Wall Street Veteran Reveals: The $1T Debt Crisis You Can't Ignore | Ross Mandell DSH #982

Summary

Digital Social Hour Podcast Summary Episode: Wall Street Veteran Reveals: The $1T Debt Crisis You Can't Ignore | Ross Mandell DSH #982
Host: Sean Kelly
Guest: Ross Mandell
Release Date: December 15, 2024

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1. Introduction to Ross Mandell’s Wall Street Journey

Timestamp: [00:58] - [03:27]

Ross Mandell kicks off the conversation by recounting his early days on Wall Street during the transformative 1980s. He highlights the drastic shift in securities sales, emphasizing the advent of cold calling—a practice previously prohibited by the Federal Trade Commission (FTC).

Ross Mandell [00:58]:
"Prior to about 1980, you couldn't cold call, you couldn't sell securities over the telephone. So all of a sudden, a bunch of very aggressive young guys... introduced Wall Street to Main Street for the first time in history."

Mandell explains how this aggressive outreach led to unprecedented market growth, setting the stage for the bull market of the 80s. He contrasts the exclusive, appointment-based financial services of the past with the more accessible, telephone-based approach that democratized investment opportunities.

2. Building the Wealth Formula and Transitioning to Education

Timestamp: [05:22] - [08:41]

Ross delves into his creation of the "Wealth Formula," a comprehensive curriculum designed to help individuals transform ideas into profitable businesses. This initiative emerged from his experiences mentoring aspiring entrepreneurs, particularly those from disadvantaged backgrounds.

Ross Mandell [05:22]:
"I created a sort of a one-stop-shop program. It's called the Wealth Formula. It shows you how to turn an idea, a product, or service into a business. How to go from zero to a million-dollar business."

During his time in prison, Mandell utilized this platform to educate fellow inmates on financial literacy and business development, underscoring his commitment to empowering others despite personal setbacks.

3. Insights on the Current Economic Landscape and the $1T Debt Crisis

Timestamp: [16:24] - [21:20]

A significant portion of the discussion centers on the precarious state of the U.S. economy, particularly the burgeoning $35 trillion national debt and its implications.

Ross Mandell [16:30]:
"Imagine this country with $35 trillion in debt, the interest just to carry that debt is $1 trillion a year. That's more than a retired defense budget."

Mandell warns of the potential for economic collapse, drawing parallels to the 1987 stock market crash where the Dow Jones plummeted by 25% in a single day. He expresses concern over inflation, energy crises, job shortages, and escalating urban crime rates, painting a grim picture of the future.

Ross Mandell [18:03]:
"Inflation equals the death of capitalism. Everyone says, who cares? I make a lot, I'll make more money. Inflation equals the death of us, of our society as we know it."

4. Cryptocurrency as a Hedge Against Economic Instability

Timestamp: [24:06] - [27:01]

Mandell discusses the volatile yet promising nature of cryptocurrencies like Bitcoin and Ethereum. He believes that institutional investments from giants like Blackstone, Vanguard, and Fidelity signal a stabilization and potential growth in the crypto market.

Ross Mandell [24:21]:
"Crypto is pretty volatile, so I've seen this before. It is a great opportunity to buy Bitcoin. It's a great entry point for Ethereum... if Bitcoin gets a little cheaper, I think it becomes more exploitable."

He emphasizes the importance of cryptocurrencies as a hedge against the weakening dollar and anticipates a shift in global reserve currencies, particularly with the rise of the BRICS alliance.

5. The Evolution of Media and Podcasting Opportunities

Timestamp: [22:25] - [28:35]

Reflecting on the changing media landscape, Mandell identifies podcasting and digital content creation as the future of media consumption. He critiques traditional media channels like CBS, ABC, and NBC, noting their declining relevance compared to digital platforms.

Ross Mandell [22:40]:
"Most people don't watch CBS, ABC, NBC anymore. Most young people only have smart TVs or watch on their phones."

Mandell collaborates with Sean Kelly on developing "Raw Media," a new media company aimed at capturing the vast audience engaged in digital content. He advocates for leveraging high viewership through podcasts and live streams to generate substantial revenue without relying solely on traditional advertising models.

6. Personal Stories and Life Lessons

Timestamp: [09:29] - [35:31]

Ross shares deeply personal anecdotes, including the sudden death of his father when he was 16, which plunged his family into financial turmoil. This traumatic event fueled his anger and rebellious behavior, leading him down a path of substance abuse and reckless living.

Ross Mandell [09:49]:
"I was 16 years old. My father passed away suddenly... I woke up a day later and found out that everything we owned was mortgaged, borrowed, or leased."

Despite these challenges, Ross's innate intelligence and resourcefulness enabled him to graduate early and enter the family business. His prowess in sales eventually paved his way back to Wall Street, where he thrived amidst adversity.

He also touches on his philosophies regarding aging, resilience, and the importance of continuous learning and adaptation in the face of life's challenges.

7. Final Thoughts and Future Endeavors

Timestamp: [35:28] - [40:52]

As the conversation wraps up, Mandell reflects on his legacy and ongoing projects. He emphasizes the authenticity and real-life applicability of his teachings, distinguishing his approach from theoretical or hypothetical courses.

Ross Mandell [35:20]:
"This is it. I'm 67. I got another five years. Let's do it."

Mandell announces the upcoming launch of his "Wealth Formula" course, highlighting its comprehensive nature with 108-page texts and 13 modules of engaging video content. He underscores his transition from Wall Street veteran to educator, aiming to impart practical financial wisdom to a broader audience.

He also promotes his online presence, encouraging listeners to connect with him across various social media platforms to stay updated on his ventures and educational offerings.

Notable Quotes

• Ross Mandell [16:16]:
  "This country is fucked. And I love this country."

• Ross Mandell [24:38]:
  "Blackstone, Vanguard, Fidelity... these guys control trillions and trillions of dollars."

• Ross Mandell [39:06]:
  "Inflation is the death of capitalism. Everyone says, who cares? I make a lot, I'll make more money."

Conclusion

In this compelling episode of Digital Social Hour, Ross Mandell provides a candid and incisive analysis of the current economic challenges, drawing from his extensive experience on Wall Street. He offers valuable insights into the potential ramifications of the national debt crisis, the strategic importance of cryptocurrency, and the evolving media landscape. Through personal storytelling and actionable advice, Mandell empowers listeners to navigate the complexities of today's financial and digital world, making this episode a must-listen for aspiring entrepreneurs and professionals alike.

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Connect with Ross Mandell:

• Website: rossmandell.com
• Facebook: Ross Mandell
• Instagram: Ross H. Mandel
• YouTube: The Real Ross Mandell
• Twitter: @RossMandel
• TikTok: @TheRealRossMandel

Upcoming:
Wealth Formula course launches next week. Sign up at rossmandell.com to secure your spot and transform your financial future.

Transcript

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[Ross Mandel]

Coming up in the 80s on Wall street, it was like a big thing. What was so crazy about the 80s prior to about 1980, you couldn't cold call, you couldn't sell securities over the telephone. So all of a sudden a bunch of very aggressive young guys, you know what, I don't want to wait for clients to walk in. They came up with this whole plan. They went to the ftc, the Federal Trade Commission, and all of a sudden Wall street was introduced to Main Street.

[Podcast Host]

All right, guys, got a legend here today, Ross Mandel. What a crazy first time meeting. You knew the previous guest father.

[Ross Mandel]

Isn't that crazy?

[Podcast Host]

Small world.

[Ross Mandel]

It's a small world. It's a shock. She was a very good looking woman. I just thought she was somebody else. And I wanted to say hey. And she says, Annabella Rockwell, a shout out to Thorson. Rockwell worked for me in the stock market years ago. So it's pretty cool.

[Podcast Host]

Yeah. You said you've employed over 100,000 people?

[Ross Mandel]

Well, I wouldn't say 100,000 people. Thousands and thousands. Yes, thousands of thousands of stockbrokers I worked with or they worked for me or we worked together and all that stuff.

[Podcast Host]

Wow.

[Ross Mandel]

Yeah. Coming up in the 80s on Wall street it was like a big thing and people say, why? What was so crazy about the 80s? Well, you know, prior to about 1980, you couldn't cold call something that everybody's so used to the phone ringing, hanging up on people, you know, telemarketing, all that. But prior to the 80s, you couldn't sell securities over the telephone. So all of a sudden a bunch of very aggressive Young guys sitting in Lehman Brothers on 55 Waters said, you know what, I don't want to wait for clients to walk in. They came up with this whole plan. They went to the ftc, the Federal Trade Commission and they got permission and approvals through corporate, through their firm and all that to cold call securities, Telemarket Securities. And all of a sudden Wall street was introduced to Main street for the first time in history. And you know, it's created a whole bunch of growth. And that's why when they talk about the bull market of the 80s, this is what blew it up. Because prior to that, you know, you had to be a wealthy guy or an institution and you would make an appointment to see your financial advisor and you come down to Lower Manhattan or Chicago or, or la, and you'd go up into this ivory tower and you'd sit down, you make an appointment and you lay out all your stuff. All of a sudden you got a bunch of very young, hungry guys calling you in your house, calling you in your business, calling you, you know, everywhere.

[Podcast Host]

Yep.

[Ross Mandel]

And so that's how, what's, what really caused the markets to blow up. So when I started the business, the Dow Jones was at about a thousand, geez, twelve hundred. Okay. It took four or five years just to get to two thousand. That was a huge, huge deal today. The market went down over a thousand points today. Talking about inflation. What? I mean, that's a crazy story if you think about it. Yeah, you know, it's come full circle. I mean, all of a sudden I used to be the young crazy, the crazy young wild stockbroker. And then all of a sudden now I'm like the old stock broker. I'm the old man, I'm the og. You know, I'm. Yeah, of course I'm not in the business anymore, but very close to the markets and created a curriculum called the Wealth Formula. Because over the course of my life, people have been coming to me, you know, Mr. Mandel Ross. I've been training people on Wall Street. I've been training some of the most alpha of alpha males on Wall Street. And then, you know, I went to prison. And when I was in prison, I was teaching the stock market the Wealth Formula. How to turn an idea, a product or service into a business. How to go from zero to a million dollar business. You know, not everybody went to Rutgers, not everybody went to University of Maryland, not everybody has a Wharton, Stanford mba And kids don't know. I mean, I was in a place where kids never had got kids 30 year old people never had a checking account, never filed a tax return. And all of a sudden they, you know, these are not just not stupid people. They just grew up in a bad neighborhood. They had no guidance. The streets were all they knew, the neighborhood, et cetera. And you know, they had no nurturing, no parenting. And so they were sort of off the reservation, if you will.

[Podcast Host]

Right?

[Ross Mandel]

And they would come to me and they say, Mr. Mandel, I got a great idea. You know, my wife, my girlfriend, my cousin, my aunt has this, has that. How do we turn that into a business? And like, well, do you know how to incorporate? They're like, what's that? I mean, so I created a sort of a one stop shop program. It's called the wealth formula. You can go to RossMandell.com 2S's, 2L's, and it actually goes on sale. My partner is Brad Lee.

[Podcast Host]

Nice.

[Ross Mandel]

In Nevada. Lightspeed vt.

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[Ryan Reynolds]

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[Ross Mandel]

For three months plus taxes and fees. Promoting for new customers for a limited time. Unlimited more than 40 gigabytes per month. Close full terms@mint mobile.com one of the best companies, if not the leading company in this genre anywhere. And we're launching the wealth formula, which 108 page text with about 250 hyperlinks that shows you where the source material comes from. And then 13 modules of video of beautifully produced video. That's very entertaining. That helps walk you through the actual text because we all know text can be a little boring.

[Podcast Host]

Yeah.

[Ross Mandel]

And we live in a sort of a show me society and people want to see video. And so I do my best to make it entertaining, energetic, funny, and I literate with personal experiences along the way. I don't just tell you something, I tell you how I learned it and I give you an experience, you know, I give you a history lesson from what deal it was done in all this and that. And it's really incredible. Comprehensive course.

[Podcast Host]

Nice.

[Ross Mandel]

Yeah. So I'm very, very excited. It goes on sale next week.

[Podcast Host]

That's cool. I like when you can take action right away.

[Ross Mandel]

Yeah, you have to.

[Podcast Host]

I'm not a fan of the courses where they just teach you like hypothetical situations.

[Ross Mandel]

Mine is real life. And you know, it's. My story is very public. My story's out there. So.

[Podcast Host]

Yeah.

[Ross Mandel]

And I tell stories, legit stories, how I got screwed over on Wall street and that's how I discovered X and how I did this deal. And that's where I got, you know, got to why. And so it makes it a lot more relatable. You know, you're looking at a guy like me. I'm a plain speaking fellow, you know, I'm not highfalutin. I'm not a Rockwell. I'm just playing. And people can relate to me because I keep it simple.

[Podcast Host]

And you had humble beginnings too.

[Ross Mandel]

I had very humble beginnings. I really did when I was 16. I grew up in a middle class family, middle class neighborhood. And we were living the American dream. We had everything we thought. And then my father passed away suddenly. He just died of a heart attack. 16 years old. I was 16 years old. He was 48.

[Podcast Host]

Damn.

[Ross Mandel]

My mother was 39. And I woke up a day later and found out that everything we owned was mortgaged, borrowed or leased.

[Podcast Host]

Damn.

[Ross Mandel]

The American dream, bro. We own nothing and we're just living, you know, they were just grinding my parents to pay for a better life for their kids. Can you relate to that? Anybody out there? And I became very angry and very bitter. I just sort of kind of went nuts. I was like the kind of kid you stayed away from. I went from being a great kid on a wrestling team, the football team, a straight A student, and I went sort of crazy.

[Podcast Host]

Wow.

[Ross Mandel]

And I was very angry. I was angry at God and I was angry at circumstances and I just acted out and I just said, screw it. If you could just drop dead like that, what the hell am I, you know, toe in the line for? I drank, I smoked, I took pills, I had random wild sex with strangers and I just went nuts, really. And luckily I had been such a good kid and such a good student. I got into all these colleges early. So right away they pushed me through and I was in school and I hooked up with a very aggressive crowd. You know how it is in school, right? You find like minded people. So all the kids that like to do drugs and party and hang out and run around with women, we all found each other somehow. And we had this crazy great time in college. But when we got out, which, you know, I actually graduated early, which is a crazy story. Yeah, yeah, yeah.

[Podcast Host]

Because you were still doing good in school.

[Ross Mandel]

Well, here's the thing. I didn't. But like we figured out a way to finagle our way through and because I was a reader on my wife and I love to read and I'm very book smart that way. And so I was able to get through school. In fact, guys used to steal exams, you know, before the test and bring them to me and I fill in the answers for them. Wow, I'm good like that. And I used to be at least. And I got out early and they put me in a family business. I was selling ladies handbags and I became a. We found out I became a pretty. I was a pretty good salesman. I happen to love people I love. I'm chatty and I'm a guy's guy. I love women and women found me cute and we're doing great. But you know, I was with a bunch of very aggressive young kids in college and back in 1982, they found Wall Street. We used to go to the clubs in Manhattan and we'd see these guys. Everybody's waiting outline at Studio 54. There'll be thousands of people on 54th street outline. Don't let people in. And we'd watch all these celebrities going in, but there were some guys pull up in Ferraris and limousines, you know, and Bentleys, Lamborghini, you know, you name it. And they always had the hottest women. And they'd come out.

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[Ross Mandel]

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[Podcast Host]

Wow.

[Ross Mandel]

And they would be sitting at the best tables in the best section in the clubs. And you know, I'm an aggressive type of kid, usually stoned. And I would just go up to these guys and I would be like, excuse me. You know, you're like a really cool guy and you're with the best looking woman and you got a great car and you're sitting at the best table. Can I ask you, what do you do? And you know, men generally like to talk about themselves.

[Podcast Host]

That's true.

[Ross Mandel]

You know, that's why you got me here. That's why he's got the number one podcast in America, this kid.

[Podcast Host]

I have on a lot of guys. I like to talk about themselves.

[Ross Mandel]

What? And women and woman people generally like to chat about themselves, you know. You know, when someone asks me about myself, I get to talk about myself. I'm my own favorite subject.

[Podcast Host]

Yeah.

[Ross Mandel]

You know what I mean? So guys would say, yeah, I'm a trader or I'm a stockbroker, or I'm an investment banker. I'm an arbitrageur. Be like, what's that? Well, we take advantage of economic dislocations. I'm like, I don't know what that means, but like, sign. Where do I sign up? So in 1983, I went down to Wall street and I got like everything else in my life, I finagled my way in and got into. Because I was still using and drinking heavily. And I got, I. I got into the E.F. hutton training program. And at that time there were like three training programs that were like legit heads, heads and shoulders above everything else. There was Merrill inch, there was E.F. hutton, and there was Dean Witter. And every. Everything else was like just sort of a lower level way of trying to get it to the markets. It was much more difficult. And you know, when you are addicted drugs, addicted to alcohol, addicted to that life. It's expensive, Sean. It is not cheap to be in Manhattan living it up, you know, spending money, going out every night, drinking, drugging. And so I needed money. So I learned how to sell stocks and do investments, so to speak, over the phone. And I became like sort of a stud, a celebrity at that. And it didn't matter how difficult the situation was on a day like today, most financial guys are hiding from their phone. You know, when Mrs. Winthrop calls, they're like, tell her Ikea, I'll call her back, I'm in the meeting. People get nervous, anxious, shy. I'm telling you to spend all your money on X. And all of a sudden X is down 20% and you're like, what? And I was never afraid to speak to people in the worst of times. And I always made my fortunes in the worst of times. And I can tell you this, today we are heading into the worst of times.

[Podcast Host]

Wow.

[Ross Mandel]

This country is fucked. And I love this country.

[Podcast Host]

What if Trump wins?

[Ross Mandel]

Trump is a hope we have. Trump is a business guy. He's a smart guy. I lived in Trump Towers. I live in Trump World Tower. For six years I did did a couple of deals with Donald Trump and a lot of people have an opinion of him. They don't. They never met him, they never spoke to him, and they never did a deal with him.

[Podcast Host]

Facts.

[Ross Mandel]

Well, I lived in one of his buildings and I did two deals with him. And I could say one thing, he's a tough guy, but he's honest. He's a straight shooter and he lives up to his word. And I put two apartments from him and sold and lived in the building. And it was the best experience that you could have. I wrote a book called Rock Solid, also available on my website, the ebook Rock Solid by Ross Mandel, RossMandell.com and I say for any of you that think that money can't buy happiness, you never lived in a Donald Trump building. Because that was the bomb, bro. I had a beautiful 2,200 square foot apartment, floor to ceiling, 10 foot glass windows, eastern exposure, southern exposure and western exposure, corner apartment, magnificent, all glass, smoked out glass, 90 story building. And I actually lived most of the time in Florida or London, but I kept an apartment in the city and myself and my family loved it. In fact, my oldest daughter learned how to swim down in the swimming pool in Trump Tower.

[Podcast Host]

Nice.

[Ross Mandel]

Yeah, yeah, it was beautiful.

[Podcast Host]

That's cool. Yeah. He could probably prolong it a bit, but I think the economy is pretty.

[Ross Mandel]

Well, look at the country. Imagine, imagine this country with 35 trillion in debt, the interest just to carry that debt is $1 trillion a year. That's more than a retired defense budget.

[Podcast Host]

Geez.

[Ross Mandel]

Which is the biggest line item in our. We're suffering from terrible inflation right now. The inflation rate is slowing, but it's, the prices are huge. We're struggling with an energy situation, job problems with jobs. There is the open border, inner cities laden with crime. Right now. I never, all my friends left New York City. Wow, it's so dangerous. Friends that have been living there that said I'll never leave, they all left. Companies moving out. Chicago, Louisiana, New York. The cities are a wreck. If Trump wins, there's a chance we can write this ship. But in order for the ship to write, the markets have to correct themselves. The markets, the free market is a self correcting mechanism. It'll go up, it'll go down. There are certain economic principles and psychological principles that apply to it. I think that if Trump wins, it's going to be very good for corporate America and very good for America, especially economically. But there's going to be a lot of cultural issues. You know, the Democrats are not going to go quietly into that good night. You're going to have riots and all these different things and there's going to be a lot of upset liberals, etc. And I'm not political. And if Kamala Harris wins, I don't know what's going to happen. But I can tell you we're still a trillion dollars. We owe $1 trillion in debt. And that's before we paid off a penny of principal.

[Podcast Host]

Crazy.

[Ross Mandel]

And we're still borrowing. We're borrowing every day. So Japan's market crashed 12.5% last night. The bank of Japan dumped $24 trillion United States Treasuries. How long before China and Russia do the same? You know, there's a big movement now internationally to remove the dollar as the reserve currency. It's going to happen. It's going to happen. And you know, Trump is so smart, he comes out and he says, bitcoin crypto. He sees that there's no other way. The dollar is gone, it's toast. The BRICS countries, the BRICS alliance is bigger than the Western alliance now. Brazil, Russia, India, South Africa, I mean, you're talking about they're bigger than we are from a GNP standpoint. We have really. If this country is the corporation of the United States, gross mismanagement, wow. Everybody would be, all of Washington would be fired. I mean, let's just keep giving the Ukraine, hundreds of billions of dollars while we're in debt for a war that can never be won. Does that make any sense to anybody? You know, not to me. It's all political. Everybody's getting kickbacks and all kinds of crazy shits going on there. And I'm not a political guy, but whoever wins, the market is gonna, is got to go down and I would say roughly and a half.

[Podcast Host]

Damn. It's already pretty low right now.

[Ross Mandel]

Oh, it's down a few thousand points. This is nothing, bro.

[Podcast Host]

Really.

[Ross Mandel]

In 1987, I was sitting on Wall Street, I had $100 million of managing and the Dow Jones goes down 25% in one day.

[Podcast Host]

Damn.

[Ross Mandel]

And that's just the 30 most important biggest companies in our world went down 25% in one day. That's the equivalent of today. It went down 10. If it goes down 10,000 points, we only went down 1,000 points. But what you don't hear about that day, the rest of the market, the rest of the stocks went down 40, 60, 80, 100% in one day.

[Podcast Host]

Geez.

[Ross Mandel]

Yeah, it was just bad, bro. And it's going to be, it's going to be, it's going to be rough going for this country and for most businesses. My man is in the right business and I'm going into the media business. Raw Media is a company that being developed right now in conjunction with some really smart guys and Bradley in Nevada. And I'm talking to your boy Justin as well.

[Podcast Host]

Justin Waller.

[Ross Mandel]

Your boy.

[Podcast Host]

Oh, Justin Waller.

[Ross Mandel]

Yeah. And this is the new media. People don't watch cbs, abc, NBC anymore. Most people don't even buy televisions anymore.

[Podcast Host]

Most young people, only smart TVs.

[Ross Mandel]

Right. And my kids, my kids watch TV on their phones. They watch Netflix and you know, Hulu and, you know, that sort of thing. And so there's been a, there's been a change because when we say the media business, my generation, people in the marketplace, they look at the traditional media and that's already gone. You're getting more eyeballs than almost 90% of any TV scheduled show.

[Podcast Host]

Yep.

[Ross Mandel]

But yet you're not making that money.

[Podcast Host]

No.

[Ross Mandel]

You're not charging the advertising.

[Podcast Host]

I am, but it's, it's not enough.

[Ross Mandel]

Yeah, well, you're not charging the advertising that someone on, on the major networks charging.

[Podcast Host]

Right.

[Ross Mandel]

That has a fraction of your eyeballs.

[Podcast Host]

Yeah. You see Mr. Beast dealing with those too.

[Ross Mandel]

Correct. So now if you put together a few guys like yourself, like Brad, like Mr. B, you know, the, the boys as a group, you've Got your. You got your own network. There's a media company. It just has to be positioned. It's got to be tweaked. There's got to be an architect, there's got to be a little financial engineering, but that's it. The hard work's done. The hard work's done. It's an unbelievable thing.

[Podcast Host]

It's a good model. Yeah. Patrick. Bad. Davis. Doing it.

[Ross Mandel]

Correct.

[Podcast Host]

Ben Shapiro.

[Ross Mandel]

Correct. They see it. They see it.

[Podcast Host]

Yep.

[Ross Mandel]

Patrick. But they've. Very smart guy.

[Podcast Host]

Very.

[Ross Mandel]

Yeah, yeah. He sees it.

[Podcast Host]

Yeah.

[Ross Mandel]

And so. And there's power in that. There's power in the eyeballs.

[Podcast Host]

Absolutely. So you're fully out of stocks right now?

[Ross Mandel]

I have fully out of stocks right now.

[Podcast Host]

Wow.

[Ross Mandel]

Yeah.

[Podcast Host]

So you're not taking this lost side. Everyone else is dealing.

[Ross Mandel]

I'm very happy right now.

[Podcast Host]

Any crypto.

[Ross Mandel]

Depends who's asking.

[Podcast Host]

Ah, smart answer. I got wrecked this week.

[Ross Mandel]

I'm sure you did, dude. Yeah.

[Podcast Host]

Holy crap.

[Ross Mandel]

I'm sure you have been.

[Podcast Host]

But crypto is pretty volatile, so. I've seen this before.

[Ross Mandel]

It is. It's a great. I think it's a great opportunity to buy Bitcoin. It's a great entry point for Ethereum. Really. Like Ethereum. Long term.

[Podcast Host]

That's my biggest bag.

[Ross Mandel]

Yeah. That's the way to go. And if Bitcoin gets a little cheaper, I think it becomes more exploitable. You know, the. The big boys are in him now.

[Podcast Host]

Yeah, yeah. The ETFs. Right.

[Ross Mandel]

Blackstone, Vanguard, Fidelity. You know, these are, these. This is like my generation.

[Podcast Host]

You think that's good or bad because you were dealing with these guys years ago?

[Ross Mandel]

I think that it's. It's a very good thing.

[Podcast Host]

Okay.

[Ross Mandel]

It means that there's. It's not going to take as long for them to come back. They're not going to ever get as beat up. They'll get beat up. But, you know, you have that underlying support. You know, these. These boys control trillions and trillions of dollars. So when they put some capital to work, there's a. There's a underlying layer of support. You know, prior to them coming in, something like bitcoin could go down to 3,000 a coin. It could go back down.

[Podcast Host]

Wow.

[Ross Mandel]

If they weren't in. But see, I know these. These guys are greedy. They'll never let it go that low because they're in. They're vested. Now, you understand there's an underlying level of support because, you know, they have more money than most countries do.

[Podcast Host]

Right. So they would do that with stocks.

[Ross Mandel]

They do that with stocks, they're gonna have to backstop the market. Sure. But they're also gonna buy. You know, I've made the majority of my capital in the worst of times. You know, when times are good, we tend to whatever our income is. You know, when you're a kid, you know, and you're struggling in business, you make it 3,5000amonth. You know, you spend it. You know, you save a little bit, but you spend it. And then all of a sudden, you know, you do great. You know, you're making 10, 20,000amonth. You know, you get a better car, you pay more insurance, you get a better apartment, you spend more money on rent, you take your girl off for better dinners, you go on better vacations. Before you know it, you spend the year. Income. The way real wealth is created or constituted is from earning chunks of equity. Like, I hate to say, but the majority of people in this country have little or no net worth. Basically, they moved in a home, they lived there 30 or 40 years. They bought it for like 30,000, and now it's worth a million three. And when they sell it and they get their condo and in. In Florida, they just became millionaires. They have a million dollars. That's how the majority of, you know, sort of my generation have done it. Right, Your generation is much more clever with crypto and just sort of cool stuff that a lot of people don't really understand.

[Podcast Host]

Internet money, they call it.

[Ross Mandel]

Yeah, I love that. See, I don't even know that expression.

[Podcast Host]

Right. Wi fi money.

[Ross Mandel]

I love that. I love it. And it's relevant. I mean, it's the real thing. I have a very open mind and open eye to all these. I think that great vision is had by the youth, the up and coming guys. Not the regular youth, the regular youth. A bunch of young stupid kids. But look at the guy. Like you look at Justin, your kids in Rutgers, and look what you've made of yourselves. You had a vision and you worked hard and you stuck at it. And, you know, there's something special about you. And I watch guys like you, guys like him, and I watch his whole podcast movement grow. I mean, you know, there were people that didn't believe the Internet was going to be around.

[Podcast Host]

Right.

[Ross Mandel]

How crazy. I mean, it takes a minute for an establishment to become fully accepting. They still haven't accepted digital currency or cryptocurrency. No, but that's. That's coming. So smart, smarter older people are starting to buy some. You know, it's a very, very interesting proposition.

[Podcast Host]

Yeah, it Took podcasts years. Rogan was doing it for, like, five years before people really started making them.

[Ross Mandel]

He was. And, you know, it's. It just so. It makes such sense. It makes sense. I record your podcast. You know, I go to YouTube. I watch you when I want, you know. No, no. No interruptions. I can stop it and start it. Come back in an hour. I could see who are your guests to see who's intriguing to me or who's interesting. I mean, it's amazing.

[Podcast Host]

Yeah. It doesn't feel forced. Sponsors love it. I know shows where my friends will go on. They'll make 100k in a day.

[Ross Mandel]

Yep. Yep.

[Podcast Host]

Like, just happened to my friend the other day.

[Ross Mandel]

Really?

[Podcast Host]

They go on the right podcast, offer the right product. Boom. 100 grand in an hour.

[Ross Mandel]

I get it 100%.

[Podcast Host]

Yeah. These lives are, like, insane. I mean, Trump just did a live. Did you see it?

[Ross Mandel]

I. I heard about it.

[Podcast Host]

So 2 million viewers with Aiden Ross. He's a streamer.

[Ross Mandel]

How crazy.

[Podcast Host]

If they promoted a product or. Or donation link, even would have done $10 million just like that, easily.

[Ross Mandel]

Yeah. So the lives are really where it's at, right?

[Podcast Host]

Yeah, the lives. Podcasting, I think that's the future.

[Ross Mandel]

But I think you need to be. You need to see. This is my take, because I've been looking at the industry. You need to offer a product. So I'm. I'm in the edge. I'm an educator now.

[Podcast Host]

Yeah.

[Ross Mandel]

This was something that I wanted to do. I mean, some magazine just wrote a story about me.

[Podcast Host]

Oh, yeah.

[Ross Mandel]

Good or bad, it turned out it was the best story anybody's ever written on me.

[Podcast Host]

Really.

[Ross Mandel]

And I had no idea it was going to be like that. Yeah. Called simply the best magazine. And that's a. It's a Florida magazine. They have a hundred thousand people that subscribe to this.

[Podcast Host]

Wow.

[Ross Mandel]

And it says that a former Wolf of Wall street has turned educator. And that's what I'm doing. I want to educate, I want to share. I'm in a situation now where my experience and my resume allow me this opportunity. It's not like I'm forcing it. I'm not, like, faking it. I think one of your guys over there in your production crew said you were really an og. I am. I was famous. I was on the front page of newspapers long before social media and the Internet.

[Podcast Host]

Wow.

[Ross Mandel]

You know, most guys in this sort of business we're in now, before 2015 or 2010, try seeing what they've done. They'd never really done anything. I mean, I was already. I was in Forbes magazine, you know, front page, Wall street journal, front page, 100 different newspapers. Good stuff, bad stuff, you know, like I always say, good, good, bad and ugly. But I was a big name and I was accomplishing great things. I was the first American to take a regulated company public, a regular American business public, on the London Stock Exchange, that stock exchange 100 years older than the New York Stock Exchange. And I did it twice before anybody else did it once.

[Podcast Host]

Wow.

[Ross Mandel]

Yeah.

[Podcast Host]

Well done.

[Ross Mandel]

Yeah. And I created that footprint, that blueprint. I actually did something. I'm not famous because I'm big on social media. There was no social media. I was making millions and moving markets and had thousands of people working for me and getting in all kinds of trouble and raising all kinds of hell.

[Podcast Host]

I love it.

[Ross Mandel]

You know what I mean? So it's real. I'm real. I always say, you put me on camera, and people say, who the hell is this old guy with a big fucking mouth? But when they look at me, when they Google me, they say, whoa, this guy's OG is real. And so there are things that I can teach even guys like you, smart guys like you, and people that are maybe not as smart as you and not as fortunate as you. And so I become an educator, and that's sort of my hook, because that enables a company that I create the opportunity to create revenue, profitable earnings. Now, once you have a company that's making 5 million a year, 10 million a year, 20 million a year, 40 million a year, you know, Brad has companies under lights, but they make 5, 6 million a month.

[Podcast Host]

Yeah.

[Ross Mandel]

And I expect to be at that level soon enough. And so now that gives you the. It gives you the leverage and it gives you the ability to pivot. You can go left, you can go right. There were different opportunities. Again. This is, again, an advantage that I have in. In. I have founded, funded, and floated, taken public over 100 companies.

[Podcast Host]

Dang.

[Ross Mandel]

There's not a handful of people in the world that can say that you might be the.

[Podcast Host]

The number one.

[Ross Mandel]

I'm right up there. I'm right up there. But I'm also, you know, doing it since 1983.

[Podcast Host]

Yeah, Chamath might be up there, too.

[Ross Mandel]

Oh, there's a few. There's a few guys there, but, you know, most of those guys are not going to talk about it.

[Podcast Host]

No, he did it through SPACs too, which is different.

[Ross Mandel]

Listen, my. My crew, the guys I grew up with in the business, we created SPACs. Oh, yeah, we were doing SPACs in the 80s wow. And the SEC shut us down.

[Podcast Host]

I didn't know it was around back then.

[Ross Mandel]

Nobody done. Because they said, this is criminal, this is illegal. You guys are out of control. And then 30 years later, everybody's doing it.

[Podcast Host]

Wow.

[Ross Mandel]

Right? We did the first pipe transactions, you know, private investment on public equity. That's what they prosecuted me for in London. Now this. Now Today, they're doing $35 billion every month in American stock exchanges.

[Podcast Host]

Holy crap.

[Ross Mandel]

They prosecuted me for bringing that to London.

[Podcast Host]

You're like the weed dealer before weed was legal.

[Ross Mandel]

Thank you. Thank you. I actually did time with guys that were in jail for 20 years for some pot.

[Podcast Host]

That's crazy to me.

[Ross Mandel]

And they tell the story that now right in the neighborhood where they doing time. They say the crime was committed. They were prosecuted and jailed for. There's dispensaries all over. It's legal.

[Podcast Host]

Nuts.

[Ross Mandel]

And they're in federal prison.

[Podcast Host]

Still wrong time.

[Ross Mandel]

And it's still a Schedule 1 drug, like heroin. Just so you know. It is right now weed right now, federally white. Heroin, methamphetamine, lowered it by now, etc. Fentanyl. They intending to. The Biden administration has threatened to, you know, reduce it, to take it down. It's still somewhere between. Somewhere in Congress. Think about that. How crazy this is. Our government that's telling us what's right and wrong and who to lend money to, that they have marijuana as a schedule class one drug all these years. Does that make any.

[Podcast Host]

Makes no sense. Look how much money Colorado is bringing in.

[Ross Mandel]

Right?

[Podcast Host]

All the states where it's legal bringing in so much money to its residents.

[Ross Mandel]

Right. In a country that's 35 trillion in debt and we're still jailing people for it. Paying 35,000 a year for these guys to be in jail every year.

[Podcast Host]

Terrible.

[Ross Mandel]

It's terrible. Think about the broken families on welfare and all this and that. It's just. It's just the decisions that come out of this Washington is just. It's frightening.

[Podcast Host]

It upsets me because I pay hundreds of thousands of taxes a year and I see where it goes.

[Ross Mandel]

What do you start paying millions probably next year. Man, you go, baby. That's your goal.

[Podcast Host]

That's a good problem.

[Ross Mandel]

You know, I have a friend, he said, my go. My goals, just pay 10 million a year in taxes. Why not? Probably make it 150 million at that point, right?

[Podcast Host]

Yeah, depends if it's business or personal.

[Ross Mandel]

But yeah, yeah, it's all, you know, still idea.

[Podcast Host]

You've made and lost millions multiple times.

[Ross Mandel]

In your life, tens of Millions. Yeah, absolutely.

[Podcast Host]

Yeah.

[Ross Mandel]

This is Ross 3.0.

[Podcast Host]

Was this the third time?

[Ross Mandel]

This is 3.0. Yeah. Yeah. This is actually, you know, it's. Yeah. This is my third real business life.

[Podcast Host]

And third time's a charm. Right.

[Ross Mandel]

I'm telling you, bro, this is it. This is it. I'm 67. I mean, you know, and I got another five years. You know, let's do it. But you know, what the hell?

[Podcast Host]

I love how you still have this energy at 67. That's impressive.

[Ross Mandel]

Oh, my God. You know, I'll be talking when they. I'm in my coffin, probably.

[Podcast Host]

Wow.

[Ross Mandel]

Yeah, you know, it's. I love this podcast because they say, all right, I said, what do I have to do? They said, just go talk. I said, what do you mean? Just go talk. Be yourself. All right?

[Podcast Host]

That's why podcasts are successful. It's not fake like the news.

[Ross Mandel]

It really. It's so. It's not staged. There's no agenda. Right. I don't need. You know, there was no prep. Right? No, we didn't discuss it. You didn't say, ross, I want you to do this. I just know it's a digital social hour.

[Podcast Host]

Yep.

[Ross Mandel]

And it's a business podcast, essentially. Right. But, you know, you're so clever, bro.

[Podcast Host]

Thanks, man.

[Ross Mandel]

You know, guys know he's six foot six.

[Podcast Host]

Yeah. People don't know that.

[Ross Mandel]

And what a head of hair you got, bro.

[Podcast Host]

Yeah.

[Ross Mandel]

You know, when you get older, you start noticing everybody else's hair. When I was younger, who cared, right?

[Podcast Host]

Yeah.

[Ross Mandel]

When you get older every year, does that guy have. I wonder how old that guy is. Does he color his hair? I don't know. I don't feel like gray hair. It's the Funny that, you know, your. Your perceptions change what you look at and how you think. It's really, really cool, bro. Wow.

[Podcast Host]

Noted. I'll keep that in mind.

[Ross Mandel]

Yeah. And you know something? So, you know, someone said to me the other day, you know, aging really sucks. And, you know, I was nodding my head. But then the alternative. What is the alternative? Dying young. I don't know. It's horrible.

[Podcast Host]

Well, there's guys aging backwards now. Have you seen that?

[Ross Mandel]

Yeah.

[Podcast Host]

Brian Johnson, Few people reversing it, you.

[Ross Mandel]

Know, today with peptides and medicines and all these therapies and, you know. You know, it's amazing, really. It's like 60s, the new 40. When I was a kid, 40, when Guy was 40, like, so old, you know, 67, I would be in a home already. Instead, I have this young, hot wife. And you Know, hanging out, young guys, guys like you. We're podcasting, we're making content, we're posting on social media. I'm doing selfies in Publix. You're in household foods, talking about the price of these eggs.

[Podcast Host]

Those are expensive, bro, if that.

[Ross Mandel]

I tell you some funny story. So you know, they have these like sort of, I guess jobs at some of these supermarkets. And some of these kids are special, you know, they, the corporations give them jobs as package. So I'm doing a selfie about these eggs. They're organic. God forbid I bring home something that's not organic. God forbid, you know, I'm banned for the house. Dad, bring him back. And then they have to be pasture raised. That's the new thing, right? God forbid. My cow didn't get massages or had to live in a cave. You know, he, he had to be free to roam the countryside, right? These cows are living better than we are. And that's, that's half and half. Gotta go. Yeah, no, five minutes with tight these eggs. I said, what are these magic hens? 1149 a dozen. They're little brown eggs, but they're, they're organic and they're pasture raised. And so I'm, I'm complaining on the selfie. And then the guy goes, yeah, but mister, these are the best eggs. You bought the best egg.

[Podcast Host]

A dollar an egg.

[Ross Mandel]

And you know, he's like, you know, some kid and he's like lecturing my audience crazy.

[Podcast Host]

It used to be a dollar for 12 when you were growing up, probably.

[Ross Mandel]

You have no idea.

[Podcast Host]

Now it's a dollar an egg.

[Ross Mandel]

I hate being like these old guys that talk about, oh, I used to be a dog, you know, I used to buy two slices of pizza and a Coke for a dollar.

[Podcast Host]

Damn inflation. When I was a kid, this isn't sustainable, man.

[Ross Mandel]

It's not sustainable. And I, I hate to say this, but inflation is the death of capitalism. Everyone says, who cares? I make a lot, I'll make more money. Inflation equals the death of us, of our society as we know it. And I'm not going to explain that to you because that'll take a half an hour.

[Podcast Host]

Well, the average person can't out earn inflation, in my opinion.

[Ross Mandel]

I agree.

[Podcast Host]

I think guys like us possibly can.

[Ross Mandel]

But we can and we.

[Podcast Host]

I have, I have too. But most people now don't have that.

[Ross Mandel]

Still struggling. People are struggling.

[Podcast Host]

If you're working a regular job, it's. You're not going to out earn impossible.

[Ross Mandel]

It's terrible. You know, someone said the Average cost of living now in in subsidy is $250,000. To be middle class class in San Fran, right? What?

[Podcast Host]

Yeah. Crazy.

[Ross Mandel]

What in San Fran, people sleeping in the streets. There's needles everywhere, People getting robbed. Stores are closing. I mean, that was my favorite city for many years.

[Podcast Host]

I don't even wear a watch there anymore.

[Ross Mandel]

You ever go to San Fran?

[Podcast Host]

Yeah, but I don't wear any jewelry or anything.

[Ross Mandel]

You can't. They'll steal you. Yeah, even if you got to be careful with your phone.

[Podcast Host]

You can't even leave a backpack in your car there.

[Ross Mandel]

No, definitely not.

[Podcast Host]

Even if it's empty, right?

[Ross Mandel]

No, no. That's like asking for trouble. Yeah, but if a six foot, six inch young dude is worried, what chances an old guy like me have.

[Podcast Host]

Crazy, man. You know, Ross, it's been fun. Where can people find you? Get your course and learn more from you, man.

[Ross Mandel]

Ross mandel.com. r O double S M A N D E double L dot com I'm on Facebook. Ross Mandel. Boca Raton. Instagram, Ross H. Mandel. YouTube. The Real Ross Mandel. I'm on Twitter. I'm on TikTok. I mean, you know.

[Podcast Host]

Boom.

[Ross Mandel]

What's an old guy doing on TikTok?

[Podcast Host]

Actually, old people get a lot.

[Ross Mandel]

Having fun. We're having fun. We're making content. Thank you, my brother. Wealth formula hits up next week. Sign up. You will not regret it.

[Podcast Host]

Boom. Thanks for coming on, man.

[Ross Mandel]

Sure. Thank you for having me.

[Podcast Host]

Thanks for watching, guys. See you tomorrow.