Rank #1: 1321 FBF: Ron Paul on Liberty, Market Distortion, Inflation & Currency Manipulation
Today's Flash Back Friday comes from Episode 913, originally published in November 2017.
Jason Hartman starts off the show talking with Elisabeth Embry about how she makes her 5-year plans, and why it's important.
Then, Jason continues his conversation with former Congressman Dr. Ron Paul. The two finish up their talk by looking at why the government thinks they're the best option for many aspects in our lives, what would happen if the government got out of the way and prices reverted to normal rather than the distorted view we're getting today, and why we shouldn't expect to see inflation curbed in the near future (or ever more likely).
[4:13] How Elisabeth, and her husband, take the time to put pen to paper and come up with their 5-year plan
[7:15] We tend to not put much emotion into our investing victories, which can make us only remember the negatives
[10:46] Planning your journey using the Amazon Press Release method
[14:37] Take stock of your resources, you probably have more than you realize
Ron Paul Interview, Part 2:
[18:50] What business is it of the government to involve themselves in so many aspects of our lives?
[21:11] Many governmental programs have distorted markets like student loans and housing markets
[25:28] Distorted prices and manipulating the currency and tax codes makes people worry about gaining the best tax advantage rather than getting the highest return or providing the most value
[28:42] Inflation, from the government and central bank point of view, seems to be a great business plan
Nov 08 2019
Rank #2: 1289: GDP & Real Estate Investing
Jason Hartman and Adamp take a deep dive into what GDP is and some of the plusses and minuses inherent to it. While breaking down a CNBC video explaining GDP they look at whether government spending should be increased, decreased, or left the same, how just because GDP is rising doesn't mean our economy is improving, and much more.
[4:33] What Jason learned from a New York City bus driver
[10:26] The CEO of WeWork has stepped down, who helped show the importance of Commandment #3
[16:06] US GDP is 38% government spending
[21:02] Importance of looking at GDP rates and inflation rates
[26:40] The important relationship between income distribution and GDP
Sep 25 2019
Rank #3: 1320: Housing Scarcity & Fake News, Stonewalled, The Smear by Sharyl Attkisson
Before launching into his off-topic 10th episode show, Jason Hartman takes a minute to discuss a topic of real estate interest: the lack of homes available to homebuyers with a price point below $250,000.
Then Jason talks with Sharyl Attkisson, host of Sinclair Sundays, former CBS anchor and author of Stonewalled: My Fight for Truth Against the Forces of Obstruction, Intimidation, and Harassment in Obama's Washington, about today's atmosphere of fake news, online bullying and defamation, and how we can possibly combat them.
[4:17] Homes below 250k are starting to become extinct
Sharyl Attkisson Interview:
[9:50] With just a few Twitter accounts, smear operators can start an entire movement
[14:32] How do we reconcile a free but credible press when there are so many anonymous sources today?
[20:44] Journalists use to keep their political opinions to themselves, but now they're almost rewarded for it
[25:51] What should we make of the big tech companies censorship?
Nov 07 2019
Rank #4: 1280: Secret Millionaire James Malinchak on Success Mindset
Jason Hartman talks with James Malinchak, #1 speaker coach & trainer and former Secret Millionaire on ABC (as well as this year's Profits in Paradise keynote speaker), about his time on the TV show as well as how people can take what they have, get the right mindset, and turn their life into a success. There are a lot of external forces on you in your life, but the response you have to all of them is strictly up to you.
[7:27] James' experience on The Secret Millionaire
[15:36] What are the traits that lead someone who is poor to become successful?
[18:22] In every situation you can either have excuses or results, and excuses don't matter
[22:05] The response you choose to tell yourself after an event is all that really matters
[25:38] What James will be talking about at the upcoming Profits in Paradise
[29:34] It is an absolute necessity to invest in yourself
Sep 12 2019
Rank #5: 1290: New Construction Rates & Wealth Can't Wait, Avoid the 7 Wealth Traps & Miracle Morning Millionaires by David Osborn, Magnify Capital
Jason Hartman starts today's show discussing an article that explains how hard new construction starts are hitting various markets. They're down by over 80% in some markets and over 50% in a majority.
Then Jason talks with David Osborn, co-founder of Magnify Capital and best-selling author of Wealth Can't Wait: Avoid the 7 Wealth Traps, Implement the 7 Business Pillars, and Complete a Life Audit Today!, about making the conscious decision to be wealthy and how you can actually follow through on that decision while avoiding common pitfalls. They also discuss how absolutely vital the morning is to your life and how you can win the morning.
[2:44] Home building is down more than 50% since before the Great Recession
[7:32] Chicago only has about 20% of the construction they had before the Great Recession
David Osborn Interview:
[15:40] Being wealthy starts with making a choice
[19:36] The mindset is critical but often overlooked
[23:49] When you become successful you eventually just have to learn to deal with being in lawsuits
[26:58] Do NOT hire someone just because you like them
[33:49] Miracle Morning Millionaires
[35:47] By 11am the world is coming at you and you're in reaction mode
Sep 26 2019
Rank #6: 1319: Controlling Investments, Personality vs Character & 3rd World States
Jason Hartman reiterates the importance of Commandment #3 to start off today's episode: Thou Shalt Maintain Control!!! At his mastermind event he was pitched a syndication deal that reminded him how you can invest in deals that could make money but still come out behind when you compare it to other possibilites.
While discussing investing in funds/syndications, he also delves into the principal of character vs personality. When you're investing, it's important to look past most of the personality and focus on character or you could end up looking at a horrible result.
[4:37] A syndication deal Jason recently was pitched
[7:01] You shouldn't be happy just because you made some money.
[9:50] The Personality Ethic vs the Character Ethic
[18:35] Is California a 3rd World State?
[24:13] Why you should care about California's demise even if you don't live in that state or even country
[32:14] The people in charge are distracting us so they can do what they want behind the scenes
Nov 06 2019
Rank #7: 1284: FICO Scores, Mortgages & the Death of the Gig Economy?
Jason Hartman and Adam discuss several issues in today's show. The first one is the news that the average FICO score is at an all time high. This is due to several factors, but the underlying facts about the credit rise show some very good news for our economy. The two also discuss a new credit scoring on the horizon that might help more people get credit and allow those who make strategic defaults able to get loans sooner.
After playing another of the 5 Year Plan videos, Jason and Adam dive into an event in France that shows the creep of what employers are responsible for, as well as a new California law that is aimed at companies that employ freelancers. The two have differing takes on the law, tell us yours!
[4:07] Jason has been researching an investment vehicle that might be better than the 1031 Exchange and he'll discuss it at the upcoming Profits in Paradise
[7:11] Consumer spending seems to be more in line with wages these days
[11:51] They're creating a new way to create credit scores with more data points
[15:39] Credit management isn't just the ability to repay
[19:29] Jeff's 5 Year Plan for retirement
[26:20] How employers are being hampered even more with a ridiculous event in France
[31:48] California's new law about independent contractors could have some big ramifications
[34:15] We need to divorce health care from employment
Sep 18 2019
Rank #8: 1318: Important Economic Indicators, Wage Growth & Value of Mastermind Groups
Jason Hartman starts today's show discussing the importance of finding a group that brings out the best you possible. Sometimes that can cost a lot of money, sometimes it doesn't. Then Jason explores another story that illustrates the importance of Commandment #3.
Then Jason talks with Ali Wolf, Director of Economic Research at Meyers Research, LLC. Ali and Jason explore which indicators are important and which ones are just smoke and mirrors when you're examining housing markets and markets in general. No surprise, some of the big ones you hear about in the news aren't the most helpful.
[4:24] The value of a network
[6:44] Jason's gotten back into Tabatta Pro
[10:15] Under Armour is coming under investigation
Ali Wolf Interview:
[17:30] What indicators you should pay attention to and which you should ignore as an investor
[20:19] Wages in the US are going up, but wage growth minus inflation still doesn't give people a big enough raise to keep up
[24:58] Even with the bad things that are happening we're still in positive growth
Nov 05 2019
Rank #9: 1283: Investing News from Chicago & Short-Term Rental Bubble? with MyLodgeTax's Rob Stephens
Jason Hartman starts today's show discussing some good news for real estate investors in the Chicago area, as well as why investors in California should actually be thankful for their current tax situation.
Then Jason talks with Rob Stephens, co-founder of Avalara MyLodgeTax, about whether the short-term rental market is oversupplied and what the impact of institutional investors is doing to the marketplace as a whole. They also discuss some of the tax implications of running short-term rentals.
[1:18] Good news for investors in Chicago
[7:34] Jason put an offer down for a short-term rental property, but make sure you're not violating Commandment #21 to avoid manias
[10:15] Tech companies are playing by different rules, so it's nice to see them being investigated
Rob Stephens Interview:
[13:59] Is the short-term rental market oversupplied?
[17:17] How will short-term rentals hold up in the next economic downturn?
[21:26] What has the increased usage of short-term rentals done to the timeshare market?
[22:43] The way institutional investors are getting involved in short-term rentals
[27:22] Tax compliance
[30:30] How much do room/tourism/hotel taxes differ across the country?
Sep 17 2019
Rank #10: 1310: Negotiation & Urban Planning by Lawrence Susskind, Havard Law School & MIT
In this off-topic 10th episode, Jason Hartman spends some time analyzing the power of the brain and what our brain does to protect ourselves and allow us to function in our day to day life. He also lays down a challenge for all listeners in order to figure out what's important to us all.
Then Jason talks with Lawrence Susskind, Ford Professor of Environmental & Urban Planning at MIT and Vice-Chair of the Program on Negotiation at Harvard Law School and author of Entrepreneurial Negotiation: Understanding and Managing The Relationships That Determine Your Entrepreneurial Success, about what urban development means in today's age and ideas coming up that can help alleviate many of our city's difficulties.
Jason and Lawrence also discuss the importance of negotiation and the mindset you must have whenever you enter into them. Many people's attitudes these days are skewed toward doing what's best for themselves, and Lawrence explains why that's wrong and why the methods we're trying to use for negotiations are all wrong.
[4:25] Always be trying to strengthen your attention muscle
[7:15] Our brains are phenomenal at denying we're going to die, which allows us to function
[13:59] Jason actually did an assignment that a professor gave in the 1988 movie Cocktail
[19:20] What if we embraced life and brought our A game every day rather than thinking death was some thing way off we don't need to worry about?
Lawrence Susskind Interview:
[24:05] The art of urban planning and its changing nature
[27:06] Cities are going through a process of change and we're likely to see big cities continuing to spread rather than becoming denser
[32:09] Some ideas for the future on how to reduce or eliminate traffic
[36:47] The single most important thing to becoming a better negotiator
[41:49] You need to know the other party's options so that you can know where you stand in negotiations
[45:42] How negotiation can make you a better leader
[50:10] We need to stop thinking that text based communication can be a way to run a business
Oct 24 2019
Rank #11: 1293: Jason's Real Life CPI vs Real Estate Story with Thomas
Jason Hartman and Thomas the Economist take today to discuss a different view on Inflation Induced Debt Destruction. Jason and Thomas dig in to some stats from Shadow Stats that show what is, potentially, the real rate of inflation, and it's VASTLY different from the numbers the government puts out for public consumption.
[6:44] Jason's latest book recommendations
[7:55] One huge benefit we get as real estate investors is optionality
[13:20] Things aren't always as they seem when you look at the real numbers
[16:03] Interest rates and mortgage payments
[22:22] Houses today are barely any more expensive today than they were in 1989 based on adjusted numbers
[28:34] Substitution could be useful for inflation, but the government tends to abuse it to keep the numbers where they want
[32:34] How to get your after inflation and tax effective interest rate
Oct 01 2019
Rank #12: 1306 FBF: Asset Protection, LLCs, Corps, Etc. with Rich Dad Advisor Garrett Sutton, Part 1
Today's Flash Back Friday comes from Episode 947, originally published in January 2018.
Jason Hartman wanted to make sure that the practice of asset protection is understood by every investor, because it can make or break your portfolio if done wrong.
As such, he invited Rich Dad Advisor Garrett Sutton back on the show for a long, in-depth interview. We'll finish it up tomorrow with the second half, but today the two discuss the inside/outside attack on LLCs, discuss which states have weak and strong LLC protections, and how to protect your properties properly.
[4:26] The impact of controlling the money
[7:58] How music has impacted societies around the world
[10:43] Want to go to the Icehotel in Sweden with Jason?
[13:11] The inside attack versus the outside attack
[16:54] California has the weakest asset protection laws in the union
[19:00] Why Wyoming LLCs can protect your other LLCs better than any other state
[23:34] If you have your state LLC inside a Wyoming LLC domesticated in your state, which state rules apply?
[25:44] Why is it called an "Armor 8" strategy and when is it a good choice?
[30:37] How the Wyoming LLC provided a win for a car wreck causer
Oct 18 2019
Rank #13: 1309: Millennial Millionaires Impact, Property Comparisons & Big City Exodus
Jason Hartman and Adam come together to discuss an article from the Drudge Report about the big cities losing workers by the hundreds, as well as a Business Insider article looking at the number of Millennial Millaires and where they're located around the country. Jason and Adam explore what these trends and stats mean to real estate values and what real estate investors can do with that information. Plus, Jason brings an unbelievable property to the show for you, what's the catch???
[2:55] Big name cities are losing people in the 150-300 per day range
[6:39] A mass exodus to rural areas needs companies to embrace 100% remote working at a higher level
[10:19] A property comparison
[17:55] Don't just pay things because someone sends you an invoice. Make sure it's legitimate and the best price possible
[24:49] Where are the Millennial Millionaires and what's their wealth worth?
Oct 23 2019
Rank #14: 1307: Graying of America & Don't Save For Retirement, Millennial Guide to Financial Freedom by Daniel Ameduri, Future Money Trends
Jason Hartman and Adam begin today's episode discussing the topic of the graying of America, and what the increasing demographic of people over the age of 80 means to real estate investors.
Then Jason talks with Daniel Ameduri, co-founder of Future Money Trends newsletter and author of Don't Save For Retirement: A Millennial's Guide to Financial Freedom, about how the working environment has changed from the Baby Boomers to Millennials and how the Millennial generation need to change their mindset about retirement in order to not be left behind when they're ready to leave the rat race.
[5:52] How a cruise ship is a metaphor for life
[9:55] 18 million adults in the US will be in their 80s in the next decade
[12:23] The cost of construction could drive the elderly out of their homes if they need to renovate for their lifestyle
Daniel Ameduri Interview:
[18:55] What does Daniel mean when he tells people not to save for retirement???
[23:09] Beware financial advisers, there's more education required to be a hair stylist
[27:52] Millennials should embrace the freelance economy
[32:10] Daniel is seeing boom time for the next year
Oct 21 2019
Rank #15: 1275: Fannie Mae's Chief Economist on Housing Market & Real Estate Dynamics in 300 Markets with Local Market Monitor's Ingo Winzer
Jason Hartman is back and talks with Adam today to discuss Fannie Mae's Chief Economist Doug Duncan's latest comments about the housing market. Not surprisingly, the huge lack of inventory is making a substantial impact. Jason and Adam break down how big an impact it is, what's causing it, and if there's hope on the horizon.
Then Jason talks with Ingo Winzer, founder and president at Local Market Monitor, about how his company is able to analyze 300 local markets and what elements are important for investors to pay attention to when examining markets on their own.
[6:29] The graying of America
[11:10] Getting into real estate might seem expensive now, but it also seemed expensive in the 70s, 80s, 90s, etc and it's turned out pretty good
[13:16] The labor shortage in construction since the Great Recession is going to make ramping up construction difficult
Ingo Winzer Interview:
[19:08] Rents behave differently from prices because rents tend to move with income
[25:12] What Ingo bases his price forecast on
[30:49] How do you factor in retired people and those in the gig economy when factoring in the job market
[35:05] You need to figure out where the concentration of renters are in your market before you invest
Sep 05 2019
Rank #16: 1292: Recessions, Manufacturing, Globalization & Wealth Simulations
Jason Hartman talks with Adam about the definition of a recession and what impact globalization may (or may not) have on the future of recessions. They also explore how the United States reacts to trade situations and what impact that has on markets such as the ones we invest in.
[2:55] With a recession potentially looming, you need to stress test your portfolio, which is something we'll be doing at Profits in Paradise
[8:09] Some of the old recession indicators aren't as reliable anymore because causes of GDP have shifted over the years
[10:48] A strong manufacturing base makes local economies take much longer to shift
[16:08] Why do they say that de-globalization could lead to more recessions
[19:40] It's important to look at states the same way we do countries to see which states are the friendliest to businesses
[24:41] The hidden benefits of self-management
[27:13] This year's wealth simulation will really delve into how Refi Til Ya Die really works
[26:00] The hidden benefits of self-management
[28:32] This year's wealth simulation will really delve into how Refi Til Ya Die really works
[32:54] A Baltimore, MD property available
Sep 30 2019
Rank #17: 1299: Value of a Dollar, Low Inflation Haunts the Fed & Property Tours
Jason Hartman discusses something he has talked about many times today, and that is the value of a dollar. To do so he breaks down a YouTube video by the Wall Street Journal that discusses inflation and what scares the Fed when it comes to it. Then Jason and Investment Counselor Carrie discuss her recent mini-property tour with investors and the upcoming property tour in Florida the day before Profits in Paradise.
[4:37] Is capital or labor more important
[7:47] Low inflation or even deflation can have disasterous consequences
[12:59] When rates are low, more people take out credit, and credit is a phantom version of money supply
[17:32] Inflation arbitrage can't last forever
Jason & Carrie:
[23:43] How Carrie's mini-property tour went
[26:50] The Refi Til Ya Die plan in today's market
[31:15] We're in an environment where you can just ask your lender for a better interest rate and it can work without a refinance
[32:27] Inventory is finally starting to pick up
Oct 09 2019
Rank #18: 1278: Home Buyers Giving Up & Self Made, Becoming Empowered, Self-Reliant & Rich in Every Way with Telemundo & Fox's Nely Galan
Jason Hartman and Adam begin the show discussing how half of the potential home buyers are currently throwing in the towel because they can't find a house in their budget. They're getting discouraged and losing hope for the future as well, causing a surge in renters. As an investment property owner, that puts you in a fantastic position.
Then Jason talks with Nely Galan, former president of Telemundo and author of Self-Made: Becoming Empowered, Self-Reliant and Rich In Every Way, about her journey up the corporate ladder and why she got in to investing in commercial properties. Nely took the dramatic step of leaving a solid, promising job in network TV to become employee #1 at a small startup called Telemundo. Nely explains how you can use your early jobs to prepare yourself for your own success and why sacrifice is necessary.
[4:39] Since the Great Recession homebuilders have just ignored investment priced properties
[7:07] One reason why Jason doesn't like owning a primary residence
[11:31] The number of adults who think they'll buy a home in the next year has dropped from 24% to 12% since the start of 2018
Nely Galan Interview:
[14:44] Make mistakes on other people's dime so you can succeed when you go out on your own
[19:34] Being employee #1 can be worth it
[21:09] Every job you do teaches you something that eventually leads to mastery
[24:07] Why Nely wrote Self Made
[27:59] You have to be willing to sacrifice something to get something better
Sep 10 2019