The Systems Real Estate Agents Need to Pay Off Debt and Build Wealth
Today's training was a bit different than my typical real estate sales training. We talked all about what to do with the money you are earning in real estate.
Below you can either listen to the podcast or watch the full video.
Here is the podcast:
Every year I've consistently earned more and more money in real estate but like many, I never had much to show for it and was constantly caught up in the hamster wheel. That was until I took control of my finances and incorporated a set of systems and tools.
I share some of the systems and tools I recommend for you to do the same. This training will help you pay off debt, build wealth, and ultimately get you on the path that you desire to be on.
It will take discipline and hard work to stay the course but when you do, there are not many greater feelings out there!
Here is the video:
Kyle Handy 0:00
So yeah, what I was just saying is that, you know, as far as today's call, it's gonna be a little bit different than, you know, what we normally do, which is just talking, you know about real estate sales, and how to sell more homes today. You know, in my opinion, this this call is actually, you know, just as important, if not more important, I think, is what you do with your money. Once you, you know, have been selling more real estate, because, you know, I had mentioned that, you know, in the 12 years or so that I've been selling real estate and making money, it's almost easier, I would say, to make money than it is to keep it in my opinion, you know, and that's kind of one of the things where it's like, I've made a lot of money over the years. But you know, quite honestly, when I look back, it's like, man, I should have way more saved up and kept than what I do, you know, it's like, and I'm a finance major. I started, you know, my journey I graduated in UTA with a finance degree. And so I mean, I totally understand finances and savings. And, you know, investments. And in you know, and I have a few and I'm like, you know, I'm starting from nothing but but at the same point, it's like, man, all that money that you earn along the way, you know, usually gets spent and unless you you know, you really have a plan put together. And today we're going to kind of be talking about a plan, you know, that I've used but I also, you know, did a lot of research too and found that a lot of people that you know, work this plan, have had pretty good success with it. So that's what we're going to be talking about and sharing today. So perfect. We got 19 people in so I think we're ready to get going. We are live on Facebook. Let me just take one more check to make sure we're good there. Perfect. Yep. Hey, guys. Good morning, everybody. Matt Hey, man. Awesome. I love it. Congrats on passing your tests. That's great. What's up Trent?
Kyle Handy 1:51
Awesome, guys. Hey, Sherry. Good morning. Perfect guys will All right. Well, let's get going. So that's the that's the topic. I've got some notes here. So I'm going to go ahead and pull up my notes. And so first off, so the first thing that I want to talk about guys is this mindset that you have to kind of create for yourself with money that you have to almost feel like every dollar that you earn needs a job, you've got to put that money to work in some form or fashion. And so, you know, kind of think about that as we're going through all these different steps, but just, you know, realize that every dollar that you earn needs a job. And the system that we're going to do, it's called a zero based budgeting system. Alright, so we're going to talk about budgets, we're going to talk about all sorts of things, not just budgets, but that's going to be a big part of it. And the way that you think about it, so because the way that you know, I kind of look at money is that it flows to the people that are most disciplined with it, right? So like, if you're not disciplined with your money, it will flow to somebody who is disciplined with their money. And so that's the way you have to look at it right? So one of the ways that you keep more money as you become more disciplined, and you start by, you know, learning and educating yourself about money, but how to keep more money. And so anyway, so that's what we're going to, we're going to kind of go off of. But this is a zero dollar based budgeting system. Basically what that means is, every month, your income adds up to 100%. Right? Like there's a, there's $1 amount on the income that you earn every month, right? There's, there's, it might change, you know, some months might be different than others. But no matter what, there's a number that you make each month. And when you look at that, then what you have to then do is take every single one of those dollars that you earn each month, and diverted into specific accounts, to where by the end of it, you have no dollars left over right like every dollar is accounted for depending on what accounts you're putting them in. And so there's a cool tool that I'll share with you guys. I've never used this one personally but it Actually, you know, does what I've done kind of manually myself over the years, but I think this is if I would have known about this tool back then I definitely would have used it. I think it makes it very simple for somebody to create, you know, these different accounts and kind of create their budget this way. But it's called, you need a budget, and it's just you need a budget calm, I think they've got like a 3040 day free trial you can use and then it's only like $7 A month after that. So it's not very expensive at all. Because I always get a lot of people asking me, Well, what do you use? The program I've used over the years. It's a Mac specific program called bank activity, pretty advanced, honestly, like I mean, it's, it's probably more than what most people would need or want. You need a budget is very simple. It connects to all of your accounts. And and you know, basically does the zero based budgeting system that we're going to be talking about today. It's, that's how it's set up. So anyways, so first off, we're going to establish a budget Right, we're going to figure out, you know, like, how much First off, you know, you gotta figure out how much you make every month. Right? And the cool thing about it, and this is where over the years, I think, you know, it all kind of boils down to this is like, what do you make? And what is your savings percentage, right? Like right now? Is it zero percent that you're putting towards savings? Well, you need to increase that, right, you gotta at least make it you know, 5% 10% make it a goal that you know, what you make, and then you're going to, you know, divert some of that into a, you know, savings mentality, right? Like, if it's, you're already saving 10% save more, go try and make 20%. Right. And I think a lot of us have a hard time, kind of thinking like, Well, you know, all my money gets spent every single month, right, like, you know, we do a great job as human beings of like spending, the money that we earn to where we think that by the end of the month like, man, I don't have any money to save, right? And that's just the way that people are like, I I'm like that too. You know, if I don't have a plan together, I'll spend every single One of the dollars that I earn, right, and then I'm just always saying like, well, I don't have any more money to save, well, you've got to establish what your savings percentage rate is. And, and have it be automated, right? Like 510 percent. I mean, you know, at this point now, what I've worked to, to get towards is to where I'm saving 50% of every dollar that I make, right, so like 50%, goes towards savings. And in the beginning, and still where I'm at today is paying off debt, right, like so like, part of my thought of savings is also paying off debt. Once you pay off all your debt, then that can go towards, you know, putting it towards investments and things like that, as well. But we'll get there. So But anyways, I don't get too far ahead of myself, but you've got to know how much you're making an income. And then you've got to track your expenses, right, like figuring out like, what percentage you spend, what percentage you save. And right now, like I say, a lot of people might be in that spot where they're spending 100% of their income, they might be spending more than 100% of their income and that's where you kind of get in trouble or If you are, you know maxing out credit cards or you know, taking out debt, you know, for like, far into the future, you almost got to look at it like you're stealing money from your future self, right? Like you're, you're making it harder for yourself into the future by buying things with money that you don't have today. And so I mean, don't don't steal money from yourself. Like, that's just the that's like one of the worst things that you can do. You know, there's an argument to you know, having debt for assets or you know, things that are going to make you money, but definitely like consumer debt and you know, taking out debt for liabilities, things that are going to depreciate in value, you know, that's that that's like a bad bad thing to do. And I mean, everybody I think knows that but just, you know, realize like looking at a different light, like you're stealing money from yourself, every time that you put something that is not an asset, that is not an absolute, like, you know, like maybe like it's like you have to do it, you know, then you have to put it on a credit card or something, but you know that's don't go out there and buy the Apple Watch or the shoes that you want or, you know, go out there and eat, you know, nice meals or something and put it on credit cards if you can't pay it off right away because you are literally stealing money from your future self so.
Kyle Handy 8:15
So it's just one way to think about it. So first off, we gotta, you know, establish this budget, and we're gonna get more into that here in a little bit. But that's going to be like kind of step one, right? Like figuring out this budget system and figuring out how much money you earn, how much money you you know, expand, and then what your savings rate percentage can be. And then throughout this whole process, we're going to try and talk about how we can increase that savings rate. And so anyways, but then step two, once we've figured that out, right, we have like a plan in place either using you know, you need a budget or you're using a spreadsheet, or whatever it is, you know, system that you're using. Then the next thing is you want to set you know, kind of a goal that the first thing you need to do is to actually start building your emerges fund. So a lot of people probably have heard of an emergency fund, you might know what that is, that's basically just an account that you're going to sock away money for that if you know something bad happens, you know, transmission on your car breaks, you know, taxes that you didn't know, or do or do or whatever, right? Like you didn't plan for something, you know, medical thing, you know, you've got money set aside, so that way, you don't have to go and put it on a credit card and spend 22% on it, right.
Kyle Handy 9:27
And so, you know, basically, this is an account that you're going to put, you know, you want to have, ideally, eventually six months of your living expenses in so if like, you know, it cost you $7,000, you know, to live, you eventually want to get to six months into this emergency fund, which isn't like a liquid account. You know, it's probably just in like a savings account or something that you can pull out, you know, you don't want this in, you know, like, I've got a real rental real estate or something. It's like, well, I've got, you know, enough money if I sold this house, you know, because that's not going to happen. Like if you need that money, you need it right away. So it's got to be in an illiquid asset. account, not in your your savings, your long term savings account. So that's you want six months, but what we're going to do is three months in once you have three months of that emergency fund, that's when you can then start looking at kind of the next step, which is paying off debt. Okay, so like, you might think, like, Oh, I just want to start paying off debt right away. And definitely, I mean, don't get behind on your credit cards, you know, still pay the know, whatever you're paying on it, you know, minimum payments or whatever, just so you're not, you know, accruing, you know, all these extra late fees and interest charges that you shouldn't have to pay on top. But save that three months first, and then what the next step is going to be as how to actually start to pay off your debt. What's up, Sylvia, good to see you. And so, so once you've done that, right, you've got three months now of emergency fund. It's not saying you're done building your emergency fund, but now we're going to start actually kind of like putting in some debt, things that where you can start Paying off some of your debts. And there's two ways you can pay off debt. And I'm not going to say one way is better than the other. It's, you know, you got to make this choice of like, what is it like the way that you would stick with the best, but you've got the avalanche method, and you've got the snowball method. And you'll see, you know, both of them talked about mathematically, the avalanche method is better. The avalanche method basically says you list every single one of your debts, you know, whether it's, you know, your, your car payments, you know, home equity line of credit, you know, credit cards, you know, even your home mortgage, you know, put everything in there student loans, anything that you've got as far as debt, and then you rank them in order of what is the highest percentage in interest rate, right. And then you start paying off the highest interest rate first, right, and you just, you know, putting extra payments towards paying it off, you're still paying all your debts that you have, but you know, the minimum payments at least, and then you know, whatever the highest interest rate is, you're starting to pay extra on that one to kind of build up and pay those loans down first, that's the avalanche method. The snowball method is basically the same thing, you write out all of your debts, but then you rank them by which ones you can pay off the soonest, right? Which ones have the lowest balance on them, and then you start to pay off those ones with the lowest balance first. And so the reason why there's two right, and why you would even, you know, think about doing the snowball method. You know, even though it's not mathematically the best one is sometimes if you do the avalanche method, people get like, it's kind of hard to, to keep up with it, you know, you kind of get burnt out or maybe you might lose steam of it because you don't see enough progress taking place. Whereas, like, if you do the snowball method, you get that first debt paid off and now you can, you know, double and you know, put the money we're paying for that debt, you know, the minimum and you can start paying off the next one, you start to, like really build up this snowball, where, you know, by the end of it, yeah, you'll have, you know, the highest interest rates at the end, but they You know, you know, they might be pretty big accounts like that you have a lot to pay off on, but you'll have a lot of money to start putting towards those. So it's just more of like in your head, like what you think is going to be, you know, the way that you're going to stay, you know, stay the course with it. And so obviously, if you can stay the course, with the avalanche method, that's the best way to do it, you know, and you're just going to pay off the highest percentage rates, which mathematically is going to be the best mine. I'll be honest, what I did, and what I'm still doing is kind of a combination of both. I knew that credit cards were by far the highest, right, and I had some 17 and 20 22% credit cards. I paid those off first. Because I mean, they were well higher than my next highest percentage interest rate, which was like five or 6% on a home equity line of credit. And so I paid off those 17 20% credit cards first.
Kyle Handy 13:53
And then now, I'm kind of like I've got a bunch of debt that's like between three and 5% the car In home equity line of credit and stuff, and I'm paying off, you know, my cars first because it's like those are a little bit smaller than this home equity line of credit. Even though the home equity line of credit is a little bit higher, it was like, man, I just want to get rid of my car payment, right? Because that'll make me feel better about myself. And so that's what I've now done is to where it was almost like a combination of both. So I'm not saying, you know, one's better than the other, but just kind of, you know, what is going to work for you. And, you know, go towards getting that debt paid off. So, now one of the next things is I'll tell you, I mean, most of us as we're real estate agents watching this, it's probably not as applicable. But if you're not a real estate agent, one of the things that I will tell you and this is I'm so happy I did this when I was working in new home sales, is that when I was working for a home builder, we had a 401k for that home builder. And I would say that at this point, if you've got a a company or somebody a business that's paying you 100% match on your 401k This is the part where you start to look at that right like you've got your emergency fund saved up, at least a months, maybe you're getting close to getting six months, you're starting kind of this debt snowball effect. Now you can kind of inject like at least that 401k match because that is literally free money that your company is giving you, and you want to take full advantage of it. And so like, for instance, like, let me just give you an example like I'm with, you know, XP Realty, we've got a program where we can take 5% of our commissions and apply that or have it automatically done where it'll buy ESP stock at a 20% discount. that's as close as I've got to like a 401k in my scenario, and so I take full advantage of that now, right? Like it's 5% that goes towards buying it, it gets it, you know, the stock at a 20% discount, that's free money for me. And so I take full advantage of it. So if you've got anything like that in your life and your business where you can take advantage, definitely take advantage of that at this point. Now before that, again, I wouldn't take advantage of it unless you've already gotten an emergency fund and unless you've got you know, a significant amount going towards some debts paying off that debt. I would wait. But if you got that point where you got into this far then get to that part where you're going to get some kind of 401k match or investment where you're getting free money. This is not like just invest to invest yet, right? We're not there yet, where you're investing to invest a significant part of your money, there is a small percentage and we're going to get to that right now. And this is where so we're going to go back and we're going to kind of talk about that budget. And that zero based budgeting system he's got a beard. I love it. Well, what's up in my man
Unknown Speaker 16:39
I don't know it.
Kyle Handy 16:40
Guess it just looks a little thicker here. Doesn't look a little thicker man. I like it. I cut it
Unknown Speaker 16:45
last time. I didn't like trim it all down. But
Kyle Handy 16:48
when we're looking at you from a different angle, I think maybe we're like a little lower angle I think is Yeah, my I'm on my laptop here so I can work on my big iMac over here. So just listen. great content. There we go. Good stuff. Well, cool. So guys, Alright, so now let me go back and take a step back. Because here's, here's where we're going to get into that budgeting and you need a budget. Here's my recommendation, right, like, as far as setting up these accounts, and so in, you know, the, the number of accounts that we talked about, it's not super important right now. You know, I'm going to give you a number of accounts that I would think that the average person, like most people would probably be, you know, wanting to use. But, like, for me, I literally, you know, have two accounts, right? Like, I got, like my account that I've got four savings. And then I've got it my account that I've got for spending, right, like, I just know what my savings rate is. And so every month, it's like, I put this much into savings, the rest of it goes into my account for spending. And I'm just always trying to increase that savings rate account. And so but that might not be you know, as organized for everybody. I would say that if you're really trying to like you know, make a make a big change in your life and you need something that happened financially, like it might be better to have more accounts, even though you know, it's a little bit harder to kind of track or it's kind of harder to start. Again, this is all about, you know, being what's the word I'm looking for, like more disciplined in your finances, right. So like, if you have more accounts, yeah, it takes a little bit more work, but you're also being more disciplined in it. And so what I'm going to talk to you about is, is having six accounts, okay. And, and this is actually there's a, there's a good book, right? That kind of talks about this, I'm sure maybe some people have read this book, or at least have heard about it, then but it's called The Richest Man in Babylon. So I'm sure there's actually it's funny, you can hear let me put this put there's a you can watch it on YouTube. There you go. Jerome. There you go. It's actually an audio book. You can just go to YouTube and somebody's already like, talk the whole book through You don't have to buy it if you don't want to. But if you want to buy it here, let me put your link, I got a link in here. So that's it. There you go. I just underneath that that's riches. That's right, Jerome, and Babylon book. And that's going to talk about this like paying yourself first it's going to talk about you know, you know, having different accounts and just, it's it's kind of cool because it's a, it's a fictional, it's not real story, but it's like a parable about you know, in the past, you know, like a personal finance kind of a story. And so, I think it's a great, it's a great way to look at it. And it puts some perspective when you're thinking about all of this and it kind of takes out just like the numbers, and it makes it more exciting to kind of read this. So I think it's a good book for somebody who's just getting started to read because again, it's not just so like numbers based where it's like dry. There is another book that I'm going to give you guys here in a little bit that is more like dry, but It's a really good manual that I'll tell you that will help you with this as well.
Kyle Handy 20:05
But Okay, so here's the six accounts that I would recommend for most people to set up and then these are the percentages that i think that you know if you're setting them up need to go into those accounts each and every month of your income. So the first account is your necessities account right? Like so this is going to be you know, truly necessities right like you know don't don't mix this up and think like oh, you know, I I you know, just need a new pair of shoes or something like unless your shoes are holy or whatever, like this is necessities like you gotta like Eat to Live. This is not like you know, going out and you know, spending money on you know, going in and you know, eating out like eating out is not a necessity that is just part of your lifestyle. It's a nice thing to do. But literally you can eat at home for a lot less expensive. So necessities is 55% of your income, right? So you can put 55% of your income into necessities. And so yeah, a lot of people probably think of like God, like, I don't know, if I can live on 50% 5% of my income, like for my necessities, like nine bills, you know, cost more than that. And if that's the case, and again, you know, there's there's two ways you can kind of accomplish this 55% number, you can either spend less money, or you can go out there and earn more money, right? Like, if you're a real estate agent, and you're not selling enough homes, like, maybe you need a side hustle, right? Like or maybe you need to do something also, in addition to selling real estate, or you need to go all in and like, work more hours, right? 78 hours, like figure it out. But, but if that's not making ends meet, then you know, I know, like, go out there and pick up Uber right on the side or do something to get extra money coming in to where 55% of your income is going to go towards your necessities. So yeah, spending money that you don't have is not disciplined. eating out is not a living expense. Yeah, so I've already talked about a lot of that, but that That's all one of my notes that I put in for necessities, but 55%. So, meaning if you earn $10,000 a month 50 $500 is going to go into a physical account, right like and you can set this up with your bank, where you've got different accounts, like different savings accounts, like I know, like, Ally Bank, which is an online bank can do that, you know, Wells Fargo, you can set up different accounts within these. And the nice thing about it is online, you can actually move money through these different accounts and see it all online where you can actually make it an easy process to transfer money between these accounts. It's not as hard as what it used to be.
Kyle Handy 22:38
So literally, you have an account setup for necessities. 55% goes into it. The next account is long term spending. And for that account, you put 10% into right so 10% goes into long term spending, and what that basically means long term spending, that's like paying off your debt, right like extra money that you're going to use to paying off your debt. So you have your necessities it is needed that you pay your your mortgage, it is a needed that you pay the minimum payment on your credit cards, it is needed that you know you have food in that account, right? Like those are the things that are needed that are going to go for necessity. So minimum payments, now the long term spending that 10% that's going to go towards paying off your debt First off, like that's going to be the additional payment that you're paying for your debt to kind of create that avalanche that snowball effect. And then once all your debts paid off, then it's going to start going towards like, you know, fun things like going towards big purchases or going towards you know, a new to you car. I still don't think you should buy a new car like a three year old car or something like that. That's you know, already took some depreciation. You know, it's probably a better investment for somebody but you know, you know, a car or a trip, right like a big trip that you've been wanting to take, like, you're going to just take that 10% that you were paying towards your debt once all the debts paid off. Now you're going to be still saving that 10% in a different account, or in the same account, but just not using to pay off the debt, it's going to be towards like, you know, if you're going to be buying a new house soon or something like that, like, whatever it is that you've got, like, you know, we want to put a pool in, you know, but I'll take 10% once my debts paid off, I'm going to put that into an account so that when I want to put the pool in, now I've got, you know, money, I can pay for that, right. That's that long term spending account. And that's kind of the idea behind what that is. Your play account is 10% of your income as well. So this is where, you know, again, most people like this is where you're going to really have to kind of get down to it. And if you're earning, you know, $6,000 a month, you're gonna put $600 in this account that's going to last you the whole month of what you're going to do, right. So like, you might, you know, get to the end of the month and you're like $42 left in it and you know, you're out to eat, you're not going to get the bottle of wine or the glass of wine, right? Like you've only got this much money in it. You got to stay disciplined. And that's how it is right you put 10% towards your play. And so again we're not saying that you can't go out and have fun because if you do this and you don't set up any percentage for play or or whatever, you'll get burnt out pretty quickly. But you gotta you know, kind of be be conservative with it so 10% education This is that important that it makes the list and I mean, I think that education needs to be just as much as your play account 10% is what I have down here for education and this is improving your skills and value to the marketplace right so like this is like you investing in yourself to go out and you know, learn learn something new get better and something you're already doing. But basically just you know, mentoring taking a you know, picking up an additional course, you know, reading something, you know, this is buying a book, this is whatever that is but you need to have 10% of your income going towards education. That sounds it to some of you guys that might sound like a lot of money, but you know, I'll be honest, I've spent well over that, you know, in the years, probably the last, you know, seven, eight years, and every dollar that I've put into that has come back in, you know, did you know multiplied, you know, high high, high multiplication. So education I think is so important, you know, it's one of the best things you can spend on yourself, are spending, you know, at all. And so then the next part I've got down here is financial freedom, this is 10% of your income as well. I think this is kind of your like, you know, retirement, this is your investing. This is like, you're going to put it in account. And, you know, in the beginning, I wouldn't worry too much about like, where it's going necessarily, like I'm not saying like, Oh, you got to start learning how to invest in real estate because like, that's probably going to be more of a distraction than anything if you don't have the free time to do that.
Kyle Handy 26:48
You know, to like, go out and like learn something new. Then just put it in, you know, like a like a like a safe you know, index fund right like I was reading a book. You know, here here recently called the simple path to wealth. And they talked about just putting it in a low cost index fund with Vanguard, right? I think it's I can't remember the symbol, but it's literally just, you know, a index of all of the, all of the stocks out there. And so if anybody knows what that index is, I've got my money go into it. I just don't even know that ticker symbol, but it's with Vanguard, it's got like some of the lowest fees. And they say that over the last 4050 years, stocks have averaged like, 11.9% which can you make more than that, on some investments, I'm sure you can in real estate and whatnot, you know, but you also can lose a lot more to and it's going to take a lot more time and effort to figure out what what you're going to do. In the meantime, just put 10% you know, in a low cost index fund with Vanguard, and you know, park the money there and then you know, down the road, you can do something different with it or whatever. But for now, if that's like you're just getting started into it, that's where you can put that 10% towards your financial freedom. And then the last part we've got is 5% towards charity right and That's a charity that could be church, it could be whatever it is that you want to put that money in. But there is a definite correlation. I don't know what it is, right? But anytime that I've given money, like it comes back somehow, right? Like, I'm not saying it comes back more money, but it comes back with like an experience or something that like, I think that, you know, it's just a good thing to do all the time, for multiple reasons, right? So So that's kind of it right? So now you've given every one of your dollars that comes in a job, right? Like all hundred percent of the dollars coming in, now have a job, you are putting them to work for you. So another, here's and here's actually the book that these numbers kind of come from. So if you want to get a book that's going to give you more details about all this, it's called your money, the missing manual. It's by JD Roth. He's actually he's got a great blog called Get Rich slowly.org That's, that's his blog Get Rich slowly.org. And here's the book, I'll just type it in here, had it saved there in my notes, get rich slowly.org got a lot of posts that talk a lot about this. And then that book, it's pretty dry. It's not like an exciting book by any means. But if you want to know more about why to set up these accounts this way, and you know the idea behind it, that is a good book for you to read. There's one other thing to this is the other place that I get my personal finance information about. So I'm going to put that in here. I use it, I go on, read it a ton. I'm part of the personal finance subreddit there, and I get a lot of my information from Reddit. There's a wiki, it's called on the right hand side, it's like on the sidebar on the right, that you can read and it's one of the best probably 30 minute reads that you have. It's pretty extensive, but all about personal finance, goal setting, you know budgeting all that kind of stuff in there. It's a really good wiki. They also got like cool stuff in there like, you know, broken down by age like, you know, if you're 18 to 25, if you're 25 to 30, if you're like some different things that you might, you know, want to be doing depending on if you're in that age group, they got things talk about credit, they got things that talk about debt, retirement investing, all in that sidebar, you just click it and then it's going to give you more information about you know, that specific thing. Where is that link? It's right there above. Sylvia. There you go. You're all good. I love Reddit guys. There's so much good stuff in there. A lot of good people in there too, that contribute. I'm mostly probably just like a, like, you know, I just read. I don't really do a lot of the posting in there. But man, some of the people in there, you know, they see things differently. They explained it in a way that I think makes sense. And it motivates you, right, like when you hear it a certain way. I think that it's pretty motivating. So All right, cool. We'll so that's kind of like part One of this training today. So I'm going to take a break here, I just want to kind of like before we go into part two, I want to see what your thoughts are, you know, like what questions you might have about this. And kind of just, you know, do that. So like pull up my Facebook stream to see if there's any questions going on in here. Right and then guys, if you're live with me here in zoom, feel free to either put in the chat or unmute yourself. Come on here, Curtis, my man, I don't know if you're there, currently or not. If you had any things you wanted to share thoughts, all that good stuff.
Unknown Speaker 31:39
I'm taking notes like everybody else, man. I'm in the Reddit. I'm in the Reddit subreddit right now. And I looked at the vanguard index fund to get some money moving that way. I'm teaching Jackson how to invest so we actually just opened our TD Ameritrade account together Jackson's my 11 year old son, and he showed an interest recently in investing. So looking at that index fund. This is great stuff Kyle. I've never used you need Budget looks like a great website. I was watching the little video and all that good stuff. This is really really good stuff, man. I don't have a lot to contribute. I appreciate the info.
Kyle Handy 32:09
Yeah, no, absolutely. I'm trying to pull up here real quick to the simple so again, it's JL Collins is the author of simple path to wealth. And so I see here it's it's like five letters I cannot think of what it is. But it's like the it's literally like the lowest cost index fund like most index funds you will pay like one or 2% or something like that. And this is like point 05 percent right that you
Unknown Speaker 32:37
think it's VFINX like the vanguard 500 index one I think that just reading real quick it
Kyle Handy 32:44
sounds a little different. Angered all stock index funds, simple path to wealth. What is it? Somebody's got to find this VTSAX There you go. Okay, SAX? Yeah. So everybody, you can look up VTSAX indefinite because I think Yeah, that one you're talking about Curtis it's like 500 stocks. This is like or might be like, you know, there's a lot of index funds that are tied to like the s&p 500 or the Dow Jones. This is literally like it's tied to like every stock. That's like every single stocks really yours diversified as you possibly can. Right. And so and honestly, guys, if you haven't read the simple path to wealth, like that's a great book to read also, I just listened to that one on Audible probably about a month ago. And shout out to AJ Mito zone that told me to read that book and it's a really good book. It makes it so simple for you to see how easy it can be to save and to start really building wealth. Like it doesn't have to be a complicated thing. Literally. It's more just about disciplined and he even says it like this is going to be the most you know basic book that there is out there and it's soup it is right like there's no mind blowing things or anything like that. Like all he talked about that whole book is just putting your you know savings into VTSAX You know, he talks about why it's probably more beneficial for the average person just to do that versus like anything else and getting caught up into anything else. Because, you know, talks about like, if you're, you know, wrong even, you know, a, you know, a small percentage of the time, then you know, you would have been better off you know, in the long run, you know, investing in VGSAX and one of the coolest things to that he talks about that and this is kind of off my notes not I didn't write this down but man I've had this like weighing on my shoulders for the last month now. As he talks about you know, we all think of things in like the cost of what they cost us today, right? Like, I'm going to go out there and I'm going to buy you know, this this expensive car right and it's like yeah, I can afford it right like I can pay for it. It's no problem. But like, let's say I go out there and I buy you know, this $50,000 car you know, and then let's say I buy it on you know 3% interest rate which I'm you know, you can even justify that like oh it's such a low interest rate like you know, a payments are low, whatever right? The amount of money that that actually cost you in the long run is so high, like he talks about, like, if you had invested, you know, because it's not even just what it costs you today, it's what it costs you into the future. And so it's like if you had invested, you know, $30,000, like what that could look like, you know, and it's pretty astronomical. I mean, you're talking like 3040 years down the road, like, if you had invested that type of money, it's costing you hundreds of thousands of dollars. And so like, if you really want to put a guilt trip on yourself, which is like what it did to me, Go read that book, because then you start thinking, like, God, if I spend $10 on this, like, that's costing me like, $1,000, like, you know, 30 years from now, like, I'm not going to pay $10 for this thing, right? And so, like, it's, it's pretty cool. You know, obviously, everything's a balance. You know, I'm not saying that you need to go out there and be crazy about all this. But it does make you really, really kind of like, you know, second guess some of your purchases and made you think like man, if I just instead put that into VTSAX You know what that could do for me Look at that, you know, do for my financial future. He's got some great calculators that put some of this stuff into perspective. So anyways, just
Unknown Speaker 36:09
sidebar there. Now, one quick takeaway, man, I'm just looking at my notes here, right, the 5510 1010 and five. One thing that I got from this right away that goes with my life, you know, I know not everybody on the call is married, but my wife hasn't really been a big part of the finances for most of our adult life. You know, she just really hasn't, you know, she's contributed and made some money. There's many times she hasn't worked. She doesn't work currently. So she doesn't really ever know what's going on with our finances. And the last couple of months, she's been curious, you know, she kind of wants to know, and when I show her, you know, there's so much going on with my spreadsheets with our bank account. Like we have two accounts. She's like, what's that? Where's that? It's hard to understand, right? But I look at this and I think, Okay, well, if I take care of the necessities, for example, and I were to show her the long term spending the play account, you know, in the financial freedom and the charity and I would say, Hey, here's the 35% every month that I'd like you to Stewart, you know, push in the right direction VH be aware of what would like what a great way to partner and collaborate. And she wouldn't have to worry exactly about what's coming in every month and where it's coming from, as long as I set this up to transfer that 35%, to where it needs to go, but then she'd have such an active role, you know, and I just think that's, that's something cool that I took away from this where we could actually find a way to work together, you know, it creates some a system that just allows us to be successful together. So I appreciate this madness. Yeah,
Kyle Handy 37:26
absolutely. It's kind of funny, like, so here's at the end of the day, I think, you know, cuz I'm the same spot with you, right? Like, we're like my wife, you know, she hasn't been, you know, big on the finance side. Like, that's something I always taken care of. But she's curious about it. Like, she does want to know, like, she's always like, Man, you know, like, if, you know, like, like, I wouldn't know a single thing, if something were to happen to you or anything like that. And I like and so, you know, first off, it comes around communication and setting aside times where it's like, Hey, we can sync up and, you know, kind of like talking about this stuff, but it's also about simplification. Like I've made things such a mess in the past like with like how I invest and like where I put my money and sometimes I spend money a certain way and sometimes I don't and it's just so like hit or miss that like I couldn't explain it to her if I wanted to unless I was going to sit down with her for a month and just you know talk about it but like the simpler you can make it the easier it becomes to like be on the same page with it. And one of the cool things that I did I was going to share this page here. I thought this was kind of cool for anybody that is going to sign up for that you need a budget deal is that literally the way that it does it is you can you know put your spouse on there and like I thought this was kind of pretty cool is that you can budget together right so like they can log in with their app, you got your app they can you know y'all be on the same page with like being able to see where you're at, in you know, in real time and so that was a cool part there at
Unknown Speaker 38:46
everybody else's screen say and not accidentally overspend at Target or is that just my screen?
Kyle Handy 38:51
mindset? They know you Curtis there. threw that in for just
Unknown Speaker 38:57
shopping last night while I was teaching real estate one on one came up with like six bags, it was like, that's a lot of school shopping knows. Oh, yeah,
Kyle Handy 39:04
no, I hear that target man I did. That's like the one that I see on my my thing all the time is like Target target target. I'm like, I feel like is she just buying like each thing? transactions? What does she go to Target that often nowhere like, literally I see target like 30 times on on a monthly thing or whatever. You don't need
Unknown Speaker 39:23
to hit the target at one time. Sorry. That's it. We come on back.
Kyle Handy 39:28
That is it. So yeah, so that is a so that is something that I think is exciting, keeping it simpler. And that's what's fun is like if I literally, you know, can show Chrissy like, Hey, this is what we do. Like, this is our budget. This is what we invest in. You know, that's it, right? Like and so that's where it's like yeah, if you just, you know, you know, low cost index fund, you can explain to you can also project and say like, Look, this is, you know, where we'll be, if we do this plan in 20 years, 30 years like this is how much will have saved for you know, our kids like this is how much will have saved for ourselves like and those are the types of conversations that are fun that you know she can get behind, I can get behind because at the end of the day like you know, it's like if you're out here doing this on your own kind of on an island it's not very fun you know like you've got to be doing this with somebody and it's kind of fun like I've actually had a thought here like just in the last couple days as I was like preparing for this training of like, I want to take you guys on this journey with me right like I've got you know my website Kyle Handy com I literally want to have a separate page where I just like track right like my like financial like things that I'm working towards my goals all that kind of stuff just because like one I want to be held accountable which I think is pretty cool. And when I you know open this up to where like, you know, all this stuff is like out there it's like well now I'm definitely gonna be held accountable right like, you know what I'm spending in not gonna be super it wouldn't be super complicated literally be like, you know, this is What up my income was is my expenses for the month, that's how much I put towards saving or paying off debt or whatever. And then take you guys along for that journey with me and like, that's my thought of doing this. But on a small scale, if you don't, you know, necessarily feel comfortable or you don't have the platform to do that on, and you just want to have somebody you know, I think it's just as like anything else. Like it's super important to hold yourself accountable to these things. So bring somebody with you to kind of help hold you accountable. z squared. Yeah. Is this recorded miss the first 15 minutes it is, it will be on my Patreon page, which I'll put a link at the end here at the end, just patreon.com slash Kyle Handy. This will go into the sales one, which I think it's like $4 and 9098 cents a month, and you get access to all the past recordings of it. So we'll be there this afternoon. I'm just reading back some of these comments.
Unknown Speaker 41:55
VCX is up 20% this year, year to date.
Kyle Handy 41:59
I believe that Man dirty, cool. Yep, II there's no reason like if you really read simple path to wealth, I mean, like, it really got me re rethinking everything like on how I want to invest and how easy it can be. And when you see that, like, if you just do that one simple thing, but you do it consistently, you know, and the amount of money that you would have 20 3040 years from now, like you're like, now why would I go try and do anything else other than just be consistent with that one thing. And so it's pretty interesting. Now, obviously, I mean, there's lots to say about, you know, investing in real estate, and you can definitely do that and all that. But again, for the average person, like, you know, just and even for myself, like, I mean, I'm a realtor, I've invested in real estate, I still am like, tempted to just say, like, Hey, I'm just doing that, because that's so simple and easy to do. Sylvia, should we find a person to help you invest or do one of these apps? So So these apps that we're talking about, you need a budget and all that kind of stuff is really more just like budgeting I don't know that it's like talking about investing, specifically for investing, like if you're talking about like, should I go out and get a financial advisor, financial planner, go read the book, simple path to wealth, he will, he tells you Do not Do not Do not Do not get a financial advisor, one of the worst things that you can do if you got any financial advisors on this call, sorry, but I mean, just he makes a big point as to why that is not in your best interest. And literally, if you just took the savings that you're going to get from not going out and getting a financial advisor and you just invested in VTS AX, like that is all you need to do. Like there's no reason why you would need somebody to tell you to go put your money in VTS AX like so. Anyways, yeah, I would say that I would not look at doing that. And then as far as like helping you, you know, use one of these apps, all that I'm suggesting in that step standpoint, is just somebody that's going to help hold you accountable. Like find somebody that you know, is going to want to maybe do this with you. There's lots of people I want to get their finances together. And if you can just find somebody that you know, and now you have the roadmap right to go out there and share with them, like, Hey, I watched this great thing or I'm going to go, you know, read this book and get more information. And then just do this with them, you know, get on that same track with them. I think that that's all you really need, right? And then set up the system. So you can share it with that person. And maybe it's a spouse, maybe it's somebody else, like, you know, that wants to do this, whatever it is, but that's all you need. I don't think you need to pay somebody to do this. And so let's see, Tammy, historically, realtors have difficult time paying taxes when do so think this is great information for a way to save? Absolutely. Yeah. To me. That's a huge, huge point there haven't brought that up. But yeah, I mean, the way that we get paid as realtors you need to save for, for your taxes at the end of the year, right? Like most likely, you know, at least 25% but maybe, you know, a third right? And, and so having that account set up to where when tax time comes. You can easily pay that versus you know you kind of stressing out because you know that taxes are going to come do you know the same time each year now it's just a way that it's like okay like I've already planned for this each time that you get a commission check so you're putting that money to work and so yeah, so in those percentages that we talked about, if you're a real estate agent specifically you know, I would almost say that you know that your long term spending right like maybe you have a seventh account right and that's just going to be your taxes because your 1099 you know that they're going to be do each time so whenever you get a commission check 25% goes away if that's what your your your tax rate is, or 33% goes away if that's what your savings rate is. Perfect point there Tammy, thanks so much. Hey, targets and awesome rabbit hole. That's right little truth. Alright, cool.
Kyle Handy 45:54
Each trade is low cost for self directed investing. Yeah, Gary, I'm not sure you know, I've never used the trade I would just compare it again, you know, he did a lot of comparisons in the book, it sounded like he had kind of done a lot of that, you know, comparing it to TD Ameritrade comparing it to E trade where all these places and so I would just say like, there should be a place like cuz I remember I was before I was invested in USA, I had some of my money in USA. And I literally just transferred it all now over to Vanguard, because I looked at what I was paying for USA, and it still wasn't that high. It was like, I don't know, point four or 5% or something like that. But it's still a lot higher than point 05 percent. So just check and see there should be a way that you can see like, what's your expense, they call it an expense ratio is with each trade. And, you know, if it's point 05 is matching that then you know, then that's fine. But honestly, he even goes into the details about what the difference because you know if it's a point to you might be thinking oh, that's like still very low, but he actually talks about over 3040 years the difference between point zero 5.2 and you know, and it's a lot bigger than what you might think. So just reconsider it. I'm not saying you gotta go blow up your whole financial plan and all that kind of stuff and change things around. But if you want more information about that, go read the book, simple path to wealth and see if that changes your thoughts or opinions about it. Cool, cool. Cool. So Heather Robinhood, from what I understand Robinhood I think Isn't that where you can trade stocks and stuff like that individually? Think that's what it is. I don't know if you can do index funds or whatever. But again, guys, keep it simple. mean, you know, and in that book, you know, he talks about to like, you know, investing in individual stocks versus going out there and buying like an index fund. And literally, you might win on a couple stocks here and there, but in the long term, it even talks about this, in the sense of like, what you know, financial people who, you know, that's their job, every single day, the percentage of them who beat the average index fund over 30 to 40 years is like, very like it means like, like a rap. Air, it's like super small. So, you know, I wouldn't get too caught up with trying to think you're going to beat the market. And over the long term, you know, people can do it, you know, in a year or in two years. But I mean, there's a whole lot of math that goes into showing why over the long haul, 3040 years, it's not going to be advantageous for you to do. What's up, Heather, I see you got your hand raised.
Kyle Handy 48:27
Curtis, what's up? I like I like Curtis's putting 5% towards Bitcoin. Oh, I'm
Unknown Speaker 48:33
on my phone, and I couldn't figure out how to unmute myself anyway. Yeah, I picked up Robinhood because I wanted to buy some EXPI stock over the counter. So I bought it for I bought it. I picked it up for that. I haven't tried to buy any other types of investments through it, but I'll try that sometime this week and see how it goes.
Kyle Handy 48:55
Awesome. Here's an in guys. We're not going to get to my second part today. I'm going to say the second part guest for next Monday, but if Yeah, what I was going to talk about and the next part is kind of like just my 10 like tips or like things that you can think about, as far as financial, you know, financially related and things like that. And one of the Actually, this is the 10th thing. It's called taking calculated risks. And what you're kind of talking about there with like Robin Hood, and all that is a calculated risk and wealthy people do take calculated risks from time to time, like, you know, you've got some money set aside to take a calculated risk. And when you bet on, you know, any stock, whether it's a stock that you think is going to do well or not, right, it's a calculated risk, right? Like no matter what, like there's no Sure thing. And so, yeah, you definitely want to have a percentage this also goes towards what Curtis was saying about Bitcoin, right? Like there's a, you know, there's an argument that can say like, hey, maybe you should put 1% of your wealth towards Bitcoin, right? Like you're diversifying, right? But that doesn't mean you go bet the farm on Bitcoin or you go bet the farm on ETFs PI stock or any other stock for that matter, right? Like, you know, but it wouldn't hurt you if you've got, you know, the the money to do so. You know, to put your, you know, bets on some other things too, right? But like we're talking like small amounts of your total wealth like 1% right, like, I think I've got $4,000 worth of cryptocurrency in my portfolio, right like that. That's, like, bout 1%. Right? Like so like, it's like, you can put 1% towards something but don't go out and bet the farm you want to take calculated risks, wealthy people take calculated risks. So anyways, yeah, we're gonna have to do yeah, we're gonna have to do I don't want to start on these these 10 things because it'll take way too much time to go through all of it. And I don't want to rush this. So we're just gonna do this on the next one, which is going to be you know, kind of these 10 ideals towards investing towards all this kind of stuff. So, what else we got? We'll just wrap up these last five minutes. And just with kind of going back through these questions, I'd love to pay off my business credit card, this will help you get that done as a single mom, I float on my Yep, I hear, hey, I've done the same thing, Tracy, for many years, and for the four years that I've been in this, I had a business credit card. And I do use that as kind of like, I almost like would justify it to myself, like, well, it's, you know, I can write it off, it's against my business, most businesses, you know, have debt, and all this kind of stuff. So I would like do that. And I would pay the, you know, 15% or 17%. I'd be like, and it's just against the business. But man, you know, looking back, I'm like, gosh, I've just, you know, overextended myself because of that. I've lost a lot of money because of that, so many reasons why that you know, needs to get taken care of, and treated just like as if it was your own debt. You know, that debt on your business credit card. Cool. Let me check Facebook. What else we got guys, any other questions? churches dangerous, especially for teachers? Yep. Do y'all have a link for that book to purchase? Not sure what Book Jeremy you're talking about I will put all of I will put all the books though in this comments so that way in the show notes you'll you'll have all of the books that I mentioned, which I've got Richest Man in Babylon simple path to wealth and the, you know, what's the is the manual or what I'm drawing a blank I see here too much talking about too many different things. The mystery of your money, the missing manual by JD Roth is the third one. So those are all the different books that I talked about today.
Kyle Handy 52:33
Alright, cool. Chris, are there any drawbacks of having a financial advisor? Should I just handle my counsel? My kind of talked about that earlier? Yeah, I do think there's major drawbacks. I know that a lot of people might disagree especially if your financial visor yourself, but go read financial fat, the wealth that I'm not the one saying this. Again, I'm a finance major. And after I read that book, I definitely don't see the benefit to having a financial advisor. Personally, it's, it's nothing I'm going to do, you may feel differently. And if that's the case, go read the book. And then if you still feel differently, then go have a financial advisor. But I just think that honestly, like, if you put this in a low cost index fund, you know, you, you know, you don't need somebody to do that for you, you're spending a lot of money, even if it's like one or 2%, or whatever, it's a lot of money when you compound that over time, what that money is worth, right? Like if you, you know, whatever, in 1%, you know, or like, say, 1% of $50,000 that you made that year goes to a financial advisor, you know, you know, that's, that's a lot of money around, it's like 500 bucks, and then what that could have done 300, you know, 30 years from now, that's even more money, right? So you're just like compounding it when really it doesn't need to be done because he talks about financial advisors and like, how many of them, you know, can beat the average turn of the index over 30 or 40 years? And it's like, none, like there's it's very little right like so. Yeah. All right, Matt. Yeah. You're welcome, man. Glad you're on here. Let's see Ross book. Oh, that's when you're wondering. Okay, cool. So I got that one on there. Alright guys, well cool, what other questions we got from anybody, anyone else before we wrap this thing up? All right, well, again, I'll just let everybody know that I'm going to put the recording for this on my Patreon page patreon.com slash Kyle Handy. You can go actually access all of my past trainings on there. You know, I think we've got about 30 or 40. Now that had been over the last, you know, weeks that we've been doing this plus I also put additional training that are not these Monday masterminds on that page as well. And so thanks, Jerome appreciate you got got me there. Yeah, that's the Patreon page there. And then so the first one you can sign up for is all of the past recordings for the Monday mastermind. I've got another one. I think it's 499 a month that you can access all of the Tuesday masterminds, which is all about you. P agent attraction, you know, mindset trainings, all that kind of stuff goes into the Tuesday one. And then if you're an XP agent and you want both of them, you can sign up for both, I think it's like $8 and 50 cents or something like that for the month to get all of the trainings. So hope everybody likes that. I hope you guys liked this training, I know it was a little bit different than the real estate training. If you liked this training, you know, put a put a like put a comment. Because I would love to do more of this stuff. This is stuff that I'm truly passionate about. I just got like a natural affinity to go towards finances and numbers. And so like this is helpful if you want me to keep bringing, you know, good things, you know, with regards to personal finance, even though it's not necessarily real estate specific related. Let me know that and I'm happy to keep you know, kind of tying some of these in every now and then I will be tying this in our automatically next week because I didn't finish it up. So next week, if you want to do a little bit more of these, I think I've got 10 principles that you need to hear about to you know, like these are principles that should also be thought of because I think it might even help you to make this plan and actually stick with it when you hear about some of these things and why it's so important that you get this stuff under control. So next week it'll be those 10 principles. So I look forward to seeing everybody on that one thing about old Single Ladies starting from scratch and what we need to do you got it Sylvia You got it.
Unknown Speaker 56:25
Write down those six accounts Sylvia and start like chopping up your money. I like I mean, that's the first thing I'm going to do today is like go to my current checking account balance and I may not have six accounts, but I'm just gonna start chopping up the money and just see what it looks like right now and start getting used to what it looks like every time the money comes in. I mean, I think that's a real practical, simple, quick way to do it.
Kyle Handy 56:47
The cool thing on you need a budget. Also the other reason why I promote this why I think it's so cool because the more research I did about this, I really do feel that they are a great company to they're not in it just for the money mean $7 a month for their Their stuff is very inexpensive. And they've kept it that low for a reason. Like they understand people that are trying to get their finances in order, don't want to go and spend $39 a month right or $59 a month, right, which is like what most a lot of these platforms cost, like, I use QuickBooks and God, I'm like, you know, appalled by every month that I gotta pay my QuickBooks bill. And it's like $130 a month, and I'm like, Oh my gosh, like I'm trying to keep my finances in order. And that's literally almost like an account that needs to be on its own is for QuickBooks. And it's like, you need a budget, very inexpensive. Plus, they do like daily webinars and trainings, like live trainings that you can attend the talk more about this stuff. So highly recommend it go in there. You can actually just go to learn the method at the very top, and it tells you, like, you know how this works in a nutshell, and a lot of it is like what we had talked about right, giving every dollar a job. Step one, rule two is embrace your true expenses. They talked about like what that means really. Number three is roll with the punches. And this kind of talks about like, not being too obsessed with like, just sticking to the numbers that you put into those accounts. So if you put, you know 10% towards your, you're having fun, and then you put you know, 10 or 55% towards your necessities and you had a little bit more money in your necessities that month, you can go spend it right like if you you know, you have leftover, you can kind of move money over to different accounts, and not being so rigid with it, and why that's important. Aging your money, they talk about that and basically just talking about how you need to use last month's pay on this month's expenses. So many of us we budget in the sense of like, well, we're gonna make this money. So let's put that money, like towards the budget, right? Like No, no, like, go off the money you literally have in your account right now, right? That's something that we can all do. Like don't start like pre planning this kind of stuff out and they talk about that rule more in detail when you're setting Setting up that budget and so again, I feel like we all need a system and this seems like a great system that you can use if you haven't already created a system. So cool. Now is it so they keep pretty simple but love to keep in touch with you guys if anybody starts to do these systems and use them you know, feel free like come on these calls you know in the next few weeks or whatever and share your experience good or bad with us. I think that this stuff is so important for all of us you know and as real estate agents you know we do definitely want to teach you how to make more money but even more than that I think it's important to teach how to keep your money right and how to make those money have little money babies and start to multiply because money loves to multiply but you know, you got to be able to keep that money and put it towards something that's going to make it multiply and so literally that's funny Oh something I heard about making little money babies and now like every time I think about my in my head, about investing like I picture like my money, making little money babies, right and I just want I like have that happen more and more and more. And it's been a weird thing that in my mind of like, now why I want to invest, right? Because it's like, and honestly, like a lot of this happened when I started thinking of like residual income, right? And it's like, yes, you can create a job where you can create residual income. But one of the best ways to create residual income is have your money work for you, right, like put your money to work for you, versus you just always having to like work harder, or scale your business like that's a great way to to like scale your business start and put leverage into your business, whatever that means. But then have your money start to earn leverage. And that was actually going to get into kind of like the those 10 principles, talking about leverage, and you know, like going out and if you do buy rental real estate or something like that, how you can actually create leverage and doing things like that. So we'll get into that next call guys. Again, sorry, we couldn't get into it all today. It was just I always got all these like high over achieving goals of what we can accomplish in an hour, but it goes by so quickly. So next week, we'll finish this all up. I got I appreciate everybody on the call today. So awesome talking to everybody seeing all you guys on Facebook. I think this is one of the most attended ones that I'd seen on Facebook Live. So that's really cool. But anyways guys, if you got any questions or anything like that, never hesitate to reach out, always happy to help. Would love to hear some stories of this going forward. And everybody, I hope you have a great week. We'll see you guys on the call next week or if you join the Tuesday one, we'll see you tomorrow. Talk to you later. Bye later