The Liquidity Event Podcast: Episode 54

 

Episode 54: The Inflation Reduction Act Just Gave Me MonkeyPox

On this week’s episode of the Liquidity Event we have special guest Ryan Furlong, CFP and senior financial planner join Shane for a deep dive into the Inflation reduction Act and a review of this weeks crypto goofs. After forgetting to mention the $80bn that the IRS is getting to audit HENRYs the boys revisit the incoming CPA drought and all the reasons why your eyes bugged out when the waiter brought the check this summer. Shane’s August budget is $0. The FBI raid on former president Trump’s Mar-a-Lago home distracted us from a second giant piece of legislation, the CHIPS act, which provides hundreds of billions of funding to the expansion of the domestic semiconductor industry. Shoutout to onshoring! Finally, the inflation boogeyman may be waning, we’re not sure, but at least gas prices are down 20% and flights are 10% cheaper! Book the ticket, take the ride. Or Slay. Whatever Gen Z is saying. We need an intern.

Read the Full Transcript:

Speaker 1:

This podcast is for informational purposes only and should not be considered tax or investment advice. Welcome to The Liquidity Event, a show about all things personal finance with a laser focus on equity compensation. Hosted by AJ and Shane of Brooklyn FI, each episode will take you through the week's news on Fintech, IPOs, SPACs, founder wins and fails, crypto, and whatever else these nerds think is interesting. Learn more and subscribe today at brooklynfi.com.

Shane Mason:

Hello and welcome to The Liquidity Event. We are your hosts, Shane Mason ...

Ryan Furlong:

I am Ryan Furlong. Special guest today.

Shane Mason:

Yes. We have a special guest today. Mr. Ryan Furlong. AJ is somewhere. Where is AJ, Ryan? I don't remember. Salt Lake City?

Ryan Furlong:

I think so. In between some traveling today. Hopefully, maybe some golf in there. I know she's been working hard on the golf game.

Shane Mason:

Wow. She plays 18 holes one time, a little pitch and putt, and now she's a golfer. Well, good for her. Yes. I think she is out in her West Coast hole. My buddy for some reason calls every place a hole like that. I can't get it out of my head. She's in Palm Springs or Utah or something. Hanging out with her husband. We have an awesome special guest today. Mr. Ryan Furlong is a senior financial planner here at Brooklyn Fi. Ryan, why don't you do a little personal intro? Tell us a little bit about yourself.

Ryan Furlong:

Of course. Fellow equity compensation nerd. Excited to be here with Mr. Shane Mason for today's episode. I live in Denver, Colorado. And I've been a financial planner for quite some time now, but total financial nerd. Just like my fellow co-host here. Excited to jump into things today.

Shane Mason:

We're happy to have you, Ryan. This is Episode 54. Recorded on August 10th, airing on August 12th. Ryan, what are you reading, watching, or playing these days? Anything cool?

Ryan Furlong:

I have been watching Only Murders in the Building. It is a phenomenal show on Hulu. A little out of left field, but Selena Gomez, Steve Martin, and a few others. But there's a murder in the building, as you can tell by the title. They basically go down the rabbit hole of creating a murder mystery podcast. At the start, it's one of those shows where you're like, "This probably isn't going to be very good," but it's turned out to be pretty entertaining.

Shane Mason:

When you said, "Only murders," I thought you were going to tell me you were watching Faces of Death videos or some wild show like that.

Ryan Furlong:

Wow. New guest host. This went dark two minutes into the podcast.

Shane Mason:

Right into it. This is our senior financial planner, Ryan. He likes to watch horrific internet beheadings.

Ryan Furlong:

It's a very specific group of clients that we're assigned to work with.

Shane Mason:

Just Taliban videos from the early aughts.

Ryan Furlong:

God.

Shane Mason:

Good Lord. Cool. I'm assuming you're in Denver, since you're based out of Denver?

Ryan Furlong:

Yeah. Based out of Denver. Been here for about a year now. We actually just extended the lease. Moved from St. Louis, Missouri, where I lived my whole life. And so, got out of the old Midwest. Spending some time out here in the mountains, which has been awesome. Plan to stay for the foreseeable future.

Shane Mason:

How's the elevation on you? Of course. A little Brooklyn in the background for the listeners.

Ryan Furlong:

A little city noise for the background. It's amazing. Honestly, there's so much to do and see. You get so used to the elevation that when people come in town, you forget. You're like, "Hey. Let's just go on this short little hike." Parents come into town. Next thing you know, they want to kill me. Because they're dying on the hike and wondering why even just a few miles is so difficult. You can definitely notice a difference if you're from out of town. For sure.

Shane Mason:

We all need a reason for our parents to want to kill us.

Ryan Furlong:

Yes.

Shane Mason:

Cool. Well, on this episode this week, we've got a ton of articles. So I'm going to hop right into it. There's some really cool legislation that was just passed, in my opinion, related to the Inflation Reduction Act. We also have the CHIPS Act. And then, a ton of articles in the personal finance, crypto billionaire space to dig into.

Shane Mason:

We do not have a deep dive this week, in terms of IPOs. That remains pretty dry out there in the IPO space. But I am going to do a deep dive into the Inflation Reduction Act, which is going to be ... Brooklyn AF today. For those of you who don't know where I am, I'm still in Brooklyn. This is the sound that Republicans made when the FBI raided Donald Trump's house. That's a little bit of background.

Ryan Furlong:

Hey.

Shane Mason:

Hey. Yes. We do have a couple topics we want to talk about on the Inflation Reduction Act, including the administration of the act, the climate, impact of parts of the bill. Provisions, healthcare, and taxes. I'm going to start off with the administrative part. Of course, this was a 50-50 vote. The Senate is evenly split. Thus, leaving the tiebreaker vote to Kamala Harris, who pushed this forth. The Inflation Reduction Act is now in the hands of the House to delegate on.

Shane Mason:

We might see some changes, but it has not been signed into law yet. We're not totally done with the bill's updates and amendments. I think Mr. Sanders or Senator Sanders wanted to make some administrative updates in the House. But this is a scaled-down version of the two trillion dollar Build Back Better plan, which was the original landmark or signature provisions or legislation that Biden administration wanted to get passed, but was held up by Joe Manchin.

Shane Mason:

This is a reduced version of Build Back Better. It gets the lovely name of Inflation Reduction Act. We'll talk about how inflation might be impacted by this in a second, but we don't have some of those other giant items within Build Back Better that pushed the spending to two trillion in that bill. I believe ... What's the size of this bill? It's in the hundreds of billions, but it's not quite two trillion.

Ryan Furlong:

No.

Shane Mason:

Anyway, we don't have any universal pre-K, no free community college, et cetera. In the climate space, which is what most people in the Democratic Party are most excited about related to this bill ... This bill supposedly will push US emissions down by 40% below 2005 levels, which is an alarming adjustment to our emissions. In my opinion. Isn't that a large number? 40% down below 2005 levels?

Ryan Furlong:

That's huge. I know they were initially targeting 50%. You love to see that when changes were made, that wasn't drastically cut back, because you would think that would be quite an alarming number. We've certainly seen the impacts lately on the climate.

Shane Mason:

I know Manchin was the main guy holding this bill up. It really surprised everybody when he did turn a corner on it and Sinema as well. But there were some provisions around ... He owns a coal company. He was going to single-handedly tank climate initiatives within the United States, which I think might have gotten him eco-terrorized at some point. Maybe it would've sunk his houseboat over there in DC. But anyway, he signed up for this. Even though he owns a coal plant.

Shane Mason:

I know there were some provisions that he required to be left within the bill. He got something specific for West Virginia like a gas pipeline, as well as we can still auction off oil and gas permits on federal land or something like that. Something wild. Anyway, there's $300 billion to climate reform. With a B. That's a huge amount of money. Mostly, going to tax credits for individuals purchasing EVs as well as home renovations. You're going to continue to get federal tax credits for electric vehicles as well as solar panels. Trying to electrify the grid.

Shane Mason:

I don't know if there's going to be any development of power lines, which I know is going to be one of the most important things to build if we're going to electrify our entire grid. But we do have $60 billion for wind and solar assistance in the manufacturing space. When it comes to manufacturing steel and fertilizer and things of that nature, that is largely still based on fossil fuels. It looks like we're going to get some investment in some renewable energy sources, which will help push down total emissions in the states. I think that's it for climate at a high level.

Shane Mason:

In the healthcare space, Medicare can finally now negotiate for drug prices, which is just insane that our largest purchaser of drug prices could not negotiate. Ryan and I and millions of other Americans were just putting money into pharmacies or pharmaceutical industries' pockets without any regulation. Now, one of the catches here is that only 10 drugs by 2026 will be negotiable. Those are going to continue to be ... I don't know. Gouged. We're going to continue to be gouged on all those drugs.

Shane Mason:

And then, only 20 by 2029 will be negotiated. I think this is one of the reasons why the Democrats are calling this Inflation Reduction Act, because we'll be able to stop the gouging and the increased cost of healthcare in that space. At least, for those on Medicare. There's some terrible instances of cancer patients that are skipping their meds, because they can't afford to pay for these drugs. But now, there's a $2,000 annual out-of-pocket maximum for those on Medicare, which is a great win for those that don't have the disposable income in retirement past 65 when they're on Medicare.

Shane Mason:

There was a $35 cap on insulin prices. But I guess Republicans didn't really give a shit about people that were spending all their disposable income on insulin, which is required for a disease that you're born with in most cases. I don't know what to say about that without sounding political. Subsidies for low income families in the ACA or the American Care Act or those on Obamacare. If you ever made less than 40K or 50K and went to sign up for insurance as a freelancer on the exchange ... Those subsidies apparently were going to expire, but those have been extended for another three years.

Shane Mason:

Those that were making too much to qualify for Medicaid, but not a lot more than that, now have those subsidies extended. And then, in an effort to pay for all of these, "Handouts," as some people call them, we have a 15% tax on book income for companies with more than one billion dollars of revenue. Why is that so hard to explain and how does that raise so much money? Hundreds of billions of dollars. What the hell is book income? A lot of people don't know that there are essentially two sets of books, which sounds illegal.

Shane Mason:

For all US corporations, they have their book income, which is what is reported to the SEC and issued out as financial statements to investors. And then, they have tax income. Because in the tax code, we have all these incentives and all these deductions and tax credits that get us to a different net income than what we have on the financials. Because we like to incentivize certain things in the United States, such as technology investment. That's why you've got Amazon having book net income, but for tax purposes, paying zero dollars on their income.

Shane Mason:

This is an attempt at taxing giant companies that are growing super quickly and eradicating small businesses around the country. To contribute to their communities that formerly had small businesses that actually had contributions to those economies. There was a carried interest loophole that was intended to plug this issue, wherein private equity and VC partners, some of the richest people that have ever lived, were paying long term capital gains on wages that they earned. Because their income is based on investments, kind of. But old Krysten Sinema from Arizona ... Is it Arizona or New Mexico? I forget where she's from.

Ryan Furlong:

I believe it's Arizona.

Shane Mason:

Right. People fleeing California go to Arizona for low income taxes. And then, they put a bunch of money in her pocket to nix things like this, swearing they'll pay higher ... So that got nixed. In exchange, we got a one percent tax on stock buybacks, which was supposedly going to raise a lot more money than the carried interest loophole being plugged. By the way, I saw a ton of memes in the fin meme universe over the last week about how Krysten Sinema saved all the people in the private equities, "Don't tread on my carried interest." I saw a lot of that from our private equity mid-career folks that know how to make memes.

Shane Mason:

Anyway, there's a one percent excise tax on stock buybacks. This is intended for companies, whenever they have a flush of cash, to prevent them from not using the money to actually invest in wages or R&D or things that grow the economy. Sometimes they'll just buy their own stock back, which doesn't help anybody except for the current capitalist class that owns the stock, as it reduces the supply of stock and increases demand. It pushes up their own net worth.

Shane Mason:

Oftentimes, that money comes from taxpayers. Such as PPP loans or EIDL loans that during COVID were used to buyback stock shares. Those now a one percent excise tax on that, but it doesn't go into effect until 2023. For those of you that are trying to time the market and get in before the buybacks happen, buy your stocks from companies that look like they're going to do buybacks in November or December of 2022. Thus, concludes my 10-minute deep dive on the Inflation Reduction Act. Sorry about that, Ryan.

Ryan Furlong:

No. That was beautiful to unpack. We almost decided for the audience today to unpack all 775 pages, but we thought that a five-hour long podcast might not be the best way to reach the audience today.

Shane Mason:

Yes. That's not what we're known for here at The Liquidity Event. What we're known for is Elon Musk digs and bashing on crypto, which brings me to my first segue. We have two articles on loss of crypto. One was mistaken, and one is hacked. What do you want to start? Let's start with the Solana wallets being drained in a multimillion dollar exploit.

Ryan Furlong:

Absolutely.

Shane Mason:

Reported by TechCrunch. I don't know how to feel about these. This is another example of a protocol ... I learned all this jargon at one point. And then, you just lose track of it. But apparently, there's a new blockchain or there's a blockchain company. Solana. All of these hot wallets, which I do understand that, which is a wallet that's constantly hooked up to the internet.

Shane Mason:

As opposed to a cold wallet, where you essentially unplug the USB and no one can access it, because it doesn't have wifi or Bluetooth or anything. No one can touch it. But out of all these hot wallets, there was theft of how many hundreds of millions? Tens of millions of dollars of these hot wallets were stolen. Apparently, I am in the wrong industry. If I had just done a little bit of coding and understood the hash, I could have just been stealing other people's crypto throughout my 20s and 30s and retired in Bali. What do you think, Ryan?

Ryan Furlong:

Fraud's a hot industry right now.

Shane Mason:

It's so hot right now.

Ryan Furlong:

It's so hot right now. From my understanding, they very much live by the mantra of, "Go fast and break shit." This became quite ironic when a large portion of their wallets broke and lost their biggest supporters' money. You just hope that this doesn't continue, but it drives home the point of a lack of traceability being a little bit of a concern, moreso than just a really neat idea. It's a little scary, but there's always a chance to get into fraud, Shane. I don't want to ...

Shane Mason:

It's not too late.

Ryan Furlong:

It's not too late. Never give up on your dreams.

Shane Mason:

What's the most fraudulent thing you've ever done?

Ryan Furlong:

The most fraudulent thing I've ever done. First off, I think it's probably good that it takes me a good moment to figure out what that may be.

Shane Mason:

I'll give you mine.

Ryan Furlong:

Let's hear it.

Shane Mason:

Charlie's vaccine expired three days before ... It had been a year and three days. I doctored a PDF to change his last vaccination day, so that he could go in the kennel. I know. I know. I'm disgusting.

Ryan Furlong:

That's dangerous stuff. God forbid our dogs be taken care of for some of the vaccines that aren't even necessarily required for dogs that just walk on the street every day. But Charlie's a good boy. You did the right thing.

Shane Mason:

That's not the most fraudulent thing I've ever done, but it is the most recent fraudulent thing. All right. Moving on. Bitcoin. Speaking of Bitcoin being lost. In this case, we have somebody that tossed it on purpose. We have all heard of the stories of people that have disposed of their Bitcoin, because it just wasn't worth anything back in 2002 or 2003. When it was still valued at, let's say, one dollar per Bitcoin.

Shane Mason:

We have this lovely article from the BBC about Mr. James Howells, who 10 years ago, disposed of a hard drive while clearing out his house. That Bitcoin is now worth $184 million USD ... Dear god. The cops are just going wild today. I live in a nice neighborhood people. I promise.

Ryan Furlong:

We promise.

Shane Mason:

Anyway, this Bitcoin was disposed of on a hard drive. It's now at a landfill in Newport, which I believe is on the coast. If recovered, Mr. Howells, he's trying to convince this town to let him open up this landfill. Essentially, just get out the backhoes and dig it up and try to find this hard drive. It's worth almost $200 million to this point. He's promised to provide 10% of the proceeds, which would be $20 million to make the city into a cryptocurrency hub.

Ryan Furlong:

First off, I'm going to need to put in some PTO. I think we need to make a trip, Shane. I suggest you do the same. We have a landfill to pursue here.

Shane Mason:

I voluntarily occupy landfills.

Ryan Furlong:

The first thing that comes to mind for me is, "How many millions am I willing to spend to find that $184 million?" Probably, quite a bit. But there is probably quite a bit of leverage over him. Don't you think?

Shane Mason:

If you think about it ... First of all, this town doesn't want to let him do it, because of the ecological fallout of digging up old trash, which I get. But he only offered them 10%. That's less than we tip waiters in the United States for bringing food over to our table.

Shane Mason:

If I was the town, I would say two things. "I need 70%. You're still going to get $50 million or whatever, bro." Also, "We don't have to use it to make our city into a cryptocurrency hub. Fuck off. We're just going to keep complying." What does that even mean? Cryptocurrency hub.

Ryan Furlong:

What does that benefit us?

Shane Mason:

Does that mean we have to build a nuclear power plant to power all the crypto miners that we're going to have? I don't know. All right. We got a lot of articles. Let's keep moving. Those are fun. Speaking of losing money. Terrible segue. There was this article from our newest tax manager that just joined the team on Monday. Shout out to Ed Zolotarev, who pointed this in my direction. There is a podcast called The Indicator from Planet Money and it's called, "If The World Had No Accountants."

Shane Mason:

It is a fun reminder that some industries, nobody wants to join really that often, but occasionally make up the backbone of our country. You just rely on them without really knowing how important they are. The first thing that comes to my mind, when it comes to people we don't think about a ton, but are critical to our economy, is nurses. Big respect for nurses. Get a really tough job.

Shane Mason:

But apparently, accountants are in really short supply as well. The industry that I have been living in for the past 12 years. Cool stat here from the AICPA. 75% of accountants hit retirement age two years ago. The pandemic made accountants realize that their lives are toiling away behind spreadsheets in windowless offices. They're fed up with it. The podcast goes on and on about how there's not a lot of people passing the CPA exam. There's not a lot of people enrolling in the accounting industry.

Shane Mason:

It's going to drive ... I think I've talked about this on the podcast ad nauseam at this point, but we do get a lot of calls from people saying that they have found us as their tax preparers because their former CPA died, which is scary how often that happens. It just seems that it's not a sexy industry, and that the people that do stick with it are getting pushed really hard. Because the supply of accountants is dwindling. They do have a lot of salary negotiation powers, which could cause inflation in the tax preparation in the auditing space, which isn't going to help out this administration.

Ryan Furlong:

And it's a little strange. Because typically, dealing with the IRS and taxes are stress-free. Right, Shane? I don't see what the ...

Shane Mason:

What the problem is?

Ryan Furlong:

What the problem is. I really don't. But I'd like to think ... Shameless BKFI plug here. I think that we're on the way to helping to resolve this issue. Doing our own part by creating a unique path that accountants haven't seen before. Otherwise, do we resort to robots? Some CPAs, you may not be able to tell whether they're actually robots or not today. But what do you think? How do we fix this?

Shane Mason:

Well, I think what would be best for the whole economy would be simplification of the tax code and simplification of gap accounting. That way that we need less accountants. There's something like two to three million accountants in the country, which means one percent of our entire population is accounting for the rest of us, which is kind of wild that we need that many people.

Shane Mason:

I sure wish that half of those people could be physicists or scientists or somewhere in the stem space to actually provide more value or new values. Rather than just counting the beans from the complexity that we've created as a manmade industry. But here we are. We've got to give that QBI deduction and that depreciation deduction to real estate investors, because they need it to stay on top of the capitalist food chain. All right. Let's keep moving.

Shane Mason:

The next article we have here is also related to inflation. We've got of couple inflation articles. We actually have three. There is a great New York Times article about why your dinner bill is getting higher and higher. The New York Times created an interactive menu with commentary on each of the line items that are driving up the price. For example, beef and pork prices are up over 50%. Canola oil is up 160%. Even forks are up 60% in terms of cost to the restaurants.

Shane Mason:

There's breakdowns on why all of that is increasing, including logistics around COVID-19 and the Russia-Ukraine War. Apparently, Russia and Ukraine provide much of the world's sunflower oil, which is just a beautiful idea to think that Russia and Ukraine are mostly covered in sunflowers. I didn't know that. Little-known fact. They should advertise that.

Ryan Furlong:

That's would be a much prettier advertisement than what we're seeing today.

Shane Mason:

Indeed. Indeed. Stop the hate.

Ryan Furlong:

Just a horrendous joke. One of many that you'll experience today as the listeners.

Shane Mason:

I'm going to jump ahead a little bit. Sorry, Ryan. There was this other article from the Times related to inflation. Apparently, the news is there was an inflation drop today. Two items that came out of a government report. Gas prices have fallen for 57 straight days within the United States. Back in June, the average price across the country for a gallon of gas was $5.00. Here in August, we're looking at $4.00.

Shane Mason:

You're looking at a 20% decrease in the cost of gas, which of course drives down the prices related to anything that relies on transportation via fossil fuels, which means everything. That's some good news. It looks like airline prices have also dropped over seven percent. Gas and other types of fuel are also down in the double digits.

Shane Mason:

If the Ukraine-Russia war would end, then we would see a big drop in prices across the board. I did see a billion dollars was just funded for the Ukraine resistance effort, so I'm not sure if that conflict is going to end anytime soon. What was funded by the United States military? Any comments on the inflation? I don't think I warned you about those articles. I just threw those in there last second.

Ryan Furlong:

No. Those are great. I think the market is loving to see some of these changes. It just gives hope that it's somewhat temporary. But as a financial planner, I chose to buy an SUV right before these gas prices changed. Planners don't always make the smartest financial decisions.

Shane Mason:

No. They don't.

Ryan Furlong:

But my wallet is very grateful to see those prices drop. Just crazy to think that flights can be a more attractive option than driving, from a cost perspective, when both are so outrageously expensive. Love to see that those cross-country drivers will have another option, and won't be forced to fly and have their flight canceled nonstop.

Shane Mason:

Cool. I have another article here from NPR. It's another legislative update from the Democrats. Apparently, we have signed a bill called the CHIPS Act. I think it's something about making investment in proper semiconductors. I forget what it stands for. I love how they make those acronyms. But essentially, the CHIPS act is a $100 billion dollar ... Over $100 billion dollars invested within manufacturing in the chip space.

Shane Mason:

When we talk about semiconductor investment, we're seeing a lot of this in the news lately. Apparently, China ... Four-fifths of global fabrication capacity was in Asia as of 2019. During COVID-19, anyone that is experiencing a long wait for a vehicle is because there are chips in everything. Including vehicles. That's part of the reason why it's so hard to buy a used car right now. Or even a new car.

Shane Mason:

On the recent podcast, we talked about friendshoring and Korea. Janet Yellen was trying to rely more heavily on more friendly countries. Creating an inner circle in terms of international trade agreements. Well, everyone likes the idea of on-shoring as well. Within the United States, we have a giant investment in semiconductor manufacturing, including $10 billion in regional technology hubs across the country, 25% investment tax credit for expenses for manufacturing of semiconductors.

Shane Mason:

It also authorizes $100 billion for spending over five years on just research, which is badass. And then, $80 billion for the National Science Foundation. Love to see investment in science after four years of budget cuts. What's your take, Ryan?

Ryan Furlong:

Four years of budget cuts. We learned the unfortunate lesson that heavily relying on other countries for things like chips ... Who knew with technology these days that we ran so heavily on chips and other technology? Seeing that invested in the science, but also bringing those jobs into our own country. Allowing us to support the countries that support us as a result as well.

Shane Mason:

Apparently, these chips are really important for 5G as well, which is ... Essentially, the way to think about 5G is just wifi for every device across the continental United States. Or some sort of similarity to that. For us to stay up to speed with China and the rest of Asia, we need investment of this nature. It's good to see some action and investment on this front.

Ryan Furlong:

Absolutely. The article talked a lot about our finally buying into that idea. It seems like a positive bit of progress for the US.

Shane Mason:

This bill apparently was overshadowed by the FBI raid on Trump's Mar-a-Lago compound. I saw a great meme about how Barron Trump doesn't even look up from the Xbox when he says, "The safe's in the back." Love to do memes on the podcast. I think Mr. Trump or President Trump is pleading the fifth currently in a New York AG's office, which is interesting.

Shane Mason:

Moving on, we have California declares a state of emergency over the monkeypox. I'm just going to jump around a bit here, Ryan, with the time we have left. Declared a state of emergency over monkeypox, following New York and Illinois. Are you afraid of monkeypox? I'm doing my best not to look into monkeypox.

Ryan Furlong:

I'm doing my best not to look into it. We've got enough to worry about these days. The fact that another pandemic emergency could pop up so quickly is a little scary. We've got enough rabbit holes that we dive into scaring ourselves without getting into this too much, I think, Shane. Don't you?

Shane Mason:

I've got enough to worry about. I don't need Monkeypox. I choose my battles.

Ryan Furlong:

It sounds like a real first-world problem, but this is a way to combat overall anxiety, when you choose to not get sucked into that too much. But we'll see. It hasn't been lethal thus far, from what we were reading, but lack of treatment has made it difficult for some people to be able to actually take care of it in a reasonable amount of time. Having quite a bit of discomfort. Hopefully, we are able to get out in front of that before it gets much worse.

Shane Mason:

I agree. Speaking of getting much worse. It can't get much worse than this outro I'm about to do. Thank you everyone for listening to The Liquidity Event. You can email us at liquidityevent@brooklynfi.com. Leave us a voicemail and we will play it on the air.

Shane Mason:

Show notes at brooklynfi.com/episode54. BKFI stans can leave us a review if they want to be weird about it. Special shout out to Ryan Furlong as our guest host today. That means you get a sweatshirt. Welcome to the club, Ryan. Thanks for hanging out with us.

Ryan Furlong:

It's an honor.

Shane Mason:

Bye.

Speaker 1:

Thanks for listening to The Liquidity Event, hosted by AJ and Shane of Brooklyn FI. Head on over to brooklynfi.com, where you can subscribe to the podcast or YouTube channel, or if you want to learn about their full service financial planning, tax, and investment firm, specializing in tech professionals and creatives on the path to financial independence. We'll see you next time on The Liquidity Event.