122924 - Home Solutions with Andy Kiel

Episode Transcript

Speaker 1 (00:00):
Buying a home and selling a home shouldn't be stressful. Renters,
homeowners and investors in southern Arizona work with the Win
three Team powered by Epic Realty because they match buyers
with sellers like the e harmony of real estate buying
or selling. This is where you'll find what you're looking for.
This is Home Solutions on K and ST with the

(00:22):
Win three Team powered by Epic Reality. Now the Win
three Team leader Andy Keel.

Speaker 2 (00:31):
Hi, and welcome to the Home Solutions Show. This is
Andy Heel and I am with the Wind three team
powered by Epic Realty, and I am joined today with
Jerry Sunt with Cross Country Mortgage. And we also have
a very special guest with us today, Danny Burley. Danny
Burley is the daughter of a mentor of mine, a

(00:55):
man that I have just a great, great deal of respect,
John Burley. He effectively has been the key force in
teaching me a big part of what we do in
the real estate industry. And I owe so much to
him and his time effort in teachings that I can't

(01:15):
even articulate how valuable that's been. The reason we're having
Danny on the show today is I want to talk
about something that I think the audience will be intrigued by,
and that's not just building generational wealth, but actually talking
about generational wealth in practice from a family that has

(01:39):
actually experienced it. So we'll be getting to that shortly,
so I think it'll be a fun show coming up today.
Before we get too deep into that, I wanted to
talk a little bit about some twenty twenty five predictions
and the current state of the market right now. Jerry,
would you like to just kick it off with where
are we on interest rates today? Any anything you'd like

(02:02):
to share there?

Speaker 3 (02:04):
Sure, Well, the predictions are rolling in and you know,
the predictions now are that rates will be somewhere right
around six percent, possibly the high fives, by the end
of twenty twenty five, but that rates should come down
from their current levels. I think it was a bit
of a surprise to the markets that mortgage rates went

(02:25):
up to seven percent, you know, over the last thirty days. Again,
the it's it's always confusing when the Federal Reserve cuts rates,
but mortgage rates actually increase. But again, you know, it's
two different what do they call that, two different meters
percent or two different two different rates. The Fed funds
rate is one thing, and then mortgage rates or another.

(02:47):
They're it's now starting to come out in the news
in Bloomberg and the Wall Street Journal that mortgage rates
did pop up to seven percent.

Speaker 4 (02:55):
And there was an article in Barons just.

Speaker 3 (02:59):
The day after Christmas saying that Morgan rates go to
seven percent. It's not all bad news for buyers. And
what's funny is that they've been talking andy about what
you and I've been talking about for months, in the
standpoint that hey, this means fewer buyers are going to
be in the market for the next couple of months,
great time to buy, and that if you buy now,

(03:22):
you'll have an opportunity to refinance later when rates do
fall in twenty twenty five. So our strategy that we've
been discussing for months is now getting into the the
you know, the mainstream financial news.

Speaker 2 (03:37):
Yeah, and with that, I actually I don't want to
go too deep into this, but I saw a couple
of Yahoo Finance articles that I do want to touch
on here. Both are twenty twenty five financial forecasts. So
maybe we can look back a year from now and
see how well we all predicted any of this stuff,
and probably find out we're all wrong. But I'm reading

(04:00):
from a twenty twenty five financial forecast what to expect
in mortgages, investing, banking, and credit cards. This was recently
in Yahoo Finance, and I don't think we're going to
see anything too surprising here. But a few months ago
many people expected mortgage rates to plummet throughout twenty twenty five. Now,
as economists react to uncertainty of how markets will respond

(04:24):
to the Trump presidency, the outlook for rates is less optimistic.
Experts at Zillow, Redfinn, Fanny May, and the Mortgage Bankers
Association predict rates will stay above six percent in twenty
twenty five. Sounds like what we've been talking about, Lotcher.
So then we get into home inventory in pricing. Unfortunately,

(04:46):
consumer demand for housing is still much higher than the supply.
According to Freddie Mack, roughly five point eight million new
homes have been built in the US in the last
four years, but demand has risen at roughly the same rate.
They go to say, it took us about a decade
to get into this housing deficit, and it's probably going
to take about a decade to get out. I tend

(05:08):
to think that's probably right. And I see this more
along the lines of Beck in roughly what two thousand
and four to two thousand and five, two thousand and six,
when some of the home builders were just going completely gangbusters,

(05:29):
they really overbuilt for a spell, and then the Great
Recession happened in two thousand and eight to twenty twelve
or so, the money supply just tightened up, and as
you fast forward to this day and age, you don't
see the builders have ever really gone out and done

(05:49):
the speck homes like they used to. They didn't just
they're not typically building whole new communities on the hopes
that they're going to sell them. They sell them first
and then they build them, is more the trend. So
I think a lot of our housing deficit has come
from the builder side of the equation, where the funding
just hasn't been as readily available. So that's my take,
And you have any thoughts on that one.

Speaker 3 (06:12):
Yeah, So there's a chart that I wish we could
show the audience, but it basically shows home building nationally
going back about the same period of time, going back
to two thousand and five to today. And you know,
there was a time where they overbuilt and then two
thousand and eight happened, and obviously builders stopped building or

(06:35):
build at a very slow clip. But then demand from twenty
twelve started picking up. And even if builders were building
at full speed at full capacity right now, we're still
ten years away from the builders building enough supply to
meet the demand. And it's just, you know, it is

(06:56):
what it is, I guess, per se. But with that,
you know, the other piece of the puzzles that so
many builders then realized that building individual homes for people
to buy was was the margins were very thin and
the profit wasn't there.

Speaker 4 (07:11):
But then they started building.

Speaker 3 (07:13):
Whole communities that for lease, and they could sell those
whole communities to rates and on Wall Street and there
was huge profits. So that took a big chunk out
of the building supply. So it's really where the long
story short is that builders, even at working full capacity,
are ten to twelve years from being able to meet

(07:33):
the demand of today's needs. So we're just going to
be undersupplied for a very long time.

Speaker 2 (07:40):
Yeah, that's pretty much how I'm looking at it as well.
So I'd go into a couple of other little key
points in these articles that I found interesting. Again see
how well we predict the year had promises to be
interesting for investors in the US. A business friendly administration,
but lower interest rates and possible corporate tax cuts may
support earnings growth high valuations. Okay, yeah, nothing, we're not

(08:06):
too surprised about there. They're basically coming out and saying
the S and P five hundred should produce a modest
return for twenty twenty five. Okay, that's kind of a
kind of a chicken answer, but.

Speaker 4 (08:18):
Well, you know, it's funny. There's a lot of I
guess everyone.

Speaker 3 (08:23):
There's obviously the opinions of bulls and bears, but you know,
there's talk, now, could we be entering a last decade
when it comes to the stock market, where are the
returns are anemic one to five percent per annum for
the next ten years, you know, versus the returns we've
seen like the last three years, which has been close
to twenty percent plus taking twenty twenty two out of

(08:46):
the picture where there was actual loss of twenty percent.

Speaker 4 (08:49):
But that we're just going to go back to ho
hum returns.

Speaker 3 (08:52):
But then there are other people who you know, other
economists and forecasters that view up very differently that the
price earning ratios, you know, of being closer to twenty
or thirty percent is actually the new normal versus fifteen
to eighteen percent in years past, and that we could

(09:13):
see the stock market doing blowing out all kinds of
expectations over the next few years because there's that much momentum.

Speaker 4 (09:22):
So again we'll have to wait and see.

Speaker 2 (09:25):
Yeah, I'm absolutely fascinated with the stock market as well.
I mean, I'm a fan of just all markets in general,
and we obviously prefer the real estate market, but that
doesn't mean that I'm not a big fan of both
watching and investing in the stock market as well. So
and all these things are tied together. It's very key,

(09:47):
so what happens on one side tends to impact the other.
Moving a little farther along this particular article, we expect
the FED will take a more gradual approach to easing
next year, transitioning it first to twenty five basis point
cuts at every other meeting before pausing mid year. We

(10:07):
forecast the FED will cut twenty five basis points in
both Q one and Q two of twenty twenty five,
putting the FED fund's target rate at three point seventy
five to four percent, and then we anticipate the Fed
will pause through the end of the year. This is
coming from a senior economist that was quoted in this
Yahoo article. And then they go on to say our

(10:30):
twenty twenty five fedot pardon me, FED funds rate forecast
is built on two key assumptions. Inflation will rise in
the middle of next year, reflecting one off tariff pressures,
and the unemployment rate will fall because of changes to
the immigration policy, including deportations on a smaller scale than
suggested on the campaign trail. The combination of upside inflation

(10:54):
risk and downside unemployment rate risk is what we expect
will give the FED pause in the easing process. US
at twenty twenty five sounds like what you just said
last week, Jersey.

Speaker 3 (11:07):
You know it's very hard, but the forecast the Federal
Reserve came out is that they will cut rates fifty
bases points next year.

Speaker 4 (11:16):
You know, no one knows.

Speaker 3 (11:18):
It's always fun to these are fun forecasts to look
at look at, but you know, there are hundreds of
difference of opinions here, and it is you know, no
one knows really what's going to happen. And we may
go into a mild recession in the first quarter of
next year. I've heard the unemployment rate's going to go

(11:39):
north of four and a half percent, which is still
great employment. But you know, one thing that we are
seeing a consistent you know answer on now is when
you look at the weekly jobless claims, and the weekly
jobless claims for the last six months is slowly going down,

(12:00):
which means that the house or the employment market's very
very strong. However, the continuing claims people that have been
out of work and looking, you know, or keep coming
back for unemployment.

Speaker 4 (12:13):
People that have been.

Speaker 3 (12:13):
At work for a while are having a harder time
finding or finding a job.

Speaker 4 (12:18):
So you know, if you have a job, people are
keeping it and they're keeping it for longer.

Speaker 3 (12:22):
If you're going trying to get back in the workforce,
it's harder to find a new job. So that tells
us that, you know, the unemployment situation or the employment
situation is not as strong as not unstable. I think
it is softening, So we may see the unemployment rate
rise next year.

Speaker 2 (12:39):
Yeah, I think that might actually be what keeps rates
in check as well, So that will be interesting to
see what happens as the data starts coming out in
twenty twenty five. With that, we are coming up on
a break. This is Andy Keel with the Home Solutions
Show on KNST and we will be back in just
a moment.

Speaker 1 (12:58):
He makes fine, he's selling homes easy. He'll do the
work so you won't have to stress. This is Home
Solutions with the Win three Team powered by Epic Reality.
Here's the Win three Team leader, Andy Keel, Hi.

Speaker 2 (13:13):
And welcome back to the Home Solutions Show. This is
your host, Andy Keel with the Win three Team powered
by Epic Realty, and I am again joined by Jerry
Sunt with Cross Country Mortgage and Danny Burley. Before we
get into talking to Danny, Jerry, would you like to

(13:33):
share your contact information with.

Speaker 3 (13:35):
Oh sure five two oh three seven zero six.

Speaker 2 (13:41):
And if anyone would like to reach me Andy Keel,
I can be reached at five two zero five three
nine nine five nine one, or you could also reach
out to me at Andy Keel A N D Y
K I E L at the Win three Team dot
com the Win the Number three Team dot com. So

(14:04):
if you like any feedback on the show or have
any questions that are topics, you'd like to see us
talk about. Feel free to reach out to me via email,
happy to talk to and correspond with the audience. So
with that, I'd like to introduce Danny Burley. And again,
Danny is the daughter of one of two key mentors

(14:28):
I've had in my life, daughter of John Burley, and
I owe so so much to John and actually his
whole family. They've effectively taught us pretty much everything we've
known and grown to know in the real estate world,
as well as Bob Zachmeyer having a big influence on

(14:51):
that as well. So just owe so much to these
key folks that have been so open and sharing with
their knowledge and experience and investment ideas and philosophies and
just so many things. So Danny really wanted to talk
to you from your perspective, and as this show is
very important to us to talk about wealth, wealth management, investing,

(15:13):
and in this case, I wanted to talk a little
bit about generational wealth and what it was like from
your perspective. I'll call it what it is growing up
in a wealthy family and the trials and tribulations that
actually came from that. So with that, would you like
to just give a quick introduction and we'll go from there.

Speaker 5 (15:34):
Yeah, of course, Hi everyone, I'm super honored to be
on this show and to share with you a little
bit about, you know, what it's like being in this
position in life, which I'm so grateful for. My dad
didn't come from much, and he really built up a
life and generational wealth for myself and for my brother,
and we're in no way trust fund babies or any

(15:57):
of that regard. He's really taught us a lot about
hard work and money management, and he's also allowed us
to kind of find our own pass through it. I
growing up didn't want anything to do with real estate
or real estate investing. I was an artist that was
running free, moving out of state, living my own life,

(16:17):
and he was so supportive of that. And I think
having an avenue where I could pursue what I wanted
to pursue at that time, really it gave me a
lot of freedom, and it also gave me the choice
leader in life to decide to want to pursue real
estate investing, because it wasn't until the pandemic happened that

(16:40):
I kind of decided to go down this road on
my own accord. And I'm a performer, that's my day
job and what I've been doing for the past twelve years,
and when I couldn't do that during the pandemic, I thought, Okay, well,
how was I raised? I love the way I was raised,
and I'm really blessed and grateful for that. I also
want my children to have that life, and I want

(17:01):
to continue having that life for myself where I'm supported
and I'm free to do things because we have financial freedom.
So I started following his own road. He invited me
to one of his seminars, which I've been to as
a child, but never as a student, and my mind
was just kind of blown. I had no idea what
my family did and how special it was, and I

(17:24):
really got to see my dad just in his element
doing what he was born to do, which is to
help people find their own financial freedom.

Speaker 2 (17:34):
Yeah, that's amazing. And then having been around your family
for a number of years and just witnessing, you know,
right around that era of COVID era, that you coming
back into the fold of being interested in the investing side,
and that was, I know, a very proud moment for
your dad, but that was very it was very exciting

(17:54):
for the rest of us that were close to the
family too. To kind of watch you come back in
because I think we can share this with the audience. Danny,
you actually work at Disneyland and play the role of
a Disney princess, and as I understand it, because you're
a performer in that kind of role, you actually have

(18:16):
an age limit where you get aged out of the system,
and I think that might have had some impact in
your decision making, if I'm not mistaken, that is that true?

Speaker 5 (18:26):
Yeah, being a performer, unfortunately, you kind of have this
looming expiration date over your head. You know, I can't
be dancing down the streets of Disneyland Main Street when
I'm forty five, Like, my body's not going to work.
I'm not going to look the part. So while I
love my day job with all in my heart, I
know that one day I won't be able to do it,

(18:46):
and that day is probably coming up, you know, in
the next one to five years, but I don't even
know when. So that's also kind of guided me to
lean more into Okay, well, if what I love to
do during my day job is kind of expiring one
day as a performer, like what can I lean back on?

(19:07):
That also ignites my passion and seeing my dad's passion
for what he does in real estate and teaching others
how to do it and also providing home ownership to
those who can't normally afford it. That also kind of
ignited this passion in my heart too, you know, start
pursuing this, start building my own portfolio as someone who's young,

(19:28):
and kind of just seeing where do I want my
life to look like? And it's going down this avenue
and I'm really excited about it.

Speaker 2 (19:36):
Nice. Nice. So how did your parents approach allowances, spending
money and such as far as teaching financial responsibility to
you and your brother as younger pre adults. I'm curious.

Speaker 5 (19:53):
Yeah, So when I was younger, I remember getting an
allowance probably from like age forard age twelve, well, I
think we got like twenty dollars cash or something, and
we had this piggy bank that had like three separate
sections and one was for savings, one was for like
fun spending man made buy candy, and then one was
for tithings. So they taught us the importance of how

(20:15):
to divvy up our money, putting it into savings, but
also giving it back as well, with something that they
taught us from a young age.

Speaker 2 (20:24):
You know, that's actually a really good point. So what
part did philanthropy play in your upbringing and how did
your family approach that that giving back? Since you're touching
on that already.

Speaker 5 (20:36):
Philanthropy played a huge part in my life growing up
and still to my life today, and something that my
family values. We know that we have a lot, and
that we worked hard to get here, but we also
know how important it is to get back. Ever since
I can remember, I've seen my family tithing at church.
I remember at Christmas, I always, you know, see them

(20:57):
write in a big check out to the church. And
not all just like financially, have I seen my family
give back, but also just with their time and with
their care to people. My father was always so kind
to every single well still is is so kind to
every single person that we ever meet. It was not
uncommon to be sitting at a restaurant and the server

(21:19):
would say, oh, missus Burly, your earrings are so pretty,
and she'd take them off and give it to the
server because she loved them so much and that would
bring her joy. So philanthropy and giving has always been
so so important. They are always the first ones there
to give. If I was doing a school charity, or
if we were volunteering at the soup kitchen for school,

(21:41):
they'd always be the first ones to sign up as
parents volunteers. So it was really nice having that example
to see how important it is, and it's something that's
still incredibly important to this day for me and will
always be.

Speaker 2 (21:53):
Wow. I just think that's so impactful that that you're
whole family has done and we're raised to do that
type of thing, and I think that just it just
shows through in the whole family dynamic that that I
know so well, and I've always been amazed with that,

(22:14):
and I've had such a deep respect for your dad
and the whole family with his philosophies there. So another
question I had for you is what strategies did your
dad use to educate you about not just real estate,
but maybe investing in general, and has that been pretty

(22:36):
much going on your entire life or I'm curious, again
from your perspective.

Speaker 5 (22:43):
That's a good question because part of me, that's a
good question because I never showed an interest in real estate,
and my dad respected that and never forced me to
come with him to the office or to sit through
his events as a child, I did go along. I
remember going to open houses or helping show properties to

(23:06):
future residents. But I think because I never showed an interest,
they never forced that on me, and it kind of
I kind of started this education journey with him when
I at twenty six decided okay, I do want to
be a student, and I think having an active perspective
on my own end, it really is what sparked the

(23:29):
interest and passion.

Speaker 2 (23:32):
Okay, And your dad is actually known for being a
best selling author as well. He wrote a book called
Money Secrets of the Rich. It was actually really big
in Australia. I believe it was a number one best
seller for a fair amount of time and it did,
I think, fairly well around the world. Was that ever

(23:54):
a part of your life as a younger person as
well with dad being a financial author through as well.

Speaker 5 (24:01):
Yeah, that was always super cool. I remember flying down
to Australia and we saw his book on the bookshelf
and we even have this picture framed in our house
of me going to the book and we were so
proud and hear it outsold one of the Harry Potter books,
and I remember seeing like people in my class reading
the Harry Potter books, and I kind of thought like hah, like,

(24:24):
oh my gosh, my dad's book like did really good
like Harry Potter too, And it was a cool, cool moment.
I was very proud of that from my dad from
a young age. It outsold Harry Potter in Australia that year,
and yeah, that was that was really special to see
that happen. And I did read the book as a
young age when I was younger, and I've read the
book quite many times at this point in life.

Speaker 2 (24:47):
Yeah, very very good, good book. It's very I don't
want to say basic, because it's not basic, but it
does put forth a lot of simple, easy to use
kind of money management practices, a lot of common sense
that oftentimes we just don't think about it on a

(25:08):
day to day. So another book I strongly recommend, and
that's Money Secrets of the Rich by John Burley, So
if anyone wants to look up that book. So with that,
we are coming up on a break. This is Andy
Keel with the Home Solutions Show on K and ST
Radio and we will be back shortly.

Speaker 1 (25:27):
He doesn't want to list your home, he wants to
sell it. This his Home Solutions with the Win three
Team powered by Epic Reality. Here's the Win three team leader,
Andy Keel, Hi and.

Speaker 2 (25:40):
Welcome back to the Home Solutions Show. This is your
host Andy Keel and Jerry Sunt and we are again
joined with Danny Burley. On our last segment, we were
talking about several things generational wealth, the good and the
bad that can come from that, and on the break
Jerry started to tell a story and I think it
was actually, it's so valuable that we talk about this

(26:03):
on air. So Jerry, if you'd like to continue.

Speaker 3 (26:07):
Well, you know, it's funny they Number one is we
talk about being rich, or talked about being wealthy, and
there's a there's a difference between the two. You want
to be wealthy, you don't want to be rich. Rich
comes and goes. It can be a flash in the pan.
It's it's kind of like new money versus old money.
You know, wealth is what what is is legacy and

(26:29):
generational and and so forth. But you know, there was
I did a loan for a family years ago and
I just thought it was really cool. I respected the parents,
you know, immensely as how they handled it. And basically
there was a remarriage and a mom and remarried to
and she was co signing for her children so they

(26:53):
could buy their first homes. And the kids had you know,
normal you know, one was a a school teacher, one
ran a retail shop, and you know, they just they
were great, had a great you know, grounding on life
and so forth. But the mom, when she was interviewing me,

(27:13):
you know, basically had one rule. She's like, Jerry, you
can never share my financial information with my kids. And
I said, great, you know everything that I when I
take an application, of course, that information is pride that
I don't share it with family members or anyone. It's just,
you know, that's your information. And what I came to
learn is the mom had enormous amount of wealth and

(27:36):
when I say enormous for talking over one hundred million dollars,
and the kids had no idea that they were. And
she said, look, my children are going to inherit all
this wealth. But we don't want them to live their
lives knowing that's going to happen in the future because
that will change their worth, ethic, their attitudes, It can

(27:59):
change so many things of who they are versus If
you know, that's something maybe later in life we'll share
that with them, or when you know, it comes past,
they'll figure it out then, but we don't want them to.

Speaker 4 (28:10):
Know about it now.

Speaker 3 (28:11):
And I just thought that that resonated with me as
a great way to handle it. Wasn't like they were
saying they didn't want their children to understand, you know,
how money worked. That wasn't it. It was that they
didn't want their kids to be like, oh, I don't
have to work hard because I'm going to inherit this
down the road.

Speaker 2 (28:28):
Yeah, And that that's actually something that I've struggled with
a little bit with with my kids. I'll share a
quick story here. This was right around just a little
bit post COVID, probably twenty twenty one or so. My
oldest son was working with us for a while. He
since got married and moved to New Mexico. He was

(28:53):
he was working with us here in the business for
a while, and at one point I probably made the
mistake of sharing this with him, but I wanted to
be forthright, and I told him point blank that if
I got run over by a bus tomorrow that he
would certainly inherit something, but not what he might have
thought that we had, like the full portfolio because a

(29:17):
large portion of that, at least at this moment in time,
is earmarked to go to charitable organizations. And he was
pretty insulted by that for half a moment, and then
I asked him one question which proved my point, and
I said, well, if that were to happen, what would
you do? And the first words out of his mouth
would were, literally, I would go by. And then I

(29:40):
held my palm up in the air and said, stop
right there. I wouldn't even let him finish the sentence.
And I'm like, that's, respectfully, that's why you're not ready yet.
You would go by? And I know what he was
about to say. It was an expensive sports car, but
you know, insert toy here, it's like ready yet. And

(30:00):
I think that's changing as he is getting older. And
but it's a fine line I think between you know,
teaching your kids good values and a good work ethic
to as they see money there. We don't want to
have necessarily a sense of entitlement. And that that's the
part that scares me. And that's why I love, you know,

(30:23):
hearing Danny's insights on that, and Joy and I've been
talking this segment so far Danny, any thoughts on what
we've been sharing here.

Speaker 5 (30:31):
Yeah, coming from the kid, a perspective of both of
those situations with those parents Terry was talking about and
with you Andy and how you talked about handling it
with your child. I think it's a really healthy way
to go. Like I don't know if I will inherit
anything or how much it will be. And I of

(30:52):
course would want to be a good steward of you know,
what my father has built. But I'm not setting up
my life like, oh so like one day I'll have
two million dollars appear in my bank account out of nowhere.
You know, I'm setting up my life on my own
accord and and learning what good values are and good
stewardship over what you have. And I think kind of

(31:17):
not having the assumption, as you know, someone who has
a family who's builds generational wealth, like assuming you're gonna
get it. I think if you go that route, you're
really going to set yourself up for failure. Kind of
like you were saying, like, oh, buy the sports car,
Like that's not why our families are building what they're building.
You know, they want something that will last. And you know,

(31:39):
also what you were saying too about giving it back
as well, you know, if that's important to the person
who's building the business, like that's what's important to them,
And you can't be upset if at the end of
the day, like you're not the person who gets everything,
like in your like what your son was saying, like,
I have no assumptions about if I'll get anything at all,
and I have peace with that, and I think that's

(32:01):
a good way to go about it.

Speaker 2 (32:03):
Yeah, And that actually reminds me of I believe this
is a Warren Buffett quote that he made mention that
he wants to leave his kids with enough money to
do to do anything, but not so much that they
can do nothing right.

Speaker 3 (32:21):
Well, you know, I think part of what we look
at life and what we we always want the to
be the best that we can be. And I think
when you know, money is part of that in the
standpoint that we needed to live on, but it's not.
It shouldn't be everything that we're about. And I think
when when there's money that's just always there and people

(32:43):
know that it is there, they're not the best that
they can be and whatever it is they want to
do because there is that you know debt motivation right,
there is that or knowing how to balance your budget
every month so that you don't overspend. That's all part
of having great financial ability and being able to teach

(33:08):
that to others.

Speaker 2 (33:09):
Right.

Speaker 3 (33:09):
Financial literacy is so key, And I think when someone's
in a situation where the money grows on trees, they
don't learn that discipline.

Speaker 5 (33:20):
Yeah, I totally agree, Jerry. I think the tools and
skills that my father is passing down to me through
his educational programs about how to be good with my money,
how to make my own like how to create my
own generational wealth, that is worth way more than anything
he could ever leave me, because you know, it's kind

(33:41):
of like you can teach a man to fish, or
you can give him fish, Like my father can hand
me a big pile of cash when he dies one day,
or he can teach me how to do it on
my own and how to manage it. And that in
the long run, is way better of a gift than
any type of inheritance that some kid could get.

Speaker 4 (34:00):
Yeah.

Speaker 2 (34:01):
I've always wanted to ask you this particular question because
I know, well one of you one of your dad's
philosophies that he's talked about many, many times, is he's
always wanted to be able to take a vacation of
a lifetime. But I believe he wanted to do it
about once per quarter. And I know you, you and

(34:21):
your brother John growing up got to do some pretty
fun traveling. I just what are your both your childhood
memories of the traveling and maybe some of your favorite
vacation spots over the years. I'd love to hear about that.

Speaker 5 (34:34):
Yeah, It's it's funny because like, growing up, I didn't
know we were necessarily wealthy, Like we had, you know,
a nice home and I went to private school, but
we were never buying anything designer and but we were
always going on vacation. And of course, wherever you grow up,
that's what you think is the normal. So I'm like, yeah,
of course it's normal to go to Australia and Paris

(34:55):
or you turn thirteen, you know. Yeah, his love for
travel has all It's been a good motivation for me
because now I've gained the love and passion for travel.
But probably one of my favorite places is Australia. We've
spent a lot of time there and it's just really
magical and special and Also last year we went on
a big European Christmas cruise and that was just such

(35:18):
a special memory. Especially too, because now me and my
brother are older. You know, he's in his thirties, I'm
in my late twenties. So it's special that we can
still have family vacations together. You know, sometimes you don't
get to do that when you're older anymore. So we're
still definitely going on vacations of a lifetime, and I'm
very very grateful for that.

Speaker 2 (35:37):
Yeah, And that's something I've always had a deep respect
for your father about is that I know how hard
of a worker he is, and I know when he's
really in the zone, he's working a lot of hours
per week. But he also was very keen on taking
the time off and spending that with the family. And
I think you're just a testament to that. So he

(35:57):
knew when to take the time off and go play too.

Speaker 5 (36:00):
Yeah, he had a good balance, and he's taught me
a lot about that too, because I do love to
work hard, Like from the second I could get a
job when I was fifteen, like I wanted to start working,
and I do love working and working hard. And then
we also love to travel and rest hard.

Speaker 4 (36:15):
Yeah.

Speaker 2 (36:16):
So, are there any other maybe common misconceptions that you
can think of about growing up in a wealthy family.

Speaker 5 (36:25):
I think it's that I think it ties to the
privilege thing. I think, you know, obviously, there's lots of
kids and families who have generational wealth that are really privileged.
And you know, I'm sure I have some of that
if I take away my own bias, but I do
really try to just have a lot of gratitude. And
my dad really instilled gratitude in our family by leading

(36:48):
by example. He says like gratitude affirmations, like thousands of
them a day, and seeing that has taught me to
have a lot of gratitude, and I think that's an
important lesson to instill if you're a parent who's in
this position, I think that will kind of help take
away that privileged trust fund baby stereotype that we see

(37:10):
sometimes coming out.

Speaker 2 (37:12):
Well, I really think you nailed it with that. One
word is gratitude, and that's just gratitude on a regular basis.
That has really been so valuable to me and many
of the people I've helped coach over the years too.
Is just just a reminder that we need to be
grateful for everything that we have, including our problems, many

(37:33):
of our problems where some of the best successes stem
from eventually, and just be grateful for all of what
life throws at us. With that, we are coming up
on another break. This is Andy Keel with the Home
Solutions Show and we'll be right back.

Speaker 1 (37:48):
This is Home Solutions with the Win three Team powered
by Epic Reality on KNSD. Here's the Win three Team leader,
Andy Keel, Hi.

Speaker 2 (37:57):
And welcome back to the Home Solutions Shoh on KNST.
This is your host, Andy Keel, and I am with
the Win three Team powered by Epic Realty, and you
can reach me at five two zero five three nine
nine five nine one. And I'm again joined by my
co host Jerry Sunt with Cross Country Mortgage and Jerry,

(38:20):
if you chare your number.

Speaker 3 (38:22):
Sure five two oh three seven zero nine five seven.

Speaker 2 (38:25):
Six, and we are talking about generational wealth and special
guest Danny Burley. Before we move on with that, I
wanted to just make an announcement here that coming up
on January eighteenth, Danny's father, John Burley, who I learned
so very much from, is holding a special event in

(38:47):
Phoenix that that we're going to have available. It's twenty
seven dollars for a special for the radio show and
this is going to be January eighteenth in Phoenix. If
you want to get the details on this, it's John
Burley dot com forward slash Smart Money Moves and again
that is January eighteenth, twenty seven dollars for the special

(39:11):
promotion and all of the proceeds benefit Saint Mary's Food Bank.
So very great cause here and if you want to
learn literally from the person I learned from, here's your
chance to check it out. So with that, Danny had
another question for you that I'm curious about. You know,
going into your own role as a performer got me

(39:34):
wondering about, you know, having grown up in a family,
a successful family like you did, what really motivated you
to pursue your own career goal, which was so I think,
so far outside the scope of what the rest of
the family did.

Speaker 5 (39:48):
I think a lot of it, which I mentioned a
little bit earlier, was just the freedom that my family
gave me to pursue what I'm passionate about and to
kind of they really gave me a lot of space
to be me, which you know, I see some kids
not have that space, and I'm really grateful for that.
So having that space find what I love and pursue

(40:10):
it wholeheartedly, and to have there just one hundred percent
emotional support. My dad came to every single play, every
single dance Recidal. I think he had to miss one
because he had an engagement in Hawaii he was speaking
at and he was so heartbroken that he couldn't come.
And he just really and still does always love me

(40:31):
for just who I am, whether that's me now in
my late twenties, pursuing real estate and becoming a real
estate investor, or, when I was eighteen and I wanted
to move to California to become a performer at Disneyland,
I just always had his full support. And I think
that's so important as a parent to give is just

(40:52):
support them whatever direction they want to go in, as
long as it's you know, not hurting themselves or others,
and you know, is of good character. And that's what
really meant the world to me. And that's how I
was able to have all of that freedom and also
what brought me back to finding this and pursuing building
my own wealth and pursuing this avenue.

Speaker 2 (41:13):
Were there any lesson or lessons that your father taught
you about wealth management that have proven to be very valuable,
especially if it was maybe something you didn't realize at
the time.

Speaker 5 (41:26):
I think it's really his book was always been super
impactful to me because, you know, not always our conversations
we're just having like regular dad daughter conversations. We're not
like having money seminars when we're on the phone and
I'm driving to work, you know, that's like when I'm
visiting his educational events. So I think having his book

(41:46):
also around my whole life really built me some solid principles.
Also the way we lived to If any of you
have heard of the book The Millionaire next Door, it
really kind of talks about what wealth, what wealth many
people really look like in day to day life, and
it's not this extravagance that we see online. You know,

(42:07):
we lived. Yeah, we had a great vacations, but I
didn't think that we were wealthy, And I don't think
from the outside if he saw things without the vacations,
you would think that too. So I think having that
principle too was really helpful because I learned like, oh,
I don't need like all of this fancy stuff, you know,
I kind of just we got what was true to

(42:30):
the core and what we needed. And I feel like
I still apply that every day. You know, I don't
need to go out and buy anything fancy or be
ridiculous or frivolous with any of my money because we
never were growing up.

Speaker 2 (42:44):
That's it brings down A great question too, is how
did your parents handle those more expensive items when you
were growing up and if you had the more exorbitant request.

Speaker 5 (42:55):
I don't remember having any of those types of conversations
when I was younger. I also don't think I was
making any crazy requests or things like that, because we
always got what we needed and things were always taken
care of. And I think they had a really great
balance of keeping us in the loop when we needed to,

(43:15):
but at the end of the day, like we were children,
you know, like it's not always appropriate to be discussing
all the minutia of financials with us, and I think
they had a really good balance of privacy but also
keeping us in the know. Like when the recession hit,
you know, they sat us down and said, hey, like
you might be seeing kids leave the private school or

(43:38):
you know, seeing families have a hard time right now,
and we might not be doing as many vacations this
year because this is kind of what's going on with
everyone's finances. So they kept us in the know in
that regard, but it was always, I think, very appropriate
for what our ages were.

Speaker 2 (43:55):
Do you have any has your perspective on wealth changed
as you, you know, entered your twenties and into adulthood
from growing up, I guess would be the right way
of asking that.

Speaker 5 (44:10):
I think what's changed is just a lot more gratitude
as well as I think I've gotten like a more
integrious work ethic, Like I feel like I have more
work integrity now that you know, I'm working for my
father as this event coordinator, and I'm working on building
my own things, Like I just have a lot more
dedication in it. Not to say like I wasn't someone

(44:34):
with integrity or anything. I just I think because my
heart's more in it, because my eyes have been more
open to what creating wealth looks like as I've become
an adult, and that's something that I want to create
for myself and for my future family. I think just
the gratitude and the more knowledge and perspective is really

(44:56):
what's changed. It's also become a lot more real. You know,
now that I'm adult on my own, it's different from
when I'm in high school, and you know, I don't
have any bills and things to pay of course, you know,
things have gotten more real, which have made me more
dedicated to it.

Speaker 2 (45:12):
You know that that brings up something that is really well,
not just important to me, but I sometimes feel is
a little bit elusive. And you use the word integrity,
and your dad, I believe, is one of is someone
of very very high integrity. And I don't know that
it's necessarily something that you can teach per se other

(45:36):
than leading by example and knowing you for many years,
I see you with that same high integrity, and I'm
just my impression is it's just a by example kind
of thing. But you know, anything you'd like to speak
to that, because I've always wanted that for my kids too,
and I don't know that I've always delivered the best

(45:57):
job of that or even seeing that with other families,
and almost not that they're necessarily low integrity people, but
when when certain when certain kids may have the means
to do things that perhaps they shouldn't be doing at
that age, or what have you, they they may not

(46:17):
lead to the best choices, and I see that can
sometimes be the downfall to wealth. But uh, I'm just
really fascinated by the whole you know, lead by example
and integrity, and I'd love for you to speak a
little more on that if you would.

Speaker 5 (46:30):
Yeah, I think it. I think it is a lot
of just leading by example and just showing your children
who you are and creating yourself to be that person.
I think a lot of it too is creating an
environment for your kids where they feel safe to be
open and honest, so if they are doing something you

(46:51):
know that they shouldn't like, there can be like comfortable
dialogue about it and there's no shame. I think yeah,
have a lot of honesty helped with that as well.
A big thing too, was when I saw my father's integrity,
was seeing like how he interacts with other people and
how he's poured into them, and how he does business

(47:14):
so honestly dots every eye, crosses every teas, there's nothing
foul or behind about it. Yeah. Seeing him getting being
older and now seeing how he does business, I can
see what an ethical man he is and how much
integrity he has. And also too when I'm comparing it

(47:36):
to other people. There's actually this like kind of funny
thing going around on the internet right now, and it's like, Oh,
my dad was so great that when I started dating
like regular guys, I was like, oh, actually, not everyone
is really good like what I thought it was. And
that's kind of too. Like as I'm talking more with
other real estate investors and I'm kind of becoming more

(47:57):
in this sphere, I'm like, oh, wow, okay, Like sometimes
people think shady business practices are okay, and I was
raised by someone and that's absolutely unacceptable to him. So
seeing that comparison, seeing how he runs his business and
how he led by example, I think really enforced it
within me.

Speaker 2 (48:15):
Yeah, And that's another fascinating point you bring up is now, unfortunately,
sometimes we deal with folks that don't have high integrity,
and you know, when your default is that you tend
to work with these folks, and when you get forced
in situations where you don't, sometimes we're blindsided because a
lot of us tend to trust people at their word,
and we don't necessarily have that ability with everyone. It

(48:42):
sounded like you had something to say there, Jerry.

Speaker 4 (48:44):
Oh no, no, no, not at all.

Speaker 3 (48:45):
I just said Danny may have cut out, but I
also just wanted to you know, it's we are coming
on the end of the year, and I think it's
just so important to say thank you to our listeners
and you know, to remember that we have a have
a wonderful, safe and wonderful New Year's and it's a

(49:06):
prosperous twenty twenty five.

Speaker 2 (49:08):
Yeah, and I just want to add to that. And
it's with just immense gratitude that I've I've been so
blessed and honored to be able to take over this
show from Bob Zachmeyer this year, and I am deeply
grateful for that. And thank you so much for everyone
listening in. It's been incredible twenty twenty, twenty twenty four,

(49:30):
and really looking forward to the new year twenty twenty five.
As we close out, Thanks so much for listening in.
And again this is Andy and Jerry with the Home
Solutions Show on canis T Catch you next year?