164: Breaking Down the Inflation Reduction Act

Welcome to the Invested Dads podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments, here are your hosts, Josh Robb and Austin Wilson.

Austin Wilson:

right. Hey, hey, hey. Welcome back to The Invested Dads Podcast, the podcast where we take you on a journey to better your financial future. I am Austin Wilson, a research analyst at Hixon Zuercher Capital Management.

Josh Robb:

And I’m Josh Robb, Director of Wealth Management at Hixon Zuercher Capital Management. Austin, how could people help us grow our podcast?

Austin Wilson:

Well, we would love to grow this podcast, and we can do that if you would subscribe, if you’re not subscribed. Every single podcast player you’re listening to, whether that’s a little plus button, a follow button, or whatever that is. You can follow us. You can subscribe. That way, you get new episodes every single Thursday. We would love it if you’d do that. And we would love it if you would visit our website and sign up for our weekly newsletter to get notified each and every Thursday when our episode drops with a link to listen to it, as well as some high-level show notes or a summary of what we’re going to be talking about in that episode.

So today-

Josh Robb:

Yes.

Austin Wilson:

Are you excited as I am for this?

Josh Robb:

We’re going to talk about IRAs.

Austin Wilson:

We’re going to talk about IRAs. We’ve never talked about them before. Are we talking about Roth or traditional?

Josh Robb:

I don’t know. You tell me.

Austin Wilson:

Well, nope. We’re actually going to be talking about IRAs, but we’re going to be talking about the recently passed Inflation Reduction Act of 2022.

Josh Robb:

IRA.

Austin Wilson:

Also known as the IRA. You’d think you’d come up with a new-

Josh Robb:

So confusing. Come on people.

Austin Wilson:

Come up with a new acronym because I feel like… We’ve talked about this before, but taxpayer dollars hard at work. Someone’s job is to come up with acronyms for bills.

Josh Robb:

Right. And that’s going to be my second career by the way.

Austin Wilson:

You love good tickers, and you love good acronyms. This was not a good one.

Josh Robb:

This was not.

Austin Wilson:

No.

Josh Robb:

It’s a good one. It’s just been used.

Austin Wilson:

It’s already been used. Yeah.

Josh Robb:

Yeah.

Austin Wilson:

Yeah. Exactly. It was good the first time.

Josh Robb:

And if this dealt with IRA issues, I would be okay with them using that.

Austin Wilson:

Exactly.

Josh Robb:

Does not.

Austin Wilson:

It’s not even in the ballpark. So Josh.

Josh Robb:

Yes.

 

[1:58] – Inflation Reduction Act Background

 Austin Wilson:

The background of the Inflation Reduction Act really goes back to the Build Back Better plan. So this was a legislative framework proposed by United States President Joe Biden between 2020 and 2021. It was viewed as a pretty ambitious bill in general, in terms of both sides-

Josh Robb:

It was huge.

Austin Wilson:

And scope. It was enormous. So it sought to make the largest nationwide public investments in social infrastructural and environmental programs since all the way back in the ’30s with the Great Depression fighting policies of the New Deal. That’s kind of where it gets its roots, those sort of thinking there. The plan was actually divided into three parts. So one of them, which the American Rescue Plan, which was a COVID-19 relief spending bill, it was signed into law in March of 2021. The two other parts, those were reworked into different bills over the course of extensive negotiations within and among congressional entities, part one being the American Jobs Plan.

That was a proposal to address long neglected infrastructure needs and reduce America’s contributions to climate change’s destructive effects. And then, there was the American Families Plan, which was a proposal to fund a variety of social policy initiatives such as paid family leave and things like that that had never been enacted nationally in the US.

The Build Back Better Act, that was a bill introduced in the 117th Congress to fulfill aspects of the Build Back Better Plan. So, Act was part of the Plan.

Josh Robb:

Oh boy.

Austin Wilson:

Yeah. It was spun off from the American Jobs Plan alongside the Infrastructure and Investment and Jobs Act, which was a 3.5 trillion, that’s with a T by the way-

Josh Robb:

Wow. Yep.

Austin Wilson:

Democratic Reconciliation Plan package that included provisions related to climate change and social policy. Now obviously, these sort of things don’t go through as they’re intended right away, so there was a series of negotiations and the price was lowered to approximately 2.2 trillion.

Josh Robb:

Oh man, they cut so much.

Austin Wilson:

With a T.

Josh Robb:

That’s with all the savings.

Austin Wilson:

That’s deflation. That’s deflation.

Josh Robb:

All the savings they saved us.

Austin Wilson:

So the bill was actually passed, 220 to 213 by the House of Representatives on November 19th, 2021. So, then in December of 2021, again, more negotiations going on, parliamentary procedures, Senator Joe Manchin, he publicly pulled his support for the bill, really due to its cost and that he thought it envisioned a too aggressive transition to clean energy, obviously because he lives in West Virginia.

Josh Robb:

Yep.

Austin Wilson:

They’re the coal mine central of the world.

Josh Robb:

They like coal.

Austin Wilson:

That was whispering, hope that comes through. That is kind of… He was doing it for his loading constituents obviously.

Josh Robb:

Yep.

Austin Wilson:

So subsequently retracted his support for his own compromise in that legislation, so he was what held up the bill for a long time. So this effectively killed the bill because this bill, if you look at the Senate, needed 50 senators to pass via reconciliation, and all 50 Republican senators opposed it. So he was the hold-out. Some continued negotiations between Joe Manchin and Senate Majority Leader Chuck Schumer over the course of months, eventually resulted in even further reduction from 2.2 trillion dollars to 737 billion. That’s a big drop.

Josh Robb:

That is.

Austin Wilson:

In fact, it’s like a third. So that became the 737 billion dollar Inflation Reduction Act.

Josh Robb:

Okay.

Austin Wilson:

– Of 2022. The sudden deal on the Inflation Reduction Act, which was negotiated pretty much in secret, so like we were all shocked when it came out.

Josh Robb:

Oh, no one knew. Yeah.

Austin Wilson:

And announced on July 27th, 2022 was widely regarded as a shocker as Democrats had voiced that there was little hope for revival of many of their priorities in addition to Manchin himself being rather pessimistic on the prospect of public. So as the revised bill made its way through the chambers of Congress, the new reality of Biden unexpectedly having a clear path to enacting substantial portions of his domestic agenda into law that he talked about for years as he was campaigning led to a wide reevaluation of the success of his presidency thus far, and is expected to give him a party boost while campaigning.

So, that is where we are in terms of how the Inflation Reduction Act got to be where it is.

Josh Robb:

Yeah. So the Build Back Better Plan was this big plan. They had tried to get multiple things. They tried to take it all into one, couldn’t get it, reduced it down, still couldn’t get it, split it apart, and that’s where we’re at.

Austin Wilson:

Exactly.

Josh Robb:

Inflation Reduction Act is a piece of that legislation.

Austin Wilson:

A very, very small piece actually.

Josh Robb:

Gotcha.

Austin Wilson:

Of the overall original agenda.

Josh Robb:

Okay.

 

[6:11] – Government Provisions

 Austin Wilson:

Let’s talk about some provisions.

Josh Robb:

What’s in there?

Austin Wilson:

So there is a lot in here, and if you know how our government specifically likes to make things, they like… it is like 800 pages and things don’t all align. They’re not all the same. It’s not all focused on the same thing.

Josh Robb:

Yep.

Austin Wilson:

So this is like a compilation of a lot of different things. Obviously you have to bring the money in to pay for things, at least that’s the way it traditionally works. So there is a period that’s going to raise revenue, right? There’s going to be a discussion of raising revenue in it. So number one, over a period of 10 years, the law is estimated to raise revenue from a couple different things, first thing being prescription drug price reform to lower prices including Medicare negotiation of drug prices for certain drugs, starting at 10 by 2026. So, that is going to be $265 billion of extra revenue brought in, so that’s contra revenue, I guess, that would be.

Josh Robb:

Yeah. It’s not really revenue.

Austin Wilson:

It’s offsetting.

Josh Robb:

Reducing their-

Austin Wilson:

It’s offsetting their already expense.

Josh Robb:

Already baked in expenses.

Austin Wilson:

So it’s being portrayed as revenue.

Josh Robb:

Yeah.

Austin Wilson:

Another one is a selected 50% minimum tax rate for companies with higher than one billion dollars in annual financial statement income. That is estimated to bring in 222 billion dollars. Another one is increased tax reinforcement. This one’s the sticky one. So, the IRS, not IRA that we’re talking about today, the Internal Revenue Service, they are anticipated to bring in about 204 billion dollars that actually is going to be an increase in audits essentially of higher income earners, is what’s typically being thought of here. But if you look into some of the numbers, it actually could be middle class and above are going to be audited at a higher rate at this point.

Josh Robb:

Your most efficient way, just looking at this, is you want to audit the people who are higher in income, where they’re taking exemptions, things like that, where they could have even honestly made a mistake, not like trying to cheat the system.

Austin Wilson:

Yeah. Exactly.

Josh Robb:

But they just made a mistake, but they’re not in such a high bracket where they have a bunch of attorneys that they can use to fight their legislation.

Austin Wilson:

There’s a sweet spot in there.

Josh Robb:

It’s that in-between.

Austin Wilson:

Yep.

Josh Robb:

Because the super high-income earners are also the ones that have a whole team of bank attorneys on staff that say-

Austin Wilson:

They can fight it.

Josh Robb:

“I’m not even going to deal with this. You guys take care of it.” It’s that in between where you say, “We’re going to audit you. We’re probably going to find some deficiencies and you’re going to just pay because you’re not going to want to fight it.” That’s your sweet spot.

Austin Wilson:

Absolutely. And then another piece of revenue I guess would be another $74 billion ish. I’m going to put ish on all of these because who knows, of a 1% excise tax on stock buybacks. So, that would be if, for example, Apple is the buyback king of the world.

Josh Robb:

Yep.

Austin Wilson:

Right?

Josh Robb:

God, they love it.

Austin Wilson:

They buy back their shares like crazy. They’ve bought back tons of shares over the years. Well, they would have to pay a 1% tax on the amount that they buy back, which in theory is an attempt to slightly deter companies from buying back stocks and juicing earnings, but essentially it’s… The math says that it’s not going to deter them. It’s still more than 1% beneficial to be buying back their own shares. So, that is probably what’s going to continue to happen at this point. That’s where the revenue is coming in, I guess, or less revenue going out in one case.

 

[9:17] – How Is This Money Going to Be Spent?

 Josh Robb:

How’s this going to be spent is the next question. One is addressing domestic energy, security, and climate change.

Josh Robb:

That’s a big piece of the bill.

Austin Wilson:

Well yeah. And energy security’s been a huge thing as we’ve lived through this Russia Ukraine invasion and specifically Europe is having a terrible time with energy reliance on Russia. That’s been awful and the prices is through the roof.

Josh Robb:

Well, even coming out of COVID, supply chain disruption-

Austin Wilson:

Absolutely.

Josh Robb:

Is a problem. Right? And we need to make sure we’re better prepared for that.

Austin Wilson:

But just making sure that we’re as secure in our own energy needs as possible, that’s one piece. Now, a lot of that’s going to be coming through renewables and things like that, as is made evident by the climate change focus as well. So, that’s going to be spent about 369 billion dollars. They anticipate reducing the deficit by 300 billion dollars.

Josh Robb:

Right.

Austin Wilson:

That sounds unlikely. And then, continuing for three more years the expansion of the Affordable Care Act-

Josh Robb:

That’s over the next 10 years, so they’re-

Austin Wilson:

Correct.

Josh Robb:

That’s nothing for the deficit.

Austin Wilson:

Exactly.

Josh Robb:

Yeah. Yeah. Yeah. It’s not even reducing what we owe. That’s reducing how much every year-

Austin Wilson:

We overspend.

Josh Robb:

That we’re overspending.

Austin Wilson:

Exactly.

Josh Robb:

Which is just… Yeah. Okay.

Austin Wilson:

And then continuing for three more years the expansion of the Affordable Care Act subsidies originally expanded under the American Rescue Plan of 2021. That’s going to cost $64 billion dollars. Funding for drought resiliency in Western states, that’s about four billion dollars, which makes me think all those eastern states or Midwestern states, are they getting like unfairly discriminated against? They should get funding for this too.

Josh Robb:

No. So-

Austin Wilson:

We didn’t choose to-

Josh Robb:

I know. And we’re in the Midwest, but if you think about where some foods come from, everybody benefits if there’s better production, right?

Austin Wilson:

Yeah.

Josh Robb:

Those Western states are big exporters of certain crops, right? You think of Idaho potatoes, things like that.

Austin Wilson:

Yeah.

Josh Robb:

That if there was issues there, everybody pays for it. So yeah. I’m in the same. When you hear that, you’re like, “Come on.”

Austin Wilson:

Come on.

Josh Robb:

But then you think about it and you’re like, “You know what? It makes a lot of sense.”

Austin Wilson:

Side bar, my dad has this theory.

Josh Robb:

Yes.

Austin Wilson:

Joel Wilson. Joel Sherdamis, he calls himself.

Josh Robb:

Okay. He’s got this thought. He’s got-

Austin Wilson:

He thinks, and I get this thought, that… So, think about the Midwest where we live right now.

Josh Robb:

Yep.

Austin Wilson:

We have essentially no natural disasters, no hurricanes, no tsunamis-

Josh Robb:

Tornado.

Austin Wilson:

The occasional tornadoes, but they don’t really economically-

Josh Robb:

Minor earthquakes. Nothing big.

Austin Wilson:

Yeah. Nothing big.

Josh Robb:

Blizzards.

Austin Wilson:

Occasionally.

Josh Robb:

Yeah.

Austin Wilson:

So anyway, relatively minor.

Josh Robb:

Okay.

Austin Wilson:

On a natural disaster front, right?

Josh Robb:

Yep. No volcanoes.

Austin Wilson:

No volcanoes. We have an abundance of freshwater.

Josh Robb:

Oh, man.

Austin Wilson:

Clean and freshwater.

Josh Robb:

We are the freshwater-

Austin Wilson:

Oh, we are the freshwater place of the world.

Josh Robb:

Place. Yes.

Austin Wilson:

Right?

Josh Robb:

Besides Lake Erie. It’s not really fresh, but it’s water.

Austin Wilson:

It’s fresh. It’s technically not salty.

Josh Robb:

Fresh is relative.

Austin Wilson:

So we’re good.

Josh Robb:

Yeah. But it’s not fresh.

Austin Wilson:

But we could clean it. We have plenty.

Josh Robb:

Yeah.

Austin Wilson:

The Midwest has access to all this stuff, right? The West is dry.

Josh Robb:

Yep.

Austin Wilson:

Has no water, has earthquakes and yada-yada-yada.

Josh Robb:

Fault line.

Austin Wilson:

The South has hurricanes and all kinds of stuff.

Josh Robb:

Scorpions.

Austin Wilson:

The East coast has hurricanes and all kinds of stuff. Oh, that’s true too. But we don’t have any of those issues.

Josh Robb:

Yep.

Austin Wilson:

This could be the place in 50 or 100 years to be buying up real estate because-

Josh Robb:

This is it.

Austin Wilson:

This is it.

Josh Robb:

We got a good track.

Austin Wilson:

We have it all.

Josh Robb:

We have good soil.

Austin Wilson:

It’s great for farming. So we… This is the place to be.

Josh Robb:

Yep.

Austin Wilson:

The Midwest for life.

Josh Robb:

We chose the best place to live.

Austin Wilson:

We really did. I didn’t really choose it, but I’m going to stick with it. Yep. Okay. So there’s one more.

Josh Robb:

Oh yeah. Sorry.

Austin Wilson:

Source of spending here and that is increased funding for the IRS is going to cost money. Obviously that’s about $80 billion dollars. Now, that’s offsetting the-

Josh Robb:

200.

Austin Wilson:

Estimated $204 billion that they’ll bring in. Again, that’s all estimated.

Josh Robb:

80 billion.

Austin Wilson:

Yeah.

Josh Robb:

That’s a lot.

Austin Wilson:

That’s kind of where the money’s coming in, where it’s going. Josh, that’s a lot of numbers.

Josh Robb:

Yep.

 

[12:49] – Dad Joke of the Week

 Austin Wilson:

Hit me with something funny.

Josh Robb:

Okay. I got a dad joke. It’s more an observation, but a dad observation. D-observation.

Austin Wilson:

I like it. D-observation.

Josh Robb:

Yes. So, I needed to get some cash the other day so I was in line for the ATM, and the guy in front of me was standing on one foot. And I’m like, “What is happening here?”

Austin Wilson:

Uh oh.

Josh Robb:

He was just checking his balance. See what I did there?

Austin Wilson:

That’s a knee slapper right there.

Josh Robb:

Yep. That’s a good one.

Austin Wilson:

That’s a good one right there. Okay. So speaking of ATMs-

Josh Robb:

Yes.

Austin Wilson:

I think ATMs need to get on board with Apple Pay. I don’t want to have to bring my debit card out all the time.

Josh Robb:

You’re at the wrong bank. My bank, I can use my phone to log in to my ATM.

Austin Wilson:

Really? What do you use, Chase?

Josh Robb:

Fifth Third.

Austin Wilson:

Oh. Fifth Third.

Josh Robb:

Yeah.

Austin Wilson:

Fee Third is what I’ve heard it’s called.

Josh Robb:

Yeah. No. It’s good. So ATM-

Austin Wilson:

Yeah.

Josh Robb:

Go there. If I don’t have my debit card, I have a login on an app, right, and then from the app, I can login to the ATM.

Austin Wilson:

They’ll shoot you all the money you want.

Josh Robb:

No, it’s just the way to login. Then you use the ATM like you normally do.

Austin Wilson:

Oh.

Josh Robb:

It’s just if I don’t have my card to slide in the ATM slot, I can use my phone to access my account.

Austin Wilson:

I’m so cash light anymore that I rarely go to the ATM. And usually if I get cash, I go straight to the ATM to deposit it because in my mind, if I have cash, it’s not mine until it’s in my bank.

Josh Robb:

Okay.

Austin Wilson:

Because I just like to see it all in one place. But anyway, my barber, Kevin, does a great job.

Josh Robb:

Good barber. I need to try it sometime.

Austin Wilson:

Razor finish.

Josh Robb:

Got to try it.

Austin Wilson:

That straight razor finish on the back of your neck-

Josh Robb:

Oh.

Austin Wilson:

Woah!

Josh Robb:

That’s where it’s at.

Austin Wilson:

It’s where it’s at. Just feels old school. He takes cash, and it’s like the only thing in my world that’s cash only. So now, I’m hoarding cash.

Josh Robb:

Yeah. Because you need it.

Austin Wilson:

Every time I get a $20, I’m like it’s going in my work kit back so I can-

Josh Robb:

It’s going in my hair fund bag.

Austin Wilson:

It’s the hair fund bag, which we’ll probably get less and less use of over the years, right?

Josh Robb:

For me it is.

Austin Wilson:

That’s right.

Josh Robb:

You better charge less.

 

[14:32] – Josh & Austin’s Opinions

 Austin Wilson:

So, we couldn’t leave this episode without giving what we believe is happening, kind of our opinions, and we’ve probably got some different opinions on this. But that’s what this is about. We’ve got some thoughts. So, I’m going to start. So my opinion on the Inflation Reduction Act. The real question in my mind is, does this lower inflation? Because that’s what it’s titled as, right? So putting some numbers to this, the Non-Partisan Congressional Budget Office estimated that the bill would have no statistically significant effect on inflation, so that means probably not.

Josh Robb:

Yep.

Austin Wilson:

The Penn Wharton Budget Model also estimated that the bill would have no statistically significant impact on inflation. Okay? So it doesn’t sound like it’s living up to its name. The Tax Foundation, which I will point out typically is a fiscally pretty conservative think tank in Washington, they stated that the bill may actually worsen inflation by constraining the productive capacity of the economy. It estimated the bill would result in a loss of 30,000 jobs and a 0.1% reduction in GDP while resulting in $304 billion of additional revenues, which they do anticipate would go towards deficit reduction there.

I can’t help but thinking about the timing of this going middle of 2022 heading into midterms. It seems like a bit of a political play to claim an election promise on a couple things, the climate, things like that, for the Democrats, which needed a little bit of help, based on earlier in the year results, what odds were looking like for the election. So, it seems like claim a win, get some votes. Also claim that you’re lowering inflation, but inflation probably won’t be impacted by this.

It just seemed a little bit political to me. That’s my opinion. Josh, what are yours?

Josh Robb:

So, my opinion on the name is like they always do. They find a very catchy name that they can sell.

Austin Wilson:

But it’s already used-

Josh Robb:

I know. The IRA acronym is horrible.

Austin Wilson:

Come on.

Josh Robb:

Inflation Reduction Act, what is everybody paying attention to this year?

Austin Wilson:

Inflation.

Josh Robb:

Inflation.

Austin Wilson:

Yeah.

Josh Robb:

So, I get it. That’s what they always do, is find some catchy name because they’re selling it to the public.

Austin Wilson:

Yep.

Josh Robb:

When I look at the actual bill itself, my opinion is there’s some pieces in there that I think are healthy and good and beneficial, like prescription price reduction. There’s some reform that needs to be done in there, I think. Will this help? Hopefully. I don’t know. But that progress in that direction is good. Tax enforcement, IRS, have you called, ever tried to call the IRS?

Austin Wilson:

It’s horrible.

Josh Robb:

You can’t get ahold of anybody.

Austin Wilson:

No.

Josh Robb:

So I do think there’s more people there. Now, I get from a revenue standpoint, you need to focus on audits. But-

Austin Wilson:

Start with customer service.

Josh Robb:

Well, there’s also other things you can do to probably optimize the IRS. They’ve got some outdated tax stuff. They have some outdated website software. They can become more efficient.

Austin Wilson:

Or, my goodness, let’s have a straight easy tax code.

Josh Robb:

Yeah. That’s a whole other issue, right? So, I get that too. Deficit reduction, not happening.

Austin Wilson:

No.

Josh Robb:

I guess my biggest complaint, and it’s not just this bill but across the board, is they project these on a 10 year. That’s what we were talking about, right?

Austin Wilson:

Right.

Josh Robb:

10 years from now, 10 years from now, they use that, right? Or we’ll save this amount in 10 years. So if you go back to 2012, 10 years ago, and if they’re putting together their budget, there’s no way they’re still following the things they had projected then.

Austin Wilson:

No.

Josh Robb:

10 years just doesn’t make sense to me, so I have a hard time believing that this bill will do everything it says it’s going to do from a cost expense standpoint, so that leaves me to feel like it’s actually not going to be as rosy as they’re painting the picture, which means it’ll probably impact inflation long term just because they’re spending more.

Austin Wilson:

Well, and the leadership that put this together-

Josh Robb:

They’re not going to be there.

Austin Wilson:

They’re not even going to be there.

Josh Robb:

Yeah. 10 years.

Austin Wilson:

So that’s kind of tough.

Josh Robb:

Yeah. So overall when I look at this, there’s some… Like drought resiliency for the Western states, that’s important. We talked about it. There’s things that they produce there that everybody in the United States needs and globally exports that is beneficial overall.

Austin Wilson:

Potatoes and wine.

Josh Robb:

There’s good things in there, in this bill, but again, like all bills that seem to be coming out now, they’re very weighted with extra stuff stuffed in there. Right?

Austin Wilson:

Yeah.

Josh Robb:

$737 billion or whatever you said, that’s a big number, and I’m assuming there’s a lot of fluff in there that could have been maybe better adjusted if they were really concerned about those high points.

Austin Wilson:

Right.

Josh Robb:

But overall, there’s good pieces in there. There’s a lot of significant stuff that could have been left out or adjusted, but I think in the end, this is things that the Democrats were trying to get done, and they did. So, they needed to do it before the midterm elections.

Austin Wilson:

They saw an opportunity.

Josh Robb:

If they needed to.

Austin Wilson:

They took it.

Josh Robb:

Yeah. As while they had the majority of both spots, this is probably their best chance.

Austin Wilson:

Absolutely. Yeah.

Josh Robb:

Well, that is the Inflation Reduction Act, but thank you for listening to this episode. Please remember to follow us on social media. We’re on Instagram, Facebook, Twitter, wherever you want to follow us. And also, if you know someone asking about the Inflation Reduction Act, share this episode with them.

Austin Wilson:

Ask them why.

Josh Robb:

Yeah.

Austin Wilson:

And then share this episode with them.

Josh Robb:

Exactly. This may hopefully provide some help and some knowledge around that for them. And as always, email us any ideas to hello@theinvesteddads.com. Well until next Thursday, have a great week.

Austin Wilson:

Talk to you later.

Josh Robb:

Bye.

Thank you for listening to The Invested Dads Podcast. This episode has ended, but your journey towards a better financial future doesn’t have. Head over to theinvesteddads.com to access all the links and resources mentioned in today’s show. If you enjoyed this episode and we had a positive impact on your life, leave us a review. Click subscribe and don’t miss the next episode.

Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management. All opinions expressed by Josh, Austin, or any podcast guests are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that the statements, opinions, or forecast provided herein will prove to be correct.

Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses, which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.