00:01:15] Lee Michael Murphy: you guys haves. I don’t, I think I have an account I’m too old. I’m but I don’t use it

[00:01:22] Sergio Patterson: at the same time. Kimberly is all over it.

[00:01:25] Matt McElroy: I was surprised Lee through that in the mix. Cause I didn’t even know you could get financial

[00:01:28] Lee Michael Murphy: advice on TikTok.

[00:01:29] Lee Michael Murphy: I’ve heard that you can, but I’m not on there.

[00:01:32] Sergio Patterson: I mean, it’s people are, it’s

[00:01:33] Lee Michael Murphy: actually big about all the time. It’s like, it’s not surprising

[00:01:35] Matt McElroy: I guess, with the way things are now,

[00:01:37] Sergio Patterson: it’s kind of cool. Like they have these like 30 to 62nd, like Kimberly was send me, she’s Hey, did you hear about this stock or this or that?

[00:01:44] Sergio Patterson: 30 to second, 30 to 62nd, like hits. oh, this thing is these five tips

[00:01:49] Lee Michael Murphy: or whatever. Yeah. it’s try. It’s a thing right now. Like the it’s like people, a lot of people are talking about it and, I get a lot of clients and people, I know they’re like, oh, I’m getting all this stuff on [00:02:00] TikTok. And I don’t know if it’s good or bad, but it’s definitely entertaining.

[00:02:02] Lee Michael Murphy: So it is definitely a thing. So over the past decade, we have seen a massive amount of people get more of their financial advice on social media. And this trend is just getting even more, I would say worse, because gen Z their primary method right now for gaining financial, knowledge relies on a bit of YouTube and a bit of TikTok.

[00:02:27] Lee Michael Murphy: So the actual stats are 34% of gen Z. Would like to get their financial advice on TikTok 33% YouTube and then 24% from a financial professional, which is, and this is according to Verica, which is,

[00:02:43] Matt McElroy: does fall in that category.

[00:02:47] Sergio Patterson: He’s supposedly my financial advisor. I text you sometimes

[00:02:52] Lee Michael Murphy: I get, I dunno. Yeah, you text me all time. I get free advice. Get outta here.

[00:02:56] Matt McElroy: I honestly like YouTube. I dunno about you guys, [00:03:00] but I actually use YouTube for, lot of different

[00:03:02] Lee Michael Murphy: stuff.

[00:03:03] Lee Michael Murphy: Yeah. You took information,

[00:03:05] Sergio Patterson: I guess for me, it’s hard to trust

[00:03:08] Lee Michael Murphy: social media. So what is the worst financial advice you guys have gotten? social media I mean, if you just

[00:03:13] Matt McElroy: watch any crypto video, ,

[00:03:17] Matt McElroy: they’re all pretty fucking out

[00:03:19] Lee Michael Murphy: there. Yeah. They’re sketchy for sure.

[00:03:21] Lee Michael Murphy: Last sketchy crypto video. cause it’s

[00:03:23] Matt McElroy: all speculation, nobody knows and people make some pretty, uh, outlandish claims.

[00:03:27] Lee Michael Murphy: So I think

[00:03:28] Sergio Patterson: during the whole stop craze. Oh yes, there was a lot. Oh

[00:03:32] Lee Michael Murphy: yeah. Of. Invest investing into this

[00:03:35] Sergio Patterson: red do coin. Yeah. All that DOE coin that was heavy, on TikTok and all the sites.

[00:03:40] Lee Michael Murphy: Yeah, absolutely. So for today, we’re gonna give you, nine things to be aware of. If you’re getting your advice on social media, the things that you want to avoid, and then we’ll also give four tips on just ways to sift through, lot of this information that’s on your phone or your computer. So the first [00:04:00] one.

we’re gonna call this, comparing themselves to the Jones Joneses. that’s one of the most damaging things I think about social media now is that a lot of people are getting this unrealistic view of someone’s wealth or the wealth they wanna portray by looking at social media. So it could be, someone showing their nice house, their fancy car.

and that it all looks so great through the video. And as you guys all know, social media is always accurate on how reality is, right. Can we say the title? Yeah. It’s all smiles and rainbows all the time. Yeah. You all see the couples that are always so happy on social media, like they hate each other.

[00:04:39] Lee Michael Murphy: They can hate each other. all put on that front. So that’s one of the things that I would say is like one of the most dangerous things is, you will always look at these people or these videos on social media and they will always portray themselves as. Very successful. But in these videos, no one shows the reality or a lot of them don’t show the reality of how little does that [00:05:00] 401k look?

[00:05:01] Lee Michael Murphy: How little does that savings account look. And maybe if they are showing the fancy stuff, what does the debt look like? You guys feel me on that one, for sure.

[00:05:10] Sergio Patterson: I think it’s all Mirage. Like he said on Instagram, Facebook, all of it. It would show you the

[00:05:17] Lee Michael Murphy: real. Exactly. So, tip number two. you have to be aware that if you’re getting advice, does it fit into your financial goals?

[00:05:25] Lee Michael Murphy: So a lot of the advice, people getting on social media from what I’ve seen super entertaining, right? we all know it’s very click Beatty catches your interest and the topics are pretty exciting. It could be like crypto stock picking day trading, precious metals, a lot of fun storylines, but how do these things.

[00:05:45] Lee Michael Murphy: Fit into your overall financial planning goals. that’s the important question you need to ask if you’re getting this information. Cause there’s a lot of cool information that can come across your phone, your iPad laptop, but does it fit into your plan? step number three, vet, the [00:06:00] person and their experience.

[00:06:02] Lee Michael Murphy: So not to be too judgey on, the people that you see on social media, but a lot of ’em are very young, especially on TikTok. some of the things that I’ve seen like these, I mean, these kids just look like they just came outta school. so although they might have a bazillion followers because. They might look a certain way and their, their branding might resonate really well on social media.

[00:06:24] Lee Michael Murphy: Like what is their experience like you need to dive deep into what is their, how long have they been doing what they’ve been doing and what are their credentials

[00:06:32] Sergio Patterson: Dude at the winery, like at a month ago, did I tell you about, there was like two Ferrari

[00:06:39] Lee Michael Murphy: Lamborghini, some influencers, right.

[00:06:42] Sergio Patterson: Influencers. And they’re like 1920 and yeah, maybe they hit it rich, but that’s an outlier. You like, that’s not

[00:06:50] Lee Michael Murphy: the norm. Yeah. And then also we were talking about this, a lot of these, these influencers, these young kids, they might have enough money to buy [00:07:00] a fancy car, like something super nice.

[00:07:03] Lee Michael Murphy: But at the same time we were talking about those kids that we saw at the winery and we’re like, yeah, like they might have been able to buy that car or do something with it, but like how much debt did they have? Utilized to get that car, like they’re trying to portray a certain thing. Is it real?

[00:07:17] Lee Michael Murphy: It might be. But a lot of times what you find out with a lot of these people that flex really hard, once you look deep into their finances, you realize it’s not that great. And actually being in, my field and getting to hear about a lot of people that supposedly had money. And then once you sit in front of them and you get to see what they really have, you.

[00:07:38] Lee Michael Murphy: A lot of times the people that flex the hardest with their money have the hardest financial struggle. That is what I see time and time again, and I’m sure Matt, you’ve worked with some wealthy people too. I don’t know if you’ve seen the same thing, but a lot of these people that are very quiet, don’t talk about their wealth.

[00:07:54] Lee Michael Murphy: They’re balling. Like they just, they don’t need to talk about it. They don’t have the flashy car, [00:08:00] but they seem to have their financial shit together. what have you seen.

[00:08:04] Matt McElroy: my richest clients, they come into the office and you. They’re clothes are wrinkled.

[00:08:09] Matt McElroy: They look like they, they’re super old clothes. Like they, they’re not flashy at all they look like they don’t have money, but yet they’re, multimillionaires and it’s just, it’s just a different way of life for them.

[00:08:18] Matt McElroy: They come from a different time where, you don’t like, I feel like the young, the younger crowd now has shifted to it’s all flash. , Like it’s it’s so important to be flashy and show how much money you have and all that stuff.

[00:08:29] Matt McElroy: I mean, most of these influence, like you guys were saying are the Ferrari and stuff. Chances are those Ferrari and Lamborghini were rented. And they’re paying thousands of dollars just to have it for two days or some shit. And if you look at what their finances are, you’re like, wow, that’s a really stupid way to spend that money that you have.

[00:08:45] Matt McElroy: But they did it for the, the, for the

[00:08:47] Lee Michael Murphy: gram or whatever. Yeah. The gram you’re totally right. they gotta have that look. Typically pictures could have been

[00:08:53] Sergio Patterson: like millions of views or something.

[00:08:55] Lee Michael Murphy: Or

[00:08:55] Matt McElroy: whatever, but it also, it gets them endorsements. So it is a business expense who knows if it actually [00:09:00] is end up worth it.

[00:09:01] Matt McElroy: Right. But the thing is I heard an interesting stat on one of my YouTube video. I watch . They were saying that,I think it was like 60 something percent of the financial advisors that are in the game now. Weren’t around in the 2008 housing crash in that downturn And so that, how do they know , We all experience that. We know it perfectly well, what went on and how that was and everything. And,so it’s it’s just interesting, all these people are giving advice and they have no basis.

[00:09:25] Matt McElroy: And they’re, they, all they’ve seen is good. They don’t know what bad is really.

[00:09:29] Lee Michael Murphy: That’s a good point. So tip number four, calling this one, watch out for the peacock. So Lambos, nice houses, yachts, more than likely it’s a front. And, it’s a kind of a shady sales technique to portray a certain level of success.

[00:09:46] Lee Michael Murphy: But in the reality, a lot of the times, from what I’ve seen. the more flexing that’s being done, the less money there is. So , that’s just something I’ve seen true time and time again, not to say that it that’s always true. Maybe you are, you’re the influencer [00:10:00] that you are following their stuff is legit.

[00:10:02] Lee Michael Murphy: But, I would just keep that in mind when we’re, looking at a lot of these. wealthy influencers online. are they really legit? number five, I see a lot of fear, mongers and pessimists on, social media. A lot of people that just sell fear. they might call themselves investment expert.

[00:10:17] Lee Michael Murphy: Talk about all their experience of working at some prestigious firm. and year after year, they make this prediction like the market’s gonna crash. We’re all gonna lose our money. And they get a lot of click bait. some like thing, the two things that really, do well on social media are you’re gonna get filthy rich click here.

[00:10:37] Lee Michael Murphy: This is how, and then also this is why everything is going to be destroyed. And this is why you’re gonna lose all your money. very click BA and, both very dangerous. I mean, what do you guys. I see that stuff all the

time.

[00:10:51] Matt McElroy: Two, I saw two actually they’re trending right now is the housing crashes started or the, the housing market’s crashing or something like that.

something along those lines. And the other one is talking about [00:11:00] China’s, economy collapsing. Apparently they’re gonna go through a pretty bad, uh, downturn as well with their housing market.

[00:11:06] Lee Michael Murphy: Yeah. I’ve seen those ones too.

 those are the two biggest ones I’ve been seeing lately or at least on YouTube.

 I don’t mess with

[00:11:10] Sergio Patterson: any other stuff too much, but yeah, I’ve seen similar stuff and the click baby stuff, it’s hard not to click,

[00:11:16] Matt McElroy: like what send you around? Cause you’re like, what do they mean?

[00:11:18] Lee Michael Murphy: Yeah. Wait Lee, what is this shit

[00:11:20] Sergio Patterson: like?

[00:11:20] Lee Michael Murphy: How serious is this?

[00:11:22] Sergio Patterson: we’ll see, you’ll see it. And it’s hard not to click and then you have to figure, okay, can I trust this person?

[00:11:27] Sergio Patterson: What’s their back, what’s their track record of,

it’s tough.

[00:11:29] Matt McElroy: I was just gonna say it’s important to get a lot of perspectives. Look at a lot of different views.

[00:11:32] Matt McElroy: That’s how you can kind of see some of see through some of the

[00:11:34] Lee Michael Murphy: bullshit. But there’s some people that all they do is make their living on selling. There’s a lot of these folks. And, and I’ve said this before is they’re gonna be right at one point and they’re gonna, they’re gonna spotlight it and talk about, see I was right.

I got it. I got it right that time when everything started going bad. But if you look at the history on a lot of these people that do these [00:12:00] predictions, their track record is terrible. Like they just, they. They keep betting disaster and it never happens. And then they’re gonna look back once it finally does and be like, look, I was right, right there.

[00:12:11] Lee Michael Murphy: So that sort of listening to those sort of people, they keep you from moving forward, they keep you from, getting into real estate to create wealth. they keep you from investing in the market to, to build your wealth. it’s just ultimately a mindset that holds you back, but it’s very entertaining to listen to.

[00:12:27] Lee Michael Murphy: So

[00:12:27] Sergio Patterson: would you say it’s the same. Even if it’s fear or if it’s like, Hey, you need to put all your money in both. Both extremes

[00:12:35] Lee Michael Murphy: are equally harmful. Right. I think extreme fear. And extreme greed. Yeah. Are extremely damaging. that’s what I’ve seen. That’s held the most people back. I’ve mentioned this before with you guys is like the people that do the most harm to themselves financially are on one of those two sides.

I don’t know which one’s. Being too fearful is extremely damaging. And I think that being too fearful, [00:13:00] I have, people I work with that are not in great financial situations, cuz I can’t convince them to invest enough of their money through the course of working with them. Cuz no matter what I say, they’re too scared.

[00:13:12] Lee Michael Murphy: So they’re only willing to invest a certain amount or have a certain risk level. And they’re not willing to, to up that no matter what I. I think that they’re the ones that struggle the most. And then the ones that are too greedy, I’ve seen their disasters. and they end up losing all their money because they’re just too greedy because their friends got some company that’s gonna go make a bazillion bucks or whatever it is.

[00:13:37] Lee Michael Murphy: So they’re both pretty damaging. I’d say being fearful may be a little bit more dangerous than being too greedy, but they’re both. So, but going off what you were saying before search, tip number six, watch out for, wait, you’re already on tip number six. Yeah. Tip number six. Oh, damn five was the fear mongers and pessimists six is giving out [00:14:00] specific recommendations of a product or stock.

[00:14:03] Lee Michael Murphy: Got it. So you were kind of already on that one, but you’ve never been a

[00:14:07] Matt McElroy: fan of

[00:14:07] Lee Michael Murphy: single stock picks. I like them, but I know what they are. But anytime you get into picking single stocks, like there’s a danger there, right? especially right.

[00:14:18] Matt McElroy: . The same.

[00:14:18] Matt McElroy: There’s not much difference. Right. You’re just speculating on a single.

[00:14:22] Lee Michael Murphy: Yeah. Yeah. So like the general rule we’ve always said is, keep, if you’re picking a single stock, know the danger, and don’t have 10. Or more of your assets in that position? Cause that’s when it starts, you’re getting too high concentration.

I mean, I

[00:14:37] Sergio Patterson: guess unless it’s like a apple, right. Or like a

[00:14:41] Lee Michael Murphy: Microsoft, I, I think that you can get into those. It’s just about a concentration that you put yourself in. you can have a bunch of that, but try not to get too concentrated in that one single stock, but my recommendation. On tip number six was to avoid people [00:15:00] online that give specific stock recommendations.

[00:15:02] Lee Michael Murphy: Ah, I got you avoid those sort of influencers. Those are no one really knows a lot of those people that are giving those are like, oh, buy in now because my chart says this and all those day traders, you look at all their videos of what they’ve done. It’s terrible. Yeah,

[00:15:20] Sergio Patterson: I text, I texted you a guy a while ago and I almost bought it cuz I was like convinced this guy knows his shit.

[00:15:27] Sergio Patterson: And then you’re like, he’s did no

[00:15:28] Lee Michael Murphy: stop. what ended up happening?

[00:15:30] Sergio Patterson: I don’t remember. But it was exactly what you said. It was a guy who’s who got me on like some clickbait post and I watched a video and he was like, sign up for my free or no sign up for my paid me. To where you get access to his picks?

[00:15:44] Lee Michael Murphy: That’s another one. So there’s a lot of that online where people say sign up for my program, you get all my stock picks. They don’t make anything from their picks. They make all their money from their trading program. Yeah. That’s like all the programs that are out there.

[00:15:58] Lee Michael Murphy: They are not making money from the [00:16:00] picks. if they did, and they had this crystal ball, if they could always get it. Why would they need a program? why would they need a training program? that’s the other one that kills me, cuz I get people all the time. They’re like, I’m gonna go buy Mr.

[00:16:11] Lee Michael Murphy: Mr. magic stock pickers program and I’m gonna make it rich. And it’s if he knew this, like why would he sell you this program? So that’s another one that kills me, that people get themselves into with social media. Also, AMC is crashing by the way. Oh, yeah. who would’ve thought, who would’ve thought.

[00:16:29] Lee Michael Murphy: All right. number seven, when an influencer says something is a sure thing, alarm bells should be going off in your head. You should block them. You should block them right then and there, cuz nothing is a sure thing with investing, especially any shotty, crypto or stocks or options trading, nothing is a shirt thing.

number. If the social media person says it is going to make you rich. So they are selling you a drug called hopium kills. So don’t buy that. we see this all [00:17:00] the time with the stock and crypto influencers. They’re all saying it’s gonna make you rich. they’re getting that, like we talked about before those videos.

[00:17:08] Lee Michael Murphy: Get a ton of clicks because people wanna get high on hopium, but reality,all these positions,even if the quality companies,you never know how they’re gonna turn out and you never know how long it’s gonna take for that stock to create wealth. I was looking at a stat with about Amazon,a week ago.

[00:17:29] Lee Michael Murphy: and I believe it was from, I think, September of 2003 to November of 2008. What was, how well did that stock do Amazon? What did you guys, what would you guys think that it did during that time? what were the years again, say like September-ish of 2008 to November? no, sorry. No.

[00:17:50] Lee Michael Murphy: September of 2003 to November of 2000. I didn’t

[00:17:56] Matt McElroy: do that. the greatest since November, 2008 was yeah, [00:18:00] probably. I mean that you’re talking about when the 2008 recession hit, so all stocks tanked horribly then, right. It would be, it would have a, it would have a horrible, it would be negative,

[00:18:11] Lee Michael Murphy: right?

[00:18:12] Lee Michael Murphy: It would, yeah. Two ly down, negative 12% somewhere around there. But if you took it all the way. From the September of 2003, all the way till, 2021, you’re looking at something that done roughly 7100% in, in the return. So, even these stocks that we think are fantastic, we don’t know how they’re gonna play out.

and even the good ones they take a long time. So if someone says buy, it’s gonna make you rich tomorrow. Be very hesitant and number nine, FOMO. We all know what this one is. Sarge, do you know what FOMO is? You’re that cool to understand the acronym?

[00:18:52] Sergio Patterson: fear of missing out did that with AMC. I did that with doge coin.

ripple, what else? Yeah. XRP. We all did it with a [00:19:00] ripple.

[00:19:00] Lee Michael Murphy: Yeah, still. That was like, that was a,

[00:19:03] Sergio Patterson: that just was a big lie, but who knows?

[00:19:07] Matt McElroy: Yep. No, I like ripple. I think Ripple’s the shit,

[00:19:09] Lee Michael Murphy: dude. Yeah. It’s not a recommendation.

[00:19:15] Lee Michael Murphy: Right?

[00:19:18] Matt McElroy: Financial advice.

[00:19:20] Lee Michael Murphy: XRP that’s XRP, right? Yeah.

[00:19:22] Matt McElroy: Yeah. Ripples the company XRP is the

[00:19:24] Sergio Patterson: crypto. It’s like

[00:19:25] Lee Michael Murphy: the crypto quo. Yeah. So that’s the thing you gotta watch out for these social media influencers. They’re giving you a lot of. FOMO. what if you don’t buy it today, you’re missing the biggest opportunity of your life.

ton of that. and like I said, this all comes down to getting views, right? So the big thing, I’m not saying that, social media is terrible to get your information, but you have to look at the priorities of what these people are offering. Do they wanna educate? Yeah. Maybe, but what do they want?

[00:19:51] Lee Michael Murphy: More probably they want clicks. They want views and. The things that they put out there tend to be skewed. That goes for a lot of the people [00:20:00] online. So just watch out for that, recommendations, try to be objective in how you look at these financial professionals, realize that, what they’re doing, is mainly for entertainment.

[00:20:11] Lee Michael Murphy: A lot of these people and look at the results, that whatever they’re tout. Look at the data. I think data is a big thing that we always go back to is like, whenever you look at an asset class, look at the research behind it. Right. and it’s really tough for a lot of these things that they’re recommending.

like these single stocks, cuz there’s not much data ’em so that kind of weeds those out. But even things like, precious metals, I mean, you guys see a lot of that. online, I think Matt, you’ve seen a lot of metal stuff. Right. just from Googling stuff about like crypto.

[00:20:40] Lee Michael Murphy: I think one of the things that gets in your feet is precious metals. Have you seen that?

you see the people that are trying to argue, like the debate of, gold versus Bitcoin a lot. I get a lot of that and yeah,I get a lot of gold stuff. not so much the other precious metals.

[00:20:52] Matt McElroy: I’ve seen some silver stuff, but Gold’s the kind of buzz topic right now with inflation.

[00:20:57] Lee Michael Murphy: Right. Yeah. And although it’s really cool to [00:21:00] think of you yourself as an investor owning a really shiny object, that looks pretty, that you can turn into jewelry. The reality is that when you look at the data behind, what does that give you as a rate of return?

it’s abysmal, it’s barely kept up with inflation. For many decades. So, it’s a, it sounds like a cool investment theme, but then when you look at the numbers, you realize it’s not what it’s cracked out to be, and you get all kinds of people that touted as something that’s great.

[00:21:28] Lee Michael Murphy: And that’s one of the best asset classes ever, even, guys like, Robert KSA, Robert Kiyosaki, rich dad, poor dad. He always touts it as something like, oh, you gotta buy this. And it’s like, where’s your data, bro. tell me what it’s done, over this, last half a century, but it’s better to, come up with a cool story that gets people intrigued.

always look at the investment experience of the person that’s given the advice, validate whatever people are offering, validate it through someone that’s tried it. Right. a lot of times in. [00:22:00] In the financial industry, there’s a lot of insurance people that recommend certain insurance products.

[00:22:05] Lee Michael Murphy: That sound really great. The reality is,all investment products are meant to sound flashy to gain interest, but really look and try to find some people that have had success in whatever they’re recommending. a lot of times it’s very tough to find people. That have had success in a lot of these things that we see on social media, Lee, where do you get

[00:22:28] Sergio Patterson: your financial information from?

[00:22:31] Lee Michael Murphy: Who do you trust? boring people that aren’t as fun to listen to. Like we’ve actually had, Larry Soro. Right. We had him on our podcast. Larry’s a great guy. I mean, you remember that podcast we did with him, right? yeah. One of the, People in the financial industry, not exciting to listen to.

[00:22:45] Lee Michael Murphy: I mean, I find him excited. Larry, if you’re listening to this, I’m sorry. you’re exciting, dude. he just talks about financial science and what works and it’s not gonna be click bait worthy, but it’s all based off data. Same thing with, we had, professor Lawrence Kok.

[00:22:59] Lee Michael Murphy: A lot of his stuff [00:23:00] is really good. Backed by a lot of data. I’m a big fan of Eugene Fama. Who’s a noble prize winner, winner, Kenneth French noble prize winner. there’s just financial science behind their concepts. I like Warren buffets stuff also. his philosophies are backed by a lot of financial data.

[00:23:17] Lee Michael Murphy: So, the stuff that works, isn’t always the sexiest, unfortunately. And those are my tips, boys. Any, any last words on those?

[00:23:29] Lee Michael Murphy: No, I don’t think I got anything to add.

[00:23:32] Sergio Patterson: No, I think you’re pretty good. I think it’s good timing too. Cuz everybody’s clickbait is ma is a massive problem right now. Okay. But it’s like the same. I feel like the finance hasn’t changed.

[00:23:43] Sergio Patterson: Like it’s the same stuff holds true. Right. It’s be patient, pick quality over. It’s like nothing, you don’t need to change everything. Right. Yeah. It’s like the same shit for the last a

[00:23:52] Lee Michael Murphy: hundred years. Yeah. I think, we know that, but isn’t it so easy to get sucked into the cool video or the click bait and [00:24:00] kind of.

[00:24:00] Lee Michael Murphy: Have your mind go off track? I mean, I even do it right. I end up looking at some video and I’m like, oh my gosh, I wanna invest in this. This sounds amazing. Right. I think you gotta try to stay grounded, and rely on these things that we’re talking about.

[00:24:14] Lee Michael Murphy: Here’s the recommendations be objective in how you look at the experience. Realize that. what you’re looking at might be, being filtered through rose colored glasses. even though these people might drive a Lambo on the video, it might not be real, validate the person’s experience that’s given the advice, have, have they been a financial professional for a long time?

[00:24:35] Lee Michael Murphy: Do they have a large wealth of knowledge in whatever they’re talking about? And then rely on data. Relying on data is key. So whatever they’re recommending, do your own research on what the numbers say and if it’s been successful. So those are the tips.

[00:24:53] Lee Michael Murphy: So hopefully this has been helpful. You’ve been listening to free retire show so long.