1659 FBF: Self-Management Mistakes, A Strong Economy & Mortgage FAQs

Welcome to this week's edition of Flashback Friday. Your opportunity to get some good review by listening to episodes from the past that Jason has handpicked to help you today in the present and propel you into the future. Enjoy. 2012 is when we did our first purchase. I think 2011 is when we started, you know, attending meetings. Probably 2010 is when I started listening to podcasts. My husband was a little ahead of me, so he was probably, you know, late 2009, early 2010 and, you know, we just obsessively listen to. I think you were on episode 300 at that time, though.

Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new slant on investing, some exciting techniques and fresh new approaches to the world's most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine, self made multimillionaire who's actually been there and done it. He's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants, and been involved in thousands of real estate transactions. This program will help you follow in Jason's footsteps on the road to your financial Independence Day. You really can do it. And now here's your host, Jason Hartman with the complete solution for real estate investors.

Welcome to episode 1083. 1083. This is your host, Jason Hartman, coming to you from San Diego, California. And I happen to be with Carmen. San Diego, yes, Carmen San Diego here.

And Carmen Sandiego's parents are in the back. I heard a fascinating story from them today, but they do not want to talk on the podcast about Venezuela and just, just totally fascinating history. That was amazing. But on a very serious note and a grim note, our hearts go out to these victims of these California wildfires. Boy, as we were coming back from Hawaii, I started really noticing all of the news. It's kind of odd in being in Hawaii. I guess we were either so busy doing the Venture alliance event and the Profits in Paradise event, or I don't know, it's sort of. Even though it's part of the United States, it felt very separate. I felt like I was coming back into the country from, from out of the country. You know, been to Hawaii many times. Of course, I've been all around the world many times, but it just sort of felt like I was out of, out of the news cycle. These wildfires are terrible. At the time of this recording, 25 fatalities and over 110 people missing. So it is very sad. Thousands of structures have been burnt to the ground. The entire city of Paradise, California, or town is gone. It's just really shocking and tragic, really a tragic thing. On the business side of that, of course, we have to think of the insurance claims and the massive burden on the insurance industry and also commodities prices to supply the rebuilding efforts. Whenever these tragedies strike, we see the market react and it reacts in price changes. And those price changes, through the wonderful capitalist system, deliver commodities and help people rebuild and help people put their lives back together. But it is just awful. And of course, we will all continue to follow it. If you've not been paying much attention to the California wildfires, these are the worst wildfires in California history. Let's just hope that there's some relief very soon for that. On other notes, our guest today will be a returning guest to the podcast, and that is Drew Baker. As we talk about a whole bunch of things, not the least of which is blockchain, cryptocurrency, what it means for the future, self management, real estate, investing, all of the above. It's just sort of a very eclectic discussion. Whenever we get our client Drew on the show, we're gonna cover some good stuff. But before we do that today, I wanna talk about some financing, some FAQs, frequently asked questions when it comes to financing. Before we even get to that part, I want to share a couple of factoids that I thought were just kind of interesting. These are from the leftist rag, us.

Yes. I always have to throw in something, a little commentary about the media. Do you know that the average job tenure in America, guess how long it is. Guess how long the average person stays on their job in the United States nowadays? As of 2016, that number was unchanged. The average person stays on the job. Yes. Not one year, not 10 years. 4.2 years. 4.2 years. That's the average tenure of the job. And it makes me pretty happy. My people stick around a long time. I've got people working for me that have been with me, I don't know, 16 years now. Still several. 10, 11 years. So a lot of time, you know. But, you know, you can almost compare that to my prior discussions on vacancy rates. When we look at vacancy rates on real estate, you know that job tenure has something to do with that. And if you don't know what I say about that, go to Jason hartman.com and search vacancy rates and you'll find out more. I think that has a lot to do with job tenure in sort of an odd way. But you know, how I always make odd leaps in statistics that hopefully you find interesting. Here's another factoid that I thought was interesting. Cameras. Right, Cameras. Well, you may not know that the creator of the digital camera, the first digital camera, was none other than a company that is gone from the American landscape today, the worldwide landscape. A company that really did change the world. And that company is Kodak. Yes, Kodak not only became the global leader in the film world, but also they invented the first digital camera. I think it weighed about 10 pounds, and it wasn't very good, but they just thought it would really never take off. They thought that technology wasn't ready. And of course, they were very wrong about that. That was a pretty terrible decision on their part. They dabbled in the digital camera industry. You may remember that years ago. But this was an amazing stat. You know, we've all got cameras in our smartphones nowadays because it is an amazing time to be alive. But guess what? As the. We've seen the rise of the smartphone, the camera sales have declined dramatically. You know, I used to carry a digital camera around with me and a phone and then a smartphone. And then you kind of didn't need a camera anymore. You just had your phone and. And the incredible camera built in. Well, worldwide camera shipments total 25 million cameras in 2017. But the question is, what, as I always say, compared to what? Compared to what? Well, compared to 2010, that is down 80%. That's an 80% decline in digital camera shipments, down 80% in just eight short years, as we've seen the. The processing ability of cameras built into our phones improve dramatically. I want to talk to you about millennials and renting versus buying. But you know what? As usual, I am running out of time. So let me get on to a couple of these financing frequently asked questions because, you know, we've got to get to the movies here. Can you tell we're in the car? Yes, we're going to the movies. All right, so couple things that I thought would just be interesting at our Profits in Paradise event in Waikiki beach last weekend. One of our lenders that was there spoke about financing, and we did some panel discussions and had a really interesting time, but they talked about financing, and they came up with a really good little pamphlet. And as I was reading through their pamphlet, I thought there were some good FAQs that I would address on the show because, of course, people tell me I have a gift for explaining things. And we've had many lenders on the shows. Of course, we have our monthly mortgage UPDATE. I just wanted to tackle a couple of these here, time permitting before we get to our guest today. One question we commonly hear is can you finance more than 10 investment properties? Well, the answer is yes, but that's each person. So a married couple can finance up to 20 with agency loans, Fannie Mae, Freddie Mac, these are the really desirable loans, but you can go beyond that with portfolio loan products and those are not as desirable, but they're still pretty good. Because when you ask yourself compared to what the financing above, 10 properties per person or per spouse, still pretty darn good. Pretty good. But you might ask about your credit score. Now, as I've talked to you about before, there are many FICO scoring models and fico, the Fair Isaac scoring system that's been around with us for years that is probably going by the wayside as credit scoring becomes a lot more big data oriented and has a lot more cool features. As I've talked to you about. Each consumer really has about a thousand data points. This credit scoring, this traditional FICO scoring stuff is really not as good as it could be. But we're still on the FICO system. And the FICO system that mortgage lenders use requires a credit score of 620. Yes. Only 620. Only 620 for your first, let me see your first six properties, your first six finance properties. Only 620. That's not very difficult, folks. As you know, for properties 7 through 10amidst credit score of 720 is required. Now if you use any of those credit reporting services like Credit Karma or any of the many others out there. I remember I sat next to the founder of Credit Karma on a plane ride from San Francisco to Las Vegas about a year and a half ago. And it was interesting talking to him. But remember, you might just be looking at one of your FICO scores and you don't know which FICO scoring model you're looking at. Is it FICO 4? Is it FICO 8? Which model is it? That's the first question. But wait, there's more. It's complicated. Like my favorite Facebook relationship status, it's complicated. So also remember you have three credit bureaus, right? And so they do what's called a tri merge score. They don't just take one of those, right? Because they vary dramatically. You know, some are tougher than others in terms of the way they score you. So it's the FICO scoring model and it's all three bureaus. I believe most more mortgage lenders take the mid score. I don't believe they average them, but frankly I can't remember. So ask one of our lenders and they will help you with that. So I just wanted to talk about a couple of those things. We are already 11 minutes in. I am going to announce the contest winners on the next episode. So we will do that on Wednesday. Last chance to enter our contest for the Ring Doorbell or the Amazon echo@jason hartman.com contest. Just talk to any of our investment counselors or lender who can help you with financing details. I'm going to tackle a few more of these FAQs in the next episode as well, time permitting. But for now let's get to our guest because, hey, this is a fairly long interview and we're going to cut it into two segments. We'll play part two of it on the next episode as we announce the contest winners and get to a few more of these FAQs. So here we go. Until next episode. Happy investing. But here is our guest. Foreign.

Hey, I wanted to welcome a returning guest back to the show and that is one of our clients, Drew Baker. Today we want to examine some economic issues and talk about the possibility of a market crash. Well, when I say market crash, maybe stock market, real estate, market economy in general, we'll talk about that and some other things as they relate to strength of the dollar. I want to make sure we touch on Argentina and Turkey because wow, big currency devaluations there. Pretty scary. What's going on? We'll just kind of dive into some of that. And of course, you know, Drew is a client of ours. He's talked a lot on the show previously about self management, has really shared some of his experience there and I think enriched our audience a lot. So Drew, welcome back.

Hey, thanks for having me, Jason.

Good to have you on and thanks again for sharing your self management experiences. How you converted from having property managers to self managing about half of your portfolio. You're having a really good experience with that. So you know, let us know how it unfolds over the months to come.

Yeah, it's funny, I could share a story with you about something that I made a mistake if you want to hear a mistake story about my self management. So I think in it, in a previous podcast we talked about how I became friends with my tenants, quote unquote, you know, or friendly I suppose. And I think that the issue with that is that I when I was having the tenants occupy the properties, one wanted to break the lease. And just as a very matter of fact way they said, hey, don't Worry we're going to have somebody else fill in our spot. We'll help you find somebody. And I said, well, you got to.

Qualify them, of course. Yes, yes.

I said, well, if you find a qualified tenant, whatever deduction and fees that I'm charged by my new agent, I'll just take off of your breaking of the lease.

Right. Okay.

Well, it turns out that they needed their handheld the entire time. You know, did you show the property? Did you do this? Did you do that? No, I didn't. I just have someone that's interested. Well, if you put a lawn sign out and you have a phone number, it doesn't help me to, like, have to qualify the tenants or have my agent do that. So it's basically creating more work than if I did it myself. I mean, this is like basically the property management game where, you know, you have someone in between you and the tenant or you have someone in between you and the applicant. Right. This person who's the tenant doesn't know how to find a qualified tenant.

Right.

That's ridiculous.

Of course. Of course.

So I was a bit naive thinking, like, hey, I'll deviate from the contract, help these people out, and instead it just created more work than if I had done it myself. So I think that the lesson that I learned is that the contract is what it is. And if a tenant decides to make a life decision, like buy a house or something, once they've decided that they've decided it in light of the contract, it's not like they can come back to you and go, hey, I made this life decision. Make me a deal.

Yeah, right, right, right. No, they have to. They have to uphold their bargain, and you need to hold them to their bargain. You know, they have a right to try and mitigate their losses. And they can cooperate with you in showing the house, they can help you find a tenant. But of course, you as the owner, get to make the decision who you want to lease the property to. And you need to make sure that new tenant is fully qualified and that they're going to take good care of your place. So, yeah, goes without saying. So. Good.

There was a. There was a silver lining in this because they had told me that they were considering living in the middle of the month. And since I'm not prorating, you know, middle of the month type thing, what I said to them was, hey, if I get a tenant on the first of the next month, and I can use the time that you leave to get the place rent ready, I'll apply that time to your discount on the breaking of the lease.

Right.

So they ended up having an incentive to leave a little early, and they got a little bit of a discount. And I got the place rented with very little vacancy on the 1st, so there was no real downside. And I was fighting the weather changing, you know, because this is in a Four Seasons part of the. The U.S. so I had an incentive and the tenant had an incentive, and our incentives were aligned, like you say.

Yes, yes, you must have aligned incentives in life. Try everywhere as much as possible to align incentives. Once incentives aren't aligned, problems always seem to occur.

And.

And that's really the basis of commandment number three, Thou shalt maintain control and why you should be a direct investor.

And.

And like I've said, every time I violate my own Commandment Number 3, and some of the times I, you know, I do it, I walk into it fully knowing it usually turns out bad. But some things I do to be a laboratory for our clients and listeners so they can hear about my bad experiences that might turn into litigation and cause trolls. And. Hey, by the way, I'm wondering, you know, maybe you got an email from my troll on the last time you were on the podcast, but if you didn't, you might get one, so we'll see. Okay, yeah, it's coming. It's coming. Make sure you tell them, hi, I want to troll. Yeah, yeah. Then, you know you've reached the big time when you've got haters. Yeah, okay.

I'll know I've made it when I have a troll.

Yeah, that's exactly true. But, hey, so let's talk a little bit about the economy. You know, there are so, you know, right now, it seems to be that everybody's trying to predict something. You know, we've got this real estate market and this stock market that have been on a tear for years now. Really. Now, both of them have come off very low bottoms from the Great Recession, but they're still booming. You know, now we're. We're almost two years into the Trump presidency, and unemployment is super low. Unemployment, when you segment it into women, African Americans, different minority groups, it's really low. So, you know, anybody's entitled to hate Trump as much as they want, but like I said, he's gonna be good for the economy. And I think that's gonna continue, you know, because we actually have. I mean, listen, I don't like the guy. I think he's a jerk, okay? But he's a business person. He understands the way business works. You know, and that's a lot different than having a politician or a community organizer. You know, there are people that have different talents. Some understand business and some just don't. Okay? So I just, you know that the trade war, I mean, you can criticize that all you want, but it's making American wages go up and things are doing pretty well. I don't know. Do you agree with me?

Yeah. Jason, I want to tell a funny story. I went to one of your events. It was probably, oh, gosh, I don't know, getting close to 10 years ago. I think it was in 2009 or 2010, I can't remember. I went to one of your events and just. I was talking to some people in the audience and talking about the stock market because it had taken just such a huge nosedive. And I remember you crowing that you had called what you thought the bottom might be, and you were right. And someone in the audience, I remember talking to them and they said, when I was a little kid, I used to mow lawns and I saved all my money up and I bought bank of America stock. He said, today, today, bank of America stock is less than what it was when I was mowing lawns. That guy had, you know, silver hair. He had clearly seen a lot.

That's pretty amazing and tragic in the same time. See, with income property, because it's a multi dimensional asset class, you can earn your return from lots of ways. Now, I don't know if bank of America pays dividends or not, but if it does, it's a two dimensional asset class. You get appreciation or, sadly, depreciation. And you got to adjust that for inflation always. And then you get, maybe you get dividends. I don't know if it pays dividends or not. I don't really follow the stock market very closely, but with income property, you make money. You make money six different ways. Okay? I mean, six. Most people say five and you know, they use that acronym ideal, Right. Most say five, but they don't include the Jason Hartman Way, which is inflation Induced Debt destruction. And for our regular listeners, I won't bother boring you with the repeat. If you're new, go to jasonartman.com and type those words in. You can hear all about it. Okay, so what do you think is going on with the economy? I mean, Drew, we talk about this a lot, you and I. We trade messages back and forth constantly. I think you talk to me more than you talk to your wife. Okay. I'm thinking that might be true. Is that true? Is she Complaining about that.

Well, she wants to thank you very much so for her constantly hearing me tell her self management stories.

So I think we'll call it even.

Okay. All right, there we go. There we go.

About what you were talking about with dividends. I mean, the thing about dividends is if the company doesn't do well, they will either take away or dramatically cut the dividend down to almost nothing. So it's not like this dividend is some stable horse if the company becomes unstable. That's the thing is the situation that your tenant might be in and the situation you might be in are probably a lot different. What your acquisition price is doesn't have any effect on the tenant. So the finances of you and your tenant are in different worlds. Whereas when you are owning a stock, you're very much tied to how the, how the company's doing because that's reflected in your return.

Yeah, yeah, absolutely. And the thing is, the dividend can be much less stable than the rent. I mean, certainly you could argue that, well, if times get really bad, the rent could decline. And that is true, you know, or the tenant won't pay at all because they'll be in trouble. So that can definitely happen. There's no question about that. But the amount of it that can happen, the significance of it is. Well, at least I say, and I'm not coming from some scientific study on dividends here, okay, Because I don't have the stock market knowledge, but it's less volatile than the dividend equation.

Well, the thing too, I mean, by the way, dividends are a joke today. I mean, they're so low that, you know, I mean, this is, this goes back to the whole wealth gap thing that you mentioned in the past. I mean, if you look at the greatest generation, our grandparents, they had one parent at home and one income and kind of everything was calibrated family wise to that one income. And then at 1, the baby boomers came around and you had the 70s and women coming into the workforce. Now you had double income. So the prices dramatically gapped up because now each family had more income and you have more dollars chasing fewer goods and the prices go up from then. And then you look at 30 years of declining interest rates to today you have free money, double incomes and just things are nutty. So it's like you have this slow erosion at being able to get in as far as what you're talking about with the wealth gap that the bar is so much higher, you have to have every cylinder going in order for you to basically Be in the middle class almost, it feels like, right?

Yeah. No, there's no question about it. I mean, it is a myth in some ways. I mean, see, this is. These equations and discussions are complex because you can't say it's one way or the other. But you can definitely say that, look, Americans, if they're a couple mostly both of them are working, okay? And it takes two incomes nowadays to support a house. And everybody's a heck of a lot busier and a lot more productive, okay. Then they ever have been in history. I mean, just like I always say, you must watch old TV shows and old movies. I mean, you just must do that. Everybody needs to be a student of history. There's an old saying, you know, those who don't learn from history are doomed to repeat it. And you gotta watch old stuff so you'll know how it was. You know, go on YouTube or nick @ night or something and watch Leave it to Beaver and the Brady Bunch and just see how life was. Yes, it's the movies. I know it's Hollywood, but it's a much better depiction than the one you have a memory of. Okay? Or maybe you weren't even alive then and you just got to see how life used to be. It used to be much more relaxed than it is today, much less intense than it is today. Well, people were more like people back then. Now they're like distracted by a billion things. And hey, that's one of. The human connection has been just decimated in our culture. And it's not just that way in the us it's around the world. But the US is one of the worst places in that respect. If you're single and, you know, marriage has become extremely unpopular if you're single and you're trying to meet somebody, it is really tough with people being so distracted. Everybody's looking at their phone, they've got earbuds in their ears. They don't go out because everything comes to them. They're doing what the futurist Faith Popcorn back in the 90s talked about. She talked about nesting and how back then the example was, well, everybody has a big screen TV now, a home theater in their home. They don't need to go to the movies. Well, now you don't need to go out at all.

And so it's just a different world. It really is. The whole world has changed so.

Much. I was watching a Joan Rivers interview. My wife was like, why are you watching Joan.

River? Yeah, I know that's kind of weird. I never knew you were a.

Fan. Well, you know, I was a fan of the Tonight show and I remember it being on when I was a kid. And I know that Joan Rivers sort of filled in for Johnny here and there, and she spoke about Johnny having a dark side. And she had done this for a while after she had called Johnny and said she was gonna leave the show. And he hung up and never spoke to her again. And basically how Johnny, the way he was on television was different than how he was in his personal life and how someone today like Johnny Carson couldn't exist because of how private he was. Sort of how he ladder in his life sort of had no one surrounding him. Whereas today you have the paparazzi and you have all this technology and, you know, he's out in Malibu just putzing around and just left alone. And today he would just be harangued. So you're in such.

A. Well, we should, we should, we should. We should. We should make the note that Johnny Carson has passed away many years ago. But. Yes, go ahead. I know you know that. Yeah, I.

Mean. Well, the observation I thought was interesting was that someone like Johnny Carson with all that fame, you know, Johnny could make you or break you. He could make you famous for life just by anointing you. And basically today, how there's so much technology that things today, the currency is getting in front of people, is getting people's attention. I had a friend who's a stock analyst, and he said, I was joking that a lot of these companies now are just basically giving away free things and operating at cost or loss just to get attention. And he said, oh, well, of course, all they want to do is sell their stock. They don't care about the money. So the primary mode is getting attention to get a higher valuation in the.

Market. Okay, so let's talk about that for a minute. That's interesting because a long time ago I remember talking about this on the show, and I'm glad you brought this up. Okay, so about 70% of the S&P 500 index is composed of consumer spending. Right. And I know you know this already. The question would be, and it's kind of an interesting thought experiment, is it more important for companies to sell their widgets, their products and services, or is it more important for them to sell their stock? And this makes the public stock market creates a misalignment of interest. Because you're right, these flashy CEOs, I mean, Elon Musk certainly comes to mind. Even maybe he'll go to jail. I don't know.

Elon Musk. I've talked about him much, and I know you're a huge fanboy.

Drew. Well, no, I think that could be a whole nother podcast. I have a lot to say about.

That. We could do a Musk cast. Listen, I was a big fan when I got my first Tesla. It was good. But when I got my second Tesla, I became a non fan, to say the least. I love his vision and stuff, but, you know, he's a crony capitalist. I mean, many people just say he's a crook. Okay? He's. It's kind of like the same thing in government, right? Bernie Sanders and the late Ted Kennedy. I mean, all they do is they take other people's money and redistribute it and they're viewed as heroes. I don't know. I mean, look, you know, raising money is a legitimate thing, but it becomes real cronyism. Certainly in the case of Elon Musk. But I don't know. That's a. We'll get into a huge tangent if we go down this path, but.

Thoughts? What's funny? Because CNBC did a whole thing on how all these original Model S owners, the people that bought the first Tesla cars, are now having trouble with service and because they're no longer, you know, under warranty. And it was talking about the exorbitant cost to repair. Just silly things like the door handles are over $1,000.

Each. Yeah, yeah. No, I know.

Ridiculous. You know, it's just.

Crazy. My. Okay, so check this out. I have not had a traffic ticket in probably 20 years. Okay? I'm a, you know, pretty conservative driver, okay? And. And my insurance on my Tesla Model S, the first Tesla I had was maybe $2,800 a month. I thought that was outrageous. Okay? I thought that was really high. But wait, there's more. A.

Year? You mean a year, not a.

Month. Oh, sorry. Yeah, a year. Did I say month? Sorry. Okay. $2,800 per year. And I thought that was outrageous. I thought that was really high. Okay? But I got the Model X and the Insurance was like $5,200 a year. I thought, oh, my God, Tesla did not disclose this to me. I went online and started reading about it. I thought, I have never had such car. That's just insanity that my car insurance would be that much. I mean, you could buy a whole cheap car for that, you know? And it's because. And then I read it. I think it was. Consumer Reports had an article about it, and they said these new cars with all the safety features are really cool in a way. But just the mirror on one of these cars, if the mirror has a camera in it, you know, the mirror alone, if you break the mirror off, it's $1,300. You know, these high tech cars are pretty darn expensive to insure in some. In a lot of ways they're safer because they have lane departure warning system and you know, maybe autopilot like the Tesla had, but we've seen that that doesn't work very well. Yeah, it's just interesting. I mean, it is. But hey, let's get back to the investing stuff because I know there's some stuff you wanted to talk about. Dollar devaluation. Well, not dollar devaluation, but currency devaluation. And let's talk about the crypto stuff. And Argentina is now having, every 10 years, like clockwork, Argentina has an economic disaster. And they're having one now. I mean, just, I think it was just today their currency devalued by like, I don't know, several percentage points in a day. In a day. It's tragic, Turkey, tragic. Now is this stuff going to be contagious? I think the real estate market is going to hold up pretty well in the low end, but in the high end it is softening quickly. I just did a radio interview about that yesterday on a Phoenix station. What do you think is going on out.

There? I mean, this is the classic government running the economy. I mean, when you have central banks and the government, you know, talk about misaligning the interest between the people and the government. I mean, the thing that's so funny about this is if the government creating the money, you have the government collecting the money through taxes and getting to use the money first as it's devaluing. And that basically leaves the general public to operate within that kangaroo court. And if you don't follow those rules, they're going to put you in a.

Cage.

Right? And who gets held, who's accountable when the experiment goes awry and fraud occurs? And you know, the biggest fraud of all, no one gets held accountable in the government's end. But maybe if there's a revolution, the people might hold them.

Accountable. They might burn them at the stake. You know what I've been, I got another half to watch still, but I'm watching this. It's amazing that a movie could actually be funny. It's sort of like a comedy about Joseph Stalin, the biggest killer of all time, probably, you know, when he was running Russia. And it's like this spoof on Stalinism. And it's sort of interesting, but you see how bad it is when there's central planning of any sort and government control and overreaching government. And what you said about the central banking cartel that a lot of people just don't understand is, look, they get to, like you said, the government and the central bank, the unholy alliance between the two, they get to use the money first and by the time it trickles down, it's devalued by inflation. And they want to see it devalued because it's a great business plan for governments, because the government gets to pay its debt back in depreciated, cheaper dollars. That is an awesome deal. They are following the Jason Hartman model of real estate investing. Inflation induced debt destruction. Inflation induced debt destruction where you borrow for the long term at very low rates and you pay that debt back in ever cheaper dollars. It's a great deal. And if, you know, look at the, the people running the governments and central banks are much smarter than any of us. They have way more information than we do and that's their business plan. So just Tony Robbins says success leaves clues. Okay, let's emulate that. Let's use them as our mentors because they know what they're.

Doing. Yeah. Well, it is funny when you think about the whole economy and the money supply and all these people talking about private assets, such as in bitcoin type thing, and everyone flooding out of the dollar. And I think when you look at the Fed decreasing liquidity and slightly bumping up interest rates while everyone is still doing quantitative easing in other parts of the world, immediately the US Starts to look like the prettiest of the three ugly sisters. And you have to find out where is all the money going to flow to. And since we are kind of, you know, when things go awry, you know, if we get catch everyone else, you know, gets on life support and if we're starting to improve our economy and everyone's lagging behind us, you think about all that money that's going to start to flood into the US it makes you wonder if asset prices are going to go higher because why would you put your money in the Japanese economy where they're buying, you know, 97% of their own bonds and some of these other economies where they're just printing their money like it's going out of style. And you look at the US dollar, starting to look pretty good. And so when you talk about like bitcoin and some of these competing currencies, I think they sound great on paper, but you have this the system is so entrenched in the dollar, whether it's paying your tax bill or just the political aspects of it, you know, and the social aspects of you revolving your life around the dollar and just all these implications. And I think you talked about the military aspects. You know, they are the ones with the I just don't see the infrastructure that could adopt having a cryptocurrency be a viable thing. And I know we've talked about this in private message, but I just don't see the architecture there and I.

Don'T see the support system isn't there. The infrastructure is not there. This will be continued on the next episode. Thank you for listening and happy investing.

Thank you so much for listening. Please be sure to subscribe so that you don't miss any episodes. Be sure to check out the show's specific website and our general website, hartmanmedia.com for appropriate disclaimers and terms of service. Remember that guest opinions are their own, and if you require specific legal or tax advice or advice in any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you're using and write a review for the show. We would very much appreciate that and be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.