Epic Real Estate Investing - Recovering Dave Ramsey Student Makes It Big in Real Estate | 1153

Episode Date: June 12, 2021

In today’s show, we got a HOT ONE! Stay tuned and find out what happened after Dave Ramsey’s student ignored the guru’s real estate advice. Furthermore, get updated on the latest news, as well as on the huge crypto announcement straight from El Salvador! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. Success in real estate has nothing to do with shiny objects. It has everything to do with mastering the basics. The three pillars of real estate investing. Attract, convert, exit. Matt Terrio has been helping real estate investors do just that for more than a decade now. If you want to make money in real estate, keep listening. If you want it faster, visit R-E-I-A's.com.

Here's Matt. Hey there, rock star. Matt Terrio here from Epic Real Estate, where we show people how to invest in real estate using more of their mind than their money. I'm talking about creative real estate investing strategies, all within emphasis on escaping the daily grind and retiring early. If this is your first time here, really glad that you found us. If you like what you hear, make sure you hit the subscribe button before you go. And if this is not your first time here, welcome back. And thank you for sharing this with your friends and your family. We're going on 12 years.

Can you believe it? Holy smokes. So you're the absolute best for continuing to share this. I really appreciate that because we would not be here if it were not for you doing that. So thanks again. All righty. So in today's show, got a hot one. Dave Ramsey student ignores the guru's real estate advice and you get to hear what happened next.

And then I've got the news, of course, and huge crypto announcement for this week in crypto. But first, today's sponsor of the show is REI Blackbook. They're everything you need to run your real estate investing business all in one place, convert more of your leads into deals and build a predictable sales system with the only all-on-one marketing and sales toolkit built for investors like you. So get 14 days free access plus their automated follow-up machine absolutely free, but you've got to go to Epic blackbook.com to get the free stuff. Epic blackbook.com.

All right, let's get right into it. A recovering Dave Ramsey student, Ryan, Ryan Mirzma, came to me almost two years ago, deciding to ignore the financial guru's advice on investing in real estate. And you'll never guess what happened. All right, so Dave Ramsey, you've probably heard of him, financial guru, who battled his way out of bankruptcy and millions of dollars of debt.

and he built a career around coaching people on money. And he's helped a lot of people over the years, I can imagine. But here's the problem. Some of his cornerstone tenants are to first eliminate all debt, to save money, invest 15% of your household income, and specifically into qualified retirement accounts like your 401k and your IRA, and then pay off your home early. Pay it off as fast as you can.

All of which are, I don't know, their time-honored financial advice. Nothing really new there, but the cost is far greater than most consider. And here's what I mean. I received this message from Ryan. This is, I don't know, about a year after working together. So I got this kind of the end of 2020.

It's the end of 2020, right at the beginning of 2020. And it says, Hi, Matt, just wanted to take a moment to say thank you, while we haven't yet attained our passive income goal to where I think it will make sense for me to leave my corporate job. We are well on our way, thanks to you and your help and coaching. Yada, yada, yada. We have an actual functioning business that is growing and profitable.

So, Ryan is a former Dave Ramsey student. I love those messages, by the way. So if things are going well for you, whether we've worked together or not, if it's just from something that you learned here on the show, please share. And I like sharing that. And it keeps me going. But Ryan, before we met, was just finished Dave Ramsey's program. And after following Ramsey's advice for a couple of years, and very successfully at that, he was just left wanting more and no surprise there.

I mean, you know, he was exercising great discipline in living below his means. He's making sacrifices to save for his retirement. And he was really close to paying off his home early. But he was just kind of living a life of no real luxury, no real pleasures other than his family, which is, you know, a great pleasure. But his wife, Emily, was homeschooling their five, I've children, six children now. And he was just kind of left wondering, is this how life is going to be from here on out? Is this it?

So I know Ryan, I mean, obviously I know him for a couple years. And he's not really a complainer or anything like that. He's a go-getter for sure. And he certainly has ambition to live a greater than mediocre life. And he wants to provide the comforts. wants to give his family the nice things. And this traditional advice that we've all heard all of our lives just left him feeling a little frustrated, a little dismayed. And, you know, if that sounds familiar to you, you're not alone. I mean, how could you not feel discouraged when you're

following the steps of a seemingly prudent financial plan? It seems like the right thing to do. And it seems like it's worked for people that came before you. But you still can't take time off from work, you still have to ask for permission to take your lunch and you've got to schedule your vacations and coordinate that with the boss. And you ultimately just can't give the life you really want to give to your family. And so when he reached out to us here at Epic, I told him, you know, the one thing that always works in accelerating a financial plan, particularly one of these traditional financial plans, is just to reorder the sequence of the plan. And that's easily fixed just by simply shifting your mindset from saving piles of cash to creating streams of cash.

And the easiest way for the average person to do this is to incorporate income producing real estate into their plan and then making it a priority. And I'll let you in on how it turned out for Ryan. But Ramsey recommends investing in real estate to be the last thing you do. No way do you prioritize it over in his world. And then the way he tells you to do it is completely wrong way. like you should, it just kind of totally defeats the purpose the way that he tells you to do it. But I don't know, you tell me, these are Ramsey's six steps to investing in real estate.

Okay, step one is to pay in cash, all cash. Step two is to diversify. We'll go over that in a second. Step three is to stay local. Step four is to be prepared for risks. Step five is to start small. And step six is to hire a real estate agent. So step one, pay in cash.

He says there's no such thing as good debt. It's all bad. No ifs, ands, or but he sees taking on debt always equals to taking on risk. So avoid it. And then he says, no matter what, that's his advice. And then step two, to diversify. Doesn't sound too difficult or too bad there. I've certainly diversified in my portfolio.

But here's his idea of diversification. He doesn't want your real estate investments to comprise more than 5% of your liquid net worth. He doesn't want real estate to make up more than 5% of your liquid net worth. So what that means is in order to, say, pick up a $200,000 income property, which is kind of the middle of the road property these days. Dave says you need to have before he'll allow you to buy that property. You need to have $4 million of liquid funds from which to pull your cash for your all-cash property purchase. So I get it. I understand.

Dave doesn't like debt. But his advice for investing in real estate essentially eliminates real estate's strongest wealth-creating quality. And that's leverage. further his advice by having to pay all cash. And if you need $4 million before you're allowed to buy a $200,000 income property, that essentially limits this asset class of real estate to the people who are already wealthy. And then so per his signature seven baby steps, he's got these seven baby steps he always refers to. I'll read them to you really quickly.

Baby step one. Save $1,000 for your starter emergency fund. Baby step two, pay off all debt, except the house using the debt snowball. I guess that's a system. Baby step three, save three to six months of expenses and a fully funded emergency fund. Baby step four, invest 15% of your household income in retirement. Baby step five, save for your children's college fund. Baby step six, pay off your home early.

And then his last step, baby step seven, is now you get to build wealth. that's last. So as I see it most, and I mean most people will never get there. They'll never get to number seven. They'll certainly never get to $4 million that way to be able to buy a $200,000 property. And if you got $4 million bucks,

I mean, what's the point of picking up the property almost, right? And so what that does is, it just keeps the average person away from the safest investment that has produced more wealth for more people than anything else. All right. So let's see,

these six steps to real estate investments. So step one was to pay all cash. Step two was to diversify. So step three is to stay local. So he says, keep it simple. Don't buy a house in Arizona if you live in Illinois.

When you're far away from your properties, you'll have to trust a management company to assess damage and make repairs. Now, it might still be a good idea to hire a management group, but if you're local, to help keep things running smoothly.

But you and only you are the owner, so stay close and keep tabs on your investments. Now, I don't mean that's bad advice. It doesn't bother me. But from everything that I know of people that have lost money in real estate, not one of them would be directly related to how far away they live from their investment. And he says here, when you're far away, you'll have to trust a management company to assess damage and make repairs. So that's true, right?

So you just need to, you just need a good property, man. manager. And you need to exercise as much due diligence on your property management team and the property management company as you do the real estate itself. Said that here a thousand times, right? The real estate part is safe. Doesn't matter where it is either. It's the people you have involved is what makes it risky. And sometimes that could even be yourself. You could insert the risk because maybe you don't know what you're doing, right? But that's why. But he even says, even if you are local, you're still going to want a property manager. I'm telling you, I mean, yeah, like I said, I don't think it's bad advice.

I don't think it's bad advice. I don't think it's essential advice. I don't think it's an absolute. Step four, be prepared for risks. Of course. Yeah, you want some, you want to be prepared for that and you want a little cash reserves to prepare for that. I don't know, three to six months of rent.

It seems like it's reasonable, maybe a little bit more for a bigger repair. But quite honestly, of all the properties we have, The biggest expenses are all when you're taking ownership and you're doing the rehab. We haven't had a whole lot of giant expenses. We had a property in St. Louis where a tree fell through the roof. So that was a big unexpected expense. But insurance took care of that. You know, we have turnover sometimes and we have to go ahead and paint and recarpet or redo flooring,

which is a few thousand bucks. Yeah, I'd say six months, probably. of rent in the reserve is typically enough. There's always exceptions, but typically. But be prepared for risk. I like that one. Step five, start small. I don't mind that one either.

He says if you're not sure if owning a rental property is for you, test it out. Maybe you have a space above your garage or an extra bedroom you can rent out, even if it's just for a few nights at a time with Airbnb. Huh, I just should have read that before I start, before I comment on that. That experience will give you a taste of what it's like to own a rental. It's also a good idea to talk to other real estate investors.

take someone in the industry out to lunch and ask them what they wish they had known before getting started. So that's all good advice. I don't know if renting out a space above your garage or an extra bedroom would prepare you or are apples to apples as far as owning a rental property. But I like the advice of taking someone in the industry out to lunch and asking them what they would have known or what they wish they would have known before getting started. I like that. I mean, ask other real estate investors. That's a great question. you know, if you were to do it all over again, how would you do it differently? But when he says take someone in the industry, now look for a real estate investor.

Make sure you don't go ask a real estate agent, that question because they're going to pretend to know just because they feel like they should know because they feel like they have a license and they feel like they're on the spot when you ask that question. Like, what kind of professional am I if I can't answer this? So they're just going to make something up unless they actually do own rental properties. And that brings me to step six. He says, hire a real estate agent. Even if you're still just weighing the pros and cons of real estate investing,

and you need to talk to a real estate agent in your local market. They'll know what areas you should look into and what potential hurdles you may face as a real estate investor. That is absolutely incorrect. That is absolutely not true. Most real estate agents don't even own real estate, not even their own primary home. And they don't know Diddley about investing in real estate.

They really don't. Of course, there's always exceptions. But I'm going to say a giant sweeping general rule is absolutely not. Yeah, I've just been in too many transactions with too many real estate. agents that just got in the way of stuff and they mess things up. And it's all like I kind of said earlier. They've got this license. And if you're a real estate agent, you probably already know this. And the fact that you're a real estate agent listening to a show like this already suggests you are different. But you know who I'm talking about. You know the people in your

offices. You've seen the people out on caravan. You've been in transactions with people that didn't know their ass from a hole in a ground. You've seen it. You know it. You know I'm speaking the truth. And do you know, he says hire a real estate agent because I don't know if you're you knew this or not. But he has a service that real estate agents can sign up for to where he'll refer clients to them. So he's always saying hire a real estate agent, hire a real estate agent, hire real estate agent. Even on this article that I'm reading right now, real estate agent is a clickable link and it's where you can get a referral to a real estate agent. Right. So it's part of his business. I don't mind that. That's just one of the ways he generates revenue and I'm never

going to get as long as nothing's illegal and not hurting anybody. I'm never going to condemn people for making money. But I don't like it here. Step six is an absolute saying that all real estate agents know what they are talking about. Because that could potentially be a liability if you go and ask that question and rely on that. All right? Yes.

Like I was saying, when I was an agent, I was shocked by how many agents didn't even, don't own any real estate at all, not even their own home. So anyway, moving on. So Dave frequently, those were the six steps to his investing. And Dave frequently refers to his own business. bankruptcy in his financial advice. I mean, he's got experience. He's made some mistakes and he's got experience and doing it all wrong, which I think is really valuable as a consultant. You want someone that has been through some hard times before, so they know how to help you navigate it or

help you avoid it overall. But he blames using debt to invest in real estate for his going broke. That's the reason he went broken. Real estate didn't work for him because he used debt to do it. And I don't know why he would say that if he didn't think it were true, but from what I've read and heard, I would challenge that and pretty with a whole lot of conviction that by suggesting that that ain't the reason, but rather it was the type of debt he was using combined with his approach to investing. and the day participated in in highly risky speculative flipping practices using short and expensive 90-day loans. And I would never recommend this approach, ever. I mean, that just doesn't count as investing in my book.

That's speculation. That's gambling. Unfortunately, Ramsey just bit off way more than he could chew and his debt caught up with him. And that's the lesson he walked away with. Don't ever get involved in real estate with debt. Well, no, that's not the lesson you should have walked away with. And he's not a bad guy for this, by the way.

I mean, I've made my mistakes too. And I'm a better investor because of them. And I would hope that he would be as well. But he walked away with, like, you know, you learn from your mistakes, but he walked away with that wrong lesson. You know, the loans he was using were so risky that you'd be hard pressed to find a bank these days that would give you such a loan. I mean, even the banks realized this was a losing price.

proposition for most of their customers. So they themselves stop issuing them. They're not even available anymore. And it's also tragic that he collapses his speculation approach into actual real estate investing. They're not the same. They're just not the same. So anyway, back to Ryan.

When he decided to ignore Ramsey's real estate device and just do it the right way, the way we do it here over at Epic, here's what he shared with me after his first year, his first full year investing in real estate. You ready? He's got eight lines here that he sent me over via Voxer. Number one, he added five rental units to his portfolio and estimated $1,475 per month in extra monthly cash flow. Not too shabby.

Number two, he bought a single family home needing renovations for $40,000. And then he sold it on land contract for $90,000 with $6,000. down and $1,000 per month for 16 years without doing any repairs. The tenant's doing all the repairs. So he bought it for 40, sold it for 90. That's like more than double. What he got there? And he took $6,000, put that in his pocket and he's collecting $1,000 a month for 16 years.

Not too shabby there either. Number three, bought a single family home on 10 plus acres that needed a complete overhaul and he sold that on a land contract. So his purchase price was $39,000. He borrowed, borrowed Mr. Ramsey $42,000 from a friend at 8% interest for the purchase. So he borrowed $3,000 more than he actually needed. So he put $3,000 in his pocket there. And then he sold the property for $92,000.

He's good at these 40K properties and selling them for $90,000. He got $30,000 down payment and $800 a month for 10 years, crushing it, right? And we're not even halfway there what he did in his first year. Number four, he bought and sold a house on land contract, he made his investment back plus a few grand, and then the buyers owe him another $15,000 within 12 months. He wholesaled, number five, he wholesaled four properties for $60,000 total in assignment fees. Number six, between flipping and just plain old buying low and selling higher, he turned four

other properties for a profit of $90,000. And then number seven, he had two flips underway at the end of 2020. One is now listed and estimated profit will be $40,000. So that was probably a few months ago, because that's when he sent me the foxer. And then he bought the other with creative financing. He plans to list that flip the following week for an estimated $20,000 in profit. Then the last one, he acquired two additional properties at really low prices that are still waiting for him to either rehab, rent and refinance, or he's just going to plan out flip them.

Pretty impressive year. So summed up his first full year investing in real estate, 19 transactions completed. And with regard to marketing how he found all of these deals, there's no silver bullet. Some deals came through pay per click. others came through text messaging and others came through direct mail. So he increased his passive income by $3,200 a month. It comes in each and every month, $3,200. And his net worth increased by half a million dollars, $500,000 all in one year,

his first year. So the point being, can you imagine how long it would take following Dave Ramsey's baby steps to increase your net worth by $500,000 and receive $3,200,000 a month and monthly passive income? Well, let's take a look. Let's do some quick math here. So per CNBC, I found the same article on CNBC. I don't know what the source of these numbers were,

but they showed up on four different websites, CNBC, nerd wallet, business insider, and Forbes. So the average net worth of today's retiree at the age of retirement is $1,175,900. So basically, $1.1.1 million. It's almost $1.2. We'll say $1.2 million. So per the average, it'd take half a lifetime to accomplish what Ryan did in his first year.

So I've always said, it ain't get rich quick. It's get rich quicker. So half your life, verse one year, yeah, I think that one's a little better. But if you were to look at the median net worth, and this is probably a little bit more accurate to analyze and look at the average person. Because, you know, when you're taking the average, what that's doing is it's averaging everybody. and that looks at,

there's a lot of billionaires that throw those averages way off sometimes. So that's why it's $1.2 million at the age of retirement. But if you look at the median, so that means exactly half of the retirees are below that number, exactly half of the retirees are above that number, that's only $212,000. $2,500 to be exact.

So if you were to look at that number, it would amount to your entire working life to accomplish what Ryan did in his first year, investing in real estate. Your whole life. And he did it in one year. He did in one year what most people can't do in an entire life. You see, when you do it right, real estate works. And everyone deserves a chance to know that it does and how to make it happen for themselves. Then once you know, it's then your choice of which plan to follow. And I say this all the time. You know, if you're happy with where you're headed financially, you're happy on the road that you are and you're happy with

your financial situation, then keep doing that. Don't listen to me. I'm not forcing real estate down your throat. But if you aren't happy or if you want more, the way that Ryan felt when we first met, then real estate, that's where it's happening. At least you've got options. Maybe it's something else. But real estate is how more people have done it than anybody else. It's the final frontier where the average person has a legitimate shot in making this work. work. So when I asked in the beginning, following that time honored financial advice of eliminating the debt and saving the money and investing 15% of your income and paying off your home early, I mean, that that's nothing like you've, I mean, that you've likely never heard before, right?

And you may even be subscribing to some or all of that wisdom yourself. But at what cost, what does it cost you to follow that safe advice, that wisdom? The cost of your life. or at the very least, half of it. That's the cost. I'll be back with the news right after this. When you go to work for your money, does it return the favor? If not, no worries. You do not have a money problem.

You merely have an idea problem. We're cashflow savvy.com, and we'd like to share a new idea with you around income real estate that can transform your financial future and accelerate its arrival. Go to cashflow savvy.com and download a free investors package. Cashflow savvy.com. You do not have a money problem. Merely an idea problem.

Cashflow savvy.com. More ideas, less worries. Cashflow savvy.com. In the news on Saturday, last Saturday, the finance ministers from G7 nations announced their support for a global corporate minimum tax of 15%, which would require companies to pay at least a 15% rate in each country they operate in.

The G7 ministers will have to sell their plan to other countries, such as Ireland, that oppose the 15% minimum tax. Because Ireland has managed to attract lots of tech jobs due to its low corporate tax rate of 12.5%. And I won't want to give up that competitive advantage. Any new tax system will take years to implement and will surely create headaches of its own. Senator Joe Manchin, a moderate Democrat from West Virginia, said he wouldn't vote for his party. big voting rights bill, which in part aims to improve election cybersecurity and change campaign finance rules. It really just is changing the rules back to what they were pre-COVID. That's all it is. The rules were already there in place. And then a bunch of states went

and loosened them up because of COVID. And now they're upset that we just want to go back to how they were before COVID. And then that's that. I think this is a really silly conversation because there's nothing in there that is what they say it is. When they use this word Jim Crow and they try to align it with that, that is terrible. That is it's not fair because that's not what it is. Jim Crow was a terrible law. This is not that.

I've looked at them both. I've read them both. In fact, I think I said this last week. So I'm repeating myself. If I'm wrong, like, I'm open to being wrong. If you can tell me where this is coming from, I would love to read it. But it's really fair that they've slapped that label on this voting rights law. And this voting rights bill, because if you just heard it on the surface, of course you'd be against it.

Nobody wants Jim Crow back. That's ridiculous. This must be an awful bill. But it's not. As far as I can see. Like I said, I'm open. But I've done my homework and I've done my due diligence. If I missed something, then please share that with me because I do not want to be on the wrong side of history for this one.

President Biden called off infrastructure negotiations with GOP Senator Shelley Capito, because they were hitting a brick wall. Now he'll, that's brick wall and air quotes, by the way. Now he'll try to nail a deal with another group of Republican lawmakers. So he's just going to go talk to some different Republicans. NBC Universal said it would broadcast more than 7,000 hours of Olympic content across NBC, USA, Peacock, and all of its other media properties this summer. 7,000 hours.

To put that in perspective, there's only 730 hours in a month. But they're going to do 7,000 hours of broadcasting in two weeks. Jeff Bezos is launching himself into space. In an Instagram post this last week, Bezos said that he and his brother would be on board Blue Origins first passenger carrying mission set for liftoff on July 20th. I don't know if that's such a good idea. They both get on that rocket ship at the same time. It's kind of like the inventors of Coke, the two people that knew the recipe.

They couldn't get on the same airplane at the same time because if one went down, the recipe would be lost forever. So I'm wondering if they're thinking about that. I'm sure they got. They're smart people. They got something in place. France, find Google, $268 million for abusing its dominant position in the digital advertising industry. Good. I didn't think anything like that was winnable.

But France figured it out. And I'm sure other countries will follow suit. The airline industry is pleading with the U.S. and the UK to lift COVID. era travel restrictions to spur more transatlantic passenger demand. So, yeah, I was going to like poo-poo all over this one. But there are countries around the globe that don't have the virus under control in the way that we do. So maybe I can see how they want the business, but I don't know. You hear about these variants are running around.

and that still has people a little nervous. So we'll see how that plays out. More than 25% of shoppers at Levi's have a different size today than before the pandemic. According to CEO, Chip Berg, he called the number of people with new sizes pretty staggering. Translation, people ate a lot while they were locked in the house. The U.S. Senate passed one of the largest industrial bills in history. Its goal is to help the U.S. tech industry compete with China. I hope that's the case.

I hope that's what it's really for because I think they're going to be kicking our butt over the next decade if we don't do something about it. And Chipotle hiked its menu prices by 4% to accommodate rising wages. Coincidentally, the exact same number of the consumer price index increase in April. Stiletto Crocs are now a thing. Hmm, who knew? I don't even know what that would look like. I'm picturing that in my mind and it doesn't look too pretty. President Biden traveled to Europe this week for meetings.

with G7 leaders, NATO, the EU, and on the last day of the visit, Russian President Vladimir Putin. It's Biden's first trip abroad as president. And remember the Trump TikTok saga from last fall when TikTok seemed to be just hours from disappearing from app stores? Well, the drama is back, kind of. Yesterday, President Biden revoked Trump's executive orders that tried to ban TikTok and we chat, two Chinese-owned social apps. out of concern they could be used to snoop on Americans. Now, considering that you probably just came out of a TikTok hole to read this email,

you know those bans never really took effect. Legal challenges had held them up in court. So what now? Well, the Biden administration directed the Commerce Department to basically do deep background checks on apps owned by foreign rivals and develop a process for determining whether they present unacceptable national security risks. The big picture here is the trade war may have died down, but Biden is following Trump and taking a confrontational approach with China. This is good news, right?

And just the last week, Biden banned U.S. investors from funding 59 Chinese companies, including tech, giant Huawei. The U.S. unveiled a supply chain strike force aimed at China. And the Senate passed a $250 billion bill that invests in American science and technology to challenge China's growing economic ambitions. Now, if they can just do something to free the Uyghur Muslims over there. More than 10% of Florida's estimated manatee population has died since the beginning of 2021. According to the New York Times, experts say the rapid increase in deaths is due to the loss of seagrass, the manatee's food source. Pollution from agricultural and urban development running into the water has led to stronger algae blooms that smother and kill the seagrass. Because the fried chicken sandwich market is a little too saturated, Facebook,

is planning to release the next best thing, a smart watch. Yep, Facebook is prepping an Apple watch competitor according to the verge. Some details. On the front, a display mainly for video calls on the back, an autofocus camera that can be used when you take the watch off your wrist. Also, somehow, somewhere on this watch, two detachable cameras and a heart rate monitor. JBS, the world's biggest meat processor, said it paid an $11 million ransom to hackers who forced it to shut down plants last week. And the White House will reportedly provide 500 million Pfizer-BionTech vaccines to 100 nations over the next year in an effort to tackle global vaccine shortages. I like that. That's good. If we've got extra absolutely, let's knock this thing out once and

for all. Florida bans teaching critical race theory in schools. Weird that that's even a headline. Double standard of the week. NBC's Lester Holt grills Kamala Harris on migrant crisis. after VP Harris says she's been to the border, Holt replies with, you haven't been to the border. And that's been pretty much the end of it. I mean, can you imagine the outrage of the media if that had been Trump sitting in that seat and answered the same as Harris? Liar! That would have been every headline, the topic of every TV show. Oh my God, the ladies over at the view, they would have lost their minds.

Their heads would have spun around. Can you imagine? Their heads would have popped off. But it wasn't Trump. It was Kamala Harris. So nobody cares. On to the next thing. Oh, this just in, Joe Biden will meet with Kate Middleton in England this week.

Now, for this week in crypto. This week in crypto is sponsored by My First CryptoCourse.com. It's the beginner's guide to investing in crypto assets that will show you how you could safely 10 to 20x your money this year with Bitcoin, even if you're brand new to crypto. So for a limited time, Mike Dillard, guest on a show. a couple weeks ago. He'll give you three of the top crypto assets he's invested in this year. So go to my first crypto course.com. And when you enroll in Mike's course, email the receipt to me at Matt at Epic Real Estate.com. And I'll personally reply with the recording of the free web class that I just did for a private group of investors and showing them how I'm incorporating

crypto to 3x my ROI. I'll give you that for free. And I'll also give you all of the services that I'm using to make it happen as well. So get started at my first crypto course.com. All righty. So big news this week in crypto, El Salvador officially declares Bitcoin as legal tender. And El Salvador will require all businesses to accept Bitcoin as a source of payment. Also, you can become a permanent resident. I'm not sure if it's citizen also, but it's a permanent resident of El Salvador for just three Bitcoin. That'll get you in permanent residency of where you won't be charged capital gains tax

on your cryptocurrency investments. That's big. That's the first domino of many to fall because it's reported that Paraguay is right behind them. Argentina is in play. Brazil is in play. Panama is down for this. and even the entire country of Mexico

are all in the midst of similar moves themselves on doing something like this with digital assets and cryptocurrencies. And, you know, I've said this a few times, you know, over the last couple decades, the gap between the halves and have-nots has just got wider and wider. We've known that the middle class

has been disappearing for quite a while. And those haves and have-nots, they're just, you know, less have and, excuse me, more are having and more having not and there's nobody in the middle. And I suggested a while back. It's my prediction that gap is going to get wider and wider. But the definition of who has and who doesn't have is going to change.

And here's what I mean by that. There are only 21 something million Bitcoin that will ever be available. That's it. This is why it's such a big deal because there's a limited supply. We can't just go print more, make more Bitcoin. So there's only going to be 21 million. But there are 55 million millionaires on this planet. So if every millionaire, if we distributed those Bitcoin to all the millionaires,

more than half of those millionaires wouldn't have any because there wouldn't be enough to give them. See where I'm going with this? So I own a few already. So there's already three millionaires that ain't going to get it. Right? And so there's going to be fewer and fewer. So those that have their money now, and when this thing blows up over the next 10, 15, 20 years,

they're going to be on the wrong side of this. And so my point being with, and again, that's my prediction. It's my, it's just how I, it's my vision. It's what I see happening. So the haves and have knots is not going to be you're a millionaire or not. It's going to be, do you have Bitcoin or not?

I really see that. So get some, get something. Even if you just put $1,000 in and it gives you, I don't know, give you like 0.15 Bitcoin right now or 0.015 Bitcoin right now. And, you know, just leave it there and don't even look at it for 10 years. You don't have to be a trader. You don't have to be a super investor or anything like that. But just get some and keep it there and hold it and then just don't even look at it until and lift your head up in 10 years and see what that turns into. Anyway, my point being is if you look at this list of countries, like starting with El Salvador that took on Bitcoin as legal tender.

That's official, by the way. That's in a place right. That's in play right now. And then you look at Paraguay and Argentina and Brazil and Panama, Mexico. These are some of the poorest countries on the planet. And by them adopting Bitcoin and empowering their citizens with it, that could change. They could pull themselves up right from the poorest to become the wealthiest. And if you look at, say, a China or an India, and potentially,

the U.S. to some degree, but not quite yet, but certainly China and India have made the most noise in this regard. The most powerful countries, the most wealthiest countries are trying to put serious restrictions. And China is even trying to ban it. I think they arrested a bunch of miners this week. That could shift. The Bitcoin thing could cause a giant global shift, not just with the haves and have-nots, but with the global countries, the global economy, the global politics. So stay tuned. I don't think it's going to happen overnight, but it's just something to consider.

Then new players enter the crypto market. Interactive Brokers Group plans to begin offering crypto trading through its brokerage by the end of the summer. Victory Capital Holdings said that its wholly owned investment advisor of Victory Capital Management has established exclusive agreements with both NASDAQ and crypto-focused asset manager hash decks in advance of plans to enter the cryptocurrency market. And crypto wealth management and trading firm BlockFi is in talks to raise more funds just three months after its previous funding round closed. And State Street is creating a dedicated cryptocurrency division. This is all new institutional money coming into the asset class. And the more money that goes into the asset class, the more expensive or the higher the price of Bitcoin is going to become. So just heads up.

You have been warned. Cryptocurrency comes to retirement plans as Coinbase teams up with 401K providers. So the adoption, it just continues to grow. This is the whole point. And that's this week in crypto. And that's the show. If you found this episode valuable, who else do you know that might too?

There's a good chance. You know someone else who would. And when their name comes to mind, please share it with them. And ask them, please, to click the subscribe button when they get here, and I'm going to take great care of them. All righty, that's it for today.

God loves you. And so do I. Health, peace, blessings, and success to you. I'm Matt Terry. Yeah, yeah, we got the cash flow. Yeah, yeah, we got the cash flow. We didn't know home for us. We got to dash low. This podcast is a part of the C-suite Radio Network.

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