Prepping For The New Year | Real Estate Investing | REIal Talk EP. 82

Foreign.

Hey, everybody. Flipping Danny here, founders of Real Estate Group Family owned companies. And welcome to another episode of our podcast, which is called Real Talk, which.

Is Real talk for real estate investors.

That's right. And this is podcast number 82.

Yeah. Then we're talking about preparation for the new year. And I know on our vlog you kind of teased about what you meant by preparation for the new year.

Yeah, I got fireworks, I got champagne, I got the hats and the glasses, and then I got noise makers. And you know, because it's very important that I have all of those things because I'll be here in Florida by myself with the dogs, probably in bed by nine.

Yeah, exactly. Right.

I say probably most likely.

That's right. So really the, the what we're gonna be focusing on, because I think, Flip, everybody knows that part of the preparation for the new year, I think that part's the easy part. I think getting ready for a new year, what we probably want to focus on is talking about our goals for real estate, personal goals, anything more generalized like that. And then things that you should be doing on a financial and legal level as you prepare to close out a year and go into another. So that's really what we're going to be talking about. And we are. This is new for us to be back, you know, on Real Talk. We've been hosting our own podcast, Freedom through Passive Income. And this is something that we actually talked about. We gave 10 end of year tips to prepare for the new year. And so we're going to bring those tips into this podcast and just give a quick recap of what's been going on with us so that everybody can get up to speed. We're super thankful that our team has really taken over this Real Talk podcast because the vision for this podcast was for you to be able to see kind of behind the scenes of our family of companies. And the way that, um, it's kind of rolled out is all the team members are jumping on and talking about different topics and what we do inside of the business. Um, so it was always meant to be a day in the life. Right. Of our Freedom Real Estate Group family of companies. So we're really proud of this podcast and its growth and, and the help it's providing and the insight maybe it's providing all of our investors. So thank you to the team for doing such an amazing job. Meanwhile, Flip and I decided to do a 365 day podcast and boy, the time commitment to do that was insane. But they are just short, you know, eight to 10 minute episodes that we do every single day. And we really wanted to do that to kind of lay out a bunch of content. And I'll lay out a foundation for the sixth company that we built, which is Freedom Capital Investments, that actually is going to be rolling out a new name here in 2023 to have it correlate with our Freedom family a little bit more. And we've announced it on the other podcast just to kind of give them a sneak peek. But everybody else, you're going to hear about it here in 2023. We're super excited because this really is a family to us with our companies, our team, our investors, and everything like that. So super excited to be here and to be talking about how we can all go into 2023 a little bit wiser and more prepared. So, flip, do you want to start us off on our top 10 list that we shared on another podcast?

Yeah. You know, and it's gotta be, it's gotta be fun too, for anyone who's watching the podcast, because every week it's, it's like somebody new.

Yeah.

You know, yeah, it's Chris, it's Mark, it's Caitlin. You know, it's a, it's somebody new. And, and it's like, oh, that's cool. I didn't know they did that. And whatever. And then, and then this week they're, oh, crap, it's flipping. Not these guys. But anyway, okay, so the top 10 number one is take care of you first. And this is going to equal peak performance. Now, this is the time that every year everyone preps their, their. I'm going to lose weight. I'm gonna, I'm gonna work out. I'm gonna do this. Which lasts approximately 40, 35 to 40 days out of the year. And then by February, everyone's quit. It's true. You know, go to the gym in January and go to the gym in February. Different crowd.

Yeah.

This is time for. To be serious and to take care of you first because you do the other nine things.

Yes.

You know, and without you, those other nine things can't happen. You know, and so make sure you're, you're eating right and you're, you're getting exercise and, and you know, for a break. You're not going to Facebook.

Yeah, I know, right? Guilty.

I was pointing at me, you know, that way you're getting exercise in. And, and you know, you know, because we've got our, our own health coaches and, and you know, and she messaged me the other day because I'm getting ready to go on vacation to my family and then over to see you with your family. And she said, hey, are you gonna get a chance to, you know, continue to do your cardio? You know, and, and so I wrote back and I said, yes, I plan to, but it's going to be crazy because it's family and we have no idea what's going on. She said, even a 5min get off my case.

Yeah, yeah. And that's something too.

That's what we think of.

That's right. That's right. That, that's interesting. It brings up another thing I, I take for granted that the listeners of our Freedom Through Passive Income podcast know our Life, right? For 365 days, we have talked about our life and what's been happening week to week in the business because that's. That that was the goal behind that podcast is to share our journey of freedom through pass. And here I'm like, oh, people don't even realize that we're recording this separately. Like you're, we've moved to Florida, right? We, we left Ohio, we moved to Florida. Flip is in our new Florida house. We're just in between Orlando and Lakeland, so 30 minutes from the Disney parks. We both used to work at Disney, so we love Disney and going to the park. So it's a 30 minute drive. We've gone to many parks. And I'm in Arizona because my mom on Thanksgiving went to the hospital. She had a seizure and she had knee surgery about a year and when she had the seizure, it dislodged and potentially cracked the knee. And so she wasn't able to walk. She was in the hospital. And fortunately, we're grateful to be in a position where I can just leave and come spend a month here in Arizona. So I'm sitting here in a condo and we've got all these podcasts we're supposed to be recording and we're like, hey, we'll just do it, you know, via video and have some fun. So now you guys have caught up kind of a little bit with our story. And that's why Flip said when he's, he's getting ready to leave for vacation. We were supposed to go to Austin, Texas first for a few days to be with his family and then traveling to Arizona for Christmas to be with my family. And then next year we do the opposite. We go to Arizona first for a few days to visit with my family and then spend Christmas in Texas with his family. So we have this routine that we do every single year. But this time I'm in Arizona early. And so he's going to Texas on his own and then joining me. And. And last night, even on Facebook, I posted a virtual date night because I missed him so much. And he was like, you know, I got to get out of the house because. And me too. I was like, I've been just bouncing between the condo and my parents house. Condo and my parents house. And we're like, aha, we need to get out. And so it was super, you know, it was just fun, you know, to do that. And now I'm going to be wanting to do it every single night. Yeah.

You know, and what's funny is that I don't know what's worth being in the condo, talking to yourself in the condo, because there's no one else to talk to or me being in the house talking to the three dogs. Dogs. And having conversations with the three dogs. So I was like, gotta go. I need to talk to a human. Oh, my gosh.

That's so hilarious. So. And then part of this. Take care of you first. The reason that we said this is because on our journey this year, a lot has happened in growth for us. We have health coaches, we have mindset coaches, we have leadership coaches. We have surrounded ourselves with people who can continue to elevate us in business and personal life. And one of the very first things that I was taught through one of my mindset and leadership coaches was, hey, you have been giving, giving, giving, right? You and Flip just pour into the company, you pour into the team, you pour into your investors, and you guys aren't prioritizing yourself. That's why we gained so much weight. Right. And by not taking care of ourselves, we actually weren't giving our best to the team. Right. There was periods of time where there was just so much stress and exhaustion and hitting brick walls because we were so burnt out. And that doesn't provide the right type of mental space for you to lead. Well, so there's a lot of things that I personally regret about my ability to lead over, like, the first four years because I didn't prioritize myself first. And so that was really one of the biggest lessons. And so, you know, I get up every morning now, and I know you're doing the same, but I literally don't block anything for four hours of my morning so that I can mentally say, this space is for me. This is for me to get up, work out, you know, do some strength training, get on my little bike that you got me, the desk bike. And I can write, you know, in my journal. I can do a little bit of reading. I've got this checklist that we even talked about on another podcast episode of what the morning routine looks like. And I am a better person for me, for you, my husband, Flip, for my family, for my team. And I think that's what this number one thing. It's why we put it first. Because if you do that, everything in life gets better. And how you present yourself to others and just being present, period, it's a lot easier to sit and just be present and not have a million things running through your head because you start your day off right. So I don't know how that's changed for you, if you want to share on any of that.

Oh, no, it definitely has. Because, I mean, we used to wake up. I remember. Remember, we would wake up and literally walk. Wake up and just walk into our office.

Yeah.

And. And. And sometimes we'd actually eat breakfast sometimes, you know, and I think there's brushing the teeth in there. But that's, you know, was. You know, that was secondary, you know, because it was literally, wake up, get up, stand up, walk straight into the offer. And so now it's. Now it's a much more focused approach. It's. It's a. And I say focus. It's much more focused on not doing that.

Yeah.

You know, it. It's on just, you know, take care of the dogs, you know, just have a nice, nice, easy morning. Because when you wake up with that stressful morning, you know, where, you know, it's like waking up late.

Yeah.

You know. Yeah. It's like, oh, you know, how to get you. But that was every day, right. You know, was. That was every morning, even though we weren't late for anything.

Yes.

But in our mind, we were. In our mind, it was like, oh, I've got to have 15 things done by, you know, in 10 minutes.

Right.

I got up and go, you know, and so it was. But now it's. I don't have that. I can't speak for you on that one, you know, because I wake up and I'm just like, I know. And I mean, I've got. I've got my little plan. I. You feed the dogs, take the dogs out, and then me and the dogs cuddle up on the couch, and we all watch SportsCenter, you know, because they like Sports Center. I'm just, you know, whatever they want to watch, I'm fine with it, you know, and with my cup of coffee. And when my coffee's done, then I. I move on to the next phase. And it's. But nothing's. Nothing's stressful, nothing's urgent, you know, and it. It makes the rest of the day so much better.

Yes. Yeah. Yes.

That's my gig. That's. That's my. That's how I roll. That's. That's my, you know, the beat of my drum. You know, it's not everyone goes to everyone's, you know, same beat. So. But that. That's. And I finally gotten to that point and. And it's just. Even when the littlest thing gets. It's crooked, you know, gets cracked out of that. My normal plan in the morning, it's just like, all right, well, let's see. Let's work with this, you know, let's make. Make sure it doesn't screw up the rest of the day just because one thing went wrong or went sideways or whatever. So it's. It's. No, I. I love it. And that's. That's taking care, you know, and it's. You think taking care of me first. You know, you think, oh, I need to eat better, I need to work out better. Well, you need to take care of your mind too.

Yes.

You know, and you gotta just. You can't be 100 miles an hour, 10 hours a day.

That's right.

Lay down, go to bed, wake up, go 100 miles an hour. You know, you gotta just chill.

Yeah.

And relax. I think they call it meditate. I don't know. I call it chill. Yeah. So it's. There's a lot to the whole. Take care of you first.

Yeah. Yeah. It really is. But if you do prioritize that, that's what we mean by peak performance. You're going to see your life get better and the lives of those around you get better as a result. So that's why we put that one number one. All the rest will not take as long. But that was really our most important one and the one that we've learned the most out of. And it's affected us the most, impacted us the most in our lives. And we really wanted to spend some time talking about that. Yep. So let's dive into 2 through 10. Number two is get organized personally and professionally. Clean up and organize your record. Records and files. And if need be, hire a VA to help you. And when I say clean up, too, it's clean up your personal space too. Right. A clean space is very powerful for your mind and ability to focus. So it's something that is. I'M I feel is very a high priority in me. And my office is making sure that my desk is clear so that when I'm working on something, I'm not distracted by these other things over here that are waiting for me. Right. I will, I will clean them up, stick them in a pile and put them in an inbox where they're out of sight. So it's very clean, but it's still there. I can, I can look at it in a moment, but my mind has, you know, I've got blinders on and I'm focused on what I'm, what I'm doing right now and just keeping things really organized for records and files. So it's easy to find because so many times you have to, you know, refer back to something to answer a question. And being able to find those easily is really important. And we say hire a VA to help because VA stands for virtual Assistant. And so we've done podcasts about this as well. About half of our team here at the Freedom family of companies is virtual assistants from the Philippines. Virtual assistants can also be in the US there's lots of websites out there that allow you to hire people in the U.S. i think there's a website that are stay at home moms that like to help people like, you know, for hourly rates. So we just, we love the Philippines, the team, the people in the Philippines, we just love them. They're part of our family. And so like, we just, that's where we always go to when we're looking for somebody virtual to help us. So you can always hire someone like that if you need help getting things organized.

So that's number two, I want to adopt them all.

Yes.

Number three, creative process for tracking transition transactions. And until about probably a week ago, I be. There's. You put two initials qb. And I'm like, does a quarterback have anything to do? But recent, most recently, I actually have my own QuickBooks account now.

Yep.

And I am jumping into the easy process of learning QuickBooks.

For transparency here. Our CFO, CPAs, accountants, bookkeepers, Cassie and the financial team, they're the ones that are usually in there. Right. You are just now getting in there because we're developing a new process around our financials. So I just didn't want people to think that, like, you've been in business long and.

We just bought QuickBooks. Yeah. No, we've been doing this for years, actually. And yes, you're right. Everyone else is in there and they're keeping everything straight. I just, I'm just Now learning it, which is why I now know what QB stands for. But yeah, creating that process for tracking transactions. And so that way you can keep everything up to date and you can say, hey, how did we do month over month on doing this one particular thing? And you can just go into QuickBooks and go month comparison for this and this and boom, report.

That's right.

So it's so much better and that helps your company out immensely.

Yes. All right. And number four, have a process for sharing important paperwork. So this is really important, especially these days when it's, you know, hackers are everywhere, man. We get spammed and hacked and it's just frustrating. So having a place that is secure online to be able to share sensitive paperwork back and forth with your legal team or with your financial team is very, very important. So two systems that we use with different teams, we have, we have multiple attorneys, multiple accountants, bookkeepers. And that sounds weird, but it's important to always have multiple opinions. Not everybody is an expert at everything. And because we have so many companies in different areas, we want to make sure that we've got the team that's got the knowledge to be able to help us to make the right decisions. Right. So across all of these team members that we have, Verifile and Box are two systems that we use to transfer a lot of sensitive paperwork to those teams so that it's not in, you know, going through email and things like that. So have, have a process for sharing that type of stuff. That's where, where it's sensitive. And that's number four.

Yeah. By the way, I got the email from you yesterday. I went out and got those Apple gift cards.

That is one of the scams we get often.

Number five, keep everything you do simple. S, I, M, P, L, E. Simple.

Yes.

That's the whole line. Kiss. Keep it simple, silly.

There you go. A little bit more positive.

Yeah, yeah. Because it doesn't, it doesn't need to be complex. You know, I always like to say I dumb things down because it makes it better. It makes it easier for everyone.

Absolutely. I mean, I think that one's powerful. Number five is very, very powerful. Sometimes people make things so complicated that they just never do it. Like, it's just, they, they look at it on their to do list and it's just like they don't want to do it because they feel like it's so much work and it's so hard to do and so complex that this more simple. You make anything you look at and you go, oh, yeah, no problem. Okay. Yeah.

What is it called? Analysis paralysis.

Yes, exactly right. Exactly right. Number six, leverage technology. This is very, very powerful because these days, there's so many tools out there that allow you to be more efficient in what you do in terms of tracking things and storing things and sharing things. So explore. If you've got a problem where you're like, I don't know how to do this. This is complicated. I'm trying to keep it simple. Google what your problem is, and I guarantee you're going to find multiple solutions for it. And if you don't, then create the product yourself and become a millionaire billionaire. Because entrepreneurship is all about solving problems. So if Google doesn't have an answer for you, that means you've got an idea that hasn't. Hasn't been solved. But leverage technology, there's lots of tools out there. Many of them are free. So, you know, use it. It's there for you to make your life better. So take advantage of it.

All right, Number seven, have a weekly appointment in your calendar to work on finances. And this is true, too, because unless you are the CFO or the. The head bookkeeper, which is. That's their 247 job. You know, that's what their job is, is to be in finances. If you're driving, if you don't, if that's not your job, then you need to make an appointment to do it. Because everyone was like, oh, yeah, no, I'll get to that. Yeah, no, I'm doing these other things. This is more important. I'll get to those in a second, you know, but you won't. Yeah. So just. And I found. Which I think is funny, you know, I found that if I don't have a podio task or an appointment on my calendar, it just doesn't happen.

Yep, that's true. Even when I send you a text, you will put that text into podio as a task. You're like, I just. It won't get done unless it's. It's in podio.

Yeah. Because I'm. I'm. I'm just going too. Too much too fast. My brain can only handle so much.

That's right.

Because I. I have a wee brain. I can only handle too much. And I'm doing so many things. I mean, even just simple task of calling my mom. Yeah, my mom has figured this out. And so I talked with my mom last night, and I said, okay, I'll call you tomorrow. And she says, what time will you call me? I said, I'll call you tomorrow. At 2 o'.

Clock.

And she goes, great, put it on your calendar.

I love it. Yes. Because sometimes late at night you'll be like, darn it, I forgot to call.

So it's on the calendar, you know, so, but, but everything. And that's just, that's just calling my mom. That's not even to work on finances.

Yeah, that's right.

No, so, yeah, but make an appointment and stick to it. Don't just say, oh, I'll just push that. No, don't push it off. Stick to it. It's very important.

That's right. And I think what's also important about this, number seven, having that weekly appointment to work on your finances. I think it's important because if you don't do it, it becomes a monster, an overwhelming monster that.

Oh yeah, that'll build.

Yeah. And then that's what, that's really. When you start saying, I don't want to do that because you're so behind. And then, then what happens? You, you actually forget things that happen. And so you miss maybe some tax write offs or some transactions or some, some, you know, activity that might have had some impact on your bottom line, whether it be revenue or expenses or tax, you know, benefits, things like that. So doing it every single week keeps you on top of it, keeps it front of mind, helps you with your goals and tracking. Right? So that you can say, hey, I'm on track or I'm not on track. What do I need to change in order to get there? I've just seen too many people be like, and they spend like a week on their finances at the end of the year and it's just a mess and a cluster and they're disappointed and frustrated when it could have just been 15 to 30 minutes once a week for them to feel very confident about, you know, what they did, how they did it, how they strategized and they probably reached their goal. Whereas it's hard to reach your goal when you're not tracking where you're at every single week. So I think that's important. All right, number eight. Have a designated storage for paper records. So everything is good to store digitally. That's fine and dandy, but what happens when digitally goes away? And I don't know if it's ever going to happen. But what are those things like that you see in, in TV shows? Those EMPs, electronic magnetic pulse or something? Yeah, yeah, yeah, yeah, yeah. So what if that comes over and goes and it locks down all your digital files? I hope that, you know, we all have everything in paper records somewhere. And so Flip and I like to have paper records because if a fire burns the records, we want it digitally. And if an EMP device, for some reasons wipes out our digital or something else crazy happens. I know that people's computers go down all the time and they didn't store it in cloud, so everything's on their computer and their computer's wiped. Right. They just lost all of their digital storage. So having both, you know, figure out how many ways you can store something so that you're just protecting yourself in case something does happen, you have a way to access those files somewhere else. So have a designated storage place for paper records.

All right, Number nine, meet with attorney and accountant about record keeping requirements. Excuse me. So this is very important because meeting with both, because the attorney is going to tell you what one thing, which is a majority of the things you need to do it, but the accountant's going to tell you another thing, which is a majority of what you need to do. But those two together will be the, you know, the, the whatever. The word is whatever. That's what you need to do, you know, because the, the attorneys are looking at it one way, the accountants are looking at it another way. And so that just. But there's typically, if you're like, wow, I wonder if I should keep this. Yes.

Many times the answer is yes.

Yeah. Because what's it gonna.

Yeah, absolutely. Right. Yep, I agree. And then number 10, have a year end call with your tax professional, attorney and financial planner. This is something that Flip and I have talked about on our other podcast as well, because we have been engaging with our tax strategist to talk through this year. And what your tax strategist is going to do is they're going to take a look at where you're at financially across all companies and personally, and then they're going to let you know what your tax burden is going to be for the year that you're talking about, in this case, 2022. And then they're going to talk through strategies in. To lessen your tax burden. And then you can talk about 2023 in your plans and also talk about tax strategies to lessen your tax burden there. Right. It is possible, possible to pay zero in taxes. You just have to know the legal way to do it. And all of that is written into the tax code. And if you have a good tax person, a good person on your team that handles the taxes, sometimes that is a tax strategist and a tax preparer, sometimes that's Two different people. But you need to be talking to the strategist, right? The one that is really planning and helping you figure out how to lessen your tax burden. Because nobody wants to pay, you know, a buttload of money in taxes if legally you had the opportunity to keep some of that money, you know, to yourself. Right? A dollar saved is a dollar earned. So Flip and I are constantly in our meeting. I think it was a couple weeks ago, it was like, okay, so this is going to be your tax burden. So if you do this and do this, then that's going to eliminate that tax burden completely. And Flip and I were like, ding, ding, ding, ding, ding. Okay, let's get to work. And there was a few of our QuickBooks files that weren't all the way up to date. So we've had Cassie helping us in getting those up to date so that he could take a final, fresh look, make sure that it's still. The advice he gave us previously is still right on point. So that's really, really important. It's going to save you a lot of money. People are always going, how do I make more money? How do I make more money? Reduce your taxes. You will make more money. Yeah. So that's our. That's our 10 tips. The other things that we kind of want to close out this podcast with is if you are a business owner of any kind, doesn't matter. It doesn't have to be real estate, but if you're an owner of a business and you have a team, that you're leaning. One of the ideas we talked about in the vlog, which I love, is meeting with your team and going through a keep change, start, stop list, and Flip. Do you want to kind of share and talk about what we've done in the past and the impact that it's made on our 20, 22? Yeah.

So last. Last year, our new CEO that had come in, he had suggested doing this keep change, start, stop. And. And we're like. And. And so he explained it, you know, he's like, well, I'm gonna get with the team. And. And, like, what, you know, what should we keep? What should we start? What should we stop and. And let them explain? And then, you know, and. And each person gets to write down whatever they feel. You know, no, no prejudice against anyone. You know, it was. Everyone can say whatever they want. And then we kept score. You know, where, you know, this topic came up 20 times, you know, this topic came up eight times or whatever. And then. And then we went from there. We Found out there's a lot of things that people didn't like, you know, and. And there was a lot of things that people liked and then that they wanted to start doing. And so it really, you know, because just when you think you know everything about your team and your company, guess what? You don't, you know, and. And I was. I did. I was, you know, there was nothing, you know, groundbreaking, like, we need to stop doing real estate. You know, it wasn't anything like that, you know, but it was. It was a lot of great things. And. And it really let the team voice their opinions, and it let the team lead from within. And it was. It was. It was. It really had a profound effect in 2022.

Yeah, it really did. And. And this is something we talk about in the vlog, too. This is. This doesn't have to just apply to business, right? You can do this in your personal life. You flip and I could get together and say, hey, what did we do in 2022 that we want to keep? What do we want to change? What do we want to stop doing? And what do we want to start doing? And this helps you start to set. And I don't want to use the word goals, because we did a podcast about this too, how we're changing the word goals, targets, and the mindset behind the word target versus a goal that we won't get into in this podcast. But it will help you set the targets right for the new year by creating that list, because you're going to understand the things that you've liked and the things that you've disliked and the things that you wanted to be doing that you haven't been doing. And you're going to be able to navigate what that means to you and put it into a priority in order to, you know, put into place what you want to see happen in 2023. So apply this however you see fit with your family, you personally with your team. I think it's a really good exercise, and that's why we chose it to talk about it really briefly on our vlog episode that we already recorded. So another thing that we're doing right now is just this last two weeks, we have met with our leadership team, so we got a download on how they are doing what they want to see in the future. And I had just kind of a template of questions and said, you know, and the keep change, start, stop was part of that process. What did you like about what has happened here in 2022? What do you. Would you like to see and now going forward, and we had miscellaneous other conversations, but I think that's really, really important for you to be able to engage the people around you, because truly, when you are building something and you're doing something, everybody's involved, right? You can't. If you have a team, it's because you couldn't do it by yourself. And your team matters. And the more that you pour into them and appreciate and involve them, the better your company ends up being or whatever it is the project that you're working on ends up being. So I think it's a really powerful, you know, exercise to do. And then the targets. Do you want to talk about how we have our leaders create individual goals, slash targets. Anytime we use the word target, you guys who are listening, we're saying goal. And again, it's a mindset thing. But Flip, why don't you describe how, how we run our, you know, annual planning meetings and everything like that, right?

So we have our core leaders, and our core leaders run the individual companies or responsible for the individual companies that we have. That is all vertically integrated into, you know, the freedom family of companies. And so each year what we do is we have each leader of that core of their, their, in their silo, right. Of their companies. And they, they create their targets and, and they create. Or their goals. And, and they're, you know, what they're going to do in, in the, the first quarter and what they're going to do for the full year, you know, and, and how they see and how they're going to do it. And, and it really, it, it, it's, it's a, it's a different approach than, all right, guys, you're doing this so your, your company exists and you need to have this, this and this done by this year. You know, and it's not a, we're not telling people what to do. We're saying, hey, what are you going to do? What, what, what, what is your company going to do? What are you responsible for? And what, what, what do you think that you can, you can achieve? And it. So, and it really empowers them. And it empowers it. It lets them lead better.

Yes, yes, I couldn't agree more. And that's the other thing that we'll kind of end this podcast with is we allow them the planning and the empowerment to create those for their individual companies. Because you want your leaders to own, right? And if they're the ones creating it, they're going to own it and they're going to, you know, chase after it, if you create it, they might say, that's just not doable or that's not big enough of a goal or, you know, I can wipe that out. Let them, you know, create what they think that they can do and in the timelines in which that they can do that and what those KPIs and benchmarks look like, like. And then set a meeting where you bring everybody together. And we do this at the beginning of the year, right around, I think, somewhere between the 9th and the 12th, typically, because it allows the financials, financial team to close out the books. Right. For the previous year. Because we are very transparent in our company. And, you know, we go through the P Ls and we talk about the financials and the state of the company so that everybody as a team recognizes where we are and where we want to go. And that's when each of the leaders, you know, get up and present and talk about, hey, this is what we're going to be doing. And five of our companies are very, you know, interrelated. Right. They can work together in some way, shape or form and allowing the leaders to all talk about what they're doing, give some insight into the other leaders. Okay, they're doing this so that I know, hey, I might even, you know, adjust this or. And that's what the planning meeting before, before the actual meeting with the entire team is all about, is that those core leaders can get together, collaborate on goals, and then be able to present it to the team during that annual review. And that's when we look back at 2022 and look forward to 2023. So as you're in this preparation for the new year, those are the things that we do in our company and we've done every single year. We've just gotten better and better at it as we go. And we've added to our list of what we do as we prepare, and we thought it would be helpful to share with you guys and hopefully it did help you.

Yeah. Well, again, and thank you for joining us for our podcast, podcast number 82.

That's right.

And thank you for joining us with our podcast. Our podcast is called Real Talk, which.

Is Real Talk for real estate investors.

That's right. But we like to end all of our podcasts and episodes with Invest Smart, Live Happy. Bye, everybody. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information on this show are not guaranteed. All investment strategies have the potential for profit or loss.