58: Building wealth through your life insurance policy with Dan Thompson

Today we are joined with Dan Thompson from Wise Money Tools. An author, real estate investor and alternative finance expert. During the interview Dan explains the 4 keys to building wealth. 

Dan's Email: [e-mail]

Joshuas's Email: [e-mail]

Phone: [phone]

Website: https://wisemoneytools.com/

Youtube: http://youtube.com/@wisemoneytools

LinkedIn: https://www.linkedin.com/in/danthompsonecm/

Twitter: https://twitter.com/wisemoneydan

Facebook: https://www.facebook.com/wisemoneydan

 

Thanks for listening to the Calgary Real Estate Investing Podcast, hosted by Corey Peckford, a licensed Realtor and Entrepreneur. 

 

Corey Peckford's Website: www.coreypeckford.com

Corey Peckford's Email: [e-mail]

Corey Peckford's Linktree: https://linktr.ee/coreypeckford

Corey Peckford's Phone Number: 587-893-2272

Jessica Holmstrom’s Website: Jessica Holmstrom : CIR Realty : Home (designerrealestate.ca)

Jessica Holmstrom’s Email [e-mail]

Jessica Holmstrom’s Phone Number: 403-701-9779

 

I Love Mortgage Brokering: www.ilovemortgagebrokering.com

 

If you're looking to start your own podcast and need production services, visit: www.ilmbproductions.com

 

Episode Transcript

(00:03):
.999Welcome to the Calgary Real Estate Investing Podcast, all about real estate investing in the Calgary market.
And now your host, Corey Peckford.
Thanks for listening to the Calgary Real Estate Investing Podcast.
As a client focused real estate agent in Calgary, Alberta, I'm excited to announce my partnership with Jessica Holmstrom at CIR Realty. 5 00:00:24,139.999 --> 00:00:27,799.999 Jessica has a wealth of real estate knowledge and is extremely client focused. 6 00:00:28,669.999 --> 00:00:32,759.999 If you have any questions about buying or selling in Calgary and the surrounding area, please reach out.

(00:33):
.999We'd love to connect with you. 8 00:00:35,429.999 --> 00:00:38,649.999 We can also help if you have any questions on specific real estate investing.
Like how to buy a rental property, legalize in a basement suite, house flipping................... 10 00:00:44,388.333333333 --> 00:00:48,348.332333333 personal favourite of mine, is how to maximize the sweat equity in your current home. 11 00:00:48,598.332333333 --> 00:00:53,618.333333333 If you're enjoying the show, please subscribe and leave a 5 star review, it would be really appreciated. 12 00:00:54,623.333333333 --> 00:00:58,683.333333333 Hey guys, in today's show I had the pleasure of speaking with Dan Thompson from Wise Money Tools. 13 00:00:59,233.333333333 --> 00:01:04,43.333333333 Dan was a stockbroker turned financial advisor, real estate investor, and home builder. 14 00:01:04,773.333333333 --> 00:01:08,3.333333333 He used his alternative investing strategies to build his personal wealth. 15 00:01:08,853.333333333 --> 00:01:14,863.333333333 One strategy he talks about during the show is how he's borrowed money from his life insurance policy to invest in real estate. 16 00:01:15,793.333333333 --> 00:01:19,103.333333333 He recently used some of his policy money to buy a student housing complex. 17 00:01:19,873.333333333 --> 00:01:25,283.333333333 He also provides some great insight on building wealth over time and explains the importance of compounding periods. 18 00:01:25,673.333333333 --> 00:01:26,573.333333333 Hope you enjoy the show. 19 00:01:27,393.333333333 --> 00:01:30,663.333333333 Hey, Dan, I just wanted to welcome you to the Calgary real estate investing podcast. 20 00:01:30,683.333333333 --> 00:01:32,833.333333333 How are you doing today? I'm doing great. 21 00:01:32,833.333333333 --> 00:01:33,723.333333333 I'm glad to be here. 22 00:01:33,723.333333333 --> 00:01:34,523.333333333 Thanks for having me. 23 00:01:34,963.333333333 --> 00:01:36,273.333333333 Hey, thanks for being on the show. 24 00:01:37,23.333333333 --> 00:02:12,538.33233333 Could you just maybe start off by telling our listeners a little bit about yourself and what's keeping you busy these days? Yeah, i've been a financial advisor now 38 years Old guy see all my gray And I've transitioned from starting as a stock broker back in 1986 That moved into more traditional financial planning and then now last 24, 25 years has been a much more non traditional alternative style investing with some very unique things that can help people grow their wealth, increase their cash flow and save some taxes. 25 00:02:13,528.33233333 --> 00:02:13,928.33233333 Nice. 26 00:02:13,928.33233333 --> 00:02:14,698.33233333 Yeah, that's awesome. 27 00:02:15,168.33233333 --> 00:02:16,848.33233333 So a little bit of your backstory, maybe. 28 00:02:16,848.33233333 --> 00:02:24,233.33233333 So how did you end up becoming a stockbroker? Was it an easy thing to become or was it a bit of a challenge? It's a bit of a challenge. 29 00:02:24,543.33233333 --> 00:02:31,133.33233333 So my story is when I was 15 years old, I was sitting in the backseat of the car with my dad and one of his buddies. 30 00:02:31,723.33233333 --> 00:02:40,393.33283333 And my dad just, he never made any money struggle, always more month at the end of the always more month than money at the end of the month, so to speak. 31 00:02:40,923.33283333 --> 00:02:53,448.33283333 And so I don't know how he had a few friends with some money, but I'm sitting in the backseat and I hear this guy, his name's Dave, and he told my dad that he made $30,000 that month in the stock market. 32 00:02:54,348.33283333 --> 00:02:56,688.33283333 And I'm like $30,000. 33 00:02:56,928.33283333 --> 00:02:58,848.33283333 So this is the mid seventies. 34 00:02:59,208.33283333 --> 00:03:01,578.33283333 30,000 a year was pretty decent income. 35 00:03:01,938.33283333 --> 00:03:02,793.33283333 He did it in a month. 36 00:03:03,378.33283333 --> 00:03:04,918.33283333 I'm 15 years old. 37 00:03:04,918.33283333 --> 00:03:09,408.33283333 I'm working for a landscaper, sweating, putting in sprinklers and sod. 38 00:03:09,458.33283333 --> 00:03:19,68.33183333 And I quickly calculate with all the hours I can work during the summer, during school year, it would take me nine years to make 30, 000. 39 00:03:19,68.33283333 --> 00:03:20,498.33283333 And he did in 30 days. 40 00:03:20,508.33183333 --> 00:03:26,98.33283333 So literally from that moment on, I, my goal was to be a stockbroker. 41 00:03:26,418.33283333 --> 00:03:31,698.33283333 I figured if Dave made money doing that in the stock market, the stockbroker has to be wealthy too. 42 00:03:32,273.33283333 --> 00:03:35,263.33283333 Taking his own advice fast forward, seven, eight years. 43 00:03:35,263.33283333 --> 00:03:42,113.33183333 When I finally became a stock broker, I realized that most stock brokers were broke and Dave was an anomaly. 44 00:03:42,513.33183333 --> 00:03:45,783.33283333 But but yeah, that's, that was my, that's my backstory. 45 00:03:45,783.33283333 --> 00:03:48,333.33183333 And I just always knew I wanted to be a stock broker. 46 00:03:48,973.33283333 --> 00:03:49,423.33283333 Interesting. 47 00:03:49,483.33283333 --> 00:03:52,473.33283333 And then did that inspire you? So you went into financial planning as well. 48 00:03:52,473.33283333 --> 00:03:59,453.33283333 So the, from that Seeing your dad struggle financially, that kind of thing to that, that make you want to help people with their finances. 49 00:03:59,623.33283333 --> 00:04:00,673.33283333 Oh, absolutely. 50 00:04:00,703.33283333 --> 00:04:01,723.33283333 And myself too. 51 00:04:01,723.33283333 --> 00:04:03,943.33183333 I thought, there's just no way I'm going to live like this. 52 00:04:03,973.33183333 --> 00:04:05,733.33183333 Somehow, some way I got to figure it out. 53 00:04:06,153.33083333 --> 00:04:09,293.33083333 And as I, the reason why I transitioned is because. 54 00:04:09,623.33183333 --> 00:04:14,833.33183333 Not everybody wanted to just trade stock, and the only way you made money is to, buy and sell stocks. 55 00:04:15,343.33183333 --> 00:04:23,483.33183333 I like the idea of financial planning, more or less having a client for their lifetime showing them stuff that could help them build their wealth and so on. 56 00:04:23,943.33183333 --> 00:04:29,423.33283333 The problem that I had is I practiced it, religiously, so to speak. 57 00:04:29,423.33283333 --> 00:04:36,103.33283333 I was very dedicated, studied the whole business, got my CFP, which is a certified financial planner. 58 00:04:36,403.33283333 --> 00:04:42,673.33283333 And then after the dot com boom man bust of the 90s, I just said, I have to find a better way. 59 00:04:42,673.33283333 --> 00:04:43,463.33283333 This isn't working. 60 00:04:43,933.33283333 --> 00:04:46,143.33283333 You can't keep writing these markets up and down. 61 00:04:46,143.33283333 --> 00:04:50,833.33283333 You got to find more consistent ways to build your wealth to get cash flow and so forth. 62 00:04:51,323.33183333 --> 00:04:53,223.33283333 And so that's when I left non traditional. 63 00:04:53,223.33283333 --> 00:04:54,513.33283333 In fact, I dropped my CFP. 64 00:04:55,353.33283333 --> 00:04:59,523.33283333 I don't even want to be considered a, quote unquote, traditional financial planner. 65 00:04:59,953.33283333 --> 00:05:04,273.33283333 Because I think there's so many better ways to build your wealth outside of that community. 66 00:05:04,733.33283333 --> 00:05:08,253.33283333 But yeah, that was my transition into more of this alternative style. 67 00:05:09,373.33283333 --> 00:05:10,3.33283333 Interesting. 68 00:05:10,393.33283333 --> 00:05:17,833.33283333 And then you're also a serial entrepreneur, right? So you did some, are you still doing home building or a part of it where the custom home building? Yeah. 69 00:05:17,833.33283333 --> 00:05:25,893.33283333 So part of our methodology, if you will, is to get your money into a very safe location in the United States, I'm sure in Canada too. 70 00:05:26,478.33283333 --> 00:05:34,748.33283333 One of the safest places to store your capital is inside of a life insurance policy, but not for death benefit built for cash value. 71 00:05:35,38.33283333 --> 00:05:38,348.33283333 So we would build these policies as much as we possibly can. 72 00:05:38,668.33283333 --> 00:05:44,638.33183333 And then we would use that policy as collateral to go do other things, real estate very specifically. 73 00:05:44,898.33283333 --> 00:05:49,378.33283333 So what I did in about 05, 06, I took my policy. 74 00:05:49,573.33283333 --> 00:05:54,813.33283333 And I started lending money to a builder and I did that for a few years and everything was going great. 75 00:05:54,813.33283333 --> 00:06:03,373.33283333 And then the builder came to me and said, Dan, why aren't you just, building houses yourself? He said, let me be your general contractor, so to speak. 76 00:06:03,693.33183333 --> 00:06:06,413.33283333 You fund the projects and we'll do it under your name. 77 00:06:06,853.33183333 --> 00:06:13,133.33283333 And so that's what I started doing about 06, 07, and it's turned into a pretty good size company. 78 00:06:13,133.33283333 --> 00:06:14,913.33283333 Now, one of my son's. 79 00:06:15,593.33283333 --> 00:06:18,523.33283333 Sold his company and decided to come run that for us. 80 00:06:18,533.33283333 --> 00:06:28,193.23283333 So he runs our building company and we build a semi custom home, if you will and did about, I don't know, 55, 60 houses last year. 81 00:06:28,683.23183333 --> 00:06:32,793.23083333 So we're not huge, but that was all funded off of life insurance. 82 00:06:32,893.33183333 --> 00:06:33,453.33183333 That's amazing. 83 00:06:33,843.33183333 --> 00:06:39,703.33183333 So maybe could you break that down a little bit? I'm not a financial advisor and that's certainly not my strong suit. 84 00:06:39,773.33183333 --> 00:06:47,753.33183333 So on a basic level? If someone was putting money into a 401k or an RRSP and they're putting, let's say, A thousand dollars a month away. 85 00:06:48,123.33183333 --> 00:07:06,533.33183333 Are you putting that into the life insurance policy? Is that what you're doing? Yeah, normally we would try to veer away from tax deferred because tax deferred is just another word of saying postponing the inevitable and a 401k any retirement plan is ultimately going to have a tax liability at the end of the day. 86 00:07:06,903.33183333 --> 00:07:13,143.33183333 And so what we want to do is get into assets that not only provide cash flow, but maybe some tax benefits as well. 87 00:07:13,143.33183333 --> 00:07:16,493.33183333 And we get a lot of those through real estate here in the U. 88 00:07:16,493.33183333 --> 00:07:16,813.33183333 S. 89 00:07:17,203.33183333 --> 00:07:20,633.33083333 But more importantly, the retirement plans just aren't set up for income. 90 00:07:20,943.33183333 --> 00:07:28,933.33183333 20, 30, 40 years from now, when you retire, you might have all this money inside of retirement plan, but they're not set up to start generating income. 91 00:07:29,563.33183333 --> 00:07:35,83.33183333 And in fact, wall street here will recommend you don't take any more than 4 percent out per year. 92 00:07:35,483.33183333 --> 00:07:39,73.33183333 So if you had a million dollars in a 401k, you're talking about 40 grand a year. 93 00:07:39,503.33183333 --> 00:07:42,843.33133333 And that's not enough for many people just even survive. 94 00:07:42,843.33133333 --> 00:07:50,953.33183333 So you gotta be getting two and a half, 3 million inside of a retirement plan just to get a, a hundred thousand dollar year income. 95 00:07:51,378.33183333 --> 00:07:55,948.33183333 We want to build that much more dramatically, a lot bigger income stream. 96 00:07:56,358.33183333 --> 00:07:59,958.33183333 And the other side of a retirement plan is the handcuffs. 97 00:08:00,258.33183333 --> 00:08:01,738.33083333 We call it retirement jail. 98 00:08:02,108.33083333 --> 00:08:04,788.33083333 You can't touch it till you're 60 years old around here. 99 00:08:05,198.33083333 --> 00:08:17,818.33183333 And so you, all the opportunities that might come to you for, to buy a good business or to invest in a business or to get into real estate or multifamily or offices or whatever, all those are by the wayside. 100 00:08:18,128.33183333 --> 00:08:20,978.33183333 You can't do those things inside your retirement plans. 101 00:08:22,173.33183333 --> 00:08:22,713.33183333 Interesting. 102 00:08:22,763.33183333 --> 00:08:31,233.33183333 So now, so the money's in a life insurance policy, and then you're able to use that to basically use that capital and invest it in real estate. 103 00:08:31,233.33183333 --> 00:08:34,713.33183333 Is that how, is that fair? Is that on a basic level? Yes. 104 00:08:34,713.33183333 --> 00:08:39,163.33083333 And at the same time, the life insurance still grows because you never take your money out. 105 00:08:39,183.33183333 --> 00:08:43,663.33183333 You use the insurance company's money who uses your policy as collateral. 106 00:08:43,673.33183333 --> 00:08:52,653.33183333 You're still growing and compounding inside the policy and you're using the dollars outside the policy into real estate or wherever else you might have that go. 107 00:08:53,123.33183333 --> 00:08:53,543.33183333 Wow. 108 00:08:53,903.33183333 --> 00:08:55,373.33083333 That sounds really interesting. 109 00:08:55,373.33183333 --> 00:08:56,543.33083333 it almost sounds too good to be true. 110 00:08:57,633.33083333 --> 00:09:03,233.33283333 And what we do is we show the math, cause we're not trying to, we want to do things that really work and build wealth. 111 00:09:03,233.33283333 --> 00:09:04,763.33283333 And so we use logic and math. 112 00:09:04,893.33283333 --> 00:09:11,363.33283333 A lot of spreadsheets and we can show you that if you were to buy X, Y, Z real estate. 113 00:09:11,768.33283333 --> 00:09:14,938.33283333 And maybe you're expecting a 12 percent return or something like that. 114 00:09:15,338.33283333 --> 00:09:17,618.33283333 If you run that money through your policy. 115 00:09:17,618.33283333 --> 00:09:21,258.33283333 1st, you'll actually get a better return and pay less taxes. 116 00:09:21,538.33283333 --> 00:09:23,918.33283333 And you'll have 2 dollars doing the same thing for you. 117 00:09:24,798.33283333 --> 00:09:25,878.33283333 So if this person were to. 118 00:09:26,683.33283333 --> 00:09:34,833.33283333 Working with you and they're paying money to life insurance policy and you're using that money then as leverage to invest in other things like real estate. 119 00:09:35,693.33283333 --> 00:09:39,713.33183333 Now, if they were to pass away, you're saying that there's still the money is still there for them. 120 00:09:40,3.33283333 --> 00:09:43,943.33183333 If that were to happen, if they were actually need that policy, right? Oh, yeah. 121 00:09:43,953.33183333 --> 00:09:46,113.33183333 Death benefits are always there for their beneficiaries. 122 00:09:46,653.33283333 --> 00:09:48,583.33283333 And by the way, we don't use the money ever. 123 00:09:48,883.33283333 --> 00:09:50,773.33283333 It's them they're using the money. 124 00:09:51,113.33283333 --> 00:09:54,513.33183333 They just have found a real estate deal, or maybe they want to do 1 with us. 125 00:09:55,778.33283333 --> 00:09:57,518.33283333 They're going to do their own deal with their own money. 126 00:09:57,788.33283333 --> 00:09:58,468.33283333 Absolutely. 127 00:09:58,468.33283333 --> 00:09:59,508.33283333 They certainly can. 128 00:09:59,508.33283333 --> 00:10:02,458.33283333 And that's we can help them run numbers and crunch. 129 00:10:02,678.33283333 --> 00:10:09,518.33133333 One of the things I did this past year with my life insurance is I bought a student housing complex at Texas A& M. 130 00:10:09,783.33233333 --> 00:10:12,413.33233333 Which is one of the largest colleges in the nation. 131 00:10:12,903.33233333 --> 00:10:17,683.33233333 And they have so much demand for student housing that I bought a student housing complex. 132 00:10:18,103.33233333 --> 00:10:24,513.33233333 The other thing I did is I used my policy to buy a couple offices here in, in where I live in Boise, Idaho. 133 00:10:24,903.33133333 --> 00:10:30,33.33233333 And and I flipped one really quickly and that flip actually paid for both of them. 134 00:10:30,523.33233333 --> 00:10:34,243.33233333 So there's so many things you can do when you have access to capital. 135 00:10:34,703.33233333 --> 00:10:38,433.33233333 And unfortunately, typical retirement plans don't give you access to capital. 136 00:10:38,908.33233333 --> 00:10:40,898.33233333 They don't know not in Canada, either. 137 00:10:40,898.33233333 --> 00:10:41,638.33233333 You're going to be taxed. 138 00:10:41,638.33233333 --> 00:10:43,48.33233333 It's just a deferred. 139 00:10:43,128.33233333 --> 00:10:45,958.33233333 You're deferring your taxes for later is all they're doing. 140 00:10:46,628.33233333 --> 00:10:52,508.33233333 Yeah, that sounds like you have a lot more control than relying on someone else to grow it for you. 141 00:10:52,888.33233333 --> 00:10:54,18.33233333 Then you can do anything. 142 00:10:54,28.33133333 --> 00:10:58,238.33133333 1 of the other things that work really well, the United States is what's called equipment leasing. 143 00:10:58,993.33133333 --> 00:11:08,143.33033333 And we have what's called a 179 deduction and long story short, I won't go into too much detail, but you get massive tax deductions by buying big equipment. 144 00:11:08,483.33033333 --> 00:11:11,73.33133333 And then we hire another company to manage that. 145 00:11:11,433.33033333 --> 00:11:17,403.33233333 And and now you can take all the money that you were going to pay in taxes that year, put it into a policy. 146 00:11:17,773.33233333 --> 00:11:19,143.33233333 Now, it's ready to go. 147 00:11:19,553.33233333 --> 00:11:21,453.33233333 To go find the next opportunity. 148 00:11:21,983.33233333 --> 00:11:22,393.33233333 Wow. 149 00:11:22,393.43233333 --> 00:11:23,113.43233333 That's incredible. 150 00:11:23,473.43233333 --> 00:11:31,993.43233333 Do you think more people will start employing this strategy or people have that traditional mindset? Hey, I'm going to put money into the 401k and one day I'll retire. 151 00:11:31,993.43233333 --> 00:11:36,173.43233333 And what are your thoughts on that? When they hear about it, absolutely. 152 00:11:36,193.43233333 --> 00:11:44,273.43133333 The problem is we're up against wall street, right? Cause wall street wants all that retirement money, buying mutual funds and staying invested in the markets. 153 00:11:44,563.43233333 --> 00:11:55,163.43333333 And so it's not an easy message to get out, but I can tell you that the thousands of people that we talked to a year, the multi millionaires, the billionaires, this is what they've done. 154 00:11:55,563.43333333 --> 00:11:56,783.43333333 You don't see too many. 155 00:11:57,38.43333333 --> 00:11:58,38.43333333 Steve jobs. 156 00:11:58,148.43333333 --> 00:12:07,408.43283333 Oh, I made my money in my 401k, or these guys make their money by, by, by getting it deployed in alternative fashion. 157 00:12:07,458.43283333 --> 00:12:11,358.43183333 And that's just all we're trying to do is follow what the wealthy have done for years. 158 00:12:12,808.43183333 --> 00:12:23,433.33083333 what kind of mindset shift is required for someone younger, starting out the one maybe wants to start building wealth maybe today they don't have a lot of capital, but something that, they can start to compound. 159 00:12:24,43.43083333 --> 00:12:32,173.43083333 Yeah, it's really fun talking to the younger generation because they want things a little more quickly than waiting till they're 65 years old. 160 00:12:32,413.43083333 --> 00:12:34,313.43083333 I'll use my sons as examples. 161 00:12:34,383.43083333 --> 00:12:37,543.42983333 All of them have got this entrepreneurial spirit. 162 00:12:37,543.42983333 --> 00:12:47,643.43083333 And so they, at a young age with my help and with their own money built their policies and now they're using their policies to buy businesses or to start businesses. 163 00:12:48,63.43083333 --> 00:12:58,223.53083333 Their whole mindset is just cashflow cashflow, creating more income than they need so that they can do what they want when they want and not be tied to trading time for money. 164 00:12:59,163.53083333 --> 00:12:59,583.53083333 Yeah. 165 00:13:00,53.53083333 --> 00:13:00,553.58033333 That's huge. 166 00:13:01,753.58133333 --> 00:13:09,123.58033333 And then for you yourself, starting out younger, what kind of sacrifices did you have to make I'm sure it wasn't easy, right? It wasn't easy. 167 00:13:09,123.58033333 --> 00:13:10,903.58033333 And mine was sacrifice of time. 168 00:13:10,903.58033333 --> 00:13:14,23.58033333 I just worked harder than anybody I would. 169 00:13:14,488.58033333 --> 00:13:20,238.58033333 I would go home out for dinner and then have a quick bite and run right back to the office. 170 00:13:20,238.58033333 --> 00:13:24,118.58033333 And of course, this is the 80s when there's no Internet. 171 00:13:24,158.57933333 --> 00:13:25,118.58033333 There's no texting. 172 00:13:25,128.58033333 --> 00:13:26,298.58033333 There's no cell phones. 173 00:13:26,548.58033333 --> 00:13:30,928.57883333 So it was get on the phone and grab the phone book and dial away. 174 00:13:31,318.57983333 --> 00:13:39,938.57983333 And it was tough and I knew it was tough because I was the only guy in there, we, I was in an office at 20, 25 brokers and I'm the only guy working. 175 00:13:40,478.57983333 --> 00:13:44,548.57783333 And so yeah, it wasn't easy, but I proved myself. 176 00:13:44,548.57883333 --> 00:13:49,288.57883333 I found good, solid ways for people to, to build their wealth. 177 00:13:49,428.57883333 --> 00:13:51,848.57883333 Got some great tax reduction strategies. 178 00:13:51,878.67883333 --> 00:13:54,148.67783333 And so it's definitely been worth the. 179 00:13:54,608.67883333 --> 00:13:56,98.67883333 The climb, but it wasn't easy. 180 00:13:56,748.67883333 --> 00:13:57,668.67883333 Yeah, I bet. 181 00:13:57,968.67883333 --> 00:14:18,548.67933333 And then when did the lightbulb go off to start pursuing real estate? Where did you see that as a, place that move your capital and start going into real estate investing? Yeah, again, just looking at just the type of people I wanted to become the wealthy and seeing what they were doing and not that everyone had real estate, but the good majority of the billionaires out there. 182 00:14:18,978.67933333 --> 00:14:22,208.67933333 Have a strong foundation of real estate. 183 00:14:22,708.67933333 --> 00:14:42,638.67933333 And when I started seeing not only the net worth that could grow, but the cashflow that could come from it, and then some of the tax advantages, it's a very difficult investment to beat long term when it gives you growth, appreciation, depreciation, and cashflow all at the same time. 184 00:14:44,578.67933333 --> 00:14:54,108.67933333 what are you guys seeing for real estate and are you seeing it stabilize or with the interest rates? Yeah, we've definitely seen a slowdown mainly because of interest rates. 185 00:14:54,158.67933333 --> 00:14:57,898.67933333 I did a real quick calculation a year or so ago and found that. 186 00:14:58,273.67933333 --> 00:15:03,893.67933333 The average person would have to give up 500 square feet of home size for the same mortgage. 187 00:15:04,363.67933333 --> 00:15:06,193.67933333 So when they were getting a 3, 3. 188 00:15:06,193.67933333 --> 00:15:10,43.67933333 5 percent mortgage, maybe they could get a 3000 square foot home. 189 00:15:10,393.67933333 --> 00:15:14,853.67833333 And now, based on the affordability, because interest rates at 7. 190 00:15:15,233.67933333 --> 00:15:17,363.67933333 They can only get a 2, 500 square foot home. 191 00:15:17,813.67933333 --> 00:15:26,773.67933333 So what I saw is a lot of people just go to the sidelines and just say I got to wait this out and hopefully interest rates will drop or how home prices will come down. 192 00:15:27,233.67933333 --> 00:15:35,313.67933333 We saw a little fluctuation of home prices dropping, but nowhere near where people thought, because we've got the same problem. 193 00:15:35,613.67933333 --> 00:15:38,733.67933333 We don't have any houses to supply us. 194 00:15:39,43.67933333 --> 00:15:48,703.67833333 So low, there was a stat I read the other day that said, if interest rates were to drop a percent, more than 15 million people would come back into the home buying market. 195 00:15:49,243.67933333 --> 00:15:53,793.67833333 So we just need to see interest rates come our way a little bit. 196 00:15:53,893.67933333 --> 00:16:08,493.67833333 And I think we're going to see another, we're probably creating our own bottleneck and our own supply problem by what we've done, because the demand is still there, just people can't afford them or they're waiting. 197 00:16:08,908.67933333 --> 00:16:13,988.67933333 And as soon as that affordability comes back in again, I think we're just going to be out of houses. 198 00:16:14,908.67933333 --> 00:16:21,48.57933333 Yeah, we see that here where the there's certain segments of the market, which would be considered to be a buyer's market. 199 00:16:21,48.57933333 --> 00:16:29,398.57933333 If it's more than a million, if it's less, and it's considered more affordable, if it's certain price ranges are hot, other ones have cooled off because interest rates. 200 00:16:29,708.57833333 --> 00:16:39,678.57933333 Yes we're building more houses for cash and more bigger homes than the average, middle market home right now. 201 00:16:40,758.5793333 --> 00:16:41,328.5793333 Interesting. 202 00:16:42,68.5793333 --> 00:16:46,918.5793333 And you also are involved with some multifamily stuff as well, right? Yes. 203 00:16:46,948.5793333 --> 00:16:48,258.5793333 Love multifamily. 204 00:16:48,498.5793333 --> 00:16:50,738.5788333 I'm looking for it all across the country. 205 00:16:50,738.5788333 --> 00:16:54,18.5793333 Just started working on another opportunity in Dallas. 206 00:16:54,158.5783333 --> 00:16:55,468.5783333 Just this morning, actually. 207 00:16:55,818.5773333 --> 00:16:57,58.5773333 So we're working on that. 208 00:16:57,58.5783333 --> 00:16:58,808.5783333 We'll raise a little bit of money for that. 209 00:16:58,818.5793333 --> 00:17:00,58.5793333 So that's another thing that. 210 00:17:00,393.5793333 --> 00:17:06,943.5793333 Our clients and other people can get involved in whenever we're doing a syndication for an opportunity. 211 00:17:06,943.5793333 --> 00:17:10,263.5783333 We typically are looking for some money and people can get involved that way too. 212 00:17:10,823.5783333 --> 00:17:29,498.5788333 And then what are you doing with it? Is it like a bird strategy? What do you do? Do you put a, do you do a renovation and give it a lift or what? Or is it a buy and hold on the multifamily side? At this stage, we like things that are already, more than a class property that we don't have to go in and renovate that. 213 00:17:29,508.5788333 --> 00:17:35,358.5788333 Maybe we can just wait it out another year or so and get a little extra boost in the rents. 214 00:17:35,678.5788333 --> 00:17:41,88.5788333 But ultimately, our goal is to maybe raise rents a couple of times in the next 5 years. 215 00:17:41,653.5788333 --> 00:17:46,653.5788333 See some appreciation, refinance, pull out most of our cash, go again. 216 00:17:47,273.5788333 --> 00:17:54,153.5788333 Is it another opportunity for people maybe that are struggling with these higher interest rates and, to offload some of their assets? Yes. 217 00:17:54,183.5788333 --> 00:18:00,963.5788333 And what's really interesting is the amount of a buyer carry right now or excuse me, owner carry. 218 00:18:01,353.5788333 --> 00:18:07,283.5788333 We're seeing a lot of these guys, they don't really know what, or don't have a place to put their cash. 219 00:18:07,563.5798333 --> 00:18:20,673.5798333 They're happy to carry some of the financing on these things and it's same way with businesses, too My sons have been able to buy a couple businesses where the owners are carrying it I mean, it just makes financing so much easier owner financing. 220 00:18:20,673.5798333 --> 00:18:24,383.5798333 Yeah, they called like a vendor take back mortgage Here. 221 00:18:24,633.5788333 --> 00:18:36,693.4798333 Yeah, but yeah, it's it can be a great opportunity and I think that's happening more I see that more than anything or another really cool strategy is just a Is a lease back. 222 00:18:36,923.4798333 --> 00:18:45,613.4798333 So you go in and you lease the entire property with the idea that you'll refinance it out in a year or two to cash them out. 223 00:18:45,753.4788333 --> 00:18:52,233.4788333 And and that's great cash flow for the buyer or excuse me, great cash flow for the seller. 224 00:18:52,683.4798333 --> 00:18:55,953.4808333 And then very little, if any, out of pocket for the buyer. 225 00:18:56,963.4808333 --> 00:19:01,123.4808333 And probably some tax deferral benefits here as well, right? Huge tax deferral for the seller. 226 00:19:01,123.4808333 --> 00:19:01,743.4808333 Exactly. 227 00:19:01,993.4808333 --> 00:19:02,533.4808333 that's awesome. 228 00:19:03,83.4808333 --> 00:19:08,393.4798333 Now, can you explain four keys to building wealth? Yeah, that's my newest book, the four keys to building wealth. 229 00:19:08,663.4808333 --> 00:19:17,613.4808333 And it's, it's nothing, none of the keys or anything too dramatic, but when you combine them, it just creates a, just a powerhouse, but it's time. 230 00:19:18,343.4798333 --> 00:19:20,863.4798333 None of us know how much time we have on this planet. 231 00:19:21,203.4798333 --> 00:19:22,633.4798333 So you never want to miss a day. 232 00:19:23,83.4798333 --> 00:19:35,133.4788333 One of the things that always bothered me as a financial advisor, so to speak, is when the markets crashed, people would call up or they'd call into the radio show, Hey, what should I do? Market's down 20, 30%. 233 00:19:35,573.4798333 --> 00:19:38,753.4798333 And what's the standard answer? Just hold on. 234 00:19:39,43.4798333 --> 00:19:40,443.4798333 The market's always recover. 235 00:19:40,938.4798333 --> 00:19:44,128.4798333 And although that's true, the markets typically do recover. 236 00:19:44,488.4798333 --> 00:19:49,518.4798333 They never tell you that you just lost time and time is a valuable asset. 237 00:19:49,858.4798333 --> 00:19:55,238.4788333 You think about, Oh, wait, there were people who lost money in a way that didn't recover for a decade. 238 00:19:55,738.4798333 --> 00:19:58,778.4798333 It's 10 years of not making any money. 239 00:19:59,248.4798333 --> 00:20:01,938.4798333 And that's there's some, other. 240 00:20:01,938.4798333 --> 00:20:02,848.4798333 Variables to that. 241 00:20:02,848.4798333 --> 00:20:04,698.4798333 But that last time is huge. 242 00:20:04,708.4798333 --> 00:20:06,578.4798333 So you never want to lose time. 243 00:20:06,988.4798333 --> 00:20:08,558.4798333 And then the next one is compounding. 244 00:20:08,558.4798333 --> 00:20:10,118.4798333 The second key is compounding. 245 00:20:10,398.4798333 --> 00:20:14,98.4798333 And this is just the amount of time it takes for your money to double. 246 00:20:14,578.4788333 --> 00:20:19,838.4798333 How long does it take for 1000 to become 2000 to become 4816 and so forth. 247 00:20:20,268.4798333 --> 00:20:22,528.4798333 And if you use the rule of 72. 248 00:20:23,753.4798333 --> 00:20:31,553.4798333 Just using 10 percent as an example, if I divide 10 into 72, that means my money is going to double about every 7. 249 00:20:31,763.4798333 --> 00:20:37,923.4798333 2 years, then you calculate how many years you have in your life span, so to speak. 250 00:20:37,923.4798333 --> 00:20:40,613.4788333 So let's say you're 25 or excuse me. 251 00:20:40,613.4798333 --> 00:20:43,963.4798333 Let's say you're 45 and you're going to work to your 65. 252 00:20:44,553.4798333 --> 00:20:52,853.4798333 And you divide that by seven that tells you that you only have about three and a half, maybe four compounding periods in your working lifetime. 253 00:20:53,403.4798333 --> 00:20:54,833.4798333 So you can't afford to miss one. 254 00:20:55,463.4798333 --> 00:20:59,43.4798333 We need that compounding then the 3rd 1 is leverage. 255 00:20:59,83.4798333 --> 00:21:01,903.4798333 And this is where we get to use our policy as leverage. 256 00:21:01,903.4798333 --> 00:21:06,623.4798333 So we're putting our dollar over here and then we're leveraging it into other assets. 257 00:21:07,218.4798333 --> 00:21:17,298.4798333 That eventually will leverage into other assets and we're now using the same dollar to do 2 or 3 or 4 things over time as we leverage it wisely and safely. 258 00:21:17,868.4798333 --> 00:21:19,418.4808333 Leverage is a 2 edge sword. 259 00:21:19,428.4808333 --> 00:21:20,568.4808333 Leverage is great. 260 00:21:20,568.4808333 --> 00:21:22,118.4798333 It'll amplify the good. 261 00:21:22,313.4808333 --> 00:21:25,773.4808333 But it off always obviously will amplify the bad as well. 262 00:21:26,53.4808333 --> 00:21:27,893.4808333 So you gotta be careful what you're leveraging. 263 00:21:28,203.4808333 --> 00:21:30,223.4808333 That's again why we like life insurance. 264 00:21:30,363.4808333 --> 00:21:32,313.4798333 We don't have to worry about it going down in value. 265 00:21:32,323.4808333 --> 00:21:33,463.4808333 We don't have to worry about it. 266 00:21:33,733.4808333 --> 00:21:35,963.4808333 Totally going out of value. 267 00:21:35,973.4808333 --> 00:21:39,483.4808333 It's the safest asset that you can invest in. 268 00:21:39,993.4818333 --> 00:21:44,3.4818333 So leveraging it makes a lot more sense because we don't have to worry about the downside. 269 00:21:44,743.4818333 --> 00:21:47,923.4818333 Then finally, the key number four is tax advantages. 270 00:21:48,663.4818333 --> 00:21:52,923.4818333 The largest bill that any of us will ever pay in our lifetime is taxes. 271 00:21:53,343.4818333 --> 00:22:03,253.4818333 So anytime we can reduce it or even eliminate taxes and bring that money back to our savings and to our wealth, it'll increase your wealth so much faster. 272 00:22:03,253.5818333 --> 00:22:04,93.5813333 Just think about. 273 00:22:04,598.5823333 --> 00:22:12,508.5823333 If you could just think about what you're going to pay in taxes this year, what if you could bring back 10 or 20 or 50 or 100 percent of that. 274 00:22:12,758.5823333 --> 00:22:21,898.5813333 And now you can invest that and say that, you'll multiply and propel your wealth so dramatically just by eliminating or reducing your taxes. 275 00:22:22,583.5823333 --> 00:22:39,473.4823333 Really well put and it makes me think because I've had investments that like you said like they You wait for time right because they drop but you don't get it back You don't get that time back even though it does come back to probably a similar value eventually But you've just you have lost I've never thought of it that way. 276 00:22:39,553.5823333 --> 00:22:40,3.5823333 Yeah. 277 00:22:40,543.5823333 --> 00:22:41,843.5823333 Yeah, it's it's critical. 278 00:22:41,853.5823333 --> 00:22:50,653.5823333 I did a calculation one time for a guy said let's say you're 40 years old And you lose, 10 years of growth. 279 00:22:51,63.5823333 --> 00:22:53,733.5823333 And let's say you could save $2,000 a month. 280 00:22:54,163.5823333 --> 00:22:57,323.5823333 The difference, if he started at 40, it was like 2.8 281 00:22:57,323.5823333 --> 00:22:57,878.5823333 million. 282 00:22:58,228.5823333 --> 00:23:02,728.5823333 If he lost a decade, it's 860,000. 283 00:23:02,728.5823333 --> 00:23:02,788.5823333 Wow. 284 00:23:03,58.5823333 --> 00:23:06,308.5823333 So he loses, over a million and a half dollars. 285 00:23:06,758.5823333 --> 00:23:07,718.5823333 By wasting time. 286 00:23:08,188.5823333 --> 00:23:08,658.5823333 Yeah. 287 00:23:08,808.5823333 --> 00:23:09,78.5823333 Yeah. 288 00:23:09,328.5823333 --> 00:23:10,458.5823333 And it's outside of your control. 289 00:23:10,468.5823333 --> 00:23:11,878.5823333 Like it's just, market does it right. 290 00:23:11,938.5823333 --> 00:23:15,988.5813333 The market changes and another good reason to teach these young kids. 291 00:23:16,338.5823333 --> 00:23:19,388.5823333 Hey, anytime you can start saving money, get it going. 292 00:23:19,668.5823333 --> 00:23:27,58.5823333 If you can save in your 20s and you've got more time, more compounding periods, it's just naturally going to build your wealth that much more. 293 00:23:28,188.5823333 --> 00:23:28,488.5823333 Yeah. 294 00:23:29,88.5823333 --> 00:23:38,113.5823333 What are some mistakes you see you've seen maybe with investors over the years? Oh, probably the biggest mistake is trying to get it all in one day. 295 00:23:38,883.5823333 --> 00:23:41,183.5823333 I had a client call me years ago. 296 00:23:41,283.5823333 --> 00:23:44,283.5823333 And he lost a million dollars trading futures. 297 00:23:44,753.5823333 --> 00:23:47,723.5823333 He was promised this ultimate return. 298 00:23:48,13.5813333 --> 00:23:52,143.5823333 You see it a lot in crypto too, because you just never know which one's gonna. 299 00:23:52,668.5823333 --> 00:24:00,18.5823333 I imagine crypto is here to stay and there's probably going to be many millionaires built, but I don't know which one's going to do it. 300 00:24:00,98.5823333 --> 00:24:03,838.5823333 So rolling the dice on the next great crypto. 301 00:24:04,348.5823333 --> 00:24:07,68.5823333 So I think trying to do it too quick, too fast. 302 00:24:07,478.5823333 --> 00:24:10,278.5813333 And the reality is if you just get good assets. 303 00:24:11,873.5823333 --> 00:24:19,693.5823333 You pick up all those things and you think about buying a piece of real estate and in 5 years you can pull all your money out. 304 00:24:20,513.5823333 --> 00:24:25,293.5813333 And that's all tax free if you do it in a refi and then go do it again and again. 305 00:24:25,493.5823333 --> 00:24:32,963.4828333 The multiple effect of being able to do something like that will build well so much greater than, trying to roll the dice on 1 thing. 306 00:24:33,423.5828333 --> 00:24:34,723.5828333 Yeah, 100%. 307 00:24:35,323.5828333 --> 00:24:41,483.5823333 Can you provide a maybe a high level view of the wise money tool and some of the non traditional investing that you focus on. 308 00:24:41,903.5823333 --> 00:24:42,143.5823333 Yeah. 309 00:24:42,143.5823333 --> 00:24:45,693.5823333 So wise money tools is just a, I have a YouTube channel. 310 00:24:45,693.5823333 --> 00:24:48,843.5823333 I'm on Facebook all of them. 311 00:24:49,318.5823333 --> 00:24:51,538.5823333 But YouTube is where we get most of our attention. 312 00:24:51,538.5823333 --> 00:24:54,368.5823333 We have over 600 videos out there now. 313 00:24:54,668.5823333 --> 00:25:13,698.5823333 And we talk about everything from really just even conservative stock investing, obviously real estate, but it all starts with that leveraging life insurance first, because every asset will get better if I can come from a policy first, plus I get more tax advantages as well. 314 00:25:13,938.5823333 --> 00:25:17,158.5823333 So yeah, just all alternative. 315 00:25:17,888.5823333 --> 00:25:27,578.5823333 We're not going to be talking about buying mutual funds and retirement plans, but we are going to compare why you might want to look at something outside of retirement plans. 316 00:25:27,948.5823333 --> 00:25:30,218.5823333 If you can grab a hold of those opportunities. 317 00:25:30,908.5823333 --> 00:25:31,798.5823333 Yeah, for sure. 318 00:25:32,518.5823333 --> 00:25:39,278.5823333 What other headwinds are you seeing with these higher interest rates? Yeah I think there's going to be great opportunities in multifamily. 319 00:25:39,818.5823333 --> 00:25:47,618.5813333 You think about this, you think about some of these big hedge funds that bought apartments as an example, and they bought them with variable interest rates. 320 00:25:47,998.5813333 --> 00:25:51,858.5813333 They bought them with a, what's called a preferred return to their investor. 321 00:25:52,328.5813333 --> 00:26:04,168.5813333 And now they're coming up on interest rates that are going to renew 3 percent higher than they Originally were, they're not going to be able to pay their investors that subordinated return. 322 00:26:04,488.5813333 --> 00:26:14,8.5813333 So I see a lot of these hedge funds selling and bailing out of apartment buildings to the tune of thousands of them across the country. 323 00:26:14,258.5803333 --> 00:26:25,268.5813333 I think it's going to be a great opportunity for guys like us who are looking for those opportunities, but also I think we're going to be able to get some really beneficial pricing. 324 00:26:25,658.5813333 --> 00:26:28,528.5813333 And potentially even some owner carry back. 325 00:26:29,678.5813333 --> 00:26:34,528.5803333 I think with the owner vendor take back probably see a lot of people looking at retiring. 326 00:26:34,528.5803333 --> 00:26:40,688.5798333 They built a business and now they want to have something coming in still, but they basically want to get their time back. 327 00:26:40,738.5798333 --> 00:26:41,598.5798333 Exactly. 328 00:26:41,698.5798333 --> 00:26:42,968.5798333 Now you hit it right on the head. 329 00:26:42,978.5798333 --> 00:26:43,238.5798333 Yep. 330 00:26:44,118.5798333 --> 00:26:52,48.5778333 I think for that, for the young hungry person that's looking for opportunities, there's definitely gonna be quite a few out there in the next, 10 plus years, I would be on the hunt. 331 00:26:52,168.5788333 --> 00:26:54,308.5788333 In fact, I hired a young kid the other day. 332 00:26:54,308.5788333 --> 00:26:57,298.5778333 He just he's 21, 22 years old. 333 00:26:57,298.5778333 --> 00:27:01,788.5778333 He's been taking his real estate classes and he's been taking a course on commercial. 334 00:27:02,108.5778333 --> 00:27:04,88.5778333 And I just said, look, let me hire you. 335 00:27:04,528.5778333 --> 00:27:05,888.5778333 Just go find the deals. 336 00:27:06,158.5778333 --> 00:27:07,668.5778333 you're going to be cut in on it. 337 00:27:08,168.5778333 --> 00:27:10,298.5768333 It's a great way for you to get involved. 338 00:27:10,298.5778333 --> 00:27:11,768.5778333 Cause you don't have any money right now. 339 00:27:13,3.5778333 --> 00:27:17,703.5778333 And I would tell anybody out there, guys like us value deals. 340 00:27:18,43.5778333 --> 00:27:27,413.5773333 So if there's somebody out there who knows of a deal or wants to just go find these deals every one of us will cut them in for a piece of the action. 341 00:27:27,673.5773333 --> 00:27:31,843.5773333 And that's a great way to get involved in big multifamily without having to have any money. 342 00:27:32,623.5783333 --> 00:27:34,453.5783333 Yeah that's great insight. 343 00:27:35,63.5783333 --> 00:27:35,953.5783333 Do some legwork. 344 00:27:36,293.5783333 --> 00:27:36,903.5783333 Yeah, that's right. 345 00:27:36,903.5783333 --> 00:27:37,463.5783333 Hustle. 346 00:27:37,803.5783333 --> 00:27:38,363.5783333 There you go. 347 00:27:40,543.5783333 --> 00:27:41,903.5778333 Okay we're getting close to the end here. 348 00:27:41,903.5778333 --> 00:27:45,83.5783333 I just wanted to ask you maybe a few more Lighter kind of more personal questions. 349 00:27:45,313.5783333 --> 00:27:53,313.5783333 What kind of stuff do you like doing with your downtime? So in the winter, I still like to snow ski and so forth, but and you guys probably have them up here, up there. 350 00:27:53,643.5773333 --> 00:27:56,493.5783333 Have you heard of the timber sled? Oh, yeah. 351 00:27:56,823.5783333 --> 00:27:57,233.5783333 Yeah. 352 00:27:57,603.5783333 --> 00:27:58,983.5783333 So I love doing that. 353 00:27:59,223.5783333 --> 00:27:59,813.5783333 We have 1. 354 00:28:00,303.5783333 --> 00:28:01,893.5783333 Oh, yeah, I got like 3 of them. 355 00:28:01,893.5783333 --> 00:28:07,863.5783333 And what does it, what bike, what type of I've got a couple of KTMs and a couple of Yamaha's amazing. 356 00:28:08,73.5783333 --> 00:28:09,823.5783333 My son and I rewrite dirt bikes. 357 00:28:09,823.5783333 --> 00:28:12,303.5778333 I have, we have the tires started right now. 358 00:28:12,788.5788333 --> 00:28:17,78.5788333 And occasionally I look at them, I look at those timber sled bikes, I'm like, oh, that's so cool. 359 00:28:17,78.5788333 --> 00:28:18,748.5788333 I've never ridden one, but it's got to be fun. 360 00:28:19,138.5788333 --> 00:28:21,788.5778333 Oh, you will have more fun than you ever thought possible. 361 00:28:22,88.5778333 --> 00:28:23,878.5778333 So that's my winter activity. 362 00:28:24,158.5788333 --> 00:28:28,178.5768333 In the summer I been a competitive water skier for years and years. 363 00:28:28,178.5768333 --> 00:28:30,978.5778333 And Now all my kids are, they've got kids. 364 00:28:30,978.5778333 --> 00:28:33,28.5778333 So grandkids like to do this surfing. 365 00:28:33,38.5778333 --> 00:28:37,718.5778333 So we spend a lot of time on the lake surfing behind these big old monster boats. 366 00:28:37,728.5778333 --> 00:28:41,28.5778333 And I try to still do some competitive skiing in the summer. 367 00:28:41,328.5778333 --> 00:28:41,788.5778333 Yeah, you do. 368 00:28:41,788.5778333 --> 00:28:42,138.5778333 Wow. 369 00:28:42,188.5778333 --> 00:28:45,528.5773333 It keeps you fit and active and young, right? Try. 370 00:28:48,193.5783333 --> 00:28:55,943.5783333 Have you ever do barefoot? Ever tried the barefoot? Oh, yeah, I did that when I was younger, but It's too the falls are too brutal. 371 00:28:55,953.5783333 --> 00:29:05,233.4773333 Oh, you got to be flying I think right the boat have to be going real fast to be able to keep you Yeah, at least 40 miles an hour and then we use Onto that. 372 00:29:05,573.4763333 --> 00:29:06,863.4773333 Yeah, it's not fun to fall. 373 00:29:06,863.4773333 --> 00:29:10,63.4773333 So I quit doing that after a while I don't blame you. 374 00:29:10,623.4773333 --> 00:29:16,183.4773333 What kind of movie or book? What you've seen recently, would you recommend? Oh, movie wise. 375 00:29:16,423.4773333 --> 00:29:18,613.4773333 I like those mission impossible movies. 376 00:29:19,43.4773333 --> 00:29:21,73.4783333 The latest 1 is pretty good. 377 00:29:21,203.4783333 --> 00:29:23,753.4783333 Only problem is, it's just, it's going to be a sequel. 378 00:29:23,823.4783333 --> 00:29:25,613.4783333 So it doesn't give us give you the ending. 379 00:29:26,93.4773333 --> 00:29:26,353.4773333 Yeah. 380 00:29:26,353.4783333 --> 00:29:28,603.4773333 Yeah, but no, I like that. 381 00:29:28,603.4793333 --> 00:29:31,753.4783333 I still like any kind of investment real estate book. 382 00:29:31,753.4783333 --> 00:29:36,603.4783333 I love, I probably read anything from Robert Kiyosaki and Grant Cardone. 383 00:29:36,603.4783333 --> 00:29:38,613.4768333 And these guys have built fortunes. 384 00:29:38,613.4768333 --> 00:29:38,653.4763333 Yeah. 385 00:29:38,983.4773333 --> 00:29:40,403.4773333 Doing it the way we like to do it. 386 00:29:40,973.4773333 --> 00:29:41,403.4773333 Yeah. 387 00:29:41,583.4773333 --> 00:29:42,483.4773333 Yeah, for sure. 388 00:29:43,13.4773333 --> 00:29:44,443.4773333 And we're somewhere you'd want to travel. 389 00:29:44,443.4773333 --> 00:29:45,413.4773333 You've never been before. 390 00:29:46,23.4773333 --> 00:29:48,63.4763333 I was just looking at Bali. 391 00:29:48,603.4773333 --> 00:29:48,943.4773333 Okay. 392 00:29:49,13.4773333 --> 00:29:53,83.4773333 And also Tahiti, both of those, excuse me, not to Haiti, Thailand. 393 00:29:53,543.4773333 --> 00:30:00,633.4773333 I've never been interested in that part of the world, but I've seen some clips and some things going on in the beauty of their oceans and so forth. 394 00:30:00,643.4773333 --> 00:30:03,43.4773333 So I think that's where I'd like to go next. 395 00:30:03,478.4773333 --> 00:30:03,908.4773333 Nice. 396 00:30:03,918.4773333 --> 00:30:04,528.4773333 Very nice. 397 00:30:05,68.4773333 --> 00:30:08,688.4773333 And what's the best way for people to get in touch with you? Oh, it's real easy. 398 00:30:08,718.4773333 --> 00:30:10,908.4773333 The website's wise money tools. 399 00:30:11,488.4773333 --> 00:30:13,988.4773333 That's also the YouTube channel wise money tools. 400 00:30:14,338.4773333 --> 00:30:16,258.4763333 And then Dan at wise money tools. 401 00:30:17,368.4763333 --> 00:30:19,478.4753333 If you can remember wise money tools, you can find me. 402 00:30:19,708.4753333 --> 00:30:20,238.4763333 I'll find you. 403 00:30:20,278.4763333 --> 00:30:20,788.4763333 Perfect. 404 00:30:20,938.4753333 --> 00:30:22,358.4753333 Thank you so much for being on the show. 405 00:30:22,488.4753333 --> 00:30:26,448.4753333 And I feel like you've shared some great information and listeners I'm sure will be reaching out. 406 00:30:27,68.4753333 --> 00:30:28,178.4753333 Oh, it's great to talk to you. 407 00:30:28,178.4753333 --> 00:30:29,88.4753333 Thanks for having me. 408 00:30:29,88.4753333 --> 00:30:31,348.4753333 And hope all your listeners have a great one. 409 00:30:32,253.4753333 --> 00:30:32,733.4753333 Thank you.