Speaker | Time | Text |
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I have $2 billion worth of debt on my apartments. | ||
The interest on that will be, what, $10 million a year? | ||
I write it all off. If I had $10 billion, it'd be $100 million. | ||
I write it off, and I get to depreciate it in the first year, not 27 years like your house. | ||
So there's all these wealth hacks, these things that Mark Cuban knows, or Warren Buffett knows, that we should be teaching all Americans at a very young age of how to invest their money, how to use money, how to put it to work. | ||
Like, how do you get to be a bank rather than leave your money at a bank? | ||
unidentified
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♪ It's a crazy world, crazy world ♪ Somebody's gotta have the same views | |
♪ It's a crazy world ♪ It's a crazy world | ||
♪ Somebody's gotta have the same views ♪♪ | ||
All right, joining me today is a real estate mogul, industry disruptor and founder of Cardone Capital, | ||
Grant Cardone. | ||
Welcome. Great to be here on the Rubin Report. | ||
Who will be reporting on today, Dave? | ||
We will report on all sorts of stuff. | ||
You were very impressed by my teleprompter, which I do not use for the interviews themselves. | ||
This is just us going. | ||
Me, you, and your followers. And the team here. | ||
Big fan, by the way, of what you're doing and getting the word out and having people have other... | ||
Viewpoints and being courageous in the marketplace. | ||
I was just telling you, I left Dubai in the UAE and you think, because of what we're told by CNN and even Fox, you know, that they have no freedoms over there. | ||
They have so many freedoms there that we don't have here, that we're losing, that I was just really excited to be here and see if we could revive the nation. | ||
Let's see if we can do it. And likewise, I'm a big fan of yours. | ||
And I'm excited, I said this year, just to not have to do total politics today. | ||
Because I really do like talking about business and success. | ||
I've had a pretty good track record on some things. | ||
Maybe you can point me in the right direction on some upcoming things. | ||
But why don't we start? Because you are in the midst of a little, a little Let me just say on the politics thing, right? | ||
The only time I get interested in politics is when it starts hurting me personally and my finances. | ||
And that's why I have become very political in the last couple years, you know, 18 months, two years, three years, four years, three and a half years exactly. | ||
You're probably not the only one like that in your world, right? | ||
I would imagine you now see all these tech guys and VC guys that were very apolitical, leaned a little left, and they're all kind of breaking towards Trump. | ||
So there really has been a shift in that sense. | ||
Yeah. Because it's starting to affect my finances, right? | ||
We were in New York City, we were actually looking at buying a half a billion dollars worth of real estate in New York City in February when they put the judgment on Trump. | ||
And we were flying back from, I think I was in Colorado, flying back to Miami, and my wife's like, you need to start a GoFundMe account for Donald Trump, and I'm like, No, no. | ||
I need to pull out of all these New York deals. | ||
You start the GoFundMe account. | ||
She did. And we pulled out of those deals about a half a billion dollars, have since placed it in Fort Lauderdale in Miami, just because of that judgment. | ||
Now you can see today what they're doing with the mayor. | ||
They eat their own. Yeah. | ||
So you're a little north of me in Miami, and this place is blowing. | ||
Well, let's do the political part for a little bit before we get into your current Twitter fight, which is super interesting. | ||
You're here in Miami. | ||
You're clearly bringing business down here. | ||
Everyone is bringing business down here. | ||
It seems to me Miami and Florida in general is doing everything right. | ||
Is that pretty much fair to say? | ||
I don't know. Not just Miami. | ||
The whole state seems to be doing it right. | ||
I take the view that we're not doing everything right. | ||
They're doing everything wrong. | ||
So we left California 13 years ago. | ||
And this was before it was popular to come here. | ||
I wasn't thinking about Florida. | ||
I just sold my house in L.A. because they had raised taxes from 10 to 13.3. | ||
It was a 33% increase. | ||
And I said, man, I'm leaving. | ||
They're like, over three points? | ||
I'm like, it's not three points, dude. | ||
It's 33%. | ||
And The roads aren't better. | ||
Schools aren't better. The hospitals aren't better. | ||
Most of this money is going to crazy stuff that I don't want to support. | ||
This 13, 14 years ago, right? | ||
You were really in on seeing that early. | ||
Oh, yeah. I saw it way early. | ||
Yeah. And I told my wife, I said, they're not going to stop here. | ||
It will continue. Well, in 13 years, man, California has just degraded. | ||
Now this thing has started. | ||
You know, they say it all starts in California. | ||
Went to Illinois, went to New York City, New Jersey, all that's happening. | ||
And I think that while Florida may be doing some things right, the reality is these cities are just making terrible decisions, affecting family values, property values, businesses, and be able to invest in my business, and it's pushing people down here. | ||
Do you think they realize it and or care? | ||
So you certainly were not the only person once they had that judgment on Trump that were like, okay, I'm done doing business here. | ||
Mr. Wonderful has been talking about it quite a bit and plenty of other people. | ||
Do you think they even care or realize or when Gavin Newsom publicly celebrates when Elon's like, okay, I'm taking Twitter out of San Francisco? | ||
It's like, come on, man. You know, I think they're going to start caring when they see their revenues. | ||
You know, like just the one decision I made cost that state. | ||
$10 million a year in property taxes. | ||
If you look at the 25,000 people that have left the state, that's probably costing them $3 to $5 billion a year in income tax revenue. | ||
So if people keep voting with their feet, there'll be a moment where New York City and California and all that comes back because somebody will get in there and be a new sheriff. | ||
It's gonna take a lot of fed-up people, man. | ||
Do you want to be one of those people? | ||
Like, when it hits whatever that rock bottom is? | ||
Nobody knows what that rock bottom is. | ||
Yeah, dude. Yes, I want to go in there and consume, like, you know. | ||
Those are moments. Yeah. | ||
So, like, I still shop those markets to see where they're at. | ||
Like, we were in California last week trying to go back and enter that market because they're phenomenal markets. | ||
New York City's a phenomenal city. | ||
Don't confuse it with the politics. | ||
As a real estate investment city, it's phenomenal, worldwide phenomenal. | ||
We were in the UAE. I'm looking at entering there at some point. | ||
It's too hot right now, but at some point they'll overbuild it. | ||
It'll correct. We'll go in there and be robber barons. | ||
What do you make of the fact that in New York City, in Los Angeles right now, despite the amount of people that are leaving, that homes still, homes, condos, etc., still are crazily expensive? | ||
Well, that's what makes it a great real estate market. | ||
The barriers to entry, you can't build there, you can't add product. | ||
This Kamala, Kamala, whatever, talking about building three million homes is the most ridiculous thing I've ever heard. | ||
She's going to give everybody $25,000. | ||
That's even worse. | ||
That'll crash the housing market. | ||
Can you explain that a little bit? | ||
Well, you know, first of all, her saying she's going to give $25,000 has only delayed everybody actually making a decision. | ||
Mortgage applications, even though we had a little spike in the last week, is still lower today than it was in 2008 during the greatest housing bust in the history of this country. | ||
Mm-hmm. So, when she said, hey, we're going to give $25,000 away, anybody who was thinking about buying a house said, okay, I'll wait until you do the thing. | ||
She should have done it. | ||
She's literally going to cause housing to become a disaster in this country. | ||
Because if Jared was interested in buying, he's going to be like, I'm going to wait until the first-time buyer's credit. | ||
I can get it later, so I'll wait until February or March of next year. | ||
And also, the builder might be like, well, I'm going to charge $25,000 more. | ||
Dude, the builder is not going to charge $25,000 more. | ||
Dave, the builder's gonna be like, okay, I can charge 75 grand more, okay, because the 25 will be applied to the purchase. | ||
I can get more. The guys, you know, so it's gonna immediately inflate the cost of housing across the country. | ||
Her idea that she's gonna build 3 million homes When there's 4.2 million homes short, well, I'm like, somebody should be asking them, well, who gets them? | ||
Who gets the home? Who's going to build the homes? | ||
How's anybody going to afford the home? | ||
Because the interest rates are still too high. | ||
So talk about the interest rates a little bit. | ||
I guess we will. I guess this is all going to be connected to politics one way or another. | ||
I was going to try to work around politics. | ||
But to me, you can't anymore. | ||
You know, they're all sitting at the same dinner table, unfortunately. | ||
My house, my business, how I hire people, who I let rent in my properties. | ||
Can I even get them to leave if they're a bad actor? | ||
We have 15,000 apartments. | ||
Most of it's in Florida. | ||
And 15,000 people, you're going to end up with people that don't pay their bills or do dumb stuff, and I got to get them off the property. | ||
Here you can do that, right? | ||
You can do it here. In 30 days, I can have you out. | ||
In 45 days, without going through a big eviction or legal process, I can have you out of the property. | ||
We don't want to evict people. | ||
No, no, of course. We accepted their lease. | ||
We want them as a resident, but I have to protect the rest of the people on the property. | ||
California, if the temperature is a certain degrees in California, and the judge said you're evicted, same thing in New York. | ||
That person can go to court that day and say it's too cold. | ||
Or it's raining today. | ||
This is true, man. Okay? | ||
Or, hey, my baby's sick. | ||
So the eviction process then gets extended. | ||
So I could be eight, nine months trying to get somebody out spending more legal fees while the whole time I didn't even get to collect the rents. | ||
How about the squatter stuff? I mean, you don't even have to be a rent. | ||
Dude, how about the illegal immigrants? | ||
There's people in New York City. | ||
I know this. I know a guy that owns a bunch of slumlord stuff. | ||
We don't do that. We do high-end real estate. | ||
And he is turning basements into dormitories where he's getting $200 a bed and there's 40 people down there. | ||
So what do you think they are doing? | ||
If we were trying to really steel man the argument of the people that are running these cities, turning the Roosevelt Hotel into a migrant center, getting rid of... | ||
So I lived... The last house that I had in LA was right off Ventura in the Valley. | ||
And one of the reasons that I left, I moved during the riots because the... | ||
My first house there was too close. | ||
The riots were going by my house. I was like, all right, I'll move up the hill. | ||
It's going to cost more, but I'm going to move up the hill. | ||
But then during COVID, I realized, boy, all these office buildings are empty. | ||
And I was like, I know whether it's tomorrow or two years or four years from now, they will be putting illegals in these things. | ||
And the illegals, when they need to steal something, are just going to walk up the hill. | ||
And that was one of my main calculations in leaving. | ||
So what do you think they're actually thinking when they're instituting all of this nonsense? | ||
I think they're thinking voters. | ||
And I think they're thinking about a militia in the future that they could actually weaponize. | ||
That's dark. That's dark, dude. | ||
Because you're not going to get Americans to turn on. | ||
The voter thing is dark, but all right, let's go. | ||
You're not going to get Americans to turn on Americans. | ||
But if you got enough 15 or 20 million people that came from Venezuela, pick a country or a combination of countries. | ||
They don't care about killing. | ||
They're not killing their own. | ||
So all you got to do is give them a weapon, make a new army, make a new military. | ||
We have 700 million guns in this country, okay? | ||
We have more guns in this country than exist on the planet. | ||
So, in America, how do you destabilize or, you know, neutralize 700 million guns? | ||
You put them on prescription medication, which we're the most prescribed civilization on planet Earth. | ||
You make them obese. | ||
We have terrible food supplies. | ||
So, the guy can't get out of his bed because he's 400 pounds. | ||
And if he did get out of his bed, he can't unlock his safe because he's freaking drugged up by big pharma. | ||
Or the third thing is, now he's got to fight this No offense to the Venezuelans, I'm sure you're good people, but whatever group of people that came in here that now have a new job because they don't have a job. | ||
They came here with no job, no place to live, no food, no water. | ||
What do you think they're going to do? | ||
And I also believe the old cats and dogs thing. | ||
Dude, I know people from different parts of the world where they're like, Grant, we have a ritual that In Haiti, it's a thing. | ||
It's a thing, dude. I've lived in New Orleans, Louisiana. | ||
There's voodoo down there, bro. | ||
They kill animals as a sacrifice. | ||
Some of them take a bit of the blood out of the animal and digest it in order to consume the spirits of the animal. | ||
So anybody that thinks 30 million cats and dogs are eaten every year on this planet. | ||
So anybody that says that's not happening somewhere, that's bullshit. | ||
It's always happened. And when you invite 20 million people here that don't have food, don't have water, don't have a place to live, don't have a job, I can't hire them. | ||
What does anybody think is going to happen? | ||
So why are they doing it? It can only be for voters and possibly voters. | ||
A militia. So how do the same- Because I would think twice about killing you. | ||
Thank you. Because you look like me. | ||
You look like me. I'm like, he's a white person. | ||
Like, okay, he's a successful guy. | ||
Like, it would take a lot for me to want to kill- Same, same. | ||
Somebody in my neighborhood. Thank you. | ||
So the more I'm not associated with you, right? | ||
If you drop me off in another part of the world, me, I'm a civilized person. | ||
Like, I don't want to kill anybody. | ||
But if you drop me off in another part of the world- And said, hey man, these look like strangers to me. | ||
They look like the enemy, right? | ||
Because they are. Because I'm trying to get their food, their water, and even their cats and dogs. | ||
unidentified
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It's interesting. And I've never ate cats or dogs that I know of. | |
So you say. Yeah. It's interesting you bring that up because I've mentioned on the show a couple times in the last week that there's one Harris Wall sign in my neighborhood that I walk by with my dog. | ||
And I try to be very friendly with my neighbors because I think it's important. | ||
Not only it's nice to know people, but if the shit ever hit the fan... | ||
Your neighbor is less inclined to break into your house if he knows your kids. | ||
So I think it's in your own self-interest to just know people around and take care of your house and all that. | ||
But I keep thinking, if I bump into this neighbor, if I'm just walking by the house with the sign and they walk out, it's like, yeah, I'll say hi. | ||
But I would think that they're completely insane. | ||
And it's that sort of, that's not based on skin color or anything else, but it's based on how our ideologies have so gone in different ways that you could live here in the freest place in the country, in the world probably, and still be trying to bring in that. | ||
Well, clearly your neighbor is very confused. | ||
To say the least. Because what are they doing living here? | ||
I don't. Well, they're enjoying the hell out of it and they don't know why. | ||
You know, or they're not completely committed. | ||
Most liberals that I've met are a little bit wishy-washy. | ||
Yeah. Like my boy Cuban, you know? | ||
Yeah. Oh, so let's- Dude, they got flip-flops. | ||
I'm like, bro, you ought to go work at IHOP or something. | ||
Like, you look like you ought to be working waffles and flipping them back and forth because I know what you were saying three or four years ago. | ||
Right. So we're going to show some of the B-roll of the tweet exchanges that you guys have been having because you're in it with Mark Cuban right now. | ||
That's what I was referencing up top. | ||
And everyone, I've fought with him on Twitter. | ||
Elon fights with him all the time. | ||
Something about him is extremely confusing to people because he sort of seems to make sense as a capitalist and what you see maybe on Shark Tank or what he was doing on Shark Tank. | ||
And then he's all about the DEI stuff. | ||
He's all about these weird economic policies. | ||
And no one can sort of figure out Yeah. | ||
What's really going on there? | ||
So what the hell happened between you guys? | ||
Well, I was just trolling him a little bit, right? | ||
So I put something up and he's like, hey man, do you ever do any fact checking or do you ever do any kind of research? | ||
And I'm like, bro, this is what I did on Twitter. | ||
I basically... Find information that supports my bias and my prejudice, and I post it on X. Refreshingly honest. | ||
And the fact that you can't admit that that's what you do, okay, just means you're dishonest. | ||
And that's all right with me. | ||
But, you know, I... Like, I am not going to put up surveys or statistics that support your side. | ||
I'm putting up mine. And he's like, you've done no research. | ||
You don't know what you're talking about. | ||
You've done, like, you know nothing. | ||
And I'm like, okay. Literally, he's emailing me back and forth. | ||
It's not DMs, right? Mm-hmm. | ||
And I'm like, well, that's fine, Mark. | ||
I mean, maybe I have no intelligence. | ||
I don't have a TV show. | ||
I'm not connected. You know, I didn't have a startup that made $2 billion. | ||
But I live in America. | ||
But you did okay. I live in America. | ||
And I worked hard. | ||
And it just goes to show you, you don't have to be the smartest person. | ||
And you could still make it in this country. | ||
And I said, it's a shame that you and I are actually fighting about this when we should be working together. | ||
Well, what do you make of that notion that people that get it, they clearly get it. | ||
The guy's created a lot of wealth, a lot of businesses, done successful things. | ||
And then he's going on and on about D.I.E. when he knows he would never have said, okay, six of my Mavericks players have to be white or Asian. | ||
No, of course. And he can't defend that either. | ||
But he'll talk over you to try to sell the story. | ||
That's what he was doing on CNBC this morning. | ||
So, I don't know, maybe he's a consummate salesperson. | ||
Maybe he's like, I'm going to sell this. | ||
Number two, I said, look, I mean, I understand that Trump, you know, clearly you have a problem with him. | ||
And I know guys at that level, you know, the egos get enormous. | ||
And people want to be right. | ||
And I think he got dissed the same way Scaramucci did. | ||
Mm-hmm. And I think they're both butthurt. | ||
Yeah, because Scaramucci was really in it with Trump. | ||
Yeah. And these guys flip, and they're going to go to the other side. | ||
unidentified
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And, you know, dude, it's weird, man. | |
I'm telling you. It's like, because what he's telling people on Shark Tank, or did for 13 years, and now he doesn't have that show. | ||
So I think he just wanted to stay relevant. | ||
Mm-hmm. You know, five billion dollars doesn't buy you in pardons or relevance. | ||
And people that have been relevant want to stay relevant. | ||
And so I think he just I thought he was just trolling Twitter in the beginning. | ||
I said, he's just trolling. This can't be true. | ||
He's just fucking with people. | ||
And then I'm like, oh, no, he's he's simping. | ||
He is a damn pimp for Kamala Harris. | ||
And then I'm like, maybe he's just trying to get a job. | ||
And yesterday he came out and said he wants the SEC job. | ||
God, that's crazy. It's just crazy. | ||
But he told me he doesn't want a job. He's like, no, man, I got a good deal. | ||
What I'm doing at Cost Plus is bigger than that. | ||
But I'm like, yeah, but bro, you're doing five and six interviews a day. | ||
Telling me I'm wrong to vote for Trump when the truth is the country was better off under Trump. | ||
Regardless of what Trump says, we didn't have any wars, as you know. | ||
Inflation was under 2%. | ||
Interest rates were 2%. | ||
Homes were freaking, you could sell your home or you could buy a home. | ||
Right now, you can't sell your house, you can't buy a house, you can't refinance a house. | ||
All the equity, there's about $15 trillion worth of equity in this country that's frozen in people's homes. | ||
That's just stuck. So the main reason for that is interest rates, do you think? | ||
Yeah, 100%. Yeah, because basically people just can't borrow right now. | ||
It doesn't make sense. | ||
America, the most competitive, supposedly greatest, freest country in the world, has some of the highest interest rates of industrialized nations. | ||
We're 5.5%. | ||
Switzerland's at 1.25%. | ||
Japan's at a quarter. | ||
And we're sitting at 5.5%. | ||
We should not be at 5.5%. | ||
We need to get to 4% again. | ||
Like, if I was buying a home for your audience, I would not buy a home right now. | ||
I would wait for that $25,000, by the way. | ||
But that won't happen anyway. | ||
Yeah, yeah. Pretty sure you're going to need a little more than that for your home. | ||
Yeah, yeah, yeah. But I would wait until... | ||
Interest rates breach 4% again. | ||
If I'm trying to buy something, I would do it on a lease option, not buy it today, have an option to purchase in the future. | ||
And if I'm trying to sell, I'm definitely not trying to sell unless you're going to offer some kind of special financial creative finance. | ||
So if you were the Fed or you were the Dems right now, to me, this seems like the easiest one. | ||
I am not an economic wizard, but I've done well with houses because I was basically able to buy with low interest rates. | ||
And to me, when you have a low interest rate, I like paying my mortgage. | ||
I'm like, oh, I'm paying something that's going to grow and then I'm going to roll that into something else. | ||
Like I actually, there is value in it. | ||
And then you understand, oh, the bank's going to make a little money off me, but not at 7.5%. | ||
So what are they doing wrong? | ||
It seems like such an easy win. | ||
Yeah. Well, to lower interest rates or make it or create the conditions so that people could borrow cheaper. | ||
Yeah, I think they're trying to force 300 to 600 bank failures. | ||
I think they want to consolidate banks in this country. | ||
We have a lot of banks here. | ||
So too big to fail to make them all bigger. | ||
The remainder is bigger, basically. | ||
So we have 5,000, somewhere between 4,700 and 5,500 banks in this country. | ||
Canada's got, you know, 18 or something. | ||
So, I think they want to consolidate the banks, make the big bigger. | ||
J.P. Morgan, Goldman Sachs, those become the winners. | ||
The BlackRock gets to consume a Blackstone. | ||
Like, the big have to eat big. | ||
They can't eat tiny little bites. | ||
So, that's what I think. | ||
I think... That old saying about you'll own nothing and be happy about it, I think that that's actually in play. | ||
And I'm not a conspiracy guy. | ||
I'm a practical, common sense. | ||
No, no. We play that clip all the time from the WEF. I mean, it's legit. | ||
So basically, in essence, they would want to keep virtually everybody that does not own a home now out of home ownership because that really is the key to unlocking the rest of your wealth, in essence. | ||
Yeah. And so, you know, how do you do that? | ||
You keep interest rates really high. | ||
But the problem in this country is 70% of all the loans across all housing in this country is below 4%. | ||
30%, 31% of all the homes are paid for in cash. | ||
So you have, unlike other countries, you have all this wealth sitting. | ||
Jared right here has a 2.7% loan, and it doesn't expire for 27 years. | ||
So he has no impetus, no stimulus. | ||
Good for Jared. His loan is probably worth more than the house is. | ||
It's probably got more profit because of the loan package than the actual house. | ||
So until interest rates breach 4%, this is what Kamala doesn't understand. | ||
She either doesn't understand it. | ||
She could be financially illiterate. | ||
She has an economic degree, but I know people- It's a little of everything. | ||
Or she believes her voters are. | ||
Right. Which is worse. Well, that one for sure. | ||
That's the worst. Yeah. And so, somebody needs to sit down with her and say, look, when rates breach 4%, you will have so much home activity in this country. | ||
Number one, prices will come down more than 25,000. | ||
You will have prices drop. | ||
wants to go to a $6 million house next from his $3 million house, he can't make that move | ||
right now because his rate's going to go from 2.7 to 7. | ||
And so his interest rate on the same money would be, his payment would be triple. | ||
And that's what's happened in this country. | ||
Interest rates tripled. | ||
Rents are going to continue to explode if somebody doesn't handle this. | ||
Unaffordable housing is over. | ||
There's no such thing as it. | ||
It will never happen again in our lifetime. | ||
You will never see affordable housing. | ||
And the government just needs to tell people the truth. | ||
The solution is... | ||
To take all the 4 million houses that were short... | ||
We don't actually have a housing shortage. | ||
We have a desirable housing shortage. | ||
Right. That's why they're tearing down all these $3 million houses around here. | ||
Yeah. Because they want a new house. | ||
There are 45 million apartments in America with about a 10% vacancy. | ||
That would be... If I was the president, okay, or if I was the head of the housing authority, I would give an incentive to apartment owners and say, rent that unit, rent your vacancy, Make a deal. | ||
It'll be tax revenue zero to you. | ||
And we could give 4.2 million people housing before the end of the month and solve the problem without the tax revenues being affected or your taxes being affected. | ||
But in essence, they don't want to solve the problem for the reasons that you just laid out there. | ||
Yeah, yeah, yeah. I don't know, dude. | ||
I don't know why they don't want to solve problems. | ||
I mean, maybe they have so many problems in the government that they can't solve problems. | ||
I just know every time they touch anything, they fuck it all up. | ||
So I want to bring up another one from a clip we played on the show this morning. | ||
Kamala has been big on the idea that the grocery store is our price gouge. | ||
Yeah. And she'd like to put some controls in. | ||
I keep trying to use a very simple analogy with people that it has nothing to do with the evil corporations deciding suddenly because Democrats are in power they want to raise prices, but this is just what runs through the economy from the chicken feed all the way to the gas to get the eggs to the store. | ||
Again, well, I guess I know your answer, but it's like, what do you think they're thinking? | ||
She should be talking about MasterCard and Visa. | ||
Not the grocery store, because the profit margin at MasterCard is like 51%. | ||
I think Visa's like sitting at like 48 or something. | ||
It's crazy, man. | ||
We have the highest interest rates at the highest level of interest in the history of plastic. | ||
Those two guys are monopolies. | ||
American Express is a distant third. | ||
That's a much bigger issue for me that people are depending upon, you know, Mm-hmm. | ||
Mm-hmm. | ||
The price will come down. | ||
Does it strike you as just kind of like the simplest, most idiotic messaging? | ||
That's what it seems like to me. Oh, yes. | ||
It's the evil corporations that want to act on the dollar. | ||
That's the game, bro. She believes her audience is ignorant. | ||
She can't be that stupid because that's not what's happening, okay? | ||
The Ralphs and the Publix are not getting together. | ||
Right. To control the pricing. | ||
You know, it's like you said, I imported the chickens from someplace. | ||
We were in Dubai. 90% of their food supplies imported. | ||
Okay? 90% of it has none of the ingredients that we have. | ||
Okay? The foods were better. | ||
They were fresher. I never felt, you know, bloated. | ||
And you go to France, see the same thing. | ||
So... I don't think anybody's behind the scenes trying to control pricing. | ||
Banks control pricing, interest rates, mortgage applications. | ||
The SEC controls who can actually invest in new projects with accredited and unaccredited. | ||
I mean, if she really wanted to talk about some of those issues, the SEC is probably the most racist organization in America. | ||
Because if you don't make 200 grand, all your guys that don't make 200 grand cannot invest in my projects. | ||
Only until you breach. Oh, to be an accredited investor. | ||
To be accredited. Yeah. So the non-accredited, 98% of America is non-accredited. | ||
They don't qualify to look at other. | ||
What's even the thinking behind that? | ||
I mean, do you think that's actually a rate? | ||
Was it created as a racist notion originally? | ||
It's to protect. It's supposedly to protect. | ||
The people that actually need the investment. | ||
Right. It's not. It's to protect Wall Street. | ||
Right. The SEC was put in place by Wall Street. | ||
So Merrill Lynch wants that. | ||
Merrill Lynch has got $7 trillion under management. | ||
Fidelity, $7 trillion. | ||
Vanguard, $11 trillion. | ||
Like, this protected a handful. | ||
That's why I'm telling you, I think the rates are to squash and make our banking system smaller and bigger. | ||
How much of this do you just blame on the education system that really no one knows this? | ||
I get emails all the time because we don't do a ton on this type of granular economic stuff. | ||
But I get tons of emails from people being like, I did not learn anything about credit cards or interest rates or anything in high school or even in college. | ||
And then they get out into the real world and they have no freaking clue what to do. | ||
Yeah. Well, the way me and Cuban started talking is I sent a letter to Kamala and to Trump and said, look, America needs a wealth education, not financial literacy. | ||
They need wealth education because every person in America should be rich. | ||
How do you differentiate those two things? | ||
Well, financial literacy is, okay, don't spend more money than you earn. | ||
Wealth education is, you know, things that people, that I've learned. | ||
I didn't want to say people like me, but... | ||
But that you learn as you're creating wealth, right? | ||
Once you start creating wealth, you're like, oh shit, there's this tax hack. | ||
I don't have to pay taxes on the sale of this piece of property. | ||
So I can move this $3 million gain. | ||
First of all, I didn't buy a house. I went and bought 16 units rather than one house that made $3 million. | ||
And I had income. | ||
That's a wealth hack, right? | ||
That's not financial literacy. | ||
We're going beyond that. And financial literacy is not the problem in this country. | ||
In this country, financial indoctrination is the issue. | ||
We've been indoctrinated to benefit banks, save your money, All the money you've ever made, none of it came from saving. | ||
It came because you made a move. | ||
You actually used money. | ||
And so, buying a house is a terrible investment, for the most part. | ||
It's just a place to live. | ||
Provides no income, doesn't give you the great tax breaks. | ||
See, interesting, because just from my far more amateur one, that to me is one of the things that I've really done right in this, in three houses. | ||
Yeah, but how many houses have you bought? | ||
This is my third house. | ||
Good. Are you living in them? Yeah. | ||
Oh, you're living and then flipping them. | ||
Living them, flipping them. | ||
And each one I intended to stay in, but then circumstances changed. | ||
Somebody- Two of them were in Cali, and I had to get the hell out next time here. | ||
But imagine- Work in them as well. | ||
Imagine while you were in Cali, what neighborhood did you live in? | ||
My first house was in Sherman Oaks, second one was in Encino. | ||
If you'd have bought apartments in Sherman Oaks, You wouldn't have just made that one score on that house. | ||
You'd have been paid. You'd have had total tax write-offs. | ||
No exclusion on the tax write-offs. | ||
Like, on interest on a home loan, you can write off up to the first $750 of debt. | ||
So, at 7%, you can write off maybe $50,000 a year. | ||
I have $2 billion worth of debt on my apartments. | ||
The interest on that will be, what, $10 million a year? | ||
I write it all off. If I had $10 billion, it'd be $100 million. | ||
I write it off, and I get to depreciate it in the first year, not 27 years like your house. | ||
So there's all these wealth hacks, these things that Mark Cuban knows, or Warren Buffett knows, that we should be teaching all Americans at a very young age of how to invest their money, how to use money, how to put it to work. | ||
How do you get to be a bank rather than Leave your money at a bank. | ||
Is a 401k or an IRA really good for people? | ||
Do you have one? I do. Do you regret it? | ||
You like it? You wonder about it? | ||
It's only in the last couple of years that I've thrown some stuff in there. | ||
I'm 48 now. | ||
I didn't really have any money until I was like 42 or something. | ||
So my stuff is sort of... | ||
So you think taxes will be higher in the future? | ||
I mean, assuming Democrats control this freaking thing. | ||
Right now, she would hammer. | ||
If she gets her way, she'll kill your 401k. | ||
So, like, I would get that money. | ||
If you believe she wins, I would get that money out of your 401k, pay your penalty right now, or move it self-directed. | ||
You're probably self-directed. | ||
You can actually self-direct that into real estate. | ||
You could actually move that retirement account, get away from Merrill. | ||
I'm going to have to make a call right after this. | ||
No penalty. Zero penalty. | ||
Yeah. Okay. It costs you $250. | ||
What's sitting over there? Self-direct it, meaning you could- You would self-direct it into a real estate deal. | ||
Interesting. So that when you go to retire, the IRS forces you. | ||
Look, the 401k IRA is the biggest scam. | ||
Perpetuated by our banks on the American public. | ||
They're funding big pharma, they're funding military campaigns, the DIE or DEI stuff. | ||
They're funding all the woke stuff that you hate, unless you know exactly what that money's in. | ||
You could pull that money out, self-direct it into a real estate transaction that paid you income every month. | ||
Because when you go to retire, there's a code, I forget what the code is, but the IRS will force you at 65 years old, 65 or 66, To start withdrawing. | ||
You basically have to. You have to. | ||
Whether you need the money or not, you must withdraw. | ||
At that point, it could be 40% taxes, 60% like Canada, 64.5% on all capital gains, which you would be in that bandwidth. | ||
So, you know, you have a partner on your 401k and you don't know what you're invested in. | ||
You don't know what that partner is going to take. | ||
They could take two-thirds of your profits. | ||
And they forced the 4% because somebody came up with the idea, look, 4%, 25 years to live, it'll be zero. | ||
You have nothing to pass on to your kids. | ||
If that was in a piece of real estate like we invest in, okay? | ||
Like I make real estate my retirement account. | ||
It's 65 when I'm done. | ||
Okay? That thing kicks me off 5% or 6% a year, but I never touch the capital. | ||
I never touch the real estate. | ||
So when I die, I'm living off the 4% or 5%. | ||
I'm paying taxes on that income. | ||
But when I don't need it anymore, I still have the real estate. | ||
I never touch the original capital amount. | ||
Let's talk. I'm going to literally make a call after this. | ||
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Call me. I'll call them and then I'll call you. | |
Talk about this unrealized gains tax that they're trying to push through. | ||
Because this is to me like, we've talked about some bananas stuff that they're doing and rates and things like that. | ||
But to me, this is like, if you truly wanted to keep people in servitude, you wanted to destroy human ingenuity, the ability to invest, the ability to do any of the things that you've laid out here. | ||
Unrealized gains. They are not real. | ||
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And you're going to tax them. It's crazy, dude. | |
I mean, even Cuban says that it would crash the stock market. | ||
It would stop all activity. | ||
This is the first thing that would happen, okay? | ||
If you told me tomorrow, hey, Grant, we're gonna start... | ||
I mean, look, all of this can be hacked and worked around, right? | ||
Like the $50,000 business credit. | ||
I'll get a bunch of those. | ||
I could probably get 50 of those in the first year. | ||
I'll set up 50 different businesses, make them all profitable, and get $2.5 million from the IRS. The money won't even go to the right people, dude. | ||
On the unrealized gains, all I'm going to do is set up a bunch of separate independent companies, break up my corporations, just like we did during COVID. When they started saying, hey, you're going to have a $14,000 fine if you have more than 100 people, good, I'll only have 99 people. | ||
There's always a workaround with the government, so it's just bullshit. | ||
They'd never pass it. | ||
It would shock Wall Street. | ||
Wall Street would be shocked. | ||
Activity will stop. Nobody will trade their assets anymore. | ||
If capital gains go up, people will quit selling their products and services or quit trading their assets. | ||
So fewer assets are traded, they become more expensive. | ||
The Democrats, every time they get involved, all they do is inflate the prices of the assets When they're trying to protect people, they actually prevent people from... | ||
Because in essence, they calcify the system and that just sort of protects the people that... | ||
Now there's fewer homes to sell. | ||
So they become more valuable. | ||
Anything for sale can command whatever price it wants. | ||
What's your basic position on taxes? | ||
In my first book, I wrote just a couple pages. | ||
Simple flat tax, to me, makes sense. | ||
And maybe you can have some exclusions for under $50,000. | ||
And maybe just to throw the Dems a bone, you could do a little progressive thing if you're making over $5 million or something. | ||
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I don't think it's morally Yeah, just for a bone. | |
Not that they ever take that bone and say it's enough, but what's your general policy on taxes? | ||
I mean, look, man, if there were zero, this country would rock. | ||
Yeah. And... | ||
Look, if you give me my tax money back, I'm gonna spend it. | ||
I'm gonna spend it, I'm gonna invest it. | ||
I don't pay federal taxes. | ||
My federal tax bill for the last 20 years, I paid maybe two years out of 20. | ||
So I do everything I can not to pay federal. | ||
I don't mind paying local taxes. | ||
Property taxes, I'm fine. | ||
I go buy something, tax me. | ||
I go buy a car, tax me. | ||
That's fine. But there's so many taxes in this country right now, it's unbelievable. | ||
I earn income. Let's say I earn a million dollars. | ||
They want, what do they want, 40% of that? | ||
30%? Yeah, so 400 grand went to the federal government. | ||
If you live in New York City, they took another 100. | ||
Now I have 500,000 left. | ||
I go spend the 500, they tax it. | ||
The $500 went to you. | ||
I went and spent it at the Rubin Associates Company. | ||
You had to pay taxes on the $500. | ||
So I pay taxes on my million. | ||
You pay taxes on the $500. | ||
You gave $300,000 to the guy down the street. | ||
He had to pay taxes on it. | ||
Dude, everybody's being taxed. | ||
Like, this money's been taxed so many times. | ||
We should get this thing back to zero. | ||
So you would have no federal... You would have no federal income. | ||
I mean, I know that's impossible to say. | ||
People can be like, that's ridiculous. | ||
Remember when the Boston tea thing happened. | ||
When was that? What, 17? | ||
1775? That was over 1%. | ||
Yeah. 1%, you know? | ||
Right. We said, no, uh-uh, ain't gonna happen. | ||
Now, they're like, hey, we're gonna raise taxes. | ||
Okay, how much? Our corporate taxes are too high. | ||
They should be 15%. | ||
We should have the lowest corporate taxes in the world. | ||
We should have the lowest interest rates in the world. | ||
We should have the best education, the best health, the best roads. | ||
If we don't do that, somebody else is gonna do it. | ||
That's what they're doing in the UAE right now. | ||
There's no taxes there. | ||
Yeah, I think people have a hard time understanding how the UAE has evolved sort of economically and socially, actually. | ||
More millionaires are moving to the UAE right now than any place on the planet. | ||
They're moving there to say, okay, from all religions, by the way, you don't have to be a Muslim to live there. | ||
Okay, you don't have to wear a gown to live there or whatever it's called. | ||
They want to do business there. | ||
They're pro-business. They don't want to tax your dollars. | ||
They want your dollars. | ||
They want your energy. | ||
They want you to be over there. | ||
What does it feel like doing business there in that environment compared to here? | ||
How can we do business? Everything's about how can we do business. | ||
That's something. Everything's about business there. | ||
That's not what's going on here. | ||
What are you doing over there? | ||
Well, I'll tell you this. | ||
I wasn't distracted by... | ||
The thought that we had to spend money on transgender surveys, which she wants to promote, by the way. | ||
She wants my tax dollars to go to a transgender prisoner. | ||
Somebody in P. Diddy. | ||
Diddy decides he wants to cross over. | ||
They want me to fund that activity. | ||
I'm like, I am just spiritually inherently opposed to like, I don't want to fund that activity. | ||
So that's why I try to get my, this goes back to the wealth education. | ||
Get your tax bill, your federal tax bill to zero, so that we're not funding Ukraine. | ||
So a certain set of people, not most of my audience know, but a certain set of people hear, wait a minute, wait a minute, this guy's worth all this hundreds of millions of dollars and he's basically paid zero federal income tax 18 out of 20 years. | ||
So when they say the rich aren't paying their fair share, it actually does make sense. | ||
No. I'm not making the argument. | ||
I'm just saying. I totally understand. | ||
What can I tell you? | ||
You want to pay him? You pay him. | ||
I'm not sending this money. Your family's not getting this money. | ||
Your family's not getting this money. | ||
I am not depriving your family of something. | ||
Ask the people here locally how they feel about the taxes I pay here in Florida. | ||
Okay? You know, whatever I paid in property taxes is more than most people will ever pay in their lifetime, earn in their lifetime. | ||
So I want my money to stay in my local environment. | ||
That's my argument. If I was running for president, I'd run on that. | ||
We're going to teach every person in this country, even if we have taxes, I'm going to teach you How to pay zero taxes, legally, without going to jail, and how you'll have more money for your local community so the locals can take care of their community. | ||
I don't need to take care of Boston. | ||
So, give me, like, the basics on that. | ||
So, when someone hears that, okay, wait a minute, he's made all this money, he's got all these businesses, somehow he's paying zero federal taxes. | ||
Yeah, I'm not doing business in D.C. Like, I don't go to them for money. | ||
I don't get loans. | ||
I don't—the federal government's not involved in my business. | ||
I have no federal government contracts, okay? | ||
Well, who's going to pay for the military? | ||
Not me. I don't wanna pay for them. | ||
Nobody's bombing our country, right? | ||
We should take a hiatus on wars, man. | ||
Take 10 or 12 years and say, fuck it, we ain't helping anybody except us. | ||
I like this American first idea for some period of time. | ||
Until we're back to being a number one in everything. | ||
And we should be a number one in everything. | ||
So my federal taxes do not make this country better. | ||
But just conceptually, when someone hears that and they go, wait a minute, how does he pay zero taxes? | ||
Can you just give me a little bit of the rough through line on how that actually works? | ||
To legally do it. | ||
I invest in properties. Right. | ||
So I take my money, I take garbage fiat, I convert it to something real, like this, but this one's steroids. | ||
Because I don't really want to pay for this. | ||
Your guy's back there working right now, you gotta pay him. | ||
I don't want to pay for him. I don't pay any of these guys. | ||
Yeah, probably not, right? | ||
These guys are out of love for you, right? | ||
But what I want to do is I want to own property that pays me income and that income from the property pays the property taxes, pays the expenses, the maintenance, the people, the problems, the taxes, whatever. | ||
It pays for everything, including the debt. | ||
And so when I buy that big piece of property, the tax code If I buy, we just bought half a billion dollars worth of stuff here. | ||
Those properties are going to come probably this year with somewhere between $200 and $250 million worth of tax breaks. | ||
Depreciation. It's legitimate, too, because those properties do depreciate. | ||
So it's not that I'm not paying taxes. | ||
I'm not paying them today. | ||
They're going to be deferred into the future, but I never sell my assets, so I'm never actually going to pay taxes. | ||
So you ain't worried about it anytime soon, you know? | ||
But I'm not funding the craziness going on in the world. | ||
Right. Where do you see sort of greener pastures right now? | ||
And anybody can do that last hack, by the way. | ||
Anybody. Anybody. You don't have to buy a half a billion. | ||
You can go buy 16 units tomorrow and get the same tax breaks I get. | ||
Mm-hmm. Where do you see kind of greener pastures? | ||
If people are trying to figure out where to buy something, maybe that they're going to rent or some of the things you're doing. | ||
Anywhere in Florida, the panhandle is going to be at boom. | ||
Miami and Fort Lauderdale will be winners because there's nothing here. | ||
What do you mean there's nothing here? | ||
There's a bunch of old homes here. | ||
You know, if you shop this market and there's so many old homes, it's just, they're all going to get torn down and there's going to be a megaplex. | ||
It's really, it's unbelievable when I see some of the OGs that are here, even in the neighborhood that I'm in, people that bought their houses for like a hundred grand, something like that, that now are walking with all this cash and then who knows what I don't know what they do with it, but it's amazing. | ||
It shows you why capitalism works. | ||
Yeah, and outsiders make markets, so insiders don't make markets. | ||
Outsiders come in, like Ken Griffin comes in here with his $58 billion. | ||
Yeah, he just buys the most expensive house in Miami. | ||
Keep doing it, dude. | ||
He's bought so much stuff around here. | ||
And that story, you can tell that story 50 or 60 times now. | ||
Texas is going to be great. | ||
Dallas will be a super city. | ||
Austin will be one of the great boom cities of the next 30 years. | ||
It's going to take a second. | ||
Some of these cities are very soft right now. | ||
Houston has no housing stock there. | ||
They haven't built anything in the last two years. | ||
That'll be a boom here over 26 and 27. | ||
Nashville will be great. | ||
Carolinas is going to be awesome. | ||
Parts of Georgia, not all of it, but Atlanta. | ||
Savannah will be a great city. | ||
Myrtle Beach, all that. | ||
There's a theme with all these places. | ||
Yeah, they're warm. Well, and they're also all red. | ||
They're red. Electorally, yeah. | ||
And the more, like, you know, I actually will benefit more if Kamala... | ||
Yeah. | ||
Yeah. So they'd come down here, snowbirds, they'd come down here and visit. | ||
Oh my God, I like it. And then they'd go back home. | ||
Now, a lot of them are starting to stick. | ||
They're staying. You know how many Canadians are now staying? | ||
Well, they want to get the hell out of Canada for a million reasons, but I'm seeing a ton of that down here. | ||
The snowbirds just staying all together. | ||
I think she wants to be true to them. | ||
Maybe they're brother and sister. | ||
God. Because I know she's not black. | ||
I'm not sure if he's a man. | ||
What is she? Nobody knows. | ||
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I thought Mike was going to run. | |
That's what I thought. I had money on it. | ||
Patience, patience. There's still 30 some odd days. | ||
You're right. That's what I always thought. | ||
But no, they're going to go all the way. | ||
A lot of people are Googling who's Mike right now. | ||
We're not talking about Michael Jordan. Different Mike. | ||
He just sold his house in Chicago. | ||
Well, that's an interesting one. | ||
He wanted $27 million and he got $14 million. | ||
Didn't he originally want like 50 million or something? | ||
I've watched that video on YouTube. | ||
Michael Jordan probably was at one time the coolest house in America with all of that 90s Jordan stuff and 15 million bucks. | ||
And it's been for sale for like, I don't know, a dozen years or something. | ||
But what does that say about the state of these cities? | ||
That Michael Jordan's house, massive estate, it had memorabilia, basketball court, the whole thing. | ||
50 million bucks in the scheme of things is nothing for a super fan of Michael Jordan to just be like, I'll steal that thing, and he could not get rid of it. | ||
To me, that's emblematic. | ||
He overbuilt. He built in the wrong place. | ||
At that time, it was the right place, but he didn't look to the future, right? | ||
So with real estate, you can't just look today. | ||
You gotta be like, okay, but where's the migration going? | ||
And there's got to be barriers. | ||
California's got big barriers, New York City. | ||
But as long as the people start sucking out, when they migrate out, like Arizona's been a freaking unbelievable. | ||
People have made so much money in Arizona because California went over there, out of their $3 million house, saw a $400,000 house and said, I'll buy two of these. | ||
And so that's going to continue to happen around the country. | ||
So as we watch all this happen, are you hopeful? | ||
I mean, it sounds like you're kind of hopeful despite the smile on your face. | ||
You're doing stuff, obviously. | ||
Look, I always make money with Democrats. | ||
I was a Democrat the first half of my life. | ||
So I was raised by a Democrat family. | ||
Yeah, most people were. | ||
Single mom raised me. | ||
We had five kids. | ||
On a budget, didn't have any money, no connections. | ||
You wanted to be a Democrat because they were more like us. | ||
And then about... | ||
That was the first half of my lifetime, right? | ||
But something changed, man. | ||
I don't even recognize this. | ||
And by the way, I don't really recognize the Republican Party either, which I'm kind of glad about. | ||
Which you're happy about, right? I'm very happy about it. | ||
I don't think it's a Republican Party. | ||
I think it's the party of change. | ||
And... And aggressive change without pushing agendas on me. | ||
Do you think that is largely because of Trump's business experience and that he had to fight the system to do all these things in New York City, even to build the ice skating rink in Central Park? | ||
And he had to fight the machine constantly. | ||
So then that's sort of what he's done now politically. | ||
I think he's just a unique individual that is blessed with some kind of Perception that doesn't really match his orator skills. | ||
And I think he has some magic internally in his head. | ||
The guy's got a good predictive. | ||
Like, if you look at the stuff he says- No, his track record's pretty damn good. | ||
No, it's like, bro, you reading tarot cards? | ||
Like, when you're in some kind of like, what do you know? | ||
Because he says the craziest shit that ends up becoming, dang, that happened. | ||
And, look, I don't really, like, I've made money under, I made a lot of money under Barack. | ||
You know, the Bushes weren't, I wasn't proud of the Bushes. | ||
I wasn't proud of all those wars. | ||
And when Obama got in, it looked to me like he kept all the same people. | ||
And there was just more wars. | ||
And, you know, when Trump got in, I'm like, oh, the wars stopped. | ||
No wars. I like that. | ||
And everybody was worried about him going nuclear. | ||
So, did I make as much money with Trump? | ||
I don't think it mattered any, you know? | ||
And then Joe, clearly he hadn't been there. | ||
I think he said yesterday, she's been running everything. | ||
Yeah. He delegated... | ||
So, what's the silver lining? | ||
Man, we're in America, dude. This is a great place. | ||
I mean, it's hard to ruin this place. | ||
This is going to sound a little corny, but what would you say is the best part of having money and the worst part of having money? | ||
The best part of having money? | ||
Like real money? Yeah. | ||
Well, what do you consider real money? | ||
Whatever you got, I consider real money. | ||
Like, you can basically do whatever you want, right? | ||
Yeah, yeah. You get on, Matt? | ||
Yeah. You know, that's it. I mean, I, you know... | ||
Do whatever you want to give a middle finger to whoever you want to say, no, no, I'm not doing that. | ||
To say to a customer, here's your money back. | ||
I don't want to do business with you anymore. | ||
You're not happy? Great. | ||
Here's your money. Do you remember the moment that that clicked for you? | ||
Because it's not a number that you reach to, right? | ||
It's a psychological state more than anything. | ||
There may be a vague number, sort of. | ||
Yeah, it's interesting because me and my wife always talked about, when are we going to make it? | ||
When are we going to make it? And people around us would laugh and say, dude, You guys are like, we're on your plane. | ||
And I'm like, yeah, but I hadn't made it yet. | ||
Because I knew... | ||
Like, I think everybody's got their own little temperature. | ||
And I don't know that I'm quite there yet. | ||
I'm getting close to where I'm like, you know what? | ||
Bro, I'm good now. But... | ||
But what would that be? What would be the difference in your life? | ||
What would be the difference? Well, I'd have a yacht. | ||
I would definitely have a yacht. But you could probably have a yacht. | ||
No, no, no, no, no. What are you talking about? | ||
Like one of these $100 million yachts? | ||
Oh, yeah. Oh, yeah, at least that. | ||
You know, like big. Yeah. | ||
Guys, can we start a GoFundMe? | ||
What do we think? We'll see what we can do for it. | ||
Yeah, let's start a GoFundMe account for me. | ||
GrantCardoneJot.com. | ||
You're welcome to come for one weekend. | ||
But that's interesting, though. | ||
There's still something. Oh, yeah. | ||
Mega money. There's a physical thing still. | ||
Mega money. Like, I would love to have a super pack. | ||
Right? I would love to have a super PAC. I'd love to start moving money in the direction of campaigns rather than just contributing to this and that. | ||
I never feel like I'm making a difference like that. | ||
I want to make a difference. | ||
And that's the purpose of money. | ||
Like, it's not about just buying your groceries and paying for your house note and your car and... | ||
I don't spend a lot of money on stuff. | ||
My wife, you know, she buys nice stuff. | ||
I buy whatever blue jeans are on sale. | ||
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That's what I'm getting. Mitt Romney bought his shirts at Costco. | |
Yeah, he's a terrible example. I don't want to be compared to him because he's a bitch. | ||
Well, he just went the wrong way. | ||
It's sort of the Cuban thing. | ||
It's a very similar- It's a butthurt, dude. | ||
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He was butthurt. Jed was butthurt. | |
They were embarrassed by this freaking guy that came from the streets. | ||
I mean, Donald Trump was collecting rents when he was 14 and 15 years old. | ||
Knocking on doors. Hey, you're late. | ||
That makes you strong, man. | ||
He's a street guy. I also love how they constantly try to put Trump down for getting some money from his dad, which to me, it's like, I hope I'm going to give some money to my kids that they will then do something great with. | ||
Like, that's the hope. They may screw it up. | ||
And most of them do. | ||
He did screw it up. Most second generation money? | ||
Probably 90% of it blows what the dad gave. | ||
I don't know what he gave him. You know what the number was? | ||
They always say it's 100, but he says way less. | ||
I even heard 400 recently. | ||
So I don't know what it is. | ||
Either way, it doesn't guarantee success. | ||
That's the point. 100%. It could be... | ||
I got all mine from zero, so I know how to do it. | ||
I know how to do it a second time. | ||
I went on a TV show called Undercover Billionaire. | ||
They took all my money away. | ||
They took my name away. They took my credit cards away. | ||
And I built a $5 million business in 90 days. | ||
Mark Cuban couldn't do that, by the way. | ||
Guarantee you Mark couldn't do it. | ||
Not if he's hot. Put that out there. Mark Cuban, I dare you to try that. | ||
You won't do it. Okay? | ||
You ain't got the freaking rock star anymore. | ||
Yeah. But you wouldn't even take the challenge. | ||
But I built a five and a half million dollar business during COVID without using my name, a credit card, or even a penny. | ||
I never spend a penny of the money. | ||
And I know I can do that again. | ||
Now, can my kids do that? | ||
I don't know. | ||
But... Inheriting money is one of the ways to create wealth. | ||
It is a wealth hack. | ||
Getting married is the second one. | ||
By the way, you can marry more money in a day than you can make in a lifetime. | ||
Starting a business is the third one. | ||
Investing is the fourth one. | ||
And the fifth one is get lucky. | ||
It's the hardest of the bunch to win the lottery ticket. | ||
And it can't be duplicated. | ||
What are some of the things that you try to do generationally now? | ||
I've got two two-year-olds who are trying to figure out all the plans around all of that. | ||
They were like, what do you want to do about college? | ||
And I was like, I'm not doing a college fund. | ||
There's virtually no chance they're going to end up in college. | ||
My hope is we'll raise them, right? | ||
That's right. And then when they're now out there, I will hopefully be able to help them accomplish their dreams if their heads are incorrect. | ||
But the idea that I'm putting this away to go to college, so they can become Hamas members, it's like, shut up. | ||
It's insane. Yeah. I would never... | ||
I went to college. You went to college. | ||
I went to college, yeah. I would never go back to college. | ||
We're of a certain age. Yeah. You just did it. | ||
You know, my kid asked me... | ||
They're both homeschooled. | ||
Yeah. We took them out of the school system. Yeah, we're probably going to do that. | ||
It was... No-brainer, dude. | ||
It's way easier. | ||
You were in L.A. at the time. No, we were here. | ||
You were here, right? Yeah, we were here. | ||
We took them to Miami-Dade. | ||
Yeah. What was it, Miami? | ||
Country Day. Country Day. Great school. | ||
Yeah. Took them out of the system. | ||
They got better immediately. And they never were bad, but they got relief. | ||
Mm-hmm. We homeschool them. | ||
It's not an issue. It's cheaper than sending them to that school, by the way. | ||
So anybody that thinks homeschooling is more expensive, it's not. | ||
And it's getting cheaper because more people are doing it. | ||
Of course. And technology is going to make it... | ||
Yeah, technology is going to just... | ||
My 15-year-old is already finished. | ||
She finishes senior this year, my 15-year-old. | ||
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And what's she going to do? Well, she's like, hey, you think I should go to college? | |
I said, it'd be the dumbest thing you ever did in your life. | ||
I mean, if you want to learn how to use drugs, if you want to become an alcoholic, if you want to get convinced to have a sex change, go to college. | ||
If you want to get rich, come work with me in my business. | ||
She comes to work with me every day. | ||
She makes 60 to 100 phone calls a day. | ||
Has been doing that for a couple years now. | ||
And the same with the other one. | ||
She wants to be an actress, but we don't give them money. | ||
This is what I would tell you. | ||
Never give them allowance. | ||
Make investments for them, don't give them money. | ||
And you give them an investment because they did something. | ||
We have a contract with them. | ||
We've had contracts with them since they were six. | ||
And the contract says you have to do X, Y, Z, whatever. | ||
There's a list of things you have to do. | ||
They sign the contract. For that, they get $30,000. | ||
We start them at $36,000 a year. | ||
You know, basically child slave labor. | ||
And the $36,000 went into a real estate deal. | ||
The real estate deal pays them every month. | ||
And that's the only money they can use every month. | ||
And so they can spend whatever that... | ||
Today, now they have, they both have, I don't know, 300 grand invested already. | ||
Wow. It'll be a million dollars by the time they're 20. | ||
And so when they're 20, they still won't have access to the investment. | ||
They'll never touch it. They can only spend the cash flow. | ||
When do they get access? | ||
Even though I get it, you don't want them to have access. | ||
Or you certainly wouldn't want them to touch it. | ||
Yeah, yeah. When I'm certain about all the... | ||
Oh, when all the things have been checked off. | ||
They found the right partner. | ||
Well, yeah, yeah. Because I'm not, you know... | ||
Right. When I'm ready. So I control the asset, but I'm not paying them money. | ||
First of all, it's a tax deduction. | ||
Yeah. Okay. | ||
The income they get is tax-free for the first four or five years. | ||
So when they need a toy, which I can't write off, these are the wealth hacks, right? | ||
I can't write off toys. | ||
They can buy their own toy. | ||
They don't pay taxes. | ||
Right. So, and, you know, then they get to make decisions about money and how to earn it and what to do with it and You know, they'll definitely be required to sign prenups or I won't go to the wedding. | ||
Right. What's been your biggest blunder? | ||
Well, biggest blunder in my life was, you know, I turned to drugs when I was 15 years old. | ||
And I ended up being on, I had a terrible drug habit for 10 years. | ||
That was the first worst thing that I ever did. | ||
It cost me 10 years of my life. | ||
Very ashamed of it. Would never do it again. | ||
Don't, you know, don't promote drugs to anyone. | ||
Nobody starts using drugs and thinks they're going to become a drug addict. | ||
Every drug addict started thinking I'm just having fun and nobody escapes the drugs. | ||
Diddy's in jail right now. | ||
I guarantee he's dying right now. | ||
He doesn't even know what he's going through because he's going through withdrawals. | ||
Second biggest mistake was going to college. | ||
Definitely was a massive mistake. | ||
Where'd you go? I went to McNeese State University. | ||
Got a degree in accounting. | ||
Third mistake that I made was staying in the same town that I grew up in. | ||
Too long. And then the fourth mistake was the first business I started. | ||
I still have it today. But I took a business that I got good at. | ||
And because I got good at it and because it was paying me a little money, I kept doing it. | ||
And the truth is, it was a terrible business. | ||
So you think you just stuck with it too long as opposed to just... | ||
Yeah, exactly. I stuck with it 20 years. | ||
And I made a lot of money, but it was a terrible business. | ||
I didn't know I was in a terrible business because I didn't do the research to figure out what are good businesses. | ||
Like, I would do it all different today if I was doing it. | ||
Again. Again. Yeah, yeah. | ||
And anything big on the horizon that we haven't discussed? | ||
No, man. When is this going to drop? | ||
This will drop next week. | ||
Yeah, we're about to do... | ||
I'd love to have you as a guest at our wealth conference October 9th and 10th here in Miami at Turnberry. | ||
Oh, let's do it for sure. Yeah, we're going to have probably 1,000 people there talking about wealth, wealth hacks. | ||
I'm bringing a bunch of people from Wall Street. | ||
They're willing to share their secrets. | ||
There'll be a guy there just... | ||
Just started two companies, probably worth $16 billion. | ||
I think I saw on the way over here this morning, he's a friend of mine, he's gonna be there speaking. | ||
Who else? Rob Cohen from- Gary Cohen. | ||
Gary Cohen from the SEC. Bunch of wealth people, but- Cool. | ||
Love to have you there. Yeah, yeah. | ||
I'm one, you know, I've started two companies. | ||
I started my production company here, and then I started techcompanylocals.com, which eventually merged with Rumble, and we went public. | ||
Oh, that's fantastic. So I'm two for two, basically. | ||
Yeah. And I'm working on number three. | ||
I'll talk about that off camera. | ||
Okay. And you've done good in real estate, so. | ||
Yeah. Doing all right. You know, I'd love to have you there. | ||
This was a great break from like the pure political. | ||
Yeah. So what do y'all talk about for an hour? | ||
You just keep. Well, right now we're just in hardcore political election mode for the next couple weeks. | ||
So what do you think happens from here? | ||
What are we, 40 days or something? | ||
We're 40 days out. | ||
Look, anyone that tells you that they really know what's going to happen has no freaking clue, and they're just lying to you. | ||
That's just very obvious to me. | ||
No one has a freaking clue. | ||
I don't know if you saw, by chance, Brett Weinstein was on Joe Rogan, and he was talking about the margin that they can cheat with. | ||
And it's like, there's just so many things in the system that make no sense. | ||
The pure, utter gaslighting of all of the policies of the Democrats. | ||
The fact that a certain amount of people just have Trump derangement syndrome. | ||
the entire world is set against the guy that's been too assassinated. | ||
There's just so much in the system right now that I just try to tell it to my audience straight | ||
with a little bit of humor and just, let's see if we can fix this thing because I'm with you. | ||
If she wins, and it's not about her, she's just a piece of the thing. | ||
She just represents something and if that thing wins, I'm gonna be very bullish on Florida as I always am, | ||
but I'm gonna be very wary of whatever can happen And that's a sad reality, but we set up a system that allows some of that. | ||
And, you know, between Golden Beach and down here, we'll be okay. | ||
Yeah, I hope so, man. | ||
I worry about it because I can't imagine that—how many people does she need to show up to vote? | ||
Because the Trump people are going to show up. | ||
It seems the Trump people will show up. | ||
What I'm worried about is, you know, they said it was 81 to 75 last time, but somehow Trump will get 80 and then they'll say she got 82. | ||
Yeah. You're worried about another stealing the election. | ||
Another something. You know what I mean? | ||
But there's not that many registered voters. | ||
I thought there was just like 135 million registered voters. | ||
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How do you get 150? Numbers are numbers. | |
I know. Why don't they just follow the numbers? | ||
Yeah. There's always somebody finding the numbers. | ||
But even, you know, putting aside shenanigans, I am worried that there's just, even look at some of the things you explained here, like basic stuff that most people should know, that this is what you do for a living. | ||
You're always telling people stuff that they should know. | ||
I'm worried that there is just a certain amount of people in this country that simply do not understand what the issues are. | ||
They don't understand any basics, whether it's economics or foreign policy or border policy. | ||
They're so confused about everything, they're just like, oh, she smiles and Democrats seem nice. | ||
Yeah. So it doesn't matter how many people we show what reality is. | ||
That would be my number one concern. | ||
But we got 30 days to wake up more people. | ||
Yeah, I know a lot of my friends that voted for Biden and voted for Barack, and they're not excited about her. | ||
Yeah. So you think they're going to go to Trump. | ||
So that's always the question now. And they hate Trump. | ||
But will they vote for him in the face of that? | ||
I don't know that they're going to get up and go vote for him, but I didn't think they were going to get up and go vote for Joe either. | ||
I mean, I know a lot of people that were Biden people that are not voting for her. | ||
And the question is, can they vote for Trump? | ||
Yeah. Now, the night of the DNC, when Hillary came out and she spoke, I'm like, they should have run Hillary this year. | ||
She sounded great. | ||
The best she's ever sounded. | ||
Whether you believe in that or not, she clearly, at least there's a sense that she believes what she's saying. | ||
There's a cohesive set of thoughts there. | ||
With Kamala, it's just whatever the machine wants her to do, that's what she does. | ||
But again, I think a certain amount of people just swallow that. | ||
That's tough. That's tough. | ||
Thanks for having me. It's great to see you. | ||
Thanks. For more insightful discussions on how to live the good life, check out our Lifestyle Playlist. | ||
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