Jason Hartman discusses concepts of comparison, scarcity, and price discovery. He also talks about the minimum down payment and reserve fund amount for a new investor. He explains what to do with a down payment when few properties are available to purchase. Jason also explains why raising the minimum wage will only hurt the poor and why it doesn’t make any sense when considering inflation.

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This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.

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Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on now. here’s your host, Jason Hartman with the company leet solution for real estate investors.

Jason Hartman 1:04
Welcome to the creating wealth Show episode number 855 855. This is your host Jason, thank you so much for joining me today. I really appreciate you listening to the show and spreading the word spreading the gospel about the creating wealth show, because we are really trying to create a revolution here. Yes, a little mini revolution of people that rebel against the conventional wisdom, the wisdom that makes the insiders rich and the outsiders poor. And that would mainly be the mainstream media’s investment advice, you know, all the all the Wall Street stuff and all the typical investment alternatives that just don’t work. And I know everybody can have a little bit of a run and we’ve probably had one lately maybe some of you are listening and you’re saying well, Jason, I bought stocks that minute I heard that Trump won the election. And they went up. Well, good for you. Guess what they’re gonna go down. That’s like saying, I bought a house in LA that didn’t make any sense the day I bought it that violated your commandment number five, Thou shalt not gamble. And guess what? I made a lot of money on it. Well, guess what you’re you’re in good company. A lot of people made a lot of money on that stuff. But it didn’t make any sense. And we are all about conservative investing. Property must make sense the day you buy it or you don’t buy it. We can’t be fooled and tempted by that siren song of investing the song of people who want instant gratification, the song of people who say I’m waiting for my ship to come in, rather than the people who are willing to do the hard work and swim out to the ship. So that’s what we’re about. We’re about the real deal. The the conservative a sustainable thing that really works, that’s proven over time to work in again and again in and out year after year. So that is that is real investing. Everything else is just gambling. It’s just speculation. And that’s not what we want to be involved in. So if, if you are that type of person, please listen with an open mind, if you’re a gambler and a speculator, and you have called yourself an investor, which probably was a bit of a misnomer because I was one of those people too. I used to call myself an investor buying overpriced, nonsensical properties in Orange County, California. And hey, you know, a lot of them went up in value, I made some money, and I got a big check. And I thought I was an investor. I was really just a gambler. So I’m right there with you. I understand the the mentality because I was a victim of it myself. Hey, don’t we all love instant gratification. Very few people. You It really takes a lot of character to work hard for something. And I’m not saying that this is that hard, by the way, but to be, I guess, I should say, it takes character to be patient and wait to get your return to just get a nice return every year, year in and year out, while you’re waiting for a big payoff. Right. You know, as opposed to all those people that watch the infomercials at two o’clock in the morning and hear those testimonials of Yeah, I made $60,000 my first month filing, you know, following Carlton sheets program or whatever, right? And, you know, those people aren’t like one in a million people. I’m not saying it doesn’t happen. It does happen. But it’s just not reliable, you know, winning the lottery happens to but it’s just not something you can count on. So anyway, that’s, that’s what we’re about. So speaking of which, look at, you know, the question to always ask ourselves as we’re investing and as we’re looking at opportunity For our hard earned money, the question to always ask is compared to what? Compared to what? That’s always the question. That’s the right question to ask. And then the other thing to constantly be understanding is that you can’t hear the dogs that don’t bark, right? Well, if you can’t hear the dogs that don’t bark, I was pretty bad. I should get my own dog to actually bark for you, but I can’t quite do that on command. So. So there’s my bark. You can’t hear the dogs that don’t bark. So the question is, what didn’t happen? And what do we compare things to when we are looking for opportunity for our money, right for our investment dollars, and what is the opportunity cost of taking one path versus another path? Okay, so it reminds me of the old story that old I guess it’s a joke more than a story. You may have heard, and it is about the two guys that were camping in the woods, and they see a bear, and the bear starts coming at them. And they run a little bit and one of them stops to tie his shoes. And the other guy says to him, Hey, man, you know, what are you doing messing around with your shoes? You can’t outrun a bear. And he says to his friend, he says, I don’t have to outrun the bear. I just have to outrun you. So, yeah, you’ve all heard that sort of trite story, right? But it’s really true. Because economics is a game of comparison. It is all relative. It is a game of relativity, isn’t it? And, you know, we don’t have to

Jason Hartman 6:50
make a billion dollars. We just have to make more than most people. Now, why is that? Well, it’s because of the content concept of comparison and scarcity, right those those two concepts, because the market has a fairly efficient ability to price itself. And this is the concept of price discovery that we’ve talked about on prior episodes. And when we talk about price discovery, we know that if you know like right now, right, you could look at the median household income in the United States, and I don’t know exactly what it is off the top of my head, but maybe it’s like $56,000, right? Well say the median household income in the United States goes down to $25,000. Say economic times get very tough, and incomes drop. In fact, they’re, they’re worse than cut in half. And so say the median income of every household in America goes down to $25,000 from $56,000. And if that happens, the market will start to price itself. And it will have new price discovery, where basically every product and service out there in the marketplace that all those households buy will come down in price. Right? It’ll come down in price. Because, of course, all of the manufacturers of these products and services will have to adjust their prices to meet the market. And trust me in a capitalist free market economy, they will find a way to offer everything they offer at lower prices. So I’m heading back to Europe. And I’m going to spend a considerable amount of time there this summer. So I will be broadcasting or podcasting or I guess we should say narrow casting, because that’s really what it is. You know, podcasting is not broadcasting it’s narrow casting. I am narrow casting right now. to an audience that has a specific interest in this targeted topic, and rather than just talking to everybody in the world out there, which is why, by the way, when you listen to the mainstream media, or as Sarah Palin called it the lame stream media, which, hey, love or hate Sarah Palin, she’s right. It is the lamestream media, okay? And when you listen to the lamestream media, that’s why you get such crappy advice. You know, they they talk and dumb little sound bites, and because they’re talking to the masses, they’re not talking to a narrow cast. They’re broadcasting. And they’ve got to say something that appeals to, you know, all these idiots out there in the world. Yeah, I’ll just say it. There’s a lot of people that ain’t too Swift. And you know that as well as I do. And, but, you know, there’s a lot of people that are very sharp, and, and so when you listen to the mainstream media, you’re getting But you know, you’re just getting really sanitized, dumbed down advice right it’s unfortunate it’s it’s a sad thing you know when I’ve interviewed the author of the dumbing down of America on on the show here years ago so we all know that this is what the the government public education complex has done to society so you know, if you want to learn anything nowadays, you really got to be curious and you’ve got to be kind of self taught be taught beyond your your formal education. Right. So, anyway, that bear story i thought was kind of interesting, because guess what, in the news, Rob Quinn just wrote an article here I saw on July 7, that says marathon runner escapes to bears. Yes. He made it to his house just 10 yards ahead of the bears that were chasing him. Right. Perfect. marathon runner and how do you say this? Monique Modine de mon Anita guess. Maru Bay. All right. Forgive me for not pronouncing that right. came in second in a race Tuesday, but came in first in a more important one Wednesday when he encountered two black bears. He says the bears. He says he met the bears early in the morning on a dirt road near Auburn Maine The Guardian reports and says he he says he can’t swim. I don’t know what that has to do with it. And he knows better than to try to climb a tree to escape a bear. Yes, do not do that because bears can climb trees. Okay, just so you know. He decided running was the only option. I guess he was near a body of water and thought he might jump in the water and got his only option was running when they charged. So he managed to make it to a vegan. He passed earlier. And he got to the porch and closed his screen door within just 10 yards of the bears behind him. Wow, that must have been scary. And that reminds me one time to tell you about the time. I Well, not me directly but it kind of sounds better if I say that figuratively I was attacked by a bear while camping in the San Gorgonio Mart mountains in Southern California many years ago, while my tent was attacked by a bear with me in it, it was probably one of the scariest things that ever happened to me. But look, that’s the deal when you’re investing, it is a game of relativity. You know, that funny story that I started with, all you got to do is beat the other person. So if so, if every if the household income in the US goes down to 25,000 per household, and you have and you continue to make $56,000, that median household income, somewhere around what it is now, right You will be rich by comparison to everybody else who’s making 25,000. Now, similarly, the same argument goes in the epically stupid left wing minimum wage argument that is just pathetically stupid. Like, I don’t know how people can’t figure this out. Okay, it’s mind boggling truly mind boggling that people are this brain dead in our society are they just believe all these dumb arguments? Right? So, you know, the, the left will tell us well, we got to raise the minimum wage, right? And, you know, it sounds good. Let’s pay everybody more, and that’ll be great. And, but what they of course, never say is that, that will cause all the employers to try and do with less with with less staff. They’ll try to automate, they’ll find another way around it, you know, the market is very innovative like this. And, and and so, you know, if the answer was raising everybody’s minimum wage to $15 per hour, which by the way, trickles up, you know, everybody above them. That’s now Making $25 an hour, we’ll look at that. And they’ll say, Well, hey, now I got to make $33 per hour and you know, everything goes up. So of course, this causes inflation, obviously. But it takes a little while for that to happen for that to trickle through the market. But that inflation will certainly happen and who does inflation hurt most? It hurts the poor, who does it help most? It helps the rich helps the investor class, and that’s you. Now maybe you’re listening and saying, well, Jason, I’m not rich? Well, you know, I’m just talking about you’re in the investor class. And if you’re not there yet, you’re on your way there because you’re listening to education like this. And you’re going to be a real estate investor, and inflation is going to work for you quite dramatically. Now, I completely understand and admit fully that we have not had a lot of inflation over the past few years. But over the decades, we have had very significant inflation and remember Regardless of what the official stats tell you, of course, inflation is, of course, much higher than the government would would have us believe. Obviously, we all know that right? So inflation helps us through inflation to do step destruction through the fact that our commodities our houses, or apartment buildings are indexed to inflation because they’re made of commodities, which index very well to inflation. And so we have all that going for us but the poor don’t have that they get hit with higher food prices, higher clothing prices, higher prices of everything and the worst thing that happens to them even in this environment we have where we’ve had relatively low inflation the past few years, because a lot of this money has been on the sidelines isn’t hasn’t trickled into the marketplace yet though. It will. Okay. It definitely will. We know that it takes time. But we have had very high interest In the asset inflation world, okay, and so what does that mean long term? Well, this is a really long lag time. So in my example earlier about the incomes going down, right, so they go from 56,000 to 25,000. Well, in just about, you know, two years, the market will price itself to adjust for that. But in that minimum wage argument, conversely, you know, if we raise everyone’s wage to $15 an hour, well, if that’s a solution, then Wouldn’t it just be completely, absolutely bulletproof logic to say, why don’t we raise everyone’s minimum wage to $30 an hour, I mean, a 15 is good 30 will be better. And if 30 is good, why not make minimum wage $100 an hour or $1,000 an hour or a million dollars an hour? Because obviously that will create massive inflation, not to mention that it creates magic of unemployment. So inflation hurts the poor the most. It benefits the rich the most. Right? And all those disgusting scumbag politicians, you know, they they’re rich. So they benefit obviously because they make all sorts of insider deals. Which by the way, have you noticed that the man of the people socialist Bernie Sanders is in the news on a little tangent here. There is now a grand jury investigation and FBI investigation into Bernie Sanders. Yes, his disgusting scumbag wife, Jane Sanders was president of Vermont’s Burlington College in 2010. And she directed the college to participate in a land deal where they purchase some land, relocate the school and the deal push the college into deep financial trouble resulting in having to shut down just last year right. And there’s a bank fraud investigation. Imagine this right Saying that Bernie Sanders wife may have fudged college donor levels on the loan application. Okay, allegations that led to her resignation from the college in 2011. And that her husband may have used his political office to get the application approved. Disgusting. hypocritical left wing scum. Yep, thank you. Bernie Sanders. By the way, Bernie Sanders, the man of the people owns three homes. Yes, three homes man of the people. He bought his last home on I believe Lake Pontchartrain because every man of the people every every common man like Bernie Sanders needs to own three homes. Right. Yeah, you know, so the FBI is in on this federal prosecutors, this will obviously come out a lot more. You know, that’s disgusting. And what a surprise, you know, and I know some of our friends on the left out there saying, well, all these politicians are crooks. I agree. I agree. They’re all credit. So look, if that’s the problem, if all the politicians are crooks, well, why don’t we just make the government’s influence smaller, and then the crime level will be smaller. If it’s smaller, then everything will shrink with it, the corruption will shrink, the inefficiency will shrink, etc. Right. So that’s the minimum wage discussion, and then I got some real estate questions for you here. This is not going to be a philosophical debate with myself the whole time. Okay. So obviously, more inflation caused by increasing minimum wage, duh, obviously, I mean, no one can argue this. It will happen. It may take a little while to trickle through the system. And this is why, you know, the results of this stuff are not instant and it will increase unemployment. Inflation hurts the poor, the most benefits the wealthy the most. And then it also increases unemployment, of course, especially among minority youth. Well, guess what happens when minority youth are unemployed crime rate goes up. And guess what happens when the crime rate goes up? They create more business for the prison industrial complex, the government prison industrial complex, which is absolutely disgusting. And thank you, Mr. Bernie Sanders, corrupt, fraudulent man, the people. You have spoken out against that, and I agree with you there. So thank you, Bernie. I’m actually being quite sincere when I say that. So, yeah, it’s a cycle. It’s a cycle of follow the money as deep throat from Watergate said, follow the money. And that’s always what you’ve got to do is follow the money with his disgusting scum. So make the government smaller and the problem will be smaller. It will always be there. There will always be corruption, there will always be inefficiency, but the smaller the government is, the smaller those problems will be. All right. Thank you to all of you who’ve entered our pot, our little contest for the apple EarPods a fan pastic product, I absolutely love my apple EarPods those are really one of the best products in many, many years. They are phenomenal. And you are a podcast listener. So if you want to make it easier to listen to my podcast, of course you do. Then get some of these Apple air pods. They’re great. Go to Jason hartman.com slash contest, and enter to win. And you know what this contest is going pretty well. I think we’re gonna buy some more pairs of these and and raffle them off as well. But in doing that, I want to thank all of you for all of the great questions and comments you left there when you entered the contest. So we are still accepting entries. And we’ve just got I don’t know a couple dozen so far. So let me answer some of these questions right now on the show. So William asks, What is a realistic minimum downpayment and reserves fund amount for someone looking to get started in real estate investing? So the answer to your question is, you need about 20% down. Of course, this is all subject to qualifying, and everybody’s income credit scores different and so forth, but you need about 20% down. And you should probably allow about another 4% for closing cost and then another 4% as the minimum amount of money you should have in reserves. So in other words, every property you buy, if it’s $100,000 property just for nice round numbers here, you would need about $28,000 20%, down about 4% in closing costs and about 4% in cash reserves. Remember, you never want to be forced to sell a property you never want to get yourself into a problem or a bind, where you’re forced to do something you always want to be in the position of power as a real estate investor. So, minimum 4% cash reserves 4% of the portfolio value. So in that example, the portfolio one property is worth $100,000. And you have $4,000 on the sideline. But if you had a $1 million portfolio, you would want about $40,000 in reserves. Now, should you have a lot more than that? know, you might have a little more than that. And that might not be a bad idea. But I don’t want to have too much more than that. Because if you have too much more than that, the money’s not working for you. And you want to make your money work as hard as you do. You’ve got to put your money to work. You don’t want sleepy or lazy money, okay? You don’t want your money voting for people like Bernie Sanders, lazy people. Yes. Who have the entitlement mentality. You don’t want your money to get over entitled. Okay, so, so you don’t want sleepy and lazy money, you want to always make it work for you. So having too much in reserves is actually a bad thing, but having too little is a bad thing as well. So there’s a happy medium. There’s a balance in this. And then William’s comment was, I like how he keeps it real and shares his opinions on different topics. Well, thank you. Well, you might appreciate that next step and who’s been on the show before? He didn’t have a question, but he did have a couple of comments. He said, among my favorite aspects of Jason’s show, is when he brings his clients on the show, to share his or her will share their personal success stories. His show is an invalid is invaluable to me. Jason offers his condensed down to earth no nonsense perspective of our world’s current real estate and financial status. Thank you, Stephen. I appreciate it. Joe had a question. He says, what do you do with your quote dry powder unquote, money you have to purchase your next property or properties while you are waiting to find the right property? Well, Joe, that’s a great question. Hopefully, hopefully. You’re not going to be waiting too long. And in this market, I understand. Sometimes you have to wait. Because you’re gonna try to buy a property and you’re going to lose it. It’s going to get purchased right out from under you. And I, I completely understand how discouraging that is. It has happened to me many, many times over the many, many years I’ve been in the business. I’ve seen it happen to our clients. I’ve seen it happen to my wall. I’ve had it happen not seen it happen, but had it happen to myself many times and it’s just, it’s just part of the game. But here’s one thing that I did talk about at the Oklahoma City GHQ Jason Hartman University live event and property tour. Last last weekend in Oklahoma City, I talked about how psychology always lags the market. So Joe if the reason you are waiting to endure, you don’t know what to do with your your dry powder. Right The money you have Have ready to purchase. If the reason you are waiting is because you’re looking around and you’re thinking, well, this feels not good enough or that deals not good enough. And that’s I’m gonna wait for the next deal. Be careful with that one. Okay? The reason is, is that with both buyers and sellers in any marketplace, not just real estate, psychology always lags the market. Okay? So always know this As humans, we always look to the past, and we think in the past, because if we’re a seller of a property or a seller of anything, okay, our psychology will lag the market. I mean, look, have any of you sold anything on say Craigslist or eBay or something like that maybe a used item? And what if it was a technological item, right? So you may sell your old laptop, hopefully you’ve properly erased your laptop before you sell it Be very careful, obviously. And you sell your old laptop, and you’re thinking I paid $2,000 for this laptop, and you put it on the market for 1000. And no one is, is is even inquiring about it. They’re not even a little bit interested. Because you still think in your mind, I paid $2,000 for this. Well, obviously we all know technology depreciates very quickly because of Moore’s law. Right? You know, Moore’s Law, Gordon Moore, the founder of Intel, many, many years ago said, the power of a processor doubles in speed every 18 months and now it’s even faster. Okay. So Moore’s law is even becoming obsolete. And so your expectations are lagging the market. But when you look around at the new laptop you want to buy, you realize wow, These new laptops are pretty awesome. They’re double the power of my old one. And they’re less expensive and better in every way than my old one, right? So relatively speaking, the laptop you can buy is, you know, relative to the one you’re selling, even if you only have to sell your old one for five or $700 when you paid 2000. Well, the new lap your top you’re getting is going to be so much better. And if you have a house and you’re a seller of the house, you think, Well, you know, say say it’s a personal residence, just for example, not an investment property because the the conversations a little better. You think, Well, my neighbor down the street, sold their house for $300,000. And of course, my house is better than their house. Obviously, mine’s the best in the neighborhood, right? We all think that every seller thinks that and, and so you know, I should be able to get at least $350,000 if they got 300 for their doctor But, but say the market is declining, and you’re selling into a declining market. So, and your house really is not better than their house, you just think it is okay. Because that’s a common thing that’s common part of human psychology. And so you think, well, gosh, you know, I mean, even if I sell it for 300, now it’s only worth 280,000. Right? And our psychology keeps lagging the market as it’s declining. I saw this happen a lot because remember, when I was in traditional real estate, I operated in a cyclical market. That’s not the type of market we invest in. We invest in linear markets. See, I changed my stripes, right? I was a, I grew up in cyclical markets. I grew up in LA as a kid, and I grew up well, I grew up but I lived in Orange County, California as an adult. And so I was selling real estate in Irvine and Newport Beach, and these very, very cyclical markets. And I went through a few cycles. And I saw this happen, you know, as the markets would go up and down. And similarly, as a buyer and Joe, this may be you, and it’s a lot of people. So you’re in good company, but you’ve got to overcome the psychology. I’m not, I’m kind of reading a lot into your question. So forgive me if this is not if you’re not thinking like this, because I don’t know why you haven’t found a property to buy or more properties to buy yet. But, you know, you might be thinking, well, gosh, you know, that the houses I bought, you know, I bought a house in Memphis and Indianapolis and Atlanta, and, you know, Houston, and I bought those three, four years ago, and I got great deals on them. And now, I can’t find anything that even comes close. Well, yeah, because the market has appreciated. The deals just ain’t as good as they used to be. As Yogi Berra said, the future ain’t what it used to be. So you’ve got to adjust your psychology and overcome your own psychology because Human beings, psychology always lag the market in everything, they always lag the market. Okay, so whether the markets going up or down, if it’s widgets, if it’s properties, it doesn’t matter what it is. Our psychology always lags. It takes a long time for us to get real and adjust our expectations. And usually, and this is the mistakes so many investors make. And usually, by the time we get our psychology to adjust what’s happened, the ship has left the dock, The train has left the station, even those deals are gone. So for example, if you’re just trying to adjust your psychology now, and you’re finally getting real, and you’re adjusting your expectations to the market reality, well guess what, while you’re doing that, the market is still increasing in value. And that ship is pulling away from from the dock and the swim is going to be longer and longer and longer to get out to it. And so this is the thing that happens. You know, it’s the reluctant investors lament right. I hesitate to make a list of all the deals, I’ve missed Bonanzas that were in my grip, I watch them through my fingers slip, blah, blah, blah. You’ve heard it before. It’s on our website at Jason Hartman, calm. Okay, so Joe, Joe’s comment. So thank you for that question. That was a good one and an awfully long answer. But you know, me. I like the specifics, and how to do the best client case studies are great to see how others are doing it. I less like the big picture or economic type discussions. Okay, fair enough. Joe, I try to keep it balanced and have some very specific and tactical things and have some overall sort of philosophical things. So, you know, some people like them, some don’t. Anyway, try to keep it balance. Okay, last question. And then we will adjourn until then. Next episode, Ben asks, Jason, I’ve heard you mentioned the mobile home park a few times on your show. I’d be interested to hear how it’s performing and your thoughts on the asset class. Great question. mobile home parks are a great asset class. However, here’s the problem. Very, very hard to buy and source and find any deals. You want to talk about expectations lagging the market or psychology lagging the market, in mobile homes and apartment buildings, apartment complexes, it is worse than in the residential market. Because there there is just so much money out there for investment capital, and in some of these properties you’re competing with I don’t want to say institutional investors but like semi institutional, you know, small real estate funds or Just investor groups, you know, we’re a bunch of doctors, they’ll get together or whatever and invest in, and they’ve just got a lot of them just, you know, these people just have like, more money than brains. Okay? You know, just because they earned a lot of money in their profession or their business doesn’t mean they’re being the smartest investors. And, you know, they’re just throwing too much money at these things sometimes. And it’s just getting really, really frothy. So my mobile home park, it’s kind of hard to tell how it’s performing. Now, you know, why do I say that? Right? You’re probably thinking, well, that’s a pretty lame answer, Jason. Actually, it’s not. And here’s why. Because we have been piling money into capital improvements. I believe my partner and I, Steve, who’s one of our clients who you know, maybe some of you have met him at our meet the Masters events, he’s been a few times and to some of our other seminars and so forth. He and I have decided that really, capital improvements are what we want to do. We think this property could be a lot more valuable. So we spend about $150,000 on boat slips, because it’s on it’s on a river. And you know, we just thought it was wise to improve the boat slips. There’s also a restaurant on the property, and about 120 mobile home units. And this is not your typical mobile home park that’s like, you know, one of these sort of trailer trash type parks, which, hey, some of those can be great investments. So I’m not knocking them. But this is more of a vacation mobile home park where, you know, people from Southern California will come up and have a, you know, like a weekend mobile home there. So it’s, it’s a little bit different in that respect, but I think overall, it’s going to be a great property. Again, I am in the position fortunately and of the mind, that it’s a good idea to delay gratification and just improve the property and improve its overall value. Rather than try and extract a bunch of money from it. You know, it’s that old thing. The golden goose, right? The Golden Goose lays those golden eggs. And you know, if you’re really hungry, you kill the goose and eat the goose. But if you’re really smart, you’re just gonna let the goose lay some eggs every day. And, you know, you’re you’re not going to be too greedy. In other words, right? That’s kind of what we’re doing with that. So, to be continued on that one. Okay. And thank you for the question, Ben. So Ben also says, I like the variety and relevance of the guests that Jason and his company are practicing what they preach. So there you go. I think we got to cut it off there. So we got four of those questions and comments in so thank you for those will continue those on future episodes. And let’s wrap it up. Be sure to go to Jason Hartman comm slash contest and enter the contest for the air pods. And also, you’ll share some great content with our other listeners as well. So we appreciate the community. We appreciate you listeners, and all of your contributions to the community and you know, coming on the show, so many of you have been on the show over the years, and we’d love to have more of you on the show and hear you share your stories, your successes, your heartaches, this is hardly perfect. Like the bear, you know, all you need to do is beat everybody else. Okay? So you just you don’t need out, you don’t need to run incredibly fast, you just need to run faster than your neighbor. And I know that may sound terrible, right? But economics is a relative sport. So again, if everybody in the world or everybody in the country makes $50 a year or has a net, say they have a network, say everybody has a net worth of 50 bucks. And if your net worth is 75 bucks, you’re doing pretty well. So that’s thing. You just got to be like that, that that Bear Bear chasing the two hikers. You know, the guy does some preparation. In other words, he’s saved some money and get some education. His partner says, Why are you doing that? You can’t outrun a bear man. You know, you can’t outrun a bear. He doesn’t have to outrun the bear. He just asked outrun his friend. I know it sounds awful, but it’s pretty funny joke. So that’s it for today. Happy investing to one and all. We will talk to you on the next episode, go to Jason hartman.com slash contest and enter to win the air pods. And we’ll talk to you on the next episode. Happy investing.

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