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Morgen Rochard

lines on the record: 78
first: 2022-04-27
most recent: 2022-04-27
sittings or episodes: 1
sources: podcast

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“And we also, my husband and I run a podcast called Bitcoin for Advisors. It was meant for financial advisors to learn about Bitcoin. But what we've found is that. Lots of people really enjoy it, so you don't have to be an advisor to listen to it. And I also offer financial consulting.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, thanks. So you can find me on Twitter. I'm at Morgan with an E Rochard. You can also find my firm. It's called Origin Wealth Advisors. That's Origin W-A.com. I also wrote a book. It's called The Personal Finance Quick Start Guide. If you liked what we talked about on this podcast, then you'll love my book. The biggest complaint about my book is that it's not a quick start guide because it's 350 pages. So it's more like a CFP textbook, but it's really a lot more fun. I promise you.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, that's the whole reason why our entire financial picture is separate is because every year I buy Jimmy, you know, something for his birthday and I'm afraid he's going to check the statement. But really what they're saying is I don't want somebody telling me what to do. I want to have complete control over my financial situation, whether I'm married or like, you know, my situation be damned. And I think that people get really bad advice from financial advisors and planners and lawyers and accountants about these things because there's the legal liability in the United States where they're like, oh, you should keep things separate because, you know, just in case one of you is sued, you won't lose all your money. You know, at least one of you will still have money. But for like 99.9% of people, it's completely irrelevant, right? It causes so much strife to like protect against the situation that really for most people doesn't even exist. And instead, you live this married single lifestyle. So I would say most people probably don't.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bills, or they go back and forth about who paid the check last, or they split their rent in a weird way, or they have separate accounts and they like to say things like, oh, I just don't want my spouse to know what I'm going to buy him for his birthday. Or I didn't want my wife to know that I spent a little extra on ammo, right? Things like that. They say like innocuously, like.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I think that people tend to be something that I like to call married single. Married single to me is when two people get married but they live single lives. And the more that our society goes in a material direction where everything is me, me, me all the time, the more people come together, get married, and they live these single lives. And it's portrayed very deeply in their finances. Married married people combine their finances. They do things together. They make decisions together. They don't think of the pot as my husband made this and I made, you know, my wife made that. And therefore, you know, as the person who made 72% of the income I get to spend 72% on so-and-so, married, married people go out to dinner and one person pays the check because they're married. And it's not about who put the credit card down or who put the cash down, right? Married single people split.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I just can't in good conscience have people be in anything longer than a five-year bond at this point. And so It's a rough position though to be in because I mean I'm very fortunate in the regard that I am the median age of my practice is 41 of people who I who are boomers in my practice we're probably talking about 10% so like I'm focused hyper focused on this for maybe 10 of my client base but for the majority of my client base this isn't even a thing because we're pretty close to 100 equity or equity bitcoin right and I use equity loosely as a term of just including risk type assets so but I think for the average financial advisor who is dealing with this who has a lot of retirees I mean this is a major issue and it's unprecedented and you need to be having serious conversations with retirees about how you're going to reallocate their assets and again I would be doing the same thing of thinking of how long their time horizon really is because somebody who's 65 doesn't have this time horizon that requires them to be 75 in bonds it just doesn't so the education portion with your client needs to be about why they need to hold”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Let's be honest. So, in my practice, we like to do something called asset liability matching. And what asset liability matching means is we set aside a cash and short-term bonds as a means for paying for things over a short period of time, short-term goal, starting a business, funding college education that's very close by, you know, doing your trip around the world that you always wanted to do in two years, buying a house, right? These are things that come to mind where you would maybe want to have a portion of your portfolio in cash and bonds. Everything else, we are trying to push people to the edges of their wrist torns to basically invest the rest of it because if you don't need this money in the next three to five years and you have no business being in any of these other assets. So yeah, it hurt in like 2020 when yeah, that was a good trade to be in the 30 year bond, but it's helped for sure right now. And I was very early to this trade for sure and got a lot of flack from other planners about how much cash I'm keeping around in portfolios.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, preceding that it was a positive spectrum. Also, though, we're still at all time lows and interest rates. People did not know that COVID was happening. And what were you doing with a 30-year bond in your portfolio if you didn't really need that thing? Right. I mean, and I don't really know of anyone who actually needs a 30-year bond.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They just don't know what they're talking about. They're like, oh, well, you just put the 30 year bond in the portfolio with SPY and everything's going to be fine because you'll rebalance, you know, when SPY goes down and then you really buy more thirty-year treasury and then you do the opposite. When SPY goes up, you sell it. And you do the whole thing. So yeah, that works like fine. That works in small scenarios. That was a good trade. If you had rebalanced because your treasuries went up and you had bought SPY because your treasuries went up in value and then you took those gains and you put them into SPY, you would have done pretty well.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I want to preface this with I don't like bonds. I haven't liked Buns for a long time. Every time I look at bonds, I get angry at bonds. I've had conversations with other financial planners and we're like, we don't know what to do about this bond thing. Clients need bonds, but we don't really know where to put them. And there's really nowhere to put them. If you talk to an average CFA folk and Lord, help me if the CFA Institute actually listens to this because it'll probably take my CFA away”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If we really are able to take a step back, pause, and think about why it is that we want to do something, how we're going to implement doing it, whether or not we have money for it, whether or not our spouse agrees about it, is it going to provide all the elements of my life that I want to have, right? Just taking even five minutes to do that would actually save a lot of people a lot of heartache in their financial situations.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I find it really funny because I think that my son's attitude about things is actually how we all actually feel in real life. Where you're like, you know, sometimes you're like, okay, I'm ready to go get after it and other times you're like, how did I end up in this situation? And I don't want this dollar. Like I just want to go do something else. And I think it's, you know, it's amplified obviously in my four-year-old, but it's also, I mean, I think that if we're as adults, we have the ability to take a step back to detach from our situations and to think about things a little bit more clearly if we don't immediately dive into whatever it is that we think that we're supposed to do.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we're in the process of teaching our son about money. And so he does extra tours around the house and then he gets a dollar. And I know everyone's booing now because they're like, why isn't your sun set up on a lightning wallet? You know, why haven't you put him on the moon? And the answer is because he's four So he'll sometimes get really excited about money and doing the tour. And other times he'll be like, I just don't feel like it. I think you should give it to me, you know?”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, yeah. And I mean, our brain can literally, you could coupl it with any reason to justify whatever it is that you want to create. Your brains are so smart. You can think of literally anything. And there's a reason to do everything. And there's a reason not to do everything.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Beautiful pristine floors, a large house, and a pool in the backyard, and really everyone's dream house, right? Design aside, it's really exciting to think about that, but you don't think about the other side of it of when you're living in it, the cost to you of actually doing so.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the answer is no, right? Would my kids notice the difference between a playroom that's 200 square feet or a playroom that's 400 square feet? Like, no, right, because what do you do with a playroom that's 400 square feet? You fill it with twice as much toys. And then your kids have twice as much trouble figuring out what it is that they want to play with. And then they yell at you to go buy other things to play with, right? Because you've just filled your house with garbage. So it's like in my head, I was like, okay, the more square footage I have, the more time I have to spend cleaning this place and the more money I'm going to spend filling it with junk that I don't need. And then the more money I'm going to have to make to support a lifestyle that I don't want to have. And I think that often it's really exciting to like see the kitchen that you want.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I don't want to spend my weekends doing that. And the other side of it was also more than 3,000 square feet is actually, you know, it's quite large and it's expensive. And so one of the things I had in my hand was like, okay, if we were at like maybe more like 2,500, what would life be like? And the first thing that came to mind was, would my kids even notice a difference between a 130 square foot room and 160 square foot room? Would they even know?”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“About Well, I think also generally people's largest expenses are their home, right? And they tend to think I need a lot of space because I'm having kids or a dog or, you know, both. And my kids need like we need to have a certain amount of space for them. We're accustomed to a certain lifestyle. And when my husband and I bought our home, One of the things that I thought about because my first thing was I didn't want to have more than 3,000 square feet because I thought it'd be such a pain in the ass to clean. I was like, I do not want to clean a house that's so large.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I could be there for my children so I could be with my family. And so for me, this is one of the greatest ways that I've found to be able to do that. And I hope that we continue.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We have now done this for two years where we've had a Shabbat dinner almost every Friday night, with the exception of Bitcoin Miami. We've had a Shabbat dinner every single Friday night with our kids. It's a time to disconnect. I put away my phone. I don't use my phone for 24 hours and I spend true time with my children. And I have taught them prayers. And my son actually now sings a lot of the prayers with me. And it really is just a time for us to be together as a family. We often invite other families over who live locally to come and do it with us, even though they're not Jewish. And what I've found is while it's a religious practice that we've incorporated, it has improved my life on a spiritual level for sure, but also financially, right? If you are really connecting with your family in a deep way and you're not on your phone, you're not in this material world. You're not consuming things. You're just being present and you're like for me, it's what life is about, right? Everything that I do is so that I can spend more time with my children.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, I grew up Jewish and I grew up as a cultural Jew, not a religious Jew. So as I have learned about Judaism more as an adult, I have wanted to incorporate more religion in not only my life, but in my children's life. And one of the most, I would say one of the greatest tenets of Judaism is taking a Sabbath. So that to me is that we have a”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's the same thing with spending or saving, right? You have to expose your spouse to whatever it is that you need to be doing as a couple. And I think the thing that's often forgotten is the what we need to do as a couple part, right? Like usually the person who's very risk seeking is like, this is what we need to be doing. You've got it wrong. And the person who's not risk seeking is like, no, you've got it wrong, right? But maybe it's somewhere in the middle. And maybe if the two spouses came together and actually had a conversation of what they wanted to do with their money and what they wanted to do with their lives, they would figure out exactly how they needed to be invested. And obviously, if you can't come to terms with that, it is time to get a financial planner involved.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. And then they lose $40 because that's what's going to happen. And then maybe they even take out a margin debit. You know, you just let them kind of go wild with it and see how far you can take it where they're like, okay, I feel a little bit more comfortable”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then they take them to go visit an elevator, but they don't go inside, they wait like very far away, and then they get closer and closer, right? Until one day they step in that elevator, right? And then one day they step in the elevator, but they have somebody else with them, and then they are able to run out. And then finally, right, they get to a point where they can ride the elevator and they're like, okay, we're good. I think that you actually have to do that with your spouse. It's like you give them a Robin Hood account or something and you let them play with like $40 or whatever.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, they're like, we agree on everything else. We'll figure it out this risk tolerance problem. It's actually a really big problem. So what happens though is that generally the person who is less risk tolerance wins out because that person is so afraid of what's going on that the other spouse can't tolerate dealing with the spouse who's afraid. I mean, it just really is how it is. So I think that really there was this Jordan Peterson thing I listened to where he said that when they had people who had, I forget what the fear of elevators is called, he had a word for it. But when people have fear of elevators, what they do is they show them pictures of elevators for a while until they get comfortable with the pictures. Yeah.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's just not a question. So, this is so far more common than I think people discuss. And it goes beyond even investment risk tolerance. It's like your tolerance for debt, your spending habits, how you grew up and what money matters, like what parts of money matter to you versus what parts of money matter to your spouse. We actually had a whole list of questions that we give to clients before they get married that they can potentially talk about their spouse or their future spouse with. But by then, it's too late, right? By the time that they're having this conversation with us, they're already committed to getting married. There's no way if they differ on these things that they're going to have.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, like you go on your first date, right? And you talk about all sorts of things, you talk about what kind of life you want to have and what's important to you, right? I don't think anyone on date one through 30, even after marriage, is like, so what's your investment risk tolerance? That you know, are we aligned there? Do we want to be invested the same way? It's just like, it just doesn't come up, right? There's no”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Somebody talking about my household? I'm not sitting on a chair right now. I'm standing. So, I think it's actually funny because people are always talking about, oh, what's it like here to be married to this conservative financial planner who's like obviously stodgy and probably making you buy stocks? And meanwhile, I'm like, you know. This, like, weird libertarian that grew up learning about Ross Perot and who's like just as into Bitcoin as he is. No, but to get back to your question. So I think it's really common actually for spouses to have different risk tolerances.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Grand. It's actually really quite nice. So if you're making under these thresholds, right, you can actually sell some of your Bitcoin and actually pay 0% in capital gain. So that's an option that's available to you if you're on the low income side. And I think that like brokerage ways of holding things in brokerage or just outright owning Bitcoin not on any of these other convoluted accounts, right? It actually affords you a lot more flexibility. Let's say, I don't know, you've saved a lot and you know you have two low incoming low income years, right? And you want to go buy a house. So maybe you split up that game between the end of 2021 and into 2022 and now you pay less taxes by splitting it up and then you can go buy your house. There are ways to do it where you get to choose when you take that tax liability rather than the government choosing it for you.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Backdoor Roth would be another thing. It wouldn't be a tax saving strategy, like from an income perspective, but it would be a tax saving strategy over a long period of time. So that would be something to consider. And then if you are a business owner, obviously, you know, making sure you pick up all your deductions, not that it's free, but it does help. On the low income side, right, if let's say, I don't know, you're a Bitcoiner and you, you know, you've done your best to save money in Bitcoin and you've now accumulated a large amount of Bitcoin, but you don't really have a lot of money coming in. There's a lot of actually like brokerage type tax strategies that are available to you. So the best part about Bitcoin, right, is like you could just buy it. And if you own it, like how you normally would go to Coinbase or anywhere else or your mining for it, right? That's technically what the IRS would consider a taxable account and anything you do in that quote unquote taxable account falls under the same rules as any other taxable account. People who are single get the first $40,000 of capital gains for free tax at 0%. If you're married, 80%.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You would want to do it so that you're not actually looking like you took custody of those Bitcoin and therefore paying penalties to the IRS. But that is available to you. You can also own a portfolio of miners if you wanted to, right? And then that would be a way of being allocated to Bitcoin. You can also own GBTC, right? So there are a number of ways where if you were like, I am dead set on not owning any standard assets, only owning Bitcoin. I can still save money on my taxes by parking money in these plans and also own Bitcoin. That said, if you're a Bitcoiner and you've got 90% of your net worth in Bitcoin, maybe you use the way where you save money on your taxes by putting money into a 401k plan or these other things as your diversifier, right? That's another option available to you as well. So high income earning, like that's the way it's going to be HSA type plans. It's going to be 401k type plans to find benefit if you can or, you know, a step IRA, even if you're a business owner. There are a number of reasons why maybe you wouldn't want to do the SEP IRA because it would make it difficult for you to, let's say, do a backdoor Roth.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think tax planning is often thought of as one of these things where I can save tons and tons of money and it's going to be great and then I don't have to actually save any money because I'll just save money by not paying my taxes and that's how I'll do it rather than I need to allocate 20% or more of my pre-tax income towards savings and then whatever I do with tax planning is a bonus. So I would start there actually if you're high income earner you really need to focus on creating savings. What you do with that savings though right is you can do through tax planning So there are a lot more options available, I think, to Bitcoiners now than there ever have been before. Typically people like to park money in 401k plans or if you're a business owner you can put money into a self-directed 401k or an IRA or a pension plan, right? And then from there, if you're actually the business owner, right, you can actually directly allocate that into Bitcoin. There are a lot of services available to people right now where you take your IRA, open up an LLC, you buy Bitcoin through the LLC, and then you can even hold your own private keys. And there's a number of ways.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is a really, it depends question, right? Yeah. I think it kind of depends on where you are on the income spectrum. So if you are a high income earning Bitcoiner, right, the options available to you are going to look very different than a low income Bitcoiner. So let's start high income and then we'll go to low income if that sounds good. Yeah. So high income, right?”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“People expect when you allocate GBTC. So people think you allocate GBTC, and that's it. Then the client just has GBTC, and that's what they do for their whole life. No, what actually happens is that people are like, what is this asset in my portfolio? Why do I hold it this way and not the other way? You're always talking about holding it the other way. Can we hold it the other way? How do we hold it the other way? Yeah. So for there were some people who were like, I don't even want this on my portfolio. I don't want GBCC. Why did you do that? And we sold it. That was a very small minimum compared to the people who were like, I want more. Do I do this better? How do I get actual Bitcoin? And now I have people who are starting to become true Bitcoiners who are like, I want 40% or more of my net worth invested in this.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So in 2016 was when I started advising on Bitcoin specifically. And I had three of my 30 clients interested in 2016. I had two of them actually like legitimate, take legitimate positions. And I had one who was like, you know, we'll see whatever and I'll do what I'm going to do. But he did take a position. He just also sort of traded around some other stuff. After the run-up in 2017, I had another couple of clients get interested in it. In 2020, we just decided that no matter who we had talked to and who we were going to help allocate, which we did help other people get allocated, some people were open. A lot of people were not in 2020. I just said, you know what? That's it. I did the Bitcoin for Advisors event through Coindesk. And I was like, I have, you know, half my client base doesn't even have Bitcoin. Whoever we can get on the phone and talk to about getting like getting actual Bitcoin we did and everybody else just got GBTC and from there it's actually been it's the opposite of what I think”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, definitely. So for my clients who are boomers or older, we had somewhere between a one and five percent position. Yeah. That's totally manageable and something that really does actually hedge. And, you know, I think a lot can be said for a larger position, obviously, because the more concentrated you get, the more likely something will pan out. But in these specific situations, right, diversification, and I don't mean within crypto, I just mean within standard assets, really does help mitigate that volatility. And if you can convince somebody as to why they should hold it in a specific way over another way, it really is the best way to do that. That's not always an option. So I'm not totally negating that GBTC in somebody's portfolio. Like I think that's the only way you can do it, then yes, you do it and you really focus on position size and managing risk and talking to the client whenever they want to talk to you. But if you can get it where they have it off, you know, in cold storage, like it really is your best bet and it will help them the most over the long period of time.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And then there's not that fluctuating statement that every financial advisor wants because they want to be able to show returns, but no clients want because they don't want to deal with the volatility.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. So then it's talking about the volatility. So at that point, that's when you need to make a decision specifically around Bitcoin, how you're going to hold it. So I think for most people something like GBTC really doesn't work, right? You put it in their burger account and it fluctuates like crazy and they see their statements and they're going nuts. They're like, why is my account up 65%? Why is it down 48%? Why am I paying this fee? Why did I get this 1099 that has all these expenses on it even though I didn't sell anything? Right. It's actually like massively confusing as opposed to you go help a client go buy, I don't know, a couple of Bitcoin on Coinbase. You help them move it off into cold storage. You get them set up on a multi-sig. You teach them that, okay, you know, you lose the key, you call on chain capital, and they'll help you figure it out or you call CASA and we'll figure it out. That's what we're paying for. You pay $25, you move Amanda life, right? And in the meantime, we've actually also set up your estate plan because you talk about how estate planning works in regards to having multiple keys and how, you know, your son can actually hold a key, but he won't be able to move the money until you die and he gets the second key, right? There's like a whole number of things about it.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, there is some portion of that portfolio that you need to manage that risk. There's another portion of the portfolio, though, where you can talk to them about the fact that they're not going to need this for quite some time. And if anything, actually, it's going to help them outpace inflation and it'll help them meet their goals later in life, whether that be to make sure that they have a legacy or that they have even a nice assisted living facility to go to, right? There's any number of goals that we can put on the end of life there.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so this is something that even before Bitcoin is something that we talked about with clients, right? Even before clients were open and willing to allocate to Bitcoin, it was that their time horizon is way longer than they think it is. And so because of that, we try to push clients as far on their wrist torrents as they can go. With that in mind, they'll write, you can't have a client who can't sleep at night because their portfolio is bouncing around, right?”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Anyone who's even living paycheck to paycheck to one of the wealthiest people, right? You don't really want to die with nothing if you can help it in any way or another. So that means actually, if you think about it, that people have much longer time horizons than they think they do. So because if you're a person who's in your 60s or in your 70s even and you're expected to live for at least another 10 to 20 years and then you tack on a legacy to that, you're actually adding at least 20 years to your time horizon, in which case you need equity, not bonds.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I like the question for sure. So I want to start with the fact that a boomer is probably in the age range of, let's say, 60 to 76 or so, 77, right? And most people are living to be at least 80 to 90, let's say. And most people don't have a goal in mind of dying with 0.01 in their bank account. Most people have a goal of providing a legacy in some way, giving to their kids, providing to charity, right? They don't want to die with nothing. Dying with nothing is actually, I mean, psychologically very difficult to see yourself work for your entire life and literally die penniless. So there are other goals that people generally have when they're in retirement. And that goes from”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, but there's just this bias against high price stocks, even though obviously something going from 50 cents to $1 is the same exact return as something going from $40 to $80K.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think for sure. Yeah, I mean, there was a bias against highly priced stocks, for instance, like Berkshire Hathaway, Berke A. People want to buy birth B and not bird A. And I mean, and it's not even the same thing, right? In Bitcoin, because you can buy one Satoshi worth of Bitcoin, right? Yeah. Whereas you actually do have to go out and buy a whole share of birth.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That was the thing that would do that. And it's really easy to look back and say, oh, if I had only known, I would have done that, right? But on the other hand, it's very difficult to look at something that's 10 cents and actually be able to hold it to 65,000. So I think that there's also this misconception that even if you were to find it, that you would be able to hold it that long. But advisors are always looking for that next best thing for their clients because it'll pay for the fee. Look how smart I was. I told you to do it even if they only 2x or 10x their returns, not thousand upon thousand x return at like bitcoin, right? They still looked very smart in the moment. So they're and clients want that too, right? Because there's that other aspect of personal finance where you actually want to spend everything that you make rather than saving it and doing the hard work to do that. And so isn't it great if I turn a thousand dollars into quadrillion dollars and then I don't have to do any of that saving stuff that we talked about.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I love that you brought the MySpace one too because I think it also hones in on a greedy aspect of this profession in general and that clients have. I think everyone wants to find themselves in a situation where they put thousand, like $1,000, let's say, into something that they paid 10 cents for and it turned into $65,000. And I think everyone thinks when they look at a Bitcoin chart that they would have been able to do that if they had just known.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Financial planning profession, but that's what the financial advising profession has been about for a very long period of time. So I think like from that perspective too, it's not even that these advisors are scamming. That's literally they don't know that you can hold money. So then I think if you throw at them a bunch of crypto software projects, right, who they don't have a 21 million cap, where the whole purpose of their quote unquote money is not to actually be the best way to receive hold and send, right? What they're promoting is it's money, but it's also all these other things, right? That makes sense to advisors because there's no hold part, right? It's like, okay, I'm sort of, I'm skipping the whole part and I'm doing the sending and receiving part and I'm also getting all this other stuff out of my money.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I feel like it is asking a lot of financial advisors to immediately flip the switch and go from being Keynesians to Austrians. With all that in mind, though, I also think that there's a disconnect between what money actually is and what advisors think it is. So money is basically something that you receive, right? You hold for a period of time and then you send out. And there are all sorts of properties associated with money, right, that help you receive it, hold it for a period of time and send it out. Advisors don't really see money that way. Money is something that you receive and you send, but you don't hold it, right? Money, like the whole purpose of our profession is to take money and move it as quickly as possible into investment. There's no holding. The holding period has to be as short as possible, right? Because all we do is talk about how inflation is eating your money away. The whole reason why you need me is because there's inflation and I'm going to help you invest that quickly because I know how to invest and you don't. And so I would say that that's the financial advising profession, not the”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Stop thinking about that and start thinking about Austrian economics. I mean, for starters, Austrian economics is not taught. Like when I think about my upbringing, I'm actually generally like, I think I'm pretty lucky of how I grew up and what I learned. My parents voted for Ross Perot. My dad was a Ron Paul fan. Like, it's sort of, this is like, these were household things that were talked about. I don't think that the average person got to hear about libertarianism, right? And didn't read, you know, Ayn Rand at a really young age and then start reading Murray Rothbard, even though that wasn't assigned reading in college.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So let's take that back to like a backdrop since we've sort of had a lot of context in general on these questions. The average financial advisor went to some sort of school. They probably majored in economics, history, or some sort of something in their sociology, some kind of social science, right? They've heard Keynesian economics their entire life. They probably had parents who were either Republican or Democrat and didn't really swing either way like very far to the left or right. That's kind of the average person. And their whole life because, you know, they're probably somewhere in the range of age 25 to 65. They have heard about Keynesian economics and that money printing's okay and that inflation is good and that's how the economy grows and so forth. So I think it's actually asking a lot of financial advisors to then say, no, deflation is good. I think it's like really easy for us as Bitcoiners to be like, stop thinking all that nonsense. What are you doing about that? You need to.”
2022-04-27 · We Study Billionaires · BTC075: Talking w/ Your Advisor About Bitcoin w/ Morgen Rochard (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT