1808: Milton Friedman, Productivity & Compensation, Peter Drucker, Lou Dobbs War on the Middle Class, Housing Supply & Labor Shortage, Inflation Induced Debt Destruction, Coaching Program

This show is produced by the Hartman Media Company. For more information and links to all our great podcasts, visit hartmanmedia.com.

Thank you, Jason. I would not have as much money today if it wasn't for you. And you know, thanks to you and your guidance and your show. And man, now cash flow for all your clients on top of it. Not only appreciation, but cash flow. You made a lot of people rich, my friend. You're a good man.

Thank you, Jason.

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.

Greetings, empowered investors. We are going to talk about more empowerment today. And hey, as they say, knowledge is power, right? This is episode 1808. 1808. And if you're new to the show, you've got a lot of listening to catch up on because we've been doing this a while. Okay? So let's dive in. I want to show you a chart that may seem like an unassuming chart, but this chart you are about to see. And if you're listening on audio only, don't worry, I always explain things for you. But if you're watching on video platforms, I don't even want to name the platform because nowadays everything is so darn unstable. You just never know. Okay? So this chart I want to show you, this shows you why you're getting screwed. Okay? This is the chart that does that. It is the disconnect between productivity and the typical workers compensation. You know, the age old debate here is the debate between the value of capital and the value of labor. Now think of this, right? You know, in various countries, they call one political group the Labor Party, right? And they don't like the capitalist, right? So the capitalists represent the capital, right? The money, the capital, the funding it takes to build things, to do things, to hire people, all of that stuff. But the labor also has value. And this is the age old debate that will go Back and forth. So the Marxist, the communists, they tried to solve the problem. Of course, it was an absolute epic disaster and is responsible literally for the deaths of nearly 200 million people. But they did try to solve the problem, at least originally. Maybe the intent was to solve the problem by giving the workers more power. Labor would have more power. Workers of the world, unite, they said. And they had the fist as their logo. I actually kind of like that logo, even though I hate the movement. But this chart shows you what happened, right? It just shows you what society values the most. And a lot of it came from Milton Friedman, because I think it was somewhere in the 70s. Now, Milton Friedman was an awesome economist. Look him up. Watch some of his old videos. He's brilliant. And if you want to read an incredible book, read Free to Choose by Milton Friedman. And he's got others as well. Also, one of the old timers used to read Peter Drucker, the brilliant management consultant and author and thinker. Okay, so Milton Friedman said that a corporation has only one responsibility, and that is to its shareholders. Only to its shareholders. And forget about the employees, forget about society, forget about everything else, right? Forget about any other stakeholders, vendors, whatever you can think of, right? Customers, even things. The goal of the corporation was to maximize profits for shareholders. And, you know, I agree with that. Sort of. It sounds like a good idea, and I think it generally is a good idea. But, you know, like so many things, it got really, really overemphasized and it got perverted over the years. And here, this chart is pretty telling. And look at this chart with me, okay? Check this out. I'm going to make it a little larger for you so you can see it a little better. So the disconnect between productivity and a typical worker's compensation, 1948 to 2014, all right, we have the cumulative percent change since 1948. 300% at the top, zero at the bottom. The chart starts here in 1948, goes along through time, and you see that productivity. Now, how do we measure productivity? Well, you know, it's complicated. Just like the CPI and the unemployment rate and the labor participation rate and the GDP and all the other things. Everything's all manipulated, blah, blah, blah. But at least it is a benchmark for whatever it's worth. So productivity continued to increase. Now, notice that the big increase really came in the early 70s. And the 70s, of course, is one of the most interesting modern decades for an economist to study. Now, granted, we have the Great recession of the 2000s, and then we have the plandemic and so on and so forth. And that, that got pretty interesting too. But the 70s, really interesting decade for economists. They had really ugly clothing and the gaudy dude at the discotheque with the big gold chains. And by the way, it was the decade of gold. They used to drill holes in those gold coins in a Krugerrand and make necklaces out of them. So when you see the cheesy guy with a, you know, a lot of people dress up as this guy for Halloween, right, With, with the gold chains and the all that disgusting hair on his chest sticking out, right? And all this stuff. So that was the 70s, right? And so the clothing, no thanks. But the music was fantastic. And being a student of the 70s for economics is really super interesting. Okay, so here we saw it diverge, right, right around 1973, right? We had productivity and hourly compensation. And you see how the compensation just sort of stayed flat, yet productivity kept rising. And of course, you know, the big jumps in productivity really happened here in the 80s as we sort of really got into the age of computers and software. And that started really getting a lot of traction and the divergence just became really, really extreme. But you know, a lot of people would say, well then those greedy business owners should pay more. And in terms of big corporate business, I agree with you. I agree. In fact, I posted this article just the other day on my Facebook with no comment. I just took a screenshot of the article of the headline and it talked about how Tim Cook at Apple, the CEO of Apple. Now I must admit, I used to be a fan of Tim Cook. I am definitely not a fan anymore because I think he's a hypocrite. And you know, they're doing all this privacy invading stuff. He's lecturing us about racism and he's total hypocrite, lives in his completely white bread world. You know, these, these people are like Hollywood celebrities. They're all a bunch of hypocrites, right? But whatever the case, his wages, his income last year was 1400, I think it was 1471 times the wage of the average worker at Apple. Now if you look back years ago, these used to be dramatically different, okay? The CEO of the company and the other C class executives and you know, the boards of directors, right? You know, all of their compensation was somewhat reasonable. It was maybe a hundred times that of a rank and file worker, right? It wasn't 1500 times. And there is a huge disconnect, and there's also a huge disconnect between shareholders and the executives of these companies because the shareholders are also getting screwed. So Milton Friedman said, maximize shareholder value. Well, of course, the executives are always shareholders of the company, but the investor shareholders, the people that just bought the stocks through Charles Schwab or Ameritrade or Merrill lynch or whatever company, right, the public type shareholders, not the insiders, you know, they just got totally screwed, right? Because yeah, they get some nice return and so forth and you can say all that, but nothing. It's totally out of sync with what the executives get. And I have all sorts of examples of this that I've talked about on prior episodes. And I got them from Lou Dobbs. Great book called War on the Middle Class. War on the Middle Class by Lou Dobbs. Highly recommend that book, chapter two. He goes into all these examples of all these CEOs and how their wages, their salaries, their packages, their profits were totally disconnected from that of their shareholders. And Larry Ellison, the founder of Oracle, had to be the most egregious, ridiculous one of all. From 2000 to 2002, Larry Ellison, now don't quote me on this because it's not in front of me, but from memory, his personal take from Oracle was almost $1 billion. It was like $781 million in two years. I mean, that's not bad. However, during that same exact two years, the shareholders, their return was negative 61%. And that's totally legal, but it's absolutely ridiculous and pathetic at the same time. So, you know, this is the age old, the debate, and it will continue between the value of labor and the value of capital. Both are valuable, but in the world of big business, in the corporatocracy, it has become totally, totally disconnected. And the labor at the top of those companies, the C class executives, the boards of directors, the people who are making all the decisions and paying themselves extra, they're not in this. They're getting paid dramatically more than their productivity while all of the workers are getting paid dramatically less than their productivity. So, you know, the war will be waged, the debate will continue. But I just wanted to share that with you because if you look at real wages for Americans between 1977 and 2017, Trump administration, there was no real dollar increase in their pay for like four decades. Can you believe that? Now under Trump, that actually started to change. They started getting an actual raise, but that's history. Okay, all right, so let's look at a couple other things. Now I want to look at this one. Construction materials, just mind boggling, mind blowing, absolutely amazing here. And I'm going to play this Video, this CNBC video, it's going to blow your mind and you are going to realize here once again why housing is so expensive and how it's not going to get any cheaper anytime soon. So here we go. Hopefully you hear this. Okay.

Hey, Ty. Yeah. The cost of nearly everything that goes into building a home is going up and that's why home prices are so high. Builders say residential construction costs are up 21% year over year. So let's break it down from a year ago. Softwood lumber is up 26%. Steel products up 113%. Concrete up 9%. And gypsum, that's wallboard, up 23%. Finally, exterior paint up 30%. And this is just from a year ago. But a lot of these products are up even more from pre pandemic levels. The only bright spot is that steel does appear to be coming down a bit now. It's all part of why home builders sentiment slipped again. In February, the NAHB's chief economist said in a release, these higher development costs have hit first time buyers particularly hard. Builders have been raising prices to make up for the higher costs. So the median price of a newly built home last year was actually 17% higher than in 2020. Add fast rising mortgage rates to all that and it's no wonder that builders are seeing a drop in buyer traffic through their models. Back to you.

So, Diana, you haven't gotten to, maybe you plan to later this week.

As I look at all of those.

Constituents of materials, the one that we haven't discussed yet is labor. And I'm sure that's higher too.

No question labor is higher. And also really, it's the labor shortage. So builders have higher costs for land, labor and materials, but it's finding that labor that's really hard. And also the supply chain issues of getting all these materials to the home building site because they don't have enough labor for the trucking, for the shipping, etc. It's just all a perfect storm, I guess.

Okay. And you know what's amazing about that is that the construction labor, I mean, this absolutely blew my mind. I recently interviewed a Construction Industry association person. I can't remember exactly, but he was on the show. And it was shocking to me to learn the age of construction workers nowadays. These are not young guys doing construction anymore. These men are 45, 50, 55, 60 years old. These are not young people anymore doing the construction trades. And again, this is a low, low tech industry. I was interviewing someone about a year and a half ago on the show and he said something that I thought was really profound. You know, I've said this before, and that is that the biggest technology innovation in construction in the last hundred years was the nail gun. Pretty, pretty incredible, huh? Okay, let's get to some other stuff here. I want to show you this. This is Charlie Munger. Okay. This is the business partner of Warren Buffett, of course, you know Charlie Munger, you've heard of him. And he is saying that he compares crypto to venereal disease, to vd, to sexually transmitted disease. Right. Berkshire Hathaway Vice Chairman Charlie Hunger wants virtual currency banned. Well, here is the most pathetic, amazing and disgusting thing of this I'm going to show you, but I just want to say something first here. Now look, I own some bitcoin. I have not changed my stance on this since I found out about bitcoin and other cryptocurrencies over 10 years ago. Bitcoin was $74 at the time I first learned about it. I was standing on a beach in Central America talking to a person at a conference where I was doing a speaking engagement down there in Belize. And I was at this conference and I had spoken that day. And so, you know, a lot of people were talking to me, asking me questions. And this one guy, we got to talking and he tells me about bitcoin and I was all like, what's that? And I host another podcast called the Crypto Cast. And my stance on this has been totally consistent the entire time. And the stance is this. I would love nothing more than to see this succeed wildly. A currency of the people, for the people and by the people. Hey, where have I heard that before? The original idea of the founding fathers of the United States of America, the greatest country that ever was certainly in decline, said that. And it would be great to see this succeed. But unfortunately, the powers like Berkshire Hathaway and, and the other elite class, the central bankers, the governments of the world, all the central banks, not just the Federal Reserve, the US's central bank, but the, the ECB, the European Central bank, the bank of Japan, all of them, right? None of them want to see this succeed. They will fight tooth and nail to maintain control of the currency. And governments and central banks, as I've always said, are the two most powerful forces the human race has ever known. After God, they are the two most powerful forces. So this is scary to see stuff like this from powerful people like Charlie Munger. And then you go on to the next part of the article. The 98 year old billionaire investor added that he Admires the Chinese government for banning bitcoin. Can you believe that? I mean, just, just totally, totally shocking. You know, These are the insiders, okay? Warren Buffett is not some good guy. He seems like this folksy, nice guy, you know, who just figured it out. And I love his value investing philosophy when it comes to real estate. That's my philosophy. It completely aligns with Warren Buffett's philosophy. But he is an insider, okay? And during the Great Recession, you really saw his true colors. And during the pandemic, you've seen them again. Not a good guy, okay? For many, many reasons. And by the way, you know, one of the companies he propped up for so many years has sold that disgusting diabetic and cancer inducing and obesity inducing sugar water disgusting junk that should be, that's what should be banned and outlawed is Coca Cola, okay? And all those other disgusting sodas because they're killing people left and right, okay? I mean, it is just unbelievable. The poison. That's the poison. You know, Charlie Munger and Warren Buffett called bitcoin rat poison. How about their Coca Cola? That's poison, okay? So there's the real poison now, the corporatocracy. Let's talk about them again. And let's talk about how they do this fake virtue signaling and especially all these big tech companies, right? They say, well, for all our, you know, we're so pro women in our workforce, right? And I talked about this, my Valentine's Day rant was about this how, you know, the government does not want us to stay together or get together in the first place. The corporatocracy doesn't want us to get together because, look, if people never marry, if they stay single, then they need two of everything and they've doubled their market share. If we can promote the feminist ideology and get women into the workforce, we're going to have more tax revenue. Then the feminists came along as they were funded by the government and propped up by the corporatocracy. And they came along and they said, you know, we don't need men. We can go out and, you know, go into the workforce and all this stuff. And that's great. Listen, I'm all for freedom. People should be able to do whatever they want to do. I have no qualms about that whatsoever. I completely endorse it. But when it's this agenda, okay, that's when it gets dangerous. When it's agenda funded by secret forces that have their own agenda, they want to enslave half of the population. Women in the workforce and make them work like dogs and get all the same stress related diseases that that men have been dying of for decades. Now women are getting them because they are enslaving a whole nother half of the population. That's what the corporatocracy and the government is doing by wanting us to stay separate. They promote movies and TV shows and all sorts of media that promotes divorce, discontent, unhappiness and all of this stuff. It's a better deal for them if you want to expand the size of the economy, if you want to expand your tax revenue, and if you want to expand your market, you need people to be single. And if they're married, you need to split them up. Because then they will need two sofas, not one. They'll need two beds, not one. They'll need 2 refrigerators, 2 coffee makers, 2 dishwashers, 2 houses. And then if they have kids together and they're sharing custody, guess what? They need two beds for the kid. The kid doesn't just have one bed like they did throughout history, they have two beds. One at mom's house, one at dad's house. Okay, so double everything. Boy, what a great way to expand the size of your market. If you're a consumer products company, that's an awesome deal. So what these virtue signaling disgusting companies do, especially the tech companies are guilty of this, is they offer to freeze women's eggs. Oh, you think they're doing them some big favor, right? So you can delay childbirth and keep working at Google like a slave, right? That's exactly what they want. Okay, so this is big business and it's a whole nother opportunity with a whole bunch of greedy people and iron triangles just out for the profit motive. Just like big pharma, big tech, all the rest of them, okay, the military, industrial complex, everything, they're all doing this. It's all about money. Like the Watergate character, they called him Deep Throat. He said follow the money, right? That's what you have to do. Follow the money. That's always the answer to everything. Just follow the money. So yeah, the first baby born with a frozen egg is now in their mid-30s. We don't know who it is. And it was what's considered experimental. But now all these companies are offering it as a medical benefit because guess what? They can keep those women working in that cubicle. And that's what they want. They want to keep the women working in the cubicle as a slave to the corporatocracy. That's exactly what they want. And Guess what? The government wants it too. Because hey, it's no good if women are at home and not working and not paying taxes. That's more tax revenue for the government. So there you go. Nothing is as it seems. And we talked about how sperm count has gone way down and that's why the birth rate's gone way down. And so the whole thing, you know, they put the plastics, pollute the environment, do all this stuff, it's, it's absolutely unbelievable. Okay, this is another interesting little piece from Kudlow and I want you to hear this one. So here we go.

Hello everyone. Welcome to Kudlow. I'm Larry Kudlow. Inflation today, bad news. Much stronger than expected. Rising six tenths of a percent. January. Seven and a half percent over the last 12 months. Over the past three months, by the way, the CPI has now hit 8% at an annual rate.

So price increases, and just remember when they tell you 8% consumer price index, you know that's fake news, it's about double that. So I used to say we had 15 inflation in real inflation terms. And you know it's true. You know this is fake. Prices haven't gone up 8%, they've gone up way more than that. So now maybe we've got to call it 16%. Sorry.

There is no action on the horizon that will kill inflation. The culprit at this point is really the Federal Reserve. We're in the midst of a price and wage spiral, meaning prices are going up so fast that the workforce must demand higher wages. It's not the workers fault, it's the government's fault. There's far too much federal spending, which is still in the pipeline, but it was enabled and accommodated by vastly too much Federal Reserve money creation. As this first chart shows, the Fed's balance sheet, that's the raw material for money supply growth that's increased by $5 trillion in the last two years. Five trillion is unprecedented. In short, the central bank has been buying all those bonds from Uncle Sam's massive deficit spending. Now, as the next chart shows, using a three year smoothing average to make some sense of it, the average annual rate for the money supply has moved from 5% growth to 14% growth in a mere two years. We have not seen anything like this since the 1970s. And frankly I'm not sure it got any higher in the 70s. In addition, with all this excess money creation by the central bank. Check this out. An index of commodity prices has increased by 70% as shown by the next chart. Look at that, 70%. Like this all right. Government spending, Fed bond buys, Money supply increases, Commodity price explosion. We're not talking about just a few prices. We are talking about virtually all prices that are going up. That is a monetary phenomenon. It's not about containers in Los Angeles and Long beach one time things. It's not even about truck drivers or the pandemic. It's all prices rising, not just a couple of prices which can only be traced to monetary excess. And that's what's taxing the middle class and that's what's taxing the lower incomes even more. Save America, kill inflation. Now the President continues his misguided confidence in his Treasury Secretary's advice. She Madam Yellen keeps telling him inflation is going to fall to 2% by year's end.

That's hilarious.

Monetary policy changes work with long and variable legs. It will take two or three years to remove the punchbowl. Today's inflation was baked into the cake in 2020 and 2021, and that continues here in 2022. You see what I mean? Any changes we might make in this year or next year won't be felt until 2024, 2025. And the sad part is the Fed continues to buy bonds. We're buying the government deficit. Still doing it. That's fueling more money growth and that's actually fueling more inflation. They are making the problem worse. And by the way, it's interesting side point, this commodity price explosion indicates just how much your money's value has declined. Commodities are a very good benchmark for dollar value. You know what's in your wallets and pocketbooks? Commodities exploding up means the dollars in your bag are going down. Now a senior administration official today pointed to the Fed's independence. Now that's a good thought. The presumption is leave the Fed alone and they will take care of business. But why is the White House appointing these far left woke radicals like Sarah Bloom Raskin and Lisa Cook. They're not worried about inflation. They're worried about climate change and a bunch of left wing social policies. They're not worried about inflation. This is a big problem. They're appointing their own people. Forty years ago, Ronald Reagan worked with Paul Volcker to vanquish inflation. Okay, Reagan cut taxes. Volcker curbed the money supply. The tax cuts rejuvenated the economy. Curbing the money supply improved the value of the dollar and lowered inflation.

All good.

Unfortunately, today I don't see a Reagan and I don't see a Volcker. Do you? Save America, kill inflation. Top story.

Yeah, he's absolutely right. So couple things on that. First off, the official inflation rate in the I think it was about 1981 as we were coming off of that Jimmy Carter hangover. Reagan had just taken over. Volcker hadn't done what he is about to do in the story yet was 13.5% official rate. But back then it was less manipulated than it is today in terms of the consumer price index. So today it's much, much more manipulated. So it's manipulated equals, understated, same thing. Manipulated, understated, same thing. So there's no Paul Volcker. Paul Volcker raised interest rates to break the back of inflation. No one is coming along like that. There's no Reagan. There's nobody going to cut taxes that certainly not Joe Biden. They're worried about all their leftist drivel. And this inflation, it just has to continue. Now granted, some of it you could relate to bottlenecks and supply chain issues, but it's not transitory, folks. This is not transitory. The inflation is here. It is real. And you must take advantage of my inflation induced debt destruction strategy. That is a revolutionary strategy to beat the inflation monster. Not only beat it, but profit from it by aligning your interest with those two most powerful forces that the world has ever known, governments and central banks. If you can't beat them, join them. If you are interested in working one on one with me or in a small group, reach out to us through Jason hartman.com we'd be happy to help you. We are launching a new coaching and mentoring program and it's very exciting, especially built around management optimization of your portfolio and a lot of exciting stuff coming there. Also, one of the things that Kudlow mentioned was he was talking about the size of this problem and government spending. And I've got Lawrence Cutlikoff coming back on the show. I'm really excited to have him on again because I want to ask him for an update on those unfunded mandate numbers which really show how much inflation we would be likely to have in the next three, five and ten years as we try to grapple with these unfunded mandates. In other words, keeping all the promises the government has made over the years that it literally cannot afford to keep. So what does it do? It's going to inflate its way out of the problem. All right, so reach out through jason hartman.com for any of this stuff. And also let's finish the show today with a small piece from Ashley as she talks about the great Migration that I predicted way back in February really, two years ago, I predicted this, okay? Before anybody was talking about it, I compared it to my reading of John Steinbeck's book the Grapes of Wrath. And this is the modern Grapes of Wrath that we've got going, given everything that's gone on over the last two years. And I predicted this. I saw it before anybody else. Everybody started talking about it as soon as that first wave of lockdowns lifted. But that was months and months later, long after I predicted it. I knew this would happen. And it is another thing that can really help you profit from this mass migration that's going on. And it's not only a transfer of people, but it's a flattening of America. It's a flattening of talent that is now being dispersed around the country. No longer concentrated in Silicon Valley, in New York, in all these expensive cities, it is now flattened. The country has become flattened in terms of its talent pool, which I think is fantastic actually. And there is a wealth transfer that automatically goes with this. So make sure you're on the right side of this equation. Subscribe, Comment, Leave us a review. We'd really appreciate it. And here's Ashley to talk about that migration.

Well, you've probably noticed there's a lot going on right now. But of all the trends taking place in America, and this is something that Jason has talked about extensively, one of the most salient is the 21st century's version of the Great migration to suburbia. Millions of Americans living in heavily populated coastal areas are packing up and leaving to the American heartland and Sunbelt, largely due to the fallout from the COVID 19 pandemic. And although COVID 19 has accelerated this trend, people have been moving away from the big cities for some time. Actually, the realities of COVID 19 and the heavy handed responses of various governments have given people just another compelling reason to move away from the cities. This is quite the shift in movement of people. It's often forgotten that the 21st century migration to prominent coastal cities like San Francisco and Seattle was initially driven by job opportunities. At first, the temptation of six figure salaries and vibrant social scenes made many coastal urban centers attractive to Americans who desired novel experiences and financial advancement. However, COVID 19 has changed the whole game. Many people are now fearful of congregating in elevators and mass transit. Overall, people are questioning the idea of living in high density areas where diseases and other maladies can spread more quickly. As a response to the COVID 19 related shutdowns, large portions of the middle class were compelled to transition their daily activities from in person to online. Several examples include relationships on dating apps, working meetings on Zoom, and homeschooling for children. The home has quickly become the center of the universe. As Jason has argued extensively on the Creating wealth podcast. Podcast, people can now open up their laptops from the comfort of their homes and effectively convert their homes into an office. This makes suburbs an even more attractive alternative for city dwellers. Just think about it. Moving to the suburbs means that you have a lower cost of living, increased outdoor space, access to the city, but lighter traffic, quieter nights, cleaner air, and a much slower pace to life. What we're witnessing unfold before our eyes is the biggest affirmation of the Creating Wealth Podcast's Investment Strategy in Income Properties in Linear Markets Always remember, the US Is not a monolithic real estate market. There are roughly 400 different markets in the US, each with their own idiosyncrasies. We also should not forget the economic uncertainty in the background, namely the looming threat of inflation. Don't believe the media hype. Inflation isn't going to be transitory. It will be a major factor in people's economic decision making in the decade to come. Lots of people are now waking up to the harsh reality that most cities are becoming too expensive, crime ridden and crowded. Couple that with a bleak macroeconomic picture and you have a recipe for people to look for greener pastures within the us. Never forget that shelter is one of the foundational planks of Maslow's hierarchy of needs. Most people's economic behavior is guided by primordial instincts. Put simply, people tend to rely on their emotions when making crucial decisions. The acquisition of housing is one of those. It's a basic necessity for humans of all socioeconomic backgrounds and income. Property investors can absolutely take advantage of this foundational desire, especially especially in times when inflation is rearing its ugly head and people are migrating to more linear markets. And you can do all of this with Jason's inflation induced debt destruction strategy. Here's how the entire process goes down. You first head to your bank to borrow money to buy a property, preferably in a linear market. Then you rent out the property. By renting the property, your tenants end up paying the carrying cost on the property. Over time, you pay the asset back in depreciated dollars and the income property appreciates faster than the inflation rate. You benefit in two inflation depreciating your debt, and commodities value rising faster than inflation. So what are you waiting for? Take advantage of this next level wealth building strategy and follow Jason's advice. Your future self will thank you for more information, please visit. Jason.

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, hartman media.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.