1909: Empowered Investor Live, Borrower Risk Profile, Madame Chiang Kai-shek, American Manufacturing, 3 Major Buckets In Life

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Hey there Jason. Thanks for reaching out. What can I say? My life has truly been changing here since I joined your network. We just covered so much more, so much more in depth that we did not do in Jacksonville, especially that mortgage side. My wife was really impressed with that. Thanks again and I look forward to continue nurturing this relationship and overall, just awesome experience.

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. 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 1909. 1909. Which means on Wednesday we will have a 10th episode show for you. And this one is particularly interesting because it will be about one of my favorite topics, music and how music changes culture. I think it is one of the most impactful art forms in the entire world. Changes governments, societies, causes coup d'. Etat. I mean, it's super powerful force. Music really changes the world. It is known as the universal language, you know. So let's get into it. Okay. Today we've got a few things I want to talk about. First off, it is that great little missive, that piece that is so impactful also that I discovered when I was 17 years old and I shared it on the show with you a long time ago. I posted it on my personal Facebook page way back in 2018. And I discovered this through Dennis Whateley and listening to one of his cassette tapes, yes, audio cassette tapes, many, many years ago when I was 17 years old. You know the story. We had Dennis Whateley on the show and I discovered my four great mentors at that time. Zig Ziglar, Dennis Whateley, Earl Nightingale and Jim Rohn. And then there were many others after that, like Og Mandino, of course, Tony Robbins had a play in there too, and so many others over the years. But this little piece from Madame Shanghai Shek was incredible. Maybe you've heard it before. Maybe you heard it years ago when I shared it on this very show. But I think it is time to consider it again. Now, what's amazing is Madame Chiang Kai Shek lived for over 100 years, from 1898 until 2003. And this writing, I mean, it's just incredible. It sums up so many important lessons of life for all of us because it really shows us how no matter how entitled we feel to anything, whether we feel entitled to a certain amount of money, financial success, another person's company, whatever, right, you know, no matter how entitled we feel, everything comes back to the law of cause and effect. That is the most powerful universal law, the law of cause and effect. And, you know, it goes to physics, everything has an equal and opposite reaction. Or actually the whole thing is every action has an equal and opposite reaction. Right? Very, very important to understand this. So let me just share this with you again. It's short and it is brilliant. This is absolutely brilliant words you're about to hear from the late Madame Shanghai Shek. And she says, or she wrote, if the past has taught us anything, it is that every cause brings its effect, every action has a consequence. We Chinese have a saying. If a man plants melons, he will reap melons. If he sows beans, he will reap beans. And this is true of everyone's life. Good begets good, bad and evil leads to evil. True enough, the sun shines on the saint and the sinner alike, and too often it seems that the wicked prosper. But we can say with certainty that with the individual, as with the nation, the flourishing of the wicked is an illusion. For unceasingly, life keeps books on us all. In the end, we are. The sum total of our actions and character cannot be counterfeited, nor can it be put on and cast off as if it were a garment to meet the whim of the moment. Like the markings on wood which are ingrained in the very heart of the tree, character requires time and nurturing for growth and development. Thus, also, day by day, we write our own destiny. For inexorably, we become what we do. Think about that. For inexorably, we become what we do. Think of how many areas of life that that applies in. And I know some of you are thinking, I certainly thought this. As you know, at age 17 when I discovered this. And then one of the most surprising things for me getting into the business world is just how many people do so many bad things. I mean, I just can't believe it sometimes, you know, you think, how do these people slee sleep at night? Right? And I know you feel that way too, because, hey, the world is a messy place. And you know, it really is true. It does take a lot of time for this stuff to play out. But when she says, true enough, the sun shines on the saint and the sinner alike. And too often it seems that the wicked prosper. But we can say with certainty that with the individual, as with the nation, the flourishing of the wicked is an illusion. For unceasingly, life keeps books on us all. In the end, we are the sum total of our actions. Character cannot be counterfeited, nor can it be put on and cast off as if it were a garment to meet the whim of the moment. Because, like the markings on wood, which are ingrained in the very heart of the tree, character requires time and nurturing for growth and development. Thus, also, day by day, we write our own destiny. For inexorably, we become what we do. It's just amazing. And you know what? I gotta get something because I have another really good thing to share. So I'm back because I wanted to go grab some tiles. Yes, these are tiles, and I used to have them hanging on the wall of my other office. And I never hung them up in this house. But they are really good. And I think they tie in with Madame Chiang Hai Shek's words very well. And it says, watch your thoughts, they become words. Watch your words, they become actions. Let me get to the next tile here. Watch your actions, watch your habits, they become character. And last tile. Watch your character, it becomes your destiny. Wow. Isn't that incredible? So profound. Okay, these tiles are very delicate, so I don't want to break them. All right, so let's go into some stuff here today. We've got that 10th show on Wednesday. This is not a 10th episode show. We're going to talk about real estate and economics and some important stuff. So let's get to the next slide. Okay. Madame Shanghai Shek. Thank you for sharing that. All right, so this was great news. I was really excited to see this chart, and it is entitled Made in America. Manufacturing employment is near a 14 year high. Hey, here's my sound effects for that one. That's great news. That is really great news. As I've always said, we cannot outsource everything. If you want to have a successful country, you've got to have a good manufacturing base. Good manufacturing base is very important. And you know, we definitely saw this during the pandemic, right. As they were looking for that ppe, you know, the face mask and the, you know, gowns and all this stuff, right? To protect us from the germs of the flu virus, basically. The bad flu, I admit, is worse than the others, but you know, still a bad case, the flu, right? We couldn't get them, right. Because we didn't make anything here, right? We gotta make stuff in our own country. Every country should have its own manufacturing base. And there is in issue here, though, and I'm going to get to this in a minute, and it's pretty significant actually, but back in 1990, there were over 18 million people employed in manufacturing, right? And of course, think about the timing here, right? Nixon's trip to China. We're talking about China today, Madame Shanghai Shek. Right? Nixon's trip to China in the early 70s, which I believe, and I'm the only one who said this, but just my opinion that as he took us off the gold standard, knew a lot of rampant inflation was coming, he thought, we have got to import some deflationary pressure. Where is there a big pool of labor that would work for very, very low cost? Hmm. China. Oh, better take a trip there. Okay, so Nixon gets on Air Force One, goes to China and makes history with his historic visit to China, right? To basically open up relations with the Chinese that were zilch before then, zero, nada, nothing. And then in the late 70s, China changed its whole game plan and opened its economy, right? And a communist country became sort of a pseudo communist capitalist country. At the same time, it was a new mix that had really never been seen before in the history, the awful history of communism. But we got that cheap labor for a long, long time. You know, the old saying that we think in the US and they sweat in China, the workshop of the world. But now prices have risen in China quite a bit since then, right? And by 1990, remember all these books that were out about in the late 80s, re engineering the corporation downsizing, right? Sizing. That was the talk back, right? I used to read John Nesbit's Trend Letter that I subscribe to. And of course he's the author of megatrends and megatrends 2000 and wrote all these great books. You know, one of the types of books I really like a lot are futurist books. I consider myself a futurist. I like to look at big macro trends, make predictions about them, really look at how the big picture, right? How big things will interact and impact the world. And John Nesbitt was really my first exposure to that. Later it was Alvin and Heidi Toffler, who have passed away now. I never got them on the show. They wrote some great books like Power Shift, Future Shock. You know, I talked to you about the book Power Shift, which was hugely impactful for me. And then Faith Popcorn, she wrote some great books like the Popcorn Report. Gosh, we got to get her on the show, too. She would be interesting to have on. We never, never achieved that one. I don't know, some of these people, you just, you know, they just want to retire and be to themselves after they write their famous books and get famous and make lots of money and do the speaking circuit. Ah, they don't want to talk to anybody anymore. They get out of the limelight. But anyway, 1990, 18 million people in manufacturing, and then by about, what's that about 2007 or 2008 on the chart, only 12.85 million. And it got even lower than that to about 11 million people around 2010. Of course, great Recession probably played a big part in that, but it has gone up again. So in 2019, we were at 12.83 million people, and right now we're at 12.88 million as of September of this year. That's good news, right? I want to see more people in the manufacturing business in the United States. Made in America. Now, I'm not so provincial as to think that, you know, that's like the greatest deal ever. Of course it's a good lifestyle benefit for Americans to be able to import cheap products to the US but we've got to weigh the difference between this issue. I've talked about that biblical principle of U.S. companies and foreign companies, like Chinese companies in this example, being equally yoked. A biblical principle, very important as it applies to marriage and how both husband and wife should be equally yoked in the marriage. Right. Thinking like an ox and the yoke. Right. And it's not going to work if they're not equally yoked, Right? So that's the way it has to be with international trade. Because if we have all these super strict environmental and labor laws and they don't, then we're not equally yoked and the thing doesn't work. All we've got to do is strive to get more equally yoked, and then fair trade should be free across borders and that would be good for humanity, good for the world, and just good for everybody. But sadly, that's not the way things are, so it shouldn't be totally free. I know myself as a libertarian. I almost feel like I'm contradicting myself, and I know my libertarian listeners and friends out there are going to have a fit, and I'm going to get lots of hate mail on that one. But, hey, that's what I think. And, you know, I'm usually right. And I'm right about this, too, so sorry. All right, before we move on, since we're talking about China here, I do want to go back to Madame Chianghai Shek for just a moment because there was an interesting piece I was looking up in Wikipedia and George Bush, George W. Bush, when she passed away. Here's what he said. He said, Madame Hiang was a close friend to the United States throughout her life, and especially during the defining struggles of the last century, Generations of Americans will always remember and respect her intelligence and strength of character. That's what it's about, folks, character and integrity. On behalf of the American people, I extend condolences to Madame Chang's family members and many admirers around the world. I just thought I'd share that because she really was a brilliant lady, and that was very good stuff. Okay, now I want to cover. And this is on the screen here. I get these many times a day. I get pitches from PR people, and my email box is just flooded with these things. It really becomes quite overwhelming. And they're always pitching me on something. And, you know, they wanted to get these guests on my show, and, you know, a lot of them are completely irrelevant. Occasionally I write back and I say, yeah, you know, they can come on the show. We'd love to have them. But this one was interesting because it talks about mental health as it relates to money, mental health as it relates to money. And I've said for a long time, I remember when I was in Peru several years ago, I did a podcast from Peru, and the group I was with put us up at this absolutely stunning hotel. Peru is a poor country, but we stayed in this absolutely gorgeous hotel on part of the trip. I mean, we had another gorgeous hotel before that, but this one was just. I'd never stayed in a hotel before where they had, literally clothing in the closets, okay? They had two terry cloth robes, two silk robes, an assortment of slippers. I mean, it was just amazing. Like swimwear, whatever you want. It was just incredible. You know, the amenities in the bathroom and the bathtub, like, every kind of soap and bubble bath, and it was just unbelievable. And one of my friends on the trip and I went down to the front desk and asked about, you know, the hotel and said, you know, hey, you know, what's. What's the normal cost to stay here. And you know, it was like almost $1,000 a night, right? And at that time I sat on the podcast. I remember if you go and listen to that old episode, that's the, that's the great thing about the podcast. You can just go listen to the old shows, right? And you can hear what I said back then and see if my predictions were right as well, right? And they said, it's almost $1,000 a night. And I remember I came back to my hotel room and I recorded from there and I said, look, just take care of the money thing. You know, there are many challenges in life, right? But there are three main categories of challenges, right? There's health, relationships and money. Those are basically the three things that all of us have to worry about. I mean, most everything fits into one of those three major buckets, okay? Health, relationships, money. Right? Hrm. Hrm. Okay, yeah, we just made a new acronym, hrm, Health, Relationships, Money. And I said, just get this money thing out of the way, right? Just get it done. Okay? Now for some of you sitting on the sidelines and thinking, oh my gosh, you know, I can't invest now cause interest rates are too high, yada yada, I know, I get it. But if you have capital and you have it in the bank, you are losing. Inflation is eating you alive. So we have to always think of opportunity cost. I mean, I was looking on your favorite website just about two days ago. Jason Hartman.com, of course, is your favorite website. And I was looking at some of the properties there in the properties section. And still even with the higher interest rates and the nascent rents that have yet to go up even more because of the high interest rates to a huge extent making housing affordability so much lower. Remember, if it's less affordable for you, it's less affordable for other investors that might create more rental housing inventory to compete with your rental housing inventory. Keep that in mind. And it's also less affordable for tenants who are would be home buyers. What does that mean? It means rents are going up. It's just so simple. It's so simple. We've got no big supply of cheap rental housing coming. We got a supply of housing coming, no question about that. But it's not cheap enough to make for good rental properties in a significant way. I mean, there, some of it is, but mostly it's more expensive right now. Look, I'm going to tell you when they talk in a few months about the glut of housing and you know, I Mean, if they do, I don't know. The ALTOS figures, I shared them with you last week on inventory levels and projections. Inventory remained unchanged, still very low, historically speaking. And their prediction is by the end of the year, we're going to be down 120,000 housing units less than we have now, going into an even more severe inventory shortage because we have this weird dichotomy right now where we have resale homeowners that aren't motivated at all to sell their houses. I mean, think about it. I was doing the Zoom meeting. I do a monthly Zoom meeting meeting for the Collective Mastermind. By the way, our next event for the Collective Mastermind is in beautiful Scottsdale, Arizona at the beginning of November. Gorgeous resort. We're going to have just a great time there. If you're interested in the collective, go to thecollectivemastermind.com join us. Just such a great group. We have such amazing experiences and amazing people in that group. Check it out or reach out through the jasonartman.com website and we can help you with it. But anyway, it was my turn tonight. You know, George and Ken do a monthly Zoom meeting for the Collective members. Anyway, tonight was my night just before this, and I was talking to them about this situation we have now that has probably never happened before in the real estate market. I don't know if it's ever happened, at least not in the last four or five decades. I can't think of a time where it would have happened quite like this. Here it is. We have all of these homeowners, 25% of the entire country has mortgages under 3%. We have 40% of all homes paid off free and clear, no mortgage. And we have millions more mortgages below 3.5%, 4%, 4.5%, 5%, 5 and a half percent, all lower than current mortgage rates. Now, usually if you think, well, hey, let's sell our home and let's go buy a new house, we're going to trade in our, at the time in the past, our 6% mortgage or our 7% mortgage, and we're going to buy a new home with another 6 or 7% mortgage. But the problem these people have now is they've got an incredibly cheap mortgage and they've got 28 years left of super cheap mortgage that may never be repeated again in our lifetime. It was a total anomaly before this. It may never come again. Why are those people going to sell? What is their big motivation to sell? Say, for example, housing prices do go down, right? And you know, if it's like their house goes down in value, their, you know, John and Jane Doe's house, or nowadays I better say John and John Doe or Jane and Jane Doe, whatever, you get the idea, right? Their house goes down in value. Say it goes down in value by 10% or 15%. Okay, fine. You know, if it's a $500,000 house and goes down by 50 grand, you know, the reason it would go down is because of higher interest rates and lower housing affordability. Right? Work that out. You get it. But the house actually became more valuable to them. Even though the market price of the house could go down, it became more valuable to them because their mortgage became even less and less replaceable. Have we ever had this happen? You know, they say the famous last words of any investor, this time it's different, But it really is. This is a very different scenario. These people have this Ultra cheap mortgage, 25% of the country, and then even more, well below current rates. But 25%, we know, below 3% interest. That's insane. That is insanely low. They got 28 years left on that loan. I hope they never get dumb enough to pay it off. They've got such a great deal. They do not want to give up those houses. They might turn them into rental properties or more likely, if it's a more suitable house to live in, they're just going to keep them and they're going to improve them. They're going to add a room if they need more space, add a second story, remodel the kitchen, remodel the bathroom. You know, let's get the garage cabinets built in, let's redo the landscaping in the yard, whatever. They're going to upgrade their house rather than sell the house because they don't want to lose that ultra cheap mortgage. Anyway, back to the topic at hand. We were talking about take care of the money thing. Three major buckets in life we've all got to take care of, right? Money is one of those buckets. And I would argue that it is the second most important bucket. It might actually be the first. I was reading a very sad statistic the other day about breast cancer. And breast cancer, sadly, is very, very common. One in eight women will get breast cancer. Are you out with your girlfriends? Look around. Are there eight of you? Well, one of you is going to get breast cancer, right? Statistically. But wait, it's worse than that. Because if you are over 30 or over 40 or over 50, that number is going to shrink even more. That's going to be like one in four of you, one in three of you. You know, I wanted to say that the most important bucket is health. Maybe it's actually money. Because if you have money, you can save your life or you can save the life of your spouse. Right. If you don't have money, you may not be able to save your life because you won't be able to get the proper treatment. Right. If you walk into an emergency room, they have to treat you, but they don't have to give you long term care. Yeah, there's programs here, there. I know, but believe me, the options are going to be extremely limited. So I'm not sure, you know, I don't want to say money is the most important bucket, but it's really important. Don't underestimate how important the money bucket is. Never underestimate that. Anyway, back to the PR pitches. I got this one the other day, so I just took a screenshot of it and stuck it in the slides here for you to see. And this is about money and mental health. Take care of the money thing. The money bucket needs to be taken care of, folks. And we can help you do that. Go to Your favorite website, Jason Hartman.com, reach out to us. We have a team of investment counselors, the greatest people who will help you take care of the money problem. It's one of the biggest buckets in life. Today we recognize World Mental Health Day in a year of continued economic challenges. Robinhood in releasing data from a survey conducted to better understand how the pressures of inflation, a potential recession and upcoming holidays are affecting Americans mental health. The findings indicate that no one is immune from financial stress. But the causes and coping tactics vary by generation. Check this out. Financial stress impacts almost everyone. High income Americans experience financial stress only slightly less often. 80% than middle 87% or low income, 85% Americans. Now I want to point something out here. This is really interesting. When you're thinking about the money bucket, you got to think of the two components. Two components to the money bucket. One component is income. This article said high income Americans experience financial stress slightly less than everybody else, but they still have stress. Right? Now, first of all, high income isn't really that high. Okay? I mean, I don't know what they mean by that, but it's probably over 150,000 a year. That's really not that high in income. Okay? Especially if you live in an expensive area that's really just getting by. Okay. And I'll remind you of the Craigslist Gold Digger blog post we posted on jasonartman.com about 12 years ago. Go read that. And you know, she actually makes a good point. The spectacularly beautiful 25 year old in New York City wants to know where all the hedge fund guys hang out because she doesn't want a data guy making less than $500,000 a year. And she claims that $500,000 a year in New York City really ain't that big a deal. You know, she's kind of got a point. And that's a whole funny story. The Craigslist gold digger. You probably heard the story. Go to jasonartman.com type in craigslist gold digger and you'll see it. It's, it's pretty interesting because there are some really good economic lessons in there. Anyway, they say high income Americans. They didn't say high net worth Americans. And if you've ever played the rich dad cash flow game that we used to host at our office years ago, every, like Wednesday night, you know, people would come in and we'd play the cash flow game. And, and what was interesting about it is that the high income player in the game, like when I first played it, I just drew my profession and I was a doctor and I didn't do that well, you know, the high income people don't, don't do that. Great. More important than high income is high net worth. Now, thankfully, it's taken me many years, but I have both high income and high net worth. Okay, but just high income alone, you find that that tends to just. Your lifestyle just creeps in and just consumes that income. No matter how much money you earn, if you earn over a million or 2 million a year, you know, lifestyle, especially if you get kids and, you know, private schools and this and that and the other thing and country club memberships, I mean, it's not that difficult to blow $2 million a year, okay. And be stressed as a high income, not high net worth American. All right, okay. Going on. Millennials, 68% and Gen Z, 64%. Okay. Said that they were more likely to spend money on things that make them happy. Then Gen X, my generation 57%. Okay. We spend more money on stuff, I guess, than things that make us happy. I guess. I'm not sure exactly what that means. More men 46% than women 30% increase this sort of spending in the last two years. I don't know what that means though. It doesn't really say what that means. Anyway, this is not our article. It's a PR pitch email I got. Okay, okay. Four out of five, 81% of Americans are coping with inflation by eating out less, and 62% are relying on more coupons. Folks, during the pandemic, I made a prediction, and I think my predictions coming true. Although it hasn't been like some wildly true thing. Okay. But certainly from my own anecdotal experience, I'm definitely noticing it. So I went out to dinner with a friend on Friday night in Miami, and. And she met me. She picked the restaurant and, you know, we had a great dinner, had a couple of drinks, and celebrated both of our birthdays. We're both Libras, right? And I just can't believe how expensive everything is getting. I mean, going out to dinner, as I predicted during the pandemic, would become a true luxury. It would no longer be a thing that, like, you know, just middle class people do all the time. It would be a special occasion and it would be a luxury thing reserved for people that were much higher on the socioeconomic ladder. And I'm pretty sure that's coming true. I mean, just think about the last time you went out to dinner and how expensive it was compared to how expensive it was just three or four years ago. It's just really a whole different deal today. 64% of millennials and 58% of men surveyed said they would seek out financial therapy. It really says that. Financial therapy, if they could, there's a major desire for help to sort it all out. Financial. It doesn't say financial advisor. Financial advice. It says financial therapy. Wow. You know Sarah, our investment counselor who's been with me like, I don't know, the last 15 years, 16 years now, probably, she calls herself an investment therapist. And one of our clients, I wish I knew who it was, got us some T shirts at one of our events years ago that said investment therapist on them. That was great. So thank you for that, whoever it was. I'm sorry, I can't remember. But yes, we are investment therapists, okay? Not investment counselors. Right. And while the upcoming holidays are a bigger financial burden for more than a third of Americans, 39%, 41% of Gen Xers, my generation reported feeling financial stress all year long. Folks, just take care of the money thing, get it over with, take care of this. You know, those. If we look at it not like buckets, the three buckets. Look at it like mountains. There's the money mountain, the relationship mountain, and the health mountain. Right? You got to take care of all three of these things in life, right? And do not minimize the money thing. You Know, I remember when I first became sort of aware, right? When I became woke. Woke in the right way, not in the wrong way, like woke today. But, you know, when I was 17, I was lucky enough to stumble across these great influences. I certainly would not be the person I am today had I not stumbled on Zig Ziglar, Dennis Wheatley, Jim Rohn and Earl Nightingale. They were. They changed my life, those four mentors. And they were virtual mentors, right? You know, the only ones I met in real life were. Well, no, I met all. I met three. All accept. Earl Nightingale, Jim Rohn, I met because I used to work for him a little bit. I sold tickets to his seminars. And then Earl Nightingale I did not meet, but Dennis Wheatley, of course I met, and he's been on the show. And then Zig Ziglar, we did a four city speaking tour, Zig and I, and other speakers, too. And that was just a huge privilege to do that. But take care of these things anyway. Oh. What I was saying is when I became woke about success and money and character and hard work and work ethic and all of that good stuff, right? I mean, certainly my mom instilled a lot of that into me, but when a stranger does it, it's almost more impactful than a family member, right? Frankly, that's just the way we're all wired, folks. We're all wired the same at the end of the day. I had this girlfriend at the time, and she just resisted. She wasn't interested in any of this stuff. You know, she used to say to me, like, well, you know, like, money's not important and all that kind of stuff. And I'm like, you know, the reality is people who say that are always people who don't have money, okay? And if you are green with envy, you're gonna have a real struggle getting somewhere in life. That's always going to be an impediment to success, right? Very important that we have this right mindset about money. And it is vitally important. Farmland has to be financed before it can provide food to people. Everything has a monetary base. That's just the way the world works. Capitalism is the most natural thing ever. I mean, you see little kids with no influence practicing capitalism. It's just so natural. It's just a natural human activity, right? So take care of the money thing, okay? Credit scores. This is interesting. You know, I've said it many times, but I got a new report on this and I just wanted to share it with you because again, it just goes back to the point I've been making, if you want to have a real estate crash, you're going to have to have a distressed homeowner. And how distressed can that homeowner be if they have great credit, good income? I know they could get laid off from their job. I totally get it. Economic hardship can come. But I mean, the underwriting criteria of these loans nowadays, it's been phenomenal. It's been so strict and they're so cheap. So let's go back to 2004, where this chart starts. And let's go to the bottom green space. These are credit scores under 620. That's a bad FICO score, right? Under 620. And we saw that at the worst case, right before the Great Recession. About what is that going to be? About 17% of people holding mortgages had a credit score below 620. And over 20% of them had a credit score below 659. And about, well, almost 50% of them, almost half of the mortgage holders had a credit score below 7 19. Remember, 720 is sort of that, like, ideal good credit score, and then it goes up from there. But today we have maybe what, you know, it's. I'm reading the chart here, so I got to sort of interpret it a little bit, but that's probably 2% of mortgage holders have that lowest score criteria under 620, and maybe 4% under 659. Now you get up to that next tranche, and that's below 719, and you've got maybe 17% of mortgages below 719 FICO score. I mean, folks, there's no distressed homeowner here to speak of. I mean, this is just not a problem, okay? It's nothing like it was the last time around leading up to and during the Great Recession. It's not even close. It's not even a contest. It's so different. The underwriting has been so strict that most of these mortgage loans are very sound. And remember, the rates are the lowest rates in 5,000 years. If you're new to the show and you think I'm crazy for saying that, just read the great book by the late David Graeber. It's called the first 5,000 years. It's an excellent book. I would highly recommend you read that book, debt, the first 5,000 years. I loved it. I actually shared some of it on the show years ago. And taking care of that money problem means that you need to join us at our live conference in Scottsdale at the End of January at a beautiful resort. We've got great early bird ticket specials that last for, I don't know, like three more days. It says 10 on the screen, but that's an old screenshot. I think there's like three more days left to take advantage of this. And if you're an empowered investor pro member, you've got a phenomenal, phenomenal deal on the VIP and the elite tickets. And then if you just want a general admission ticket, the early bird special, I mean, $397. Super duper, super duper deal and super value. Those VIP tickets are almost sold out. We're going to have to stop offering those here pretty soon because we don't have many of those left. All right, so that's it. Be sure to follow me on Instagram. I've got 111,000 subscribers. 111,000 subscribers there. And I got some great short form content on Instagram, Instagram and TikTok. So those platforms, if you want little 90 second clips that just teach really snappy, good little lessons, be sure to follow me there on Instagram or TikTok or whatever. And let's just wrap it up for today and we'll see you Wednesday for our 10th episode show. I want to say happy investing to everybody and thank you so much for listening. We appreciate you and we'll see you on the next episode.

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