Wisdom from Ben Franklin, Ep #71

What's up! It's episode 71 Payne Points of Wealth and markets are trying to find their footing as unemployment is coming down. More people are getting jobs, labor participation rates are going up. The FED? We have no idea what the FED is going to do. They're keeping it a secret. All the while we're seeing wages go up, we're seeing productivity in the economy go up, and we're seeing pessimism amongst investors. What does it all mean? We're going to break it down for you today and we're going to talk about one of our favorite Americans Ben Franklin. A Great Philadelphian. What he said back in the day that you can apply to your finances to make sure you're on track for your plan for financial independence. You will want to hear this episode if you are interested in... How tough is the FED going to be on inflation? [1:07] The cure for higher prices is actually higher prices [3:31] One end of the Seasaw goes up, the other end goes down [5:54] The Tipping Point [9:20] A penny saved is a penny earned [12:18] He that lives upon hope will die fasting [14:30] There are no gains without pains [16:24] Hidden Facts of Finance [21:32] The cure for inflation The cure for higher prices is actually higher prices. Right now the consumer doesn't seem to care about price. You're paying $3.50 a gallon at the gas pump, depending on what state you live in, but it's not hurting demand. As a percentage of income, it's not as bad as it's been in the past. We still see that demand. But if prices keep spiraling higher, people are going to stop spending. If it gets too costly, they're going to tell you, they're going to let the retailers know, no more. Right now what I think you are going to see happen is you have inflation, especially price increases. Higher prices will take care of themselves. Inflation will take care of itself. And because we have productivity, this economy will continue to rock because companies are being very innovative.  This week on the tipping point: Ben Frankiln{isms} Investment in knowledge pays the best interest. Know what you own and why you own it. You should be able to explain each and every investment to your grandchild in less than five seconds. And if you can't, that means your portfolio is too complex and you better have a financial advisor you can trust. Another Benjamin Franklin quote is a penny saved is a penny earned. You can apply this to a lot of you that are looking to retire probably sooner than later. The best time the start investing and saving is when you start making any money at all, it doesn't matter what age you are. He that lives upon hope will die fasting. This goes to that whole mindset that hope is not a strategy. Basically, it means is that you don't want to just wish your portfolio to do well. You have to make good conscious decisions about how you're investing your money. Another great Ben Franklin expression is there are no gains without pains. You have to suffer some volatility, there's no reward without risk. This week’s hidden facts of finance Taylor swift has 8 different albums charting on the Billboard 200 album chart, a huge amount for any artist. but Prince holds the all-time record. Global oil demand is fully recovered, nearing a hundred million barrels per day. The probability of success when day trading is only slightly better than flipping a coin. Hackers targeted two firms that thousands of public companies use to make electronic filings with us securities and exchange commission. Resources & People Mentioned See if you qualify for a complimentary financial review from the Paynes Connect With Ryan, Bob, and Chris http://PayneCM.com  Follow on Twitter Follow on Facebook Follow on LinkedIn Subscribe on YouTube Follow on Instagram Subscribe to Payne Points of Wealth On Apple Podcasts, On Google Podcasts, On Spotify