2203: All the Presidents' Money- Uncovering Wealth Lessons from History's Leaders with Megan Gorman Part 1

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Number one, I love your show. I love, you know, the way that you go deep into business and, and then go, you know, on some of these other tangents of experiences that as business people, we all have. So thank you for putting out such good content because it's, it's impactful. It is really impactful.

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 220-32-2303. Thank you for joining me today. Empowered Investors. We have a super interesting show for you today. I had such a great conversation with our guest. Her name is Megan Gorman and she is the author of all the President's Money, How Men who Governed America Governed Their Own Money. You're going to hear some interesting history from her, but also some very interesting lessons about how to govern your own money. This was a great show. I talked to her for a very long time. So we're going to have this one in multiple parts. She was fascinating. So looking forward to that. And we will get to it in just a couple of minutes here. All right, so I just finished speaking at the Limitless Conference in Dallas, Texas, and I was with none other than Robert F. Kennedy. It was a real honor to share the stage with him. And here is a great picture of the two of us after the event. And, you know, he's pretty right on about some really important stuff. And I think it was great for him to come together with Trump and I think they're going to do some great things together because interestingly, we're seeing all these Democrats defect from their own party. It makes sense because that party has just lost its way, you know, and if you haven't seen the speech that RFK gave about his affiliation with Trump and ending his presidential campaign, make sure you Watch the whole thing. It is really, really good. So make sure you check that out. But, yeah, it was really cool. And I'll tell you something funny. I was back in The Green and RFK's security team was there, and I. I knew the answer to this question before I asked it, but I thought it would make kind of a funny joke. And so here it is. And I asked his security detail. I said, hey, are. Are you Secret Service? And they said, no. Now I knew they weren't Secret Service. They were private security. Very expensive private security. I said, are you Secret Service? And he said, no. Then I said, I feel safer already.

And he laughed as well. Because it's just such a. What's happened with the Secret Service. And it is more of a shame that the big tech companies, the media, the establishment, is trying to just memory hole what happened. Just several weeks ago, I woke up in Davos, Switzerland, and I saw a message I got from one of my friends who said, turn on the news. And I did. And of course, there was the coverage of the assassination attempt. But it is amazing. By Tuesday, that was a Sunday morning in Europe. By Tuesday morning, I took a picture and put it on my Instagram. By the way, if you're not following me on Instagram and all of the social platforms, be sure to do that. I post a lot of interesting stuff that you will like about the housing market, about money and personal finance, about your investments, about freedom and the globalization effort that is meant to enslave all of us. A lot of interesting stuff that you'll never hear on the show. Okay. Or see on the show. So be sure you follow me on Instagram and all the other platforms. On Instagram, for example, I'm Jason Hartman, and the number one, just Jason Hartman one on X. Or Twitter, Jason Hartman roi Like return on investment. And you can follow me on all the other platforms, too, but make sure you do that, because I do post some interesting stuff. So I posted a picture of all of the front pages of all of these European newspapers, and I had like, I don't know, eight of them out there on. On a table in the Hotel Lo lobby. I put them all out. I. I took a picture from high above, and only one of them had any mention of the assassination attempt. And it was below the fold. It was on the front page, but it was just a small article. And it's just amazing how this incredibly important thing has just disappeared from the news. Nobody's talking about it. It's. It's absolutely shocking. And that's the Way memory holes work and so are being put into memory holes where we just are expected to forget about them. And we will forget about them if the establishment, if the news media, if the social platforms don't cover them or allow them to be seen. It's really, really scary, folks. Okay? Now, people are always asking me, jason, how did you become such a great public speaker? Well, thank you. I'm humbled. I don't know if I'm the greatest public speaker or anything, but I do have one tip I want to share with you. And I put this pict from the Limitless Conference up on the screen here if you're watching on video along with the RFK picture. And I put this picture of the audience because here I am backstage and I put my camera there and I took this picture. And one tip that I want to give you if you're ever doing a speech is just such an easy thing, okay? I mean, there's endless tips and books written on public speaking techniques, right? And how to be a more effective communicator. But here's one thing you must do is you must get on that stage before you present. You must get up on that stage. So before the audience is in the room, go on the stage, notice the lighting, notice the sound, speak out loud to hear your own voice in the room. Now, of course that's going to change when there's an audience in there and the PA system is on and so forth. But just become comfortable with the environment, with the lighting. Ideally, go on the stage when the audience is in the room and. And the room is all lit up and the sound is on and everything. But do whatever you can to get on that stage and just walk around and get comfortable with it before your presentation. I always try and do that because in the old days, before I got good at this before, you know, thousands of speeches and presentations, I would go up on stage and I would be very surprised at something. The way the sound echoed or the way the lighting was, to use a cliche from Foreigner, that song Blinded by the. Okay, you really need to feel it out before you are on, okay? Really, really important. So get a sense of it before you go on the stage for your actual speech or presentation. Okay? Just wanted to share that because people are always asking you for tips on public speaking. All right, we have got a fantastic and really interesting new topic coming up on our Wednesday Master class. These are the second Wednesday of every month. Be sure to join us. Go and register for free@jason hartman.com Wednesday Jason hartman.com Wednesday because this month we are talking about how to unlock global freedom master offshore planning in a changing world. Have you ever wanted to get a second citizenship residency abroad, visa for another country, a second passport? You've probably thought about it, and during the COVID era we saw the way governments can restrict freedom and restrict travel. And you want to have options. You want to have a plan B and maybe a plan C and a plan D too. One of my friends who you saw briefly on the podcast when I had chartered that yacht in Croatia just about three weeks ago, he will be presenting as well as another gal that I've come to know who's really, really knowledgeable about what's called citizenship by investment. So there's many ways to do this. Citizenship by ancestry, naturalization, residency, investment, and we're going to go over a whole bunch of this stu. This is a very big topic and you'll probably be wanting more after this masterclass, but come and join us for this. It's totally free. Register jason hartman.com Wednesday 2nd Wednesday of every month and we will look forward to seeing you there. By the way, these are zoom meetings. So they give you a chance to interact and engage with the presenters and with me because they are interactive. You can unmute yourself, you can ask questions, get your questions answered. Rather than just a one to many of webinar format, these are Zoom meetings. So far the most we've ever had register for any of these is a little over 400 people. So they're still kind of small enough they won't always be maybe to have them as zoom meeting format. And I really like that better because of the interaction from all of you. So join us for that. And if you're really interested in knowing more about this somewhat mysterious world that I have come to know on offshore planning, asset protection, second citizenship. There are many different elements of this. Come and join us Jason hartman.com Wednesday and we'll look forward to seeing you there. All right, without further ado, let's get to Megan Gorman and talk about all the President's Money.

It is my pleasure to welcome Megan Gorman to the show. She is the author of a fascinating new book entitled all the President's Money. No, it's not really about corruption, as the title might indicate. It's about different presidents throughout history and what we can learn from them. But it's not going to be just a history lesson because Megan has real world experience as a financial advisor to high net worth and ultra high net worth individuals. She's a tax attorney, a Wealth manager and I think this is just going to be a fascinating show. Megan, welcome.

Jason, thanks for having me on. I'm excited to be here.

Glad you're here. You're coming to us from San Francisco and I am in Warsaw, Poland here recording from my hotel room.

So I think you're from, in the more exciting place. Although it is summer in San Francisco so it's probably, I'm in a, probably a cooler place. It's only about 65 degrees today.

Yeah, no, it is a little warmer here, but not, not too warm. The weather is actually quite nice. Megan, first of all, give us some context, you know, as to why you wrote the book and kind of tell us a little bit about it. I, I don't know if the book has an overriding thesis to it because really every president is so different in how they felt about money, how they manage money. Some were very frugal, some were spendthrifts and it's all over the board. But we're going to tie this in with interesting historical anecdotes, but also real world lessons that everybod takeaway here. So yeah, just give us an overview.

Yeah, so the genesis of the book is first, I'm a history geek. I read history all the time. And I think first of all, anyone who's an investor should read history because it tends to, you know, as Mark Twain said, it doesn't repeat, but it rhymes. Right. But I started my career at a division of Goldman Sachs and right out of the gate, you know, I came from a middle class background in southern New Jersey and here I am with a front row seat to high net worth and ultra high net worth individuals. And over the 23 years I've been doing this, I have started to notice there are certain traits or skills or mindsets that they have that have allowed them to build wealth. And some of them build wealth better than others. Right. Sometimes they undermine themselves. And you know, I sometimes have had to say to clients, look, your net worth is X, but it really should be. Yeah. So you know, in looking at that love of history and the traits that you need to have to build wealth in the United States today, I thought wouldn't it be great to understand which of the presidents had those traits and really did a really great job with them and which of the presidents really struggled and didn't have do a good job at building wealth? Because I think today we're also accustomed to people becoming president, leaving office, getting the book deals, the speeches and so on. But that's sort of a Modern invention. And to be really candid, you know, most the presidents, most of these people struggle with the same money issues that we do today. You know, should I buy this property? How should I pay for my child's education? You know, why am I up in the middle of the night worried about money? So I liked the idea that just because they're presidents doesn't mean that they're not like us. So I try to keep the book very non political because I'm really focused on the human aspect of money, which is what I see in my clients.

Sure, sure. And just to your point about presidents going on speaking tours and writing books after they're out of office, I really remember reading about Gerald Ford and how he was the first one that really did that. I may be wrong about this, you know, I don't know back as far as, you know, Kennedy or Nixon or, you know, Nixon obviously was Nixon or lbj. But I know that Ford really had a real speaking career, like a significant speaking career after he was out of office. And then, and I would say Bill Clinton just took it to a whole new level of, you know, insanity in terms of speaking fees and so forth. But yeah, so just take us through a little history. Like you go way back. I mean, folks, I want you to know that this show is going to really teach some real world stuff, but let's, let's just cover some history because it's fascinating. Thomas Jefferson, Abraham Lincoln, Ulysses S. Grant, John F. Kennedy, you know, what were these people like?

Yeah. So, you know, they're all very different. Right. Just because you were a great president or a great leader, or in Jefferson's case, even a great writer and philosopher did not make you very good with money. And so I think the thing about US History is the earlier presidents struggled with the concept of illiquidity. So if you think about Washington, you think about Jefferson, Madison, Monroe, these were all gentlemen who owned plantations. And obviously there's the issue of slavery, which is reprehensible. But what was a struggle for all of them was in managing liquidity. And this is something I see with clients as well today. Right. Like I've got clients that have huge real estate portfolios and we're focused on making sure we have the right level of liquidity. And what's interesting about Jefferson is that at that time period, the average person lived to about 50 years old. And Jefferson suffered with a lot of loss in the course of his life, particularly early in his life, you know, losing family members, losing his wife. And so he became enamored with all things French. I mean, if you ever have ice cream, you should thank Thomas Jefferson. So he was very good at spending money, but not having the liquidity to support his lifestyle. And so he would engage in that thing that we would see a lot of times where he would do his budget in his head, but he wasn't actually writing it out. And he was making those promises we see people make, you know, like, okay, well, if I spend the money here, I'll borrow it from here and then do this, this. And in Thomas Jefferson's case, it actually ends up catching up with him. So at the end of his life, he is in tremendous debt, the equivalent of about $2 million of debt today. And the only real asset he has is Monticello and his lands around Monticello.

And so I've been to Monticello, and that is gorgeous. So that's a pretty good asset.

Beautiful. But you remember, we had never really had presidents before, never had retired presidents. Right. So this is like a new thing. And so he's in these. This illiquidity issue, and he decides he's going to put Monticello up for a lottery. And so you see this in the newspaper. They start selling tickets. It's the craziest thing. I mean, could you imagine today George W. Bush or Barack Obama putting their house up for auction? It's just not something we, in our modern world think of. But if you think about owning a lot of real estate and not being able to have the liquidity to pay your bills and having incredibly expensive tastes, that is a modern struggle a lot of people have today.

Well, I guess in the days of Monticello, you know, there wasn't a lot of refi. Liquidity out there.

No, not at all. And you have to remember, we didn't really.

It was before Fannie Mae and Freddie Mac.

This is way before that. And he wasn't going to put a heloc. And, you know, you do see stories by the way of these presidents loaning each other money. Like Madison loads Monroe money when Monroe comes back from France, because Monroe doesn't have the cash flow to buy furniture. So in Jefferson's case, they end up up just coming to him and saying, look, this doesn't really look good for a former president to be doing a lottery. We'll raise money for you privately. So they sort of, you know, go down the path of creating a GoFundMe for him. Right. Which, if you think about your own personal finances, this is not the best way to handle your retirement Especially for someone who's now in his 80s. But, you know, they don't ever raise enough money for him. And he conveniently passes away at this point, and his family is left to deal with this. And, you know, they end up having to sell Monticello. They end up selling the, you know, having slave auctions to cover his debt. So I think with Jefferson, when you're an investor, you know, they study our brains, right? Who makes the best wealth? Builders. And Jason, you probably know this like, it's the ability to connect with your future self. Like, if you think of Jason in 20, 30, 40 years and you think he's your friend, you're more apt to act in his best interest.

That's really interesting. So, you know, one of the things I always say, Megan is one of the real signs of financial maturity, or maturity in general, is the ability to delay gratification for a longer term, bigger goal. But I like the way you put it, because if you connect with your future self and you care about your future self, you're friends with your future self, you're not going to betray your future self. Right? That's really good. Elaborate on that.

You want that person to do well, right? And. And the thing about it is, it sounds corny, but if you ever work with a financial advisor or wealth manager, they ask a lot of questions, right? How do you envision retirement? Where do you see yourself in 20, 30, 40 years? Well, these questions have become sort of hokey because everybody does them. They're actually psychological triggers, right? Because they're trying to understand how do you see yourself? And so NYU Stern School of Business have done a lot of research on this, and they notice the brains light up differently for those who can connect with their future self than with those who can't.

What, do they put them in MRI machines and ask these questions?

And they're scanning the brains, they're doing, looking at the brain waves where the brain lights up. And it's sort of fascinating because this is one of those things where if you are not able to make that connection, you know, if I can't connect with Megan at 70, what are some of the things you should be doing? And some of it is things like visualization, you know, writing down goals, working with someone who can coach you so it's fixable. And poor Thomas Jefferson, you know, we didn't have wealth managers back in the day. You know, you were, you were hopeful to find a good manager to manage your plantation. So he didn't really have anyone to sort of work with. Him and coach him, and you think about how brilliant he was and the fact that he missed out on this, and Madison and Monroe had similar issues. But what's really fascinating, Jason, is if you had to ask me who was an awesome president with money, I would tell you it was George Washington. And I think one of the things you see with people who build wealth is often it's really good if they've had some struggle over the course of their life. Resistance is. Is good because it teaches you the grit to build wealth. And Washington owned substantial land, but he didn't start out with a lot of land, because when his father died, his father owned a lot of land. Washington was the second son of a second marriage. His brother inherited everything. And so Washington couldn't even go to college. His father didn't leave anything in his estate plan, Right. At one point, they were going to put him in the Navy, but his mother was like, oh, no, no, no. Like, he'll get hurt. And he's this very tall, strapping guy, right? In the 1740s and 50s, people were like, five, six. But he was six, two. And so he was very good looking, very intellectually curious. And he does something with money that I think a lot of us do, and we don't even realize it. He wants to learn something. He wants to learn a vocation. And he uses his connections. His next door neighbor, who were the Fairfaxes, is, which, you know, Fairfax, Virginia, who owned all this land. And they taught him to survey, they lent him books on it, they took him out to survey. And like a lot of people who get into real estate, he learns how to buy real estate. And, you know, George Washington ends up owning so much land in this country, his estate, when he finally dies in 1799, is so complex, it takes 50 years to actually probate the entire estate. So Washington has a lot of the same issues that Thomas Jefferson has, but Washington had to figure it out and he had to think about himself. And Washington was a great budgeter. So I always point out to my clients that have a lot of real estate, like, we have to get it down on paper. What the real estate is really doing. Like, is it, you know, if it's a rental property, what does the cash flows look like? How is depreciation impacting us? Are we really making money on this? Is the money really tax free, or is this just putting money into something that's just losing money? And I think Washington was excellent at that. And you see him in the course of his letters, over the course of his life not just budgets, but him sometimes having to sell property that he doesn't want to sell, but he needs the liquidity to help his other properties.

Very interesting. And were all those properties back then that they owned, you know, was it basically like just land, you know, raw land, farmland, or did they actually have rental properties like we do today? I mean, you know, of course, people have read rental properties for a couple thousand years now. You know, I did a show talking about how ancient Rome did rental properties, and I thought that was quite interesting. But what did the President's own.

Yeah, I mean, you know, it's funny because first of all, with the early presidents, you have to have an asterisk to say these were slaveholders. So they were also getting free labor. Right. Or very inexpensive labor. They obviously had to take care of the slaves. But when they own the land, land, some of it was undeveloped, some of it was further developed. You know, they were development for agriculture, and some of it they were leasing out to people. Whether there were structures on it to live on, where they were leasing out land, you know, they were trying to just amass significant portfolios of land because particularly in the south, that was how wealth was built. And, you know, there was such a divide at that point between the north and the south because the Southerners were landholders and all struggled with illiquidity. So, you know, Washington, you know, he owned a lot of property. He was a landlord. He would sublet properties out. And you have to remember, he also, when he married his mar. His wife Martha, she was a wealthy widow. And I will tell people, if you also want to build wealth, be like the presidents, marry up Washington, Lincoln, you know, Eisenhower, all of them married wealthier women.

John Kerry almost became president.

Yeah, I'm sorry.

John Kerry, who almost became president.

John Kerry. You know, it's an interesting phenomenon with money and wealth is that they tend to marry up. And Washington, in this case, married a woman who by all accounts was a, you know, stunning widow who had, you know, inherited money from her late husband, which was even more money than Washington had. So by marrying her, he got more land and greater wealth.

Interesting. Let's jump forward, and then I want to get into some more practical stuff, but let's talk about someone like John F. Kennedy. Kennedy.

Kennedy. You know, Kennedy's interesting because he was.

Surprisingly frugal, wasn't he?

He was. You know, there's this misconception with people with money that they don't worry and they don't think about the bottom line. I will tell you, I work With a lot of people who. One, are always double checking. Right. One, because that's how they made the money. Right. By being very diligent. And two, they do fear that people are going to take advantage of them. And, you know, Kennedy's interesting because he was obviously in a family where they focused on wealth transfer. Transfer. And his father had philosophy. And when I work with clients, we work a lot on, okay, what is the family philosophy? You know, I've worked with clients who tell me, we don't want any money to go to our kids. And then I'm working with families who are saying, forget the third generation. I'm trying to get money down to generations four, five, and six. Right. So Kennedy was interesting because his father set up trusts for him and his siblings. And so, in a way, he didn't have to worry about money, but he was focused on it. He was focused on being frugal. And so, as you learn about Kennedy over the years, there's a great story I found in the oral histories at the Kennedy Library from Lem Billings, his best friend, and they went to college together, and they would go in the summers to New York, and the hottest club was the Stork Club. You know, there were beautiful women, there was champagne. And the Stork Club would do this crazy thing where they had these balloons that they would drop from the ceiling with little prizes. And it. So what was expected is you would go there and order a bottle of champagne, you know, bottle service. Well, Kennedy could afford that, but Lem Billings and their other friends, they couldn't. So what they would do is they would buy, you know, buy a drink there, and then they'd say, hold our table. And they'd run down the street and go slam back some beers at a cheap bar and then come back into the Stork Club and finish their drink and slowly sip their cocktail. And I can tell you, as somebody who, in their 20s, was in the New York City area, I. I did the same thing. When you don't have a lot of money, you drink very slow.

That's what all the college kids call pregaming.

Exactly. But Kennedy's interesting with his frugalness because he had certain struggles with money because. And there's tons of books out this with better historians than me. But, you know, John Kennedy and Jackie Kennedy didn't always see eye to eye on things, and she was much more of a spender, and he was obviously very frugal. And so you do find, buried in recollections of them as couples stories Where Kennedy is infuriated by her spending and she. And it's a very passive aggressive relationship between the two because she's furious, because one day she finds out in like 1962 that since he became a congressman, he's never taken his salary, he's always donated it to charity. And she's going, wait a minute, why aren't you. I need this salary. And he's looking at the credit card bills going, how are we spending so much?

Like, wow, that's just amazing to think about this. I mean, the only credit card probably they had was Diners Club back then.

And they would put things on credit, you would have store accounts.

And, and, and this is not before he's in office. This is when he's president. I mean, this is a. It's amazing. I don't think people realize, I mean, I certainly didn't think about it, that, that a president would actually be having an argument with his wife over money. Like, that's kind of shocking to me.

Yeah. And, you know, she would, especially people who witnessed it would say, she would feign this like, innocence, like, you know, I don't know where it all went. Right. So they had dynamics in their marriage. And what's interesting, we often compare Kennedy assassination to the Lincoln assassination and some of the parallels. What's really interesting is Abraham Lincoln had a lot of the same issues, Mary Todd, you know, and historians love to diagnose her. Right. I've, I've heard things as ranging from bipolar to OCD to diabetic issues. Right. But Mary Todd Lincoln was a spender and she would do crazy things. You know, basically she would, like in one time she went to a store in Springfield and bought all like, there was a beautiful bolt of silk and normally they would have cut some off for her to have a dress made. She buys the whole bolt because she doesn't want any other woman in town to have the same dress as her. And when he becomes president, now she's got access to New York City, you know, in Kentucky. New York's a journey. But now she's going up to New York and there's stories in the papers. She's going up there and buying copious amount of gloves and furs and dresses, buying it all in credit and hiding it from him. So what's fascinating here is.

Mrs. Keckley is her dressmaker. And Mrs. Keckley recounts that during the reelection campaign for Lincoln, Mary says to her, look, I gotta have him get reelected because if we have to go back to Kentucky, he's gonna find out about all this debt we have. So you think about these people and you think about how revered they are and, and you know, how, you know, they're historical figures, but Abraham Lincoln and John F. Kennedy, they had wives who spent and it stressed them out. So, you know, it goes back to that, you know, concept of the two most important decisions you make in your life and about your money is what you do and who you marry.

Yep, sure, sure, sure. Okay. Really, really interesting stuff. Okay, let's, let's get practical here for a bit and talk about maybe lessons from the presidents for people listening, but also just from your own experience as a financial adv, working for, you know, Goldman and so forth.

Yeah, I mean, it's funny, I always tell you that wealth is that intersection of having opportunity with discipline. And that's what I've seen over the years. But what I have also seen is you need to have a healthy dose of risk. So when I'm working with clients and building their balance sheets, you know, the public markets are great, right? Investing in the S and P, investing in the stock market market. But I also really encourage them to also invest in the private markets. You know, private equity, private credit, venture capital. And remember, 90% of those opportunity sets are absolute crap. So if you're going to go into the private space, you want to stay with the best possible managers to get access to the best possible deals. But the other thing I feel very strongly about, and if my clients are listening right now, they'll laugh, is I love real estate. I do think in studying these families, generation after generation, the ones who have a lot of real estate seem to do well. But if you're going to own a lot of real estate, you know, like Washington and Jefferson, you're going to have a lot of illiquidity. And so what I really try to work with, with people is not just to think about it in gathering assets, but what does it mean for us in an income tax basis and what does it mean for us for an estate tax purpose? And this is really important coming up because is, as you probably know, Jason, at the end of 2025, the current estate tax law, as put into place by President Trump, will expire and it will revert back to the law as it was under President Obama. So what that means is today, if you have, as an individual 13.6 million or less in assets, you will not have an estate tax due at death. And for a married couple, it's 20, you know, combined just over 27 million. And the estate taxes due at the second death. Death. But if we go back to the Obama era, It'll be roughly 6 million a person. Right. And if you think about that, and you own a lot of real estate, there's a good chance, if you're a single person and you have a lot of real estate, you may have an estate tax issue. So if you're going to own a lot of real estate or these more illiquid assets and you feel strongly that you want to make sure that you can pass these assets down generationally, you really have to think through not just your income tax strategy, but your estate tax strategy.

Yeah. Okay, so we're seeing some sunsetting. And so, you know, some people will literally time their death. I mean, that's actually kind of true. I think people do do that.

Well, by the way, the one person who benefited of the Trump tax exemption was Donald Trump's kids, because Ivana Trump passed away with the higher exemption. So that was just by chance. You can't plan your death. But, yeah, it's. It's interesting who gets to benefit under which law.

By the way, you know, we should just mention, you know, I did a show a long time ago, not on this show, but one of my other shows about home accidents and home health risk. And that was really fascinating. You know, that's how a lot of people die. I mean, Ivana Trump died with a simple stumble down the stairs.

Right. I think one of the things we don't talk about a lot, and I say this because I'm a Gen Xer, you know, in my late 40s, and I think everybody in their late 40s and early 50s are dealing with parents and aging. And, you know, what we don't ever really talk about is one of the biggest things, most dangerous things that happen as you age is UTIs. Right? Because UTIs as you age cause confusion and cause falling. And so to your point, homes are really, really risky. And, you know, one of the things a lot of my clients work on is what home are we going to age in? We try to, you know, can we get the primary bedroom on the main floor? And here in California, what's been interesting is we have a new law regarding ADUs, right. Those additional dwelling units, because we have a housing shortage here. And what I'm having, hearing a lot of people.

That's not going to solve the problem, though.

It won't solve the problem, because I'll give you an example. I have people doing ADUs because they want a house on the property that they can eventually put a caretaker in for when they want to age in their house. So yes, I agree it's not going to solve the problem. But you know, when the law is a certain way, you want to see is there an opportunity set that benefits you?

Yep. And we'll be back with a lot more on this topic with this guest on our next episode.

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