Inflation, Bananas, and Free Toasters with Phil Blancato
In this episode of the Stuff About Money podcast, Erik Garcia, CFP® sits down with Phil Blancato, CEO of Ladenburg Asset Management. Phil shares with us his simple formula for investment success. Then Phil and Erik break down what inflation is and how the federal reserve has to walk a fine line to keep it in check. Is inflation here to stay? What should investors be doing with their investments during inflationary times? Will the banks ever give us free toasters again for opening an account? Class is in session!
Episode Highlights:
- Phil shares his background and what people should know about him. (1:53)
- Phil discusses how he managed his career. (3:52)
- What does Phil know now about money that he would have benefited from knowing 30 years ago? (4:42)
- The majority of people, according to Phil, overlook the fact that investing has historically been beneficial rather than harmful. (8:26)
- Phil discusses risk tolerance. (10:34)
- Phil mentions that his life goal was to fund his retirement and his children’s education. (14:27)
- Phil explains the concept of inflation. (19:25)
- Phil explains that inflation in the early stages is beneficial. (27:22)
- Phil believes that it is the Federal Reserve that keeps people awake at night. (31:14)
- Phil mentions that we are on the verge of the greatest technological momentum in the world’s history. (37:18)
Key Quotes:
- “Get your emotions out of the way. Your money doesn’t know you. You don’t know your money. Your money doesn’t love you. You shouldn’t love your money. Let your money be a tool that gets you to your ultimate goal wherever it may be.” – Phil Blancato
- “It’s okay to take a gamble on your latest idea. But don’t do that with your real money because it can hurt if you make profound mistakes that are hard to recover from.” – Phil Blancato
- “For the stock market, we go from double-digit returns to single-digit returns, because earnings are going to come down as inflation goes higher, and the cost of the market goes higher.” – Phil Blancato
