Get Rich Education

"How long are you going to wait until you demand the best from yourself?" -Epictetus I share 18 lessons with my 18-year-old self. #2 is: Don't fear being different. That's your advantage. #4 is: No one cares about your college grades. #14 is: Finding the truth is more important than being right. #17 is: What does life want from you? National median home prices eased from June to July—from $414K to $404K. Homebuilders are in a recession. However, available housing supply is still low and demand is high. Almost every human is forgotten in four generations. Is a housing price crash imminent? You get a clear "yes" or "no" answer. The NAR says that today's first-time homebuyer is: 33 years old (oldest ever), $86,500 household income, $252K median purchase price, 7% down payment, and 37% carry student debt. Average size is 1,640 sf. If you'd like to advertise with us, visit: GetRichEducation.com/Contact Resources mentioned: Show Notes: www.GetRichEducation.com/412 Median sale price eases: https://www.wsj.com/articles/existing-home-sales-prices-housing-market-july-2022-11660774574 Median US house price historic chart: https://fred.stlouisfed.org/series/MSPUS Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Analyze your RE portfolio at: (use code "GRE"): MyPropertyStats.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Today's episode transcript: Welcome to GRE! I'm your host, Keith Weinhold. Learn 18 profound life lessons I've learned that I wish I could share with my 18-year-old self… and… has the time come? After the looong & sometimes steep housing price runup, is a housing price crash finally imminent? And what's the future direction of the housing market? Today, on Get Rich Education. ___________________ Welcome to GRE! From Red Deer, Alberta to Red Rock State Park, AZ and across 188 nations worldwide… I'm Keith Weinhold. THIS is Get Rich Education. The voice of real estate investing… 412 weeks in a row… since 2014. I hope that you're having a great week! You know, I have seemingly been a late bloomer in almost every way in life that you can conceive. But as some say, "many people never bloom at all". Alright, well enough. But look… I was almost 18 years old when I graduated high school, just like - perhaps you - and many people are. But I looked like I was 13 then. I was among the very last in my class to experience puberty there at Coudersport High School, Pennsylvania. This is one reason that I could not attract a high school girlfriend or get a prom date. Even though… I asked a girl to prom and she said "no". As underdeveloped and impressionable as I was then, here are 18 lessons that I want to share with my 18-year-old self. I wish that I could share these lessons that I've learned now with my 18-year-old self: You Know Nothing. But You're Not Alone. You have so much to learn, 18-year-old Keith. So don't act like you know it all. Society actually likes when you're genuinely inquisitive and want to learn. What about you? Can't you sense when someone acts like a know-it-all? It's not something that you want to be around. Back to advising my 18-year-old self. Don't Fear Being Different. That's Your Advantage. In high school and even college, winners fit in. In the real world, winners stand out. In fact, avoid normalcy. It's a synonym for mediocrity. Work To Learn. After that, work to earn. No One Cares About Your College Grades. For your interests, college is optional, not mandatory—regardless of what your friends are doing. Find an energy for learning. Be autodidactic (an autodidact means a self-taught person). Focus on becoming a person of value. Keep Moving. Health is wealth. Prioritize physical exercise over moneymaking. No matter WHAT you choose to do, you'll be living inside that same body when you're age 100. Failure Can Be Alright, Even Good. In school, you learned that mistakes are bad and should be avoided. A failure that you recuperate from demonstrates that you tried. You learned a lesson. In fact, DECORATE your failures so much that you should go ahead and tell others how bad you failed; they'll either relate to you or they'll learn from you. Don't Follow Paths Others Have Made. Others guide you. But create your own map. If you're soullessly trading your time for dollars at a job, you need to design yourself an escape route so that you can quit as soon as possible. If you're selling your time that way - stop it. Your life is made up of chapters of time. This is not a dress rehearsal. This is your life. Research, Commit, Then Be Consistent. Prepare for disappointment. Most people won't be as committed as you. Showing up on time is a commitment, so is marriage. Learn About Investing In Real Estate. Everyone needs it. It's made more ordinary people wealthy than anything else. Keep Real Estate And Emotions Separate. Facts trump feelings. It's 99% about: market, management, and income exceeding expenses. Make Grandma Proud. Pretend that she's watching you. Live a life that's exemplary in what you say and do. You might remember me mentioning my late Grandma Weinhold here on the show. Be Present. Don't over-anticipate future moments and events. They are less important than the present. Otherwise, you'll miss out on your entire life. Your life will never not be now. Appreciate "now". Who Your Friends Are Matters. Jim Rohn said: "You are the average of the five people that you spend the most time with." Take the average of your closest five's: values, their athleticism, their ethics, wealth, fashion sense, travel, neighborhood quality, and family structure—that's nearly who you will BECOME. Finding The Truth Is More Important Than Being Right. People respect you when you say: "I was wrong. Here's why." more than trying to defend some antiquated or faulty belief. Give. Money is an abundant resource. You will have a great ability to give. Generosity is championed in the Bible. It's Aristotle's third virtue. It will make you feel happy, it's good for your health, contagious, and spurs gratitude. This ossifies your net "value add" to the world. Mentors Matter. Others see you in a way that you cannot. You'll simply never be able to see yourself in a way that others can. You'll meet people smarter than you; ask them for their help. What Does Life Want From You? As I learned from Eckhart Tolle, don't ask: "What do I want from life?" A more powerful question is: "What does life want from me?" (And you'll remember that I mentioned this one last week on the show here and took a deeper dive on it.) And the 18th and final lesson that I'd like to go back and share with my 18-year-old self is… Build. Anthropologists suggest that almost every person is forgotten after three generations. At your trajectory, what will your legacy be? Why and how will you be remembered? They are the 18 lessons. The stoic Epictetus said one of the most profound motivational things ever… and it's in the form of a question. Epictetus said: "How long are you going to wait before you demand the best for yourself?" Yeah, that is his question. At least here on this Earth, this is your last life ever. Now, as much as some of those 18 might resonate with you… and maybe you want to share those with someone in your life… I've seriously got to ask… (Laugh) If I had read those as an 18-year-old, knowing that I wrote them a couple decades later, would I have ever listened to those as an 18-year-old? I don't know. I probably wouldn't have changed my behavior on some of them… but a few. I've also got to wonder, in another 20 years, will these change? 20 years from now, would I be advising my 18-year-old self any differently? Now, I discussed in there how anthropologists suggest that most every human is forgotten in 3 to 4 generations. Sadly, quite a few people are forgotten 3 to 4 minutes after their death. And many more, within 3 to 4 hours, 3 to 4 days, or 3 to 4 weeks after their death. Of course, your children will remember you longer, and your spouse of, say, 50 years will remember you longer. Realistically, LOTS of people are soon forgotten because they never did anything worth remembering. Good people are forgotten. People that never caused any trouble or uproar. They kept their lawns mowed. They kept their cars clean. But nothing notable worth remembering, like caring for lost animals or handicapped children or always remembering their friends' birthdays. For a thoughtful person, it is wise to consider from time to time "what have I done recently, that people will want to remember?". Of course, we should all do every day all those things necessary to be a good neighbor, a good landlord, and a good citizen. If you don't do that, you may be remembered because you were such a slob, or took care of your house so badly, or didn't bother to shave and shower regularly. But assuming you are doing everything so that absolutely no one will be offended or annoyed, then you have to do something special if you are going to be remembered for longer than a few days or a few weeks. Let's recognize something. Abraham Lincoln died six or seven generations ago. He is remembered with respect and honor. John Wilkes Booth died just a few days after Lincoln. He is remembered with scorn and despising. So it is a mixed blessing, for you to be remembered. For most people, they would prefer to be forgotten rather than remembered as a deviant or a monster or a social parasite. My own guess is that VERY FEW people are remembered well, for as long as four generations. They may be listed in a family genealogy, but beyond being a statistical item, the individuals and who they are have been long forgotten. It's been said that "The greatest waste in the world is the difference between who you are and who you could become." Now, be real with me. Is what I'm telling you making you pensive and even melancholy about your own mortality? How do you feel… in your heart… right now? How do you feel… in your stomach… right now? What's your mind telling you here? Cheer up a little. I want you to take some solace in the fact that… I believe there are more important things than for you to be REMEMBERED for decades and for generations. But doing those more important things — helping other people, making a better world, advancing the store of useful knowledge — will usually lead to YOU being remembered, long after you have passed into your next life. That is probably the person that you strive to be here on Earth… after all. If you're still feeling like you're not enough… well… I don't have all of the answers. But you just got 18 lessons so that you can listen to those again and see which ones fit into your life. I'll be back with some GRE core content about real estate and a housing price crash. I'm Keith Weinhold. You are listening to Get… Rich… Education. _________________ You're listening to one of America's longest-running and most listened-to real estate shows. Welcome back to GRE. I'm your host and my name is Keith Weinhold. I am genuinely grateful for your listenership. There will only ever be one Episode 412 of Get Rich Education… and you're listening to it. If you'd like today's Show Notes, simply go to GetRichEducation.com/412. It includes not just today's supplemental resources, but the entire transcript of today's episode. Some people like to say: "Housing prices. They don't matter to cash flow investors." To that, I say. C'mon now. Price might not be the principal consideration. But price matters. If it didn't, why not just pay triple the asking price on your next property purchase? Why does every classified ad have a price in it? Of course, real estate price matters-even to cash flow-centric investors- when you're buying, you're selling, or for you to have an adequate equity cushion for refinancings. US home sales dropped last month. That's nothing new. That just means sales volume. Housing supply is part of the reason for volume drop. Available supply is still just half - or less - of what's needed and it will be a multi-year problem. I've discussed that before. The dearth of supply is an inelastic condition - it's difficult to change. What's the way out of that undersupplied condition? It's homebuilding. Well, many believe that homebuilders are in a recession. Some are building less while they wait for affordability to improve. This is only going to prolong America's housing supply problem. Let's LOOK at prices. Since July 2019, which was back before you knew the definition of "pandemic" and the only time that you wore masks were for Halloween, home prices have risen 44.5%. Yes, 44-and-a-half percent in just 3 years. Now, if we shorten that up to year-over-year median house price growth in America, it is still 10.8%. But the median sale price from June to July eased from about $414,000 to $404,000. 414 to 404. Now, some might say this is hardly a change at all. No, I think it's meaningful… because all we've seen are both YOY and MOM housing price increases for years now. Is it an aberration or is it a trend to come? Of course, no one really knows. But I think it's worth paying attention to. Has the time come? Did real estate prices run up too far, too fast, meaning they must come crashing down to earth in a streaking fireball… that's going to leave an indelible crater? Puhhh. Let's explore that. Well, first of all… …the definition of the word "crash" is somewhat UH-morphous. But if it's equated to a bear market, it means a 20% price decline. Well, that's highly unlikely that a decline like this is imminent. Housing values are famously stable. Today's homeowners have oodles of protective equity and their loans are well underwritten. And the supply is staying low. You're a smart listener, you listen here every week, and you're probably apprised of all that. But did you know that even during the astoundingly irresponsible and toxic Global Financial Crisis and Mortgage Meltdown of 2007-2010, that back then during that cataclysmic event, house prices fell less than 20% nationally? Yeah, they didn't even crash 20% then! Fifteen years ago - those were the days of "liar loans", 105% LTVs, loose appraisals because appraisers were in cahoots with lenders, and we had glut of national housing supply and a foreclosure crisis… and nearly every housing market malady that you can quickly think of. Housing values didn't fall 20% amidst THAT apocalyptic environment. I made sure that chart was put in the show notes for you so that you can see that. That's the median sale price of houses sold in the United States, sourced by the F.R.E.D. through the US Census and HUD. Today, homes are still being snapped up quickly. That's what a lack of supply makes happen. And we'll still have a lack of supply in 2023 and 2024. In fact, last month, the NAR tells us that the median home sold in just 14 days in July. It's never been faster than that on record. That is not something that you would expect amidst stalled PRICE growth. Well, higher mortgage rates will do that. The American housing market reached a turning point this summer. Price increases haven't just slowed—they've stalled. Of course, local factors often supersede national ones. So then… Where are home values least resilient? Areas that were trendy and higher-priced homes. Where are home values most resilient? Lower-priced and entry-level properties. They're the ones least affected by further losses in affordability. That's what we've talked about on this show from Day 1 - investing in entry-level homes for cash flow in the Midwest and South. Who do stalled price increases harm: Sellers. Price matters, remember? New owners that hoped to refinance fast. Flippers. Who do stalled price increases help: Buyers. Rent-to-price ratios. If you were wondering when rents will get a chance to catch up to prices? The answer is now. This recent outsized RENT growth has clearly been a boon to us real estate investors - even a windfall if you're well leveraged. Now… in the workplace, the pandemic spawned "The Great Resignation". People either started working from home or quit and stayed at home. They were on their Peleton bike… and on Zoom. But tons of companies… from Peleton to Zoom - have seen consumers end their pandemic buying patterns. Now… so has housing. The pandemic-era frenzy where buyers hotly demanded more space and a Zoom room is what I have called "The Great Reshuffling". It has settled down. At the point of being overly obvious, compared to just a few months ago, this housing market has become worse for sellers and better for buyers. Sellers, you might even have to STAGE properties again. Buyers, let's run a vibe check on how well you're doing for new purchases. Now you can usually: Not have to pay all-cash You'll often have less buyer competition Expect time for an property inspection Have an appraisal contingency And avoid an escalation clause on build-to-rents like I've discussed with guests here in recent weeks past. You know, a friend just shared something with me. He said: "We are officially back into the 2018 real estate market. I made an offer today on a brand-new flip. I got $10K of seller help and a half page of contingencies." That's what he said. Yeah, that really sums up a lot. The market has normalized - not become totally normal by any stretch, but negotiations between buyers and sellers are more balanced now. There's one group that loves higher mortgage rates - and that's single-family rental owners. That crimps affordability - pricing out that first-time homebuyer… making them rent from you. That's continuing to push up rents at faster increases than historic norms. Fannie Mae expects that home sales will decrease in the next year. That's nothing new. The volume of existing-home sales has been decreasing for months. So where does that leave today's first-time homebuyer, the person - that is becoming more of a rare breed - that DIDN'T have to pay rent to you in your property? Well, the NAR revealed a profile of today's first-time homebuyer… and I think it's particularly interesting. Today's FTHB is… 33 yo - that is the oldest ever - ever. It might not surprise you since affordability is down so it takes a new homebuyer longer to save & form the capital necessary for a down payment, closing costs, and loan qualification. The FTHB is now age 33. Household income is $86,500 Median purchase price is $252K… so… significantly less than today's median priced $400K home. A 7% down payment. That, on average is what the FTHB puts down… so often paying PMI then. 37% of them carry student debt. Typical balance $30,000 How about avg sq footage. The average square footage of a FTHB's home is 1,640. Now, I've largely been discussing either total housing supply or single-family housing supply thus far. One bright spot is for apartment-dwellers. 420,000 new apartments are forecast to be built in the US this year - that's according to RentCafe. Coming on top of 2021 - when there was historically high apartment construction, it would mark the first time since 1972 that more than 400k new apartments were completed in each of two straight years. The top spot for new apartments in 2022 is the New York metro area. Elsewhere, out there in the world… Netflix is about to launch a "Shark-Tank" like real estate show called "Buy My House". It's structured much like Shark Tank… except homeowners pitch their house sale deal to four "sharks". That could be interesting to watch. Here, coming up at GRE, hear from not just me, but, as usual some of the most influential personalities in the real estate and finance space commonly come along for an episode and run alongside me. Ramit Sethi from "I Will Teach You To Be Rich" is one of those notable names that will join you & I here on an upcoming show. If you have any questions, comments or concerns about the show, you can always reach out at GetRichEducation.com/Contact. That's how to get ahold of our team. One question that we're really not in need of hearing over there on our Contact Page, is: "How do I become a guest on the show?" You know, a couple years ago, we had about 20x as many requests to be a feature guest here on the show as there are available appearances. Well, anymore, it's about 50X as many requests as weekly shows. We're sorry to have to apologize to so many wonderfully bright and credentialed people. I really appreciate them. But we only have one, big weekly show… and that supply is not increasing. GRE show supply could be even more inelastic than American housing supply then. I'd like to welcome our newest show sponsor, MyPropertyStats.com. It was developed by Hayden Crabtree. Hayden has been a show guest here before and we expect to have him back here to tell us more about My Property Stats. It's a deal analysis tool developed by an active investor - Hayden - to cut the time it takes you to analyze ANY deal by over 90%. -Calculate the EXACT price to pay to hit your cash flow and ROI goals -Build a WORLD CLASS pro forma In fact, you can go to MyPropertyStats.com/GRE right now and use coupon code GRE to get 10% off your first year. It's remarkably inexpensive. That's just $90 A YEAR for a tool that can save 10 hours PER DEAL. No more spreadsheets. No more juggling multiple files. You can use coupon code "GRE" to get 10% off at MyPropertyStats.com/GRE. Much like the gratefulness I feel for all of the bright guests that are here, we've seen quite an influx of advertising inquiries. This is despite that, we haven't really pitched for advertisers here - much like guests, fortunately, there are plenty of wonderful resources out there that want to reach you, the listener here. These are resources that I don't just endorse, but I often use myself. If you'd like to make an advertising inquiry here at GRE, you can also reach out at the Contact Page at GetRichEducation.com/Contact I'm Keith Weinhold. I'll catch you next Monday, Labor Day. You've been listening to Get Rich Education. Don't quit your daydream!

You told yourself you'd change the world, then you let the world change you. Rather than asking yourself, "What do I want out of life?", a more powerful question is: "What does life want from me?" Almost everyone wants to be "job optional". People often use their words to denigrate the importance of money, yet their actions validate its importance. High-flying real estate appreciation rates are mostly over with. The market is normalizing. Through Q2, national median home price appreciation is 14%. But it's quickly slowing. American apartment rent-to-income ratio is 23% for tenants. Zumper tells us there's about 10.2% national rent appreciation. Highest are TN and NC. We have available properties in the Midwest and South. Naresh & I spotlight Poinciana, FL; Ocklawaha, FL; and Memphis. For available properties and free coaching, contact Naresh at: naresh@getricheducation.com Resources mentioned: Show Notes: www.GetRichEducation.com/411 E-mail Naresh about cash-flowing properties: naresh@getricheducation.com Zumper's Rent Report: https://www.zumper.com/blog/rental-price-data/ Rent Is The New Gas: https://www.usatoday.com/story/money/economy/2022/08/09/rents-topping-gas-prices-inflation/10279406002/?gnt-cfr=1 Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Analyze your RE portfolio at: (use code "GRE"): MyPropertyStats.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

Is the economy healthy or unhealthy? We've had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases. Ultimately, the NBER decides whether or not we're in a recession. Today's guest, Tom Wheelwright of Wealthability, tells us why he thinks we're in a recession. I share with you the exact rent increase numbers I've had on my rental single-family homes. Historically, a recession occurs every five years, on average. Whether we're there yet or not, I believe there's a likelihood of a recession soon. Tom thinks whether or not a recession is declared is important; it affects consumer sentiment. He breaks down the new "Inflation Reduction Act". It does not appear to help reduce inflation. Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement. "People who have never seen an IRS audit will see IRS audits." -Tom Wheelwright Resources mentioned: Show Notes: www.GetRichEducation.com/410 Get started on lowering your taxes with Tom Wheelwright: GetRichEducation.com/Tax All U.S. Employed Persons: https://fred.stlouisfed.org/series/PAYEMS 30-Year Mortgage Rate History (gray bars are recessions): https://fred.stlouisfed.org/series/MORTGAGE30US Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Analyze your RE portfolio at: (use code "GRE"): MyPropertyStats.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

Is today's housing market healthy? "Yes" for rental property owners, existing homeowners, and sellers. "No" for renters, wannabe first-time home buyers. "Unbalanced" is a better word to describe today's housing market. I bought my first income property 20 years ago today. In negotiation, emotions trump facts. Chris Voss, former FBI hostage negotiator, joins us for real estate negotiation tips. If you need a decision from someone, get it in the morning before they have decision fatigue. In a negotiation, try to get agreement. Don't try to get the other party to say "yes". Chris likes to let the other side talk first. Let "no" out slowly. A great way to say it is, "How am I supposed to do that?" Self-deprecating humor can work in negotiation. Learn how to motivate people to finish projects in a timely fashion for you. Resources mentioned: Show Notes: www.GetRichEducation.com/409 Black Swan Group: www.blackswanltd.com Mike Gundy rant "I'm a man. I'm 40.": https://youtu.be/zQ3oXkDPKbM Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

We compare the safety of all these investments: cash, savings accounts, treasuries, CDs, gold, cryptocurrency, stocks, mutual funds, ETFs, raw land, a primary residence, and income properties. Listen to a mainstream media video clip about inflation from NBC Nightly News. We get a Florida market update from GREmarketplace.com/Orlando. Overall housing supply is low. It's even lower for entry-level properties. For renovated properties, Florida insurance premiums have risen dramatically in the past few years. However, for new-builds, premiums are about 70% lower. These particular available properties in Palm Bay, FL are typically: 4 BR, 2 BA, 2-car garage, concrete block, single-family rentals, new-build, vinyl flooring, granite counters, and infill quarter-acre lots. $319,000 is what buyers pay. Today, these properties appear to appraise for $370,000+. You have $51K+ of built-in equity. For those that select property at GREmarketplace.com/Orlando, your insurance is paid for the first year. Resources mentioned: New-build Florida income property for $319,000: GREmarketplace.com/Orlando Show Notes: www.GetRichEducation.com/408 NBC Nightly News on Inflation: https://youtu.be/Lco2EjA-6IA Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

When mortgage rates rise, home builders slow down on building. This constrains supply and supports housing prices. A record share of Americans say inflation is their No. 1 concern. The CPI is 9.1%. Property operating expenses are rising with inflation, like insurance and property tax. What helps you pay for it? Rising rent. Philosophically, why should you raise the rent on your tenants? Besides adjusting it to the market amount, you took time learning, you built your credit, you accumulated a 20% down payment, you originated an 80% loan, your operating expenses are rising, you weathered pandemic uncertainty. If an auto mechanic makes $60 an hour, in ten years, they might make $90 an hour. Where's the growth in this? Kathy Fettke from Real Wealth joins us. We disagree on the housing market being "healthy". I believe a good description of the housing market is: "unbalanced": Healthy for: rental property owners, existing homeowners, sellers. Unhealthy for: renters, homebuyers. She believes that the Fed has overstimulated the economy, prices are high, and housing is undersupplied. We discuss real estate's demographic advantage. We agree that it's a bad market for prospective first-time buyers and renters, and good for those that have rental properties. A housing price crash anytime soon is highly unlikely. She & I each believe that today, it makes sense to add carefully-bought rental properties to rent to others. Resources mentioned: Show Notes: www.GetRichEducation.com/407 Real Wealth with Kathy Fettke: https://realwealth.com/ Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

National home prices are up 275% since 1991. I break it down state-by-state for you. Slowest? Connecticut with 137%. Fastest? Utah with 599%. Two misleading RE statistics are: real estate sales volume, home price cuts. I tell you where I'm spending my summer. Next, Tom Wheelwright joins us. He authored the new book, "The Win-Win Wealth Strategy". He tells us about the 7 investments that the government will pay you to make. You don't pay up to 12.3% Social Security Tax on rental income like you do with your day job. Tax depreciation is explained. Bonus depreciation is being gradually phased out after this year. Resources mentioned: Show Notes: www.GetRichEducation.com/406 Tom's New Book: "The Win-Win Wealth Strategy" State-By-State Home Appreciation Since 1991: https://advisor.visualcapitalist.com/growth-in-u-s-house-prices-by-state/ Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

Real estate funds invest in multiple properties. Real estate syndications often invest in just one property. "What is the worst deal that you've ever done?" Ask your fund provider that question. I'm willing to share that I invest my personal real estate fund dollars with Flip & Dani Lynn Robison of Freedom Capital Investments. Fund pros: More passive than turnkey, stable returns. Fund cons: Vet your operator. Learn more or get started at: GREmarketplace.com/funds There are short-term funds for liquidity, and longer-term funds for higher returns. The difference between simple and compound interest weighs in here. Learn what a "preferred return" is. Fund returns of up to 10-12% are offered. Learn where your return comes from. Fund objectives: safety, certainty, reliability, and growth. We're talking about high-yield, fixed income fund. Dani Lynn has been a part of more than 600 multifamily deals. Learn how funds have two audit layers. There are funds for both accredited and non-accredited investors. Learn more or get started at: GREmarketplace.com/funds Resources mentioned: Show Notes: www.GetRichEducation.com/405 Get started with real estate funds. It's the same place I invest: www.GREmarketplace.com/funds Dani Lynn Robison's team contact: Phone | (937) 551-2282 Email | invest@freedomcapitalinvestments.com Flip & Dani Lynn Robison's daily podcast: Freedom Through Passive Income Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com JWB's available Florida income property: www.jwbrealestate.com/gre To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co By texting "GRE" to 307-213-3475 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel. Available Central Florida new-build income properties: www.b2rdirect.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

Your Financial Independence Day happens when your residual income stream amount exceeds your basic monthly expenses. Rental demand is high for three big reasons: rates are rising, stringent mortgage qualification standards, housing undersupply. I answer three listener questions: Should I make a big down payment? Is borrowing at lower than inflation profitable? What about prepayment penalties? Ridge Lending Group President Caeli Ridge joins us to discuss today's mortgage lending landscape. Today, are ARMs beginning to make more sense than fixed-rate mortgages? We explore. Learn about the cash-out refinance climate. Second mortgages on income properties are still limited. Does it ever make sense to refinance to a higher mortgage interest rate? We discuss. Caeli Ridge thinks mortgage rates will keep rising. Resources mentioned: Show Notes: www.GetRichEducation.com/404 Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Freddie Mac Includes On-Time Rent Payments Into Underwriting: https://www.housingwire.com/articles/freddie-mac-to-include-on-time-rent-payments-into-underwriting/ Airbnb Enacts Permanent Party Bans: https://www.cnbc.com/2022/06/28/airbnb-makes-its-party-ban-permanent.html JWB's available Florida income property: www.jwbrealestate.com/gre To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co By texting "GRE" to 307-213-3475 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel. Make passive income with apartment and other syndications: www.imaccredited.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Partial transcript: Welcome to GRE! I'm your host, Keith Weinhold. Happy Financial Independence Day on American Independence Day. I answer some of your most burning listener questions today. Shifts in the mortgage market could now change your strategy. Does a cashout refinance to a higher mortgage rate make sense or not? Is an adjustable rate mortgage actually feasible for you now and lots more… on Get Rich Education. _____________________ Hey, welcome in to GRE. From San Luis Obispo, CA to Saint Louis, Missouri and across 188 nations worldwide, you're back in that abundant place. And you've got to lead with an abundance mentality around here. How many places can you do that when the scarcity mentality is abundant and the abundance mentality is scarce. I'm Keith Weinhold. This is Get Rich Education. Though it's American Independence Day… is it your financial independence day. Are you drawing closer to that day… as you add income streams in your life. With 8.6% government-admitted inflation and stagnant wages and a higher cost of living… has there EVER been a more important time in your entire life to add an income stream through real estate? You can make the case that this is the most important time for you to do that. I am about to answer your listener questions here on July 4th. It's also Episode 404. There's no chance that this becomes an error 404. Some dorky humor there. First… Freddie Mac is going to include on-time rent payments into underwriting. Yes! This starts next week. This is a good thing for you. This incentivizes renters to make on-time payments to you if they ever want to become homeowners. …and… Airbnb enacts a permanent ban on parties. They & VRBO have long struggled with what to do about parties. I just shared those stories with you in Friday's newsletter. If you didn't see them, they're in the Show Notes of today's episode. Be sure to get our free "Don't Quit Your Daydream" newsletter. We've been really informing you about so much in the real estate world there. We've also been telling you about our webinars. I know that some of you enjoyed last week's Texas properties webinar. Stay up-to-date with our newsletter at: GetRichEducation.com/Letter Now, let me tell you. Back in the year 2004, eighteen years ago. Yes, I was an active REI then. My tenants were increasingly leaving. They were vacating my property and I had to find a new renter. This was increasingly happening for a few reasons: #1 is that mortgage rates were falling then. But secondly, and really the big reason is that anyone could qualify for a loan. Mortgage underwriting standards were so lax that nearly any human could get a loan, even if they had zero income. So… loans were too easy to get. Then the third reason that my tenants seemed to be vacating is that there was ample supply - and an oversupply of properties - first-time homes - for them to move into. Well, today, all THREE of those criteria are flip-flopped. First, mortgage rates are rising. Second, mortgage qualification standards are tough. Tougher than Kevlar. And thirdly, there's an undersupply of homes, especially these entry-level homes that make the best FTHB places. That's precisely why rental demand is sky high today, tenants are not fleeing to become homeowners, rental occupancy is close to 100% in many markets, and rents are rising multiples faster than historic norms. These phenomena can move you closer to you financial independence day. I had a group of financing-themed listener questions come in recently, so I want to get to three of those before we talk more about today's lending landscape later. ________________ The first question comes from Dave in Bellingham, Washington. "Keith, I thought it was good to make a big down payment on a property. That way, I'd have not only less debt, but I'd have the benefit of having a smaller mortgage payment over time. This means I'd pay less interest over the life of the loan too. Can you tell me more about how FF beats DF?" That's from Dave. Good question, Dave. Common question. In fact, there was a time in my life, before I ever owned any real estate where that same line of thinking made complete sense to me. I even thought, "If I could be mortgage-free and own a property, I'd have it made." Dave, let me answer this in a somewhat different way than I've answered it before for other listeners' benefit. If you can borrow at a 6 or 7% mortgage interest rate, which, after tax deductions might be an effective 5% interest rate, many think that they can beat that in the market over time. One probably can. The riskiest thing that a lot of people do by making a big down payment is now they don't have much liquidity. If the cash is already in the home, then that borrower might worry about not having much cash for other disruptions or expenses that come up in life. The worst one could be, "What if you lose your job and your job was, say, 70 to 100% of your income?" Now that cash is trapped in the home as equity… and you can better believe that today, banks aren't going to let you access your equity if you don't have a job. The best way to keep equity separated from your home is to make sure it never goes in there. The other reality too, is that the more than you borrow, the more you make use of OPM. So the great question to ask yourself, Dave, is "How big of a real estate portfolio could I ever build if I limit myself to only using my own money… and NOT other people's money?" We're going to discuss this more later in the show today… but that should provide some sufficient context and food for thought to your question, Dave. Thanks for writing in. You, the listener, can always contact us with any questions at GetRichEducation.com/Contact ________________ Andrew from New York state had a question through our Contact Page. Andrew's been an avid listener for quite a while. I remember your name, Andrew. You're a veterinarian from New York state. I hope that we can meet sometime in the future. Andrew asks: "Is it a true statement to think that even in today's High "er" interest rate environment any mortgage rate under the rate of inflation roughly 8% is a bargain?? Today ..I am not getting great cash flow...$100/month or break even..on new builds...but still see the upside in RE investing due to its inflationary hedge." Alright, thanks for that Andrew. With the first question, is any mortgage rate under the 8% inflation rate a bargain. Well, it could be. Many think that the real rate of inflation - the true diminished PP of the dollar is 15%. But let's just stick with 8%. Yes, if you get a mortgage at 6 or 7% today, you are effectively being paid to borrow. That is because with the money that you've borrowed from the bank, over time, you get to repay the bank with dollars that debase on the bank faster than THEIR interest can accrue on you. That's how it can stealthily build wealth. The risk associated with that is - besides being most attentive to your personal cash flows, Andrew - is that at some point over your loan term, there's a good chance that inflation will duck back below mortgage interest rates. We're in this inversion now where the opposite is true. So, enjoy it while it lasts. I'd think of your interest rate being lower than inflation as a short-to-medium term tailwind. Your second question was about how today, you're not getting great cash flow when you buy a new-build rental property. It might be positive $100 or just a break even. But you still like investing in RE for the inflation hedge. First, I think of RE as more of an inflation-profiting center than a mere inflation-hedging vehicle. I take you point though… and then… Yeah, a lower $100 positive cash flow or less on new-builds is lower than what we've all been used to in recent years. There's a chance that this will widen - certainly no guarantee. It like how I described a couple weeks ago that we think of the housing market in two waves. First the housing price increase wave hit hard, then there's a trough, then later the rent increase wave hits. The trough between waves is when cash flow is lowest. Though you can't absolutely count on it, rents are increasing torridly. Andrew, I can tell that you're a close listener just by the words and concepts that you're thinking over in your questions. I love that. Thanks for you longtime following. ________________ The third question comes from JW. This question came from our YouTube Channel so I don't know where you're from JW. But you ask: Keith, what are your views on PPPs on commercial loans? On my current 8-unit property I am pursuing, I am getting financing offers that all have PPPs. OK, thanks for the question JW. I think one reason that I chose your question is because I, myself, have owned an 8-unit apartment building that had a 5-year PPP attached to it. First of all, let me tell you what a PPP is. And it's funny. I have been at RE meeting in the past and some people that have never heard of them seem incredulous that a PPP even exists. A prepayment penalty is a fee that some lenders charge if you pay off all or part of your mortgage early. If you have a prepayment penalty, you would have agreed to this when you closed on your home. Now, in my experience, you don't often see these on loans for 1-4 unit properties. I commonly see PPPs on 5+ unit apartment buildings and other commercial loan types. The way that it often works is that your penalty is less severe as each of the five years transpires. It fades. For example, you'd have a higher penalty if you pay it off in 2 years than the lower penalty would be if you pay it off in 4 years. Then with a 5-year PPP, that means that your penalty disappears completely if you pay it off AFTER five years. PPP loans can obviously be a poor choice if you, say, want to add value to a distressed apartment building and do a cash-out refinance in, say two years. So, therefore, for long-term buy-and-hold strategies, 5-year PPPs often fit. I've had 5-year PPPs on numerous occasions on my own apartment buildings, and I have never paid any penalty because I have only accepted those penalty conditions when I plan to hold for more than 5 years. Now that you know about cases when you do and don't want these as part of your loan, maybe you're wondering why banks have PPPs at all. Lenders charge prepayment penalties to provide a borrower with a disincentive for paying off a loan ahead of time… because that causes lenders to lose out on interest income. Lenders have to commit considerable time to evaluate a borrower and underwrite the loan in the first place. That's how PPPs work. Thanks for the question, JW. Stay up-to-date with our newsletter. You can sign up free at: GetRichEducation.com/Letter We also make sure that you get the 5-part video course where I'm your instructor. It's one video on each of the 5 Ways Real Estate Pays. What would it look like if I wrote a short letter about weekly… written by me… sent directly to you… that supplemented this show about real estate and personal finance trends and opportunities. It can help bring you closer to your financial independence day. Get it & my free video course all in one place at GetRichEducation.com/Letter _________________ Yeah, concise, updated intell from Caeli, as always. All these markets are constantly changing: The market for housing prices The market for rents The market for mortgages Working within them can help get you closer to your Financial Independence Day - that day that your real estate income meets or exceeds all of your basic living expenses. Underwriting guidelines are staying tight, just like they have for more than 10 years now. Dodd-Frank and consumers proving that they have the ability to repay a loan has really helped with that. That's a big reason that the mortgage delinquency rate has fallen to ALL-TIME lows. In fact, that update on second mortgages on rental properties demonstrates that the market still has a pretty limited appetite for that product. You might want it but it still comes with low LTVs if you can get them at all. Some brighter new is that ARMs - Adjustable Rate Mortgages - are making more sense than they used to - when compared to your more typical long-term FRM. There are both risks and rewards to compare there. I like that the good people over there at Ridge help you with decisions like those. So many great & important shows coming up here on GRE - the return of Tax Advisor Tom Wheelwright, a 2-person housing market panel comprised of Kathy Fettke and I… and… oh geez, the return of Chris Voss - the hostage negotiator from Masterclass. Remember when I mock negotiated him for a fourplex building last year right here on the show & I lost… to perhaps the world's top negotiator? Well, here we go, Chris Voss is returning here to discuss how to negotiate in a housing market when the odds are against you. What do you think? Should I mock negotiate him again… I don't know. That's awfully entertaining for you but I don't know how many losses I can take publicly like that. Big thanks to Caeli Ridge today. It's where I go for my own income property loans. You can too, I'm happy to share that with you at RidgeLendingGroup.com Until next week, I'm your host, Keith Weinhold. Happy Financial Independence Day! Though you might quit your day job, don't quit your day dream!

"You DO care about what others think of you. That's your reputation." -Keith Weinhold People care about your brand when you create value for them. Next, you must reach people. A construction worker in London decided that he wasn't where he was meant to be in life. He's our guest, Steve D. Sims. He started asking others why they were wealthy but he wasn't. A personal branding expert, Steve tells us why the right brand for you is the "authentic you". When you meet someone, ask them about themselves. They are their own favorite subject. "A brand is what people say about you when you've left the room." -Steve Sims Brands are either solution-based or aspirational. Every person has a brand. Donald Trump was well-branded because he had clear slogans like "Make America Great Again" and "Build A Wall". The lesson? Be clear about who you are or what you stand for. It's OK to know what you're "not". For example, I didn't know how to hire a COO for GRE and still don't have experience managing people. Resources mentioned: Show Notes: www.GetRichEducation.com/403 Steve Sims' website: https://www.stevedsims.com/ Get mortgage loans for investment property: RidgeLendingGroup.com or call 877-74-RIDGE JWB's available Florida income property: CashFlowAndGrowth.com To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co By texting "GRE" to 307-213-3475 and opting in, you will receive periodic marketing messages from eQRP Co. Message & data rates may apply. Reply "STOP" to cancel. Make passive income with apartment and other syndications: www.imaccredited.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold Partial transcript:Welcome to GRE! I'm your host, Keith Weinhold. There's so much to pack into one show today - inflation at its highest rate in over 40 years, the Fed raising interest rates the most in 28 years, rents are going up fast, then GRE's COO Aundrea Newbern & I on our favorite REI resources. Today, on Get Rich Education. _______________________ Welcome to GRE! I'm your host, Keith Weinhold. When it comes to developing your personal brand to it's highest potential, what are those traps you might be falling into that have prevented you from doing so. And… There was once a construction worker in London and one day he realized that this just wasn't where he was meant to be in life. He contributes to the personal brand discussion today too… on this week's episode of Get Rich Education. ______________ Welcome to GRE! From Franklin, MA to Franklin, TN and across 188 nations worldwide… I'm Keith Weinhold. With more than 4 million listens, though you're tuned into one of America's longest-running and most listened-to real estate shows, today, it's about how to develop your personal brand which applies most anywhere. There are a few definitions of a brand. A more strict one is that a brand is an intangible marketing or business concept that helps people identify a company, product, or individual. OK, I guess that's pretty good. Another definition of a brand I've heard that I like is: "Your unique promise kept over time." That's what a brand is. A big part of keeping promises is doing what you say you're going to do. Therefore, it's a commitment. In my mind, a big part of that is keeping your appointments. If I'm going to collaborate with someone and we have a pre-determined date & time, I put that on my calendar and I would not change that commitment unless some inordinate or unusual circumstance came up. That person trusted me with their time and I trusted them with my time. If someone tells me later that they'd like to re-schedule with me, well, often I don't do it. With all the choices I have for spending my time, their wavering commitment doesn't really reflect so well on their personal brand. Also, other people would have liked to have that time with me & they couldn't get it because I already committed it to that person that wanted to cancel or postpone. People that have their act together, well-branded people, commit and show up on time. I'll give you an example of a well-branded person that keeps commitments - whether you like him or not, in my experience, that is, yep, Rich Dad, Poor Dad author Robert Kiyosaki. Robert & I have done a bunch of collaborations in the past, I used to be a writer for the Rich Dad Advisors, he's been a guest right here with us on the GRE Podcast four times. Not once have we tried to re-schedule or cancel an appointment on each other. Even if we plan something a month in advance, we keep it. We don't have to send each other reminders. It was put on our calendar at the time we made the appointment, so what more do you need? And you wonder why that guy is so successful. Well, one reason could be that he keeps commitments. Now, when it comes to your personal brand - which includes your belief systems, your values, commitment levels, there's one thing that some people need to "get over" - and I think that Hal Elrod & I touched on this here on the show 3 weeks ago. It's this myth. There are people that brashly say, "Hey, I don't care about what other people think of me." Oh, that's wrong. You do too care about what other people think. Because that's your reputation. It can be interesting to see the person that says they didn't care about what other people think, say, have a fake social media account made up impersonating their likeness and embarrassing them. You had better believe that person that said they don't care about what other people think… frantically tries to point out that, "Hey, I don't want you thinking that was me over there spamming you." Someone is impersonating my account. "Oh, well didn't you just say that you don't care about what other people think?" See you did care… and you should. That's your reputation. What if you own a restaurant & people leave negative reviews about your business & you as a businessperson, you care. DO CARE… about what others think. That's honesty. But yeah, don't care too much. People will care about your brand when they know that you can bring them value. When you start with creating value first, second is how are you going to reach people, and then thirdly, it's how are you going to create income. It's value, reach, then income. 1-2-3 I'm reaching you right now with this show. In fact, there was a time, between 5 & 10 years ago, that even by having a show like this, one could create value, reach, and income. For new entrants, those days are gone. The podcast landscape became saturated a few years ago and it's almost impossible to get substantial reach today. For startups today, a podcast is a lot like a website was 20 years ago. Neither one stands out just by virtue of having one. You can have a website just like you can have a podcast, but anymore, how would you ever get enough website visitors to make a difference or how would you attract enough podcast listeners to make a difference. Even celebrities that have name brand recognition that have crossed over and started podcasts usually don't get much traction anymore. They are drowned out in a saturated field. So if you want your brand to reach people today, well, that's a really long discussion and this isn't a marketing show. So I'd start with just two pieces of guidance: #1 - Look for that new media source that isn't crowded today. It might be that "next" media type. For a while, people thought that it might be voice-activated media like Alexa or Siri. I don't really know that that's getting traction like some thought. But that's the way to be thinking. "What's next?" Secondly, if you know of a thought leader that wants to get their message out with a podcast today, rather than starting their own show and entering a crowded field… gosh, starting your own show, you could spin your wheels with many episodes and unlike a website that doesn't need to be constantly updated… … a podcast takes regular releases, and production, advertising, sound engineering and marketing, transcription, and a support network of complimentary resources from video to social media and more. Well, I've got a great shortcut to that… in the podcasting world that will save you a lot of time, money, and frustration. If you know someone that wants to get their message out through a podcast today, the big shortcut is to be a guest on another show that already has a big following. That way, you've outsourced all of the production and marketing and everything else to a proven channel. That can save you hundreds or thousands of hours in your life. Rather than starting a podcast, be a guest on a few big name shows. Now that you know how you're going to provide value to the world, you've got your reach too. Hey, I've got more thoughts like this for you on building your personal brand. Before I share those, let's talk to today's remarkable guest on how to build your personal brand. ___________ Oh, yeah, a really interesting interview with Steve Sims today. One thing we discussed is that you can't snap your fingers and instantly make yourself someone that you're not. It's about gradually being who you are becoming. Now, here at GRE, our show keeps growing and about two years ago, I needed to make a new key hire to run the internal operations here so that I could have enough time clear to make the best content for you every week. But, gosh, I really didn't know how to make a quality hire here - like, to bring in an experienced pro. Realizing I didn't even know how to hire someone, I looked around my network of people… and I knew that Ken McElroy had employed a Hiring Manager, Jennifer, to help him and I tapped her so that Jennifer could find a COO for GRE. Jennifer & I worked on the position advertisement, she interviewed the top candidates, narrowed it down to three, and Aundrea was selected. Then I got Garrett Sutton to help me write the work contract. So, I had acknowledged that hiring a top pro was beyond my skillset. And Aundrea is such a professional here - she has her MBA too - that when GRE added more staff later, she's the one that does the interviewing - not me. And then… continuing in this vein of, "Don't pretend to be someone you're not." When we make a new hire here at GRE, I don't pretend like I have some lofty corporate experience at knowing how to run things around here. When I first talk to that new hire here, I simply tell them the truth. I say something like: "I found myself with a show here that a lot of people seem to like to listen to… but don't have any experience managing people. So I really want you to feel comfortable in speaking up when you think I could be doing something better." Yeah, I tell everyone something like that. Alright, well, what did that just do when I told them this? First, it's honesty. It makes me more comfortable It made the new hire more comfortable And finally, I'm not pretending to be someone that I'm not. When I was in the working world, I didn't climb up the corporate ladder. I didn't get that corporate experience. Instead, I decided to leave that world behind. Steve made a terrific point at the end about brand clarity - being clear on what your brand stands for - whether that's your personal brand or your company's brand. I told you near the start of the show that commitment & respecting other people's time is a big part of my personal brand. Certainly, attention to detail too. GRE's brand clarity is in four words: Real Estate Financial Freedom. Those four words tell you where you & I are going together & how you're getting there too. Once you're in the GRE world and tribe, then we can get more nuanced, for example, with our strategy and brand of "FF beats DF". And with that, you see how "RE FF" is achieved faster. I sign off each show with "Don't Quit Your Daydream" and it's a trademark that we own here at GRE. So the point is, be clear and memorable in order to have a successful brand for yourself. This doesn't have to be that well-developed and you don't have to have terms trademarked to have a strong brand. Juan, my landscaper wacks all the weeds along my fence and doesn't leave any clippings behind. I can see that his brand was there - imprinted in my backyard. Speaking of some other well-branded real estate figures, if you want to listen to Grant Cardone & I together here on the show, where we 10X your wealth together, he was with us on Episode 264. Robert Kiyosaki's latest appearance here on GRE was last year. You will find he & I together most recently on Episode 358. As far as today's chat, you might be interested in SEEING Steve Sims & I's chat from today other than just listening to the audio here. It might help reinforce some of these branding concept for you. He's also just a really interesting figure to see and listen to. You can do that on your YouTube Channel… which is really easy to find and remember… because we're - I suppose - consistently-branded - ha! That's because our YouTube Channel is called "Get Rich Education". I'd expect that video to be published there by about now. Personal branding means that there is… perhaps… a better investment than leveraged income property. That investment… is YOU. Until next week, I'm your host, Keith Weinhold. Don't Quit Your Daydream!