Silicon Valley Bank, Online Verification, and MARCH MADNESS - Episode 017

All right, I want to start with this.

Okay.

Because people drop off. So in the first 30 seconds, we are going to do a March Madness bracket challenge, and there will be prizes. We have a private group. There will be prizes.

Wait, you have a private group? Yeah, I created a private group with the franchisees.

No. Well, no. For the pod.

Oh, for the pod.

It's called C suite unfiltered.

Oh, like, oh, my word password to.

Get in is unfiltered. And our group motto is Mike Andes is really good at sports.

So I want to get that out there.

I've never done a bracket. Yeah.

If you guys don't listen to the rest of the pod, I want to put that first. There you go. There's your clickbait. So, yeah, you can join our bracket group, but that's not what I want to start with today.

What's the. So later, do they have winners of brackets, like, who gets the best?

Yeah.

So what's the winner of the bracket get for us?

So I was thinking, if you want to throw in a prize, we can. We can ball. Ball. Ballpark this now. We can spitball this. That's what I was gonna say. We can spitball this. I was thinking I will give a. If they have a business, I'll do a consulting call with them.

Or what about if they just come on the pod live?

They can come on the pod live, too.

I'm fine with that. Yeah, I'm down with that.

Let's do it. All right, so grand prize, let's say. Let's say best bracket gets to come on the pod live. Second best consultant. Call with me. If they have a business, and if they don't have a business, we can just talk, I guess, and then maybe we'll do something for third place.

We should do a whole. A whole episode with them. Yeah, so they can. They can do, like, a consultant with both of us, and we can spitball it. I can set up a stream here so they see both of us, and then we'd both kind of bounce off things.

Yeah, that'd be cool.

So anyways, I've never done one, and if I tried to do it, it'd be like a flipbook coin. I have no idea about basketball, dude.

All right, well, let's. Let's. Let's get into that, because we are unfortunately. We'll get into that later because we are unfortunately behind the eight ball here, because the news broke last week after we recorded, and I'm sure a lot of people want to hear your thoughts on svb. So Silicon Valley Bank. So I, I don't know if you want to jump right in. I got some, some stats here from different articles and I can give some more background because it is one of those situations that happens so fast that for me, as someone who's, you know, not engaged in like national banking and like big stock trades and things of that nature, I'm like, I don't really know what's going on. So it took me multiple articles, multiple YouTube videos to figure it out. So Skagit Valley bank was found in the early Skagit Valley Valley. I saw SV.

Silicon Valley, Skagit Valley, that's in Washington. I just saw the SV and I was like, that's Gadget Valley. All right. Silicon Valley bank was the 16th largest bank in the U.S. they funded a lot of tech companies, startups, funds, and one of the things that they did when they got a lot of their big deposits in the beginning, they hedged those deposits against U.S. treasury bonds. The bonds were guaranteed at a 1.5% rate. Some of them were up and down a little bit, but with rate increases and inflation, this caused these bonds to be devalued Wednesday of last week. So March 8, they announced that they had sold mass amounts of securities at a loss and they were Planning to sell 2.25 billion in new shares to help with financing and to bounce back from a 1.8 billion dollar loss on bets they had made on other securities. So what happened after that was a bank run. Basically everybody wants their money and they want to get out of the bank. So on Thursday, March 9, the bank run happens. $42 billion were tried to, were was ultimately tried to be pulled out by users of the bank. And some of those transfers didn't go through that Friday of last week. The March 10, the Fed stepped in and took over.

So no, they set it on Sunday. Friday is when they declared we're out.

Your thoughts?

Yeah. So I think everyone's making a big deal about the whole treasury. Like the reason they had to try to sell the Treasuries. So for someone, in really, really simple terms, when interest rates go up, a bond is worth the, your, your yield is more, right? So if interest rates go up from 1% to 5%, let's just call it that, you're going to make more money as a yield from that bond, but the value of that bond becomes less. Okay. So essentially think of it like this. They bought things when they were really expensive. The bonds, they bought them really expensive because interest rates were really, really low. And they bought A whole bunch of them. The reason they did that is because they had so much cash coming in, they didn't know what to do with it. They could not get loans because typically what a bank does, they take your savings in your checking account and they go sell that money to people on, in mortgages or car loans or whatever. And the goal is give you 1% interest and then go get 5% interest from a mortgage or whatever. The interest rate, the spread is what they make their, their profits in 2021. If you look at their quarterly reports, they literally said they are struggling to find places to put the money. And so what they did is they just bought all these bonds. Well, the bonds at that time, very, very high in terms of cost and low yield. And now what happened is all these people that put money in, all these startups and Silicon Valley high tech places, they need the cash because they're burning through cash like crazy. They, they're not finding capital, no one's wanting to fund them. So what they do, they're trying to get all their money out. Well now all of a sudden because of that, SVB has to go sell the Treasuries that they now are selling at a loss. They gotta go sell those and just to fund these withdrawals. And so the bottom line is like all these banks don't have all the cash available. They usually have. They can, for every $1 you put in, $9 can be lent out. So what they're counting on is that not half the people are going to show up tomorrow and say I need my cash. Everyone did that. Like the whole banking system would collapse immediately. And that's why the government stepped in on Sunday. If you cause panic in the banking system, the whole thing can fall flat in a matter of days. Like if this, what they call contagion would have happened. And all of a sudden people start getting afraid and pulling all their money out of banks. Like the entire system would collapse. Like it could literally happen in just a day or two. Yeah, and so that's what happened with even if you look at any currency that's built on a market, including that of ftx, when all of a sudden everyone was afraid and everyone went in to get their funds. That's what causes the collapse, because of leverage. Right. They're usually leveraging 9 to 1. In crypto you can do like 100 to 1 and it's unregulated, so you can even go beyond that. And so whenever you institute leverage in any system there's risk. And in this case, when it comes to banking, you have the risk that you're all of the people who had done deposits require their cash out. And if that happens at the wrong time or there's panic, the whole system falls apart. And so the only reason really, SVB really fell apart is because last week there was a bank run. Everyone was trying to get their cash out. Right. And when it happens, there's not a cash available because they've leveraged it nine times. And so unfortunately for SVB and banks that have been caught up in this, they leveraged that money and they. What they started doing is giving it to startups as loans and what's called venture debt. Very risky. And when those companies start falling apart as we head into recession, they don't. They lose all that collateral. And so I don't know if that.

Made any sense, but yeah, I mean, I was tracking, but that's because I've read a lot of articles and watched a lot of videos on it because it is. It's one of those situations where it seems very murky. Yeah.

Well, because money's moving every which way and it's like, are they just robbing Peter to pay Paul? And like, what happens when, you know, Joe Blow wants to get his money out? And it just got locked up like. So basically, if you, if you invested in SVB because they were on the, the stock exchange, you were going to lose all your money on that investment. If you had money invested in your bank account, it's up in the air whether you're going to get it back or not.

Now, now the government stepped in, said, you can't. They're going to secure all the funds.

All of it?

Yeah. 100%. Wow. Yeah. So FDIC insurance covers up all deposits up to 250,000. But the big question was, was anything above that going to be covered? And that's when they stepped and said, all of these, we're going to secure.

Okay?

And they did that to prevent contagion. What that does, though, is set a precedent that if a bank, any bank basically fails, the government's going to step in and cover the butt. So what that almost does is reinforce the behavior, take more risky bets as a bank, because if we mess up, the government will step in and clean things up. And like, if you look at svb, there's people getting bonuses and all the rest of it leading right up to this last, the last eight or nine months, they haven't had a security compliance officer or a risk, a risk compliance officer. Like, so no one was there to like say, oh, like we're starting to give money away to these, these startups that are super risky, they're super going to be affected by interest rates going up and we're selling things at a loss because we bought Treasuries and when they're the most expensive. So it was definitely, there's definitely err on their part. There's also just air overall with general compliance and regulation around banking because there should be less risk, there should be more risk mitigation and there should be less leverage of people's deposits. But in an economy that's running really hot, it makes a lot of sense to allow more banking to happen, like allow that leverage to continue. Cause you just massively can compound the amount of money being invested in the market. So in a thriving economy, most banking regulations get taken away. Then you hit like a 2007, 2008 and all of a sudden you get all these regulations because they realize, oh, like we can't do that, we gotta make sure. And then over the course of the last 10, 15 years, those start to get reduced and you know, watered down and they get more and more leverage and then this sort of thing happens.

Yeah, I think the scary thing for me, and I would say, you know, I don't wanna put a label on it, but since this is long form, you know, I can explain myself, but I think I generally lean more libertarian in most of my ideologies and this scares me because in a way it's like, well, now the government's control of all this funds and they're like, well, we'll give it back. And we basically, as a people without voting, let the 16th largest bank in us just collapse and now the government's in control of all those funds. I don't like that.

You know, I agree, but they had to, they had absolutely no choice.

Right. It just feels weird.

Yeah.

From an outsider looking at it, 100% agree.

But the thing is. No, I'm that way too. Like I don't think the government should be involved in anything. Right. But if they didn't get involved in anything, they, people would not stop at 9 to 1 leverage. They would go, they just infinitely leverage the capital. So like you gotta have some sort of regulation, I feel. And if they did not step in, dude, like as we head into recession, like it would have been crazy if they didn't. Everyone, right. It sounds so bad because like you're basically bailing out like a bunch of guys in Silicon Valley that took a bunch of massive risks. But if they did not step in. You would have the top four banks get all the capital and all these regional banks would go bust. Like, that's why I guarantee you, if you bank at a smaller bank. You got an email this week, I think.

Yeah, I got a couple.

Yeah. 100%. Because everyone are guaranteed. There's already a big shift. But if they would not have stepped in on Sunday, the amount of scare that would have been across this country from every bank that was not in the top four, JP Morgan, Etc, people would have been pulling cash out and that literally would just suck the whole banking system out. It would be horrible. They had to. If they would not have done that Sunday, I'm telling you, we'd be talking about other things right now. Like, I'm talking like other banks going under.

Yeah.

This whole week would just be one after the other after the other after the other.

Like 2008.

Yep.

And what was it? The Lehman Brothers. Yeah, that was the first bank or what was that again?

Investment bank.

Investment bank, yeah. But they're the. Isn't the CFO of svb. He was also. He was. He was in the C suite of the Lehman brothers back in 2008 during that collapse and he's the CFO of SVB. And people are like.

Yeah, like, yeah. You know, the thing is though, like in a bull market, people are getting greedy. That's what they did. They basically had too much capital. They literally say, like, we're going to have problems trying to find assets for these liabilities. So a deposit for them is a liability. Like a bank is opposite on the balance sheet.

Okay.

So if someone gives them money, what you're really doing? Like, if I take my money and give $10 to the bank, I'm technically loaning them the money. So it's a liability for them. They need to get rid of that as soon as possible and loan it out someone else so they can actually make it an asset. So for them, when they hand out debt to people, that's an asset on their balance sheet. Right, right. So, yeah, anyways, sorry.

No, no, that's good. Now I want to switch it up a little bit in the sense that what does this mean to the average American or the average small business owner?

Right.

Because I feel like a lot of our audience is, you know, a small business owner, self employed. What does this mean? What do we take away from this?

I would say, really, I think the thing I've done over the past couple years I've learned more about the banking system is like looking at where my money is actually being held, not what the framework of it is. Right. So for example, Acorns, right. Look at the terms and conditions. They, they keep their money in two different banks. Right. One is a top four bank and the other one is this random bank you've never heard of. That's scary to me.

Yeah.

Because those, those little ones are the ones where it's like you don't, you don't know what the security is. You've never heard of them. They're usually private. And, and that's where I don't feel the regulation is strong enough to keep those smaller banks from doing weird stuff like SVB did. Right. And you know, over leveraging or not diversifying enough.

So I would say look at all your terms and conditions. See where your money's actually being held with Bancorp, like a big, big bank that has billions if not trillions of dollars under management. And they're going to be fine because the government will definitely step in. But like this is the top 16 bank. What would have this been like the 200th bank because there's thousands of banks. Would they have stepped in? I don't know. And so what you're going to see, honestly, this is the best thing in the world in my opinion. I think we'll look back on for a bank like Morgan Stanley, et cetera, is like this happening to a smaller bank. Everyone's like, oh, sick. Get your money in these big banks because they're too big to fail. And who knows what would've happened if it would've been 200th bank, a regional bank, like a credit union. I think it's gonna be tough for the credit unions to pull off too. And yeah, anyways.

Yeah. So would you say at what point? Because what I've seen in a lot of my research is, you know, now people are like, well, we can learn from this. What we can take away is like diversify your assets. And that's obviously kind of like I feel like investing 101, but for once again, in the context of like the everyday American leverage owner.

Yeah, leverage. They over leverage. Like every single problem, like bust big problem, what people call fraud usually revolves around leverage. Right. So people get greedy. Right. FTX would have never happened if they just did one to one, like what you deposit, that's what they were investing. But they didn't, they were like 100 plus leverage. And so you know, you know, bank is nine and more concerned, maybe eight or seven. But like whenever you institute leverage and debt, you are adding an element of risk. And that only gets caught when the recession of recession comes on and when interest rates go through the roof and we have people starting to default on mortgages. And just watch. This is all going to happen again when mortgages start to go bust. Because right now everyone's living on a whole bunch of froth of equity. If the market comes down 10 or 15%, this is all going to happen to mortgages again.

Yeah.

So I think you know, just realize whether you're a business owner, a homeowner have any debt whatsoever, adding more debt just adds institutes risk. And then you start doing stupid things because of that risk. And that's what they did. They start, they had too much capital, they started putting in weird stupid spots. They bought long term Treasuries when you have all time low interest rates. Like what are you thinking?

So their CFO is from the Lehman Brothers.

Seriously, that was such a dumb call. Like is to buy that money treasury bonds that were so long term when you know interest rates are going to go back up. Like it's anyways it's dumb.

Yeah, yeah. Well I was during my period of trying to educate myself on this topic, I listened to my first million podcast. Phenomenal podcast.

That was today. Didn't it come out on?

They've released a couple but I might have listened to the one. I was listening to one this morning. So I don't want to. I, I'm not necessarily stealing this from them, but I'm also don't think I'm directly quoting them, but they had an interesting conversation and I feel like when, when you make major decisions at Augusta or some of your businesses, you know, you'll ask your leadership team for advice. And a lot of times I'll take the angle of like optics, like what are the optics of this? And on my first million they had a discussion like was this just mismanaged pr?

Yeah, it's totally true. Because a bank run is only caused by panic. Right. The same thing with ftx. Like the, like I think Sam Bankman Fried's a fraudster, let's just be clear. But like if, if that panic wouldn't have happened the way it did, there's a really good chance that there not everyone comes in for the bank run. You're fine. Like you usually get through these periods. The thing that caused that like last week svb like them losing the money and then they tried to raise capital and that trigger like oh my word, they don't have any cash. Like oh I should get mine out. Well if everyone does the same Time, you're toast. Right. And that's why you got the email from your credit union. Yeah, it's because, like, they can't afford that happen. Yeah. So, yeah, your PR side of things, it's like, it's like, with software, you know, is it a feature or is it a bug or is it a feature? Right. It's like a classic, like, thing in software. Like, you know, we create. We make bugs and we turn them into features. Like that is. Yeah, they could have spun this differently.

Yeah.

100. So that was something I haven't heard there, that podcast.

So. So it's a fantastic take. And like I said, I'm not trying to steal it from them, but I'm not, like, directly quoting them either. So that's why I kind of did the timeline before we jumped into this. But basically, they announced on, you know, Wednesday that they have this massive loss and they're gonna sell 2.25 billion in new shares to help with financing. We're gonna bounce back, we're gonna dilute shares, but we're gonna bounce back. So what that caused is, is a 60% drop in their stock price on Thursday. Then you tie that in with people trying to get money out. Just the early folks. So, like, one of. Sean, one of the hosts of.

The only reason you have to raise that much capital is because you don't have the cash. Right. And so when you realize when a user's like, oh, they don't have much cash, I'm going to get mine out before it all goes down. Yes.

No, you're good. So Sean, one of the co hosts of my first million, he had a small account for him, 1.5 million in SVB. And, like, one of his account managers were like, we got to pull this out now. So it's the first thing they did Thursday morning. So they were early to the game. They got it out.

They wired it out.

Yeah, they got it out, like, right away. But then here's the thing. Going back to the mismanaged PR and talking about the optics, the CEO gets on a zoom call with the venture capital firms and with founders, and he says, stay calm. The last thing you need to do is panic. It's a direct quote from his zoom call. Like, that is going to induce panic.

I don't think there's anything you can say in that moment as a CEO that's going to be super. Like, if you actually look at, like, the framework of banking, like, it was too far gone once he was saying that. Yeah. So, like, it's Always going to be like yeah, he's going to be mocked for whatever he says. Like what, what else is he going to say? Like yeah, you should all get your money out right right now. Like there's nothing else he can say because the, the optics, it wasn't even like optics like it was happening. They offered, they try to sell that much equity like the huge equity raise when your stock's already down that much anyways.

So you said that they didn't have anyone internally doing regulations.

No, just like their head. Like there was no one as their, their risk management compliance like at the very top of it. I'm sure there's risk guys throughout like their, their C suite executive for risk. Right. Hadn't been around for like eight or nine months. It someone had left and they just didn't fulfill the position for those eight, nine months.

Well and that's what they had talked about on my first million and this is kind of my spin on it. I was like, people forget there's like, you know, the U.S. treasury and like there are governmental organizations that regulate banks. So it's like, I don't know, I think the, the bank run is just, that's where it's the PR side. It's like I just got to get my money out. Like I'm afraid I'm not gonna get it. And then you get this, you know, cycle, self fulfilling cycle almost. It's weird.

Well FCX happen. Everyone gets their confidence shaking. In crypto when you start having the 16th largest bank in the U.S. go bank, go bust, the same thing starts to happen. So I've been watching the crypto markets to see how they reacted to all this. And it reacted with like we would think people are like oh crypto is more secure. But it's like, well you have short term memory loss 3 months ago Everyone was running away from it. So just super interesting. It's all very interesting.

Yeah. And that was thing, that was one of Sean's thing on my first million is he said he lost like 25,000 in FDX which is not much for him.

Dude, he lost the majority of his net worth in crypto in the past 12 months.

Yeah.

Yeah. Okay. All right.

Well yes, he's pretty transparent about it. I signed up for his newsletter. So he did like a real brief newsletter. In a gut reaction on Friday he was like here's what this means. Really great newsletter if you want to subscribe. And it's super brief. It's daily Monday through Friday, very brief. And he was like I lost Money in some other financial crisis. And then he's like, I lost money in fdx. And he said, fool me three times. Not today, Satan. And he was like, I got out of SVB as fast as I could. As soon as one of my account manager said we got to pull money out, he was like, I didn't even question it. He's like, I'm not getting duped three times in a row.

But see that's the kind of panic that creates bank runs across the country. Like that's how they had to step in. Sunday it would have been, we would be like, yeah, it would speed the recession up. Like bam. Like in two weeks we'd be in a recession. This is going to play really interesting into Jerome Powell and does he keep raising interest rates? Because it definitely plays a part. When you raise interest rates that fast and you have banks that have bought long term treasuries, this is going to happen. A lot of pressure on the banks and so.

It'Ll be interesting to see how they do with the, with the rate entry rate, interest rate hikes and if they continue those and stuff.

But anyways, not to jump to not financial advice but where should people be putting their money? I was having an interesting conversation with my dad about this because my grandfather was really big in the stock market. Like he's, you know, he's fought in World War II like the greatest Generation and he made a lot of his wealth in the stock market because it's like Campbell's makes more, you know, soup sales. Like the stock goes up. Like you know, like back when the stock market made sense. He's like, like my grandpa was a very early adopter of Disney. He put a lot of money into Disney. He was like, this is a great model, it makes sense. He's a visionary. And it was like Disney sold more tickets, they made more movies, the stock price went up. And so my dad and I were having a conversation. He just, he was like son, I. I just don't know where you should put your money. He was like, I just can't confidently tell you where to put your money. And I was like, I don't know where to put it either.

I would say like in terms of like where to put money. Like you mean cash or you just mean.

Yeah, like if you're, if you're liquid, like should you just keep it in blue chips?

Like I'm never a huge, I'm never a huge fan of keeping cash because a non productive asset getting with whittled away by inflation. So like my, my goal would be finding a productive asset. And the goal of that ideally is I have control over it.

Right.

And that's like a business. Right. Because like yes, bad things can happen to my business, but like I have a big sway in what happens and I. If you were an SVB or if you were in FTX, you have no control. 0nils if you're in a stock, like hopefully the next iPhone comes out good. If you're an Apple investor. Right. Yeah. So I would just, I just want to take full control. Right. And if you're like the Bible says it, like if you're a debtor, you, you like you are a slave.

Yeah.

And so I'm not a big fan of like not having debt. Like I have debt, but just realize you're taking risk and in the case of things going bad, you are a slave to that debtor. And so I do approach it from that perspective and I think where to put money, it's like, yeah, just have as much control as you can. In terms of like cash wise, I'd be talking to your bank. Like I want to see your balance sheet. Most banks, you can see their balance sheet, see how much cash they have available, see how liquid they are, where they're putting their investments. Like are they in mortgages and the cars, like those are collateralized assets or are these like lines of credit to random companies that are not making any money? That's what SVBD was doing.

Yeah.

Like basically like lending money to the most risky asset in the world. Like private money losing venture capital backed companies. So.

Yeah. Well, step into the, step into the shoes of the average American.

Yeah.

Because I feel like those, those. Great answer, but it was a Mike Andy's answer. So like what I'm thinking is like. And to be unfiltered, like someone like myself. Okay. Got married almost four years ago and then covet happened and like we bought our first house during COVID and like, I mean I'm not gonna share exact numbers, but I like have, I have a lot in savings to be 100% honest and. But I don't have enough to just go like start a business tomorrow. At least not like a successful business that I don't have to be at.

Right.

Like I need a lot more money if I want to have like a remote business. So what would your advice be, I guess to me and then people listening if they want to take it.

Yeah.

Like I'm just.

Okay, I apologize. So I'm, I was speaking from a different level. Right. So I'M talking about like when I say like cash, I'm almost talking like the people who had money in svp who is like executive fund managers. People have millions of dollars to deploy into the market. Okay, um.

Man, where would you put money?

Like I have, I have a trading account, I have a Roth ira. Like I do those things.

Like, I would definitely max out your tax advantage accounts, right? So you're gonna be able to put money aside, you know, six, $12,000, whatever a month, a year in tax advantaged accounts and for retirement. Right? But like, man, if someone's entrepreneurial, like you just gotta think about how can you create? How do you buy into a business that has systems in place that you don't have to be there, that it can run without you? That is, you have so much control over it, right? Like everyone's like bashing me online about starting these four locations out in North Carolina. Like, okay, that $320,000 I spent, like, even if they all were 10% profitable and I only took half the profit gave the rest of the team, that would be 10%. 10%. Let's say they do 1.5 million. 10% profitable is $150,000 in profit. Let's say I give half of that to them, that means $75,000 in annual distributions to me. Okay, on that, $75,000 in distributions to me on an investment of $320,000, it's literally like a 15, 20% return. And like, that's very conservative. And I'm confident in that because the systems are in place. Right. So that's why everyone diss franchising because they're definitely bad actors. But the bottom line is the systems of the franchise should be able to run the business that you have confidence to be able to put X amount of dollars in and have confidence to a higher degree than if you did it independently and created everything yourself, that you're going to have a return on the other end. And if I was personally not entrepreneurial, I'd probably be looking at real estate because it's a hard asset that, you know, people are always going to need. But from a business perspective, I'd probably, if you're someone's entrepreneur, I'd probably go business. Okay, so what do you think you should do?

What do you think I should do?

Yeah, what do you think you should do? Like, what are you planning to do? Are you just saving up for the business?

Yeah, like, I hate sitting on cash, but I just don't have enough to deploy right now to like Run a remote business and I'm not gonna like step, like take my hours back at Augusta and like work part time. I, I don't feel that I have enough cash to safely start a business, let's just say in Augusta lawn care for example, remotely and have enough cash burn to feel confident that it would make it through.

Right. So this is the thing. What's cool right now is you can almost get inflation under control by just doing treasury bonds. Like you can get 4, 4 and a half percent by buying t bills right now. And what that means is you put the money aside. Four, four, four and a half. Let's say inflation is 6% right now. Let's just call it that. You're losing 1% a year to inflation. That's not bad. Right. So even if you have to wait on a year, two or three, you're literally lose a couple percent knowing that that money is secure. Right. And if it's not secure, we got bigger problems. Like trust me, goes down, we got bigger problems. So I would probably do that.

Yeah.

And that is like get the money set aside so it's making some money. It's completely secure. It's in like you know, short term 12 month treasury bonds and below it, you know, three month treasuries. Right now like four and a quarter percent. It's nuts. So yeah.

What benefit is there? I could do more research into this but like paying more down on like my mortgage. Like is there much of a benefit?

It just depends, like if you're very conservative, like Dave Ramsey is going to tell you to do that. Right. Because he's going to run the math and say over the course of the next 30 years you're going to pay 800,000 instead of 400,000 on that loan. Yeah, right. My argument would be that that $400,000 that you put towards that house spent on a business could make you know, 3 million. Right. So in 30 years, like that's crazy. Yeah. So.

I wouldn't put it towards your like because you probably have really good interest rate on your loan. You probably have like 3%.

Dude, I got 2.8 baby. Yeah, it's ridiculous.

That sort of debt like I would never pay down. Yeah, right. Anyone that has debt right now that's under 3% should never pay that off. Yeah. And of course like Dave Ramsey upset because off brand. But I guarantee you like behind closed doors he knows that's true.

Yeah, that's fair.

So yeah, if you're paying interest less than that of inflation, you should get as much money as possible at that rate. So.

Yeah, yeah, we did 2.8%. So we locked in early Covid and did 10. 10 down.

Let's go.

Yeah. So.

So. But do you think if you paid off a little more, would you be able to get PMI off?

Yeah, but we're already pretty close.

Yeah, yeah, I would do that. I would do that. Because then you save it. Right. Right away, 100 bucks. A couple hundred bucks a month going in your pocket, right?

Yeah. Surprisingly not that much. It's not a couple hundred bucks a month, really. On mine, really interesting. I don't know if it's because we did 10% down or what. I have to look into it. Yeah, it's definitely not a couple hundred bucks a month.

Oh, really? That's not bad then. Yeah, but that. That kind of. Even if it's a hundred bucks, like, it's gonna inflate your interest rate probably to, like, even 3.2. 3.3. But that's not bad.

Yeah. So anyways. Yeah. I don't know. It's weird.

Don't be in a rush. Like, the bottom line is everyone gets slaughtered when you get rushed with money.

Yeah.

That's why people like you have a craze with, like, crypto. And with NFTs, they're like, oh, my word. Like, what if I miss out on the next NFT project? And so everyone just buys whatever, and now it's all worthless.

Totally.

Same thing happens with real estate when it's. As soon as you as a buyer, when real comes to real estate and agents know this, if you can get people into the FOMO thing, like, oh, we got. We got to make an offer on this because, like, it's going quickly. As soon as that word's coming out of someone's. It's like I take breaks, like, because I've just realized I've done it before. Like, you buy into that stuff, it's. It's game over. Like, you're gonna lose.

Yeah.

Guaranteed.

Yeah.

Don't feel like you gotta do stuff fast. No.

Yeah. I appreciate the advice. I think just for the sake of being like, a hundred percent unfiltered, it's like the last few years have sucked. As someone that, like, I'm starting to make good money, I feel like I'm responsible with my money. But, like, I look at the markets and I just see this.

Yeah.

And I look at real estate and I see, like, this. Right. And it's just. And then it's like, starting a business is risky. Like, I don't have the ability to like leave my full time job to start a business.

The flip side of that is that everyone in the moment, especially with media the way it is now, it's always gonna see him up and down.

Yeah.

Right. You have to zoom out. Right. And even with things like Kobe, if you look at the stock market, real estate, it's still not as wavy as it seems. In the moment.

In the moment.

Right. Like everyone in hindsight would have bought more houses in 2020. Right. They would have done all that stuff. They would have gotten cheaper debt, whatever. It's like there's, it's hard to find a place in time. We're investing your money over the course of 10 or 15 or 20 years is not a good idea. And secondly, if you go back 30 years, guarantee you there would be like, oh man, it's like there's so much going on and like it's always that way. Yeah. Right. So you have to have that layer of, of, of awareness on top of the fact that it is crazy. But I don't expect it to get any better. Like, we're always going to hear about the craziness and the bank collapses. Like back in the day, SVB would have collapsed and it would have been this little thing in California we would heard like 10 years later from. Someone was live down there.

Yeah.

But because of media, like immediately we all know about it. We're all running to our banks and we're like, what's up? Yeah. So it just like bad news is so in our face now that like it's so hard to have a diligent and what's the word where you're.

You do it decisive.

No, you do your kids, you correct them. What's it called? You're very. Come on, help me out here. Discipline.

Discipline. Oh, geez. I didn't think that's where you're going.

Discipline.

Shout the producer.

Disciplined investor. It's hard to be that way when it's so loud.

All the negativity that makes sense.

But that's why dollar cost averaging is a, is a real thing. It's disciplined to just keep doing it. Right.

Yeah.

Hashtag, you know, or like asterisk next to that is you can definitely start businesses and buy real at better times. Right? Yeah. Like I would not be buying real estate right now. I would, you know, not be doing that.

Yeah, no, that makes sense.

That being said, I'm looking at some commercial property down Skagit Valley.

Oh, nice. Gadget Valley bank. My bad. 50. That's a real bank.

I'm gonna offer 50% less than what they're asking for.

Dude, let's go.

It's some commercial, weird little piece of land in the middle of the city. Adventure residential, anyway. I can't tell. I'm done telling people stuff. Yeah. I'm not gonna tell you on public stuff anymore about my things like that.

Okay.

I've gotten in trouble at every single junction in time.

Really?

Yeah. Dude, did you hear about OSHA getting called in the office?

Yeah. Yeah, yeah, yeah, yeah.

That's because of my tour. Someone call us in? Yeah. Then down in. Down at the Mount Vernon location, someone also called me in down there for putting in gravel on the lawn and not getting a permit for it. So I had to go through that whole process, that rigamarole. And then I don't know who exactly was, but the Bellingham shop with the whole sprayer situation, they called o'. Sean. I said, I'm done with that, man.

True green.

Yeah.

We have a strong feeling we know who that one is. Yeah.

But the same thing, like, if I wouldn't have shared it, it just would have gone under the radar.

Yeah. I mean, we can. We can. We can branch off into that. I can't. I was so surprised when I heard this because I heard it from Liz that OSHA got called on the office. Not on the field workers. The office, dude.

It's crazy. Did she tell you what she did? I can't say this.

No.

Yeah.

We can't. We can't.

I can say this.

We can't divulge a lot, but let's just say this.

Let's just say this. Ocever comes in and asks for an emergency plan. Ask Chat. Gvt.

Let's go.

The office. She's like, so, like, what is it? If someone falls out of their chair with the emergency.

Like, what do you think? Anyways, we had. I. I created one too, right before. Oh. She came to the Bellingham shop because they're like, you need all this paperwork?

And we.

We had all of it. We had all but one thing.

Yeah.

And I was like, what is it? And I can't remember what it was called. And I just googled, like, how do you make one of these?

Usually the emergency response. That's usually the one that we have. Usually not had. Yeah. Because what are we going to do? All right, guys, back in training, that four page document. What to do? And there's a fire. Oh, stop, drop and roll. Like, it's like everyone going to read the document on the wall when the place is Burning down. Like, it's crazy.

Like, there's a door.

It's so dumb, dude.

Yeah. OSHA to an office. Like, that, like, baffled me. Oh. I was like, why does. Oh, she have to go to an office?

They're going and checking, like, the gender things on the bathroom, having the ADA things, which, hey, great, I get it. 88. Let's go.

All for it.

They're making sure, like, there were soap, there was bathroom tissue. Water. Water, which I'm all for.

We all.

We had everything, and they don't have anything to come after. But, like, it's just annoying that, like, they're there and they're inspected. They had. They. They interviewed employees, and then they. They asked them, like, if we were responsive to, like, questions and concerns they had. Unfortunately, like, we just, like, changed all the. All the toilets out, changed the fans in the bathrooms. We just, like, try to make a bunch of, like, the door was not right. So we, like, fixed the door just that week. It's great.

Maybe. Maybe in a few years I can tell about my employee interview with osha. Yeah, I do. I'm not gonna. I can't say anymore.

Once we get to the hq, then you can.

But I was interviewed as an employee by osha.

Yeah, let's go, dude.

Which I am. So it's a good time. Well, you know, OSHA is. Is. Is there to keep us safe and to verify the businesses are treating their employees well. That's right. And we as employees and as can verify ourselves online. So I want to talk about online verification.

All right.

Twitter blue.

That was a nice segue.

Working on my segue.

That was a really rough segue.

All right.

It's like OSHA Twitter.

Yeah. Verification. Let's go. You know, we'll see.

Could have just tied in, like, OSHA and then Elon, like, cutting out all of his employees and causing them to, like, sleep on the floor and everything.

What do you think OSHA is going to say about him building his factory at a slight angle? Is that a tripping hazard?

Dude, if you have a little bit of money, you can get ocean, whatever you want.

I'm just saying, if you don't know what we're talking about, look that up.

Yeah.

Built this factory in an angle so.

Just to mess with them.

So CNN Business, this is the article at the end of February. So of course they used a picture of Trump. Like, this has nothing to do with Trump, but we're going to use a picture of Trump. Oh, you got to.

You got to throw this up on the screen.

Yeah. Meta is launching a pay for verification subscription service for Facebook and Instagram with a picture of Trump. But whatever.

The caption of the photo, Trump is returning to Facebook and Instagram.

Is he really?

Is he really? Let's go, dude. And then their source is cnn. So.

Anyways, that's. So Meta is testing a subscription service which will allow Instagram and Facebook users to pay to get verified. Mark Zuckerberg announced on Instagram. Meta Verified will start at 11.99amonth on the web or 14.99amonth on iOS and the company is beginning to release it in Australia, New Zealand right now and more countries soon.

So column crazy.

Eventually, yeah, you can, you can be verified online, right? And as well as on Twitter. So there's Twitter Blue. I think that's $8 a month. 9, 10. I don't know what this. But so I did some more digging and like the goal here, you know, CNN says it's to avoid fake account, fake accounts. And customers want to get the badge so that they. Metta said customers can get the blue badge with a provided government ID that matches profile name and picture. So they're gonna do more verification than Twitter. Whereas Twitter's like just pay the money, you get the blue check mark. So Meta has an additional step of verification. But I did more digging and I saw this guy, he has a, a blog that he is called 9 to 5 Mac and he does like, lots of like Mac advice and Apple advice and tech advice. Very cool blog. Don't know how like legit this guy is in terms of business or his opinions, but I found a cool opinion piece on this and what he did and maybe I'll throw a screenshot up on the screen. When Twitter Blue came out and you could pay eight bucks a month for verif, he changed his picture to Elon Musk. Picture was at the time, which was a baby picture of Elon. He changed his name to say Elon Musk. And then it said he tweeted, be anyone you want to be blue for $8 a month. And that tweet got more activity than Elon's for that day. Like it got more views, more likes, the whole nine. And random people were searching Elon Musk and his account was showing up first.

That's funny.

And so his whole thing and this is like opinion piece is if everyone's verified, no one's verified. And it's an interesting thought, like if we all have a blue check mark, then no one is verified.

There's definitely credit to it though. Because you have a payment. And if someone is using Swift banking, there's a lot more trackability to them. So if you have a credit card on file and that's tied to a bank that's in the ABA system and that's Swift and all the rest of it, you can track a lot about them. So, yes, everyone's gonna say that, but let's just assume that everyone gets it because they all want to be verified. And you get 90% of people, or let's say 80%, the other 20% that's not is likely to be scam artists. And I mean, like, people that are trying to, like, do weird scams and all that sort of thing. So I'm not opposed to it. This is the other thing. I feel like there's a definitely going to be a market for something like Facebook Premium. And that is you get verified, then you don't see ads. They'd make more money on that than having the ad platform. The question is whether or not people are willing to do it, is Twitter makes it socially acceptable to pay $8 and Facebook comes along and say, hey, we'll verify you and you won't ever see an ad. And by the way, we're not going to track any of your data. They don't need to because they don't need to show you ads. That starts to become very appealing.

Yeah.

So I just think it's funny how it was all crazy Cena saying he.

Wants people to pay $8 a month.

And now everyone else doing like, oh, it's just such a great thing. It's for verification or security.

Yeah. I think the biggest pro that I see from it that other people.

Elon will keep winning as long as he's the villain. Yeah. As soon as the media starts saying good things about him, he's gonna have a problem. But as long as they think he's the villain, everyone's gonna be on his side. Sorry.

No, no, you're good. I think the biggest pro from this is. And this is what people are saying is, you know, like, why would you make us pay just to use this product? Right. But the pro is that it's gonna delete a lot of spam accounts. Like, the spam ads don't bother me. I'm not going to pay the Nazi ads. I could care less. Like, I'm just not. Like, I will just scroll past the ad. I will just click Skip ad after five seconds.

But you won't pay for you YouTube.

I do not pay for YouTube.

Have you ever tried. Have you tried the one month subscription? Yeah.

Here's what you do. If you want to listen to it, just put your phone in your pocket, put it face down. Like, people are like, oh, you can do it with your phone locked. I'm like, what? Like, do you not have a battery in your phone?

But you can download videos too?

Oh, when do I not have Internet? I live in America.

Flying on planes, dude. Take off and landing.

I'm not a big YouTube guy. Like, if someone I follow on YouTube posts a video, I usually watch, say this.

Like, there's people watching on YouTube.

Not a YouTube guy. No, if someone I follow posts a video, it's like same day or next day, or I don't watch it because I follow like 20 people on YouTube. Yeah, it's like you. And like, that's about it. Like, I can't even name anyone else on top of my head. I don't know Red Bull. Like, I don't know who I follow.

So you would not. 12. Let's just call it 12 bucks a month. Wait, no ads. They would not track your information. And you know that everyone on that platform is verified with their identity. I trackable with. With. With a bank. Bank account.

Well, I'm not exchanging money on social media.

But that's the best way to track people. Yeah, that's why currency exists.

Yeah, that's fair. The only part that entices me is the not tracking me. And I'm still not gonna pay for it. I don't matter. Dude, there's like 7, 8 billion people in the world. Like, I don't need to not be tracked. Like, I'm not doing anything illegal. I don't care if they track me.

But the value of your time, by the time you watch ads, you click off stuff, it doesn't bother me.

It just doesn't bother me.

Really.

Ads do not bother me. My wife and I have every streaming service you can imagine. Peacock, Netflix, Hulu, hbo, they are all from other people. The only one we pay for is Peacock. And we pay for the $5 a month version. And it has ads. I could care less.

So you wouldn't pay $5? No, she wouldn't pay $10. Have no ads on that. On Peacock?

Yeah, because I don't.

I don't not pay five more dollars.

Have.

No.

I'm not watching hours of Peacock a day.

Well, then why do you have the subscription?

Because we will. You know svu, dude, Law and Order. Svu. It's a great show.

The Office. You like it enough?

Yeah, I love the office in SVU.

If you love it more, you pay 5.

No, why would I pay? Like, that's the thing. I. I cannot think of a reason to pay for that.

Because the value of your time. Because if you take 30 seconds and you multiply over course of time, over the course of a month, if you're doing whatever task is more of, you should pay for it.

If, like.

No, I say you watched 100 of those ads. They're 30 seconds of pop. That's 50 minutes. How much do you make in 50?

You know what happens when your time is. I agree with that. But you know what I do when an ad pops up.

Anyway? Is that actually. Are you getting things accomplished?

Well, I mean, this is. We're talking about, like, my. My rest time, my downtime.

Like, downtime.

I'm just saying, like, in the evening, I'm not watching Peacock at work.

But that 15 minutes time. Time is interchangeable. So that 50 minutes, whether it's in your relaxed time or not.

Yeah.

Over the course of a month, could be deployed towards making more money, or it could be deployed towards, like, you.

Know, are you acting like I'm watching that much? Really not watching that much.

But the question is, would you watch more if there weren't ads?

No, I wouldn't.

I'm just saying in general, like Facebook and things like, there's. There's science that I'm sure there is. Every, like four, there's an ad. If you take that at that out, they know that there's a. More retention.

Well, I mean, I think in a way, I'm to. To politically correct. I'm frugal, but I would say I'm just cheap. Like, if. If Facebook became a paid service tomorrow, I would not have Facebook. I just wouldn't care. I just genuinely would not care. I guess I would for work, because we have a Facebook group, but I'd be like, hey, Mike, are you gonna pay for my Facebook now? Because, like, I don't want Facebook. Like, Honestly, I'm being 100%.

I think a paid system so much better than free. Because when you're doing free, you're selling. There's information and you're selling access to yourself as well as the ability for other people to get in there for free. Anything free gets exploited. Totally paid.

I'm very aware of.

Do you know great Facebook would be if they just made everyone pay. They will never do it.

Why would. Why would it be better? Why would it be better? Explain it to me.

I could go on and on and on.

Give me Like a good example for. Not from you, the business owner. What Just your average someone making a.

Shadow account and saying hate or making a scam. You immediately know you have a tracked identity of who they are and their bank account. Yeah. So if they scam, I don't get scammed on Facebook.

Like, I'm just not dumb. Like, I don't, like I don't understand why we're policing something.

Players leave. Those players leave. Yeah, right. So you don't, you don't get deep fake stuff. Like all that stuff can get wiped out.

I guess it doesn't affect me. Like I could just care less.

Yeah, I'm all about. I just rather pay for something because I know the back end of what a free model looks like.

Like the day I am worried about deep fakes is like the day I should just get a lobotomy. Like, I don't even. Like what. Like there are so many other things in the world to care about. Like, who cares about deepfakes? Who cares about spam accounts? It just doesn't bother me.

I'm with you the majority of it.

Like, I'm just, I'm playing devil's advocate a little bit.

I'm trying to play the other side because I don't pay for anything either. Besides YouTube Premium.

That's my go to which I get the downloading. It's cool, but I just, I don't know, I don't fly. If I was flying every week, sure, that would make sense. I'd probably buy then. Yeah. But I'm not flying every week and I can watch my YouTube content on wi Fi or do my unlimited.

There's one. There's something about being able to go to a YouTube video, click on it and it starts playing instead of 30 seconds of ads and they're becoming longer.

I do agree with. Ads are getting long.

I watch on average or listen to four hours a day of YouTube.

I listen to stuff. If I add. If you put an ad every 10 minutes in there and after listening for 30 seconds, it is absolutely worth my time to have YouTube.

I agree. I'm probably in the 45 minutes to an hour daily average on YouTube.

I listen to way too much YouTube.

Yeah.

Like when I'm working at night, like there's no other things going on. YouTube's on. Yeah, baby, let's go.

Well, I mean, you know, I, I like, I. I'm the same way. I think it's like I have my.

Podcast, YouTube Music too.

Yeah, YouTube is really pushing the podcast thing we were talking about as well. No, I love you.

Demonetize you.

I'm not even monetized yet.

They're gonna. They're.

Gonna.

You shadow ban you, bro.

Dude. I have noticed a lot of media accounts, though. Bart Stool in particular. I know we talk about them a lot, but that's just because I do follow them, and I feel like I'm trying to learn from them now having a podcast. All of their podcasts are really pushing. Subscribe to their YouTube channel. Like, really pushing it, like, more than ever.

Yeah, yeah. Like, YouTube's the place to be, man.

Yeah.

It drives business results. All the other platforms are, in my opinion, like, show.

Yeah. Like, they launched a new barstool. Just hired a guy, Mark Titus, who's, like, a college basketball guru, and he's got a new podcast. And they didn't say, like, subscribe to his podcast. Now podcast is a go to YouTube and subscribe to his YouTube channel.

The value of a YouTube subscriber is so much higher than a follower on any other platform.

Yeah. So they're really pushing it. But I don't know. I'm just. I'm cheap. I'm not going to pay for anything. I'm not going to pay for verification. If someone makes a deep fake of me, I'll be like, I made it. I did it. Like, that's what I'll say. I won't be like, oh, no, should have paid. Like, I was like, oh, cool. It's flattering. Thank you.

We'll talk to you in a few years.

Dude. I'm just saying I'm cheap.

Once. You can transfer money, too.

I mean, I do see that as a benefit.

Huge.

Yeah.

Yeah. But there's a different app, bro.

Yeah, Venmo's free. Gotcha. See, back to what we started the pod with.

Yeah.

You've never filled out a March Madness bracket.

Never.

Never. Well, we're gonna try to get you to do one. We don't have to do it live on the pod.

What?

But, yeah, March Madness, it's cool. It's. It's 64 teams.

Yeah.

Yeah. College basketball.

Yeah, I get the concept. I know it is.

I'm building it up. One champion on the other end. Right. Pretty cool. So what I was thinking is we. We launch a tournament challenge. ESPN tournament challenge. I created a private group called C Suite.

Unfiltered.

Password, unfiltered, all lower caps, one word.

Yes.

Unfiltered.

Yes.

All right. Everyone gets to fill out one bracket. And we already announced the award is you can live stream a whole pod with Us. You can ask questions. You can not interact. You can just sit here awkwardly. Whatever you want to do. So. And then I thought, what if we made a little bet between us?

Oh, mercy.

I found a random bracket generator.

Oh, yeah, I'll do that.

So here's what I'm thinking. Yeah, yeah, whoever. Let's just go based off the winner because I don't want to like make the whole bracket and like score the points. Let's just randomize it and then your. You get one winner and I get one winner.

Okay. Okay. Can I pick one person or you just random.

We're gonna randomize it. Oh, unless you want to pick.

Yeah, I'll pick. I go at Alabama.

Oh, okay. Well, I mean, at that point, see, I didn't. I was just going to randomize. Should I just randomize and that should be my pick.

Sure, let's just randomize because otherwise I'm just.

I haven't, I haven't filled up my bracket.

Kansas. I would go with Kansas or Alabama.

I haven't filled up my bracket yet. I'm kind of lean in. Arizona or Texas? Sure, let's see. Let's randomize.

Sounds like a great idea.

I'm not taking ucla. Texas. All right, I'm taking Texas.

Okay, I'll take.

You're saying it.

I'm trying to wait between my two.

Oh, Alabama.

I was like, alabama. So whoever gets closest to the win.

Yeah.

It wins. And what are we betting?

I don't know. I was thinking dinner.

For dinner. Bring it here. Here?

Yeah. So we can eat before or after.

There's like no space. Oh, well.

Before or after? We're not gonna eat on the pod.

We're gonna eat right here.

Yeah.

So if I've never been to your house.

Yeah.

What's up with that?

One of my brother in laws hasn't either. I've owned it for almost two years. And he's like, yeah.

Be cool if I could see your house, man. I'm like, yeah, I guess. I don't know.

I went to one of my friend's house. He'd live here for 10 years.

I had been in his house. Yeah, it's trippy. All right, so I'm taking Texas.

Okay, you got Alabama. Alabama.

All right, cool. Well, yeah, that's that. So we got.

We.

We'll fill out some brackets. Maybe I'll just fill one out for you. But we're going to put our brackets in. Winner, best bracket gets to come on the pod. Second best. I'll do a consulting call with you. Third best I don't know. We'll think of something. So. All right.

Kate, we don't have financial advice and we're out of here.

Not financial advice and we're out of here.

Okay. Do you have something? I.

Yes. So it's actually a question.

Oh.

So I guess our. Our answer to the question could be not financial advice. This is from subscriber Thomas Salazar. He's a subscriber? Yeah, dude. I also like to call him 001. And he said question. It's about to get deep. What stipulations, if any, would you put in place for recipients in your will? If you spend your life creating wealth, then to pass it to your loved ones who may not have been self disciplined, wouldn't that be considered enabling? Even worse, they know it's coming, so they have no sense of urgency to maximize their potential. Love is one thing, but not even God gives us all of our own wants if we don't work for it. As I get older, I'm burdened with this thought. It reminds me of the parable in the Bible of talents, Matthew 25. Perhaps I'm looking at this all wrong.

So his question is what?

His question is, what stipulations, if any, would you put in place for recipients in your will? That's the initial.

Well, I wouldn't give it to family. Give anything to your family if I died now or if, like, down the road.

Well, I think he's. He's, you know, a little bit. He said, I'm. I'm getting as I get older. So I think you'd fast forward at least, you know, 15, 20 years.

Like, I would make sure they had a house and, like, a car, but they're not getting any of my money.

Yeah.

No.

What are you doing with your money?

I don't know.

In my will, currently, for example.

Like, most of it has to do with how the businesses are gonna go down. Like, that's all very much ironed out because Augusta would be fine without me under the will. But, like, the cash side of things isn't super. Like, it'd be enough to get my family set up, like, for houses and stuff. But, like, I just mostly worry how the businesses are gonna be ran and how they are exited if they need to be exited. Like, the gym would be exited, that cash would go towards X. So that's all ironed out. But if I had, like billions of dollars.

It definitely wouldn't go to my family. Yeah, it just create weird stuff. It just cuts lots of weird stuff.

So you're saying There wouldn't even be no cause.

Money is given to someone without them working for it. It always creates problems. Like, it creates entitlement and like, their kids who get messed up, likely from it. I got just behind them a ticking time on. It'd be like, you do it to make me feel good. I'm gonna provide for them. And then it messed them up.

Yeah.

So, yeah. What about you?

I guess my not financial advice is make a will.

Do you have a will? No, you don't will, bro. I had a will when I turned. I know.

It's one of those things. It's like, I'll get to it, dude.

You got it. You have a house now.

I know, I know you do that. I'm old school.

I know, but you got to do it. You have a wife now.

I want my in my will. It's going to stipulate. I don't want a funeral. Do not pay $2,000 for a casket.

But see, when you think like that, that's all. That could all just be written down. Like, hey, when I die, read this. Yeah, that's easy. The will part is like, legal supply.

Yeah. You get assets.

Yeah.

Yeah. You got to get notarized.

Yeah. Like, all the other stuff. Everyone's like, I'm going to put my will on a red casket. It's like, look, that's kind of up to your family at that point. Like, no one's gonna be like, hey, must have a red. Like, you want the will to, like, protect legal stuff.

Yeah. Washington state just passed a new law. Dirt certain properties. You can bury your family members on your property. Yeah, dude. Yeah.

Residential land.

There's lots of stipulations, dude. I'm all about that.

Is that only for the natives or like.

I don't know. I just heard. I heard the headline. That's. That's how I'm game, dude.

Don't. Why?

Why spend money on me when I died? Well, makes no sense.

Put in your will.

Yeah, that's what I'm going to do. Put me in the backyard.

Well, you see, you would spend most of your time in a wheel. I feel like commenting on how you wanted your funeral and all that. Good to go down.

No, not necessarily.

I'd just be like, you don't want a funeral.

Yeah, but it'd be like, you don't make it cheap.

Don't make it cheap.

No. Make it cheap.

Oh, really?

Yeah. Why? Why would the money that I've worked for, why would you take that and then pay for my burial? To be cool.

You'd have a super massive celebration. I would want. I would want, like, hey, when I die, massive party.

No.

Fly them all in and just have a big heat of a time.

No. Do you have any money?

What are you going to do, give it to people?

Yeah, do.

Bring them all together and have them, like, happy. Well, no.

Sarah and I have an agreement and, like, I'm going to die before her, so she. That's the agreement.

We can run you out of time in the pot.

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