Jason Hartman gives us insight into the current American political system. He discusses headlines in the US economy including some news that’s not gaining a lot of attention. Later in the segment, he plays a clip from the Cash Flow Wealth Summit which illustrates 6 ways the government can solve their $220 trillion obligations and what real estate investors can do to take advantage.
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. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 0:52
Welcome and thank you for joining me for Episode 1067 10678 It is a great day greetings from beautiful in rather Crispin chilly Salt Lake City, Utah. What a great city. This is I love these areas near the Rockies you know, Denver Salt Lake Aspen, of course had a great time and Aspen, I was there for 10 days. I am headed back to Florida. going to change my climate quite a bit.
Jason Hartman 1:23
These weather changes are pretty radical about as radical as you can get short of going to maybe, well, maybe where we took a venture Alliance adventure Alliance mastermind trip to Dubai a couple of years ago. So short of going to that these are pretty big weather changes. But yeah, it sure is nice here. And I’ve enjoyed my time. spent some time with our venture Alliance member Pat Donahoe. We discussed business and economics and all kinds of interesting things. Over the last couple of days. He and his lovely wife Cynthia took me out to celebrate my birthday. While I was here, so that was nice, but I ate way too much food. I tell you. There’s an old saying and I think it’s a good one. I think it’s a good one. Breakfast like a king. Lunch like a prince and dinner like a popper. I like that plan. You know, whenever I eat a lot for dinner, these big dinners just, they just ruined my sleep and it’s just not good. But hey, you got to go. Be a little gluttonous once in a while and celebrate, right. So that was fun. So as you are listening to the most experienced person in the field, yes, I’m claiming that because I really think I am the most experienced person in my little real estate niche. You know, a lot of people talk about how they started before the Great Recession, and I’m thinking that’s nothing I started way before that two cycles before that, in fact, this is day number 12,078 of my career. I have been Now been doing this for 17 million plus minutes, over 289,000 hours. And I am just over 1700 and 25 weeks in to this business. So yes, I have done a lot of thinking to make your life easier and your life more profitable. I’ve made a lot of mistakes that you don’t have to make, because you can just hear about them here. And hopefully you will learn from history, my own history and not repeat those mistakes. But I’ve also made a lot of successes, or had a lot of successes, I should say. And you can learn from those too. But since we’re talking about time for a moment, and by the way, today, our guest will be none other than the most experienced person in this industry. Jason Hartman Yes, he will be talking. Isn’t that weird? People talk about themselves in third person. I always thought that was Funny. So I will be talking just in a moment about the six reasons I am right about the economy and about investing. And for those of you who have been to one of my many, many creating wealth seminars over the years, you have heard this concept before, but you haven’t heard it expressed the way I will express it today. So we got about 20 minutes on that after a little bit of monologue comments here. So first off, I gotta say, I mean, look, folks, the Supreme Court fiasco last week, give me a break this witch hunt, with literally no evidence whatsoever. Now, you know, me, I’m not a particularly big fan of Donald Trump, our president, but this Supreme Court nominee, I don’t know. You know, maybe he did what she said maybe he didn’t. But the fact is, there is zero evidence and no one can blame for several decades, all of a sudden it’s an issue. So there’s just too many reasons to believe that is false. Okay? She can’t remember any details, of course, blah, blah, blah. You You all heard it. But politics in this country have just become a fiasco, haven’t they? I don’t know. Maybe everybody thought that years ago, but it sure seems just to be so divided. I mean, this guy, Kavanaugh, his credentials are phenomenal. They’re phenomenal. You know, you just have to admit they really are. Love them, hate them, love or hate the president. And he’s really no friend of Trump per se. I mean, he’s right out of the GOP playbook, which Trump certainly is an out of the GOP playbook. Yeah, whatever, you know, whatever. Now I know. I’m gonna get a bunch of hate mail saying I’m so partisan. No, I’m just an observer. I’m just telling you that this is ridiculous. It’s a fiasco. It really is. It really is. So anyway, he was confirmed yesterday. We’ll see what happens as the story unfolds. But look, hey, we have checks and balances. That’s the wonderful thing about the American government and international listeners. I hope I’m not boring you to death because I know we have listeners in 165 countries. And this is not an America centric show. But look, hey, it’s the biggest economy in the world. We got to talk about political and economic arena here. But you know, look at what’s going on in the economy is nothing short of a miracle. Low income workers are finally seeing these long awaited gains in wages. Look at this wall street journal article, right. Grass Roots growth in income. wage growth for the highest earners has slowed, but overall compensation continues to grow, driven by increases for lower earners, the bottom 10% of earners in the country have seen their wages in increase by 5%. And the top 10th of a percent, or the top 10th of wage earners have seen their wages increase by 3%. So this is just the rising tide is floating all the ships. Okay. You know, look at I Know and I’ve said many times, our whole economy in not just the US but the entire world is built on smoke and mirrors and those are largely derivatives of things. And I don’t just mean the technical definition of derivatives in the in the stock market, if you will. I mean, everything in the world being the thing about the thing, you know, we live in this world Alvin Toffler, the future it’s the late futurists that I never had the chance to interview before he passed away. But his books were brilliant. I read several of them. One that I read maybe back in about 1990 was mind boggling. It was so interesting. It was called powershift talked about the three forms. Power throughout history, he called it the super symbolic economy. And that’s what we have everything is a symbol of another thing, where very little of it is actually real. It’s all these instruments and derivatives and things about things that aren’t really real things. They’re just things about things. And the example I give you is the great recession, right? You know, most people would say the great recession started 10 years ago, approximately just a little over 10 years ago. And I asked you, as I have said before, to consider this idea, the day before the Great Recession didn’t really happen in a day, but just just go with me on this, okay. The day before the Great Recession. If you looked around the planet, there was a certain amount of wealth. There was a certain amount of gold a certain amount of real estate, a certain amount of silver, a certain amount of oil, a certain amount of everything, right, the day after the great recession began and everybody He felt so poor and helpless. What changed in real terms of real things? What actually changed? Nothing.
Jason Hartman 9:13
Nothing changed. The world had the exact same amount of wealth. The day after the Great Recession, and a year into the Great Recession, as it had before the Great Recession during the boom times, it was only the label on things, only what we called it what we considered something worth the same things were there, right, and the wealth should be measured in those things. That’s how you really measure wealth. According to your hack economist, yours truly Jason Hartman. Okay, so the low income workers are making more money. That’s great. The jobless rate is at the lowest point in 49 years, five decades. Okay. Now, here’s another article, Wall Street Journal again. Hey, I’ve been reading the paper this morning. You can go Foreign automakers look at more us content. You know, this is part of the trade talks that Trump has been having right? About, look, even if you make the car in the US, you set up a factory in the US mostly in the south and the right to work states with limited government and more economic freedom, right? That’s where all these Carmen auto manufacturers have been setting up shop over the last 15 years or so. We’ve seen it you know, Mercedes, Toyota, all of them, right? They’ve been setting up shop in the US. Great thing. That’s good. But they’re really not manufacturing enough in the US, because when you look under the hood, they might assemble the vehicles in North America. But the engines and the transmissions are from overseas, right there from outside of North America. So the CEO of BMW just said in a Paris conference, quote, we will allocate more us production For the US market, okay, that was Harold Krueger, right? dine where CEO basically said the same thing, Diamond Mercedes, right, same thing. They’re all bringing this stuff back on shore. You know, a lot of things frustrate me in the media, a lot of these stupidly misleading things that you constantly hear or read in the media. They’re just stupid. They never say compared to what? Right? And they never talk about how you can’t hear the dogs that don’t bark, right? They’ll talk about how well the cost of Trump’s trade war will make the price of everything go up, blah, blah, blah, but they never bothered to mention that it will increase the job market in the US and lower unemployment, thereby making costs go down. I mean, it’s just mind boggling that they don’t have to tell the whole truth, the complete truth and nothing but the truth, right. That’s what the media should be obligated to do. But have Of course it never is right. We are going to talk probably on the next episode. Well, on the Wednesday episode, I think about what is happening in the bond market. Folks, this is very significant, very significant, very significant. Are you listening? I told you very significant. What is going on in the bond market now is a big, big deal. And it has a huge impact on interest rates and interest rates are going up. They’re going up, they’re going up even more than we originally thought. So stay tuned for that. That’s creating a lot more urgency in the housing market to buy up inventory. Ultimately, eventually, it will have a bit of a cooling effect, but right now, everybody wants to grab everything they can because they realize as I’ve always said that the mortgage is an asset. It’s a big part of the asset getting a mortgage at the lowest possible rate. But look, even though rates are going up and they are up right compared to what I mean, when I got into the business over 1700 weeks ago, okay, when I got into the business way back then rates were 14%. And everybody thought it was a steal because they were down from 18 and 19%. Right. So compared to what is always the right question, now, we are also going to look at and we have hired, in addition to myself, we have hired an actual economist. Yes. And we are going to do some cool analyses for you. And we’re going to talk about some of these that are upcoming event in Hawaii, where we’re going to analyze housing cost over the course of years and compare it to different points in the economy, so that we really understand how expensive or how expensive housing actually is, at any given point in time. That will give us a very, very interesting and very enlightening thing to consider and base our investment to On. So we will get to that. But without further ado, let’s talk about the six reasons. I’m right about the economy and investing for the Hawaii event. Join us go to Jason Hartman comm check that out. Also be sure you subscribe to our Alexa skill. If you have an Alexa device, the Amazon Echo, by the way, congratulations to the very greedy Jeff Bezos, hey, congratulations. He’s worth 160 billion dollars. But the only reason I say he’s greedy is not because he’s rich. I’m glad he’s rich. I’m all for people getting rich. I just think it’s absurd that he finally gave his workers his menial workers a raise to $15 an hour. Well, Jeff, thanks for sharing the wealth man. Unbelievable. Tech tyranny. We’ll get into that in another discussion. Big tech companies are eating the world. And it’s pretty scary. We got to talk about that more. But yeah, join us for Hawaii. Subscribe to the Alexa skill. And be sure to subscribe to the property cast. A lot of new inventory has been coming on lately. So I’m very glad to say that just type in whatever podcast platform you’re using, type in Jason Hartman property cast instead of podcast, it’s a property cast and you’ll get all the latest and greatest properties. Okay, here we go six reasons let’s listen in.
Jason Hartman 15:28
Over the last five plus decades, we have had a government that has engaged in this to one degree or another entitlement society and people in power politicians that are running for office or in office already as incumbents. They love to have the opportunity to dole out goodies to voters because they can effectively buy their votes. And we know that this incentive will never go away politicians will always want to buy votes, they will always want to make the electorate happy by giving them goodies. We’ve seen this throughout history in many regimes around the world. I mean, even, you know, after Hugo Chavez, the dictator in Venezuela, after he passed away, they talked about how he would dole out the goodies to people. This is something that is just never going to change, it will always be a motivation. So why not align our interest and profit from that? Right? Why not be an investor? That is smart enough to you know, maybe I mean, look, feel free to complain about the way things are because they’re really messed up. I agree. I couldn’t agree more. But let’s align our interest. Always, as deep throat said, he said follow the money, right? Always follow the money. You know, you can always tell what really matters by where the money goes. You can always tell what really matters by where the money goes. So the government is in a financial mess. Now this module is from my creating wealth seminar. It’s a one day program that I do. And I’ve been doing this for many years, thousands of people have have seen it. And if you’re a regular listener to my podcast, you’ve heard me talk about these topics to varying degrees, but we’re talking about it a little bit differently today. So first, we must understand the motivations of governments and central banks. If we don’t understand this and why they do the things they do, and what they’re going to do if we don’t have a prediction for what they’re going to do. We will be handicapped as investors. Remember, there are three basic economic maladies, inflation, deflation, and stagnation. And I want to show you what I think the government will do and this is based on history. I’ve got lots of evidence for this. And I think you’ll agree with me as to how the government will get out of its mess. Get out of its debt out of its deficit out Have its financial problem. You know, I’ve had Laurence Kotlikoff on my podcast a couple of times. He’s a very well known economist, very famous. He has done a study on the unfunded mandates, right, all of these entitlements that the government has promised to the United States population over the next 15 to 20 years. And he believes that this number is somewhere in terms of cost to fund those, those mandates, right, somewhere around 220 trillion dollars. That’s trillion with a T, not million or billion 8 trillion. That’s a lot of money, folks. I mean, consider that the GDP of the US is somewhere just under $20 trillion a year. The GDP of the entire planet is about $60 trillion a year. These are very rough numbers, by the way, don’t quote me, but hey, a trillion here, a trillion there. What’s the difference? So comparatively, when you look at it, 220 trillion dollar time bomb, it is very significant and it’s a very significant factor in how we need to decide how to invest. So the government is in a mess. I’ve identified six ways that I believe they can
Jason Hartman 19:17
try to mitigate that mess to one degree or another. So let’s dive in. The first way is the government. Hey, look, the government has made all these promises. The government could just default and say, Sorry, we overspent we overindulged. It’s like that person at the party who drinks too much and then the next day they wake up with a very bad hangover. Right? And the government could say the same thing. They could say, look, we overindulged we spent too much. We can’t afford to fund Social Security. We can’t pay for roads and schools. We can’t pay for all the things we’ve promised all the different entitlement programs all the welfare the disability The government employees that make up about 20% of the economy, just sorry, you know, we’re going to default. So I don’t think that’s going to happen to any major degree. Now we saw this happen in Europe, right, especially Greece with their austerity measures, right. As that country has totally overspent. So have many other countries in Europe that are on the verge of collapse. I mean, look at Spain and Portugal and Italy. These countries are a mess, just like Greece to a lesser degree than Greece. They have had to default on some of their promises. And when they did, what happened, there were riots in the streets when they had austerity measures. So this is politically unpopular, and the government will try and avoid a default at all costs. Okay. So and then the government has foreign debt. Also, it could default on foreign debt. So that’s another type of default. What’s the other thing they could do? Well, number two, they could increase taxes. The government could say, look, we’re running short of money. We need to increased taxes. Now, I don’t know what your political beliefs are, I don’t know if your left wing or right wing or libertarian or in the center or what you believe. But I can tell you that it is an absolute fact
Jason Hartman 21:14
that is unassailable. You can’t argue with this fact that when taxes are increased, it suppresses economic activity with the exception of government economic activity, but I say government economic activity is bogus. It’s not real economic activity. So this was certainly proven during the Reagan era, and you know, criticize Reagan all you want. He certainly made a lot of mistakes. There’s no question about that. However, without the advantages Bill Clinton had a decade later of having the internet and the fax machine. I mean, you know, remember the humble fax machine. That was a revolution. The fact that you could do business around the world by sending someone a document on a fax machine, it increases The velocity of money. And the internet did that to the 10th power. Right? So Bill Clinton, even though he wasn’t as good philosophically on the economy, he benefited from some incredible advances. He was just lucky to be in office at the time when these things happened. But Reagan wasn’t. So he had the largest peacetime expansion of the economy without a war, you know, in a war is a bad investment for sure. But initially, it’s like drinking a cup of coffee with caffeine, right initially pumps up the economy, but ultimately, is a terrible investment and a terrible cost to the economy. So the problem with raising taxes is number one, you suppress economic activity, but there aren’t enough taxes to raise even if you taxed everybody in the country at 100% of their income, which of course, they would all say, Well, why would I work if you’re going to tax me at 100% or 90% Or like they do in Canada, what 59% or some ridiculous thing like that. It reduces people’s incentive to work. But even if even if everybody just worked really hard and gave all their money to Uncle Sam, there wouldn’t be enough The problem is far too big to solve with tax increases. So what’s the next thing they could do? Well, the government could have a yard sale, you know, a big garage sale, the US yard sale, and it could sell off assets. This already happens to one degree or another. Certainly the US sells military equipment to other countries. years ago, there was talk of selling the ports to Dubai remember that big deal, and it was all over the news and ultimately didn’t happen. And this was before the Arab Spring but Muammar Qaddafi. He was our enemy for decades, right, the terrible enemy that we had in the Middle East, one of many, we had decided shortly before the Arab Spring I can’t remember the exact time to sell military equipment to Kadafi right that no one would have ever thought that would have happened. But when the pressure gets bad enough, it will cause bad decisions. Right? So a yard sale, that’s another way to raise money. Number four, the American military or something called economic hitmen. Okay. He Hmm, economic hitmen could be used to steal money from other countries. And look, I love the military. I love our troops, and I appreciate what they do. The fact is, though, governments use militaries to steal. Okay, that’s been done throughout history. I mean, look at Napoleon, you would analyze how rich the find was, and if his military could roll in there and take the art and the gold from the enemy. There was a motivation for war. And as long as there sadly, as long as there is a motivation for war, there will never be peace as long as war is profitable. What we need to do to have pieces make war very unprofitable. And then we will have peace and economic hitmen. I’ve had john Perkins on my show. He’s been a guest on my podcast over the years and, and he talks about how economic hitmen are used, otherwise known as negotiators, right? They’re not necessarily Hitman, I guess it’s a matter of degree right? To go into other countries and negotiate deals that are favorable in this example to the US and unfavorable to the other country and apply a lot of pressure and a lot of different ways. Those first four things were all negative, they’re all bad things. This is a positive one. Technological innovation. The United States is a very innovative country. There are many other very innovative countries too. But I’m talking about these things from a US perspective, number one, because it happens to be where I live, but it also happens to be the largest economy in the world with the most powerful military the human race has ever known. And the most powerful unfortunately, central bank in the world. Hold has ever known the Federal Reserve. Talking from a US perspective. Of course, I know I’ve been to 81 countries I know there are many other perspectives. And I love hearing them. And I love to travel and talk to people in other countries. But if any country has a big technological innovation in this example, it was an America centric innovation, that would profit the US and it would bring money to the country because of the innovation. Certainly, you know, biotechnology, nanotechnology, energy, all of these great things that are happening, it’s truly an amazing time to be alive. As I always say, these are areas of great hope, artificial intelligence, self driving cars, robotic surgery, all these incredible things that we are going to take advantage of and we’re already taking advantage of are going to be truly amazing. So we’ll see how that all pans out. That can be a very positive thing. The last thing which I say is a positive thing. If you Follow my strategy. And that is inflate. The likelihood is the government will inflate their way out of the problem. And so will other governments around the world they will inflate their way out of a problem. So inflation is a great tool for investors who are in the know investors who get it right. I teach a strategy I call inflation induced destruction, inflation induced debt destruction. And this is a wonderful strategy. I pioneered this strategy along with a couple of other people. Not in my field directly, but Chartered Financial Analysts that I’ve had on my show many times, Dan Ammerman, he’s a pioneer of this idea. He doesn’t call it that. That’s I gave it my trademark of inflation and do step destruction. But this strategy is something you want to take advantage of as an investor. Now, let’s just move on and look at how this kind of works okay? To understand inflation, we need to distinguish between real and nominal. So I think everybody knows what I mean by real. What is the real value of something? versus nominal? The word nominal means in name only? What is the name of it? So if I take out a $20 bill, right, what is this called? It’s called a $20. Bill. And what was this called 50 years ago, it was also called a $20. Bill. But the value of this $20 bill is significantly less than it was 50 years ago. So in other words, nominally, it’s $20. in name only, but in real value, it’s worth dramatically less than $20. After inflation has taken its toll. It’s a much smaller real value. And we need to understand the difference between price and value. Right? What do we get what value Do we receive versus what price do we pay? Now inflation is this insidious, hidden tax, it is a hidden tax, it’s a form of taxation, okay? That we get taxed in at least two ways by our government. We pay income taxes, we pay sales taxes, we pay all those types of taxes. But then after that, we pay another tax called the inflation tax, as inflation destroys the value of our savings, our stocks or bonds, and thankfully, the value of my favorite four letter word debt,
Jason Hartman 29:36
it destroys the value of debt, because we get to pay the debt back in cheaper dollars as the value of our money is inflated away over time. There was a cartoon character when I was a kid, that taught me a lot about inflation and monetary policy. And you might remember the cartoon it was with Popeye popeye the sailor Man, right? And one of Popeye’s friends was a guy named wimpy and wimpy used to say what? Remember what he said? Do you remember wimpy from the Popeye cartoon used to say, I’ll gladly pay you Tuesday for a hamburger today see, wimpy, wimpy understood the time value of money because he wanted to get the hamburger today. And maybe it was a cheeseburger. I think it was a cheeseburger. I’ll gladly pay you Tuesday for a cheeseburger today. And he wanted to get the hamburger cheeseburger today and pay later because he could pay back in cheaper dollars through inflation, right? So there’s a funny illustration to remember it by inflation induced death destruction. That’s the technique I’m talking about. Now, inflation is the most powerful method of wealth redistribution. You might remember in the 2008 presidential election. There was a famous guy I interviewed him on my podcast. He became famous had had 15 minutes of fame. His name was joe the plumber. Remember, Joe The plumber, I actually interviewed him on my creating wealth podcast. And Joe the Plumber confronted candidate Obama and said, you’re going to redistribute my wealth right? And the media made a big deal out of this and accused Obama being a socialist and a communist, which probably isn’t too terribly far from the truth based on his policies. That was the point, right? Most people think that the most powerful method of wealth redistribution is taxation, but it’s really inflation. Because taxation is much more noticeable than inflation. Inflation is more subtle, it’s more covert, and it’s much more powerful. Inflation redistributes wealth from lenders to borrowers. From lenders to borrowers lenders become poorer, in an inflationary environment, and borrowers oddly become wealthier. And it also redistributes wealth from old Old people to young people. Why does it do that? Why from old to young? Well, hopefully. And generally, old people have assets. They have stocks, bonds and savings. And young people have the opposite. They have debt, they have debt. And when you look at the third item down on your screen, inflation destroys the value of savings, stocks, bonds, and thankfully the value of debt, right. So that’s how it transfers wealth from old to young, and also from lenders to borrowers. Jay Paul Getty said something powerful about debt. And Jay Paul Getty was the world’s first billionaire. He was the richest man in the world for quite a long time. And he said, If you owe the bank $100, that’s your problem. If you owe the bank 100 million dollars, that’s the bank’s problem. And what he’s alluding to there, I think, is the power of debt and the power of leverage. Now one of the reasons I like income property, the best of any asset class, I believe it’s the most historically proven asset class in the entire world. It is the most tax favored asset in America. And taxes are the single largest expense any of us have in our lives. And it is the most debt, favorable asset or the most debt favored asset in the country, because you can get a lot of very high quality, low cost debt against income property. And over time as we have inflation and you saw that inflation is the business plan of every government on the planet and every central bank on the planet. Do you think you’re going to change that? No, none of us are going to change that. So we need to align our interests with that and invest and take advantage of inflation induced debt destruction. Okay, we’ve got to Wrap it up. Thank you for joining me on this short presentation today. There’s a lot more at Jason hartman.com. That’s Jason Hartman calm. And also, I hope you’ll join us for our upcoming profits in paradise conference. And here’s a little video about that happy investing.
Jason Hartman 34:29
What is the sort of the one trick, the hack the secret that really empowers people to success? And I think at the end of the day, it’s leverage, because leverage helps you do more with less. I’m Jason Hartman and I’d like to invite you to our very first two day conference in beautiful Hawaii, Waikiki Beach, we are at the most iconic resort on Waikiki Beach. Many of our attendees are making a vacation out of this event. It’s in the first week of November, perfect time to go. And you will learn about short term rental properties, long term rental properties, and the most innovative strategies for real estate investing available today. You know, I purchased my first rental property at age 20. And since then, I’ve been involved in almost 10,000 real estate transactions. I’ve made the mistakes, and I can help you avoid the pitfalls. Many of you have attended our conferences over the last 14 years. And this one is a totally new event. If you’ve been following my podcast in my work, you know that I have unique strategies, not the same half baked, warmed over stuff you hear from other real estate speakers out there. We have helped thousands of people invest in properties around the us and we can help you do it to come and meet our local market specialist. Come and learn. about insurance about financing, meet other investors and what a beautiful environment to do that in beautiful Hawaii on Waikiki Beach. Also, we have a mastermind retreat. Right after that on beautiful Hawaii. Many of our attendees are bringing their family. So I hope you’ll join us and happy investing.
Jason Hartman 36:29
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