On a hot mic because we're going.

To look back on last episode.

This is the last episode in the space.

Last one.

Welcome back to the number one financial literacy podcast in the world.

This is the higher standard.

Sitting next to me on my left is my partner in crime, Christopher Nahibi.

Sitting next to me right, my one, my only, my road dog, my homie side, Omar, everybody.

Thank you, my man.

And sitting behind the ones and twos, we have nobody.

So space number two coming to an end.

Yeah, it's.

It's.

It's like a bittersweet journey, you know.

Only because you're so.

We're so excited to get into the next space.

Yeah.

Look, I.

For those of you listening to the show, know that we came from, literally the garage to this space, which wound up being a good.

We lasted years in this space with a crooked sign.

I mean, it's so subtle.

You remember when we put it in, how we were.

Right away, we just got.

Trying to push it up.

Yeah.

We got to figure out a place.

I think we maybe put this on the wall that doesn't have electric.

We just don't power it on.

We just keep it as homage.

Yeah, I like that.

And then we keep it crooked.

I have to.

Yeah.

I mean, because we obviously can't hang it straight, but, yeah, our time in this space is coming to an end.

And for those of you who've been following along on my social media, I bought a space actually just down the hall from here, and it has been a journey.

We walked in site, thought I was absolutely insane.

Yeah, I did.

I wasn't honest with you about it because you had already pulled the trigger at that point.

The damage was done.

Did you really think that it was a no go?

I didn't see the vision that you had.

I did not see that vision.

Really.

Well, admittedly, the vision has changed quite a bit, But I like the idea.

Of it being like a new space.

Right.

Everybody likes a new space.

Yeah.

But basically two rooms, 400 square feet, no water, but electric, you know, and no plumbing at all to it.

So there's outside bathroom outside.

Yeah.

There's really no.

There's no kitchen space for it.

But we have.

When we went in there, there was nothing in there.

It was basically like an empty, hollow space.

Built in the 1980s.

Had a new flooring.

So I tore down the ceiling and ripped out all the.

Ripped out the one good thing I had.

The flooring.

Yeah, the flooring took down the one wall in the space separating the front room, the back room.

And then kind of started putting together a plan for what it would look like, including a glass wall and basically having to put a pony wall up on one side, which didn't have a wall so we could hear everything.

The person in the space next to us was saying that was problematic.

Insulating it, framing it, drywalling it, painting it.

And then obviously all the finishings, which have now just finished up the coffee bar area, which includes a full refrigerator and microwave built in, which is kind of cool.

But space was at a premium because there's not a lot of space in that 400 square feet.

But sound deadening, I learned a lot about.

And for those of you who are listening to the show, you know that this is a very low budget production.

No, it's not.

I mean, we don't pay anybody to edit anything.

But this is high quality, crispy, high resolution audio.

Remember we say that.

Yeah.

We got told.

True story.

Looking back on it.

So I originally hired a consultant to help us out.

And the consultant said, you know, Chris, I don't know that you can say it's crispy, high resolution audio.

Remember that?

Yeah, I wanted.

I wanted a slabber.

Yeah.

I was so offended.

It was correct.

Yeah.

But it was hurtful.

Right.

So we decided to go on a little journey of mastering the audio.

We got better at it, and then obviously figuring out the video when we were in the space.

And the next space audio is light years above this.

Matter of fact, I'm gonna go out and so far and say acoustically, there's probably two or three places in Southern California that have similar studio quality acoustics that we put in.

And I'm not.

This is not me bragging.

I've learned a lot about acoustics and sound and space.

But you built walls, insulated them, put 5, 8 inch drywall.

Then we built second walls on top of that, re insulated them, built bass traps there, cover them with acoustic fiber and rock wool.

Acoustic fabric and rock wool.

Then put acoustic panels on top of those.

And when you walk in the space, like, there is no echo, there's no reverb.

It's noticeable the second you walk in.

In this space that we're currently in, you can really tell when you go stand in the corner and you, like, speak to the corner like you're on timeout.

Remember the first time we did that, we thought we were so special.

I was like, oh, my God, look how cool this is.

Yeah.

But in that space, literally right when you walk into it, noticeably different.

Yeah.

And we got a little more to do, but it won't be done.

So we're gonna, after this, this show's done, we're gonna break down all this, take it to the new studio space.

Recorded it a few days earlier to give us that time.

Yeah.

So some of this will go in the new space, some of this won't.

Like, I don't know how we're going to do the backdrops yet.

I guess.

I guess technically it can go on the wall by the TV or go on the wall on either side.

I mean, what do you think?

Yeah, probably the art wall.

The art wall?

Yeah, up top on the art wall.

I'll figure that out.

And then.

But it's really cool because you walk into the space and you just tell Google to turn everything on.

And yeah, we got a show right here.

On our current setup, it's about a five, ten minute process.

So that was the motivation for the new space, was if there's anything I learned doing content creation is that I know that the small idiosyncratic things that get in your way will be the hurdles that stop you from actually putting out content.

So if you have to stop and think or do something or plug something in, that in and of itself will be enough to stop most people from going forward.

Right.

So what I wanted to do is be able to walk into space, say, Google, turn everything on, and TVs are on, lights are on, we are ready to record.

Go to the computer.

We hit record, all three cameras go on.

And that's exactly what this is set up.

We're still gonna have to do a couple manual things, but you're talking from a five to ten minute setup to probably two.

And that's a critical difference to getting started.

Right.

So if someone comes in, you know, there's that weird setting things up phase where they come in and you're like talking to them while you're setting things up and they sit down, they're like, are we live?

Yeah, we're going right into it.

Right.

I love that there are.

There's a.

There are a few pockets out there that do that now.

Or literally as the guest steps into the room.

Rogan does that.

The show's.

The show starts.

Yeah, Rogan does that.

Chris Williamson does that.

No, I'm talking about like, they're walking in.

Yeah, yeah.

The whole setup.

I don't know.

It's pretty cool.

I like that.

There's no, let's be honest, nobody cares about in the beginning of a show, like the formalities.

So tell me about your day.

Are you ready let's go.

What are you promoting?

Nobody cares.

Nobody wants that.

Everybody wants, like, the real, genuine Theo Vaughn.

That's what they want.

Although I will admit, some of his humor.

It's really dangerous.

Oh, it's dangerous for us to even admit that you enjoy it.

Yeah, I.

I allegedly have listened to it.

No, because you have to stay plugged in to see what people are in tune with these days.

And you got to understand, like, half of what he says he's saying for a response.

So the comedy is in the response to.

No, no.

Well, hold on.

It's no secret.

We know.

And I'm sure the listeners know too.

The comedians that have podcasts, what they're doing is they're really rapid fire testing material.

Right.

They're looking for new material, and it.

Doesn'T go on tour.

Does he.

Of course he does.

I did not.

Yeah, but he's not releasing specials as at a cadence like Thompson Girl or Louis CK or any, like, big time hitters, you know?

Yeah, because he's making it.

He's crushing it with a show.

Oh, yeah, exactly.

I mean, he just interviewed Donald Trump.

I mean, he was one of the stops.

Him.

Flagrant.

Who would have thought?

Yeah, that.

That was.

That was a possibility, Right?

First one.

I mean, damn.

Props.

Damn.

I know.

Maybe we get into some financial literacy, huh?

No, not on this one.

Not in the last episode.

Look, I'm gonna be honest with everybody listening to the show right now.

Right.

This is gonna be an emotional episode for me.

This is tough.

I've been working 16 hours a day, every single day to try to get that thing done nights and weekends.

And I appreciate everybody following or following, you know, the journey, because I've been posting a lot of it on social media, but I'm gonna miss this space a lot.

You know, it wasn't perfect for sure.

But it was ours.

Yeah, it was our first, you know, non garage home, for what that's worth.

I remember when we first sat up here without the cameras.

Yeah, we had Yo, MTV Raps on in the background.

While recording episodes and drinking.

Yes.

Dude.

I look back on some of those other early videos.

By the way.

Shame on you for not telling me how chunky I look.

Slurring.

I wasn't slurring, but I was definitely chunky looking.

No.

Oh, yeah.

I was beefy.

I always knew you for having a face that was a little round.

Even at your leanest.

Even now I gotta.

No, no, you got the.

Don't say it.

I can't say it.

Don't say it's.

Derogatory.

Can't even say it.

GLP One face.

There you go, the Friday's face.

Wow.

This show is sponsored by Fridays.

One day they're gonna pay us a lot of money one day for this.

Exactly.

So we're seeing a lot of volatility in the stock market.

Talking about this last show, no secret.

Okay, Right.

But on any given, on any given day, you can expect the stock market to go up 1%, down 1%.

I think on average, that is typically what happens.

Right.

But we've said on previous episodes that JP Morgan Chase is now out here saying 60% chance at a recession.

Goldman Sachs is out here saying 45% chance at a recession.

Right.

What I want to get into is, and this is what I know people want to hear from us, is how can I best prepare for that scenario?

Well, candidly, I think a lot of the tips and literacy that we provide on the show are really recession proof.

Dollar cost averaging is recession proof.

The only hedge against inflation is to keep investing.

So all the fears of inflation can really be overcome by continuing to invest that.

This is.

So gold, for example, always tends to get to a new high in and around recessionary inflationary fears.

And we're now seeing gold at that point again because people feel like that particular commodity is a hedge against inflation.

There's the entire tech bro, crypto, digital currency family of people who believe that that is a hedge against inflation.

That's the, the dream that is sold to them.

Right.

That's the, that's the pitch behind that.

I would say none of that is true and that the only true hedge against inflation is to continue investing and.

To keep your money invested.

Right.

So I'm a firm believer in history.

Right.

History tends to repeat itself.

I think I'm more of a history buff than you are.

I think you're like a fanboy.

Like I'm hardcore.

No, no, I am.

And I am only because the data supports it.

I'm a data driven guy.

I'm an underwriter by trade.

Okay, I buy that argument.

Okay, so let's take a look back at some of the recessions that are notable over the past 100 years.

And let's see what happened after them.

Right, so you got.

What's the big one that comes to mind?

Black Monday.

Black Monday, October 29th, 1929.

No, no, Black Monday is in 1987.

Oh, okay.

Sorry.

Yeah.

You're thinking about around the Great Depression.

Yeah.

Right.

No, so this one, the market crash, largest single day decline in history.

22.6% decline in one day.

That was before the auto stops, though.

Right.

They now, when the market declines past a certain point, there's breakers built in and they'll actually stop the market and then reopen it several minutes later on to allow the market to continue activity.

Exactly.

It's supposed to stop the free for all.

It's supposed to stop the free for all.

Exactly.

So this stock market crash was primarily driven because the market in general was overvalued at the time.

Right.

The stock prices had tripled in the previous five years, and it grew 44% in 1987.

Right.

Which is a corollary to today's market that we've had very similar outsized growth in a narrow window of time, particularly in some pretty significant sectors.

I continue to be a very big fan of AI.

I use it a lot.

I stay up to date on the technology.

I stay up to date on some of the moral conflicts that we have.

And I truly think we're on the cusp of something that is as revolutionary as the stock prices of these companies seem to reflect.

But there are outside tertiary impacts that I think are important that society itself is not really accepting.

Even if you remove the morality here and the philosophical debate of us creating something that has a soul, you still have this tremendous stress on the power grid.

You're approaching gigawatts, which is powering about a million homes of power, to power some of these AI models.

That's a tremendous amount of power.

And I've said it before on previous shows with you where we talked about it between quantum computing and this.

You're talking about tech companies building nuclear power plants to power their electrical needs.

That's insane.

But that's how much this is pulling in.

A million homes.

You could power a million homes or you could power one AI model.

I don't see the same level of hysteria on overhyped technology.

I think this is revolutionary.

I think this technology is.

If you look back at the iPhone, there were other competitors out there, and you thought, okay, there's other competitors in the space.

You didn't realize the iPhone was going to be as revolutionary, but it really dominates the market.

You have Samsung out There, of course, BlackBerry's gone, Nokia's gone.

I think AI models are going to be very similar.

There's going to be one.

It's probably going to be chatgpt at this particular juncture, but you've got Google with theirs, you've got Apple tapping into ChatGPT, so it's leveraging that relationship.

You've Got X with theirs.

And I think there's going to be for sure winners and for sure losers that go away like BlackBerry and Nokia or change like BlackBerry and Nokia.

But I don't think this is overhyped.

So I even look at the market now and I say to myself, okay, Nvidia, they can move.

They're a proxy for the AI market.

Right.

Because they make chips and they largely use for this.

Is it over hyped hysteria?

Is this value really based in something?

And I think there's a possibility that the answer is yes.

So now let's take it a step further to the next recession.

The dot com bubble.

A great example of when there wasn't something really backing this, there was a lot of hysteria in the markets.

Right, Exactly.

That market collapsed due to speculative valuations of Internet companies around the turn of the century.

So I think you were trying to say speculative valuations.

Yeah, but yeah, so, so let me, let me be clear here.

Uber is a great example of this.

When Uber came to market, the valuation was very speculative.

There wasn't a comparable business.

That's the problem with the tech sector is some of these disruptive businesses, there's not a proxy to say, hey, this is how a similar situated business has changed the market.

This is how they were valued upon ipo.

This is what the stock price should be.

So you're really kind of guess guessing.

And that whole, I don't know if you watched the show Silicon Valley, I doubt you did.

No, it was all about startups and incubators in Silicon Valley.

And there's a really famous kind of meme that came from it where this venture capitalist came in and said, whoa, whoa, whoa, whoa, whoa.

Why are you trying to create revenue?

You got to be pre revenue.

And he's like, I don't understand, isn't the point of a company to make money?

And he goes, no, the point of a company is not to make money.

Okay, I like this.

The point of the company is to sell an idea, right?

The second you make revenue, people want returns.

They want more and more revenue every single quarter.

They want you to go public.

But before you make money while you're in that pre revenue phase, you're selling the dream, baby.

That's true.

Are no comps.

It's true.

It's scary, man.

But there's some truth to that.

You're, you are the next angel of Wall Street.

You're, you're the next like amazing company until such time as you make money.

And then you got to make money for real.

And improve on it or, or you don't.

Well, it's, it's all, and I get there, there are, they are different, but it's that believe in the hype is what people got into with crypto.

Well, and not only that, but can the hype manifest into something that's got meaningful value?

And I think with crypto this is going to really upset some people.

The jury is still out on the meaningful value.

The dream that was Web three and I'm, I'm, I'm carving out crypto here from web three.

The dream that was Web three.

The blockchain technology.

Open source technology is still incredibly valuable, but it hasn't disrupted traditional businesses that it should have.

Every receipt worldwide should be on the blockchain, okay?

Everybody's receipt for everything, your DMV registration, your home title should all be in the blockchain.

This technology exists but to disrupt municipalities and governments with this type of open source technology, to give people access to this much information easily think how many.

Jobs it would wipe out.

It wipe out jobs certainly would.

But title companies, we'll use them as an example.

The point of title, and you learn this in law school, is you go all the way back going down the chain of title until that piece of title was created.

You go from every buyer to every seller, to every buyer to every seller, all the way back to the, to when the property was created and title first was recorded for that property.

Then you go the other way from every seller to every buyer, every seller to every buyer and so on and so forth to today.

And you're basically trying to make sure there wasn't any rogue titles out there where somebody sold, hey, I own this property, Chris.

I sell it to Saeed, you go and you hold onto it.

But then I go and sell it to Billy Bob.

Billy Bob records it before you do.

In some jurisdictions in a race jurisdiction, the first one there, the first one to race the title to record has actually got a bona fide or real title.

First in time, first and right.

That's right.

Look at you.

That law school paid off for you.

And then there's notice jurisdictions where if you had noticed that Billy Bob was out there, your deed is considered null and void, that you have no right to record.

And there's also race notice jurisdictions, which combination of both.

None of that really matters here.

For the point of this is you could eliminate all of this complexity by giving everybody access to look at title records themselves to go up into the chain of title to the blockchain and it's Open source.

You know, it's true.

So this way, if you go to sell me a property, I just go to the blockchain and go, okay, Saeed's the bona fide owner.

He owns the property.

Look at all this train of title.

He can sell it to me.

Right.

It's a simple concept.

It's not like this is advanced, like, you know, chemistry.

We're going, oh, my God, I don't understand this work.

This is very simple.

Right.

Blockchain can disrupt that today, and yet it still hasn't.

So the dream that was web 3 has not been fully realized.

Crypto is a great usage for web3 on some level, but part of what makes it almost like superhero like is also part of the problem.

The big part of the problem.

The creator of Bitcoin has yet to be identified and may never be identified.

That doesn't.

That doesn't bother people.

I know it should.

Some people want to see, like, this angelic figure who's like, I'm Batman, and comes down and goes, I give you crypto, you know, or, you know, they try to pin it on people.

There's been several documentaries about it.

But Satoshi, the alias, this person went by, sent messages, and created.

Created these working groups of people who were professionals, who were coders to do all this stuff, and sent messages vis a vis emails, and then one day vanished.

One day popped up again, then it vanished again, completely, never came back, and is arguably one of the world's wealthiest people.

If this person is still alive, and even then, there's an original block of cryptocurrency that's been unsold.

How do you have faith in something that you don't fully understand the history of?

So I look at.

And to get back to your point of the tech bubble bursting, that's where I go, okay.

I can look at crypto, and I could say, this bubble could still burst.

I know it's gonna upset a lot of people, but there's still that possibility.

Sure.

Right.

You don't have a proxy for it.

It's never been done before.

This is the first time in history if it's successful or not.

We don't know.

It'll take time.

Years and years and years.

People are gonna say, well, Chris has been around for decades.

Yeah, I hear that.

Yeah.

But it's also fluctuated 80% three times already.

Yeah, but it's generally gone up.

Okay, I know that hurts your feelings because you are a crypto hater.

Paper hands, paper hands.

But all I'm saying is I hope that it continues to keep value.

I believe that there's enough people who support it at this particular juncture that it's not going away, but it needs something more concrete.

I think the first step to getting concrete was getting regulatory approvals for, for some of the mutual funds and trading that now incorporate it.

Right.

But ETFs, for example.

But I think you got a long way to go until it's fully ingratiated in the financial system.

And that's going to be kind of the make or break across point with a lot of things like AI.

I don't think this is like the 2001 bubble bursting.

I think there's real, real world implications to what AI is doing.

But it takes a long time for those realizations to get implemented into things that are still being ran by, by those that would, some might consider very outdated.

I.

No, no, no, no, no, no, no.

I think unlike the blockchain, I think AI is already changing things in a meaningful way.

I use AI every single day.

Yeah, but for it to be incorporated.

It's already incorporated into business practices, dude.

Whether people want to admit it or not, whether your business allows for it or not, it's being used.

That's what I'm saying.

Yeah, it is being used.

Yeah, but okay, now if you have Microsoft 365, they have their AI incorporated into your email.

Oh yeah.

Into Word.

And you can just, you can use it.

Generally speaking, if you have access in your company, you already knows what you.

Want to say, it's going to finish your whole sentence for you.

Yeah, it's incredible.

Some of the benefits and so most of my writing now is me telling ChatGPT what I want and I don't know, have you used the, have you used the audio function?

No, I haven't.

So you can actually dictate to, to chatbots and have it write what you want based on your notations.

It'll transcribe it.

Okay.

It'll.

It'll transcribe it, embellish it however you want and give you like the responses that you want.

That entire studio that we just built, it was all ran through chat GPT.

Every single decision that I made, not only esthetically but functionally.

I had a legitimate discourse conversation.

The order, the order of which things got done.

Oh, everything.

Like, I literally was like, okay, this is what I want to do.

How do I do it?

Okay, cool.

What order should I go in?

Are there anything I should think about?

I mean I would literally have this conversation.

There is a, a four month long chain of communication between Chat GPT and me.

And as ChatGPT 4.0 rolled out and some of the other 4.0s, whatever the hell it was that came out, it now remembers things you can add documents that it can constantly reference.

I've literally done that now, and now it's got a meaningful understanding of what I'm trying to do.

I asked to generate an image today of what the space would look like with acoustic panels in the back.

Oh, yeah.

And you got a copy of it.

Gorgeous.

Yeah.

And I was like, wow, this is.

Yeah.

From a distance, unless you opened it up and like zoomed in, you couldn't tell that it was an AI generated photo.

It was.

It was spot on.

It used to be literally just three months ago, you would ask AI to generate a person and it would have like six fingers or three fingers.

Right.

And it, like, the words wouldn't be right.

Now, not only does it look incredibly vividly real, but the fingers are right, the details are right.

There are entire Instagram porn.

Porn profile, like teasers, where you go to the Instagram accounts and they basically have like an only fans or whatever account they're trying to drag you to.

Yeah.

Where it's an entire person that literally is made.

Made up.

Oh, yeah, yeah.

I've heard about this.

And there's.

There's actually.

And this is actually brilliant.

Companies in South Korea are actually creating models because they know these.

These female models and male models will never have drug problems, never be in the press, and they'll never get old, they'll never change.

And they are the spokesperson for brands.

They have brand deals for their AI models and everybody knows they're engaging a brand deal with this AI model.

But there's zero risk associated with it.

Right.

As no controversy whatsoever.

The snow white controversy where the young actress is telling everybody of all her political beliefs and it's causing all sorts of stir.

All that's gone.

Yeah.

At what point in time does the studio house say, look, we can hire, you know, Taylor Swift to be an actress in this, but we don't really align with her political beliefs.

Or we can hire this person, this AI model, have them act the way we want.

Right.

However we want.

And there's no.

There's no Blake Lively controversy here.

Yeah.

But the element of it not being real for me, I mean, that's gonna always draw me back.

Right, but how do you know what's your proxy for real?

Because you see this person on social media.

A lot of these AI models got social media Accounts too.

Yeah, I mean, it's getting to a point now where I saw it the other day.

I kid you not.

This is real.

Okay.

A young blonde man.

He was blonde, blue eyes, facial hair, probably about five, eight, and had a, you know, relatively normal like dude, like figure.

Right.

Not like in shape, but not out of shape, just, you know, regular dude.

He had created a real time digital avatar of a super hot blonde girl with blue eyes.

Yeah.

With effectively the same like, body, but like a female body where he's on camera, talking, hand gestures, just him normally and the AI in real time is making him this really attractive female with the exact same background.

So you see through video chat this really attractive female.

And I don't know how things work with like clothes coming on or off or stuff like that, but he had basically this conversation he was selling.

He would have conversations with people as this female.

I could see a world where in real time, I could see a world where it would just take one generation for all of this to get replaced.

Right.

Because I look at my kids.

Yeah.

There's no emotional connection to any actual actor, actress right now.

Right?

Oh, it's wildly different.

A lot of the stuff that they're right now like attached to is like Pixar animation, stuff like that anime, let's just say, right?

If into like Pokemon or something.

Right.

And you're like, okay, like they're tied to characters, they don't really care about the individuals.

Like, remember like there was back in the day, there's like that Mickey Mouse club.

Yeah, right.

And you had all those celebrities that were young actors.

Ryan Gosling, Britney Spears, Justin Timberlake.

Yeah.

And now you got this emotional connection and now you're seeing them grow up and now, okay, they're getting, they're almost like planted into all these other industries.

And not to say that they aren't talented.

Right.

But they worked out.

They worked on those talents and they honed in and they got better.

But.

And now you have an emotional connection.

Yeah.

To these people.

So it's like it would just take one generation for everything to be removed.

Right.

We're already there.

I don't know how I feel about it personally.

Streaming television on demand.

The content has changed, change the way we think of celebrity status.

I see your point on like the risk from let's say a production company or a label or an agency and dealing with these prima donnas.

Right.

That could go rogue at any given time.

And they do.

Right?

And they do.

And they do.

Right.

But like, I'm not looking at it from their, from their lens.

I'm not looking at it from like an investment point of view.

I'm looking at it from like someone who consumes the content.

I'm still very much of that older generation that can appreciate a really good acting performance by Joaquin Phoenix in Joker.

You want to know how I know you're lying?

Why?

And you're lying to yourself, not to me.

I recognize that.

Okay.

Disney's Pixar.

Yeah, right.

Love it.

Fantastic.

Right?

Love it.

But I only got into it because of my kids.

I understand that.

But take that up a notch, which is really where we're at today.

And you have very real human looking people, but still a Pixar digitally created.

No, no, no.

But you, but, but listen, the idea behind like someone like Joaquin Phoenix playing Joker.

Oh, I get it.

Okay.

Like seeing somebody do that, that, that's capable of getting themselves into that mental state, which arguably is not healthy.

Right?

No, 100% it's not.

Right.

But to see them go through that, that's impressive.

Right.

And I, I can still very much appreciate that.

And I don't know if I would appreciate the acting performance of something being prompted to do something a certain kind of way.

Right, I get it.

But you would, you would appreciate the technology, the beauty.

Oh, yeah, yeah.

All those things.

Yeah, no, that, that's for sure.

You know, let's, let's be honest.

Or like down to a business like.

Just watching Game of Thrones.

Right?

I never watched it, but the sets that they would build there sometimes two weeks to build a set for 15 seconds.

Right.

It's like, that's incredible, man.

Yeah.

You know, and like to know that somebody created that, but you know, you.

Get into a point where that's not economically viable.

No, it's not economically viable, but I.

Know, you know, I think, yeah, that's an art.

That's an art.

That would be, that would be, that would be lost.

I think you already lost it.

I'll be honest with you.

It's gone.

I think you're, you're getting to the point where you're losing the art because this stuff is just so real.

And not only real, but can be done so quickly.

Oh, I know, I watched and I have to find it for you because you'd love it.

A father and a son created an AI avatar.

Like the son prompted it and he created like this like fabric sock puppet looking like cartoon figure, just a picture.

The father in one weekend, through prompting AI in different video platforms, found a way to recreate the character.

In different scenes and was able to create a 30 minute cartoon animation from it.

And it's like a real cartoon in one weekend.

Wow.

He took a character his son created and animated it through a series of events.

Made a 30 minute long.

I'm talking with a voice.

Unreal.

With background noises in literally one weekend.

Yeah.

That's astonishing.

Yeah.

That's impressive.

Yeah.

So you can't tell me that AI isn't meaningfully already.

No.

But there should be a world where both can exist.

I'm sure there is.

But the dominant species in this planet is not going to be us.

Yeah.

Salaries are going to have to come down for some of these actors.

Well, I mean, let's.

Okay, let's.

Let's take a brutal, honest fiscal perspective here.

And this is going to really upset some people for a long time.

We said, this is the royal.

We.

Okay.

We said, hey, why would I manufacture products here when I can manufacture it in China and Thailand and Vietnam and India.

Right.

I know a fraction of the price.

I know people here.

Right.

That who are starting businesses.

Yeah.

That are saying, I would much rather have sacrifice a little bit on the employees.

Hire people out of the country.

Right.

Because there are no labor laws there and it's significantly cheaper.

Well, and then here's the problem.

Right.

I mean that because it's not.

It's more economically viable.

If I show you a product and the quality difference is negligible and one is worth $20 and one is allegedly worth $40, but the quality difference is negligible and they're the same to you, you're probably gonna buy the cheaper one.

Case in point, Shein.

Right, Sheen?

For a lot of people.

Yeah.

Right.

I warned people in the show that Sheen and Teemu's were not carved out of the cost exception.

And price are gonna go up.

Prices went up in a meaningful way.

They are driven effectively out of business.

People are literally losing their mind over this.

Yeah.

And I'm like, if y'all would've listened to the Higher Standard podcast.

We told you this was coming.

It was coming down the pipe.

But so here's my point with the whole thing.

So we made the decision at some point in time that offshoring some of these tasks was economically viable.

People personalize the decisions that are made in business, but it's not personal.

It's just a fiscal decision.

So what is Apple doing?

They're moving a lot of their production to India.

Right.

It's just a safer hedge of their best from China currently based in the.

In the tariff conversation they're having now.

Right.

It's gonna be meaningful for them.

Look at Google.

Google has tax, you know, situation based out of something in Scotland or Ireland.

Cleaning up right now.

They're like, yeah, bring it all.

Give, give me.

I mean, brilliant.

They do.

They do a large percentage of our medication too, I think.

Yeah, they do.

So my whole point of this is what do you think companies are going to do when they can outsource to an AI model?

If I can pay a flat monthly fee, no full time employee, no hr, no health care, no benefits, no pension, just I pay this fee and this company provides me the service that these same employees do.

Mm.

And case in point, call centers.

Yeah, you could hire a manager, several people, train them on your policy and procedures.

Or you could hire one AI model after letting it take a digital scan of your policy and procedure.

You could pick its personality, pick its accent, pick it available 24 7.

If that response time can just speed up like a half second faster, I think it's there.

No, dude, some of these AI models, I don't know if you ever tried chatting with some of these chat bots.

I did not realize I was talking to an AI model in a number of circumstances.

For the first time ever, I am a lot more comfortable using the text chat bots because I'd rather give the chat bot my general information.

Hurry up, let's get this over with.

Right?

And then when somebody calls me, it's already plugged in, ready to go.

See, but I hate the chat bots that they ask you like questions that are like multiple choices.

No, no, yeah, yeah.

I want the ones that engage with you.

You ever see the ones where they show you the person's name that comes up and it's always like a hyper foreign name and you're like, ah, here we go, here we go, here we go.

Right.

So wait, so back to this.

The reason why I brought up Black Monday and why I brought the dot com bubble, right?

Because you had no content for the show.

No, I did, I did because we, we were talking about how can people best prepare for a recession because that term is very scary.

Right.

The Fed's already come out and predicted that you can pretty much bank on contraction in Q1.

I stand by the fact that we've been in one this whole time.

So you're preparing for what we've already been living through.

Exactly.

So if you haven't, hopefully you can begin preparing now.

And if you don't, then at least you'll know what to prepare for.

For the upcoming future.

A lot of this stuff applies year round, whether you're in recession or not in a recession.

Right.

So once it does become apparent that, yes, we did experience a contraction in Q1, we're half the way there, right?

Yeah, we're another, we're another quarter away.

Right.

But after Black Monday, the market rebounded over 500%.

Okay.

Yeah, the rebounds are very common, believe it or not.

After the dot com bubble.

Yeah, it rebound 100%.

Right.

Over time.

Yeah.

By 2006, 2007.

Yeah.

Right.

So.com bubble was 2001 and by 2006, 2007, it was over 100.

And this is why I say the only true hedge against inflation is to keep investing.

Because if you're investing through these periods when the market recovers, you bought at economic lows.

If you could do it financially.

And I recognize this is not for everybody advice wise, but it's a real benefit if you can do that.

Right.

And then lastly, just quickly to go over something that we're all very much aware of and what you've probably seen a lot of thumbnails on YouTube for, right.

Is another housing crash like the one that we experienced in 2008.

Right.

The market resulted after, for 12 years, 400% gains.

Okay.

So if history has taught us anything, right, it's to stay in, to not pull your money out of the market.

Right.

To the extent that you can.

To the extent that you can.

And the only way you can do that is if you do some of the necessary steps.

Right.

You secure reliable income.

Right.

Hopefully you can secure your job and you, and you've developed the skills during this time.

Invest in yourself to make sure you can maintain the job that you have.

Right.

Next, build a reserve account.

I know it's a huge undertaking to say 6 to 12 months of your.

Of your needs.

Right.

That really is a.

So I struggle with this.

I feel like the, it comes off disconnected to say that very much so the aspiration for most Americans, it should be that.

But you start off with, you know what, you start off with one paycheck.

Can I, can I save up enough to cover myself if I lost one paycheck?

Okay, you did that next two paychecks right from there and you slowly build on that.

In addition to that, you want to make sure that you're paying down high interest debt, okay.

So that you want to do all of these things so that you aren't forced to pull your money out of the market when a recession does hit.

If the market does take a Downturn.

Because if you were to look at the last 30 years and if you.

If your money was not invested in the 10 best days over that 30 year period.

Yeah.

You would have lost out on 50% of those gains.

Yeah, 50%.

If you.

If you weren't invested in 20 of the best days of those 30 years, you're looking at over 70%.

Right.

So it's about preparing so that you don't need to sell and you can continue to dollar cost average.

Yeah.

And look again, this goes back to everything we say on the show for investing in normal times.

Still applies during recessions.

There's no meaningful.

I understand the fear.

And I have this conversation at times.

My brother who does not listen to the show.

Shame, shame.

One extra stream a month, man.

I'm gonna be 45 in a couple months.

I don't feel 45.

I still feel like I'm connected to the youth.

Yeah.

You know, I feel.

Why you're wearing an all facts no cap hoodie?

All facts no cap.

It's actually the shirt hoodie.

It's the faux hoodie.

The faux hoodie.

Yeah.

Because we like to keep it toasty in this studio because, you know the new one's gonna be crispy cold.

Yeah, it is.

It's gonna be a fridge in there.

But my wife likes to sleep like in like a.

Like slightly warmer temperatures.

I like colder temperatures.

Oh, Joanna likes a freezing cold.

Yeah.

Yeah.

And I.

The best thing was me pulling out all the studies.

So much better for you to sleep colder.

Look, it says it right here.

These are the studies.

I'm not saying it.

It's the study.

Yeah.

No comment.

Yeah.

Get a sleep eight mattress.

It'll help you out.

Yeah, you can adjust both sides.

So, you know, I'm getting a little older and I recognize that I am.

I am well into middle age at this particular juncture.

You would hope so.

Yeah, that's.

That's the plan.

So.

And I say this not facetiously.

I've seen a lot.

And I don't know when I got to this point where I can feel comfortable saying that I know how much I don't know.

But there are a few things that I do know a great deal about over the course of my career.

Do tell.

I have underwritten for decades.

And for those of you who don't 100% know what that means.

I looked at people's financial statements, their income statements, their balance sheets, their tax returns, their assets are liabilities.

And there's reoccurring themes for how some people became wealthy, you have to carve out the nepotism.

I think that's the big misconception, right?

Like some people think that if you get into this space, you're going to find out there's a formula.

You just, you do this and this.

Social media sells that, right?

It's, there's no formula.

It's when you do the work, you underwrite enough deals, you look at enough financials, there's a requirement, there are, there are a lot of recurring themes.

And it's also the same reason why on social media, like I'll be the first person to go, that person's lying, that person's lying.

You could tell right away that story doesn't make sense, that doesn't add up.

And people get really, really frustrated by that.

Like I have been very publicly critical of like Alex Ramosi.

There's a gym launch thing and all that stuff.

And, and I like, I don't know him well enough to really to know or not know.

I use him as a proxy, but I can, I can't tell you how he got to where he's at, which to me is problem number one.

But problem number two is, is I see a person who sells horses, he sells a dream.

He preys on your desire to find that algorithm to make you money quickly.

But I've underwritten billions of dollars of transactions over the course of decades.

I can probably count on one hand the people that I've that I can say that have found that solution that worked for them and made money quickly.

And it's very rare the person who maintains the money, some of them, you know, very, very high profile people that I've seen come from zero to where they are today that are very popular, very public.

I've talked to actors, I've talked to celebrities, I've talked to people that are billionaires.

I mean, I've talked to the full gambit.

Politicians.

Politics, yeah, lots of politicians.

A lot more so in the recent years.

And this is not me being braggadocious.

I'm very blessed and lucky to have seen the people and the things that I've seen.

But it's not lost on me that there are commonalities and it's not like hustle culture.

It's not like this, you know, I made money overnight in this whimsical journey and I'm coaching everybody else and how to make money on this whimsical journey.

I've never seen anybody's finance.

Actually, I take it back.

There is one popular influencer who is on social Media selling courses who came through my shop, and I saw this person's financials, and they were not anywhere near what they purported them to be.

And that wasn't surprising to me because I was like this.

Yeah, this is the truth behind the things that we see, that I always anticipated being the case.

And look, I learned a lot, and I'm still friends with this person today.

It's all good and, you know, different.

Different company, different times, but, you know, whatever.

And I can tell you that it makes me hypercritical of the people who sell this dream because they prey on it.

But here's the truth of what I've learned in all these years.

You can become wealthy working in corporate America.

We've demonized corporate America.

If you like your job and it's not terrible for you, and you like the consistency of scheduling, if you like the people you work with, good for you.

The majority of your wealth will not come from your salary.

In almost all cases, it'll come from your investments you make outside of your job.

People in corporate America who are higher up, they hate it when I say this.

They think that I'm encouraging this freedom outside of work.

We are not slaves to our jobs.

You don't have to work for your company.

I don't have to work for my company.

Nobody has to work for their company.

Right.

You work at a company because it provides you something in return for the time commitment that you make and the services that you render.

Now, what their anticipation of your commitment is, and your anticipation needs to be aligned.

It can be very different.

But you can still become very wealthy, earning a fair wage at any company if you invest right.

And you think right.

Yeah.

And you got to make sure that when you do get that first promotion, you try not to adjust your lifestyle.

Right.

Make an adjustment towards your investments.

Don't make an adjustment towards your lifestyle.

Don't opt for that.

Oh, okay.

My lease is coming up.

We just got a promotion.

Time for me to get that M3, bro.

That happens a lot.

And I will say, more often than not, people can't sustain it.

It's almost like a personal Ponzi scheme where people continue to, like, blow up their life and blow up their life and blow up their life.

I've always had this fear, and I can't speak for everybody else.

My fear has always been, like, I've been poor.

Like, my mom and I had to get change from the couch to get a Hershey bar, a tuli bottle of soda.

You know, getting pizza was a rare, like, thing for Us.

And we stayed at home and watched tgif.

We never went anywhere.

We did anything.

And in some ways, like, I get it now because there's this fear of being broke again.

It's inside of me.

It's deep there.

Right.

So I don't.

I don't want to get a bigger house and a bigger car.

Like, I want to be thoughtful and pragmatic, and I just don't want to be poor again.

And maybe that's the wrong mindset to have because a lot of people who are less risk adverse will take on greater risks.

I've taken on very safe risks.

There's a.

An element to that, too.

Yeah.

But this is why I always say, like, if you're not going to start your own company, then you need to learn to invest your disposable income in a real way.

And I don't care how you invest.

You listen to the show.

We talk about the stock market, we talk about real estate, we talk about cryptocurrency from time to time.

Well, one of us does, anyway.

I'm going to call any names here, but, you know, look, that you can do.

You just find your niche and go for it.

I mean, once you develop a healthy appetite and you feel like you've grown a portfolio to something you feel comfortable with, I think you can always look to readjust.

Right.

And find out what is your comfort zone, what percentage you can now allocate towards speculative investments.

Right.

I mean, you've said it on the show.

There's people that, you know that have made some of the.

The most money that they made was through their speculative investments, but they weren't able to take on that risk unless they also balanced it elsewhere.

So let's take a little bit of an exercise here, and I'm going to just test a theory out, because there is another side of this equation that I would be remiss if we did not discuss.

Let's do it.

Yeah.

Would you feel comfortable if I asked you to name some wealthy people that you know?

It could be celebrities, famous people.

Just name somebody who's wealthy that you know.

Okay, sure.

Right, let's go.

Elon Musk.

Elon Musk.

Great.

That's number one.

Name another one.

Jeff Bezos.

Jeff Bezos.

Okay.

Name another one.

Joe Rogan.

Joe Rogan.

Okay, good one.

All right, name another one.

Let's go.

Chamath.

Chamath.

All in podcast.

Okay.

Chamath's an interesting one, so let's stop there.

All of these people own their own companies, all of Them started their own companies.

Started their own companies.

Chamath actually was.

I think it was Google employee.

Right.

He has.

He's Facebook.

Yeah.

So it was somewhere in there.

He was one of the first employees at one of these big.

I can't remember what the company was, but now owns own company.

So he's.

He's an interesting difference.

And Joe Rogan started working with other people, but he was, you know, he was doing the.

The comedy thing at night.

Got fear factor, effectively.

He's on his own company.

His own company was on brand.

Right, Right.

So there is something to be said for those who have the entrepreneurial spirit who can own their own companies.

Now, I'm not encouraging you to leave your job and start a company.

I'm just saying that there is a greater likelihood of building visible wealth, real wealth at building your own company than there is you working the traditional corporate American dream right now.

Not everybody's motivated.

The same motivation here.

Oh, you have to sacrifice a lot.

Yeah.

These.

All these people that we talk about, they had to sacrifice a lot.

Right.

You have to get comfortable with the idea that this might not work out right away.

I mean, Adam, my pump mind, pump mind pup was on here, you know.

And sat in that chair.

Sat in a lot more buff than you thought.

Muscles were popping.

They were bouncing.

Just like bang, bang, bing, bop, boom, bam.

I can't even say yeah.

Going though.

No, he.

Dude, he looks shredded at all times.

But I'm be honest with you, other than my fat face.

Oh, I think I got him.

I think I got him.

Now.

Be careful.

Yeah, man, I know you do.

You cover it up.

I just have a fat face, dude.

Like, people, the body doesn't match the face.

It does not match even I know it.

Like, I look in the mirror and I'm, like, doing, like, duck face.

Like, I'm just trying to, like, like, I know I've got a fat person's face.

I.

I like, I do not match my.

My physique.

I was working out in the gym today, and I was looking, you know.

You know, because I focus on, like, I think.

No, I think it's just you.

You just.

I think you have this burned image in your head about your own face.

It does not look like that, bro.

I got a fat face, dude.

No, no, no, dude.

I look at my face a lot because I do the podcast editing and I do my thumbnails and I got, like, a strangely long face.

So every time I put your face next to mine, it's because you do.

Ain't No, I don't let it hang down.

Yeah, but you also used to do the poof.

You had like a poof.

The poofy hair.

So I'm walking through Restoration Hardware looking for a table for us.

Right, okay.

And you.

You.

You watch Marvel movies?

Yeah, yeah.

Well, I mean, my last one was Endgame, so I can't say.

Who's the magician?

Oh, Dr.

Strange.

Dr.

Strange.

All right, make sure we're on this baseline.

Yeah, he's one of my favorites, too.

Okay.

Okay.

So I'm walking through Restoration Hardware, and I want to set the scene.

So I'm going to be very descriptive here, okay?

This older guy comes out to me.

He's like, I got that couch in my house, blah, blah, blah.

He's trying to sell me something, right?

And I'm like, yeah, I'm not here for a couch, bro.

I'm here for table.

I'm looking for a podcast table.

But, you know, he's nice, and I'm like, a real limited amount of time.

It's a Saturday, whatever, and it's really well dressed.

African American dude comes over to me, and I couldn't tell if he works there or not.

I mean, he's very fashionable, like, looks incredible.

I'm like, this guy work here?

Yeah, Stud.

Yeah.

Petite.

And he goes, hey, what's up, Dr.

Strange?

I'm like, I'm sorry, what was that?

What a compliment?

He goes, that's a great facial hair.

Like, you don't.

You don't die.

Do you.

Do you go to conventions?

I'm like, I'm sorry, what?

Did you go to conventions?

Like, I just figured you died.

No, this is what it looks, dude.

He goes, oh, oh.

And I go, all right, well, I'm not.

I'm not offended by it.

And he goes, would you prefer Tony Stark?

Because there's that.

There's that, too.

And I'm like, this is a weird conversation.

Yeah, this guy's doing a great job.

This is right up your alley, though.

Yeah, it was weird.

And then he worked there.

He did.

That's good.

Try to sell me a table.

But that's when I realized my facial hair is a problem.

That's a good conversation.

I got a reverse diet.

I just gotta make it all great.

Yeah, there you go.

Reverse diet.

Oh, man.

But, yeah, all those guys started their own companies.

And it's a reoccurring, resounding theme.

But let's.

So here's a problem for most people, unfortunately, and this is not going to be a buzz kill, but it's going to sound like it at first.

A lot of them started their own companies in their early 20s, right?

Yeah, I know.

19, 20 years old.

That's right.

Even Mr.

Beast, right?

Yeah, that's right.

They started companies hyper early, and it's because they were passionate about it.

They had less to risk, to lose.

They didn't have a family, wife, kids.

They had different reasons and they certainly struggled in the beginning.

Lived a poor lifestyle in some cases, but they were able to work the hours, and they wanted to work the hours because they believed in it.

If I could give my kids any one thing, see, that messaging was not.

Given to me because society doesn't encourage it.

Yeah.

Especially not my culture.

There's.

There's a lot of culture.

It's like it was.

Dude, they're still upset to this day.

Yeah.

You know, they're like, you dropped out of law school.

Yeah, it's dead to me.

Right?

No, I get it.

And you're like.

And you're like, okay.

I mean, I get it.

You guys had to sacrifice a lot to get here.

Right.

And yet you had to sacrifice a lot to get me to where I am.

But if this messaging was put on to me earlier, so my dream for my kids would be, I would love to watch you go try something and fail.

I would love to see it because I just want to see you try.

So anytime the kids do anything, I'm always complimenting the effort, not the result.

All right.

I'm going to take a bit of a risk.

Oh.

And say something very pointed that I've felt for a long time.

And this is not a setup for a joke.

This is real.

Oh.

So I know that's also hard.

We're taking a serious turn at the 55 minute mark.

Yeah.

Because look, I think this is an important thing.

The American collegial system is messed up.

We care more about politicizing opinions and even the way, like.

So I spent a lot of time researching archeology because I like it.

I'm truly passionate about it.

And whenever I can, whenever I can't sleep at night, which is a lot of nights to try to get my mind off things.

I read about archeology in history and try to figure out some of these things.

Right.

I particularly love Egypt.

I particularly love pirate ships.

You know, I love a lot of just really strange niche topics.

There are a lot of people who have dissenting opinions from the traditional archaeology perspective.

Yeah.

That get demonized in the media because their opinions don't conform to what they learned in school.

And now want to teach you about the world.

I'm sure that happens in medicine too.

Happens in every type of collegial setting.

Yeah.

Medicines.

God awful at this.

Yeah, yeah.

You know, like when you were a kid, you heard if you cracked your knuckles, it'd give you arthritis.

That is not true.

That's still embedded in my head.

Yeah, it's embedded in your head.

Yeah.

Another one.

And this is going to really upset your wife.

I apologize.

A lot of oral hygiene is genetic.

Oh, yeah, yeah, yeah.

That's a known thing.

Yet we're like brush teeth.

You're going to get a cavity.

No, but I mean, yeah.

Don't eat sugar, you're gonna get a cavity.

There's certain things that you have to maintain 100.

Yeah, but what I'm saying is it's just.

You feel cleaner.

I mean, that's something.

Except for that.

But there's nobody that, that takes care of their teeth better than my mom.

And she's got all kinds of issues.

Oh, I've got terrible teeth genetically.

Yeah.

The only I've had is I've had straighter teeth than most genetically.

But that being said.

Okay.

It's just there.

There's so much corrupt about the educational system.

When I was younger, I was, I was of the mindset of like, hey, you know, those who can, do, do.

Those who can't, teach.

And I know it's insulting the teachers.

My sister was a teacher.

And those.

Wait, say it again.

Those who can, do, do.

Those who can't, teach.

You can't actually do it.

You teach it.

Because if you could actually do it, you'd be making money on it and you wouldn't be teaching it.

That was the, that was the fundamental belief.

I've that belief.

Right.

I don't necessarily believe in that per se, but what I will say is we don't pay our teachers well enough.

We don't pay our healthcare professional professionals well enough.

I don't see that changing.

We don't pay our firefighters and policemen well enough.

We don't pay our military.

Thank you for the military.

We appreciate your service.

We don't pay our military enough.

These are the people that are the backbone of our society and we treat them like bastard stepchildren.

And we wonder why kids grow up with like these weird aspirations for finance and business.

And to make matters worse, when people come up with conceptually new ideas and they want to challenge things, you demonize them.

I have literally seen in the professional world and, and I'm not gonna, I've gotta, gotta make sure, yeah, yeah, yeah.

Measure.

I have literally seen people that you think are well regarded, well respected people who cannot and will not draft their own emails.

Yeah, they've asked me to draft them for them so they can send them on because they want to sound articulate.

And you're like, okay, how is.

How.

Yeah, what?

This is so, like egotistical.

First of all, it's disingenuous.

Disingenuous.

It should be unacceptable.

But do you know how many professors in school just want to appear in like a published paper?

Right.

It's a status symbol.

It's a status.

It's a status.

Not only that, but like, this is Hollywood.

Great example.

Hollywood.

Right.

In Hollywood, they literally attach producers to projects.

I think it was on Rogan a little while ago and I heard it and I know this will be true because that producer's name will carry cachet and drag that along.

Oh, yeah, right.

But it's not just Hollywood, it's also in business too.

It's all, who's your investor?

It all goes back.

Oh, it's this big company, you know, on the, you know, on the East Coast.

Oh, I'm in too.

It all goes back to what you said about the Silicon Valley episode.

It's like all these people are there to just sell a dream, man.

Perception becomes reality.

And the dream that we were sold was the belief that college would guarantee us opportunities.

And it did.

For a long time.

It did.

For multiple generations.

Yeah.

For multiple generations.

Yeah.

But I don't know if that how that plays out.

I mean it.

Dude, you're coming out, you're.

You're coming out of college now with debt that you have to pay right away.

Right.

And look where rents are to pay for a room.

Right.

And on top of that, all your utilities, a car payment, dude, there's nothing left for you to save and build towards.

So.

And we've talked about on the show that a lot of these universities have the endowments that they're receiving.

This.

All the students at the school could be going there for free.

Yeah.

They make more money off their multi billion dollar endowment funds, interest every single year than they do on new tuition.

Right.

That's a problem.

And I felt so bad.

I didn't know.

We didn't, we didn't ended up not saying anything, so please don't message me any hateful comments.

But so my son we talked about on the last show with the AI a picture and whatnot, he.

He's really into engineering right now.

Right.

And still really into basketball.

Right.

He's like, dad, how am I going to do both?

How am I going to become a professional basketball player and be an engineer?

Right.

I don't know that he's got an engineer's personality type, to be honest with you.

I think he just likes making stuff.

Right.

Whatever.

That's what he thinks engineering is, Right?

So I'm like.

He's like, how can I.

How am I going to be able to do both?

I was like, it's okay, man.

Like, you'll figure it out.

You don't have to pick one right now.

We'll just figure it out.

He's like, oh, I got it.

I'll be a professional basketball player, and then I'll teach engineering.

Right?

And then when my professional career is over, then I'll just keep teaching, and then I want to be like, who's that player?

Jalen Brown.

Yeah, what about him?

Isn't he the one that's, like, hyper brilliant?

Yeah.

Teaches it and stuff?

Yeah, yeah, yeah, yeah.

He doesn't have an agent.

He's his own agent.

Yeah, yeah.

He said, why am I paying this guy 5%?

I'll do this myself.

Totally agree.

You got to be careful.

You got to be very careful.

Right.

A lot of these guys are not financially literate, so, like, you could mess.

Jaylen Brown's financial literate.

Yeah.

I mean, he's smart enough to know, like, I'll take your contract and I'll just pay somebody a fee to review it, right?

Yeah, I'll pay my attorney a fee to review it.

You have to be on retainer.

Yeah, exactly.

You know, we can figure this out economically viable situation.

Yeah.

And then I was just like, like, the idea of you, like, wanting to teach is cool, but, like, I also don't want to, like, put it down either, you know?

Like, I, I want you to aspire to be something, like, big.

Start your own companies and do something.

No, I don't want to demonize t.

I don't want to demonize you.

I love teaching.

I, I, I've always been a fan of teaching, and I, I actually just had a conversation with somebody about going back to Yale and, and maybe teaching something at some point in time about finance.

I would love to do that.

Yeah.

I think it's, I think it's awesome.

Right.

And I agree with you.

They don't get paid enough.

But.

And that's my only reason, because I'd be like, I just want you to aspire for something.

Yeah, but do you know how much better quality the of it this is gonna sound Terrible.

The people that teach now do it for passion.

Yes.

Love.

Yes.

And how do we reinvest in them?

How do we make them better teachers?

We pay them low wages.

We give them very little support.

I know a lot of them are paying for stuff on their own.

They don't have TAs in some of these classes that are non collegial.

And it's just, if I could say, are college kids more impressionable than the fifth and sixth graders?

I think you got to give a support to the fifth and sixth grade teachers, the elementary school teachers.

Right.

I mean, that's.

These are the impressionable ages.

Oh, yeah.

Let's get.

My son is often sitting at a different table because he's got kumon classes at night.

During the afternoons, I should say, in his kumon classes.

And I'm just using this as a proxy.

This is not a dad's story.

He's so far advanced of his regular classes because he's in this command program.

I know, but the.

The quality of education in the command program, which we're paying more for, obviously it's night and day difference.

And I'm like, okay, this should be standard.

I was.

I.

So I was him and I became a problem.

You've been a problem for a while, baby.

I became a problem all throughout elementary school.

I was just like.

Especially the math portions.

Forget it.

You don't need to do that as a way step and teacher.

Can you just please stop?

Like I need to teach the rest of the class.

Ironically, I do the same thing with you on the show regularly.

You don't need to say that.

Please, can you just stop?

We know you're a great dad.

Okay, stop.

No, stop, please.

We don't need to go over that.

We don't need to go over the dot com bubble.

We've already done that.

Yep.

Yeah.

Honestly, this show is going to be hard for me.

No matter how we did it.

I'm going to really miss this space.

Yeah.

But before we end the show, I want to recap something.

All of this conversation is to say having fear of a recession is healthy.

It's respectable.

I think we all should fear the unknown.

That's what volatility does.

That's why the market's reacting the way that it is.

But here's the one take home element here.

If you listen to the things that we tell you to do in the show and you stay abreast of the information that we give you on the show instead of run from it like a lot of people do, they run from the bad news, you can make better decisions.

You'll be financially more successful.

And if you stick with it, even through the scary times, you will come out on top.

That is statistically a fact.

Yeah.

Oh, yeah, exactly.

Now, there.

There are cohorts of people who retire.

Their retirement accounts are wiped out.

Companies fail.

That is not who we're talking to here.

We're talking to people who invest in the market, diversify their investments, whether it's real estate or the stock.

Stock market.

And they continue over time.

Both the real estate and the stock markets will come back.

If they go.

If they go down.

No.

And we've talked about in previous episodes, too.

After recession has been declared over, I think 75 or 85% of the time, within a year, it recovers.

Yeah, right.

A hundred percent of the time, it recovers after three years.

100 p.

Dog.

Got anything else?

Yeah, I do.

I'm gonna miss this space.

Episode 280.

Episode 280.

Higher standard.

Out.

Goodbye, studio.

Mamba out.

Hello, new studio.

We can walk into you and be like, I hated that place.

Good night, everybody.

By.