Don’t fast forward! No matter what you’ve heard (from extended family who shall remain nameless), we promise it only gets better! This week’s episode of The Retirement Equals Freedom Podcast features Host Josh Bretl, founder of FSR Wealth, taking a deep dive into the sexy world of … bonds. Co-host Dave Schmidt is along for the ride, with some questionable “Bonds, James Bonds” riffs.

You’ll learn what bonds are, why they are typically an important component of balanced investment portfolios, how certain economic anomalies have shaped their returns over recent decades and whether now is the time to consider buying, selling or looking for alternatives.

It’s everything you’ve always wanted to know about the nuts and bolts of bonds, but were afraid to ask! Who knew the concept of an “inverse relationship” could be so exciting? Almost as riveting as looking at the sales tax total after a day of back-to-school shopping (#TaxNerd)?

Enjoy this chat about a subject that would undoubtedly be a yawn in the hands of anyone less skilled and entertaining! It’s Bonds, Baby!

This episode was fueled by Cometeer Coffee, both iced and hot!

Click here to learn more about or listen to previous episodes of The Retirement Equals Freedom Podcast. Don’t forget to sign up for the show’s weekly club email at this link and definitely come join our new private Facebook group, which you can find here.

Click here to explore the services that FSR Wealth Strategies offers and schedule a discovery call with one of the team’s CPAs. When it comes to living your best life, it’s never too early to get started!

Bonds are important.

They are part of people's portfolio, but for a

lot of people in today's environment, analyze what

the purpose of that bond is.

And is there something you could be doing differently?

Today, we're taking a deep dive into

the sexy world of bonds?

Yeah.

Today you're gonna learn all about bonds.

Why they are typically an important component of a

balance investment portfolio.

How certain economic anomalies have shaped bond

returns over recent decades.

And whether now is it time to consider buying, selling,

or looking for alternatives?

We make bonds fun.

I mean come on, who knew the concept of an

inverse relationship could be so exciting.

Why?

Because they're bonds, baby.

This is the Retirement Equals Freedom Podcast.

Your host, Josh Bretl, is the owner of FSR Wealth Strategies.

For the last few decades, he's been helping fine folks like

you thrive in their retirement.

Me?

I'm Dave.

Josh's longtime friend, co-host, and fan of 80s sitcoms.

I'm here to keep the show fun and lighthearted.

So now let me, let you, let me end this introduction,

so you can enjoy the show all about bonds, baby!

FSR Wealth Management is a registered investment advisor

located in Elmhurst, Illinois.

Information and opinions contained in this audio

have been arrived at by FSR Wealth advisors.

All information herein is for informational purposes

and should not be construed as investment advice.

It does not constitute an offer, a solicitation or recommendation

to purchase any security.

FSR is not providing legal, tax, accounting, or financial

planning advice in this audio.

These views are as of the date of this publication

and are subject to change.

Hold on, let me hit my timer before you get going.

Oh, yeah, you want to have a timer,

just so we don't chat like little school girls.

Hey, didn't somebody say we sound like a couple

of high school giggly girls or something, Josh?

We had an event with some clients, and one

of our clients who was there, her husband couldn't make

it, this is Diane and Glen.

Diane and Glen are some of my favorite people.

When they come in, we always laugh.

We have a great time.

I love talking to them.

And we had this client event and Diane came, but

Glen couldn't be there.

And this client event was funny, we'll talk about

it here in a second.

But Diane said that she was listening to our podcast

before she came to the event.

And that Glen walked through the room, and said that

the two of us sound like giggling little school girls.

And that was one of the variety of weird conversations about

the podcast we had that night.

Is it odd that I'm somewhat

flattered by that comment?

Yeah, I understand.

I mean, I think a lot of it is sometimes I feel like a giggling

school girl, as you say stuff.

I wonder, because I don't know if your clients

have seen this side of you, but your laugh-and I've referenced

it in previous episodes.

Apparently.

It's a good laugh.

But there are certain things people have referenced, like

they've enjoyed listening to our stories growing up.

I know you so well that you tell a story, and I know what's

coming and I just start laughing because I know what's coming.

You sound like Scoob, "Waggy."

So we had this client event and there was

not that many, we had only had a small handful there.

But it was the first time that multiple people

referenced the podcast to us.

So it was kind of fun to go to an event.

Now, some people absolutely loved all the witty repertoire,

the witty banter that we have at the beginning.

And then I talked to my sister, whose father-in-law is a

client of ours, and he told my sister he's learned how to fast

forward through all of this.

I mean, look, we're not

everybody's cup of tea.

No, but there's something about us that

everyone's going to like.

Yeah.

Do you want to introduce our special guest

in the studio today?

This is the second time the special guest is

joining us in the studio.

And the first time it went so well, we actually

scrapped the whole episode.

No pressure.

So we have Erin from my office here today.

Erin's an advisor with us.

She's been with us over five years now, almost six?

Almost six.

But Erin and I work very closely together on a lot of different

clients, and she knows my brain better than most people.

And she's helping us come up with some additional increased

content for the podcast, so that Dave doesn't have to,

not you Dave, Dave, sister's-

Oh, yes, sister's father-in-law.

-father-in-law doesn't have to fast forward

through all the stuff, and he can have more good

stuff to listen to there.

Yeah.

But I think the pizza party event was great, but I think

coming out of it, we all learned the most important

thing is that I have fans amongst your clientele.

It was really funny, we talked about this the next

day, and there was about five people from my office there

and I introduced everybody.

And the biggest applause went to you, which is really freaky.

And it's kind of the way it should be, if

you think about it.

I do bring the most-

You do.

-to this whole endeavor.

You do.

Now, I don't want to mention any clients by name

in case they're listening, but they did request a autographed

t-shirt with my big head on it.

So next event, I'm going to have to handle those out.

Josh, can you finance those for me please?

Not a chance.

Oh, come on.

Not a chance.

What if it says hashtag tax nerd on it?

Maybe, that.

So speaking of hashtag tax nerd, it is back-to-school

time right now.

hashtag tax nerd.

Hi, Al.

It is back-to-school time, and Missy and I took the kids

back to school shopping last weekend to buy some clothes.

And we're at Old Navy and we went to check out, we bought

a whole slew of clothes, and the cash register has one

of those little things where you can see all the stuff

ringing up and they give your sub total at the bottom.

And it shows you the tax next to it, like subtotal, tax, total.

Oh yeah.

And Alex is mesmerized by this.

So there's a little eight-year-old boy staring

at this stuff, ringing it up.

Now, first off he's mesmerized because kids,

at least my kids, have no concept of what things cost.

Nope.

So seeing that shirt was $5 and those pans were 11,

to him, that was fascinating.

But then he looks, he goes, "Dad it's tax.

It says, tax, dad look at all the tax."

He was so excited.

The cashier looked at him like, "Who is this kid?

What is he doing?"

And so he looked at her and he goes, "I love

talking about taxes."

No, he didn't.

He did.

It was so cute.

What do Zach and Maggie do in these situations?

They just roll their eyes out of them.

It's just there.

But they each have their moments, but, no, Alex

loves talking about taxes.

Oh, man.

I don't know about you, but I hear it back-to-school,

and I think Billy Madison, you know what I'm talking

about, " Back-to-school, back-to-school, to prove to

daddy that I'm not a fool."

Come on, it's epic.

Movie quotes, I'm not the person you

want to talk to about that-

"I got my lunch packed up, my boots tied tight."

Okay.

I'll stop.

Well, in your house is big, too, because

Landon's going back to-

Second grade.

-second grade.

And your wife being a teacher.

She's now back in school all the time.

I do not like this schedule.

I like them home.

I feel like I can be less productive and

not feel so guilty.

I asked Dave if he could come in on Friday

morning, because I wanted to do some things with him.

And he goes, "Oh, now I'm very busy.

I have to take the dog to get it groomed."

And I was like, "Oh, good God."

Dave Schmidt:

Listen, I'm bougie.

Dave Schmidt:

All right, you have to adapt to my lifestyle, Josh.

Dave Schmidt:

Yeah.

Dave Schmidt:

What?

Dave Schmidt:

What is that time, Josh?

Dave Schmidt:

What?

Dave Schmidt:

Okay.

Dave Schmidt:

Hey, Mr.

Dave Schmidt:

Josh, let's take a break.

Dave Schmidt:

You've been talking for so long and my ears are sore.

Dave Schmidt:

Let's not make them snore.

Dave Schmidt:

Listening shouldn't be a chore.

Dave Schmidt:

So let's get to know Josh and David and

Dave Schmidt:

watch our ratings soar.

Dave Schmidt:

Oh, yeah.

So walking around the office, sometimes my

father will sing, "David relates to retirees."

Yep.

Or my uncle or somebody here

in the office will.

When he walks around singing that song, then I'll know-

We've made it.

We've made it.

Part of the reason we had Erin in the

room was so that we could look at her and she'd be like,

"Okay, you guys are rambling."

Well, we're at eight minutes now.

And Erin has not helped us at all, today.

Well, I guess it's better than 15.

That's true.

Okay, your turn to read the question, Josh.

Cool.

All right, so the question is my turn to pick your

question, and I saw this and I immediately know your answer.

Oh, come on.

Okay.

I immediately know your answer.

Am I that predictable or just that simple?

With this one?

Yeah.

You're that predictable.

Okay.

All right.

All right, Dave-

Yes.

-if you were out at dinner with no

cash, what would you do or say to get the bill paid?

You think you know me on this one, huh?

I think I've lived through this one

multiple times with you.

For the last, say, 26 years.

Mm-hmm.

It's pretty much, I think, how we became friends.

I would give my puppy dog eyes to the

waiter or waitress, and just say, " I forgot my wallet."

And then you'd look at me, or anybody

else who's around you, and you'd go, "Good God."

It's true.

And down goes our credit card, y'all.

Down goes your credit card.

If it's not you, it's our friend Q.

If it's not Q, it's Carla.

And she's like-

Well, she's married to you.

Yeah, but-

I like how me and Matt came up before Carla.

Oh, absolutely.

So, yeah, no, Josh, you always have your wallet on

you, I know that for a fact.

This is my biggest nightmare.

Really?

Buying something or going through a transaction

and the party completing their end, and I can't complete mine.

I will do everything in my power, so I

don't let that happen.

Okay.

But what if it did happen?

Would you leave when your children behind as collateral?

I don't know if I'd leave a child, but I would

definitely leave collateral and come right back with the money.

Like your license or something?

Yes, something.

Something, I would be mortally embarrassed by In fact, as

a kid, we used to go out for dinner a lot, and my father

would entertain different people or go out for dinner.

And I remember when we were out with other families, I would

ask him, "How do you decide who gets to pay the bill?"

And he says, "I have a two second rule.

If that check sits on the table for more than

two seconds, I'm going to pick it up, hands down."

Oh, that's why your dad's always my favorite.

Well, he also said, "If it happens a second time,

that's my last meal with them."

Oh, wow.

So it goes back and forth.

That's good.

See, my answer was nice and simple.

Yours was like...

Why must you needlessly complicate everything.

Again, you had to tell the story behind it.

I did.

It makes more sense that way.

Josh, what are we talking about today, buddy?

Well, today's topic is dry, boring, it's

really something that it's not a lot of fun to talk about,

but I think I can make it fun.

Bonds, baby.

I have a story about bonds.

You do.

I bet it will gain a lot of interest.

Thank you to Steve in your office for that one.

Did you like that one, Erin?

Yeah.

Thanks.

She didn't laugh.

See, I can't turn my head that way.

Bonds are something we typically find in a lot

of people's portfolios.

Most people think of stocks and bonds, "I've

got stocks and bonds in my portfolio," and that is a very

traditional thing to have.

So I wanted to spend some time talking about bonds.

And I wanted to talk about what their purpose is inside

of someone's portfolio.

And then talk about if they're good right now,

if there's something else we should be looking for.

Because they play a huge role and they're almost

never talked about.

Bond, James Bond.

Everyone's thinking it.

I think James Bond gets more

conversation than people's bonds in their portfolio.

I'm already half asleep just from

hearing the word bonds.

At some point in time, you know how you say

a word over and over again, and by like the eighth time

you're like, "That doesn't sound like the right word."

I think that will be by the end of this.

That's like me with wallet and paying.

What?

That's right.

Sorry.

Continue on.

For a bond, people who will have a percentage

of bonds in their portfolio, and they'll have the 50/50

portfolio, a 60/40 portfolio, and one of those numbers

references the amount of bonds in a portfolio, the amount of

fixed income in a portfolio.

I'm going to try to make bonds interesting.

Yeah.

Good luck with that.

All right, here we go.

What is a bond?

And I'm going to start by comparing it to what a stock is.

Because most people think, "Hey, I know what a stock is."

And a stock is when you own part of a company.

And I'm going to use the company IBM as an example.

It's my go-to example, because I know they have

both stocks and bonds.

So if you buy some of IBM's stock, you are buying a small,

very small percentage of ownership in that company.

So if IBM does well, your stock does well.

If IBM does poorly, your stock does poorly.

You understand that?

That makes sense to even me.

Yep.

Well, that's my goal.

What a bond is, is a bond is you are actually taking some of your

money and loaning it to that company or that municipality.

So instead of taking your $10,000 and buying ownership

in IBM, you're taking $10,000 and loaning money to IBM.

Now, a bond, they're giving you back this piece of paper or this

promise of really what it is, and it's going to promise two

things, it's going to promise that at the end of the term,

you'll get your money back.

So the term traditionally is 30 years, but the term could

be anywhere from five years to 10 years to 30 years.

Traditionally, it's 30 years and then go longer actually.

But 30 years is a normal time period.

So they say, "At the end of this time, you'll

get your money back."

And IBM will pay you that money back.

Now over that time period, while they're holding onto your

money, they're going to pay you interest, and they're going to

state what the interest rate is.

So they say, "Hey, this is going to be a three percent, 30 year

bond," whatever it might be.

So what that means is they're going to pay you three

percent for the next 30 years.

As opposed to your investment going up and down based

upon how well IBM does, now, you're just getting that

interest rate that comes back.

And there's different types of bonds.

And-

Well, can I ask you a question first?

Sure.

Bonds, can you, A, break them?

Can you end the-

It's an unbreakable bond.

Is it?

Yes.

We can.

No, we'll talk about that.

Oh, okay.

Okay.

Sorry for jumping in.

No, that's a good question.

I can't remember the second question.

We'll talk about breaking bonds

here in a little bit.

But let's talk about the different types, there's a

small nuancey difference.

There's corporate bonds, those are loaning

money to a corporation.

There are municipal bonds, those are loaning

money to municipality.

So a lot of times park districts and cities and highways and

school districts will sell bonds in order to pay for something.

That's how they raise money.

There's also government bonds, so we're talking about treasury

bonds, where the US government will actually borrow money and

pay you interest in return.

Is that like the good old savings bonds?

Savings bonds.

Yeah.

Savings bonds are government bonds, EE bonds.

There's all sorts of different bonds.

And those are very common inside of a portfolio.

Didn't Erin say, grandma used to buy

her a bunch of savings bonds, when she was a kid?

Yeah, as a child, Erin talked about

getting these savings bonds.

There's a lot of people that bought savings bonds.

We have a lot of clients that for every year, for the first

20 years of their marriage, they would buy $20 in savings

bonds, or whatever it might be.

And now they have this wad of savings bonds that they actually

have no idea what to do with.

So that's one concept of the bond.

The more traditional one we see the corporate

bonds that are out there.

Those are a lot more often in inside of people's portfolios.

But what is the purpose of the bond?

I promise breaking the bonds, I'll get back to here in a

second, but the purpose you own a stock inside of a portfolio

is so that it can grow.

Now it goes up and it goes down.

But the purpose of a bond is to provide downside protection.

Dave Schmidt:

Downside protection.

So IBM, when IBM goes down in value, in

theory, that bond shouldn't go down because they're

going to get your money back.

At some point in time.

It's a fixed-

It's a fixed-

-interest rate.

-number.

You're going to get that money back.

And also at the same time to pay interest as the time goes by.

So IBM's going to pay you three percent.

So it's provide a percentage of your portfolio to have

downside protection and pay you interest along the way.

Now you didn't realize this, but can you break

a bond is a great point, because bonds are sellable.

So the company itself or the corporation or the government

entity, they can't break a bond.

It's their contractual guarantee.

I see.

Now if they do that is called a

bond going into default.

And that company pretty much goes out of business.

And then you are SOL, that money is gone.

Yeah, that money is gone.

If a company can't pay their money back, like

their bond principle back, that money's gone.

So they can't break that contract and they don't

want to, because their company's gone at that point.

But you can get out of that contract.

You can sell that contract to somebody else and we

have a free market system.

And so you could sell your bond to Erin.

You could sell it to anybody who who's out there, it

doesn't really matter.

In essence, it is breakable, but what Erin pays you

is going to be dependent what the market pays.

So here's where bonds are so goofy.

Right now, we are in a rising interest rate environment.

It is the first time in, literally, our lifetime that we

have seen rising interest rates.

And we expect them to stick around for quite some time.

And that's to help with inflation.

Yeah, there's-

one of the reasons.

-all sorts of reasons that interest rates

rise, but one of those reasons to help with inflation.

But one of it's because rates were so darn low, they

have to go up a little bit.

Let's talk about that.

So right now, if I'm IBM and you come to me and

you buy a bond, and I say, "We're paying three percent.

That's great.

Now normal bond pricing's a $100,000.

You give me a 100,000, I'm going to promise to

pay you three percent."

But you want to break your bond, and now Erin

wants to buy a bond.

So she has a choice.

She can come to me, and as IBM, and say, "Hey, IBM, I

want to buy one of your bonds."

And I'll say, "Great, now we're paying four percent."

I'm still paying you three, but Erin I can pay

four, because that's what the going market rate is.

Well, she has a choice.

She can pay me the 100,000, I pay her the four percent,

as IBM, or she can go to you, because you're looking

to get out of your bond now.

You're looking to break that bond.

And she'll say, "Hey, I'll buy your bond from you,

but IBM's now paying four.

I'm not going to give you a $100,000.

I'll buy it from you, but I'm only going to take, say,

90,000," hypothetically.

And you have a choice, you can take it or not take it.

And the reverse is true.

If I'm only paying two percent now as IBM, she can take my two

percent or she can come to you.

But you're so smart, you're going to say, "Hey,

IBM's only paying two.

You can have it, but I'm not giving it to you for a 100.

Now it's going to be $110,000."

Does

Makes sense.

And in my head I'm thinking, "Oh, there's got to be

like an eBay for bonds."

There is a bond market.

In fact, people think how big the stock-I mean, eBay has a

market to buy and sell stock.

There is a bond market and the bond market is drastically

bigger than the stock market.

So people think the stock market's this

huge, ginormous entity.

Yeah.

Well the bond market from a lot of estimates is 10 times

bigger than the stock market.

How does one go about selling or buying a bond?

Do you have to go through a broker or something?

You can do it the same way, I mean, inside

your Fidelity accounts.

I mean, there's all sorts of ways to do it.

Pretty much the same way, I should say, a very

similar way to the way you buy and sell a stock, you

can buy and sell a bond.

Now, most people don't buy individual bonds.

Most people are buying bond ETFs or bond mutual funds.

It's a much more cost effective way to do that

than buying one bond.

So I'm not recommending that, but that's just the

way most people do it.

The big thing with bonds right now is you have to

realize that bonds operate what they call it, inverse

relationship to interest rates.

Inverse means it's going the opposite direction.

So if interest rates are falling, they're

going down, bond prices mathematically have to go up.

Oh, I see.

As interest rates rise, bond prices

mathematically have to fall.

Does that make sense?

Yeah.

So let me get back to the very beginning

of what I said, what is the purpose of a bond?

And we have been warning people of this for the

last four or five years.

The purpose of a bond is to protect in a downside

environment, the down market turn, and to provide

decent interest rates.

We're in a really weird time right now, where interest rates

are still really darn low.

So they're not paying much interest rates.

And as interest rates rise, mathematically, the value

of that bond has to fall.

Has to fall.

So we've been telling people for years,

we've been looking for, what we call, bond alternatives.

What can we do that can provide that same purpose

inside of your portfolio that aren't priced with an inverse

relationship to interest rates?

Off the top of my head.

I can think of a few Bond alternatives.

There's like Jack Reacher.

There's Jack Ryan.

I'm not a movie person, and I

knew you were going-

seriously.

Am I not that predictable now?

Oh man, you had a little smile on your face.

It was a James Bond-ish smile.

Shoot, John Wick.

Oh, man.

I was hoping I could-all right.

But bonds are important.

They are part of people's portfolio, but for a

lot of people in today's environment analyze what

the purpose of that bond is.

And is there something you could be doing differently?

hope it's a little bit of education in

a very boring topic.

But I would like to, and I think we should do this

in a future podcast, talk about how that bond impacts

a typical portfolio.

And things-

You mentioned 60/40.

Yeah.

We're talking about the 60/40 portfolio and things like that.

So, boy, if that's not a teaser for our future podcast, I

don't know what it is, but..

I mean, here, we have a legend here folks.

We have a guy that can make taxes just fascinating.

And now he's making bonds just so spectacular,

I can't even analyze.

Isn't my wife lucky?

Yeah.

Well, let's move on to something different.

Dave relates to retirees.

I have no idea what you're going

to do with this one.

You don't.

I just talked right over the end of

your little intro, too.

Yeah.

Don't worry.

You know what, Josh?

I'm used to you-you're so entitled.

You're like, "Oh, I'm going to buy this guy lunch and then I

can just talk over his segment."

That's just rude.

You told me earlier that I listen really well.

I take it back.

Apparently, I can just talk over stuff.

I need to be heard now.

All right, Dave relates to retirees.

Bonds, man, this is a tough one, because I got to admit,

I was kind of sleeping through half the episode here.

But I can go two different paths with this.

I think back in the day, I owned a lot of baseball cards.

And so my friends and I would trade baseball cards.

And you'd be like, "Hey, I want this Roger Clemens.

I got three different-"

was this pre-steroids or post

steroids Roger Clemens?

Oh, this is pre-steroids.

And again, back in the '90s and '80s, when we were doing this,

it was cool to take steroids,

Sammy, how you doing buddy?

Sammy.

So I mean, I can relate to retirees.

This all bond trading thing, this thing is fascinating to me.

You just go on Fidelity, whatever Fidelity is, and

just trade stuff like that.

So you're thinking Fidelity as a card shop.

It's like the Beckett, remember the

Beckett Magazine that had-

yes.

-values of cards.

So I mean, yeah, that's kind of how I'm relating

this whole thing.

Also, my action figures that we brought up a few episodes ago,

those are my version of bonds.

This is a little bit of a stretch here, but the interest

may not be a financial or monetary interest, but I'll

go down in my basement, on a lonely Friday, night and just

be like, "Wow, those are really cool looking action figures."

And that's what I get out of it.

And then, hey, I guess someday, somebody who's nerdier than

me, there are bigger nerds out there can be like, "Dave-

hashtag tax nerd.

-I want that Sleepy Hollow figuring.

I can't buy it on the normal market.

Can you sell to me on the black market?

I'll give you more money."

And with that, Josh-

that's how you related, huh?

Yeah.

Dave relates to retirees.

Boy, if you listen in your car, Dave,

doesn't edit that down, you just got blown out there.

I am sorry people.

I had no idea.

I had no idea.

Oh, Dave just ate the microphone and sang at

the top of his lung into it.

And now insert the full house music.

So I think you had the right start there, in

your Dave relates to retirees, because a bond is something

that you're going to put money in that's going to serve

some sort of purpose to you.

Now, I'm big on purpose, what is the purpose of the

money, of the dollar, of your life, of your retirement?

And for you, those action figures and those baseball

cards serve a purpose.

Those action figures are something that you think

is going to grow in value.

And you really want to sit there and look at Now-

a bond is not something that you're going to go down to on a

Friday night and go, "Ooh, how cute I remember Sleepy Hollow."

In fact, you're probably never, ever going to look

at your bond, except on your monthly statement.

But a bond serves a purpose as well.

And they're both a spot that you can stick and store money.

Now, from a standpoint of the last few years, where we've

told people a bond is not a good spot to have money, for most

people, I'd probably say the same thing about Sleepy Hollow

action figure or figurines, but that's neither here nor there.

That's a fair assessment.

It's a fair assessment.

But there's a purpose behind it.

And the fact of the matter is that there's somewhere

that you can put your money.

Now, a bond is much more a retirement vehicle and

an investment vehicle that it's traditional out there.

And your Sleepy Hollow figurines, while

they make you happy-

They do.

-there's a chance of default on them as well.

I garner interest from Landon's friends, if

that makes me any cooler-

That's true.

You always want to be the cool dad in the neighborhood.

I am definitely the cool dad.

So sometimes I feel like I go soft and fluffy on

these things, but that's the purpose you have for the money.

Now for retirees, the purpose of that money is to be there

for the rest of their lives.

I would argue that an action figure or maybe even a bond,

right now, may not be somewhere that they want to have a

large portion of their assets.

There could be some additional different places,

some alternatives that might benefit them more.

Like subscription to Cometeer coffee.

You do have your Cometeer cup today.

I do.

I've seen you bang that against the

table multiple times, and-

I know.

-so if you guys are hearing-

I've hit the microphone.

-metal into the microphone today, that

would be Dave's coffee cup.

At least I didn't...

Good God.

I do love the slurps.

Bonds, man, this is invigorating.

I want to go open up a Fidelity account.

I don't even know what that is, but I want one.

Just so you can buy bonds.

To stare at bonds all day.

Well, it's really important that I don't make

recommendations in this podcast, because I don't know people

who are listening well enough.

Now I do know you well enough.

Do not go, David, and open a Fidelity account to buy bonds.

What if you do it for me?

No.

No, even then.

But, no, that's the story of bonds.

It's not a fun topic, but it is something that is

important, and is in a lot of people's different portfolios.

Cool, Josh.

I know you mentioned it, I think I am going to be privileged to

doing another episode on bonds here with you in the future.

Oh, man.

Bonds times two, what could be more fun?

James, Jimmy Bond.

No?

That works.

Jimmy.

Jimmy.

Dave, the Retirement Equals Freedom Podcast club, which

you rolled out a few episodes ago, is really growing.

Dave this week, once again, love for people to go to

the fsrwealth.com/podcast website, and sign up for

our podcast club emails.

That way you can get all of the fun notes that come with this,

and you can see all of our show notes on the website itself.

You're doing an amazing job on it.

Well, I appreciate that, Josh.

And I know that the people that are opening the emails, they

are the ones that are listening, because it's just convenient.

I'll send you an email with direct links right to the

episode, bada boom, bada bing, and you get to have

the privilege of hearing Josh and I talk about bonds, man.

Bonds, baby.

And we'll sign off by saying, Deb, this is for you.

Bye.

Bye.

Bonds.

Why?