Mar 8, 2017|
Automatically Generated Transcript (may not be 100% accurate)
Folks this is great belly of the prosperity group then I'm here this morning with few with. My associate Steve Louis San. Today show we're going to be talking about understanding in come writers' strike. Understanding in come writer's income writers are great tool. That many of you need to understand because it can really make the big difference on your IRA or 41 K. Phil she can reach us or phone lines are open during the show you Kerry just said. 8649890176. At 86498901716. Go to our website. Which is WWW my money is safe dot com. And again we have operators although the show is not airing life. We have operators that are. Lies and they'll take your call it will be glad to set up book a call to go over some of these. Concepts good morning Steve Larry Dillon the morning and do well well it's raining outside the studio here you know I felt like a swim inside the studio I am so thankful we neither rain for sure it's been that way tutor. Well Lisa son as much rain as I saw that dealer broking California and Washington where people you know cars and stuff like death. You know Steve we we we kind of bring. The real life stories into things you know a lot of people. Don't understand income writers and in fact I believe a lot of the salesman the selling come runners don't understand income writers. Yeah I agree and in part of the reason for that earn actually not that in fact linked let me segue into this. I got a letter that decline brought in that he received from the firm you know I won't name the firm. But the firm was talking about income writers and describing it as a guaranteed. Rate of return. Then they guaranteed rate of return. And folks if you have any type of annuity variable or fixed annuity that hasn't it become Ryder. He might want a second opinion on it because what she think you have may not be what you have indeed. And so do the thing I want to tell you right off the bat. Is there I would say close to 90%. Of all income writers are what I call use it or lose it. Use it or lose it and a hassle clients describing his phantom money and it's probably. A decent. A way of describing it to basically what happens folks is this. Let's say you have a diary or 41 Casey got a 100000 dollar IRA and you haven't even come writer. This income writer might do what's called a roll up in that role up might be 6% of might be 7%. It shows some agents will tell you that yeah you're getting 6% of this money. Or some income riders still give you a big huge bonus up from like 50% or fifteen per senator or or even 20%. And we had a situation where somebody that came to see us and they brought an income writer and they had a 300000. Dollars and it. And the client said to urge the agents sent to a rebate 60000 dollars to eighty celts were 360000. Dollars. When in actuality. Because of the feet of the income writer that account had actually gone down in value to dish to the clients a surprise and dismay. So folks. You need to understand if you have these income writers and you think you have the guarantee. Get a second opinion honey what do you think Steve I totally agree and in as you were talking in the sink into what's so frustrating. About annuities you know we knew we news reader you see stuff it's always. Here's the here's the bad stuff here's what you do you may need to avoid. And the misrepresentation. Of income writers is so frustrating. You know income writers are are so important and the reason that there import and is as embryo we talked to many many times as you move into retirement the whole idea. Is to have. I controlled stream of income that's that's the whole pointed to be able to have a state eastern having gotten to know what's coming and and yet. You know the the way they've promotes. This money in the way they promote the account. It it slows skewed and so frustrating and and then the truth is is confiscated you know it it's really frustrating. No no you're actually right in fact. We knew we had a seminar this week in Arizona steakhouse and we had a pretty full house. In fact will be doing a seminar with Felicia. On the 21 in the 23. You can give us a call. And again at 8649890176. This is our his VP don't show up in and just expect to come in because they fill up what we're doing one at the peddler. And read large enough for whatever reason I don't think the red lobsters got many attendees right now smooth. The peddler does in so give us a call if you want to go it's the 21 in the 23. And I believe the peddlers on the 23. So give us a call if you would like to attend it's practically full as it is right now. So here here's the situation folks. Steve's yup your right people think you're getting hurt guarantee greater return somebody's came to show us a very able duty of the variable annuity. They said well don't worry about money is safe. I said okay how are they saving it. They said well they said in the event that my principal were to go down to zero which is not likely but let's say goes down 3040%. That they could trigger at the end come writer Indian camaraderie give thirteen thousand dollars a year so looks closer at 200000. Dollars. And only gets six and a half percent guarantee don't how does he did take me get my 200000 dollars Beckham goes to zero. Nearly twenty years. Now who wants to trade off 200000 dollars for industrial thirteen thousand dollars right idol that too many people who do. I mean and as so in reality what's happening is they think they've got to safeguard. And when you look at the fees to get that safeguard. They have the safety of principal and protection was fixed index type product. That kind of paid for that that safety so that's where I think there's a problem if most people you don't I think yes Susie or does he considers that. That she recommends a mutual fund or ETF over variable and Judy because the fees. Of the variable annuity and so the very able aged boy they perform like winners right now if I had a variable annuity. For last six months I'd be feeling like a champ because of what the market is to. But the reality that could change next month that could change tomorrow so so there's a lot of risk associated with that so folks. When we're talking about income writers. The thing no one described as this guy I know this is not the eight television shows so we can't show you. But let's say you get an income writer with 200000. Dollars. And that he'd come writers can give you a 15%. Upfront bonus. That means that on your actual besides you get 200000. And on your Kasagic at 230000. So if you die what's sure benefit. It's going to be 200. Less defeat for the first European co writer. And here's another problem Steve a lot of people realizes. What state trigger the income writer in most of the fees will range anywhere from. Point. 440 basis points to one and a half percent. That income writer never goes away it keeps coming off of the account even when you trigger income. And that's significant. Client came to see me the other day he had an account. About 400000 dollars in the account. And his income writer fees costing him we'll just for lack of better. Of an example. 1%. So it's costing you basically 4000 dollars three to 4000 dollars a year. They called accompanying got some information. Here's the kicker Steve he noticed cap is on that product then choose I don't know point 25%. Where are. So the majority of that he's going Indian co writer. So if somebody's gotta trigger income and income writer can be a great tool. But here's the other side of the coin only 20% of accounts triggering cover letters. So basically it's safe it's free money to the insurance carrier. So folks if you have a 41 K I'm talking about some of the negative things with the in car writer. But there are some great positive things and and in tune in next segment were to be talking about. So the positive things some of the tools but you have to have the right type. Of income brighter it's not a gimmick if you're using it with a purpose. The problem is a lot of sales and put it on there because that's how they're selling it to either selling it you I guarantee they're telling you that we're here to get 8% on your money now folks. If you're kidding 8% on your money give us a call we want to know where you're getting a percent. If fact Steve I. Possibly bring you a letter from my client see you're getting 6% guaranteed income from the promissory note. And the client asked in my opinion it should stay away no regulation. And out of that basically the clients at risk you were almost out of time. Folks if you have a four point Kate or diary you need to listen to this next segment this is Greg only. It's Steve Lewis of the prosperity. Group advisors LLC. Coach welcome back this is great Eliot seamlessly with prosperity grew advisors LLC and now is a beautiful song. Some violently wife Marie Elie in made popular by Debby Boone and a Haiti's. Call can you reach my friend. Today we're talking about understanding income Ryder senate blue last segment we kind of social some of the negative aspects of income writers fake money and so forth. You know Steve the amazing thing and this is where I think a lot of people don't get it. If so he's got a 41 K they roll it into an IRA let's say they leave it in the stock market when the stock market is good they're happy. But they have no safeguards. Not only is the money at risk. They have no guaranteed. Anything. And what we find is that those people with higher res we want a guarantee the money because you can't write off that tax loss. If you're Ira account loses 40% you can't write it off. So what are some of the benefits to chief CEO of the pension like income that some of the income writers offer. But here's the kicker they guarantee the money for two lines even at the cal went to zero to me that's that's a pretty hard thing to be. It is and you know we we actually man with a guy climbed yesterday and com. I won Iowa you know so many people are and when they look at their accounts in and there are. If they don't pay attention I guess is I'm struggling because this guy is really. An intelligent investor he does a lot of day training strike actually he and his wife both to a lot of day trading in their very successful. They're very Smart with their money. And so the reason I'm bringing this up is that that they're very Smart Germany and they realize that as they get older. They wanna do less and less on day trading but they also want less and less exposure. And there are at that point in time where they where they realize they need to have some safety they need to have some thing. That is unprotected. That you still have their play money they can still do that day trading when they want to an all out right but they have that safety security and so. Injuries are brought them up is because they're very very intelligent very wise tonight and that's why we try to promote with our clients is. You know why it's it's good bit to have a little bit on the market it's good to have to be playing but at the same time you've got to have that Nancy you've got to have that foundation. On and on your house so to speak so that you know that they cornerstone is there in the event of whatever happens in the market well. And Steve and this is one of the reasons that. Folks should caller number begin our numbers 8649890176. Or go to our website WWW my money is safe dot com. And have a strong balance sheet form. Have a stronger balance sheet which will. Will which will actually let them know how much money they have at risk. Heal this so childish which are written money green money yellowing but the reality. It is most people don't understand the level of risk that they have and people don't pay attention to that very carefully until there's a big correction in the market. Do you notice how people are just gotten very complacent right now when it comes to. What's going on in excited just financially it's just he does society why because we're hearing positive news. You know they say they say that. Perception is reality. He's no Ronald Reagan was the master perception he can make you feel good even when things were bad. He could put eight a spin on it. Adult troubles and how that eloquence he and maybe to do that and so he's having a little bit of a rough time doing now. He should be watching videos of Reagan I think that would that would change a lot of things. But don't go the reality is is that's the way people perceive things right now you don't remember watching the debates. We watch the debates we watch rehearsals that they tell us what we just saw that it doesn't even remotely resemble what we just all the things that pitcher the fact that yeah. You know and into playoff events here. I was thinking as you were talking in the first segment about you know if you have these existing accounts the variables and and the ones that have the income writers and what not that it might be a good idea references do for somebody to take a look at it. And I'm gonna go so far as say it is a good idea it's a great idea yeah because you know if you have a dread diseases if you go to a doctor and you haven't heard disease and he says you're gonna have to cut off your right arm ball. I think I wanna go to another doctor Byrne make sure that I need to cut off our arm before cut off our own armor actually and so this is this is the most important decision you'll make in your retirement planning. Venus imported. Seeing that you can do to make sure that you and your family taking care of your retirement so why in the world would you at least wanna get a second opinion about what it what it is that you are establishing or have. Stab us you know don't be landing on Regis drag did you nurses and that's the problem. That exists so solicitous folks if you would like. To get your balance sheets are we can get an overview of your help we can put that together for you just give us a call go to our website. You can humiliate great get my money is safe dot com you can email Steve at Steven my money's safe dot com he can go to our website WWW. My money saved our common. You can call us at 8649890176. After listening out of the area. He won a caller operators directly can call 1804400434. That's 1804400434. So says Steve you're actually right in you wanna get that second opinion. You know one of the key things that that they should look at if anybody has a 41 K or diary we talked about it last few shows. This is a perfect time to consider was called in his service roll over. Right now while the market is up you don't think it about this today. There's a lot of people. Then after 2008 they have going under 41 K and are completely conservative. And you know they haven't caught any of this game. If they have that mindset. That some other accounts that were talking about a perfect form because they're gonna have guarantees. They're gonna happen perks are gonna have bonuses. And the pitch like income now folks here's what you gotta understand if you got money in the market. Steve how much guarantee you they have for for the husband and wife. If their money in the market a stock market mutual funds guarantee is gonna change her and her gig go up or down there and is geared to the changes you're right. So in reality there's no pension like income. We will one of the things we. Told a particular client when you're talking yesterday we said look you can take whatever portion of your irony you can create your old. Pension light Purcell pension like account. Any should you mean we can create income for both of us and they should they said they went to see a somebody talked about a very well. A very validity person came to their place of work. And he talked about it in and you know what's interest seeing Steve. They were told well if you if you get this Inco writer or guarantee 50% of the income. They were shocked when we said. You can guarantee a 100% of the account you can guarantee the same type of accounts of basically both the husband of the wife had the same benefits. So says if we take the irate mated to Weis. If the husband dies she doesn't lose anything. So to me that's hard to beat. Would you would these type of accounts absolutely and you know there's a reason it's called a variable annuity because it very sympathetic picture I carry a lot that's right that's right and so people need to understand the difference with these income Reuters. It can cost you a lot so we're we're telling you look at things right now why are we say that because the market is up it's performing well. But against the higher wireless stores. People are jumping into it now in droves. You know we keep telling you sell high buy low. Many people are buying high. Is if you're buying high depending on how high it goes. It could start dropping on you so you know you may be making a mistake here we have the graph in the office to shows where the market came if you keep the market in 2007. You're not happy camper. You took a big hit right off the veteran. But if you came in 2005. You are really happy because it peaked out at 2000 settlement but these are tools that folks we can discuss. Switch you to show you how to do this we can also show you how to structure your Social Security this is. Very very important in the discussion of these income writers Social Security comes right up there are so you need to requesting Social Security. Maxim position report that's right Social Security virtualization work. Listen folks try to time this segment. Cute in that segment as we talk about understanding income writers. You can. Me. Yeah. OK okay. Its. Name it's. Okay. Well folks welcome back we're talking today about understanding income writers and now is the beautiful song but my daughter my youngest daughter and the LE. And a steal oldest daughters of for a couple of movie roles in new York city hospital you know where were holding our. Our our hands together with bated breath hoping that some of these things materialize for he notes that. It's it's a tough career choice when your when you're doing that that's for sure she's been on TV and stuff for a she has she's been on TV she did shark tank. She she did Nickelodeon's she's done her husband did mysteries of Laura. He was up for the role of Superman and he almost got it I mean the guy got it to god it. But he was the next personalized so Ito. There are waiting and biding her time she's looking at another agency and stuff so it's it's it's kind of interesting fascinating stuff it's a bit surreal. When you talk to people that the good thing you are not for the role as you were clearly blown them away and you wouldn't you be a star now. You have to study I thought you know that was my feel as he has kid was cigarette I I used to jump off. Whole laundry. What was it laundry rouge river that laundry rooms outside the house is directories route was outside here. Well when I was a kid I was eight years old into laughter it was probably. Course I was a kid so it to me is acutely was twelve foot off the ground has probably like a foot off the and I would put me a towel behind me I would Wear something early volumes it's kind of like. A mix of Batman and Superman I would jump off of laundry room thing Atlanta and my parents were here in Atlanta they'd be thinking I broke something it. Those were the days the well I think you know now as we get older. I used the job you know 1012 feet tuneup thinking anything about it now as an inanimate truck and like food that's a long quote. Like. I thought about that idea Ireland the only thing I do I do you well. Yeah you're you're bringing up a point we we talked about the fact that so many people they stayed conservative. You know I did them on one of my retirement accounts. And I was you know scenarios was I realized I Oprah excellent preaching at a look at my account of why I got busy. I was just busy taking care re also stuff well guess what a kid I got aggressive. I got aggressive. I made 10%. On the callous thought ma bell just so people understand we don't have the choice of going into the civil approach that we haven't tried. But guess you know I'm on either security or that retirement account because. Even with the companies what they offer. So I told him I said what when can I change it to be a duty and they said after this segments all be able to change it to an annuity but it's a quote they're not qualified type retirement plan. Deferred comp so there's so you know. Do you see this going on people. They they're conservative and they never change so they never caught any of the upswing so really there at the same levels practically that they were 2000. Exactly and so. If you are you know if you are even if you're concerned about the economy and you moved yourself into position and a 401K where you wanna take that risk you wanna lose some of your money CU NT. The money market account or the the safer account the stable funder whatever it is that's inside there and like you said you're not taken advantage of the substance of what you did that. Because you don't have the stomach for risk you do right because you were concerned that the market might change the economy might change so. That being in the case you were worried about losing money which route wasn't necessarily a bad idea we we've talked a lot about that but the idea is if you have that kind of propensity. Why in the world what you wanna do something on global what we promote which is you get to take advantage of the upswing but you don't have the disadvantage or the concern of the risk. Of the house week zero is our Euro rate the rush you can do zero you're not gonna take a negative on that account but you're definitely gonna take a positive when the when the market and is up. He does Steve we were looking and showing some of the year tax free. Returns in these are tax returns. Help folks out there you got to hear what I'm saying we've got some tax free accounts with caps of twelve and a half percent. Says he's at the market it let's say the S&P 500 is up 20%. That client may twelve and a half percent and walked in their game. So the client asked me to show the returns of of the lost decade which was between 20012010. It'd between 2006. Through 2015. Now the market the S&P 500 between 2006. And 2015. A this is not include the latest upswing. But it showed a return of four point 42%. There were two negative years the negative yours was 2007. And 2008. Our count average four seven point 72. While seven point 72. Now in the last decade. We had five negative years and find positive years DS and 2.5. Percent. Our accounts performed four point 42%. Man that's amazing it is an issue when you say is here is that are here what you say folks is that it here's a question you gotta ask yourself. Would you rather have a 40% loss that year or two or 0% return. I'm gonna 00. Is a lot more attractive than the 40% loss but this is what people don't realize. Is available folks we've been doing this radio show for good this last five years. We are here on Saturdays at 7 o'clock and Sundays at 11 o'clock. We do seven are as we've got a similar coming out of the peddler. And it red lobster next week she'll give us a call at 8649890176. We did a nice seven. And you know we're not a one trick pony we're expanding it bringing in some other type of things. Will be having its securities division series shortly. For people that do wanna stay in the market which which is fine as long as you have the right amount of risk. But one of the key things we talked about as a rule of hundred actors called a rule of eighty. You were talking about the 4% rule and what's interesting is when I was discussing. TV. Income writer the results of to the lost decade in 2006 and 2015. The market didn't even follow the 4% rule which which used to be the role thought. Now I think they've dropped to 22 point 8%. In reality then people don't get excited with two point 8% overall both canister. Very you know there the rule for centers how much money do you. Can you take off of your principal in retirement. And still maintain your principal right yeah and so the old rule of thumb the old standard rule of thumb was 4% of all. That that day after all kinds of calculations and looking out and that that's been their standard for years and years and years it's actually like you said two point 8% so. Now that means that I have to have more money. To be able to maintain the same amount of income that I was getting have if I was using the 4% rule but the idea again is to make sure that. If I'm taking two point 8% off of that principle every year than our principle stays the same right right. Well. Here's the interesting thing Steve we have that software. Client brought in an account worst one and a half million dollars. And he was shocked to see that we could provide them there requirement distribution. Again free withdrawals for eight years before he triggered did the free distributed required and distribution. And within one and a half million dollar count. Both he and his spouse could have drawn about one point eight million dollars. Of income and here's the kicker Steve they were left two million dollars tutor kids. All you consider that is wowing and I now the other thing is it sounds too good to be true to your lie Brian that I found but this is a summary Keating just throw company this is one of the largest corporations in the world right there that backs this particular product so. Yeah I mean it definitely exist and in the future when you look at the numbers. The numbers don't lie. You don't it makes sense that some of their money should go to counseling that is absolutely if not all some of their money. And that's the thing people need to know what they can do where they can put the money what to do so. Again going back to it in color writers folks. When we're talking income writer with many of the counts we deal with we're talking real money not a failed to account. So for example if somebody. Puts it 200000 dollars in your income account gets a 20% bonus to be your income sites 240000. Dollars. And that account will get a 50% bonus every year so Pete Carroll makes 4%. During council is getting 6%. And guess what Steve. If ten years down the road the account grossed 300000. Dollars the actual money. But the income side is 400000. Dollars what's the death benefit. I was listening to numbers because I was actually thinking ahead of sorrow that's our that's all right will be a I'll answer that question into effect yet they can take the 300000. A lot so where they can take the 400 over five years right so it's real money. And that was the point that I was getting too that's why I was losing your numbers I was actually turned it to get ahead of you in the thought that you know if the difference for the income writer and this is your point you were trying to make the difference is. That with a lot of income riders as you say it's fan money so they went if somebody passes away that that that number that's been showing us the income Ryder. It doesn't exist just exists as does not just with the companies that we're present it does existence that you have the opportunity to take that money so if it's 200 or 400 those are numbers right right register under 400. Then they have the opportunity actually take that 400000 dollars that there is there. There for them to take it that's right as a as an income stream yes but. It's real. It doesn't go away he'll effect would we compare and folks let me tell you something you can bring any of the accounts that we can show you the difference here is. Striking. It is striking the difference in money with the type of account that we're talking about vs. They failed to account. So folks what we are talking about these in cover energy need to take advantage of folks you can call us at 86498901768649890176. If you were out of the area. He called 804400434180440. 0434. Now. If if if you wanna email the email me greatly my money is safe doc commerce Steven my money is safe Dakar. We are offering a Social Security now organization report give us a call. We'll set up a meteor will prepare a report for you will do a balance sheet for you we will do a eight safe. A rule of 100 account for you. It's Steve what's at. He would come forecasters that we have somebody watching predictable income. He had Kobe income for cancer so the idea is you take your pension and your Social Security all that stuff what your goals are and we national together into a report that shows you what your stream of income is gonna look like. Well folks you need to take advantage of this I want it cut it analysts say last segment about talking about cash account with some different things that are available. This is great millions Steve Lewis of the prosperity. I. Smooth mix. Yeah. It is so. Well Steve hello welcome back we're we're taught some more about income writers and it would target balance sheets of the tools that we offer Social Security tax station report. Talked about real money verses and verses fake money and all that good stuff. By the way the song that was there that was actually be singing the song in 1988. Written by winning swing call somewhere it's snowing. It talks about how Indian. Held God's grace comes like snow on arsons that washes away arson so it's pretty pretty cool saw him. All well Steve yeah we've been talking about income writers trying to clear the air so people understand. I just want it want segment because many people are also coming to us is saying what do we do we cash. What do we do we cash and we've got some accounts should have performed extremely well. That are very liquid that offer long term care protection. That are great for cash accounts. And the and there are also they have. Some guarantees in there that are just absolutely amazing. You know the old one of the company's that we are present they actually there thing is if you lived too long you know obviously they're gonna take care of in your lifetime right if you die they're gonna take care of you when you die and if you get sick and they also take care of in that situation and that's the kind of at a campus you're talking about were actually it really does encompass everything. Yeah I mean it's it's a great account I mean to you don't heavily last year she put it or cheers rich pretty 200000. Dollars. And she beat 14%. Of her first year while I don't included a 12% bonus. But her death benefit when she opening cal was 250000. Which is tax free. You're the death benefit women one year 3121000. Dollars while she 8121000. Dollars in death benefit owner killed. If she doesn't need the money. It was sitting in a bank earning what less than a percent load and voice war. Percent or something like that and so if she wanted to walk away with the money she could still walk away with 208000. Dollars. So we trichet 4% are running pretty clear. So this is a great tool a great place for cash and you what she was excited about it give us your long term care benefits chronic illness benefits. I mean V folks these accounts were talking about. Not many people bill how'd it to use them. And be aware of gimmicks right now I'd like this I was really shocked I saw promissory note facilities offering. To clients for 6% no safeguards and nothing. Bill FDIC protection do. No guarantee fund protections though that. And you know 6% is not an outrageous about what he figures no safeguards. I want my classroom my opinion I said stay away. That was my opinion been down that road before we don't need to even go down that road. I got an email the other day from the king of Zimbabwe actually needs my help with some funds and I. I really I think a Michigan and not seeing he didn't he hit right Donna no he didn't and I'm kidding. It is amazing and you know what's funny is about those those kind of schemes is. There's the really extreme crazy that says you know we're gonna triple your money in three days or I called bite on that and then there's the one like your talking about the promise or know where you go. You know it doesn't sound so crazy maybe maybe there's some legitimacy to it so they these guys they know how to cover all the bases well. Here's the thing folks who are the reasons Steve that I deal with insurance products and as I said were we talking reintroducing his securities division hopefully in the next few months. The reason we talk about insurance products is the safeties that they provide. See what they we that maybe don't talk about it enough. Is that during the depression was not the banks that that bailed out the government it was to insurance companies. We're talking about a track record and there is the reason is very simple Steve they have to have the exact amount of money that they have on the hook. In excess. Of some companies as we don't actually companies we represent. I for 300 dollars they have it a 110170. Dollars 111 dollars of surplus money so there eleven dollars to the good. Hedo folks if you compare that to a bank. If you go to FDIC dot gov look at the reserve requirement of the bank CD. He awarded its defense pennies on the dollar can tell you that it's exactly that if it's actually a dollar. Fifteen to a dollar fifty per 100 dollars they're so you're actually right that's one to one and a half percent. They'll would you rather have won the one and a half percent of protection behind your money or would you rather deal with companies that have a 111%. Protection on your running. And not to mention you actually we were then the couple that were at yesterday they were talking Bernie mad house name came up it was really interesting and we were talking about schemes in that kind of thing. And you know the difference with with what we talk about what we're present is. The industry that we are and is so incredibly highly regulated. So like you said generally do they have to have the reserves. But every company there of their financials you know the state of South Carolina and the United States. They all are looking very heavily at the individual companies we're presents are incredibly highly regulated and then on top of that you and I and your company are very highly regulated well here here's the thing your rice and see. An insurance company doing business in the state of South Carolina this applies to all the states. Because of the legal reserve system which is to settle laws that govern the insurance industry they have to file quarterly filing reports here you know that stats. That's more than a very Cassidy are absolutely produce quarterly filing reports and so. Wind EO of the company people think about AIG years ago you know AIG's a great company they've rebounded well and so forth. But the reason that AIG got you know talked about was because at one point they had part of their. Reserves going down so the states went to them has said he got silly day's pitcher reserves right here are but he knows the rest of the story but they survived. They survived and I haven't heard anybody would energy losing anyway I mean there's people that. You know we represent some of these companies and and there's nothing wrong with it but it depends what they offer watcher and you know what you want out. And that's a great poignant you know AIG if you were following you know back when the economy collapsed and everything. It when you were if you're following that AIG who took a major hit but yet as you said nobody lost any money because of the way the insurance industry setup absolutely and I think that's very very crucial to to think about because. That's not the case with the savings and loan crisis that's not the case with. Some of the companies that went under for the king in Zimbabwe hits for the occasion says partly that's a brighter earlier it's Ethiopia you know that I liked what that says. You've inherited. You know 200 million dollars and and we just need to place somewhere in into how who. Are you kidding somebody buys sonnet or they would be donut you know that is that is not due. It just yet dateline show they had about the years ago you think they tracked the guy tracked him down. And we did an interview them and everything you do it was comedic I should make a movie about it I think I can see Will Smith playing that role or something even. Well folks we are out of time this segment we enjoyed being with few it's it's a privilege and honor god bless you have a great weekend. This is Steve Lewis in great Elliott the prosperity.