« The Cardone Zone

330: CZ "How to Double Money"

2018-06-01 | 🔗
Inflation is decreasing the value of your money. Know how to calculate the future value of your money, so you can make sure to invest in the right vehicles to always have cash flow.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
A wake up, call for the middle class. Pouch says you're doing what's your daddy's again. Freedom in business and Finance Cardona Zones starts a great car down here. Welcome to the Cardoza where Fridays we talk about money, career is funny Today, I want to be sure, with you added double your money: I'm gonna be tough. When do you about a topic that I discover when I was twenty six years old called the future vat how you calculation future bow. You ok, now most people I'm, not don't, don't understand future values, because most people are so busy with their cause. problems, thinking about where they're going. Ok when it comes to money when it comes to money, quit weren't,
the money you have installed. Looking to the future. Sure vow you money, you hear me talk about this in everything I do what's the future. right. You're rolls down twice a day with money even more important future vow You have money, we are in an inflation environment. now. What is inflation mean inflation simply means. The value of the dollar is going down. Your dollar is going down, which means it takes more dollars. by the same product The value of the dollar is going down, one Or is worth less than it was you know, back in the day, its work less is more pennies. Today, by the way, actually give me the number, which means I need more dollars to buy the same exact product. Okay, so For four years we ve been saying: there's no inflation, ok, yet rents watches
Read have gone up guy ass is going up. Gas is going up right now, right, electricity is going up the cost of electricity things you have to buy. What else is going out clothes not really apps apps are cheap there, so foods going up cost of food going way up. Okay, how about the cost to college? Did you know that the cost of college is five times more then wages wages almost not gone up. So When a guy's making money, how does a guy make money again makes money like this? Let's say we got here: jail makes money her way, judges. This is her wages. This is the graph of her wages. To see a rent graph you should look at her college tuition, graph, If food graph- ok, that's what inflation is, this went up. This would up this winter
crossing over her wages. Seething here, all is over her wages, so she and with less money less here and that's why I want to talk to you the future value of money. When I was twenty six years old, when I was twenty two, years ago, I was making a hundred a hundred thousand dollars a year. I think that was my first year made a hundred grand I made three thousand dollars at yonder exaggerate you guys! I can do that later. plenty of found exaggerate. Ok, I made ninety three thousand bucks that year. Don't forty Gran! Ok! I had to pay taxes on the ninety three which at that time was about things about eighteen, thousand dollars that came out of it? Ok, this back in Louisiana. Thirty years ago and I was left with about thirty seven thousand dollars. I think. Guess what I did with their money. I started figuring out how can get this money to double. How can
if this money be ten times that ok, the cat population you want to use is called the future value calculation. We can find You can find a calculator on on anywhere online by the way you can call me to three hundred and five eight hundred and sixty five, eight thousand six hundred and sixty eight, your question: to be about money. I might hang up on you. If you are talking about money, I'm a hang up on your face down. Ask me about motivation today. Don't ask me about sales. Don't ask me about anything unless it's got something to do, Webmoney, okay, three hundred and five eight hundred and sixty five, eight thousand six hundred and sixty eight I'm going to put in here few Value calculation, this would by the way led me to real estate. I arrive Where's, the merely look man, I can't have a sales job, no job. and no business really great financial freedom to understand this
The only way to have financial freedom is one you have to have a commitment to it to you that I have a plan three and have to have vehicle. Listen. What I'm telling you write in today's about money, inflation, Then your face. It's coming. You gonna hear about it. Every day, interest rates are grown up, gas prices, gonna booze, gona wages or flat. A job in a busy this does not create wealth here. What I'm doing for all of the out there like automobile super neurobiological entrepreneurs go get rich unless they make investments money has to be investment. Number one. You gotta have a commitment. Ok, too You have to have a plan, three you got to have a vehicle, a vehicle. Is not a job, the goal is a thing.
would take this thirty seven grand and put it in Finnish. Ok, good, good job, buddy, ok, good job! Thank you! So much I'm gonna, take this thirty seven thousand dollars starting Seven thousand assumed it I'm invest all of about the way you guys won't do that. You know why cause you so worried about a rainy day. You can invest money. So what do you do by the way, let me show you another inflation here. The bank's today pay zero zero one. Two percent most have you do not see that as inflation, but this is actually inflation the bank's, don't pay you any money. That means, if you one million dollars. I'm sorry, one hundred thousand dollars, one hundred, thousand dollars in a bank account- For one year, This money will be worth one hundred thousand twelve dollars at fifty cents.
That's what you are no new money. So right, yeah One hundred you learn twelve hours and fifty cents on your body your dream about money domain? What does the bank do as soon as they did you give him this money? They loaded out nine times why because they want to multiply money. When I come back on the show, you future value calculation and how group car, no young twenty six years red out, made a commitment, a plan and found a vehicle to double triple quadruple. Even too Next year's money give money sitting in the stock market. In your word about it or worse, you have money sitting at the bank earning less than half a percent money. I call on the foundered Sea of Khartoum capital dot com. For the past thirty years, I've been investing my money in my family's money in income producing properties. These are, you'll assets. Real problem he's with real addresses that produce real cashflow accord on capital. We provide Qual
Bud investors who love real estate with a turnkey solution and one to put their money to work in real estate, but cant find deals. Don't have the time to get the funding for the deals and the last thing most productive people want to do is managed real estate. I find the deals are funded deals and then I manage the tenants. The termites in the properties partner would make don't capital dot com, that's card own capital, dot com go to court on capital, dot com. If you love real estate, your qualified investors you like the idea, passive income and believe that income producing properties will appreciate overtime, go to court on capital, Dotcom, that's card own capital, dot, com come back to the cartoons and Grant Cardona here today. I am talking about money, you're money, I'm talking about inflation Warren Buffett by the way said it. Only maybe one or two or three people on the entire planet understand the complexity of inflation. New or being inflated on ok, Inflation is called the.
Tat is a hidden tax. Gay before I show you had a tin actual money, and I must tell you that here in the show today, by the way here, If you listen and on or watch it on Youtube or listen. Relaxing, please comment below Lecher peeps. No, This is the best money. Show avail anywhere on the net okay. So let me see the value of money, value of money in nineteen. Fifty eight, that's when I was burn. Did I get back. Value at a money, less say I had one hundred thousand dollars in nineteen and fifty eight. do you know how much money I would need today to have same hundred thousand dollars today. I'm sorry, I'm sorry, that's do a hundred! Who knows the answer,
Squashed, one hundred thousand dollars in nineteen. Fifty eight will be whether what today this is malaysian dude. This is what I said to you value he's goin down to what do you need? You need more money values going down a guy. What hundred thousand dollars in nineteen and fifty eight. How much do you guys they four hundred January, eight billion one million dollars, would you say Nellie. you need eight hundred and sixty eight thousand dollars. They have a hundred grand that sixty years ago,. You guys know purely inflation, because you like the frog in a part of water. say is room temperature. When you put the frog you erase it up. Ten Bob Carville feeling here
Craig it up another kid who it's not like, you drop, demanded to twelve right. He gets used to until he dies and low froggy circles up. Brain is nobody crank as a frog. You guys down right now: euphonious sedan wages in America have not gone up. I think we ve been like fifty thousand dollars. Won't talk about inflation, fifty eight thousand dollars, fifty eight thousand dollars. That was the wages and two thousand seven guess what they are today, like fifty nine thousand five hundred, ok it's only eighteen years, you he just didn't go up. While gas went up, food went up, college went up, electricity went up, rent, freaking skyrocketed, but my man get you some rent apartments boy. What happens now, costs the materials are grown up, glass, concrete, would labour
he's gonna go up, which means what people will not. The board housing in the future, so that future, how you, when you start thinking about money, you gotta start, you gonna sit down which your. Why are you husband, whoever to help in charge of your house, gotta be like. Do we need a plan? We need a plan future value, guy, I need a plan. I need a plan, just need a job. I need a plan. I know a lot of people that have a job. I know people that make four hundred grand a year and don't have any money. Okay, number one! need a plan number two. I knew a God. work, and here a couple years ago, does make it board five hundred thousand a year he leaped theories broke today. I need a plan. No, no. I need a commitment. So you guys got to make a commitment bursting, has to happen in every situation. You gotta make commitments a dude. I gotta get my game to you, The plan again will show you the plan right now. Three, you need a vehicle.
Ok, so I want to show you the plan. The plan requires, by the way, a formula. Ok, the vehicle is the skirmish, you're, ready used to double in triple money commitment you gotta, I got thirty, seven thousand twenty six years old, I thirty seven thousand dollars for the first time in my life. Up to that point I had not had one penny in savings. I at thirty seven thousand dollars, and this is what I did. What I will show you how to do the same thing right now, but gain we get some collars right. If I take thirty seven thousand dollars in every year for ten years, at thirty, seven thousand. That money will be ward, nine hundred thousand dollars in ten years. If I can earn fifteen percent or my investment. Ok, the watches check this out. If I could earn twenty percent or my investment.
Immediately when I started doing the sunlight? Ok! Well, I can't do bakes if I could earn twenty percent it is worth a million one. Eighty nine means in ten years, starting with thirty six. a thousand dollars. Thirty, seven thousand dollars a year for ten years. Y? Why see when I did this when I started twenty six, twenty, seven, twenty, eight, twenty, nine and thirty. expire, you I packed way a hundred and seventy thousand dollars, no one, I didn't go by car. I didn't change where I live I didn't go to buy fancy products. issues that our, where today in why? By the way. The only reason about the white ones was because the color that I wanted wasn't in available must as because I got money. Puking only like leg is a day golden shower.
Unlike my marriage, should take the Y know: does not your favorite color. Now, I'm digging on my whities some delight he. Why? Because my money, stupid, You guys that, because nobody else is talking about money. It's like our culture today. If any but he talks about the fact that they have money you hate on or something and those who know unjust, humble and been lucky very fortunate. I am so grateful you I'm a play down and will be sought? Lama be dude, I'm rich the work is, I got a plan and you sure to you need a commitment Unita. plan and you need a vehicle so but you gotta know the formula first right. If the money Orange watches The money order must take ten thousand dollars. Let me show you how to do it with ten grand. If you earn points zero zero one. Two percent at the bank that money will be worth ten thousand ten thousand and twelve dollars in fifty cents.
so the next time your wife says we need to save money. Look man! hours and fifty cents. I won't even pick tat. Most of you would pass it back if you had to stop Ford right or wrong yes ma. Am five dollars that can't be debate, you cannot leave the money debate by the way. You cannot leave the money at the money market, fidelity Maryland. When you got sell out your mutual funding, you know what marrow Lynch does with your money. Will they only charge me dollar per transaction? Do you know what they do in your money when you sell out of the mutual fuck. They put it in money market in insurance. Point zero, zero, one, two percent! It is every man. Ok, the inflation in these countries about three point: nine percent Carson. Goods are going up, three point. Nine percent and you are only earning point: zero, zero one to your third three.
my hand. The eight ball you can't catch Right now, what I'm gonna do, as I will look for vehicles to do ten, fifteen and twenty because when I start doing this, I start getting big multiples or my money massive multiples of my money. In this case, if I can get fifteen percent that's a hundred times, one hundred acts with the banks will pay me toward pain dented. It may be worth, learn it. Ok! So first you gotta get good its job Right Reign Supreme, you gotta, be greater job because they do not greater at your job. You're never going to get any more income is impossible. No you're, not gonna, get arrays nobody's gonna pay it Ginger money follows attention: if you're not great that by the way You're terrible your job, you might get some attention here too,. but not the kind you like, or maybe it,
The kind you like? Maybe that's what you give tone do you feel like? I need people their abuse me. My terrible human being? I don't deserve good things and and nobody needs a white Prada you're right by the way out embodies products with my money. But it was somebody else's money called the multiply and only the future value calculation. We come back and take your caused. So much show you how you can use it to become a millionaire. We don't turn ten Kay in the one meal
have you always wanted to invest in real estate, but didn't have the time did know where to find the deal's couldn't get the funding and didn't want tenants, calling you own, a company called court on capital. We currently have eight hundred million dollars of assets under management. For thirty five years, I've been by income producing properties in great locations that provide us with consistent passive income, while we as qualified investors, wait for appreciation in future and take advantage of the tax laws while we're waiting check out caught on capital dot com. If you like the idea of investing in real estate, if you like the idea, passive income partner with me, a card on capital, dotcom, that's caught on capital dot com Welcome, back welcome back to car don't zone to the car, don't zone, we cholera and one to know how to double treble quadruple and he's asking the question about the g. O o day.
you're gonna go brow what's goin on raw, what's goin on again, if you bout gold in two thousand and twelve dude, did I, by gold into them? Don't you lost five hundred dollars yeah money, number one rule in money! Number one rule money was a number one rule money, don't lose guiding double ever to rule. No lose money. Number three rule to validate number one in number two usually about it, gets an income every month from your money so this is our do bro. What you need is you need a vehicle. Remember what it has a commitment, a plan, a vehicle you need a big brother, produces cash goal, does not produce cash. Bitcoin does not produce cat anti start does not produce gas, twitter stock does not produce Ghek. Facebook stock does not produce cash. If your watch
this right now and what did I had a double triple quadruple your money, but you don't want to lose money number one rule who don't lose money. That's why I didn't that's. Why I didn't buy Bitcoin. That's why I don't buy stocks. Why don't I buy stock? I don't buy Snapchat stock. I use Snapchat, I'm not going to buy the stock I'll. Let Gary Boehner By letting him by ok, he still learning about money. What Bang Bang. The guy I'll get you wanna go about a twitter star, Lerigo Bass and Twitter stock gay. He still and about money, I want to lose money number one rule gonna lose money by the way. If you can just be discipline with the rules, you can be rich. Ok, it's not about picking
The right thing: it's about avoiding the loss of money. Number one rule, don't lose money number to rule. You need cash flow cash flow. Is the holy grail of Finance Gimme, the casual hatch could talk it cash flow. You need a cat flow so from a man in Canada, I'm a ship this to you pay for the shipping, but it s all been all inflated. No tell what Canada's going to charge you just to ship it up there, but while there's been inflation has also been deflation. Ok, look at cheap, it is drab took to to get a ride today. I must tell you that in the next ten years you going to see a lot of people dump their honourable bills. If we adopt a guy like I get over to work, it would cost me three hours a day to over to work. It would cost me what was three dollars comes
three hundred nine hundred hours a year, one thousand eight hundred both ways I wouldn't have insurance. I wouldn't have parking anymore. I wouldn't have gas. I wouldn't have any of that: for eighteen hundred algae ragged rob go back and forth to work now. People are never do that, would then why do you use Ober when you go on a trip. When you go get loaded, you like me to safest way to do as they go to over. You pay less for the dry Then you did the martini, ok cash for do you need cash flow, so this is what you're looking for books you not looking for a stock or a gold or bitcoin or esteem. You lookin for ten fifteen percent and twenty percent returns is called the future value calculation. If you don't do that future value calculation, you, how could you make decisions? All you gotta do is listened to some thought broker. If ITALY
not give me cash every man, I'm not looking at the investment. Yes, I will miss many great investments, I'm not interested, I'm not losing money. Ok, number periods less than it was. I start with ten thousand Help me out your gas. Let's say that our earned. I hit the fifteen percent by the way I got it. I got deals in my in my real estate. on the low side we average fifteen percent deals in their doing thirty percent cash flow plus appreciation. So these numbers become freakin. What, once you get clear, you'll be: ok, I gotta have cash flow. I don't want to lose money and I have to Afghanistan and the goal is to double triple watches and would take ten thousand dollars.
ten grand to it ten times by the way, if you can't keep adding money to your investment, don't make an investment that way you don't lose money. You like on school, tried out with a little bit. Do don't do it? You should know so much about the investment that you want to reinforce it over and over again. Ok, we'll talk. The next collar watches ten thousand dollars over ten years. The saying about return. What do these worth? Radio? Ten thousand- and I had ten- would have put in to under forty three thousand hours I put in hundred grand that's a double do as two point five times more money to point for three acts: return o before taxi deals in touch cedar. Ok, now
not a bad recur by every quarter of a million, but what, if I could start adding to that? Or would it back a kick? This return up to twenty or twenty five and then you get to decide. These are the vehicles that I want to be in. What's been goin up, I mention it three times today: college tuition, food prices writ who wouldn't Babar property in a writ kept spike in okay. So let me just changes number from fifteen percent to twenty five percent, and this number is now Four hundred and twenty five thousand dollars you a half, a million air in all- you did- was put Tin k away every year for ten years.
where this is only eight hundred dollars a month. Eight hundred a month, it's only two hundred bucks a week, two hundred bucks a week. It's only it's only it's only forty dollars a day, if you would just quit, say and to every little trinket they u buy in every little done thing, your kids, what it's just forty bucks dude. If it's just forty bucks, figured out how to give it to you every day, rather than the store careless talked to our colours may day was handed down hey? I really appreciate what you doing now. I presume you, brothers gave a real.
check your check this out of you. Did this last thing for twenty years and started with ten grand. Yes would now be worth now, four million dollars. What want prompting depends. I have a question. I ve been following up everything: you're doing now. I'm ratings enact gap on. I realize what you say. I have an income problem. yeah come Brown, but the problem, as I already have like three and now I'm going to have a fourth job. You have poor jobs, the oh, you can say pre, ok, preacher! So like and my first job my main job, like full time I make around like twelve hundred dollars more or less
like the videogame designer and the second one. I teach Spanish in English. That's one! I've been growing every year like between, you can say twenty percent per year every year here for the last four years so like I want to like, like you say, like panax there, my income, air work and in a way I like, because I feel like I'm stuck now what what else could I do like now. Well me that man do you need you need to go, get money, you don't have to go, do a job to get money. You need to go connect with money like you need you need to sit down and ask them what kind of money you're lookin for you, as all of you
they're following your hard in the thing that you're good at thing, you love it's costing you freedom, I mean I'm a good photographer minutes barometer. yeah. So what would have been didn't pay anything. What have you got it? Milk and cows? Ain't? Nobody pay for milk anymore, but in so good area I love it. So you're good at your good. It was that second job you that teaching spanish an angel Man. It's a hard boiled scale. Bro like, like you know, you're selling time for money, your train, for money, yeah so if I were you, I will be unable to rich people teach my kids had to speak. chinese man I'll pay me I'll pay fifty bucks an hour for that one of those people paying you, oh by the way I'll give you five hours twice a week. What do you get for a clash right now. Now, let's hear it more or less vague, fifteen twenty dollars, exactly cuz, you don't it to the public. You need the somebody's gonna that
to learn in, and you know you gotta figure out First of all, you gotta do the calculation you guys need stored. Do calculations, financial calculations. There isn't! nothing wrong with follow the money? Who's got the money. Man, that's a t shirt whose my day, a money, Who are you a hundred dollars an hour? Bro you just calling on the wrong people. Folks, ok, you know Mark if you're gonna be Walmart, you need a store everywhere and you're, not Amazon, and then you need to store that you need to be connected to everybody store which would require tremendous investments are get. Thank you forgot. So look. Let's say we take that ten thousand dollars he's gotta go find in case. What he's gotta do In in the beginning, when you're trying to get your money right, you're not trying to change the world you're trying to change your whirl european money right before you think you can get money to charity. he'll polio journeys now, but I had it
my money I d be charitable to myself. I had to be a little selfish. Come in you just was it there old Coat John Jay moment next time you go, get it assignable, John think about boy. Do you say to a guy ten can't you start routine Kay Listen you say: Madame would do this between two thousand a team and to In thirty eight John, how will you be in two thousand thirty eight or you thirty, I right now, forty eight yet so yet twenty and twenty eight John is forty. Eight. So just maybe spent thirty minutes on the internet. Do some basic math. Ok, you. Forty years all do, if you could take it by the way, John, I know you can do this. Go to subside jobs, grab. Eight hundred put it away every way every month, Go do put eight hundred, then he's gonna have a vehicle for do, go into and the vehicle If he could get that vehicle? If
by doing that vehicle would not lose money. Number one can't lose money. That means are probably about hard assets and not speculation. No speculation! No stocks, no big oh, but you can be done by Bitcoin around you and you can be like year. Whatever nuke, as you will be focused, ok, cause he's got its plan. I need to twenty five years, their return angle ass every year for twenty years, and it would be worth Johnny Johnny, Could you know you could do? Is Johnny Johnny would have one million one hundred eighty eight thousand dollars in the year- Thousand thirty, he would be a millionaire guaranteed One million dollars in a bank account is eight hundred bucks. We know what, if what if we started with a hundred, what have we started which lets eighty twenty thousand.
let's say less, they overtime, he's George rose doors, make a little more money in every year. Figures out because he's getting better do his job. He has twenty thousand every year. History get beautiful. Do spoken, two point: three, seven million gotta pick a number now you gotta find vehicle What's the vehicle? Ok, if the vehicle future value calculation, there's not going to be any future value, illusion money. That means no speculation, no investing in paper You need to get your money out of paper. Cash is paper, You want to get out of paper right. Remember what I said to the first segment this, but at your money, we need almost eight times is today, is when I went we're not when I grew up eight times whatever this attack was nineteen. Fifty eight! I need a stack like that. Ha that's info!
You should any more to pay for the same goods. the majority? We want more warning, you guys don't get your head right. Ok, this is not your mommy and daddy economy. What's going to happen in the next six to ten years is going to be the biggest destruction of jobs in the United States that we never see the biggest destruction of jobs in wages will happen in the next six to ten years cameraman. you're gonna to get freaking sliced and diced, you guys at work hollywood- and you got all the expensive you do this doing this and that shot you going away. Did you get you guys can see that happen? It ok debate, the Dvr is going to replace it right, so the game is changed the pizza delivery boy. He won't even have a job. The people at Mcdonald's they're done it's just a matter of time for the retail stores going away. It's changing the game change and you got to come up with a plan. So couple things: three,
make a commitment to you need a plan. Three. You need a vehicle and vehicles not a job, and it's not just the business. You need to invest your money say something I want to make an announcement here. The next sixty days for everyone qualified- non accredited in accredited investors to invest with me in vehicle, there are real assets, real assets, this would be a require, right here? Real assets that actually benefit benefit from inflation? good. What do you want to do as you want to be invested in things, Your money, you, what your cash
into real assets that actually go up. Ok, so that's what people say do. Why do you always biogas real estate? Because I'm taking a depreciating piece of paper, I can put it. I can put a fire underneath this he's. Gotta who's got ozga light. Later we got light. It sets out yet you get yea. I gotta get up early, this c c. I do this. Ok, if I do that to my apartment. Building army is concrete, blue That is what is going on at all to stay here for a long time, right, look out, facets lights up! You want to see what this is work. didn't egg long ago, with their. I knew that I do that you're, my apartment. What happens is the freak in the spring? come on. You put it out,
can happen? If I lose is so my walk up to me Just take it from me gauges. Take my building brought me understand. Ok, so so John, don't take it from me. Ok, number one you need real assets number to you, need that will benefit from inflation and number three. You should be buying things. They produce cashflow, cardon capital, Dotcom! That's what we're gonna! Do I'm literally going to change the way people invest money give people every day, people ordinary people. Now I'm a bus Wall Street ass. So how do I guarantee you? Everybody in Wall Street? All the big guys are going to know my name, I'm gonna, they build a vehicle that allows me to disrupt a system that is so so just caters to the wealthy and sophisticated then I'll be up to you guys when you won't take advantage, not okay. So if you want to get a list that, if you want to be considered for go to court on capital, dot com, it's coming first come first served: you need to be registered there, so
when I announced here about forty five days. You're inland I've done three funds. So far, three funds all have been oversubscribed and none of it was for non accredited investors. ok, I'll oversubscribed shortest period of time, and it wasn't accredited investor. When I open this up, does there's nanny now thousand percent more non accredited investors on this planet. Is that good been allowed? The one percent invest with me. Ninety nine percent of the population of this planet. That has not been able to invest to me when I do it's going to flood these funds. So if you want to be part of that, real assets benefit inflation. It goes up in value because of the location and it's a real asset and it provides cash flow to you. While you sit and wait and you just keep making contributions to it. Ten fifteen twenty years,
Helen bail. Everybody makes it much money, careless, Hagar last two colors colors are gone. I'm done they couldn't hang when they do. They lie. there's w money, are less trouble. You money left quadruple your money. Let's get you money right, make a commitment to your money. Follow the money. If you're in the wrong job in the wrong business, find a job and a business, we can make some real money paid the price today Sabrina. So what so, so you can pay any price in the future, it s which is valid, nine year old slammed pay the price today Serena. So what so? You can pay any price in the future money Grant Cardone. Thank you for watching. If you're listening to free load and little freakin kid. Ok, if you listen tunes, please take a moment to scrap, says, subscribed to the channel and in review. Thank you for what they got blessed be great
awesome, we can thank you for listening to their cardoza, subscribed to disband gas, to leave a review and check out read on your favorite
Transcript generated on 2020-12-14.