Robert Krok (4:21)

And it really comes down to automating as much of your money as possible. So many people, they get the money into their account biweekly or monthly and it's not spoken for because they don't have any automation in their savings, in their investing or their retirement accounts. They may have a 401k set up so that's automated, but everything else just sits. That is a huge problem. You guys Always hear me talk about you have to have your money work as hard for you as you work to get it. And so you really need to consider setting up and transferring money into that high yield savings account the day your paycheck hits. These automations help you keep that theory of out of sight out of mind. We love Public.com's high yield cash account. No fees, over 4% APY and it's really the best in the market and their customer support team actually cares. It can help you through it if you need anything when setting it up. I've been made fun of for years because as soon as my money comes in from anywhere it is gone. It is spoken for and we talk about this all the time. But so many people miss this crucial part in their wealth building journey and it's just really so important for people to understand the more automation and forecasting they have in their money every single month, the better off they're going to be down the road. And so you just really have to look at it. Austin alluded to it earlier to not let lifestyle creep ruin your chances of retiring with dignity. And that's where living below your means is the underlying framework for building wealth. I hope you're listening. I hope you're taking notes. Okay, so let's move on to point number two in this wealth retention strategies that we're sharing with you today. And that is understanding if you're buying a depreciating asset or an appreciating asset. And there is a huge difference here that we're going to touch on. And one of my probably favorite talking points because so many people do not understand the difference and they're just constantly buying these depreciating assets. Think cars, boats, jet skis. These are money pits disguised as status symbols. I want to say that again. These are money pits disguised as status symbols. And according to Kelley Blue book, cars lose 39% of their value in the first three years. So think about that. That $50,000 SUV you have in your garage is only going to be worth roughly $30,000 in the next two, three, four years before you've even paid it off. Not to mention all the interest you've wasted as you continue to pay down the load. You bought something that goes down in value and you're paying high interest on the same thing, which is a double whammy. And this is how the middle class stays middle class. So instead consider buying a cheaper car, something reliable with low maintenance costs, or lean into ride sharing public transportation if that's something that Works within your lifestyle. And if you must buy new, plan to drive it till the wheels fall off or consider leasing two sides of this fence. A lot of people come for me on this point, but here's how I look at it. You should always buy used and lease new. And here's my reasoning. Because of all this depreciation, if you buy new, you're the one eating that 25, 30% depreciation in the first few years. Whereas if you buy something 2, 3, 4 years old that still has low miles, somebody else ate that cost, not you, because the depreciation slows down. And why I like leasing for those of you that need a new car or want a new car, whether it's because you drive a lot or you want to make sure your children have the latest safety features or whatever it may be. I like to lease because I want to have a new car every three years. So I don't have to deal with maintenance, I don't have to deal with breakdowns, I don't have to deal with things just starting to fall apart over time. And that is why I lease. Zero out of pocket, lower payment. And I don't need to buy depreciating asset unless it's a classic car or something fun that I'm going to keep forever. So those are my thoughts on why you should look at this strategy and understand which is best for you.

Austin Hankwitz (8:50)

Something that I like to do is before I purchase something, I ask myself, will this add to my net worth or will it subtract from it? Right. 99% of the time with cars, boats, jet skis, depreciating assets in general, lawnmowers, whatever, motorcycles, it's all going to subtract from it because these things go down in value. So let's just be very clear. We're not saying to never buy an asset that depreciates. For example, I have a car, I have a jet ski. I just spent $5,300 on a new custom couch that I've been really excited about. First couch of my life. I'm really excited. I've been buying used couches on Facebook now for the last like, I don't even wanna talk about it. So it's so annoying. But we got a new one. But the reason why I bought the jet skis and I can buy a couch and I got the car, all that stuff is cause I like to reward myself after my portfolio has increased by X amount of hundreds of thousands of dollars, right? So the rule I do is every time I invest $100,000. I give myself the permission to spend 10,000 on something that makes me happy. And so that's why I bought the Jet Ski last year. I had invested $100,000 and I was like, this is amazing. I really, really want a Jet Ski. I'm gonna go find one. So I think I paid like 8 or $9,000 for it. It was a used 2019 Yamaha jet ski. I didn't go out and buy it brand new. I didn't put it on payments. Like, I was like, cool, I've got eight grand. I'm gonna go buy this thing because it makes me really happy. And what's cool about that again is when I bought it, it was already five years old, so the major depreciation had already taken place. And good news for me, it still goes 55 miles an hour like the brand new ones. So we're not telling you that like all purchases are awful and sinful. We're just really trying to help you understand that you aren't helping your wealth building journey by continuously buying these depreciating assets. From a purely financial standpoint, my Jet Ski was a bad investment. It's going to go down in value, but from a life perspective, it's awesome. And I've loved driving it and making memories on it and taking it out and enjoying my weekends with it. So it's really just like this balance of whatever I'm buying, is this going to have a big negative impact on my net worth? Is it going to bring down my net worth so much that it will impact my ability to build wealth over a long period of time? Or is it something that I can save for and buy guilt free, knowing that I've got so much more money invested in growing for me, increasing my net worth over time as well?

Robert Krok (11:17)

I love that story about the Jet Ski because it just shows that you practice what you preach and it's just really so smart. And it always leads me back to one of the funniest stories of my career similar to this. And if you could think back, let's say 2011, it was right at the height of silly bands. Everything was going crazy. And I always wanted an Aston Martin DB9 convertible. The James Bond movies, I'd always wanted one. And everyone was trying to get me to buy a new one. And I ended up buying one from New York Manhattan Motors. And it was not even a year old. It had 1850 miles on it. It still smelled like new, looked like new, and had 1800 miles on it. And I saved $80,000 by buying it used when I could have easily wrote a check for a brand new one and eaten the depreciation myself. So I love that story on the Jet Ski because I got made fun of from a few of my friends and they're like, you have millions of dollars and you don't even own a new supercar. And it always struck me so funny and I got just so much joy out of it because I too practice what I preach. I don't need the latest shiny thing because I know when depreciating assets are going to just eat away at my wealth. That's why I don't buy new. If I want a new car, I'm going to lease it. If I want a boat, I'm going to buy used. And the same thing happened and I got my DB9. I enjoyed it for years and I saved on all the depreciation. So when I sold it, I didn't lose a bunch of money. And it was fantastic. Because sometimes in your financial journey you really have to look at what is the fun quotient roi when you buy that Jet Ski, how much fun are you going to get per hour owning it? And is it worth it to you financially? And in my opinion, I love toys. You just have to buy them the right way.

Austin Hankwitz (13:15)

And Robert, I just looked this up to studies say that many millionaires would agree with you. They buy the used cars, one to three years old. Used. We're not talking a 10 year old junker, right? But they buy that one to three year old used car, fellow millionaires here in America, because they want someone else to take that depreciation hit. And I just found this out. The most common car driven by millionaires in America is the Ford F150. It's not a fancy supercar, it's not a crazy. It's just a reliable cool truck that I'm sure they use to move things around. And they bought it used. And it's like just realizing that. And I wish people understood as soon as possible in their lives that if you want to be an anomaly, AKA a millionaire, you have to act like one. You have to forget about the status symbols. You have to forget about the things that make you feel like you're a millionaire. You have to actually study and see what millionaires are doing. And it's so cool to see that millionaires are actually buying one to three year old vehicles. And it's a Ford F150, the most common one.

Robert Krok (14:17)

Yeah, I had a bunch of youthful, exuberant people come for me in a comment recently because one of the fake gurus in Miami, I'm not going to say his name, was telling all these younger audience that the first thing they should do when they start making money is go buy a Lambo or a Ferrari, because what it does is it's a status symbol that makes them more money. And although there is some truth to looking the part, I think it is horrible, horrible advice. Because what these people do is they go out and lease the Lamborghini Urus for 30$500 a month, they go get the $6,000 a month apartment, and they have no money left because they're spending their life putting on a show. To me, I crack up. I've had the Lambos, I've had the Ferraris, I still have cool cars. Even at my status, I would rarely ever consider going buying something brand new. So I love that you look that stat up.

Austin Hankwitz (15:10)

So let's now jump to our final point point number three with our wealth retention strategies episode here. And that is to diversify your investments. It's so easy to want to go all in on a stock, a crypto, a whatever the thing is that seemingly is skyrocketing in value. If it's Nvidia, Hims and hers, Palantir, you know, whatever crypto you can come up with, or anything else that's going up 3, 4, 5, 6, 700% in the last 12 months, it feels like you should go do that. But that's a gamble, that's not a strategy. And these are wealth retention strategies. Diversification is your shield. It protects you when one piece of your portfolio takes a hit. So here's a quick test you can do to see if you're diversified enough. If all of your assets are moving up and down together, you're not diversified enough. So, for example, Robert, this is a specific call out as it relates to my stock portfolio. But this is something, you know, we have a red day today in the stock market, and I'm looking at my portfolio. I've got about a dozen names in my portfolio that are green, while let's call it a couple others are in the red, while the S and P and the NASDAQ is down about 1.5%, 2% today. If all of your portfolio on any given day is following the S&P 500 or the NASDAQ or the underlying indices that are around us and that people benchmark against, you might not be diversified enough. So just keep that in mind. And then take Robert, for example. Right. Crypto is, you know, We've had a shaky start to 20, 25, but he's got some gold, he's got his precious metals, silver, he's got his fix and flip real estate portfolio. All these things are balancing out Robert's portfolio as well. So spreading bets across the stocks, the ETFs, the real estate estate, the precious metals, the alternatives, the crypto, the fine art at masterworks, whatever it might be, allows you to feel diversified, weather the storm, and retain the wealth that you worked so hard to build.

Robert Krok (17:09)

Yeah, for me, it's really all about, we talk about this constantly, building your base and diversifying. So many of the fake gurus out there and the people that don't really know what they're doing and talking about, they're always telling you to go all in on one thing. Don't listen to that. They're wrong, trust me. And you see it all the time because somebody's all in on real estate. Then there's a real estate crash. Let's talk 2009, 10 and 11 in all those people driving the Lambos and having their Rolls Royces went broke and they were calling me to borrow money. So that is why you will never see a time when Austin and I are not speaking about diversification. But I want to make sure, to clarify something, we want to make sure you're building the base along the way. Because so many people jump around so much and they start out without having any base built and they go buy a real estate project, they probably lose money on that. Then they jump in on the latest crypto that Uncle Bob said to buy, they lose money on that, build the base, then build the diversification. And the base starts simply with having that basket of index funds and ETFs, low cost ones that we talk about. So you can build that base and make money while you sleep. And then you start diversifying more into crypto, more into real estate, precious metals, masterworks, all of these different strategies that we talk about so that way you can weather the storm. That's the key here, is being able to weather the storm in the really good markets, in the really bad markets. You see how so many of the fake gurus go quiet when the markets are tough. Yet Austin and I are here every single day, every single week on the front lines, telling you what we think is happening and how you can respond to it and prepare for it. That is the key here. And that is why we will always be teaching and discussing diversification, because it is key to weather any storm and retire with dignity.

Austin Hankwitz (19:10)

And I think what's also really important to consider, Robert, is we tell people that they should have $100,000 invested into the index funds and ETFs we talk about. And people look at that, they're like, oh, there's only two ETFs or three ETFs. That's not diversified. No. What you don't understand is each One of those ETFs has hundreds of different stocks inside of it. And just buying the ETF like Voo unlocks your portfolio to 500 different stocks. So that in itself is like a diversified way to just begin investing altogether, which is incredibly smart for anyone who's starting out right. Go build your base by investing into the s and P500. And then once you want to start getting cute and fun and you want to have some strategies, then go buy some single stocks, go get the masterworks, fine art, go get the crypto, go get the other things that make you happy. But you should have the vast majority of your portfolio invested into these well diversified blue chip, long standing, tried and true index funds and ETFs that we talk about.

Robert Krok (20:13)

100% Mike drop, end of story, period. This is an episode that everyone should save and share with everyone they know that's trying to figure it all out. Because these three points are so critical to building wealth and keeping it. Sometimes it's easy to make money, but money can be fleeting. You could lose a job, you could not get a bonus, your company could lose a big contract. All of these things are possible. They've all happened to me over the last 35 years of my career. And so that is why you need diversification and you need to be prepared so you can withstand anyone rough times.

Austin Hankwitz (20:55)

The art of staying rich. I love it. Now, before we jump into the Q and A section of this episode, let's take a moment to hear from our sponsor, Blossom Investing is more fun when you're doing it alongside like minded people. If that's dividends or growth stocks, there's a community for everyone on Blossom. And remember, Blossom is not an online broker. It's a social investing app built around transparency. A social media platform built specifically for investors.

Robert Krok (21:22)

Yes, and transparency is key when it comes to investing. You all know just how important this is because you listen to this podcast. I've already connected my personal accounts to Blossom and I enjoy seeing how everything is divided up and performing on a daily basis. You can go check out my portfolio, you can go check out Austin's. And additionally, they offer dual lingo style educational content for those of you that are just starting out and learning.

Austin Hankwitz (21:49)

They were even recognized as the top 25 app for 2025 by the Apple App Store and for good reason. So if you've not yet joined Blossom, we encourage you to do so. They've got over 250,000 users. It's a very easy way to find your community of like minded investors and also manage and analyze your portfolio on a daily, weekly, quarterly basis. So click the link in the Show Notes below to sign up for Blossom or simply type in Blossom in the App Store on your phone. Now our first question comes from Greg. Greg says Good morning guys. Newer listener here. I really love the podcast and the insight you provide to those of us who are trying to learn and navigate investing for the future. My wife and I have been saving $300 a month for our children. This money has been saving and sitting in a High Yield Savings account. I recently listened to an episode we talked about a 529 plan and while it was intriguing, I'm just not sure I want all of our eggs banking on the fact that our children decide to go to college. I've read about UGMA and UGTA accounts and learned that those are irrevocable assets. Once posted to the account, please help me understand what we should be doing to make sure our three kiddos have a much better start than we did. Really great question Greg. So I think there might be some like miscommunication, misunderstanding when it comes to the 529 account. You said in your post that you're not sure you want all your eggs banking on the fact that your children may decide to go to college or not. Let me remind you, the 529 funds are very flexible. Yes, you can use them for tuition and fees as it relates to college, universities, things like that. But also vocational schools and even international schools. And even for your kindergarten through 12th grade education. You can use up to $10,000 per year for tuition at a public, private or a religious school. So it's not all just for, you know, college time for your children. You can also use this if they do decide to go to colle for the room and board, right? Think about the meal plans. Think about the books, the supplies, the equipment, the materials if they qualify. Computers, printers, software. Think student loans. You can also withdraw up to $10,000 per beneficiary to repay qualified student loans, including those of their siblings as well. Apprenticeship programs. Literally. This is the most like flexible education related account that you can come up with. It's so flexible and if they don't want to go, like, straight up, like, yo, we cannot figure out a way to spend this money to benefit our children's education. As they're 18, 19, 20, 22 years old, you can roll over up to $35,000 out of this account into the child's Roth ira starting at 18 years old. So you can do like 7,000 a year for the next five years, and that's going to roll over to their account, and they'll have now, by the age of, let's call it like mid 20s, mid to early 20s here, $35,000 in their Roth IRAs. Guess who didn't have 35k in his own Roth IRA when he graduated college? This guy. Right? So it's like, how cool of a head start would that be for your children? There's so many cool ways to use this account. I know there's like UGMA and all the other cool things, like, go do that too. But, like, the 529 is just my favorite hack for building generational wealth for children.

Robert Krok (25:10)

I don't have much to add other than the fact for any of you listeners out there that have teenage children and you own a company, you could look at doing a custodial Roth IRA for them, and that is a good way to do it if they have earned income. That's another little hack that parents can do if they are, you know, business owners. But other than that, I think a lot of people just don't understand how many benefits there are for the 529 plan. That's why I love it. I've learned so much about it from you, Austin, in the last couple of years, and I think it is just something everyone should consider for their kids.

Austin Hankwitz (25:43)

So our next question comes from Rob M. And by the way, these are all questions coming out of the rich habits Instagram DMs. So if you have a question for us, send us a dm. We'll hopefully read it on the show. Rob's question says, hello, Austin and Robert, you often advocate for the Roth 401k because we don't know what future tax rates will be. But how do we weigh that against the benefits of deferring taxable income now letting more money grow, and potentially being in a lower tax bracket in retirement? Is there a framework you all use for deciding if Roth or Traditional is the better move based on income levels, retirement goals, tax projections, things like that? Robert, do you want to kick this one off?

Robert Krok (26:25)

Yeah, sure. I'll take a stab at it. I love this question and how I look at it is this. Never in history have we seen a time where taxes are going to go down over time. And so I don't like to kick the tax man down the road and pay it later. That's why I love the Roth component, the Roth ira, just because it's after tax forever. And I think it's just the best strategy. But let's break it down on why I believe that if you believe in your wealth building journey, you're going to continue to make more and more money into retirement, then you want to pay the taxes as early as possible, because we believe that those taxes are going to be the lowest they're ever going to be today, considering they're probably going to be much more later on. However, if you're in a position could be a doctor, you could own a business, you could be trading time for money in which as you get older and you get towards retirement, you might start making less money, then that's where you have to figure out that balance of which is the better route for you. Because maybe you're at an effective tax rate of 30% right now because you're a high earner, but then 20 years from now, maybe you're winding down your practice, your dental practice, and you're making less money than you are now and you might be at a 20% effective tax rate in that instance. It would make sense to kick the tax man down the road, but it's just one of those things. It's going to be person to person dependent based on how you make your money and how much you perceive your wealth is going to grow over the years. So it is a very tricky topic and that I hope helps you understand a little bit better and everyone listening of why I feel the way I do on this matter.

Austin Hankwitz (28:14)

Yeah. So to add even more color here, for example, if you're a high earner right now, like myself, my effective tax rate for federal income tax in 2024 was 30%, like effectively effective tax rate. Which means that for the money I made, effectively 30% of it was paid to the federal government in the form of income taxes. We all have like tax brackets and things like that. But like, that was my effective tax rate. And so in Rob's question here on Instagram about, like, should I take a traditional IRA or traditional 401k approach and save 30% by being able to write off my contributions in the beginning? Right. And save that 30% effective tax rate? Like, what if my effective tax rate in retirement is only going to be 20%. Like, isn't that the better way to do it? You very well could be right. I just have no idea what my effective tax rate's going to be in 40 years. Right. We can look back to 1944, when the highest marginal income tax rate in the United States was 94%. All I'm saying here is that taxes and tax rates are very fluid, and we've seen that over the last hundred years. I don't know what the next 30, 40, 50, 60 years are going to turn into. And so, like, I just feel good knowing that, okay, I paid my 30% taxes already. Like, I'm gonna let my money grow, and if I'm gonna enjoy this money in retirement, it's gonna be worth millions upon millions upon millions of dollars. I'm not gonna have to worry on required minimum distributions nor taxes in retirement. There is a math problem here. I 100% agree, and there is a correct answer to that math problem. But the math problem's biggest variable is the assumption of what is your effective tax rate going to be in the future? And none of us know the answer to that. And so unless we knew that answer, it's impossible to solve this question. We can make hypothetical guesses and, like, try and strategize, but I think at the end of the day, what's most important is not if you use the traditional or the Roth or what kind of strategy tax things you want to do. What's most important is that you're actually contributing and you're actually investing, and you're doing that for 10, 20, 30, 40, 50 years.

Robert Krok (30:23)

Yeah, for me, I just want to know where I stand. Where am I at? What is my actual net worth? Where is it going to be in retirement? And for any of you listening, I think that's the important takeaway of this part of the podcast today is to understand. I feel like it's almost gambling if you put it all on the line, that later on the effective tax rate is going to be okay and you're going to make more later. But you don't know. I feel like it's a gamble. I like to know where I stand. So if I can get it out of the way now and know exactly where I stand, it just feels like I can sleep better at night knowing where I'm at and what that tax rate is. So that's my opinion. I love your takeaway, Austin.

Austin Hankwitz (31:05)

Good luck, Rob and Robert. Just make sure we're on the same page here. People might be thinking like, oh, I could put money into my traditional IRA or my traditional 401k, I can offset my ordinary income tax bill now and that money can grow and then I can just take it out in retirement and do the long term capital gains of 20%. Traditional IRAs, traditional 401ks, none of that stuff is taxed long term capital gains. It's all taxed as ordinary income, all of it. Right. So like don't think about that. I want to make sure we're on the same page about that. That's not the case. If you are using a contribution to offset your ordinary income upfront, then the money you make on the back end will also be taxed as ordinary income to offset your original offset. If that makes sense.

Robert Krok (31:48)

That makes great sense and I'm so glad you clarified that because that is a kind of a wild ride of a question to understand the best way you know. And I was reading up on this the other day after talking to my CPA about it because so many people think, you know, because they hear us talking about Roth all the time, that Roths aren't great because you can't get access to the money until you retire. And they don't understand you can take out all the principal if you want with no penalties. Just like Austin alluded to, you just can't take out the gains. That is the difference. So make sure you guys understand this and really do the research because we always preach to the mountaintops. It's not what you make, it's what you keep in. The more literacy you have on all of these points, the better off you're going to be in retirement.

Austin Hankwitz (32:35)

So our final question comes from Julie D. On Instagram. She says what is the best wallet for crypto? One sentence, seven words, super simple. I love it. Best wallet for crypto. So I keep my cryptocurrency on a platform called Myether Wallet. That's where I keep a lot of my like Ethereum Altcoins and stuff like that. I've also got a Soul Flare, I think wallet, solar Flare wallet for some Solana that I've got. I use Phantom as well. I've got one of those wallets. I've got a Coinbase wallet as well for like some NFTs. I obviously have some cryptocurrency on like Public and some other these like, you know, Robinhood investment platforms. But it's really up to you. Here's what you don't want. You don't want to be using a platform that doesn't allow you to send and receive Cryptocurrency. I know public is like kind of like that right now. I'm not bashing public. They're fixing that. If they haven't already fixed it already, they know it's a problem. They're going to fix that. Robinhood recently just fix it themselves. But if you're super into like crypto storage and you want to like really feel good about it, it using a platform that you can send and receive crypto in and out of is like, bar none, the most important aspect of it. And yeah, that's what I do. Those are my sort of platforms that I use. What are you, Robert?

Robert Krok (33:50)

So for me, I use a ton of wallets, cold storage, and on platforms, my favorites are probably the Ledger, Nano X, the Trezor wallet and the Arculus wallet. I use all three of those. I have a Coinbase wallet. I have several other wallets. But the number one key thing when thinking about cold storage, actually there's more than one point, but I'll keep it brief. Number one, do not buy any cold storage wallets from ebay or any aftermarket sites, Amazon or anything. Because what happens is people buy them new from the originating site, the manufacturer, they open them up, they put in back doors, they re shrink wrap them and send them back. And then they can get access to your crypto once you buy that wallet. So that's number one. Number two, and this is going to sound really old school. Don't let the gray hair bother you. I promise you it's really, really smart. If you have your seed phrases, do not take a picture of them and store it in your phone's library of your seed phrases. And what I would recommend you do because you never know when your house is going to have a flood or something bad's going to happen. I laminate my seed phrases and make sure they're somewhere very, very safe so no one can get to them. And I know it might sound archaic because we're talking about cryptocurrency in the blockchain, but then we're laminating the seed phrases. I just want to make sure everyone understands the importance of being able to retrieve those seed phrases no matter what, especially those of you that might live at a lake house or on the water. You never know with a hurricane or a storm. So those are two things. And then I would say lastly is just make sure that you understand. Maybe watch a couple YouTube videos or something else first before you do a transfer. And always make a test transfer first. I have people all the time that'll Say, oh, I'm transferring 50,000 onto this wallet. They don't do a test transfer. Something goes wrong and they lose money. So just make sure you do those three things very, very important. And make sure, most importantly, that you don't buy any cold storage wallets from used or from a secondary market website.

Austin Hankwitz (36:00)

These are great points. I want to expand on all of them. The first one, about the used wallets and stuff and secondhand Best Buy. Don't buy it at Best Buy, right? People will go buy it brand new, then they'll return it at Best Buy, saying it's like a new thing and then it'll be restocked on the shelf. Like, literally, you cannot buy one of these hardware wallets from anywhere but the manufacturer's website. Like, that is the only place you can buy it. The thing about the seed phrase, to make sure we're on the same page there, the seed phrase is essentially your universal password for any wallet. So for example, I've got my MacBook Pro right here and I've got my Phantom wallet and some other wallets on it that are like, installed as like plugins to the browsers and things. But before this computer, I had a different MacBook Pro with the exact same wallets installed onto those browsers and plugins. Essentially all you have to do is take this 25 word or 30 word seed phrase, say import wallet on any computer, any laptop, any phone, any device, type in all those words and it's like your password. It just like automatically gives you access to that wallet again, no matter where you are. Which is why it's so important to never share your seed phrase. If anyone has your seed phrase to your wallet, they can type it in on any device, get instant access to all your crypto, and then they can send it out and you're just, you're done. So, and then the third thing about sending and receiving the crypto, the crypto like the way you described, I just want to clarify. You said that they don't like, send a test transaction and they just like send off 50,000 and they lose it. The reason they lose it is because, like, as you guys know, those crypto addresses are a bunch of like numbers and letters and like exclamation points, whatever is like going on over there. And just like, for example, you might type someone's email address in wrong and you'll try and send it and like, not knowing it's the wrong email address and it'll just say like, can't be sent. And it like bounces back to you. You don't get like a can't be sent bounces back. With crypto, you get a oh, you sent it to this random thing and you might have got a letter wrong or you might have got a number wrong or a character wrong, and it still sends it to this mystery wallet that nine times out of ten, because you, you know, mess something up there doesn't exist and you have no way to create that address from scratch. And so now you send $50,000 to something that doesn't exist and now it's gone, right? So your money's gone. And so that's why it's important. If you're making a big transfer, send $5 first and make sure the other wallet gets the money. Because in case you do, you know, accidentally click a Y when it's supposed to be a Z or something on the wallet, you get to know that, hey, it didn't show up. Okay, what happened here? Why did I do this wrong? Then you realize your mistake before you send the 50 grand. These are great, great crypto tips and tricks.

Robert Krok (38:36)

Yeah, what a great episode. I just really enjoy covering all these things where some people might say, oh, I already knew that. But just giving out the hacks, giving out the goods, and making sure people are just on the right track because we always say personal finance is personal. And I just want to see everyone win. We've been getting all these people asking about us doing an event this summer, which we're going to work on. But think about the event we're going to do in 10 summers from now when all of a sudden everyone's got millions more dollars. Everyone's crushing it. We're growing. The Rich Habits podcast, the Rich Habits Network is huge. All of that is what I look forward to being able to do five, ten years from now. But providing value each and every week, whether it's a bull market or a bear market, so everyone can find their way to financial freedom.

Austin Hankwitz (39:27)

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