November 17, 2023 • 35 mins
Today On Financial Fridays with Tony K. AKA TheInsiderInvestor, he shares vital information that the average person should know as an adult & breaks down financial terms for listeners who may not be familiar with such topics. Topics Tony touches on include Real Estate, IRAs, Cryptocurrency, & much more! Be sure to follow Tony on IG @THEINSIDERINVESTOR and tune in to Cannabis Talk 101 every Friday for another episode of Financial Fridays with Tony K. AKA TheInsiderInvestor!
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Episode Transcript
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Speaker 1 (00:00):
After twenty two years of being a titan on Wall
Street and start in his own firm, Tony Kasai is
walking away What.
Speaker 2 (00:08):
To send the Ugly side Hook. Being and only inside,
We'll interview insiders and other titans of all types of industry,
offering advice, sharing stories of it First.
Speaker 1 (00:19):
This is another episode The Inside Show.
Speaker 2 (00:22):
Welcome to Cannabis Talk one on one's Financial Fridays with
the Inside investor Tony ka we're the world's number one
source for everything cannabis.
Speaker 3 (00:31):
Information provided by Financial Friday and Tony Kasai is for
general information entertainment purposes only and should not be considered
as professional financial advice. Consult with the professional before making
any financial decisions.
Speaker 1 (00:44):
Well, hello, I don't know where you're at, what you're doing,
or what day of the week it is for you,
But over here at the CT one to one studios,
ladies and gentlemen, it is Financial Fridays. I'm honored to
be here with you today. My name is Tony Kasai
and I'm here to get your mind right and your
money game tight. Folks, feel free to leave me a
financial question anytime. At one and four twenty nineteen eighty, guys,
you can also connect with me directly on Instagram at
(01:05):
the Insider Investor. Now, you all know that my number
one rule of money is that your health is your wealth,
and you cannot be wealthy if you are not healthy.
That's why I send all my friends to the number
one source for everything health that we have here at
Cannabis Talk one to one. His name is doctor Charmers.
Charmers Wellness is his website. And you guys, don't sleep
on this gentleman. As you've heard me say time and
time again, this guy is changing the game when it
(01:26):
comes to therapeutic needs using medical grade cannabis. His ted
Talk is something that we're really proud of. It's being
shadow bands, so we'd love for everybody to search it out.
You can find it on our website. You can find
it on his website. Again, that's Charmerswaldness dot com. Betterya
give them a call two one four four four six
fifty three hundred. Now, you guys, if you listen to
last Friday's episode, you saw that it was me myself
(01:47):
and I as my own guest, and we're back here
for part two. I wanted to provide you at home
the value that I've experienced over twenty years on Wall Street,
the trials and tribulations that I've had. I've made millions,
I've lost, millions, made lost and over the over these
decades of experience, I want to share with you not
just tips on necessarily how to make money, but more importantly,
how to save money, how to multiply your money, how
(02:09):
to take advantage of legal advantage of different ideas and
inefficiencies if you will, in the marketplace. Right. So, last
week we recovered a lot of different topics. We discovered
real estate, we talked about tax strategy, we talked about
strategies for your kids. And this week we're going to
(02:29):
tap into a little bit something different. So I'm going
to start with my number one rule that I have
that I want you guys to think about and and
and and shape every investment that you're going to do
after the following sentence and and Connor Daniel, you guys
here in the studio, I really want you to think
about this because you've never heard me say the sentence before.
But the sentence is this, making money, making easy money
(02:50):
is an illusion created to separate you from the money
that you worked hard for. So you know how people say, oh,
making money is easy, or this is an easy way
to make money, and think about the words making easy
money is an illusion created to separate you from the
money that you work your ass off for. Now, why
do I start off with that, guys, Because over the
(03:10):
past six months, actually, I'm going to say over the
past year, I've really noticed a massive especially online. You
see it a lot with Facebook advertising, Instagram advertising. And
I saw a lot of my good friends getting sucked in.
And I'm not and I told you so, guy, but
I hate watching people lose money. And I call this
rule and it's rule number eight that I have in
(03:31):
my rules of money. And I made a rhyme on
purpose because out of all the things we're going to
discover here and talk about last week and this week,
this is one of the things that I feel if
more people knew that, I would have saved more people millions.
I cannot tell you, and I can attest to this
with one hundred percent authenticity. I've had millions, I've had
dozens of people come up to me and tell me
(03:52):
I've saved them millions of dollars by just listening to
the advice that I'm going to give you. Here on
this one now, I call rule number eight. I hate
the autumn eight. Rule number eight, I hate the automate.
What do I mean by that? You guys remember all
those commercials you've seen right now, our ads you've seen
on Facebook telling you that they're going to teach you
Facebook automation, I'm sorry, Shopify automation, Amazon automation, Walmart automation,
(04:15):
tu Ro automation. Right, So what were these people telling you?
They were telling you, Oh, we have a way that
we're gonna make fifty percent on your money, forty percent returns.
We're gonna buy shit and selling on Amazon for you.
Just give us your money, send us fifty hundred thousand,
one hundred and fifty thousand, and I've seen platforms up
to two hundred thousand. I was seeing trucking automation. Hell,
one guy was selling modeling agency automation. My first question
(04:38):
when you come across these guys is if that shit
is so easy, why do they need your money? Right?
Think about it. At the time, borrowing money from a
bank was forty five percent the average mutual. If you
google what does the average money manager make historically, it's
like eight percent net or grossive feeds. That means when
somebody's coming to you that they're gonna find an easy
passive way to make anything over twenty percent. Red flag.
(05:02):
There's no easy way to make money. Why what did
I just say? Making easy money is an illusion created
to separate you from the money that you worked your
ass off for. So when somebody's telling you that they
have an automated passive system for you to make twenty
plus returns, twenty percent plus returns are thirty percent plus returns,
massive red flag. Now some of this shit was real though, right,
(05:23):
but let's look away. I hate the automate. Think about
what they were doing. The one guy was doing Airbnb automation. Right.
What he was saying is, you're gonna give him money.
He's gonna buy a bunch of bunch of rental properties.
He's going to airbnb for you. He's going to do
all the work, and you're gonna split the profits with him.
And he was going to show you that over the
past thirty properties he's bought. You know, you as the investor,
would have made like twenty percent on your money. Now,
(05:44):
in theory, that sounds great, because yes, Airbnb was a
real thing, right, Rental properties were a real thing. The
math was really there. You know, you were making like
a lot of these guys were buying these houses and
running them out in Texas, on the coast, in Florida,
even here in southern California. But the catches, let me
take one more Turo as well. Right, there's another guy
(06:04):
that was advertising he couldn't buy cars fast enough. Right,
because Turo when it first came out, you could buy
like a little jeep wrangler, leave it at the airport.
You could rent that bitch out for like twenty times
a month for on average five six hundred bucks. And
you were crushing it during COVID because everybody was no
longer going to hotels or traveling as much. They were
renting cars and there was a car shortage. So anybody
(06:27):
who could buy the more tours you could buy, more
cars you could buy, the more you could put them
on Touro. But people would run out of cash, and
the guys would figure out a system and they would
come and run ads on Facebook and say, hey, give
me your money, let me buy cars. We're going to
split the profit. What happens in and why I hate
the automate is when there's a deficiency in the market. Now,
in that case, the hotels, nobody was going to hotels
(06:49):
during COVID because the hotels were shut down, or if
they were they had restrictions. The pool was closed, the
restaurant was closed. So if you wanted to travel with
your family, it made more sense to rent a little
mansion or a house on the each and you guys
would vacation there. Cool there was a shortage of houses.
Then you wanted to rent cars when you got there,
shortage of cars. You follow where I'm going with this,
But there was a difficient inefficiency in the marketplace, right,
(07:12):
there was a shortage of houses. There was a shortage
of cars. So these guys would come in and they
would offer to you give them your money, and they
were going to give you an easy way to return. Well,
what happened with Turo What happened with Touro's The world
went back to normal. The cars came back to the marketplace,
and all of a sudden, that car that was sitting there.
The other thing that happened is the carbnyal companies. Anybody
who has power will always push the little guy out.
(07:34):
The car rental companies have lobbyists lobbyists would go to
the airports and say, hey, we don't want you to
have tour pick up people here. We don't want you
to be able to leave the turo in the rental
parking lot anymore, or the long term parking lot anymore.
So all of a sudden they start changing the rules.
So if you'd given your money to this poor bastard
who's going to go buy four cars for you, well
he was buying cars more often than not at a
(07:54):
variable rate, right, these car loans, All of a sudden,
they're getting more expensive. Now the inefficiencies that was caused
is being cured because Hertz and Avis were getting together
and going and going to the airports and the lobbyists
and say, hey, we want to basically push these people out.
So all of a sudden, the guy who's buying ten
cars is sitting on ten cars, and those metrics fall apart.
(08:16):
He still has to get fed, and all of a sudden,
your money's going down. Same thing happened with Airbnb's guys.
I know dozens of people that were buying a ton
of properties up in Vegas. Well what happened. The hotels
got smart, They got pissed off. Of losing money. So
they got together and I call it the hotel mafia
in Vegas. So they go out to the hotels in
Vegas and say, hey, we want you to get together.
Let's go to the lobbyist. We want to outlaw short
(08:38):
term rentals in all of Las Vegas. So all these
people who were automating your Airbnb investment all of a
sudden lose your investment. So there's a reason that I
say I hate the automate because typically, if somebody's asking
you for your money and promising you an easy way
to make money, if it is true, and in these
two cases, those were real assets, it wasn't necessarily a
scam in the long run going to lose because it's
(09:01):
going to take time and eventually that inefficiency will be
cured by the marketplace, and that easy way to make
money all of a sudden became hard and you lose
access to your money. So I hope that makes sense
to you, guys, And that's why I wanted to start
off with that one. Now, the next one we're going
to go to is probably not the sexiest topic, but
it's tax planning, right, and I'm going to give you
guys three quick little nuggets here on tax planning. When
(09:23):
it comes to taxes, people usually pay attention to the
taxes right around April, right when it's tax time, and
if you own a company, it's right around October when
you're typically doing you're a corporate taxes. Now, what I
like to tell people is, after twenty years of in
the industry and financial services, I've discovered that really taxes
should be a year long conversation that you're having, and
you should not just be working with a tax CPA
(09:45):
or a planner, but a strategist, somebody that understands that
there's a lot of creative ways for you to legally
minimize your taxes. For example, there's something called a research
and development tax instead of Now, this is something that
I discovered about eight years ago. If you own a business,
you're self employed, you make money, and you pay taxes,
it behooves you not to reach out to me and
(10:07):
let me put you in touch with the planning firm.
They can find out for free if you qualify for
free money, this shit is just going to show up
in your mailbox and it's money that you're owned from
the irs. Now, your typical CPA won't know about strategies
like that because they're not in that business. Guys. A
typical CPA is in the business is doing tax returns.
They have about two thousand clients. They're busy throughout the
year because they're focusing on that April tax planning season
(10:29):
in October, and then they go on vacation for a
couple months out of the year because that you know,
that season is stressful for them too. But I can't
stress enough that it should be a year long problem.
And then more importantly, on the corporate side, you guys,
taxes is a good problem to have a lot of
people that I would come across, especially you know, I
come from an immigrant background and a minority background. I
think we were taught to pay as least taxes as possible, right, Oh,
(10:51):
I want to pay zero in taxes. Well, when you
want to go leverage yourself, or you want to buy
a business, or you want to buy a house, or
you want to expand your empire, you got to show revenue, guys.
So while paying taxes suck, you want to pay your
fair share of taxes, but you want to do it
in an economical way, and you want to make it
equitable to you. So the taxes you're paying, you're able
(11:12):
to now leverage your credit. Right, There's no point in
you paying all these taxes if you're going to let
your credit go to shit. So if you have great credit,
you've paid your taxes, you're not going to be able
to qualify to make the changes that you want to
make and really be able to spread your wings when
you're ready to expand, whether that's in your real estate
portfolio or your business portfolio. You pay taxes, right, Connor,
(11:32):
I don't want to get you busted. I don't. We
have disclaimers cover it. I do, I do. I promise,
good man, good man. And that's another thing, guys. You
know there's tax planners and there's CPAs. You know, if
you're making a couple hundred grand a year or less,
a tax planner will do with the job, right, But
make sure you know these guys aren't. They're not the
know all to end all. Right. I think a big
misconception is that you know I would do investments with people,
(11:55):
and well, I got to talk to my CPA, like
we're talking about a real estate development. Your CPA doesn't
know shit when it comes to that. More often than not.
You know, I don't want to generalize there some really
smart CPAs out there, but CPAs are there to do
your taxes, guys. I really cannot stress that enough to
have a tax strategic person who works in concert with
your financial person and your lawyer, because a lot of
those things kind of work hand in hand. Those three
(12:17):
people should not be separated. And reach out to me
if you have any questions on that. But I'm really
passionate about, you know, making taxes a year long strategy
for yourself and making sure you do those right and
keeping your books and records in order. Now, the other
topic that we wanted to hit today is going to
be fintech and the power and what changes that's going
to bring to your portfolio and what to watch out
for it Now. On the fintech standpoint, guys, you guys
(12:39):
all saw Connor. We were talking about this on the
last episode the Sam Bank and Freed Guide. I forget
how to say his name, but this dude stole ten
billion dollars from people, folks. That's with the b you know,
they don't even know where the hell half of it
is right now, and I promise you this dude will
not go to prison for more than seven to ten years.
You all know my scumbag ex partner stole twelve million
from seventy victims and he'll only got about four years.
(13:01):
So unfortunately, these types of crimes are not heavily punished. Now, granted,
in this case, this dude has so many victims, and
it's going to be probably made like a an example
like Madoff did, God willing. But the reason this happened
and the reason that I was warning against this, it
goes back to the inefficiencies in the marketplaces being cured.
I remember FTX and a handful of other these exchanges
(13:23):
were basically telling people that you could dump or dumb
not dump, but loan your coins to these guys, right,
and they were going to be paying you twelve fourteen
percent interest rate. And I look at everybody, I'm like, wait,
at the time, interest rates for like two to three percent,
So what is the arbitrage that this guy is doing
to be able to pay you fourteen percent? And everybody
kept using the word no risk. No risk goes back
(13:45):
to my role. Right as soon as people were telling
me this is an easy way to make double digit returns,
red flags because if it was so freaking easy. Chase
Bank of America, all these guys who have access to
trillions of dollars and they have access to the Fed
Fund wire guys. By the way, the Fed Fund rate
is typically lower than what your rate is. So if
you're borrowing money at four, the banks are borrowing at
one to two, one of the freak when they've just
(14:06):
done billions of dollars in with these idiots, right, you
have these guys like mister Wonderful touting it, You had
the Logan Brothers, you had all of these quasi celebrities
really pushing it. And these were just paid spokesperson and
they weren't doing anything wrong. That's just what they get
paid to do. So when you get celebrities pitching products,
you get unrealistic returns. You're going to end up with
either inefficiency in the marketplace. If it's a legal product
(14:28):
like the Toro's War and the automated War, then it'll
catch up and you'll end up losing on the flip side.
If it's a scam like this bastard was doing, eventually, unfortunately,
everybody is left losing the bag. So while the term fintech,
fintech means financial technology the while it can be used
in a creative way. You know, it's a streamlined load process.
And I do believe in fintech companies and it's an
(14:50):
investment idea and there are hot topics if you and
there's some hot companies that do that too often than not.
I found that investing in them or putting your money
into these assets, it is really at your own peril.
And I see a lot of people unfortunately, really get
hurt in that environment. Now we're going to take a break.
When we come back, we're going to be talking about
(15:11):
behavioral finance and when I talk a circle of Psycho
of Dack. We'll see you guys right back here on
Financial Fighters.
Speaker 2 (15:17):
We'll be right back with the Financial Friday five on
Cannabis Talk one on one's Financial Fridays with the Insider
Investor Tony K. Welcome back to Cannabis Talk, one on
one's Financial Fridays with the Insider Investor Tony K. It's
(15:38):
now time for the Financial Friday five.
Speaker 1 (15:41):
Welcome back, guys. We're in part two of our talk
on money. Now. As embarrassing as this is, and you've
heard me say this for the past three episodes, I
still don't have health insurance. That's going to change because
we are an open enrollment right now. You guys, reach
out to my friends at Clearwater Health. This is a
group that I've known for a few years now. We've
worked with them to bring them to the show, and
these guys have created a platform for you to be
(16:02):
able to get health insurance in a very cost effective manner,
very easy. You're going to have your own consultant. You
can go to the website that they've dedicated and by
the way, guys, these guys are doing a cannabis friendly.
You don't have to lie about if you use or not.
The products are very price competitive to the points where
if you do have healthcare options, you show them what
you're doing and they're going to show you if they
can beat it and how they can do a better
(16:22):
product for you. If you're a small business owner, guys,
there's so many restrictions from California to Florida that you
can get burned if you're not doing the basic minimums
for your employees. These guys are consultants that will advise you.
It's free, it doesn't cost anything. The costs it will
be the same. If you want to buy a plan
from healthcare dot gov. Try calling them their advice sucks.
(16:43):
These guys can offer you the same plan for cheaper,
if not equal, So give them a shout out Clearwater Health.
And by the way, they're going to be at mjbiscon
with us. We're going to be interviewing them live on
air and they're going to have a presence in the village.
So if you have any questions, search them out at
mjbisc on as well. So we're back now here on
Financial Fridays on our segment on money Guys. And what
I wanted to talk about next is kind of something
interesting because what I call is the behavioral finance circle
(17:06):
of cycle of death. In the twenty years that I
was on Wall Street, I saw this pattern, right, And
if you're listening on a podcast and you're not on YouTube,
imagine a circle kind of like a clock and the
life cycle of this death cycle that I would see
because I went through. You know, when I got into
the industry, I was I was in the World Trade Center,
the second tower that got hit. I was right there
(17:28):
with the sixtieenth floor where the plane came in. About
eight days before September eleventh, so talk about our cremy
time to get into the industry. I went from that
to right before that, the tech bubble had just burst.
Then we had the recession, then we had the real
estate bubble burst. So I went through a lot of
these ups and down cycles. And what I would always see,
and obviously with those cycles, the stock market would go up,
(17:49):
it would go down, will go up, it would go down.
And what I would see during these cycles is this cycle.
And it was always based on behavior, not rationale. In
other words, let's say that you had some stock or
you'd invest into something like Microsoft or Google, just something
that was a blue chip that would go up and
down with the market. What I would see is the
stock market would start going up all of a sudden.
Jim Kramer's talking about it. Every news channel is talking
(18:11):
about the market's going up three four hundred a day,
and everybody's just talking about how this is the best
time to be invested in the market. So all of
a sudden, the Denny's waitress is buying stocks, and you know,
my mom's talking about the stock market, and people that
don't usually talk about the economy, you're talking about the market,
and everybody's getting what fear of missing out right fomo
as we call it. So they're getting this fear, and
(18:31):
finally they're like, you know what, I'm tired of seeing
everybody else turn a thousand into ten thousand. So they
just pile in and they start driving the prices even higher.
Market goes up, goes goes up, steps up. Now they're
kind of buying it high because now everybody's talking about it.
Now my mom's like, hey, can you just buy me
some stock in this thing because everybody's talking about cool. Well,
now you're at the peak of the market when everybody's
doing the same shit. That's right about before the shit
(18:54):
hits the fan, as I call it. Right, So now
market starts crumbling because everybody's in it. There's nobody new buying.
The fat cats knowing the times to sell, they start dumping.
Now the market's going down. So the average investors maybe
put in ten grand. His ten went to thirty, but
he bought in right at the top, and now it's
going down. It's going down to twenty, down, it's going ten.
Now it's going below what he invested in, and he's like, shit,
(19:15):
I can't afford to lose this ten. The only reason
I bought it because I saw everybody else getting rich.
Then what happens. You're now at the three o'clock on
that cycle. Now you're at the five o'clock, and you
hit the six o'clock. Now everybody's complaining the world's going
to end, the stock market's going to go to zero,
it's Black Friday, blah blah blah. What happens? My mom
would call me, hey, sell the stock that you bought me.
(19:36):
The average investors hearing everybody, they're watching the news once,
the news, once, the newspapers, once, the magazines, once every
talk show celebrity is telling you how crummy the world is.
That's kind of the time you should be buying. Except
guess what, that's where the circle of death would start,
because I would get these calls and people like, sell,
why you put in a ten thousand? It's worth three
thousand now, right, yeah, but you know I can't afford
(19:57):
to lose anymore that I shouldn't even put that ten.
Now they're dumping at the worst time, which is right
when the smart people are buying, and the cycle would continue.
The six o'clock goes to seven o'clock. Right at nine o'clock,
all of a sudden, that same person who sold the
three thousand is starting to have fear of missing out
of this rise again. And between nine and twelve o'clock
everybody starts piling in, and I would see the cycle
(20:17):
continue sometime with the same investors, sometimes with the same friends,
sometimes the same family members. So the point of that
story that I share with you is you should not
be investing with the motion. It should be more of
a strategic plan, and you should have a reasonable stop
loss if you are on the market or if it's
a real estate transaction. In other words, if it was
a good investment, it will be a good investment in
(20:38):
the long run. Right, if you bought Microsoft twenty years ago,
it didn't matter what ups and downs it has, You're
still in a hell of a lot better place today
than you were back then. They freaking own practically every
computer at the time, Right, Or Apple or Tesla, these
are not companies that are going to go anywhere. You know,
they're not going to become the next blockbuster. Even if
there's flying cars tomorrow, Tests is still going to be
a you know, at the forefront of that. So if
(21:00):
you are betting in blue chips or if you do
have a good quality real estate, I'd encourage you to
bet more on fundamentals as opposed to the life cycle
and betting on the news and watching garbage like Jim
Kramer and a lot of these other programs that are
there to entertain you. They're not there to financially help you.
So I hope that that provides some value to you, guys. Now,
the other thing I want to talk about, guys, is
(21:21):
watching economic policy and news the impact of government policies.
For example, all the spending has equaled more taxes historically,
like we talked about earlier, we are at the lowest
tax bracket we've had in a long time. It seems
like we're going higher. But Connor, I mean, I don't
know how much you learned and Chapman about taxes, but
it just this is not a truck question. But do
(21:41):
you think, say, in ten years, taxes will be higher
or lower than an ar today?
Speaker 3 (21:46):
And no, I did not cover taxes at Chapman, So
it's kind of just been on my own free will
that I've learned about it. But you know, you can't guarantee.
You can guarantee the dollar today not tomorrow, So you
know it could go either way essentially, but you know
there's market forecasts and you can kind of tell based
on the way you know things are going.
Speaker 1 (22:07):
So yeah, no, and that's a good And like I said,
it was in a question, I was just more curious
because we talked about that before. But I think you know,
right now, when I look at what's going on in
the world, you know where we're sending hundreds of billions
of dollars to several different countries for wars. We're paying
for that, right or it's on debt. We keep borrowing
more money. We have the all time highest debt, we
have the all time highest outflow, and the government is
(22:29):
no different than your own family bank account. Guys. So
if you're spending like a drunken monkey and you aren't
bringing in any money, in concurrently that that you're sending
money to other people. So you're spending your own money,
then sending money you don't have, and borrowing more money
to send to other countries. What's what's what's the common
sense approach from that? Now it's going to be like,
(22:50):
all right, well, how do we get that money back
and how do we recover that? Well, it's going to
be the higher taxes. So when you when you can
understand the world economic news and you can look at
a global on me and say, all right, where are
the inefficiencies in this marketplace and where can I take
advantage of them? In my opinion, taxes will always go
higher in this country. Like I said, if you look
back historically, just pull up on Google. You know what,
(23:12):
if the tax rates been over the past one hundred years,
you'd be surprised to see that we're actually some of
the lowest, right, So there's vehicles that can take advantage
of the fact that taxes will be higher in the future.
So I'm a big fan, you know. Growing up as
a financial advisor, the first ten fifteen years, embarrassingly enough,
I didn't do any life insurance products. To me, life
(23:32):
insurance was you know, you're betting on somebody dying. I don't.
I'm not comfortable with death. I don't deal with it well.
And it was just it wasn't something that I wanted
to offer my clients because I looked at it as
a negative thing and if you put it out in
the world, another person's going to pass away. Shame on me.
Because later on I discovered now the firms weren't educating
us in insurance because back then the firms made more
(23:54):
money for us to sell more traditional things. Stock spons
meta funds manage money, so it was not insane device
for them to educate us on. You know, these these
index variable universe index life insurance policies or policies to
where you could build a cash value. Now, you guys
probably get hit on by insurance people all the time,
(24:15):
and just like anything else, there's good, bad and ugly
in that world. Short little soapbox on that is. I'm
not a big fan of the multi level marketing approach
to these insurance carriers. Right, So, if you have a
company that's led by a guru, whether it's Ed my
Leed Patrick Padavia, these are great gentlemen, great businessman, great podcasts,
but I'm not a fan of their insurance products because
(24:37):
they're called captive agents. Captive agents means you can only
sell the shit that they are allowed to sell. So
you know, they may have one good policy or brand,
but maybe the other ones are more predatory, if you will,
Whereas if you look at a general agent, I want
to say predatory, I would just say your options are limited.
Right in my opinion, if I want to go into
a grocery store, I don't want to just be forced
to buy one brand of bread. I want to have
(24:59):
access to fifty differ ones. And that's why I'm a
little hesitant towards these brands that are more into recruiting
as opposed to actually educating you on the policies that
could be best for you, whether it's hard for it,
whether it's Trans America, whether it's you know, All State
or a handful of other reputable companies. A lot of
time these captive agents are not allowed to sell those
(25:19):
They are only allowed to sell the brands that's affiliated
with their companies. So I'm a big fan. The reason
I mentioned insurance going back to the taxes is if
you have a vehicle that you can put money in
today like the roth iray that we spoke about earlier,
and that money can grow and you don't have to
pay taxes on it down the line, and you can
pull that money out and that growth is tax free
as well, that's kind of a win win. Now. The
(25:40):
negatives about that, guys, is it's obviously an ill liquid asset,
meaning you can't just push a button and sell it.
You can sell it, typically you're going to lose a
lot in terms of they call them surrender charges or
essentially you're going to lose a lot of penalties. Right, So, really,
when you invest into something like that, you want the
salesperson not really be a salesperson, to be a consultant,
(26:01):
to really educate you, not push you into it. I
don't like the ones that are more recruiting you to
kind of coming into it well to sell more of
their products. So be really you know, insurance is something
that there's always going to be there. They're never going
to run out of it. Do your homework, do your
due diligence, don't be in a rush. All of them
come with about a thirty day I think about a
couple of week due diligence period. So as you go
(26:23):
into feel free to ask other ones of your friends
to say, hey, is this the right is this the
right move for me? But I'm a big fan of
using those to take advantage of what we just discussed
in terms of the taxes going higher. So I'm not
going to jone on more about insurance. If you have
any questions, you'll figure to reach out to me on that. Now,
We're going to take a break right now. When we
come back, we're going to wrap up with the last
(26:44):
two It ends on this segment on money. See you
guys soon.
Speaker 2 (26:48):
We'll be right back with more Financial Fridays with the
Inside Investor Tony Ka. Make sure you follow Tony at
the Insider Investor. Welcome back to Cannabis Talk one on
one's Financial Fridays with the Inside Investor Tony Ka. Make
(27:10):
sure you like, follow and subscribe to the show now.
Speaker 1 (27:13):
Welcome back to Financial Fridays, guys. I got a special
message for you. Check out our website called master Mentors Live.
It's a brand new platform we've started here in partnership
with Cannabis Talk one on one. What we're doing is
bringing what we know here as the number one source
for everything cannabis to you to your home state. You
guys are going to be hitting about thirty different states
here the next year. It's going to be close to you,
(27:34):
I promise you. In fact, at the end of this month,
or excuse me, at the middle of this month, we're
going to be hitting New Jersey. Then from there we're
going to New York and we're going to Atlanta. Then
we're going to Dallas. I guarantee you we're coming to
a state near you. Best the part. Best of the
part is that it's free as in zero, as in
one hundred percent more than zero. So check it out.
You can come in, bring us here what we got
(27:54):
to talk about. You can have access to mentorships. And
this isn't just if you want to touch the flower.
If you want to, for example, sell Marrion one on
our own own dispensary, that you can have a network.
If you want to start your own brand, white label,
your own brand, maybe do marketing for a brand, or
start your own magazine, or start your own podcasts, anything
having to do with the world of cannabis. We got
you covered. Check it out Master Mentors Live. Now we're
(28:15):
back here talking about other ways you can make money,
which leads me into one of my favorite topics when
we talk about money, and that's financial literacy for kids,
ladies and gentlemen. That's something that you know, I spoke
about my friend Dan on last week's episode. But Dan
is something that he talks about passionately about this, and
he says, you know, when he was grown up and
when we were all growing up quite frankly, talking about
(28:36):
money was kind of taboo. It was rude or they
would say, oh, don't talk about money, whether you had
it or not. You know, if you were a poor
you were told to kind of hide that because you know,
maybe your family was embarrassed that you were poor. And
then if you were a wealthy, same thing, right, you
didn't really want to talk about it because you didn't
want other people to kind of hit you up for money.
The problem is your kids are emulating you, and if
you're not talking about money with your friends, your shoes,
(28:57):
heck on talking about money with your kids. And I
think the biggest disservice we could be doing to the
future generation is not educating kids at an earlier age
on the power of money, the good, the bad, and
the ugly of money. I'll give you an example. As
many of you know, when you went to college, or
if your kids go to college, the very first day
of school at college, what do they get hit with
these damn credit card booths? And I remember I signed
(29:20):
up for like a Discover card, a visa, and an
amex because they were giving me like a freaking football,
a squishy football, not even a real football at that
so for these little stupid two dollar schotskis, they're burying
these poor bastards, and you know, these poor kids in
awful interest rate cards. And of course, as a kid,
you're like, oh, cool, dude, I just got ten grand.
(29:40):
What did I go buy a freaking stereo from Circuit City?
Aging myself at all? Right, But that's my point is
is had had I had a little bit more literacy
on finances as a kid when I was eighteen going
into college, I probably wouldn't have done that. I probably
would have been more excited to take that money and
invested into something like we talked about on last week's episode.
So don't be a afraid to talk to your kids
(30:01):
about money. And as you get older, you know, Connor
and I have been talking a lot about what we
didn't get when we went to college. But you know,
it's unfortunate the kids. Why is it that I had
home mech and I learned how to ham a freaking
pair of pants, but nobody told me about credit. Nobody
told me how to buy my first house. Nobody told
me how I would qualify for a house, how I
should be watching my revenue and paying taxes so that
(30:21):
I could you know I was a server, I was
making cash money I IRS, but I would not claim
a lot of that right as a kid, You're like,
oh cool, I don't want to pay taxes, I won't
claim it. The problem was, even though I was making
a lot of money as a bartender, when I was
ready to buy my first house, I couldn't qualify as easily,
so I had to pay a higher rate or borrow money.
So again you'll notice I'm a big advocate of paying taxes,
especially if you're running your business right, so you can
(30:42):
leverage yourself and actually make a hell of a lot
more money by paying those taxes that you thought was
a bad idea. Again, for kids, and doing these resources
from from the school standpoint, you know, don't be afraid
to ask your kid like, hey, what are you learning
from an education standpoint? Give them outside education and sit
them in front of a YouTube episode of you know,
Making Money Matter or anything like that, because there's a
(31:03):
huge disconnect between kids learning about money, and by the
time you're old enough and you fuck up your money,
you're like, oh shit, I wish I knew that. When
I was these guys's age here in the studio, you
know what I mean. So from that point, we're going
to end up with my favorite topic, which is side
hustles and passive income. Y'all, I'm the king of side hustles.
You know. I did everything from shit I shouldn't have
been doing when I was younger that was illegal, to
(31:25):
things that I've been too embarrassed to talk about. But
I loved making money on the side. Whether I was
a financial advisor, whether I was doing corporate shit, whether
I was a bartender in a restaurant. And through COVID,
we all saw that a lot of people started hurting
because they were dependent on one source of income. No
matter what you're doing, whether you're in media like we are,
if you're a public speaker like I was doing, if
(31:45):
you're an advisor, if you're a lawyer, there's no reason
why you shouldn't have multiple streams of income for several reasons.
First of all, hell, you're making more money right If
you already got one source of revenue and you can
double that source of revenue through a passive income stream,
why the hell wouldn't you do that? Then you could
look at look your industry, as great as it is,
it may get disrupted guys. Right, it may all of
a sudden become obsolete tomorrow. You know, iHeartMedia, God forbid,
(32:08):
could get bought out by another conglomerate and cannabis become
federally illegal. Just some crazy bullshit would happen, and all
of a sudden, this would go down. Well, I guarantee
you myself blow Ju grond Jun Joe Grande and a
lot of the guys here. We're really trying to educate
everybody here in the studio and our staff to have
multiple streams of income. You've heard me talk about passive
income through real estate. You've heard me talk about e
(32:30):
commerce ideas. We've talked about, you know, hating to automate,
but there's a lot of great ways that you can
create passive income yourself where you're not dependent on anybody else.
Gary Veef, you know who that is. Gary Vaynerchuk is
a big advocate of this. I love watching his content
because he's constantly giving real world ideas to people at
home where you can create these great sources of revenue. Right,
(32:51):
for example, he talks greatly about it. Even though the
dude's almost a billionaire, he still goes to groad cells
and What he does is he finds things that on
e are going for like a thousand dollars, these little
glass figurines, and he'll go buy him up on a
weekend and he's making five to ten grand. He has
this other great side hustle that I've taught several people
how to do, and it doesn't take much. You know
what he does, guys. He goes to outlet centers, or
(33:14):
he goes to Target, he goes to Walmart. You know
what they call him those end caps where they have
the clear in section. He'll go to the clearing section.
A lot of times these things are like eighty percent off,
and he brings this barcode thing on his app and
he scans those items, and then he goes on eBay
and there's these whole little apps that do this for you.
So now he can say, Okay, I'm gonna put in
five hundred dollars and I need to find something that
I can sell for at least double. And he's doing
(33:35):
that three to four stores a day. Dude's making like
four to five grand a week. You know, that's twenty
grand a month. I don't know about most of you
at home, but anybody could use that and that's probably
taken the dude two to three hours a week, right.
Frick with jet, Chat, chat GPT these days. I mean
it's literally dummy proof. Just Google or chat GPT it.
What are some side sources of side hustles that I
(33:56):
can make for less than five thousand dollars put in
your budget? I challenge you to DM me if you
have an issue with that, because I promise you if
you can create these side hustles, you'd be surprised that
you can create these alternative sources of revenue. Right now,
With that said, guys, I want to end with this.
We're going to have a legal disclimmer at the beginning,
but I cannot stress enough you guys, this is my world,
real world experience. This is only advice that I'm giving you.
(34:18):
This is not intended as financial advice. This is purely
for educational purposes, only entertainment purposes.
Speaker 2 (34:23):
Only.
Speaker 1 (34:24):
Do your own due diligence, reach out to professional, do
not rely on my advice. I hope I'm clear about
that now, you guys again, check out as the final
side hustle. Of course, you heard me talk about it
on the last segment, and that is master Mentors Live. Guys,
do not sleep on this. It's free. Come check it out,
go to the website. We'll probably have some digital content
on it as well. If you want to get into
(34:45):
the cannabis game, you don't know where to start, we're
your guys for that. So before I leave, I want
to sincerely thank everybody here in the studio who helps
me make this happen every Friday. Of course, we've got
Blue Joe Grade, but there's a whole army behind the scenes,
from Adrian Amir, the Two Ou Says, Mondo Madison, Teddy
the show Dog, Daniel O'Connor, Elbert, Keith Cambaxter, Beach Barcelura,
(35:05):
Ali Muffins, Sunday, Cassie Ruby, Goldie Brother, Pitt, Mark Carnes,
Chris Frankino, Jennifer Erica and Elvis. Now, you guys, thank
you so much for listening Financial Fridays. I'm honored to
be here with you. Always here on Cannabis Talk one
on one with Blue and Joe Grande, the world's number
one source for everything cannabis. I'm Tony Kay. You're Insider Investor.
You can always find me on Instagram at the Insider
Investor I'll see you next Friday. Remember to keep your
(35:26):
wallet tight, keep your mind right. I look forward to
seeing you on the inside. See you, guys.
Speaker 2 (35:31):
Thank you for listening to Financial Fridays with the Insider
investor Tony Kay on Cannabis Talk one oh one, the
world's number one source for everything cannabis.
After twenty two years of being a titan on Wall
Street and start in his own firm, Tony Kasai is
walking away What.
Speaker 2 (00:08):
To send the Ugly side Hook. Being and only inside,
We'll interview insiders and other titans of all types of industry,
offering advice, sharing stories of it First.
Speaker 1 (00:19):
This is another episode The Inside Show.
Speaker 2 (00:22):
Welcome to Cannabis Talk one on one's Financial Fridays with
the Inside investor Tony ka we're the world's number one
source for everything cannabis.
Speaker 3 (00:31):
Information provided by Financial Friday and Tony Kasai is for
general information entertainment purposes only and should not be considered
as professional financial advice. Consult with the professional before making
any financial decisions.
Speaker 1 (00:44):
Well, hello, I don't know where you're at, what you're doing,
or what day of the week it is for you,
But over here at the CT one to one studios,
ladies and gentlemen, it is Financial Fridays. I'm honored to
be here with you today. My name is Tony Kasai
and I'm here to get your mind right and your
money game tight. Folks, feel free to leave me a
financial question anytime. At one and four twenty nineteen eighty, guys,
you can also connect with me directly on Instagram at
(01:05):
the Insider Investor. Now, you all know that my number
one rule of money is that your health is your wealth,
and you cannot be wealthy if you are not healthy.
That's why I send all my friends to the number
one source for everything health that we have here at
Cannabis Talk one to one. His name is doctor Charmers.
Charmers Wellness is his website. And you guys, don't sleep
on this gentleman. As you've heard me say time and
time again, this guy is changing the game when it
(01:26):
comes to therapeutic needs using medical grade cannabis. His ted
Talk is something that we're really proud of. It's being
shadow bands, so we'd love for everybody to search it out.
You can find it on our website. You can find
it on his website. Again, that's Charmerswaldness dot com. Betterya
give them a call two one four four four six
fifty three hundred. Now, you guys, if you listen to
last Friday's episode, you saw that it was me myself
(01:47):
and I as my own guest, and we're back here
for part two. I wanted to provide you at home
the value that I've experienced over twenty years on Wall Street,
the trials and tribulations that I've had. I've made millions,
I've lost, millions, made lost and over the over these
decades of experience, I want to share with you not
just tips on necessarily how to make money, but more importantly,
how to save money, how to multiply your money, how
(02:09):
to take advantage of legal advantage of different ideas and
inefficiencies if you will, in the marketplace. Right. So, last
week we recovered a lot of different topics. We discovered
real estate, we talked about tax strategy, we talked about
strategies for your kids. And this week we're going to
(02:29):
tap into a little bit something different. So I'm going
to start with my number one rule that I have
that I want you guys to think about and and
and and shape every investment that you're going to do
after the following sentence and and Connor Daniel, you guys
here in the studio, I really want you to think
about this because you've never heard me say the sentence before.
But the sentence is this, making money, making easy money
(02:50):
is an illusion created to separate you from the money
that you worked hard for. So you know how people say, oh,
making money is easy, or this is an easy way
to make money, and think about the words making easy
money is an illusion created to separate you from the
money that you work your ass off for. Now, why
do I start off with that, guys, Because over the
(03:10):
past six months, actually, I'm going to say over the
past year, I've really noticed a massive especially online. You
see it a lot with Facebook advertising, Instagram advertising. And
I saw a lot of my good friends getting sucked in.
And I'm not and I told you so, guy, but
I hate watching people lose money. And I call this
rule and it's rule number eight that I have in
(03:31):
my rules of money. And I made a rhyme on
purpose because out of all the things we're going to
discover here and talk about last week and this week,
this is one of the things that I feel if
more people knew that, I would have saved more people millions.
I cannot tell you, and I can attest to this
with one hundred percent authenticity. I've had millions, I've had
dozens of people come up to me and tell me
(03:52):
I've saved them millions of dollars by just listening to
the advice that I'm going to give you. Here on
this one now, I call rule number eight. I hate
the autumn eight. Rule number eight, I hate the automate.
What do I mean by that? You guys remember all
those commercials you've seen right now, our ads you've seen
on Facebook telling you that they're going to teach you
Facebook automation, I'm sorry, Shopify automation, Amazon automation, Walmart automation,
(04:15):
tu Ro automation. Right, So what were these people telling you?
They were telling you, Oh, we have a way that
we're gonna make fifty percent on your money, forty percent returns.
We're gonna buy shit and selling on Amazon for you.
Just give us your money, send us fifty hundred thousand,
one hundred and fifty thousand, and I've seen platforms up
to two hundred thousand. I was seeing trucking automation. Hell,
one guy was selling modeling agency automation. My first question
(04:38):
when you come across these guys is if that shit
is so easy, why do they need your money? Right?
Think about it. At the time, borrowing money from a
bank was forty five percent the average mutual. If you
google what does the average money manager make historically, it's
like eight percent net or grossive feeds. That means when
somebody's coming to you that they're gonna find an easy
passive way to make anything over twenty percent. Red flag.
(05:02):
There's no easy way to make money. Why what did
I just say? Making easy money is an illusion created
to separate you from the money that you worked your
ass off for. So when somebody's telling you that they
have an automated passive system for you to make twenty
plus returns, twenty percent plus returns are thirty percent plus returns,
massive red flag. Now some of this shit was real though, right,
(05:23):
but let's look away. I hate the automate. Think about
what they were doing. The one guy was doing Airbnb automation. Right.
What he was saying is, you're gonna give him money.
He's gonna buy a bunch of bunch of rental properties.
He's going to airbnb for you. He's going to do
all the work, and you're gonna split the profits with him.
And he was going to show you that over the
past thirty properties he's bought. You know, you as the investor,
would have made like twenty percent on your money. Now,
(05:44):
in theory, that sounds great, because yes, Airbnb was a
real thing, right, Rental properties were a real thing. The
math was really there. You know, you were making like
a lot of these guys were buying these houses and
running them out in Texas, on the coast, in Florida,
even here in southern California. But the catches, let me
take one more Turo as well. Right, there's another guy
(06:04):
that was advertising he couldn't buy cars fast enough. Right,
because Turo when it first came out, you could buy
like a little jeep wrangler, leave it at the airport.
You could rent that bitch out for like twenty times
a month for on average five six hundred bucks. And
you were crushing it during COVID because everybody was no
longer going to hotels or traveling as much. They were
renting cars and there was a car shortage. So anybody
(06:27):
who could buy the more tours you could buy, more
cars you could buy, the more you could put them
on Touro. But people would run out of cash, and
the guys would figure out a system and they would
come and run ads on Facebook and say, hey, give
me your money, let me buy cars. We're going to
split the profit. What happens in and why I hate
the automate is when there's a deficiency in the market. Now,
in that case, the hotels, nobody was going to hotels
(06:49):
during COVID because the hotels were shut down, or if
they were they had restrictions. The pool was closed, the
restaurant was closed. So if you wanted to travel with
your family, it made more sense to rent a little
mansion or a house on the each and you guys
would vacation there. Cool there was a shortage of houses.
Then you wanted to rent cars when you got there,
shortage of cars. You follow where I'm going with this,
But there was a difficient inefficiency in the marketplace, right,
(07:12):
there was a shortage of houses. There was a shortage
of cars. So these guys would come in and they
would offer to you give them your money, and they
were going to give you an easy way to return. Well,
what happened with Turo What happened with Touro's The world
went back to normal. The cars came back to the marketplace,
and all of a sudden, that car that was sitting there.
The other thing that happened is the carbnyal companies. Anybody
who has power will always push the little guy out.
(07:34):
The car rental companies have lobbyists lobbyists would go to
the airports and say, hey, we don't want you to
have tour pick up people here. We don't want you
to be able to leave the turo in the rental
parking lot anymore, or the long term parking lot anymore.
So all of a sudden they start changing the rules.
So if you'd given your money to this poor bastard
who's going to go buy four cars for you, well
he was buying cars more often than not at a
(07:54):
variable rate, right, these car loans, All of a sudden,
they're getting more expensive. Now the inefficiencies that was caused
is being cured because Hertz and Avis were getting together
and going and going to the airports and the lobbyists
and say, hey, we want to basically push these people out.
So all of a sudden, the guy who's buying ten
cars is sitting on ten cars, and those metrics fall apart.
(08:16):
He still has to get fed, and all of a sudden,
your money's going down. Same thing happened with Airbnb's guys.
I know dozens of people that were buying a ton
of properties up in Vegas. Well what happened. The hotels
got smart, They got pissed off. Of losing money. So
they got together and I call it the hotel mafia
in Vegas. So they go out to the hotels in
Vegas and say, hey, we want you to get together.
Let's go to the lobbyist. We want to outlaw short
(08:38):
term rentals in all of Las Vegas. So all these
people who were automating your Airbnb investment all of a
sudden lose your investment. So there's a reason that I
say I hate the automate because typically, if somebody's asking
you for your money and promising you an easy way
to make money, if it is true, and in these
two cases, those were real assets, it wasn't necessarily a
scam in the long run going to lose because it's
(09:01):
going to take time and eventually that inefficiency will be
cured by the marketplace, and that easy way to make
money all of a sudden became hard and you lose
access to your money. So I hope that makes sense
to you, guys, And that's why I wanted to start
off with that one. Now, the next one we're going
to go to is probably not the sexiest topic, but
it's tax planning, right, and I'm going to give you
guys three quick little nuggets here on tax planning. When
(09:23):
it comes to taxes, people usually pay attention to the
taxes right around April, right when it's tax time, and
if you own a company, it's right around October when
you're typically doing you're a corporate taxes. Now, what I
like to tell people is, after twenty years of in
the industry and financial services, I've discovered that really taxes
should be a year long conversation that you're having, and
you should not just be working with a tax CPA
(09:45):
or a planner, but a strategist, somebody that understands that
there's a lot of creative ways for you to legally
minimize your taxes. For example, there's something called a research
and development tax instead of Now, this is something that
I discovered about eight years ago. If you own a business,
you're self employed, you make money, and you pay taxes,
it behooves you not to reach out to me and
(10:07):
let me put you in touch with the planning firm.
They can find out for free if you qualify for
free money, this shit is just going to show up
in your mailbox and it's money that you're owned from
the irs. Now, your typical CPA won't know about strategies
like that because they're not in that business. Guys. A
typical CPA is in the business is doing tax returns.
They have about two thousand clients. They're busy throughout the
year because they're focusing on that April tax planning season
(10:29):
in October, and then they go on vacation for a
couple months out of the year because that you know,
that season is stressful for them too. But I can't
stress enough that it should be a year long problem.
And then more importantly, on the corporate side, you guys,
taxes is a good problem to have a lot of
people that I would come across, especially you know, I
come from an immigrant background and a minority background. I
think we were taught to pay as least taxes as possible, right, Oh,
(10:51):
I want to pay zero in taxes. Well, when you
want to go leverage yourself, or you want to buy
a business, or you want to buy a house, or
you want to expand your empire, you got to show revenue, guys.
So while paying taxes suck, you want to pay your
fair share of taxes, but you want to do it
in an economical way, and you want to make it
equitable to you. So the taxes you're paying, you're able
(11:12):
to now leverage your credit. Right, There's no point in
you paying all these taxes if you're going to let
your credit go to shit. So if you have great credit,
you've paid your taxes, you're not going to be able
to qualify to make the changes that you want to
make and really be able to spread your wings when
you're ready to expand, whether that's in your real estate
portfolio or your business portfolio. You pay taxes, right, Connor,
(11:32):
I don't want to get you busted. I don't. We
have disclaimers cover it. I do, I do. I promise,
good man, good man. And that's another thing, guys. You
know there's tax planners and there's CPAs. You know, if
you're making a couple hundred grand a year or less,
a tax planner will do with the job, right, But
make sure you know these guys aren't. They're not the
know all to end all. Right. I think a big
misconception is that you know I would do investments with people,
(11:55):
and well, I got to talk to my CPA, like
we're talking about a real estate development. Your CPA doesn't
know shit when it comes to that. More often than not.
You know, I don't want to generalize there some really
smart CPAs out there, but CPAs are there to do
your taxes, guys. I really cannot stress that enough to
have a tax strategic person who works in concert with
your financial person and your lawyer, because a lot of
those things kind of work hand in hand. Those three
(12:17):
people should not be separated. And reach out to me
if you have any questions on that. But I'm really
passionate about, you know, making taxes a year long strategy
for yourself and making sure you do those right and
keeping your books and records in order. Now, the other
topic that we wanted to hit today is going to
be fintech and the power and what changes that's going
to bring to your portfolio and what to watch out
for it Now. On the fintech standpoint, guys, you guys
(12:39):
all saw Connor. We were talking about this on the
last episode the Sam Bank and Freed Guide. I forget
how to say his name, but this dude stole ten
billion dollars from people, folks. That's with the b you know,
they don't even know where the hell half of it
is right now, and I promise you this dude will
not go to prison for more than seven to ten years.
You all know my scumbag ex partner stole twelve million
from seventy victims and he'll only got about four years.
(13:01):
So unfortunately, these types of crimes are not heavily punished. Now, granted,
in this case, this dude has so many victims, and
it's going to be probably made like a an example
like Madoff did, God willing. But the reason this happened
and the reason that I was warning against this, it
goes back to the inefficiencies in the marketplaces being cured.
I remember FTX and a handful of other these exchanges
(13:23):
were basically telling people that you could dump or dumb
not dump, but loan your coins to these guys, right,
and they were going to be paying you twelve fourteen
percent interest rate. And I look at everybody, I'm like, wait,
at the time, interest rates for like two to three percent,
So what is the arbitrage that this guy is doing
to be able to pay you fourteen percent? And everybody
kept using the word no risk. No risk goes back
(13:45):
to my role. Right as soon as people were telling
me this is an easy way to make double digit returns,
red flags because if it was so freaking easy. Chase
Bank of America, all these guys who have access to
trillions of dollars and they have access to the Fed
Fund wire guys. By the way, the Fed Fund rate
is typically lower than what your rate is. So if
you're borrowing money at four, the banks are borrowing at
one to two, one of the freak when they've just
(14:06):
done billions of dollars in with these idiots, right, you
have these guys like mister Wonderful touting it, You had
the Logan Brothers, you had all of these quasi celebrities
really pushing it. And these were just paid spokesperson and
they weren't doing anything wrong. That's just what they get
paid to do. So when you get celebrities pitching products,
you get unrealistic returns. You're going to end up with
either inefficiency in the marketplace. If it's a legal product
(14:28):
like the Toro's War and the automated War, then it'll
catch up and you'll end up losing on the flip side.
If it's a scam like this bastard was doing, eventually, unfortunately,
everybody is left losing the bag. So while the term fintech,
fintech means financial technology the while it can be used
in a creative way. You know, it's a streamlined load process.
And I do believe in fintech companies and it's an
(14:50):
investment idea and there are hot topics if you and
there's some hot companies that do that too often than not.
I found that investing in them or putting your money
into these assets, it is really at your own peril.
And I see a lot of people unfortunately, really get
hurt in that environment. Now we're going to take a break.
When we come back, we're going to be talking about
(15:11):
behavioral finance and when I talk a circle of Psycho
of Dack. We'll see you guys right back here on
Financial Fighters.
Speaker 2 (15:17):
We'll be right back with the Financial Friday five on
Cannabis Talk one on one's Financial Fridays with the Insider
Investor Tony K. Welcome back to Cannabis Talk, one on
one's Financial Fridays with the Insider Investor Tony K. It's
(15:38):
now time for the Financial Friday five.
Speaker 1 (15:41):
Welcome back, guys. We're in part two of our talk
on money. Now. As embarrassing as this is, and you've
heard me say this for the past three episodes, I
still don't have health insurance. That's going to change because
we are an open enrollment right now. You guys, reach
out to my friends at Clearwater Health. This is a
group that I've known for a few years now. We've
worked with them to bring them to the show, and
these guys have created a platform for you to be
(16:02):
able to get health insurance in a very cost effective manner,
very easy. You're going to have your own consultant. You
can go to the website that they've dedicated and by
the way, guys, these guys are doing a cannabis friendly.
You don't have to lie about if you use or not.
The products are very price competitive to the points where
if you do have healthcare options, you show them what
you're doing and they're going to show you if they
can beat it and how they can do a better
(16:22):
product for you. If you're a small business owner, guys,
there's so many restrictions from California to Florida that you
can get burned if you're not doing the basic minimums
for your employees. These guys are consultants that will advise you.
It's free, it doesn't cost anything. The costs it will
be the same. If you want to buy a plan
from healthcare dot gov. Try calling them their advice sucks.
(16:43):
These guys can offer you the same plan for cheaper,
if not equal, So give them a shout out Clearwater Health.
And by the way, they're going to be at mjbiscon
with us. We're going to be interviewing them live on
air and they're going to have a presence in the village.
So if you have any questions, search them out at
mjbisc on as well. So we're back now here on
Financial Fridays on our segment on money Guys. And what
I wanted to talk about next is kind of something
interesting because what I call is the behavioral finance circle
(17:06):
of cycle of death. In the twenty years that I
was on Wall Street, I saw this pattern, right, And
if you're listening on a podcast and you're not on YouTube,
imagine a circle kind of like a clock and the
life cycle of this death cycle that I would see
because I went through. You know, when I got into
the industry, I was I was in the World Trade Center,
the second tower that got hit. I was right there
(17:28):
with the sixtieenth floor where the plane came in. About
eight days before September eleventh, so talk about our cremy
time to get into the industry. I went from that
to right before that, the tech bubble had just burst.
Then we had the recession, then we had the real
estate bubble burst. So I went through a lot of
these ups and down cycles. And what I would always see,
and obviously with those cycles, the stock market would go up,
(17:49):
it would go down, will go up, it would go down.
And what I would see during these cycles is this cycle.
And it was always based on behavior, not rationale. In
other words, let's say that you had some stock or
you'd invest into something like Microsoft or Google, just something
that was a blue chip that would go up and
down with the market. What I would see is the
stock market would start going up all of a sudden.
Jim Kramer's talking about it. Every news channel is talking
(18:11):
about the market's going up three four hundred a day,
and everybody's just talking about how this is the best
time to be invested in the market. So all of
a sudden, the Denny's waitress is buying stocks, and you know,
my mom's talking about the stock market, and people that
don't usually talk about the economy, you're talking about the market,
and everybody's getting what fear of missing out right fomo
as we call it. So they're getting this fear, and
(18:31):
finally they're like, you know what, I'm tired of seeing
everybody else turn a thousand into ten thousand. So they
just pile in and they start driving the prices even higher.
Market goes up, goes goes up, steps up. Now they're
kind of buying it high because now everybody's talking about it.
Now my mom's like, hey, can you just buy me
some stock in this thing because everybody's talking about cool. Well,
now you're at the peak of the market when everybody's
doing the same shit. That's right about before the shit
(18:54):
hits the fan, as I call it. Right, So now
market starts crumbling because everybody's in it. There's nobody new buying.
The fat cats knowing the times to sell, they start dumping.
Now the market's going down. So the average investors maybe
put in ten grand. His ten went to thirty, but
he bought in right at the top, and now it's
going down. It's going down to twenty, down, it's going ten.
Now it's going below what he invested in, and he's like, shit,
(19:15):
I can't afford to lose this ten. The only reason
I bought it because I saw everybody else getting rich.
Then what happens. You're now at the three o'clock on
that cycle. Now you're at the five o'clock, and you
hit the six o'clock. Now everybody's complaining the world's going
to end, the stock market's going to go to zero,
it's Black Friday, blah blah blah. What happens? My mom
would call me, hey, sell the stock that you bought me.
(19:36):
The average investors hearing everybody, they're watching the news once,
the news, once, the newspapers, once, the magazines, once every
talk show celebrity is telling you how crummy the world is.
That's kind of the time you should be buying. Except
guess what, that's where the circle of death would start,
because I would get these calls and people like, sell,
why you put in a ten thousand? It's worth three
thousand now, right, yeah, but you know I can't afford
(19:57):
to lose anymore that I shouldn't even put that ten.
Now they're dumping at the worst time, which is right
when the smart people are buying, and the cycle would continue.
The six o'clock goes to seven o'clock. Right at nine o'clock,
all of a sudden, that same person who sold the
three thousand is starting to have fear of missing out
of this rise again. And between nine and twelve o'clock
everybody starts piling in, and I would see the cycle
(20:17):
continue sometime with the same investors, sometimes with the same friends,
sometimes the same family members. So the point of that
story that I share with you is you should not
be investing with the motion. It should be more of
a strategic plan, and you should have a reasonable stop
loss if you are on the market or if it's
a real estate transaction. In other words, if it was
a good investment, it will be a good investment in
(20:38):
the long run. Right, if you bought Microsoft twenty years ago,
it didn't matter what ups and downs it has, You're
still in a hell of a lot better place today
than you were back then. They freaking own practically every
computer at the time, Right, Or Apple or Tesla, these
are not companies that are going to go anywhere. You know,
they're not going to become the next blockbuster. Even if
there's flying cars tomorrow, Tests is still going to be
a you know, at the forefront of that. So if
(21:00):
you are betting in blue chips or if you do
have a good quality real estate, I'd encourage you to
bet more on fundamentals as opposed to the life cycle
and betting on the news and watching garbage like Jim
Kramer and a lot of these other programs that are
there to entertain you. They're not there to financially help you.
So I hope that that provides some value to you, guys. Now,
the other thing I want to talk about, guys, is
(21:21):
watching economic policy and news the impact of government policies.
For example, all the spending has equaled more taxes historically,
like we talked about earlier, we are at the lowest
tax bracket we've had in a long time. It seems
like we're going higher. But Connor, I mean, I don't
know how much you learned and Chapman about taxes, but
it just this is not a truck question. But do
(21:41):
you think, say, in ten years, taxes will be higher
or lower than an ar today?
Speaker 3 (21:46):
And no, I did not cover taxes at Chapman, So
it's kind of just been on my own free will
that I've learned about it. But you know, you can't guarantee.
You can guarantee the dollar today not tomorrow, So you
know it could go either way essentially, but you know
there's market forecasts and you can kind of tell based
on the way you know things are going.
Speaker 1 (22:07):
So yeah, no, and that's a good And like I said,
it was in a question, I was just more curious
because we talked about that before. But I think you know,
right now, when I look at what's going on in
the world, you know where we're sending hundreds of billions
of dollars to several different countries for wars. We're paying
for that, right or it's on debt. We keep borrowing
more money. We have the all time highest debt, we
have the all time highest outflow, and the government is
(22:29):
no different than your own family bank account. Guys. So
if you're spending like a drunken monkey and you aren't
bringing in any money, in concurrently that that you're sending
money to other people. So you're spending your own money,
then sending money you don't have, and borrowing more money
to send to other countries. What's what's what's the common
sense approach from that? Now it's going to be like,
(22:50):
all right, well, how do we get that money back
and how do we recover that? Well, it's going to
be the higher taxes. So when you when you can
understand the world economic news and you can look at
a global on me and say, all right, where are
the inefficiencies in this marketplace and where can I take
advantage of them? In my opinion, taxes will always go
higher in this country. Like I said, if you look
back historically, just pull up on Google. You know what,
(23:12):
if the tax rates been over the past one hundred years,
you'd be surprised to see that we're actually some of
the lowest, right, So there's vehicles that can take advantage
of the fact that taxes will be higher in the future.
So I'm a big fan, you know. Growing up as
a financial advisor, the first ten fifteen years, embarrassingly enough,
I didn't do any life insurance products. To me, life
(23:32):
insurance was you know, you're betting on somebody dying. I don't.
I'm not comfortable with death. I don't deal with it well.
And it was just it wasn't something that I wanted
to offer my clients because I looked at it as
a negative thing and if you put it out in
the world, another person's going to pass away. Shame on me.
Because later on I discovered now the firms weren't educating
us in insurance because back then the firms made more
(23:54):
money for us to sell more traditional things. Stock spons
meta funds manage money, so it was not insane device
for them to educate us on. You know, these these
index variable universe index life insurance policies or policies to
where you could build a cash value. Now, you guys
probably get hit on by insurance people all the time,
(24:15):
and just like anything else, there's good, bad and ugly
in that world. Short little soapbox on that is. I'm
not a big fan of the multi level marketing approach
to these insurance carriers. Right, So, if you have a
company that's led by a guru, whether it's Ed my
Leed Patrick Padavia, these are great gentlemen, great businessman, great podcasts,
but I'm not a fan of their insurance products because
(24:37):
they're called captive agents. Captive agents means you can only
sell the shit that they are allowed to sell. So
you know, they may have one good policy or brand,
but maybe the other ones are more predatory, if you will,
Whereas if you look at a general agent, I want
to say predatory, I would just say your options are limited.
Right in my opinion, if I want to go into
a grocery store, I don't want to just be forced
to buy one brand of bread. I want to have
(24:59):
access to fifty differ ones. And that's why I'm a
little hesitant towards these brands that are more into recruiting
as opposed to actually educating you on the policies that
could be best for you, whether it's hard for it,
whether it's Trans America, whether it's you know, All State
or a handful of other reputable companies. A lot of
time these captive agents are not allowed to sell those
(25:19):
They are only allowed to sell the brands that's affiliated
with their companies. So I'm a big fan. The reason
I mentioned insurance going back to the taxes is if
you have a vehicle that you can put money in
today like the roth iray that we spoke about earlier,
and that money can grow and you don't have to
pay taxes on it down the line, and you can
pull that money out and that growth is tax free
as well, that's kind of a win win. Now. The
(25:40):
negatives about that, guys, is it's obviously an ill liquid asset,
meaning you can't just push a button and sell it.
You can sell it, typically you're going to lose a
lot in terms of they call them surrender charges or
essentially you're going to lose a lot of penalties. Right, So, really,
when you invest into something like that, you want the
salesperson not really be a salesperson, to be a consultant,
(26:01):
to really educate you, not push you into it. I
don't like the ones that are more recruiting you to
kind of coming into it well to sell more of
their products. So be really you know, insurance is something
that there's always going to be there. They're never going
to run out of it. Do your homework, do your
due diligence, don't be in a rush. All of them
come with about a thirty day I think about a
couple of week due diligence period. So as you go
(26:23):
into feel free to ask other ones of your friends
to say, hey, is this the right is this the
right move for me? But I'm a big fan of
using those to take advantage of what we just discussed
in terms of the taxes going higher. So I'm not
going to jone on more about insurance. If you have
any questions, you'll figure to reach out to me on that. Now,
We're going to take a break right now. When we
come back, we're going to wrap up with the last
(26:44):
two It ends on this segment on money. See you
guys soon.
Speaker 2 (26:48):
We'll be right back with more Financial Fridays with the
Inside Investor Tony Ka. Make sure you follow Tony at
the Insider Investor. Welcome back to Cannabis Talk one on
one's Financial Fridays with the Inside Investor Tony Ka. Make
(27:10):
sure you like, follow and subscribe to the show now.
Speaker 1 (27:13):
Welcome back to Financial Fridays, guys. I got a special
message for you. Check out our website called master Mentors Live.
It's a brand new platform we've started here in partnership
with Cannabis Talk one on one. What we're doing is
bringing what we know here as the number one source
for everything cannabis to you to your home state. You
guys are going to be hitting about thirty different states
here the next year. It's going to be close to you,
(27:34):
I promise you. In fact, at the end of this month,
or excuse me, at the middle of this month, we're
going to be hitting New Jersey. Then from there we're
going to New York and we're going to Atlanta. Then
we're going to Dallas. I guarantee you we're coming to
a state near you. Best the part. Best of the
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You can come in, bring us here what we got
(27:54):
to talk about. You can have access to mentorships. And
this isn't just if you want to touch the flower.
If you want to, for example, sell Marrion one on
our own own dispensary, that you can have a network.
If you want to start your own brand, white label,
your own brand, maybe do marketing for a brand, or
start your own magazine, or start your own podcasts, anything
having to do with the world of cannabis. We got
you covered. Check it out Master Mentors Live. Now we're
(28:15):
back here talking about other ways you can make money,
which leads me into one of my favorite topics when
we talk about money, and that's financial literacy for kids,
ladies and gentlemen. That's something that you know, I spoke
about my friend Dan on last week's episode. But Dan
is something that he talks about passionately about this, and
he says, you know, when he was grown up and
when we were all growing up quite frankly, talking about
(28:36):
money was kind of taboo. It was rude or they
would say, oh, don't talk about money, whether you had
it or not. You know, if you were a poor
you were told to kind of hide that because you know,
maybe your family was embarrassed that you were poor. And
then if you were a wealthy, same thing, right, you
didn't really want to talk about it because you didn't
want other people to kind of hit you up for money.
The problem is your kids are emulating you, and if
you're not talking about money with your friends, your shoes,
(28:57):
heck on talking about money with your kids. And I
think the biggest disservice we could be doing to the
future generation is not educating kids at an earlier age
on the power of money, the good, the bad, and
the ugly of money. I'll give you an example. As
many of you know, when you went to college, or
if your kids go to college, the very first day
of school at college, what do they get hit with
these damn credit card booths? And I remember I signed
(29:20):
up for like a Discover card, a visa, and an
amex because they were giving me like a freaking football,
a squishy football, not even a real football at that
so for these little stupid two dollar schotskis, they're burying
these poor bastards, and you know, these poor kids in
awful interest rate cards. And of course, as a kid,
you're like, oh, cool, dude, I just got ten grand.
(29:40):
What did I go buy a freaking stereo from Circuit City?
Aging myself at all? Right, But that's my point is
is had had I had a little bit more literacy
on finances as a kid when I was eighteen going
into college, I probably wouldn't have done that. I probably
would have been more excited to take that money and
invested into something like we talked about on last week's episode.
So don't be a afraid to talk to your kids
(30:01):
about money. And as you get older, you know, Connor
and I have been talking a lot about what we
didn't get when we went to college. But you know,
it's unfortunate the kids. Why is it that I had
home mech and I learned how to ham a freaking
pair of pants, but nobody told me about credit. Nobody
told me how to buy my first house. Nobody told
me how I would qualify for a house, how I
should be watching my revenue and paying taxes so that
(30:21):
I could you know I was a server, I was
making cash money I IRS, but I would not claim
a lot of that right as a kid, You're like,
oh cool, I don't want to pay taxes, I won't
claim it. The problem was, even though I was making
a lot of money as a bartender, when I was
ready to buy my first house, I couldn't qualify as easily,
so I had to pay a higher rate or borrow money.
So again you'll notice I'm a big advocate of paying taxes,
especially if you're running your business right, so you can
(30:42):
leverage yourself and actually make a hell of a lot
more money by paying those taxes that you thought was
a bad idea. Again, for kids, and doing these resources
from from the school standpoint, you know, don't be afraid
to ask your kid like, hey, what are you learning
from an education standpoint? Give them outside education and sit
them in front of a YouTube episode of you know,
Making Money Matter or anything like that, because there's a
(31:03):
huge disconnect between kids learning about money, and by the
time you're old enough and you fuck up your money,
you're like, oh shit, I wish I knew that. When
I was these guys's age here in the studio, you
know what I mean. So from that point, we're going
to end up with my favorite topic, which is side
hustles and passive income. Y'all, I'm the king of side hustles.
You know. I did everything from shit I shouldn't have
been doing when I was younger that was illegal, to
(31:25):
things that I've been too embarrassed to talk about. But
I loved making money on the side. Whether I was
a financial advisor, whether I was doing corporate shit, whether
I was a bartender in a restaurant. And through COVID,
we all saw that a lot of people started hurting
because they were dependent on one source of income. No
matter what you're doing, whether you're in media like we are,
if you're a public speaker like I was doing, if
(31:45):
you're an advisor, if you're a lawyer, there's no reason
why you shouldn't have multiple streams of income for several reasons.
First of all, hell, you're making more money right If
you already got one source of revenue and you can
double that source of revenue through a passive income stream,
why the hell wouldn't you do that? Then you could
look at look your industry, as great as it is,
it may get disrupted guys. Right, it may all of
a sudden become obsolete tomorrow. You know, iHeartMedia, God forbid,
(32:08):
could get bought out by another conglomerate and cannabis become
federally illegal. Just some crazy bullshit would happen, and all
of a sudden, this would go down. Well, I guarantee
you myself blow Ju grond Jun Joe Grande and a
lot of the guys here. We're really trying to educate
everybody here in the studio and our staff to have
multiple streams of income. You've heard me talk about passive
income through real estate. You've heard me talk about e
(32:30):
commerce ideas. We've talked about, you know, hating to automate,
but there's a lot of great ways that you can
create passive income yourself where you're not dependent on anybody else.
Gary Veef, you know who that is. Gary Vaynerchuk is
a big advocate of this. I love watching his content
because he's constantly giving real world ideas to people at
home where you can create these great sources of revenue. Right,
(32:51):
for example, he talks greatly about it. Even though the
dude's almost a billionaire, he still goes to groad cells
and What he does is he finds things that on
e are going for like a thousand dollars, these little
glass figurines, and he'll go buy him up on a
weekend and he's making five to ten grand. He has
this other great side hustle that I've taught several people
how to do, and it doesn't take much. You know
what he does, guys. He goes to outlet centers, or
(33:14):
he goes to Target, he goes to Walmart. You know
what they call him those end caps where they have
the clear in section. He'll go to the clearing section.
A lot of times these things are like eighty percent off,
and he brings this barcode thing on his app and
he scans those items, and then he goes on eBay
and there's these whole little apps that do this for you.
So now he can say, Okay, I'm gonna put in
five hundred dollars and I need to find something that
I can sell for at least double. And he's doing
(33:35):
that three to four stores a day. Dude's making like
four to five grand a week. You know, that's twenty
grand a month. I don't know about most of you
at home, but anybody could use that and that's probably
taken the dude two to three hours a week, right.
Frick with jet, Chat, chat GPT these days. I mean
it's literally dummy proof. Just Google or chat GPT it.
What are some side sources of side hustles that I
(33:56):
can make for less than five thousand dollars put in
your budget? I challenge you to DM me if you
have an issue with that, because I promise you if
you can create these side hustles, you'd be surprised that
you can create these alternative sources of revenue. Right now,
With that said, guys, I want to end with this.
We're going to have a legal disclimmer at the beginning,
but I cannot stress enough you guys, this is my world,
real world experience. This is only advice that I'm giving you.
(34:18):
This is not intended as financial advice. This is purely
for educational purposes, only entertainment purposes.
Speaker 2 (34:23):
Only.
Speaker 1 (34:24):
Do your own due diligence, reach out to professional, do
not rely on my advice. I hope I'm clear about
that now, you guys again, check out as the final
side hustle. Of course, you heard me talk about it
on the last segment, and that is master Mentors Live. Guys,
do not sleep on this. It's free. Come check it out,
go to the website. We'll probably have some digital content
on it as well. If you want to get into
(34:45):
the cannabis game, you don't know where to start, we're
your guys for that. So before I leave, I want
to sincerely thank everybody here in the studio who helps
me make this happen every Friday. Of course, we've got
Blue Joe Grade, but there's a whole army behind the scenes,
from Adrian Amir, the Two Ou Says, Mondo Madison, Teddy
the show Dog, Daniel O'Connor, Elbert, Keith Cambaxter, Beach Barcelura,
(35:05):
Ali Muffins, Sunday, Cassie Ruby, Goldie Brother, Pitt, Mark Carnes,
Chris Frankino, Jennifer Erica and Elvis. Now, you guys, thank
you so much for listening Financial Fridays. I'm honored to
be here with you. Always here on Cannabis Talk one
on one with Blue and Joe Grande, the world's number
one source for everything cannabis. I'm Tony Kay. You're Insider Investor.
You can always find me on Instagram at the Insider
Investor I'll see you next Friday. Remember to keep your
(35:26):
wallet tight, keep your mind right. I look forward to
seeing you on the inside. See you, guys.
Speaker 2 (35:31):
Thank you for listening to Financial Fridays with the Insider
investor Tony Kay on Cannabis Talk one oh one, the
world's number one source for everything cannabis.
Hosts And Creators
Joe Grande
Marc Wasserman
Craig Wasserman
Christopher Wright (Blue)
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