← The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show
The Truth with Lisa Boothe: How Tariffs Impact Your Wallet with Charles Payne
00:36:00
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- [00:00]
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Walton Goggins
Use as directed so you want to start a business? You might think you need a team of people and fancy tech skills, but listen to me when I say you don't. You just need GoDaddy arrow. I'm Walton Goggins, an actor and I like the sound of starting my own business. Walton Goggins Goggle Glasses. But I couldn't do this my own. GoDaddy Arrow uses AI to create everything you need to grow a business. It'll make you a unique logo, it'll create a custom website, it'll write social posts for you, and even set you up with a social media calendar. How cool is that? Well, listen to this. For a limited time, you can get Aero all access for just a dollar a week for 12 weeks. We're talking all the AI power of GoDaddy arrow, plus a domain E commerce store, payments, professional email, a unified inbox. All for less money than I spend on deep tanning lotion while sunbathing off the Amalfi coast. You know what? That sounds like a plan. Get started@godaddy.com terms apply.
- [01:58]
Rodney Williams
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- [02:31]
Travis Holloway
And I'm Travis Holloway. Welcome to the wealthbreak Podcast, a real conversation about finance.
- [02:38]
Rodney Williams
Let's be honest, building wealth doesn't look the same for everyone.
- [02:42]
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I feel like sometimes being broke is a cycle and that we might have to revisit that.
- [02:47]
Travis Holloway
And we're not stopping at success stories.
- [02:49]
Rodney Williams
What happens when it doesn't go right? How do you cope with it?
- [02:52]
Because wealth isn't just about money. It's about creating a life where you thrive and help others do the same.
- [02:58]
Travis Holloway
Listen to the Wealth Break podcast on the iHeartRadio app.
- [03:05]
Rodney Williams
We are going to continue to try to make sense of the economy right now, of the markets in the midst of a lot of chaos, a lot of noise in the media, a lot of noise from naysayers as well. As always on this podcast, we're just going to try to get you the truth. That's what we do here on the Truth with Lisa Booth. So today we'll have someone on who I trust, who I turn to for advice, who, when I see him on tv, I stop to listen. His name is Charles Payne. You know him as the host of Making Money with Charles Payne on Fox Business. But besides that, he doesn't just play a financial expert on tv. He's a veteran in the industry. He started his time on Wall street in 1985. In 1981, he started Wall Street Strategies, a stock market research firm. So this is the guy who eats, sleeps and breathes this stuff for a living. He brings a wealth of insight to the table. So we're going to dive in to get his take, dive in on President Trump's tariff strategy, its impact on the markets and the economy and, and what it means for investors in, in both the short term and the long term. I mean, most importantly, I'm going to ask him, what should you do? What should we all do right now as the markets continue to move and to shake? Plus, we'll explore his journey to television and also his latest book, Unbreakable Investor. I, I've always wondered, how did he jump from Wall street to television? So we'll dig into all that with my friend and colleagues, Charles Payne. Well, Charles Payne, it's an honor to have you on the show. Obviously, there's a lot of chaos going on right now. And I always stop and listen to you when you are on TV because you are calm, you are measured, and we need that and we need your wisdom right now. So it's an honor to have you on. I really appreciate you making the time.
- [04:59]
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Thank you, Lisa. You know, you've always been one of my favorites.
- [05:02]
Rodney Williams
Well, I, I feel the same about you. And, and you're so smart and, and like you don't. I, I don't think I've ever seen you don't freak out. Which is probably why you've been so successful in all this. But also what we need in this current environment. I, I guess like, okay, so sort of just big picture, could you sort of give us some perspective? What do you see right now when you're looking at the markets and you're looking at the economy right now.
- [05:27]
Clorox Ad
And it's interesting because they're two separate things right now. You know, in Wall street there's, there's these things they call soft data, mostly surveys and then things called hard data like corporate, like earnings reports and things like that. And so what's really amazing to me is this, this phenomenon that we're living through right now. We've never seen anything like this. It's the amount of negative news stories that have been put out there. It supersedes 9, 11, supersedes the global financial crisis, supersedes all kinds of, all kinds of really much more serious issues, structural, global financial issues. And so we've been set up, the market has been set up sort of to be on this nervous perch because, Lisa, we have a correction where the market pulls back 10% on average every year. In the last 100 years we've had 105 of them, something like that. We have corrections when the market pulls back 20% almost every five, four to five years, five to six years in that area. So all this stuff typically coming into the year, people would have said we're kind of due for these pullbacks or corrections. But they have fanned the flames of fear. And really, let's be honest, it's all about anti Trump media agenda. So that's the backdrop. Everyone's nervous, everyone's more afraid than normal. And that means overreactions. And it's been mostly overreactions to soft data. We got the jobs report, came in better than expected. It doesn't matter. The next one is going to be bad. This morning we got Delta Airlines great earnings report. Don't worry, they're afraid to give us guidance. It's going to be bad in the future. So this is what we're dealing with. And unfortunately when you get these things, they become sort of a snowball and it can become a boulder. Soft data can become hard data. When everyone gets afraid, it becomes self appealing. And so yet I freak out over the way this thing has been messaged. But I know it's been deliberate. And what I don't like, Lisa, is that I think people who sell in a panic, particularly taking losses, I think they're going to regret it A year from now, three years from now, five years from now. And so I'm really offended by the coverage. Listen, obviously you want to talk about risk anytime someone wants to do what President Trump is talking about, which is sort of upending a system that's been in place for a while. But while it's been in place, we have, our foundation beneath us has been.
- [07:50]
Rodney Williams
Eroding, you know, so, and that's the thing is, right, like we're. Which is why I wanted to have you on the show and which is why you're so good at this, is being able to kind of like look deeper into everything and really, you know, try to try to get an honest assessment of what's really going on right now. And so with all that, you know, it's hard for people like me who don't do this for a living of trying to figure out like, how bad are things right now? How manufactured is it? You know, and so how, how bad? You know, give us some perspective. Like, how bad are things? Are they bad? I know you kind of got into the soft data and the hard data.
- [08:27]
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That's the irony. That's the irony. They're not bad yet, right? So the market is building in a worst case scenario. And this is why it's, again, it's frustrating because sometimes the markets can, can create a worst case scenario. Give you an example, coming into the year, for the last couple of years, the top 10% of Americans have been doing 50% of the shopping because most families are in their own personal recessions already. That's why we got the election outcome that we got. But as the market pulls back, those top 10 people, a percentage rather, even though they're well off, they're going to pull back their spending. And so you may see more recessionary signs in future data. Again, that's manufactured by the fact that they didn't run out of money. It's just that they're becoming antsy. So this antsiness can create a problem. But if you say at this very moment, what data can I point to that says the economy is in bad shape? None. I can point to a lot of data that can show that we were weakening, that people spent maxed out their credit cards and things like that. But as Americans, we live with maxed out credit cards. Right. Some people do that for their entire lives. And that's the frustrating part, that's the guessing part. Unfortunately, the markets are right now reacting negatively to anything. And there's an old saying on Wall street, selling begets selling. It's sort of sometimes you sell because the person next to you sold and then the person next to you will sell. It's same thing on the upside. We've seen markets where they just go up and go up and go up and people chase them because you know what they think they're going to keep going up. So this is an irrational emotional period for the market where we don't have all the answers and the default is to sell first, ask questions later, or get answers later.
- [10:13]
Rodney Williams
Yeah, I think the issue, you know, so, okay, so I see what President Trump is trying to do in the long term in bringing manufacturing here to the United States, trying to make us more self reliant, self sufficient, you know, but the issue is time on a lot of these things, right? Like even, you know, I mean, you know, this will probably be less complicated than even looking at bilateral free trade agreements. But you know, those can average around 1.5 years to develop through a period of time. Even manufacturing plants, getting them running, even if you retrofit, it takes time, you know, so we don't have as much time. Especially Republicans looking ahead at the midterms. You know, he did promise this golden age in his term. So can, can he make some of these long term changes without sacrificing sort of this, this short term, this four year period of a golden age?
- [11:05]
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You know, I mean, listen, if you were to build the world's most magnificent skyscraper, first you'd have to dig a big hole for the foundation. You know, it's, it's, it's, I think that what they have to do. And again, this is where it's interesting to study William McKinley's presidency. I think they just have to get the ball rolling. We don't have to change the entire thing overnight. It's sort of unrealistic to think all these factories will be built in the next two to four years. But we can see the permitting, we can see some of the cranes put in place right now. America's worst problem right now is that we can't accept any pain whatsoever. If it's emotional pain, you can go online or get an app, listen to ocean music. If it's physical pain, you can pop a pill or smoke something. We don't even understand the notion, not even to lose weight anymore. You don't have to go to the gym and do crunches. So we don't even understand that issue. And it's really going to hurt us longer term because there are going to be some other things like when it comes to military and Taiwan eventually having to protect them. I don't think we'd be up to snuff to do it, but. So messaging is important for Trump in the Trump administration. And. But when people tell me we can't build a factory overnight, I say, I know we can't. That's not the point. The point is China. Look up, look up Google if you get a chance. New cities in China. They're building cities. They're completing the tallest bridge in the world that just the things they're doing. So magnificent. The only thing that we built that's magnificent right now are football stadiums. We build great football stadiums. Right, but those aren't. We're not, we're not investing in our children's futures. We're not investing in our own Futures. Since 2009, our country made a decided shift. We were going to become in this nation, it's called financialization. And everything was going to be about money making more money. All these new fangled products from Wall street. And that's essentially what we've done. We've created four economic classes, the educated elite. The next class are the barista class that serve them. We have a service economy. Oh, wow. We got a few blue collar jobs left. And then after that, I call it the placated poor. They get enough government assistance that they don't rebel against the system. That's unsustainable. What we're talking about there's unsustainable. That's how green empires in the past have fallen down, right? In part. So I get frustrated when someone said we can't build a factory overnight. No, we can't. But we can put a stake in the ground tomorrow. We can do the groundbreaking tomorrow. We can, we can sign off on all the regulations. In fact, we need to get rid of all these regulations, these barriers. Right? We can do those sort of things and get the ball rolling. I think if Republicans can show that the ball is rolling, that that's what they need to do. You know, maybe by the midterms, it's certainly up to four years and we'll have some factories built again. We built some hell of five football stadiums in less than four years.
- [14:09]
Rodney Williams
You know, why do you think President Trump is doing this? You know, what do you think his overall objective is? Like, how do you see it?
- [14:18]
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I do a special report once a week. I write every single day for my clients. But I do one weekly called Paine's perspective. It's usually 20 pages long. And this one I featured one ad that Trump had taken out in the New York Times in 1987 that said talked about our defense preparedness. And he said the only reason we haven't done it as a nation is we don't have the backbone. I mean, think about our conversation already. We immediately talk about how Republicans can get reelected. Well, that's the only thing our politicians are focused on. We'll never be prepared because that means politicians have to go to D.C. and bring back home a bridge to nowhere so they can get reelected. No one has backbone. We can't even go to a two week correction in the stock market without people saying this is the end. So he's been talking about this for decades, for decades. He's on record talking about the unfair treatment of America. But by the way, this is mostly our fault though. We've allowed it to happen. And so I think he's doing it because he sincerely believes that we are extraordinarily vulnerable and that this perch that we sit on is sitting on really just it's thin ice. It feels good, but it probably felt good to Great Britain in the late 1800s when they were the preeminent nation, and to the Portuguese and to the Habsburgs and to Spain and whoever else at any given time was a preeminent nation in the world. But those periods generally last for 100 years. We're a little bit over 100 years, so our expiration date is coming up unless we do something about it.
- [15:54]
Rodney Williams
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- [17:09]
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- [17:35]
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- [18:07]
Walton Goggins
Want to start a business? You might think you need a team of people and fancy tech skills, but listen to me when I say you don't. You just need GoDaddy arrow. I'm Walton Goggins, an actor and I like the sound of starting my own business, Walton Goggins Goggle Glasses. But I couldn't do this my own. GoDaddy Arrow uses AI to create everything you need to grow a business. It'll make you a unique logo, it'll create a custom website, it'll write social posts for you, and even set you up with a social media calendar. How cool is that? Well, listen to this. For a limited time you can get Arrow all access for just a dollar a week for 12 weeks. We're talking all the AI power of GoDaddy arrow plus a domain E commerce store, payments, professional email, a unified inbox. All for less money than I spend on deep tanning lotion while sunbathing off the Amalfi coast. You know what? That sounds like a plan. Get started@godaddy.com terms apply.
- [19:04]
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- [19:35]
Travis Holloway
I'm Rodney Williams and I'M Travis Holloway. Welcome to the wealth break.
- [19:39]
Rodney Williams
Let's be honest, building wealth doesn't look the same for everyone. It's not just about saving. It's about investing. It's about navigating systems that weren't built for you, embracing your hustle and relying on your community to create something bigger.
- [19:53]
Travis Holloway
And that's exactly why we created the wealthbreak. We made something different, something more human. It's not just another financial podcast. It's a conversation about real life, real struggles and real wins.
- [20:04]
Rodney Williams
We're here to talk about the journey. You're hearing from people who've broken barriers, found creative ways to succeed, and learn to build wealth on their terms. Whether it's the first time homeowner, a gig worker, or someone turning a side hustle into a six figure business, we're bringing you their stories.
- [20:23]
Travis Holloway
And we're not stopping at success stories. We're breaking down the realities, like what it means to take risk, how to navigate failure, and why resilience matters. Because wealth isn't about money. It's about creating a life where you can thrive and help others to do the same.
- [20:38]
Rodney Williams
So if you're ready for a podcast as much as about people as it is about money, you're in the right place.
- [20:45]
Travis Holloway
Listen to the Wealth Brave podcast on the iHeartRadio app.
- [20:52]
Rodney Williams
You know, I mean, it's interesting because I think President Trump thrives in chaos and uses chaos as a leverage, you know, of the other side, wondering, what is he gonna do? You know, but then alternatively, in that chaos right now is obviously like setting off the markets and setting off panic. And so, you know, I wonder how much laying out just some clear objectives of, like, here's why we're doing this. This is like what we're going to get from. It would sort of calm nerves and jitters.
- [21:21]
Clorox Ad
Well, I think he's done that. But, you know, you got to be. He's got to be. It's a, it's a, it's an interesting thing. You can't. You know, he mentioned tariffs. Every campaign stop, he said, I'm going to go out to China. Every campaign stop. In fact, everything Trump has done so far, he promised he would do. He promised he would do this. Maybe we're shocked that a politician lived up to their promises. Maybe we underestimated what it would mean. But he did promise this. And so he's doing it. And he's got to make sure that he's not letting the mainstream media in America manipulate him to the point where it weakens his bargaining position. So last Friday, last week, rather, after we announced the initial, the additional tariffs on China, they immediately announced tariffs on us. One smart Wall street firm said the only reason they did that was to make the markets go down. And then, of course, the next day, China issued a communique saying, the markets have spoken. In other words, hey, America, look at your markets. They're telling you to back off. America's Americans cannot live for the stock market. It is so dumb for the average person out there to be concerned about the market going up every single day and they don't have any money in a bank. It's ridiculous. We already live in this sort of new quasi patriotism of let's keep the GDP higher by staying maxed out in debt, delinquency, don't know how our kids are going to college, but the economy was good. The GDP number was solid. That's not our job. You know, we have a responsibility to our families and to ourselves, and we spend too much money, to be quite honest with you. It's particularly junk from China in the first place. And so he's got to be careful. You know, he's doing the broad stroke stuff. He has other folks like Besant out there, I think. I like to see Lutnick and Navarro sit down. I like Greer. He doesn't speak a lot. I don't think he's bashful or whatever. Bessant's been on air a lot. Steven, Myron, those are good people to get out there to sort of articulate this. But again, Trump is negotiating this and he already knows that the media doesn't like him. China knows the media doesn't like him. So he can't be manipulated too much by trying to, you know, again, this morning when Delta Airlines earnings came out, all the financial media was like, they're not going there. They're not going give us guidance. They're so afraid. Yeah, but what the news was, was that the earnings were phenomenal, that people were taking planes. That was the news. So while people are concerned about the market, they haven't yet stopped traveling. They haven't yet stopped doing things that they normally do. Now, if they're scared enough, eventually they will, and that's the danger. So, you know, it's a, it's a, it's a narrow, it's a narrow. Trump has a very narrow area where he can, he can, you know, do one or two. His main thing right now is he's got to hold the line. He put out a tariff plan that no one anticipated, myself included. And I, I just acquitted it last week when it came out. The only thing I could think of was when his first term. You might remember this Lisa, when he dropped Moab. It's the mother of all bombs. So. And that was the most non, most lethal, non nuclear bomb in the history of mankind. No president thought about using it before he immediately dropped it on ISIS and has sent a message. This is sort of an economic moab. There's not a lot of room to negotiate. This won't go tit for tat. There won't be a whole lot of meetings. We won't go to Paris and then a month later go to Brussels, then a month later go to Tokyo. And we're not going to have a bunch of diplomats nodding and shaking their hands and agreeing to meet again. No, this is it. Line in the sand. What are you going to do the rest of the world?
- [25:15]
Rodney Williams
I guess the only part that confuses me is so I get like reciprocal tariffs. Obviously that sort of speaks for itself. I get bringing manufacturing here. But like how do you equalize trade deficits?
- [25:29]
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Ultimately I don't think that's the goal. But what they were saying is that people have to understand there are official tariffs and there are non tariff barriers. Now on a recent show I laid out about 20 non tariff barriers. But Scott Myron, who's part of this negotiating team said that there are thousands. We don't know about them. They're tough. Let's say you bring a product into a country, let's say you bring a product into America, you want to sell into America a blender. But New Jersey has a certain law that will stop it from going in whatever it was made of, a certain plastic or California, you know, it's so nuanced and so marbled into these nations ways of stopping us from being able to compete in their countries. They decided the only way they could figure it out is, you know, using trade, trade deficits. Obviously the bigger nation, the more powerful economic nation probably will have a higher trade deficit. But they also think hidden in there is the only way to sort of figure out just how unfair the system is. Because no one truly knows. All they know is that their barriers beyond tariffs that stop this. And so it's not fair trading, it's not free trading and that's why we don't sell any beef in Australia, but they sell billions in America. So these things are nuanced. And again it's not a tactic that I necessarily or I, I wouldn't have thought of it. I'm not sure I would have used it. But they did use it, and they set the bar high. And so this is not a game. The rest of the world understands this is not a game. You can try to go tit for tat, but there's a reason everyone wants to bring their products here. We have the wealthiest consumers in the world, and if you want to make money, you sell it here. You can't sell it anywhere else. You can't, you know, no one's going to buy it. No one can afford it. You can put it in a warehouse. These countries are in bad shape. China economically is in worse shape than Americans think. They have been for a long time. They mismanaged the one child policy. They mismanaged Covid. They built a whole bunch of ghost cities. They're in trouble. Europe, forget about it. They really just. They have blown it. So with the open borders and the high taxes, lack of innovation, you know, they're in trouble. So we're coming from a position of strength. Perhaps for the last time that we'll be able to come from a position of strength.
- [27:42]
Rodney Williams
Well, you know, it's interesting because if anyone was doubting the strength of America in both the global economy and just as a superpower, I think this shows that we are the preeminent superpower. And just like the, you know, just this tariff announcement, just the impact it has had on the global economy, I think sort of underscores what a powerhouse we are as a country. You had mentioned sort of China's weakness right. Now, will this bring them to the table or kind of like what would this trade war look like with China? And, you know, who has the upper hand in this?
- [28:19]
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Well, we have the upper hand because we buy a lot of stuff from them. Yeah, you know, I mean, they have some of our treasuries. They can sell them. But always remember this thing, China doesn't have any of our treasuries as a goodwill gesture. It's not altruistic. It's altruistic. It's the best treasuries to own in the world. So you don't want. If you don't want it. If you don't want those, get them from somebody else. There's a reason they want to buy that. There's a reason they want to own our farmland. There's a reason they want, and there's a reason they do business with us. We made China wealthy when China entered, when Nixon went over there and Nixon and Kissinger, I think the average annual income for the average person in China was 156 bucks. This is early 70s a person a year. When they entered the World Trade Organization, they weren't much better off since then. And using, using rules that favored them, that even to this day treat them as an emerging nation, not the number two economy in the world. They've been able to take advantage, and it's brilliant on their part. You know, Lisa, what a lot of people don't realize with China and to a lesser extent with India is that they've always wanted to get even with the West. You know, China was the greatest economy. They were ahead of the most of the world for a long time. Technologically, they built the wall. They became an isolated, insular nation because they wanted to. And so finally the British show up. And this is after years of European wars and wars and wars. And they say, hey, we want to trade with you. And initially the Emperor is like, what? No, we don't want to do it. But then someone said, why don't we trade with them? We could send the world these great things that no one else has, silk, jade, all of this beautiful stuff. So they start sending that out to Europe and in return they got silver. And they got so much silver that Europe sort of panicked. And eventually the British introduced this miracle drug to them called opium. So after a few years of getting the opium going in and the silver going out, the British show back up and say, we want you to open more ports. The Emperor says no. The British say, we're not, we're not asking. The First Opium War. The Emperor calls up the troops, well, guess what? Half of them are high on opium. And by the way, they hadn't been in a war in a long time. Their ships, all that great technology they had 50, 100 years earlier didn't work. It was terrible. They got crushed, had to open more ports. Same thing happened another few years. We want more ports now. Second Opium War. So China collapses to the point where they finally have what they call the Boxer Revolution. The Boxer Revolution, all the peasants rise up. The Chinese government, the Emperor is so weak, he has to ask Japan and the west for help. They give them help on economic terms that would make the mafia blush. After that was over, China became destitute. And of course, a few years later, you have Mao. And the story goes on. So they have this long range thinking, this long range chip on their shoulders, and we're worried about the market being down for three days in a row. We can't win if we stay like this.
- [31:24]
Rodney Williams
We've got more in the markets. But first, Israel is still under attack. Missile fire has resumed from the Houthis, Hezbollah and Hamas enemies seeking Israel's destruction. Here in America, we cannot imagine living under constant threat of terrorism and rocket attacks. This is the reality in Israel. Parents taking their children to school, falling to the ground to lay on top of their small children, trying to comfort them as sirens blare. The next attack against Israel is happening now with little time to prepare. So we must act now. That's why I'm partnering with the International Fellowship of Christians and Jews to help provide life saving aid and security essentials. Your urgently needed gift today will help provide security essentials like bomb shelters, flak jackets and bulletproof vests for first responders, armored security vehicles, ambulances and so much more. Join me in standing with Israel. Call to make your gift at 888-488-IFCJ. That's 888-488-4325 or you can go online at supportifcj.org to give. That's one word. Supportifcj.org.
- [32:34]
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- [32:51]
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Walton Goggins
Use as directed so you want to start a business? You might think you need a team of people and fancy tech skills. But listen to me when I say you don't. You just need GoDaddy arrow. I'm Walton Goggins, an actor and I like the sound of starting my own business. Walton Goggins Goggle Glasses. But I couldn't do this my own. GoDaddy Arrow uses AI to create everything you need to grow a business. It'll make you a unique logo, it'll create a custom website, it'll write social posts for you, and even set you up with a social media calendar. How cool is that? Well, listen to this. For a limited time, you can get Arrow all access for just a dollar a week for 12 weeks. We're talking all the AI power of GoDaddy arrow plus a domain E commerce store, payments, professional email, a unified inbox. All for less money than I spend on deep tanning lotion while sunbathing off the Amalfi coast. You know what? That sounds like a plan. Get started@godaddy.com terms apply.
- [33:58]
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- [34:29]
Rodney Williams
I'm Rodney Williams.
- [34:31]
Travis Holloway
And I'm Travis Holloway. Welcome to the wealth break.
- [34:34]
Rodney Williams
Let's be honest. Building wealth doesn't look the same for everyone. It's not just about saving. It's about investing. It's about navigating systems that weren't built for you, embracing your hustle and relying on your community to create something bigger.
- [34:48]
Travis Holloway
And that's exactly why we created the wealthbreak. We made something different, something more human. It's not just another financial podcast. It's a conversation about real life, real struggles and real wins.
- [34:59]
Rodney Williams
We're here to talk about the journey. You're hearing from people who've broken barriers, found creative ways to succeed, and learn to build wealth on their terms. Whether it's the first time homeowner, a gig worker, or someone turning a side hustle into a six figure business, we're bringing you their stories.
- [35:17]
Travis Holloway
And we're not stopping at success stories. We're breaking down the realities, like what it means to take risk, how to navigate failure, and why resilience matters. Because wealth isn't about money. It's about creating a life where you can thrive and help others to do the same.
- [35:32]
Rodney Williams
So if you're ready for a podcast as much as about people as it is about money, you're in the right place.
- [35:39]
Travis Holloway
Listen to the Weltbreak podcast on the iHeartRadio app.
- [35:45]
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- [36:16]
Rodney Williams
I mean, Charles, you don't just play me. You're not playing a financial expert on tv. I mean, you started your career on Wall street in 1985, 1991, you started Wall Street Strategies. I mean, you live, sleep and breathe this stuff for a living. Yeah, what are you telling clients right now, like what? I mean, people are turning to people like you and saying, what do we do? You know, so what's your advice?
- [36:40]
Clorox Ad
So let me tell you what's interesting. So you're right. I've been doing this for almost 40 years. And in 2000, the crash of 2000 was devastating. We were, we were hanging by threat for three years. I was so bad off that we had work from home before anyone else even knew what it was because I couldn't afford an office. So we barely survived that. Then came the crash in 2008, 2007, 2008. This time, clients didn't flee. They just held on. They said, okay, we'll stay with you, we'll see what happens. Then came the COVID crash. You know what happened in the COVID crash? People were calling me, I want to buy, I want to buy. So over the last 25 years, investors have learned that, you know, maybe you don't panic in these sort of situations. So I'm asking them to do what they've been doing, not to panic. And, you know, I was lucky in some ways. I, you know, I sold Nvidia. We had, I had them take profits on Nvidia near the top, Palantir near the top, Apple near the top. But we still have a lot of the positions that are in that are down at this very moment. But we've been through this together for a long time. And the majority of them want to know, just tell them when it's time to buy. So they're not panicking, but they stay, read the same newspapers, they hear the same stuff. And so the airwaves are filled with this doom and gloom stuff that is hard to ignore unless you understand the history of the market.
- [38:03]
Rodney Williams
What's sort of like safe long term investments for people right now? If they're like, look, I kind of want to get involved right now, it's a good time to get in. What's, what's smart?
- [38:14]
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I mean, I hesitate to use the word safe because anytime. But I, you know, here's a good rule of thumb. If a company's been in business for about a hundred years, more than likely they'll be in business for another a hundred years. It always, it always baffles me when people are afraid to buy a stock in a company that I say, you think they'll be around when you die? Who's going to die first, you or Google? I mean, you were meta. Who's going to perish first? You know, So I think the worst mistake, obviously is not being in the market. It's the greatest money create, creating machine creation machine in history. And you just never know what's going to be super duper hot. In the last five years, one of the hottest stocks has been Brinker. You know what Brinker is? Is the parent company of Chili's. Have you gone to Chili's? Stock went up 1,200% in five years. So listen, I like exposure to the Rockets. I like for people to have exposure to the fourth industrial revolution. And by the same token, Home Depot is going to be here, Walmart will be here. So you just have a mix of names in your portfolio, names that you know will be here forever and then maybe a couple that you take a shot on that could be huge, you know, as we go into humanoid robots, as we go into more rockets, ships, more drones. So you want to have exposure to that kind of sexy stuff that sizzles but is volatile and then basic stuff that's just going to be there, pay you a solid dividend and go up. You know, every time I look at these solid names, they don't gallop, but they get from point A to point B all the time, which is higher. And during the time that you own them, you still make money through dividends. You get yourself a balanced portfolio like that, you sleep at night.
- [39:56]
Rodney Williams
How did you get into tv? So, you know, you started on Wall Street. How'd you find your way over to Fox News and Fox Business?
- [40:03]
Clorox Ad
So that's an interesting. That's a good story. Good question. As a kid, I lived on army bases. My father was in the army. One day I came home from school, my parents had separated, my mother said, we're leaving. So we left this beautiful two story house in Fort Lee, Virginia. It was just an idyllic, wonderful place to live, a way to grow up. And we all moved, me, my mom and my two younger brothers to Harlem, which was the worst neighborhood in America at the time, and all lived in a room. And up to that particular moment, I'd never thought about money. But there we were, completely broke, destitute, all four of us living in a room. A few months later, we got an apartment. But that first winter we had no heat or hot water. I was the oldest, so I just took it upon myself to help my mom. And I did everything. I had every kind of hustle you can imagine, from cleaning windows and stoplights with paper towels and Windex to a job at a bodega. And so I'm thinking I need to make money. And I think we all equate Wall street with money. So I started reading the Journal, or trying to read it. It took me a few months to figure it out. It was tough back then. It was nothing but lines and numbers. And so I told my mom, I want to work on Wall Street. And so I just studied anything I could get. I bought my first mutual fund when I was 17. She had to co sign. I joined the Air Force. And in the Air Force, I bought my first stock. And by the way, it was a stock called MCI. And the guy who ran the company was Bill McGowan I think was his name. He was this hard charging, hard living kind of guy. Smoked like seven packs of cigarettes, drank 30 cups of coffee a day, and he was taking on the world's biggest company. AT&T. I've always been drawn to Mavericks, right? People go against these David and Goliath stories. And the stock did well. And I got out. I started working at EF Hutton on the research side, which was no money, but I learned a lot. Then I became a broker. And as a broker, I had my own epiphany that the industry wasn't what I thought it was. I thought you'd go home, you find these great stocks for your clients, but it really didn't work that way. So I started my own research firm. So that's how I got into business. And then at some point, early on, I don't know how, but Wall street, the cnbc, heard about me somehow, so they called me up and say, hey, can you come on? So I came on, I started going on there, and I met Neil. Neil Caputo?
- [42:21]
Rodney Williams
Yeah.
- [42:22]
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Yeah. And so Neil goes over, eventually leaves cnbc, and he goes to this thing called Fox. At the time, I thought he was nuts. Yeah, at the time, the market was sizzling. Every time you go in a bar or restaurant, it was cnbc. I'm like, what is this thing? He's. This Fox thing he's done, you know. And then they finally called me up. Neil wants you to come on this Fox show. I'm like, oh, boy. All right. And I come in, you know, I take the escalator down to the basement. I think that was the first studio down in the basement. I'm pretty sure the table we were using had three. Three legs. I think I was holding up my. With my knee, you know, the lighting was bad. I'm looking at Neil the whole time like, my man, you blew it. Of course, he had not blown it. And eventually they asked if I would become a contributor. And then eventually I ended up with my own show.
- [43:08]
Rodney Williams
I love that also. I, I feel Neil helped me get my start as well. So I feel like I started doing your world was one of the first shows I started doing at Fox because you know how it goes. It's like one show sees you and then the next book, like you just said, you know, you started going on there and then they're like, oh, you know, so. And then it kind of has that snowball effect. I love that story. I didn't, I didn't know all that. I love that. I feel like your book right now, Unbreakable Investor, is probably a good book for people to go pick up right now. Give us, given the current environment and. Right. It's probably a book to pick up.
- [43:44]
Clorox Ad
And if you have it, it's a good time to read it. Yeah.
- [43:47]
Rodney Williams
What sort of insight before we go? What sort of insight can people get from it, which I'm sure is very applicable to where we are currently in this environment.
- [43:58]
Clorox Ad
So it's my third book. And by the way, it's free. If you go to unbreakableinvestor.com, people just pay for shipping and handling. Here's the first chapter. Lisa is dedicated to my grandparents who bought a farm in 1952 in Alabama against all odds. And even now, I get chills and choked up thinking about what they had to sacrifice for that and the risk that they took on being a black family with a farm in 1952 in Alabama. And then the time the night riders would come by, whatever. And they raised their family there. They never had indoor plumbing or electricity, but they raised their family there. They owned it. They had their own crops. And the main reason I mentioned that is I feel like we all have a responsibility to step up the foundation for future generations. So it's not about getting rich, but it's about creating a firm foundation and lifting it just a little bit more for the future generations so that their life, they can chase their life's goals. And then in there, I've got chapters on the Federal Reserve. I have chapters on, on, on the fourth Industrial Revolution. I have examples of how people can find stocks by things around them. For instance, when you go to buy food and, you know, you have the screen pop up and they say, you want to put, you know, the, the, the tip and all that stuff. Yeah, I, I, People don't ever ask, well, what if they're publicly traded? Because I use this every day when I eat food, those kind of things. I teach people how to find these ide. Now, here's the great news. Every chapter I give you a test. At the end of each chapter, I want to make sure you're learning and that's why people peep the book. I'm telling you, people love it.
- [45:41]
Rodney Williams
I love that. Charles, I really appreciate you making the time. You're a busy man. Everyone go check out Charles and Fox Business making money with Charles Payne. I really appreciate your insight. I just really wanted to have you on because again, I feel like you just do such a good job of sort of cutting through the noise of everything and there's so much noise right now and so just kind of getting the heart of things. And so I feel like this was super helpful and also just interesting to learn more about your life story and kind of how you got started at Fox as well as just a friend and a colleague. So really appreciate you making the time.
- [46:15]
Clorox Ad
CHARLES Absolutely. Absolutely. Thank you so much, Lisa I'm glad.
- [46:18]
Rodney Williams
You told that was Charles Payne from Fox Business and Fox News. We appreciate him making the time to join the show. Appreciate you guys at home for listening every Tuesday and Thursday. But you can listen throughout the week. Until next time.
- [46:32]
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- [47:03]
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- [48:04]
Rodney Williams
I'm Rodney Williams.
- [48:05]
Travis Holloway
And I'm Travis Holloway. Welcome to the wealthbreak podcast, a real conversation about finance.
- [48:11]
Rodney Williams
Let's be honest, building wealth doesn't look the same for everyone.
- [48:16]
Clorox Ad
I feel like sometimes being broke is a cycle and that we might have.
- [48:19]
Travis Holloway
To revisit that and we're not stopping at success stories.
- [48:23]
Rodney Williams
What happens when it doesn't go right? How do you cope with it?
- [48:26]
Because wealth isn't just about money. It's about creating a life where you thrive and help others do the same.
- [48:32]
Travis Holloway
Listen to the Wealth Break podcast on the iHeartRadio app.
- [48:38]
Walton Goggins
So you want to start a business? You might think you need a team of people and fancy tech skills, but listen to me when I say you don't. You just need GoDaddy arrow. I'm Walton Goggins, an actor, and I like the sound of starting my own business. Walton Goggins goggle glasses. But I couldn't do this my own. GoDaddy Arrow uses AI to create everything you need to grow a business. It'll make you a unique logo, it'll create a custom website, it'll write social posts for you, and even set you up with a social media calendar. How cool is that? Well, listen to this. For a limited time, you can get Arrow all access for just a dollar a week for 12 weeks. We're talking all the AI power of GoDaddy arrow, plus a domain E commerce store, payments, professional email, a unified inbox. All for less money than I spend on deep tanning lotion while sunbathing off the Amalfi coast. You know what? That sounds like a plan. Get started@godaddy.com terms apply.
- [49:35]
Clorox Ad
Deciding on what to listen to is hard. Using Xumo to stream music from iheart 90s radio is easy. Or play Iheart country or hip pop beats, your choice. All for free. Stream Easy with Zumo Play. Get live and on demand entertainment with no logins, no signups, no accounts, no hassle. This April binge these classics, the Whole Nine Yards, starring Bruce Willis and Matthew Perry. Adaptation with Nicolas Cage and Meryl Streep and the Fisher King with Robin Williams. All streaming free on Zumo Play. Go to play.zumo.com now. Life is hard. Zumo is easy.