0:02 Who are you?
0:03 >> [music]
0:05 >> And where are you going?
0:08 >> [music]
0:10 >> What do you want?
0:18 >> Hello and welcome to people making money. I'm your host Kevin Bammel and this is the third episode of our mini-series money in motion, the JJ and K show.
0:30 >> [laughter]
0:31 >> It's syndicated.
0:33 >> Yeah, he he's he's getting this together. All right.
0:36 >> Actually, I guess it should be KJJ cuz that sounds like a TV station, right? Cuz all
0:41 >> KJJ live in LA.
0:44 >> There you go. KJJ talking to you from downtown Los Angeles.
0:51 >> [laughter]
0:53 >> Oh lord.
0:54 >> I am here with my my two colleagues and and now brothers. We've We I think we've all adopted each other, right?
1:00 >> Yes, sir.
1:01 >> Yeah, except for we're not in any of each other's wills.
1:05 >> [laughter]
1:05 >> That's what I'm going to give.
1:08 >> Not yet.
1:10 >> [laughter]
1:10 >> You You notice they're both upset cuz I'm the one closest to the grave.
1:15 >> [laughter]
1:17 >> Um but anyway, um so let's see. I think last episode um JC, did you go first?
1:25 >> No, I did.
1:28 >> So JC, you're up first. Give us the Give us the uh the
1:30 >> Beauty before age. Beauty before before age.
1:34 >> [laughter]
1:34 >> Beauty before age.
1:37 >> Oh my god.
1:38 >> Oh no.
1:39 >> It's a brutal playground we play in. Yes.
1:42 >> JC, you're making two assumptions. One, there's beauty and I just I don't see it anywhere.
1:46 >> Oh man. All right, let's get this train going.
1:50 >> There you go. JC, you
1:52 >> All right. Hey, all right. So, I am a private equity firm leader and we also father of four adult children, grandfather of five, husband to one wife, and only one in my whole life. And I also get to the privilege of working with some great people at some of the companies we own and operate, construction company, two lending companies, a title company, and realty company. So, we are in this business, we're in the investment world, and I've had the privilege for about 39 to 40 years of being involved in financial
2:28 services. So, my pleasure to be on here and helping everybody down the road of life.
2:33 >> Excellent.
2:33 >> John. I love it. Tough shoes to fill there. So, I've been a real estate investor for over 20 years. I can't believe I can say that. And I've been a business owner for over 13 years. In my first adventure, I was a Navy pilot and had a lot of fun. And I retired back in 2017 after 20 years, and I started my business in 2013. So, we've been in business for 13 years. We raise capital on awesome real estate projects with awesome real estate developers and partners with a crew and a family of over 200 awesome investors,
3:08 and they partner with us together, and we get to invest on real estate investments across the East Coast and the Mid-Atlantic. Also love to coach and educate and learn and mentor and all that fun stuff. So, happy to be here, and I am really excited for today's episode, Cal.
3:26 >> Excellent. So, I just want to say a thank you to JC for making me realize I've had as many wives as both of you two put together.
3:34 >> [laughter]
3:37 >> Oh, man. I don't envy you, sir.
3:40 >> [laughter]
3:40 >> Yeah.
3:41 >> You really don't want to. I assure you you don't want to. All right, [laughter] so John.
3:49 >> Yes, I'm here.
3:50 >> Real quickly, uh this is this is the concept on which our mini-series is based, the wealth pyramid. So, just again, give us the the sort of 30-second review of this for people who are tuning in for the first time.
4:05 >> Yeah, so we we focused on the intro in episode one on the foundations of wealth, how to get that income, how to protect it, how to make sure we're we're now how to grow our assets. We're in a good position to then jump into the top portion of the pyramid, which is the accelerators, looking at how income's coming in now during our working years, during our business ownership years, and and our maximized profit years as far as what we're doing and staying active so that we're preparing for the future and that when we wake up and decide we don't need to work anymore, we know what that number is that we need to have and how
4:41 we can get to that number by reverse engineering into different ways of managing cash flow. And then we looked at the different types of investments, you know, the traditional investments, uh Roth IRAs, 401ks, and then we talked about alternative investments and those types of investments that are available to folks that um get the opportunity to participate and play, whether it's passive real estate investments, oil and gas investments, other things where you can partner up, venture capital type investments. And all these lead to the top of the pyramid, which is our financial freedom, uh tip of the iceberg
5:16 there.
5:17 >> There you go.
5:18 >> So, so today we're going to talk about what So, so last last episode, and if you if you're if you haven't seen the previous episodes to the mini-series, uh please go to you'll you see uh on the title crawl, uh YouTube, Spotify, or Apple Podcast, you can check out the past episodes. So, last time we talked about the the the sort of um economic uh dislocation that has happened over especially over the last five years or so five six years. Although I did manage to take things
5:54 back all the way to the mid 80s and adding additional context to this. So you know the question then is what do we do going forward? Right? So we have this sort of weird time period of extraordinarily low interest rates that as both of you gentlemen sort pointed out kind of lowered a lot of people into us almost like a Cinderella no
6:30 Cinderella sleep a sleeping beauty sleep right? Interest rates are so low I can leverage up and and I'll always be able to get you know great returns and not have to put in a whole lot of cash. That's that doesn't work today. Right? So you know while we were getting ready to to to start this episode John was talking about the what he was calling the new rules of of investing and I I took him to task on that because
7:01 >> [laughter]
7:02 >> And now you can see the result is he brought the he brought the wooden spoon out and I was like mom no I promise.
7:09 >> [laughter]
7:10 >> I thought you were going to say he went hairless. I don't know
7:13 >> Well that was what I was implying
7:15 >> but you know you know we got to give our younger brother here a little bit of
7:20 >> Yeah I love you guys. I love you guys.
7:23 >> So I think that
7:24 >> [laughter]
7:25 >> I bet you do. I think that we have to acknowledge that the rules haven't changed but the environment has and so how do we operate effectively in And is now a pretty uncertain environment, right? We're not And and and what is actually a more typical environment. Long stretches of you know, sameness rarely happen.
7:55 >> Mhm.
7:56 >> So, that's the only one in that I've had during my career, which like yours JC is 40, you know, 40 plus years. So, so what how do we apply the rules today to this this changing environment, this ever-changing environment? So, so I know John, you have you have some thoughts on that. Why don't you kind of kick us off here?
8:17 >> Yeah, I mean, I would say that um first and foremost is don't don't uh deviate from the blueprint. Don't deviate from what the wealth pyramid is showing you, right? Um those things are still in play. It's that the environment's changed, but you're still sticking to the foundations, right? You want to look at the same things that you're using, the same strategies, but seeing how they shifted as a result. So, there's definitely an education piece to see and understand what market dynamics have shifted. Looking at those changes,
8:53 understanding those changes, and then basically taking your blueprint and applying it to what's changed. So, when you look at how capital is treated now and you're looking at deals, um the capital stack for deals has significantly changed. Now, John will talk about it, too, but what you can now leverage, how much that costs, how much equity is needed for a project when you're investing in real estate or even a venture capital opportunity, the capital has changed. The structure of that capital has changed immensely or totally. So, how does that impact you as
9:28 an investor? It's just a mind shift. It goes back to the mind shift and how you can capitalize on what's happened and now where you fit, and to still do maybe better than we did before the bomb went off. So, that's my two cents on how to look at things, kind of macro level, and um again, you know, using the same techniques, the strategies, having the right team around you to be able to identify the best opportunities. There's some amazing opportunities right now to invest in,
10:05 whether it's businesses, it's uh real estate, it's alternative investments, because you're getting in now after everything's kind of cleared up, and you can insert yourself into deals, especially if you have the cash, if you have the capital to really, really uh take advantage. And I mean that in a good way, not by taking advantage of hurting others, but taking advantage of the fact that money is needed, and you can really dictate some dictate some great terms. So.
10:34 >> So, JC, before you chime in, I'm I want to kind of dig deeper with John here for a minute. With without getting into actual deal specifics, which, you know, that that that would be problematic. Talk it but let's let's still try to drill down a little bit. So, how has the way you structure a deal or a project at GID changed now versus what you might have done, you know, a few years ago? Uh cuz I I know I'm I'm an investor right with I'm still I think on two of your projects that predate COVID, right?
11:10 Uh and so, give us an idea of cuz your prin- I know your principles are still the same. I don't know if your principles are your business, those are the same, too, but your principles are still the same, but how you bring those about in an investment have shifted. So, so peel that onion for us.
11:28 >> Yeah, I mean, look, we we we lived the change. We lived the the uh the um the bomb going off in some of our deals and we lived the results of how we now have to approach deals. So, it was the hey, this is what it was before where you were leveraging like we said in the last episode, 75-80% debt. You were bringing in less equity, money was cheaper, deals had bigger margins, and then we were living the changes that shrunk those margins to where we are now where the margins have been reset. The the parameters, the capital stack has
12:04 been reset. So, now when I look at projects and if I see a deal that has the pre-COVID numbers, I know right away something's not right here, you know, things have changed. So, I'm looking for um more conservative, more more been conservative, but super conservative. And [clears throat] every deal I look at now has to have a a story. And what I mean by that is what makes this deal more appealing, exciting, and um you know, in my buy box than the 10 other deals I'm looking at. Because now
12:39 deals are easier to come by. It's the money that's the hard part. And I in a way I'll be selfish, I like that because I I have I have that money. I have access to that money. So, my deals are very selective now. They have to make sense and they have to have a story. I'll give you a quick example. In a In the past we may have been in a in a lower position in the capital stack where we were maybe batting third or fourth in our equity position. I've got deals now that I can bat second. So, if I can move up in the capital stack, I reduce my risk, I get my money
13:16 back sooner, and guess what? I'm still getting the returns that I got when I was batting third and fourth. So, now I've not only reduced my risk, I've also improved the the return profile from the risk. So now that's a good story. So if I can come in with preferred equity instead of limited partner equity and make the same returns I make as a limited partner, that's a great story. Now I'm going to dig, but that's going to be a good that's going to be a good deal.
13:45 >> Excellent. Absolutely. Yeah.
13:46 >> GC, talk talk talk to us too. How do you How do you see this?
13:50 >> Yeah, first I'll give a little philosophy and then and some practicality. I think the the philosophy that I have is and I one an observation. First an observation is to say, you know, when when you have a period of time like you said that was extraordinarily long for things staying pretty common. Uh like we talked about in the last last episode, people can kind of get lulled to sleep a little bit and just presume or another way to say it is that this is always going to be like this. You start thinking, well well the new the new thing is that nothing's going to change. But [clears throat] you know, thankfully
14:25 two of us at least have been been doing this a really long time. We know everything's going to change. That's the norm and it's going to change on a regularity basis and sometimes without our our alert. We don't get a We're not aware always, but what we should be aware is one of the learnings I think is that actually circumstances are always going to change. The winds of economics, the winds of politics, the the winds of social economic things as we interact with each other, influences of other countries on our country and vice versa. All that's going to continue
15:00 going forward which means we're guaranteed change. So the learning for me then is to say uh and that I share with others, don't underwrite to the maximum you can afford. Don't drain your liquidity. Don't build a a deal based upon a skinny skinny margin at the lowest terms in history. That's one of the things that was going on. You know, believe yourself in a protected position. So, that's outside of the deal, meaning like the investors should not drain their their absolute
15:35 liquidity. They should learn how to utilize other people's money, OPM, at the most affordable terms possible. Uh they should look at the position of where they're going into an investment, which is what John was talking about. Where am I in this investment? How much of it do I own? What influence do I have? What things would impact positive results? The one that everybody wants to look at, they're looking for that. Well, what's going to make this work? Well, what are the things that would actually hurt this deal? And that's where that story does come into play, like John was also talking about, is okay, so I need to understand why and what's unique
16:11 about this. You're always going to hear the best parts. So, then you want to say, "Okay, well, tell me, you know, either they're going to tell you or you're going to consider on your own, what would cause that story not to play out the way the sponsor is promoting it? Instead, maybe what would actually hurt that and am I ready for that?" So, I think a lot of this comes down to personal readiness as an investor and making sure that we have sufficient capital to put it in, we understand how the markets work, we are understanding that it's going to change. So, are we ready for that change and that adjustment where I may need to put more
16:47 money in later, as John mentioned on our last episode that you may want to reference. Or the story about the new one now, or the winds of change of where are we now, where were we? The reality is we're probably going to be somewhere different five years from now. So, but the thing that's always constant is us. We want to unless we pass on to another place, we're here, we need to survive, we need to thrive. So, that's the philosophy and observation. I think from a practical standpoint currently, as John said, there are opportunities out there. I think we're burgeoning on
17:22 a new wave of opportunities coming in the next 12 months because we're likely to see interest rate decrease, and that is going to cause people to be inspired to change out cuz there's been a lot of people on the sidelines, holding, waiting, got burnt, lost everything, or had to put more in, you know, double down on their investment. They're stuck in where they are. There hasn't been a lot of movement. So, the new things that he's seeing are really new opportunities coming up, separate and different, and maybe some new investors, uh as well as some of the traditional ones. And then,
17:58 but then you're going to have this wave coming where things are going to pop up in the market because it's going to unbolt people from where they've been sitting. There's a lot of hibernation on the standpoint of at least real estate. So, if you see real estate go If rates go down, values and volume goes up in in properties. So, there's going to be a lot to look at. So, we need to be getting ready now. That's why we're doing this mini series, helping people not just for now, but also I think it helps that we're going to launch this at a time where people can prepare in advance of this big onslaught that's
18:35 coming.
18:36 >> So, yeah. John John Kevin, let me jump in cuz John brought so many great points there. Um you know, we talk a lot about interest rates. We've been talking a lot about interest rates cuz interest rates is like the first domino that falls. When that when the interest rates change, not only does the cost of money change, not only does the banks' position and and conservative way of looking at deals change, uh the amount of leverage you can get changes, but you're also impacting valuation, right? So, you capitalization rates that really dictate values of property. The lower the cap rate, the the value there potentially is
19:11 in the property, if you're making good net operating income, the higher the cap rate goes, there's some opportunity there. So, that's going to trigger the interest rate impacts the cap rate, the cap rate is going to also impact the value, the value is going to impact transactions, right? So, if you have a higher interest rate in a in a higher cap rate environment, you're going to have reduced transactions. You're not going to see a lot of deals being traded. So, that then impacts and kind of can cause either a hot market or a lethargic market, right? That also impacts supply. That also impacts the
19:47 deliverables and the amount of housing that's coming out. So, that interest rate is really important. I don't want folks to lose that. The other thing is I always look at four things when I look at a deal. The sponsor and operator, the location, the asset class, and the risk and returns. That was 2007, 2015, May 13, 2026. That's never changed. What the way I look at sponsors is different. Before COVID, if there was a good sponsor having great projects and only had four or five years, that's fine. But, if I
20:23 look at a sponsor now and they don't have that COVID cycle experience, I don't I don't really look at them only because they haven't experienced the pre- and the post-COVID. Uh locations, you know, I told you about the locations in the last one. I mean, I like the locations I like because I know the dichotomy, the metrics, the the um the demographics, the the asset classes that are strong, and then the risk versus the returns. You always have to look at what the sponsor, the operator, the person that's presenting the deal to you, and you have to say, is this full of crap from what I know and what I can analyze?
21:00 Okay, it looks good. Now, let's look at the market. Let's look at the asset they're going to be investing in. That's where you have to look at both things. What looks good on paper and then how it compares to the market, the asset class, and what it's going up against in the real world from the economy standpoint.
21:18 >> So, I challenge both of you I think in in in this statement {slash} question. So, John was saying, you know, interest rates are so important. JC saying he thinks they're going to drop. Uh I would argue that um interest rates are just one factor that impacts investing. And it's it's not a an important or an unimportant factor per se. It is a factor. And whether JC's prediction comes true and interest rates go down or
21:55 whether they they stay flat this year or whether they go up, from my perspective, there is opportunity out there. The opportunity needs to be examined in light of the investment conditions.
22:12 >> Absolutely.
22:13 >> So, you know, one thing I've learned over my 40 years in in you know, in investing and although it was primarily in real estate, I've I've been involved in lots of other types investments as well, is my crystal ball is embrouillée as the French say. It is foggy. So, I don't I don't rely on you know, what what I think is going to happen economically. The the the investment given the current interest rates, the
22:49 current economic climate has to make sense within the economic parameters as they sit today. And the people who are involved, this this is to your point, John, which I think is is so important. They have to They have to I have to have confidence that if there is a significant enough shift in the investing environment that they're going to be able to make the changes sometimes on the fly so that the the investment will still work out,
23:24 right? And as you know, give you a free plug here, but you know, as someone who's in your projects and I I know what you know, what was um you know predicted, if you will, at the time I went in. You know, and then COVID hit. And you know, one of the first things that happened was I got emails on the project saying, "Hey, COVID is going to be changing our plans. We'll keep you posted, right?" Well, so that right there is telling me that I'm dealing with a knowledgeable uh and and I I I I dare say, you know, humble
24:01 um partner in an investment uh because and and so that gave me the confidence to hang in. And you know, I'm not I don't know if if this did happen, but I don't think you ever heard from me, John, saying, "Well, so what's happening with because hey man, you have the con, as we said in the Navy,
24:18 >> Yes, sir.
24:19 >> right? So to me, that's really the heart of it. And all of these issues are important. And it's really the it's the ability to deal with the changing environment that is the difference between a successful investment and one that's not, whether it's private equity, whether it's, you know, VC, whether it's whether it's real estate, whether it's um you know, what you know, um oil and gas, as you were saying, or I don't know, cattle. Do people still involve Do people still invest in cattle?
24:54 >> [laughter]
24:55 >> Yeah, they actually do. Yeah. Yeah, no, I think so. So, let me put some words on what you were saying then. It sounds like your focus is on uh you recognize like I do that things are always moving. There's what's happening now is going to be different happening then, was different in the past. But the what you're looking for is the consistency, the underlying currents, skill, the ability to navigate. You were describing a company and a sponsor that's able to navigate through different waters no matter what comes at them. Because you and I know
25:31 there's a lot that's going to come at them. Right. So, now it's a matter of like do you have the experience like John was saying? How far back does this go? What have you endured? What have you made it through? How did you navigate as we mentioned in the last uh last episode as well. Like when you're finding people who've done well, what did you do? Learning from them, trying to apply that ourselves, but also building respect for what they did and and maybe if you have the opportunity, you know, to partner or affiliate with that then that's a good a good way to tie yourself. So, I guess you're looking at the skill, the
26:06 experience, the methodology, uh how disciplined are they? How well equipped is the people that you're investing with? Whether it's a business owner or a property owner or building a property or creating any kind of investment opportunity, you're interested in the depth, breadth, strength, and methodology of the potential people you're investing with.
26:34 >> Yeah, and and I want to make sure that
26:36 >> add a corollary onto that, John, before you comment.
26:38 >> now.
26:39 >> So, I think that's a crucial component. What I would say though is I wouldn't necessarily rule out someone who might be less experienced. However, if I am going to consider an investment but you know, with someone who is less experienced, you know, they may fall into what I might call the angel capital trough where it's a small investment and you know, I'm playing the game of okay, I'm going to make 10 of these investments. Eight of them are going to
27:14 you know, go down to zero. One is going to do okay and the 10th one is going to have a big enough return to compensate for the losses on you know, the eight that went belly up. So, cuz I I don't want I don't want you know, younger people or less experienced people just to feel like oh, you know, I I I I I I can't be a part of this. No, you certainly can be.
27:41 >> Absolutely, yeah.
27:42 >> You need to understand what you bring to the table and how that will impact how other people who can bring capital to you, for example, will look at an at an opportunity to partner with you. So, I I I just want to add that corollary.
28:01 >> Yeah, it's a good point. I mean, it's it's just it's it's higher risk, right? Like if I say, hey, you know, this sponsor has only been in business for six years, they've done 50 deals, everything has gone fairly well, they had a couple of hiccups, but they walked through us, they showed us what the challenges were, they they talked through it and they and they're competent and they're educated and they're wise from those experiences. I just look at at that and say if I'm going to go with that sponsor, if I'm going to continue the conversation, it's a higher risk category just from the experience standpoint. You know as well as I, Kevin, we've got checklists out of
28:37 the wazoo and when I build my due diligence packet and I look at just, you know, everything I go through and of course, you know, we'll talk at some point about how AI has really helped that. It it it really is something I'm disciplined with. You know, we talk about three components, I think, that it it investors are always going to be successful if they follow these three components. One is sound strategy, second is discipline, and that they're executing at the right time. And if you follow those three kind
29:12 of core principles, you're going to be successful. And you got to stay disciplined. You've got to not get all emotional if the stock market drops a thousand points. You look at that as opportunity. I want to come in and buy more Apple stock, or I want to come in and buy this or that. You have to be also flexible. I talked to investors who say, "I really can't invest right now. I don't I don't have enough capital." Well, then my next question is, "Well, what do you have in your IRAs?" Well, I have a half a million dollars. So, you can now set up a self-directed IRA, and now you can use that capital.
29:47 So, there's always ways to to explore, to to have opportunity, because we're always going to make excuses if we're not comfortable. But, if we do our analysis, we do our due diligence, we understand the discipline, and we see the opportunity, we can capitalize on that. And we should. We should. And that's what we're here to help with.
30:09 >> John JC looks perplexed.
30:12 >> [laughter]
30:12 >> Sorry. I was in I was listening.
30:15 >> You were you were listening? Oh, so okay.
30:18 >> Yeah, it was really good. Yeah.
30:20 >> So, I I think in in we're actually we're going to we're going to wrap this one up in just a few minutes. When if if if you know, I don't want to bring up the the the image again, but on that wealth pyramid,
30:35 >> Mhm.
30:35 >> on that very bottom level, we have financial awareness and financial education. And to my mind if we're going to uh be resilient investors those are the keys.
30:56 >> Mhm.
30:56 >> Right? Because the the the education has to be ongoing. There's always new things to learn. You know, John, you mentioned you know, how do we integrate LLMs and automation and such into our investing? I was talking to somebody actually a close business associate of mine yesterday. He was telling me there is a real estate uh home lender out there. He's He went to a presentation uh by this individual. 80% of the loans he does, no human looks
31:31 at anything related to those transactions.
31:36 >> Wow.
31:37 >> That's astonishing by any measure. Now, they are primarily or not primarily, I evidently they're you know, conforming loans or FHA VA loans where the you know, the the writing standards are very cut and dry. You know, there's no live appraiser. They're using an AVM, right? That is astonishing and the ability of that to drive down costs for people to get a mortgage is truly astonishing. Right?
32:09 >> Mhm.
32:09 >> Um and it could have an impact on housing affordability, all these kind of things. So,
32:14 >> Right.
32:14 >> but we have to be learning about those, understanding them, even playing with them before we integrate them into our our businesses, our investing lives, etc. And we have to have the awareness so we know A that things are changing and B what responses are necessary to the changes. And I use that word respond advisedly. We don't want to react, we want to respond. So so gentlemen, give you kind of, you know, last last last rounds here or saved rounds here before we wrap things up.
32:49 >> Yeah, what I would say it's interesting you brought that up cuz, you know, our mortgage company is is burgeoning to do a very similar thing. And so we we've integrated Agent AI into our process. And what we chose to do was reposition the humans for maximum optimal interaction with the client so that they have the touch points where they need them. The customer gets the service they need, but the machinery does the bulk of the work. So we're in that same field doing a very similar thing. And all of
33:24 us that are doing that are in about to transform the entire mortgage business, which you just gave some indicators that what are the what's the ripple effect of that? Right? What's going to come out of massive change? And the biggest change that's upon us right now is the influx of, you know, artificial intelligence, machine learning, and the implementation of that into our normal human life. Much beyond chatting. Right? But actually in changing and transforming who how we function, how normal things like getting a mortgage has been standardized as you
34:00 said for more than 100 years. And now it's going to change in 2 years. Right? Massively change. And and the market's been asking for it for 15 years. And we're just one of the companies answering that call. And so I would say yes, now we're going to answer the call and everything is going to be different. A lot of folks know that you can do a lot of business on your mobile device. Uh you know, and so we're going to make mortgages that way. What impact does that have on real estate? How does it you know, how does that affect the average consumer? You mentioned maybe more people can afford them. Also, it
34:36 could it could accelerate the speed with which they move and that could push prices up. Might might leave some of the first-time buyers in the dust at the moment. You know, we don't know what the exact impact will be, but I think what we've been talking about is change is inevitable. Our response to that, how do we do that? So, whether you're you're the one making the investment and you need that expertise or you're looking at like John was describing through much of this episode, investing into someone else and what they're doing. Both of those, Kevin, you pointed out some keys of what you want to be looking for.
35:12 Uh and so, I think hopefully people glean from those type of aspects because the reality is change is here, change is going to be continual. We need to learn how to navigate and be partner with people who are good at navigating through that as well.
35:25 >> Indeed. [clears throat]
35:26 >> Yeah, those are all great points. Um my my take is that, you know, one of the themes we have in this mini-series is we want to help people understand how to take their income and translate it into wealth. And then that last piece is that legacy, right? So, you know, as as we get older and and our kids are growing up or we have folks that we want to help and bring into the industry to be the next, you know, sharp sharp guy and gal to to to kind of take the reins. Um you know, we've learned a ton and and the wealth
36:01 strategy, the wealth journey, it's not one you have to take alone. Um and you don't have to feel like, you know, you're alienated. There there are people, us here, that want to help you walk that path and make you feel empowered that you can do this. And so, that's kind of the strategic. Now, going back to where our focus was today, when you're looking at deals and you're identifying what's good versus what's bad, you'll know as you start to educate yourself, as you start to be around the right people, as you start, you know,
36:36 going after the the the podcasts and the information that's out there, you're going to start growing your understanding. You're going to get better. You have to practice. Look at a few deals. Identify what are some of the questions. Use the AI tools because AI is is is um an amazing technology, but we forget that our parents, compared to us right now today, the level of information that processes in our brains from what I was on a podcast, I thought about this yesterday, is probably 1/100 of 1% of what our parents They had ABC, they had a
37:13 newspaper, and they had their friends. We've got so much information our brains are processing every day. So, we've got to type take a time out every once in a while, take a deep breath, and see where we need to focus. I try to spend 1 hour a day in time blocking my wealth journey. I go through my investments. I go my I go through those tiers every day. And I want to make sure folks understand that because that's where you have to have a good foundation, where you have to understand what is really most important, and take time for yourself. We're so good at helping other people, and there's nothing wrong with that, but then we've got to figure out
37:49 how things look for us. So, yeah, I'm looking forward to continuing this journey with you, fine gentlemen, and those folks who get the chance to talk with.
37:57 >> Great.
37:58 >> Yeah.
37:59 >> Well, and that's a good note on which to end. So, I want to thank you very much for joining us. If you have questions, comments, criticisms, if you just look right below you in the show notes, and you'll see links to social media. Feel free to post them, or you've got our email addresses scroll scrolling along the bottom of the screen there. We're happy to hear from you, answer your questions, and and also take your suggestions and criticisms on board. That let's see. So, that just let's say okay, so next just be sure to join us next week Wednesday 10:00 a.m.
38:36 Pacific time, 1:00 p.m. Eastern time. And then an hour in for Mountain and Central, right? From each of those. And we will continue on our journey through money in motion.
38:49 >> Yeah.
38:50 >> Gentlemen, thank you so much for joining me today.
38:53 >> Thank you, sir.
38:55 >> Oh, see. Now now we got JC saluting.
38:57 >> Yeah, we got
38:58 >> There we go.
38:58 >> three saluters there.
39:00 >> That's okay. That's okay. Uh we'll we'll we'll teach him.
39:03 >> [laughter]
39:05 >> And that just leaves me to remind you that indeed Marie, you are my bell. Courage at all times.