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Keith breaks down where the U.S. housing market appears to be headed and which regions and states are quietly winning or losing in the population shuffle since 2020—and what that could mean for real estate investors.  You'll also hear about an intriguing cash-flow play in single-family rentals in select Southern markets. Then, Keith is joined by financial strategist and comedian Garrett Gunderson, who challenges the usual "scrimp and save" advice. Together, they explore how to build real wealth without sacrificing your life today, how high-net-worth individuals often get money wrong, and a different way to think about financial independence, freedom, and investing in yourself. Resources: Get Garrett Gunderson's Killing Sacred Cows audiobook free: DM @GarrettBGunderson on Instagram with the words "Keith Cows." Episode Page: GetRichEducation.com/595 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Keith, welcome to GRE. I'm your host. Keith Weinhold, is the future direction of the housing market trending up or trending down? Which states have seen the most population growth? Then powerful wealth mindset tactics with a financial comedian today on get rich education   Speaker 1  0:20   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads and 188 world nations. He has a list show guests and keep top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Keith Weinhold  1:04   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President chailey Ridge personally. While it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Speaker 2  1:38   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:54   Welcome to GRE from Mount Rainier to Mount Rushmore and across 188 nations worldwide. I'm Keith Weinhold, and this is get rich education. I am not a Lambo driving influencer that will take any brand deal just to shill a gambling platform instead. Our core strategy at GRE is aging. Well, I've spoken with a lot of LP investors with capital calls and deals that lost all their money. Well, we approach wealth building with discipline and consistency. It doesn't sound dazzling, but it really shines when things go wrong elsewhere, because at least for the core of our portfolios, we get long term fixed rate debt for income property get paid five ways and win the inflation triple crown, and we do it all with a high degree of passivity. Right before I took the mic today, I got a two sentence email from a property manager that said an air conditioning unit's air handler board had to be replaced for $420 I don't even know what an air handler board really is. Now, the manager sent some photos in a written estimate. I quickly checked chat GPT, and I saw that the price was about right, and replied to my manager to go ahead and have that done. That's it an example of relative passivity. US residential real estate has nominally appreciated over every single 10 year period in modern history, despite some occasional short term downturns, even those are not common. Well, we recently had a guest mention that it's 20 years at the longest like 20 years or less is the period of time between which real estate never goes down. He was right. But you actually can't find any 10 year period where home values fell. What about the 2008 global financial crisis, I think that's the first place that the mind goes. Well back then, home values bottomed out at 208k in 2009 before they started growing again. And 10 years before that, the median price it was 157k in 1999 so even when home values hit their GFC low at that point, they were still up 32% from the previous 10 years. So you can confidently say then that over any 10 year period, home prices are up nationally. Now, how about the future? Well, for the future, there is more evidence of rising home prices. Building permits for new homes have fallen to their lowest level since 2019 that's according to the census bureau. So fewer single family homes are being built. Now we plan to discuss that more on. Next week show when we dive deep on does America really have a housing shortage? But this week, more reasons for future home price bullishness is that the labor market now, it's not doing that great. It sure isn't white hot, but unemployment, which was already low, that recently dropped a touch lower to just 4.3% inflation has fallen to 2.4% and wages are rising faster than that. In fact, our own Fed Chair recently remarked at how he's surprised at the strength of the economy. The property market analytics firm kotality, they now expect home prices to appreciate another four and a half percent this year. They and other firms continue to believe that the Midwest will be the hottest area of home price growth even more than that four and a half percent in that region. That is because not only is the Midwest underbuilt, it's that the prices are so affordable that it's attracting young people. The other factor is that mortgage rates recently dipped just below six into the high fives again, and that can release this pent up housing demand, and think about where we've come from. In late 2023 mortgage rates were about 8% and now lower mortgage rates also reduce the lock in effect, so it can create both more sellers and more buyers. The thing to remember is that 70% to 80% of home sellers are also home buyers because they've got to live somewhere. And first time homebuyers, of course, they buy only, they don't sell anything. In fact, former GRE guest in housing wire lead analyst Logan modeshami and Barry Habib were just positing on this at housing wire's latest summit on how the volume of home sales has been depressed for so long that lower rates could very well trigger a rush of buyers, these kind of people that have been delaying purchasing for years, this pent up housing demand being released if indeed rates go lower. People think they know the future, but we don't really know that that's going to happen for sure. But a lot of optimism about this phase of the housing market supported by not great, but decent economic conditions. Of course, that new housing demand is going to manifest unevenly across the nation. So let's talk about the places that have seen the most population growth from 2020 to today, basically the states that support that housing demand. Well, between 2020 and today, the US has grown by about 10 million people. That's over 3% nearly every state grew. But the bigger story is where that growth is happening. And really, here's the jaw dropper as a region, the South, gained more people than all of the other regions combined, about 7.6 million new residents in the south since 2020 the South's population is up 6% the West's almost 2% the Midwest population is up more than 1% and The Northeast up seven tenths of 1% again, this is not per year. This is total population growth from 2020 to today, Florida and Texas, they led the nation among the big states, both up almost 9% sprinting like they just found out that income tax is optional. The Carolinas in Tennessee are big southern growers too. People clearly keep moving toward warmer weather, a lower cost of living, lower taxes and job markets. Nothing new there. California in New York are the biggest losers in absolute numbers, California losing half of 1% of population in New York, a full 1% people keep moving away from these traditionally expensive, high tax coastal states like a buffet when the crab legs run out, people just getting up and leaving. That's not any sort of news story there, either. These trends help cash flow residential real estate investors like us, because the south aligns with that favorable landlord tenant law and those high ratios of rent income to purchase price. Luckily for us, that's where people are moving too. The Midwest has those phenomena as well, although their growth has been slower.    Keith Weinhold  9:39   Now a few Midwest highlights for you. Since 2020 the population of Indiana is up 2.8% quietly benefiting from Illinois. Escape Velocity, Missouri up almost 2% and that's growing mostly in Kansas City and St Louis suburbs. Ohio at almost 1% that's pretty modest growth overall, but Columbus up 5% that is flexing like it just landed a semiconductor plant there in Columbus, the intermountain west has bicep bulging growth, but it rarely works for us, because rents are only a little higher, but property prices are way higher. Yes, those pretty Rocky Mountain states, great Instagram, tough cash flow now Louisiana, it is a state that confounds people. It's a warm place, and it has a low cost of living, you would think Louisiana would be attracting people in droves for those reasons. Well, then why is its population following Louisiana down nine tenths of 1% since 2020 Well, you've got bleak job prospects that make Louisianans leave its tax competitiveness ranks 31st property insurance costs are high thanks to environmental risk. Louisiana has more swamps than beaches. Even the NFL saints were six and 11, and if they had made the playoffs, that wouldn't have made people move back. And hey, no personal shade here, I enjoy going to the New Orleans investment conference in Cajun culture, in Airboat Tours through the alligator filled Bayou, fun stuff, but for income producing property, you got to seek out different characteristics than just vacation Glee or how Good the gumbo tastes keep emotion separate from investing, Hawaii is America's biggest percentage loser. Its population is down one and a half percent since 2020 its cost of living is stratospherically high, with a median home value of just a little over a million dollars. That results in net outmigration to the mainland parts of the Aloha state now experience natural decrease. That means that deaths exceed births. Natural decrease. That's mostly a phenomenon on the Big Island. That's not where Honolulu is. That's where you have Kona and Hilo when young people can't afford to stay demographic gravity kicks in population loss. Hawaii is also highly dependent on tourism, meaning more volatility in recessions. It has contractor availability issues and higher repair costs, partly due to shipping materials to the remote islands. What about the upsides of Hawaiian real estate? Well, you're just going to have this inherent, strong, long term land scarcity and lifestyle desirability overall. Hawaii isn't bad. It's just hard. And I like Hawaii as a place to vacation, so the best times in my life were in Hawaii. Now, with all this said, These are broad generalities about states which are big places themselves right now. There are certainly Missouri real estate investors listening to me that are actually losing, and Hawaii real estate investors that are winning, and even cash flow positive. I'm talking general trends here, and this is with respect to long term rentals, not short term rentals. If your rent to price ratio is as low as point three or point four, like it often is near the coasts, well then you are speculating on appreciation. That's what that means. All 50 states have opportunity. All 50 states have no go zones. People keep moving south. That's a trend that the pandemic accelerated six years ago. More opportunity is concentrated there. That's got nothing to do with vacation excitement. That is population math, and I'm talking about swimming with the tide here in our Don't quit your Daydream newsletter I recently sent you that colorful population change map that I was describing some of there. More recently, I also emailed you that great and rare map of landlord friendly versus tenant friendly states mapped out and a lot of other great stuff.    Keith Weinhold  14:17   Before we bring in our firebrand guest, Garrett Gunderson, I just learned about a really strong opportunity for a provider of single family rentals and duplexes in Memphis and Little Rock. They're providing a locked in 5% interest rate and 5% property management for five years. Yeah, that's not a throwback to 2020 it's what mid south homebuyers calls their triple five program. They are the oldest and most trusted, maybe turnkey investment provider in the country, operating since 2002 and what they do is they offer these fully renovated, occupied rental properties in Memphis and Little Rock, two of the strongest cash flow markets in the South. With financing and management and rates that make the math work like it hasn't in years. So again, 5% interest, 5% property management fees for a full five years. You know those markets, they already had these investor advantage numbers with rent to price ratios mere point eight in Memphis and Little Rock. But yeah, that low 5% mortgage rate, even for renovated properties, not just new build. That's the kind of spread that turns a good deal into a great one. So to give you an idea, if you get a 30 year fixed rate mortgage loan amount of 125k with a 7% mortgage rate, your principal and interest payment is 832, at a 5% rate, it's just 671, so that's $160 more cash flow right there, and it's made a tad sweetener than that with just a 5% Property Management rate. And I don't know how long that offer is going to last, but it is available now and for the next little while, you can ask about it. When you visit mid southhomebuyers.com that's mid southhomebuyers.com and you can ask them about their triple five program. More next. I'm Keith Weinhold. You're listening to Episode 595, of get rich education.    Keith Weinhold  16:19   Flock homes helps you retire from real estate and landlording, whether it's one problem property or your whole portfolio, through a 721 exchange, deferring your capital gains tax and depreciation recapture, it's a strategy long used by the ultra wealthy. Now Mom and Pop landlords can 721, the residential real estate request your initial valuation, see if your properties qualify@flockhomes.com slash GRE, that's F, l, O, C, K, homes.com/gre. You know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year, I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. There's real world security backed by needs based real estate like affordable housing, Senior Living and health care. Ask about the freedom flagship program when you speak to a freedom coach there, and that's just one part of their family of products, they've got workshops, webinars and seminars designed to educate you before you invest start with as little as 25k and finally, get your money working as hard as you do. Get started at Freedom family investments.com/gre, or send a text. Now it's 1-937-795-8989 Yep. Text their freedom coach directly. Again, 1-937-795-8989,   Dani-Lynn Robison  18:08   this is freedom family investments. Co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream. You Brenda.   Keith Weinhold  18:24   Today's guest is someone that America knows as the long haired, bearded money guy in the past, he's drawn physical appearance comparisons to Jesus Christ. He's a prominent financial strategist. Founded an eight figure company, hit the Inc 500 he's both a New York Times and Wall Street Journal bestselling author. He is just an electric speaker, including appearances in front of dozens of billionaires. And he's just got this great way of speaking to financial freedom that hits you differently. He even has a comedy special that's great to welcome back to the show. Garrett Gunderson,   Garrett Gunderson  19:02   that's good to be back. Man. Is really good. Love your energy. Has a nice intro.   Keith Weinhold  19:07   Well, you give a lot of like, nice guidance to people that's somewhat different than they're used to hearing. You know, Garrett, I think a lot of the conventional guidance is, you know, it's not very far above Elementary School advice like, put your credit card in the freezer so you don't use it too often, but a lot of times you speak to either business owners or people that have already had some success, and I think a lot of your underlying mantra is, hey, you better live your best life now   Garrett Gunderson  19:35   I kind of feel like you are your greatest asset, and if you starve out that asset because you don't feed it with knowledge, or you don't invest in yourself, or you don't gain the skills that really matter because you're so addicted to scrimping and sacrificing and building your balance sheet right, trying to build savings accounts and retirement plans and doing all you can to pay off that mortgage. Yeah, you could become a millionaire on paper. But will you live like one? Will you enjoy your. Life. What about all the memories that you miss along the way? What about having quality of life today and creating a life you don't want to retire from? The wealthy people, they didn't get that way because they shrunk their way there. They didn't get that way because they were amazing budgeters. They built businesses. They created value. They learned how to, you know, sell or speak or market or have business acumen that grow business or to hire people, and having those systems that actually impact more people or more deeply impact the people that they serve, because it's about value creation and their value creators. And I think this notion of just thinking, Oh, I could just trade time for money and set money aside. Man, that's a really painful way to get to a million dollars, but Northwestern Mutual, they just put out an article that said, 32 or 34% of millionaires don't feel wealthy, because if you have money tied up in an account that isn't kicking off cash flow, it doesn't feel like wealth. You can't spend that net worth. It's just a statement if you don't learn how to create cash flow. And I love financial independence, where people have cash flow from assets to cover their expenses now their lifestyle is covered from that cash flow. Now they can reinvest every active dollar into themselves and their quality of life, into more cash flowing assets, into taking trips along the way, not just waiting until they're too old to enjoy it.   Keith Weinhold  21:13   You work with business owners all the time, and you've even worked with some ultra high net worth people that still seemed to scrimp and save. Do you think really, what is that the function of? Is it more of the wrong mindset or the wrong tactics when someone acts that way?   Garrett Gunderson  21:32   It's a mindset that's really kind of handed down to them? Yeah, maybe from their parents or grandparents or from a different era, like there's people that were, you know, in the Great Depression, that then tells stories to their family about how tough it was, and you never know when that money could go away. So you got to hold tight, and it's a scarcity mindset. So one of the wealthiest clients I ever had, I mean, this was a guy who he was worth a lot of money, but you would never know it. I saw him on TV one day. I was like, Dude, he needs new clothes, and we found a strategy to save him a bunch of money. He was just buying his inventory with cash or like, let's buy it on a plum card, and you'll get cash back. I just said, Just take 10% of that cash back, which was over $100,000 a month, and spend it on yourself. He's like, Well, I wouldn't know to spend it on I'm like, Well, how about some new clothes to start with? He's like, Okay. And then the next month, he bought a nest system for his house. The next month he bought a sound system. Eventually, saved up enough money to buy a Tesla, which he really wanted, like it was money that was there for him, but it changed his entire paradigm, because now he had a quality of life. He was very philanthropic and donated money. He built massive businesses, but he never treated himself well. He'd never felt like it was okay to spend that money because of his upbringing, because the way that his parents viewed money and the way that their parents viewed money, and it was always something that felt scarce. So it felt like, okay, will this go away? And the reality was, we just found money in your couch cushions, essentially. So why not enjoy it along the way? He eventually bought a home that he loved on the water, that he loves the garden. I mean, it was like a total transformation with that one simple thing to help him heal his relationship with money, overcome scarcity, because he was already highly productive. He just had to break free from this budgetary mindset.   Keith Weinhold  23:09   That's great. It was almost like, Dude, I can see it in you. Before we even talk. You got that code off the rack at Burlington. I swear you can do better than this. Come on, now   Garrett Gunderson  23:17    30 years ago, 30 years ago too. You know, it doesn't even fit anymore.   Keith Weinhold  23:23   Well, you know, I recently dedicated a complete episode Garrett to the way I put it is that the risk of delayed gratification is denied gratification. Now, there are some good things to be said for delayed gratification, I think, especially when you're younger, or you're just starting out in the working world, and you just tried to cover rent for your apartment and you don't have much else. Delaying some gratification is good. You need to form capital. You need to get liquid. I try to avoid saying stacking savings, because that gets people in the mindset of becoming super savers sometimes, and they miss out on returns. But what I mean about the risk of delayed gratification, being denied gratification, if it's taken too great of an extent, is, you know, I'm talking about the guy where, when he was 24 he used to say, Oh, I'm going to visit the Galapagos Islands someday. That's what I want to do. But you can just tell by the time you talk to the dude, when he's 48 he begins to use the past tense for things he wanted to do, for example, then he might start saying, Oh, well, I guess I never did visit the Galapagos Islands. You know, you can tell with people when they use the past tense, and that's when you know that their future is not bigger than their past, and a lot of that is the reflection of their financial status.   Garrett Gunderson  24:40   I got married at age 23 and the first two years, well, it was really like the first year and a half, maybe I was just such a miser. I gave my wife a $400 a month budget for an apartment, and we found out that there's places you don't want to live in Utah. I didn't know it, but she's like, is this what you want? And I was like, This doesn't feel like a safe neighborhood. And then you. Know, I was like, All right, maybe $600 I was still kind of really scarce. And my parents were like, Why don't you just live in our basement, rent free, and my wife's like, sex free. If you think that's where we're living, I'm gonna live in my parents basement, you know? Because I just thought money was something to save. So I saved me over 50% of my income. And a lot of people were like, that's amazing. Congratulations. Great job. And so I felt really good about it, and then I realized that my business wasn't growing as fast as this other person my age. I met him at an event, and a year later, he was doing better. And I was like, Dude, what's going on? I could hear it in your voice. I could hear like, you're just a different person. He goes, Oh, I'm doing two things. One, I just hired this guy, Steve D'Annunzio, and he changed my entire life. And I was like, I need to meet him. He's like, he happens to be here in Vegas. He's from Rochester. Introduced me. I hired him as my coach right away. I'm hearing all these people talk about strategic coach at the same event, and they had a booth. So I signed up for Strategic Coach, which meant I had to part with some of my money. Think it was $7,500 I hired Steve as a one on one mentor, and all of a sudden I was investing in myself, yeah. And I broke free from those chains of like, reduction and restriction into the game of production. And then I even had a situation where a woman called me out at the same event. This was a life changing event where she's like, I wonder what it's like living in a financial prison you built for your wife. It's like, Oh, see, that's what happened. I thought I was responsible, and building that responsibility that's actually building walls. And when I came home for that event, my wife and I started looking for our home. Within a few months, we found one. I bought a home. It was very easily within my means. I basically made as much as I paid for this house that we loved. We lived there for nine years. We built so many memories. You know, we had our two kids while we were there, I started host study groups, and that year, I grew my income by $170,000 with the coaching of strategic coach, Steve dnunzio And this woman, Nancy, calling me out. The next year, it grew by even more because the skills started to compound. I decided from that moment forward, I would spend at least $40,000 a year, which I might be able to reach for some people, but at least $40,000 a year on mentors. Is a guy named Alan. He writes my meal plans and my workouts, and I'm at 10% body fat because he knows exactly what they do. I do what he says. It was worth this $10,000 investment, because now I pay attention what I pay for, and I look at like if I'm my greatest asset, how can I create more energy? How can I create more value? How can I feel better about myself? How can I show up the very best version of I am, so I can deliver the most to the other people. And so I've always just been in amazing groups. I just got back from two different events in Beverly Hills around amazing people, learning incredible things that allow me to grow. I haven't spent a huge amount of money on a mentor last year to figure out something that I hadn't been able to figure out to this point. It's the same thing I did to become a speaker, to become a writer or even learn how to sell or market, you've got to invest in the skill, not just in the savings account. You grow yourself first, and then you grow your money. If you starve yourself out because you're in that miserly mindset, you're going to stunt your growth and never be fully fulfilled.   Keith Weinhold  27:56   You're your own best investment. And yes, this stuff is the varying definition of investing in yourself. Don't live below your means. Grow your means and all of that.   Garrett Gunderson  28:05   Grow your means and be more efficient within your means. I mean, the best way I know how to save is not overpay on tax, which 98% of business owners are doing that today. You know, don't overpay on interest, because you either restructure your loans, renegotiate your interest rates, reallocate underpouring funds to pay it off, or you remove investment drag. A lot of people have unnecessary fees and hidden commissions that drag on their investments. Or just design your insurance properly so it's more efficient. Those four i's, IRS, interest, investments and insurance show you how to keep more of what you make, take some of that money, build up your foundation so you have a peace of mind fund, so you have staying power, at least six months of liquidity and then invest more into yourself or learn how to create cash flow. This is the game the wealthy play. But the poor middle class, they think it's about paying off a mortgage and funding the retirement plan, and they will argue about it until it's too late, when they get there and now their homes paid off, but the property taxes are higher than their mortgage was 20 years ago, you know. Or they have home maintenance they have to take care of, or inflation has destroyed the value. Like if someone were to put away 100 grand and they wait for 30 years if they got 10% which the market did the last 30 years, if you reinvest dividends, they're going to have right around $1.7 million but if they have to pay 2% in fees, fiduciary fees, 12 b1 fees, which are marketing fees for the fund expense ratio, you know, the fees of maybe a retirement plan, and they now have 2% fees. It only goes to 1.1 million. Huge difference. And that 1.1 million if we account for inflation, even if we said inflation was low, like 2.7% over that 30 years. Well, by the time we pay for inflation and tax, guess what? The purchasing power value is like, 300 grand $300,000 that's a problem, and it's because they didn't learn to create cash flow. It's because they didn't learn to invest in themselves. It's because they relied completely on a market they don't control. I'm not saying the market is completely something to avoid. I'm saying we go in sequence. How do you grow your income for. First, then how do you keep more of the income you make with? You know, financial savvy and plugging leaks. Then learn to grow your money, but maybe growing your money. For some I like to think of like three dimensional assets, like real estate's three dimensional. It can grow in equity, it can create cash flow, and it has tax advantages. But my business is three dimensional, the more my business creates cash flow, without me, the more equity it has, and that business has major tax advantages. So most people are one dimensional, pay off a loan, put a money in retirement account. That's the poor, middle class. Wealthy people build a system where they've got three dimensional assets, equity, cash flow and tax savings. And that is a complete game changer, because then they can employ the buy borrowed I strategy, if you have assets like, you know, an individual stock, or if you have assets, like a piece of real estate or a business, you could borrow against it. There's no tax on that five for life, right? You keep refinancing. Or you can even do charitable trust to avoid the taxes upon the sell of those paying no tax when there's gains. Or you can pass it on to the next generation with a step up in basis, which means they get it at the full value and not have to pay the difference. And if you have life insurance, the life insurance will pay back the loan that tax free as well. So buy, borrow, die. I mean, it's a completely different thought process of defer taxes. If you defer taxes, I get it. You could do a Roth IRA or Roth 401. K Sure, that'll let you put after tax money in and grow it. But where's the cash flow? What's the underlying investment? How does it help you create financial independence? How does it help you does it help you grow your skills to become a better investor? We've been taught to be lazy, not that people are lazy. We've just been taught to be lazy with our money. We've been fed a narrative. I don't have the time, I don't have the skill, I don't have the interest, but I want to have it, so I just hand it over. And who do we hand it over to Keith Wall Street. Wall would you trust Wall Street? Like you flew to Frankfurt not long ago. Would you get on Wall Street airlines where they're like, hey, sometimes our planes go up, sometimes they go down. That would brand, and he'd feel inspired, right? Would you go to Wall Street, you know, hospital? Or like, hey, he lost one of your kidneys, and by loss, we stole it and resold it. You know, like, Wall Street doesn't have a brand. That's good. It's boiler room. It's Wolf of Wall Street. It's the movie Wall Street with Michael Douglas. You know, greed is good like yet that's what people put their money into. And you can go to any downtown and any major city, and guess who has the biggest buildings, insurance companies, banks and Wall Street investment companies. So you're taking the size of your home and shrinking it to build up their building and put money in their pocket. And their story is, it's because they're Ivy League, they're smart. They try to make it complicated, but you don't have to know most of the things you think you need to know about finance. The foundational things are important, how to protect your assets, how to design insurance, to transfer risk, how to have some liquidity, how to automate your savings. And then you focus like Warren Buffett would teach. He said, You know how people would become a better investor if they only had 20 investments they could make over their lifetime? He says, I don't diversify because I'm in the know. He's like, I'm a good businessman, therefore I'm a good investor and I'm a good investor because I'm a good businessman. I don't separate the two. Yeah, most people think he's a stock market investor. No, he buys out the companies in the stock market. Rarely does he have minority stakes in it. He does have some of that, maybe with Coca Cola and apple, but he bought a lot of companies outright, whether it was Geico, whether it was See's Candies, whether it was like he buys these companies, he's so far outperformed the stock market by billions of dollars from an index fund like what he has, versus someone that put the same money in an index fund, Warren has billions more from his investments than the person that put all their money in the index fund, even if it was the same amount. It's completely about strategy, not about luck.   Keith Weinhold  33:30   Yeah, it's the Andrew Carnegie, put all your eggs in one basket and then watch your basket. Yeah? Watch that basket like a hawk. Totally. Yeah. I mean, stacks mutual funds, they have what I call those five simultaneous drags. If you think you're getting a 10% long term return over time, subtract out inflation, emotion, taxes, fees and volatility. What do you have left? Not much. But there's no friction there. It is just the easiest thing to do ever since decades ago, 401 K contributions begin to become automated throughout your paycheck, sometimes even automatically, automated   Garrett Gunderson  34:04   values your permission opt out. It's easy. You have to opt out, right? It's Big Brother. You don't know what's best for you. And by the way, how crazy are four one K's. Part of the reason the market has gone up in value is because people consistently fund for one case, whether the market's going up or down, they're told $8 cost average. So that's artificially fueling the market. When we see the numbers, there's a buffet index, and it's like 2.9 times higher than what he's comfortable with, with the stock market, because of how overinflated the market is, partially due to inflation, partially because people put money in. But let's remember, why did 401, K's even come about? Because pensions failed. And by the way, these pensions failed and they had world class money managers managing these multi billion dollar pensions, but they didn't know about something called disinvesting, or didn't know enough about it. When the market goes down and pension money is owed, they still have to pull money out of the pension to pay the employee which disinvests, which pulls more money out of the account. So now instead of just being 10% down, they might be 17% down. And so even if the market comes back 10% it's 10% of only 83% of the money. So not even back to square one. And if it goes down a second year in a row, they're in real trouble. It starts to chip away at the principal, and they can't recover. And that happened to pensions, and they said, Oh, here, we can't handle these. We're going bankrupt. We're going to get rid of pensions. You take care of it. Well, guess what? Vanguard says, the average balance in a 401, k right now is $148,000 how someone's supposed to live on $148,000 even if you could get 10% that's $14,800 a year taxable, that's not going to do it. Even if you have a million dollars, where are you going to put the million dollars to get the return without risking it going down? Maybe you're going to be in treasuries at 5% that's $50,000 taxable per year. You're a millionaire on paper, but living poorly. That's why I'm here to call these things out. I think that my book Killing Sacred Cows, which was my original New York Times bestseller, which is probably how we met. Yeah, I rewrote it. I rewrote it, rereleased it in 2024 and I'll give people the audiobook. They just have to DM me on Instagram. Garrett B Gunderson and DM the word cows with Keith's name, cows and Keith or Keith and cows. I'll hook you up with the book for free, so you can learn about the nine financial myths. We're talking about some of them here, but there's also some comedy in there, so they can laugh after each chapter. I threw some comedy in there. You know, if you like my comedy, I'm not the funniest comedian. I'm just the funniest money comedian. That's the reality.   Keith Weinhold  36:33   When we had the very inventor of the 401 k plan, Ted benna, come onto the show, he revealed to us that when 401 K plans rolled out, they were first called salary reduction plans. They had to scrap that name in order to foster participation. But reducing your salary is still principally what it does to you. You got to think about it that way and blow up some of these myths. But Garrett, you've already given a lot of great technical information about what someone can do, how someone can think differently. Bigger pictures, we're sort of winding down here. You know, when I'm thinking about this whole delayed versus denied gratification thing, how do you meter it out right throughout your life? I mean, what's your earmark your family legacy? How do you meter it out, right so you don't have too much or too little at the end of your life?   Garrett Gunderson  37:15   I like to see this strategy of, like, what would the rockfellers do that I wrote about is, you know, the beginning before that strategy is you pay yourself first, which has always been around Richest Man in Babylon. Tons of books talk about it. My argument is you want to pay yourself at least 15% of your personal income, off the top, to a separate account. Once you get six months in that account, now you start to invest that money, but you build your stability with that peace of mind. And we want 15% because the luxury once enjoyed becomes a necessity. So you want more money in the future, not the future, not less propensity to you know, there's also, just like planned obsolescence, things break down. You have to repair them. Technological change, we're buying new technology that doesn't even exist. I have now subscriptions to a bunch of AI things that help me out, right? But I'm spending more money. There's also taxes, those could go up in the future, or 38 trillion in debt as we film this, which is a crazy number. And there's also inflation. If we give 3% to each of those five factors, that's 15% now again, use the four i's, IRS, interest, investments and insurance to find that money, not just budgeting. But then here's the magic. At least 3% of your income should go to a separate account called the Living wealthy account. That's your guilt free spending, value based spending account, so you enjoy some money along the way. These are the things that are the finer things in life that people might say are wasteful. You know, there's a book called unreasonable hospitality that talks about this, 11 Madison Avenue was the number one rated restaurant in the world. And, you know, will who wrote the book talked about they had 3% of their budget to just go wild on their customers dream making money, right? So to create the special experience in the restaurant, and even the bear, I think was season three, showed some of that process of how they do that. So I highly recommend taking a certain percentage. You get to enjoy along the way. It could be higher than 3% but start there, and you're going to feel better, you're going to have different energy, you're going to show up in a different way. And then from there, I just believe in having trust, so that your money's outside of your estate, and protecting financial predators so you own nothing but control everything. And I personally use life insurance. I use just standard over, you know, like basically properly structured, optimally funded whole life, so that death benefit will come in after I die. It allows me to spend more of my money and then have it replenished so I can enjoy more of my money along the way, because I know that death benefit will be there for my wife or even for my family trust after I'm gone, so I don't disinherit the people that I love.   Keith Weinhold  39:31   Garrett Gunderson, he can take you through these steps, which he calls financially fit, to financially independent, and then finally to financially free. Tell us a little more about that going through those steps.   Garrett Gunderson  39:44   So financial fitness means your financial house is in order. You've got everything handled properly, car insurance, homeowners, liability, disability, medical life insurance, your corporate structures as a business owner, how you pay yourself, your taxes the last three years and move. Moving forward your investments. It's like, you know what it's going on. You've improved your cash flow, and you're dialed in. You're as safe as you could possibly be. Then financial independence is, how can we create income, especially from a business that comes in when you don't, that's people, that's processes, that's technology, so that you can be involved, but you don't have to be involved. This is the part most people miss, yeah, and I think it's crazy. A lot of people have this notion they're just going to work so hard so they can sell their business one day, I'm like, What about just creating a business that you love so much you don't want to sell it? What about giving up the things that are burning you out and have the employees that can take care of that so you do the things that you love and then just enjoy life along the way, take some little trips, take some time off and come back in. The business grows up when you're away, they learn how to do things without you, and then you can still create value into that business. I sold the business in 2021 and really regretted it, because I kind of was so removed from the business. I kind of felt like it lost its soul and I didn't feel connected to it. So this time around, I started a business in July of 2024 I'm like, I'm only going to work with the P with the people I love, building things that I love, and I'm not going to let myself get burned out by doing too much. We're going to take two weeks in Hawaii coming up here in April, just enjoy some time together as a family. We do quarterly family retreats with my wife and kids. We do traditions with my family up at my cabin, like I want to have this great life where it's blurs the lines between work and play. I have a little quote from someone else that talks about that art of life is blurring the lines between work and play, but also just having complete play sometimes that there is no work. So I come back refreshed, relaxed, rejuvenated and ready to create. And so really, that financial independence gives you permission to swing for the fences and what you do, knowing your foundation is handled, knowing that your lifestyle is covered, from assets to create cash flow gives you work optional freedom. But instead of retiring, think, what could your biggest impact be like? Create the life you don't want to retire from. Create a vision so compelling you can dedicate your life to it and find that the win is actually in the work, not just the outcome. I think that is the elegance of we win when we play, and when we have more play in our life. We don't try to escape from something. And when you start something, you might have to do things you hate, but you can eventually delegate it, and then life becomes great. I mean, one of my early coaches, Dan Sullivan, who I mentioned, a strategic coach. He's in his 80s, still behemoth of creating value in the in the market. To listen to him, you know, he's phenomenal. He's made such a huge difference in my life, and he has no intent of retiring. He just gets smarter every year, adds more value, builds more infrastructure, and he's the one that taught me the merit of free days, just taking time off, taking time away. So, yeah, that's financial independence. Is cash flow, and then financial freedom is a state of mind. It's when money is no longer the primary reason or excuse you would do or not do something. It's a consideration, but it's no longer the consideration means that you have a healthy relationship with money. Money is an asset and an ally, not an enemy. You don't come from a place of scarcity. You come from a place of abundance. You can be more present with your family and doing what you do without feeling distracted. I think wealth is our ability to be present, not necessarily how much money we have in a bank account. I think we have a good amount of money in a bank account, and we can be present. That is like true wealth.   Keith Weinhold  43:12   It harkens back to the John D Rockefeller, he who works all day has no time to make money. Rockefeller would have said, you can architect a wealth plan if your head is down on the assembly line, that means gradually move your offer. It's from trading your time for dollars over to owning assets that pay you to own them. Garrett's comedy special is called the American Ream. There's no D in that word, R, E, A, M. You can look that up, Garrett. It's been enlightening as always. Thanks so much for coming back onto the show.   Garrett Gunderson  43:43   Hey man, good to be back.   Keith Weinhold  43:51   Always. A lively conversation with Garrett, besides some great mindset perspective, he's really good at saving you tax and setting you up with asset protection. Though he's not as real estateish as me, he's pretty savvy. For example, He's aligned on the fact that, for example, say you have an 80k debt. Well, it doesn't necessarily mean that it makes sense for you to pay that off sometimes it does, but what happens to your net worth anytime you pay off an 80k debt, well, let's see. You've reduced your asset side by 80k and you've reduced your debt side by 80k so your net worth is the same, and retiring the debt means that you might have lost leverage, lost cash flow and lost tax advantages, all at the same time on Instagram, send a DM with the two words, Keith Cows to Garrett B Gunderson, and he'll hook you up with his book for free next week on the show, we go deep on does America really have a housing shortage with an expert analyst. Until then, I'm your host. Keith Weinhold, don't quit your Daydream.    Speaker 4  45:01   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively   Keith Weinhold  45:29   The preceding program was brought to you by your home for wealth. Building, get richeducation.com  

FF: The Greatest Economy? Look at the Numbers! The Trump Administration thinks we have the greatest economy, but the numbers do not agree. If you see a contradiction, check your premises; one of them is wrong. We talk about the actual numbers, how inflation works, and ways the U.S. can increase the monetary supply without experiencing consumer price inflation. We also talk about AI, China's "green energy", and gold and silver. We also talk about the new incoming Fed Chair, Kevin Warsh, and what he is saying that is causing him to be labeled a "conspiracy theorist" by others. He has some good ideas, but will he be able to use those to positively influence the Fed's decisions? We'll see! Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds. Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Or Click Here to order our new Real Power Family silver rounds. 1 Troy Oz 99.99% Fine Silver Abolish Property Taxes in Ohio: www.AxOHTax.com  Get more information about abolishing all property taxes in Ohio. Our Links: www.RealPowerFamily.com Info@RealPowerFamily.com

Original Release Date: Feb 6, 2026Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Bill Fleckenstein, founder and president of Fleckenstein Capital, returns for a wide-ranging conversation covering what he calls one of the most confusing macro environments of his 40-plus year career. He breaks down how the passive bid has fundamentally changed market dynamics, creating an artificially priced market that is not a true price discovery mechanism and cannot end well. Beneath the surface of a tape that is only a couple percent off all-time highs, Bill sees a stealth rotation away from high-flying tech and AI names into old economy stocks — but without the contagion a pre-passive-bid market would have experienced. On gold, Bill explains why the move to $5,000 is a function of eroding confidence, weaponized financial systems, and unmanageable sovereign debt — and why the bull market is far from over since Americans have barely shown up to the party. He also issues a pointed warning on bonds, arguing the bond market has not sanctioned the Fed's rate cuts in what could be the early stages of the market taking the printing press away from the Fed — and predicts yield curve control is likely coming under the next Fed chair regardless of who it is.Links: Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583 Twitter/X: https://twitter.com/fleckcap Website: https://www.fleckensteincapital.com/0:00 Intro and welcome back Bill Fleckenstein1:39 Big picture macro view - "confused"4:24 Splatterings beneath the surface — what's really happening in the market5:51 The passive bid explained — why rotation feels impossible7:25 The tape holds together while market cap gets destroyed underneath10:58 Why the market isn't cracking — what would have happened without the passive bid12:40 Is this still a free market? The dangerous setup nobody appreciates15:16 Short selling 18:23 Bill's positioning 19:21 Gold at $5,100 24:18 Silver 30:33 Why gold should have been higher all along the way36:00 US debt at $38.7 trillion — is there a breaking point or slow erosion?37:49 Bonds — the big story most people are missing40:00 Is the bond market losing trust in the Fed?41:00 The bond market will ultimately take the printing press away from the Fed42:06 Inflation psychology — why the consequences of inflation are not transitory44:45 Kevin Warsh as Fed Chair 45:37 Yield curve control is coming 49:04 What would get Bill to deploy his 30-40% cash position51:26 The biggest risk nobody is talking about — the passive bid54:26 Parting thoughts and where to find Bill — fleckensteincapital.com

Denver fix and flip margins are shrinking, condo inventory just hit 11 months, and some DSCR lenders are approving loans at 0.75 debt service coverage. That’s not a typo. For anyone trying to get a clear Colorado real estate outlook for 2026, the signals are mixed — and most of them you won’t find in the MLS. To help make sense of it all, Chris Lopez sits down with Kevin Amolsch, founder of Pine Financial, a Colorado private lender that has originated over $1 billion in loans across 2,800 transactions since 2008. Beyond lending, Kevin is actively buying commercial buildings, demising flex warehouse space in Broomfield, and stripping cellular tower leases off office properties the way some investors strip mineral rights. As a result, he has a front-row seat to what’s actually working — and what’s quietly blowing up. In this episode, Kevin shares what Pine’s current deal flow reveals about the Colorado real estate outlook for 2026 and why he’s moved away from residential toward commercial assets. He and Chris also have a candid back-and-forth on the Denver price forecast — Kevin expecting flat, Chris leaning slightly negative. From there, they dig into why the condo and attached product market may be the riskiest place to be right now. In This Episode We Cover: Why Kevin sees fix and flip margins compressing — and what experienced flippers are doing about it The DSCR loan warning every Colorado investor needs to hear before refinancing a BRRRR Kevin’s honest breakdown of Denver’s 2026 price outlook: detached, attached, and multifamily How Kevin is stripping cellular leases off his office building like mineral rights — and what they sell for Why ground-up townhome development is struggling and what the 11-month condo inventory actually means The 10-year treasury vs. risk spread explained clearly, and what Trump’s MBS buying could actually do Why Kevin is price-checking his subs and vendors right now — and why you probably should be too If you’re trying to get a clear Colorado real estate market outlook for 2026 — and figure out what moves actually make sense right now — this is the episode to listen to. Watch the YouTube Video https://youtu.be/rWL6gxboybg Timestamps 00:00 – Welcome & Kevin Amolsch Introduction – Pine Financial founder returns  01:20 – Pine Financial Overview – $1B+ in originations, 2,800 transactions, $250M under management  03:20 – New Office Building in Littleton – Bought 24,000 sq ft Wells Fargo building at 7 cap  05:59 – Cellular Lease Strategy – Stripping tower leases like mineral rights, sells at 3.5–4.5 cap  07:33– Office Rehab Lessons – Why Office-to-Apartment Conversions Are So Hard  10:33 – Broomfield Flex Warehouse Deal – 18,000 sq ft, 4 small-bay suites, recovering a troubled partnership  12:27– Fix and Flip Market Right Now – 10% discounts on wholesale deals, six-figure rehab budgets  15:40 – Flipper Margins Shrinking – Why experienced investors won’t touch a deal under $100K net  19:24– Denver Price Forecast for 2026 – Kevin: flat on detached. Chris: slightly negative (1–3%)  21:49 Condo Market Warning – 11 months of inventory, why Kevin calls it riskiest asset class right now  22:42– Multifamily Supply Glut and When It Burns Off – Vacancy near 10%, stabilization likely 2027  25:53– DSCR Loan Landscape – Loans at 0.75 DSCR, five-year prepay traps, what to watch for  27:44– BRRRR Reality Check – Cash-in refinances are common now, full pulls are rare  29:27– Ground-Up Construction Struggles – Why new townhome developments are sucking wind  33:26– Interest Rate Mechanics Explained – 10-year treasury vs. risk spread, Trump MBS buying  36:00 – Macro Outlook: Rates, Fed Chair, Unemployment – Why Kevin expects just one cut in 2026 Connect with our Guests Kevin Amolsch kevin@pinefinancialgroup.com Links in Podcast ATTOM Property Data Pine Financial

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about what the Supreme Court's tariff ruling means for mortgage rates, and what other factors could bring rates down. Related to this episode: Trump's tariffs overturned by Supreme Court in 6-3 decision HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ More info about HousingWire To learn more about Trust & Will click here. The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate.

The market is “seeking out existential threats” around AI and tech, argues Scott Ladner. “Fundamentally, [the AI revolution] will be a good thing,” he adds, anticipating it to add jobs in the future and spark an entrepreneurial boom. He thinks we will see a couple of rate cuts this year, and anticipates a “boring Fed” after Warsh is confirmed as Fed Chair. His picks right now include financials, cyclicals, and emerging markets. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

The end of Jay Powell's term as Fed Chair is approaching, and markets continue to speculate about what Kevin Warsh's tenure might be like. Darius Dale sees his nomination as a signal that money growth is transitioning from the Fed to the banking sector. He explains why this is a critical change and may presage significant deregulation in the financial sector. Darius also shares opportunities he sees in the market, including in emerging markets and regional banks.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Kevin Warsh has been nominated as the next Federal Reserve Chair for 2026. What does this leadership shift mean for your wallet? In this episode of Gimme Some Truth, we analyze the Warsh nomination and its immediate impact on monetary policy, interest rates, and the global markets.As Jerome Powell prepares to hand over the gavel, Kevin Warsh brings a distinct philosophy to the FOMC—balancing a "hawkish" view on the Fed's balance sheet with a unique perspective on AI-driven productivity. We dive deep into whether this marks a regime change for inflation targets and how investors should position their portfolios for the "Warsh Era."

Meta Description: Kentucky financial advisors discuss Fed Chair nominee Kevin Warsh’s impact on interest rates, market volatility, and retirement portfolios. Dupree insights on portfolio management. When market uncertainty meets changing Federal Reserve leadership, retirees need clear guidance on protecting their portfolios. In this episode of The Financial Hour, Tom Dupree Jr., James Dupree, and Mike Johnson provide direct access to portfolio managers who explain how Kevin Warsh’s nomination as Fed Chair could reshape your retirement strategy through interest rate changes and market positioning. Understanding Kevin Warsh’s Approach to Federal Reserve Policy The nomination of Kevin Warsh to replace Jerome Powell as Fed Chair has created significant market implications for retirement portfolios. As Tom Dupree explains, “Warsh is gonna have to deal with this stuff and the stock market is not gonna be his only problem.” His unconventional stance differs from traditional dovish or hawkish approaches, creating both opportunities and challenges for income-focused investors. Mike Johnson notes that Warsh “has kind of an odd view” because “he’s been critical of the size of the Fed’s balance sheet.” This critical perspective on quantitative easing could fundamentally alter how markets price risk and opportunity, particularly for those managing retirement income portfolios in Kentucky and beyond. Interest Rate Environment and Portfolio Impact The Yield Curve Steepening Effect The current interest rate environment shows a steepening yield curve, where long-term rates rise while short-term rates decline. Mike explains: “You’ve seen the yield curve steep… long-term rates have been going up, while short-term rates are going down.” This creates distinct opportunities across different market segments. Small-cap stocks, which are “more tied to shorter term interest rates,” could benefit from Fed rate cuts on the short end. Meanwhile, high-multiple growth stocks face valuation pressure as long-term rates normalize. Treasury Bonds and Market Positioning The 30-year Treasury currently sits at 4.77%, having fluctuated based on market expectations. As our team discusses, the real question becomes: “Trump wants this guy to get rates lower so that housing will start moving… but rates may end up going higher.” This uncertainty requires active personalized portfolio management rather than passive acceptance of market direction. Market Rotation: From Growth to Value and Income Dividend-Focused Strategy in Volatile Markets Since October, markets have experienced significant rotation from growth expectations into cash-flow-predictable companies. As Mike observes, “You’ve seen a rotation out of growth expectations, high multiple stocks and into things where the cash flow is more predictable.” For retirees seeking consistent income, this shift validates the investment philosophy of focusing on dividend-producing assets. “Regardless of what the price is doing, all else being equal, the dividend, the income stream is still there,” Mike emphasizes. The Speed of Information and Investment Decisions The acceleration of market information flow through technology and AI creates both opportunities and risks. “Every second of every day is the market agreeing with you or disagreeing with you,” Mike notes, highlighting the double-edged nature of instant market feedback. This rapid information environment requires discipline in distinguishing between noise and actionable intelligence. As Tom points out regarding their investment approach: “We started doing in the last several years is buying more things that are just common sense type names… that works better.” Technology Sector Volatility: AI and Memory Chip Stocks Navigating the AI Investment Landscape The artificial intelligence sector has dominated headlines while creating extreme volatility. Recent examples include software stocks experiencing significant drawdowns followed by rapid 16-25% single-day gains. James observes: “An average day with no news, a stock going up 25%… that’s ridiculous.” The team’s approach involves gradual averaging into AI-related positions since September, following detailed sector analysis. “We’ve had calls with them. We wanted to understand the sector better,” Mike explains, demonstrating the value of direct access to portfolio managers who conduct primary research. Memory Chip Stock Opportunities Memory chip manufacturers present compelling valuation opportunities despite recent volatility. The team recently added a position with a forward P/E of just 12, significantly below the S&P 500’s average of approximately 22. Tom notes the stock is “up 300% in the last year” but maintains “earnings to back it.” This disciplined approach to high-growth sectors exemplifies how personalized investment management differs from mass-market strategies that either avoid volatility entirely or chase momentum without fundamental analysis. Learning from Market History: Avoiding Value Traps The Dot-Com Bubble Comparison Drawing parallels to the dot-com bubble provides perspective on current AI valuations. Tom recalls: “People were making fun of Warren Buffett towards the end of the tech bubble… ultimately he had kind of the last laugh.” Not all survivors of market corrections recover equally. Intel, for example, “survived but it took 20 plus years for it to get back to where it was” after the tech bubble burst. This underscores the importance of selectivity even within promising sectors. Management Quality Matters The discussion of Kraft Heinz illustrates how management quality impacts long-term results. Despite being “considered one of the top companies around” with Warren Buffett’s backing, “their management is horrible,” leading to poor strategic decisions and shareholder disappointment. As James concludes: “There’s a reason why CEOs and extremely well, highly talented staff are so highly paid, they’re hard to find.” Key Takeaways for Retirement Investors Kevin Warsh’s Fed leadership could mean higher long-term rates despite lower short-term rates, requiring portfolio adjustments Yield curve steepening creates opportunities in small-cap stocks while pressuring high-multiple growth names Dividend-focused strategies provide income consistency regardless of price volatility Technology sector selectivity matters more than broad exposure, with valuations and earnings fundamentals guiding decisions Management quality and business fundamentals trump thematic investing for long-term success Common sense investments in recognizable companies often outperform obscure “deep value” plays Active portfolio management adapts to rapid market changes while maintaining long-term discipline Frequently Asked Questions How will Kevin Warsh’s Fed leadership affect my retirement portfolio? Warsh’s critical stance on the Fed’s balance sheet and quantitative easing could lead to different interest rate dynamics than previous Fed chairs. Long-term rates may remain elevated even as short-term rates decline, impacting bond valuations and stock multiples. Retirement portfolios should emphasize dividend income and fundamental value rather than relying on Fed accommodation. What is a steepening yield curve and why does it matter? A steepening yield curve occurs when long-term interest rates rise relative to short-term rates. This environment typically benefits small-cap companies that rely on shorter-term financing while pressuring high-valuation growth stocks. For retirement investors, it suggests favoring income-producing assets over growth speculation. Should retirees invest in AI and technology stocks despite volatility? Technology exposure should be sized appropriately for your risk tolerance and income needs. Our approach involves gradual position building in fundamentally sound companies with reasonable valuations, never risking retirement income needs on speculative positions. Direct access to portfolio managers helps navigate these decisions. How do I know if I’m in a value trap versus a true opportunity? Value traps lack the three essential elements: quality management, sustainable earnings, and reasonable business prospects. True opportunities combine all three elements with temporarily depressed valuations. This requires ongoing research and analysis rather than simple valuation metrics. What makes dividend-focused investing effective in volatile markets? Dividend income provides cash flow independent of price fluctuations. As Mike explains, “regardless of what the price is doing… the income stream is still there.” This creates portfolio stability while volatile prices create rebalancing opportunities for patient investors. Take Control of Your Retirement Portfolio Market transitions create both risk and opportunity. The difference between portfolio growth and disappointment often comes down to having personalized investment management with direct access to portfolio managers who actively research positions and adapt to changing conditions. At Dupree Financial Group, our team-based approach means you benefit from comprehensive analysis rather than a single perspective. We focus on income-producing investments, transparent fee structures, and strategies designed specifically for retirees and pre-retirees aged 50 and above. Don’t navigate Fed policy changes and market volatility alone. Call (859) 233-0400 for a complimentary portfolio review or schedule your appointment directly on our website at dupreefinancial.com. Listen to more episodes and insights in our Market Commentary archive. The post How Fed Chair Kevin Warsh Could Impact Your Retirement Portfolio: Interest Rates, Market Volatility, and Investment Strategy appeared first on Dupree Financial.

Andrew Wells reacts to yesterday's FOMC minutes, arguing the members are trying to react “to the market.” On rates, he would “not be surprised” to see the 10-year at 4.5 this year, and discusses the need for inflation to move down before any cuts. He doesn't expect any cuts before Kevin Warsh takes over as Fed Chair, and thinks that the timeline could be pushed further out. He likes defensive names and the utilities sector, including Duke Energy (DUK). He also thinks crypto could be very volatile from here, even moving back to highs.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Connor Browne previews tomorrow's economic data prints, which include a GDP reading and the PCE report. He anticipates a “push and pull” between Fed Chair nominee Kevin Warsh and President Trump as the year goes on. He's looking for opportunity in valuation dispersion, hunting outside of the large cap names. Connor also gives his perspective on the energy market and the transformation from fossil fuels to renewables. He's also very excited about agentic AI.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Ed Siddell breaks down the latest economic data, noting that durable goods orders are higher and arguing the economy is heading in the right direction. “We just have to show a little more affordability.” He likes Kevin Warsh as a Fed Chair nominee, calling him “very hawkish on inflation” and anticipating lowered rates. Ed thinks we could be 75-100 basis points lower by the end of the year. He remains a “goldbug” and sees a buying opportunity in precious metals; he's also long nuclear.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Taylor Riggs, co-anchor of The Big Money Show on Fox Business, joins to discuss Kevin Warsh's potential nomination as Fed Chair, the impact of interest rate cuts on inflation and the housing market, and the balancing act of reducing the Fed's $6 trillion balance sheet. She explains how supply-side economics and AI-driven disinflation could influence monetary policy, and touches on broader economic implications of AI integration and technology infrastructure. The conversation also briefly pivots to voter fraud issues, setting the stage for the next segment. Hashtags: #TaylorRiggs #FedChair #KevinWarsh #MonetaryPolicy #AIImpact #Economy #InterestRates #Inflation

Joshua Wein reacts to the January FOMC minutes and thinks that we may only see one rate cut this year. He warns that Fed Chair nominee Warsh will likely focus on inflation rather than employment, and that the market has tended to predict more cuts than we've seen. However, he thinks one cut is enough to support the economy this year. He also shares some mid-cap picks: Jacobs Solutions (J) and Leidos (LDOS). ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Brad Long reacts to the latest FOMC minutes and notes that dissension is considered uncommon now within the Fed, but not historically. He says the economy is “off to the races,” noting that unemployment and GDP growth are, unusually, about the same percentile. Brad argues that Warsh as Fed Chair might start looking forward rather than being data dependent, which he describes as looking backwards. On AI, he thinks that SaaS may lose “pricing power” to AI but argues that it's too expensive to rebuild systems from scratch with the technology.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Markets are in “wait-and-see mode” for the FOMC minutes today, says Karen Manna. She thinks 10-year bonds will be rangebound between 4-4.25 for now, with 1-2 cuts ahead for the rest of the year. She discusses how fixed-income portfolios may fare in 2026 and contrasts Powell vs Fed Chair nominee Warsh. Karen also looks at corporate bonds vs mortgage-backed securities.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Lyn Alden joins us to make sense of the “everything, everywhere, all at once” macro moment. A fourth-turning-style unwind of the long-term debt cycle, rising fiscal dominance, and a rare, headline-level clash over Fed independence—plus what a Kevin Warsh Fed might actually do under real-world constraints.  We dig into the “gradual print” era, why gold is ripping, how a more multipolar monetary order could emerge (gold, bitcoin, and stablecoins in different roles), and what trade war dynamics mean for the dollar's privilege.  Lyn also explains why Bitcoin has lagged gold this cycle, how much the four-year crypto cycle still matters, the risks around treasury companies and quantum narratives, and how she's thinking about portfolio construction in 2026. ------

Register here to attend the live virtual event "Why Central Florida is the Year's Most Compelling Housing Market" on Thursday, February 19th at 8pm Eastern. Keith explores how a shift in mindset can change the way you build wealth, why so many new landlords are entering the market, and what recent economic trends could mean for future rents.  You'll also hear how one Florida investor is navigating a changing housing landscape, and learn about a timely opportunity in one of the country's fastest‑growing real estate markets—all without needing to be a hands-on landlord. Resources: Register for the event at GREwebinars.com Episode Page: GetRichEducation.com/593 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, the risk of delayed gratification is denied gratification. There's a new wave of landlords. Wages are rising faster than both inflation and home prices. Learn what that's going to mean for rents. Hear the voices of five different Federal Reserve chairs, then GRE announces our biggest event of the year, and you're invited today on get rich education.   Corey Coates  0:32   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Keith Weinhold  1:16   mid south home buyers, with over two decades is the nation's highest rated turnkey provider, their empathetic property managers use your return on investment as their North Star. It's no wonder smart investors line up to get their completely renovated income properties like it's the newest iPhone headquartered in Memphis, with their globally attractive cash flows, mid south has an A plus rating with the Better Business Bureau and 4000 houses renovated, there is zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate with an industry leading three and a half year average renter term. Every home they offer you will have brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter in an astounding price range, 100 to 150k GET TO KNOW mid south enjoy cash flow from day one at mid southhomebuyers.com that's mid southhomebuyers.com   Corey Coates  2:19   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  2:35   Welcome to GRE from the Adriatic Sea to the Atlantic Ocean and across 188 nations worldwide, I'm Keith Weinhold, and this is get rich education. Sometimes we all need a mindset reset, and this can include me. Sometimes. James clear, the author of atomic habits, says there are four types of wealth, financial wealth, which is money, social wealth, which is status, time, wealth which is freedom, and physical wealth, which is health. Be wary of jobs that seduce you with one and two but rob you of three and four. That is to say, be careful with jobs that seduce you with financial and social wealth but rob you of time and physical wealth that is definitely going to happen to you during your life, especially early in your working career. But many people, even most people, they don't do much about this. They just go on and on, selling their soul to their employer for decades. Sometimes paychecks aren't compensation. They're a bribe from an employer to give up your dreams early in your career, delayed gratification actually makes some sense, because you need capital formation, you need down payments, you need dry powder. That is totally fair and the time in your life for delayed gratification. But there's a point that most people miss, the point where delayed gratification quietly mutates into denied gratification. This is huge. Most people miss this inflection point. When is this point in your life? That's when I'll do it later becomes, well, I guess I never did it at all. They look up at what they've got at age 65 and realize that they have a respectable title. They still wear Dockers pants. They have a 401, K that they must start paying tax on, and knees that creak louder than. The front door. Compound Interest hardly outpaces taxes and inflation. That's just going to keep you in one spot, you know, and you're never going to get that time back. There is no do over there. So you need to get to the point where you can be more frugal with your time than your money. Younger people have a harder time adopting this mindset, and that's a little natural, because they have more time and less money. Sooner than later, you must desperately get financially free so that you can simply be your self workaholics, optimize income instead of assets, and you can't let that happen, because labor does not compound and capital does compound, your quality of life will exceed your cost of living when your life is funded by what you own, not by what you do that takes a different mindset. You can either be a conformer or you can build wealth when you invest in real estate that pays five ways. It's like what you're doing is buying future Tuesdays, where you never have to work again and then later, add on future Wednesdays, where you never have to work again because you got the compound leverage instead of the impotent compound interest. I mean, just consider your two and a half million dollar portfolio that is passively doing the same work as someone who sells 40 to 50 hours a week of their life away for 100k in yearly salary. All right, maybe you're thinking, Oh, that all sounds thought provoking, but if you're not engaged on that, it can sound airy and philosophical and even risky. It's sort of like, yeah, you're cueing the acoustic guitar music and slow motion images of someone pensively gazing at a sunset.   Keith Weinhold  7:12   All right, what is the concrete plan? It's not all about mindset. It only starts with mindset. You got to make that actionable. Well, we constantly provide concrete plans for you here on this show, and I've got another concrete plan for you toward the end of the show today. This harkens back to what I discussed with you seven weeks ago, seven episodes ago on the show. That's when I discussed the world's first billionaire, John D Rockefeller and his enduring quote from about 100 years ago, he who works all day has no time to make money. Yeah, that's the quote a little review. What you learned seven episodes ago is that Rockefeller meant, if you spend your life doing tasks, you're never going to rise high enough to own things that pay you for life. The bottom line here is that earning a living is a distinctly different activity than building wealth. That's what we're talking about here.    Keith Weinhold  8:14   Well, there is a new wave of landlords entering the market, and they are reshaping what owning rentals looks like. One survey by rental platform avail of nearly 2000 users. It's really influential. It found that 53% of landlords became landlords in the last five years. So you have a lot of new landlords with the most 17% of landlords entering the market in just the last year, most purchased a property specifically to rent it out, and 1/3 sort of backed into this business by renting out their former residence. Of course, some people want to rent out their former residence today, if they got locked into that sexy owner occupied three and 4% financing from 2022 and earlier, the survey went on to tell us with some really good takeaways here, 72% of landlords manage between one and four units, and this avail survey. I mean, it's just another one that shows that the majority of landlords operate small portfolios, classic mom and pop investors. That one's not too surprising. The top three reasons that landlords gave for entering the rental market, they're pretty interesting. The number one reason for getting into this at 41% of respondents is building long term wealth. Next 33% for generating passive income, and the third most popular one, it's a distant third, it is preparing for retirement at 13% so building long term wealth is the number one reason for getting into this, and that is the right reason. Them when it comes to ownership structure, 64% said that they own the property individually, whether that's through a single member LLC or in their own name, doing it, yeah, individually, rather than with a family member or a business partner. So really, the summary of this terrific, recent avail landlord survey is that if you're just getting started, you're not alone. A lot of people are most own properties solely in their own name, and the number one reason for doing it is to build long term wealth. Now there's another pervasive set of economic trends out there in the broader economy, but it's really a benefit for real estate investors, and that is the fact that wage growth has now outpaced consumer price growth for three years. Yeah, another way to say that is that wage growth has outpaced inflation for fully three years. Yeah, most people just aren't feeling it yet. So you might be taken somewhat aback by that, and why aren't people feeling that wage growth is faster than inflation, the pandemic inflation spike that was so huge, it was like getting hit with a freight train, and then someone tells you, good news, the train has stopped. Yeah, that's nice. You are still lying on the tracks, rubbing your ribs. That's because we're all still absorbing spiked prices for everything from a lumber two by four to a York Peppermint Patty, year over year, wages are up 3.8% and consumer inflation is 3% All right, so wages above inflation, that means things are getting a little more affordable, but both wages and inflation have grown faster than home prices, which have only grown about one and a half percent, and this is all per the BLS in the FHFA, so wage growth Being more than double home price growth. Well, that trend really makes properties more affordable, but historically, they're still not that affordable. Everybody knows that home prices soared until about 2023 that was the turning point, and now wages are in their catch up phase. All right, but what really matters to real estate investors is, when will this wage growth translate to rent growth, historically, big rent growth that lags big home price growth by about two to four years. So you have the big home price growth, big rent growth hits two to four years later, historically. Now, if that holds true, we should finally see substantial rent growth this year or next year. Rent growth has still been pretty soft in the one to four unit space, and even there are rent decreases in the overbuilt apartment space. Future income growth promises to make homes more affordable. Affordability has already improved, with mortgage rates hovering near three year lows. There's one problem, though, that most people overlook, and that is this wage growth has been skewed toward the higher income deciles, renters, especially workforce renters, they don't feel it until later. So this 3.8% wage growth, it's heavier for higher income people, and it's lighter for lower income people. I swear, when there are enriching economic trends, it always hits the higher income people first, and it doesn't trickle down until later. So if you as an investor, are positioned before the rent wave hits, you are surfing, and if you wait to feel it, you're swimming behind the boat. Higher wages should translate to higher rents in the next one to two years. And as far as some other forces, as we all know, the man occupying the oval office in the White House, the President, he wants lower rates. The current Fed Chair isn't so willing to do that. The next one, the one he appointed, Kevin Warsh, who arrives in May. He seems more receptive to lower rates, but it's gonna take a while. It all moves so slow. We have had 16 fed chairs before worsh over 112 years. And look how much of an econ nerd Are you? Are you as bad as me? These voices are in chronological order, and I can name each speaker.   Corey Coates  14:47   You're going to have to live with the fact that forecasts have a range of uncertainty, irrational exuberance.   Corey Coates  14:54   In my opening remarks, I'd like to briefly first review today's policy decision, but   Corey Coates  14:58   first I'll review recent. Economic developments in the Outlook, and we are well positioned to wait to see how the economy evolves.   Keith Weinhold  15:06   If you can name each of those speakers, I would love to give you a free property from gremarketplace.com but I can't quite swing that in order. Those voices are Paul Volcker. He served from 1979 to 87 he was known for crushing double digit inflation by jacking rates to near 20% it was painful medicine, but it worked the next one. Alan Greenspan sir, from 1987 to 2006 that was a long reign, almost 20 years. He oversaw the 90s economic boom, the.com bubble and the early housing bubble. Years so far, Greenspan is the only Fed chair that I have met in person. Then Ben Bernanke, he was the Fed chair from 2006 to 2014 he took the helm right before the 2008 financial crisis. He rolled out QE and emergency lending on an historic scale. In fact, he was nicknamed helicopter Ben because it's like he would print so much money that he just dropped it out of huge sacks, dollar bills in huge sacks, dropping them from an airplane, metaphorically, not literally. Then Janet Yellen, 2014 to 2018 she kind of continued this post crisis normalization, and she was the first woman to chair the Fed and then, of course, Jerome Powell serving from 2018 to 2026 he navigated the covid stimulus, ultra low rates. And then after that, the fastest rate hiking cycle in decades to fight inflation back in 2022 being the Fed chair is the most important job in this economy, and over the decades, there's been more of a movement of the fed into the public eye. You just hear about them more in the media than you used to. But like I touched on last week, it just still doesn't mean as much to real estate investors as a lot of people think, people sometimes look for someone else to come save them, but it's more about you and the choices that you make that's what means more housing supply and demand means more real estate investors have profited during every one of those Fed Chair reigns, which go back almost 50 years from Volcker to today, I think everybody knows that fed chairs don't control property prices, and they don't even control long term interest rates. What's a little paradoxical is that Trump has been vocal about how he wants more affordable home prices, yet at the same time he wants existing homeowners to have their home prices go up, those two things seem to be in tension. They're in conflict with each other. The only way you can possibly get both are through lower mortgage rates. But is he going to see later today you as a GRE follower, you don't have to wait for lower rates income, property still feels less affordable than it did five years ago, because it is that's real but here's the key distinction in what makes real estate investors different from owner occupied homeowners. Affordability isn't about the price of the property, it's about whether the property pays for itself and grows your net worth while inflation does the heavy lifting. Higher prices don't kill investors. Inaction during inflation does you're not buying a say, $350,000 property. You're controlling it with $70,000 while your tenant and inflation do the rest. We do not rely on hope or appreciation. We start with income tax benefits and debt pay down and then leverage appreciation typically happens as well. GRE only succeeds when investors close on properties that perform long term. One bad referral costs us years of trust, so we don't do that. The best question for you really isn't whether property is affordable. The question is whether owning an investment property is better than inflation compounding against you. That's the investor lens today.    Keith Weinhold  19:24   coming up next week on the show here, we're going to discuss apartments. It's been a truly be leaguered sector, where their prices have fallen 2030, and 40% in many markets. We've discussed apartments here on the show a lot before, like with Grant Cardone on episode 264, with Ken McElroy, countless times with me monologuing about apartments. And next week, we're going to talk to a multifamily educator who is known as the apartment King. Later on, a future show, we've got the return of the financial. Firebrand, and lately, the financial comedian Garrett Gunderson, a powerful speaker. That's definitely going to be interesting. As for today, you'll hear a first person account from a Florida resident about why he's moved to Florida and why he invests there. You've heard of this guy before. That's next. I'm Keith Weinhold. You're listening to Episode 593, of get rich education.    Keith Weinhold  20:26   Flock homes helps you retire from real estate and landlording, whether it's one problem property or your whole portfolio, through a 721, exchange, deferring your capital gains tax and depreciation recapture, it's a strategy long used by the ultra wealthy. Now Mom and Pop landlords can 721, the residential real estate request your initial valuation, see if your properties qualify@flockhomes.com slash GRE. That's f, l, O, C, K, homes.com/G. R, E,    Keith Weinhold  21:02   you know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year, I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. There's real world security backed by needs based real estate like affordable housing, Senior Living and health care. Ask about the freedom flagship program. When you speak to a freedom coach there, and that's just one part of their family of products. They've got workshops, webinars and seminars designed to educate you before you invest. Start with as little as 25k and finally, get your money working as hard as you do. Get started at Freedom family investments.com/gre, or send a text. Now it's 1-937-795-8989, yep, text their freedom coach directly again. 1-937-795-8989,   Keith Weinhold  22:13   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President chailey Ridge personally. While it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Zack Lemaster  22:47   this is rental retirement Zach Lee Masters. Listen to get rich education with Keith bleinhold, and don't quit your Daydream.   Keith Weinhold  23:02   I'd like to welcome in our own in house. GRE investment coach, we haven't had you on the show since November. Welcome in Naresh.   Naresh Vissa  23:11   Kwith, It's a pleasure to be back on the show. Thanks for having me on.   Keith Weinhold  23:16   We're just playing it all casual and comfortable here in house. You were just finishing up, what ice cream or a container of something right before we got started   Naresh Vissa  23:25   here, all done with the ice cream and ready to record the podcast.   Keith Weinhold  23:29   Yeah, all right, keeping cool for our chat. Well, you know you do live in Florida, so you must have your own perspective on the Florida market. You live in the Tampa area, and the reason that that's a germane topic is that's something we've been talking about here lately as really an opportunity, and that is because most of Florida has seen some temporary property price attrition, but yet more population growth is projected. So that's why we feel like that's temporary. But why don't you tell us about what you see on the ground there?   Naresh Vissa  24:07   Keith, I've lived in Florida for 11 and a half years now. That's Tampa, Florida. I like Florida a lot. I moved here December 2014 for similar reasons that many people are moving here today. So I moved to Florida in December 2014 because of no state income tax, because of, at the time, lower cost of living. Florida was one of the states I got hit the hardest during the 2008 financial crisis, or nothing called in a real estate crisis, Florida, Arizona, those few others got hit really, really hard. So Florida at that time was still rebounding from 2008 so I moved for the affordability, the no income tax, of course, the weather better. Weather. And then most places in the Northeast I've lived so weather is a big deal when it comes to real estate and geography as well. These are all different reasons to move to Florida, and these are the reasons why I moved to Florida. I was also single in my 20s, so I was much younger at the time. I was single in my mid 20s, and Florida is very good for that too. For 20 something Gen Z folks today, Florida is definitely a place that they should consider. I moved down here and I fell in love with it. From day one. I got a place living right on the water, a beach. Got beaches everywhere. Florida's tour. And I say all this because these are all enticing features of Florida, for renters, for tenants, for snowbirds. I had never even heard of what a snowbird was until I moved down to Florida, where you have people who literally live here for seven months of the year, and then they live in their home state for five months of the year. So that's generally what it is, seven months in Florida, five months in their home state, which can be the people I know personally are from New York, Connecticut, Illinois, Ohio. The list goes on and on. Basically anywhere that's north of Florida could be considered a snowbird area. So that's another reason why Florida is a very hot market. Now, obviously, during the pandemic, in end of 2020, people started moving to Florida in droves. Part of it was politically, because you didn't have the restrictions that other states had during that crazy time that we lived through. And another part of it was work from home. So similar to me, in 2014 when I became full time work from home, I wanted to move somewhere for all those different reasons that I gave you the total package, and Florida fit that there was maybe one other state that fit the bill, based on everything that I told you, probably one other state. That's it. So Florida fit the bill, and that's why I think Florida is always going to be despite the hurricane prep, Florida is always going to be a destination that people will seriously look at whether you're older, retirement age or younger. Like I said in my mid 20s, single guy Florida is always going to be that destination for all the reasons that I laid out. So with that being said, what does that mean for real estate? What that means for real estate is that there's going to be a constant supply of people coming into Florida, and when there's a constant supply of people coming into Florida, then you can expect real estate prices to at least not decline. We passed, you know, all sorts of bills, including Dodd Frank post 2008 to prevent people from taking out mortgages that they couldn't afford. So now that that's out of the way, when you have a constant supply of people who are able to afford homes, who are able to afford rents, well, that's going to be a constant supply. So that's good for investors, that's good for appreciation. It's good for cash flow. And that's why I'm a huge fan, not just of the state of Florida, but also investing in Florida. And I own real estate in Florida, and you can say that I lucked out, but I bought a property in 2019 and it nearly doubled in value, yeah, when I say doubled in value in a matter of I want to say, like, two years, two and a half years, it nearly doubled in value. So with that being said, Florida, this was a rare cyclical trend when we just saw this huge upswing, rare cyclical trend. But I don't anticipate cycles like this, where you're going to have booms and busts. Moving forward, we haven't seen a bus since 2008 like I said, the the law has been taken care of in that sense, the regulation. I love the state. I've lived in six major cities, but maybe five different states, and Florida is hands down my favorite. That's why I've lived here for what did I say? 11 and a half or 12 and a half years? I don't even remember anymore. It's actually 11 and a half. My roots are here. I now consider myself a Florida person, even more so than the state of Texas, where, which is where I spent 18 years. I have no doubt that I'll surpass 18 or 19 years in Florida, and that this is it, right here. And a major reason is because this is just such a great state. It's free, it's real estate friendly. This is for people who are looking at buying primary residences, not for investment properties. But the governor has put on the ballot this coming election cycle to remove, to abolish the property tax in the state of Florida. So if you own, if you live full time, not a snowbird, not investors, but if you live in Florida permanently, then no more property tax if the vote passes. So that's another huge plus for owning property if you're a permanent resident in Florida,   Keith Weinhold  29:57   yeah, even if the property tax is abolished. Which seems unlikely, you could just tell what the tenor and the temperature of the tax climate and the investing climate is like in Florida, if they're even spearheading such a proposal, and they're a national leader in something like property tax abolition, like they are and Naresh about eight years after you moved there, which would be, what about 2020? 2022, somewhere in there, we had that strong pandemic migration push into Florida. What's happened is that that flow has slowed down. There's still positive net in migration in there in Florida. But the builders, they got ahead of this, and the pandemic migration wave waned, and they had a temporarily overbuilt condition, and they still do now, which is one reason why we've seen prices fall somewhat in most Florida zip codes, and this spells part of the opportunity. So you do have all these new build properties, some of which are vacant, but you have a good chance they're going to get absorbed pretty soon. And there are some obvious advantages to owning new build.   Naresh Vissa  31:11   Well, Keith, there is brand new construction in Florida, like you said. The work started in 2021 and there are homes that have not been sold. I don't want to say, since they were finished building in 2021 they recently finished building in 2025 and these homes could be a variety of reasons. It could be economic related. It could be hurricane related. In Tampa, the Central Florida, we had two horrible hurricanes back to back within a 15 day period, two really bad hurricanes towards the end of 2024 September and October 2024 and people lost their homes. Renters lost their homes. Other people just were freaked out and scared and said, You know what? I don't want to deal with. I've got PTSD from these hurricanes. I'm moving up to Alabama or Georgia or Orlando, you know, somewhere in Central Florida, that's a way. But even that area, you know, the hurricane still made it through to those areas too. People just picked up and said, You know what I'm done with Florida. It's a great state, but I don't want to deal with these hurricanes. And so regardless, whatever the reason, this is a pie, and these are all slices of the pie, I don't know what's been more of a contributing factor than which one has been more than the others. But with that being said, there are tons of properties in Florida, pretty much the entire state of Florida, where, especially new construction properties, are below at the time when they were being built, they're below what they anticipated being listed as. And So Keith, we're having a special webinar this Thursday, talking about these properties because they are discounted properties. They are properties that are selling at tremendous discounts, like I said to when Ground was broken years ago. So join that webinar. Gre, webinars.com gre webinars.com. Again, brand new construction. Many of these properties already have tenants in place. Not all of them, but many of them do already have tenants in place. There are all sorts of incentives that the builder is offering. And there are many builders in that, not just this one that's going to be on the webinar, but in Florida, there are many builders who are offering discounts, rate, buy downs, other incentives, because the home values have fallen somewhat a bit. Why have the home values falling? Because the demand has fallen as well. So again, the next question people might have is, well, if the demand is falling, if home home values are falling, why would I buy the trend is downward. And the answer is, whether it's a stock or any other security, you don't necessarily want to have the FOMO to buy at an all time high, just because everyone else is buying it. And I actually have family members who bought real estate at the peak of 2022 there was FOMO and there was, hey, you know, I need to get a flip, and they're down. They bought peak 2022, and they're down today. Because, look, you can pick any housing market in the country, especially a prime state like Florida. Look at any 30 year period, and you will see that home values are up double digits, even if you look at 2009 when the housing market crashed and we reached something like 10 year bottom in housing, if you look at the 30 year period, well, if someone who bought a house in Florida in, say, 1979 was still way up on their property in 2009 30 years later, we're not buying Bitcoin here where it can go up 30% in one day or go down 30% in one day. We're talking real estate, and real estate has been proven. It's been tested. It's been proven throughout time, not even a 30 year period. I think if you take any 20 year period, you're going to see the same trend of double digit gains, double digit growth. On real estate appreciation. So I'd say, if you're skeptical about Florida, you see these home values, all these discounts, that's the first thing I hear from followers. They say, why are they offering so many discounts? I'm a little concerned about all these discounts and incentives, and I don't know if that's a good thing. Well, I say, Well, I mean, you can buy full price in another state, if you'd like, you know, in California or so you could, you're more than free to buy full price. But we're talking Florida here. We're not talking about West Virginia or Rhode Island, or, you know, Nebraska. We're talking Florida. This is still the land of Mickey Mouse and Minnie Mouse, this is the land of the best beaches in the country. I mean, they there's just no arguing or debating these facts. Florida all the reasons that I stated earlier, is going to continue to be a hot, hot market. So I highly recommend people, if you want to get in on these discounted deals, G R E, webinars.com G R E, webinars.com register for our upcoming online and live special event this Thursday evening at 8pm Eastern Time, 8pm Eastern Time, gre webinars.com you won't want to miss this free, online and live special event.   Keith Weinhold  36:25   When a pound of oranges is on sale or a pound of zucchini is on sale, consumers are often attracted to that sale. Should probably be the same way with you considering adding to your real estate portfolio, and it's funny, when oranges of zucchinis are on sale, no one tries to find fault with it and think that they're rotten inside or something like that. But somehow with real estate or an investment that tends to get scrutiny from people, but these are real discounts that you're getting over buying, say, two years ago, and we're talking about a motivated seller here. And as you know, Naresh, we had the builder on the show last week, the one that's going to be co hosting the webinar with you on Thursday, and he talked to us about buying down mortgage rates to between 3.75% and 4.25% and we're here at a time where the owner occupied rate is six to six and a quarter the investor rate is seven, so you're getting about a three percentage point buy down. That's really the attraction. And Naresh, before I ask you, if you have any last thoughts, yes, again, it is our live event that you can attend from the comfort of your own home, Thursday the 19th, at 8pm eastern in just a few days, here with Naresh and the builder who you heard on last week's show, co hosting a live webinar for Central Florida so inland new build income property. It's free. You're invited, and the benefit of you attending live is that you can have any of your questions answered in real time. You're going to learn more about the Central Florida market and more about the home building process, and you are going to be able to see available new bill property, real addresses, with some of these pretty grand incentives that we've talked about again. GRE webinars.com, any last thoughts? Naresh   Naresh Vissa  38:17   I get a lot of questions about is right now the time to buy? Should I buy later? What's going to happen with real estate? And I know the number one question, or the number one caution our followers are going to have, is, is right now the time is March or April, the time. And I say, look, with real estate, I already gave you the figure that you take any 20 year time period, any 30 year time period, and that's our time horizon here at GRE again, we're not trying to buy bitcoin here and flip it, you know, two days later, we're looking to buy and hold for, I don't want to say forever, but I know my time horizon in general is the full 30 year term, at least for my properties, and some people you know, want 10 or 15 years. That's fine too, but that's the time horizon. It is not one year, two years. We're not flipping new construction properties here in Central Florida. We are looking to buy and hold over the long haul, get some very good, high quality tenants in there, in these new construction properties, so that you, the GRE follower and the investor, can collect your monthly cash flow as well as over that 20 year period, or that 30 year period take part in appreciation as well. We've also talked extensively, Keith in previous episodes about interest rate cuts that the Federal Reserve is going to be doing, and just know this, there's a reason why the builder is offering these incentives where you can get the rates so low, your mortgage rate can be so low, and it's going to take at least a year, even if the Fed goes to zero. I mean, it's going to take mortgage rates a very long time. And to reach that point of getting such low interest rates that you just laid out, so that even makes it more enticing, like, Hey, I basically have a head start on the Federal Reserve because I follow the Fed pretty closely. We don't need to get into those details, but it's looking heavily like they are going to be start cutting again later this year, this summer. So it's looking like they're going to do that, but again, now you can have a head start, because when the Fed starts doing that, and when the mortgage rates fall, then everybody's going to jump in. And what's going to happen to the home values once everybody jumps in, well, they're going to go up. You want to jump in when everybody is not jumping in, and when you can get an amazing deal on these interest rates thanks to the builder buying down your interest rate. So this is a GRE special you can't get these deals. I challenge our followers to go on the internet and try to find better incentives or deals. And what you're going to see on this webinar, on this online, live special event. So gre webinars.com you can join me as well as our special guest. He heads up the builder. His name is Jim. He's going to be on with me. And please join us at grewebinars.com sign up for this free and live online special event.   Keith Weinhold  41:20   These are some great points. There's a lot of anticipation for Thursday, Naresh. We'll see you then.   Naresh Vissa  41:25   Thanks, Keith.   Keith Weinhold  41:32   Oh yeah, a first person account on Florida life and opportunity from our own Naresh nationally, the build to rent model that has been a real success, building single family rentals with the intent that they are rentals. From day one, over 321,000 homes have been built specifically as rentals this way since 2012, and more than three quarters of those in just the last five years. So the build to rent trend is picking up steam. About 1/3 of Americans rent their home, and although the word rental for some people that still conjures up visions of high rises packed with apartments, but a growing number of today's rentals are these freestanding, single family homes and duplexes like we're talking about today, nestled in suburban communities with top notch schools, and that's why a growing number of mom and pop investors have hopped on the build to rent bandwagon. They take less maintenance. It attracts quality tenants who stay longer, and the rentals have changed, but so had the renters. 20 years ago, it felt like tenants had to rent, like they had no choice. Today, you've got more and more tenants that choose to rent. Many of them make 100k to 125k or more. Today, rentals are cheaper than owning for those people, and they're less of a headache. A lot of them don't want to fix things, and you as the owner, don't want to either. That's why new build is attractive. Then, you know, I just sent that great map to our newsletter subscribers about which states saw the most population gain from 2020 to today, the South had more population growth than every other US region combined, which is jaw dropping and within the South, the state with the most population growth since 2020 is Florida, with An 8.9% population gain in that span, narrowly beating out Texas and South Carolina. By the way, even if it weren't for the attractive builder interest rate near 4% these Sunshine State deals could still make sense. New build single family rentals from the 270s new build duplexes, 395 to 420k low insurance rates, positive cash flow, a builder warranty. And it's really even better than that. These properties are centered on Ocala, Florida, which received national recognition as the fastest growing city for this second year in a row. That's according to a U haul report, and Florida is the epitome of investor friendly. Florida is the first state to enact a law allowing law enforcement to immediately remove squatters. It distinguishes them from legal tenants. You might come to the webinar event, perhaps thinking about 80k or 500k that you want to allocate toward property or maybe nothing and you just want to learn at the event you will evaluate realistic opportunities learn how property management is handled, and understand how today's inventory fits into your disciplined, long term strategy that all takes place on. On Thursday the 19th at 8pm Eastern. It's our biggest event of the year, and it is called Why Central Florida is the year's most compelling housing market. One last time for Thursday, it is gre webinars.com, until then, I'm your host. Keith Weinhold, don't quit your Daydream.   Unknown Speaker  45:20   You nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  45:52   The preceding program was brought to you by your home for wealth building get richeducation.com  

Yerbol Orynbayev, former governor of the World Bank, digs into the latest CPI report and the U.S. economy. He calls the report “good news” but says inflation and tariff risks remain. Reshoring manufacturing also boosts costs, which can lead to higher prices, he notes. “Stay alert and see how things play out,” he says. The fall in energy prices was the highlight of the report, he argues. Yerbol covers the potential for Fed rate cuts this year under Fed Chair nominee Kevin Warsh. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Collin Martin says a 2.5% increase on the year-over-year core CPI data was good, but under the hood he says there was some not so nice things. He describes the short-term picture differentiating itself from the 12-month period. Collin adds that the bond market "clearly likes" the report, but believes the Fed will remain on hold for "the next few meetings." Charles Schwab's Michael Townsend agrees, saying the labor market and inflation data should have the Fed on pause until the summer. Mike adds that any changes from the Fed are unlikely until a new Fed Chair is in place. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

A new Fed Chair nominee. Elevated bond yields. Slowing rent growth. Negative absorption.What does it all mean for multifamily investors?Spencer Gray unpacks how Kevin Warsh's potential leadership at the Federal Reserve could reshape interest rates, inflation expectations, and long-term asset pricing — including apartments.This episode also dives into:• Why IRR can be misleading• The difference between speed of return vs. total return• Updated 2026 supply forecasts• Oversupplied Sunbelt markets vs. Midwest resilience• Why operational excellence matters more than everIn times of uncertainty, understanding first principles matters.

Kevin Warsh has officially been nominated to replace Jerome Powell as Federal Reserve Chairman and the big question now is what this means for interest rates, mortgage rates, housing, and the broader economy.In this episode, we cut through the political noise and focus on what actually matters for borrowers and investors.I break down who Kevin Warsh is, his background at the Federal Reserve, and whether he is likely to lean more hawkish or dovish. More importantly, we discuss why the bond market reaction matters more than headlines and how the 10 year Treasury ultimately drives mortgage rates.We also cover:How jobs, inflation, and consumer spending will determine future rate cutsWhy small businesses are struggling despite strong economic dataThe difference between Fed rate cuts and mortgage rate movementsOther policy levers that could bring mortgage rates down beyond the FedWhy affordability not politics is the real issue heading into 2026If you are a homebuyer, investor, homeowner, or self employed borrower, understanding how this leadership transition could impact rates is critical. Mortgage markets respond to data, confidence, and forward guidance not just announcements.As we move deeper into 2026, the real drivers will be the labor market, consumer strength, inflation trends, and bond market belief. That is where the focus should be.

Following the announcement of a new Fed chair, we explore the evolving landscape of monetary policy and its impact on markets. Our experts break down what a change at the top could mean for interest rates, inflation and the broader investment environment. The discussion covers the latest Fed meeting, the outlook for rate cuts and the influence of fiscal stimulus on consumer spending and market momentum. Gain insights into the dynamics of a tight, but not necessarily strong, labor market, the implications of shifting immigration trends and the potential for inflation to remain sticky in the months ahead. Join Jordan Jackson, Global Market Strategist, and Brandon Hall, Research Analyst, as they share their perspectives on the Fed's direction, market positioning and what lies ahead for investors. Watch the video version on YouTube.  Subscribe to the Notes on the Week Ahead podcast for more insights from Dr. David Kelly: Apple Podcasts | Spotify

Jim Ferraioli and Jenny Horne examine the 2026 pullback in Bitcoin. Jim points to a confluence of factors weighing on Bitcoin performance including the market pricing in a government shutdown, the Kevin Warsh pick as the next Fed Chair and several big tech earnings misses. Jim explains the historical correlations between Bitcoin and tech, but says 2026 could be the year that Bitcoin separates itself from the group. Jenny and Jim also look at Strategy (MSTR) after announcing another Bitcoin buy. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Guest: Elizabeth Peek. Peek discusses Kevin Warsh's nomination as Fed Chair, the market's enthusiasm for AI, Elon Musk's visionary ventures, and economic concerns regarding housing shortages and inflation.1829 FIVE POINTS

Guest: Joseph Sternberg. Sternberg assesses potential Fed Chair Kevin Warsh, highlighting his "realist" approach to monetary policy and desire to reduce the Federal Reserve's balance sheet.1880 TREASURY

Guest: Elizabeth Peek. Peek discusses Kevin Warsh's nomination as Fed Chair, the market's enthusiasm for AI, Elon Musk's visionary ventures, and economic concerns regarding housing shortages and inflation. Guest: Elizabeth Peek. Peek critiques potential 2028 Democratic candidates, arguing Gavin Newsom's California record and Kamala Harris's past campaign failures make them weak contenders for the presidency. Guests: Judy Dempsey and Thaddius Mart. The guests analyze global economic anxiety, Macron's push for EU strategic autonomy, and rising US-EU tensions regarding digital regulation, hate speech, and technological competition. Guests: Judy Dempsey and Thaddius Mart. They examine German concerns over US political influence, the rise of the AfD party, and the fracturing transatlantic relationship amidst widespread economic uncertainty and unpredictability. Guest: Joseph Sternberg. Sternberg assesses potential Fed Chair Kevin Warsh, highlighting his "realist" approach to monetary policy and desire to reduce the Federal Reserve's balance sheet. Guest: Joseph Sternberg. Sternberg explains how the Peter Mandelson scandal is fueling internal Labor Party conflict, allowing the left wing to purge Blairites while Starmer remains in power. Guest: Jonathan Schanzer. Schanzer analyzes Iran's stalling tactics in negotiations via Oman, noting the pressure from a US armada while questioning Oman's neutrality as a mediator. Guest: Jonathan Schanzer. Schanzer warns that Turkey is positioned to fill the power vacuum if Iran falls, complicating regional dynamics as Erdogan confronts his own mortality and succession. Guest: Mary Kissel. Kissel condemns the brutal sentencing of Jimmy Lai, illustrating Hong Kong's total loss of freedom and the failure of Western powers to hold Beijing accountable. Guest: Mary Kissel. Kissel attributes Prime Minister Starmer's declining popularity to economic failures and the scandal involving Peter Mandelson, which has boosted the populist Reform party's standing. Guest: Grant Newsham. Newsham analyzes Prime Minister Takichi's landslide victory in Japan, noting her hawkish defense stance and economic plans significantly strengthen the US-Japan security alliance. Guest: Conrad Black. Black criticizes Mark Carney's anti-American rhetoric, arguing that Canada's economy relies on the US, while domestic issues like housing shortages remain unaddressed. Guest: Gregory Copley. Copley highlights Australia's booming AI and space sectors under AUKUS, contrasting this success with the political instability and bureaucratic malaise of the Albanese government. Guest: Gregory Copley. Copley evaluates the "forever fleets" pressuring Iran and Venezuela, questioning if current pressure tactics will yield long-term resolutions or merely prolong regional instability. Guest: Gregory Copley. Copley discusses the Nile dam dispute, criticizing Egypt's historical entitlement to water and suggesting US cooperation with Ethiopia could better stabilize the Red Sea region. Guest: Gregory Copley. Copley details the scandal linking Prince Andrew and Peter Mandelson to Epstein, arguing the monarchy remains a crucial stabilizing force during Britain's political turmoil.

LPL's Chief Economist, Dr. Jeffrey Roach highlights the potential impact of a new Fed Chair, improvements with inflation expectations, and why the yen could weaken further. Tracking: #1063227

In this timely solo episode, Amy Sylvis breaks down what a potential shift in Federal Reserve leadership could mean for the economy, interest rates, and commercial real estate investors. With speculation swirling around a possible nomination of Kevin Warsh as the next Federal Reserve Chair, Amy walks listeners through how a more forward-looking, deregulation-friendly Fed might change monetary policy decisions and why those changes matter far beyond Wall Street.The conversation goes deeper than headlines, connecting Federal Reserve strategy to the growing pressure of U.S. national debt, refinancing timelines, and the real-world consequences of interest rate decisions. Amy also shares how she personally thinks about inflation, hard assets, and passive income strategies in uncertain economic environments, offering listeners a grounded framework for thinking long-term rather than reacting emotionally to short-term noise.Connect with Amy Sylvis:https://www.linkedin.com/in/amysylvis/Contact Us:https://www.sylviscapital.comhttps://www.sylviscapital.com/webinar00:00 Introduction to the New Federal Reserve Chair Nominee00:18 Welcome to the Secrets to Abundant Living Podcast01:20 Speculations on Kevin Warsh's Potential Impact03:59 Three Key Changes Under Kevin Warsh's Chairmanship09:58 Invitation to Passive Income Training10:57 The National Debt and Interest Rates16:01 Conclusion and Final Thoughts

We discuss the drivers and implications of the early-February market selloff with guest Justin Livengood, who believes “a broader market is a healthier market.” And Brian Levitt explains why he disagrees with a past statement from Fed Chair Nominee Kevin Warsh, and what he thinks of Warsh's recent opinion that significant productivity gains from artificial intelligence could enable growth without inflation. (Invesco Distributors, Inc.)  

Register here to attend the live virtual event "Why Central Florida is the Year's Most Compelling Housing Market" on Thursday, February 19th at 8pm Eastern. Keith looks at how a changing Federal Reserve leadership might shape the interest rate environment, then zooms in on what's really happening with homebuilders versus remodelers across the country.  You'll hear about a lesser-known strategy some investors are using to step back from day-to-day landlording while keeping their income, and then we head to Central Florida to explore why one fast-growing market is quietly becoming a hotspot for new-build rental properties.  Along the way, a longtime Florida builder joins the show to explain how they're creating affordable, investment-friendly homes and what kinds of rents and tenant demand they're seeing on the ground—plus a way you can learn more live if this opportunity fits your own portfolio plans. Resources: Register for the event at GREwebinars.com Episode Page: GetRichEducation.com/592 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   welcome to GRE. I'm your host. Keith Weinhold, the naming of a new Federal Reserve Chair. Then are homebuilders in trouble today? There are a dwindling number of them, and their profits are down. I'll talk to a homebuilder. Listen to what amenities tenants want today, and it's interesting. We'll learn how low of a mortgage rate builders will give you. Now there's an opportunity here today on get rich education.   Corey Coates  0:30   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Keith Weinhold  1:14   mid south home buyers with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your return on investment as their North Star. It's no wonder smart investors line up to get their completely renovated income properties like it's the newest iPhone headquartered in Memphis, with their globally attractive cash flows, mid south has an A plus rating with the Better Business Bureau and 4000 houses renovated, there is zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate with an industry leading three and a half year average renter term. Every home they offer you will have brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter in an astounding price range, 100 to 150k GET TO KNOW mid south enjoy cash flow from day one at mid southhomebuyers.com that's mid southhomebuyers.com   Speaker 1  2:17   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  2:33   Welcome to GRE from countersport Pennsylvania to Davenport Iowa and across 488 nations worldwide. I'm Keith Weinhold, and you're listening to get rich education now more than ever, where you learn about personal finance and real estate investing matters. There's more AI generated content out there. This show is all flesh and blood me. There's also more clickbait content out there that says something like the housing market is about to have a price crash. No, it's not. They're just there to get short term attention. So your information source really matters today. New incoming Fed chair, Kevin Warsh, was recently named. He will replace the outgoing Jerome Powell on May 15. I want to tell you more about that in a moment. But first, just imagine if this scenario were to occur, say that we get a Fed chair that has to deal with really high inflation. And so what this Fed chair does is that he successfully brings inflation down, and he does that without triggering a recession that's called a soft landing. Well, you know what? That's exactly what Jerome Powell did the past three years. Yeah, that's what he's accomplished, and he doesn't get credit for it. He only gets a lot of criticism. Now this doesn't mean that I love Powell. I don't even know that the Fed should exist at all, but Powell got a lot of criticism for calling 2022, wave of inflation transitory, and being too late to respond to it. So he gets some credit here as his term of more than eight years winds down. Let's listen in to some of Jay Powell's recent comments about succession,    Speaker 2  4:23   you've obviously experienced a lot during your time as Fed chair, served under multiple presidents. I'm wondering what advice you have for whoever your successor might be.   Speaker 3  4:34   Honestly, I'd say a couple of things. One is, you know, stay out of elected politics. Don't get pulled into elected politics don't do it. And that's another thing. Another is that you know, our window into democratic accountability is Congress, and it's not a passive burden for us to go. To Congress and talk to people. It's an affirmative, regular obligation. If you want democratic legitimacy, you earn it by your interactions with the our elected overseers. And so it's something you need to work hard at, and I have worked hard at it so and the last thing is, you know, it's easy to it's easy to criticize government institutions so many ways. I will tell whoever it is you're about to meet the most qualified group of people you not only have ever worked with, you will ever work with and when you meet fed staff. And not everybody's perfect, but, but there isn't a better cadre of professionals more dedicated to the public well being than work at the Fed.    Keith Weinhold  5:43   Yeah. So to Powell's point, the next Fed chair, worsh, does champion fed independence, much like Powell has. That is a good thing that keeps America from turning into a banana republic that maintains a strong dollar. Warsh was actually a Fed Governor back during the 2008 global financial crisis, so he's got that experience when he comes in as Fed Chair in three months, he's widely expected to lower interest rates more than Powell did, much like the president wants. Kevin Warsh looks a lot like Michael Scott from the office. He has got to be less bumbling than him, though, overall, the effect on real estate and mortgage rates by shifting from PAL to worsh, I mean, that should be pretty mild. Maybe you'll see rates go a little lower than if pal had stayed and speaking of rates, wait till you see how low the mortgage rate is that our homebuilder guest is offering today. What's really happening with homebuilders now? How much trouble are they in? Homebuilders have largely been maligned. Overall. There are fewer homebuilders today in America than there were 20 years ago, and there are more remodelers than there were 20 years ago, fewer home builders, more remodelers, and that's for a few different reasons. Over the past couple decades, we just have substantially higher labor and material costs, stricter building and energy codes, higher interest rates, and that disproportionately hurts long duration construction projects. We've got zoning constraints and land constraints that make ground up development slow and uncertain and risky. So while the number of Home Builders in America is down, the number of remodelers are up, because America's housing stock is getting older. Its median age is over 40 years, and that creates constant demand for upgrades. Capital prefers faster, lower risk cycles. That's what remodels offer, and homeowners with locked in low mortgage rates choose to stay in place. And what does that make them do? That makes them renovate and remodel, not move. So this is why, compared to 20 years ago, you have fewer home builders and more remodelers. Today, that's per the NAHB and the Census Bureau and all these forces, they've resulted in a lower profit margin for homebuilders. Yes, homebuilder margin compression for a lot of the bigger builders, including DR Horton, just as you might guess in this cycle, their profits were greatest in 2022 and they have fallen since then. Higher mortgage rates came in, and builders had to lose profits by offering more incentives to entice buyers. You're going to learn more about that today and how it really spells quite an opportunity for you and I. When the final change in national home prices was tallied for the end of last year, they had risen in 16,500 zip codes. All right, that's 63% of America's zip codes, and prices were lower from a year earlier in the other 37% home price gains were concentrated in the Northeast and Midwest, and the story there continues to be too many buyers and not enough homes. In fact, over 85% of zip codes saw price growth in Illinois, Connecticut, Wisconsin and Indiana, slow, steady, stubborn, kind of like winter refusing to leave. Losses were predominant in the Sun Belt. Prices caught their breath there. There was price attrition in Florida, with 96% of zip codes, so nearly all of Florida, then California, 78% of zip codes had a price loss. Texas, 75% of them and Arizona, 73% the biggest pocket of opportunity appears to be in Florida. Florida property is on sale. And because real estate is local. A lot of times we talk here nationally, but to get to that local level, sometimes you have to dig in to a local market to really find out what's going on. We're going to do that today. Now, central Miami, Orlando and Tampa, they're not generally the spot for obtaining cash flow from long term rentals. I've identified an opportunity. We'll get into that with this Florida homebuilder shortly. It's kind of funny. You'll run into people that say they want opportunity, but what they really want is certainty. How it plays out, though, is that once the certainty arrives, the opportunity is gone, and that's how to think about Florida and maybe Texas and some of these other markets today that have had price attrition.    Keith Weinhold  10:48   Now, three weeks ago, here on the show, I discussed the 721 exchange for the first time. So I won't get into all those details again when it comes time for you to sell your investment property, the 721 can be the best way for you to cash out. Perhaps you've been investing in real estate for a while and you have turned get rich education into got rich education. How the 721 exchange works is they basically say you have a case where you're a rental property owner and you realize that you don't want the hassles of landlording anymore. Oftentimes, this can mean you're older and real estate investing already took you where you wanted it to take you in life's journey, but you still like the financial benefit that ownership gives you. What you can do is exchange your properties into a partnership and receive shares in that partnership. Now that's different than a 1031, exchange. That's where you trade up some of your property that you directly own for what's usually more and larger property that you directly own. Well, instead, here's the big deal with exchanging your properties into a 721, partnership. The rules stipulate that this is not a taxable event, and therefore you don't have to pay any capital gains tax or depreciation recapture. Now that you're an owner in the partnership, you still get some of the benefits of owning the property, like appreciation and cash flow and such, yet no management or landlording at all like you would have with a 1031 and with a 721 you get all these benefits across a greater number of properties and markets diversification because you're a fractional owner in the other properties that are in the partnership, not only your own, and when you eventually pass away, your shares are stepped up in basis and can be distributed equally to heirs and C It's surely easier for you to divide shares among, say, your three children, than it is to divide your 18 rental houses among three children Who are going to have different goals and varying degrees of financial savvy. So the 721, exchange is a great estate planning tool too. You will have this partnership that makes an offer to buy your property. You're exchanging them for partnership shares. There's a firm that does this called flock homes, and they have a certain Buy Box to be clear with the 721, exchange, you can basically trade your rentals for shares in a diversified, professionally managed Real Estate Fund. This means that you keep your hard earned equity defer capital gains and other taxes, and you still get access to steady income and long term appreciation without the hassle of landlord duties, and you can visit flockhomes.com/gre, and get a free valuation. Get an offer for your property, see if it fits their buy box and see how much they'll pay you. There's often no need to pay to fix up or stage the property for sale or pay agent commissions for a certain investor type. This really can be a rather life changing experience for you to liquidate some or all of your property have zero tax obligation and still enjoy income and appreciation. So again, what you can do is stop by flock homes.com/gre, that's F, l, O, C, K, homes.com/g, R, E, let's discuss the home building climate today.   Keith Weinhold  14:38   I'd like to bring in a premium Florida homebuilder guest to the show, Jim, because there has been more homebuilding in Florida such that some areas of the state have excess supply. And when you add that onto the fact that the hot pandemic migration to Florida has slowed such that home prices have made a rare dip in the state, that is why it. A timely topic. Jim, you're on GRE Welcome to the show. Keith, great to be here. Thanks for having me. Yeah, and we did the IRL thing in Colorado there a few weeks ago. That was great hanging out in person. You provide entry level new build homes, mostly in Central Florida. And these are properties that are conducive to real estate pays five ways. These are properties that investors chiefly buy as rentals. So just bigger picture, tell us about that overall experience over, say, the last five years, as the pandemic wound down,    Jim Sheils  15:35   yeah, as the pandemic wound down, obviously Florida had a lot of attention. Some of it, rightly so, some of it, I think a little more inflated and commercial attention getting thrown at it. And you know, the type of deals that you and I have always stayed away from were very popular in Florida. You know, we're talking really nice houses. Keith, beautiful, nice HOAs people got in in 2021 let's say, with those very low interest rates on a six or $700,000 home, but now they're realizing that it's not going up $100,000 a year as they thought. And when they try to sell it, well, people trying to buy in $700,000 home, they're not getting that low interest rate. And if these people try to hold it and rent it, well, it doesn't cash flow, so it breaks one of those rules. It's not putting money in people's pockets, taking it out. And so we're seeing there was a large distribution of those types of houses around Florida. And then there were some builders like us that really focused on what was the most needed, and that was workforce housing. Now workforce housing, though, Keith, as you know, a lot of the builders don't want to build it. Why? Let's be straight. It's because the margins are lower right. But as you know, with me and my partner Chris, it was always let's make less margin and do more volume. That was always our model, and that was the area of the market where we felt we could build it right, we could get it financed right, and we could manage it right to hit the five things. And so we're seeing today, post pandemic, there are still key markets where the population growth is still the highest, coming into Florida, the prices are still the lowest, and there is a shortage of this type of workforce housing.   Keith Weinhold  17:11   Yes, you've identified a geography within Florida that have some of these characteristics like you're talking about. Tell us more about that region.   Jim Sheils  17:20   Yeah, we call it the Ocala region, so Central Florida, just west of Orlando. Right now, for example, u haul does their U haul top markets rankings every year? So where are the most U haul trucks going to now, you don't want to be on their side where they're coming from, Keith, because that's obviously the opposite. But for the second year in a row, the greater Ocala area has been the number 1u haul destination place in the country. So there's still a ton of population growth going there. Central Florida, I'm not going to say it sat out the growth during the pandemic that a lot of areas of Florida did, but it was starting at such a low basis with such a small amount of attention that today, even when people say, oh gosh, like I just said, house is 600 700 800,000 we're building new construction single family homes for under 300,000 the 270s a lot of the time. And we're building duplexes sometimes for under 400,000 and a lot of our you know, investors coming from the west coast. Say, are these fully built? Are they? But again, Central Florida has had a great affordability. Remain intact. It has a large population going in. There is a ton of job resource just blowing up in the area. And as you know, these are the things we look for. So we bought a lot of lots there. I'm gonna give credit to my partner, Chris. He saw calla more than I did, and we bought a lot of lots there in 2020 so before all the rises. So we got into the land basis, right? So that means we can build them at a great price. Our land basis is low, and that obviously passes along to our clients. And again, Central Florida is a perfect match for our goal. Because, you know, our goal is workforce housing, that cash flows on day one. But also nothing wrong with fixer uppers. I own a lot. I used to do a lot, but the new construction seems to have a little bit more of a less involvement, which it seems like a lot of our clients want.   Keith Weinhold  19:15   That was really prescient, as it turned out, for your business partner, Chris there to gobble up a lot of that land in 2020 before prices went soaring. And this is one reason why you can do things like offer a duplex for less than 400k That's a new build, which has some people saying like, does that thing include a roof even? But it surely does. These are very good quality livable properties. And the reason I have you here, Jim is because you are rare. There are fewer builders today than there were in decades past, and also those that build to your point earlier. They only want to build higher end properties, not the more affordable ones that you offer. We'll get more details on your price points and what properties. Products you offer later. But yeah, we have more remodelers today and fewer builders. And though it's a few years old, I found it interesting that census statistics show us that between 2007 and 2022 there are 73% more remodelers and 21% fewer builders today.    Jim Sheils  20:22   Interesting. You know, Keith, I didn't know that, and that makes me scratch my head on like when you and I were in Colorado, we were talking about future needs, even with growth that occurred during the pandemic going all the way back to oh eight when a real shortage started to start, we are still at an estimated three to 5 million homes short in the US. It really perplexes me that the amount of builders like us will be going down and not actually entering the market.   Keith Weinhold  20:47   Now, among those that are building, though, much of that is concentrated in the South, as I think we know, there's a recent resi club compilation show that 59% of current single family home building is in the south, and 41% is everywhere else. And how do you define the South? That's basically Maryland down to Florida, all the way out to Texas and Oklahoma. So you are pretty rare in some ways. However, where you're building regionally, that's not a rarity there, but yeah, having more remodelers today and fewer home builders, that's probably the result of a lot of things. You know, for one thing, just land and construction costs becoming that much more expensive over the past five years.   Jim Sheils  21:05    Yeah, we've been lucky, too, as you know, Keith, you've been with us for a decade now. But yeah, and we transitioned a piece of our company where Sumitomo forestry, large Japanese group stepped in and acquired a piece of our property. That was a very exciting thing for all of us together, because we had done well, and, you know, started small and built up to a decent sized builder for Northeast Florida and then the rest of Florida. But now, with Sumitomo coming in again, they build 17,000 homes worldwide every year, between all of their builders. Now being a part of them, we get to use their national material accounts, so they get pricing just as good, if not better, than national home builders, and they let us do our thing, stick to our build to rent, working with investor clients. We're not retail buyer guys, really. We like working with our investors, but just getting those great discounts on materials, again, we're always looking to pass on savings to our clients. Of course, we got to make margins as well, but if we're getting in with deals like that, getting into the land right, and knowing the pinpointed areas to get into, we can get the best deal for everyone. And that's been a major part having such a big, successful partner like Sumitomo keep us healthy, viable and able to do things we could have not even dreamed of five years ago.   Keith Weinhold  22:47   Yes, that gives you more capital and more options. Another unusual aberration in the market that really centers on a lot of what you do is that this fact that and this was mentioned on the show last year for the first time in my life, existing homes cost more than new build homes. Existing homes at about 420k nationally, and new build homes about 392k part of the divergence there is probably builder price cuts. So tell us more about that.    Jim Sheils  23:14   I think the issue Heath is builders built for largest spreads, and people bought very emotionally. I think you're to give you a compliment a very unemotional real estate buyer. You're not looking at, oh, this is a very nice, you know, extra his and hers porcelain sink. And we're looking at fundamental numbers a good, solid property. And I think what's caused a lot of that is people did the opposite. Builders were looking for the largest margin they could get, which was on those types of properties. And then buyers were looking very emotionally, and they were told, Hey, this is going to go up 50 to $100,000 a year. So just sit there and hold on, sure you'll lose $1,500 a month, but don't worry about it. You'll make up for that every year. And obviously we're not seeing that's true. They could have really used your class about the five ways to get paid in real estate. And I think that that's what's doing it. And this is what builders do. I mean, everyone's in a business, and a lot of builders just focus on the largest margin. Now that's eating them up now, because those types of properties are not in demand. To build them on spec would be very dangerous, but you can see that that worked for a short term. We're very glad we went to the low margin workforce housing model, because I see that falling out of favor almost never even in Oh 809, Keith, when I was in the remodel game, a lot of the properties that were new construction coming out that time they were affordable, still did very well.   Keith Weinhold  24:42   We're talking with a premium Florida homebuilder today, because they offer affordable properties that make sense for investors. But what about the demand? Where is that going to come from? Where is that going to be? And that's what's happening with the renter segment. We'll talk more about that when we. Come back. You're listening to get rich Education. I'm your host. Keith Weinhold,   Keith Weinhold  25:03   flock homes helps you retire from real estate and landlording, whether it's one problem, property or your whole portfolio through a 721, exchange, deferring your capital gains tax and depreciation recapture, it's a strategy long used by the ultra wealthy. Now Mom and Pop landlords can 721, the residential real estate request your initial valuation, see if your properties qualify@flockhomes.com slash GRE, that's F, l, O, C, K, homes.com/gre.    Keith Weinhold  25:39   You know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year, I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. 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Start your prequel and even chat with President chailey Ridge personally, while it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Ken McElroy  27:26   this is Rich Dad advisor, Ken McElroy. Listen to get rich education with Keith whitehold, and don't twitch your Daydream.   Keith Weinhold  27:40   Welcome back to get rich Education. I'm your host. Keith Weinhold, we're talking with Jim a premium Florida homebuilder here at such an interesting time in the cycle, since supply is up in some parts of Florida, Jim and his team has strategically chosen a place that is still fueling a lot of net in migration in Central Florida, and that's where the rental demand needs to come from as well. Now nationally, we've seen the homeownership rate fall over about the past year, from near 66% to near 65% that does not sound like much, but a 1% shift means there are 1.3 million new renters in just the past year. So with that in mind, and the fact that this low affordability for home buying means that people need to rent or stay renters longer, provides some of the Sustainable demand. So tell us more about the rental demand in Central Florida.   Jim Sheils  28:39   Yeah, you know, when we first went out there about a decade ago, Keith, I think it was 82 or 83% of all properties out there were owner occupied, which means it was a very lopsided amount of existing rental property available. And this is before the curve of population growth really took off. But when Chris and I went out there and we were assessing that small percentage of rental property that was out there. Gosh, it was old and kind of beat up. There was not a lot like the new construction that was available. So when we brought in new construction, we saw just the competition. Was hard to compete with us. You know, when it was an older, not so nice taking care of we came in and we saw a jump from, you know, doing older houses ourselves, you know, a person would stay about 13 months. But for the new construction in Central Florida, we've seen a jump to about three years. So that's really positive. People get into a new construction property they don't want to leave, whether that's half of a duplex or a single family. The duplexes are interesting because we're able to build those on infill lots and existing single family home neighborhoods, so a person who doesn't want to live in an apartment can live there, have their own yard, and they couldn't afford the whole single family, but to have half of a single family basically what a duplex is. It makes a big difference, and the people are in great demand of rental in Central Florida there because of exactly why. I said, Keith, the job. Course, continues to grow in Central Florida, extremely strong. The business incentives to come into the area by the local municipality is very, very good. So here's something interesting, Keith, the average salary in Ocala is about 72,000 and the average home price is about 298,000 that is a very healthy affordability one. Yeah, very, very good. And so that job source continues to pay very well. And we've talked about just the logistics centers and the Equestrian Center. That's the largest in the world. Now the villages are just 25 miles south. So Ocala becomes a bedroom community, and that is the second largest retirement community and growing in the US. So there's a lot of job source that allows people to live there at a good affordability. And so that combination of affordability with this extending job source has been really, really good for the Ocala region.   Keith Weinhold  30:59   It's been said that the only place you get money is from other people, and we're talking about your renters in this case. So oftentimes these renters, they had their sense of privacy there, like, for example, do the duplexes even have fenced backyards for each individual side,   Jim Sheils  31:17   depending on where they are? We will. Other times it hasn't been a requirement. We've done lots of surveys to see is it worth the price point to put in full fencing in certain areas. It can be in a lot of areas. Keith, they're just so excited with the price point not having to move into an apartment building that it hasn't even been warranted or necessary.   Keith Weinhold  31:38   Yeah. So we're talking about livability characteristics here, because oftentimes new build rental property results in a higher tenant stay that longer duration, because they're the first person that have ever lived there, and it's also difficult for them to go out and improve their living situation unless they become a home buyer, and that's difficult to do today. Tell us more about the incentives and the property types and so on, because there really are some pretty exciting ones.    Jim Sheils  32:09   One of the best things about Central Florida, Keith, combined with new construction, is insurance costs. Now you and I have laughed about the blanketed statement where you said, oh my goodness, you cannot get insurance in Florida. You can't get property insurance in Florida, or it's doubled, tripled, gone up 7x that is a true statement on certain properties. If you're buying older properties from the 1950s that are within a half mile of the beach on low lying ground, but new construction properties far away from the beach, that is a totally different things. So again, being in Central Florida, where we are, a lot of people think, oh, to insure a single family home there, that's going to be several $100 a month, when actually, you know, and you've seen a lot of our performer quotes, our insurance companies are getting a single family home done for about $65 a month on average, full coverage. And that's the advantage of new construction. Insurance companies are all about risk. They analyze risk. When you're on a new construction property built on higher ground away from the beach, they like that, and they do that a duplex. You're looking at about $100 a month. So incentive wise, we've really searched to team up with great insurance companies that get the best rates full coverage. And again, we surprise people when they say, Oh man, I thought there would be a whole nother zero at that monthly cost. And these are actual quotes, as you know, with working with a lot of GRE people. So that's one great thing, another great thing, Keith, that happened when we joined forces with Sumitomo. And again, Sumitomo 320, years old, one of the biggest powerhouses out of Asia, Warren Buffett, is very heavily invested in another one of the conglomerates, not the housing one we do, but he's very involved in one of their other companies. And when they came aboard, you know, we have no bank debt for a builder, which is rare. And since we have such a healthy balance sheet, we're actually able to work deals with mortgage companies where we'll do what's called builder forward commitments, Keith, and that means we will pre buy mortgages for our clients, for the homes we're building, and we will pass that savings along. So right now, you know, if an investment property in a duplex might be an average of 7% for anyone who walks in off the street to a bank. Right now, our most popular rate program for our investors, for single family or duplexes, is 3.75 Gosh. So as you know, for your five ways, if we want to get cash flow, there's a big difference. Yeah, we're getting affordable housing. But if the rate is over 7% compared to 375 that could eat up the cash flow with us being able to have this power to buy large tranches of money and pass it along and lock our people in again, an average right now at 3.75 is our most popular program, and that's long term money, then we're able to get that cash flow right off the bat. And you and I know how important that is   Keith Weinhold  34:50    for this super attractive 3.75% long term mortgage rate on single family homes and duplexes. How? Much does the buyer have to come out of pocket at the closing table to buy that down themselves? And how much do you the builder participate in that buy down?   Jim Sheils  35:07   You know, it depends Keith at different times, because there is a little bit of a fluctuation. Sometimes it can be as low as zero points or just one origination point to bring it in. It does vary. And also, if people say, hey, I really don't want to bring in any points. Well, that's fine. You know, if you don't want to walk in zero to 2% points for that, you can also just raise your rate up to four and a quarter and probably walk in nothing. So there's different things that we can do, but the goal of it is to have us have the brunt of it. And what I can tell you is, if the average person walked into a bank, and a bank wouldn't do this anyway. It's only for, again, builders with a certain size, but if you went into a bank right now and said, I'd like to buy my rate down to 3.75 the average Keith that this would cost a person off the street going into a bank would be 12 to 15% banks wouldn't even do it for an individual. But that's about the estimates when you look at it. So again, volume has privileged. The fact we're able to buy it down. It does cost us a good amount of money, but we're all able to save since we're kind of working together to buy these larger tranches. And again, the need of any investment for buying down the rate from the clients is very minimal.   Keith Weinhold  36:18   Tell us more about the property types, new build single family homes, new build duplexes.   Jim Sheils  36:23   You know, single family and duplexes are our main focus in 2026 for Central Florida, we've done the research. They're very high in demand. They rent quickly, and they rent long term to produce cash flow. Our average single family home under 300,000 we're aiming to after expense, make about $300 cash flow. Our duplexes should be about twice that amount, about just under $600 a month, or just over in cash flow. And then again, the prices are ranging from about 395, to 420, for a duplex. Again, these are in workforce areas where we're doing great, scattered lots. Scattered lot means there's already existing homes around. We like to go to an area where there's good a fundamental balance of homeowners and renters. So there's retail buyers that have bought their first home, and we will place our rentals in between them, whether it's a single family or a duplex.   Keith Weinhold  37:13   We sure don't need to do a complete audio pro forma here, but those cash flow amounts something near $300 for a single family home, and about double that for a duplex. Is that using, you know, a bought down rate to about 4% and some of these other inputs you're talking about, like low insurance costs and a certain property tax rate, can you tell us about that?    Jim Sheils  37:35   Yeah, property tax rate is property tax rate. We can get pretty dang close on property taxes, you know, based on millage and get that down. But when we do our performers, we absolutely go off of, you know, our average rate to be the 375, to four and a quarter. And then when GRE clients look at our performer, and they look at the insurance cost, that's an actual quote from one of our insurance companies that has insured hundreds and hundreds of these properties. Not a guess, yeah, so they know what they're doing. So yeah, those would be the assumptions made in there, and that's what we're basically getting on a week in, week out basis.    Keith Weinhold  38:09   That is really attractive as we're talking about new build. I imagine there is some sort of builder warranty as well.    Jim Sheils  38:16   There's a state mandated 210 warranty. 210 warranty is something we could talk probably a whole episode on Keith. But for what's good for people to know, basically what that means, you get two years coverage on the small stuff and 10 years coverage on the big structural stuff. And so that's why I like new construction. You know what? I used to personally just buy my own fixer up Return key properties from other people. I could get a one year warranty, and that's the best that really can be done. Now with new construction, we've gone from, you know, with our fixer upper homes, able to do a one year warranty, which is good at something. But now with new construction, we can do a 210 warranty, big difference, and also really helps the safety score of issues if they came up.    Keith Weinhold  38:59   We were talking about new build property, and we tend to project relatively low maintenance and repair costs for an obvious reason, maybe your long term vacancy rate could very well be lower as well, due to my earlier point about a tenant wanting to stay there for a long time, because it's hard for them to improve their living situation unless they went out and bought their own place. And you have the low insurance rates, and you have the low mortgage rates, all contributing to positive cash flow on a new build property. And we think about that tenant and what gets the tenant excited? We start to think about some of those amenities. So tell us about what amenities are offered, including inside, in the kitchen and so on.   Jim Sheils  39:38   Jim, yeah, great question, Keith. We've really gotten a great recipe for success for that. You know, we've been doing this a little over a decade now, and so you're always tweaking your build model. What do people like? What do they not like? What's good for durability? Let's look at maintenance and repairs. Let's look at turn costs. So our goal is always the dual focus. That's what looks good. And what lasts really well, yeah, because you want durability. When you have tenants, you want it to look good, so you sell it down the road, 510, years to a first time homebuyer, it looks great. You can sell it. But durability wise, you don't want a lot of extra expenses or maintenance and repairs. So we go durability. So what we found a couple of things. I always joke about this. I do not like the word carpet, Keith, that is a terrible swear word in real estate investing, I can tell you right now, if I could go back and this is not, you know, owning hundreds of rentals, if I could not have done carpet and just reversed it to like vinyl plank flooring, like we do now, or even tile, which was more, I probably would have been able to buy three or four of our duplexes cash with the amount of money, and that is not an exaggeration. So we do not do carpet. First of all, it seems like trends are changing. It's not in favor right now. So we do vinyl plank flooring, which looks really nice, almost like wood floors, super durable, though, for a young family that's going to be tenant occupied in your property and running around on it. That's great. Kitchen wise, again, we don't sell retail really. We like to work with investors, but down the road, our investor might want to sell to a retail buyer. So we know, you know, from our old fix and flip days of the FHA buyers, the kitchen's got a pop. So we always do, you know, we don't do the white appliances, which you know would save you quite a bit of money, and save us quite a bit of money. We do stainless steel appliances. We do all new cabinetry, you know, kind of the latest, nicer cabinetry, a little bit of an upgrade. And then, you know, butcher block countertops, those are going to wear in about a year or two. Keith, it feels really good to spend that smaller amount, you know. But we, we like to do the more durable, nice looking countertops, you know, that are, you know, just so much more esthetically pleasing and actually durable as well. Same thing in the bathrooms. A lot of new builders will do shower kit, which not a problem if you're saving money on a rehab, you know, but we would rather do tile, bring in the extra subcontractors to give tile, and then in the master we do the dual sinks, which this might sound like little stuff, Keith, but these are the micro movements that help get a tenant in quicker, stay longer and more rent. So we're always trying to do these extra things in the granite countertops, both in the kitchens and in the bathrooms. Those cost more upfront, but we see for long term of tenant we see, for the amount of rent we get, and for resale ability, because a lot of people don't think about that. You know what? In seven years you want to sell one of these properties? Well, it's a seven year old roof, it's seven year old plumbing, you're still in a great spot for an FHA buyer. And that esthetically pleasing flooring, bathrooms, kitchens. That allows an easier sale for them, because we want to look all the way around, not just a rental. I like to hold long term, but if you want to sell in five to 10 years, that's a very valid strategy.    Keith Weinhold  42:48   I like carpet in my own home, but not rentals. But what you're sharing with us, Jim, this is absolute gold that's been brought to you through experience. This over improvement versus under improvement line in rentals, and it really has a lot of balance between durability and price. These are the sort of things that really matter, but you are selling predominantly to individual investors, a lot of mom and pop investors. Why don't you make more sales to the retail, owner occupied market, or to institutional investors, even though that might be cracked down upon now. But why don't you sell to those parties?   Jim Sheils  43:26   Yeah, you know Keith, I did a lot of fix and flip to FHA buyers, and I'm an investor. I really like working with investors. So when this all really went back to is 2009 I had a lot of investors. I was in Northeast Florida. The deal flow was incredible. And I just had a lot of investors, you know, through my different networks and Masterminds, like, where you and I have met, and said, Hey, you're getting great deals in Northeast Florida. Could you help put some together for me? And so I had done quite a few fix and flips to retail buyers, and it just kind of hot on me, you know, way back then, like, Wow. I like working with investors. I like building portfolios. I also like the fact that when I'm normally building a portfolio for an investor, well, they hang out with other investors, and they're not looking to buy one property over the next five years. They're looking to buy five to eight properties over the next five years. great point. And so we just saw it as you gotta like who you work with, right? And nothing against first time homebuyers. But when I was rehabbing houses and selling them, golly, that was a lot of work. And then could be persnickety. Yeah, very persnickety. And so when Chris and I teamed up about 10 years ago, we had both gone through the same kind of aha, like going, Yeah, it seems great, but you could sell for more to a retail buyer. But again, like I go back to even the type of property we build, we'd rather do a volume with investors. Be a builder, buy investors for investors, and work that way. And I think it suits me. I think I would have probably hung up my shoes a long time ago if I was. Working with the amount of properties we've done with retail buyers compared to investors, honestly, and so I think it was just kind of, it was a preference, really, that made sense   Keith Weinhold  45:09   to your point. Investors buy multiple properties, and that way there are fewer parties to deal with. And investors tend to be less emotional than those more persnickety, owner occupied buyers. Well, Jim, you make it easy for investors. Besides all these incentives, you also offer an in house management solution for these investors, often that tend to be out of state. Well, Jim, before I ask you, if you have any closing thoughts, would you the listener like to ask Jim any question directly? Well, you can, because I have a great event to tell you about next Thursday, the 19th, at 8pm eastern Jim here and GRE investment coach, Naresh will co host a live webinar for Central Florida new build income property. In fact, Jim, I think you know Naresh longer than I have, as it turns out, but this event is free, and you the listener are invited. We've had between 250 and 550 registrants for our past webinars. Not all of them attend live. So the benefit of you attending live is that you can have any of your questions answered by either Naresh or Jim in real time, and besides learning about the Central Florida market and more about home building, you are going to see available new build income property, real addresses with some of these rather grand incentives that we've talked about here, you might end up with a long term rate of about 4% again, it is Thursday, the 19th at 8pm Eastern. Sign up is open now at grewebinars.com that's grewebinars.com Any final thoughts here, Jim, for this great event coming up next week?   Jim Sheils  46:52   I think we're going to dig a little deeper. Obviously, this is a conversation that was great, but moves pretty quickly when we talk next week, we're going to be able to dig into more of the fundamentals, some of the stats, and just get underneath the hood of why Central Florida is making so much sense, and just some of the rising stars that we're seeing there that we're very excited to be a part of.   Keith Weinhold  47:13   You've helped our listeners for close to 10 years now. It's been an informative chat as always. Thanks so much for coming back onto the show.    Jim Sheils  47:21   Thanks for having me, Keith.   Keith Weinhold  47:27   Yeah, like our guest touched on Ocala, Florida now has national recognition as the fastest growing city in America, and that's for the second year in a row. According to a new U haul report, Florida is, of course, a rather landlord friendly state. In fact, Florida is the first state to enact a law that allows law enforcement to immediately remove squatters, distinguishing them from legal tenants. Now here's what's interesting and why I've identified this opportunity if Florida prices dipped because people were leaving now, that could be a red flag, because population loss is like gravity. Once it starts falling, it is hard to escape. But that's not what's happening. Instead, what we're seeing is a temporary overbuild hangover. Builders got ambitious. We're in a brief period where supply outran demand and prices softened. That's not decay. That's a sale rack. Any vacant homes are not stranded. They're being absorbed by Florida's still growing population, which has now increased every single decade since its first census count, back in the year 1830 back in 1830 there were about 35,000 residents in the whole state. Isn't that amazing today? North of 24 million, that is 700x population growth in almost 200 years, and it's still growing. That kind of trend doesn't reverse because a few builders over ordered inventory here at GRE this made us target and find in opportunity. This isn't an accident. Central Florida is this year's most compelling. Housing market in that region, Central Florida, is growing faster than the rest of the state at large, and it really sits in the sweet spot of this temporary imbalance. One long established builder overbuilt and now they're motivated. They know what investors want. So, for example, they don't build swimming pools with their homes. They also offer property tours, and over 90% of their tour attendees buy property. They're willing to offer terrific incentives at our upcoming GRE live webinar, like we touched on new build single family rentals, 270k and up duplexes, three. 95 to 420, long term mortgage rates as low as 3.75% you get low insurance rates since they're inland and new build positive cash flow and a builder warranty at the event. You're going to learn all about the growth drivers in Central Florida, why so many renters are moving there and see available properties. This benefits anyone looking for a clear, practical view of current real estate conditions. Joining live does matter, since you can have those questions answered in real time, not after the opportunity has moved on, you are invited for next Thursday, the 19th, at 8p m Eastern. This one is worth circling, not because it's flashy, because it's timed right. Sign up is open now @grewebinars.com that's gre webinars.com. Until next week. I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 5  51:00   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  51:29   The preceding program was brought to you by your home for wealth, building, get richeducation.com  

Roundup of the Week's Top Stories in Economics and FreedomTrump Picks “Inflation Hawk” Fed ChairUS Steel Production Exceeds JapanWhat's Next for Silver PricesElon Predicts “Triple Digit” Growth from AIWill AI and Robots Steal all the Jobs?Read the article "Will AI and Robots Steal all the Jobs?" at https://www.profstonge.com/Visit our Sponsor: Monetary MetalsEarn 5% to 12% interest on your physical gold and silver, paid in physical gold and silver.Visit our Sponsor: CoinKiteProtect your Bitcoin with an Ultra-Secure Hardware WalletProfstonge WeeklyWeekly articles on economics and freedom and a monthly investment Watch ListDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show

(0:00) Besties intros: Brad Gerstner joins the show (3:16) Epstein Files (15:45) SaaS stocks crash out (35:11) Moltbook panic (47:37) Trump selects Kevin Warsh as new Fed Chair, replacing Jerome Powell (1:00:50) SpaceX and xAI merge (1:10:45) Brad's major win with Trump Accounts Follow Brad: https://x.com/altcap Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.nytimes.com/2026/02/05/business/epstein-investments-palantir-coinbase-thiel.html https://www.miamiherald.com/news/local/article214210674.html https://nypost.com/2026/01/31/us-news/linkedin-founder-reid-hoffmans-emails-with-jeffrey-epstein-revealed-in-doj-docs https://freebeacon.com/democrats/skype-sushi-and-a-phone-date-democratic-megadonor-reid-hoffman-maintained-jeffrey-epstein-relationship-years-after-he-said-it-ended https://nypost.com/2026/02/02/business/jeffrey-epstein-boasted-about-wild-dinner-with-mark-zuckerberg-reid-hoffman-in-unsealed-2015-email https://x.com/stockpickerspb/status/2009363916573290715 https://www.moltbook.com https://x.com/galnagli/status/2017573842051334286 https://x.com/balajis/status/1937517664907460980 https://www.reuters.com/world/india/gold-rises-over-1-geopolitical-economic-tensions-lift-precious-metals-2026-02-05 https://x.com/truflation/status/2019409671212396815 https://www.challengergray.com/blog/challenger-report-january-job-cuts-surge-lowest-january-hiring-on-record https://www.reuters.com/business/world-at-work/ups-amazon-boost-us-planned-layoffs-january-challenger-survey-shows-2026-02-05 https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html https://polymarket.com/event/spacex-ipo-closing-market-cap-above

Breaking down how changes at the Federal Reserve can matter in your life as President Trump pushes for new leadership. Have a money question? Email us ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jill on Money LIVE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jill on Money Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Today's Post - https://bahnsen.co/4rzbhrg In this episode of the Dividend Cafe, host David Bahnsen discusses the recent appointment of Kevin Warsh as the new Federal Reserve Chairman by President Donald Trump. Bahnsen explores the implications of this decision on monetary policy, sharing his optimistic view of Warsh's potential impact. He delves into Warsh's background, his stance on key economic issues, and the anticipated effects of his policies on markets and investment strategies. Bahnsen underlines the significance of Warsh's experience, his reformist mindset, and how his pragmatic approach could lead to a reduction in the Federal Reserve's footprint in the economy. 00:00 Introduction to Dividend Cafe 00:19 Kevin Warsh's Appointment as Fed Chair 03:42 Why Kevin Warsh is a Good Pick 05:06 Kevin Warsh's Monetary Policy Views 08:01 Implications for Interest Rates and QE 12:51 Market Signals and Fed Policy 18:19 Privatization of the Fed's Balance Sheet 24:16 Conclusion and Final Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Newt talks with Thomas Hoenig, a former Federal Reserve official and Distinguished Senior Fellow at the Mercatus Center, about the nomination of Kevin Warsh as the new Chairman of the Federal Reserve. President Trump’s decision has sparked discussion on Warsh's economic policies. Warsh, known for his hawkish views, is concerned about national debt and quantitative easing, which may lead to tighter policies than President Trump desires. Hoenig believes Warsh is a good choice due to his understanding of markets and fiscal policies, although he will face pressure to implement rate cuts. The independence of the Federal Reserve is emphasized, with Warsh expected to maintain a balance between being friendly to the President and upholding the Fed's independence. His nomination has influenced market behavior, with significant drops in gold and silver prices, reflecting expectations of tighter monetary policy under Warsh. The political landscape is also affected, with discussions on the potential challenges Warsh might face in the Senate confirmation process and the implications of ongoing legal cases involving Federal Reserve officials. The role of the Federal Reserve in the economy is highlighted, with its policies significantly impacting inflation, interest rates, and overall economic stability.See omnystudio.com/listener for privacy information.

The SAVE Act has been stalled by GOP leadership. You know what wasn't stalled? A $1.2 trillion spending bill. Jesse Kelly gives his thoughts on that and gets reaction from Congressman Tim Burchett, who met with Trump privately on the matter. You'll also hear from Jeffrey A. Tucker on the future for the Federal Reserve after Trump named Kevin Warsh as the next Fed Chair.I'm Right with Jesse Kelly on The First TVBeam: Visit https://shopbeam.com/JESSEKELLY and use code JESSEKELLY to get our exclusive discount of up to 40% off.PureTalk: Save on wireless with PureTalk—get unlimited talk, text, and data for just $25 a month, plus 50% off your first month at https://PureTalk.com/JESSETVChoq: Visit https://choq.com/jessetv for a 17.76% discount on your CHOQ subscription for lifeFollow The Jesse Kelly Show on YouTube: https://www.youtube.com/@TheJesseKellyShowSee omnystudio.com/listener for privacy information.

In this episode of Money Moves, Matty A. and Ryan Breedwell unpack a historic week across financial markets, with explosive moves in precious metals, shifting crypto momentum, and major implications from the latest Federal Reserve meeting.The conversation opens with gold, silver, and copper posting eye-opening gains, raising questions about whether this move is driven by fear, inflation hedging, or simple under-allocation from institutional investors. Matty and Ryan break down why metals often surge quietly before becoming headline news—and why silver's volatility is not for the faint of heart.They dive into the post-FOMC landscape, Jerome Powell's comments, and the significance of President Trump officially nominating the next Fed Chair. The discussion explores how political pressure, rate expectations, and liquidity cycles influence everything from housing to risk assets.Crypto also takes center stage as the guys explain why Bitcoin and digital assets often act as real-time sentiment indicators and how regulatory clarity could unlock a new wave of institutional capital.The episode wraps with insights on earnings season, portfolio reallocations, and why disciplined investors focus less on headlines and more on positioning, patience, and long-term trends.Topics CoveredHistoric week in precious metals marketsGold vs. silver volatility and investor psychologyCopper's role as an economic signalPost-FOMC market reactionsJerome Powell's messaging and credibilityTrump's nomination of the next Fed ChairInterest rates, liquidity, and market cyclesCrypto market momentum and regulationPortfolio reallocations and risk managementWhy discipline beats speculationEpisode Sponsored By:Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/CRE MASTERMIND: Visit myfirst50k.com and submit your application to join!FREE CRE Crash Course: Text “FREE” to 844-447-1555FREE Financial X-Ray: Text  "XRAY" to 844-447-1555

It's Resist and Unsubscribe February! Kara and Scott discuss what they've been unsubscribing from, and what their next moves might be. Then, they unpack the new Epstein files release and the wide-ranging network of powerful figures it exposes. Plus, Trump's Fed chair pick, SpaceX and xAI merge, and the latest developments in the AI arms race. Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠. Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠. Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠ Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠. Send us your questions by calling us at 855-51-PIVOT, or email Pivot@voxmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

This week on Market Mondays, we break down the Investing Fact of the Week and answer the Trading Question of the Week, tackling some of the most asked questions in the market right now. We discuss whether this is the right time to buy Oracle, if gold and silver have finished falling, and share our end-of-year price target for Palantir. We also give a clear Bitcoin outlook, analyze what's next for Eli Lilly, and explain how the new Fed Chair could impact stocks, interest rates, and the broader economy.To close the episode, we dive into one of the most important investor questions: when to take profits without sabotaging long-term wealth. Plus, we sit down with Mikey Taylor to discuss entrepreneurship, private equity, financial freedom, and the role of investing in local communities. This episode is packed with actionable insights for both long-term investors and active traders looking to stay ahead of the market.Invest Fest Tickets: investfest.com#MarketMondays #Investing #StockMarket #Trading #Bitcoin #Crypto #OracleStock #Palantir #Gold #Silver #EliLilly #FedPolicy #InterestRates #TakingProfits #FinancialFreedom #PrivateEquity #Entrepreneurship #WealthBuilding #LongTermInvesting #PassiveIncomeSupport this podcast at — https://redcircle.com/marketmondays/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Kevin Warsh has been tapped as the next chair of the Federal Reserve. We're sure that he'll have a lot of questions about how to run the Fed if confirmed. So we put together this briefing.On today's show, three Fed watchers give their advice for the next chair. On politics, interest rate cuts and dealing with the Fed's repeated trading scandals. Oh, and can someone please forward this episode to Kevin Warsh?Related episodes: One Fed battle after anotherLisa Cook and the fight for the FedA primer on the Federal Reserve's independenceIt's hard out there for a Fed chairFor sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Today, we're talking about the DOJ releasing over 3M more Epstein files; how the markets reacted to President Trump nominating Kevin Warsh to chair the Federal Reserve; nationwide anti-ICE protests; and other top news for Monday, February 2nd. Stay informed while remaining focused on Christ with The Pour Over. Looking to support us? You can choose to pay ⁠⁠⁠⁠here⁠⁠⁠⁠ Check out our sponsors! We actually use and enjoy every single one. Cru Wild Alaskan HelloFresh Safe House Project Gloo QAVA CCCU Filament Bible Upside Mosh LMNT Not Just Sunday Podcast Bible Gateway Plus TPO Corrections Page

Episode 770: Neal and Toby talk about what you need to know about Kevin Warsh, Trump's pick to be the next Federal Reserve Chair. Then, AI agents have their own social network where they talk to each other and humans just watch. Meanwhile, Walmart and Target have new incoming CEOs who come in for retailers who are trending in opposite directions. Plus, Bitcoin plunges below $80,000, wiping away over $100B in crypto's market value. Finally, a preview of what's coming in the week ahead.  Get your tickets for the Morning Brew Variety Show! https://tinyurl.com/MBvariety  Learn more about Sandals at sandals.com  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

With only 90 days to go on his term as Fed Chair, Jay Powell once again, in a public speech, told Trump, “hands off” the Federal Reserve's independence! Popok puts on his Wall Street hat to look at the dire Trump Economy numbers for the last 48 hours, with the skyrocketing oil prices, plummeting consumer confidence and US dollar, increasing Trade Deficit, and a Fed Reserve trying desperately to navigate the turbulence and save the Economy from Trump's erratic policies. Mack Weldon: Go to https://mackweldon.com and get 20% off your first order of $125 or more, with promo code LEGALAF. Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast Cult Conversations: The Influence Continuum with Dr. Steve Hassan: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

Former CNN host Don Lemon finds himself under arrest after anti-ICE activists – perhaps including him – disrupted a church service; Minnesota continues to battle with the federal government over immigration; and President Trump selects a new Fed Chair. Ep. 2358 - - - Click here to join the member-exclusive portion of my show: https://dwplus.watch/BenShapiroMemberExclusive - - - Facts Don't Care About Your Feelings - - - Today's Sponsors: PureTalk - Make the switch in as little as 10 minutes and start saving today! Visit https://PureTalk.com/SHAPIRO MELANIA - In theaters today! Jan. 30th, from Amazon MGM Studios. - - - DailyWire+: Become a Daily Wire Member and watch all of our content ad-free: https://www.dailywire.com/subscribe

Episode 5106: President Trump Picks New Fed Chair; Streets Of Minneapolis Continue To Burn

Activists called for a nationwide shutdown of economic activity Friday, Jan. 30, following another killing by immigration officials. But in this unforgiving economy, small business owners who support the cause faced a difficult decision. Today, a few told us how they navigated the moment. Plus: Sluggish big oil earnings show why Venezuela investment isn't popular, Trump announces his pick for Fed Chair, and parents pay a price for snow days.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

President Trump will be nominating former Fed official Kevin Warsh to be the next chairman of the Federal Reserve. WSJ's Nick Timiraos profiles the pick, explores the lingering issues Trump has with the current Fed chair and details the implications for the U.S. economy. Jessica Mendoza hosts. Further Listening: - Who Will Be the Next Fed Chair? Maybe Kevin - Why is the Fed Chair Facing a Criminal Investigation? Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices