← George Kamel
George Kamel
Real Estate, Trump, and The Fed | Millionaires In Cars Getting Coffee with Iced Coffee Hour
00:38:02
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- [00:06]
A
What do you think about Trump calling on the Fed to cut rates?
- [00:08]
B
I would be seriously concerned if they. If they bend to the knee. The Federal Reserve should remain independent and not be influenced by outside forces. And I do believe it's inappropriate for the president to be calling for the Fed to cut rates.
- [00:21]
A
Well, it makes him look good.
- [00:22]
B
Yeah, yeah, but he's a showman. What's gonna happen? Because you have two options. One is that people do not lose faith in the government and the United States. Rates are lower and money just comes in. The flip side to that is, what's.
- [00:35]
A
Your latest, you know, take on what's happening with the housing market? Is it shifting into a buyer's market? What do you expect over the next year or two?
- [00:42]
B
Yeah, it really depends on the market. Prior to 2020, it's 10 properties or you're a loser.
- [00:47]
A
Now you can be a loser without owning anything.
- [00:49]
B
You could be you to still be a loser owning three properties.
- [00:52]
A
These are rich people problems. Is the housing market finally about to break? Could homeownership become a little more affordable within the next year? Or are things about to get worse for buyers? To help me answer that question, I'll be joined in the Tesla today for the third time by my friend and foe in some regards, Graham Stephan. We're going to talk everything. Housing market, crypto gold, and whether Graham is charging his wife per flush. It's all coming up in today's installment of Millionaires in Cars Getting Coffee. Graham, what's up, dude? Yo. Long time no talk.
- [01:25]
B
I know. How you doing? Good.
- [01:27]
A
We brought the the heat to Tennessee.
- [01:30]
B
I brought the heat.
- [01:31]
A
You bring the thunder.
- [01:32]
B
I brought thunder.
- [01:33]
A
I bring the heat. All right. You ready for this?
- [01:35]
B
I'm ready.
- [01:36]
A
You are now a record breaking guest. You're a third time on Millionaires and Cars Getting Coffee. Oh, no guest has done the three peat.
- [01:44]
B
No, it's been two. I thought.
- [01:46]
A
No. Well, you'd think, but time, actually, I think I don't roll the tape. So I thought because you're a frugal guy, you never spend money on coffee. And so I thought, let me treat the guy.
- [01:57]
B
Oh, my gosh.
- [01:58]
A
To some of the world's best coffee. You know what, Graham? Welcome back to Millionaires in Cars Getting Coffee. Coffee.
- [02:02]
B
Thank you so much.
- [02:03]
A
All right. What's new with you since we last talked. You got married.
- [02:06]
B
Yeah, got married.
- [02:07]
A
How's that going?
- [02:08]
B
Great.
- [02:09]
A
No regrets? No regrets from her side either.
- [02:11]
B
No, hopefully not.
- [02:13]
A
Is it everything you hoped and dream for?
- [02:15]
B
Everything.
- [02:15]
A
How is she settling into this new life of Frugality and freedom.
- [02:20]
B
She's used to it. There's nothing new. I've not changed.
- [02:24]
A
Let's talk housing market. Sure. What's your latest, you know, take on what's happening with the housing market? Is it shifting into a buyer's market? What do you expect over the next year or two?
- [02:33]
B
Yeah, it really depends on the market. You have places like Austin that are down 20, 25% from the peak. You have places in Florida. Miami got hit pretty hard, but those areas also went up so much. So the hypey markets are becoming less hype. And every other market is still staying relatively expensive. So I don't know. When I look at buying right now, it's just very few opportunities make sense to me.
- [02:58]
A
So you're telling people, hey, you should probably rent right now in most markets. Yeah.
- [03:03]
B
Like I look at the numbers, I know you don't like with the whole credit card aspect, the mortgage aspect, but I look at the numbers and I say, okay, what makes the most sense right now financially? And when I look at the cost of buying versus renting, to me, it's just like the cost seems to make the most sense. Renting. Unless you're planning to live there long term and you're planning to put down roots, or it's an emotional decision and you love the house, you don't care, that's fine. But when you're looking mathematically, it seems like renting is a superior option throughout most of the country right now.
- [03:37]
A
Heard it here first, maybe second, I don't know.
- [03:40]
B
But it's funny, you know, when I say that, people say, oh, it's the landlord that's telling people to rent. But when I was saying to buy, people said, oh, it's the real estate agent that's telling people to buy.
- [03:51]
A
Sounds like we got a bunch of.
- [03:51]
B
Wine and there's no winning. It's just like I have zero financial interest in whatever people do. It doesn't matter.
- [03:57]
A
You're just reporting the mathematical facts. You are the most logical person I know.
- [04:01]
B
I try to be. It's just whatever saves money. If I were to look at getting a place, I would probably be a renter, which I never thought I would say.
- [04:10]
A
But let's say you're debt free with an emergency fund, you have a down payment, you're like, I'm still probably gonna rent right now. Is that where you're at?
- [04:15]
B
I look at the numbers. So I determine what is my cost of rent? How long am I gonna be here for if I'm planning to be in this house for 20 or 30 years, I'm probably gonna buy. But if I say, well, I know I'm gonna be here for five to 10 years, the cost of renting is this. The cost of owning is this. Here's my opportunity cost of a down payment, here's what a premium I'm paying for. Basically, I'm stuck in this illiquid asset and I can't really freely move. What's the cost of that? And I determine, okay, what's going to be cheaper? And then if they're about even, then I put a bit of a premium on the flexibility of just being able to up and move.
- [04:53]
A
What about, you're saying 20 to 30 years? A lot of Gen Z millennials, they plan on moving, or maybe they don't plan on it, but it just happens. Very few people are going to stay planted for 30 years. But I am concerned about the golden handcuffs of these low interest rates where people are going. It doesn't make sense to move. I have a 2.675 rate. Why would I ever move? People who planned on this being their starter home, now it's their forever home.
- [05:16]
B
But they don't want to give up that house. So it's a very weird market. It's a, it's a weird one because if interest rates come back down, if interest rates get to about in the threes, anybody with a 2.8 says, okay, I'm fine giving this up, I don't mind. But you risk then reinvigorating the housing market and causing a brand new frenzy. So I don't know which.
- [05:38]
A
If there is a frenzy, don't you think prices would go up?
- [05:41]
B
It could.
- [05:42]
A
With a lot of demand.
- [05:43]
B
Very well could.
- [05:44]
A
Yikes. Okay, so you don't have a lot of high hopes.
- [05:48]
B
I just don't. I don't see it. I just don't. It's hard for me to wrap my mind around. I just. Real estate's all I've done. And I've been such a huge proponent, but every single day.
- [05:57]
A
But you haven't bought real estate lately?
- [05:58]
B
Not since 2020. 2020 was the last time I bought real estate.
- [06:01]
A
Oh. No plans in the future? Are you just done for now, yeah.
- [06:04]
B
So I look daily, I look in the market daily. I would say I will buy real estate if I find a deal that makes a ton of sense.
- [06:10]
A
Because, you know, Dave always says, real estate, the money is made on the deal upfront, not on the cash flow later on.
- [06:17]
B
True. The money is made with the value that you add to A property. So idea. If you want to make money in commercial real estate, you buy a place that's empty or that's been neglected, mismanaged, and you turn it around, you improve cash flow. Like that's. That's the tried and true method. And then you sell it and you 1031 into another property where you can start the process over again. You add the value you shouldn't be buying just for cash flow.
- [06:40]
A
But then you see a TikTok that says you should have 10 properties by the time you're 30, or else you're a loser.
- [06:45]
B
Yeah, well, you know what? That used to be the case prior to 2020 is 10 properties or you're a loser.
- [06:50]
C
Yep.
- [06:51]
B
But now it's changed. Now you could.
- [06:53]
A
Now you can be a loser without owning any property.
- [06:55]
B
You could be. You just still be a loser owning three properties.
- [06:58]
A
You know, I've seen the Grant Cardone clips.
- [07:00]
C
One day they hate me, the next day they love me. And both days I get pa. What.
- [07:05]
A
Do you think about Trump calling on the Fed to cut rates? Like, he's kind of putting pressure here. Do you think it'll actually happen? Will they bend the knee and go, all right, fine, here's your rate cut?
- [07:15]
B
I would be seriously concerned if they bend to the knee. I mean, I'm in the belief that the Federal Reserve should remain independent and not be influenced by outside forces. And I do believe it's inappropriate for the president to be calling for the Fed to cut rates.
- [07:29]
A
Well, it makes him look good.
- [07:31]
B
Yeah, but he's a showman. I mean, the thing is, at the end of the day, he's an entertainer, he's a showman.
- [07:35]
A
Say the great. He's come join the circus. You clearly have a flair for show business.
- [07:40]
B
But he's good at getting attention, and he's good at getting people to talk about him constantly. And I get why he wants lower interest rates. I understand it. But, like, you have to have stability within the Federal Reserve and the US Economy, otherwise no one's going to take you seriously. So I get why he's doing it. I understand his motives, but Fed's hopefully not going to bend to the knee. But In May of 2026, you know, whoever he appoints, he's gonna say, hey, I'll put you in charge of the Federal Reserve, but you better do what I say. And that's what we don't know. Are they gonna just cut rates?
- [08:13]
A
Put a yes man in that spot?
- [08:15]
B
What's gonna happen? Because you have two options. One is that people do not lose faith in the government and the United States. Rates are lowered and money just comes in. The flip side to that is people do lose faith and rates skyrocket because no one's buying U.S. treasuries anymore because they don't have conviction in the dollar.
- [08:34]
A
So let's talk about that. The whole thing of, like, fiat money and the US Dollar is going to crumble. So we should all go buy crypto and gold. What we've now seen is in times of fear in the economy, crypto and gold are up. They're up higher than the S&P 500 year to date. What are your thoughts on all of that? Should people be moving all of their assets to crypto and gold?
- [08:53]
B
No, no, not all assets. Like, for me, I think my allocation is about 15% to iBit. It's the Bitcoin. I would be concerned if that grows to more than 25, 30% at the most.
- [09:09]
A
But.
- [09:09]
B
But I'm also at a point where, hey, if that goes to zero, it's not going to change.
- [09:12]
A
You still have a very strong cash position. How much of your, like, total net worth portfolio is in cash? Right?
- [09:18]
B
20%, which is sizable.
- [09:21]
A
I mean, that's so millions.
- [09:23]
B
It is, but it's. It's to a level where, yes, it could be optimized, but that's also my. Like, whatever happens, I could. I could pounce on an opportunity or it's there if needed. So, like, that. That is my sleep at night fund, where, hey, if the market does drop 50%, I could swoop in if a good deal comes up. I could swoop in if. For whatever is needed. I got it.
- [09:48]
A
So how much gold do you own currently?
- [09:49]
B
Oh, gosh, under. I mean, it's a very small percentage. I do own some gold and I do own some physical gold. Physical.
- [10:00]
A
Okay. You know, it's not like a gold etf. No, no, you like physical gold. It's in a safe. We're not gonna share your address. Yeah, I mean, but you have it on your person.
- [10:09]
B
Not on me right now.
- [10:10]
A
You do bars, but.
- [10:12]
B
No, I like old, like, numismatic coins and collectible coins. But I've been into coins for a long time.
- [10:17]
A
Like, you're a coin man.
- [10:18]
B
There's all, like, Indian. What are your rare collectibles these days?
- [10:22]
A
Because you have some, like, Pokemon cards. You've got a lot going on.
- [10:26]
B
None of those are real. Like, those are fun to put on the wall, you know, but none of those are. Are considered that valuable. Yeah, like. Like the uncut sheet That I. It's. They're art pieces to me.
- [10:39]
A
They're just things that you wouldn't really let go of.
- [10:42]
B
Someone offered me. Listen, everything is for sale at the right price. And I'll buy anything for the right price.
- [10:47]
A
Like your Tesla Roadster, which you tried to pitch me on. I will not be sold at the right.
- [10:53]
B
Here's the thing. At the right price, you would buy it.
- [10:57]
A
The right price would have to be you taking a huge loss.
- [11:00]
B
Okay, so there is a price, and there is a price that I would sell it.
- [11:03]
A
Anything.
- [11:04]
B
You offer me a price.
- [11:05]
A
Right now I'm on a YouTube video. Hey, make me an offer. You were like pitching it to the YouTuber. Has anyone made you an offer?
- [11:10]
B
I got about 10 emails from that.
- [11:12]
A
Wow.
- [11:13]
B
But people were like, no, no, no one made me an offer. Everyone's like, how much?
- [11:17]
A
Oh, they wanna know how much.
- [11:18]
B
I just want an offer. Give me an offer on the car.
- [11:20]
C
Yeah.
- [11:21]
B
And then I'll say yes or no.
- [11:22]
A
Is that a negotiation tactic? Is you don' to be the first to put a number out there?
- [11:25]
B
Yeah. Cuz I don't know if I want to sell it. Like, let's say, let's just say hypothetically, I'm throwing out, let's say 100 grand and someone says, all right, Graham, here's 100. I don't know if I sell it, but if someone just like, hey, here's this. It's on the table. Then I'm like, eh. I'll weigh the options.
- [11:39]
A
Okay, make him an offer, people. He needs to offload that thing.
- [11:43]
B
There is a price for everything that.
- [11:44]
A
He's married now, so his wife is like, what are you doing with this toy? Sitting there just collecting dust.
- [11:50]
B
Any. Anything. I'll sell it for the right price.
- [11:53]
A
I like it. All right, we're at Sonic.
- [11:55]
B
Cool.
- [11:55]
A
I thought you'd enjoy this very analog experience here. What's your drink of choice?
- [12:01]
B
I feel like I just get a coffee.
- [12:02]
A
Right. I see something with nerds in it.
- [12:06]
B
I'm not. Yeah. No way. Where's the calories on this thing?
- [12:09]
A
Do you think people actually look at the calories and change their order based on that?
- [12:12]
B
I always do. I always do. I look at the calories and I'm like, I could get that and save 300 calories. And when you equate 300 calories to 20 minutes on the train.
- [12:20]
A
So you look at this like finances. I can save calories. Like, it feels good to save money. Feels good to save calories.
- [12:26]
B
100%.
- [12:26]
A
So are you a zero sugar drink kind of guy.
- [12:29]
B
Yeah, if I can cut down sugar to zero, I would.
- [12:32]
A
All right.
- [12:32]
C
Except for sugars and fruits.
- [12:34]
A
Well, I'm gonna live a little. All right, let's increase this dad bod and get the old pickle read a slush. Oh, my goodness. Oh, my goodness. Jack Selby from Iced Coffee Hour.
- [12:42]
C
There you go.
- [12:43]
A
Wow. Nothing like hot coffee in 100 degrees.
- [12:46]
C
Yeah, I meant to get iced, but I accidentally got the hot coffee.
- [12:48]
B
Wait, Jack, could you go in there and just ask for an ice. No. What do you mean, no?
- [12:52]
C
No, they didn't pay me enough to do that.
- [12:55]
A
You can share my pickle reading.
- [12:56]
B
No, no, Jack, you just go in there and say. Excuse me, I meant to say that.
- [12:59]
C
You go in there and say that.
- [13:00]
A
You can go into Sonic. I thought that was illegal.
- [13:02]
C
Right to jail right away.
- [13:04]
B
Can you actually go in there?
- [13:05]
A
If you go in. Aren't you just like in the kitchen?
- [13:07]
B
I want.
- [13:09]
C
You want iced.
- [13:10]
B
I want an iced.
- [13:10]
A
Get this guy an iced coffee. You have a show called Iced Coffee Hour, not Hot Coffee Hour.
- [13:15]
C
Let me go get two cups of ice.
- [13:16]
B
All right. There we go.
- [13:17]
A
Get an extra straw, too. We can do a little a few moments later. God bless, Jack. Welcome.
- [13:23]
C
Thanks.
- [13:24]
A
I can't believe you're working at a Sonic. Is Iced Coffee Hour not going well?
- [13:27]
C
No, it's going well. I just like to do this on the weekends.
- [13:29]
A
Just, you know, stay abreast of side hustles.
- [13:33]
B
It's a side quest.
- [13:34]
A
Do you do the. The roller skates for the extra.
- [13:36]
C
I do, yeah.
- [13:37]
A
Money per hour?
- [13:38]
C
Yeah.
- [13:39]
A
Honestly, you'd crush it.
- [13:40]
C
It's a tip economy.
- [13:41]
A
So I would not be shocked to.
- [13:43]
C
See you in a.
- [13:43]
A
In a Vegas Sonic for a publicity stunt. Probably just looking for attention. We'll get back to my conversation with Graham and Jack in just a second. But first, I want to tell you about my friends at Fairwinds Credit Union, one of the sponsors of today's episode. Listen, if you're using one of these big national banks that has their name on the side of a stadium, you don't need me to tell you that the level of customer service is a little sus. Okay? But with Fairwinds, you're not just a faceless number on some profit and loss sheet. Not only will their team treat you with dignity and respect, they're also not going to push a bunch of debt products on you or credit cards and other things designed to screw you over. That's because they want to see you win with money. They're fans of Ramsey Fans of the Ramsey plan. And your bank is a big part of winning with money. So if you want to see the Fairwinds difference for yourself, go check them out. Fairwinds.org Ramsey is the place to go. That's Fairwinds.org Ramsey or click the link in the description below. And speaking of winning with money, it's hard to do that when you're constantly bombarded by clever scams designed to drain your wallet, which is becoming way too common these days. And that's why I use a service called Deleteme, which is another sponsor of today's video. Here's what they do. They scour the Internet for these data broker websites that have your information, that are selling it to these spammers and scammers. And they remove it from hundreds of these websites to help keep you safe online. And they even send you customized reports every few months, showing you exactly where they've removed your data and how much time they've saved you. And so far, they've removed me from hundreds of websites, saving me 100 hours of time. And for that, I am grateful. If you want them to do the same for you, go check them out. Go to joindeleteme.com George for 20% off their annual plans, or click the link in the description below. All right, let's get back to the conversation. All right, Jack, now that you're here, let's talk shop. You okay with that?
- [15:25]
C
Let's hear it.
- [15:26]
A
Let's get into the headlines here. Doordash partners with Klarna to offer us customers even more convenience with flexible payments. What do you guys think about this partnership?
- [15:36]
B
Are they a sponsor of you?
- [15:37]
A
No.
- [15:38]
B
It sounded. You almost made it sound like that was a sponsor.
- [15:40]
A
No, no, no, no, no.
- [15:41]
B
DoorDash do offers a flexible payment plan.
- [15:43]
A
They wouldn't be down below in the way they'd be a sponsor is because I'm telling people to go drive for DoorDash, not use it for consumption.
- [15:51]
C
Do I think that it's good that Doordash and Klarna partnered together? I think, you know, it's whatever. I'm more of like a free market proponent. So I think it's fine. I won't be using it. And I would, you know, if I saw my friends using it, I would probably shun them publicly.
- [16:05]
A
You would shun a friend? Of course.
- [16:08]
C
How else are you supposed to make progress?
- [16:09]
A
By putting a burrito on payments?
- [16:11]
C
Yes. If you put a burrito on payments, then. I mean. Are you listening to me when I'm talking?
- [16:17]
A
Well, it's. It's, you know, 0%, unless you miss the payment. There's late fees. It can trigger up to, you know, 30% interest. It's crazy. Some of these companies. So it's. It's no bueno. Okay, next one half of parents with adult children are giving them regular financial support, an average of nearly 1500 bucks a month.
- [16:35]
B
That's a lot of money.
- [16:36]
A
What are your thoughts on this?
- [16:37]
B
I think it depends. Adult what. What range is that? Because I think it's different if you're 18 or 19 or you're in college.
- [16:44]
A
Let's say adult children are in their.
- [16:45]
B
20S, like 25 or 25, 28. Okay. I would. I would say the cutoff should be about 24, because I feel like throughout college, I get it. If they're going to school, if they move back after college for a year or so, they're getting their bearings. They're, you know, maybe trying to get a job. They're saving up a bit. I understand that. 25.
- [17:06]
A
So you're giving them a year? Safety net. Beyond that, you gotta move out.
- [17:10]
B
No.
- [17:11]
C
You just live with them.
- [17:12]
B
Yeah.
- [17:12]
C
Yeah.
- [17:13]
B
Until an issue. I think it just depends on the. On the person. Like, if they're bumming around playing video games, I would kick them out so fast. But if they're doing something and they're working, they're saying, like, hey, I'm able to save X amount by living at home and doing this. And like, I. And you get along with your parents and you enjoy. I don't see the issue. It's a very Americanized thing to, like, kick out the kids at 18. But if they're lazy and they're not working and they're bumming around hanging out with their buddies, drinking and smoking, then yes. Gosh. Cut them off. Yeah.
- [17:44]
A
Get out, Jack.
- [17:45]
B
Get out, Jack.
- [17:45]
A
Bumming off your parents.
- [17:46]
C
When did you guys move out of your parents?
- [17:48]
A
20.
- [17:49]
B
20 what? 22, 21.
- [17:52]
A
How about you?
- [17:53]
C
I mean, if college counts. Because I. Immediately after college or during college, I guess when I dropped out, I moved in with Graham. So I haven't lived with my parents since I was probably 20.
- [18:02]
A
I would consider Graham a parental figure in your life, though.
- [18:05]
C
I feel like I'm a little bit more of the parent in this Is that true situation.
- [18:10]
A
What does Graham have to say about that?
- [18:11]
B
I don't want to have to say.
- [18:11]
A
I don't know.
- [18:12]
B
Are you? Yeah. You know what? Sometimes Jack will have a dessert in front of me, and Jack will say, oh, don't eat that. That's actually true.
- [18:18]
C
Yeah, yeah, yeah. He gives me, what do you call, like, not eminent domain, but he gives me executive control over his, over his food.
- [18:26]
A
Power of attorney. Yeah, power of attorney.
- [18:28]
B
If I get something and Jack's like, dude, don't get that. Like, what are you doing?
- [18:31]
A
You would consider him your accountability partner.
- [18:34]
C
We both keep each other accountable. Yeah.
- [18:36]
A
All right, let's move on to this headline. Americans believe they will need $1.26 million to retire comfortably. Is that a fair number?
- [18:46]
C
Oversimplification. You know, it's. It's so context dependent. Where you live, what kind of a life you want. 1.26 is a great amount of money, though. I will say so.
- [18:55]
A
People would say a million dollars won't even get you far.
- [18:57]
B
Depends. If you have a paid off house, what your life is.
- [18:59]
C
Are you living in like San Francisco or are you living, you know, in Nashville?
- [19:04]
A
That's still pretty high.
- [19:06]
B
Nashville's good.
- [19:06]
A
I contend that if you follow the Ramsey plan to a T, million bucks gets you very far.
- [19:12]
C
I agree.
- [19:13]
B
That's a million invested, right?
- [19:14]
A
A lot of debt. You still got a big mortgage. It could be difficult to retire forever.
- [19:19]
B
Yeah, it depends on the. If you're supporting like three kids in private school, you know, you have high medical expenses, a house that's not paid off.
- [19:30]
C
If you want finance burritos, a simple life, no luxury goods, then I would say yeah, like a million. A million? Two is.
- [19:35]
A
Do you guys have your number? Like, what is your. I could retire comfortably, never work a day in my life. I could live off my, my nest egg if it was this number.
- [19:44]
C
4 million for me.
- [19:46]
A
All right, we got 4, we got 5. We got 5, we got 5, we got 5.
- [19:49]
B
10 probably. 10 is the amount he's over.
- [19:51]
A
Double your expenses.
- [19:52]
C
What about you?
- [19:55]
A
I could do it off 1.26. No problems. I live a pretty frugal life, too. My dogs are my biggest.
- [20:01]
B
I could do it off 500 grand. I mean, I don't need much, but do I want to? Probably not.
- [20:05]
A
So is it luxury vacations all the time? Is it every membership and subscription known to man?
- [20:11]
C
George, what are the things that you splurge on, like luxury goods that you don't mind spending on?
- [20:16]
A
It's really for my family and my dogs. There's nothing I would splurge on for myself.
- [20:23]
C
What's the most expensive you've ever taken your wife? Like, most expensive date you've taken your wife on?
- [20:28]
B
Think about the state you're dating, dog.
- [20:30]
A
Probably like maybe 350 bucks. For like a nice high end restaurant, that's pretty good. But here's the thing. I'm always disappointed. I've never had a $350 experience that I thought that was worth $350. I actually the service is a little lackluster. The steak was a little, you know, and you kind of went for the hype of it. So I've had better meals at $100 price point. So that's where I kind of get a little miffed at these, these pricey restaurants.
- [20:56]
C
I generally agree with you. If you go to like very like expensive restaurants, usually the portions are a little smaller. And it's hard to be super thrilled when you feel like the more you pay, the less you get.
- [21:07]
A
Yeah. So the stuff I splurge on is really like our house. Like we, we both value an aesthetically pleasing home with great features. And you know, the epoxy garage floor, that's the stuff where I'm like, okay, I'm willing to spend on that, but I'll still do the bogo when we're out to eat.
- [21:23]
C
What's the last financial disagreement you had.
- [21:25]
A
With your wife Olga? Probably house related on something that she wanted to do, like, you know, furnishing the house with draperies and curtains. I'm like, I don't know why we need this. These are very expensive. So that's usually house related for us.
- [21:39]
B
And who gets this? One person get the final say or is it based on conviction?
- [21:44]
A
Generally we find a compromise. Either we'll do it but not all of it, or we'll do it but I'm gonna find a better deal and get three different bids.
- [21:51]
C
Is she usually the one that wants to spend more and you're usually a little more tight with your wallet.
- [21:55]
A
It's weird. Sometimes it flip flops. Sometimes she. I'm like, hey, we should do this. And she's like, ah, it feels like a lot, but yeah, I don't know. We are currently at a car wash by the way. So we are gonna play a little game I call car wash confessional where we as we go through the car wash, we're gonna do a lightning round questions where you guys confess answers Is.
- [22:16]
C
This you just like taking people through your daily chores and you're trying to like kill two birds with one stick?
- [22:21]
A
Yeah. I gotta go to the dry cleaner.
- [22:22]
C
So get financial advice, go through the drive through, get the car washed.
- [22:26]
A
I'm excited. This is the most amount of people that have ever been through a car wash. That's funny.
- [22:30]
B
Let's pick up the kids.
- [22:31]
A
Just three dudes in the car wash. All right. I'm kind of nervous. All right. All right, well, you ever get nervous when they're trying to direct you? All right, here we go. I have a special mic for this. Are you ready to play car wash confessional?
- [22:44]
B
It's car neutral.
- [22:46]
A
I hope so. We're moving. All right, here's some hypotheticals as we go through the car wash. Would you rather have an 850 credit score forever or $500,000 in cash right now?
- [22:56]
B
500,000 cash right now.
- [22:58]
A
Wow. Okay.
- [22:59]
C
500,000 cash right now.
- [23:01]
A
That just proves it. They hate credit scores and they know it's a sham too. Yeah.
- [23:04]
B
If you said 50 grand, it would be different, though.
- [23:06]
A
Okay. Then the amount of money did it.
- [23:08]
B
I would take it.
- [23:08]
A
It's getting very loud. It's getting very loud. All right, For Graham, would you rather lose your real estate license for a year or pay for Starbucks every morning for a year?
- [23:19]
B
Lose my real estate license?
- [23:21]
A
You'd rather lose it?
- [23:22]
B
I don't have one anymore. I gave it up.
- [23:24]
A
You gave it up for the YouTube lifestyle? Okay, that was an easy one for you. Would you rather have perfect timing in the stock market or in the real estate market?
- [23:33]
B
Stock market.
- [23:34]
C
Stock market.
- [23:35]
A
You wouldn't want a 2008 crisis and you're stacked with millions of dollars.
- [23:39]
C
Nah, stocks.
- [23:41]
B
Yeah. Perfect timing in stocks. Oh, that's way easier.
- [23:45]
A
Okay. That's so easy.
- [23:46]
B
Yeah, way easier.
- [23:46]
A
Less to manage, less hassle.
- [23:48]
B
That was a no brainer.
- [23:49]
A
Okay, here we go. I can't read the question. Oh, my gosh, I'm getting nervous. All right, Would you rather have the jobs you have now or be a successful rock star?
- [24:00]
B
Aw, that's a tough one.
- [24:02]
A
Graham just had a flashback to his days as a drummer, didn't you?
- [24:05]
B
How successful are we talking?
- [24:06]
A
I'm talking. You're filling arenas.
- [24:08]
B
I'd fill arenas.
- [24:11]
C
I mean, if we're filling arenas. I would do that. Yeah.
- [24:13]
A
Would you guys ever be in a band together?
- [24:15]
B
Yeah, I would do it.
- [24:16]
C
Yeah.
- [24:17]
A
What would you play?
- [24:18]
C
I would do piano or I'd sing.
- [24:20]
A
Can you do both?
- [24:21]
C
Well, no.
- [24:24]
A
What can you still do drums?
- [24:26]
B
Piano. Drums and piano.
- [24:29]
A
It's gonna be a heavy piano band.
- [24:31]
B
Probably two or three pianos.
- [24:32]
A
What genre could you agree on?
- [24:36]
B
I think like a chili peppers. 5.
- [24:38]
C
Yeah, I would do that. I would do that. Yeah.
- [24:40]
A
That genre would still sell today.
- [24:42]
B
I. If it's good, if the music's good enough, it'll sell.
- [24:45]
A
All right, last one. Would you rather fight a Hundred duck sized horses or one horse sized duck?
- [24:51]
B
100 horse. Wait, size. Wait, wait, what is it?
- [24:54]
A
100 duck sized horses sized horses.
- [24:57]
B
I do a hundred duck sized horses.
- [25:00]
A
Okay. So tiny, tiny ones. Tiny horses I can have.
- [25:05]
C
Yeah, I'm the same. Yeah. What about you?
- [25:09]
A
I think visually it's way funnier to have the duck sized horses. And I don't know that I could take a horse sized duck. You know what I mean?
- [25:18]
B
I don't think I could. That's.
- [25:19]
C
That's huge.
- [25:21]
B
Like, that would do damage if it went hitting.
- [25:23]
A
Once they hit your ankles and there's a hundred of them, you're done.
- [25:26]
B
Kick them.
- [25:27]
A
Either way, I'm a dead man. I'm not gonna have the confidence to fight them.
- [25:30]
B
Jump. You can stomp. You can do a lot. And one flamethrower.
- [25:36]
A
Oh, now we have flame. I didn't know we had weapons. That changes the game. I thought it was just hand to hand combat.
- [25:40]
B
One hand grenade.
- [25:41]
A
All right. I don't know why I'm still holding this mic. We are long done with this car wash. That was pretty good experience.
- [25:44]
B
That's great.
- [25:45]
A
Good car wash. I feel clean already. All right, can we talk latest financial regrets?
- [25:51]
C
Yeah.
- [25:52]
A
You guys want to confess any of that?
- [25:54]
C
Mm.
- [25:55]
A
What are you doing? Jack has taken the brunt of the regret lately.
- [26:00]
C
So I had been increasing my income over the past couple of years, but I. I kept the same saving rate. Not saving rate, investing rate.
- [26:07]
A
And so my percentage wise.
- [26:09]
C
No, it was never percentage. It was just fixed.
- [26:12]
A
Okay.
- [26:12]
C
And so I was making more investing the same. And then my savings ended up building up to too much cash. And so then I just like dumped it all into the market. And that was in January at the peak?
- [26:23]
B
Yeah, actually the very hour peak of the market.
- [26:26]
C
Before today, my average cost was the peak of them.
- [26:29]
A
So you've so far lost money?
- [26:31]
C
No, it's gone up since then. But I was down like. I don't want to say the amount.
- [26:35]
A
Temporarily, but like a stupid, stupid millions of dollars. No, but the markets come back. I mean, they don't. They don't call you Paper Hand Selby.
- [26:44]
C
Exactly.
- [26:45]
A
Well, you know.
- [26:45]
C
Yeah.
- [26:46]
A
Do they? I. I don't know what they call. They used to call me paper.
- [26:48]
B
It's been a long time since they called them that.
- [26:51]
A
Okay, that's a good regret. So you put all your money in the market and got a little spooked? Yeah, I lost, but it's come back.
- [26:57]
C
But it wouldn't.
- [26:58]
A
You didn't lose because you never sold. Sure.
- [27:00]
C
The gains would have been a lot higher, though. Had I just bought like a normal person?
- [27:03]
B
Had you waited? Had I waited or had you bought like a normal person?
- [27:06]
A
Yeah. I don't think anything about you screams normal person.
- [27:08]
C
Oh, that's so sweet of you, George.
- [27:10]
A
Yeah. I mean that in a kind way. All right. Any regrets for you, man?
- [27:13]
B
I just. I just recently covered them. I'm trying to think of anything else.
- [27:16]
A
That was a good video. You shared about losing money on your Tesla Roadster, losing money on single stocks. You got out of single stocks completely a few years back. Very proud of you. That's a very mature.
- [27:26]
B
I was worried about posting that video, to be honest with you, just because I didn't want people to think that I'm some idiot. And I was like, no one thinks you're idiot.
- [27:35]
A
Well, people do think you're an idiot.
- [27:36]
C
Yeah.
- [27:36]
A
But I don't think the YouTube audience are the ones you're concerned about.
- [27:39]
B
But, yeah, it's just, you know, in a big picture, those. That makes up just a percentage that was not meant to be. Something that, you know, I put a lot of weight on, but still, it sucks to all of those could have been easily avoided.
- [27:53]
A
Okay.
- [27:53]
B
Sticking with index.
- [27:54]
C
You were telling me that you wanted to buy a bunch of Robinhood stock and you missed the boat on that. And you were also telling me something about bitcoin when it took that dip, and you're like, I know it's gonna recover, and you didn't buy it, and then it went back up.
- [28:05]
B
When was this?
- [28:06]
C
Like, within the past month for both.
- [28:11]
B
I don't remember the bitcoin bit. I remember when bitcoin hit, like, 80, 70. I wanted to go heavier, but I stuck with my DCA into the.
- [28:20]
A
Do you think bitcoins are just gonna keep going up?
- [28:23]
B
We're either gonna look like massive idiots or geniuses. Like, I. I think there's a higher likelihood of it hitting a million than it is zero. So between the two, I see an asymmetric.
- [28:34]
A
Say that about the stock market. What, are you guys stressed about money right now? What. What are you not, you know, chaotic, not crippling anxiety, but just sort of. What are you. What's mulling on your mind?
- [28:46]
B
I'm debating selling a house in LA that is just. I don't know. I'm truly 50. 50.
- [28:53]
A
Is it rented out right now?
- [28:55]
B
Yes. It's about to be empty, and I'm debating do I sell it or do I rent it? And the. The cash on cash return is good for the area, but bad compared to like, what I could use that money for in Vegas, but it's in a good part of la. Maybe it just keeps going up in price. But I'm also like, would I buy it today? I don't know.
- [29:16]
A
How much more do you have in la?
- [29:18]
B
What do you mean, how much?
- [29:19]
A
How many other properties?
- [29:20]
B
Four other properties in la. But this is the nicest one, the one that would rent for the biggest dollar amount in the best location. So this one is worth many of the others.
- [29:32]
A
So you're worried you'll regret it if you sell it?
- [29:34]
B
Yeah, And I'm going back and forth. Some days I'm 100% convinced I'm gonna sell. Other days I think about. I'm like, I would rather just.
- [29:39]
A
Worst case, you're a bajillionaire and it.
- [29:41]
B
Doesn'T matter, so it's probably not gonna matter. I'm stressing myself out for nothing.
- [29:45]
A
It's.
- [29:46]
B
I tussle with the idea because I also got a 2.8% mortgage on that.
- [29:49]
A
These are rich people problems, you know, That's. That's where you want to be in life. You're not stressed about covering the bills?
- [29:55]
B
No.
- [29:55]
A
Like, should I offload one of my many properties? I like that. How about you, Jack?
- [30:00]
C
I'm in contract right now on my first ever short term rental.
- [30:03]
A
Whoa.
- [30:04]
C
And so I'm excited to try that out, but I'm nervous because it's something new.
- [30:07]
A
So you bought a property for the specific purpose of an Airbnb situation? Yes.
- [30:11]
B
Yeah.
- [30:12]
C
Yeah. So I think it'll be really interesting to give that a shot. I've been speaking with a lot of, like, leading experts kind of in the short term rental field and, like the.
- [30:21]
A
Gurus who sell the courses. Is that what you mean by leaving experts?
- [30:24]
C
I don't know if they sell the courses. They've just kind of been guiding me for free, fortunately.
- [30:29]
A
Okay, that's nice.
- [30:30]
C
But I think that it could be a good move for me because I do know I want to get into real estate eventually. And right now, a short term rental seems like the only real way you could buy something in cash flow. If you're putting 20%, doesn't it feel.
- [30:40]
A
Like Airbnb is kind of like on the decline versus is. Let's get into this.
- [30:45]
B
This one has other purposes besides air.
- [30:46]
C
Yeah, there's a little casita in the back where we can move the podcast in. So there's. There's dual purpose, but I think.
- [30:52]
A
Casita?
- [30:53]
C
Yeah, a little extra, like, ADU sort of thing. A space in the Back.
- [30:56]
A
Is that a Spanish word?
- [30:58]
C
It sounds like it is.
- [31:00]
A
I've never heard of this.
- [31:02]
C
You've never heard of casita?
- [31:03]
A
No. Is this like a. Is this a Vegas thing?
- [31:05]
B
Yes. Yeah. No, it's not a Vegas.
- [31:07]
A
I've never heard of the word casita in Tennessee.
- [31:10]
B
No. They don't call them casitas in California. They call them, like, guest house or bones.
- [31:14]
A
A guest house.
- [31:15]
B
Okay.
- [31:15]
C
Ye.
- [31:15]
A
Yeah. All right, that makes more sense.
- [31:17]
C
So we're upgrading the iced coffee hour. It'll look great, but it's a little.
- [31:20]
A
Stressful right now, as you can see. It's a little stressful, sure.
- [31:22]
C
It's me, you know, putting my feet into. To new waters. But I'm excited, and I think, you know, it's. It's the only real way I feel like you could cash flow for the most part, if you're. If you're not buying in cash, you know?
- [31:33]
A
Yeah. Okay. What is your next financial goal? You got any this year?
- [31:38]
C
Are you talking to me or Graham?
- [31:39]
A
Both.
- [31:40]
B
I don't. I don't have any financial goals.
- [31:42]
A
Are you done with goals? No. Did getting married change any of that for you?
- [31:47]
B
What, like your.
- [31:48]
A
Your level of just, I gotta get to the. Is now it's just like, hey, let's.
- [31:52]
B
Enjoy our marriage has nothing to do with that. It was really just over time, I've eased off the gas a little.
- [31:58]
A
Okay.
- [31:58]
B
It's. But it's a little every year. No, the only thing I really want to do now is just travel a little more. That's it. Just take a little more time to travel. Because I think once you have kids, it makes it very difficult to, like, go around the world spontaneously. So I want to take some time.
- [32:12]
A
Is that in the. In the future plans?
- [32:14]
B
Yeah, I would love to.
- [32:15]
A
Which will then just slow down your life in a way, because you're not gonna do as much.
- [32:19]
B
Correct.
- [32:20]
A
Where's the latest place you travel to that you would recommend?
- [32:23]
B
We just came back from Carmel and we drove up the coast.
- [32:27]
A
Where is that?
- [32:27]
B
And it was California.
- [32:29]
A
Oh, that's what I was gonna say. I was like, that's not international. Okay.
- [32:31]
B
I thought you meant that's not. No, no. And then we're doing Japan later in the year.
- [32:35]
A
Okay. That's fun. Yeah. So how about you, Jack? Any financial goals? I mean, obviously, this.
- [32:40]
C
The house. Yeah, that would be one of them. To close on that. I think that would be cool, because I'll have more exposure to the real estate market in Vegas. But I would say, aside from that, it's really Just kind of trivial like number oriented or number related goals with my own personal finances. But realistically, it doesn't matter so much to me if I achieve those because it's not going to materially affect my life. I already live very like cheaply. I just like hanging out with my friends, hanging out with Graham, playing pickleball. And so if I make more money or make less money, it's hopefully not going to affect my life realistically that, that, that drastically.
- [33:13]
A
Okay. So really not looking to spend a lot more, not looking to invest a lot more. Give. It's just sort of like maintain, maintain.
- [33:19]
C
Yeah, I would say so. How about you?
- [33:21]
A
Yeah, I'm in a. I'm in a. Now that we, we got into our house, I'm good to just chill for a while. We got another babies on the way. There's a lot going on to where I'm just like, let's survive and thrive. Are you gonna spend the money where it matters to trade our time and energy to other people who can do things for us?
- [33:37]
C
Are you gonna do the, the Trump, like child dollar investment, Trump account?
- [33:41]
A
I'll take the. I'll take the free thousand bucks. But other than that, it's not impressive enough to me. So I'm gonna do a 529 and a taxable brokerage for the kids. So have, you know, college savings and then other savings we can use for them for, you know, cars or a house down payment down the road.
- [33:55]
B
Coachella.
- [33:56]
A
Coachella. So they don't have to go and buy now, pay later.
- [33:58]
C
Or they could do.
- [33:59]
B
They could buy Jack's course.
- [34:00]
C
They could.
- [34:01]
A
You have a course?
- [34:02]
C
Not yet, no. But if people are interested, I could probably whip something off.
- [34:07]
A
Well, here's what the people really want. The update on Jack's dating life.
- [34:10]
C
Still single, you know, ready to mingle or intentionally single, I would say mostly intentionally single. Yes, but.
- [34:18]
A
So you don't want people to comment below.
- [34:20]
C
If they're interested, people can comment below if they're interested. They can.
- [34:24]
A
You know, because he's an off market property over here as a married man now.
- [34:28]
C
So it's down to you, George. Do you think it's a good idea for me to.
- [34:31]
A
I just feel like it's time, dude, you know? You think so? Just.
- [34:35]
B
Yeah.
- [34:36]
C
You were telling me an independent woman would be the way to go.
- [34:39]
A
Well, because you were saying you're like, I don't need someone emotionally needy or codependent. Like, I have my life. It's very busy. It's very, you know, very. You have A very full life already. And so you're like, I can't handle more on top of that. And so I was like, you need someone else who also has a full life. You don't need each other, quote unquote, but you make each other better. I've never, like Layla Hermosi. You know what I mean?
- [35:01]
C
Do you know one?
- [35:02]
A
No. If I did, I'd be. What would you be?
- [35:07]
C
What would you be, George? What would you be?
- [35:09]
A
I'm just. I think you need to give. I think you need to compromise here, you know?
- [35:13]
C
Why do I compromise?
- [35:14]
A
In a relationship, there's gotta be some give and take. And so far, all you want is the take part.
- [35:18]
C
Well, that's why I'm not in a relationship that.
- [35:21]
A
Gotcha. You need therapy.
- [35:23]
B
You gotcha.
- [35:23]
A
Oh, okay. Well, guys, this was a lot of fun. Appreciate you jumping in. Thank you for blessing us at Sonic.
- [35:30]
C
Thank you for coming and making me drink this. Yeah. Why'd you drink so much of it?
- [35:33]
A
Yeah, I'm thirsty. It's 100 degrees outside. You guys are drinking hot coffee.
- [35:37]
B
That's not how you quench thirst. That's inefficient.
- [35:40]
A
I will say, pickle juice actually has a lot of electrolytes.
- [35:44]
C
Where'd you learn that?
- [35:45]
B
Sugar and pickle flavor.
- [35:46]
A
Well, it's sugar and water and pickle juice.
- [35:48]
B
Fake dye to make it look like neon.
- [35:51]
A
We're making a scene here. We got Ramsay fans walking out going, what are they doing? Will you give a shout out and ask some of the people to like and subscribe? You're so good at it.
- [36:00]
B
Yeah. If you've made it to this point in the video and you haven't subscribed already, you have to go and subscribe. It's free. We're doing this. We're all the way out here. All you need to do is just hit a button. It would mean the world to. George really appreciates it. And Jack, for every like on this video, Jack said he'll do a push up.
- [36:24]
A
Is that true?
- [36:26]
C
Yeah.
- [36:27]
A
All right. Even if it gets a thousand likes. Yeah, I'll do it in one sitting. What's the.
- [36:31]
C
No, no, I'll just.
- [36:32]
A
I'll just.
- [36:32]
C
I'll just do a thousand.
- [36:33]
A
But you'll film it and send it to me and I'll air it as a whole episode.
- [36:37]
C
I'll do it.
- [36:37]
B
No, put it.
- [36:38]
C
Yeah, yeah, put it at the end. Think about that for a second.
- [36:41]
B
No, put it at the end of this episode. That doesn't work.
- [36:44]
A
We'll work with the YouTube strategist.
- [36:45]
B
So when you subscribe, you'll be able to see on the upcoming episodes Jack doing the equivalent amount of push ups.
- [36:51]
A
All right.
- [36:52]
B
Right.
- [36:52]
A
I'm in. Guys. Thank you so much. Thank you, George.
- [36:55]
C
Thanks guys for watching.
- [36:56]
A
Thanks so genuine.
- [36:57]
B
Till next time.
- [36:58]
A
Love these guys. Big thanks to Graham and Jack for hopping in with me today. If you enjoyed this episode, you're gonna love the millionaires and cars getting coffee we did with my good friend Dr. John Deloney. Click here to watch it next or use the link in the description. And don't forget to hit the like button. Hit the subscribe button so you don't miss another episode. We'll see you next time.