« The Cardone Zone

477: Three Things to Know About Debt

2019-03-04 | 🔗
With $422 billion in credit card debt, $1.27 trillion in auto debt, and mortgage debt of $9.1 trillion, America is drowning in debt. But what’s worse than debt? Dead money! Dave Ramsey won’t teach you this, but America is drowning in not only debt, but dead money. From the $9.1 trillion in mortgage debt, over $5 trillion of that is stuck in equity. That’s dead money, and that’s the biggest problem. Here are 3 things to know about debt today:
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
A wake up, call for the middle class, pouch may say, says: you're doing what's your daddy's again, freedom in business finance, Cardona Zones starts. Welcome this work in all my lost love war right here every Friday. I come about business and finance day. I'm feeling a little was the word not under the weather. Phil Little subtle little? What? What? What is it little you to look a little worried for you guys a little worried some distant there's. Some there's some clouds symptom, some dark clouds and cumulative build up on the horizon on the ECB.
Mc Horizon that I want to share with you, and I want to get you ready for this. I wanna talk to you today about debt. Let me just recent data here about debt in America, and I think that know about you, but I know for me whether you watching on Youtube or Facebook or or what is the Instagram Lincoln. My friends are linked in appreciate all you guys. Hey posting comment: how much total debt do you have at this time? credit card tat, oddo mortgages, medical Natalie for that brain surgery, the yet have been There's that you might have and student loans at how much is it ok cause that that's your basic debt I don't know about you, but I know for me I was taught it all. Debt was bad debt. Mama talk to. I don't have that, don't hit, go get, don't you am I? What am I going to buy a car whereby, which
Therefore, if I buy what I can for, I will never ever get a woman to go out with me. I don't have any money, How do you pick somebody up with no airconditioning no door? Animals like like, like the cars wrecked like Larry, I didn't have carpet him first core. Ninety, Seventy Ford maverick I'm like okay, great idea, but then my mom would tell me: go to college great for college cost money. You can borrow to go to college because that might get you a better job in the future. Nope, no, actually, validation on that Ghibli with the debt today. What I want to do call me at three hundred and five, eight hundred and sixty five, eight thousand six hundred and sixty eight I'm going to ask you what kind of debt do you have? What are you doing Are you gonna get rid of it if its bad leg like if you had to do. These? Wouldn't you want to get rid of debt. Some debt is terrible. Most debt by the way is awful are country were probably gonna lose America just on debt.
Then they will end up killing. America will be the fact that we just can't keep up with our interest payments interest payments in this country or in the hundreds of millions of dollars per hour. they believe that this year, our interest payments will exceed, will do the research bankers, its core Okay, if you're on Instagram and make sure you got the notifications turned on. So you get the reminder that we do is show every we going to turn you guys off here. It's a break, but I want to share with you. First of all, three things that you need to know about debt the day Ramsay can't teacher in America, real quick credit our debt, four hundred and twenty billion dollars. As that, that's not the phonograph. None of this american people, foreign and twenty two billion dollars in credit card did not even the biggest problems mortgage debt in America. My mom says yeah. You should bar
money to buy a house Nan three earlier one hundred and forty billion dollars, Ghana. That was the only big issue that will be one thing check this out: ok, nine trillion dollars worth of mortgage debt, but here's a bigger problem: five trillion dollars of equity tied up in
Sounds this by the way, is a bigger issue than the debt I'll be explained that today, because not all dead is bad debt there, some debt, the you do want in some get you dont want, but you need your money work and money workings more important than dead. If I have JD p in this country, this blown up at four five and six percent is not an end in I have I have a debt below my GDP gross domestic product, then unaware problem its win. The debt exceeds the income of a country that you and smothered the country out of debt in America. Allowed people think there's a big problem and is showing up as a problem right now, one point two: seven trillion dollars: people pay for cars are not two biggest problem by the way. Here's a bigger problem. We have right now,
In two thousand and nineteen, the highest delinquency that we have had since two thousand and ten, this is the highest delinquency, I'm sure not delinquency. Ninety day late, any day, late on or delinquent delinquent means late. I'm late! Ninety days, since two thousand ten, we or higher by one million loans that are late, that's indicating what problems in the future student loan did. Ok, guy? What we got nine trillion here are those I think. Autos is one point two seven. I gave it to you right here out of that data hollows twice. I don't want to course. If you're going to do a car by the way, don't get a car long Corliss lease the car that will you
the ex it on the way out, keep it short term view just keep your LISA two years and only pay when you can afford you will not be over dead it on that Gore stood alone. One point: four: four: as a team, Truly, how big a trillion about you can't write it the first time literary care right out. One trillion dollars with us. I can guessing yourself in going back and saying: did our writer right? That's how big a trillion dollars is. Is it bad commerce, not just? Do it real quick did the number? Is you so little? Ok, how much was one one point? Four four trillion dollars, one for four: zero: zero: zero, zero, zero: five commas! That's one billion
Say bank see here I do I do money every day and I can't read a trillion death without second guess myself. That's how big the number is: freakin, crazy, ridiculous. So What does this mean? What does all this mean Nan trillion dollars in? housing, debt and I'm tellin. You that's not the biggest problem. The bigger problem is what the five trillion sitting in equity, yeah, yeah, Five trillion dollars. Five trillion me to do this. Call us at three hundred and five eight hundred and sixty five, eight thousand six hundred and sixty eight. Is that right or still not right. you'll, get five trillion. Those called dead money the day, Ramses gonna tell you all that is bad debt. Amateur something worse in debt. Is dead money money, not earning money? Ok, three things! I want to know:
yet today, before we're gonna break number, one all dead is not created, equal, look beyond the deck look beyond just debt. Look beyond just the obvious look for the symptoms and look for the other things that are either opportunities. Prom, for you, people don't even want to call me today talk about their get this thing so hard to confront three hundred and five eight hundred and sixty five I'mma put you on the Freaking I'mma. Put you on I'mma. Put you on. I'm with you in the chair, we're going scrap and we go find out. What are you gonna do about it, because the price, if you got a problem, one thing what you gonna do about it, something else number one: all debt is created equal number, two you can grow. Without that, ok you can't grow without debts impossible, you have to have debt to grow, gave Dave. When you little fifty million dollars, though day day
Cut, load, Dave or a guy he's like all dead, is bad, that's good, but like Mamma, Mamma told me that I didn't need to listen to your showed a bundle debts bad. What do I do who, in a world where I got to go to whole foods, I got to go to the hospital I got to get a car, I need a place to live and I don't have any money right the number one? Okay, all dead is not created equal. To take a note, I'm going to spend two hours on this solution here in a couple of weeks, I'm going to do a seminar, private exclusive event: how to increase your income, ultimately. As those you got income, you can take the two. You can grow without it, it's impossible. You cannot. RO. Without debt, Warren Buffett uses debt, looks like he's, gonna buy, Southwest airlines, weren't gonna, take a big physician. Apple computer can grow their company one of the most profitable companies in the world. Then we would not know about a company called Netflix if it was not for debt
Ok and number three number three income. is really want to wonder what what you walk away with today. Income is senior to dead man. You look tricky trick. Ok, I'll, tell ya, got rich, I got rich. Can I even say that an american ears, as you sound like off, sounds terrible in some cases how I got writ. I stumbled upon this. Ok. Basically, I borrowed enough money that pays me aboard money. Did I get paid more? I'm aid borrow money. I borrowed money from a bank, it four percent and it saddens me six. That's called other people's money. I made two percent on the bank You guys, would you guys? Do you guys borrow money from the bank could buy stuff? Like a house, you should know you should never take debt on a house in you definitely would not want
I think you're, a vein of Turkey's is jumping on this wagon right now. Don't don't don't don't buy a house, You should not born on a house. Ok first about the mortgage is a problem. It is a problem, but is not the biggest problem. The mortgage is not the biggest issue it is trapped. Equity, then, is a bigger. Issue than the market? Now Gary talk about this he's right by the way, what I'm telling you people should read, they should not. They should have mobility, they should not I'd rather have a tin of commitment. In a thirty year. right, but the bigger issue right here is the trapped, equity, five really in dollars and see if I can write it Bucky practice and build a right insurance.
Too much as right day see I'm telling you the number so and big it's under five trillion dollars. If that five trillion dollars at people luring those people alma real estate agents out there. By the way, I can teach you how to sell a house, I can teach you how to handle injection. I can teach you EL the markets, and I can make sense of the com in any market. I get so anybody house right now today, but I'm telling you look if you guys want to get rich, don't buy houses and definitely don't get you a cutie trapped, a three hundred and five eight hundred and sixty five, eight thousand six hundred and sixty eight every Friday, twelve p dot m eastern standard time. We come to you to tell you the truth, Sometimes we put you in the chair, 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 managed.
I call on the foundered sea of court on 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 real assets, real properties with real addresses that produce real cash flow accord on capital. We provide qualified investors who love real estate with a turnkey solution and want 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 in a lasting. 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 pardon would be a card on capital, dotcom, that's card own capital, dot, com, gotta, cardon 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. Dotcom guys welcomed the cartoons. Out of you,
I can just see what happens on the brakes here. We should. We should build the studio out where people can come in and watch have. Bleachers do sell, popcorn. Again? I today Cardon Zone every every Friday, twelve p m the Cardoza brought to you by the cartoons zone brought to you by card own capital, brought to you by the tin Ex growth conference, our annual largest entrepreneur conference in the history of the world and the conference that is now change. How all conferences will be held two weeks What make what is it march? What seventy six days, I'm in a deal in six days, I'm doing a bit of a problem. Seminar exclusive seminar: how to increase your income, because income ultimately is the solution. The three things you want to take away today: one all debt, Mama and daddy- tell your wife. All debt is not created equal. all that is not bad debt, ok to number two. By the way.
One way to find that out, as if there's a limitation on how much did you can write off? If there's a limitation on how much get you can write off its bed, I want to see a slide in to see a little genius. He's a debt, if there's a limitation by the r and D S, if there's a lot the by the r and D s their boys mobile. the other or if there is a limitation by the hour and ass. There is bad at the dead. I have has no limit the debt I have on my properties? Has Emma businesses has zero limitation, no matter how much borrow I can write it all. There is zero limitation mortgage dead, there's a limitation you can only bore a million dollars on a house for which you would pay about sixty thousand thousand interest per year. Fifty to sixty three
that is the maximum right off. You're gonna get from the or any s for that up which would make it a incorrect that ok number one. that is not created. Equal in is not created. Equal, not true to you must use debt to grow your business. You can not get big without the impossible. You wanna stay little in the way you listen to. This show. Who would read a book called the tin actual or go travel across the world to hang out with thirty five thousand crazy people. an about turn tags. Who would do? if they don't want to grow, do did you guys want to grow, you will have to embrace the devil. In borrow money. If I could get big enough man, I will dance with the devil. I was sleep with the devil. I will wake up with get in. I will have children little depths.
We just got a couple already. I got a couple already met those maintenance deal in money from four months. Just founded burst in earlier today. Ok number three, come in come in come, but do what can a kid do? Man look. I would rather my kid steal my money right now then not have an interesting one. You hear me I would rather MAC here and punish Sabrina for stealing the money. I need to put more money somewhere where she can get it again or punish my kids for for stealing sugar. It's my fault. I left the sugar out came a king, Gos stamps are self evident, stamps itself in the air. What would a pair of scissors? That's my fault, not her fault right, she's, not dumb under dummy. They left the scissors. Point is. I would rather have my daughter, steel money for me, then not be interested in ITALY. She's got an interesting money. I can correct the little things you ve been doing like she's, just like
Oh Mamma, gotta thing might think a main instills by reaffirming the Movement Lane appeals hundreds of only every day. Every day, I'm a little later. Ok, let's talk to our colours meant when you come in on this call: okay, listen to what I'm telling you I'm not telling you what the problem is. Probably is not dead. The third thing you need to understand about that. As income will solve all problems income, you need income greater than if debt provide income. You would definitely want to use. The debt SAM was going on in the mainstream man had been the main and, along that listen to the nice, appears pretty cold right now, listen to the accident checking years pretty go right. Now, you like me
yeah! What does this road go anyway? Sam? What does the road go? Sam tell me where the road goes wrong or straight ahead. I'm looking forward to this all into some of this file when I could buy my first property. Ok, let's do it brow, which requested my question is: is it all right, Marcie now of course, you're research? Have you got that made it all now? Not really, but because you don't, you know why we don't look at me as we don't look at me, cold up here where one is That is definitely an indication of why we don't look there too. We have job migration negative raising. We don't have people moving in there I mean Over my rack do not go to me not a lot. They look at a map in their like I'm a leave our rack and I'm going to make my.
They live longer alardo anybody can go anywhere. They want that's for sure yeah, but I'm looking at the real estate business, I'm looking to get my purse property into my first look out my own, and I possess all the skills required to flip thousands myself quite well. Nervous about going to get my for a single dork about what I want is afford, or at least yeah yeah, yeah, yeah yeah, so that this this goes back to this conversation. We have here all the time about the House houses a good investment, one thousand Goodwin by four hundred of That's right and then, in my view, the problem about four hundred M requires former clothings. You had to look four thousand houses, Let me say it becomes impossible. So, what's neck was the next thing like if one house is good for better four hundred would be even better, then let us by an apartment, complex and have for monitoring one location or forty or whatever the number is, but you gotta have the cash flow member. The cash flow
to exceed has to exceed the dead and the expenses of operating the property. These properties never get lost. Ever you go back a hundred years. These properties have never been lost to the banks. As long as the ranch remember narrating hunters, when the ranches were taken from the banks, the days were taken gate ahead. The head ranch, the ranch didn't produce enough cattle cattle was well how they paid for the damn ranch. So what they would do is you know if you didn't have the cattle with the meat market wooden, good you couldn't bring em together. Then the rats couldn't pay. The debt and bank picked it up for nothing, so the weight and never lose. Anything. Ok is too understand the rules with the devil. That's one like they do not play with the devil cause. I know how to beat the devil.
you do a business deal, you gotta know. How do you win the deal? Not what the contracts is. The contract is less important. Ok, then, the agreements to continue to do business right. So as long as I got the cash flow, I went through two thousand eight two thousand and two thousand didn't. I didn't lose one piece of property. Everyone in our bodies lost everything because I understood the contract with the bank was less important than the cash flow that I got. The bank's actually tried to seize by properties in two thousand to really on what basis. Well, you're net worth his dry. It was in the paperwork, there's like seven hundred pages. One of those paragraphs has a way for them to get your stuff from trust me. There is always something in there
there will allow the bank, so you can read every page. If you want to, there is more than one paragraph in there. This is, they can like. Ok put Oki on is Johnny. The camera got a birthday boy, so so is wrong as though, when I have was cashflows guys a viable, Mr Payment, no environmentally, no good. We are cashing debate, so you explained to the judge my brother, my banker, you'd devil. You explained to the judge how you gonna take my property when I've, never MR payment and have no note note, you can't take it and they couldn't bud way, even though the contracts that they could so wouldn't. Why am I telling you that look? I can grow my real estate portfolio without debt. I can't Roma businesses. Without did you guys need to be boring money, you're, boring money to go to college, to senior punks to college? Knowing crusher fingers are probably not going to get a job at Starbucks
he'll Starbucks, it's probably gonna robot those jobs, a Tesla just took all their cars online. All car dealership for Tesla will be shut down this we and they will not sell cars. There will not be a sales person for desolate right there go there like. I am not doing. This is too expensive. Your kids, you borrow money to go to college You guys want more money for your damn business. Ok, it's ridiculous! You pour money, Eighty four months for a for a car which is stupid. Guy, you need a card. I would rather bar money for eighty four months for a car. What I would do is. I would reduce it to twenty four months. I would lease it and by something I could afford and not try to be a show off. If you got, if you got it Threats to eighty four must seven years for a car
Nobody will want seven year from now. If you get a stretch that long you went to long, which you should have done, was twenty four months go to your cartier? What can I buy for twenty four months in three hundred bucks, a marked with no money, and I want to give you a penny. Nothing. There is some manufacturer, not the car dealer, there's a manufacturer might not be infinity, could be, Toyota might not be Toyota, it might be nice on might not be nice on. It might be. Somebody will do that the over you and it's not the corridor is the manufacture. Would you guys get outta this or gotta Herbert God I gotta have a blue women he's got to have it. Oh my god. It's gotta say this on it and I love Toyota more than I left. You don't love it. Emotions cos you money. Ok, emotions cos you money, I don't need a love it. I need. I love my kids. I need to take Europe. Somebody said to me today, family first now it S. Family first broke Ichou, first, get too damn money right, so you can take care of your family.
First, do go back, go back on the units go, get it partner, so you can get forty units but be careful with main, because what I'm worried about would mean is made that have income income of what income is not about money, income, income, means I got interest. I got people interested in It's not who I know it's who knows me. That's income right whose hitting last search, grant, Cardone Search, pay, don't know if we had that that graphic Google trends, if you can go in in the computer, and put Google trends since two thousand and ten who's interested in my name, who's interested in my probably what banks are willing to give me more Who's calling me with deals. All those things equal income guy
a man, four main dude. I can't wait to meet you SAM, remembered it. Sam all dead is not created equal to. gotta use debt to grow. You have to use it. You gotta clean lean into it, use a bunch of it. Ok, America's gonna go broke for added and I will use a bunch of debt they're using their load up on thy level, is all motor. China, loaded, unload Greece, loaded up Japan loaded a shit grant card on it. payable borrow money. I'm gonna buy me some money brimming another call, but the thing that thing will solve all your problems. Is the ink if Google bars money the next time you grandpa these are all dead is creating equal grandma. You know company called Google, ok bigger than G didn't exist. Years ago do they borrow money man. G is gonna drowning dead. Why? Because it
maybe in calm, mainly american, liquid cylinder goodies debts. Not your problem. You want to give money to your church, our money. How many you chicken acids out there will be more money for a car, but not born more money for your church may look, whoever? Whatever god you pray, you gotta get got a better chance of saving you than a car. You buy Oda colleges in your kids. To you just got priorities man, you shall you show the trip income income. Do you want more money? You better get people knowing you, you gotta get that friend a people knowing you what dataset from fourteen year only five years. Would you put my name into what? What what within you sure, don't look good, Don't look so my income graph, where we gotta somewhere else. I seldom the next break limited vote.
What's Goin on Colombia body. What's happened happened a deal for you, it's my first big compared while bigger commercial deal. Its vote will be on the smallest item, transitioning out a single family, residential. into commercial, the property? Is them ass, a wire you knew not. Why are you where you transitioning transversely thing a family in single family, into commercial yeah, yeah beheading yet yet about to tell tell everybody again because EU headaches, let not let me ask you something: we had a hurricane go through and Jacksonville North Carolina yeah. I moved out because I had flooding and I'm stuck on the back patent law by adding more unit justice it is my might rests on yeah decreases urea soon enough
what exactly telling the number use decreases is risk. Why? Because it increases Zynga, you guys data You need to drop everything you have learned about adding in subtracting and learn how to multiply multiplication. We'll get you out of jams. Ok, tell me about your deal. You're right now at market deal, It is eight hundred they wine, eight hundred seventy five. I got down to eight hundred twenty five, all while you're. Well, There was an I don't want to be involved and to deal with human, your killer, I was able to pull up attacks inherited property to sunbathe, heard the property from Father who passed away. We fly, I gotta content, right now for eight hundred and twenty five we're headed to escrow here shortly before I pull the trigger on this. I just wanted to make sure that this is the deal
she would kill. Didn't I wouldn't. Let me just say this first about you should never negotiate the price. If you're not sure, you're buying the deal you ve, negotiated out or are okay so like never negotiate the price and anything unless you know you're willing to put a bullet in the head. I may have you know why I'm buying shoot it like. I never negotiate. Would people overpriced, until I know for sure, I'm drop in this guy number one number to the fact that the seller negotiated you with you not know, and if you were committed meetings. He can be re shot in the head. What does I mean I mean you should not pay eight hundred year. Your fifty thousand dollar discount could git, as has another hundred, maybe more than that. Ok, so so
even the fact that you made a mistake, negotiate Nerli got wiped out because they accepted the mistake. This would you guys need to know about the real estate gang third thing I would tell you do is get my real estate course, because you shouldn't be making these mistakes right now. Grandcourt Oda comforts less real, let's stay courses at ten thousand dollar course ten grand that ten grand right there would save you, my friend at least a hundred, so so get that at some point, You know it now. You can do a later, whatever Grandcourt under comforts, less real estate course. It's almost fifty hours, a video showing you had a bad deal spine deals in negotiate deals, Now now that you're down today, twenty five was the wound that deal I'm gonna have handle it real, quick, Now that the growth is seven thousand nine hundred seventy five dollars a month eight thousand times. Well, I got it. I don't need anything else from ninety six thousand.
It's gonna have a nano app about five thousand fifty thousand dollars a year. That right yeah I did at how do we know where the property is? Don't know what the wrench or I just have the formulas I had the former was in Mamma. We need to do now the real estate comforts here in town. You know we did it for like a hundred people, it was freaking, mind boggling, Fifty grand fifty Grant Paul you were there right. That thing was stupid, not important now working on how that you like what are you how much cash you have had a line of credit with whom I bring clears, so I bow to one thousand yap, so this is percent rate of six percent cap right. I kind of like the deal is a fantastic location right outside
No, it's everyday! Let me tell you why I like the real. I dont, like that. You just tell me who sets out american military base, because military jobs will be laid off in the future, but but I don't want to be depended upon the military and the lender is not going to give you a great loan if it's more than about thirty percent military. However, that being said, because military people can break mark, It contracts, we go to war you're like hey. Did they ship and me out? You can't keep their money and you cannot pin them down to that lease but let me just say one other thing. One other reason I like this: I try to get rid of the military out of the thing the basting bothers me. It's going to be a problem on the exit. I'm just give me the good, the bad, the ugly, but the six from the six percent cap right. If you pay cash for this deal, should go like nine or ten percent. What I do like about this deal is with debt. You're gonna put six hundred and twenty five thousand dollars. It shows about dead. Today, six hundred grams going to cost you about. Seventy is gonna, cost you what thirty six thousand dollars a year. So you may fourteen grand.
Almost enough to warrant you doing this deal in the book Right animal programme, I say: look the minimum you should make a real estate deal is two thousand dollars a month after a managers involved that you as an individual investors, should take away at least two thousand dollars per month to warrant while you, when you buy not in the future, by the way when you bought shit, twenty four grand a year should come in for managing that property. Just
because data is not. If, if this saga produce twenty four grand a year, it no matter what the returns are, it's going to take time and energy? Okay, so if you make it sixty grant a year your job, seventy grant eighty rent and you get another twenty four that changes things, but if this deal only made you a thousand dollars a month at me, like did just do better at your job, go, sell something on Ebay, four thousand bucks and get rid of your kids stuff that date but sell their bikes. They won't note for weeks. If you want money.
ok, ok. What should show me? The images again show me to see this was beginning attention, that's income by two thousand and two thousand eighty, that's right off a Google Kate. You had the next, but there is no money, keep of back and forth foot back and forth its fast as you can bang Jane a gang again being John Long, John Name down being bound gay income, more income tension tension money. Income. Do you guys think when I talk about income? You always think I'm talkin about money. No, not I'm talking about income. I need more employees. Somebody asked me this week how many hours a week you work at the office said: opened it s, simple hundred twenty. Nine people comes forty hours, zero, six, one,
twenty, two thousand one hundred and sixty hours per week before our Can the office man our forty hours a week. I remember when I was a slave. expand and multiply. This is the most important number right. The most important thing about all math is right there, the x in You need income. How do you multiply yourself in Gub Grandcourt owned a conference like income? If you want to come, spend two hours with me learning how to get income attention? Employees interest! You and the car down zone and unjust warm enough folks. This Friday afternoon, I'm fucked up your weekends.
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, Checkout Khartoum 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 cardon, Capital Dhaka, welcome back in the car down sounded, they were talking about debt every Friday. I come to you talk about your business, your clearing finances in day to day today, that's right! Today, we mix in it at all about the debt issues in America. One point two:
seven billion trillion! Sorry, sir! I wouldn T trillion dollars an auto debt student loans. At one point, four: orderly unit standards, more college deadness country than there is card it freaking crazy. Crazy, a car gets me to work. I need a job, college did not guarantee me a job and it took five years. Not only the one point, four four trillion dollars in college dead and issue. and I know some people could be like all men. You, John you, don't go into Harvard that most people don't go to Harvard. Ok, you you're born mind go to Harvard that would be smarter than you borrow money to go to madness. You know or Florida states for stating the college for what good. For what d ya gotta you got a good saying is good good for what. I know some real estate agents good for what, though, the clown.
I know I know some other ones in a real good. They like they produce millions and millions of dollars for the income they self millions and millions of dollars a home. You know so so consider The student long dead in America has exceeded auto dead. How can that even be possible? Your mom and dad think more money for a car is a bad thing, but more money for five years, for none of them do not have a job for five years. go to college in hopes to get a job. It won't even be around by the time you finish in two thousand twenty bring Mon You started college. You won't be out for two thousand twenty five, the jobs, your study and are even going to be around into or to five, but it that way. Whether that will again
rock wall they had over. The college is due to be their co me. Yes, uncle G Obi, I'm real obi on me, I thank you so much for Jane my call man, a real Kobe down limits, some bro. How much that you got ok! So actually I typed in Europe. like the other day knew tat, you actually may spread my question that, with my ball uncles, think again, so I said I said on your eye on your wife. I said that I've got I can't remember what the member wasn t die said. I tat I had an easy. You thought I was talking about credit card, but that was actually pardon capital by from Ok, ok, good, but but you didn't answer my question: how much debt write right now I get help inflation morning I I measured not my ass, my my. Why abilities the about twenty five and in depth my friend
twenty five thousand. I liked the way caused me. It's ok, twenty! What? What? What the dead. What is theirs I'm not really the friendly guy, I'm the uncle God like. I will tell you the truth. poor. Hardly I beat up Javier, so bad. The other day give me the Erika is awful, but yet so do was twenty five. What's that twenty five thousand dollars, or maybe just like big expensive lake, when I could pay that up right now, a guide dickie liquid and I was thinking I got one- calm down and liked to put more in there, but I want to get my money right Ok, so there's a great question: this guy's got sixty thousand in cash. What's your income, so I'm running a bit. My income is basically all e commerce. Last year I did five hundred seventy six thousand. RO still, though very yeah, so so out of the fast seventy six. Where do you keep about you?
about a hundred that it we ve got a hundred. Fifty. least man at least ok, good site and then and then he's got the tax man, the r and D he's got them he's got them the tags. Where do you live man? Lobal Kentucky, yeah, okay, so good so he's in Lewisville they're going to take about. Seventy ran out of his one hundred and fifty. If he found himself one hundred and fifty in that? But eighty thousand bucks so you guys got to know one of the debts, one of the biggest debts. You guys have you don't know what you're doing like Airbus which cry cadet. Would you college did what you're freaking stupidity level, I'm not saying you, man cause? You got good humour, good nephew, but this knows what he's doing? Ok, so he's got cash sixties asking the great question: what are you to know. Right now, I think, is: do our pay up dead. Do our load up in court on capital. We all need to grow my business. I don't grow my baby,
yeah yeah. Ok good. So you know that's not gonna. That doesn't necessarily require money, though, doesn't well unless you can learn something. I'm trying to learn some buggy. So if you're gonna last Sunday, you need to get around other people that have a five hundred seventy six thousand dollar business and took the five million So your game right now is this guy he's right he's right by the way debts not! Is this you right now he's like number one thing he should be interested in Can I tell people this every day to call them court on capital? First thing: you should invest in issue, everything you should invest in the business is paying you and the third, You should invest in his passive income. Ok, that's where he it's in a card on capital, so our company, this company, we want to make people better most people, the Congress already Regan Rock stars. We got some psychotic trying to crash in the bag, nor but but most
people. Most people are like good new there like I want to grow. I want to do better. I ok second thing is to grow your business, not to give me money. to grow your business. We want to grow this business, so he can give me more money later so here you're a girl. My friend would be my friend to take that since the five million once you can spend once you can spend three days, would meet the book camp. And get around other people, not just me get around other people that that already, about five million out of business there trying to get the fifty million are there make. Twenty million there trying to get the two hundred or what? Why would you want to? Listen to that guy? Who is he already went through your level and figured out how to scale it So I would tell you that that that the the quick, the quick hack is to get around other people that are doing where doing exactly what you wanted. It
How do I am forever golf game plan? How do I put my god? You swing we now know that will not improve about game. You. around somebody better ran Seko runs ECHO that then in swings golf clubs is gonna, get worse. Ok, cause he's gonna practice, wrong habits. The way to get better at Gulf is to get around other golfers that are better than you The way to get better and businesses to get around other business people that are better than you are one of the great great lucky things that have happened to me. My life is that was able to spend two or three months with a billion there and literary change it did it's not that he gave me a piece of it. I saw things that I wasn't doing and I wasn't thinking about, and I didn't even know to ask those questions so those again changes when you can networks
I've spent three days would meet the in the March row. I want you all to I mean I've got a plan. I want to hear what you think about it. Ok, let's hear about it, I mean we're flippin find my main business, whipping retail arbitrage, rounding Amazon, that's how I ve been able to scale from from starting out with like ten grand fuel to bankrolling like a hundred grand yeah, so anyways. The way that I see myself growing is a need to hire people like you talk about. I need a higher friend and I need a higher real people that are employees right, not just got contractors by it, but also I want to show other people. How did you and something that you might be interested. I had up. I know you tie our times practice year by a very large there's, a there was appropriate, indeed that you might that I wanted to maybe run by you, but the bigger and bigger picture. I have you ever heard of Porter Rico acts twenty and twenty two with something that
think you'd be very yes, I have, and it's not something you should be worried about right now, cause you in Louisville, so you gotta, figure out which just in the last fifteen seconds you went from hey, I've got a plan from a business. a piece of property in annapolis- and now you tell me Porter Rico. I'm trying to get you everything, but if I can connect my business my mind, but we you you, never one you're not going to do next year, business. If you do what you did to get from ten thousand two hundred thousand you gotta come up with a different life energy and by the way that space, the urine might tap out some number. Will you can't scale it? That's why you should come spent three they with me? The boot and we can sit down and go over the whole thing. Keep you focus on the first thing that you gotta get handled so that we get money right and you got a million dollar to you and you can invest rather invest in twenty grand with me at Cardone Capital. You could invest two hundred round with me and we start rolling that do by the way all of you out there that have that same question. Thank you for calling all of you,
there. They have the same question. Would he be better off paying this debt off or investing this money court on capital? The answer to the question is which one has the potential to grow Bigger now your mama's gonna tell you pay this off before you do anymore investing. I will not tell you that I would invest a whole sixty grand right here, because that money will be worth a hundred twenty two hundred eighty thousand dollars God, rather around six percent on this money, then pay this off at twelve he's gonna pay, the twenty five is not even a big deal. The big deal is your debt is not your problem. Your big deal is how do I get my money to increase number one number two: how do I get the money that I have left over after the r and D S, big issue. How do I get that money to multiply next color? No more collars? Well, let me talk to them. Then,
what's goin on great question, a guy can see me grant Cordoba comforts, lash income grandcourt on that comforts as income for forty nine box is what we're going to do. I spent two hours to ours means what about world is more than two hours. We did one hour today, Guy Green Cordoba comforts lash Income and what I will do is we're going to spend two hours plus two exclusive people online? We're going to deliver the content to you and working? we talk about how many? How can you increase sure income ten times too. How can get multiple flows of income. Everybody must do this. Ok, three do I go back and do number one again so that acting more number, two, if you, figure this out in your lifetime. You will be left just like your mom and your dad. Your grandparents
work until they die crossing our fingers, hope and so scared he's gonna take Europe. The differences. So Security Medicare will not take care of the next generation. Will not stop gonna, be there ass, a kind care? What the Democrats and what the Republicans tell you? They cannot protect what they don't have. Ok, it's over all. This is over, grace in Japan like like just look around just pay attention to them. Your biggest liability is not know what the hell you doing and not having a plan a where you gonna to go So what we're gonna do is we're gonna give you access to this data for thirty days. If you can't watch it, gave the night of you have access to the content for thirty days and then Give you an option if you want to buy for another forty nine dollars after that, to keep it I'll. Do that we're gonna taken package that We can take a package that I'm will go to the marketplace and sell this product for fourteen hundred bucks. You can
rapid for forty nine dollars watch it for thirty days. And say I don't wanna watch anymore, I got enough of it or you can you can give us another forty nine dollars and keep it for life. Whatever you want to do, is find me. What am I doing? I'm going take the product. The income I'm in a rework the product and build a product out at this and put some other things around it and then we're gonna go the marketplace and sell for fifteen hundred bucks. That's how you produce income, taken energy, taken effort and multiply that thing. Ok, get some people to fund that first activity that's other people's money. That's what I'm offering you to do for forty nine dollars. You basically get this. Contact that content that I'm a package later for fourteen fifty or fifteen hundred bucks. Ok, you get it. You keep it you! You said you learn from it. All I ask you to do, is review it tell people, I'm all some and then maybe share it with your friends that grant cardon is the greatest in the world. The go. Go.
And yet again so immature. Take the cheer up, get ok. What are we gonna? Do? Debt is not your problem. Income is your problem. Income is your butt. You got a billion dollars whether income and you got two hundred two hundred thousand dollars with a debt. Look. I got three hundred Grand one yet so what you're worth a billion dollars, it wouldn't matter you be like as a joke. Okay, so so get more income get more assets and get more passive income get more attention. How do you get more income? If you don't need to go back to college? To do this? I know people that won't pay the forty nine dollars to do this cuz. They don't believe in themselves anymore. You went to college for five years. or two hundred grand to get a. I don't even know what they offer there anymore, what exactly do or they promising five years, you spent, I think really the thing is you went there. Even that's gonna work.
but you won't do the forty nine dollars deal because the five years didn't work dude. If it takes five years to figure it out it ain't going to work if it takes Law which we gotta find gone on, my conference room do the meeting last a long time it ain't going to Linda. I mean these long meetings never go anywhere. Biogas can view income
man focus on what you want man. I know what I want every day. Every day I walk in here, I'm like I need attention from people why I don't mean money? First, that's what we say: who's got my money. It's who's got my money, not where's, my money. How much money do I want? Did who's got it? There's a person out there that has your money, the money, what your dreams, your vacation, the real estate investment you wanna, make the passive flows, that's what we're gonna be spent in terms with the term with two our summit took about. First, how do I connect us income? Second, how do I create multiple flows of income? Third, how do I go back and re establish number one in number, two and repeat those, so I have seven flows, seventeen. Those hundreds of flows of you have great weak and nobody mess it up for you to thank you for listening to their cardoza, subscribed to disband gas, to leave a review and check out right.
Transcript generated on 2020-12-12.