1 00:00:00,640 --> 00:00:03,080 Speaker 1: After twenty two years of being a titan on Wall 2 00:00:03,120 --> 00:00:06,360 Speaker 1: Street and start in his own firm, Tony Kasai is 3 00:00:06,440 --> 00:00:07,960 Speaker 1: walking away What. 4 00:00:08,240 --> 00:00:11,280 Speaker 2: To send the Ugly side Hook. Being and only inside, 5 00:00:11,440 --> 00:00:15,240 Speaker 2: We'll interview insiders and other titans of all types of industry, 6 00:00:15,440 --> 00:00:18,120 Speaker 2: offering advice, sharing stories of it First. 7 00:00:19,320 --> 00:00:22,000 Speaker 1: This is another episode The Inside Show. 8 00:00:22,880 --> 00:00:25,799 Speaker 2: Welcome to Cannabis Talk one on one's Financial Fridays with 9 00:00:25,880 --> 00:00:29,200 Speaker 2: the Inside investor Tony ka we're the world's number one 10 00:00:29,240 --> 00:00:31,080 Speaker 2: source for everything cannabis. 11 00:00:31,120 --> 00:00:34,559 Speaker 3: Information provided by Financial Friday and Tony Kasai is for 12 00:00:34,600 --> 00:00:38,159 Speaker 3: general information entertainment purposes only and should not be considered 13 00:00:38,159 --> 00:00:41,760 Speaker 3: as professional financial advice. Consult with the professional before making 14 00:00:41,800 --> 00:00:43,160 Speaker 3: any financial decisions. 15 00:00:44,479 --> 00:00:46,880 Speaker 1: Well, hello, I don't know where you're at, what you're doing, 16 00:00:46,920 --> 00:00:48,080 Speaker 1: or what day of the week it is for you, 17 00:00:48,120 --> 00:00:50,000 Speaker 1: But over here at the CT one to one studios, 18 00:00:50,040 --> 00:00:52,440 Speaker 1: ladies and gentlemen, it is Financial Fridays. I'm honored to 19 00:00:52,479 --> 00:00:54,680 Speaker 1: be here with you today. My name is Tony Kasai 20 00:00:54,680 --> 00:00:56,360 Speaker 1: and I'm here to get your mind right and your 21 00:00:56,360 --> 00:00:58,640 Speaker 1: money game tight. Folks, feel free to leave me a 22 00:00:58,680 --> 00:01:02,680 Speaker 1: financial question anytime. At one and four twenty nineteen eighty, guys, 23 00:01:02,840 --> 00:01:05,319 Speaker 1: you can also connect with me directly on Instagram at 24 00:01:05,440 --> 00:01:07,959 Speaker 1: the Insider Investor. Now, you all know that my number 25 00:01:08,000 --> 00:01:09,880 Speaker 1: one rule of money is that your health is your wealth, 26 00:01:09,920 --> 00:01:12,240 Speaker 1: and you cannot be wealthy if you are not healthy. 27 00:01:12,560 --> 00:01:14,880 Speaker 1: That's why I send all my friends to the number 28 00:01:14,880 --> 00:01:17,240 Speaker 1: one source for everything health that we have here at 29 00:01:17,240 --> 00:01:19,319 Speaker 1: Cannabis Talk one to one. His name is doctor Charmers. 30 00:01:19,560 --> 00:01:22,199 Speaker 1: Charmers Wellness is his website. And you guys, don't sleep 31 00:01:22,240 --> 00:01:24,520 Speaker 1: on this gentleman. As you've heard me say time and 32 00:01:24,560 --> 00:01:26,720 Speaker 1: time again, this guy is changing the game when it 33 00:01:26,760 --> 00:01:30,399 Speaker 1: comes to therapeutic needs using medical grade cannabis. His ted 34 00:01:30,440 --> 00:01:32,760 Speaker 1: Talk is something that we're really proud of. It's being 35 00:01:32,800 --> 00:01:35,199 Speaker 1: shadow bands, so we'd love for everybody to search it out. 36 00:01:35,319 --> 00:01:37,120 Speaker 1: You can find it on our website. You can find 37 00:01:37,160 --> 00:01:40,280 Speaker 1: it on his website. Again, that's Charmerswaldness dot com. Betterya 38 00:01:40,360 --> 00:01:42,360 Speaker 1: give them a call two one four four four six 39 00:01:42,720 --> 00:01:45,080 Speaker 1: fifty three hundred. Now, you guys, if you listen to 40 00:01:45,120 --> 00:01:47,440 Speaker 1: last Friday's episode, you saw that it was me myself 41 00:01:47,440 --> 00:01:49,480 Speaker 1: and I as my own guest, and we're back here 42 00:01:49,520 --> 00:01:51,680 Speaker 1: for part two. I wanted to provide you at home 43 00:01:51,720 --> 00:01:54,720 Speaker 1: the value that I've experienced over twenty years on Wall Street, 44 00:01:54,800 --> 00:01:57,680 Speaker 1: the trials and tribulations that I've had. I've made millions, 45 00:01:57,720 --> 00:02:01,040 Speaker 1: I've lost, millions, made lost and over the over these 46 00:02:01,080 --> 00:02:03,760 Speaker 1: decades of experience, I want to share with you not 47 00:02:03,880 --> 00:02:06,720 Speaker 1: just tips on necessarily how to make money, but more importantly, 48 00:02:06,720 --> 00:02:09,200 Speaker 1: how to save money, how to multiply your money, how 49 00:02:09,200 --> 00:02:14,720 Speaker 1: to take advantage of legal advantage of different ideas and 50 00:02:16,000 --> 00:02:19,400 Speaker 1: inefficiencies if you will, in the marketplace. Right. So, last 51 00:02:19,480 --> 00:02:22,720 Speaker 1: week we recovered a lot of different topics. We discovered 52 00:02:22,760 --> 00:02:26,280 Speaker 1: real estate, we talked about tax strategy, we talked about 53 00:02:26,639 --> 00:02:29,359 Speaker 1: strategies for your kids. And this week we're going to 54 00:02:29,400 --> 00:02:31,400 Speaker 1: tap into a little bit something different. So I'm going 55 00:02:31,480 --> 00:02:33,440 Speaker 1: to start with my number one rule that I have 56 00:02:33,560 --> 00:02:35,519 Speaker 1: that I want you guys to think about and and 57 00:02:35,520 --> 00:02:38,480 Speaker 1: and and shape every investment that you're going to do 58 00:02:38,800 --> 00:02:41,839 Speaker 1: after the following sentence and and Connor Daniel, you guys 59 00:02:41,840 --> 00:02:43,240 Speaker 1: here in the studio, I really want you to think 60 00:02:43,240 --> 00:02:45,440 Speaker 1: about this because you've never heard me say the sentence before. 61 00:02:45,680 --> 00:02:50,120 Speaker 1: But the sentence is this, making money, making easy money 62 00:02:50,480 --> 00:02:53,960 Speaker 1: is an illusion created to separate you from the money 63 00:02:53,960 --> 00:02:56,200 Speaker 1: that you worked hard for. So you know how people say, oh, 64 00:02:56,280 --> 00:02:58,040 Speaker 1: making money is easy, or this is an easy way 65 00:02:58,080 --> 00:03:02,079 Speaker 1: to make money, and think about the words making easy 66 00:03:02,160 --> 00:03:06,200 Speaker 1: money is an illusion created to separate you from the 67 00:03:06,240 --> 00:03:08,639 Speaker 1: money that you work your ass off for. Now, why 68 00:03:08,639 --> 00:03:10,960 Speaker 1: do I start off with that, guys, Because over the 69 00:03:10,960 --> 00:03:12,720 Speaker 1: past six months, actually, I'm going to say over the 70 00:03:12,720 --> 00:03:16,640 Speaker 1: past year, I've really noticed a massive especially online. You 71 00:03:16,680 --> 00:03:20,640 Speaker 1: see it a lot with Facebook advertising, Instagram advertising. And 72 00:03:20,720 --> 00:03:23,040 Speaker 1: I saw a lot of my good friends getting sucked in. 73 00:03:23,120 --> 00:03:25,440 Speaker 1: And I'm not and I told you so, guy, but 74 00:03:25,520 --> 00:03:29,400 Speaker 1: I hate watching people lose money. And I call this 75 00:03:29,520 --> 00:03:31,120 Speaker 1: rule and it's rule number eight that I have in 76 00:03:31,240 --> 00:03:34,480 Speaker 1: my rules of money. And I made a rhyme on 77 00:03:34,520 --> 00:03:36,200 Speaker 1: purpose because out of all the things we're going to 78 00:03:36,440 --> 00:03:38,880 Speaker 1: discover here and talk about last week and this week, 79 00:03:39,040 --> 00:03:40,760 Speaker 1: this is one of the things that I feel if 80 00:03:40,800 --> 00:03:43,680 Speaker 1: more people knew that, I would have saved more people millions. 81 00:03:43,720 --> 00:03:46,960 Speaker 1: I cannot tell you, and I can attest to this 82 00:03:47,000 --> 00:03:50,640 Speaker 1: with one hundred percent authenticity. I've had millions, I've had 83 00:03:50,800 --> 00:03:52,760 Speaker 1: dozens of people come up to me and tell me 84 00:03:52,760 --> 00:03:55,720 Speaker 1: I've saved them millions of dollars by just listening to 85 00:03:55,800 --> 00:03:57,120 Speaker 1: the advice that I'm going to give you. Here on 86 00:03:57,160 --> 00:03:59,560 Speaker 1: this one now, I call rule number eight. I hate 87 00:03:59,560 --> 00:04:02,840 Speaker 1: the autumn eight. Rule number eight, I hate the automate. 88 00:04:02,840 --> 00:04:04,520 Speaker 1: What do I mean by that? You guys remember all 89 00:04:04,560 --> 00:04:06,520 Speaker 1: those commercials you've seen right now, our ads you've seen 90 00:04:06,560 --> 00:04:09,120 Speaker 1: on Facebook telling you that they're going to teach you 91 00:04:09,480 --> 00:04:14,840 Speaker 1: Facebook automation, I'm sorry, Shopify automation, Amazon automation, Walmart automation, 92 00:04:15,440 --> 00:04:18,960 Speaker 1: tu Ro automation. Right, So what were these people telling you? 93 00:04:19,000 --> 00:04:20,800 Speaker 1: They were telling you, Oh, we have a way that 94 00:04:20,839 --> 00:04:23,600 Speaker 1: we're gonna make fifty percent on your money, forty percent returns. 95 00:04:23,600 --> 00:04:25,960 Speaker 1: We're gonna buy shit and selling on Amazon for you. 96 00:04:26,920 --> 00:04:29,400 Speaker 1: Just give us your money, send us fifty hundred thousand, 97 00:04:29,440 --> 00:04:31,680 Speaker 1: one hundred and fifty thousand, and I've seen platforms up 98 00:04:31,720 --> 00:04:34,400 Speaker 1: to two hundred thousand. I was seeing trucking automation. Hell, 99 00:04:34,440 --> 00:04:38,800 Speaker 1: one guy was selling modeling agency automation. My first question 100 00:04:38,839 --> 00:04:41,080 Speaker 1: when you come across these guys is if that shit 101 00:04:41,160 --> 00:04:43,279 Speaker 1: is so easy, why do they need your money? Right? 102 00:04:43,680 --> 00:04:45,920 Speaker 1: Think about it. At the time, borrowing money from a 103 00:04:45,960 --> 00:04:49,160 Speaker 1: bank was forty five percent the average mutual. If you 104 00:04:49,400 --> 00:04:53,400 Speaker 1: google what does the average money manager make historically, it's 105 00:04:53,440 --> 00:04:56,000 Speaker 1: like eight percent net or grossive feeds. That means when 106 00:04:56,000 --> 00:04:58,160 Speaker 1: somebody's coming to you that they're gonna find an easy 107 00:04:58,279 --> 00:05:02,280 Speaker 1: passive way to make anything over twenty percent. Red flag. 108 00:05:02,920 --> 00:05:05,920 Speaker 1: There's no easy way to make money. Why what did 109 00:05:05,920 --> 00:05:08,400 Speaker 1: I just say? Making easy money is an illusion created 110 00:05:08,480 --> 00:05:10,520 Speaker 1: to separate you from the money that you worked your 111 00:05:10,520 --> 00:05:13,160 Speaker 1: ass off for. So when somebody's telling you that they 112 00:05:13,160 --> 00:05:15,960 Speaker 1: have an automated passive system for you to make twenty 113 00:05:16,000 --> 00:05:19,520 Speaker 1: plus returns, twenty percent plus returns are thirty percent plus returns, 114 00:05:19,839 --> 00:05:23,040 Speaker 1: massive red flag. Now some of this shit was real though, right, 115 00:05:23,520 --> 00:05:25,479 Speaker 1: but let's look away. I hate the automate. Think about 116 00:05:25,520 --> 00:05:28,839 Speaker 1: what they were doing. The one guy was doing Airbnb automation. Right. 117 00:05:29,080 --> 00:05:31,080 Speaker 1: What he was saying is, you're gonna give him money. 118 00:05:31,080 --> 00:05:33,799 Speaker 1: He's gonna buy a bunch of bunch of rental properties. 119 00:05:33,960 --> 00:05:35,760 Speaker 1: He's going to airbnb for you. He's going to do 120 00:05:35,800 --> 00:05:38,360 Speaker 1: all the work, and you're gonna split the profits with him. 121 00:05:38,360 --> 00:05:39,680 Speaker 1: And he was going to show you that over the 122 00:05:39,720 --> 00:05:42,760 Speaker 1: past thirty properties he's bought. You know, you as the investor, 123 00:05:42,760 --> 00:05:44,840 Speaker 1: would have made like twenty percent on your money. Now, 124 00:05:44,839 --> 00:05:47,359 Speaker 1: in theory, that sounds great, because yes, Airbnb was a 125 00:05:47,400 --> 00:05:51,120 Speaker 1: real thing, right, Rental properties were a real thing. The 126 00:05:51,160 --> 00:05:53,720 Speaker 1: math was really there. You know, you were making like 127 00:05:53,760 --> 00:05:55,360 Speaker 1: a lot of these guys were buying these houses and 128 00:05:55,480 --> 00:05:58,120 Speaker 1: running them out in Texas, on the coast, in Florida, 129 00:05:58,440 --> 00:06:02,400 Speaker 1: even here in southern California. But the catches, let me 130 00:06:02,440 --> 00:06:04,920 Speaker 1: take one more Turo as well. Right, there's another guy 131 00:06:04,920 --> 00:06:07,680 Speaker 1: that was advertising he couldn't buy cars fast enough. Right, 132 00:06:08,000 --> 00:06:10,679 Speaker 1: because Turo when it first came out, you could buy 133 00:06:10,720 --> 00:06:13,240 Speaker 1: like a little jeep wrangler, leave it at the airport. 134 00:06:13,279 --> 00:06:15,080 Speaker 1: You could rent that bitch out for like twenty times 135 00:06:15,279 --> 00:06:18,000 Speaker 1: a month for on average five six hundred bucks. And 136 00:06:18,040 --> 00:06:21,560 Speaker 1: you were crushing it during COVID because everybody was no 137 00:06:21,640 --> 00:06:24,760 Speaker 1: longer going to hotels or traveling as much. They were 138 00:06:24,760 --> 00:06:27,320 Speaker 1: renting cars and there was a car shortage. So anybody 139 00:06:27,360 --> 00:06:30,240 Speaker 1: who could buy the more tours you could buy, more 140 00:06:30,279 --> 00:06:31,479 Speaker 1: cars you could buy, the more you could put them 141 00:06:31,520 --> 00:06:33,120 Speaker 1: on Touro. But people would run out of cash, and 142 00:06:33,160 --> 00:06:35,159 Speaker 1: the guys would figure out a system and they would 143 00:06:35,160 --> 00:06:37,120 Speaker 1: come and run ads on Facebook and say, hey, give 144 00:06:37,160 --> 00:06:38,880 Speaker 1: me your money, let me buy cars. We're going to 145 00:06:38,920 --> 00:06:42,159 Speaker 1: split the profit. What happens in and why I hate 146 00:06:42,200 --> 00:06:45,400 Speaker 1: the automate is when there's a deficiency in the market. Now, 147 00:06:45,400 --> 00:06:49,120 Speaker 1: in that case, the hotels, nobody was going to hotels 148 00:06:49,160 --> 00:06:51,520 Speaker 1: during COVID because the hotels were shut down, or if 149 00:06:51,520 --> 00:06:54,000 Speaker 1: they were they had restrictions. The pool was closed, the 150 00:06:54,839 --> 00:06:57,039 Speaker 1: restaurant was closed. So if you wanted to travel with 151 00:06:57,080 --> 00:06:58,960 Speaker 1: your family, it made more sense to rent a little 152 00:06:58,960 --> 00:07:00,600 Speaker 1: mansion or a house on the each and you guys 153 00:07:00,600 --> 00:07:03,320 Speaker 1: would vacation there. Cool there was a shortage of houses. 154 00:07:03,480 --> 00:07:05,280 Speaker 1: Then you wanted to rent cars when you got there, 155 00:07:05,640 --> 00:07:07,640 Speaker 1: shortage of cars. You follow where I'm going with this, 156 00:07:07,880 --> 00:07:12,440 Speaker 1: But there was a difficient inefficiency in the marketplace, right, 157 00:07:12,480 --> 00:07:14,680 Speaker 1: there was a shortage of houses. There was a shortage 158 00:07:14,680 --> 00:07:16,800 Speaker 1: of cars. So these guys would come in and they 159 00:07:16,800 --> 00:07:19,880 Speaker 1: would offer to you give them your money, and they 160 00:07:19,880 --> 00:07:21,600 Speaker 1: were going to give you an easy way to return. Well, 161 00:07:21,600 --> 00:07:24,320 Speaker 1: what happened with Turo What happened with Touro's The world 162 00:07:24,320 --> 00:07:27,040 Speaker 1: went back to normal. The cars came back to the marketplace, 163 00:07:27,240 --> 00:07:28,960 Speaker 1: and all of a sudden, that car that was sitting there. 164 00:07:29,040 --> 00:07:32,000 Speaker 1: The other thing that happened is the carbnyal companies. Anybody 165 00:07:32,040 --> 00:07:34,440 Speaker 1: who has power will always push the little guy out. 166 00:07:34,680 --> 00:07:37,200 Speaker 1: The car rental companies have lobbyists lobbyists would go to 167 00:07:37,240 --> 00:07:39,080 Speaker 1: the airports and say, hey, we don't want you to 168 00:07:39,120 --> 00:07:41,080 Speaker 1: have tour pick up people here. We don't want you 169 00:07:41,120 --> 00:07:42,960 Speaker 1: to be able to leave the turo in the rental 170 00:07:43,000 --> 00:07:46,320 Speaker 1: parking lot anymore, or the long term parking lot anymore. 171 00:07:46,440 --> 00:07:48,320 Speaker 1: So all of a sudden they start changing the rules. 172 00:07:48,360 --> 00:07:50,240 Speaker 1: So if you'd given your money to this poor bastard 173 00:07:50,280 --> 00:07:52,560 Speaker 1: who's going to go buy four cars for you, well 174 00:07:52,560 --> 00:07:54,840 Speaker 1: he was buying cars more often than not at a 175 00:07:54,960 --> 00:07:58,160 Speaker 1: variable rate, right, these car loans, All of a sudden, 176 00:07:58,160 --> 00:08:03,120 Speaker 1: they're getting more expensive. Now the inefficiencies that was caused 177 00:08:03,560 --> 00:08:07,120 Speaker 1: is being cured because Hertz and Avis were getting together 178 00:08:07,280 --> 00:08:09,360 Speaker 1: and going and going to the airports and the lobbyists 179 00:08:09,360 --> 00:08:11,240 Speaker 1: and say, hey, we want to basically push these people out. 180 00:08:11,400 --> 00:08:12,880 Speaker 1: So all of a sudden, the guy who's buying ten 181 00:08:12,920 --> 00:08:16,000 Speaker 1: cars is sitting on ten cars, and those metrics fall apart. 182 00:08:16,000 --> 00:08:17,960 Speaker 1: He still has to get fed, and all of a sudden, 183 00:08:18,000 --> 00:08:21,080 Speaker 1: your money's going down. Same thing happened with Airbnb's guys. 184 00:08:21,520 --> 00:08:23,200 Speaker 1: I know dozens of people that were buying a ton 185 00:08:23,200 --> 00:08:26,120 Speaker 1: of properties up in Vegas. Well what happened. The hotels 186 00:08:26,160 --> 00:08:28,400 Speaker 1: got smart, They got pissed off. Of losing money. So 187 00:08:28,480 --> 00:08:31,000 Speaker 1: they got together and I call it the hotel mafia 188 00:08:31,080 --> 00:08:33,120 Speaker 1: in Vegas. So they go out to the hotels in 189 00:08:33,160 --> 00:08:35,280 Speaker 1: Vegas and say, hey, we want you to get together. 190 00:08:35,640 --> 00:08:38,319 Speaker 1: Let's go to the lobbyist. We want to outlaw short 191 00:08:38,400 --> 00:08:40,679 Speaker 1: term rentals in all of Las Vegas. So all these 192 00:08:40,720 --> 00:08:44,199 Speaker 1: people who were automating your Airbnb investment all of a 193 00:08:44,240 --> 00:08:46,880 Speaker 1: sudden lose your investment. So there's a reason that I 194 00:08:46,960 --> 00:08:50,200 Speaker 1: say I hate the automate because typically, if somebody's asking 195 00:08:50,240 --> 00:08:52,880 Speaker 1: you for your money and promising you an easy way 196 00:08:52,920 --> 00:08:55,960 Speaker 1: to make money, if it is true, and in these 197 00:08:55,960 --> 00:08:58,240 Speaker 1: two cases, those were real assets, it wasn't necessarily a 198 00:08:58,280 --> 00:09:01,360 Speaker 1: scam in the long run going to lose because it's 199 00:09:01,400 --> 00:09:04,360 Speaker 1: going to take time and eventually that inefficiency will be 200 00:09:04,480 --> 00:09:06,959 Speaker 1: cured by the marketplace, and that easy way to make 201 00:09:07,000 --> 00:09:09,320 Speaker 1: money all of a sudden became hard and you lose 202 00:09:09,360 --> 00:09:11,160 Speaker 1: access to your money. So I hope that makes sense 203 00:09:11,160 --> 00:09:12,520 Speaker 1: to you, guys, And that's why I wanted to start 204 00:09:12,520 --> 00:09:14,680 Speaker 1: off with that one. Now, the next one we're going 205 00:09:14,720 --> 00:09:18,160 Speaker 1: to go to is probably not the sexiest topic, but 206 00:09:18,240 --> 00:09:20,439 Speaker 1: it's tax planning, right, and I'm going to give you 207 00:09:20,440 --> 00:09:23,240 Speaker 1: guys three quick little nuggets here on tax planning. When 208 00:09:23,280 --> 00:09:26,480 Speaker 1: it comes to taxes, people usually pay attention to the 209 00:09:26,600 --> 00:09:29,080 Speaker 1: taxes right around April, right when it's tax time, and 210 00:09:29,120 --> 00:09:31,080 Speaker 1: if you own a company, it's right around October when 211 00:09:31,120 --> 00:09:33,839 Speaker 1: you're typically doing you're a corporate taxes. Now, what I 212 00:09:34,000 --> 00:09:35,840 Speaker 1: like to tell people is, after twenty years of in 213 00:09:35,840 --> 00:09:39,920 Speaker 1: the industry and financial services, I've discovered that really taxes 214 00:09:40,000 --> 00:09:42,880 Speaker 1: should be a year long conversation that you're having, and 215 00:09:42,960 --> 00:09:45,560 Speaker 1: you should not just be working with a tax CPA 216 00:09:45,720 --> 00:09:48,760 Speaker 1: or a planner, but a strategist, somebody that understands that 217 00:09:48,760 --> 00:09:51,280 Speaker 1: there's a lot of creative ways for you to legally 218 00:09:51,640 --> 00:09:55,400 Speaker 1: minimize your taxes. For example, there's something called a research 219 00:09:55,440 --> 00:09:57,760 Speaker 1: and development tax instead of Now, this is something that 220 00:09:57,800 --> 00:10:00,840 Speaker 1: I discovered about eight years ago. If you own a business, 221 00:10:01,120 --> 00:10:04,760 Speaker 1: you're self employed, you make money, and you pay taxes, 222 00:10:05,320 --> 00:10:07,240 Speaker 1: it behooves you not to reach out to me and 223 00:10:07,360 --> 00:10:09,000 Speaker 1: let me put you in touch with the planning firm. 224 00:10:09,040 --> 00:10:11,520 Speaker 1: They can find out for free if you qualify for 225 00:10:11,559 --> 00:10:13,360 Speaker 1: free money, this shit is just going to show up 226 00:10:13,360 --> 00:10:15,120 Speaker 1: in your mailbox and it's money that you're owned from 227 00:10:15,120 --> 00:10:19,400 Speaker 1: the irs. Now, your typical CPA won't know about strategies 228 00:10:19,440 --> 00:10:22,160 Speaker 1: like that because they're not in that business. Guys. A 229 00:10:22,200 --> 00:10:24,280 Speaker 1: typical CPA is in the business is doing tax returns. 230 00:10:24,280 --> 00:10:26,920 Speaker 1: They have about two thousand clients. They're busy throughout the 231 00:10:27,000 --> 00:10:29,760 Speaker 1: year because they're focusing on that April tax planning season 232 00:10:29,760 --> 00:10:31,640 Speaker 1: in October, and then they go on vacation for a 233 00:10:31,679 --> 00:10:33,439 Speaker 1: couple months out of the year because that you know, 234 00:10:33,520 --> 00:10:35,760 Speaker 1: that season is stressful for them too. But I can't 235 00:10:35,760 --> 00:10:38,200 Speaker 1: stress enough that it should be a year long problem. 236 00:10:38,440 --> 00:10:41,120 Speaker 1: And then more importantly, on the corporate side, you guys, 237 00:10:41,320 --> 00:10:43,120 Speaker 1: taxes is a good problem to have a lot of 238 00:10:43,120 --> 00:10:45,560 Speaker 1: people that I would come across, especially you know, I 239 00:10:45,600 --> 00:10:48,400 Speaker 1: come from an immigrant background and a minority background. I 240 00:10:48,400 --> 00:10:51,959 Speaker 1: think we were taught to pay as least taxes as possible, right, Oh, 241 00:10:51,960 --> 00:10:54,360 Speaker 1: I want to pay zero in taxes. Well, when you 242 00:10:54,400 --> 00:10:56,160 Speaker 1: want to go leverage yourself, or you want to buy 243 00:10:56,200 --> 00:10:57,800 Speaker 1: a business, or you want to buy a house, or 244 00:10:57,840 --> 00:11:01,840 Speaker 1: you want to expand your empire, you got to show revenue, guys. 245 00:11:02,080 --> 00:11:04,800 Speaker 1: So while paying taxes suck, you want to pay your 246 00:11:04,840 --> 00:11:06,400 Speaker 1: fair share of taxes, but you want to do it 247 00:11:06,400 --> 00:11:08,760 Speaker 1: in an economical way, and you want to make it 248 00:11:08,800 --> 00:11:12,120 Speaker 1: equitable to you. So the taxes you're paying, you're able 249 00:11:12,160 --> 00:11:14,520 Speaker 1: to now leverage your credit. Right, There's no point in 250 00:11:14,559 --> 00:11:16,120 Speaker 1: you paying all these taxes if you're going to let 251 00:11:16,120 --> 00:11:18,320 Speaker 1: your credit go to shit. So if you have great credit, 252 00:11:18,520 --> 00:11:20,160 Speaker 1: you've paid your taxes, you're not going to be able 253 00:11:20,200 --> 00:11:22,480 Speaker 1: to qualify to make the changes that you want to 254 00:11:22,520 --> 00:11:24,920 Speaker 1: make and really be able to spread your wings when 255 00:11:24,960 --> 00:11:26,960 Speaker 1: you're ready to expand, whether that's in your real estate 256 00:11:27,000 --> 00:11:30,760 Speaker 1: portfolio or your business portfolio. You pay taxes, right, Connor, 257 00:11:32,480 --> 00:11:33,920 Speaker 1: I don't want to get you busted. I don't. We 258 00:11:33,960 --> 00:11:36,600 Speaker 1: have disclaimers cover it. I do, I do. I promise, 259 00:11:36,720 --> 00:11:39,599 Speaker 1: good man, good man. And that's another thing, guys. You 260 00:11:39,640 --> 00:11:42,000 Speaker 1: know there's tax planners and there's CPAs. You know, if 261 00:11:42,000 --> 00:11:43,840 Speaker 1: you're making a couple hundred grand a year or less, 262 00:11:44,160 --> 00:11:45,920 Speaker 1: a tax planner will do with the job, right, But 263 00:11:45,960 --> 00:11:48,960 Speaker 1: make sure you know these guys aren't. They're not the 264 00:11:49,080 --> 00:11:52,120 Speaker 1: know all to end all. Right. I think a big 265 00:11:52,160 --> 00:11:55,240 Speaker 1: misconception is that you know I would do investments with people, 266 00:11:55,280 --> 00:11:57,360 Speaker 1: and well, I got to talk to my CPA, like 267 00:11:57,440 --> 00:12:01,079 Speaker 1: we're talking about a real estate development. Your CPA doesn't 268 00:12:01,080 --> 00:12:03,080 Speaker 1: know shit when it comes to that. More often than not. 269 00:12:03,160 --> 00:12:04,600 Speaker 1: You know, I don't want to generalize there some really 270 00:12:04,640 --> 00:12:06,840 Speaker 1: smart CPAs out there, but CPAs are there to do 271 00:12:06,880 --> 00:12:09,040 Speaker 1: your taxes, guys. I really cannot stress that enough to 272 00:12:09,320 --> 00:12:12,440 Speaker 1: have a tax strategic person who works in concert with 273 00:12:12,480 --> 00:12:15,200 Speaker 1: your financial person and your lawyer, because a lot of 274 00:12:15,200 --> 00:12:17,160 Speaker 1: those things kind of work hand in hand. Those three 275 00:12:17,200 --> 00:12:20,120 Speaker 1: people should not be separated. And reach out to me 276 00:12:20,200 --> 00:12:22,120 Speaker 1: if you have any questions on that. But I'm really 277 00:12:22,200 --> 00:12:25,360 Speaker 1: passionate about, you know, making taxes a year long strategy 278 00:12:25,360 --> 00:12:27,559 Speaker 1: for yourself and making sure you do those right and 279 00:12:27,640 --> 00:12:30,560 Speaker 1: keeping your books and records in order. Now, the other 280 00:12:30,679 --> 00:12:32,800 Speaker 1: topic that we wanted to hit today is going to 281 00:12:32,800 --> 00:12:35,080 Speaker 1: be fintech and the power and what changes that's going 282 00:12:35,120 --> 00:12:36,679 Speaker 1: to bring to your portfolio and what to watch out 283 00:12:36,720 --> 00:12:39,720 Speaker 1: for it Now. On the fintech standpoint, guys, you guys 284 00:12:39,720 --> 00:12:41,679 Speaker 1: all saw Connor. We were talking about this on the 285 00:12:41,760 --> 00:12:44,720 Speaker 1: last episode the Sam Bank and Freed Guide. I forget 286 00:12:44,720 --> 00:12:46,560 Speaker 1: how to say his name, but this dude stole ten 287 00:12:46,720 --> 00:12:50,440 Speaker 1: billion dollars from people, folks. That's with the b you know, 288 00:12:50,480 --> 00:12:51,880 Speaker 1: they don't even know where the hell half of it 289 00:12:51,960 --> 00:12:53,959 Speaker 1: is right now, and I promise you this dude will 290 00:12:53,960 --> 00:12:55,920 Speaker 1: not go to prison for more than seven to ten years. 291 00:12:56,120 --> 00:12:58,800 Speaker 1: You all know my scumbag ex partner stole twelve million 292 00:12:58,800 --> 00:13:01,080 Speaker 1: from seventy victims and he'll only got about four years. 293 00:13:01,120 --> 00:13:05,600 Speaker 1: So unfortunately, these types of crimes are not heavily punished. Now, granted, 294 00:13:05,600 --> 00:13:08,160 Speaker 1: in this case, this dude has so many victims, and 295 00:13:08,200 --> 00:13:10,640 Speaker 1: it's going to be probably made like a an example 296 00:13:10,679 --> 00:13:13,880 Speaker 1: like Madoff did, God willing. But the reason this happened 297 00:13:13,920 --> 00:13:15,680 Speaker 1: and the reason that I was warning against this, it 298 00:13:15,720 --> 00:13:18,840 Speaker 1: goes back to the inefficiencies in the marketplaces being cured. 299 00:13:19,440 --> 00:13:23,280 Speaker 1: I remember FTX and a handful of other these exchanges 300 00:13:23,600 --> 00:13:26,120 Speaker 1: were basically telling people that you could dump or dumb 301 00:13:26,240 --> 00:13:28,760 Speaker 1: not dump, but loan your coins to these guys, right, 302 00:13:29,000 --> 00:13:30,960 Speaker 1: and they were going to be paying you twelve fourteen 303 00:13:31,000 --> 00:13:33,760 Speaker 1: percent interest rate. And I look at everybody, I'm like, wait, 304 00:13:33,880 --> 00:13:36,120 Speaker 1: at the time, interest rates for like two to three percent, 305 00:13:36,520 --> 00:13:39,040 Speaker 1: So what is the arbitrage that this guy is doing 306 00:13:39,280 --> 00:13:41,800 Speaker 1: to be able to pay you fourteen percent? And everybody 307 00:13:41,880 --> 00:13:45,040 Speaker 1: kept using the word no risk. No risk goes back 308 00:13:45,040 --> 00:13:46,840 Speaker 1: to my role. Right as soon as people were telling 309 00:13:46,840 --> 00:13:49,400 Speaker 1: me this is an easy way to make double digit returns, 310 00:13:49,679 --> 00:13:53,160 Speaker 1: red flags because if it was so freaking easy. Chase 311 00:13:53,400 --> 00:13:56,000 Speaker 1: Bank of America, all these guys who have access to 312 00:13:56,080 --> 00:13:58,160 Speaker 1: trillions of dollars and they have access to the Fed 313 00:13:58,200 --> 00:14:00,240 Speaker 1: Fund wire guys. By the way, the Fed Fund rate 314 00:14:00,440 --> 00:14:02,679 Speaker 1: is typically lower than what your rate is. So if 315 00:14:02,720 --> 00:14:04,920 Speaker 1: you're borrowing money at four, the banks are borrowing at 316 00:14:04,920 --> 00:14:06,839 Speaker 1: one to two, one of the freak when they've just 317 00:14:06,880 --> 00:14:09,440 Speaker 1: done billions of dollars in with these idiots, right, you 318 00:14:09,520 --> 00:14:12,000 Speaker 1: have these guys like mister Wonderful touting it, You had 319 00:14:12,000 --> 00:14:15,000 Speaker 1: the Logan Brothers, you had all of these quasi celebrities 320 00:14:15,200 --> 00:14:17,199 Speaker 1: really pushing it. And these were just paid spokesperson and 321 00:14:17,240 --> 00:14:18,959 Speaker 1: they weren't doing anything wrong. That's just what they get 322 00:14:18,960 --> 00:14:21,800 Speaker 1: paid to do. So when you get celebrities pitching products, 323 00:14:21,960 --> 00:14:24,600 Speaker 1: you get unrealistic returns. You're going to end up with 324 00:14:24,640 --> 00:14:28,040 Speaker 1: either inefficiency in the marketplace. If it's a legal product 325 00:14:28,640 --> 00:14:31,520 Speaker 1: like the Toro's War and the automated War, then it'll 326 00:14:31,560 --> 00:14:34,120 Speaker 1: catch up and you'll end up losing on the flip side. 327 00:14:34,160 --> 00:14:37,640 Speaker 1: If it's a scam like this bastard was doing, eventually, unfortunately, 328 00:14:37,920 --> 00:14:41,480 Speaker 1: everybody is left losing the bag. So while the term fintech, 329 00:14:41,480 --> 00:14:44,520 Speaker 1: fintech means financial technology the while it can be used 330 00:14:44,520 --> 00:14:47,600 Speaker 1: in a creative way. You know, it's a streamlined load process. 331 00:14:47,640 --> 00:14:50,400 Speaker 1: And I do believe in fintech companies and it's an 332 00:14:50,400 --> 00:14:53,240 Speaker 1: investment idea and there are hot topics if you and 333 00:14:53,240 --> 00:14:57,240 Speaker 1: there's some hot companies that do that too often than not. 334 00:14:57,760 --> 00:15:00,280 Speaker 1: I found that investing in them or putting your money 335 00:15:00,280 --> 00:15:03,840 Speaker 1: into these assets, it is really at your own peril. 336 00:15:03,840 --> 00:15:05,880 Speaker 1: And I see a lot of people unfortunately, really get 337 00:15:05,920 --> 00:15:09,320 Speaker 1: hurt in that environment. Now we're going to take a break. 338 00:15:09,440 --> 00:15:11,040 Speaker 1: When we come back, we're going to be talking about 339 00:15:11,080 --> 00:15:14,320 Speaker 1: behavioral finance and when I talk a circle of Psycho 340 00:15:14,520 --> 00:15:16,560 Speaker 1: of Dack. We'll see you guys right back here on 341 00:15:16,640 --> 00:15:17,360 Speaker 1: Financial Fighters. 342 00:15:17,400 --> 00:15:20,280 Speaker 2: We'll be right back with the Financial Friday five on 343 00:15:20,320 --> 00:15:23,880 Speaker 2: Cannabis Talk one on one's Financial Fridays with the Insider 344 00:15:23,920 --> 00:15:34,000 Speaker 2: Investor Tony K. Welcome back to Cannabis Talk, one on 345 00:15:34,040 --> 00:15:38,600 Speaker 2: one's Financial Fridays with the Insider Investor Tony K. It's 346 00:15:38,640 --> 00:15:40,840 Speaker 2: now time for the Financial Friday five. 347 00:15:41,280 --> 00:15:43,680 Speaker 1: Welcome back, guys. We're in part two of our talk 348 00:15:43,760 --> 00:15:46,320 Speaker 1: on money. Now. As embarrassing as this is, and you've 349 00:15:46,320 --> 00:15:48,840 Speaker 1: heard me say this for the past three episodes, I 350 00:15:48,960 --> 00:15:51,680 Speaker 1: still don't have health insurance. That's going to change because 351 00:15:51,720 --> 00:15:53,920 Speaker 1: we are an open enrollment right now. You guys, reach 352 00:15:53,960 --> 00:15:56,240 Speaker 1: out to my friends at Clearwater Health. This is a 353 00:15:56,240 --> 00:15:58,320 Speaker 1: group that I've known for a few years now. We've 354 00:15:58,360 --> 00:16:00,160 Speaker 1: worked with them to bring them to the show, and 355 00:16:00,240 --> 00:16:02,080 Speaker 1: these guys have created a platform for you to be 356 00:16:02,120 --> 00:16:04,840 Speaker 1: able to get health insurance in a very cost effective manner, 357 00:16:05,160 --> 00:16:07,040 Speaker 1: very easy. You're going to have your own consultant. You 358 00:16:07,080 --> 00:16:09,240 Speaker 1: can go to the website that they've dedicated and by 359 00:16:09,280 --> 00:16:11,560 Speaker 1: the way, guys, these guys are doing a cannabis friendly. 360 00:16:11,840 --> 00:16:14,000 Speaker 1: You don't have to lie about if you use or not. 361 00:16:14,080 --> 00:16:16,800 Speaker 1: The products are very price competitive to the points where 362 00:16:17,080 --> 00:16:19,120 Speaker 1: if you do have healthcare options, you show them what 363 00:16:19,160 --> 00:16:21,040 Speaker 1: you're doing and they're going to show you if they 364 00:16:21,040 --> 00:16:22,800 Speaker 1: can beat it and how they can do a better 365 00:16:22,800 --> 00:16:25,520 Speaker 1: product for you. If you're a small business owner, guys, 366 00:16:25,520 --> 00:16:28,920 Speaker 1: there's so many restrictions from California to Florida that you 367 00:16:28,960 --> 00:16:31,160 Speaker 1: can get burned if you're not doing the basic minimums 368 00:16:31,160 --> 00:16:34,520 Speaker 1: for your employees. These guys are consultants that will advise you. 369 00:16:35,000 --> 00:16:38,120 Speaker 1: It's free, it doesn't cost anything. The costs it will 370 00:16:38,120 --> 00:16:39,520 Speaker 1: be the same. If you want to buy a plan 371 00:16:39,600 --> 00:16:43,000 Speaker 1: from healthcare dot gov. Try calling them their advice sucks. 372 00:16:43,200 --> 00:16:45,240 Speaker 1: These guys can offer you the same plan for cheaper, 373 00:16:45,240 --> 00:16:47,920 Speaker 1: if not equal, So give them a shout out Clearwater Health. 374 00:16:47,960 --> 00:16:49,480 Speaker 1: And by the way, they're going to be at mjbiscon 375 00:16:49,560 --> 00:16:51,160 Speaker 1: with us. We're going to be interviewing them live on 376 00:16:51,200 --> 00:16:53,200 Speaker 1: air and they're going to have a presence in the village. 377 00:16:53,240 --> 00:16:54,800 Speaker 1: So if you have any questions, search them out at 378 00:16:54,880 --> 00:16:57,280 Speaker 1: mjbisc on as well. So we're back now here on 379 00:16:57,320 --> 00:17:00,840 Speaker 1: Financial Fridays on our segment on money Guys. And what 380 00:17:00,920 --> 00:17:02,880 Speaker 1: I wanted to talk about next is kind of something 381 00:17:02,920 --> 00:17:06,520 Speaker 1: interesting because what I call is the behavioral finance circle 382 00:17:06,600 --> 00:17:09,320 Speaker 1: of cycle of death. In the twenty years that I 383 00:17:09,440 --> 00:17:12,199 Speaker 1: was on Wall Street, I saw this pattern, right, And 384 00:17:12,280 --> 00:17:14,720 Speaker 1: if you're listening on a podcast and you're not on YouTube, 385 00:17:14,840 --> 00:17:18,159 Speaker 1: imagine a circle kind of like a clock and the 386 00:17:18,200 --> 00:17:20,200 Speaker 1: life cycle of this death cycle that I would see 387 00:17:20,200 --> 00:17:22,000 Speaker 1: because I went through. You know, when I got into 388 00:17:22,000 --> 00:17:25,200 Speaker 1: the industry, I was I was in the World Trade Center, 389 00:17:25,320 --> 00:17:28,400 Speaker 1: the second tower that got hit. I was right there 390 00:17:28,440 --> 00:17:30,440 Speaker 1: with the sixtieenth floor where the plane came in. About 391 00:17:30,480 --> 00:17:34,000 Speaker 1: eight days before September eleventh, so talk about our cremy 392 00:17:34,040 --> 00:17:36,200 Speaker 1: time to get into the industry. I went from that 393 00:17:36,600 --> 00:17:39,720 Speaker 1: to right before that, the tech bubble had just burst. 394 00:17:40,000 --> 00:17:41,959 Speaker 1: Then we had the recession, then we had the real 395 00:17:42,080 --> 00:17:43,720 Speaker 1: estate bubble burst. So I went through a lot of 396 00:17:43,760 --> 00:17:46,480 Speaker 1: these ups and down cycles. And what I would always see, 397 00:17:46,480 --> 00:17:49,199 Speaker 1: and obviously with those cycles, the stock market would go up, 398 00:17:49,200 --> 00:17:50,920 Speaker 1: it would go down, will go up, it would go down. 399 00:17:51,240 --> 00:17:53,680 Speaker 1: And what I would see during these cycles is this cycle. 400 00:17:54,040 --> 00:17:57,080 Speaker 1: And it was always based on behavior, not rationale. In 401 00:17:57,119 --> 00:17:59,480 Speaker 1: other words, let's say that you had some stock or 402 00:17:59,520 --> 00:18:03,600 Speaker 1: you'd invest into something like Microsoft or Google, just something 403 00:18:03,640 --> 00:18:04,840 Speaker 1: that was a blue chip that would go up and 404 00:18:04,840 --> 00:18:06,760 Speaker 1: down with the market. What I would see is the 405 00:18:06,800 --> 00:18:09,080 Speaker 1: stock market would start going up all of a sudden. 406 00:18:09,119 --> 00:18:11,200 Speaker 1: Jim Kramer's talking about it. Every news channel is talking 407 00:18:11,240 --> 00:18:13,040 Speaker 1: about the market's going up three four hundred a day, 408 00:18:13,040 --> 00:18:15,960 Speaker 1: and everybody's just talking about how this is the best 409 00:18:16,000 --> 00:18:18,159 Speaker 1: time to be invested in the market. So all of 410 00:18:18,240 --> 00:18:21,399 Speaker 1: a sudden, the Denny's waitress is buying stocks, and you know, 411 00:18:21,480 --> 00:18:23,560 Speaker 1: my mom's talking about the stock market, and people that 412 00:18:23,600 --> 00:18:26,320 Speaker 1: don't usually talk about the economy, you're talking about the market, 413 00:18:26,440 --> 00:18:29,480 Speaker 1: and everybody's getting what fear of missing out right fomo 414 00:18:29,520 --> 00:18:31,639 Speaker 1: as we call it. So they're getting this fear, and 415 00:18:31,680 --> 00:18:33,640 Speaker 1: finally they're like, you know what, I'm tired of seeing 416 00:18:33,640 --> 00:18:36,560 Speaker 1: everybody else turn a thousand into ten thousand. So they 417 00:18:36,640 --> 00:18:39,720 Speaker 1: just pile in and they start driving the prices even higher. 418 00:18:39,800 --> 00:18:42,320 Speaker 1: Market goes up, goes goes up, steps up. Now they're 419 00:18:42,359 --> 00:18:44,679 Speaker 1: kind of buying it high because now everybody's talking about it. 420 00:18:44,760 --> 00:18:46,439 Speaker 1: Now my mom's like, hey, can you just buy me 421 00:18:46,480 --> 00:18:49,720 Speaker 1: some stock in this thing because everybody's talking about cool. Well, 422 00:18:49,720 --> 00:18:51,520 Speaker 1: now you're at the peak of the market when everybody's 423 00:18:51,560 --> 00:18:54,080 Speaker 1: doing the same shit. That's right about before the shit 424 00:18:54,160 --> 00:18:56,280 Speaker 1: hits the fan, as I call it. Right, So now 425 00:18:56,920 --> 00:19:00,280 Speaker 1: market starts crumbling because everybody's in it. There's nobody new buying. 426 00:19:00,760 --> 00:19:03,840 Speaker 1: The fat cats knowing the times to sell, they start dumping. 427 00:19:04,160 --> 00:19:06,880 Speaker 1: Now the market's going down. So the average investors maybe 428 00:19:06,880 --> 00:19:09,600 Speaker 1: put in ten grand. His ten went to thirty, but 429 00:19:09,720 --> 00:19:11,920 Speaker 1: he bought in right at the top, and now it's 430 00:19:11,920 --> 00:19:13,800 Speaker 1: going down. It's going down to twenty, down, it's going ten. 431 00:19:13,840 --> 00:19:15,920 Speaker 1: Now it's going below what he invested in, and he's like, shit, 432 00:19:15,960 --> 00:19:18,040 Speaker 1: I can't afford to lose this ten. The only reason 433 00:19:18,119 --> 00:19:20,000 Speaker 1: I bought it because I saw everybody else getting rich. 434 00:19:20,680 --> 00:19:23,280 Speaker 1: Then what happens. You're now at the three o'clock on 435 00:19:23,320 --> 00:19:25,000 Speaker 1: that cycle. Now you're at the five o'clock, and you 436 00:19:25,080 --> 00:19:28,399 Speaker 1: hit the six o'clock. Now everybody's complaining the world's going 437 00:19:28,480 --> 00:19:30,320 Speaker 1: to end, the stock market's going to go to zero, 438 00:19:30,440 --> 00:19:34,000 Speaker 1: it's Black Friday, blah blah blah. What happens? My mom 439 00:19:34,000 --> 00:19:36,439 Speaker 1: would call me, hey, sell the stock that you bought me. 440 00:19:36,840 --> 00:19:40,200 Speaker 1: The average investors hearing everybody, they're watching the news once, 441 00:19:40,280 --> 00:19:42,920 Speaker 1: the news, once, the newspapers, once, the magazines, once every 442 00:19:43,000 --> 00:19:46,000 Speaker 1: talk show celebrity is telling you how crummy the world is. 443 00:19:46,400 --> 00:19:48,320 Speaker 1: That's kind of the time you should be buying. Except 444 00:19:48,320 --> 00:19:50,840 Speaker 1: guess what, that's where the circle of death would start, 445 00:19:50,960 --> 00:19:52,680 Speaker 1: because I would get these calls and people like, sell, 446 00:19:52,840 --> 00:19:55,160 Speaker 1: why you put in a ten thousand? It's worth three 447 00:19:55,160 --> 00:19:57,760 Speaker 1: thousand now, right, yeah, but you know I can't afford 448 00:19:57,760 --> 00:19:59,840 Speaker 1: to lose anymore that I shouldn't even put that ten. 449 00:20:00,119 --> 00:20:02,320 Speaker 1: Now they're dumping at the worst time, which is right 450 00:20:02,359 --> 00:20:05,520 Speaker 1: when the smart people are buying, and the cycle would continue. 451 00:20:05,640 --> 00:20:08,320 Speaker 1: The six o'clock goes to seven o'clock. Right at nine o'clock, 452 00:20:08,520 --> 00:20:10,240 Speaker 1: all of a sudden, that same person who sold the 453 00:20:10,280 --> 00:20:12,640 Speaker 1: three thousand is starting to have fear of missing out 454 00:20:12,680 --> 00:20:15,600 Speaker 1: of this rise again. And between nine and twelve o'clock 455 00:20:15,640 --> 00:20:17,960 Speaker 1: everybody starts piling in, and I would see the cycle 456 00:20:17,960 --> 00:20:21,040 Speaker 1: continue sometime with the same investors, sometimes with the same friends, 457 00:20:21,040 --> 00:20:24,719 Speaker 1: sometimes the same family members. So the point of that 458 00:20:24,760 --> 00:20:27,159 Speaker 1: story that I share with you is you should not 459 00:20:27,200 --> 00:20:29,000 Speaker 1: be investing with the motion. It should be more of 460 00:20:29,040 --> 00:20:31,840 Speaker 1: a strategic plan, and you should have a reasonable stop 461 00:20:31,880 --> 00:20:33,400 Speaker 1: loss if you are on the market or if it's 462 00:20:33,400 --> 00:20:35,760 Speaker 1: a real estate transaction. In other words, if it was 463 00:20:35,800 --> 00:20:38,199 Speaker 1: a good investment, it will be a good investment in 464 00:20:38,200 --> 00:20:42,080 Speaker 1: the long run. Right, if you bought Microsoft twenty years ago, 465 00:20:42,160 --> 00:20:44,080 Speaker 1: it didn't matter what ups and downs it has, You're 466 00:20:44,080 --> 00:20:45,639 Speaker 1: still in a hell of a lot better place today 467 00:20:45,640 --> 00:20:48,200 Speaker 1: than you were back then. They freaking own practically every 468 00:20:48,200 --> 00:20:51,120 Speaker 1: computer at the time, Right, Or Apple or Tesla, these 469 00:20:51,119 --> 00:20:53,320 Speaker 1: are not companies that are going to go anywhere. You know, 470 00:20:53,320 --> 00:20:55,560 Speaker 1: they're not going to become the next blockbuster. Even if 471 00:20:55,600 --> 00:20:58,080 Speaker 1: there's flying cars tomorrow, Tests is still going to be 472 00:20:58,080 --> 00:21:00,360 Speaker 1: a you know, at the forefront of that. So if 473 00:21:00,359 --> 00:21:02,000 Speaker 1: you are betting in blue chips or if you do 474 00:21:02,080 --> 00:21:04,639 Speaker 1: have a good quality real estate, I'd encourage you to 475 00:21:04,640 --> 00:21:07,679 Speaker 1: bet more on fundamentals as opposed to the life cycle 476 00:21:07,720 --> 00:21:10,320 Speaker 1: and betting on the news and watching garbage like Jim 477 00:21:10,359 --> 00:21:12,480 Speaker 1: Kramer and a lot of these other programs that are 478 00:21:12,520 --> 00:21:15,639 Speaker 1: there to entertain you. They're not there to financially help you. 479 00:21:15,720 --> 00:21:19,040 Speaker 1: So I hope that that provides some value to you, guys. Now, 480 00:21:19,280 --> 00:21:21,040 Speaker 1: the other thing I want to talk about, guys, is 481 00:21:21,240 --> 00:21:25,520 Speaker 1: watching economic policy and news the impact of government policies. 482 00:21:25,520 --> 00:21:29,200 Speaker 1: For example, all the spending has equaled more taxes historically, 483 00:21:29,560 --> 00:21:31,720 Speaker 1: like we talked about earlier, we are at the lowest 484 00:21:31,720 --> 00:21:33,639 Speaker 1: tax bracket we've had in a long time. It seems 485 00:21:33,640 --> 00:21:36,720 Speaker 1: like we're going higher. But Connor, I mean, I don't 486 00:21:36,760 --> 00:21:39,240 Speaker 1: know how much you learned and Chapman about taxes, but 487 00:21:39,320 --> 00:21:41,240 Speaker 1: it just this is not a truck question. But do 488 00:21:41,280 --> 00:21:44,000 Speaker 1: you think, say, in ten years, taxes will be higher 489 00:21:44,080 --> 00:21:45,439 Speaker 1: or lower than an ar today? 490 00:21:46,960 --> 00:21:49,280 Speaker 3: And no, I did not cover taxes at Chapman, So 491 00:21:49,320 --> 00:21:51,800 Speaker 3: it's kind of just been on my own free will 492 00:21:51,840 --> 00:21:55,240 Speaker 3: that I've learned about it. But you know, you can't guarantee. 493 00:21:56,560 --> 00:21:59,439 Speaker 3: You can guarantee the dollar today not tomorrow, So you 494 00:21:59,480 --> 00:22:02,840 Speaker 3: know it could go either way essentially, but you know 495 00:22:02,880 --> 00:22:05,480 Speaker 3: there's market forecasts and you can kind of tell based 496 00:22:05,520 --> 00:22:07,119 Speaker 3: on the way you know things are going. 497 00:22:07,240 --> 00:22:10,080 Speaker 1: So yeah, no, and that's a good And like I said, 498 00:22:10,080 --> 00:22:11,679 Speaker 1: it was in a question, I was just more curious 499 00:22:11,680 --> 00:22:13,879 Speaker 1: because we talked about that before. But I think you know, 500 00:22:14,000 --> 00:22:15,800 Speaker 1: right now, when I look at what's going on in 501 00:22:15,800 --> 00:22:18,480 Speaker 1: the world, you know where we're sending hundreds of billions 502 00:22:18,520 --> 00:22:21,720 Speaker 1: of dollars to several different countries for wars. We're paying 503 00:22:21,760 --> 00:22:24,399 Speaker 1: for that, right or it's on debt. We keep borrowing 504 00:22:24,480 --> 00:22:26,439 Speaker 1: more money. We have the all time highest debt, we 505 00:22:26,480 --> 00:22:29,560 Speaker 1: have the all time highest outflow, and the government is 506 00:22:29,600 --> 00:22:32,240 Speaker 1: no different than your own family bank account. Guys. So 507 00:22:32,760 --> 00:22:37,320 Speaker 1: if you're spending like a drunken monkey and you aren't 508 00:22:37,359 --> 00:22:40,560 Speaker 1: bringing in any money, in concurrently that that you're sending 509 00:22:40,600 --> 00:22:42,920 Speaker 1: money to other people. So you're spending your own money, 510 00:22:43,400 --> 00:22:45,520 Speaker 1: then sending money you don't have, and borrowing more money 511 00:22:45,520 --> 00:22:48,879 Speaker 1: to send to other countries. What's what's what's the common 512 00:22:48,920 --> 00:22:50,600 Speaker 1: sense approach from that? Now it's going to be like, 513 00:22:50,600 --> 00:22:52,000 Speaker 1: all right, well, how do we get that money back 514 00:22:52,000 --> 00:22:53,879 Speaker 1: and how do we recover that? Well, it's going to 515 00:22:53,880 --> 00:22:56,360 Speaker 1: be the higher taxes. So when you when you can 516 00:22:56,480 --> 00:22:59,280 Speaker 1: understand the world economic news and you can look at 517 00:22:59,280 --> 00:23:01,359 Speaker 1: a global on me and say, all right, where are 518 00:23:01,359 --> 00:23:04,119 Speaker 1: the inefficiencies in this marketplace and where can I take 519 00:23:04,160 --> 00:23:07,000 Speaker 1: advantage of them? In my opinion, taxes will always go 520 00:23:07,080 --> 00:23:09,600 Speaker 1: higher in this country. Like I said, if you look 521 00:23:09,680 --> 00:23:12,480 Speaker 1: back historically, just pull up on Google. You know what, 522 00:23:12,560 --> 00:23:14,760 Speaker 1: if the tax rates been over the past one hundred years, 523 00:23:14,880 --> 00:23:17,040 Speaker 1: you'd be surprised to see that we're actually some of 524 00:23:17,080 --> 00:23:21,159 Speaker 1: the lowest, right, So there's vehicles that can take advantage 525 00:23:21,359 --> 00:23:23,520 Speaker 1: of the fact that taxes will be higher in the future. 526 00:23:23,840 --> 00:23:25,840 Speaker 1: So I'm a big fan, you know. Growing up as 527 00:23:25,840 --> 00:23:29,320 Speaker 1: a financial advisor, the first ten fifteen years, embarrassingly enough, 528 00:23:29,400 --> 00:23:32,960 Speaker 1: I didn't do any life insurance products. To me, life 529 00:23:32,960 --> 00:23:36,640 Speaker 1: insurance was you know, you're betting on somebody dying. I don't. 530 00:23:36,800 --> 00:23:38,880 Speaker 1: I'm not comfortable with death. I don't deal with it well. 531 00:23:38,920 --> 00:23:40,920 Speaker 1: And it was just it wasn't something that I wanted 532 00:23:40,960 --> 00:23:43,639 Speaker 1: to offer my clients because I looked at it as 533 00:23:43,640 --> 00:23:45,080 Speaker 1: a negative thing and if you put it out in 534 00:23:45,119 --> 00:23:48,480 Speaker 1: the world, another person's going to pass away. Shame on me. 535 00:23:48,560 --> 00:23:51,520 Speaker 1: Because later on I discovered now the firms weren't educating 536 00:23:51,640 --> 00:23:54,359 Speaker 1: us in insurance because back then the firms made more 537 00:23:54,400 --> 00:23:56,959 Speaker 1: money for us to sell more traditional things. Stock spons 538 00:23:57,000 --> 00:24:00,440 Speaker 1: meta funds manage money, so it was not insane device 539 00:24:00,480 --> 00:24:03,280 Speaker 1: for them to educate us on. You know, these these 540 00:24:04,640 --> 00:24:09,119 Speaker 1: index variable universe index life insurance policies or policies to 541 00:24:09,160 --> 00:24:12,000 Speaker 1: where you could build a cash value. Now, you guys 542 00:24:12,080 --> 00:24:15,200 Speaker 1: probably get hit on by insurance people all the time, 543 00:24:15,920 --> 00:24:18,399 Speaker 1: and just like anything else, there's good, bad and ugly 544 00:24:18,480 --> 00:24:23,560 Speaker 1: in that world. Short little soapbox on that is. I'm 545 00:24:23,600 --> 00:24:26,560 Speaker 1: not a big fan of the multi level marketing approach 546 00:24:26,920 --> 00:24:29,600 Speaker 1: to these insurance carriers. Right, So, if you have a 547 00:24:29,600 --> 00:24:31,520 Speaker 1: company that's led by a guru, whether it's Ed my 548 00:24:31,680 --> 00:24:35,080 Speaker 1: Leed Patrick Padavia, these are great gentlemen, great businessman, great podcasts, 549 00:24:35,400 --> 00:24:37,560 Speaker 1: but I'm not a fan of their insurance products because 550 00:24:37,560 --> 00:24:40,600 Speaker 1: they're called captive agents. Captive agents means you can only 551 00:24:40,600 --> 00:24:42,639 Speaker 1: sell the shit that they are allowed to sell. So 552 00:24:43,600 --> 00:24:45,639 Speaker 1: you know, they may have one good policy or brand, 553 00:24:45,640 --> 00:24:48,040 Speaker 1: but maybe the other ones are more predatory, if you will, 554 00:24:48,320 --> 00:24:50,520 Speaker 1: Whereas if you look at a general agent, I want 555 00:24:50,560 --> 00:24:53,000 Speaker 1: to say predatory, I would just say your options are limited. 556 00:24:53,200 --> 00:24:55,200 Speaker 1: Right in my opinion, if I want to go into 557 00:24:55,200 --> 00:24:56,960 Speaker 1: a grocery store, I don't want to just be forced 558 00:24:56,960 --> 00:24:59,080 Speaker 1: to buy one brand of bread. I want to have 559 00:24:59,119 --> 00:25:01,600 Speaker 1: access to fifty differ ones. And that's why I'm a 560 00:25:01,600 --> 00:25:04,639 Speaker 1: little hesitant towards these brands that are more into recruiting 561 00:25:05,000 --> 00:25:08,480 Speaker 1: as opposed to actually educating you on the policies that 562 00:25:08,480 --> 00:25:10,280 Speaker 1: could be best for you, whether it's hard for it, 563 00:25:10,320 --> 00:25:13,240 Speaker 1: whether it's Trans America, whether it's you know, All State 564 00:25:13,359 --> 00:25:16,439 Speaker 1: or a handful of other reputable companies. A lot of 565 00:25:16,480 --> 00:25:19,240 Speaker 1: time these captive agents are not allowed to sell those 566 00:25:19,240 --> 00:25:21,440 Speaker 1: They are only allowed to sell the brands that's affiliated 567 00:25:21,480 --> 00:25:24,480 Speaker 1: with their companies. So I'm a big fan. The reason 568 00:25:24,560 --> 00:25:27,280 Speaker 1: I mentioned insurance going back to the taxes is if 569 00:25:27,280 --> 00:25:28,840 Speaker 1: you have a vehicle that you can put money in 570 00:25:28,840 --> 00:25:31,640 Speaker 1: today like the roth iray that we spoke about earlier, 571 00:25:31,920 --> 00:25:34,520 Speaker 1: and that money can grow and you don't have to 572 00:25:34,520 --> 00:25:36,320 Speaker 1: pay taxes on it down the line, and you can 573 00:25:36,320 --> 00:25:38,480 Speaker 1: pull that money out and that growth is tax free 574 00:25:38,480 --> 00:25:40,680 Speaker 1: as well, that's kind of a win win. Now. The 575 00:25:40,760 --> 00:25:44,439 Speaker 1: negatives about that, guys, is it's obviously an ill liquid asset, 576 00:25:44,520 --> 00:25:46,600 Speaker 1: meaning you can't just push a button and sell it. 577 00:25:47,640 --> 00:25:49,720 Speaker 1: You can sell it, typically you're going to lose a 578 00:25:49,760 --> 00:25:52,840 Speaker 1: lot in terms of they call them surrender charges or 579 00:25:53,440 --> 00:25:56,240 Speaker 1: essentially you're going to lose a lot of penalties. Right, So, really, 580 00:25:56,280 --> 00:25:58,359 Speaker 1: when you invest into something like that, you want the 581 00:25:58,520 --> 00:26:01,680 Speaker 1: salesperson not really be a salesperson, to be a consultant, 582 00:26:01,720 --> 00:26:04,040 Speaker 1: to really educate you, not push you into it. I 583 00:26:04,040 --> 00:26:06,080 Speaker 1: don't like the ones that are more recruiting you to 584 00:26:06,160 --> 00:26:08,199 Speaker 1: kind of coming into it well to sell more of 585 00:26:08,200 --> 00:26:12,120 Speaker 1: their products. So be really you know, insurance is something 586 00:26:12,160 --> 00:26:13,720 Speaker 1: that there's always going to be there. They're never going 587 00:26:13,800 --> 00:26:15,760 Speaker 1: to run out of it. Do your homework, do your 588 00:26:15,840 --> 00:26:18,240 Speaker 1: due diligence, don't be in a rush. All of them 589 00:26:18,320 --> 00:26:20,240 Speaker 1: come with about a thirty day I think about a 590 00:26:20,240 --> 00:26:22,919 Speaker 1: couple of week due diligence period. So as you go 591 00:26:23,000 --> 00:26:25,760 Speaker 1: into feel free to ask other ones of your friends 592 00:26:26,000 --> 00:26:27,480 Speaker 1: to say, hey, is this the right is this the 593 00:26:27,560 --> 00:26:30,600 Speaker 1: right move for me? But I'm a big fan of 594 00:26:31,480 --> 00:26:34,480 Speaker 1: using those to take advantage of what we just discussed 595 00:26:34,480 --> 00:26:36,800 Speaker 1: in terms of the taxes going higher. So I'm not 596 00:26:36,800 --> 00:26:38,439 Speaker 1: going to jone on more about insurance. If you have 597 00:26:38,440 --> 00:26:40,840 Speaker 1: any questions, you'll figure to reach out to me on that. Now, 598 00:26:41,080 --> 00:26:42,600 Speaker 1: We're going to take a break right now. When we 599 00:26:42,640 --> 00:26:44,240 Speaker 1: come back, we're going to wrap up with the last 600 00:26:44,240 --> 00:26:47,840 Speaker 1: two It ends on this segment on money. See you 601 00:26:47,880 --> 00:26:48,560 Speaker 1: guys soon. 602 00:26:48,480 --> 00:26:50,959 Speaker 2: We'll be right back with more Financial Fridays with the 603 00:26:51,000 --> 00:26:54,800 Speaker 2: Inside Investor Tony Ka. Make sure you follow Tony at 604 00:26:54,800 --> 00:27:06,200 Speaker 2: the Insider Investor. Welcome back to Cannabis Talk one on 605 00:27:06,280 --> 00:27:10,560 Speaker 2: one's Financial Fridays with the Inside Investor Tony Ka. Make 606 00:27:10,600 --> 00:27:13,160 Speaker 2: sure you like, follow and subscribe to the show now. 607 00:27:13,480 --> 00:27:15,639 Speaker 1: Welcome back to Financial Fridays, guys. I got a special 608 00:27:15,640 --> 00:27:19,400 Speaker 1: message for you. Check out our website called master Mentors Live. 609 00:27:19,680 --> 00:27:22,080 Speaker 1: It's a brand new platform we've started here in partnership 610 00:27:22,080 --> 00:27:24,320 Speaker 1: with Cannabis Talk one on one. What we're doing is 611 00:27:24,359 --> 00:27:27,320 Speaker 1: bringing what we know here as the number one source 612 00:27:27,359 --> 00:27:30,000 Speaker 1: for everything cannabis to you to your home state. You 613 00:27:30,040 --> 00:27:32,040 Speaker 1: guys are going to be hitting about thirty different states 614 00:27:32,040 --> 00:27:34,159 Speaker 1: here the next year. It's going to be close to you, 615 00:27:34,200 --> 00:27:35,960 Speaker 1: I promise you. In fact, at the end of this month, 616 00:27:36,000 --> 00:27:37,760 Speaker 1: or excuse me, at the middle of this month, we're 617 00:27:37,800 --> 00:27:40,200 Speaker 1: going to be hitting New Jersey. Then from there we're 618 00:27:40,240 --> 00:27:42,080 Speaker 1: going to New York and we're going to Atlanta. Then 619 00:27:42,080 --> 00:27:44,119 Speaker 1: we're going to Dallas. I guarantee you we're coming to 620 00:27:44,160 --> 00:27:46,080 Speaker 1: a state near you. Best the part. Best of the 621 00:27:46,119 --> 00:27:48,879 Speaker 1: part is that it's free as in zero, as in 622 00:27:48,920 --> 00:27:52,520 Speaker 1: one hundred percent more than zero. So check it out. 623 00:27:52,600 --> 00:27:54,400 Speaker 1: You can come in, bring us here what we got 624 00:27:54,440 --> 00:27:56,359 Speaker 1: to talk about. You can have access to mentorships. And 625 00:27:56,400 --> 00:27:58,240 Speaker 1: this isn't just if you want to touch the flower. 626 00:27:58,280 --> 00:28:00,119 Speaker 1: If you want to, for example, sell Marrion one on 627 00:28:00,160 --> 00:28:02,639 Speaker 1: our own own dispensary, that you can have a network. 628 00:28:02,680 --> 00:28:04,920 Speaker 1: If you want to start your own brand, white label, 629 00:28:05,000 --> 00:28:07,159 Speaker 1: your own brand, maybe do marketing for a brand, or 630 00:28:07,160 --> 00:28:10,120 Speaker 1: start your own magazine, or start your own podcasts, anything 631 00:28:10,160 --> 00:28:12,480 Speaker 1: having to do with the world of cannabis. We got 632 00:28:12,520 --> 00:28:15,400 Speaker 1: you covered. Check it out Master Mentors Live. Now we're 633 00:28:15,440 --> 00:28:17,720 Speaker 1: back here talking about other ways you can make money, 634 00:28:17,840 --> 00:28:21,280 Speaker 1: which leads me into one of my favorite topics when 635 00:28:21,280 --> 00:28:23,800 Speaker 1: we talk about money, and that's financial literacy for kids, 636 00:28:23,840 --> 00:28:26,760 Speaker 1: ladies and gentlemen. That's something that you know, I spoke 637 00:28:26,760 --> 00:28:29,160 Speaker 1: about my friend Dan on last week's episode. But Dan 638 00:28:29,280 --> 00:28:31,480 Speaker 1: is something that he talks about passionately about this, and 639 00:28:31,520 --> 00:28:33,600 Speaker 1: he says, you know, when he was grown up and 640 00:28:33,680 --> 00:28:36,440 Speaker 1: when we were all growing up quite frankly, talking about 641 00:28:36,520 --> 00:28:39,000 Speaker 1: money was kind of taboo. It was rude or they 642 00:28:39,040 --> 00:28:40,840 Speaker 1: would say, oh, don't talk about money, whether you had 643 00:28:40,880 --> 00:28:42,160 Speaker 1: it or not. You know, if you were a poor 644 00:28:42,640 --> 00:28:44,560 Speaker 1: you were told to kind of hide that because you know, 645 00:28:44,600 --> 00:28:46,640 Speaker 1: maybe your family was embarrassed that you were poor. And 646 00:28:46,680 --> 00:28:48,840 Speaker 1: then if you were a wealthy, same thing, right, you 647 00:28:48,840 --> 00:28:50,680 Speaker 1: didn't really want to talk about it because you didn't 648 00:28:50,680 --> 00:28:52,440 Speaker 1: want other people to kind of hit you up for money. 649 00:28:52,600 --> 00:28:55,200 Speaker 1: The problem is your kids are emulating you, and if 650 00:28:55,240 --> 00:28:57,640 Speaker 1: you're not talking about money with your friends, your shoes, 651 00:28:57,680 --> 00:28:59,680 Speaker 1: heck on talking about money with your kids. And I 652 00:28:59,720 --> 00:29:02,440 Speaker 1: think the biggest disservice we could be doing to the 653 00:29:02,480 --> 00:29:06,320 Speaker 1: future generation is not educating kids at an earlier age 654 00:29:06,600 --> 00:29:08,960 Speaker 1: on the power of money, the good, the bad, and 655 00:29:08,960 --> 00:29:11,200 Speaker 1: the ugly of money. I'll give you an example. As 656 00:29:11,240 --> 00:29:12,720 Speaker 1: many of you know, when you went to college, or 657 00:29:12,760 --> 00:29:15,000 Speaker 1: if your kids go to college, the very first day 658 00:29:15,040 --> 00:29:17,000 Speaker 1: of school at college, what do they get hit with 659 00:29:17,240 --> 00:29:20,000 Speaker 1: these damn credit card booths? And I remember I signed 660 00:29:20,040 --> 00:29:22,080 Speaker 1: up for like a Discover card, a visa, and an 661 00:29:22,160 --> 00:29:26,240 Speaker 1: amex because they were giving me like a freaking football, 662 00:29:26,320 --> 00:29:28,600 Speaker 1: a squishy football, not even a real football at that 663 00:29:28,920 --> 00:29:31,959 Speaker 1: so for these little stupid two dollar schotskis, they're burying 664 00:29:32,000 --> 00:29:35,560 Speaker 1: these poor bastards, and you know, these poor kids in 665 00:29:35,800 --> 00:29:38,479 Speaker 1: awful interest rate cards. And of course, as a kid, 666 00:29:38,560 --> 00:29:40,400 Speaker 1: you're like, oh, cool, dude, I just got ten grand. 667 00:29:40,400 --> 00:29:42,680 Speaker 1: What did I go buy a freaking stereo from Circuit City? 668 00:29:43,120 --> 00:29:46,240 Speaker 1: Aging myself at all? Right, But that's my point is 669 00:29:46,240 --> 00:29:49,320 Speaker 1: is had had I had a little bit more literacy 670 00:29:49,760 --> 00:29:51,920 Speaker 1: on finances as a kid when I was eighteen going 671 00:29:51,960 --> 00:29:54,200 Speaker 1: into college, I probably wouldn't have done that. I probably 672 00:29:54,200 --> 00:29:56,200 Speaker 1: would have been more excited to take that money and 673 00:29:56,280 --> 00:29:59,120 Speaker 1: invested into something like we talked about on last week's episode. 674 00:29:59,160 --> 00:30:01,160 Speaker 1: So don't be a afraid to talk to your kids 675 00:30:01,160 --> 00:30:03,680 Speaker 1: about money. And as you get older, you know, Connor 676 00:30:03,720 --> 00:30:05,160 Speaker 1: and I have been talking a lot about what we 677 00:30:05,240 --> 00:30:07,440 Speaker 1: didn't get when we went to college. But you know, 678 00:30:07,480 --> 00:30:10,360 Speaker 1: it's unfortunate the kids. Why is it that I had 679 00:30:10,400 --> 00:30:12,000 Speaker 1: home mech and I learned how to ham a freaking 680 00:30:12,040 --> 00:30:14,680 Speaker 1: pair of pants, but nobody told me about credit. Nobody 681 00:30:14,680 --> 00:30:16,800 Speaker 1: told me how to buy my first house. Nobody told 682 00:30:16,840 --> 00:30:18,800 Speaker 1: me how I would qualify for a house, how I 683 00:30:18,840 --> 00:30:21,840 Speaker 1: should be watching my revenue and paying taxes so that 684 00:30:21,880 --> 00:30:23,200 Speaker 1: I could you know I was a server, I was 685 00:30:23,200 --> 00:30:26,160 Speaker 1: making cash money I IRS, but I would not claim 686 00:30:26,200 --> 00:30:27,720 Speaker 1: a lot of that right as a kid, You're like, 687 00:30:27,760 --> 00:30:29,280 Speaker 1: oh cool, I don't want to pay taxes, I won't 688 00:30:29,320 --> 00:30:31,160 Speaker 1: claim it. The problem was, even though I was making 689 00:30:31,160 --> 00:30:32,880 Speaker 1: a lot of money as a bartender, when I was 690 00:30:32,880 --> 00:30:35,040 Speaker 1: ready to buy my first house, I couldn't qualify as easily, 691 00:30:35,120 --> 00:30:36,880 Speaker 1: so I had to pay a higher rate or borrow money. 692 00:30:37,120 --> 00:30:40,320 Speaker 1: So again you'll notice I'm a big advocate of paying taxes, 693 00:30:40,400 --> 00:30:42,640 Speaker 1: especially if you're running your business right, so you can 694 00:30:42,760 --> 00:30:44,760 Speaker 1: leverage yourself and actually make a hell of a lot 695 00:30:44,800 --> 00:30:46,680 Speaker 1: more money by paying those taxes that you thought was 696 00:30:46,720 --> 00:30:50,840 Speaker 1: a bad idea. Again, for kids, and doing these resources 697 00:30:50,920 --> 00:30:53,760 Speaker 1: from from the school standpoint, you know, don't be afraid 698 00:30:53,760 --> 00:30:55,320 Speaker 1: to ask your kid like, hey, what are you learning 699 00:30:55,360 --> 00:30:58,440 Speaker 1: from an education standpoint? Give them outside education and sit 700 00:30:58,480 --> 00:31:00,520 Speaker 1: them in front of a YouTube episode of you know, 701 00:31:00,720 --> 00:31:03,560 Speaker 1: Making Money Matter or anything like that, because there's a 702 00:31:03,640 --> 00:31:06,520 Speaker 1: huge disconnect between kids learning about money, and by the 703 00:31:06,520 --> 00:31:08,200 Speaker 1: time you're old enough and you fuck up your money, 704 00:31:08,200 --> 00:31:09,960 Speaker 1: you're like, oh shit, I wish I knew that. When 705 00:31:09,960 --> 00:31:11,680 Speaker 1: I was these guys's age here in the studio, you 706 00:31:11,680 --> 00:31:13,760 Speaker 1: know what I mean. So from that point, we're going 707 00:31:13,840 --> 00:31:16,120 Speaker 1: to end up with my favorite topic, which is side 708 00:31:16,160 --> 00:31:19,800 Speaker 1: hustles and passive income. Y'all, I'm the king of side hustles. 709 00:31:19,800 --> 00:31:21,680 Speaker 1: You know. I did everything from shit I shouldn't have 710 00:31:21,720 --> 00:31:23,640 Speaker 1: been doing when I was younger that was illegal, to 711 00:31:25,320 --> 00:31:27,360 Speaker 1: things that I've been too embarrassed to talk about. But 712 00:31:27,480 --> 00:31:29,640 Speaker 1: I loved making money on the side. Whether I was 713 00:31:29,680 --> 00:31:32,440 Speaker 1: a financial advisor, whether I was doing corporate shit, whether 714 00:31:32,480 --> 00:31:35,560 Speaker 1: I was a bartender in a restaurant. And through COVID, 715 00:31:35,600 --> 00:31:38,080 Speaker 1: we all saw that a lot of people started hurting 716 00:31:38,120 --> 00:31:40,680 Speaker 1: because they were dependent on one source of income. No 717 00:31:40,680 --> 00:31:43,719 Speaker 1: matter what you're doing, whether you're in media like we are, 718 00:31:43,760 --> 00:31:45,680 Speaker 1: if you're a public speaker like I was doing, if 719 00:31:45,720 --> 00:31:48,160 Speaker 1: you're an advisor, if you're a lawyer, there's no reason 720 00:31:48,160 --> 00:31:50,840 Speaker 1: why you shouldn't have multiple streams of income for several reasons. 721 00:31:51,120 --> 00:31:53,280 Speaker 1: First of all, hell, you're making more money right If 722 00:31:53,280 --> 00:31:54,920 Speaker 1: you already got one source of revenue and you can 723 00:31:54,960 --> 00:31:57,360 Speaker 1: double that source of revenue through a passive income stream, 724 00:31:57,440 --> 00:31:59,560 Speaker 1: why the hell wouldn't you do that? Then you could 725 00:31:59,560 --> 00:32:01,920 Speaker 1: look at look your industry, as great as it is, 726 00:32:02,280 --> 00:32:05,000 Speaker 1: it may get disrupted guys. Right, it may all of 727 00:32:05,040 --> 00:32:08,560 Speaker 1: a sudden become obsolete tomorrow. You know, iHeartMedia, God forbid, 728 00:32:08,600 --> 00:32:11,120 Speaker 1: could get bought out by another conglomerate and cannabis become 729 00:32:11,120 --> 00:32:14,160 Speaker 1: federally illegal. Just some crazy bullshit would happen, and all 730 00:32:14,200 --> 00:32:16,120 Speaker 1: of a sudden, this would go down. Well, I guarantee 731 00:32:16,160 --> 00:32:19,720 Speaker 1: you myself blow Ju grond Jun Joe Grande and a 732 00:32:19,760 --> 00:32:21,800 Speaker 1: lot of the guys here. We're really trying to educate 733 00:32:21,840 --> 00:32:24,320 Speaker 1: everybody here in the studio and our staff to have 734 00:32:24,400 --> 00:32:27,240 Speaker 1: multiple streams of income. You've heard me talk about passive 735 00:32:27,280 --> 00:32:30,240 Speaker 1: income through real estate. You've heard me talk about e 736 00:32:30,280 --> 00:32:33,280 Speaker 1: commerce ideas. We've talked about, you know, hating to automate, 737 00:32:33,480 --> 00:32:35,040 Speaker 1: but there's a lot of great ways that you can 738 00:32:35,080 --> 00:32:38,800 Speaker 1: create passive income yourself where you're not dependent on anybody else. 739 00:32:39,520 --> 00:32:42,000 Speaker 1: Gary Veef, you know who that is. Gary Vaynerchuk is 740 00:32:42,000 --> 00:32:44,560 Speaker 1: a big advocate of this. I love watching his content 741 00:32:44,560 --> 00:32:48,480 Speaker 1: because he's constantly giving real world ideas to people at 742 00:32:48,480 --> 00:32:51,360 Speaker 1: home where you can create these great sources of revenue. Right, 743 00:32:51,680 --> 00:32:54,120 Speaker 1: for example, he talks greatly about it. Even though the 744 00:32:54,200 --> 00:32:57,120 Speaker 1: dude's almost a billionaire, he still goes to groad cells 745 00:32:57,320 --> 00:32:59,720 Speaker 1: and What he does is he finds things that on 746 00:32:59,800 --> 00:33:02,200 Speaker 1: e are going for like a thousand dollars, these little 747 00:33:02,200 --> 00:33:04,200 Speaker 1: glass figurines, and he'll go buy him up on a 748 00:33:04,240 --> 00:33:06,800 Speaker 1: weekend and he's making five to ten grand. He has 749 00:33:06,840 --> 00:33:09,320 Speaker 1: this other great side hustle that I've taught several people 750 00:33:09,320 --> 00:33:11,600 Speaker 1: how to do, and it doesn't take much. You know 751 00:33:11,640 --> 00:33:14,120 Speaker 1: what he does, guys. He goes to outlet centers, or 752 00:33:14,160 --> 00:33:16,080 Speaker 1: he goes to Target, he goes to Walmart. You know 753 00:33:16,120 --> 00:33:17,720 Speaker 1: what they call him those end caps where they have 754 00:33:17,760 --> 00:33:20,000 Speaker 1: the clear in section. He'll go to the clearing section. 755 00:33:20,080 --> 00:33:22,200 Speaker 1: A lot of times these things are like eighty percent off, 756 00:33:22,440 --> 00:33:24,640 Speaker 1: and he brings this barcode thing on his app and 757 00:33:24,680 --> 00:33:26,840 Speaker 1: he scans those items, and then he goes on eBay 758 00:33:26,840 --> 00:33:28,880 Speaker 1: and there's these whole little apps that do this for you. 759 00:33:29,200 --> 00:33:30,800 Speaker 1: So now he can say, Okay, I'm gonna put in 760 00:33:30,800 --> 00:33:32,880 Speaker 1: five hundred dollars and I need to find something that 761 00:33:32,920 --> 00:33:35,040 Speaker 1: I can sell for at least double. And he's doing 762 00:33:35,040 --> 00:33:37,360 Speaker 1: that three to four stores a day. Dude's making like 763 00:33:37,400 --> 00:33:39,600 Speaker 1: four to five grand a week. You know, that's twenty 764 00:33:39,600 --> 00:33:41,080 Speaker 1: grand a month. I don't know about most of you 765 00:33:41,120 --> 00:33:43,480 Speaker 1: at home, but anybody could use that and that's probably 766 00:33:43,520 --> 00:33:45,720 Speaker 1: taken the dude two to three hours a week, right. 767 00:33:46,760 --> 00:33:50,560 Speaker 1: Frick with jet, Chat, chat GPT these days. I mean 768 00:33:50,640 --> 00:33:53,920 Speaker 1: it's literally dummy proof. Just Google or chat GPT it. 769 00:33:54,520 --> 00:33:56,520 Speaker 1: What are some side sources of side hustles that I 770 00:33:56,560 --> 00:33:58,560 Speaker 1: can make for less than five thousand dollars put in 771 00:33:58,600 --> 00:34:01,520 Speaker 1: your budget? I challenge you to DM me if you 772 00:34:01,560 --> 00:34:03,360 Speaker 1: have an issue with that, because I promise you if 773 00:34:03,400 --> 00:34:05,280 Speaker 1: you can create these side hustles, you'd be surprised that 774 00:34:05,360 --> 00:34:09,799 Speaker 1: you can create these alternative sources of revenue. Right now, 775 00:34:09,840 --> 00:34:11,960 Speaker 1: With that said, guys, I want to end with this. 776 00:34:12,360 --> 00:34:14,040 Speaker 1: We're going to have a legal disclimmer at the beginning, 777 00:34:14,040 --> 00:34:16,000 Speaker 1: but I cannot stress enough you guys, this is my world, 778 00:34:16,080 --> 00:34:18,600 Speaker 1: real world experience. This is only advice that I'm giving you. 779 00:34:18,640 --> 00:34:21,160 Speaker 1: This is not intended as financial advice. This is purely 780 00:34:21,200 --> 00:34:23,920 Speaker 1: for educational purposes, only entertainment purposes. 781 00:34:23,920 --> 00:34:24,160 Speaker 2: Only. 782 00:34:24,480 --> 00:34:27,520 Speaker 1: Do your own due diligence, reach out to professional, do 783 00:34:27,600 --> 00:34:29,920 Speaker 1: not rely on my advice. I hope I'm clear about 784 00:34:29,920 --> 00:34:32,880 Speaker 1: that now, you guys again, check out as the final 785 00:34:32,960 --> 00:34:35,239 Speaker 1: side hustle. Of course, you heard me talk about it 786 00:34:35,320 --> 00:34:38,200 Speaker 1: on the last segment, and that is master Mentors Live. Guys, 787 00:34:38,200 --> 00:34:40,399 Speaker 1: do not sleep on this. It's free. Come check it out, 788 00:34:40,440 --> 00:34:43,280 Speaker 1: go to the website. We'll probably have some digital content 789 00:34:43,320 --> 00:34:45,399 Speaker 1: on it as well. If you want to get into 790 00:34:45,400 --> 00:34:47,879 Speaker 1: the cannabis game, you don't know where to start, we're 791 00:34:47,960 --> 00:34:50,480 Speaker 1: your guys for that. So before I leave, I want 792 00:34:50,480 --> 00:34:53,240 Speaker 1: to sincerely thank everybody here in the studio who helps 793 00:34:53,280 --> 00:34:55,640 Speaker 1: me make this happen every Friday. Of course, we've got 794 00:34:55,680 --> 00:34:58,240 Speaker 1: Blue Joe Grade, but there's a whole army behind the scenes, 795 00:34:58,280 --> 00:35:01,640 Speaker 1: from Adrian Amir, the Two Ou Says, Mondo Madison, Teddy 796 00:35:01,719 --> 00:35:05,560 Speaker 1: the show Dog, Daniel O'Connor, Elbert, Keith Cambaxter, Beach Barcelura, 797 00:35:05,600 --> 00:35:09,240 Speaker 1: Ali Muffins, Sunday, Cassie Ruby, Goldie Brother, Pitt, Mark Carnes, 798 00:35:09,320 --> 00:35:12,239 Speaker 1: Chris Frankino, Jennifer Erica and Elvis. Now, you guys, thank 799 00:35:12,239 --> 00:35:14,279 Speaker 1: you so much for listening Financial Fridays. I'm honored to 800 00:35:14,280 --> 00:35:16,680 Speaker 1: be here with you. Always here on Cannabis Talk one 801 00:35:16,680 --> 00:35:18,799 Speaker 1: on one with Blue and Joe Grande, the world's number 802 00:35:18,800 --> 00:35:22,320 Speaker 1: one source for everything cannabis. I'm Tony Kay. You're Insider Investor. 803 00:35:22,360 --> 00:35:24,280 Speaker 1: You can always find me on Instagram at the Insider 804 00:35:24,280 --> 00:35:26,799 Speaker 1: Investor I'll see you next Friday. Remember to keep your 805 00:35:26,840 --> 00:35:28,719 Speaker 1: wallet tight, keep your mind right. I look forward to 806 00:35:28,760 --> 00:35:30,880 Speaker 1: seeing you on the inside. See you, guys. 807 00:35:31,640 --> 00:35:34,480 Speaker 2: Thank you for listening to Financial Fridays with the Insider 808 00:35:34,560 --> 00:35:38,200 Speaker 2: investor Tony Kay on Cannabis Talk one oh one, the 809 00:35:38,320 --> 00:35:42,000 Speaker 2: world's number one source for everything cannabis.