Episode #39 - How Bonds Work with Todd & Nik
33:46
Todd Pisarczyk & Nik Miner
Don’t miss an episode. Subscribe today.
TRANSCRIPT
Welcome everybody to the Momentous Wealth Podcast, where we discuss current issues in the world of finance and break them down into understandable terms to further your education. Momentous Wealth Management is a financial planning and investment management firm based in Washington. We've been serving clients for more than 20 years, and on this show, we take that experience and put it to the microphone in an effort to educate investors in the complex world of finance and financial markets. Thanks for joining us today, everyone. Really excited about today's episode. I'm here with my associate and good friend, fellow advisor, Nik Miner. Hey everyone. We are talking about what I think is a pretty exciting topic today, and that's bonds riveting stuff. No, it's, it's actually really good. I mean, I think there's been so much news lately about the, you know, the fact that the Feds raised interest rates so much, and, you know, that's obviously caused a lot of problems for people paying interest on things like mortgages and car loans and things like that. But there is a good side of interest rates going up, and that's the fact that investors who have money to invest are earning much higher interest rates than they used to be on their cash in the bank and things like bonds and, and different types of inve investments like that.
So, yeah, I bet people don't even realize too, like with all the talk about the Fed raising interest rates, that there's a benefit to it. I think probably a lot of people think like, oh, houses and cars and my credit cards are more expensive. So it's, there's a good side to it. That is fun. Yeah. So that's what we're gonna hit today. We're gonna talk about the positives. The, the good part of interest rates going up is bonds. And, and bonds are an investment that I think is interesting because I really think that they're not necessarily misunderstood, but I think that people don't, they don't really pay that much attention to bonds. So what's interesting is a lot of our clients that come in, they have a general knowledge about the stock market and how it works, but when we start talking about bonds, a lot of investors really don't understand how they work or what they are. So the goal of today's podcast is to really break down what a bond is, how it works, and, and how they might fit in your portfolio. Cool. Yeah. So just a little bit more on interest rates. According to the Federal Reserve's website, back in March of 2002, the Fed funds rate was at 0%.
And basically from March of 2002 through today, the day that we're recording this podcast, which is on December 13th, 2023, interest rates have gone up steadily from March of 22 through today, from 0% to five point a half percent. So 5.5% is the current Fed funds rate. That's a pretty significant increase. The, the rate that the Fed increased interest rates was the fastest in history. Hmm. So, rates at the level of 5.5% are not the highest they've ever been, but it is the quickest that the Fed has ever raised interest rates. So when you hear about, you know, the Fed has raised rates at record levels, they're not talking about the, the level, they're talking about the speed at which the Fed had raised interest rates, as we just discussed, that has caused a lot of, you know, potential downsides to people, people paying interest. Well, new car loans, credit card loans. As we all know, mortgage interest rates have gone way up. But again, the good news is that interest rates on things that you can invest in have also gone up. Yeah. So if we look at things like bonds, interest rates have not been this high since, do you know when Nik, the eighties? Not quite that long. Darn it. Yeah, man, it's not as exciting. It's like, what you just did is my wife gets mad at me all the time for this.
'cause you know, she'll say like, guess whatever, and I throw out some extreme number. Yeah. And it's like, okay, well no, not that high. Yeah. Yeah. But no, rates have not been this high since 2007 on US treasury bonds. So, when we talk about interest rates, and when I quote that statistic, again, this is according to the, the Federal Reserve website, interest rates on treasuries have not been this high since 2007. Again, as of today, the interest rates on treasuries, and again, the, the purpose of this, because we don't know exactly the day this podcast is gonna be released. And so just realize that really what we're talking about, here's the concept, but we just wanna give you an idea of how much things have changed. But again, as of today, if we look at the US Treasury website, the US Treasury website actually will tell you what interest rates are on US treasuries. The three month treasury today is at 5.46%. The one year is at 5.14, and then the 10 year or five year is at 4.23%. So again, that's the highest rates have been on treasury since 2007. And why is, why is the treasury an important piece to look at? If there's like a lot of bonds out in the market, why, why are you mentioning the treasury? Yeah, so really great. Great question, Nik.
So the treasury, the US Treasury interest rates are kind of considered to be like the benchmark rate, right? So there's a lot of instruments, like for example, mortgage interest rates are based off of the interest rate of the 10 year treasury interest rates on treasuries. In the investment world, that's considered the quote unquote risk-free rate. Yeah. Okay. So when investors talk about interest rates and returns, so a lot of people even compare stock returns and say, okay, if the quote unquote risk free rate of treasuries is 4.2%, then you have to judge how much risk you'd like to take based on the potential return you stand to make over and above that rate. Yeah. Right. Because it's like, if I can invest my money again, quote unquote risk-free Yeah. At 4.2%, then if I'm gonna take risk, then I had better be earning something more than 4.2. Yeah. Now, I think it's funny, I, I chuckle because again, in the investment community, often the US treasury is still considered to be the safest investment in the world. Yeah. Right? Because it's backed by, it's backed by the full faith and credit of the US government, which again, up until recently, yeah, that sounds pretty good. But now people kind of chuckle like, oh, ha ha, really? Yeah. Okay, great. I, I feel better about if it was backed by Apple, maybe, who knows? Yeah. Yeah.
But that is an important question and that, that's a good jumping off point to what we're gonna talk about is the fact that that's, that's kind of the baseline. So if we think about it and say, okay, the Fed has raised interest rates to, the highest rates have been since 2007 that has caused interest rates on treasuries and other things to be at the highest levels they've been at in a really long time, you know, over 10 years. And so there is a potential opportunity for investors. And so disclosure, we're, the purpose of this podcast is not to recommend an investment. It's purely to just explain how bonds work. Because be now that interest rates are so high, there's a lot more attention being paid to bonds. Because over the last, you know, since the global financial crisis, the Fed lowered interest rates to 0% back during the global financial crisis of oh seven and oh eight. And really, because rates have been at zero, interest rates on bonds have not really been that attractive, right? So now that interest rates have gone up so much, interest rates on bonds and things like that are much more attractive. And so there's much more attention paid to them, and there's more investors asking about them. So our purpose today is to not recommend that you should or shouldn't buy bonds. Obviously you should consult with your financial advisor before making any decisions like that.
But our purpose today is purely just to explain how bonds work. Because what we love to do on this podcast is, is educate. And obviously with things going on in the bond market right now, we just think it's a good time to talk about bonds. Yeah. So, yeah. And while we're not recommending bonds, probably all of our listeners that are investors have bonds in their portfolio. And I think when we think about investing, we jump to stocks and we're like, ownership of a company. I am a shareholder in Coca-Cola, but if you look at your portfolio and you're like, I have bonds in there too, probably a lot of people are like, let's just explain the stocks to me. I don't know what that is. And Yeah. Yeah. It's a good point, Nik. When, when we do our reviews with clients, everybody wants to know how their stocks are due. No one's like, Hey, how are my bonds doing? Right? Yeah. Yeah. So, so let's, let's jump right in and let's, you know, now that we gave that great intro as to why in the world we're talking about this. Now let's talk about it. What in the world is a bond? So a bond is basically a loan. Yeah. So when companies issue bonds, they're basically looking for a loan. So let's continue to pick on the government. 'cause that's fun. Yeah. You know, the US government, they issue treasury bonds, right?
And so when you buy a treasury bond, you're basically giving a loan to the US government. So a lot of people, you know, for one kind of a side note, when people look at and say, you know, we have this national debt, like, where are we getting all this money? Well, a lot of it is bonds, you know, the government issues, bonds, and when you buy a bond, you're basically giving the government a loan. Okay. We're gonna describe in a little bit the different types of bonds out there. The US government is just one type of bond, but in reality, you can give loans to corporations, government agencies, municipalities, there's all sorts of places that issue bonds. But when you buy a bond, what you're doing is you're giving that entity a loan. Yeah. Okay. Generally, that loan is backed by some sort of collateral, and there's also credit ratings assigned to these bonds. So typically when you're giving this loan, typically that loan is backed by something, and there's also a credit rating attached to the bond, which we'll get into in a minute. So that you kind of have a general idea of how much risk is involved with the bond or the loan that you're giving. So yeah, think of this like a mortgage. Okay. So in an instance of a mortgage, you go to the bank and you have a credit rating, right?
And so the bank is going to set your interest rate based on your credit rating. Yeah. And then typically when you go to buy a home with a mortgage, as we know, if you default on your mortgage, you stop making payments, whatever, the bank can come in and they, they get to take your house back. Right? So it's, it's the same way as a, that's in general the same way a bond works, right? So there are credit rating agencies that go out and they assign credit ratings to these different entities that issue bonds. And then when the bond is issued, if something bad were to happen, the bond holders typically have some sort of collateral. And so in the, the liquidation process, like let's say worst case scenario, you know, the entity you buy a bond from goes bankrupt. The bond holders are paid back first before the stockholders. So that's why bonds are considered to be safer than stocks, because if something bad were to happen, the bond holders are, are made as whole or as close to whole as possible before the stockholders get, get any kind of money back. So, so that's why bonds are considered to be a little bit safer. We'll, we'll get into that in a minute. So, so here's how a bond works. Again, let's say you're going to buy US treasury, okay? So you can, you can buy bonds of all different maturities and links.
So earlier in the podcast we talked about the different interest rates being paid on US treasuries. But let's just say hypothetically, let's go back to that five year example. If you go and you buy a US treasury bond today, which again, by the time you listen to this podcast, rates will be different. Yeah. But when we're recording this, the interest rate on the five year treasury is 4.23%. Okay. So let's say hypothetically you go and you put a hundred thousand dollars in a five year bond paying 4.23%. Most of the time, the way that works, not always, but the way that most bonds work is you're gonna get a interest check for the 4.23%. So $4,230 in this example. And typically the way that breaks down is you're gonna get half of that amount every six months. Yeah. Okay. So you put your a hundred thousand dollars in, I say check, but in reality, that could be a check. Or in most cases, now you hold that bond in an investment account and you're gonna get that $4,230 a year, you know, paid into your account. And then at the end of five years, as long as the entity that you bought the bond from doesn't go bankrupt, you're gonna get your a hundred thousand dollars back. Which is an important distinguish from a mortgage because, like on an, or like a card loan or a credit card.
Because when you take a loan out from one of these places, you, when you make your payment back to them, there's a little bit of that principle and the interest. Yeah. Whereas a bond, you're getting just the interest and they're gonna say, I'll give you all of the principle all at once at the very end. Right. So those, those payments that you're receiving is just the interest. Yeah. Really great explanation. So, so that's how it works in general. Okay. We, in the financial world, like with a lot of things we, we like to overcomplicate things. Yeah. Would that be a fair way to describe it, would you say? Yeah, yeah. Or highlight the nuance and just getting people real confused. Yeah. Yeah. So in reality, that's how a bond works. And it's all very simple actually. Yeah. It's like you put your a hundred thousand dollars in, as long as the government doesn't go bankrupt and you're buying this US treasury, you get your nice $4,230 a year, and then at the end of five years you get your a hundred thousand dollars back and everybody's happy. Right? Yeah. I think one thing that makes it a little bit more complex for most people is the way that the loan is originated. Yeah.
In the sense that like, if you and me wanted to go get a loan for a car or a a mortgage, we approach the bank and we say, Hey, I would like to get a loan. Bonds are a little bit different. Yeah. Where you go to an entity and you'd say like, I wanna lend you some money. They didn't ask for it to be l Yeah. They're just this entity that's like, you can come and lend money to us at any point. It'd be like, if a car salesman came up to your house and was like, would you like to take on a car loan? You'd be like, no, I'm, I'm not looking for one. It, you know, it's like the credit card offers we get in the mail. Right? That's a great example. Yeah. So, so the other way that we complicate things is that, is that we, when you buy a bond, you typically are gonna buy that bond in your investment account and that bond's gonna show up on your statement. And every single day that you check your account or when you get your monthly statement, the value that we show you or that your investment firm shows you, is actually the value that you could sell your bond for today. So that's why sometimes with bonds, the way that I just explained it is truly how the bond works.
But the other factor that we have in there is, well, what if you wanna sell it early? Right? So you buy that five year treasury and let's say hypothetically that you don't wanna hold it for five years, or something happens and you need your money. Yeah. You can sell a bond anytime you want. Bonds typically are very liquid, especially if you're buying things like treasuries. But the way it works is you sell your bond at the current market value. Okay. And so, generally speaking, the value that we show you on your statement or your brokerage firm shows you, sorry, I keep saying we, that's the value that you could sell your bond for today if you wanna sell it early. Yeah. And that's sometimes what can complicate the picture for investors is they put a hundred thousand dollars in a bond and all of a sudden they get this statement and it kind of looks like a stock sometime. 'cause it's like, wait a minute, why? How come my statement says it's worth 99,000 or 105,000 or 90,000? I mean, I thought bonds were guaranteed. Right? Well, generally speaking, you're gonna get a statement that shows what the bond is worth if you had to sell it today. Okay. Yeah. So what is that based on? That number is based on several things, but the most, the most important factor typically is interest rates in the market.
So let's say hypothetically you buy that treasury at 4.23% and everything's great. And then let's say that a year later you wanna sell it. And in a year, over that year, let's say interest rates went down. So let's say the new five year treasuries are being issued at 4%. Okay. And you have this bond that's paying 4.23. Typically what that means is you get to sell your bond for more than what you paid for, or we call that a premium. Yeah. So you could actually sell your a hundred thousand dollars typically for more than a hundred than you bought it for. Yeah. But the same thing happens in reverse. Let's say that rates go up to 4.5% and now you want to sell your bond that's paying 4.23. And people are gonna say, wait a minute, why would I buy your junky old bond at 4.23 when the new fancy ones are paying 4.5? Yeah. You'd have to sell your bond at what we call a discount. Yeah. Okay. So that's why bonds can be a little bit more complex is just because of that, you know, what, if you wanna sell it early, right. But again, if you buy the bond, you hold it till maturity. As long as the issuer doesn't go bankrupt or something like that happens, you're, it, it's actually pretty simple the way that they work. Yeah. So that's how bonds work.
We talked a lot about the fact that, you know, there's, there are other types of bonds besides just US treasuries. There's a ton of them out there. But, and this is according to NerdWallet, which I just wanted primarily wanted to use that source. So I could say NerdWallet. I love that. I love that website. I love the name. They're very helpful. Yeah. But it's a great website according to NerdWallet, this episode is not sponsored by NerdWallet. No, no. Yeah, great point. We should make that very clear. Yeah. But if anyone knows anybody at NerdWallet, I'm, I'm just saying Nik, do you know the, the four most popular types of bonds? Ooh, should I give it a stab? Yeah, give it a shot. Corporate bonds, boom. Municipal bonds. Yes sir. Treasuries. Yeah. Government bonds. Government bonds. We give you that close enough. Yeah. Okay. Yeah. Ooh, it's a little bit of a trick question. Yeah. Gimme the fourth one. I don't wanna leave our listeners waiting, so you kind, you kind of got it. It's government agencies, so, okay. So, you know, government bonds are, like Nik said, like treasuries issued directly by the US government. But then there's government agency bonds where you're buying bonds through places like Ginnie Mae. Yeah. Agencies of the government. Gotcha. But they do categorize those into separate. Okay. Yeah, it's a little tricky. Yeah. So corporate bonds, you know, pretty, pretty self-explanatory. These are bonds issued by corporations.
So a lot of the same corporations that are publicly traded stocks also issued bonds. Yeah. Municipal bonds are issued by cities, states, local governments, oftentimes, not always, but oftentimes municipal bonds can be tax free. Okay. So the advantage to buying municipal bonds is that municipal bonds are typically, and again, not all of them are tax free, but a lot of, if not most municipal bonds or muni bonds are issued. And if you live in, well, depending upon the state you live in, but, but they're not subject to federal income tax. And then depending upon the state you live in might not also be subject to state income tax. So if you live in the state of Washington, where we are here, we don't have a state income tax. So we can buy municipal bonds from any state in the country. And because we don't have a state income tax, we obviously don't have to pay that. But then we also do not pay any federal income tax on the interest rates from municipal bonds if you live in the state of Oregon or California, along with others. But, you know, these are ones that we deal with commonly. If you buy a bond from, let's say you're an Oregon resident, you buy a bond from outside the state of Oregon, you've saved the federal tax, but you have to pay the state income tax. Same thing with California.
But if you buy a bond within the state you live in, so if you're an Oregon resident, you buy an Oregon bond, then you would not pay federal or state income tax. That's how that works. So typically municipal bonds, everybody's probably listening to, oh wow, great. I should buy municipal bonds. Well, there's a little bit of a catch. Typically the interest rates are lower. Yeah. Right. So, you know, right now municipal bond rates are, again, you know, depending upon, but you know, in general right now, a lot of them that we're seeing are kind of in the, in the threes, not the fours and fives like other bonds. And so really what you have to do is the math on what your tax bracket is to see if it makes sense to buy a municipal bond or taxable bond. If you're talking about money that's outside of your IRA. Yeah. If it's in your IRA, then none of this matters. 'cause you're actually not allowed to buy tax free municipal bonds inside of your IRA. But they do issue taxable municipal bonds, which can be placed inside of an IRA. But municipal bonds are bonds that are issued by municipalities. Yeah. Okay. A lot of municipal bonds can be, can be exciting. So I remember here in Vancouver, when they built the convention center, they issued a bond for it. Hmm.
So people were able to buy bonds or basically loan money to the city of Vancouver to build the convention center. Other municipal bonds are for sewer projects, bond utilities and things like that. Those tend to be less exciting, but oftentimes can be safer. Yeah. Right. And, and then sometimes you'll hear about hospital bonds or another popular type of municipal bond. Yeah. So, or there's bonds that are backed by revenue generating things like stadiums, toll bridges. So I wonder if there'll be like a bond for the new I five bridge. Ooh. Because you know, that's gonna be told. Yeah. And that thing's gonna cost, like, I think I heard $2 billion. Yeah. Wow. So they, they may say like, Hey, well we're gonna raise some of that money with bonds. Yeah. And in return, we'll pay the interest from the money that we collect from you as you drive all the way across. There you go. Yeah, there you go. So, you know, the last thing we want to address here is the topic of credit rating. So, you know, as we mentioned, bonds are typically assigned a credit rating, and that helps investors understand the, the, you know, the safety or lack of safety depending upon the bond that, that they're investing in. So the way that credit ratings work, because again, we like to make things not so simple. The, the highest credit rating is aaa. Yeah.
So it goes aa, AA minus plus aa, double A minus A plus A, A. Then triple B Are we talking about batteries? Here we are, yeah. Oh, talking about Duracell corporate bonds. No, but it goes all the way down from there. But triple B bonds and above are considered investment grade, which just means that they're, they're perceived to be on the safe end. So think of it like you have good credit. Yeah. Okay. So a bond with a rating of triple B or higher is considered investment grade. And, and really all that means is you're considered to have good credit. Yeah. Okay. And do those historically, do investment grade bonds? Do they ever default? Man, that's such a good question. I actually have a stat right here. Oh my gosh, I don't even have notes in front of me. Yeah. This is according to Charles Schwab as of September of 2023. Okay. Wow. So as of that day, over the last 15 years, the default rate on AAA bonds is 1.1% for the last 15 years on AA 1.4 and on a bonds it's 2.5. Wow. So that's the percentage of bonds over the last 15 years in those credit rating categories that have defaulted. Yeah. And the reason I like that statistic is it encompasses the global financial crisis. Really. I was gonna say, 'cause if we look back 15 years, what's that? 2008? Yeah.
And I'm like, well, what if we went back 16 years? Yeah. There were a lot of defaults back then. But even, even going through the global financial crisis, covid, everything else we went through, those are the default rates. So again, like with anything, just like with stocks, typically investors are best served if they're gonna invest money in bonds to diversify. It does happen though, as a bond holder. There's something else that we look at, which is called recovery rate. And you know, as we, we mentioned this a little bit earlier in the podcast, but as a bond holder, you are higher up the food chain than a stock investor. So if something does happen to the bond, and let's say that you happen to get, you know, in a situation where you're one of those 1.1 to 2.5% of bonds that default. Well, the good news there is that just like in the situation we talked about with a mortgage, if you are the bank and the borrower stops paying, you get to go in and take over the house. Same thing happens with these bonds, is there are bankruptcy proceedings and the bond, there is a process to make the bond holders as whole as possible. So, so typically investors have historically gotten back a good portion of what they had invested. Not, not all of it, but you know, depending upon the bonds and everything else, the recovery rates are very different.
But there is an amount that you would typically get back if something were to happen to the bond. But again, diversification is always key with these types of things. Just, just like with any investment. Yeah. Yeah. Yeah. So that's, that's bonds and really excited to talk about this today. 'cause again, it's really been a long time since bonds had their day in the sun. Yeah. And it's, I think moving forward in investment that, that people might be more interested in given the fact that rates are higher. So can I ask you a question about bonds from a little bit of, a little bit of application standpoint? Yeah, yeah. But not recommendation. Yeah. Right. So there's this distinction between bonds and stocks. When generally does somebody invest in bonds versus stocks? Yeah. Yeah. I mean, in general, you know, and again, this is very, very general, but typically if investors are wanting to diversify away from stocks, so bonds can be a good investment in a portfolio where you say, Hey, I don't put everything in stock, so what's a good way that I can diversify? You know, I can have some money in bonds. That's, that's typically a good alternative. Stocks. Another example would be somebody seeking income. You know, the nice thing about bonds is because of the interest rates they pay, that's really nice for an investor to generate a, you know, predictable income stream.
'cause if you go and, and you put money in a bond portfolio, and, and that's actually, I'm really glad you asked that, Nik, because I, I, I forgot that I actually had put together a, a stat and this one was really important and I just breezed right over. Well, let's hear it. Yeah. So on my piece of paper here, if you're not deaf from that Yeah. By the way, I am doing that on a mic on purpose. So you all know that I actually am looking at this on paper. Yeah. So again, this is according to our friends at Eaton Vance. So they have a, a, a tool that we can use that gives us an, it's just an estimate, right. But, but again, i, I did this today in preparation for the podcast. And you know, typically when you buy bonds, like we said, we, we talk a lot about diversification. And so, you know, not only do investors typically diversify in the types of bonds they buy, so maybe I'll buy some corporate, some government, government agencies, et cetera. But they also diversify in length of maturity. Right? So a strategy that a lot of bond investors use is called a bond ladder. Okay. And, and all that means is in, when you're sitting there going, well, I don't know what I should do. Should I buy bonds that mature in one year or five years or whatever?
Well, you can, you can invest in a laddered strategy. And all that means is that you're gonna buy bonds that mature in one year, two, year three. You're gonna diversify that. And what that does is it diversifies your reinvestment risk. Oh, okay. Yeah. Okay. 'cause if you put all your money in bonds that mature in five years, think of it this way. You don't know what interest rates are gonna be in five years. And you are, you're subjecting yourself to the risk of what are interest rates at the time that you have to go reinvest all that bond money, right? Yeah. So a bond ladder helps you diversify away from that risk. But if you were to invest in a bond ladder today of one to 10 years, bonds that are all investment grade or above, so these, this would be a bond ladder from one to 10 years of bonds that are, you know, triple A, double A, A and triple B. So all investment those bonds. Exactly. Yeah. No junk, no high yield. Yeah. The interest rate today, the average rate you'd get is 5.47%. Wow. Okay. Okay. So again, that, that will change by the time we do this podcast, that rate will be totally different. That's just what it is today for illustrative purposes only. Yeah. But to answer your question, Nik, why would investors potentially look at bonds? Another reason is income. Yeah.
'cause if I put, you know, a hundred thousand dollars, or let's say, let's make the math bigger. I got a million dollars in a bond portfolio paying 5.47%, that would be over $54,000 a year of income that I could, you know, count on as long as the, the bonds don't go bankrupt. Right? Yeah. Which, anyways, so that, that's another reason is diversification away from stocks and then also, you know, the ability to, to generate income. So we tend to see investors that are getting closer to retirement or in retirement, again, very general, those are the types of investors that tend to have more on bonds. But yeah, from a practical standpoint, you know, I think that that investors just looking to diversify their portfolio, even if they're young. I can speak to myself, this is something I can say, yeah. I have about 20% of my portfolio in bonds. Not a recommendation. It's just that, you know, I, I believe that I shouldn't have all my money in the stock market, and I have some money in bonds just in case, you know, something crazy happens in the market and I need access to money and, and you know, I don't have the, the time to let, if I have stocks and the stocks go down and, and I don't have to, you know, have time, the time to let them recover and Yeah. You know, whatever.
So I need to put braces on my daughter, actually, she just got her braces off. So Yeah. Thanks Bonds. Yeah. Every time you see Macy smile, you can think of your bonds, think the bond market. Yeah. So anyway. That's great. Great. So thanks for listening to the podcast, everyone. You know, one thing we, we'd love for you to consider to, you know, subscribe to the podcast. There's all these buttons you can click at the end to, you know, to, to give us some feedback. So we'd love to hear that from you. Just start clicking buttons. There you go. You only hit a subscribe button. Yeah. Thanks for joining us, hope. Hope you have a great day. See y'all in the next one. The opinions expressed in this podcast are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or specific security. It is only intended to provide education about the financial industry to determine which investments may be appropriate for you. Consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember, investing involves risk and possible loss of principal capital. Please seek advice from a licensed professional. Momentous Wealth Management Inc. Is a registered investment advisor.
Advisory services are only offered to clients or prospective clients where Momentous Wealth Management Inc. And its representatives are properly licensed or exempt from licensure. No advice may be rendered by Momentous Wealth Management, Inc. Unless a client service agreement is in place.