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Speaker 1: After twenty two years of being a Titan on Wall

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Speaker 1: Street and start in his own firm. Tony Kasai is

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Speaker 1: walking away. What to send the Ugly Side Hooking and

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Speaker 1: Only Inside We'll interview insiders and other titans of all

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Speaker 1: types of industry, offering advice and sharing stories of a

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Speaker 1: first This is another episode the Inside Show.

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Speaker 2: Welcome to Cannabis Talk one on one's Financial Fridays with

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Speaker 2: the Inside investor Tony ka We're the world's number one

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Speaker 2: source for everything cannabis.

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Speaker 3: The information provided by Financial Friday and Tony Kasai is

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Speaker 3: for general information entertainment purposes only and should not be

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Speaker 3: considered as professional financial advice. Consult with the professional before

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Speaker 3: making any financial decisions.

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Speaker 2: Well.

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Speaker 4: Hello, I don't know where you're at, what they're doing,

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Speaker 4: or what day of the week it is for you,

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Speaker 4: but over here in the CT one on one studios

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Speaker 4: it is Financial Fridays.

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Speaker 5: Welcome, ladies and gentlemen.

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Speaker 4: I'm your host, Tony Kasai, and I'm here to get

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Speaker 4: your mind right and your money game tight. Feel free

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Speaker 4: to leave me a financial question at anytime at one

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Speaker 4: eight hundred twenty Night eighty. You can also connect with

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Speaker 4: me directly on the Instagram f E Insider Investor. Now,

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Speaker 4: y'all know that my number one rule of money is

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Speaker 4: that your health is your wealth. Can't be wealthy if

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Speaker 4: you're not healthy, you guys, That's why I sincerely send

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Speaker 4: every single one of my friends and family to my concierge,

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Speaker 4: doctor doctor Chalmers. You guys, don't sleep on this guy.

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Speaker 4: He's got a ted talk. You can connect with them

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Speaker 4: on our website. You can connect with him on my Instagram,

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Speaker 4: reach out to him, and you can see that he's

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Speaker 4: got a ted talk that's just dropped. This ted talk

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Speaker 4: is talking about how he wants to cure the opioid

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Speaker 4: epidemic with medical Greek cannabis. He's doing some cutting edge

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Speaker 4: therapy treatments with ketamine, psilocybin, even MBMA, not raving with MDMA,

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Speaker 4: but actually using it in a therapeutic setting. I've spoke

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Speaker 4: to a ton of people that he's had tremendous success with,

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Speaker 4: and I know a lot of the friends that we

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Speaker 4: have here in the studio he's helped with their conditioning

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Speaker 4: with our homeown therapy. I could not be a bigger

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Speaker 4: advocate for doctor Chalmers. Reach out to him. He's on

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Speaker 4: Charmers Waldness dot com or Betty at call him direct

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Speaker 4: his numbers two one four four four six fifty three hundred. Now, today,

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Speaker 4: ladies and gentlemen, I to be with you because we're

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Speaker 4: going to be doing the first episode with the very

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Speaker 4: special guest of myself. I'm gonna actually interview myself in

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Speaker 4: a standpoint that if you guys watched that very first

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Speaker 4: episode we did for Financial Friday, Blue and Joe Grande

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Speaker 4: really took time to break down my background. Let you

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Speaker 4: know how I got here. I've made millions, I've lost millions,

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Speaker 4: I've made millions again, and throughout all that I can

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Speaker 4: honestly say, I got gosh, you know, hundreds of hours

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Speaker 4: of experiences, things that I can not only compress time

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Speaker 4: for you by giving you and sharing with you what

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Speaker 4: I've gone through, but maybe give you a better maybe

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Speaker 4: coming over the hurdles of making money, saving money, investing money.

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Speaker 4: So today, the idea that we had, I've had a

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Speaker 4: lot of calls come in. I've had people leave me questions.

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Speaker 4: So I wanted to take a two part episode. We're

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Speaker 4: going to go through about thirteen different topics, and I

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Speaker 4: think each one of these you may want to grab

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Speaker 4: a pen and paper, take some notes, and if you

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Speaker 4: guys have any specific questions, again, just reach out to

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Speaker 4: us anytime or DM me on Instagram. The fourteen topics

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Speaker 4: are so that I'm going to go over. I'm going

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Speaker 4: to go over these pretty quick for you, but we're

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Speaker 4: gonna break down each one. I'm gonna go through about

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Speaker 4: two or three in each segment. We're going to take

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Speaker 4: a break and see you back again next Friday, and

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Speaker 4: I'll go over the next six and then through that

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Speaker 4: throughout the course of the next year. We're gonna break

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Speaker 4: down some of these a little bit more granularly, but

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Speaker 4: surface level, any one of these if I had a

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Speaker 4: son or if I had a daughter, ranging from anywhere

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Speaker 4: from fourteen on up. There's some advice tips that I'm

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Speaker 4: gonna give you guys here for those of you that

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Speaker 4: are more seasoned investors, I think there are some wisdom

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Speaker 4: that I can give you and some nuggets that can

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Speaker 4: If even one little piece of advice I give you

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Speaker 4: not only saves you money, but makes you money, then

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Speaker 4: I feel like I've done my job right. You guys,

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Speaker 4: were gonna go over a bunch of things. We're gonna

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Speaker 4: do some personal finance strategies. This is going to cover

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Speaker 4: everything from budgeting, understanding how your credit score can impact

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Speaker 4: how you invest, debt management. You know, that's one of

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Speaker 4: my favorite topics because people look at his debt as

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Speaker 4: a bad thing. Believe it or not, debt can be

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Speaker 4: a good thing, and that's something I really want to

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Speaker 4: talk about. I'm gonna give you guys some investing insights.

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Speaker 4: This is talking about introductions to just stocks, bonds, mutual funds.

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Speaker 5: But I'm not gonna get boring with it.

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Speaker 4: I'm just going to tell you my thoughts and what

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Speaker 4: my thoughts are on just not the stock market, but

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Speaker 4: the different ways that you can invest, and more importantly,

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Speaker 4: the vehicles that I feel financial advisors or these firms

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Speaker 4: not financial advisors. You know, I have a soft spot

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Speaker 4: in my heart for them because I still have a

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Speaker 4: lot of friends in that industry. But I think the

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Speaker 4: system is designed in such a way that it is

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Speaker 4: kind of built against you. Have so much stacked against

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Speaker 4: you as the average investor. That's why you never meet

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Speaker 4: anybody that says, gosh, I became wealthy only.

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Speaker 5: Through the stock market.

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Speaker 4: It's very rare that somebody built wealth only directly through

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Speaker 4: the stock market. Unless your name is Zuckerberg, or you know,

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Speaker 4: you had some insider information or you got into a

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Speaker 4: hot ipo. It's very rare that somebody's done it purely

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Speaker 4: through the stock market. So I'm going to talk a

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Speaker 4: little bit about that. I'm also going to talk about

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Speaker 4: market trends and analysis.

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Speaker 5: Now what I'm what I.

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Speaker 4: Mean by that is I'm just going to give you

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Speaker 4: my broad overview of what I think is going on

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Speaker 4: in the current economic environment, what you should watch out for,

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Speaker 4: and more importantly, what I think you can take advantage

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Speaker 4: of than one of my favorite topics real estate investing. Now,

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Speaker 4: I feel that some of the most powerful and wealthy

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Speaker 4: people that I know that I would want to emulate,

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Speaker 4: that their success and their finances that I would want

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Speaker 4: to emulate. It's almost the opposite of the story that

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Speaker 4: I just told you about the stock market, right. I

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Speaker 4: feel like a lot of people have built wealth through

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Speaker 4: real estate. A lot of my good friends have built

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Speaker 4: their wealth through real estate. And you don't need a

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Speaker 4: ton of money to start in real estate. And so

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Speaker 4: I'm going to give you guys my experiences what I've

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Speaker 4: gone through, the good, the bad, and the ugly. And

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Speaker 4: then topic number five. That's going to be one that

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Speaker 4: I is, again dear to my heart, is dear to

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Speaker 4: this show, and I think it's something that we really

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Speaker 4: want to focus on on financial Fridays, and that is

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Speaker 4: the entrepreneurial person.

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Speaker 5: Right.

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Speaker 4: What tips about the entrepreneurial finance that I can give

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Speaker 4: you would be talking about how you can get funding

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Speaker 4: for your startup, financial planning for you, you know, do

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Speaker 4: you need a business plan, the goods bads about that,

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Speaker 4: the negatives, and then managing your business finances effectively. I

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Speaker 4: think there's a couple of pitfalls. I see every business

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Speaker 4: who fails what they go through. So I'm going to

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Speaker 4: tap into that for you. And then something that's not

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Speaker 4: so dear to my heart cryptocurrency and blockchain. I know

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Speaker 4: that's a hot topic. There's a lot of people that

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Speaker 4: have made money, lost money, made money again. So again

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Speaker 4: I'm going to tell you guys the good, the bad,

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Speaker 4: and the ugly on that. I'm going to talk to

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Speaker 4: you about the one word that's kind of an ugly word,

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Speaker 4: but it shouldn't be ugly for you, and that's tax planning.

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Speaker 4: I'm going to give you guys my thoughts on that

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Speaker 4: and some really good tips that I think you could

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Speaker 4: tap into. And then finally we're going to talk about

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Speaker 4: find fintech, if you own fintech. For those of you

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Speaker 4: who don't know what that means, that means financial technology,

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Speaker 4: the impact of that technology on your finances, digital banking,

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Speaker 4: and investing through fintech platforms. And again I'm really going

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Speaker 4: to break that down because there's a lot of money.

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Speaker 4: There's a lot of people who have lost millions of

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Speaker 4: dollars by investing in the wrong fintech platform.

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Speaker 5: We're going to talk about behavioral finance. What does that mean?

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Speaker 4: I call it the circle of cycle of death, and

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Speaker 4: I'm going to really break down into that of why

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Speaker 4: I feel most people do not make money when they're investing. Okay,

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Speaker 4: and then we're going to talk about economic policy and news,

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Speaker 4: and again we're not gonna get boring with it, but

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Speaker 4: I'm going to show you how what's going on in

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Speaker 4: the news can affect your bottom line and your finances.

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Speaker 4: And that's something that's pretty cute, and that's something that

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Speaker 4: I want to talk about a lot because I feel

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Speaker 4: more people should talk about it. I don't have any children,

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Speaker 4: I have a little puppy, so the puppy doesn't understand finances.

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Speaker 4: But I feel like people aren't talking to their children

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Speaker 4: enough about money. A good friend of mine always talks

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Speaker 4: about when he was growing up, talking about money was

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Speaker 4: a dirty thing, and we need to flip that. I

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Speaker 4: think everybody should be talking about money because money is

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Speaker 4: the root of all evil, but money is also the

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Speaker 4: root of all happiness.

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Speaker 5: Right.

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Speaker 4: And then finally we're going to talk about side hustles

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Speaker 4: and passive incomes, and that's going to be something that

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Speaker 4: I'm really passionate about because I think that's something that

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Speaker 4: every single person, no matter where you're at, should be doing.

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Speaker 4: Because what we'll notice, and we notice this through the pandemic,

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Speaker 4: is sometimes if you're dependent on one source of income,

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Speaker 4: that can really bite you in the butt. So having

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Speaker 4: multiple sources of revenue that are completely separate verticals, I

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Speaker 4: think we'll be doing you guys justice. So again, today

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Speaker 4: we're going to be breaking this down. I'm going to

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Speaker 4: go down over the first handful of topics, time permitting,

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Speaker 4: and then we're going to take a break, wrap it up,

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Speaker 4: and then we're going to follow up next Friday with

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Speaker 4: the last segments that it's going to give you guys

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Speaker 4: a chance to really dissect everything I'm going to talk

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Speaker 4: about and then please again reach out to me. We

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Speaker 4: want this to be interactive, and at some point down

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Speaker 4: the line, we're envisioning doing this live, having you guys

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Speaker 4: call in to the show. But I think this broad

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Speaker 4: overview will give us a good framework to go forward,

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Speaker 4: and I'd love to hear you guys feedback because this

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Speaker 4: is obviously a different format than what we've done before.

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Speaker 4: So I'm going to start off with personal finances and strategies. Now,

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Speaker 4: this is something that I wish I had done sooner.

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Speaker 4: I have no regrets in life. I think the experiences

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Speaker 4: that I've had in my life shape who I am today.

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Speaker 4: That's put me in front of you and is allowing

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Speaker 4: me to give you this information. But this little tiny

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Speaker 4: thing I'm going to give you and I call it

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Speaker 4: investing in your buckets. Right, So, think of these buckets

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Speaker 4: as literally buckets that you're going to come home with. So,

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Speaker 4: whether you're a salaried employee, a monthly employee, a commission

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Speaker 4: sales employee, think of every paycheck that you bring home. Now,

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Speaker 4: if you're bringing this check home on a weekly, monthly,

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Speaker 4: quarterly basis, it doesn't matter, and it doesn't even matter

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Speaker 4: that dollar amount you're breaking home, guys. And again, I

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Speaker 4: don't want to get into the depths of make this

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Speaker 4: con talk boring. I really want to give you, guys,

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Speaker 4: quick actionable steps that I think you can implement. Right,

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Speaker 4: So what do you guys on average make here in

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Speaker 4: the studio?

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Speaker 5: On average? We're talking three, four or.

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Speaker 4: Five thousand a month, all right, So let's just say

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Speaker 4: twenty five hundred a month.

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Speaker 5: Right.

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Speaker 4: Some of you guys are interns. You just got brought

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Speaker 4: on board, so you're starting up, right. So if we

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Speaker 4: got twenty five hundred a month, you got to look

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Speaker 4: at what I call your monthly No, this is your

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Speaker 4: non negotiable right. This is what's going to feed your kid.

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Speaker 4: This is what's going to pay your rent, keep the

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Speaker 4: lights on, and keep your bare minimum expenses bare minimum

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Speaker 4: expenses and not your cable bill. It's not a coffee

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Speaker 4: at Starbucks. This is what you got to absolutely bring

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Speaker 4: home or you're going to be out on the streets.

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Speaker 5: Right.

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Speaker 4: So, if Connor's making, you know, twenty five hundred a month,

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Speaker 4: and let's just for the sake of math and making

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Speaker 4: it simple, five hundred is his nut. That's what comes

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Speaker 4: in and goes into that bucket. Right now, he's got

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Speaker 4: about two grand left, so he knows that he has

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Speaker 4: two thousand a month and he's got a dish buckets. Now,

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Speaker 4: you don't only have to have three buckets. So as

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Speaker 4: a family, like when I was single, or if I'm

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Speaker 4: a bachelor, or if I don't have a family, like

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Speaker 4: I don't have kids, I would say, okay, well I

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Speaker 4: had my nut bucket right then I got my investment bucket.

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Speaker 4: Then I might have my party bucket. I wanted to

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Speaker 4: have a good time, and then I'll have a travel bucket.

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Speaker 4: Now as you get older, as you kind of granulize this,

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Speaker 4: you can say, okay, well I have a retirement bucket

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Speaker 4: or I want to get married. Now you're pouring something

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Speaker 4: into that. There should always be an investment bucket. And

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Speaker 4: what I mean by that is, even if it's a

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Speaker 4: dollar freaking going into it, you guys will see by

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Speaker 4: the end of this talk that that shit adds up.

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Speaker 4: And a good friend of mine calls it the ninth

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Speaker 4: wonder of the world. An it's compounding interest. And when

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Speaker 4: I break this down with you in a literary segment

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Speaker 4: here you're going to see the power of compounding interests

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Speaker 4: in why it's truly called, you know, the ninth wonder

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Speaker 4: of the world.

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Speaker 5: So as we're as we're breaking.

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Speaker 4: Down the buckets and the personal financing budget, if you

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Speaker 4: will again grown up, I'm not the person that did this.

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Speaker 4: I was not a budget keeper. If I made one

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Speaker 4: hundred greand that month, I was blown one hundred Prand

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Speaker 4: so in hindsight, I wish I had these buckets that

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Speaker 4: I would just drop it in. And now you're not

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Speaker 4: thinking about it. So just like how if I knew

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Speaker 4: I had to make my car payment, if I had

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Speaker 4: had forced myself to set aside ten percent, twenty percent,

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Speaker 4: thirty percent into that bucket, it.

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Speaker 5: Would have made sense.

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Speaker 4: Now what you want to do on the investment bucket

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Speaker 4: is you want to make it a percentage of your total.

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Speaker 4: So if he's making twenty five hundred a month, and

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Speaker 4: we know that five hundred is going into his main

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Speaker 4: bucket that he has to deliver the nut bucket, I

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Speaker 4: call it right that a remaining two thousand, he should

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Speaker 4: have a rule that ten percent of his remaining income

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Speaker 4: is going into the investing bucket. Now you can adjust that,

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Speaker 4: but keep it at fixed number until it becomes painful,

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Speaker 4: or until you have another bucket that you need to

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Speaker 4: fill that becomes, for example, your child health care plan

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Speaker 4: or you know, a college education plan. So you can

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Speaker 4: adjust these. But if you make these things fixed amounts,

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Speaker 4: there's something weird about the psychology of the human brain

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Speaker 4: that's going to force you to do that, the same

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Speaker 4: way you're forcing yourself to make your house payment, your payment.

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Speaker 4: That damn cell phone bill never shuts off, right, So

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Speaker 4: make that a requirement, and I promise you, guys, that'll

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Speaker 4: make all the difference in the world. It sounds cheesy,

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Speaker 4: but these are the little things, man, that I wish

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Speaker 4: that I knew early on. Right now, Debt management or

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Speaker 4: repayment another big one, right, so when you have debt,

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Speaker 4: and I was buried in debt, guys, And now I'm

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Speaker 4: going to talk right now about bad debt, not necessarily

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Speaker 4: good debt, right, bad debt, credit card debt, interest debt,

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Speaker 4: anything that's variable shit that's like you know what I

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Speaker 4: call depreciating assets.

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Speaker 5: If you own a boat, that shit's depreciating every day. Right.

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Speaker 4: So if you're if you've bought something like a car,

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Speaker 4: most likely than not unless it's a McLaren, a Ferrari

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Speaker 4: or some exotic car. It's depreciating daily, right, So that's

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Speaker 4: a debt that you don't you shouldn't have unless you're

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Speaker 4: already a millionaire. Multimillionaire, you really have no business having

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Speaker 4: debt outside of your house, your business, your primary residence,

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Speaker 4: and a handful of other little strategic items. But your

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Speaker 4: debt management needs to be key because, again going back

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Speaker 4: to my first conversation, you shouldn't be buying shit on

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Speaker 4: a credit card if you don't need it, if it's

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Speaker 4: something that is just easier said than done. And some

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Speaker 4: of the youngsters here are probably not going to listen

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Speaker 4: to me, but man, I don't even care if you

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Speaker 4: have a little bit of debt as long as you're

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Speaker 4: filling that investment bucket.

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Speaker 5: Right. So those are the little games you can play. Now.

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Speaker 5: The debt you want to be smart on as well, guys.

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Speaker 4: Because when you look at credit card debt, there's so

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Speaker 4: many little hacks and tricks. I cannot stress enough how

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Speaker 4: much you guys should educate yourself on credit You don't

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Speaker 4: need to pay anybody for it. I'm still trying to

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Speaker 4: interview some different groups that want to get on the

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Speaker 4: show to educate you guys. But I got to be

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Speaker 4: honest with you. A lot of these companies that where

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Speaker 4: you're hearing on the radio the eight hundred commercials, they're

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Speaker 4: out there to get your money. There's plenty of free

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Speaker 4: information on YouTube. I mean, YouTube is the best educator

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Speaker 4: out there, especially when it comes to credit management and

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Speaker 4: protecting your credit. So along with that, how many of

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Speaker 4: you here in studio you just have to raise your hands.

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Speaker 4: Do you guys know your credit score? Good man? Okay, see,

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Speaker 4: you guys are already ahead of the game for me

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Speaker 4: because I didn't start chasing my credit score until I

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Speaker 4: needed to buy some shit, right, But had I knew

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Speaker 4: that my credit's or would affect the payment on my car, literally,

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Speaker 4: had I done thirty days before and fixed the little

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Speaker 4: you know, collection thing or something to where it wasn't

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Speaker 4: even my fault. Somebody had made the payment and they

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Speaker 4: didn't catch it, et cetera. So there's a lot of

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Speaker 4: ways to catch those early. Again, you don't need to

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Speaker 4: necessarily hire somebody. If you do, make sure there's somebody

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Speaker 4: that comes very vetted and recommended. But if you fix

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Speaker 4: those credit scores before you go shopping for a car,

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Speaker 4: a house, or any kind of variable debt. I'm telling you,

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Speaker 4: not only will you get a better car, but you

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Speaker 4: will get a better rate. Moving on to the second topic,

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Speaker 4: now we're going to talk about investing insights. I'm going

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Speaker 4: to talk to you about a little bit about stocks, bonds,

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Speaker 4: mutual funds. In summary, I don't really believe in the

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Speaker 4: traditional stock market investing approach anymore, Guys. I'm feeling disenchanted

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Speaker 4: with it. I think, you know, just like everything else,

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Speaker 4: as you get older, maybe get a handful of blue chips.

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Speaker 4: You know, companies that you actually use, Tesla, Amazon, Google,

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Speaker 4: things that don't go away, that you can be passionate about.

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Speaker 5: But something that you're not sitting there day trading.

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Speaker 4: If you want to have stocks, have a basket of

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Speaker 4: that and we'll talk about where to hold them. But

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Speaker 4: that's not really my past. I don't I don't think

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Speaker 4: that the stock market is the optimum way to achieve results.

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Speaker 4: It's a lazy approach. It's what everybody wants to talk about.

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Speaker 4: It makes a ton of other people. Rich makes Jim Kramer,

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Speaker 4: Rich makes MSNBC Rich, it makes Fidelity, Rich makes New

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Speaker 4: York Stock Exchange rich, makes all the fatcats New York rich.

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Speaker 4: I don't know that many rich people that became rich

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Speaker 4: off the stock market. I know rich people that made

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Speaker 4: money off other people selling them shit in the stock market.

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Speaker 5: Right.

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Speaker 4: So, before we move on to market trends and the

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Speaker 4: analysis of what I think is going on here in

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Speaker 4: the economy, we're going to take a break here. When

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Speaker 4: we come back, we'll talk about market events.

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Speaker 5: We'll be right back.

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Speaker 2: We'll be right back with the Financial Friday five on

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Speaker 2: Cannabis Talk one on one's Financial Fridays with the Insider

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Speaker 2: Investor Tony K. Welcome back to Cannabis Talk one on

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Speaker 2: one's Financial Fridays with the Insider Investor Tony K. It's

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Speaker 2: now time for the Financial Friday five.

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Speaker 4: We're talking about money today on today's episode. However, I

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00:15:59,480 --> 00:16:02,240
Speaker 4: gotta con to make guys. I still do not have

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Speaker 4: health insurance.

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Speaker 5: Oh shame on me. Listen up, guys.

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Speaker 4: There's a reason that I brought our friends here at

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Speaker 4: Clearwater Health to the show. Clearwater dot Com. There are

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Speaker 4: brand new partners with us, and what they've done is

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Speaker 4: something super creative, super exciting. They're gonna be at Mjbiscon

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00:16:18,840 --> 00:16:20,960
Speaker 4: with us they're going to be in our village. We're

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Speaker 4: going to be doing a show with them live. But

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00:16:23,160 --> 00:16:25,680
Speaker 4: quick overview is if you have health insurance, or if

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00:16:25,680 --> 00:16:28,760
Speaker 4: you need in health insurance, if you're self employed, or

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00:16:28,760 --> 00:16:31,040
Speaker 4: if you're a small business owner, there are so many

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00:16:31,080 --> 00:16:34,240
Speaker 4: pitfalls of how you're going to get penalized, good, bad

393
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Speaker 4: and ugly of having healthcare. I cannot recommend these guys enough.

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Speaker 4: They've created a special portal for our friends here at

395
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Speaker 4: Cannabis talk one on one. And what they've done is

396
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Speaker 4: they've made at Cannabis friendly and they've made it.

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Speaker 5: Easy for you guys to contact them.

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Speaker 4: When you do contact them, if you don't have insurance,

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00:16:48,840 --> 00:16:50,920
Speaker 4: they'll show you every every option for you and they'll

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00:16:50,920 --> 00:16:53,400
Speaker 4: help you pick one out. It's the same pricing as

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00:16:53,440 --> 00:16:56,320
Speaker 4: if you go to the healthcare dot gov websites. More importantly,

402
00:16:56,320 --> 00:16:58,920
Speaker 4: here you're actually getting somebody knowledgeable that can tell you

403
00:16:58,960 --> 00:17:02,280
Speaker 4: the best. Now, if you already have insurance, it's even easier.

404
00:17:02,280 --> 00:17:04,320
Speaker 4: You let them know what you have, what company, what

405
00:17:04,400 --> 00:17:06,359
Speaker 4: your deductibles are. They're going to let you know if

406
00:17:06,359 --> 00:17:08,280
Speaker 4: they can beat it, and if they can't, they'll tell

407
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Speaker 4: you and you're in good hands. Best part is it

408
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Speaker 4: doesn't cost anything. You guys, give them a call or

409
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Speaker 4: look them up clearwaterhealth dot com and look for them

410
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Speaker 4: over at the edge of Biscon.

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Speaker 5: So we're back.

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Speaker 4: I told you guys, I'm going to talk to you

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Speaker 4: now about some insights that I have on current market conditions.

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Speaker 4: So obviously right now, when you guys hear the show,

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00:17:25,119 --> 00:17:28,359
Speaker 4: this is going to be very current. Tomorrow the show's airing,

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Speaker 4: and tomorrow being Friday today, So when this show airs,

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Speaker 4: you know, we're in the middle of some crazy ass wars.

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Speaker 5: We're in the middle of just political upheaval.

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Speaker 4: It seems like this country is torn every day, more

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Speaker 4: divided every day, and it's something that sucks. It's something

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Speaker 4: that I refuse to talk about when it comes to

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Speaker 4: politics because you cannot win. However, politics on what's going

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Speaker 4: on in the world always affects your money straight off

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Speaker 4: right now, As you guys know, during COVID, we printed trillions.

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Speaker 4: When I say trillions, trillions of dollars right. The other

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Speaker 4: thing I always said, and if you look on my

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Speaker 4: social media posts from a couple of years ago, the

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Speaker 4: entire freaking world was shut down. Whether it was two weeks,

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Speaker 4: a month, six months, they just shut everything down. Now,

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Speaker 4: this was a global experiment that had never happened before.

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Speaker 4: Regardless of what your opinions are on what we went through.

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Speaker 4: And I don't even use those words because you get

433
00:18:20,040 --> 00:18:23,119
Speaker 4: shadow band lately by using certain words, right, but you

434
00:18:23,200 --> 00:18:25,400
Speaker 4: all know what we went through and why the world

435
00:18:25,560 --> 00:18:28,760
Speaker 4: was shut down. But because that had never happened in history,

436
00:18:29,000 --> 00:18:30,960
Speaker 4: I always said, man, this is another what we call

437
00:18:31,000 --> 00:18:33,520
Speaker 4: a black Swan event, meaning it's a shit that's never happened.

438
00:18:33,520 --> 00:18:36,320
Speaker 4: So when it happens, all the rules go out the window.

439
00:18:37,040 --> 00:18:39,240
Speaker 4: They were telling us four years ago that interest rates

440
00:18:39,240 --> 00:18:40,960
Speaker 4: were going to go up, up, up, up. What happened

441
00:18:40,960 --> 00:18:43,160
Speaker 4: They went down to zero. Now, when they printed out

442
00:18:43,160 --> 00:18:46,159
Speaker 4: this money, one of the benefits of market analysis is

443
00:18:46,440 --> 00:18:48,520
Speaker 4: if you look at it from just a rational approach,

444
00:18:48,520 --> 00:18:51,000
Speaker 4: you don't need fancy charts, et cetera. But it's just

445
00:18:51,080 --> 00:18:53,119
Speaker 4: common sense that if you're going to spend all that money,

446
00:18:53,400 --> 00:18:54,960
Speaker 4: they got to figure out how to get it back.

447
00:18:55,080 --> 00:18:55,240
Speaker 5: Right.

448
00:18:55,280 --> 00:18:57,320
Speaker 4: They gave away trillions of dollars, guys, And that wasn't

449
00:18:57,359 --> 00:18:59,080
Speaker 4: just in this country. It's all over the world, right,

450
00:18:59,240 --> 00:19:01,120
Speaker 4: So the easiest way for them to pull that back

451
00:19:01,400 --> 00:19:05,120
Speaker 4: is higher interest rates, higher taxes. Right when you look

452
00:19:05,119 --> 00:19:07,840
Speaker 4: at from an economic war standpoint, as soon as this

453
00:19:07,880 --> 00:19:09,960
Speaker 4: shit's starting right now in the Middle East, what does

454
00:19:09,960 --> 00:19:12,520
Speaker 4: that mean? We're the number one supplier of missiles to

455
00:19:12,560 --> 00:19:15,720
Speaker 4: these countries? So what's that mean? Raytheon Boeing blah blah blah.

456
00:19:15,760 --> 00:19:18,119
Speaker 4: And guess what all of Congress and all these shady

457
00:19:18,160 --> 00:19:20,280
Speaker 4: bastards in Washington, what do they all load up on

458
00:19:20,520 --> 00:19:23,119
Speaker 4: defense stocks? Why do you think they're all rooting for

459
00:19:23,160 --> 00:19:26,719
Speaker 4: this war to continue defense spending? So you know, on

460
00:19:26,760 --> 00:19:29,240
Speaker 4: the surface, I would say, hey, look at some defense ideas,

461
00:19:29,280 --> 00:19:32,920
Speaker 4: look at some defense basing drones. You know these things

462
00:19:32,920 --> 00:19:36,159
Speaker 4: that are these missile guided systems right theon Boeing, these

463
00:19:36,200 --> 00:19:39,240
Speaker 4: are these are big defense contractors. And when you look

464
00:19:39,240 --> 00:19:40,639
Speaker 4: at it, and again this is not a lecture on

465
00:19:40,680 --> 00:19:42,840
Speaker 4: what you should go by today. The more point that

466
00:19:42,880 --> 00:19:46,200
Speaker 4: I wanted to bring up about economic conditions funding your

467
00:19:46,240 --> 00:19:49,800
Speaker 4: finances are affecting your finances is because if you just

468
00:19:49,920 --> 00:19:52,159
Speaker 4: watch the news for ten fifteen minutes a day or

469
00:19:52,160 --> 00:19:55,560
Speaker 4: on your iPad or just scroll through news instead of

470
00:19:55,600 --> 00:19:59,200
Speaker 4: just consuming bullshit, you'll start to see patterns. And that's

471
00:19:59,240 --> 00:20:01,480
Speaker 4: what I end up in investing with whether it's real estate,

472
00:20:01,600 --> 00:20:05,040
Speaker 4: interest rates, what I should do with my money? It's amazing,

473
00:20:05,080 --> 00:20:08,160
Speaker 4: But by just watching the news, what you'll discover? All right,

474
00:20:08,280 --> 00:20:10,000
Speaker 4: And I wouldn't want to get too much deeper into that,

475
00:20:10,040 --> 00:20:11,720
Speaker 4: but I could go on for hours on that. If

476
00:20:11,720 --> 00:20:13,840
Speaker 4: you guys have any specific questions, we'll talk about it.

477
00:20:14,040 --> 00:20:16,160
Speaker 4: I'm going to move on to my favorite topic, real

478
00:20:16,280 --> 00:20:19,800
Speaker 4: estate investing. Now, why is that? Why is that my favorite?

479
00:20:19,800 --> 00:20:22,040
Speaker 4: One of the favorites. One of my favorite reasons is

480
00:20:22,040 --> 00:20:24,439
Speaker 4: my grandpa who's passed away now. But one thing he

481
00:20:24,560 --> 00:20:26,560
Speaker 4: used to always tell me is, you know you call

482
00:20:26,640 --> 00:20:29,760
Speaker 4: me son, He said, Son. Invest in real estate because

483
00:20:29,840 --> 00:20:32,119
Speaker 4: it's real. You know, the word reels in it. You

484
00:20:32,119 --> 00:20:34,680
Speaker 4: can actually physically touch it. And if you think about

485
00:20:34,680 --> 00:20:36,320
Speaker 4: all the other shit that you can invest in, whether

486
00:20:36,359 --> 00:20:40,000
Speaker 4: it's stocks, bonds, mutual funds, it's paper, right, it's digital.

487
00:20:40,000 --> 00:20:40,680
Speaker 5: If the world.

488
00:20:40,560 --> 00:20:44,520
Speaker 4: Shuts down, or if if the electricity grid gets wiped out,

489
00:20:44,600 --> 00:20:47,480
Speaker 4: or million other little doomsday scenarios happen, the fuck are

490
00:20:47,480 --> 00:20:48,840
Speaker 4: you going to do with your Tesla stock?

491
00:20:49,160 --> 00:20:49,399
Speaker 5: You know?

492
00:20:49,600 --> 00:20:51,080
Speaker 4: What are you going to do with your bond? What

493
00:20:51,119 --> 00:20:53,080
Speaker 4: are you going to do with your insurance policy? Hell,

494
00:20:53,160 --> 00:20:54,720
Speaker 4: you can't even turn on a computer or go to

495
00:20:54,760 --> 00:20:57,160
Speaker 4: the bank because all everything's shut down. Still got real

496
00:20:57,240 --> 00:20:59,359
Speaker 4: estate and still go live in it, right, still go

497
00:20:59,480 --> 00:21:01,560
Speaker 4: sell it. And the thing with real estate is if

498
00:21:01,560 --> 00:21:04,200
Speaker 4: it's paid off free, free and clear, you're never going

499
00:21:04,240 --> 00:21:06,320
Speaker 4: to lose it. And if you're in an area where

500
00:21:06,359 --> 00:21:08,440
Speaker 4: you're not leveraged on that real estate, you can always

501
00:21:08,440 --> 00:21:08,920
Speaker 4: rent it out.

502
00:21:09,200 --> 00:21:10,200
Speaker 5: There's just so many.

503
00:21:09,960 --> 00:21:13,879
Speaker 4: More variables with real estate that I think are advantageous.

504
00:21:14,200 --> 00:21:16,440
Speaker 4: And when you look at the returns on real estate, Gosh,

505
00:21:16,480 --> 00:21:18,080
Speaker 4: if you're buying at the right time and you have

506
00:21:18,160 --> 00:21:22,040
Speaker 4: a right system, it absolutely blows away stock market returns

507
00:21:22,119 --> 00:21:24,680
Speaker 4: right now, There's many ways to invest in real estate.

508
00:21:24,720 --> 00:21:27,320
Speaker 4: There's from very passive investing all the way to very

509
00:21:27,320 --> 00:21:31,159
Speaker 4: hands on. When I was on Wall Street, you know

510
00:21:31,200 --> 00:21:33,880
Speaker 4: that there were your real estate funds right which are

511
00:21:33,920 --> 00:21:36,680
Speaker 4: heavy laid in them fees. Your broker's got to get paid,

512
00:21:36,920 --> 00:21:39,400
Speaker 4: the financial advisor's got to get paid, the due diligence

513
00:21:39,440 --> 00:21:41,680
Speaker 4: guy got to get paid. Then everybody at the mutual

514
00:21:41,680 --> 00:21:44,359
Speaker 4: fund has to get paid. The broker who found the

515
00:21:44,440 --> 00:21:46,720
Speaker 4: asset for the mutual fund has to get paid. By

516
00:21:46,760 --> 00:21:48,840
Speaker 4: the time you, as the average investor, are getting into

517
00:21:48,920 --> 00:21:52,159
Speaker 4: these funds. Any profit that could have possibly happen in

518
00:21:52,200 --> 00:21:55,320
Speaker 4: these funds is going to disappear in my opinion, And

519
00:21:55,359 --> 00:21:57,440
Speaker 4: then you know they'll come back and say, well, this

520
00:21:57,480 --> 00:21:59,240
Speaker 4: is a two billion dollar fund and you're going to

521
00:21:59,240 --> 00:22:03,200
Speaker 4: be diversified in all these high rises or multifamilies. Again,

522
00:22:03,240 --> 00:22:05,520
Speaker 4: the reality is a lot of your profit's going to

523
00:22:05,520 --> 00:22:05,880
Speaker 4: be gone.

524
00:22:05,960 --> 00:22:06,240
Speaker 5: Now.

525
00:22:06,520 --> 00:22:08,800
Speaker 4: If you're passively investing, maybe you have a four to

526
00:22:08,880 --> 00:22:13,520
Speaker 4: one K, or you have your corporation or your company

527
00:22:13,560 --> 00:22:17,120
Speaker 4: is sponsoring a plan that you can invest in, I'm

528
00:22:17,160 --> 00:22:18,800
Speaker 4: okay with that. And if again, if you have no

529
00:22:18,840 --> 00:22:21,720
Speaker 4: other options, you have no other alternatives, I'd rather invest

530
00:22:21,800 --> 00:22:24,160
Speaker 4: in a decent healthcare I'm sorry, a decent real estate

531
00:22:24,240 --> 00:22:28,119
Speaker 4: fund than just a blank stock. Right now, when it

532
00:22:28,160 --> 00:22:31,040
Speaker 4: comes to real estate, the average investor has so many.

533
00:22:30,800 --> 00:22:33,040
Speaker 5: More ways to get into. Most people.

534
00:22:33,119 --> 00:22:35,199
Speaker 4: Or if I talk to my friends here here, you know,

535
00:22:35,200 --> 00:22:37,520
Speaker 4: in the early twenties to thirties, and they said what

536
00:22:37,560 --> 00:22:39,160
Speaker 4: should I invest in? I said, do you own any

537
00:22:39,200 --> 00:22:42,080
Speaker 4: real estate? And if the answer is no, in my opinion,

538
00:22:42,119 --> 00:22:45,520
Speaker 4: your first investment should be an income producing property because

539
00:22:45,520 --> 00:22:48,880
Speaker 4: it's relatively easy to get a first time home buyer

540
00:22:48,960 --> 00:22:52,480
Speaker 4: approved there's things called FAHA loans. My first house that

541
00:22:52,520 --> 00:22:54,560
Speaker 4: I bought, I put three and a half percent down.

542
00:22:54,600 --> 00:22:57,120
Speaker 4: That guys, that means on a seven hundred thousand dollars house.

543
00:22:57,119 --> 00:22:59,320
Speaker 4: I think I only put down only twenty three thousand dollars.

544
00:22:59,440 --> 00:23:02,359
Speaker 4: This was here in Irvine, a brand new development, and

545
00:23:02,680 --> 00:23:05,000
Speaker 4: again for twenty four grand down right, And this was

546
00:23:05,040 --> 00:23:06,960
Speaker 4: back what interest rates for like three to four percent,

547
00:23:07,000 --> 00:23:09,840
Speaker 4: but with FAHA, the government's kind of guaranteeing it, and

548
00:23:09,840 --> 00:23:13,280
Speaker 4: there's all these little benefits that you're doing. But think

549
00:23:13,280 --> 00:23:15,639
Speaker 4: about it. For twenty three grand, I got a seven

550
00:23:15,760 --> 00:23:19,080
Speaker 4: hundred thousand dollars ish house. My payments were like three grand,

551
00:23:19,080 --> 00:23:21,439
Speaker 4: which would have cost what a two bedroom comparable two

552
00:23:21,480 --> 00:23:22,440
Speaker 4: bedroom was at the time.

553
00:23:22,600 --> 00:23:23,359
Speaker 5: Now it's like six.

554
00:23:23,760 --> 00:23:26,800
Speaker 4: But I bought that, made those payments, and then less

555
00:23:26,800 --> 00:23:28,399
Speaker 4: than three years later the thing had gone up like

556
00:23:28,400 --> 00:23:31,359
Speaker 4: four hundred thousand dollars. Now that's here in southern California.

557
00:23:31,440 --> 00:23:34,000
Speaker 4: But that works, and the math kind of you know,

558
00:23:34,000 --> 00:23:35,680
Speaker 4: it's all relative, but the math works all over the

559
00:23:35,800 --> 00:23:38,679
Speaker 4: United States. FAHA loans or government wide and by no

560
00:23:38,720 --> 00:23:41,280
Speaker 4: means my lending expert, but these are just what I've

561
00:23:41,280 --> 00:23:43,400
Speaker 4: done and what I've seen my friends do. Then they

562
00:23:43,400 --> 00:23:45,840
Speaker 4: have new programs where you can actually once you're season

563
00:23:45,920 --> 00:23:47,840
Speaker 4: and you're learning how to run landlords or be a

564
00:23:47,920 --> 00:23:51,199
Speaker 4: landlord and half tenants. Right now, I've heard there's a

565
00:23:51,200 --> 00:23:54,760
Speaker 4: brand new program that actually is launching Monday. Every lender

566
00:23:54,800 --> 00:23:56,479
Speaker 4: should know about it. But I believe you can now

567
00:23:56,480 --> 00:23:59,480
Speaker 4: buy up to a four plex with five percent down

568
00:23:59,760 --> 00:24:02,760
Speaker 4: right as long as you're living in one of the units.

569
00:24:02,840 --> 00:24:03,640
Speaker 5: So what does that mean?

570
00:24:03,960 --> 00:24:06,480
Speaker 4: That means you can get a million dollar property for

571
00:24:06,600 --> 00:24:09,280
Speaker 4: fifty grand, live in one of it. The rent on

572
00:24:09,320 --> 00:24:11,240
Speaker 4: the other three should pay your mortgage, and now you're

573
00:24:11,280 --> 00:24:13,639
Speaker 4: living for free and you have a freaking amazing asset.

574
00:24:13,880 --> 00:24:15,800
Speaker 4: And I'm not even going to tap into the tax

575
00:24:15,840 --> 00:24:19,000
Speaker 4: benefits of owning real estate. When I bought my first

576
00:24:19,080 --> 00:24:21,040
Speaker 4: house at the time, I was making roughly about eight

577
00:24:21,160 --> 00:24:23,640
Speaker 4: hundred thousand dollars a year, well, I was losing about

578
00:24:23,640 --> 00:24:27,040
Speaker 4: four hundred thousand dollars to taxes. And my CPA the

579
00:24:27,040 --> 00:24:28,560
Speaker 4: time looks at me and he's like, you're an idiot.

580
00:24:28,640 --> 00:24:30,520
Speaker 4: You could have had a million dollar house for free

581
00:24:30,800 --> 00:24:33,679
Speaker 4: because the deductions and the tax benefits you would have

582
00:24:33,680 --> 00:24:36,280
Speaker 4: had would have literally been playing paying for your mortgage.

583
00:24:36,280 --> 00:24:38,720
Speaker 4: Plus I was flushing money down the toilet with rent.

584
00:24:38,960 --> 00:24:42,160
Speaker 4: So I cannot stress enough with you guys how powerful

585
00:24:42,240 --> 00:24:45,440
Speaker 4: real estate can be to your portfolio, leveraging it, cash

586
00:24:45,440 --> 00:24:48,440
Speaker 4: out refinances, and again, there's tons of people out there

587
00:24:48,640 --> 00:24:49,720
Speaker 4: that can offer to teach you.

588
00:24:49,760 --> 00:24:49,840
Speaker 2: That.

589
00:24:50,520 --> 00:24:52,439
Speaker 4: I do believe in the power of mentorship and that

590
00:24:52,880 --> 00:24:54,720
Speaker 4: there's a handful that I'm going to start bringing on

591
00:24:54,760 --> 00:24:58,200
Speaker 4: the show that I would recommend. But again, it's start

592
00:24:58,359 --> 00:25:01,280
Speaker 4: educating yourself. You know, I'm a big of using this

593
00:25:01,400 --> 00:25:03,800
Speaker 4: type of education. If you guys have kids that are

594
00:25:03,840 --> 00:25:07,320
Speaker 4: eighteen nineteen, they don't want to go to college, don't

595
00:25:07,320 --> 00:25:08,960
Speaker 4: be afraid of that, you know, as long as they're

596
00:25:09,000 --> 00:25:11,920
Speaker 4: willing to learn, as long as they want to have

597
00:25:11,960 --> 00:25:14,240
Speaker 4: a passion if it is real estate, trust me, guys,

598
00:25:14,240 --> 00:25:16,560
Speaker 4: they ain't going to learn shit in college about real estate.

599
00:25:16,640 --> 00:25:19,840
Speaker 4: They don't talk to you about credit, finance, acquisition costs,

600
00:25:20,040 --> 00:25:22,040
Speaker 4: none of that, even if you have e Con five.

601
00:25:21,840 --> 00:25:22,840
Speaker 5: Oh six or whatever.

602
00:25:22,960 --> 00:25:25,960
Speaker 4: Right, It's just I'm very disappointed in the US education

603
00:25:26,040 --> 00:25:28,080
Speaker 4: system when he talks when it comes to money. So

604
00:25:28,119 --> 00:25:30,639
Speaker 4: I cannot stress that enough that if real estate is passion,

605
00:25:30,720 --> 00:25:35,560
Speaker 4: hers dive into it head first. There's good bad. One

606
00:25:35,600 --> 00:25:36,879
Speaker 4: of the books that I read, I think it was

607
00:25:36,920 --> 00:25:39,880
Speaker 4: Trump's book, but he says something that I thought.

608
00:25:39,640 --> 00:25:40,400
Speaker 5: Was always interesting.

609
00:25:40,400 --> 00:25:43,320
Speaker 4: He says, there's never a bad time to buy real estate.

610
00:25:43,359 --> 00:25:46,639
Speaker 4: There's only bad real estate to buy. Because sometimes you're like, oh,

611
00:25:46,680 --> 00:25:48,840
Speaker 4: real estate's too expensive. It's high, it's always going to

612
00:25:48,840 --> 00:25:51,040
Speaker 4: be high, it's never going to be low. It's cyclical

613
00:25:51,160 --> 00:25:53,960
Speaker 4: or go up and down. But real estate has a cycle.

614
00:25:54,119 --> 00:25:56,960
Speaker 4: It's every ten years. It always goes up. Never rarely

615
00:25:56,960 --> 00:25:59,679
Speaker 4: it'll benchmark down, maybe flatten out. But you're not going

616
00:25:59,720 --> 00:26:02,080
Speaker 4: to lose every penny unless you're just buying really shitty

617
00:26:02,119 --> 00:26:02,640
Speaker 4: real estate.

618
00:26:02,760 --> 00:26:06,760
Speaker 3: So does real estate, uh, you know, vary by state

619
00:26:06,920 --> 00:26:09,440
Speaker 3: for our viewers like, how would have how would someone

620
00:26:09,480 --> 00:26:14,440
Speaker 3: be affected by certain regulations in California versus Nevada?

621
00:26:14,920 --> 00:26:17,959
Speaker 4: Great question, man in two parts to that. So, in

622
00:26:18,000 --> 00:26:20,440
Speaker 4: my opinion, if you're a first time real estate investor,

623
00:26:20,800 --> 00:26:22,800
Speaker 4: do not fall for these. Hey give me your money,

624
00:26:22,880 --> 00:26:25,240
Speaker 4: let me go invest for you, because we're going to

625
00:26:25,320 --> 00:26:27,120
Speaker 4: be buying distressed assets in Detroit.

626
00:26:27,280 --> 00:26:27,480
Speaker 5: Right.

627
00:26:28,920 --> 00:26:31,080
Speaker 4: All the times that I've got screwed investing in real

628
00:26:31,200 --> 00:26:33,800
Speaker 4: estate is because the real estate was not within a

629
00:26:33,840 --> 00:26:36,560
Speaker 4: three hour radius of me, and I wasn't driving there

630
00:26:36,640 --> 00:26:38,560
Speaker 4: once every two weeks to check up on the tenants,

631
00:26:38,640 --> 00:26:40,600
Speaker 4: check up to make sure the maintenance was being done right.

632
00:26:41,520 --> 00:26:43,400
Speaker 4: I didn't have to hire I mean, I always had

633
00:26:43,400 --> 00:26:45,960
Speaker 4: property managers, et cetera. But you need to keep an

634
00:26:45,960 --> 00:26:48,640
Speaker 4: oversight on these guys. You know the times that I've

635
00:26:48,640 --> 00:26:50,359
Speaker 4: got screwed, like the deal right now. You guys know,

636
00:26:50,400 --> 00:26:52,720
Speaker 4: I just came back from Florida. We bought an amazing

637
00:26:52,760 --> 00:26:55,320
Speaker 4: assets ten units on the beach, But because we hired

638
00:26:55,320 --> 00:26:57,520
Speaker 4: an outside contractor and we had a developer out there

639
00:26:57,560 --> 00:26:59,560
Speaker 4: that we worked with, we got screwed. Well, we got

640
00:26:59,560 --> 00:27:01,480
Speaker 4: screwed by now because what should have been a twelve

641
00:27:01,520 --> 00:27:03,800
Speaker 4: month project where I'm month eighteen and we found out

642
00:27:03,840 --> 00:27:06,520
Speaker 4: the contractors walked off the job. Now that contractor walked

643
00:27:06,520 --> 00:27:09,480
Speaker 4: off the job six months ago, and our developer partner

644
00:27:09,520 --> 00:27:10,159
Speaker 4: was lying to us.

645
00:27:10,160 --> 00:27:11,400
Speaker 5: So there's lawsuits, et cetera.

646
00:27:11,680 --> 00:27:14,320
Speaker 4: But without boring you with the details, the point of

647
00:27:14,359 --> 00:27:17,160
Speaker 4: the answer to your question is definitely, I think as

648
00:27:17,160 --> 00:27:20,439
Speaker 4: a rookie, as a beginner, you should always stick to

649
00:27:20,520 --> 00:27:22,520
Speaker 4: what's in your neighborhood because you're going to be able

650
00:27:22,560 --> 00:27:24,159
Speaker 4: to know where the deals are you're going to be

651
00:27:24,160 --> 00:27:26,000
Speaker 4: able to find put the word out like, hey, I'm

652
00:27:26,000 --> 00:27:28,480
Speaker 4: a cash buyer. A quick trick is, if you want

653
00:27:28,480 --> 00:27:30,960
Speaker 4: to buy your first income property, just read, go, go

654
00:27:31,000 --> 00:27:34,040
Speaker 4: on open houses, meet bunch of brokers that you like,

655
00:27:34,440 --> 00:27:36,840
Speaker 4: just get the business card, eat their little muffins, have

656
00:27:36,880 --> 00:27:38,920
Speaker 4: a drink with them. They're like, Hey, I'm an investor,

657
00:27:38,960 --> 00:27:40,840
Speaker 4: I'm looking for distressed assets, or I want to buy

658
00:27:40,920 --> 00:27:41,760
Speaker 4: my first property.

659
00:27:42,000 --> 00:27:43,040
Speaker 5: They'll work for free for you.

660
00:27:43,080 --> 00:27:45,000
Speaker 4: They'll start giving you leads and then it's up to

661
00:27:45,040 --> 00:27:46,359
Speaker 4: you to kind of find the right one and have

662
00:27:46,440 --> 00:27:50,480
Speaker 4: the right team to analyze that deal. In terms of regulations,

663
00:27:51,000 --> 00:27:53,840
Speaker 4: there's always going to be regulation difference with landlord rules,

664
00:27:53,880 --> 00:27:56,960
Speaker 4: tendency rules. The lending is going to be somewhat the same,

665
00:27:57,240 --> 00:28:00,439
Speaker 4: obviously different. You know California is going to lend different.

666
00:28:01,640 --> 00:28:04,919
Speaker 4: I should say the mortgage lenders prefer a property on

667
00:28:05,000 --> 00:28:07,760
Speaker 4: the beach, then maybe something in Detroit, right, so the

668
00:28:07,840 --> 00:28:09,800
Speaker 4: rates would be different. But for the most part, real

669
00:28:09,880 --> 00:28:12,920
Speaker 4: estate's real estate. You definitely want to stick to your hometown,

670
00:28:13,000 --> 00:28:15,160
Speaker 4: I would say, or at least in your geographic area.

671
00:28:15,160 --> 00:28:19,840
Speaker 4: But that's a great question, Connor. Moving on, I'm going

672
00:28:19,840 --> 00:28:22,320
Speaker 4: to talk to you about entrepreneurial finance. Now, guys, and

673
00:28:22,400 --> 00:28:25,120
Speaker 4: I you know, I'm a big obviously, I'm a lifelong entrepreneur.

674
00:28:25,119 --> 00:28:28,080
Speaker 4: I've worked for corporate before, I've worked for restaurants before,

675
00:28:28,600 --> 00:28:31,840
Speaker 4: but entrepreneurs in my blood. And you know, there's two

676
00:28:31,880 --> 00:28:34,960
Speaker 4: types of people, right, and the entrepreneurship is not for everybody.

677
00:28:35,280 --> 00:28:36,760
Speaker 5: It's a lonely game at times.

678
00:28:37,080 --> 00:28:39,440
Speaker 4: You know, it's it's always fun when the times are good,

679
00:28:39,480 --> 00:28:41,520
Speaker 4: but when times are tough, you really realize who your

680
00:28:41,560 --> 00:28:43,440
Speaker 4: friends are, who your family is, and the people that

681
00:28:43,480 --> 00:28:45,040
Speaker 4: are going to be with you through thick and thin.

682
00:28:45,600 --> 00:28:48,520
Speaker 4: But it's important to have a network when you have

683
00:28:48,560 --> 00:28:51,400
Speaker 4: an entrepreneurial spirit. Don't try to do shit on your own.

684
00:28:51,520 --> 00:28:53,840
Speaker 4: You know, you're probably in the wrong line of work

685
00:28:53,920 --> 00:28:56,760
Speaker 4: or entrepreneurship should be for you if you're a loner,

686
00:28:57,080 --> 00:28:59,680
Speaker 4: because you're not going to learn the skill, you're not

687
00:28:59,720 --> 00:29:02,920
Speaker 4: going to have the wisdom of others around you. You

688
00:29:02,920 --> 00:29:05,880
Speaker 4: guys have heard me talk about masterminds or business affiliations,

689
00:29:05,880 --> 00:29:08,640
Speaker 4: and I love those group setting, especially if nobody wants

690
00:29:08,640 --> 00:29:10,640
Speaker 4: shit from me. You know, they're not trying to sell

691
00:29:10,640 --> 00:29:13,520
Speaker 4: me anything, but it's just a group of light minded people.

692
00:29:13,560 --> 00:29:15,200
Speaker 4: We get together once a month and we just talk

693
00:29:15,240 --> 00:29:18,040
Speaker 4: about our businesses. You know, when PPP was a thing,

694
00:29:18,160 --> 00:29:20,920
Speaker 4: and when there's a bunch of different grants or loans

695
00:29:20,920 --> 00:29:24,440
Speaker 4: that you can get, maybe, you know, Connor starts getting

696
00:29:24,440 --> 00:29:27,239
Speaker 4: into real estate and he discovers this great loan and

697
00:29:27,280 --> 00:29:29,200
Speaker 4: he tells me about it, because once a month we're

698
00:29:29,200 --> 00:29:31,760
Speaker 4: going to have a real estate roundtable and just share ideas.

699
00:29:32,080 --> 00:29:33,040
Speaker 5: Because I don't have.

700
00:29:33,040 --> 00:29:35,520
Speaker 4: The time to look at every single new product or

701
00:29:35,520 --> 00:29:38,360
Speaker 4: benefit or tax credit or loan that's coming out, but

702
00:29:38,480 --> 00:29:41,960
Speaker 4: he may stumble upon something. And during COVID, specifically, when

703
00:29:41,960 --> 00:29:44,360
Speaker 4: we were meeting up in Texas with with you know,

704
00:29:44,360 --> 00:29:47,120
Speaker 4: about one hundred different business owners from nationwide, we'd all

705
00:29:47,120 --> 00:29:49,640
Speaker 4: fly to Texas and when times were tough, we all

706
00:29:49,680 --> 00:29:51,880
Speaker 4: needed each other's advice. You know, a guy was telling

707
00:29:52,200 --> 00:29:54,640
Speaker 4: I was telling them about research and development tax incentives.

708
00:29:54,680 --> 00:29:56,680
Speaker 4: Another guy was telling us about different types of PPP

709
00:29:56,840 --> 00:29:59,200
Speaker 4: loans a way to kind of lower the fee. Some

710
00:29:59,240 --> 00:30:01,560
Speaker 4: guys out there were just gouging people right, keeping a

711
00:30:01,600 --> 00:30:04,440
Speaker 4: thirty year PPP money when it shouldn't have been that difficult.

712
00:30:04,480 --> 00:30:09,640
Speaker 4: So from an entrepreneur financial standpoint, keep that network tight.

713
00:30:10,120 --> 00:30:12,120
Speaker 4: From a funding standpoint. You know, a lot of you

714
00:30:12,120 --> 00:30:14,920
Speaker 4: guys have great ideas. You're like, I don't have the money.

715
00:30:15,480 --> 00:30:17,600
Speaker 4: I always say, getting money is easy. Having the right

716
00:30:17,640 --> 00:30:19,680
Speaker 4: deal and the right structure is the hard part, right.

717
00:30:19,920 --> 00:30:22,160
Speaker 4: You really got to understand what your business is worth.

718
00:30:22,320 --> 00:30:24,560
Speaker 4: That's a whole separate conversation. But a lot of times

719
00:30:24,600 --> 00:30:26,760
Speaker 4: people are like, I want to raise money because I

720
00:30:26,840 --> 00:30:29,520
Speaker 4: want to start a restaurant. You know, what are you

721
00:30:29,560 --> 00:30:32,120
Speaker 4: evaluating your business at? How much stock are you selling?

722
00:30:32,680 --> 00:30:34,840
Speaker 4: If you don't know the answers to those questions, you

723
00:30:34,840 --> 00:30:37,360
Speaker 4: should not be raising money for your business because too

724
00:30:37,400 --> 00:30:39,280
Speaker 4: often than not what I saw growing up in the

725
00:30:39,320 --> 00:30:41,520
Speaker 4: game with somebody would have an amazing idea, and you

726
00:30:41,560 --> 00:30:44,400
Speaker 4: see this on Shark Tank a lot. And to kind

727
00:30:44,400 --> 00:30:46,720
Speaker 4: of digress a little bit, if you guys are entrepreneurs

728
00:30:46,720 --> 00:30:49,040
Speaker 4: and you do invest and you want to start your

729
00:30:49,040 --> 00:30:51,760
Speaker 4: own company, that's probably one of the best educations I've had.

730
00:30:51,800 --> 00:30:53,720
Speaker 5: I've probably seen every single episode five times.

731
00:30:53,720 --> 00:30:55,200
Speaker 4: It's what I fall asleep to and not what I

732
00:30:55,200 --> 00:30:57,760
Speaker 4: wake up to, because I get so many little nuggets

733
00:30:57,760 --> 00:31:00,000
Speaker 4: from every single one of those sharks, and sometimes from

734
00:31:00,040 --> 00:31:01,520
Speaker 4: the people that are coming onto that show.

735
00:31:01,760 --> 00:31:02,600
Speaker 5: Because that shit's real.

736
00:31:02,680 --> 00:31:05,120
Speaker 4: I mean a lot of it's edited and heavily programmed,

737
00:31:05,160 --> 00:31:06,920
Speaker 4: but the stories are real, the people are real, the

738
00:31:06,920 --> 00:31:08,920
Speaker 4: investors are real, and a lot of the way that

739
00:31:08,960 --> 00:31:12,440
Speaker 4: they analyze these deals, the metrics, you just soak it up.

740
00:31:12,440 --> 00:31:14,320
Speaker 4: And I think even my mom and dad right now,

741
00:31:14,360 --> 00:31:16,840
Speaker 4: you know, they're understanding how to valuate. You know, if

742
00:31:16,840 --> 00:31:19,040
Speaker 4: the guy's saying I want to raise ten percent, I'm

743
00:31:19,040 --> 00:31:20,520
Speaker 4: going to give away ten percent of my company for

744
00:31:20,560 --> 00:31:22,520
Speaker 4: one hundred grand, that means his company is worth a

745
00:31:22,560 --> 00:31:24,920
Speaker 4: million dollars because ten times one hundred thousand is a million.

746
00:31:25,080 --> 00:31:27,680
Speaker 4: That's how you evaluate a company, right in very simple,

747
00:31:27,800 --> 00:31:31,320
Speaker 4: simple terms. So really understanding what your business is worth

748
00:31:31,400 --> 00:31:33,240
Speaker 4: is going to be important when you're going out to

749
00:31:33,360 --> 00:31:36,800
Speaker 4: raise money for your business. And sometimes it shouldn't be capital.

750
00:31:36,960 --> 00:31:39,200
Speaker 4: You know, maybe you're not the right you're not investable,

751
00:31:39,840 --> 00:31:41,760
Speaker 4: but you can use debt, so you can get a

752
00:31:41,800 --> 00:31:45,120
Speaker 4: secured line of credit, you can put out debt equity

753
00:31:45,120 --> 00:31:47,479
Speaker 4: on your business. So there's very creative ways. I call

754
00:31:47,520 --> 00:31:49,920
Speaker 4: it creative financing. There is always a good way to

755
00:31:50,000 --> 00:31:52,160
Speaker 4: get money. If you have a good idea, there's going

756
00:31:52,200 --> 00:31:53,880
Speaker 4: to be people that want to help you, and there

757
00:31:53,920 --> 00:31:56,520
Speaker 4: are things called incubator programs, right where you're kind of

758
00:31:56,520 --> 00:31:59,080
Speaker 4: giving up a percentage you're a business. I still do

759
00:31:59,200 --> 00:32:01,800
Speaker 4: this occasionally. I just found that it's really time consuming.

760
00:32:02,120 --> 00:32:05,560
Speaker 4: But occasionally I'll come across a great idea. Somebody pitches

761
00:32:05,600 --> 00:32:07,720
Speaker 4: me randomly on you know, this is what I want

762
00:32:07,720 --> 00:32:09,680
Speaker 4: to do, here's what I've already done, and here's why

763
00:32:09,720 --> 00:32:11,200
Speaker 4: I think I can make this idea work.

764
00:32:11,520 --> 00:32:11,760
Speaker 2: Cool.

765
00:32:11,840 --> 00:32:13,480
Speaker 5: How much do you need? I need two hundred thousand.

766
00:32:13,800 --> 00:32:14,880
Speaker 5: What is that going to look for me?

767
00:32:15,160 --> 00:32:17,400
Speaker 4: So him and I will consult and I'll maybe give

768
00:32:17,440 --> 00:32:19,520
Speaker 4: him some of my time. I'll find a source of

769
00:32:19,560 --> 00:32:21,400
Speaker 4: money and I'll take a piece of our business and

770
00:32:21,480 --> 00:32:23,800
Speaker 4: I'll be like more of a silent partner, but I'll

771
00:32:23,800 --> 00:32:24,720
Speaker 4: structure a deal for.

772
00:32:24,680 --> 00:32:25,120
Speaker 5: Them like that.

773
00:32:25,360 --> 00:32:28,680
Speaker 4: So the point of that is there, don't ever let

774
00:32:28,960 --> 00:32:31,320
Speaker 4: a lack of money be the reason you're not.

775
00:32:31,280 --> 00:32:33,600
Speaker 5: Starting a business. That's just you being lazy.

776
00:32:33,960 --> 00:32:37,480
Speaker 4: Right, If you're trying to raise money for a restaurant,

777
00:32:37,600 --> 00:32:40,440
Speaker 4: completely different story. Right, there's not that many people that

778
00:32:40,520 --> 00:32:43,479
Speaker 4: want to invest in too, just a startup person, if

779
00:32:43,480 --> 00:32:43,800
Speaker 4: you will.

780
00:32:44,600 --> 00:32:47,080
Speaker 5: So we're going to take another break. When we get back,

781
00:32:47,120 --> 00:32:48,760
Speaker 5: I'm going to tell you how I can make retirement

782
00:32:48,760 --> 00:32:50,720
Speaker 5: planning fund for you. We'll be right back up financially.

783
00:32:50,720 --> 00:32:53,080
Speaker 2: We'll be right back with more Financial Fridays with the

784
00:32:53,120 --> 00:32:56,920
Speaker 2: Inside Investor Tony Ka. Make sure you follow Tony at

785
00:32:56,960 --> 00:33:08,320
Speaker 2: the Insider Investor. Welcome back to Cannabis Talk one on

786
00:33:08,400 --> 00:33:12,680
Speaker 2: one's Financial Fridays with the Inside Investor Tony Ka. Make

787
00:33:12,720 --> 00:33:15,320
Speaker 2: sure you like, follow and subscribe to the show now.

788
00:33:15,760 --> 00:33:17,200
Speaker 5: Welcome back to Financial Fridays.

789
00:33:17,200 --> 00:33:17,480
Speaker 2: Guys.

790
00:33:17,560 --> 00:33:19,560
Speaker 5: Today we're talking about money. Next Friday, we're gonna be

791
00:33:19,600 --> 00:33:20,360
Speaker 5: talking about money.

792
00:33:20,360 --> 00:33:22,800
Speaker 4: But I got a quick actionable item that you can

793
00:33:22,840 --> 00:33:25,640
Speaker 4: do right now. Go to a website called master Mentors Live.

794
00:33:25,800 --> 00:33:27,680
Speaker 4: This is a brand new company that we're starting here

795
00:33:27,680 --> 00:33:28,560
Speaker 4: with Cannabis.

796
00:33:28,280 --> 00:33:28,880
Speaker 5: Talk one on one.

797
00:33:29,080 --> 00:33:30,920
Speaker 4: And what this is going to do is give you

798
00:33:31,120 --> 00:33:34,000
Speaker 4: listening at home right now, the ability to not only

799
00:33:34,000 --> 00:33:36,280
Speaker 4: have access to us, but get mentored by the best

800
00:33:36,400 --> 00:33:37,520
Speaker 4: in the cannabis business.

801
00:33:37,680 --> 00:33:40,480
Speaker 5: We're coming to your town soon. Check out the website.

802
00:33:40,520 --> 00:33:42,920
Speaker 4: Our first events are actually coming up, if I'm not mistaken,

803
00:33:43,000 --> 00:33:45,360
Speaker 4: the middle of this month in November, we're gonna hit

804
00:33:45,400 --> 00:33:49,880
Speaker 4: New Jersey at three different locations, afternoon sessions, evening sessions.

805
00:33:50,080 --> 00:33:51,680
Speaker 4: We're also going to be hitting New York towards the

806
00:33:51,760 --> 00:33:53,480
Speaker 4: end of the month and the first of I believe,

807
00:33:53,480 --> 00:33:55,800
Speaker 4: over around December first and the end of November, we're

808
00:33:55,800 --> 00:33:58,480
Speaker 4: going to be in New York, the Hoboken, I believe,

809
00:33:59,040 --> 00:33:59,800
Speaker 4: mid Manhattan.

810
00:34:00,160 --> 00:34:02,240
Speaker 5: There's about forty different dates that we're hitting just.

811
00:34:02,200 --> 00:34:04,440
Speaker 4: In the next three months. You guys, the best part

812
00:34:04,440 --> 00:34:06,240
Speaker 4: of this at one hundred percent free.

813
00:34:06,320 --> 00:34:07,080
Speaker 5: Come check it out.

814
00:34:07,240 --> 00:34:10,040
Speaker 4: But it's it's just going to be something that I

815
00:34:10,040 --> 00:34:12,480
Speaker 4: think will give you the ability. Now this doesn't mean

816
00:34:12,480 --> 00:34:14,239
Speaker 4: that you want to start your own grow necessarily, but

817
00:34:14,280 --> 00:34:15,920
Speaker 4: if you do, they're going to have a solution for you.

818
00:34:16,120 --> 00:34:17,920
Speaker 4: If you want to white label a product, if you

819
00:34:18,040 --> 00:34:19,680
Speaker 4: just want to get into the media game like what

820
00:34:19,719 --> 00:34:21,680
Speaker 4: we're doing, if you want to launch your own cannabis

821
00:34:21,760 --> 00:34:25,320
Speaker 4: magazine or podcast, anything having to do with ancilliary products

822
00:34:25,400 --> 00:34:26,920
Speaker 4: or direct flower, we're going to cover and teach you

823
00:34:26,960 --> 00:34:28,719
Speaker 4: how to do it. Check it out Master Mentors Live.

824
00:34:28,840 --> 00:34:33,080
Speaker 4: Now we're back with myself. I promise you this next

825
00:34:33,080 --> 00:34:34,560
Speaker 4: segment is going to be quick and then we're going

826
00:34:34,600 --> 00:34:35,960
Speaker 4: to wrap up. What I want to do now is

827
00:34:36,000 --> 00:34:39,279
Speaker 4: talk about retirement planning. But again that's not that may

828
00:34:39,280 --> 00:34:41,720
Speaker 4: sound boring. I mean I'm putting myself again in Connor

829
00:34:41,760 --> 00:34:43,560
Speaker 4: and some of the guys' shoes here, you know, they're

830
00:34:43,560 --> 00:34:45,359
Speaker 4: in their mid twenties and back then. The last thing

831
00:34:45,360 --> 00:34:47,160
Speaker 4: I want to hear about was retirement planning, because in

832
00:34:47,200 --> 00:34:49,719
Speaker 4: my mind that was like one hundred years away. A

833
00:34:50,080 --> 00:34:51,759
Speaker 4: quick tip that I'm going to give you, guys, and

834
00:34:51,800 --> 00:34:54,400
Speaker 4: this is a fun fact and the math works the same.

835
00:34:54,760 --> 00:34:56,200
Speaker 4: So if you have a fifteen year old, or if

836
00:34:56,200 --> 00:34:57,520
Speaker 4: you have a twenty year old, let's just start with

837
00:34:57,520 --> 00:35:00,160
Speaker 4: the fifteen year old. If you just set aside five

838
00:35:00,239 --> 00:35:03,960
Speaker 4: hundred dollars a month in a roth Ira, you don't

839
00:35:04,000 --> 00:35:07,000
Speaker 4: touch it. You just buy SMP five hundred indext fun,

840
00:35:07,080 --> 00:35:09,440
Speaker 4: nothing fancy, five hundred bucks a month in a roth

841
00:35:09,520 --> 00:35:13,160
Speaker 4: Ira for twenty years. When that kid's now thirty five

842
00:35:13,200 --> 00:35:15,120
Speaker 4: years old, he's gonna have about a quarter of a

843
00:35:15,120 --> 00:35:17,520
Speaker 4: million dollars waiting for him, about three hundred thousand dollars

844
00:35:17,560 --> 00:35:19,680
Speaker 4: waiting for him. Out of that three hundred thousand, he

845
00:35:19,719 --> 00:35:21,359
Speaker 4: can tax free pull out about one hundred and fifty

846
00:35:21,400 --> 00:35:23,719
Speaker 4: thousand buy a first house. The other one hundred and

847
00:35:23,719 --> 00:35:25,320
Speaker 4: fifty thousand is still going to grow. He's gonna have

848
00:35:25,320 --> 00:35:27,120
Speaker 4: a retirement waiting for him. And that's with five hundred

849
00:35:27,120 --> 00:35:29,880
Speaker 4: bucks a month, right, cut him if you can't afford that,

850
00:35:29,880 --> 00:35:31,640
Speaker 4: and make it two hundred fifty bucks a month. You don't

851
00:35:31,640 --> 00:35:34,280
Speaker 4: need anything fancy. You don't need a fancy financial advisor

852
00:35:34,440 --> 00:35:38,400
Speaker 4: if you're twenty, started at twenty? Right now, what's difference

853
00:35:38,400 --> 00:35:39,959
Speaker 4: between a roth iray and a regular ira?

854
00:35:40,040 --> 00:35:45,120
Speaker 5: Do you? Guys know? I do? But spit it to us,

855
00:35:45,280 --> 00:35:48,080
Speaker 5: give us, I think the only reason he knows. I've

856
00:35:48,160 --> 00:35:50,840
Speaker 5: lectured you guys on it. Right. I got some background.

857
00:35:51,000 --> 00:35:51,920
Speaker 5: I went to business school.

858
00:35:51,960 --> 00:35:54,520
Speaker 4: All right, all right, my man Connor, did you actually

859
00:35:54,520 --> 00:35:57,120
Speaker 4: graduate or no? I did, so you had to go

860
00:35:57,200 --> 00:36:01,280
Speaker 4: four year BA Yeah, good for you that chatman Chapman. Okay,

861
00:36:01,400 --> 00:36:03,400
Speaker 4: do you feel you know, God, that's a good school.

862
00:36:03,400 --> 00:36:05,080
Speaker 4: I can't even be I can't even pick it up

863
00:36:05,120 --> 00:36:06,880
Speaker 4: on that. That's actually a really good business school.

864
00:36:07,000 --> 00:36:07,640
Speaker 5: No, it is.

865
00:36:07,680 --> 00:36:10,600
Speaker 3: And like, you know, you learn a lot of practical things.

866
00:36:10,680 --> 00:36:13,600
Speaker 3: But i'd say, like the one thing that you know,

867
00:36:13,760 --> 00:36:17,800
Speaker 3: I would you know, I would say that is honestly

868
00:36:17,840 --> 00:36:19,880
Speaker 3: Trump's It is like the real world experience, because you

869
00:36:19,880 --> 00:36:23,440
Speaker 3: don't like truly you know, learn it unless you're out there,

870
00:36:23,560 --> 00:36:25,960
Speaker 3: you know, in the field working on it, and so

871
00:36:26,520 --> 00:36:29,080
Speaker 3: sometimes it can I feel like it can be hard

872
00:36:29,080 --> 00:36:33,600
Speaker 3: to translate from a theoretical standpoint to a practical standpoint,

873
00:36:33,640 --> 00:36:36,040
Speaker 3: and especially over COVID because that's when I did The

874
00:36:36,040 --> 00:36:39,400
Speaker 3: majority of my university was over zoom and everything, so

875
00:36:39,520 --> 00:36:41,840
Speaker 3: the you know, information can be hard to take in. However,

876
00:36:41,920 --> 00:36:44,359
Speaker 3: I do know that I did learn a lot, and

877
00:36:45,400 --> 00:36:48,560
Speaker 3: ultimately I feel like it helps with this whole industry

878
00:36:48,600 --> 00:36:50,400
Speaker 3: and you know what I'm doing to know the business

879
00:36:50,400 --> 00:36:50,959
Speaker 3: side of things.

880
00:36:51,080 --> 00:36:52,440
Speaker 4: It does and I think that you know, even the

881
00:36:52,480 --> 00:36:55,080
Speaker 4: little pieces like the terminology, et cetera. The one thing

882
00:36:55,080 --> 00:36:56,759
Speaker 4: that I wish that they gave me and I went

883
00:36:56,800 --> 00:36:59,000
Speaker 4: to Calsey Fullerton, But what I didn't remember. What I

884
00:36:59,000 --> 00:37:01,759
Speaker 4: don't remember is I do remember I hated e Com

885
00:37:01,760 --> 00:37:05,160
Speaker 4: three oh one or the you know, fractions or statistics.

886
00:37:05,440 --> 00:37:07,319
Speaker 5: I've never used any of that ship in the real world.

887
00:37:07,400 --> 00:37:09,280
Speaker 5: I didn't use it in the financial advisory world.

888
00:37:09,480 --> 00:37:10,920
Speaker 4: But what they didn't tell me about was how to

889
00:37:11,000 --> 00:37:13,080
Speaker 4: leverage my credit, how to buy my first home, how

890
00:37:13,120 --> 00:37:15,759
Speaker 4: to look for first trusteeds, how to you know, buy

891
00:37:15,800 --> 00:37:18,560
Speaker 4: debt settlement properties. Like there's so many more practical shit

892
00:37:18,600 --> 00:37:21,240
Speaker 4: that I wish they taught, you know, even protecting your credit,

893
00:37:21,440 --> 00:37:24,480
Speaker 4: repairing your credit, you know, the perils of bankruptcy, all

894
00:37:24,520 --> 00:37:28,040
Speaker 4: of the more practical shit that I wish they should

895
00:37:28,120 --> 00:37:29,279
Speaker 4: teach that they don't do it.

896
00:37:29,480 --> 00:37:32,400
Speaker 3: I agree, And like obviously, you know, they they have

897
00:37:32,520 --> 00:37:35,880
Speaker 3: your curriculum and you're paying for you know, you're getting

898
00:37:35,880 --> 00:37:36,960
Speaker 3: what you're paying for.

899
00:37:37,120 --> 00:37:39,920
Speaker 5: You know, like you know where your you.

900
00:37:39,840 --> 00:37:42,600
Speaker 3: Know, tuition is going for that semester, you know classes

901
00:37:42,640 --> 00:37:45,840
Speaker 3: you're taking and you know whatever. But you know, I agree,

902
00:37:45,840 --> 00:37:47,839
Speaker 3: like I feel like it could be more practical, and

903
00:37:48,000 --> 00:37:51,800
Speaker 3: I think that there could be a lot more education

904
00:37:52,040 --> 00:37:52,520
Speaker 3: in that.

905
00:37:53,000 --> 00:37:53,200
Speaker 5: You know.

906
00:37:53,239 --> 00:37:55,600
Speaker 4: And one other topic, and I'm glad you mentioned that

907
00:37:55,719 --> 00:37:58,240
Speaker 4: because as much as I am negative about the college

908
00:37:58,320 --> 00:38:01,200
Speaker 4: education system, if if you are going that path or

909
00:38:01,239 --> 00:38:03,799
Speaker 4: if you're you know, I mean, if you better have it,

910
00:38:04,000 --> 00:38:05,960
Speaker 4: you're better off having it than not. As long as

911
00:38:05,960 --> 00:38:08,240
Speaker 4: you're like you know, you're smart, you're kind of planning seeds,

912
00:38:08,239 --> 00:38:10,319
Speaker 4: you're doing your internships, and you got your foot in

913
00:38:10,360 --> 00:38:12,600
Speaker 4: the door. But I think so many people, especially it

914
00:38:12,640 --> 00:38:15,440
Speaker 4: seems like the people that are coming from affluence, you know,

915
00:38:15,440 --> 00:38:18,239
Speaker 4: they're they're putting these kids, you know, and all these

916
00:38:18,280 --> 00:38:20,600
Speaker 4: extracurricular activities and the kid comes out with the five

917
00:38:20,640 --> 00:38:23,319
Speaker 4: point oh GPA, and then they're sending resumes to us,

918
00:38:23,320 --> 00:38:25,880
Speaker 4: and I'm like, kid hasn't even worked at a McDonald's.

919
00:38:25,920 --> 00:38:30,120
Speaker 4: He has no human experience. He's just in this academic world. That, yeah,

920
00:38:30,120 --> 00:38:31,520
Speaker 4: if you want to go be an author, if you

921
00:38:31,560 --> 00:38:32,960
Speaker 4: want to be a book nerd. But I think in

922
00:38:33,000 --> 00:38:35,400
Speaker 4: the real world you're not getting that. So if you

923
00:38:35,440 --> 00:38:38,799
Speaker 4: are sending your kid in school, push them to basically

924
00:38:38,840 --> 00:38:42,480
Speaker 4: build those relationships in college, right the friendships the people.

925
00:38:42,719 --> 00:38:45,280
Speaker 4: Don't make it just about the school, but the network

926
00:38:45,320 --> 00:38:46,960
Speaker 4: that they can create. Because just like in our world

927
00:38:47,000 --> 00:38:49,400
Speaker 4: right now, I'm pushing people to do masterminds and networking

928
00:38:49,440 --> 00:38:52,520
Speaker 4: groups over there, the power of really college is making

929
00:38:52,560 --> 00:38:55,520
Speaker 4: those connections that you can maybe tap into later in life.

930
00:38:55,680 --> 00:38:57,160
Speaker 4: Don't just look at him as friends that you're going

931
00:38:57,239 --> 00:38:59,000
Speaker 4: to lose touch with out of college. So that's that's

932
00:38:59,040 --> 00:39:01,360
Speaker 4: the biggest takeaway that I would encourage people who have

933
00:39:01,440 --> 00:39:04,879
Speaker 4: kids in college. So going back to the difference between

934
00:39:04,880 --> 00:39:07,040
Speaker 4: a roth IRA and rollover IRA before we get to

935
00:39:07,040 --> 00:39:09,400
Speaker 4: the next topic, I'll make it really simple. In my opinion,

936
00:39:09,480 --> 00:39:12,239
Speaker 4: right now, you really don't need an IRA anymore. The

937
00:39:12,280 --> 00:39:14,200
Speaker 4: only time we're going to do an IRA. If any

938
00:39:14,200 --> 00:39:16,200
Speaker 4: of you have a job that you left and you

939
00:39:16,280 --> 00:39:18,120
Speaker 4: left a four one K. For example, one of my

940
00:39:18,160 --> 00:39:19,759
Speaker 4: first jobs is a target at a four to one

941
00:39:19,840 --> 00:39:22,040
Speaker 4: K when I left. When you're at the company that

942
00:39:22,080 --> 00:39:24,280
Speaker 4: you're at ninety nine percent of the time, you can't

943
00:39:24,320 --> 00:39:26,560
Speaker 4: move it. Should you invest into four oh one K?

944
00:39:27,080 --> 00:39:27,680
Speaker 5: Yes? And no.

945
00:39:28,280 --> 00:39:31,480
Speaker 4: If the company matches, meaning if you're putting in a

946
00:39:31,520 --> 00:39:34,120
Speaker 4: dollar they're saying we're going to match up to the

947
00:39:34,160 --> 00:39:36,800
Speaker 4: first two thousand, then just put in two thousand. Whatever

948
00:39:36,800 --> 00:39:39,759
Speaker 4: they're matching and giving you free money, then only put

949
00:39:39,800 --> 00:39:41,799
Speaker 4: that much into a four one K. If it's a

950
00:39:41,800 --> 00:39:44,120
Speaker 4: company that doesn't match, don't put money in a four

951
00:39:44,160 --> 00:39:45,759
Speaker 4: one K. A four one K actually is one of

952
00:39:45,800 --> 00:39:48,640
Speaker 4: the worst investments you can make. Why because they're going

953
00:39:48,680 --> 00:39:50,759
Speaker 4: to limit you on them out maybe ten twenty funds

954
00:39:50,800 --> 00:39:53,680
Speaker 4: that the company's contracted out with. Those funds typically are

955
00:39:53,680 --> 00:39:55,040
Speaker 4: not going to be the best funds in the world.

956
00:39:55,320 --> 00:39:57,440
Speaker 4: There's a shit ton of fees in those funds, and

957
00:39:57,480 --> 00:39:59,359
Speaker 4: then now your money's just kind of stuck there until

958
00:39:59,400 --> 00:40:01,920
Speaker 4: you leave the compan company. And if they're not matching,

959
00:40:02,160 --> 00:40:03,560
Speaker 4: you might as well just stick that money in a

960
00:40:03,640 --> 00:40:06,879
Speaker 4: roth IRA. Roth IRA is still tax sheltered, but now

961
00:40:06,920 --> 00:40:08,239
Speaker 4: you can buy whatever the hell you want. You can

962
00:40:08,239 --> 00:40:10,520
Speaker 4: buy any stock, any bond, any mutual fund, and then

963
00:40:10,520 --> 00:40:12,280
Speaker 4: I can even show you how to get self directed

964
00:40:12,280 --> 00:40:15,120
Speaker 4: iras and buy actually real estate with that shit. Right now,

965
00:40:15,719 --> 00:40:17,160
Speaker 4: if you have a four to one K, like I

966
00:40:17,200 --> 00:40:20,319
Speaker 4: did a Target, the moment you leave that employer, the

967
00:40:20,400 --> 00:40:22,759
Speaker 4: first thing you should do is roll that money into

968
00:40:22,800 --> 00:40:24,360
Speaker 4: what's called a four to one K rollover.

969
00:40:25,239 --> 00:40:26,120
Speaker 5: You don't need a.

970
00:40:26,040 --> 00:40:28,799
Speaker 4: Fancy, expensive financial advisor to do that. You go to

971
00:40:28,840 --> 00:40:33,600
Speaker 4: e Trader, Fidelity, open a new account, rollover IRA. It'll

972
00:40:33,640 --> 00:40:36,200
Speaker 4: give you the paperwork you roll that money in. If

973
00:40:36,200 --> 00:40:38,160
Speaker 4: I have thirty thousand in my Target for one K,

974
00:40:38,360 --> 00:40:40,319
Speaker 4: that thirty thousand comes over and cash it and sits

975
00:40:40,320 --> 00:40:42,920
Speaker 4: at Fidelity. Now I can dictate to Fidelity, hey go

976
00:40:42,920 --> 00:40:45,480
Speaker 4: buy thirty thousand worth a Tesla stock and it'll sit there,

977
00:40:45,480 --> 00:40:48,200
Speaker 4: attack sheltered, and now I can contribute to that the

978
00:40:48,200 --> 00:40:50,840
Speaker 4: same way I was telling you guys to contributory to

979
00:40:50,960 --> 00:40:53,440
Speaker 4: roth IRA. You can put money into that platform, and

980
00:40:53,440 --> 00:40:56,040
Speaker 4: now you have one account that you control CAUs like

981
00:40:56,080 --> 00:40:58,359
Speaker 4: thirty bucks a month, forty I'm sorry, like thirty bucks

982
00:40:58,400 --> 00:41:01,640
Speaker 4: a year. Some some firms free, but I like Fidelity

983
00:41:01,719 --> 00:41:04,360
Speaker 4: or Each Trade. They both have super user friendly platforms,

984
00:41:04,600 --> 00:41:06,160
Speaker 4: really good tools, planning tools.

985
00:41:06,400 --> 00:41:10,160
Speaker 5: Keep it super simple. Now, the difference.

986
00:41:09,760 --> 00:41:11,719
Speaker 4: Between a WROTH and a four I'm sorry, a WROTH

987
00:41:11,760 --> 00:41:15,280
Speaker 4: and a regular IRA A WROTH make this super simple.

988
00:41:15,440 --> 00:41:17,759
Speaker 4: Focusing on a ROTH, which I prefer, and what I

989
00:41:17,800 --> 00:41:20,279
Speaker 4: recommend for every dollar that I put in. If I

990
00:41:20,280 --> 00:41:22,719
Speaker 4: put in one hundred dollars today and by the time

991
00:41:22,760 --> 00:41:24,799
Speaker 4: I retire, by the time I'm fifty nine, that one

992
00:41:24,880 --> 00:41:27,680
Speaker 4: hundred dollars is worth a one hundred thousand dollars. That

993
00:41:27,719 --> 00:41:30,000
Speaker 4: one hundred thousand dollars is tax free money. I never

994
00:41:30,040 --> 00:41:32,360
Speaker 4: have to pay taxes on it. That's what I like.

995
00:41:32,400 --> 00:41:34,879
Speaker 4: I don't want to pay taxes. Now, if I put

996
00:41:34,880 --> 00:41:37,640
Speaker 4: that same hundred dollars in a rollover IRA or regular

997
00:41:37,640 --> 00:41:40,880
Speaker 4: IRA account and that one hundred thousand dollars goes to

998
00:41:40,920 --> 00:41:43,480
Speaker 4: one hundred thousand dollars, well, guess what When I take

999
00:41:43,520 --> 00:41:46,120
Speaker 4: that money out, ninety nine thousand dollars is going to

1000
00:41:46,120 --> 00:41:48,880
Speaker 4: be taxable, and it's going to be taxable at a

1001
00:41:48,920 --> 00:41:49,640
Speaker 4: future rate.

1002
00:41:50,480 --> 00:41:50,920
Speaker 5: Follow me.

1003
00:41:50,960 --> 00:41:54,640
Speaker 4: Now, everybody thinks taxes are expensive now, historically we're at

1004
00:41:54,640 --> 00:41:57,080
Speaker 4: one of the still even though even though taxes have

1005
00:41:57,160 --> 00:41:59,359
Speaker 4: gone up historically, we're still at one of the very

1006
00:41:59,360 --> 00:42:01,960
Speaker 4: lowest tax we've been over the past one hundred years

1007
00:42:02,000 --> 00:42:04,719
Speaker 4: to say, Right, So, if I have the choice of

1008
00:42:04,719 --> 00:42:08,239
Speaker 4: paying taxes today or thirty years from now, you better

1009
00:42:08,280 --> 00:42:09,880
Speaker 4: believe I want to pay it in thirty years from now.

1010
00:42:09,880 --> 00:42:11,319
Speaker 4: That's what I would recommend for you guys. That's why

1011
00:42:11,360 --> 00:42:13,040
Speaker 4: I always say to do the roth Ira.

1012
00:42:14,360 --> 00:42:14,920
Speaker 5: Excuse me.

1013
00:42:15,520 --> 00:42:18,640
Speaker 4: Now, we're going to go to another topic somewhat controversial,

1014
00:42:19,080 --> 00:42:20,920
Speaker 4: and that's gonna be cryptocurrency, and it's gonna be the

1015
00:42:20,960 --> 00:42:23,280
Speaker 4: last topic we touched by this Friday.

1016
00:42:23,640 --> 00:42:24,800
Speaker 5: So cryptocurrency.

1017
00:42:25,600 --> 00:42:27,920
Speaker 4: Gosh, there's so much rules here, and there's so much

1018
00:42:28,239 --> 00:42:29,640
Speaker 4: that I want to say, but I don't want to

1019
00:42:29,640 --> 00:42:31,320
Speaker 4: sip on a lot of toes. I have some friends

1020
00:42:31,320 --> 00:42:34,239
Speaker 4: that are really active in the community, and you guys

1021
00:42:34,239 --> 00:42:37,000
Speaker 4: saw what happened with this NFT shit, right, So when

1022
00:42:37,000 --> 00:42:39,960
Speaker 4: that started coming out, I was like, I don't get it.

1023
00:42:39,960 --> 00:42:42,600
Speaker 4: It's a picture of a monkey. You guys are paying

1024
00:42:42,680 --> 00:42:46,680
Speaker 4: one hundred thousand dollars. There's no value to that monkey, right,

1025
00:42:46,920 --> 00:42:48,759
Speaker 4: Anybody can go make that monkey and send me a

1026
00:42:48,760 --> 00:42:50,600
Speaker 4: picture of the monkey that you paid one hundred grand for.

1027
00:42:50,680 --> 00:42:52,440
Speaker 4: Oh but there's a utility and you get this, You

1028
00:42:52,440 --> 00:42:52,680
Speaker 4: get that.

1029
00:42:52,719 --> 00:42:53,080
Speaker 5: You get that.

1030
00:42:53,560 --> 00:42:56,960
Speaker 4: The moment people start making up shit and attaching features

1031
00:42:57,360 --> 00:42:59,480
Speaker 4: that don't change your life today, in my opinion, is

1032
00:42:59,480 --> 00:43:02,560
Speaker 4: a red flag. Now, there's plenty of positives of it.

1033
00:43:02,560 --> 00:43:04,239
Speaker 4: It could have been good, et cetera, et cetera. But

1034
00:43:04,280 --> 00:43:06,359
Speaker 4: at the end of the day, somebody who's selling you

1035
00:43:06,400 --> 00:43:08,759
Speaker 4: that monkey for a one hundred grand, there's somebody getting you

1036
00:43:08,760 --> 00:43:09,880
Speaker 4: one hundred thousand dollars.

1037
00:43:10,040 --> 00:43:10,200
Speaker 5: Right.

1038
00:43:10,360 --> 00:43:14,239
Speaker 4: This wasn't some altruistic, you know, nonprofit organization. People kept

1039
00:43:14,280 --> 00:43:16,560
Speaker 4: talking about the utility and how it's going to help people.

1040
00:43:17,360 --> 00:43:19,560
Speaker 4: Come on, dude, you know what was the reality? Could

1041
00:43:19,600 --> 00:43:21,840
Speaker 4: you go to McDonald's and pay for your hamburger with

1042
00:43:21,600 --> 00:43:23,440
Speaker 4: the with the you know, picture.

1043
00:43:23,120 --> 00:43:23,560
Speaker 2: Of a monk?

1044
00:43:23,680 --> 00:43:27,480
Speaker 4: Oh? No, so you know the Bitcoin? I you know,

1045
00:43:27,680 --> 00:43:29,919
Speaker 4: I'm again. Some of my good friends are really big

1046
00:43:29,920 --> 00:43:32,600
Speaker 4: advocates of crypto. Everybody keeps talking about it. It's going

1047
00:43:32,640 --> 00:43:34,279
Speaker 4: to change the world. And you saw what happened in

1048
00:43:34,320 --> 00:43:36,680
Speaker 4: El Salvador. I don't know about you, but a Savador

1049
00:43:36,719 --> 00:43:39,400
Speaker 4: still looks like they're hurting you know, in their entire system. Oh,

1050
00:43:39,440 --> 00:43:42,120
Speaker 4: they're going to revolutionize it. And every time something happens

1051
00:43:42,160 --> 00:43:45,760
Speaker 4: to somebody else, people in the in the cryptocurrency community

1052
00:43:45,760 --> 00:43:47,600
Speaker 4: here like well, because they're going to adopt it, they're

1053
00:43:47,600 --> 00:43:49,400
Speaker 4: gonna have to buy a billion bitcoins and it's going

1054
00:43:49,440 --> 00:43:51,480
Speaker 4: to drive up. Every time they say that, the freaking

1055
00:43:51,480 --> 00:43:54,560
Speaker 4: price goes back down. Now, if you are going to

1056
00:43:54,600 --> 00:43:57,200
Speaker 4: dabble in cryptocurtcy, and I recommend everybody does. Good friend

1057
00:43:57,239 --> 00:44:00,719
Speaker 4: of mine, one of my mentors, business partner on some ventures, Fleischmann.

1058
00:44:01,160 --> 00:44:03,719
Speaker 4: One of my favorite podcasts, money Mondays. He calls it,

1059
00:44:04,280 --> 00:44:06,800
Speaker 4: I think it's the number one podcast still after fucking

1060
00:44:06,920 --> 00:44:09,920
Speaker 4: sixty weeks he's been doing it. But you know, amazing podcast.

1061
00:44:09,960 --> 00:44:13,240
Speaker 4: But he's a big advocate of bitcoin or crypto in general.

1062
00:44:13,360 --> 00:44:15,759
Speaker 4: And just like you know, I remember playing poker with

1063
00:44:15,800 --> 00:44:18,520
Speaker 4: a guy like twenty years ago, maybe like fifteen years ago.

1064
00:44:18,680 --> 00:44:19,479
Speaker 5: I'm aging myself.

1065
00:44:19,480 --> 00:44:21,759
Speaker 4: I don't even remember, but I remember, you know, Jerry

1066
00:44:21,760 --> 00:44:24,239
Speaker 4: Buss was playing at this tables at Commerce and I

1067
00:44:24,239 --> 00:44:25,880
Speaker 4: didn't know who Dan was, and he sure as hell

1068
00:44:25,920 --> 00:44:28,000
Speaker 4: didn't know who I was, and he told me to

1069
00:44:28,000 --> 00:44:31,960
Speaker 4: buy Ethereum at seventy three cents and you know, need

1070
00:44:32,000 --> 00:44:33,600
Speaker 4: listen to say, was like, who's this guy telling me

1071
00:44:33,640 --> 00:44:37,440
Speaker 4: to buy some shitty, you know, random computer money thing.

1072
00:44:37,520 --> 00:44:39,000
Speaker 4: It didn't get it sure enough. You guys know what

1073
00:44:39,040 --> 00:44:41,640
Speaker 4: happened to theoeum. So I think there's people at the

1074
00:44:41,640 --> 00:44:43,319
Speaker 4: cutting edge of it, that at the forefront of it,

1075
00:44:43,360 --> 00:44:45,279
Speaker 4: that see the value in it. I think, just like

1076
00:44:45,320 --> 00:44:47,160
Speaker 4: everybody else, he's made a lot of money, lost a

1077
00:44:47,239 --> 00:44:49,080
Speaker 4: lot of money, made more money with it. But he's

1078
00:44:49,120 --> 00:44:51,200
Speaker 4: one of the insiders. If you won that world. I

1079
00:44:51,239 --> 00:44:54,120
Speaker 4: do like what he says that you shouldn't be completely

1080
00:44:54,200 --> 00:44:57,399
Speaker 4: shut off or dumb to crypto, right, something as little

1081
00:44:57,440 --> 00:45:00,279
Speaker 4: as just opening a simple coinbas as expense said. But

1082
00:45:00,280 --> 00:45:02,200
Speaker 4: if you're buying one hundred dollars a month of a

1083
00:45:02,239 --> 00:45:04,920
Speaker 4: bitcoin they charged like four bucks, three bucks the cost

1084
00:45:05,000 --> 00:45:06,080
Speaker 4: up a coffee.

1085
00:45:06,000 --> 00:45:09,000
Speaker 5: Super easy with three clicks, you buy it? Do that?

1086
00:45:09,080 --> 00:45:11,160
Speaker 4: I mean, I think you should be knowledgeable about it.

1087
00:45:11,200 --> 00:45:13,960
Speaker 4: You should understand it. Who knows it could be Bitcoin

1088
00:45:14,040 --> 00:45:17,080
Speaker 4: is the one that's got the limited supply half of

1089
00:45:17,120 --> 00:45:19,240
Speaker 4: its loss. The other half is going to be printed.

1090
00:45:19,239 --> 00:45:21,959
Speaker 4: And I think the prediction is somewhere around twenty thirty

1091
00:45:22,000 --> 00:45:22,520
Speaker 4: twenty forty.

1092
00:45:22,520 --> 00:45:23,279
Speaker 5: Don't hold me to that.

1093
00:45:23,440 --> 00:45:26,200
Speaker 4: But at some point it's a finite supply, and as

1094
00:45:26,280 --> 00:45:28,560
Speaker 4: you guys know, supply and demand, if something runs out,

1095
00:45:28,600 --> 00:45:30,000
Speaker 4: the value of it's going to be higher.

1096
00:45:30,320 --> 00:45:32,040
Speaker 5: I have six fake gold bars here.

1097
00:45:32,200 --> 00:45:34,440
Speaker 4: You know, if I remove one, the value of the

1098
00:45:34,440 --> 00:45:37,040
Speaker 4: remaining ones should be a little bit higher theoretically, right.

1099
00:45:37,360 --> 00:45:41,279
Speaker 4: So I'm jaded when it comes to crypto. I think

1100
00:45:41,320 --> 00:45:43,880
Speaker 4: they brought out the shady of the shady of the shady.

1101
00:45:44,239 --> 00:45:44,400
Speaker 5: You know.

1102
00:45:44,480 --> 00:45:46,839
Speaker 4: I brought on some guests on the show that had

1103
00:45:46,880 --> 00:45:49,000
Speaker 4: created a coin and it was it turned out to

1104
00:45:49,000 --> 00:45:50,919
Speaker 4: be a dog shit coin, and it was a friend

1105
00:45:50,920 --> 00:45:53,640
Speaker 4: of ours, and he what they called rug pulled, you know,

1106
00:45:53,800 --> 00:45:56,400
Speaker 4: basically made the coin, sold it to all his friends.

1107
00:45:56,400 --> 00:45:57,880
Speaker 4: The price went up, and then he sold his own

1108
00:45:57,920 --> 00:46:00,399
Speaker 4: coins and basically robbed us. But that happened to ninety

1109
00:46:00,480 --> 00:46:03,200
Speaker 4: nine percent of the coins out there. So should you

1110
00:46:03,239 --> 00:46:04,879
Speaker 4: be into it? Look if it's going to be your

1111
00:46:04,880 --> 00:46:06,759
Speaker 4: only investment, no. You know how many kids that I

1112
00:46:06,840 --> 00:46:09,799
Speaker 4: knew that had like one hundred thousand dollars portfolios? I'm like,

1113
00:46:09,840 --> 00:46:12,080
Speaker 4: are you diversified? They're like, yeah, what do you got

1114
00:46:12,239 --> 00:46:15,520
Speaker 4: Solana XRP. I'm like, bro, that's not diversification. You have

1115
00:46:15,520 --> 00:46:18,799
Speaker 4: one hundred thousand dollars worth a freaking crypto, that's not diversification.

1116
00:46:19,080 --> 00:46:21,279
Speaker 4: Diversification would have been you had ten thousand dollars worth

1117
00:46:21,280 --> 00:46:23,920
Speaker 4: of crypto, maybe ten thousand dollars in the stock market,

1118
00:46:23,920 --> 00:46:27,200
Speaker 4: thirty thousand dollars in insurance. But that's diversification. But don't

1119
00:46:27,360 --> 00:46:30,160
Speaker 4: don't confuse yourself thinking just because you bought ten different

1120
00:46:30,200 --> 00:46:32,920
Speaker 4: stocks you're diversified. You're still in the stock market, right,

1121
00:46:33,360 --> 00:46:36,960
Speaker 4: So that's kind of my rant on crypto on the

1122
00:46:36,960 --> 00:46:39,040
Speaker 4: negative side. On the positive side, I think the whole

1123
00:46:39,080 --> 00:46:42,120
Speaker 4: concept of blockchain technology, there's a lot of different companies,

1124
00:46:42,160 --> 00:46:45,120
Speaker 4: fintech companies around it. But we saw what happened with

1125
00:46:45,280 --> 00:46:49,120
Speaker 4: FTX and this bankman fried guy still ten billion dollars.

1126
00:46:49,600 --> 00:46:51,319
Speaker 4: And that's what I always tell people is when you're

1127
00:46:51,360 --> 00:46:54,040
Speaker 4: dependent on somebody else to kind of perform, and when

1128
00:46:54,040 --> 00:46:57,120
Speaker 4: you're talking about new technology, just assume you're going to

1129
00:46:57,200 --> 00:46:59,359
Speaker 4: lose that money, man, because if not that shit. I mean,

1130
00:46:59,400 --> 00:47:02,759
Speaker 4: I saw people become suicidal that were millionaires overnight and

1131
00:47:02,960 --> 00:47:05,040
Speaker 4: lost it. You know, they ended up more upside down

1132
00:47:05,080 --> 00:47:07,880
Speaker 4: than before they became millionaires. So you know, we covered

1133
00:47:07,880 --> 00:47:10,360
Speaker 4: a lot today and for those of you listening, I

1134
00:47:10,400 --> 00:47:12,440
Speaker 4: hope that there was value to you. Again, please reach

1135
00:47:12,480 --> 00:47:14,360
Speaker 4: out to me, give me some feedback. If there's topics

1136
00:47:14,360 --> 00:47:16,919
Speaker 4: that you guys want to hear about next week, let

1137
00:47:16,960 --> 00:47:20,440
Speaker 4: me know. I want to take a moment too to

1138
00:47:20,520 --> 00:47:23,680
Speaker 4: kind of give you a disclaimer because while I was

1139
00:47:23,719 --> 00:47:26,640
Speaker 4: a financial advisor, I have a lot of experience in

1140
00:47:26,680 --> 00:47:29,440
Speaker 4: the field. By no means is this design to be

1141
00:47:29,520 --> 00:47:32,880
Speaker 4: official financial advice to you. Do your own due diligence.

1142
00:47:32,960 --> 00:47:36,200
Speaker 4: This is just my experience storytelling. This is not intended

1143
00:47:36,200 --> 00:47:39,160
Speaker 4: as financial advice, pure experience. You'll probably hear an official

1144
00:47:39,200 --> 00:47:40,799
Speaker 4: legal lease that will tap into this. But I do

1145
00:47:40,880 --> 00:47:42,160
Speaker 4: want to say that, and I should have said that

1146
00:47:42,200 --> 00:47:45,120
Speaker 4: at the beginning and before we go, as you guys do,

1147
00:47:45,280 --> 00:47:47,080
Speaker 4: and you know I'm talking to Connor here, but there's

1148
00:47:47,080 --> 00:47:48,600
Speaker 4: a whole slew of people. I always want to make

1149
00:47:48,640 --> 00:47:51,160
Speaker 4: sure that I think obviously we got Blue and Joe Grande,

1150
00:47:51,280 --> 00:47:54,200
Speaker 4: we got Adrian Emir, the Two, alex Is Mondo, Madison,

1151
00:47:54,239 --> 00:47:57,320
Speaker 4: Teddy the Show Dog, Daniel O'Connor, Albert, Keith.

1152
00:47:57,239 --> 00:47:59,360
Speaker 5: Kambaxter, Beach Barcelo or Ali.

1153
00:47:59,239 --> 00:48:03,920
Speaker 4: Muffins, Sunday, Cassie Ruby, Goldie Brother Pitt, Mark Carnes, Chris Francino,

1154
00:48:04,040 --> 00:48:06,799
Speaker 4: Jennifer Erica and Elvis. You guys, thank you so much

1155
00:48:06,840 --> 00:48:08,960
Speaker 4: for listening to Financial Fridays here on Cannabis Talk one

1156
00:48:08,960 --> 00:48:10,960
Speaker 4: on one with Flu and Joe Grande, the world's number

1157
00:48:11,040 --> 00:48:12,440
Speaker 4: one source for everything cannabis.

1158
00:48:12,640 --> 00:48:13,319
Speaker 5: I'm Tony Kay.

1159
00:48:13,360 --> 00:48:15,239
Speaker 4: You're Insider Investor and you can always find me on

1160
00:48:15,320 --> 00:48:17,680
Speaker 4: Instagram at the Insider Investor. I'm going to see you

1161
00:48:17,680 --> 00:48:20,000
Speaker 4: guys next Friday, and remember to keep that wallet tight,

1162
00:48:20,120 --> 00:48:20,839
Speaker 4: keep your mind right.

1163
00:48:20,880 --> 00:48:22,800
Speaker 5: I look forward to seeing you on the inside.

1164
00:48:22,840 --> 00:48:25,719
Speaker 2: Thank you, guys, Thank you for listening to Financial Fridays

1165
00:48:25,719 --> 00:48:29,319
Speaker 2: with the Insider Investor Tony Ka on Cannabis Talk one

1166
00:48:29,360 --> 00:48:34,040
Speaker 2: oh one, the world's number one source for everything cannabis.