PBD Podcast - Americans Are Getting $20B Less In Tax Refunds This Year | PBD Podcast | Ep. 260 | Part 1

Episode Date: April 21, 2023

In this episode, Patrick Bet-David and the home team will discuss: Americans Are Getting $20B Less In Tax Refunds Major U.S. Companies Making Cuts In 2023 New York being ranked top wealthiest city on the planet Why everyone is moving to Florida FaceTime or Ask Patrick any questions on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://minnect.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Want to get clear on your next 5 business moves? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://valuetainment.com/academy/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the channel to get exclusive access to perks:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3Q9rSQL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Download the podcasts on all your favorite platforms⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3sFAW4N⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Text: PODCAST to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠310.340.1132⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to get added to the distribution list --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

I know this life meant for me. Yeah, why would you plan on the life when we got that David value payment giving values contagious this world on your panels we can't no value that hate it. I be running home. You look what I become. I'm the under one. All right, here we go. Episode 260 home team.

We haven't done one for a minute. Tom, you've been out of time. We've had a bunch of different things going on. But we're together here with the biz doc. Thanks for having me back. Vinny Oshana, sauce, rob, Malik. We got everybody in the house today. It's just a special one that we got.

We've got a lot of stories to go through. One thing I know for a fact fact everybody in the east coast today Who has an iPhone woke up at 4.45 a.m. I know that I don't know if you guys had an amber alert or not did that happen to you as well It was a test What's it? 4.45 I go on Twitter to think if it's like a thing on my phone It's like no everybody on did you just get an amber alert at 4.45? You know, can you imagine a test you do?

Like, there's a time for testing. Like, exactly. I woke up, look at my phone here and it says, this is a test emergency broad chasing system. I'm like, I'm in favor of that. But then I put my glasses on, it's broad chasing. It's pretty good.

It's pretty good. Bill, don't, it's a hiller. Oh, man. The bigger question is, do any of you guys sleep with your phone ringer on? No, but I'm saying like, still break through. Go to bed, turn it off.

Do not disturb everything. Okay, I sleep with do not disturb. It's Amber Lurts still ghostful. It goes to, yeah. Oh yeah, my phone, I don't give, there's a nuclear sound, I'm not. I got four alarms in my house, and two additional ones in the middle,

then I, when they wanna lick themselves, these two dogs, we got six alarms that wake us up, but at a seventh one yesterday with Amber Alert, which was exciting. By the way, yesterday we went in, we shut down a movie theater, the whole of it, I came in team 65 of us, we watched the air, what a freaking movie.

What a movie. Amazing. Yes or no? I cried, I got motivated. I got it was it was amazing. Maybe one of the best motivational scenes ever in a movie. I think so. When he's selling Michael and the family on Goam with Nike. If you haven't seen this movie, watch it. Air. If you run a business team, if you run a sales team, if you got an organist, if you're a leader of a pack, if you got kids that are competitive, go watch it with them. Trust me, there's going to be a lot of value from

this. I've already watched it twice in four days and in two weeks, we're shutting down a theater in Dallas to watch it with 300 people to watch air again. It's that, that epic of a movie. The acting was amazing. The sound track, the music. The best actor though, by far, was the guy that played Michael Jordan. The guy that played Michael Jordan. Yeah. He had no lines, he had no face. He was a silhouette. The epitome of like,

entrepreneur that designed to shoot was by far the best. He was hilarious. He was a by far best actor. He's a tip of the hat too, Ben Affleck. Because if you liked Argo, he took a real story brought that to life And he's not an again here and so I like this outfit. He reminded me of Adam the way he Running out. Can you go and pink running? And by the way that that is Phil Knight's persona by the way Yeah, that's I don't know the running outfit with the shorts and that's he would wear purple leggings

My guy bright purple shorts pink one. it was pink. That's Adam. That's Adam. That's Adam comes in every one of them. Just on, he changes. In South Adams, just the way I wrote it. That's a way. That guy's worth $50 billion. He's a cue for him.

Yeah, take it. Not Ben. The real, the real, the real is worth $50 billion. You're right. What do they call him, by the way? What do they call? Shudog. Shudog, right?

That's the book. Yeah, exactly. Okay, let's go through some stories. We got a lot of stories today that we got to cover. One, there's this thing about Dominion. Fox had to pay $787 million. We have to cover this today. Whoopsy.

Next, less than half Americans are on track for comfortable retirement. We may cover that. Double public pessimism on the economy hits a new high. Amazon is slashing another 9,000 more workers amid a layoff wave that has expanded past tech to include bellweathers like Dow and 3M. Okay. Mosque says we need a normal person for president 2024. If you know that person, let us know we're looking for him as well.

Yeah. Trump posts on Instagram for the first time. I don't know if you guys saw it or not. There's a lot of why would that be the first post? The Santa's try to buy her. Now she's helping Trump to bury her. Okay, it's an interesting one. Chris Christie, call on out everybody. Tersent to the Santa sent Trump as the eyes. 2024. Here are all the Republican candidates will cover that people are working in the office spend 25% more time on their career development We got a bunch of different things must catch something to say about Zuck maybe we'll play that clip Florida's home of four out of the five largest metro areas with the lowest ready Unemployment okay New York's Exodus of Pro Business is not slowing down

There's a Biden poll that just came out, that's not good. Joe Rogan just said, I would vote for Donald Trump. He opposes Biden's cabinet running the world's most powerful country, and we got a AOC not happy with a couple of decisions that Mayor made, and then Megan Kelly lost her mind on Dylan Mulvaney. You have to see this video. It's something else. Okay, so Tom. Let's go right into economy in some business stories Let's let's talk about public pessimism on the economy hits a new new high. This is a CNBC story page four If you want to go to it. So

So the latest CNBC all-American economic survey revealed that 69% of Americans have negative views about the economy both now and in the future, which is the highest percentage in the survey 17 year history. About 2 thirds of Americans say their wages are falling behind inflation and 2 thirds say the nation is headed for recession in already or in already one, already in one. Joe Biden handling of the economy has received a this approval from 62% of Americans a deterioration from 58 57% to 38% margin in the last survey which is the second worst reading of his presidency on the economy his overall rating fell by 2% points to 39 and his disapproval rating rose by a point to 55% compared to the November survey, Biden lost support from several key groups including Democrats and Independence Tom thoughts.

Well, there's a couple sides of the economy the markets doing well. We'll talk about that a little bit later. Oils is gonna make a rebound. We'll talk about that later, but right now we're talking about people. And let's take it down to people. I usually go macro and then Adam comes in and talks about consumer people, but I'm going to talk about people. But people are saying individuals is all of these layoffs and the long-term effect, you know, 6% inflation doesn't sound big until it's been going on for 18 months and it's 6%, 6%, 6% it starts getting yet The average Americans right now are saying that wait this is now really pinching me layoffs have now touched somebody I know layoffs have touched my nephew my cousin you know what this economy is not helping me and all the

Spin that the White House was putting on it was was keeping people aligned, but now you even have Democrats and independents saying to Biden, hey, wait a minute, man, this isn't spin, this isn't transitory. And so things are shifting. And so people are being impacted by layoffs, food prices especially have not retreated. So gas price at the pump, you know, bounce around a lot, eggs don't do that.

They get there and they kind of stay there. And the price of food products kinds of, you know, ends up staying there. So the average American right now, P.B.D. is hurting and now they're voicing it and it's coming out in surveys that the administration and others cannot put the public spin on and say, oh, well, it's just transitory. It's not that bad. The average person is saying, wait a minute. I'm getting squeezed and I'm feeling it. I'm feeling it worse. I'm feeling it long term. And now, the real savings rate,

I don't know if I can retire. These are now high level concerns. It's not just tough right now. It's like, do I have enough to retire and what's going on? And I bought, by the way, my nephew has moved in with me and I can't get him off my couch. Yeah, I mean, sorry Tom, you doing it,

that's gonna affect like voting when it comes down to the election. Like is that gonna be one of the key things that they're gonna talk about or was gonna be going against? This is not going away and a quote Bill Clinton, it's a common piece though. No, no, it's real.

Yeah, I mean, when Bill did that, he was pointing something out and installed of the Bush senior strategy that they missed. And that went right to the heart of America. And that same thing that Bill said is true right now and it's getting worse. Great. I think, I always say this, there's things that matter

and there's things you can't control. I mean, it's, the perfect juxtaposition just on this page if you're looking at it right now. Public pessimism on the economy hits a new high. Got it. We just covered that story. Larry Summers, former economist, Fed Chair at one point, or he was Secretary of Treasury, Larry Summers, 70% chance of a recession.

Then you got BlackRock, Larry Fink, saying no big recession headed for the economy. Which one is it to a coin flip? I think we can all feel the writing on the wall that something is happening. We understand something's happening. But what can you do about it? This Monday was tax day, right?

Well, I think I got extended two days, but you had to say, so Monday you had to get in by midnight to post. Exactly. But it's tax season right now. So when you do get your refund, two grand, five grand, ten grand, maybe you don't go on vacation this summer. Maybe you don't ball out at the mall this summer. I

don't know. Maybe you understand, hey, let me save that money. What is that? Job loss. No, it's 20 billion less. 20 billion less refunds got you on your point. Got you. Thank you. Yeah. So during COVID, there was free money flying around, you know, cash is trash. NFTs were more popular than money in the bank. I think at this point, we need to establish just let's get back to basic, save that money, understand. If you do get that tax refund, be very prudent with it. But do you guys, the question though, do you guys think that they're just putting a bandaid on this right now? Because I mean, how long we've been talking about like this bubble that's gonna burst? Are they just waiting to see for the next administration? Whoever it's gonna be?

Well, I'll use Pats metaphor. We've been on steroids in this economy for well over a decade. Okay? Very low interest rates, stimulus checks. At some point, if you just continue to do steroids, you're gonna die. Or once you get off the steroids. That's a good answer. Yeah, that's true. We all know, Lever King, who was here a few months ago.

If when you get off the steroids, just like when you get off heroin, there's gonna be a really rough patch that you're gonna have to deal with. And I think that's essentially what's on the come up for the economy at some point you know the son of come out tomorrow so we might have to go through some shitty hard times

in order to feel our best so you know time you said something here about what happened with twenty billion dollars less iris as americans are getting twenty billion dollars less and tax refunds than the prior year the uh... the issue sixty nine million refunds than the prior year. The issued 69 million refunds at $198.9 billion, which is $23 billion lower than last year. The average refund check is 2878, about 9% lower than last year at 33.05. This is because there was no extra tax credits

or pandemic related stimulus payments delivered by the federal government in 2022 the decrease in refund size can be concerning for millions of americans who's who depend on the influx of money from uncle Sam to make major purchases save on for retirement or pay off that about seventy five percent of adults who expect to receive a tax refund this year believe the money is about to, they're about, is important to their overall financial situation according to recent bank rate surveys. So here's the thing, when you make money, you can't tell the difference between a thousand dollars, you're a five thousand dollars, you're a two hundred dollars,

you're a five hundred dollars, you're a thousand dollars, you're a thousand dollars, but when you're barely paying all your bills and you got your kids and school and car payment and debt and all this stuff combined This this 23 billion dollars being a less this directly directly impact low and middle income families Tom Yeah, absolutely, you know I saw a chart a couple years ago that showed that once a year Usually in the month of May and June, that credit card balances would drop.

And they were tied directly to tax refunds. Everybody gets your taxes in and they would get two grand back or something that average that you saw there. That was actually down 500 bucks a year over the year. The numbers Pat just shared. And so they would drop that. And then slowly over the course of the year, 100 here, 100 there, it would come back up.

Remember, we're talking about Americans, average American making $47 to $52,000. And so they get their refund back. And then they slowly start using credit card up again, then the refund would come back and do it. And we had this illusion that Adam was just talking about that you had this, oh, stimulus check. Remember those stimulus checks were $14,000?

So two of those stimulus checks was like getting an extra tax refund that year. And we saw that it dropped, we saw it. It dropped credit card balances a lot. And then they bounced back up things to poor discipline and inflation, inflation hit hard. And right now, the consumer is stinging, and we'll talk a little bit later,

but the stock market or prices are completely different, but right now, consumers, man, they gotta conserve and they're being conserved at gunpoint and the gunpoint is the inflation rate. Well, you know, I love this chart. There's fear-greet index. I'm constantly referencing it. Our friend, Malik, over there was gracious enough to pull it up. Well, you know, I love this chart. This fear-greet index. I'm constantly referencing it. Our friend Malik over there was gracious enough

to pull it up. Thanks, Malik. 30 days ago. 30 days ago, we did this. Okay. And it was almost extreme fear category. 32, I think. 32 days 30.

It's just a month ago with 30. Yeah, okay. And now we're back in greed territory. And as Warren Buffett always says, be fearful when people are greedy, be greedy where people are fearful Again going back to your stim to getting your tax refund Be very fearful. Yeah, they didn't Bitcoin just crack 30,000 it did Bitcoin crack 30,000 the low it hit was what 15 16,000

Right in that right 15 16,000. It's at 30 now. So a Michael sailor apparently bought a bunch more Bitcoin. I think about three weeks ago, five weeks ago, he went on Bitcoin. So, you know, the concept, the old principles of saving money right now applies. This is not the season to be reckless with your savings. You know, a lot of people are sitting there thinking,

well, you know, the stocks are up, markets up, it's doing okay, we're doing great. This is not over yet. This season of unpredictability, the other day is statistic I saw by Charles Schwab that Charles Schwab's depositors are decreasing. If you type in Charles Schwab, the positives, decreasing, the positives shrink, there you go. This is from what New York Times, Charles Schwab's deposits shrink, but profits grow faster than expected. Okay, as weird as it sounds, this is one of the names that was brought up by three different investment bankers

I spoke to that one of the fears of a bank they're worried about is Schwab. Now don't get me wrong this is purely speculation that names are being thrown out. This is one of them. We may have another bank or two or three. Buffett came out yesterday and he said something interesting. He said, I'm willing to bet anybody a million dollars is what he said that no depositor will lose any money. That's what he said. He says no depositor will lose any money because he got Warren Buffett, will bet you million dollars that no one in the US will lose

a penny of money to a bank failure this year. Now, the depositor, keyword, what does he say? Deposit. He didn't say no bank will lose money. He didn't say no investor in the bank will lose money. He said no depositor, right? Recently sent an interview that there's no reason for anyone to worry about the safety security or availability of their deposits on the US bank and he's willing to bet his

money on it. And an interview with CNBC Buffett said, I will gladly put a million dollars on my own money in the bank and have anybody else put a million dollars in. And at the end of the year, if any American deposit had lost money from a bank failure the other fellow gets the name gets to name where the two million dollar goes to to what charity buff it himself typically keeps his money in a US treasury bills the vast amount of money held by billionaire and his investment from Brookshawar Hathaway exceeds the FDI's coverage limit of $250,000 which I believe believe they have a hundred. Can you find that how much a Berkshire halfway has in cash right now? I think the number is between $75 to $125 billion,

unless if they just bought something. How much does Berkshire halfway has in cash right now? $129 billion is what they had four months ago. Obviously, this is a March 10 story that's telling you what they had at the end of the year, but they have around a hundred billion hours of cash they're sitting in themselves. So, you know, there is the possibility that something could happen to banks.

Does that mean depositors are going to lose their money? No one knows. Here's a part, when you're talking inflation, Goldman Sachs has already said the S&P is going to be flat in 2023. No growth, no returns. Goldman Sachs themselves are going hard into alternative assets, non-duplicatable assets. Alternative assets with art, many institutions have already maxed out 30 to 50 percent

into alternative assets. One of the alternative assets is fine art. Last year, prices rose on average 29 percent per barrens, 29% 2022 was the biggest auction year ever, highest total from the three big auction houses, nearly $18 billion. As crazy as the season was, auction houses did 18 billion record-breaking last year, and last time inflation was this high contemporary art appreciated on an average of 20% per year. Again, the last time inflation was this high, contemporary art appreciated at an average of 20%.

So having said that this is a sponsorship to masterworks, somebody we've been doing work with now for I think about a year. I like what they stand for. There's a lot of people that would like to have a piece of art that's $5 million, $10 million or $1 million of Banksy, a war hall people that would like to have a piece of art that's $5 million, $10 million, $10 million, $1 million, a bank see, a war hall, but you don't have the money to go buy something like that or Picasso. You can now buy a share into any of these art through masterworks.

You do have to be a member that have 660,000 members and paintings have sold out in minutes. So if you want to be a part of this, click on a link below in the description. Rob, if we can make sure to do that to go to masterworks.art, forward slash P.B.D. podcasts. Once again, masterworks.art, forward slash P.B.D. podcasts. I highly recommend you look into this. Everyone their pieces are qualified with the SEC and broken into share. So it's not like they're doing it without the SEC. It's all regulated industry the way they're selling this. So again, masterworks.art, forward slash, P.B.D. podcast, we'll click on a link below.

So that's that part. Tom, going back to what we're talking about here with the economy, going back to talking about the economy here, Amazon has been talking about all the people they're laying off. We're laying off this paper. Don't tell, another 11,000, another this, another that. Here's another 9,000 people they're getting ready lay off,

amid a layoff wave that has expanded past tech to include wealth, whether it's now like Dow 3M. Here's a full list of major US companies making cuts in 2023. Rob, if you can pull up the story as well, so people can see this. Amazon has announced it's cutting 9,000 roles. On top of the 18,000 job cuts announced earlier this, you're bringing

into total to 27,000. Amazon has a large group of major corporations that have made significant cuts in 2023. Meta and Google and finance, behemoth, Goldman Sachs, the layoffs have primarily affected the tech sector, which is now hemorr emerging, employees at a faster rate than any other point during the pandemic, according to the data cited by Wall Street Journal, a site tracking the layoffs since the start of the pandemic. Tech companies have slashed more than 150,000 jobs in 2022 alone compared to 80 and 20 and 15,000 in 21.

Let me say that one more time. In 2022 was 150,000, in 2021 was 15,000, twenty and fifteen thousand and twenty one let me say that one more time in twenty twenty two was a hundred and fifty thousand in twenty twenty one was fifteen thousand and at the peak of the pandemic was eighty thousand okay so here's some of the other companies that are laying off their people rather if you have this open door five hundred sixty jobs mccinsey

fourteen hundred jobs david brydell nine thousand two hundred thirty six jobs i didn't even know they had them in employees virgin orbit eighty five% of staffers, EA, 780 employees, Amazon 9,000, Walmart, about 200 employees, Roku 200 staffers, Accentures, 19,000 LinkedIn, 2200 Series XM, 475 meta-10,000 city group hundreds of jobs, Waymo, 209 jobs, GM, 500 salary jobs, Twitter, 200, ThoughtWorks, 500, Yahoo, 20% of their employees, DocuSign, 10% of their employees, GoDaddy, 8% of workers, Disney, 7,000 jobs,

affirm 19% of its workforce, Zoom, 15% of its staff, Return to Office, eBay, 500 jobs, Pinterest, 150 jobs, Dell, 5% of the workforce, Rivian, 6% of the jobs, BDG Media, 8% Intel, 343 jobs, Splunk, 325 jobs, FedEx, more than 10% of top managers, PayPal, 7% of total workforce, 2,000 employees, IBM, 4,000 jobs, HubSpot, 500 jobs, Dow, 2,000 global employees, SAP, up to 3,000 employees, 3M, 2 employees 3M 2500 Spotify 6% of its workforce 600 employees Google 12000 employees VAC 7% of their staff we work 300 employees capital 1 1100 tech workers way fair 1000 employees Microsoft 10,000 workers black rock 3% of their global workforce

or 500 employees crypto.com 20% of their staff workforce or 500 employees. Crypto.com, 20% of their staff, Goldman Sachs, 6.5% of their global workforce, 3200 employees, B&Y, Mellon, 1500 jobs. I'm about to be done, folks. Direct TV, 10% of management staff. Verily, part of alphabet, 15% of a workers, Coinbase, 950 workers, Amazon, 18,000, Vimeo, 11% of workers, and last but not least sales force, 10% of, Amazon, 18,000, Vimeo, 11% of workers and last but not least sales force, 10% of its staff, 7,000 jobs. These are all the companies.

So, so Pat, quick question, what like, Amazon's laying off all these people. I mean, people are still using Amazon like, like crazy. Like, what, where are these layoffs coming from? You know who's happy right now? Who? Guess who's happy right now? Shareholders, because stocks went up. This is one way of making money. Tom, why don't you take the lead from here?

Okay, I'm gonna make this very simple. Why are layoffs good? I'll make it in one very, very simple thing. You're in your wife and have a house, which you have for 20 years. Your two children are now graduating college and you're not sending checks to college and those kids are no longer home eating.

They're no longer on your car insurance. Guess what? You've got extra money each month for the first time in a long time. That is exactly on a massive scale what happens. When companies lay this off, the market loves it because they say, if you can keep your sales even flat to where you are right now,

flat, even if you stop growing a little bit during a recession, it's flat, but your costs are coming down, so you're gonna have more profit. It pops the stock price, it moves the market index. Right now, if you were just putting money into cash funds with any of the reputable organizations,

I'm not gonna list them, so it sounds like we're favoring one or the other, but any of the reputable brokerage firms that cater to consumers, you just put going to list them, so it sounds like we're favoring one or the other. But any of the reputable brokerage firms that cater to consumers, you just put in a cash fund or in a market. If you look long term, like an S&P ETF, because over the course of time, the S&P is always beat the market on an index basis. But the market loves these layoffs and they love what's going on.

And I'll tell you how much they look. If you're going to decide what to wear when you get up in the morning, you look at the temperature, you look at the weather report, right? Rob, can you pull up the VIX and show this to America? You see here, where's the VIX right now? 1753. The VIX is a temperature gauge that the market uses of volatility. Over 20, and it stormy outside

and you can correlate the VIX being up almost at 35 to banking issues, SVB banking stuff. Right now we've had a spike and law of the layoff announcements. You see there in March, the VIX has dropped down to 1750. So solidly under 20. The market temperature says says hey, it's not too volatile out here It's actually a good time to to invest that's what the market thinks and if I could add one more thing IPOs and it kind of quiet but IPOs may be coming back this week seat geek just enough actually this week I actually was yesterday I caught this yesterday as well as one of my favorite writers over at one of my daily newsletters. Caught this at the same time is SeatGeek just filed an S1,

which is basically a letter they send, the SEC say, we're going public. And they went out at a billion dollar valuation. And so in the market, the market is going to feel and look different than the consumer news. It's not out of sync. What's happening now is the layoffs are helping companies stock prices and even in the recession and the market is very open to investment and you're going to see IPOs this year.

Well, sorry, I'm not going to go y'all, but when they lay off all those, I mean, it's good for the market you're saying, but what about all the employees that are still working and they just have to work harder, correct? Like those people, if Amazon's laying off all these people, that means somebody has to pick up that slack, we're saying the job has to be done. Well, I think we had a couple of stories that run this, like about people that were investing in themselves,

25% more training that they were availing themselves to. So why are somebody back in the office saying, you know, I'm going to definitely spend 25% more time on training. Why? They want to be valuable, and they don't want to be the next guy on that long list that Pat just read. I think this classic case of supply and demand over COVID, who had all the leverage? A lot of people would say that the employees had the leverage, right? I'm not coming into the office. I'm working via Zoom. I'm working from anywhere. Now at this point, employers have the leverage. I know you're in favor of typically cutting the bottom 10% of a workforce anyway. Things change so dramatically during COVID. So let

me just kind of, let me just kind of give you a better metaphor. Two years ago, we all remember that it was hot girl summer. Yeah. Hey, it's hot girl summer. All right, what girl do you think? Last year, our boy Chad Hanks was on and was white boy summer. Yeah. Okay, this summer, it is tight in the F up,

don't get fired summer. Remember your man of layoffs are coming, tight in up. Yeah. I'm sorry, I just interrupt you, Adam. I'm sorry about that. Remember your man on the sorry, I just interrupted you Adam, sorry about that. Remember your man on the street interview with the girl that had come down for spring break with the stimulus check?

Oh yeah, I said, oh, did you get a stimulus check? This is the South Beach. Just how much did you get? 1,400 hell, no, I got 5,600, I go, shit. She's like, I got dependence, I go, how much did you spend on this trip to South Beach? 5,600, I said, oh my God, evil. Let me say this still, bud. Dependence I go how much did you spend on this trip to South Beach? 500 Let me say this though, but the question you ask and the point time was making yeah

People working in the office spend 25% more time on career development. This is a Bloomberg story According to data from WFH research, which is working from home people working in the office spend 25% more working from home, people working in the office spend 25% more time on career development activities than those working remotely, including mentoring, formal training and professional development. You can't do that at the house. The figures support the argument for hybrid work schedules as younger workers and particular benefits

from an in-person mentorship on on-the-job training. Research has shown that working in the same building has an outsize effect on workers training and that face-to-face interactions with managers can be advantageous for career development employees who have more face-to-face interactions with their managers are promoted to a higher rate and this could explain a third of the gender gap in promotions at the large financial firm studies. Now the last sentence there was a little bit of a politically correct statement they added in there but that should kind

of tell you that if you're in there. But that should kind of tell you that. If you're in there, you're being challenged, you're being pushed, you're being seen, you're being held accountable, you're being driven, you're being asked, how can we not do this? Have you thought about things? You may want to read this. Did you see this article? You're hearing other people having conversations with each other.

That's helping you grow. You're sitting home, who are you listening to? You're listening to your little dog right there, barking at you, hey, can you walk me for five minutes and come back? All these other distractions. So in a season like this, as crazy the economy is, this is the season to recreate yourself. Most, the people at the top recreate themselves

very regularly. And so the speed between three different people, let me kind of explain this part, so this will make sense to you. This has been my experience having studied, you know, coming up as a competitor, as a regular gather was a 21 year old army guy, I'm like, who am I?

I watched all my peers, and I asked myself, who's changing most often? So you got three people. You meet Johnny, a year from now, two years from now, three years from now, four years from now, five years from now, he's the same person. Okay, no problem.

Guess what? Life's gonna be the same. It's hard, it's gonna be harder, because you're getting older, so your market value's also gonna lower, right? Okay, the middle one is maybe recreate themselves once a year, okay? Or once every other year, typically they recreate themselves

because of a crisis, they're forced to recreate themselves, they're forced to change. They got fired, you know, heartbreak, something happens, so they're forced, I better. They're forced to change. They got fired, you know, heartbreak. Something happens so they're forced. I better change or else this. But these guys typically, after they recreate themselves and they see immediate results,

they go back to their shitty habits and then boom. They're forced again. So every two to five years, they're forced to recreate themselves. The third group, did every three to six months, you don't see them, you don't recognize them. They're talking about a whole different thing. They're minds and a whole different thing.

They're working, developing on this, working on this, this project, that project, this sort of. So you're like, man, I can't catch up to this guy anymore. It's because they recreate themselves more often. The best compliment you can get today. From somebody you haven't seen for the longest time, is, man, I don't recognize you. What happened to you?

You've changed. If everybody recognizes you all the time, and you're the same, you're creating yourself. This is a season where many will be forced to recreate, but those who choose to recreate and keep recreating yearly, if not even faster than that, future looks very bright for you. Those who sit around blaming, upset at the economy, frustrated to, you know, around the things that they have zero control over, I just hate to say to you, 2023 is going to be hard, 2024 is going to be harder, 2025 is going to be harder, and hard and life is going to get

harder, and harder, and harder, and harder, and harder, and harder, if you don't recreate yourself. Just in the last 30 days, how many grandmothers have died in the building here? In the past 30 days. Three. What? In this building here. How many buildings do we have here? We don't have thousands, six, five, six, four, whatever the numbers are.

Okay. So as you age, first goes grandma grandpa, then goes aunt, uncle, then goes parents, then goes peers, then goes siblings, then goes you. And you age, you're more surgeries, my dad's at the hospital again today. You have more things you gotta get checked out, you gotta go do a lot of different things,

life gets harder as you age. The worst thing you can do is knowing those seasons are coming is by adding even more hard things to it, by not improving and being proactive. This is the worst season to be reactive only. The people that are suffering consequences today are those that have stayed in reactive mode for the last 10, 20 years.

All you've been doing is reacting to the economy, reacting to a war, reacting to inflation, reacting to gas prices, reacting to the economy, reacting to 120 and I reacting to Trump, reacting to Biden, and a few people around our center say, man, how, when are you gonna stop just reacting

and being proactive? When are you gonna stop being just reacting and being proactive? When are you going to stop being freaking just reacting? And you're wondering why life is getting harder. Dude, my dad, crazy thing, Sunday, we're talking. And he's having a conversation. I don't know who he's talking to. I think he's talking to, there's two people there he's talking to. And at your house, my house, he says, I was 21 years old when I got out of the army.

He says, okay, Shuluch, Lush, Azach, he cabochich, Attainin, Noch, Azach, put your shoes on, we're going somewhere. Where are we going? I'll tell you, let's go. So we go to the forest lawn. I said, why are we at the forest lawn? He says, we're buying these six plots. I said, Dad, what are you talking about? You're 60 years old.

He says, we're buying these six plots. And you bought for like $1,600 a plot at four slons. By the way, they're each 15,000 orders. That's ridiculous. Yeah, that's what Michael Jackson's is, I'm very sorry. So he buys and he says, why? He says, we're gonna be ready.

When the day comes, you don't need to buy my plot. I bought my plot already for you and you can be right next to me. But the man is all about anticipation, proactive preparation. These boring principles makes people's lives around you better. I love traveling with Tom. You know why? Say shit hits the fan on a flight that we're going.

So what time it happened with Hawaii? Tom has already got seven plans. He already knows what Delta's got, what this guy's got, what that, you have no idea how safe I feel, traveling with this guy, okay? Because Tom is the epitome of being proactive and prepared, right? Being around people that are reactive,

stress level goes up, anxiety goes up, you're so worried, you have no idea what's gonna happen. Dude, people that give you peace around you, they're prepared, proactive people. So Dude, people that give you peace around you, they're prepared proactive people. So today, listen, if you're listening to this and you kind of stressing out because you're more on the reactive side, well then change.

Let's roll. No more reactive. By the way, this doesn't mean proactive people are not reactive. Proactive people are automatically reactive. But reactive people are not automatically proactive. Be proactive and reactive instead of just reactive and life's gonna be fine for you For many many years to come so the the reactive folks are about to pay a price hopefully they'll change the proactive people trust me are gonna be fine

That was awesome That was fantastic and and talking about the point of the grave and since you already know You know this train is gonna end at one point. What do you have to lose go for it? Do it don't don't be lazy at my my mentality has changed recently because of that that same fact We know we're all gonna die. What are you waiting for do it? You just bought your plot is what you're saying? I bought a plot You know, surely but you know what be out but not because I'm LaFarji always remember that Latherergy Latherergy leather um is very interesting Largy, always remember that. Largy. Largy. Largy. Largy.

It's very interesting. On business like podcast on Monday, there's a guy that asked me, he says, hey, should I sell my house and use that to start my business? Should I go rent with a friend? And I start thinking about that. And the answer I gave to him is, if you're thinking about doing that, you know, and setting the dollars aside, he was making a very informed choice

about being prepared that if he wanted to step out and start a company and the things that he thought that he knew a lot about the industry and stuff, he was willing to sell his house right now with what he can with the peak. There's a little bit of peak. He's probably gonna make more than it was worth in 2019-18. And then do it.

And there's other people that talked to me and says, hey, you know, I've got about $5,000 and I can put about $7,500 credit card, that's $10.5 and I'm thinking, starting a company doing this and this. I always tell those people, don't do that. Don't do that. Because there's so much risk of starting a company, don't do that. You gotta go in and be prepared prepared and I had this guy go Well, then I'm gonna save the money, but my lease is coming up and I'm living by myself

I have a buddy I think I'm gonna share a smaller townhouse with them because it's gonna lower my monthly and I'll just start saving because I think I could Stay ready for this I've added it up I could save about 20 grand over two years and maybe I'll start the business with that and I'm like bingo small you know or maybe don't start the business and he's got 20,000 saved now he's got the discipline of saving so the preparation that we're talking about you can be preparing now you can look around at your expenses right now and you can make decisions right now about about preparation you know there's a city that you can be a millionaire and be broke guess what that city is what What? New York City.

Let's go, baby. Let me tell you, New York ranked wealthiest city on the planet with 340,000 millionaires as the highest concentration of resident millionaires at 340 Tokyo San Francisco, Bay Area followed and second and third place respectively. London dropped to fourth place on the list with 258 and followed by Singapore to 240,000. The report focused on people with net worth of million dollars or more, the ultra-wealthy lost 10 trillion dollars or 10% from

their net worth of 2022 driven by global economic uncertainty, the energy crisis and the war on Ukraine. New York is also the home of the most sentient millionaires, 100 million plus while San Francisco Bay Area is home to the most billionaires globally. China's Hangzhou, Hangzhou topped the list of the fastest-growing cities when it comes to resident millionaires over the past decade with millionaire growth of 105%.

So, if in New York City, Rob, if you can pull it up, let's pick a city, okay, let's pick a city. Go to realtor.com, okay. Go to realtor.com and let's do New York City, just type in New York City, okay. And, yeah, New York City, and go up and proper, are you on rent or you're on buy? Click on rent all the way at the top, go on rent. Yeah, so New York City, search that. Let's see what rent all the way at the top. Go on rent. Yeah. So New York City search that. Let's see what rent is like in New York City.

All right, zoom in right there. Let's see what that looks like. It's 3,000 to 7,000. 3,600 for a 427 square foot place. A studio. By the way, this is 427. This is nuts. This is like 427 square feet.

So this in New York is $3,700. The second one, you're paying $4,800 for a 494 square foot space. Okay, keep going lower. Let's just see what a 63rd street is right up with Central Park. Central Park starts at 59th. Dude.

So let's look at the cheap one right there. That one is what, 2600. 2600. What's the living the kitchen though? You see that, you have the living the kitchen. though? You see that? You have to live in the kitchen. Yeah, keep going down. Keep going down would rent to see what it looks like. 5,000, 3,000 starters, 38,000.

38, 95, 4, 375 foot square foot place. 40 to see that building to the left. That looks like a lot of different things. But the pantry in Cleveland built 352 square foot place guys. This is 352 square feet. Let me say this one more time. This room is 352 square feet. So you're in the studio. You're giving one room.

This could be 400 square feet. You would pay $4,200 for this in New York City. So you have to be a millionaire in New York City to barely make it. Make your studio. If you're're not you got to live like it an hour out 30 minutes out and That's including the traps or perhaps have roommates in that little room like hey guys Well, if you got that corner got this corner this corner. Yeah, no people that literally do that or you build up a fake wall

Well, it's a thousand between two bedrooms. I've seen it all. Oh, I love New York City. I already have roommates. So visit. Yeah, I'm listening from Yonkers, New York. I'm happy in Florida. I'm about to go to New York. But listen, here's what I like. You know what I love about New York?

There's something about the Yankees, right? There's something about, you know, when I think about baseball cards, I think about New York Yankees, Mickey Mantle. I think about Steinburner. That's an owner. To me, when I think about owners, I think two names. Him and Jerry Bus, those are the guys

that just set the tone of what they did, right? The city, the fight, the dark fight, the culture, that whole thing, you would look forward to going. I'm about to go to New York in a couple weeks, by the way. You know, the top restaurant, they're 11 Madison, right? The guy unreasonable hospitality that is there, they're doing 18 million year one restaurant, okay?

Turn it into the number one restaurant in the world, three Michelin star, there's so many things you can sell about this place. Here's the crazy part, you realize if New York City got a governor that ran for eight years and he cleaned house with taxes, he cleaned the streets and made it safer. He made it great for startups to go there.

He actually invested into police and encouraged the mayor's to invest in police. And he cleaned the place up. You realize, good luck, everybody else. That's how great of a place that place is. But unfortunately, nobody is saying anything about the people of New York, the fight of New York, the DNA of New York. Any time I got a sales guy recruited in LA, in Texas, anywhere that was from New York,

I preferred it because you can challenge him, you can push him, you can kick his ass, he didn't give a shit. Matter of fact, he did better the more you did that with him. There's a certain energy about people from New York. They negotiate in a more straight-up way. They're just kind of like, hey, here's how we do this.

No problem. It saves a lot of time versus, wow, let me tell you. It's a very easy way to do business, but unfortunately, what they're doing right now, it's not slowing down at FYI. This whole concept of Florida that they're saying, why, you know, people are not gonna be moving to Florida. And more page 13, New York Exodus to Pro Business Florida

is a hot trend that won't simmer down anytime soon. Okay, this is a Fox business story. Thousands of Americans have moved from New York to Florida during the pandemic to escape high tax and crime rates. The trend has continued with 10,000 New Yorkers already leaving the state in the first quarter of 2023. This year, folks, not last year. Okay, this is written by Jenna and associate at Southern Bees International Realty. Florida's Chief Financial Officer Jimmy Patronis said that 900 new residents move to the state every day from the state such as New York, Jersey and Illinois.

900 a day that's 27,000 a month. Florida is proving attractive to home buyers because of its lower taxes and pro-business environment. Democrat-led states, including California, Illinois, New York, saw the biggest decline in population while being home to some of the highest tax burdens in the US. Yeah, I mean, the secrets out. I've been experiencing this for two decades now

about New Yorkers coming down for New Year's, coming down for vacation, coming down to have a great weekend here. And I would always ask them, I'm like, what would it take for you to move to Florida? Like, ah, no, the Florida is like vacation, coming to winter, this ain't for me. I don't know, it's a, and now we're starting to see.

They're like, no, no, I'm here, I'm here for good now. Secrets out, whether that's because of COVID and all the lockdowns, because of that, because of the low taxes, business friendly, DeSantis, Mayor Suarez down in Miami, he's been a major element of this. And here's what I always tell New Yorkers, kind of like what Pat was saying about their grit,

their grind, their hustle, their stick to itness. It's like if you keep that attitude that you that led you to have success in New York in freaking Miami with a run-in-a-gooven time and they just like, everything's going like, you're gonna run circles Around the people here and they're doing it. So yeah, you'll own the city. I mean Listen the DNA doesn't leave you

The DNA of a fighter that goes to any place like I remember one time I came to New York, Florida And I was speaking at this deer field office and they said Patrick, you can all the half the salespeople showed up to the meeting late. I said, guys, what the hell was this all about? And they said, oh, Patrick, we're on Florida time. I said, I don't give a shit, what time you're on? Okay? If you ain't on time, close the door and get out.

No, no, that's not how it's ran in Florida. If I'm running this meeting, get out. So like, are you serious? I said, yes, I said, come here with me. Open up the, what do you call it? You, not the blinds. The, the drape, whatever the drapes is on the windows. And I opened it up, I said, look outside the window.

I said, how many buildings you see out there? I said, count them. They're like, you certainly want us to count. I said, you get the point. How many buildings you see out there? Hundreds. Okay. Who build those buildings?

Did somebody build those buildings that came in late at 11 o'clock? How much work did it take to build those buildings? Did somebody build those buildings that came in late 11 o'clock? How much work did it take to build those? So don't give me the shit about there's Florida time. No, those buildings were built by killers. And somebody paid millions of dollars to buy those buildings. Killers are in every city. It's just you guys are not the killers right now.

And you're lazy and you're tired and you're buying this excuse. You take a killer from LA to New York, to Iowa, to Boise, to Wyoming, even to Chaz, Washington, outside of Porton. That's no longer exists. They're going to whoops some ass and lead. Leaders lead everywhere they go. So the New York DNA Florida saying, come on down here. Wasn't the sentence given 5,000 auto bonuses

for cops to come down here? Yeah. And everyone else, he was giving them out, right? Yeah, never coming to you. Of course, and this is not going to slow down by the way. How many thoughts on this? I think. If you don't have any thoughts, we can go to the next story. I got like five thoughts on it.

And the first is I think what you're seeing in here. I mean, good grief. Unemployment, 2.5 percent, you know, in the 2.5 or two point six percent, pick a city in Florida, major ones, Jacksonville, or a lot of Jacksonville is actually the biggest city in Florida, by the way, not Miami. It's the port city. Not in the port city. And it's the port city.

And it's a super ball there. They got an NFL team there. There's a lot going on up there. And you take a look, we got 2.5 unemployment. And you put a playing field in place. You put a canvas in place. Like, you know, the leader is in Florida. And there a canvas in place. Like, the leaders in Florida, and there's a lot of credits given to DeSantis,

well deserved, but you know what, there's also what Marisouar is doing. When leaders put a canvas in place that attracts people, they come and paint beautiful pictures. And that's what you're seeing here. People are coming down here. And you know what? I like it. That you know, like Florida's gonna be safer

because I like if you New York cops down here. I want New York cops to be on the police force down here. I want them to be happy and then I want their attitude. I want their focus. I don't want them to be laid back. I love what's happening here. We got a guy that just came here. what's happening here.

We had a guy that just came here.