Imagine peeling back the layers of your financial understanding, only to discover a tapestry woven with the threads of assets, liabilities, and the pursuit of true wealth. That's precisely what we're doing in this episode, where we dissect the all-too-common chase for material success and the seductive allure of greed. We're joined by guests like Ryan, who brings his rich real-estate experience to the table, as well as community members who offer their own practical strategies for leveraging assets.
Strap yourself in for a rollercoaster ride of candid reflections, as I lay bare the struggle between the business we work in and the business we own, inspired by the timeless wisdom of "Rich Dad Poor Dad." We dissect the fluctuating landscape of modern investment, evaluating everything from cryptocurrency to Pokémon cards, while sharing personal stories that navigate the fine line between assets growing your wealth and the liabilities eating it away. Ryan's anecdotes on real estate strategy and a guest's take on the intricacies of market investment deepen the conversation, offering a well-rounded perspective.
As we wrap up, I don't just leave you with strategies and stories; we engage in a heart-to-heart on the balancing act of entrepreneurship and fatherhood, exploring the intersection where the pursuit of financial growth meets the fullness of family life. We celebrate the small victories and encourage each other in our collective journey towards financial enlightenment. So join us for an episode that's not just about growing your bank balance but also about enriching your life's portfolio.
FYI OUTRO
Imagine peeling back the layers of your financial understanding, only to discover a tapestry woven with the threads of assets, liabilities, and the pursuit of true wealth. That's precisely what we're doing in this episode, where we dissect the all-too-common chase for material success and the seductive allure of greed. We're joined by guests like Ryan, who brings his rich real-estate experience to the table, as well as community members who offer their own practical strategies for leveraging assets.
Strap yourself in for a rollercoaster ride of candid reflections, as I lay bare the struggle between the business we work in and the business we own, inspired by the timeless wisdom of "Rich Dad Poor Dad." We dissect the fluctuating landscape of modern investment, evaluating everything from cryptocurrency to Pokémon cards, while sharing personal stories that navigate the fine line between assets growing your wealth and the liabilities eating it away. Ryan's anecdotes on real estate strategy and a guest's take on the intricacies of market investment deepen the conversation, offering a well-rounded perspective.
As we wrap up, I don't just leave you with strategies and stories; we engage in a heart-to-heart on the balancing act of entrepreneurship and fatherhood, exploring the intersection where the pursuit of financial growth meets the fullness of family life. We celebrate the small victories and encourage each other in our collective journey towards financial enlightenment. So join us for an episode that's not just about growing your bank balance but also about enriching your life's portfolio.
FYI OUTRO
I, I, you. What does it seem like you still want more. Where is it going? Turns out you don't need that stuff. What's it all for? What does it seem like you still want more? Show me like the leprosy. You're spending like a gas machine.
Speaker 1:Smile show your golden teeth. That's how you cover up your cavities. You're not falling as soft. Someone tell me something, try nothing, take my money. I've got pockets full of gold. No, I don't know nothing. Just stop acting like me. I've seen greedy people All the way up in songs. I've seen them right here Coming over. No, where is it going? How bad do you need that stuff? What's it all for? What does it seem like you still want more? Where is it going?
Speaker 2:Turns out you don't need that stuff.
Speaker 1:What's it all for? What does it seem like you still want more. Show me like the leprosy. You're spending like a gas machine Smile show your golden teeth that's how you cover up your cavities. You're not falling as soft.
Speaker 5:I switched it back to book time. But I don't know, bamboo boom time sounds pretty awesome. Welcome, my friends. I'm excited for tonight's space. I am pooped. I'll tell you that right off the bat. I am in ultimate relaxation mode. I'm not looking forward to showering. I'm that tired. But I've got energy to book club it up. I've got all sorts of book club energy. My body is just pooped. We got our butts kicked at class tonight.
Speaker 5:I'm excited to be sitting and chilling, kind of kick my feet up at the end of the day and talk about this chapter. I'm really excited, really quick, before Jazzy with primemates sneaks out of here. He's so busy and I just have to tell you guys. I appreciate he was letting me know. Hey, I can't come up to talk, but I would love to give you my thoughts. Basically and he says he's read it a few times I just want to give you a few thoughts from him real quick If you can't come up.
Speaker 5:He said that the knowledge can also be applied to Web 3, which is real cool, and what I like that he explained is there's a lot of evergreen type ideas surrounding the assets. So apparently we'll get in talking about real estates, it sounds like and talking about depreciation of property taxes and we'll get into that stuff. But it also sounds like that term asset, according to Jazzy, is used a lot in the book to be evergreen and relevant to anyone. And he also wanted to say let's see, this book was written 40 years ago and with that mindset it is a macro aspect a little bit more than a micro, and it's all about holding 10 properties. Okay, so we're getting some spoilers here. He does apparently talk about some properties. So pay off all 10 on sale and you're left with 5 to pay off properties, paying you rent each. Interesting. Okay. So I guess we will get into some real estate stuff. But let's see what else. Live where you want to and where others want to live, using leverage to live off of.
Speaker 5:So this is exciting, jazzy, I appreciate your thoughts and it's fun to get people chiming in and new people to the space. I also have to let you know Sassy. She said she's going to try to get here to listen but she's super busy tonight. She's possibly not going to be able to come up to speak, but she even said maybe for Monday I will pre-record or write out some thoughts she's in. I love that, so I'm really stoked for any new members coming through, and it's fun to see what books people out there have read and love to come up and talk about. So, jazzy, thanks for coming up, bro. I'd love to hear your thoughts. I was trying to paraphrase and I hope I did an okay job, but it sounds like you've enjoyed the book and I'd love to hear your thoughts, my friend.
Speaker 2:Yeah, man, I read that book and listened to it as well, multiple, multiple times, many, many years ago, through different ventures as well and different understandings from different walks of industries as well. And yeah, it is a book that sometimes you get fumbled on the terminology because it is evergreen, like this was relevant 20 years ago, it's relevant for 30, 40, 50 years ago as well, and then it's also relevant for right now. If anyone's read the book Napoleon Hill, then if you haven't, that's one of your next books you have to read. But if you haven't read that one, that is the same sort of process. This is all the growth and as you go through these books and learn and read them, you can understand that actually they apply to a lot of different manners and also across vast areas. But it's all about consistency and having that end goal, but also having the plan out all the way through. And that's where I say it's a bit like Web3, it's like the growth and everyone's seen the growth of projects build out and develop. If you can take the high level like messaging through it, the evergreen messaging, you can apply that to any aspect.
Speaker 2:Yeah, it's an amazing book and I continually read over and over and over again, because the more times you read it, the more times you hear something, pick up something different as well, and it's about the mentality. A rich person's never experienced something in that sort of nothing, and someone going from nothing to then having something will always, in a way, hold themselves back Because what if this happened, whereas a rich person never had that. I've never experienced that. What if that happened? Now look at that book and go forward. I'm passionate about these ones. I love that you're doing this, brother. You certainly set the trends in Web3, without realizing it.
Speaker 5:I love it. Oh, brother, it's great to have you. Thank you for your thoughts. That's a great way to kick off tonight's space. My friend, I love having you up here on stage anytime you want to come through, and that goes for anyone else. I'm always reminding people we love to have you up here, but of course, we love to have you listening as well. It's just awesome to have anyone participating in SASE. I wanted to make sure you heard my shout out. I was saying how excited I was that you were telling me that you might need to pre-record some thoughts when you can't make this space. Oh, it's so exciting to get new members to the book club and I'm, of course, excited to have a mix of all personalities, genders and demographics. It's so cool. So thank you guys for being here tonight. I'm especially excited because the chapter was really short, but I think that the discussion can be really really broad and kind of go where we want it to, and I think everyone's take might be a little different from this chapter. I'll give my quick little take and then read over the questions, and I'm excited to hear what your guys' thoughts are.
Speaker 5:The title on this one Mind your Own Business. I like that title because it's kind of like whoa, what are you telling me to back off, or what it's like essentially like don't forget that you can also have a business in the background. That's kind of my title for this chapter. Don't forget that you can also work on some stuff in the background. And that's essentially what this chapter was Like. Okay, he brought up the McDonald's guy at the beginning and he asked the people you know, what is it that I do? And he explains that there's a difference between your profession and your business. And I'm just going to go ahead and read over these questions here at the end because I think it does a really good job of summarizing. And again, if you have the newest version, I can't stress this enough how cool I think this little study session is at the back. I'm really, really enjoying it. It hammers it in, helps you remember everything from the chapter and then has its own little structure of helping you think through it.
Speaker 5:And when we read how to Win Friends and Influence People, if you guys remember, part of his instructions for that book was read it and then read it again and then move on to the next chapter, and I think that's such a helpful tip for almost anything you read. Really, I do that quite a bit for important emails I'm sending out. I'll read it and then I'll read it again. Sometimes I'll even come back a few minutes later with a fresh pair of eyes and each time just kind of like what Jazzy was explained and he's read this book a few times and each time you'll catch something different and I'm sure, depending on the chapters of your life and what's going on, I do like this setup. So big two thumbs up from me on the study session.
Speaker 5:And I really like how they are saying hey, you don't need to agree or disagree with Robert, just try to understand what he's saying. So even within this book, they're kind of giving you a little bit of leeway to disagree and they're like that's okay, think about that now. And I like that. This isn't necessarily, you know, follow this. This is the only way. This is the only path. He is allowing for questioning. So I like that. I think that's a little bit different touch than some books. You know. They're giving you the challenge like, hey, read through it, ask some questions, and they are telling you to like talk about it and ask questions. I really think that's a confident way of education. But again, we're only halfway through, so I'm still feeling it out. But let's go ahead and read these questions and then we'll get on with it.
Speaker 5:So, number one what is your profession and what is your business? How do they differ? And I know I gave a really clumsy explanation of what they were talking about with that. But as we discuss things tonight, I'm sure we'll continue to talk about profession versus business. I'm having a hard time answering that question with my life right now. My profession slash business is kind of in different stages, in different compartmentalized sections. I'm still working. I still feel like I have a profession and even though I'm not working in the office on a day to day and our partners we've decided to do that. Just this morning I spent four hours about on meetings. I'm definitely still working. So I don't know if I have a business. It's close. But that was a question for me that's kind of hard to answer and I'm kind of excited to think about the assets a little bit different and set some goals. So this isn't necessarily for me so far, this book telling me I'm right or wrong or what I've done is good or bad. I'm really getting some fun ideas and I feel like my wheels are turning a little bit, so I'll carry on here.
Speaker 5:Number two what are things you might have counted in your net worth before reading this chapter and how do you view them now? Number three are the assets you're acquiring, the type that you love? If not, how can you change that? And in this chapter he said he loves real estate. He loves to look at land, he loves to look at property. So that's what he makes his business is land, real estate, he loves it. So he advises like if you don't love something, don't do it. If you don't love the idea of starting your own business, don't do it. And I'll second that you guys coming from multiple businesses started and multiple successful ones happening right now. It's a life that he said like I wouldn't wish on anyone. You have to love it. You have to love it and if not, it will. I've seen entrepreneurialism destroy some people and really crush their souls and it's not for the faint of heart. But we're all in web three, so I think we're all ready for it. Honestly, like this space is not for the faint of heart, and I think all of us can kind of look at different ways of calling a business, something that we can do in the background. So that's a fun one to think about, I think.
Speaker 5:And then have there been people in your life oh wait, I skipped one what is the time you bought a luxury that your cash flow couldn't justify? What is the time you did so when it could justify the purchase? Compare how you felt in the two situations, both at the moment of purchase and later. And, number five, have there been people in your family who have spent their whole lives working for someone else, only to end up with nothing? What would you advise them if you could? And one other thing I wanted to point out last Monday we were all a little bit disgruntled I guess would be the best word I would say about not knowing what assets are and what he was talking about. I'm excited to say that he did. Oh, I'm still in the study section here. He did lay out a few examples of assets, and so I just wanted to read those real quick, and I like that Jazzy explains them as evergreen, and there's a few here that we could stack onto the list.
Speaker 5:Like Sassy was telling us last Monday, he does like crypto, he does like gold, and so there are different things, but he explains some assets in my world. He says real assets fall into the following categories Businesses that do not require my presence. I own them, but they are managed or run by other people. If I have to work there, it's not a business. It becomes my job and that's the truth. I'm still there, as much as I'm not in the office. I am still managing my compliance work and that's a goal for us to turn it. I like this. This is good terminology for me to talk with my partners also and get them amped up to set these goals. So, like yo, guys, this still isn't a business. We're still employees, even though we're not labeled like that in the structure and everything. This was a good wake up for me. Like yo, I'm still working Some more.
Speaker 5:He says stocks, bonds, income generating real estate. I like that. He differentiated that because it's like you could probably get into some real estate that is income eating, so I like that. He says here, notes, ious. I tell you what. I've had some deals with friends and family that are every bit as good as a deal with the bank. I sign agreements, I sign contracts, I get my attorney involved and I do it the whole thing and an IOU, can I like how he labels it as that but essentially, I would make sure you get a contract in place if you're going down that route, though.
Speaker 5:So royalties from intellectual property, such as music, scripts and patents, and then anything else that has value, produces income or appreciates and has a ready market. So there, with that last part, I think, opens up the evergreen, forever idea. Like yo, maybe it doesn't exist yet. Maybe in two years there is a business that you will have that is based off of AI music that will come out three months from now, and you'll hop on. You know, I really think at this point, it's kind of up to you that's what I'm getting from him and from some other people's thoughts it's kind of up to you to determine what is an asset for you and what is a liability, and to mentally shift things in that direction. So I like where this is going.
Speaker 5:I got amped up with this one, mostly thinking about my partners and how we can shift from one category to the other. We all want to get there, and there's just some of us that have a hard time stepping away. In a partnership, if one person has a hard time stepping away, you're like, oh, maybe I should go step into the office for a sec, because they are and I don't want to feel like I'm not doing anything and we got to make that final jump from like, yo, I don't want to work anymore, let's make a business. I love that. That was a good, clear cut, big goal for me that I've already gotten out of this book and I didn't quite know that I felt like I had a business because I'm at home. But I'll be darned, it takes up a lot of my time still and I definitely am on the clock. So, yeah, I guess that's my take from tonight and I'll definitely have more thoughts.
Speaker 5:As always, guys, I'll try to keep my mouth shut during your takes here, but I liked this one and I'm excited to hear if other people didn't and what people disagree with, because I'll get caught up in my thoughts. Like the fictional books, I'll kind of get caught up in the story and with these ones self-help books I get caught up in my wheels turning in my head. So my dogs are telling me it's someone else's turn to speak. Sparky, how about you? Would you like to have the first take tonight, my friend?
Speaker 4:Sure I could, if you want me to, I think for me. I feel like this book is a little misleading in some sense because, especially in modern times, I find that, at least at least because we're like we're on the third chapter and we haven't really gotten into the rest of the book. My take on it so far is it's kind of difficult to say this stuff, especially to like the average consumer that's out there right now. I understand buying a computer or buying shoes or stuff of that sense is a liability. We do need some of that stuff to do some of the things that we do on a daily basis, whether it's for work or for hobbies or whatever. But I think, especially with modern times, everything is so expensive that trying to just tell someone of like middle class or lower income class that you need to stop wasting money on liabilities and put it into assets is very difficult, because things that are classified as liabilities are like a lot of them are still necessities that you need.
Speaker 4:I find that there's a lot of people in today's society that aren't really I mean, there's still a lot of people that are spending needlessly, but there's a lot of people who are struggling and they wind up being what's classified as house poor or whatever you want to say. They've bought a house but they're making every payment but they're not able to afford anything else because they don't have any money. It's tough to say to someone who's just living paycheck to paycheck, in that essence, to say, like go buy assets. If your money is literally tied up on your monthly paycheck or your monthly payments or your bills or whatever, it's difficult to be able to stretch that money.
Speaker 4:Again, I'm coming from somebody who, even before I wasn't working, for the last 13 months we were struggling to make ends meet because the money that I was producing in my career was just like with me and my wife we were just covering everything that we had to pay for. We weren't really spending money on needless things in terms of like going and buying a new toy or a new thing here or there. Outside I say like Christmas for my son and whatnot. I'm not going and buying a new computer or a new phone every year or every two years or whatever. We're not getting new cars every three years or however often some people get new cars.
Speaker 5:I've actually remembered a couple of times you've mentioned that you guys are very careful to not upgrade until you have to and you don't like to waste on needless upgrades. Yeah, I completely can track with you. I think you guys you're making a really good point where and especially now that's what I was going to say 2024, things are dramatically even getting different by the month in these days as far as just produce at the store, and things are getting expensive. I think that does need to be taken into account. For sure it's not the same as my parents when they bought a house, and I don't mean to interrupt you, but those are good points.
Speaker 4:Again touching on that, when my parents bought their first house I think the average household income at the time was about $30,000 something thousand dollars my parents first house. It cost them like $66,000. Their combined yearly income was about half of their first house purchase. The average household in Canada is about $500,000. It might be more than that, maybe $600,000 at this point. Last time I looked at it I think it was like $525,000. The average household income is like $90,000. That's not even close to being able to.
Speaker 4:If you're wanting to buy, let's talk about real estate. If you're wanting to buy real estate as an asset not even just your own house, but multiple houses nobody's affording that in today's economy. The average middle class person couldn't afford multiple houses, let alone one for themselves. I feel like it's especially with saying it tracks with modern not to bash Jazzy in any way or his take but that it tracks with modern economic trends and stuff. It's tough to say that because everything right now is so expensive that it's very difficult for the average family to be able to purchase assets.
Speaker 4:Even before I was not working, I got into stocks and I tried to learn stocks. I bought some of the low-end stocks at the time, but the stock market has been fucking bonkers in the last three years, especially since GME had its thing. We could go into that whole debacle and everything there, but that's a whole other debate for another day. Since that thing happened, the stock market has been so volatile that you could buy into a startup and it could be at, let's say, $1.50 for its stock price, or even a dollar. It's just starting out, but then six weeks later it's 35 cents. What the fuck he's saying? I'm only staying in these stocks for a year for some of these things. It's all great and well and good to go buy these assets and this, that and the other thing.
Speaker 4:The fact of the matter is we talk about financial literacy. It's not so much about financial literacy as it is just the knowledge about these assets in general. You can't go purchase something if you don't understand the ins and outs of it and how it's potentially going to go up or down and all that stuff. Trying to get into the stock market and buy stocks nobody knows about that stuff because they don't teach it. Then trying to learn it on your own there's so much misinformation out there on when you're trying to learn that aspect. It's almost designed for you to not get into it, because it's very difficult to find that information and find the right information. Then, because of how volatile that stuff is, what you're learning isn't guaranteed.
Speaker 4:I have learned so much about technical analysis and bull flags and bear flags and all the different patterns and all that shit. You can read something and see it going one way and you're like, okay, I'm going to buy in here. It does the exact opposite. That stuff doesn't work. It's like maybe 50% of the time that it actually works. Again, coming from someone who tried to learn all this stuff, maybe I'm doing shit wrong and there's people out there who are doing shit better than me and they're learning it. Maybe my fractured brain, with my ADHD, is not finding that key. Whatever algorithm I need to find to be able to be successful in this stuff, which is highly probable At the end of the day it's very difficult to learn this stuff from an average person's perspective and it can be overwhelming to try and learn this shit on a grander scale, trying to learn for multiple avenues, multiple different assets.
Speaker 4:Saying crypto as an asset, look at what just happened with Bitcoin. It went from 42 down to 38 in the blink of an eye. It's come back up a bit, but saying this stuff as an asset and seeing how volatile it is, I remember when crypto was around 60,000, 70,000 and people were like, oh, it's going 100,000, no problem, it dropped, it tanked down to 20 grand. It's really difficult for me to read this and take it at face value that you need to buy into these assets and stop wasting money on liabilities, because all these assets, especially the ones that he's talking about, essentially are liabilities, especially if you don't understand the ins and outs of them and don't learn the ins and outs of them.
Speaker 4:In real estate. We're in a position where the stuff that happened in 2008 is repeating and it's almost at the brink of where it's going to collapse again, but people aren't realizing this and people aren't seeing it. If you're to, let's say, we're having this conversation right now and you're to start getting into real estate in the current timeframe and in two years' time, shit just tanks and you bought something for, like I don't know, 500 grand and in two years it's now worth 150,000. It's like, well, shit, that didn't work. So I don't know.
Speaker 4:I'm struggling with this mentality of buying assets and that stuff. There is some stuff that I agree with, don't get me wrong and I think we do need to educate ourselves and we do need to be taught more. But again, I don't know if he's going to discuss it later on in the book. But to say buy these assets without further educating on those specific assets is a tricky one, because it's not something for me to be like go buy Pokemon cards because they just appreciate in value, but it's like they don't. If you don't know the ins and outs of Pokemon cards and what makes them valuable and why they're valuable, just buying, going to the store and buying a pack of Pokemon cards, and if you get one of the rare ones, well, is it?
Speaker 4:a first edition. Does it have foxing on the edges? Is it faded? Does it have the misprint that was supposed to be there for the rarity to make it worthwhile? Not that I'm saying Pokemon cards are an asset in any way, but some people would treat it as one, because even look at someone like Logan Paul, who he bought a Charizard, a rare Charizard that was already pre-graded. It was a PGS 10 or whatever, I don't know the friggin whatever. There's two different grading systems. He bought it from the one that there was more in the system. There was maybe 15 or 20 of them out there. He bought it from Gary Vee.
Speaker 4:He was looking at it in its case and the cases are sealed. It's done in a way that you can't crack the thing open and it's worth like 800 grand or something. I don't know the exact figures. This looks perfect. He thought, if I could crack this open, take the card out, send the card to the other company where there's only three of this level, this high level of Pokemon card, if there's only two of them, if I were to get the third one, because they would grade it as a brand new card, they wouldn't know it was one that I cracked out If they were to grade it as a 10,. I now have a $20 million card or whatever the fuck it's worth. I don't know the exact amount. He did that, but he also risked damaging the card and ruining. He could have lost so much money in that essence. He gained value in that essence, but there was a high risk there.
Speaker 4:Again, if you don't know what you're looking for and you obviously don't have the money to spend on something like that, the average person isn't going to go. Oh, I should spend 30 grand on a box of Pokemon cards. There are some of the original Pokemon card boxes out there that are still sealed, still with the cellophane wrap on it. All the cards are sealed and you could pull a super rare charge out of there. That would be worth several millions of dollars or whatever it ends up being. They're selling those boxes for like 30 grand apiece. Who has the kind of money to invest in that, to maybe get something that's worth a crap load of money when you're paying your bills? Again, I agree with the stuff that we discussed last week where don't be frivolous, spend your money wisely, don't waste money. As we discussed, I'm trying to get into making my own stuff now, as opposed to buying things on a regular basis just to make things cheaper we talked about coffee and that sort of stuff or buying in bulk or doing things that minimize your quote liabilities. I still have a very tough time following the stuff that he's saying when it's not as clear.
Speaker 4:Cut as that Royalties from intellectual properties such as music, scripts and patents. Again, the average person isn't going to have any kind of access to that stuff. They're not going to have intellectual property as music or scripts. The fact of it is, like most people who try and write a script, it gets thrown in the garbage because it's not a good script. They don't have screenwriting abilities or scriptwriting abilities. It's very difficult to come up with an original patent. That is, if you don't have the engineering degree for technology patent something else that you have to have the background to be able to patent something.
Speaker 4:There's some of us who are getting into NFTs and we have the rights to our own IP, but majority of people wouldn't really understand what to do with those IP rights or how to utilize them. You could sell some of them. You could sell to, let's say, a marijuana company and it would be put on a weed label and then you're making money off of that to some degree. You could sell it to a comic book and they could use it as a main character, but majority of those people would rather just make their own again and not have to utilize yours. So unless you are building your own business and your own brand based off of that IP that you've purchased, it's very difficult, especially with NFTs, if you don't understand IP rights and the different levels that are out there for the creative copyright stuff. It becomes a whole other issue if you have full creative freedom with it. If you have just certain amount, there's different levels that you could use it for some stuff but you couldn't use it for others. It becomes very dicey if it's not clear from the project standpoint where it stands on, what you can use it for and what you can't use it for. I feel like a lot of the problems end up being with the projects that aren't clear on that stuff.
Speaker 4:I believe in some projects that are CC0, which means that literally anybody can use the IP. You don't have to have the ownership of it to be able to use it. So let's say Panamania was CC0, any one of the NFTs in the collection. I could turn around and use for my own branding. I could put it on a box of cereal and call it Panda Cheerios or Panda O's or whatever. Nobody could do anything about it because you've given away the free rights and there's a few projects out there that are CC0.
Speaker 4:So, again, sure, some of us have these assets that you would classify as assets in terms of the NFTs, but a lot of them, the price has gone to zero or it's close to zero and it's not actually worth anything. The only thing it's really worth is you utilizing it for the IP rights, but, again, not a lot of people have the knowledge and capability in current timeframes to do that. So I feel like the education should be more in not telling people to go buy assets and not telling people to stop spending money on stupid stuff or whatever, but teaching people on the intricacies of these assets and how to utilize them properly. As opposed to, this is what you should buy, because it's always going up or whatever. Again, because look at crypto it doesn't always go up. Stock market doesn't always go up.
Speaker 4:We've had several crashes in our history with the stock market, especially with the real estate market. I mean, the US got hit way more than Canada did in the stock market or not in the stock market, in the real estate market in 2008. Canada has just been going up. We never had a dropout like you guys did, and there was houses that used to be worth like 500 grand in the States. The same size house is about 500 grand in Canada, but when the stock, the real estate market, crashed in the US, those houses in the US were like 100 grand, but the ones in Canada were still 500 grand or they went down a marginal amount.
Speaker 4:So we really haven't had that bubble pop here and it's honestly just a matter of time before it does, because this level of price for the average young adult, you're not affording a new house. You're doing like 1,000 square foot bungalow is 700 grand, like it's. No, you're not buying a new property as a 20-something year old unless you're making 300 grand a year, which lets me realize that nobody is. So I don't know. I've gone on a huge tangent with this. Like I said, there's some aspects of it I think are good, but I feel like it's more trying to teach people to be an entrepreneur as opposed to or like think more like an entrepreneur as opposed to thinking more about the stuff that you need to learn so that you can better your life. I don't know. Like I said, I could probably go on for the remainder of the space on this, but I've taken up a shitload of time.
Speaker 5:Oh, I love a good spark you take. I love that, bro. I love the questioning I love I mean that's my motto with my kids Just read everything and question everything you read. And you guys, if you're looking for business partners, like you got to think about the who raw guy gets everyone amped up. There's the mediator guy that keeps everyone peaceful. You got to have the what if guy. You got to have the question the questioner.
Speaker 5:Like, honestly, sparkies are great asset to have with any kind of collaboration, for any planning, for any event, for any like. The questioning needs to happen. And it's really good because I do agree with you in the sense that this book skips a bunch of like oh yeah, just buy a business. Oh yeah, just buy a house. It's like that's not just an easy like oh okay, I'm ready to go do this. Like I know, seth, you mentioned the snowball last time and we got to get it going.
Speaker 5:But even even 10 years, 15 years, it's real hard to get that snowball up to buying a business level amount of money or buying a house. And I'll tell just from my personal experience with our house you have to have a significant amount of time of debt and your credit score has to reflect that and you've got to. A lot of things have to be in place and it's not just real. Unless you have 600 grand on hand, that's a different story. But I had 50 grand on hand and it was still exceptionally difficult to get into our home and I had really good credit at the time. It's really not just a and maybe there's secrets to that, maybe there's a rich debt real estate course on hacking the system and going through mentors and going through IOUs and find your neighbor with a lot of money and make a deal, type stuff. I'm sure heck.
Speaker 5:I met a guy in my first cruise that he got his start because he caught someone lighting their apartment on fire and he reported the arson and he made an underground deal with the guy with the footage that he had. It was crazy, but like, everyone gets a start somewhere. So I just like those thoughts, the what-ifs. I think it's real healthy and I did see our Jazzy had his hand up. I apologize for keeping you, my friend. I'm excited to hear your thoughts. What do you have? No?
Speaker 2:it's okay. I just want to also add a little input there and also give maybe a bit of a perspective. I suppose with Sparky, where, like, this book is meant to disrupt your mentality, your it's actually really meant to piss you off, it's meant in that manner. So then you question and exactly what you? Your little tangent was perfect, by the way, and it's great that it's recorded, because go back and re-listen and then re-listen it again with the mentality of what you're reading through the book, because, like you said, you feel that the market, the property market, and so it's going to crash right, it will. It's going to bubble, right it's going to happen. There's always a cycle. What the book's almost like indicating is it wants to disrupt you.
Speaker 2:So then you're prepping yourself ready and making sure, hang on, am I on the right avenue? Am I thinking in the right areas for my future? And, like you said, markets might be moving. Well, now you're actually mind I'm sure it was already before, but you might have a different mentality now of more determinous, to look into the markets a little bit more, or other areas and other opportunities. You might oh no, I thought it might move into years. Well, tell you what you've now got two years to get yourself to a position that, okay, I might have more understanding on the market, might have a little bit more education on that point, and then it's getting you the ball rolling. In that manner.
Speaker 2:It is a book to disturb the mindset, to really get that. And trust me, brother, I'm right there with you as well in how things are cost wise and how things are going up and up and up. But at the same time, this book will, if anything, prepare you to understand what you're going through, or what the stages are, I suppose. And then also, yeah, it's a disruption book. It's really set that way and then that's why I've read it like six, seven times, because every time you really you reset that mindset again and you read, adjust, yeah, it is a journey. So I just wanted to you know those aspects towards it. You had so many great points and you're right at that point, like I think, next chapter, two chapters in, you're like, okay, now I get it and it'll just some of you just click and you know those little areas, keep in with it. And I know it really does disrupt, because it's like, yeah, that man, that's not the way that, how much cost things are and your perspective is different. But also I had to point out I should have written it down.
Speaker 2:But when you're saying about liabilities, okay, his understanding of liabilities is also a different aspect of it is now, but the way when you're saying about liabilities that you're considering, I would actually classify them as more of essentials and that would go into these categories of those essentials. You know, those liabilities that's not gonna get you through each month. That's the elements of those. But you know where you are mentioning those are more of an essential liability, which would be something that really can't be removed. You cannot remove. You know day to day feelings and stuff like that and how it is increasing rates. You can't dictate that, but you can set yourselves in the right mentality, I suppose, to accept it when it's the right times. Now it's like it's prepping you and if that comes across correctly, fuck.
Speaker 5:Thank you, jazzy. I think that's really kind of a good goal with any book is like to disrupt your patterns and your thoughts a little bit, hopefully. I think good art will do that. It'll produce thoughts or questions or emotions. And yeah, I think good and that's what I love about this book club is that we can take this chapter further and talk about how we do and each give our take and we can dissect it a little bit and come away with goals. I don't know.
Speaker 5:I really think that the ability to shift your mindset, or at least the ability to ask questions, that's a real skill that some people aren't willing to do and it's kind of scary and some people have to kind of force themselves or teach themselves, and I do on a daily basis. So I like that thought that disrupts just that word that you used. I'd like to be disrupted, I like to question my way of doing things, I like to be challenged and shit. When you mentioned in your DM like 10 houses, I was like oh my gosh, that was like an impossible. Like, oh gosh, am I? I'm not qualified to run an empire. That's like big goals. You know what I mean. This is already elevating my thought process, because that sounds impossible to me. That just, oh, my God, that's the legendary shit.
Speaker 2:Yeah, that's leveraging bank's money to make your money. So that's the element of that is you want to leverage someone else's money to make your money. So then that's where you utilize bank loans to get to yourself, to your first loan. When, if you've picked correct market, you've picked the right location, you know it's, that's the research. You've got to get your piece right. If you've picked correctly and in, say, a year's time, two years time, you can pull down 56 grand equity from it. Again, that's another deposit you can put into another house You've picked correctly, gone the right place. If you do say, like a land and house package where you actually get 30, 40 grand commission back for signing up, as it's a land and house, you know you then multiply and you duplicate that and it's a full business. If you're going to run it as a right. My goal is 10 copies in 10 years. You know it's. That's the stages you build yourself up and once you get to three, to get to six is easier because you've got the track record of debt that's with the banks and the banks want to increase your debt. So then they can guarantee more of a pull out from you, right. And then when you say, when you get to 10 properties. The actual goal, the ultimate goal would be even if that 10 properties is in 20 years time, you sell off five of the best properties. So then you sell off those five properties and, being there, the best ones, in that they've actually gone up in value and if, with markets trending to set every seven years they double in value overall, then ideally your first property should have doubled in value, which means you could pay off that mortgage and the second properties mortgage and so forth so effectively in a perfect world and not in today's market, maybe in two years time with the crashes of markets. Okay, and holding and learning the whole process, learning the you know, actually this property's done better. I'm going to hold that on to generate some more money, but this property is not getting so much rent back to flip it for a good profit. You know, you calculate overall. You sell off five properties which then are able to pay off all 10 property mortgages. Now you're left with no mortgages, but you also have five properties still paying you rent because they are in rentable places and at any point you could sell it off at an absolute profit or decent profit and then along those 10 years you've also drawn down on each one of them.
Speaker 2:If there's a brand new house, or if there a house within 10 years of being built, you still have nearly depreciation taxes to take off of that house. And that could be anything, depending on what country, depending on what states, could be anything up to 50 grand a year that you could depreciation tax off your own income against your house, because everything in your house apart from the land is depreciating in value and the land is the only thing that is appreciated. Land will always appreciate. Houses and brick, mortar items will always depreciate because tomorrow I could roll a bulldozer for it and rebuild it again and I could still sell the land at the same price.
Speaker 2:So that's the and take the emotional part of houses, land and property. You know that's the element Land always appreciation. Everything around is depreciating but at the same time it's a good thing. It's depreciating because you could draw down on the tax depreciation of the blinds, the carpet, the brick and mortar of the house for the next 10 years, going back into original investment. That's like that is a full. If you were to set out your 10 year business and property plan.
Speaker 2:You know you have a team to do that, and that's that would be how you'd be 10 copies in 10 flip.
Speaker 5:Damn, that's some real life monopoly shit. That's a great explanation and honestly, I like how you use the word ideally man. Could you imagine? Can you imagine getting to that point? Like this book really is kind of at the graduated baller level. It's kind of like all right, if you're ready to play some Donald Trump games, let's go. Like it really is some high level goals and that I guess you know agitation, disruption, I'm feeling those because it's like dang, I thought I was doing okay, I've got a long way to go, but that's a good feeling to have. I don't like feeling complacent or satisfied, and of course I do. That's the ultimate goal, but I like to dream and I like to push and so I definitely feel like I got some big britches here to try on.
Speaker 5:I'm really curious now that you explained all of that. I think you missed this. During one of our sessions, jazzy Dapp was explaining a success story with some real estate. So, dapp, I'm really curious getting a peek into kind of the details that Jazzy was going over with 10 pieces of real estate. Is there any part of you, dapp, that is thinking again about real estate? I know you kind of mentioned that, that you are, but also not like oh, you should have done this, but are there any things like going back that you could have kept rolling with that momentum and maybe pulled off, like this 10 property plan?
Speaker 3:Well, with the storage units I had, we had 20 units. There's one building with 20 units and then I had a 1,100 square foot office that had four more units attached to it, so we had a total of 24 units and it was on 2.23 acres. So there was. We could have expanded. The people I sold it to. They have added another building, because when you're talking about storage units, their rule of thumb is once you've obtained 70% occupancy rate regularly, then it's time to add more. You put another building up of whatever one it is that you have. So I mean, we were renting them out for between 50 and 60 bucks a piece, so we were bringing in like 1,300 bucks a month. And then the office I was using completely just on my own, and then I ended up buying our new office at the same time as owning that. So the first piece of property I bought again was the storage units and mill, and nowhere with my office. So I started my business up and then I purchased our house the same year and then, oh, let's see, that was in 2018, no, my bad, 2014. I bought it 2018, we bought our house and then also in 2018. So in January of 2018, we bought our house and then in June of the same year I bought a little bitty it's like 600 square foot is how big our location that we have my computer repair IT business out of now and I did still own the storage units and I started renting out part of the office there as well. I broke it up to where it had several different offices in it and they all had like separate doors on it and I mean it really looked kind of like a house, but I mean it wasn't a house, it was an office. But yeah, I had it rented out like that.
Speaker 3:And then it was kind of weird sometimes. I had this one tenant all you would eat was just meat and that was it. And then I had another tenant that would complain about like the smell there, because it was like storing meat, like just like he had to like moving a deep freeze in there and finally a yoga pad in there. He was staying there. I didn't know that he was sleeping there, other stuff, and I was just like, okay, it's kind of different. But he said that he was an entrepreneur and I mean he really had an interesting setup in there and yeah, I ended up having to like throw the fridge away because it had so much blood everywhere from the meat. It was crazy.
Speaker 3:Insert, you know, edward related story about this guy, this guy it's so Jeffrey Donner. Oh, I mean, I would be lying 100% if it did not cross my mind, jacqueline's mind or anyone else's mind that was around there, office in the middle of nowhere, dude that knows, no one knows, and literally nothing. Super high protein diet, nothing but like eggs, and I mean meat, meat, meat, meat, meat everywhere. It was crazy, but a guy's heart's gotta be screaming, I don't know, but anyways, he was super fit, though he was probably in his 50s, but anyways, besides him-.
Speaker 4:Was his name liver king.
Speaker 3:No, his name was no, yeah, dude, it was similar to that. So I mean I'm sure he had some high blood pressure stuff going on, probably. But man, I mean I don't remember his name. That's a good thing. So I ended up selling it and I sold it. Which was a funny thing was I actually sold it in the same amount of years that I held it, as what Robert was talking about. He said seven years is what he mentions in that chapter. So I sold it after seven years for twice what I paid for it. But I regret selling it now somewhat. But then again, I'm not taking any consideration the kind of situation I was in at the time too, like we bought this other building the house, but then I still didn't. I mean I took that and I paid off our liabilities, Like that's what I did. So like I paid off our cars, I had a line of credit, I paid that off. I had some other stuff that either had like a higher amount of interest or something like that, and I just paid that off.
Speaker 3:And then now we're looking at bank rates of 7% 8% for a mortgage now, which it would be even higher on commercial likely and the well, it would technically be low. It'd probably be about the same or a little lower. But they're gonna make you do that unless you can find something special. They won't do a fixed A lot of times. They'll only do a five year balloon, which means that you're gonna make the payments of, like, a 30 year mortgage or 15 year mortgage it just depends on what you get. Your payments will be the same, but at the end of five years the note is due, meaning that you're gonna have to pay the full remainder or you're gonna have to refinance. You'll have to roll it over again. So then you get. You know, that way they get another three grand or whatever of closing costs and stuff out of you every single time you go to do that.
Speaker 3:So now me holding on to the. I've been holding on to the cash that I've gotten from doing that and I've been waiting to do something with it since 21. And but I mean, you know it's yielding stuff, but I'm also outpacing what our current rate on our house is, which was like 3.25, but I got something that's making five. So then I'm like well, why would I pay the house off? You know, because it's actually yielding more than what it would do if I were to go ahead and just pay the house off with it. So there's an arbitrage opportunity right there where I'm making two-ish percent without doing it Now.
Speaker 3:Does my wife like that? No, because she wants to just go ahead and knock it out and be done with it. Does my father-in-law like that? No, because he wants me to go ahead and knock it out and be done with it. He's also at retirement age, so his mindset is, when I met him, is completely different than his mindset is now. He was like he was very similar to Rich Dad in this and he was the one that put me on the story. As humans, he's the one that actually knew the guy and I went ahead and got it and he was actually looking to get on himself. He's like, hey, this will be great for you, start your business up. I know the guy, just whatever. And then he was like don't even think about it, just do it. And then he's like you go and get the loan and it'll pay for itself.
Speaker 3:It was the best thing I'd ever done financially, period, was to go against my dad's advice and take my father-in-law's advice. And then another thing we did was in 2018, when we bought our house. Both of our parents were telling us don't buy a house right now, wait until prices go down or something. We did not listen to them, and our house was worth over twice what we paid for it, because everything just went insanely expensive. So we got double wins there and then also bought the office, too, in 2018, the new little one. And then there's other things out there. Like he's just going back to the book, though, I like how he's going. I like what he's going with it. It makes me depressed a little bit, though, but for my own decisions in a way, because it makes me think about what I should have done.
Speaker 5:From what it sounds like you've got an actual batting record here.
Speaker 3:Bill, I do, I guess.
Speaker 5:I'm working on my house, but this is really cool to have someone that has dabbled in this and can say like, yeah, this was paying for this and it actually can do it. That I don't know. It is kind of inspiring, well, I mean.
Speaker 3:I had nothing Went in the big end of you should be proud You're the baller here.
Speaker 3:Well, my cousin's the baller, I'll tell you about him too. But I mean, I really had nothing. But I wasn't like married and I was just dating Jacqueline at the time and I didn't have employees and anybody that I was making off of doing my small business, stuff with the computers and things I was. That was my money, that was my thirst and stuff. And now that's changed, because now I do have employees and employees cost a lot of money. You know that that's where all your money goes in your businesses in the other people's pockets. First, you always make sure your people get paid. That's the thing.
Speaker 5:So- and that's an interesting thing that you brought up, because the book does talk about how you make other people rich, but there is a building phase where the founder or the builder or the business owner goes through a phase. Unless they're just loaded and they're some kind of you know, what do you call those kids that are super rich with their bonds and damn it.
Speaker 3:Oh, like a silver spoon kind of thing.
Speaker 5:Yeah, you know like that's a different story, but there's a phase where you put money into your employees pockets for a while and sacrifice a paycheck of your own. I personally went through two years of that and it's not for the faint of heart and I wanted to ask you, on a scale from one to 10, how risky are you versus your wife and I guess she is kind of your business partner A lot of time, it sounds like and making decisions, and how nice is it to have two different personalities? If that's the case?
Speaker 3:Yeah. So it's completely different because I mean she's working and she's taking care. You know, being an entrepreneur and everything you don't have, like you know someone to take care of your health insurance and stuff like that. So with her working, that's how we have the health insurance and then she is also you know, she gets stock and she gets like she has 401k. We have an HSA that we contribute, she contributes to, and then she also takes care of our house payment and everything. So like she's the soul, like she's the blood to our entire, like existence as a family, Like without her it wouldn't work. So she allows me to be able to do what I, you know, have been doing and been able to continue to do it. And now it's kind of like I know she wouldn't see it this way, but maybe she would if she listened back to this or she's asleep right now, but I've been having to stay home a lot more to take care of ember and age and stuff. So I met the off.
Speaker 3:I go to the shop, maybe five hours a week, maybe. Um, just depends on how many game consoles we have for HDMI repairs. Everything else Matt and Josh takes care of. Uh, or I'll try and work from home and sit down and actually, like I try and delegate, and then it's hard for me to get other people to want to come to the shop now too, because you know I'm not like Able to go around and knock on doors so much right now. But you know that's only gonna last so long, because in renadz you're gonna, you know, be this little only once, and you know I'm learning to and at the beginning I didn't Care for that much. There's sometimes where I don't care for it that much, but you know I just got to go back and remember that that you know this time that I've seen with them is what they're gonna Carry on the rest of their lives thinking about me. So you know I gotta make the the most of it. So, um, back to money, Um, so got it.
Speaker 5:We gotta sneak in some dad talk here. Yeah, of course, so yeah no, I, I completely hear you, bro. It's not easy playing dad, but it sure is. It sure is the best, bro. It can be some of the toughest days, but oh boy, yeah, is it I? I agree, I think like that.
Speaker 3:Yeah, and then and then. So there's some stuff that's not gonna be in there, that he's gonna discuss because he's not gonna get, or super nitty gritty and everything. But, um, there are some opportunity like, keep your eyes open for opportunities like and that doesn't just mean something that you think that you can, you know, make money on, it's also so learning, what tools are out there available to you to help. Whenever you do have opportunity to jump on something. So, like, when we were going around to look at, uh, we were thinking about getting that new office in the town that we live in so that I could sell the other office. Well, you know, um, I mean, we moved here to this town and then I started getting acquainted with the people in this town and then I ended up, um, I just reached out to the mayor of the town and I was like hey, is there any sort of like you know Things that you guys do for small businesses or anything? It's like, yeah, so we've got a, uh, usda and udag Loans that we do through the city. I was like, okay, tell me more. He's like, yeah, so, uh, it's 1 interest. I was like it's 1 interest For how long, sir? He said for 10 years fixed. I was like for 10 years fixed, sir. Well, that is very appealing. Well, uh, yeah, so that's what we did. We did not go through the bank that I went through for the other building or our house. Um, we ended up.
Speaker 3:My building is financed through the city that we live in through a promissory note. They get grant money and we pay one. It's probably higher than 1%. Now it depends on what prime rate is and there's like some stipulations on there that if it, if prime rate ever goes up to a certain amount, that or ever goes down to a certain amount, it can't go below 1%. I think it's supposed to be 5% below prime rate. So we might be in like the 2 or 3 ish right now. Maybe I don't know exactly, but still I know it's better than anything I could go get from anywhere.
Speaker 3:And then even during covid they had a thing where, hey, if you need refinance, we're refinancing to 12 year fix. I was like let's do it, because I think I only pay I'd pay like 200 dollars in closing costs with them because they got like a local Uh title company to do it and stuff. I was like man, this is insane. And like you know, I wasn't anything really and and they even counted like the equity that I was going to be putting into the shop when I remodeled it to count towards the, uh, the down payment. So I was like holy shit, I mean, so, uh, like our shop didn't cost very much but I'm sure that it's probably tripled in value even though it's so small. But, um, yeah, I mean.
Speaker 3:And then like matt that works for me, so like he was working for amazon and I or he was working for amazon Did he went to work at chipotle and then I just really wanted my best friend to work back for me and stuff, because he worked for me at one point time. And then Things got to where I get in the morning and then I was like you know what, we're a better spot, I want you to kind of work. So I ended up uh, getting a, uh A loan through the city for that, because they have like per each employee that you want to bring on, they will give you x amount in uh In a loan To be able to, you know, hire those people and stuff for like equipment. Like how do you go get a truck for 1 interest or whatever? I mean, it's just. It's just, it's my little secret weapon that Nobody else in town really even knows about and the city doesn't even like advertise it. So I'm like, you know, I kind of wonder the people to know about it. So there's things like that that exists, they're out there and you just got to keep your eyes open and and then always be hiring his is the other thing. So I mean, that's as if you're in a, as if you're an entrepreneur. But I feel like, you know, this book appeals to two different people the entrepreneur and then the opportunist slash hustler. So that's gonna be a different one.
Speaker 3:But, um, other things that I had on the book were like uh, so some people's assets may actually be other people's liabilities and some liabilities may be other people's assets. Um, in the united states we have a company called u-haul, which is, you know, the moving company, where, uh, you rent, uh, moving trucks or or different types of moving equipment, trailers and stuff like that. Well, uh, to the normal person, those are all highly depreciating assets because, uh, they're vehicles, whereas, uh, that's the entire thing that their business is modeled around. So, uh, those are assets to them, they are what allows them to make money. So one person's trash is another person's treasure in in in that way, you know so it just depends. So.
Speaker 2:I love that.
Speaker 3:Yeah, the assets, you know it depends that's a fun.
Speaker 5:That's a fun thought. Like one, one person's asset is someone else's liability and I wonder, with the u-haul example, if there's a tipping point of when it when it is because I there's got to be like Whether it's a two-week period or a five-year period of like liability to asset technically.
Speaker 3:Oh, I get, they get the depreciate the hell out of stuff.
Speaker 5:Yeah, like when I, when I sold security, for example, that was the whole. The whole plan was like you give them a free security system and after so many months of them paying for monitoring it, it quote-unquote pays for itself and and. But it's like there's a point where there's they can cancel, they can charge back. There's a lot of nitty-gritty little details within there. They move, they, they, they get their stuff stolen, has to be replaced. So there's like but that's a fun. That's a fun to take it even further.
Speaker 5:And like any house, for example, if, if a person has enough money to to fix it up and flip it, that might be different than than the newly wed couple, that literally any crack in the in the ceiling is like we got to work overtime, honey, and it's like there's. There's so many different cases of what situation you're in and I I appreciate that you brought that up, because I think, uh, depending on your risk tolerance also, you might be like nah, that'll be, that'll be an asset in three months and we'll be, we'll be bank rolling with with this asset and we can turn. Yeah, I don't know. So it's. It is kind of fun that there is, I guess, a spectrum of of where you can find yourself and it is kind of up to you. I guess would you say that yeah, I would say so.
Speaker 3:I mean yeah, yeah, uh, and then you haul too, like we did. We did you haul for a little bit. We were you haldealer With my storage units. So I know that it's not just the rental that they make money off of. They make the money off of the little ding that you put in the bumper the little x didn't get put on, uh, the insurance that you decided to decline, and then they stick it to you Because you didn't fill the gas up like they did, pick you on the fees and stuff. And then I bet they make a booku of money whenever someone actually totals a vehicle because, uh, they're gonna get the money from the insurance company. So, uh, they're probably just waiting for you know, whatever, but uh.
Speaker 3:So Last thing for me so my cousin All right, so he owns. Uh, he is a real estate agent, which is another thing that I think would be a great idea if people were to get into doing like if real estate was a thing that they were wanting to invest in. It's also having a real estate license so that you can also Save on some fees. Um, and then, uh, he works full-time in it down the road for me and uh. So he probably makes more money off of selling houses. And, uh, he owns 15 rental properties currently and he did it by getting a he locked home equity line of credit, which I brought up last time, and he put that on his house so that it opens up his house to be essentially a checking account, except it has interest only when you use it. He takes from that and he goes over to a house that he knows is going to be coming up for sale or whatever. If it's the one he wants to buy, he's got dibs on it. By being a real estate agent, he saves on the fees, right, okay. So then he goes to the seller and he's like hey, I can close on this within seven days Because I have cash. If we go through a bank and everything, we have to close within 30 days. So he ends up writing up you know the whole thing for him, because he's a real estate agent here, I think, has it done for them, has their money in hand and he literally does pay cash for it because he gives them a nice cashier's check out of his he lock account. So he goes straight to them. They cash it like it's cash. It's all said and done.
Speaker 3:Now what does he do? What does he do now? Well, now he gets to go to. He gets a lease already ready. He gets the house leased, goes to the bank and then he goes hey, I've got this rental property. Uh, I want to get a mortgage on it now I already have tenants in it. So now it's it's already making money. He's got a lease in here that's got guaranteed from the bank. The X amount of months these people are going to pay rent and they're like you don't need to show us your tax returns. Here you go, yeah, boone's done, and he's probably already got the he lock with them too. He does that.
Speaker 3:And then every so many months or years or whatever, once they've accrued so much into equity, he ends up refinancing, taking all the money out, and then if he wants a truck or if he needs whatever, he takes it. So that's his luxury things like this guy's talking about. He buys that with that money and then he's not having to. It's debt. So when he refinances, it's debt Because it's not income, because he's borrowing the equity, the value they are already. And then he's going and he's taking whatever else is there and he's buying, uh, more houses with it, and that's how he's snowballed it to 15 so far. So there's my real life example of the baller. That's how it goes.
Speaker 5:That's what's up. It can be done, man, that's. That's really inspiring. Yeah, I, I feel uh Pre guilt for like five years from now and you guys are like yo. So how many homes you up to?
Speaker 3:It's like shit, I hope so.
Speaker 5:Yeah, yeah, yeah, no, these really are high, high bars, uh, and that that's exciting, though you know. Like, of course I want to. You know, I started off the first night with all of this with, like I need to spend stupid less money. And here we are already in Chapter three, like let's buy a fucked on a house. There's some businesses, it's like whoa, whoa, whoa, whoa.
Speaker 5:I gotta, you know, work on a few things first, but no, I, I dig uh the real life examples and that's Exciting to hear uh jazzy kind of go over it. And then DAP, you had a real life example of someone uh pulling that off and yeah, yeah, that's that's awesome. So I definitely got some uh goals with what, what I consider success. But man, that that is not for the fain to fart. And and really Robert goes above and beyond to warn you, if you don't love real estate, it won't work. And so I, I think that's really, really important to uh bring up and bring up. And, ryan, I don't mean to leave you for last every time, maybe subconsciously. I think you give such good kind of Review thoughts and I like what so-and-so says, so maybe I subconsciously leave you for last. I'm so sorry I did that again. But, ryan, what are, what are your thoughts? My friend.
Speaker 7:Hey, not a problem, I honestly didn't even think about it until you brought that up. I was like, oh, you did, hey, I'm not a problem. Whatever, I Maybe maybe keep it that way, do it a rewatt. They, you do a great job at it and thank you for the kind words. But, um, I like this chapter a lot and I liked everything everybody said tonight.
Speaker 7:You guys all had really good takes, really good takes um, and I can agree with everything that everybody's really said um, very insightful words, um and strategies, and Also, you know, it's just literally some of the, the little uh things that in kind of the real estate that a lot of people don't even really know about. Um, I always took kindly and very Was drawn to it because of, uh, my family, my when, my uncles. He was a very huge real estate um individual and he owned at one point he was one of the largest private landowners in utah down in salt lake city, and so he um, you know, for many, many years had just tons and tons of property, developed them into commercial development, because it's right in the heart of utah and it was kind of nice to be able to watch and then, at the same time, learn from his insightful strategies that he was doing and, um, it's, it's neat because, um, I watched also some other individuals Individual that I grew up with and his father did the same thing here in seattle where he uh bought Bankant land and didn't even build anything right and I don't remember who said the land's the most valuable right, it does it the tip depreciate and that's what was, I believe You've kind of was brought up to in the chapter. A lot was was that as well, because finding those assets that don't Require that right and investments to where they just just Flip and just keep on building that compound of, uh, you know, net profit or net net gains and and rebuilding it into your next investments. But, um, they did, uh, parking lots, you know, paid parking lots right in seattle and it he's still today diamonds parking, they have the Largest parking here and they just generate the. I just I didn't even, can't even fathom the numbers, you know what I mean. It's just so much.
Speaker 7:And when they got in it was cheap because it was in the early, early 50s and 40s when his father, you know, started buying it and then his, his father or, excuse me, my friend's father, seen his dad do that and was like, hey, I'm gonna do the same thing, I'm gonna buy some properties in seattle, and did it. And then, you know, my buddy Kind of inherited the business and it's just like going around and and and this is honestly before in mind you before the innovation. Now, like because we he was complaining about how he had to upgrade all of his parking lots and this is where the depreciation part I was thinking about came into play with this business is because of, uh, how they had to upgrade to the digital age, right. So that was neat to be like, yeah, I have no more going and sending somebody out to collect your money, dude. Like now I actually gotta like spend money to collect money. Like Like, you'd like some good money on those machines, right. So it was just kind of funny to see them, you know, be like, hey, now we actually have some kind of like overhead and appreciation or depreciation, because now we have to maintain those machines and and and so forth. So just like that to me was just very, very Motivating and it's always been a you know avenue that I've been, you know adventuring and and also you know being a you know I was a plumber for 12 years and and building houses and that's what really got me into property and everything and it just being able to know honestly like I was going to mention it last time and I forgot because it was brought up to where you know, the monetize just some of the small things to where, like I was able to build a house to say it was for, uh, it would cost a material wise a hundred thousand dollars.
Speaker 7:Well, I could actually technically Go and cut that in half, if not almost 60 percent in material cost I mean, which will drive down the price in labor cost and you know, manpower, and that was by utilizing reusable materials that are around you that your cities Are. Basically, you know, someone said somebody else's trash is another man's treasurer. Same thing like door companies, man, like Just foam installation companies Um, just these big type businesses that you're like, oh yeah, they got massive scraps of that. We could utilize that stuff and even concrete you get. You can get on to calls if with concrete companies and be like, hey, if you got five or six different trucks coming.
Speaker 7:I am in this area, let me know if you got a short load or the longer load you know, I mean, and you get the leftovers and be able to pour out and then they can do a cold slab cut in or whatever you know and which is nice to do, you know, because you're now getting a good price, you're saving that driver some time a little bit, and on his cleanup too, because you got to call that all the way back to the dumpy yard or the, the mixing yard and and clean that up and dispose of that, and then the factory has to dispose of that, you know. So there's kind of double taking on their product, which is now overhead for them. So, yeah, they're like, oh heck, yeah, like those are just little things that even in like grocery stores, you know, you got the, the small little, uh, what is that? Uh, okay, I did Cashing carry, I guess you'd call it, and then so forth were uh, cheaper items, but it's only because of the shelf life in, you know, safe ways or whatever. They can only be there for so long because of the, their overhead cost and their agreements with their contracts and so forth, and it's like and and they're not even technically on the floor on the store. They're all owned by and rented out by by you know coca-cola and and you know Haynes Ketchup and those people they rent spots on the shelves. So it's like a whole nother business world and when you're doing real estate stuff and it can go on so many different levels.
Speaker 7:Now too, we're in this web three year Like man. This was just beautiful to see that pioneer kind of happen here and that would be just to to meet, to see that innovate with, uh, you know just the whole whole thing. And honestly, with the real estate, uh, I mean I that I'm gonna go on a tangent with that, so I'll revert back, but uh, yeah, some of the takes. I really appreciate that everybody has said tonight and uh, definitely, uh, real estate is a key milestone. That's almost better than gold and because there is gold down underneath there, right, I mean it doesn't matter if it's in the middle of nowhere, but it's, it's a good property. So Really I like this chapter.
Speaker 5:Yo, good shit, Ryan, and I have one question before I let you. Let let you sneak off. Um, yeah, well, so being a handyman Comes in handy, wouldn't you say? I'm just thinking about how much I lack In that area and I can get little projects here done, but when it comes to like Pour and slab, it's like I've got to hire people. I I don't trust myself.
Speaker 5:I need like my buddy Andy. He gets everything done himself, he put in his whole solar system, he's got a farm and he's got all the permits and like he just does everything and he saves so much money and he put in his own Irrigation and I was just like how much do you spend on that? And he's got such a big property. He ended up spending less than I did on my little yard and I was just like why am I such a bad man? I got no skills. Like Does that come in handy? And Uh, is there? Is there any little top talking point there of just like some time, yeah, utilize your skills or take advantage of Skills. I think it's so important.
Speaker 7:Oh, definitely um it. It did play a great part and you know um, when I was plumbing, because of knowing like, because it was my own little thing um the work you know, in my nine to five job, and then did side jobs for contractors on the side, and it was really nice to to be able to do that as well because, like you know, knowing that I could get products cheaper or like, for instance, like you're saying, like Concrete type stuff, I knew how to do most of that. I mean electrical work. I like I can do whatever and so forth. I do it all, but I just more or less I would have only comfortable with and I'm not comfortable with those breaker boards doing a whole house wire up like I could do it, but it's not going to look really pretty like the the electricians do, like they do is some that's art, man.
Speaker 5:That is a whole not to mention you might die?
Speaker 7:Yeah well, I'll do. I mean, tell you what. I've been there many times. I'm sending and stalling a hot water tank and I'm like just where to swear to, gosh, dude, that I, you know, flip that switch on that breaker and I go there with my little wire snips and I go straight into that 240 volt and it's like, oh my gosh, that kick is. Oh man, dude, your elbows hurt. You're just like, oh yeah, I've done that quite a few times. So I mean electricity, yeah, we, we get along. It goes through me and I'm still here. Whoo, uh, twitch, twitch, spark, spark.
Speaker 5:Oh, I love it. That's actually a pretty good uh kind of I. I think something to think about if, if you're Going to have to be doing any of the work on homes, like I've I've been there when my brother has flipped a couple homes and it's If you, if you're planning on doing any of the projects, man, like be prepared to get a shock here there fixing a light bulb and like it's, it's crazy. My home's a 1970s home and I'm terrified of a couple little projects because of the crazy wires surrounding it and I'm like, oh boy, I probably need an electrician.
Speaker 5:You know, like, uh, some, some come with their own challenges, some fun thoughts, right, thank you for your thoughts and I wanted to point out we got a new person up on stage. Oh man, I don't. I don't ever mean to make it embarrassing for any newcomers, but it's so exciting. Cats, thank you for coming up as a speaker and waiting patiently. Uh, just, I don't know how much you've caught uh with what we do here, but we're on chapter three of rich dad, poor dad. I'm sure you're kind of getting the gist and we'd love to hear your thoughts. Welcome to bamboo book time.
Speaker 6:Okay, you guys are tonight.
Speaker 5:Hey, doing great, doing great.
Speaker 6:Yeah so um well I don't know if I want to spoil anything, since you guys are like in chapter three.
Speaker 5:Hey, that's okay. We've had a few spoilers already and we kind of handled these self-help books a little different. We've done some fiction and we definitely were careful with no spoilers. But no, this is different. We've gotten, I think, a bunch of the different future concepts already. So, yeah, we'd love to hear any of your thoughts.
Speaker 6:So I won't spoil the book per se, but I will give you a little bit of alpha when it comes to real estate.
Speaker 5:That's what's up. That's what's up. Let's oh, let's hear it. That's awesome.
Speaker 6:So I did read most of the books of Robert Kiyosaki, including his how to Incorporate Yourself, which was an awesome book. I took the real estate course, I passed it and after reading his books, I personally chose not to get licensed. That was a personal choice. People can make their own choices. The reason why I chose to not take the licenses is because it kind of restricts you in a sense as an investor and an entrepreneur when you really want to make the big bucks. A lot of people, when they want to get into real estate investment, fail to realize that by being licensed or a small flipper, you get constraints by a few regulations and licensing things from states to states and regulations, but as an open-ended entity, contract or entrepreneur, you have no restrictions. Another thing that I wish more people would learn in this class to do from high school and things like that is that we were all taught that buying a home is an asset when in reality it's a liability. It is way more of an asset for us to buy an investment property first and live in an apartment than a home first. The reason being is the following the whole concept of a mortgage was really a concept that was created by the banking system because they were really bored to be honest, when this goes into finance and not real estate to see how they can extract liquidity from the people in the 50s that bought houses basically outright. They wanted to tie people down that couldn't really buy houses outright into a dividend extraction that will obviously crossover and patent charts that they will pay way more than what the house initially costs down the line. So that's the whole concept of a mortgage and if you go to a bank right now, they will give you as an individual a loan for a multi-unit keyword multi-unit not a single home. Multi-unit meaning duplex, triplex, four plus more easily in a single home because you're giving them collateral. And the thing with the whole banking system that again a lot of people don't understand is they really have no money. We're the money that is given to the banks. So an example again with the whole financial system is for every thousand dollars that we give to them, they loan $900. I know it's crazy. So it's really to their benefits to give people loans. But what happens? People don't give them the incentive to give them loans and what banks they're really investors and what they invest are in securities. So when people actually sign a loan that's technically considered a security. So they're buying your signature as a security, a collateral to a physical asset, and then they have to dig and borrow from their own people, which is you, basically and give you a loan for that asset that you're investing. So it's really up to you to use debt in your benefits. That's why Robert Kiyosaki says that the thing is, people can't be afraid of debt if you know how to use it correctly.
Speaker 6:Is that we've been taught incorrectly. And not only that. We need to learn how to incorporate even if we're workers, because a lot of loopholes are made in the system, even as a W2 worker, because if you're a W2 worker and this is a little alpha also you can incorporate and make yourself as a 1099. You can have a second 401K and a second Roth IRA that you could dip it down, and not only that, but tax write off from your W2. You're welcome. But not only that as a self entity in the real estate, you can also as an LLC if you want to go the real estate route as investments in the path of getting wealthy. If you look into the state of Wyoming any property and things that are in an LLC, they are private, meaning no one will know you own it. You're welcome.
Speaker 5:I love it. Cats came in spitting fire. That was great, yo. I like how you gave some pointers for employees also. This is really cool. I think we can all kind of categorize ourselves where we're at what our goals are, shift our mindset a little bit, shift our goals. I mean this is good stuff. I'm pretty pumped up with just that. I'm surrounded by people that know their shit, they know this stuff. I'm gathering a little bit of a group of people that I'll probably start asking questions to. I really like that because I'm terrified of real estate. I'm not going to lie, I'm terrified of debt.
Speaker 5:I grew up with a dad who just was. He wasn't poor, but he definitely loved the poor dad lifestyle and he had his own definition of wealth and his goals. He killed it. He killed it in his own game. He got to as high as he wanted to. I'm just so proud. He was terrified of debt as much as he wanted to pick up property on Eagle Road, which would have been just a great opportunity, and he had it and he could have and he didn't. He kicked himself for years but he never, ever took that and made the decision to. Well, I'm going to go ahead and get some on Star Road, now five miles. It just keeps going. The opportunity is still there. Everything here in this area is just continuing to crawl east and west. He never had the guts for it. He never had the stomach for it.
Speaker 5:I feel like I'm so much in that category If I really go back through all my chapters. I'm super risk tolerant and I can take the risks. I just am really appreciative of finally dipping into this book because I've always known it's real estate heavy. I do want to have the guts to do that and understand and appreciate and fall in love with and use debt to my advantage. There's so much of me that I think will claw at and want to tell my kids from day one yeah, be an entrepreneur if you've got the stomach for it, but let's try to set you up with some perks and some health benefits while we can.
Speaker 5:Also, I still love and see the benefit in being an employee. I've loved a few chapters where I'm the employee and I would not be where I am now without having gone through that and made money for other people. But I also made great money for myself in a comfortable setting where I wasn't putting risk into everyday life and, like I am now as an entrepreneur, it's really fun to hear everyone talk about all this. Thank you for your thoughts. Cats, please come back. We do this on Mondays and Wednesdays, starting at 11 pm Eastern Standard Time. Yeah, we got a few more chapters with this one and it's such a short book. We're just taking it one chapter at a time. This next chapter on Monday will be speaking on the history of taxes and the power of corporations.
Speaker 6:Oh, man, I'll give you the alpha on that next time Give us a preview, will you? Taxes are illegal, and then I'll tell you why. I'll tell you how not to pay illegally and the difference between tax evasion and tax evasion.
Speaker 5:Hey, hey, I'm all for it. We're on a recorded space. I'm just here for the entertainment. No financial advice. Let's go, let's rock and roll. Oh wait, do we not get it yet? Are you going to give it to us on Monday?
Speaker 6:Oh, you want me to say now hey, no, save it for us, oh, oh oh.
Speaker 2:I'll tell you now.
Speaker 6:That'll be too much spice for me to say it.
Speaker 5:Give us like a little like come to Monday to learn about fuck the taxes. Yeah, yeah, give us a little pep rally for Monday taxes. That's awesome. Yeah, I love it.
Speaker 6:Okay, hmm. Well, a long time ago there was this thing called the central banking, and then they decided to dictate how the governments of the world ran, and the way that they decided to do it was to print their money. But anyone can print their money, but if you're the only person that can print their money, then that will make you own the money. So not only do you own the money, you need to make the governments adopt the money and rent your services. So if the governments rent your services, that will make the governments owe you and put them in debt to you. Ergo, if the governments are in debt to the central banking, how are governments recruiting funds to pay for the services of the printing of the process provided by the federal reserve?
Speaker 7:People.
Speaker 5:That was funny. I love it. Oh, there you go, you guys. We're going to get into some heated tax talk Next Monday. I'm pretty excited. I've got to do my taxes. So any tips or tricks that I need to pass on to my accountants, I will listen for all the tips and tricks, because taxes, just like he's mentioned, you make some more money and you just got to pay more taxes. It's a monster. I hate tax season.
Speaker 6:Sadly, some of the information some CPAs don't even know.
Speaker 5:Yeah, no, it's true, I will attest I've had to take many things to my CPAs and you want to believe that they know it all, but they are busy, as much as you want your CPA to find all the little ways to help you not have to pay so much legally. There's a lot of really creative ways. So, yeah, I'm always taking questions to my accountants and saying, yo, this looks like I qualify. And they're like, oh yeah, I'll be darned. I'm like what the hell, bro? I've been telling you about this all year. You couldn't have given me some alphanage? Well, to be honest, that's some new info for me too. So good work. I'm like ugh. So yeah, I'm all for taking some questions to your accountant and get creative. But man, I think there's been some bars set in my mind already.
Speaker 5:I thought I was going to be able to kind of breeze through this. Rich dad, poor dad, balance your books and stop spending less money. We just leaped into buying 10 houses, talk. So I've got to cool off. Maybe go run on the treadmill, think about the real life, realistic goals, set them real high. But honestly, I do want to get there. I also like playing it realistic and not spreading myself thin. I don't like to bury myself in too much and other areas start to lack. So I really think I love the idea. Holy shit, it sounds ideal. Owning 10 properties slash real estate oh man, that would be awesome. I'm really going to start thinking about like, because you've got family, you've got time with sports man, I'm a dad. That's a big time commitment. That is a business. So I really do believe Robert Kiyosaki when he says you've got to love it If you jump into anything and make something your business. I'm glad he said that. That does take a little bit of stress off my shoulders to jump in and start being a baller because it's like I don't.
Speaker 5:To be honest, I'm not like. My wife loves it. She'll look at real estate and just today she was taking a tour through some East End House that she wants to end up there someday and it's not even a like right now thing and she just loves it. I'm just like is it close to where we need to get? So I need to like always remember that and be realistic with that. Do I love it? Is it just money that's speaking to my heart right now, or is there something more to it that I can actually sustain, because 10 houses sounds a little bit like a nightmare to me. Also, to be honest, even if I had a property management company helping me, it's like who? That's a lot. How many spreadsheet I'm going to have to put together a CRM to. That's a lot of work. That is a business.
Speaker 5:So I don't know if we need to feel rushed or like we are behind either. I've been at points in my life where knocking my credit card debt from $7,000 to $5,000 was a home run and I needed to like soak up that win and that was huge for me and I was still in the hole. But like I need to always remember that, also that I'm not in Robert's position. I would like to be there one day, but I can't feel bad about not being there yet and I need to set my own small, little baby step goals to continue to feel good about my wins, as small as they may be. So there's my final closing thoughts, my friends. I would love to hear anyone else if they have some wrap up thoughts, but I'm going to get a wheel here put together Any final thoughts from any of you. I know I kept sparky and dapp. It seems like it's been a while since we spoke to you. That's how these spaces go sometimes, so any, any last thoughts from any of you.
Speaker 4:No, no, I think we covered a lot today.
Speaker 5:Yeah, I think so too. That was good. That was a good conversation. I always just enjoy leaving these spaces feeling inspired and reassured that I've got good people in my corner. I know real life friends versus internet friends. I just think that's such a becoming a lesson less and less of a thing in my mind, like I love and appreciate your wisdom and I trust in your guys' intellectual thoughts. It's really cool. I'm really proud of pretty cool group of people that were forming with this book club. You guys know I have to get all sappy. I got to knock that off. Okay, my friends, as you know, we've got a VIP listener, nft. After 10 spaces we take a look at your stats, I airdrop you an NFT. We've got giveaways in the Discord and then, as always, we do just a little wheel spin here at the end of the space for VIP listeners that are present. So I need a number. I'm going to start the recording now. Who's got tonight's number? Ryan? Ryan, you're quiet. I know you've got a number 32.
Speaker 7:That's a good one. I was trying to get somebody else a chance, but I have short memory from COVID.
Speaker 5:That's what I blame it on. So if you gave the number, last night someone gave 42.
Speaker 5:I remember that. Okay, here we go. Oh yeah, I can't remember who won last night. Was that two nights ago, avi, wasn't it? Avi, avi, congrats. Oh boy, here we go. We're closing in on. Nope, it's Breezy and past Breezy. Breezy, that was so close, bro, that was real close. You're going to be upset when you see the video. You just earned some karma points. Dap took the win, but, breezy, watch that video, soak it up. You've got a win in the future. That was terribly close.
Speaker 5:I wish we had more giveaways, but again, I just I think we can come away with a win, each one of us from tonight's space. I love the conversation, I love the inspired kind of buzz I have right now and I'm not going to go crazy with it. I've got small wins I can start with and that's kind of my plan of attack after getting pumped up a bit. And Katz, thank you so much for coming through. My friend. I wanted to thank Jazzy, but he snuck off already.
Speaker 5:Sassy, thank you for your thoughts via the DMs and I look forward to any. Any thoughts, I'll pass it along. I love that idea. So any of you that might not want to come up here on stage if you have some thoughts on the book or whatever it may be, that's. That's fun too To discuss anybody else's thoughts. I'll always read those to the group. So, as always, thank you to the co-hosts and the speakers, and I can't wait to see you next Monday and I hope you guys all have a wonderful, wonderful rest of the week, good weekend and recharge for another kick-ass week. Sparky, my friend, I as always look forward to your closing songs. I can't wait to see what you got up your sleeve.
Speaker 4:I got to pull it up. I can't find the tab I have with the space.
Speaker 5:Yeah, I wouldn't know what you're talking about because I'm really organized with all my tabs and your five million tabs.
Speaker 4:We've seen it. We've seen it. Trust me.
Speaker 5:I, I organized. I'm down to like 36 today or something. Oh, it's bad, I got a mouse.
Speaker 1:I got a bag, so I'm gonna work, work, work every day. I got a mouse, so I'm gonna make sure everybody is. I got them All these big pile up on my desk, they looking like a mouse. All the young kids running around, I can hear their stomachs growl. This is for Moody. My girls just keep on hoppin', since you gonna need me if I come home at 50,000. Goddamn, goddamn, goddamn, goddamn, goddamn, oh man, oh man, oh man, oh man. Yeah, I got a mouse, I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. I got a mouse. Yeah, I got a mouse. I got a mouse.
Speaker 1:I got bills, I got a pay, so I'm gonna work for you. I got bills, I got a pay, so I'm gonna make sure that everybody eats. I got bills bring a buddy to trouble. I got bills, I got a pay, so I'm gonna work for you. I got bills, I got a pay, so I'm gonna work for you. I got bills, I got a pay, so I'm gonna work, work, work every day. I got mouths, I got a feed, so I'm gonna make sure that everybody eats. I got bills, I got a pay, so I'm gonna work for you. I got bills, I got a feed, so I'm gonna make sure that everybody eats. I got bills, I got a pay, so I'm gonna work for you. I got bills, everybody got bills. Everybody got bills.
Speaker 4:Sorry, didn't mean to let it skip to the next song, so that was called Bills by Lunchmommy Lewis. I feel like it's self-explanatory we all got bills, we all got pay, we all got work for those bills. So that's just the message that I wanted to portray with us reading this book. I don't know.
Speaker 4:I think there's still something to be said for working for your money and not doing risky stuff, sort of thing. Like I said in previous spaces, there's people out there who they work pretty decent jobs and they make decent money and they're not strapped for cash by any means. So I think the ultimate thing that I want to say if I say anything, because I've always got my final thoughts after a song or whatever is that live within your means, don't try and buy stuff you can't afford, don't spend money on stupid things. We live in a society of consumerism where we're constantly spending money on things on a regular basis that we don't need, like a new phone or a new car or a new house. So my take on it if I have any take is don't live beyond your means, just buy the stuff that you need to live.
Speaker 5:I love that and what a fun way to get pumped up about bills. That song actually makes it kind of fun to think about paying your bills and making progress and man, live within your means. I love that. What a great message to. And really the connotation of poor dad. That word it's got such a stigma that it's like, oh, that camp, I don't want to fall into that camp. There's a lot about poor dad camp that I really, like you guys said it's going to take a lot to like pull me away from some of the stuff that I've seen proven successful in that camp and a lot of good things about that camp. So I think that's a great reminder. I do not think Robert is bashing his quote, unquote poor dad at all either. He's just it is catchy. I think there's some marketing behind the strong wording there. I agree I like that camp, a lot about it.
Speaker 5:But my friends, if we got bills, we got to stay hydrated. That's my final message. We got the weekend, do some stretches. We can't pay our bills if we're not keeping ourselves healthy. Also, there you go. There's my cheesy reminder. Love you guys, have a great week. We'll talk soon.