Early 21st-century global economic decline
Kristine Deer knew from childhood that she was meant to create, and when her mother gave her a box of fabric, some duct tape, and a stapler, she unlocked her passion for designing clothes. Fast-forward to college: Deer, of course, majored in fashion design before moving to New York City to pursue her career as a designer. But when The Great Recession hit in 2000, the industry changed. Deer found herself working menial tasks for other designers and witnessing a harsh corporate environment devoid of creative freedom. When she later lost her job, she was disillusioned and bereft. Leaving the city, she moved back in with her parents, determined to begin again. But how? After discovering her passion for hot yoga, Deer began to design her own yoga clothes—in particular the multi-striped rainbow leggings for which she eventually became famous. Eleven years later, she is the founder and CEO of the activewear brand K-DEER. In an intimate conversation with CoveyClub founder Lesley Jane Seymour, Deer shares her journey of reinvention both personally and professionally. FREE GIFT! Don't start your reinvention without downloading CoveyClub's starter guide called “31 Badass Tips for Launching Your Reinvention Without Fear!”
Ways to get committed to building confidenceIdentifying your primary objective as a coupleTips to achieve a level of commitmentWhy couples should have a unifying goalImportance of setting clear and specific goals with your partner Life and Money Impact RoundWhat is the one thing to do now to live a meaningful and intentional life by design?What is one life or money hack that you can share to make an impact on others' lives?What is one thing to do right now to make the world a better place? RESOURCES/LINKS MENTIONEDCan't Hurt Me by David GogginsLiving with a SEAL by Jesse Itzler ABOUT CHRIS FELTONChris Felton is a bestselling author, personal finance expert, and professional speaker. He and his wife have grown a successful financial services business, which has put them in the top 1% of one of the largest financial services companies in North America and more than tripled their income during the Great Recession. After almost 20 years in the financial services industry and over a decade of personal development, they have learned that wealth is built from the inside out! They have been students of personal development, which led to their own financial transformation. They know first-hand the concepts and money mindset techniques to achieve wealth. Chris and Marlow candidly share their very personal story of how they went from the brink of divorce and struggling financially to financial freedom and harmony. CONNECT WITH CHRIS Website: Couples MoneyInstagram: @cf_e2eBook: Couples Money book CONNECT WITH USTo connect with Annie and Julie, as well as with other Investing For Good listeners, and to get the latest scoop on new and upcoming episodes, join Life and Money Show Podcast Community on Facebook.To learn more about real estate syndication investment opportunities, join the Goodegg Investor Club.Be sure to also grab your free copy of the Investing For Good book (just pay S&H)--Thanks for listening, and until next time, keep investing for good!
Guest: Sasha Kelberg, Founder and CEO at Groglass and a client of CEO Coaching International. Overview: Where the best companies start out is often very different from where they end up. Sasha Kelberg began his career working in Latvia for a U.S.-based private equity firm that was developing glass coatings with ex-Soviet technology. After spinning the glass business off into its own company, Sasha expanded Groglass from its Latvian base into an international company that's now one of the leading developers and manufacturers of high-performance coatings for glass and other displays. And, with the help of his CEO coach, Sasha executed this expansion so well that he's able to oversee operations and 200 employees from his new home in South Africa. On today's show, Sasha discusses the decisions he made during several key pivot points that allowed his company to survive the Great Recession and identify new niches around the globe.
This week, in episode 91, we introduce a new member of the 21 Hats Podcast team, Shawn Busse, who tells Jay Goltz and Laura Zander about an intriguing challenge he faces. Twenty-two years ago, Shawn co-founded a marketing firm called Kinesis, but now he's trying to convince clients that it takes more than just marketing. Sometimes, it's not enough just to drive more leads. Sometimes, you have to step back and take a deeper look at your business, which not every client is ready to do. In fact, it took Shawn 10 years (and the Great Recession) to do it with his own business.
Danielle DiMartino Booth is Founder and CEO of Quill Intelligence and worked for years on Wall Street and for the Federal Reserve. She wrote the book, Fed Up, An Insider's Take on Why the Federal Reserve is Bad for America. In the book she reports on how the Fed focuses on mathematical models to predict markets versus truly understanding what's going on, thereby missing the prediction of the Great Recession in the late 2000 era. Never deterred by biases, Danielle in her outspoken way talks about the hard work and persistence necessary to succeed. She believes sometimes confrontation is necessary when we believe strongly in something and there is disagreement. What a bold woman! Enjoy listening to her! Delightful. LeadingShe.com Instagram.com/LeadingShe Facebook.com/LeadingShe https://www.linkedin.com/company/leadingshe/
In part three of our most popular episodes of Squawk Pod, featuring real stories behind the leadership of Berkshire Hathaway, CEO Warren Buffett and Vice Chairman Charlie Munger share lessons learned from investing through nearly 7 decades of economic history. In conversations with Becky Quick, the two share their perspective on axe murderers, “swingers,” and the costs of a free market, and the two speak candidly on the dangers of Robinhood, bitcoin, and stock market “gambles.” Buffett identifies patterns in the economy's long road from the Great Depression, Great Recession and the Covid-19 pandemic; he warns against the investing pitfalls of markets past. Munger details his own controversial opinion of China as a global economic power, and in a conversation exclusive to this podcast, Becky Quick shares her takeaways from over a decade of conversations with the pair.Warren Buffett Archive: https://buffett.cnbc.com/warren-buffett-archive/Berkshire Hathaway Portfolio Tracker: https://www.cnbc.com/berkshire-hathaway-portfolio/Sign up for CNBC's Warren Buffett Newsletter:https://buffett.cnbc.com/2018/08/15/warren-watch.htmlBerkshire Hathaway, Inc.: https://www.berkshirehathaway.com/Warren Buffett's not-very-active Twitter @warrenbuffettBecky Quick, @BeckyQuickKatie Kramer, @Kramer_KatieSquawk Box, @squawkcnbc
Scott Sumner (@scottsumnertmi), economist and author of The Money Illusion, joins Erik on this episode to discuss:- Why Scott says that the fed should have been more expansionary during the Great Recession.- The usefulness of level targeting.- Why house prices are going to remain permanently high for the 21st century.- An explanation of market monetarism and its implications for monetary policy.- Why he is forecasting low inflation in contrast to many of his peers.- How market monetarism differs from modern monetary theory and Austrian economics.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at www.villageglobal.vc or get in touch with us on Twitter @villageglobal.Want to get updates from us? Subscribe to get a peek inside the Village. We'll send you reading recommendations, exclusive event invites, and commentary on the latest happenings in Silicon Valley. www.villageglobal.vc/signup
It's this sort of persistent loss of wages, which causes things like loss of marriage, people not living with their kids anymore, disintegration of communities with all of the things in those communities whether it's churches or union halls or society, just friendship that used to be there. And those are the things that cause people to lose meaning or, if you like, lose hope in their lives.Angus DeatonA full transcript is available at www.democracyparadox.com or a short review of Deaths of Despair and the Future of Capitalism here.Angus Deaton is the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at Princeton University, winner of the 2015 Nobel Prize in Economics, and the coauthor (with Anne Case) of Deaths of Despair and the Future of Capitalism.Key HightlightsWhat are deaths of despair and what causes themHow did the Pandemic and the Great Recession affect deaths of despairWhy does a four year college degree affect life expectancy in the United StatesHow has health care policy in the United States contributed to deaths of despairAre deaths of despair an inevitable consequence of capitalismKey LinksDeaths of Despair and the Future of Capitalism by Angus Deaton and Anne CaseNobel PrizeNational Bureau of Economic ResearchDemocracy Paradox PodcastSheryl WuDunn Paints a Picture of Poverty in America and Offers Hope for SolutionsJacob Hacker and Paul Pierson on the Plutocratic Populism of the Republican PartyMore Episodes from the PodcastMore InformationDemocracy GroupApes of the State created all MusicEmail the show at firstname.lastname@example.orgFollow on Twitter @DemParadoxFollow on Instagram @democracyparadoxpodcast100 Books on Democracy
Landaas & Company newsletter December edition now available. Advisors on This Week's Show Kyle Tetting Brian Kilb with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik Week in Review (Dec. 20-24, 2021) Significant Economic Indicators & Reports Monday The Conference Board's index of leading economic indicators rose 1.1% in November, advancing from gains of 0.8% in October and 0.3% in September. The business research group said the surge in COVID-19 cases as well as inflation and ongoing supply-chain disruptions pose challenges to continued economic growth. At the same time, the group projected strong annualized increases for gross domestic product, including 6.5% in the fourth quarter and 2.2% in the first quarter of 2022. Tuesday No major announcements Wednesday The U.S. gross domestic product grew at an annual pace of 2.3% in the third quarter of 2021, according to a final estimate by the Bureau of Economic Analysis. The growth rate for the economy was up from 2.1% in the previous estimate. It rose at a 6.7% clip in the second quarter. Consumer spending rose at a higher rate than previously estimated. Measured year to year, the economy grew 4.9% and was 1% above where it left off 2019, just before the pandemic. The Federal Reserve's favorite measure of inflation showed a 4.3% increase since the third quarter of 2020, more than double the Fed's long-range target of 2%. The Conference Board said its consumer confidence index rose in December, suggesting continued economic expansion into 2022. The business research group said attitudes toward current conditions remained strong and the near-term outlook strengthened as concerns about inflation and COVID-19 declined from November's survey. Existing home sales rose 1.9% in November to an annual rate of 6.5 million houses, the National Association of Realtors said. The sales pace picked up for the third month in a row, though it was still 2% lower than the year before. The trade group said anticipation of higher mortgage rates helped drive November sales. Inventory declined 10% from October to 1. 1 million houses for sale, which was 13% lower than the year before. The median sales price of $353,900 was up 14% from November 2020, marking the 117th consecutive year-to-year increase. Thursday The four-week moving average for initial unemployment claims rose for the first time in 11 weeks but remained near the lowest level in 52 years. Data from the Labor Department showed the moving average at 206,250 new applications, 44% below the long-term average and down from a record 5.3 million in April 2020. In all, 2.1 million Americans were claiming jobless benefits in the latest week, down 13% from the week before and down from 21 million the year before. By far the biggest driver of the U.S. economy, consumer spending rose 0.6% in November, outpacing a 0.4% gain in personal income. The Bureau of Economic Analysis reported that personal consumption reached 11% above its pre-pandemic peak. The Fed's favorite inflation gauge showed a 5.7% increase from November 2020 – the highest rate since 1982. Excluding volatile prices for fuel and food, the core index increased to 4.7%, the highest since 1989. The Commerce Department said the annual pace of new home sales rose 12.4% in November, though it still was down 14% from the year before. The volatile indicator was about where it was before the pandemic and on par with sales in mid-2007, before the Great Recession. The supply of new houses on the market remained around six months' worth. The median price rose 19% from the year before to $416,900. Only 10% of the new houses sold were completely built, vs. 14% in November 2020. The Commerce Department said orders for durable goods rose 2.5% in November, the sixth increase in seven months. The indicator for manufacturing demand surpassed the pre-pandemic level by 16%. Commercial aircraft and automotive led the increase,
The Barrett Brief - Economic Confidence Lowest Since The Great Recession, Merry Christmas! Here is what is happening today in the Brief. First Economic Confidence Lowest Since The Great Recession, Merry Christmas! Second Christopher Laurence stops by Third This Christmas Season, Don't Allow Liberals To Make You Miserable Fourth Also my review of The Matrix Resurrections Meanwhile A Merry Christmas To All Of You! Finally don't forget the world famous "you gotta be kidding me" Our Readers And Listeners Keep Us In Print & On The Air! Click here to subscribe to The CRUSADE Channel's Founders Pass Member Service & Gain 24/7 Access to Our Premium, New Talk Radio Service. www.crusadechannel.com/go What Is The Crusade Channel? The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by Ron Staffard. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break! We've interviewed over 300 guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! Now that you have discovered The Crusade, get 30 days for FREE of our premium News-Talk Radio service just head to: http://crusadechannel.com Did you know about AOC? If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD's, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!
Real Estate Crimes - This episode discusses how institutions defrauded the federally backed mortgage giants which fueled the collapse of the housing market during the Great Recession of 2008. #lasuperagent #ReadySetREALESTATE --- Send in a voice message: https://anchor.fm/lasuperagent/message
During this holiday season, we are taking the opportunity to re-release some of the most popular episodes of Distribution Talk. The August 2020 interview with Lisa Fiore, co-founder and CEO of Landscape Hub, broke all download records for the show. People were intrigued with her ability to apply this digital marketplace to the highly fragmented legacy industry of landscapes. Since the interview, Landscape Hub has grown dramatically and they're continuing to add more robust search features for the end user. From a fingernails in the dirt family business to technology-driven service provider, this is a really cool innovation story. Enjoy! *** Lisa Fiore left the family business behind to transform an industry. Jason and Lisa discuss the challenges that have shaped her management style and the tech she's created to revolutionize a stodgy wholesale vertical. “Their version of the story is that I grabbed the business and took it from them. My version is they gave it to me,” Lisa laughs, recalling the series of events that ultimately lead to her taking over the family's century-old landscape supply business in 2010 - at the height of the Great Recession. Throughout that crisis, Lisa maintained an honest dialogue with her staff and her family about the painful adjustments to come. Fostering that level transparency taught her a great deal about the value of vulnerability, an attribute that has prepared her for the current pandemic. “We all have deep scars from the recession and I guarantee you we're all gonna have deep scars of living through this…[but] it's informed my instincts.” Challenges should beget meaningful change. That's a takeaway Lisa has run with throughout her career. After shoring up the family business, she left the company to realize her dream: the creation of an online marketplace connecting buyers and quality suppliers across the country. But optimizing a fragmented ecosystem is not an easy task - or a quick one. Imagine an industry in which the established common names for products change from region to region, where orders are often taken via pencil and pad. That's what Landscape Hub is up against. Three years in, however, Lisa is as enthusiastic about her tech as she was the first time she pitched it to venture capitalists. “This is the future of the industry and I have to be a part of it and I have to see this thing through.” Under her guidance, Lisa and her team will no doubt do just that. An entrepreneur at heart, she's happiest laying the foundation for future innovations. “We are doing something that is genuinely going to change this industry. We don't know necessarily what role we'll play in terms of the finished product, but I guarantee you, what we're doing today will make a difference.” *** Distribution Talk is produced by The Distribution Team, a consulting services firm dedicated to helping wholesale distribution clients remove barriers to profitability, generate wealth and achieve personal goals. This episode was edited & mixed by The Creative Impostor Studios. http://www.distributionteam.com Special thanks to our sponsor for this episode: INxSQL Distribution Software, integrated distribution ERP software designed for the wholesale and distribution industry.
Fresh out of high school, Oklahoma Broker/Owner Nick Utesch was only closing about two loans a month. Now, with almost three decades of experience under his belt, he closed nearly 500 deals last year and is the Scottman's Guide Ranked #1 Originator of VA loans in Oklahoma, three years in a row. Nick plowed right through the Great Recession, stayed above 75% purchase through 2020's Refi-boom, and will be able to succeed with rising rates. He attributes this success to a simple but long-term mindset. “Screen well when you start off so there are no surprises, deliver what you tell them, and close on time, every time…It's simple stuff,” Nick says, “but it will take you a long way.” Raised in rural Iowa, Nick had to work multiple small farm jobs to afford a stereo. After working a whole summer and coming up $1,500 short, Nick moped about until spotting an ad about a Discounted Note industry starter kit, including a guidebook and some tapes. Nick invested the few hundred dollars saved over the summer, using the knowledge learned from the tapes to help close his first deal at 14 years old. By 18, he opened a Brokerage and hasn't looked back. Nick's business was barely affected when the 2008/2009 crash and recession rolled around, aside from some longer wait times for houses on the market. He focused on Fannie, Freddie, and Government loans, with a specific niche in VA. He avoided Sub-Prime deals and made sure to make his purchase clients THE top priority. Nick says going paperless since the early 2000s and having no physical office have helped sustain a low overhead and keep profit margins high. Still, his #1 tip for longevity in the Wholesale Channel is a purchased-focused mentality. No matter the rates, people are constantly relocating to new markets and expanding their families. Nick wanted to control his destiny and not rely on the cyclical nature of the mortgage industry. Take this recent refi-boom, for example. Nick only did 25% refi's in 2020, and they were completely passive. He could've been more proactive and reached out to more clients about refinancing, but his service levels and standard for purchases would have dropped. Purchases are time-sensitive and require more work, but if you deliver, perform to your best, and get things done on time, you will create a referral funnel that will last a lifetime. “You don't need to sell yourself if you can prove yourself,” Nick says. Until this year, Nick was a one-person shop with a single outsourced Contract Processor. With the recent influx of business, Nick has added on four LO's, but that is almost exclusively to allow Nick a proper work/life balance. His team members request the initial disclosure package and pull together doc requests from clients. Not clearing conditions and hunting down docs all day long frees up Nick to focus on pre-quals and staying top-of-mind with clients. And even with the entire team, Nick still originates 95% of his brokerage's volume and never misses a closing. Nick closes out the podcast with some vital but straightforward advice that all mortgage brokers should adhere to; invest in yourself and treat people right. Watch webinars, stay updated with market changes, and stay compliant. Treat every client with the same amount of respect, whether it's a $750,000 or $150,000 purchase. Nick even mentions an AIME and Brokers Are Better favorite: answer your phone. “It's simple stuff, but it will take you a long way.” Notes: Intro to The Wholesale Channel (1:27)Brokerage Breakdown (7:15)Purchase Focused Longevity (19:21)Parting Advice (29:28) This episode is sponsored by REMN Wholesale.
In this Real Estate News Brief for the week ending December 11th, 2021... new FHFA conforming loans limits, tappable equity at a record high, and where drones may be used to inspect buildings.Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.Economic News We begin with economic news from this past week, including a report that shows inflation has hit a 39-year-high. The government reported a .8% increase in consumer prices last month. That puts the yearly rate at 6.8% which is more than 3 times the Federal Reserve's 2% target. Higher prices for gas, motor vehicles, housing, and food account for most of the increase. The Fed expects inflation to fall below the 3% level by the end of next year. Some economists expect it to take longer. (1) The latest unemployment report shows that initial claims dropped to just 184,000. That's the lowest level since 1969. The government adjusts the numbers for seasonal employment so they may be skewed somewhat, but as MarketWatch reports, they are extremely low and economists expect them to go even lower as the economy continues to strengthen. There's also a worker shortage so many employers are hesitant to let people go. (2) Even if they aren't firing workers, there's been a surge in the number of people leaving or switching jobs. As MarketWatch reports, almost 39 million people have quit their jobs this year. That includes a record 4.4 million in September. Economists expect the year to end with a record-high quits rate. Some are calling this trend “The Great Resignation.” (3)Consumer sentiment turned positive in December, although many Americans are still worried about inflation. The University of Michigan index rose to 70.4. That's up three points from the November reading, but down about 10 points from a year ago. (4)Mortgage RatesMortgage rates are still close to the 3% level. Freddie Mac says the average 30-year fixed-rate mortgage was down one basis point to 3.1% last week. The 15-year was also down one point, to 2.38%. (5)In other news making headlines…Conforming Loan Limits Move HigherThe Federal Housing Finance Agency released final figures on conforming loan limits for 2022. For most of the nation, the maximum amount will be $647,200.The maximum moves above the baseline amount for more expensive areas like the San Francisco Bay Area, Los Angeles, New York City, and others. The highest amount rises to almost a million dollars in those pricier locations, to $970,800. That's 150% above the baseline amount. (6)New Record High for Housing Prices Home prices are a moving target and continue to move higher although price growth has slowed down a bit. Redfin says the median home sale price rose to a new high during the four-week period that ended on December 5th. It says the median price is now $360,250. That's 14% higher than it was a year earlier, and 30% higher from December of 2019. (7)The average sale-to-list price ratio was 100.5%. That means the average home sold at .5% over it's listing price. That's only the average. In 43% of the transactions, homes sold for more than the listing price. In 31% of the sales, sellers accepted an offer within one week of the homes hitting the market.Tappable Equity SurgesSkyrocketing prices are giving property owners a lot of equity. Black Knight says total U.S. home equity was up $250 billion in the third quarter to a total of $9.4 trillion. That's 32% higher than the same time last year. AND it's almost 90% higher than it was right before the housing market collapsed into the Great Recession. (8)Black Knight's data and analytics president Ben Graboske says: “That works out to nearly $178,000 available in tappable equity to the average homeowner with a mortgage before hitting a maximum combined loan-to-value ratio of 80%.”Average mortgage debt is now down to 45.2% thanks to higher prices. That's giving consumers and investors more tappable equity that can be used for other purposes such as home improvements or the purchase of investment properties. Building Inspections with Drones?Drones could be the next great tool for New York building inspectors. They usually perform their inspections using binoculars and cameras from the street, and sometimes from the roofs of other buildings. Construction Dive reports that the city may soon authorize the use of drones for those inspections. (9)Officials say they could “yield more detailed results and greater safety, as well as greater efficiency and documentation.”That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!You can also join RealWealth for free at newsforinvestors.com. As a member, you have access to the Investor Portal where you can view sample property pro-formas and connect with our network of resources, including experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more.Thanks for listening. I'm Kathy Fettke.Links:1 -https://www.marketwatch.com/story/coming-up-u-s-consumer-price-index-for-november-11639142278?mod=home-page2 -https://www.marketwatch.com/story/jobless-claims-sink-43-000-to-184-000-lowest-since-1969-11639057122?mod=mw_latestnews3 -https://www.marketwatch.com/story/people-quit-jobs-at-slightly-slower-rate-in-october-11638976546?mod=econo4 -https://www.marketwatch.com/story/coming-up-december-umich-consumer-sentiment-11639147437?mod=economic-report5 -http://www.freddiemac.com/pmms/6 -https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx7 -https://www.redfin.com/news/housing-market-update-record-high-price-record-low-inventory/8 -https://www.blackknightinc.com/black-knights-october-2021-mortgage-monitor/?9 - https://www.constructiondive.com/news/new-york-city-inches-toward-drones-for-building-inspections/611185/
Today's episode features Bob Berry, a principal at AnswerLab, where he's guiding Google, Amazon, Facebook, and many others to create new, optimal online experiences in this age of coronavirus. He's also the founder of The Human-Computer MasterMind Academy. As the world goes virtual to survive COVID19, I guide Apple, Google, Facebook, Amazon to create superb online experiences that drive results. "I'm now leading concurrent online transformation projects with major global brands. In the early 90s, I led the teams that designed the first-ever e-commerce, e-learning, social media, and cloud services. I led a multi-channel business overhaul at Deluxe Corp. that drove $3.2M in new business - during the Great Recession. I designed and launched new learning systems that have guided 37,000 youth in all 50 states to prepare for life," Bob says "To ensure my clients can successfully conduct business remotely, I'm currently designing and implementing new remote processes and methods, evaluating platforms, tools, and technology, and training teams and personnel how to succeed in this new business climate," says Bob. * For most businesses, entrepreneurs, ventures, and professionals, COVID19 is driving the world to digital in a big way. * We have new ways to win with digital and virtual - and we must figure this out, our survival depends on it. The key is Experience. * In this new digital world, all outcomes, all winning or losing, will occur only as specific choices made by individuals within the experiences we provide them. Those choices drive all individual businesses and the entire global economy. * Experiences launched digital business models and systems, and experience drives them now. There have been world-changing events driven by digital, and we are now in the midst of the next one: the global pandemic and the economic collapse. Bob regularly speak at client events and present research methods and results on user experience, technology interfaces, human-computer interactions, mobile applications, e-commerce, and related. He presented the results of a national research study on data privacy at the 2019 User Experience Professionals Association Conference. http://itstheusers.com/ (http://ItsTheUsers.com) http://answerlab.com/ (http://answerlab.com) LinkedIn URL https://www.linkedin.com/in/bobberrycoppercreek/ (https://www.linkedin.com/in/bobberrycoppercreek/) Twitter URL https://twitter.com/_bobberry (https://twitter.com/_bobberry)
This week, we revisit our conversation with Pierce County Council Chair Derek Young discussing what's up in Pierce County. They discuss the vast differences in funding available for transit and other public projects in King and Pierce counties, how Pierce County and Tacoma are absorbing the population overflow of those who can't find affordable homes in King County, how the Pierce County Council is approaching investigations into police misconduct, and how one governs as a Democrat in a county where there is a substantial Republican presence. As always, a full text transcript of the show is available below and at officialhacksandwonks.com. Find the host, Crystal Fincher on Twitter at @finchfrii and find today's guest, Pierce County Council Chair Derek Young, at @DerekMYoung. More info is available at officialhacksandwonks.com. Resources “‘Home in Tacoma' Advances with Recommendation to Eliminate Single-Family Zoning” by Stephen Fesler: https://www.theurbanist.org/2021/05/26/home-in-tacoma-advances-with-recommendation-to-eliminate-single-family-zoning/ “Zoomers Flock to Tacoma over Pricey Seattle” by Brandon Zuo: https://www.theurbanist.org/2021/03/17/zoomers-flock-to-tacoma-over-pricey-seattle/ “Tacoma on the Move: Pierce Transit's Vision for a Growing City” by Rubén Casas: https://www.theurbanist.org/2018/09/17/tacoma-on-the-move-pierce-transits-vision-for-a-growing-city/ “Two Tacoma officers involved in Manuel Ellis' death named in excessive force claim” by Allison Needles: https://www.thenewstribune.com/news/local/article252735288.html “Newspaper carrier who was confronted by Sheriff Troyer files $5 million legal claim against Pierce County” by Jim Brunner: https://www.seattletimes.com/seattle-news/politics/newspaper-carrier-who-was-confronted-by-sheriff-ed-troyer-files-5-million-legal-claim-against-pierce-county/ “State attorney general launches criminal investigation into Pierce Sheriff Ed Troyer” by Will James: https://www.seattletimes.com/seattle-news/politics/newspaper-carrier-who-was-confronted-by-sheriff-ed-troyer-files-5-million-legal-claim-against-pierce-county/ “Facing charges, Pierce County Sheriff Ed Troyer uses dog whistles to play the victim" by Matt Driscoll https://www.thenewstribune.com/news/local/news-columns-blogs/matt-driscoll/article255184512.html "Report: Tacoma could diver many emergency calls to civilians” from The Associated Press: https://www.seattletimes.com/seattle-news/report-tacoma-could-divert-many-emergency-calls-to-civilians/ Transcript Crystal Fincher: [00:00:00] Welcome to Hacks & Wonks. I'm your host, Crystal Fincher. On this show we talk to political hacks and policy wonks to gather insight into local politics and policy through the lens of those doing the work and provide behind-the-scenes perspectives on politics in our state. Full transcripts and resources referenced in the show are always available at OfficialHacksAndWonks.com and in our episode notes. So today I am thrilled to welcome to the show Pierce County Councilmember Derek Young. Thanks for joining us. Derek Young: [00:00:58] Thank you for having me. Crystal Fincher: [00:01:00] Well, I really was excited to have you on the show because you are on the Pierce County Council, you're a former Gig Harbor City Councilman. You're really vocal on Twitter, you're really visible in advocating for what Pierce County needs. Most of the audience for this show is in Seattle - familiar with Seattle and King County issues and probably less familiar with Pierce County issues. One of the biggest differences is - in Seattle, as we're talking about all of these campaigns right now, really it's what kind of Democrat are you? Are you a moderate Democrat or a progressive Democrat? Different story in Pierce County. There are actually Republicans. Republicans that support Trump. Republican Republicans. And governing is much different. A lot of the rhetoric is much different. So, what is it like, especially in the context of comparing and contrasting it with Seattle, serving on the Pierce County Council and what are your priorities that you're dealing with? Derek Young: [00:02:07] Well, first of all, thanks. I feel like this is the part where I say, "First time, long time." I appreciate you bringing me on because, yeah, listening to you - being in the shadow of King County politics I think is a little weird for us because we're obviously a very urban county near by, and we're very affected by what happens in Seattle and King County. And so, for example, you're obviously talking a lot about housing, transportation, growth politics in Seattle. That lands really hard on Tacoma-Pierce County. And so we very often are dealing with the repercussions of decisions that are made outside of our capacity. And so that centers a lot of what we deal with here, and that's kind of on a bipartisan basis. We have to figure out how to absorb the housing that isn't built in King County. It turns out jobs - you can have all this growth, but housing is where jobs go at night. And so that means you have to build the housing here. So, we're picking up the slack. We have to provide the transportation, and we don't have a regional transportation system contrary to popular belief. We have a very localized and regressive transportation system that hurts people, frankly, in South Sound. So, we have to figure out how to work through all of that while we watch all of these incredible light rail stations and BRT intersections get built while we still wait to be connected to that. On the more partisan side though, we, as you said, have Republicans here. And for big chunks of the county that tends to be the way they vote. We have a Republican County Executive and so just like King County, they're separately elected and run countywide. And then we have a 7-member Council. Before I ran against and defeated an incumbent, the Republicans actually had a 5-2 supermajority. That tells you a little bit of the makeup there. We recently took the majority, so we now have a 4-3 majority on that. But, as I regularly point out to people, my district, which covers the west side of the Sound that's in Pierce County - Gig Harbor where I'm from, as well as parts of North End and West End Tacoma - it hadn't been held by a Democrat since 1980. So, there are some changes that are happening in that direction, but the east side of the county, I think, reflects a lot of the national trends that you've seen towards the party in that end. So, the way that plays out is - in the social services that counties are supposed to provide, very often on behalf of the state but often we should be doing our own local thing. So, we just recently passed the behavioral health tax - we're one of the last counties to do that. We really have a Public Health Department which - I chair the Board of Health - that has been underfunded for years and we're trying to make some changes there. Obviously the pandemic brought that out a little more. We're getting into children's services for the first time which is something I'm super excited about because who doesn't love kids? Trying to make sure that they have the tools they need, but also we know it has downstream effects. So, there's a bunch of things that are happening more on the social side. And then finally environmental. Pierce County is - and the reason I ran in 1997 for City Council was growth management. And we were the poster child for sprawl and we're still dealing with the ramifications of those decisions made, frankly, back in the early 90s. And trying to deal with that, and environmental consequences, and those issues. So, we got a lot going on, but the good news is that the Council's personality has changed, I think, for the better. We were pretty dysfunctional there for a few years and so even some of my Republican colleagues who I disagree with, we're getting along great. And that's pretty productive. Crystal Fincher: [00:06:35] That is productive. I remember some of those extremely dysfunctional times and it is good to be able to move forward on a number of these issues. I do think the pandemic made plain how much of a need there was and helped to bring some people along. You brought up a great point early on just about you being affected by what King County does. Talking about transportation, we're in a conversation now about Sound Transit and delaying, continuing to delay, a lot of what was scheduled to be built in Pierce County. And people are paying for it now. They may not see the benefits of that for another decade or two. What is funding transit like? What is that conversation like? And I guess in looking at working with King County and working around King County, what would you ask of King County and what are you forced to do with these delays in a regional system? Derek Young: [00:07:40] It's a great question and gets to, I think, some of where I disagree with some of my colleagues in King County. But I have to back up a little bit to explain this. One of the tragedies of the last 20 years in the Legislature, where I've worked representing cities and counties down there for a number of years - either my own, our association, or even as a contract lobbyist at one point. And we have not only the most regressive tax code in the country, which I think most people know, but what many of your listeners may not be aware of is that it's the localization that really lands hard on communities that don't have the same level of wealth as some of the cities in King County. So, let's take local transit for example. It used to be that about a third of the funding for local transit came from the state, which is the way most states do things. It's the logical thing to do. In Washington, basically the Initiative 695 and the Legislature's response to that, basically eliminated that. There's very little state funding. Most of it's either federal passthrough or regional passthrough from the Feds. So, what that meant was they gave us something called local option. "Local options" are the two words that I want to hear the least from the Legislature ever because what that means is the way you can serve your community is what you can raise locally. So, if you're a poorer county, like Pierce County, I can only raise for every one-tenth of 1% sales tax, about 60 cents on the dollar what King County can. So, I have higher need but less money to do it with. Does that sound progressive to you? Does that sound like something that - the tax code that you would want as a liberal Democrat? No, of course not. But it's just fine for a lot of King County Democrats because they're piling up so much wealth there that they get to buy a lot of stuff. I always picture when I go through my budget - King County must be diving into piles of gold like Scrooge McDuck because they forget more money than I can try to scrape together to put a sensible system. So, the second part is that because we have poor service, people don't value that transit as much. So, we've had trouble passing the last three-tenths authorization. So, that means we have two-thirds of what most other counties have and it only raises about 60% what King County can. So, our system is really starving and it barely provides basic services. So, I'm a regular transit rider. My bus comes once an hour. If you had a bus in King County that went once an hour, there'd be riots. So, that's the kind of problems that we have. But you would think a regional system - that wouldn't impact. This is where a perversely named sub-area equity law in state law comes into effect. This was the idea of Rob McKenna back when he was on the King County Council - concerned that, basically the suburbs, were going to subsidize Seattle. Obviously since that time - this is back in the old days when Seattle hadn't had this explosion of growth - the reverse has happened in fact. So, what that means is that we can only spend for regional transit what we can raise locally. That's why you haven't seen the connection through South Sound, and I include in that South King County - honorary South Sound membership in South King County. Crystal Fincher: [00:11:02] Thank you. Derek Young: [00:11:03] It hasn't gone through that zone or into Pierce County where we have our own. So, we've really struggled to connect to the system that - as people that are in the service industries and lower-wage tech workers get pushed further and further away from where their jobs are, they've been pushed away from where transportation can connect them effectively. It's really a terrible system. If you were to sit down and design this as a regional system, people would think you were nuts. But this is what we have. And each year I kind of scream at the top of my lungs to fix it. The problem that this really gets put into hyperdrive is when we get some federal funding, which we've had recently, we distribute it based on what King County calls fair, and that means we're going to base it on service hours. Well, if I'm starting out with a tenth of the service hours that you can provide there, that means you're taking up almost all of the money in these other places where you've already concentrated all this wealth. So, we got basically 10% of the federal funding for our transit system and for our Sound Transit projects that King County did. If you don't think that's just morally abhorrent and outrageous, I don't know what to do. That to me is wrong and we have to fix it. But we've gone through two cycles now at Puget Sound Regional Council where that's exactly what's happened. Crystal Fincher: [00:12:30] So, how does it get fixed? What needs to happen to fix it? Derek Young: [00:12:34] The first thing is it's got to start with state legislation. And here's the part where I hate to put this on raw parochialism, but because our Party that is in control of both chambers is concentrated so much in King County, there hasn't been a lot of movement and a lot of support for changing that setup. The second thing that I do appreciate and I want to call her out because she's been a great leader to try to fix this overall tax structure problem, and that's Representative Noel Frame. I don't think at first she was thinking as much about the local impacts of the tax structure problems that we have, but she's been super open to it since we started talking and realized how this is hurting people, not just in Pierce County by the way - that this is happening in a number of different places, where it doesn't make sense to base all of our services on what you can raise locally. We actually just fixed this basically with schools. That's essentially what we had done with our school systems where we said, "We're going to rely on your local levies to determine what kids deserve." We didn't think that was right with schools. We shouldn't think that's right with basic social services like behavioral health, funding for early childhood, or transit, or any of these programs. Crystal Fincher: [00:13:53] Well, I hope it is something that is taken up in the Legislature and that is going to be fixed because it is fundamentally unfair. And it ultimately inhibits and drives down support for regional solutions for a variety of things overall. And drives up the, I guess, I don't want to call it jealousy because it's not jealousy, but just some of looking at Seattle and going, "Man, you guys get everything and we're sitting out here outside in the rain with no cover and no one seems to be noticing." You talked- Derek Young: [00:14:28] I'll give you one example that really highlights this. There is one BRT highway intersection in Kirkland that is going to cost upwards of $135 million. That is more than the entire Bus Rapid Transit line that is being built - covers, I think, a dozen miles - in Pierce County. One intersection that's going to serve a few hundred people versus ours that's going to serve thousands. And our funding was in jeopardy until the federal government stepped up. That's how outrageous this disparity is. And so, yeah, I'm hoping we can get some common sense to this. But it is sort of frustrating to watch. And that's why when ST3 came up for the repeal - for the nearest brick to pick up and throw through that window, if they're not getting the services that they think they're paying for. And then they look up north and don't realize they're not actually funding those systems, but I guess that's what you're saying is - it isn't jealousy, it's that I'm getting hurt and we should stop that. Crystal Fincher: [00:15:37] We're also dealing with, as you said, King County's failure to manage sprawl - people being people being priced out of Seattle and King County - moving further away, being forced out of the City, and forced further away from the City in search of more affordable housing, both rentals and owned homes. And so now we're also continuing to see headlines in Pierce County that housing prices continue to rise. Are you looking at the same kind of housing cost increases that King County has been experiencing? And how do you prevent that from happening? Derek Young: [00:16:17] Yeah, in answer to your question, we have. At one point, Spanaway, which is in unincorporated Pierce County outside Tacoma, was the hottest housing market in the entire country. That's not a normal thing. That's pretty far out. And it tells you the kinds of pressures that are being put on the system here. We have absorbed more than our share of the population growth. In fact, if it had not been for the fact that Pierce County had - A) coming out of the Great Recession, a large housing glut - meaning when I first joined the Council in 2015, our big problem that we were dealing with was abandoned homes, which sounds crazy now but we had a lot of them. So, that basically absorbed some of the pressure and then we've grown a lot. So, we've added a ton of new housing. Tacoma right now is looking at a plan called Home in Tacoma which is going to basically transform a lot of their single family homes zoning into more accessible, and it's based on where transit support is. And so it'll cover most of the city. That's the kind of thing that we need our major metropolitan cities doing in general. It's our regional growth plans. Seattle just announced that they're going to change the name of their single family zoning. They're changing the name. Now, I understand why they're saying it's exclusionary rhetoric - that's great. But when I first saw the headline I was like, "Oh my God, this is what we need. They're going to get rid of their single family zoning." They're changing the term, but it'll continue to do the exact same thing. Crystal Fincher: [00:17:53] Okay. I saw you post on this. I will say, in fairness, I saw the announcement by Council President Lorena González, who's also running for mayor. And actually one of the things we've talked about on Hacks & Wonks before is - there does seem to be universal agreement among mayoral candidates, and there will be a new mayor in Seattle, that the need to actually end exclusionary zoning is there. They have different plans to approach it. So, yes, changing the name. But I will say that they are not talking about simply stopping at a name change. They are actually talking about changing the policies. Derek Young: [00:18:33] And when they do I will be there to applaud them. In fact, one of the things I miss most about regional government was when we lost Mike O'Brien. Mike was a great partner negotiating our regional strategy and what basically - which was aimed at Seattle, forcing it to accept more housing. And I watched even a couple meetings where he was at where he was getting the - strong feedback might be the way to put it. It was tragic because he's such a nice guy that -and decided not to run again. But we need that leadership on the Seattle Council. I don't get a say in those elections, but I joked for a while - now that I know that residency is maybe not a requirement, maybe I should run for Seattle mayor so I can blow up their zoning code. Crystal Fincher: [00:19:26] Well, I am rooting for the blowing up of the zoning code, and I am actually with you in terms of - dealing with rhetoric is entirely insufficient. It is actually changing of the policy that is going to be impactful for people on the ground. Derek Young: [00:19:41] And by the way, I should say it's a good idea to change that. I understand why the name is - it's always good to police our language a bit and realize where that came from. I just wouldn't send out a press release over it. Just do it. Crystal Fincher: [00:19:55] I get it. We have had a number of interesting press releases lately. In terms of dealing with exclusionary zoning in Pierce County, where are you on that? Derek Young: [00:20:06] So, we are following basically what we believe to be smart growth practices. And so most recently we had what's called our Centers and Corridors proposal. It was in our last Comm[unity] Plan update and Development Reg changes. So, where we have access to high capacity transit, and this is a term that we have in our regional plans going through Puget Sound Regional Council - that means frequent high capacity, something more than a regular bus route. It's got to be either Bus Rapid Transit or light rail. And along those corridors, so basically within half a mile, we're allowing very large scale development. Originally it was going to be unlimited and just let the market decide. But Tacoma and us had a disagreement. Tacoma wanted to make sure that their downtown was protected and they were going to have more growth concentrated. It makes sense. The line starts there, so it's a good idea. And then we'll also add more as we add more high capacity transit. That's trying to pull back from the outlying areas where there's more sprawl and really try to build healthy, sustainable communities that are walkable, have good access to public transportation, and don't require you to drive everywhere. This is trying to turn the corner on an auto-centric model that we have in Pierce County that forces everyone, including people who really can't afford it, to buy a car. Crystal Fincher: [00:21:35] In terms of high capacity transit routes, lots of broad agreement across the state. In terms of single family or neighborhood residential, where does zoning stand on that in more developed cities that are not predominantly rural in Pierce County? Derek Young: [00:21:56] Yeah, so, there's still quite a bit. And that's why I kind of called out Tacoma's work to try to - they're going to basically try to pass this this year. That's the recommendation from their planning commission. I think they're close. The pushback began. I kept telling people to wait for it. That's why we all, the Executive and the Council, unanimously sent a letter basically applauding their work because we're like, "We need you to do this so that we don't keep pushing more growth out in the outlying areas." But, yeah, we need - I guess the way I would put it is the urban core. And that's the places where we do have that infrastructure. So Lakewood, University Place, Puyallup, Tacoma, and urban and incorporated Pierce County - those are the areas where you find that. And we're trying to concentrate as much growth there as possible. That means rezoning, in some cases, the single family zones. We already had quite - our moderate density housing already allowed for a lot of that flexibility. I think we need to go further in some of the cities. So, we need our city partners in Lakewood, Puyallup, UP, frankly, to step up along with Tacoma. I think we're getting there. Everyone seems to be - unlike my frustration in King County where some of the cities just ignore their population distribution, ours at least seem to say, "Okay, we'll plan for that." Now, this isn't Sim City. You can plan for it, the market has to come to it. The second thing is that we're just now getting into serious - we have some money to start doing some major investments in public housing, which is something we really haven't done. The degree to which, and this is a compliment for King County, since I've said a few negative things. You all have invested a lot in public housing and are poised to make some bigger ones. We're just dipping our toes into it right now. So, we're working on those plans and we'll start our own developments. We'll start building much more public housing than what we have right now. Crystal Fincher: [00:24:00] Well, and that's really exciting to see. And it is encouraging to hear you talk about - hey, cities, even cities with Republican leadership in Pierce County, are planning to absorb growth and are planning to meet those goals. And that there does seem to be some unanimity and agreement on - hey, we do need to absorb density. May not be agreement everywhere, but hey, if we're along a transit line we need to support the density on that route. That seems like a positive thing that should not be odd for every community to be advocating for and expecting. In terms of the conversation around public safety, policing, we have certainly talked a lot in King County, throughout Washington. Pierce County is no different - whether we're talking about Manny Ellis or talking about Sheriff Troyer and his, as I will put it, setting up a Black man newspaper deliverer to potentially be killed - by saying his life was actively being threatened and seemingly not being honest about that. Where does, I guess specifically in those two cases, the Council stand and where are things moving, with the understanding that you may be limited in what you can talk about because you're on the Council and actively dealing with that? But overall, do you think policing is where it should be? And the conversation around public safety is where it should be? And how should it be different? Derek Young: [00:25:34] Yeah. I'm glad you asked because I'll go to the part that will be difficult for me to elaborate too much on, and that's the current investigation into Sheriff Troyer. We did two things. First of all, I was heartbroken when I heard that story because all I could think was - how would I have felt if I saw this swarm of officers showing up to what they believed to be an officer in danger? And then I also can't put myself in the shoes of a Black man. And so I would have been nervous enough. I can only imagine what he was experiencing there. So, we said - right away, my thought was let's use our public - an elected sheriff is only accountable to the people. The problem is that the people don't have investigatory powers. So, we, as the branch that most closely represents them, do have that. We have subpoena power. We do have the ability to compel testimony. So, let's basically hire someone who will conduct an independent investigation, find out what really happened, get into the details beyond maybe what the newspapers were able to uncover, interview folks. And then basically issue that decision and say, "Here's what I have found." We'll make it public. This is unusual for government. Typically when you know you're going to be sued, you don't do discovery for the other side. But I felt the public's interest was in this case not just financial. It was to get to the bottom of the matter and we'll deal with that. So, as we expected, we did have a claim filed and we expect a lawsuit. So, that got paused because then we found out that the Attorney General was launching a criminal investigation. And when I say paused, it didn't mean that he stopped doing work. It's that it - basically the gentleman that we hired is a former US Attorney, so he has prosecutorial background both at the local level and federal level. He basically said, "Hey, it's going to be hard for me to interview witnesses while this is criminal, or interview Sheriff Troyer himself. So, let's wait for that to wrap up for those. I'll pause." But he's continuing to do some work. We expect that to wrap up in the next couple weeks - both the criminal investigation and the civil one. That's about what I have now and that's not just because I'm being cagey. I actually don't know many details because we're trying to keep this very independent. And that's to avoid that partisan problem. The second thing I'll say is that - on the Manny Ellis case, this is one where all I can say to the Ellis family is - his death was a tragedy and shouldn't have happened. It's also clear that Pierce County badly bungled the investigation, starting with the death inquest and the medical examiner's office. Even the way they communicated with the family was a shame. And then the way it got turned over to the prosecutor's office where we discovered there was a deputy on the scene. So, we had - the investigation was conducted by an involved party. That's when we all said, "This is why we've been begging you to set up a state agency. You can't have local agencies investigating each other." There's too much - if there isn't actual conflict, there's an appearance of conflict. And we have to rebuild trust in law enforcement. We have to remove both. So, I'm glad the State Legislature authorized that, but it was too late for this case, so the AG took over and obviously made their criminal decisions on that case. And I don't think it's actually concluded. Those were the charging decisions that were ready. So, I'll just say, from Pierce County's perspective, we have to fix what was broken within our departments. I will say this is something where the Executive and I agree 100% - where he's trying to make sure their processes are fixed. We have created a Justice Review committee that is looking through every of our procedures throughout the criminal justice system - starting with law enforcement, going through the judicial system, prosecution decisions - and we're beginning to make some of those decisions. I will say the Sheriff's department, surprisingly to me at least, had already adopted a lot of the best practices that you hear, in terms of we basically don't use any no-knock warrants. The place where we did see a need for change was vascular restraints. The Legislature took that. So, we're looking at other places where we need to make some changes. The biggest one though is - the intersection of people in crisis, dealing with having other needs, ending up in contact with law enforcement - is a big problem in Pierce County because we've lacked those social services. So, we've been trying to push more into diversion, avoiding contact with law enforcement. And frankly our law enforcement's always asked for that. They will tell you, "You ask us to do too much. We're not experts in dealing with people in crisis. So, let us deal with the security of an emergent dangerous situation, responding to a crime. Don't ask us to show up when someone is apparently just in crisis on the street corner, at a bus stop, or whatever. That's a place where someone trained with that can show up and help them and probably be more successful." Crystal Fincher: [00:31:18] Yeah, I think that's an excellent point that gets lost in a lot of these conversations - in that police themselves, for a long time - I think some of it has quieted down a little bit for fear in this entire conversation. But man, for decades they've been saying, "This is something that we could do without doing. This is actually - we don't have the tools to address mental health crises, some issues of addiction, some issues around homelessness. There are actual issues here that we can't solve. Sometimes we have nothing to do at the scene." And their addition to it only makes it worse and more complicated, and complicates the job that they're trying to do. So, in the conversation around looking at some of these responses - looking at overall staffing tied to 911 calls overall and maybe not tailoring that to the types of calls, do you think that there should be more movement in terms of tailoring the actual size of the force? Not focusing so much on patrol, as in investigation and targeted actions, and using some of the money that is now funding this entire infrastructure of response to things that they have said before they don't want to respond to - could be better spent on social services? Derek Young: [00:32:41] This is where I kind of get off the bus in terms of the overall movement here because not every - no two departments are created equal. This is the way I'll put it. Basically Pierce County has about a third of the number of deputies that SPD, Seattle Police, has for officers and they cover a much larger territory. So, they've been well understaffed for a long time, and last summer I had joked a number of times that we already defunded the Sheriff's department, we just forgot to do the second part where you actually try to build up the services that would replace that need. And so I don't think we can look at every department as being the same. In my district, where we have a rural detachment, basically 60,000 people on two peninsulas are covered by two deputies as minimum staffing. They're both 30 minutes-plus away from help if something bad happens. We can't reduce that. It would be dangerous not only for the deputies but for people in calls they're responding to because if they feel alone, which they very much are, you can run into problems. We had a deputy killed in exactly that situation in the mountain detachment not long ago. We think the reason he broke protocol and didn't wait for backup to go into a home where there was a home invasion is because he was familiar with it, knew the help was 20 minutes away, and there were children present. Or would have thought there might be. So, he entered the home heroically and ended up losing his life. And so we really don't have the capacity to make further reductions. But what we can do is add to that. Again, getting back to behavioral health tax, trying to add treatment. We're trying to build up co-responders, have alternatives. We have both an emergency response and a proactive response. It's important to go out in mobile teams and meet people where they are and begin to transition them to more traditional services. In many cases we've seen some success where someone has been living in unacceptably inhumane conditions for a long period of time, and we've been able to get them help and to a situation where they have stable housing and get their needs met, their medical conditions met. So, this is going to take some time. It's going to be complicated. It's going to be expensive. But I think what ultimately you will see in most departments is that you will save money by treating - basically going upstream, treating the problem not the symptoms. That's where we've been stuck for too long. And I hate to say this - I don't want to say that anything in the last year we should be glad for. But the one thing about the pandemic and the resources we're seeing from the federal government, is for the first time we can make that initial investment that we haven't been able to afford before, and then show that there's savings there that we can then pay for the ongoing expense. That's always been a difficulty. I have known for years that instead of jailing people, permanent supportive housing is cheaper and in many cases would solve the problem that was going on there. But we've never been able to afford to take that money and invest it in something else. It's too complicated to get set up. So, now we have that opportunity. This is like an intervention in our system to reset things and hopefully make some improvements. So, I know this isn't going to go nearly as fast as a lot of people want to see. And believe me, I would love to move faster. But I think things are moving. And the good news is, even in places like Pierce County that are politically mixed, we are seeing a lot of bipartisan work on this. And so I'm actually really proud of us on a couple of those issues. My colleagues that I may disagree with on occasion, we're finding places to work together on this. Crystal Fincher: [00:36:45] Well, I certainly appreciate the time that you've taken with us today to speak about this, to help educate people about Pierce County and what it is like to govern there, the issues facing Pierce County and the state, and what we can do in terms of advocating and maybe nudging all of our legislators to say, "Hey, you know how we are letting other transit, housing, funding languish in the rest of the state? Let's not do that. We'll actually all end up better if we do that." Helping to equip us to have those conversations. So, thank you very much. Appreciate it. Derek Young: [00:37:18] Thank you, and you're always welcome down in Pierce County. Crystal Fincher: [00:37:21] Well, I'm there often. So, here we go. Thanks. Talk to you soon. Thank you for listening to Hacks & Wonks. Our chief audio engineer at KVRU is Maurice Jones, Jr. The producer of Hacks & Wonks is Lisl Stadler. You can find me on Twitter @finchfrii, spelled F-I-N-C-H-F-R-I-I, and now you can follow Hacks & Wonks on iTunes, Spotify, or wherever else you get your podcasts. Just type in "Hacks & Wonks" into the search bar, be sure to subscribe to get our Friday almost-live shows and our midweek show delivered to your podcast feed. You can also get a full text transcript of this episode and links to the resources referenced during the show at OfficialHacksAndWonks.com and in the podcast episode notes. Thanks for tuning in. Talk to you next time.
For more than 40 years, TOPS Staffing has survived and thrived through the ups and downs of the economy (and the staffing industry). The key to their success? Being really good at the grass roots! And this family business isn't just crawling out of the pandemic, it's sprinting out – achieving record success in multiple divisions of the company. Today's guest, Susie Dietrich, is the president of TOPS Staffing. She's a natural leader who knows how to get things done, and on this episode, Susie talks about the keys to their long-term success—and specifically what they did to make 2021 their best year ever. Here are a few of the topics we discuss: Keys to successfully launching a new staffing company and entering into new skill disciplines. The critical importance of keeping people busy and why being proactive during down times is essential to rebounding faster. The value of structured training for staffing sales professionals and recruiters. And a shout out to our friends at Butler Street! Lessons from 9-11 and the Great Recession…and how the drivers of success back then are the keys to driving growth in the current period of COVID recovery. The new role of sales and recruiting in today's labor market. And one of the greatest sales lessons we've ever heard “now is not always!” If you'd like to know more about Susie and TOPS Staffing, you can visit the company online at: https://bestinrecruiting.com/ But don't try to connect with Susie on LinkedIn…she is proudly not on social media! Secrets of Staffing Success is brought to you by Haley Marketing
Craig Coppola has been a Commercial Real Estate office broker for over 35 years and is one of the eight Founding Principals of Lee & Associates Arizona. He is the highest producing broker in Lee and Associates' 40+ history and has completed over 3,800 office space transactions. Within Lee & Associates, Andrew Cheney, Gregg Kafka, and Craig lead The Coppola-Cheney Group. The Coppola-Cheney Group is the number one office leasing and sales team in Lee & Associates' history. We provide a higher level of brokerage skills, market knowledge, and the ability to negotiate our clients' transactions. [00:01 - 05:28] Opening Segment Get to know Craig Coppola Who is Craig Coppola?“I wanted a career where I could dictate my own career.” [05:29 - 11:09] How to Win in Commercial Real Estate Get a copy of How To Win In Commercial Real Estate Investing Everybody wants the magic bullet so what's the secret? There is an expert in every marketplace Why Craig is not investing in deals but with people [11:10 - 26:03] Startups vs Commercial Real Estate and More Investing in Three Types of Markets The Lessons Continue to Come Craig shares the advantages of investing in off-market deals Startups versus Commercial Real EstateCraig's Inverted Triangle Jockey Startup Investor Which one is riskier? Which is the one for you? Craig's Perspective on the Great Recession [26:04 - 36:34] Closing Segment Quick break for our sponsorsGroundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started. What is the best investment you've ever made other than your education?At 32nd Street and Camelback Craig's worst investmentSeveral million dollars into oil wells with strangers What is the most important lesson that you've learned in business and investing?“You're only as good as your reputation and the relationships that you have in the marketplace.” Connect with my guest. See the links below. Resources Mentioned: CREOneSource Tweetable Quotes: “One of the key things is [to] start developing what you want to buy and developing the relationships of people that you trust.” - Craig Coppola “If you're trying to get in (startup) and you just want one out of a deal, it's a very, very tough business to do.” - Craig Coppola “I invest in quality people that I want to bet on.” - Craig Coppola ------------ Connect with Craig Coppola through LinkedIn or through his websites https://www.coppolacheney.com/ and LIFEies.com. Don't forget to grab your very own copy of The Fantastic Life! Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/ Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms. LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes
Let's get bummed. Back in 2006, the USA was deep in the 2nd term of George Bush II, aka the idiot king, and his 2nd Iraq war was raging. As a leftist, it felt like a total nightmare, but Alfonso Cuarón heard our cries. His Children of Men, a bleak dystopian manifesto, landed mostly with a thud when it was carelessly released on Christmas Day in 2006. A stellar cast helmed by Clive Owen and gorgeous cinematography via Emmanuel Lubzeki couldn't save this holiday humbug from financial failure. Accordingly, Children of Men instantly became a cult film among the Letterboxd set. Academics, film nerds, and art house scenesters all raved about the one-shots, the world-building, and the nihilism that mirrored their own. But how has that effuse praise aged after the Great Recession, Trump, and Covid. Has Cuarón's bleak vision been blurred by unstoppable climate change, social anarchy, and the new rise of fascism or has it merely been burned into our collective lens? Special Guest: Friend of podcast and Hollywood Insider, Ryan, joins us to discuss this sad boy opus.
Join Haymarket Books and Spectre Journal for a discussion of Neoliberalism and the future of the global economy. After the failures of Keynesianism in the 1970s, the capitalist classes of the world turned to neoliberalism to discipline workers and restore profitability. In the wake of the Great Recession of 2008-10, capitalism has been mired in a long-term global slump and neoliberal policies have been unable to trigger a new boom. Is neoliberalism finished? Are states returning to Keynesianism? Will that work? Why is the world economy locked in a slump? Join this webinar to hear answers to these and other questions from Prabhat Patnaik, Michael Roberts, and David McNally. --------------------------------------------------------------------- Speakers: David McNally teaches history at the University of Houston. He is an editor of Spectre journal, and the author of seven books, including Blood and Money: War, Slavery, Finance and Empire (Haymarket Books 2020). Michael Roberts is a British-based Marxist economist and author who worked as a professional economist in financial institutions for 40 years. He is author of several books: The Great Recession - a Marxist View (2009); The Long Depression (Haymarket 2016); World in Crisis joint ed (Haymarket 2018) and Marx 200 (2018). He blogs regularly at: thenextrecession.wordpress.com. Prabhat Patnaik is a well-known radical economist. He has written extensively on macroeconomics, development economics, and political economy. His books include Accumulation and Stability Under Capitalism and The Retreat to Unfreedom. --------------------------------------------------------------------------- This event is sponsored by Spectre Journal and Haymarket Books. While all of our events are freely available, we ask that those who are able make a solidarity donation in support of our important publishing and programming work. Watch the live event recording: https://youtu.be/bzCjTUNrQRk Buy books from Haymarket: www.haymarketbooks.org Follow us on Soundcloud: soundcloud.com/haymarketbooks
Jennifer Kem, the Brand Strategist and Founder of the Master Brand Institute, joins the show to share her journey from losing everything in The Great Recession to growing the brands of Oprah Winfrey Network, Steve Harvey, Verizon, and Microsoft. Hear how to strengthen your brand as a small business owner, the most important elements of building a brand, finding your brand archetype, Coke vs. Pepsi, and the brilliance of Squatty Potty. Connect with Jennifer on Instagram at @Jennifer.Kem and LinkedIn
Anna Kelley is a 4X Amazon #1 Best Selling author and frequent guest on Real Estate Investing podcasts. She speaks at REI groups around the country on Buy & Hold Investing, Multifamily Investing, Vacation Rentals, Creative Financing, Flipping, the Unique Challenges of Being a Woman in Real Estate, & making wise, conservative real estate investment decisions that will last through every market cycle. In this episode, Anna shares her amazing journey to financial freedom. Through multiple failures and hardships, Anna's unbreakable motivation helped her push through adversity to build a multi-million dollar net worth and focus on what is most important to her, her family. She covers everything from single-family real estate, small multi-family and larger multi-unit syndications. Anna's websites: reimom.com greaterpurposecapital.com --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor Podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals. Michael: Hey, everyone, welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum and today with me I have a very heavy hitter multifamily investor syndicator Anna Kelly, throughout the entire episode I called Ana Anna and she was so graceful to not even correct me. So we have her on the show, and amazing woman, really a lot of great things that she talks about with regard to multifamily investing. Let's get right into it. Michael: Anna Kelly, thank you so much for coming on the show this morning. I really appreciate you taking the time to hang out with me. Anna: Thank you so much. I'm so glad to be here. Michael: So for those people that don't know who you are and your background, I'd love if you could give us a little bit of brief history into who Anna Kelly is. Anna: great, I will try to be really brief, right? I've been investing in real estate for a little over 20 years, I think I bought my first property in 1999. And before that I had a financial background. So I worked in the financial sector, I was a financial relationship manager for Bank of America and our private banks. So I worked with lots of traditional investments, and really had a 20 year corporate career in the traditional financial sector, working on investments for high net worth individuals. And one of the things that was interesting, Michael, is that I learned a lot about investments and what to do with it once you became wealthy. But even through all of my years of financial advisory training and college, no one taught me how do you actually create the wealth other than waiting 45 days and 45 years until your retirement accounts are finally enough that you can retire. And I had a couple of clients who were very wealthy who laughed at the double digit returns that we could offer at our bank at the time, because they made more money in real estate. And I went okay, I've learned nothing about real estate, I need to at least start to learn and see if that's something that I should consider once I have a lot of money. So I knew a lot about investments thought about real estate. But it wasn't until I had my first baby that really changed my why like, I really want to be home. I have this great six figure career I climbing up the corporate ladder, but I want to be home with my kids. And so I'm going to have to try to figure out how do I replace a six figure income doing something different from home and real estate was the way I did that. And that began a 20 year journey for me and to small multifamily large multifamily, ultimately retiring a multimillionaire through small multifamily real estate, leaving AIG two and a half years ago. And since then, I've been focused on large multifamily syndications. Michael: Oh my gosh, what the track record you had. That's awesome. So Anna: It's been a long time. Michael: I think just a blip on the radar as a blip on the radar when when you were doing your financial advising, did you think that real estate was a realistic vehicle for to get where you want it to go, or you only saw it as kind of the the finish line, that's when you could start? Anna: The latter, I had no idea how to get started in real estate, I learned not a single thing about it. It was not even an option for growing financial wealth in terms of what we were taught. It was all about stocks, bonds, mutual funds, annuities, really to grow the wealth that you already had. And because we already worked mostly with wealthy people, we really weren't starting from the beginning with a lot of people like, you know, yes, we would, we knew what to tell you. We'd say hey, you know, set aside 10 or 15%, put it in stocks, you know, more aggressive when you're young and match, you know, everything you can for 401k company match and eventually you'll get that million dollar nest egg by the time you're 65 and then you can live on 4% of it like $40,000 a year. And supposedly you'd be really comfortable for the rest of your life. Right? Michael: Yeah. Anna: And we thought that was really smart and a good thing. But I figured it would take me that 45 years to develop that million dollar you know, nest egg I never thought wow, if I invest in something else I might be able to create a significant cash flow today that will make growing wealth possible before I'm 65 never even crossed any of the conversations that I had. Michael: Interesting. It also blows my mind that you could get double digit returns by park your money in a bank. Anna: Well in in tools and products that we had, sometimes they were you know hedge fund type investments. Michael: I got you I got no Not a CD? Anna: No, but CDs paid a lot more back then than they do today. So even then I think our CDs were probably seven or 8%. They were pretty high compared to today. Michael: That's incredible. That's incredible. Okay, so So now let's fast forward. So you found real estate, you're like, This is what I'm doing. Talk us through that first deal. And then your subsequent How did you get into small multifamily after that first deal? Anna: Yeah. So it's really interesting, kind of going back to that my, my mind was piqued that I needed to think smarter about money, and that I needed to think about real estate as something to at least explore. And I lived in Houston, Texas at the time, and my rent was really, really expensive. So as I was starting to think about am I making wise financial decisions? I thought it's really dumb that I'm blowing, you know, 1000 $1,200 a month on rent 20 years ago, why don't I buy a condo, maybe I could buy a condo, have my my total expenses be less, and then down the road, when I'm ready to buy a house, I can run out that property. So that's what I did. It wasn't that I thought real estate's gonna grow wealth, I thought real estate as a way to to live below my means a little bit and down the road to give me a little extra cash. So that's the only real thought I had about real estate when I bought that first condo. And then I thought, you know, real estate is kind of a speculative thing. I got into about 20, 2002 2003. And a lot of people were starting to buy homes and build and kind of rough areas that were re gentrifying, and they were making $100,000 in a year or two after building and I thought, oh, we'll speculate we'll buy a house where there's, you know, it needs to grow. And the neighborhood's not so great, but right across the street, there's lots of expensive homes. And I thought we built it in a year, it would go way up in value, right? Well, it didn't, didn't work, right. And then I had my baby, and I watched, I was on bed rest for three months, and I watched a lot of HGTV flip this house, it was the first year that they were coming out, like all the shows, okay? It's like, Oh, my goodness, honey, I said to my husband, I got a six figure career, but I work 40 hours, 50 hours a week, I could flip three houses and make that much money, let's flip the house. So with a three month old baby in tow, we went and got a traditional mortgage on a second house and decided let's flip this house. It has a garage apartment in the back. So we'll get a little rental income while we're flipping it. And that was our next investment before I ever even thought about really making real money with rental real estate. Michael: Okay, and how did that flip go? Anna: It didn't go well. We lost money. We made a lot of mistakes. It's not as easy as it looks on TV, right? Michael: Never is it didn't take only an hour to do? Anna: No, no, we made so many mistakes, we could we could have a whole episode just on the mistakes that we made, right. But essentially, we bought in the wrong place at the wrong time didn't know what we were doing. Way over budget way over time. It took us a year to finish it and sell it. And we lost total about $10,000 with holding costs and everything, which honestly for our first flip wasn't terrible. But my husband during that time lost a job. So we had two mortgages, a six figure school loan, a new baby and one job and he said we're never doing that again. So put real estate aside. We said okay, the way to wealth is entrepreneurship, my husband will start his own chiropractic business. So we moved to Pennsylvania, for him to start his own practice thinking that in a year or two, he'll make all this money. It was 2007 the height of the economy. And I told my company, I'm moving Can I work from home? So they gave me this like trial period. They said, well let you try it for three months. Back in oh seven, no one worked from home. So it was like I thought this is probably not going to work. We need to be really careful with our money. So what we decided to do, Michael is instead of buying a big house in Pennsylvania, after we sold our big house in Houston, we decided to house hack, I saw this little four unit apartment building right behind us practice that had that was for sale. And I thought you know what the building that my husband wants to lease in is also for sale. I could buy that building. It has three tenants and four garages. And we could buy this four unit live in one of the units and essentially the rental income would cover the expense of living and the expense of starting his practice. So I never thought about that until I came here and saw these properties for sale. And I was just thinking, what would be a wise move? Well, that would be a wise move because we'd have a little extra money. So it really started only as a protection airy move because we were relocating and starting a business. Not because at that point, I thought it was the way to Well, that took me a long time to figure that out. Michael: Oh my gosh. And so how did it go once you bought those buildings? Anna: It went really, really well. Obviously, we were living well below our means, right. But we were working on building his business and had another child at that point. And so I was working full time he was doing his business. And we learned to become landlords, we learned to update property, you know, update our units and fix toilets and answer tenant concerns and collect rents. We basically self managed everything because we didn't know any better, right? So we learned the hard way. And what happened was the next year, my husband's business did amazing. But then the end of 2008, we hit the Great Recession, I worked for AIG, who was going under who was in the news every day, I was told, look for another job, we're probably going to be sold, we're probably going to have our department, you know, gone laid off. And I lost about three quarters of my 401k the same week. And i i It was one of the hardest weeks I've ever been through. I also found out I was pregnant with baby number three the same week. So my job lost the 401k. Pregnant. And I was the only breadwinner because my husband had a business startup with lots and lots of debt. And the only thing that went well, during that time, my goal was that my tenants were still paying. And I thought, everything I've been taught and taught our clients about the stock market only works until it doesn't like the biggest companies are crashing, and they're not coming back. Right. So I learned that my trust in a job and my trust in the stock market was not well placed. And the only thing that was consistent was my tenants needed a place to live and they were still paying. And so what I did is I took the rest of my 401k I took a loan against it, and I put it as a down payment on another four unit building. Because I thought if I lose my job, I'll at least have an extra 1000 to 1200 a month coming in to cover the cost of diapers and formula a new baby. And I just bought it again as a protectionary move because I realized the power of that income that was even stable during a mass recession, the great recession. And that was the first time I had the aha moment in early oh nine, that real estate was the path I was going to take for financial wealth creation and stability. Michael: Wow. Wow. That's unbelievable. So. Anna: It was crazy. Michael: So I mean, you really saw these as as defense moves so much more than offense? Anna: Yes, at the time. Absolutely. It was just, I got to put food on the table. We've got you know, we moved to rural Pennsylvania from one of the largest cities in the world, Houston. And so I knew I couldn't just go out and find another six figure job really quickly living literally in the middle of cornfields and farmland and chocolate. So I thought I've got to create extra income so that when I get laid off from AIG, and I take a lower paying job, we'll still be able to cover the cost of his business and to, to live for a while till things got better. So, you know, I wish I could say I was smart enough to figure out 10 years before when I first heard about real estate, that it was a way to create wealth. But I just had to kind of figure that out through really, you know, the economy collapsing before I realized, wow, there's something more powerful about real estate than just something that'll cover our expenses like this is really a way to preserve wealth. Why didn't I ever learn about this? So I decided at that moment, this is the time for me to go all in to learn. And I bought one book, didn't have blogs didn't have YouTube, I bought one book, Multifamily Millions by Dave Lindell. And I'm like, Oh, my goodness, I have these three properties now, basically 12 units. And if you buy multifamily, you can force appreciation, and you can make them worth more and not only create more income, but create equity to then be able to go buy the next one. Well, I had no money, Michael, I mean, all of our money was in our stock, my stock market, and it was in these down payments, and it was in my husband's business. So I thought the only way for me to grow is I've got to fix up these units force the appreciation. So that one book was kind of like an aha at the same time. And I started just working on fixing up the unit's we had, making them worth more, and then waiting for banks to finally agree to let me take the equity to continue to buy the next one, then the next one and the next one. And once I figured that out, it was really, really quick, how wealthy we were able to become just from small multi units kind of doing the BRRRR method. Michael: So you were house hacking before it was a thing you were doing birds before it was a thing that you were revolutionary, and this is amazing. Anna: I never thought of it that way before. Yeah, makes me feel better about it taking me a decade to figure it out. Michael: Totally, totally. So were you doing that fix up, work yourself? Are you having contractors do the work? What was that like? Anna: Oh, We did everything the wrong way, looking back, but it made us we gained a lot of wisdom through the mistakes, right? We took it all on ourselves because we didn't have any other money. And so at the time, I didn't have a support group that could say you can use other people's money to buy these properties you get and there were no hard money lenders, they all went under, right during us, 08-09, like lending dried. And so I didn't know, you know, my banks wouldn't help the banks wouldn't let me have equity. They knew I worked for AIG, and was probably one week away from a job loss. Real estate was going under. So they didn't want to lend on real estate. So I couldn't find anybody to say yes, to help me take that equity. And I didn't have anyone to encourage me that you don't need the banks to grow like, hey there seller financing, when I finally figured that out. And I was able to grow through seller financing. Like it was another one of those just the next thing and the next thing, but I just didn't have a support system or anyone to challenge my thinking, to let me realize that I really could grow more real estate even though I had no money. Michael: Yeah. That's so interesting. That's so interesting. And so if we take just a step back, because you did something that I think so many investors have a really hard time wrapping their heads around, you went from single family to a four unit, almost seemingly overnight. Aside from being scared and and trying to play defense, was there a mental shift? Or how did you wrap your head around,Okay, well, I understand single families because I lived in one and I've owned one, I've tried to flip on to then buying a four unit building, that's a leap that I think a lot of people have a hard time with. How did you get there? Anna: You know, I think I didn't really have that mind block of fear of that, because everything I was doing was so new, right? It was like, we're gonna start a business because I want to be home with my kid. And the only way for me to do it is become more reliable on my husband's income than mine. So we're just gonna have to figure out how to be an entrepreneur and start a chiropractic business, right. So I was like, Okay, I'm willing to move to an estate, start a business, my husband's a great doctor, but he was not a businessman, no entrepreneurial brain in a bone in his body, he just okay, wasn't thinking about that. So I'm like, I'll have to learn how to do his marketing, I'll have to learn how to do billing and how to hire people. So I was willing to do whatever it takes, because my why was so important to me, like, I will get home with my kids, I don't care what I have to learn, I'm going to figure it out, to help him be successful. And the real estate was just a small piece of that. So it was another another one of those things, I looked at what it would cost to lease space. And it was really expensive. So I thought we're gonna have a lot of risk that we're signing a multi year lease, and 95% of businesses fail in the first couple of years. So that's not super smart. But I see that there's a building here for sale or for lease, what if we bought it since there's tenants? What would that do to our expenses? And if the business failed? Could we lease it out to someone else? So it was just those wheels turning going, how can I figure this out? How can we start a risky business with a lot of money, a lot of debt, and do it in the safest risky way we can. And that's how I figured out hey, let's buy this property. It wasn't that I thought I'm gonna move to four units from a single family it was, let's do something that's financially smart, that protects us as much as possible. So I didn't have that that block, but I was willing to do whatever it took to succeed at me getting home with my kid, that's really what it came down to. Michael: I love that. And it's something I talk about all the time with investors is have this why develop your why figure out what's going to push you through the scary times and pull you through the unknowns. Anna: Absolutely. And that that removes fear when you have at least the confidence to say I know what it is that I want. And I'm willing to move Hell or High Water to figure it out, no matter how long it takes, it removes some of the fear, right? I never could say, I can't handle a four unit or I can't handle that, or it's too big it was, this is what I need to do. I've got to stretch myself, I got to start thinking outside of the box and just figure it out until I figure it out. And I think that that that attitude is what really helped me. So if you're struggling to go from single to four unit, it's only scary in your mind because you think it's so different. But it's really not that much different. It's just four units in one building instead of buying, you know, for single family houses one at a time. So surround yourself with people listen to podcasts like this where you're hearing other people doing it, it makes it much less scary and then just do it. Michael: Yeah, that's so good. And then so when did you move into the really scary five unit plus space? Anna: So that first building was actually commercial, right? So it was like a mixed use five unit. And then I bought the four units and what I did is is after that great recession When I pulled my 401k, and I bought that third building and I read multifamily millions, then it was like, Okay, now I need a plan that if I want to replace, you know, $150,000 of income, I'm going to need to buy, you know, one four unit building every year for the next so many years, and then I'm going to need, you know, then it was I need three, four unit buildings to to really meet my number. So I just made a plan that said, I need 60 units. And when I have 60 units, I can leave my job. So how can I get 60 units. And so in my market now, I wanted to go straight for that 60 unit, or a 30 unit or a 20. But I had no money. Zero. Banks wouldn't lend to me that wasn't going to happen. So I said, Where is there opportunity. And in my market space, there were a lot of four unit buildings for sale. And so I'm like, there's all these four unit buildings for sale, and they're sitting on the market, because this was the Great Recession, nobody was buying real estate. So I thought four units is what I'm going to focus on because everyone's still buying the singles because now they're dirt cheap, richer, people are buying the bigger ones. So what can I buy? What can I afford? Well, I'll do one four unit at a time. And there's a whole bunch of them available. So I focused on the four units, because that's what there was, once I bought enough of them when I had 60 units. That's when I said Okay, at this point, I could literally walk away from my job and we didn't live on any of it. It took me five years to get 60 units. Okay, so it's 12 units a year for five years, when banks said no. And when I got to that point, I decided, you know, before I quit my job, I really want to buy a much larger apartment building and syndicate my first deal. Because if I know I can do the first one. And I've already essentially, you know, for 10 years done the four unit buildings, it's just one in one location, instead of a whole bunch of separate ones, I had the confidence I could do a bigger complex because I was already managing 60 units, it's just a matter of making make it making it all in one building with more investment dollars. Michael: So you were self managing that 60 unit portfolio? Anna: Yes, I told you I learned the hard way, right. I wouldn't tell you all to do it that way now. But I live in rural Pennsylvania, I didn't have a lot of good property management options. And I didn't think I could afford them. Because again, my goal was get home with my babies like I need to figure out how to how to keep everything inexpensive to get the income where it needs to be. And my husband was a chiropractor working three days a week. So he had two days a week that he actually enjoyed the hands on. And he's like, I enjoy doing it. So I'll handle it. So I did the money side, the people side and he did the maintenance side. Now we have staff and we have all kinds of other systems in place, right, but but at first it was just one rental at a time we'll self manage. We had some good contractors, right good trades in the area. And we'll get there. And then right before I decided to leave, that was my last goal is I'm going to syndicate my first deal. I found a 73 unit apartment building. Right in my backyard. It was off market. Right before it was listed. I met up with a seller and I bought it from him. And then I thought oh no, no, I'm gonna raise like $2 million that I don't have where am I going to find the money. So I reached out to some other people and I partnered with two people. So we ended up joint venturing it instead of syndicating it. But when I did that first joint venture, and I had an investor say yes to me for a couple million dollar investment. Because I had worked with high net worth investors for 20 years, I knew how to talk to him about this investment, versus all these other type of investments, right. So I just said, this is a great investment. And once I got that first investment done, I knew that I would be able to syndicate and scale much, much bigger deals at that point. Michael: That's incredible. And so I have to know that what came next after that 73 unit. Anna: So after the 73 unit, I gave my notice to AIG. So all of that fear that I was going to lose my job in 2008. Because I worked with really complicated private placement hedge fund wrapped investments. Bermuda offshore, they couldn't sell our division, we were too complicated. And my job was really complicated. So I had that job safety because of what I did. That kept me from ever being laid off. And so I was able to give notice and walk away at 20 years and retire. And at that point, I said to myself initially, okay, I'm just going to start doing bigger deals with my free time, right? And then I realized, all that desire that why for me to be home with my kids, and at this point, by the time I could finally retire I had four children, but they were all in school, Michael. So it's like, okay, they're all in school. What am I going to do with the rest of my time? Am I really going to sit back and you know, just go to the beach and You know, eat bon-bons, or am I gonna do something bigger? And it took me a couple couple of months to really figure out what that bigger was. I didn't need to do a deal to do a deal anymore. I had created the wealth and the financial freedom. And what was really interesting is all that time I was so focused on the cash flow. And I never had to do a PFS because I was working with a small local bank. And that's when I had to do this big syndicate this big 73 and a joint venture. And I had to go to Freddie Mac for a, you know, multifamily loan and they needed a PFS. It was the first time that I realized that I actually have a multi million dollar net worth with all these apartments that I built up, I wasn't thinking about net-worth, I was thinking about income income, and how many do I need to grow this income? When I realized that I had that net net worth and that I had the income and now I had partners who wanted to invest with me. I knew I could take my wealth growing to a much higher level by just continuing to do big deals. And so it was the first time that I decided, okay, I'm actually going to start syndicating bigger deals. I've worked with investors for 20 years, I've managed all these properties all this time. It just was kind of a natural thing for me to go into syndication, so I really didn't have any fear about it. It was really more taking time to figure out what's the best structure that I'm going to use for building multifamily syndications? Do I want to go solo? Do I want to partner with other people? Do I want to do joint ventures with a lot of different groups? So it took me some time to kind of figure that out with trial and error to see what my business model was going to be. Michael: Okay. And now you've you've landed that multifamily syndications with multiple partners is is the way to go. Anna: Yes. And for everybody, it's a little bit different, right. So some people are consummate entrepreneurs and the idea that multifamily syndications is passive is is a misnomer. That's not true. If you're really going to go into multifamily syndications, there's a lot of work you're you're just switching careers, right, you're going from whatever your W2 was to now I have a career of building a business, and being an entrepreneur with very large apartment buildings. For me, because I worked 70 to 80 hours a week for over a decade, in order to create financial freedom. Once I created financial freedom, and I knew all the sacrifices I made all those years, I said I want to grow, but not just the set for the sake of being a serial entrepreneur growing some big wealthy company, my time was more valuable, valuable to me than additional money. So I decided very strategically that I'm going to grow my business really strategically, from nine to three every day. And the moment my kids come through the door, I'm not working. So however many deals and how whatever model I need to figure out how can I continue to scale, but do it five, four to five days a week, nine to three, that's what I'm going to do. And so what I've decided for me, because my time left with my kids is so important. I have eight years before my baby's out of the house, I've decided to really joint venture with a couple of other really strong operators, I co asset, manage our deals, but I'm not responsible for everything. Like in the beginning with our own properties, we did everything. Now I get to focus on what I'm really good at working with investors and asset management. And so I co-GP with a couple of other really good operators. Rather than starting my own company, where I'm hiring a director of acquisitions and hiring a marketing person and investor relations. I just don't want to grow the huge corporate company, because my time is so valuable to me. Michael: Yeah. And I think that's really kind of reflected in your company's name. Right? Anna: Yes. Greater Purpose Capital. Yeah, love it. And part of that, too. I'll just touch on that for just a second, if you don't mind, just because you just brought that up. Michael: Yeah. Anna: I grew up in Section Eight apartments, right. So Section Eight housing, I had nobody in my family with wealth or that knew anything about money. And I still have family that are in Section Eight housing. I have tenants that are in Section Eight housing. And so one of my big why's what I realized is once my once I was retired, right, I no longer say I'm retire, but I'm financially free, right and doing what I love with real estate. I knew that I wanted to make a bigger impact with what I do. So part of that is really helping and educating other investors that want to invest passively how they can grow their wealth with passive wealth through syndications. But the bigger piece is that I really want to impact our residents while we're growing wealth. So if I can teach our residents financial principles and teach them financial literacy, so that they can move out of my apartments one day and become financially independent and grow and also give them hope that you can grow up in poverty and you can still change the trajectory of your future by making wise financial decisions. That's like a huge part of my why now so I spend a lot of my time working on materials to impact my residents. Michael: Okay, that's so amazing. Anna, thank you for the work that you do, because I couldn't agree more that education is really the key key component here that's definitely lacking, I think, throughout our education system. Anna: Absolutely. And even through, you know, look at me, I mean, I got my degree. And I was at Bank of America and a private bank, going through a multi year financial advisory training, and I still didn't even learn how to budget my own checkbook, and and develop the wealth. We can tell lots of people how to grow wealth once you have it. But there's very little financial education to show people, what are different ways you can actually truly create wealth. And really, there's no greater way than rental property, real estate. Michael: That's so good. You're also quite humble and that you have not mentioned that you are an Amazon Best Seller as an author. I would love if you could share a little bit about your book with our listeners. Anna: Sure. Thank you so much. So I have been actually in four books that are a compilation of authors like Chicken Soup for the Soul. One of them I'm really proud of is called The Only Woman in the room. And it's a bunch of women, real estate investors who in oftentimes, where we're going, we speak at these conferences, we speak if at the events and we're the only woman in the room, we're the only woman on stage. So it's really an inspirational book, I would encourage your listeners to get especially if you're a woman, or if you're married to someone that's a woman that really wants to be involved in real estate. It's highly motivational. And then the last book that I did is actually called Bringing Value and Leaving a Legacy and Finding Solutions. And so it's all about that, that look, building your business for the purpose of leaving a legacy and creating a greater impact on the world with what you're doing. Michael: I love that. And those are available on Amazon. Is there another website where folks can check them out? Anna: Yes, you can find them on my website at REI mom calm. Michael: Reimom.com. I love it. I love it. Anna: Thank you. Michael: And and Greater Purpose Capital is that have its own specific website as well. Anna: It does. So Greaterpurposecapital.com is where you can find syndications, if you want to invest passively if you're an accredited investor, and apartment deals where we really go into make a meaningful impact on the lives of our residents. Michael: So good, so good. And I want to spend just the last couple of minutes here picking your brain around why you think multifamily is such a powerful asset class as compared to single family or small multifamily? Anna: Sure. You know, I think the biggest thing with multifamily is it's really shown resilience over many different market cycles for investors, whether you're looking to grow wealth, whether you're looking to create income, or whether you're looking for a safe place to park your money. While we can't say investments are safe per se, multifamily has often been a preservation of capital play during really rough times uncertain times, kind of like today, right. And so it's why a lot of institutional investors come in and swoop up and pay top dollar for multifamily apartments because they're very resilient to economic downturns. So, you know, while they provide amazing tax benefits on top of income and growth, they typically don't lose value, because there's ways for us to force appreciation. So even if the market softens a little in terms of what they'll pay for every dollar of income. If there's inflation, I can usually raise rents, right. And so they're assets that will continue to go up in value during times like this of inflation, where my rents will continue to go up in value. And even if I can't sell it, because it's come down in value a little bit, I can usually live on that cash flow for quite some time. And the cash flow isn't tremendously impacted during downturns. So for me, it's that it's that really recession resilient investment, as long as you're buying the right type of multifamily in the right markets, right. So if they're not all the same, just like single family house, and the million dollar range is not the same as a single family house in the $50,000 range. You've got to be making sure that you're in markets that are really resilient with population growth and job growth and wage growth and job diversity and low crimes and great schools. So if you invest in those kind of really strong markets, you'll make significantly more money in multifamily than you will in single family and it's not transactional, you don't have to just buy and sell and buy and sell and buy and sell. You can buy one four unit building or 1 20 unit building or 100 unit building. And you can make a lot of money on it for a really long time and bank on that income for 510 20 years rather than having to you know flip and repurchase over and over and over again. Michael: That's great. That's great. I think so many of our listeners are mostly single family investors some small multifamily and then some some mid sized to large multifamily. What are some Some tips, tricks, tidbits of advice you can give folks who are thinking about getting into multifamily, where they can hopefully avoid some of the stumbling blocks that you've maybe encountered or you've seen others encounter? Anna: Absolutely, it's such a good question, you know, I would say first is start small and start where you are. So if you're in a market that has properties that you can afford that are profitable, start there, right? If you're not, then look for a market where you really have some, some alignment with some other investor that's in that market that knows it really, really well. So don't try to go into a whole new market on your own by yourself, if you don't have experience with larger multifamily, buy a small property and learn on a small scale. Because while there's a lot of and I speak at some of these events, right, so I'm not knocking it, but there's a lot of events and there's a lot of books that say go straight to syndication, right. And the reality is, there's a lot of people that want to go straight to syndication, and now they're taking on millions of dollars of investor money, with very little experience. And when we have economic downturns like the Great Recession, like the pandemic, like where we are now, you better have made a whole lot of mistakes that made you really wise on the small mistakes that will keep you from losing your shirt and your investors millions of dollars, during times of uncertainty. So starting small gives us wisdom, it lets us fail small, so that we can fail up into the next thing and the next thing. So don't feel like if you're not ready or you don't feel that you have the competence or the scale or the money to jump straight into syndication, that you're doing yourself a disservice by starting small, starting small can actually be the wisest, safest way for you to do it. And if you own the property yourself, 100% you can depend on that income for a much longer period of time than you can in a syndication. Michael: That's so, so good. I once heard the phrase, I never trust anyone without a limp. And similar to what you're saying, if you've never done it before, you don't have the experience or the wisdom to fall back on when things go south. Anna: Absolutely. And things can go south pretty quickly. You know, there's a lot to learn. So don't go it alone. That's the other thing is we started alone and because I did everything myself and I didn't even have a network of other people to bounce things off of. I made a lot of mistakes. You know, that took me a lot longer. So buy your own properties are buy with a partner but but listen to podcasts, you know, list, fill your mind with information, so that you can learn things without having to learn it by making the mistake. Michael: Yeah. Oh, that's so good. That's so good. Anna this was so wonderful is the best way for people to learn more about you to get in touch with you via the websites that you mentioned previously. Anna: Absolutely. You can also follow me on social on Facebook, LinkedIn and Instagram. I'm Anna “ReiMom” Kelley. Michael: Awesome. Fantastic. Well, thank you again for hanging out with me. This has been so wonderful. We'll definitely be in touch soon. I can't wait to see where you head next. Anna: Thank you so much. It's been my pleasure. Take care. Michael: Alrighty, everybody that was our episode a big big big thank you to Anna for coming on the show. I learned a ton. We are definitely gonna be having her back on to talk more in depth about syndication, so keep an eye and ear peeled for that episode down the road. As always, if you liked the episode, feel free to leave us a rating or review wherever you listen your podcasts. We look forward to seeing on the next one. Happy investing
David Ledgerwood is Managing Partner of Add1Zero, who provide lead-to-close sales execution for B2B tech-enabled services companies ready to leap from 6 to 7 digits of revenue. His career sales have topped US $40M, with an average deal size in excess of $150,000. David has sold software and services for more than a decade and helped several companies grow into the mid-7 figures. David headed up Sales and Services for Gun.io for three years, during which time he booked staff, oversaw more than 100,000 hours of development, and helped 10x sales. David's career began in professional services at PwC where he carved out a niche as a Bash developer. If you've received a package or deposited a check, there's a pretty decent chance some piece of code David wrote was somehow involved. It was pre-web, and they were saving the world from melting down in Y2K. David then moved into private media for a major publishing company right about when Web 2.0 started to eat newspapers and periodicals for lunch, which gave him a front row seat to disruption and honed his taste for entrepreneurial pursuits. In 2007, David moved from New Jersey to Nashville to start a company. They got to a $500K run rate before the Great Recession “chewed them up and spat them out.” He never lost the startup bug. David moved into EdTech and built his business development chops. He moved into a COO role, consulted, mentored, and coached. In 2015, I joined Gun.io. David is back in the Founder game for his (lucky?) 13th startup. Key Points of our Discussion The typical challenges for B2B services businesses trying to scale How David and his team at Add1Zero provide lead-to-close sales execution Effectively identifying your core business in a consultancy/agency setting Separating out software reselling and consulting services Smart sales hiring to support a sustainable scaling process Multi-channel outbound marketing and prospecting The importance of sales enablement materials and content Building systems to maximise call time, not proposal writing time To learn more about David, visit his website add1zero.co, and you can find him here on LinkedIn
John Rubino, Michael Oliver and Patrick Highsmith return. Almost alone among the world's serious nations, Germany has scenes like this within living memory: During the 1923 Weimar Republic's hyperinflation, newly-destitute Germans burned their life savings to keep warm or carted wheelbarrows of cash to stores to buy bread and milk. This wipe-out of an entire generation's wealth led directly to Hitler and WWII, arguably the two dumbest mistakes made by any country ever. Note how in the recent past, before the Deutsche Bundesbank was replaced by the European Central Bank, short-term German interest rates were always set above the inflation rate in order to keep prices under control. Those days are over. Since the Great Recession, German interest rates have been consistently below the rate of inflation, apparently to encourage even faster price increases. So the question becomes: how much more of this can Germany take before it breaks from the Eurozone and starts trying to save itself? Or, will it simply go along with the Davos crowd toward implementation of a one-world government and a single global currency? Meantime, it is 100% certain that the Fed will commit a policy error. Will it trigger a massive deflation of the financial markets or allow inflation to run out of control to save the stock market? Those and many more questions will be asked of John. Patrick will update us on Firefox Gold's exciting gold exploration progress in Finland and Michael will provide his latest guidance on gold, silver, stocks and bonds.
Today on The Doug Collins Podcast I am joined by the founder of Fetch Your News, Brian Pritchard. He founded his media group after the Great Recession and followed his Fathers advice to do something that involves a computer. It is a great conversation about life and politics that reminds us that All Politics are Local! See omnystudio.com/listener for privacy information.
On the show, Chris Hedges discusses the literary scene today and its parallels to the Great Depression, with author Jason Boog. This is not a good time in America to be a writer. The printing and traditional publishing sector has shed over 134,000 jobs during the Great Recession. Between 1998 and 2013, the book publishing industry lost 21,000 jobs, periodical publishing cut 56,000 jobs, and the newspaper industry shed 217,000 jobs. Digital technology has replaced the vital connection between sellers and buyers that once made news magazines and newspapers profitable. Writers struggle to make a living as freelancers, part-time employees, contractors, or in temporary fellowships. They often lack job stability, and health and retirement benefits. The economic distress for writers, including novelists and poets, increasingly replicates the distress writers endured during the Great Depression, many of whom were only able to eat and pay the rent because of the New Deal's Works Progress Administration's Federal Writers' Project, created in 1935 to give work to unemployed writers, editors, and research workers. The Federal Writer's Project employed 6,600 men and women, and rescued the careers of some of the country's most gifted writers, including Richard Wright, Claude McKay, Saul Bellow, John Cheever, Conrad Aiken, and James Agee. But there is no such support today. An entire generation of writers is being sacrificed under the hammer blows of a digital revolution and the collapse of print. Jason Boog is the author of ‘The Deep End: The Literary Scene in the Great Depression and Today'.
Taking control of your finances can be intimidating. But today's guest founded a company that helps people of all ages and financial backgrounds learn to manage their finances. Ross Gerber is a financial guru who has been investing since the ripe age of 13 when he was gifted stock in Disney and Apple. He continued his career in finance after college to become SunAmerica's youngest million-dollar branch manager. The Great Recession of 2008 was hard on Ross and around that same time, his house also burned down. Yet, even after losing so much, Ross saw a need for more financial education, so he co-founded Gerber-Kawasaki Wealth and Management Inc. in 2010. Today, Ross and Stephynie discuss the role confidence plays in leadership, the importance of financial literacy, and how Ross' dedicated attitude gave him massive success in the financial world. If you want to learn more about your finances and what it takes to truly succeed, even amid huge challenges, tune in! Social Media: Reach out to Stephynie directly at: email@example.com Follow Stephynie on Linkedin: https://www.linkedin.com/in/stephyniemalik/ Follow Stephynie on Instagram: https://www.instagram.com/stephyniemalik/ Follow Stephynie on Clubhouse: @stephyniemalik Check out my website to learn more about my work: https://stephyniemalik.com/ Timestamps: 0:17 - Ross' first experiences with stocks and investing 4:47 - Ross' childhood and upbringing in L.A. 9:17 - His band and involvement in the music industry 11:12 - How Ross gained the confidence to start SunAmerica 15:15 - How Ross grew from crises like 9/11 and the 2008 financial crisis 18:00 - Ross' views on negativity and luck 23:17 - What it was like starting an investment company after the ‘08 Recession and his house burning down 28:19 - The financial landscape during COVID-19 29:26 - What Ross has learned about working with people across all socioeconomic statuses 32:02 - Why Ross continuously succeeds in business endeavors 36:42 - The value of discomfort 39:21 - What types of soft skills Ross looks for in interviewees 41:37 - Ross' biggest financial mistake 44:49 - Why Ross values teaching the next generation of investors 49:56 - The biggest mistake young investors make 51:18 - Ross' biggest obstacle 53:44 - Financial advice from Ross Mentioned in the Episode: Gerber-Kawasaki Website: https://gerberkawasaki.com/ Ross' LinkedIn: https://www.linkedin.com/in/ross-gerber/ Gerber-Kawasaki YouTube: https://www.youtube.com/user/Gerberkawasaki
Real Estate Investing on a RollReal estate investors bought a record-setting 18.2% or $63.6 billion worth of homes during the third quarter of 2021, up by 16.1% QoQ and 11.2% YoY,Homebuyers: More Affordable Cities in 2022Redfin predicts that more homebuyers will invest in affordable cities such as Columbus, Ohio; Harrisburg, Pennsylvania, and Indianapolis.Home Sales Remain ResilientExisting-home sales increased 0.8% MoM in October, marking two consecutive months of growth, according to the National Association of Realtors.Home-buying Pushes Mortgage Demand UpBuyers are rushing in during the traditionally sluggish Christmas season in anticipation of higher rates in the future. Top Performing Housing MarketsThe October Market Hotness rankings of Realtor.com still lists Manchester-Nashua in New Hampshire as the top spot on the list for the 11th time since March 2020. Top Cities to RetireThirteen percent of American retirees are moving to Tennessee, according to a survey by a home services firm. Credit Scores Reach All-Time HighSince the start of the pandemic, Americans' FICO credit scores increased by eight points to 716.Top Cities are Attracting Job SeekersCities in the South and West are now the hottest spots for job seekers who relocate for better work opportunities and lower cost of living.Single-Family Homes are Getting BiggerThe median single-family square floor area has increased to 2,337 square feet as of the third quarter, which is 6.2% bigger since the lows reached during the Great Recession.Multifamily Construction Sentiment Improves in 3QThe NAHB's Multifamily Market Survey reports that the Multifamily Production Index increased five points to 53 QoQ.
Congress is tinkering with the rules for IRA accounts. It's part of a crackdown on individuals with millions in their retirement accounts, tax free. According to the Senate Finance Committee, the number of mega IRAs has grown substantially in the last decade. In 2011, there were about 8,000 taxpayers with $5 million or more in their accounts. In 2019, the data shows more than 28,000 taxpayers had that much in their accounts, and another 500 taxpayers with much more than that. (1) The legislation has set off alarm bells among investors who use self-directed IRAs to buy real estate.In this episode, Kaaren Hall joins me to talk about the proposed legislation and the changes that lawmakers are likely to adopt. She is the founder and CEO of UDirect IRA Services which provides self-directed account management. She started the company in the midst of the Great Recession after the stock market crashed. She's been helping people move their retirement funds into self-directed IRAs since then, so they can invest in things like real estate, land, startups, and more. Before that, she spent 20 years in mortgage banking, real estate, and property management.If you'd like to learn more about self-directed IRAs and real estate investing, you'll find articles on our website at realwealthshow.com. While you are there, please sign up. It's free and will give you access to our Investor Portal where you can view sample properties and connect with our network of resources, including experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more.And please remember to subscribe to our podcast and leave a review if you like what you hear! Thank you!
The Friday after Thanksgiving to the Monday afterwards is a bonanza of shopping in the United States, where capitalism runs wild with reckless abandon. It's almost a symbol of a society whose identity is as intertwined with with rampant consumerism as it is with freedom and democracy. We are free to spend all our gold pieces. And once upon a time, we went back to work on Monday and looked for a raise or bonus to help replenish the coffers. But since fast internet connections started to show up in offices in the late 90s the commodification of holiday shopping, the very digitization of materialism. But how did it come to be? The term Black Friday goes back to a financial crisis in 1869 after Jay Gould and Jim Fisk tried to corner the market on Gold. That backfired and led to a Wall Street crash in September of that year. As the decades rolled by, Americans in the suburbs of urban centers had more and more disposable income and flocked to city centers the day after Thanksgiving. Finally, by 1961, the term showed up in Philadelphia where turmoil over the holiday shopping extravaganza inside. And so as economic downturns throughout the 60s and 70s gave way to the 1980s, the term spread slowly across the country until marketers, decided to use it to their advantage and run sales just on that day. Especially the big chains that were by now in cities where the term was common. And many retailers spent the rest of the year in the red and made back all of their money over the holidays - thus they got in the black. The term went from a negative to a positive. Stores opened earlier and earlier on Friday. Some even unlocking the doors at midnight after shoppers got a nice nap in following stuffing their faces with turkey the earlier in the day. As the Internet exploded in the 90s and buying products online picked up steam, marketers of online e-commerce platforms wanted in on the action. See, they considered brick and mortar to be mortal competition. Most of them should have been looking over their shoulder at Amazon rising, but that's another episode. And so Cyber Monday was born in 2005 when the National Retail Federation launched the term to the world in a press release. And who wanted to be standing in line outside a retail store at midnight on Friday? Especially when the first Wii was released by Nintendo that year and was sold out everywhere early Friday morning. But come Cyber Monday it was all over the internet. Not only that, but one of Amazon's top products that year was the iPod. And the DS Lite. And World of Warcraft. Oh and that was the same year Tickle Me Elmo was sold out everywhere. But available on the Internets. The online world closed the holiday out at just shy of half a billion dollars in sales. But they were just getting started. And I've always thought it was kitschy. And yet I joined in with the rest of them when I started getting all those emails. Because opt-in campaigns were exploding as e-tailers honed those skills at appealing to not wanting to be the worst parent in the world. And Cyber Monday grew year over year. Even as the Great Recession came and has since grown first to a billion dollar shopping day in 2010 and as brick and mortar companies jumped in on the action, $4 billion by 2017, $6 billion in 2018, and nearly $8 billion in 2019. As Covid-19 spread and people stayed home during the 2020 holiday shopping season, revenues from Cyber Monday grew 15% over the previous year, hitting $10.8 billion. But it came at the cost of brick and mortar sales, which fell nearly 24% over the same time a year prior. I guess it kinda' did, but we'll get to that in a bit. Seeing the success of the Cyber Monday marketers, American Express launched Small Business Saturday in 2010, hoping to lure shoppers into small businesses that accepted their cards. And who doesn't love small businesses? Politicians flocked into malls in support, including President Obama in 2011. And by 2012, spending was over $5 billion on Small Business Saturday, and grew to just shy of $20 billion in 2020. To put that into perspective, Georgia, Zimbabwe, Afghanistan, Jamaica, Niger, Armenia, Haiti, Mongolia, and dozens of other countries have smaller GDPs than just one shopping day in the US. Brick and mortar stores are increasingly part of online shopping. Buy online, pick up curb-side. But that trend goes back to the early 2000s when Walmart was a bigger player on Cyber Monday than Amazon. That changed in 2008 and Walmart fought back with Cyber Week, stretching the field in 2009. Target said “us too” in 2010. And everyone in between hopped in. The sales start at least a week early and spread from online to retail in person with hundreds of emails flooding my inbox at this point. This year, Americans are expected to spend over $36 billion during the weekend from Black Friday to Cyber Monday. And the split between all the sales is pretty much indistinguishable. Who knows or to some degrees cares what bucket each gets placed in at this point. Something else was happening in the decades as Black Friday spread to consume the other days around the Thanksgiving holiday: intensifying globalization. Products flooding into the US from all over the world. Some cheap, some better than what is made locally. Some awesome. Some completely unnecessary. It's a land of plenty. And yet, does it make us happy? My kid enjoyed playing with an empty toilet paper roll just as much as a Furby. And loved the original Xbox just as much as the Switch. I personally need less and to be honest want less as I get older. And yet I still find myself getting roped into spending too much on people at the holidays. Maybe we should create “experience Sunday” where instead of buying material goods, we facilitate free experiences for our loved ones. Because I'm pretty sure they'd rather have that than another ugly pair of holiday socks. Actually, that reminds me: I have some of those in my cart on Amazon so I should wrap this up as they can deliver it tonight if I hurry up. So this Thanksgiving I'm thankful that I and my family are healthy and happy. I'm thankful to be able to do things I love. I'm thankful for my friends. And I'm thankful to all of you for staying with us as we turn another page into the 2022 year. I hope you have a lovely holiday season and have plenty to be thankful for as well. Because you deserve it.
In the years following the Great Recession, Republican Gov. Scott Walker led an all-out assault on unions and public sector workers in Wisconsin. In response, teachers, students, farmers, and workers of all stripes descended on the state Capitol, engaging in one of the largest sustained protest actions in US history, now known as the Wisconsin Uprising. When the dust settled, however, Walker and the Republican legislature succeeded in passing Act 10, which was a devastating blow to the labor movement that essentially stripped collective bargaining rights for public sector workers, made it much more difficult for workers to organize, and forced unions to take massive concessions on healthcare, retirement benefits, and much more. Soon after, in 2015, Walker signed legislation that turned Wisconsin into a “right to work” state, issuing another blow to unions in a state once heralded as a bellwether of progressive politics and the labor movement.As part of a special collaboration with In These Times magazine for “The Wisconsin Idea,” TRNN Editor-in-Chief Maximillian Alvarez traveled to Wisconsin with Cameron Granadino (TRNN) and Hannah Faris (In These Times) to speak with teachers and organizers around the state about how Act 10 impacted their lives and work, and how they are rebuilding out of the rubble. In this interview, recorded at the Racine Labor Center, Alvarez speaks with retired teacher and lifelong organizer Al Levie about the devastating impacts of the right-wing war on workers and public education, the historic grassroots struggle that took place during the Uprising, and how multiracial, multi-generational, student-led coalitions in places like Racine are carrying on that fighting spirit 10 years later.Read the transcript of this interview: https://therealnews.com/organize-students-organize-everyone-and-fight-like-hellPre-Production: Maximillian Alvarez, Hannah Faris, Alice Herman, Cameron Granadino, Eleni Schirmer (research consultant), John Fleissner (research consultant), John Yaggi (research consultant), Harvey J. Kaye (research consultant), Jon Shelton (research consultant), Adam Mertz (research consultant)Studio: Cameron GranadinoPost-Production: Cameron Granadino, Stephen Frank, Kayla RivaraThe Wisconsin Idea is an independent reporting project of People's Action Institute, Citizen Action of Wisconsin, and In These Times.Help us continue producing radically independent news and in-depth analysis by following us and becoming a monthly sustainer: Donate: https://therealnews.com/donate-podSign up for our newsletter: https://therealnews.com/newsletter-podLike us on Facebook: https://facebook.com/therealnewsFollow us on Twitter: https://twitter.com/therealnews
In this Real Estate News Brief for the week ending November 20th, 2021... home price forecasts for next year, single-family rent growth, and a new record for build-to-rent home starts.Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.Economic NewsWe begin with economic news from this past week. The number of people applying for unemployment keeps dropping. Last week, just 268,000 people applied for state benefits. That's getting close to pre-pandemic levels which were in the low 200,000's. The number of people already getting state unemployment benefits is also lower. That number dropped to a total of 2.08 million. (1)Home starts were down slightly in October as builders struggled with supply chain issues and a labor shortage. They were down .7% from the previous month, but compared with October of last year, they were up slightly. Single-family starts were down the most, with a 3.9% decline. But there's a strong demand for housing, and builders are preparing for a much faster pace of construction. Permits rose for all types of buildings, with a 2.7% increase for single-families, an 8.2% increase for buildings with two to four units, and a 6.5% increase for larger multi-families. (2)Although builders are dealing with a lot of challenges, they are feeling confident about the market because there's such a huge demand. According to the National Association of Homebuilders, the level of confidence among builders is the highest it's been since last May. It's up three points for November to a reading of 83. (3) Mortgage RatesMortgage rates rose back above the 3% mark. Freddie Mac says the average 30-year fixed-rate mortgage is up 12 points to 3.1%. The 15-year is also up 12 points to 2.39%. (4) Economists are blaming the increase on inflation, and are forecasting higher rates over the next few months. The National Association of Realtors senior economist, Nadia Evangelou, expects the housing market to slow down next year as more homes hit the market at higher prices with higher mortgage rates. (5)In other news making headlines…Where Are Home Prices Going?Zillow just published a new forecast for 2022 home prices. It is predicting that prices will rise 13.6% between October of this year and October of next year. In September, Zillow had predicted a 11.7% increase. Both those figures are lower than the rate of price growth for this year. They were up a record 19.9% between August of 2020 and August of this year. (6)Zillow researchers say: “The strong long-term outlook is driven by our expectations for tight market conditions to persist, with demand for housing exceeding the supply of available homes.”As Fortune reports, not everyone agrees with Zillow's forecast. Goldman Sachs expects 2022 prices to rise another 16%, while Fannie Mae is expecting a lower 7.9% growth rate. CoreLogic is only expecting a 1.9% overall increase in prices, and the Mortgage Banks Association says it'll be more like 2.5%. Single-Family Rents Move HigherAs you can see, home price forecasts are all over the map, but they all expect strong demand for housing to continue. And that's pushing rents higher for single-family homes.CoreLogic's single-family rental index for September shows that national rents are 10.2% higher year-over-year. Miami rents have gone up the most. Those rents are up 25.7% with rents for high-end homes rising the most. Phoenix is second on that list, followed by Las Vegas, Austin, San Diego, and Dallas. (7)John Burns Real Estate Consulting also tracks single-family rent growth. It shows that new lease effective rents were up 6% year-over-year in September. Phoenix was at the top of that list, at 14%. (8)Single-Family Build-to-Rent StartsThe housing shortage is motivating a lot of developers and investors to bring more build-to-rent homes to the market. According to the National Association of Homebuilders, housing starts for those homes hit the highest level ever in the third quarter. Construction has been ramping up, with 47,000 build-to-rent starts over the last year. (9)Builder.com says that's a 17.5% increase over the previous four quarters. It says: “With the onset of the Great Recession and declines in the homeownership rate, the share of build-to-rent homes increased in the years after the recession. And while the market share… is small, it has been trending higher.”That's it for today. Check the show notes for links and more info on these topics. And please remember to hit the subscribe button, and leave a review!You can also join RealWealth for free at newsforinvestors.com. As a member, you have access to the Investor Portal where you can view sample property pro-formas and connect with our network of resources, including experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more. Thanks for listening. I'm Kathy Fettke.Links:1 -https://www.marketwatch.com/story/jobless-claims-drop-to-pandemic-low-of-268-000-as-labor-shortage-forces-businesses-to-avert-layoffs-11637242500?mod=economic-report2 -https://www.marketwatch.com/story/new-home-construction-slows-as-builders-grapple-with-supply-chain-headaches-11637157193?mod=economic-report3 -https://www.marketwatch.com/story/home-builders-are-growing-more-confident-as-americans-demand-more-housing-11637075714?mod=economic-report4 -http://www.freddiemac.com/pmms/5 -https://magazine.realtor/daily-news/2021/11/19/inflation-drives-mortgage-rates-over-36 -https://fortune.com/2021/11/18/zillow-changes-2022-real-estate-outlook-what-to-expect-from-home-prices-next-year/7 -https://magazine.realtor/daily-news/2021/11/17/property-owners-see-big-opportunities-in-single-family-rentals8 -https://www.realestateconsulting.com/the-light-bsfri-new-lease-effective-rents-up/9 -https://www.builderonline.com/data-analysis/single-family-build-to-rent-starts-reach-highest-quarterly-volume_c
Today I'm talking to Hilary Farnum-Fasth Broker Owner of Corcoran Reverie on 30a in the panhandle of Florida.Starting as as on-site agent, to new independent agent in the midst of the 'Great Recession', to top agent, to broker owner, to broker owner of top brokerage, Corcoran Reverie, Hilary is a relentless visionary. She shares her story and passion for making peoples' dreams come true, from her Internship at Disney World that fed her passion for making magic, to the influence and support of her mentor for life, her mom. Hilary shares her story as She and I talk about How to build your vision.Jere interviews the world's most renowned and best real estate agents around the country and the world.These outstanding Agents tell their stories, how they got into the business, and what has made them successful in one of the oldest and most competitive industries.All of this on the “Jere Metcalf Podcast, Top Real Estate Agents tell how they do it.”www.JereMetcalfPodcast.comPowered byJere Metcalf Partner
Miguel Peña is an entrepreneur and President & CEO of TenEx Technologies, a full-service laboratory, logistics, and service company focused on developing innovative chemical technologies that improve oil recovery. In this episode, host Mark Hinaman chats with Miguel about the company and his views on the energy industry as a whole. Show Notes: 00:30 Miguel's introduction to the oil & gas field and the genesis of TenEx Technologies 03:10 Business opportunity in the chemical space vs. frac sand space 06:45 Miguel's background as an entrepreneur 12:35 Buying and operating mines in Florida and Nebraska 22:20 Lessons learned about growing his mining business 24:30 Handling the Great Recession and the first price shocks from the shale revolution 30:35 The painful process of exiting the frac sand business 34:50 Developing a strategy to transition to TenEx 38:05 Technical discussion of the first TenEx product, NanoClear 45:00 Additional products in TenEx's catalog 49:45 Miguel's concerns for the energy industry; future goals and areas of focus for TenEx 53:25 Future goals and areas of focus for TenEx 55:05 Miguel's advice for young professionals in energy 62:15 Where Miguel sees the energy industry in the future Miguel's LinkedIn: https://www.linkedin.com/in/miguel-pe%C3%B1a-3160b91/
Markus Brunnermeier is a professor of economics and the director of the Bendheim Center for Finance at Princeton University. Markus is also a nonresident senior fellow at the Peterson Institute for International Economics. Markus joins Macro Musings to discuss his new book, titled “The Resilient Society,” as well as his work on safe assets and their implications for inflation. Specifically, David and Markus discuss the implications of the fiscal theory of the price level for inflation, the role of the Fed in stabilizing money markets, what is meant by “resilience” compared to “robustness” in economies, and much more. Transcript can be found here: https://www.mercatus.org/bridge/tags/macro-musings Markus's Twitter: @MarkusEconomist Markus's Princeton profile: https://scholar.princeton.edu/markus/home Related Links: *The Fiscal Theory of the Price Level with a Bubble* by Markus Brunnermeier https://scholar.princeton.edu/markus/publications/fiscal-theory-price-level-bubble *The Resilient Society* by Markus Brunnermeier https://bcf.princeton.edu/the-resilient-society/ *What Makes US Government Bonds Safe Assets?* by Zhiguo He, Arvind Krishnamurthy, and Konstantin Milbradt https://www.aeaweb.org/articles?id=10.1257/aer.p20161109 David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/
Austria implementing a lockdown amid rising covid cases spooking overseas markets and reopening stocks, including the airlines and Boeing, here at home. This as the WSJ reports the company is slowing down 787 Dreamliner manufacturing…but one trader is sticking by the stock. He tells us why. Policymakers learned a lot from the Great Recession, but Neil Irwin, Senior Economics Correspondent at the New York Times, says they're misguided in applying them to the economic fallout from the pandemic. Plus, Cowen naming their topic retail picks ahead of the key holiday season—why department stores, sporting goods and yoga pants should be in your stocking this year.
Today - The classic melodies of Bach, Vivaldi and Handel may fill the Delta Performing Arts Center today. And so will emotions as the Valley Youth Orchestra bids farewell to its longtime conductor, Deb TenNapel. Finally, The rate of single-family residential permits issued in Montrose County is reaching — and surpassing — rates not seen since before the Great Recession as the housing market continues to expand. Learn more about these stories at montrosepress.com Support the show: https://www.montrosepress.com/site/forms/subscription_services/ See omnystudio.com/listener for privacy information.
One of the defining characteristics of this age of business is ambiguity. And to face that ambiguity with courage, we need to heed both ambitious visions of the future and the hard-earned lessons of the past. And you couldn't ask for a better source of prescient ideas and valuable lessons than LivePerson CEO & Founder Rob LoCascio. He's the rare tech entrepreneur who really may have seen it all.In his talk with Jesse, Rob discusses the ups and downs of his 25-year journey, revealing how he managed through the dot-com bubble, the Great Recession, and now, a global pandemic. He reflects on his company's invention of cloud-based web chat for business, achieved decades before the cloud as we know it came into existence. Rob offers thoughts on the future of conversational commerce, and reveals how LivePerson is now building AI tools that can hold remarkably natural and confidence-inspiring conversations with customers. Finally, he attests to the power that blockchain technology can offer to workers, and describes how he's leading with empathy in support of employees. Throughout, Rob's depiction of what he calls his “beautiful journey” is refreshingly frank, earnestly offered, and packed with useful advice and encouragement for entrepreneurs and intrapreneurs alike.(4:01) Why the entrepreneurial journey is full of setbacks and unknowns, but worth it(8:54) Inventing the cloud, decades before the cloud(13:24) How LivePerson builds chatbots that can hold more natural & personalized conversations with customers(21:55) The rise and democratizing potential of blockchain tech for workers(26:25) How conversational commerce can actually decentralize commerce—for good(28:12) To college or not to college?Guest BioRob LoCascio has served as LivePerson's Chief Executive Officer and Chairman of the Board of Directors since the company's inception in November 1995. Additionally, he founded the charity Feeding NYC, hosts the podcast Over The Wall and is a frequent contributor to Inc., and other publications. Rob was named a New York City Ernst & Young Entrepreneur of the Year finalist in 2001 and 2008, and was the winner of the 2015 Smart CEO Circle of Excellence Award.Helpful Links Rob's podcast: Over the WallInc. article: Four things to consider before turning your business over to bots (Rob authored)Announcing the launch of Conversational MarketplacesRob's charity: Feeding NYCRob on LinkedIn and Twitter
We often look to history to stop us from making the same mistakes we’ve made in the past. But as American policymakers mounted their economic response to the COVID-19 pandemic, they looked to the Great Recession, and they may have overcorrected a bit. We’ll discuss how the crises compare and why it may explain a lot about where we find ourselves today. Plus, Wall Street is worried about the “antiwork” movement, and a listener sent us a story about a lost teddy bear with a happy ending. It’s making us smile. Here’s everything we talked about today: “How America's Pandemic Economic Response Fought the Last War” from The New York Times “How the U.S. Hid an Airstrike That Killed Dozens of Civilians in Syria” also from The New York Times “‘Antiwork’ movement may be long-run risk to labor force participation: Goldman Sachs” from Yahoo “Elon Musk Sold $5 Billion In Tesla Stock This Week As Shares Plunged Following Twitter Poll” from Forbes “Elon Musk faces a $15 billion tax bill, which is likely the real reason he’s selling stock” from CNBC “Girl reunited with teddy bear lost nearly a year earlier in Glacier National Park” from NBC News Read the transcript here. If there’s something making you smile on this Monday, let us know. Send a voice memo or give us a call at 508-82-SMART (508-827-6278).
We often look to history to stop us from making the same mistakes we’ve made in the past. But as American policymakers mounted their economic response to the COVID-19 pandemic, they looked to the Great Recession, and they may have overcorrected a bit. We’ll discuss how the crises compare and why it may explain a lot about where we find ourselves today. Plus, Wall Street is worried about the “antiwork” movement, and a listener sent us a story about a lost teddy bear with a happy ending. It’s making us smile. Here’s everything we talked about today: “How America's Pandemic Economic Response Fought the Last War” from The New York Times “How the U.S. Hid an Airstrike That Killed Dozens of Civilians in Syria” also from The New York Times “‘Antiwork’ movement may be long-run risk to labor force participation: Goldman Sachs” from Yahoo “Elon Musk Sold $5 Billion In Tesla Stock This Week As Shares Plunged Following Twitter Poll” from Forbes “Elon Musk faces a $15 billion tax bill, which is likely the real reason he’s selling stock” from CNBC “Girl reunited with teddy bear lost nearly a year earlier in Glacier National Park” from NBC News If there’s something making you smile on this Monday, let us know. Send a voice memo or give us a call at 508-82-SMART (508-827-6278).
Mortgage delinquency rates hit lowest levelThe overall mortgage delinquency rate for loans past due by at least 30 days fell to 4% -- the lowest level since the onset of the pandemic. According to CoreLogic, all states posted annual decreases in their overall delinquency rates led by Idaho with a labor market that has recovered all of the jobs lost in March.Profit margins on home and condo sales highest in a decadeThe typical home sale across the country during the 3Q 2021 posted a record-breaking 47.6% profit margin on median-priced single-family home and condo sales across the United States -- the highest since the Great Recession, according to ATTOM U.S. Home Sales Report.Investors vs. first-time buyersRealtor.com noted that investors made up 5.5% of all home purchases in the first 7 months of 2021, with the highest share of purchased homes in Memphis, Birmingham, St. Louis, Charlotte, and Jacksonville. These investors are ready to pay in cash compared to first-time buyers who depend on a mortgage, which puts them at a disadvantage when competing for affordable homes.Housing market may see a boost as travel bans endThere's an expected resurgence of home buying from foreigners as travel bans will soon be lifted in about 33 countries for vaccinated visitors. Buyers from Europe, China, Brazil, and India will be reviving the property markets in New York, Miami, Los Angeles for the first time in 20 months.US cities with the highest homebuyer down paymentsThe Villages, FL tops the list of metros with the highest average down payment at 27.1% and a median home list price of $366,950. Other cities that made the list include Santa Cruz, CA; Coeur d'Alene, ID; Prescott, AZ; and Kahului, HI.
In recent days, people in power have discussed proposals as ludicrous as taxing unrealized gains, banning the investments in private placements with tax-advantaged accounts, and implementing a federal 43.4% capital gains tax. From my perspective, it always feels like these seemingly outlandish proposals are meant to get a pulse on how close the citizenry is to tolerating the new level of taxation and set the stage for what might be soon to come. Given the way this conversation is going in the media, I've found myself asking a question that I'm sure many of you have been asking as well… How on earth did we get here, and why is this happening? Today, we are joined by Domic Fisby, the author of several books, including Daylight Robbery: How Tax Shaped Our Past and Will Change Our Future. The book reveals many truths about taxation, as well as the implications of the actions central banks have taken in recent years. In this episode, we are going to discuss… What the history of central banks and taxation tells us about war, and why it's impossible to stop (despite being so unpopular) Why the pronounced boom/bust cycles that we are taught are a result of “natural” capitalism, might in fact be directly related to central banks who control both the money supply, as well as the interest rates applies to that money How the digital world has impacted taxation and created an opportunity for corporations to implement tax structures that the middle class can't Like all significant historical events, both the Great Recession and Covid-19 have created wild and uncertain times. These uncertain times create an opportunity for regulations, money printing, and taxation to be installed that will likely impact our world and economy for years to come. Tune in to see how we got here and what it might mean for our future. Resources mentioned in the podcast: 1. His Book “Daylight Robbery: How Tax Shaped Our Past and Will Change Our Future” Dominic Frisby's socials: 1. Website 2. Twitter Interested in investing in ATMs? Check out our webinar. Please note that investing in private placement securities entails a high degree of risk, including illiquidity of the investment and loss of principal. Please refer to the subscription agreement for a discussion of risk factors. Tired of scrambling for capital? Check out our new FREE webinar - How to Ensure You Never Scramble for Capital Again (The 3 Capital-Raising Secrets). Click Here to register. CFC Podcast Facebook Group
SUMMARY: Discover how the financial system encourages fraud and discourages oversight. Jared Bibler joins Andy to discuss his work investigating financial systems dating back to the Great Recession of 2008. SHOW NOTES: 4:36: What Made Iceland So Corrupt Leading Into The Great Recession? 14:36: How Do Governments Encourage Financial Corruption? 17:43: How Has Financial Oversight Changed Since 2008? 22:06: How Are Central Banks Becoming Weaker? 26:29: Will Crypto Help Safeguard Fraud In The Financial System? 34:21: How Can Investors Protect Themselves From Systemic Corruption? 40:34: How Can Systemic Corruption Be Corrected?
Today's Flash Back Friday is from episode 916 first published last November 27, 2017. Over the Thanksgiving weekend, Jason Hartman found himself looking through his old books in his mom's house. In the stacks he found two books that were key in his investing journey, The Art of the Deal by Donald Trump, and Mission Success by Og Mandino. Jason explains why these books impacted him so much and why they're still important today. Then, Jason talks with Jeff Meyers, President at Meyers Research, about the state of the housing market across the USA, and how much runway the market might have. They also discuss whether millennials are finally ready to buy their first houses, and the incredible impact the self-driving car will have. Key Takeaways: Jason Intro: [2:30] The book that turned around Jason's real estate career at the age of 24 [6:23] Jason would listen to Og Mandino's Mission Success cassette on repeat [11:34] Walter Hoving's views on capitalism [14:55] Capitalism is the best (and most natural) economic system ever [17:27] A JasonHartman.com sale! $200 off VIP or Elite level Meet the Masters ticket Jeff Meyers Interview: [20:53] Are the millennials finally entering the home buying market? [24:44] There's been a long economic recovery, but housing hasn't led the way so Jeff sees more runway [28:23] When did the real recovery from the Great Recession begin, and how does it affect where we are in the housing cycle? [31:04] Mortgage lending is getting tighter than ever, with the average FICO score on each loan being 720 (the banks are allowed to loan at 680) [32:36] The self driving car could cause a resurgence of the suburbs, but it will DEFINITELY be a game changer for real estate (perhaps like how Amazon has changed the retail industry) [35:50] The cottage industry that could spring up out of the emergence of the self driving car Website: www.MeyersResearch.com www.JasonHartman.com/Masters (promo code "black" for the sale) www.JasonHartman.com/Contest The Art of the Deal Mission Success by Og Mandino Quotes: Suburban markets we see some runway. they have not kept up, and that's where a lot of demand is starting to take off. You have to remember that what caused this recession was a direct hit from the mortgage market. The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year??? This will be devastating to some and an opportunity to others, be sure you're on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets. Free Mini-Book on Pandemic Investing: PandemicInvesting.com Jason's TV Clips: Vimeo.com/549444172 Asset Protection, Tax Savings & Estate Planning: JasonHartman.com/Protect What do Jason's clients say? JasonHartmanTestimonials.com Easily get up to $250,000 in funding for real estate, business or anything else JasonHartman.com/Fund Call our Investment Counselors at: 1-800-HARTMAN (US) or visit JasonHartman.com Guided Visualization for Investors: JasonHartman.com/visualization
Mortgage interest rates have been historically low for the past year — at or below 3%. However, many banks have kept in place Great Recession-era proof of employment requirements. This means that those who lost their jobs during the pandemic and could benefit the most from refinancing are often unable to. Plus: The Weekly Wrap, breaking down what the Fed’s board of governors does, and foreclosures begin to creep back up.