wealth strategy

How The New Spending Bill And Tax Plan Can Impact Your Overall Wealth Strategy With Tom Wheelwright

TWS 82 | New Spending Bill

 

With the new president and administration coming in, a new spending bill has been passed. It tells an interesting story, but what exactly is its difference from the past spending bills? Patrick Donohoe brings back Tom Wheelwright to tackle this very subject. They also go into Biden’s tax plan and its implications to the overall economy. Tom is an entrepreneur, bestselling author, and the personal CPA of Robert Kiyosaki. He is studying the goings-on of the Biden administration when it comes to the spending plan that passed, as well as some precedents that are being set for future changes to the tax code that could potentially impact your overall wealth strategy.

Watch the episode here:

Listen to the podcast here:

How The New Spending Bill And Tax Plan Can Impact Your Overall Wealth Strategy With Tom Wheelwright

Thank you for reading another episode. Hopefully, you’re not just reading. You’re learning and getting some key insights into ways in which you can improve your wealth. I hope you’ve enjoyed the last couple of episodes, speaking about some current events. That’s what we’re going to do now with a good friend of mine, Tom Wheelwright. He is the personal CPA of Robert Kiyosaki and has been for years. He has been a great friend for years. I was intrigued based on some of the stuff he’s put on his YouTube channel and show. He is studying the goings-on of the Biden administration when it comes to the spending plan that passed, as well as some precedents that are being set for future changes to the tax code that could potentially impact your overall wealth strategy. It’s a great conversation. You guys are going to enjoy it. Make sure you check out Tom’s podcast. He has a CPA-facing show, as well as an investor and business-owner-facing show. He also has an awesome YouTube channel. Let’s get to my interview with Tom Wheelwright.

Tom, it’s good to have you. Thank you for coming back. What a couple of months we’ve had of 2021. It’s entertaining, isn’t it?

It’s almost like 2020 hasn’t ended yet.

It’s a continuation. It keeps going and going. We talked about what the stimulus meant with regards to the response to COVID. We’re with a new president and administration. We have this massive, I don’t know if massive is the right word. There’s probably some crazy word three levels above that that’s appropriate. You have this spending bill. I think it tells an interesting story. As you’ve been monitoring this, what are some of the things that you were curious about or found interesting as it related to how this spending bill might be different than past spending bills?

TWS 82 | New Spending Bill

New Spending Bill: We’ve made unemployment non-taxable up to $10,000. We’ve made forgiveness of student loans non-taxable.

 

First of all, of course, it’s the timing because we’re on the way to recovery. We have only 6% unemployment, which historically is a very good unemployment rate. We have lots of businesses that can’t find people like restaurants. What we’re doing is we’re extending the increased unemployment. We’re sending checks when we have a historically high savings rate. We have not had as high savings rate since 1984. What are we doing? We’re giving more money. It’s very interesting both the obvious stuff like the $1,400 checks, which by the way, unlike the CARES Act, doesn’t just go to you and your spouse but also goes to your kids. It’s not a reduced amount for your kids. It’s the same amount for two kids.

We’ve got this Child Tax Credit and Child Care Credit. We’ve made unemployment non-taxable up to $10,000. We’ve made forgiveness of student loans non-taxable, which is interesting because it sets up the obvious question. The only reason you do that is because you’re expecting to forgive student loans. They’re not forgiving yet. You’re expecting this to happen. It’s clear that the Democrats are expecting President Biden to issue an executive order. It’s very interesting. For example, you have $350 billion going to states with the requirement that they can’t use it for tax cuts which is an interesting question because it begs the question, “Money is fungible.” Let’s say to use it for that other stuff, which frees up money for tax cuts, to make new other tax cuts. Even if they have a banner year, are they prohibited from giving any tax cuts?

There’s some clear unintended, maybe unintended. We don’t know but it is a massive spending bill. There’s a lot of stuff in there. Some of the spending is not going to happen until 2027 and you’re going, “How does this have anything to do with this crisis?” The reality is that most of it doesn’t but Joe Biden’s agenda. For example, eighteen months of COBRA, the insurance paid by the government. It’s tough to argue that. People need insurance when they’re unemployed. They don’t have money to pay for it. Having the government pay for their insurance for eighteen months, there’s certainly an argument for it. If you look historically, presidents are trying to make a big impact in their first 100 days. It’s interesting that this is the direction that they chose.

Earned income credit has long been thought of as a negative income tax. It's a social payment. Share on X

Given what he ran on, does it surprise you that this has come out?

Yes, and no. They had to get it passed to some conservative Democratic senators. Joe Manchin in West Virginia and Kyrsten Sinema of my own state, Arizona. To do that, there are certain things they could include and didn’t include. As much as the far-left complains about it, it’s a good inroad into Joe Biden’s agenda right off the bat. It’s not overly surprising, the $350 billion to the states. I don’t have mixed feelings about this bill. I don’t like the bill at all. I’m not particularly opposed to some of the things, but I am opposed to the price tag. The price tag is enormous and it’s going to come back to bite us.

What does this tell you about other agenda items that the Biden administration campaigned with?

Take for example, healthcare. He was a very big fan of universal healthcare. This makes inroads into that. He was a very big fan of unions. There was some stuff for unions. There’s an expectation that he was voted in by the Left Coast, the West Coast and the East Coast, so a lot of money are going to those states. There are expectations that a lot of that money will end up to bail out pension plans.

That was one of the provisions of the bill. It’s billing out the Pension Guaranty Association.

There’s a lot of bailout money in this bill. Let’s be honest, there was bail money in other bills too. The PPP loans are bailout money. They’re just bailout money for small businesses. The $300 a week unemployment is bailout money for unemployed people. One of the differences is that it’s not just the big businesses that are getting bailed out this time. In 2008, 2009 and 2010, it was only the big businesses. The small guys got hammered. One thing that you can say is that this is a bailout for pretty much everybody.

Going to where your specialty lies, you understand the tax code better than anyone I know. You have read some of the bills, especially during COVID. What do you think this means for changes to taxes in all respects, the business and investment side of things?

Most of these payments are tax payments. The $1,400, that’s a tax credit. The $3,600 for kids, that’s going to be paid out ahead of time $300 a month, but that’s a tax credit. Dependent Care, that’s a tax credit. The forgiveness of student loans, that’s a tax exemption for that. The unemployment not being taxable, that’s taxed. You see that all of this policy, most of it, with the exception of the actual handouts of the $350 billion to the states and $300, there’s that but a lot of it is taxing. We’re seeing social manipulation through the Tax Law, which we’ve always had. Let’s face it. I’ve always said that the Tax Law is a series of incentives. What we’re seeing is a shift in where those incentives are going. They’re going towards families. Another thing, you no longer have to have children to get the Earned Income Credit. That’s new.

TWS 82 | New Spending Bill

New Spending Bill: By definition, a company is valued-based on its PE ratio. If their earnings go down because you’ve got higher taxes, your price comes down with it.

 

They’re doing it for 65 and older too, right?

Right. Earned Income Credit has long been thought of as a negative income tax. That was first proposed by Milton Friedman, the conservative economist back in the ’70s. It’s a social payment. The Child Tax Credits are social payments because they’re refundable now. That is also new that they’re refundable. What you have already seen is, through the Tax Law, a redistribution of income. What will happen next is that they will use the deficits they’ve created to justify tax increases on the “wealthy.” They defined it at $400,000. Interestingly enough, Joe Biden is going to stick with that $400,000 threshold. That’s very important for everybody who’s reading.

As soon as I heard him say that in his campaign, I’m going, “That’s my target. I don’t want any clients making more than $400,000 of taxable income.” You can make millions and millions of dollars but don’t make more than $400,000 of taxable income. We’re already seeing in the dependent care credit that the threshold is $400,000. That’s a good indication that that’s where we’re going. This is a shift of benefits to lower-income, lower-middle-class. Not even middle-class, but lower-class because all of the stuff is refundable. It’s not just offsetting taxes. It’s a payment that’s a direct payment.

You can think of the child credit as a universal basic income for children. That’s what it is. They already are talking about making that one permanent. The Democrats have been very smart about this. They can make this shift for taxes using the reconciliation process. They only need right there 50 plus 1 majority in the Senate. They don’t need 60 votes in the Senate for this. The other thing they’ve been smart about is, rather than giving a universal basic income to adults, which gets a lot of pushback, they gave basic a universal income for kids. How do you argue with that? From a purely political standpoint, I have to applaud them.

There are probably some fundamental differences between what Biden has proposed and what he campaigned with as far as what’s going to happen with taxes. What happened in 2017 with Donald Trump in what he proposed? What are those 30,000-foot fundamental differences?

It’s just to get incentives. That’s all it is. They are still incentives. For example, Biden wants to increase the top tax rate back to 39.6%. I would guess that will happen. It’s hard to fight that one. That’s a tough argument that people that make that much money of $600,000 married need a tax break. They don’t. It’s not going to affect the economy if they raise those taxes. That’s a small shift. I don’t think that’s a big deal. He wants to tax capital gains over $1 million at a much higher rate. That will be an interesting one because as long as he exempts businesses and real estate, then that one could easily fly. That’s an easy one to exempt for personal residences. There are a few things they’re going to have to exempt in that one, but that will apply.

A lot of the other tax increases are much tougher. Joe Manchin does not like the change in the estate tax. He voted to get rid of it completely. There are uphill battles for Biden in his bigger agenda, but they’re making inroads. To President Biden’s credit and the Democrats, they’re being very careful. They gave up the $400 unemployment and cut it back to $300, but then they extended them. There were trade-offs here. They’ve been smart about what they’re doing. All we’re doing in 2017, we had big tax incentives for businesses and real estate. There are going to be social payments like we see in this bill, but there are also going to be a lot of incentives for clean energy. The next big thing is clean energy. That’s where the tax incentives are going to be. My clients are already talking about shifting their strategy from residential real estate to real estate associated with clean energy. It’s not that hard to do. It’s just a matter of understanding the law and taking advantage of the incentives that are there.

Who owns Corporate America? It's not mostly big stockholders. It's mostly pension plans and 401(k)s. Share on X

Do you think this is something that’s going to get pushed this 2021? Do you think it will go into 2022?

It will be this 2021. They have one more shot at reconciliation this 2021. It’s very tough for them to make changes like this in an election year. I would expect this 2021 that we’re going to see any changes that they make, they’re going to try to push this through while the iron is hot.

They have two years until midterm. It’s like they’re trying to get everything, all the major items, those big rocks through.

Let’s face it. Both parties do this. It’s not like this is, “The Democrats are horrible. The Republicans they’re saint.” The Republicans did exactly the same thing. The Republicans didn’t care anymore about the deficit that the Democrats do. You can’t even take that argument. There are very few people in Congress that are looking at deficits at all these days. To me, it’s politics as usual.

Tom, as we look at the economy, we’re not economists. Sometimes we talk about it. Of course, it’s opinion. Looking at some of the studies that have been done by Tax Foundation, where they analyzed if Biden’s tax plan went through, the implications to the overall economy were negative in all categories, not hugely negative, but 500,000 jobs lost. GDP is a negative one and a half-ish. When you look at the objective of Democrats, that side of things, the administration, it’s not necessarily pushing lots of growth. It’s pushing growth in certain areas.

It’s very much shifting incentives. There’s going to be more going to unions. President Biden has been very clear that he wants to expand union activities. There’s a provision in this COVID bill that gives sixteen weeks of COVID leave to federal employees. You’re going to continue to see that same thing continue to happen. One thing that was interesting in the Tax Foundation’s findings is that they estimate that the worst thing he could do is to raise the corporate tax rate. That was surprising to me. I’ve always thought 25% is not a horrible corporate tax rate. I thought that’s probably where it should have gone in the first place. That was one of the original proposals in 2017 that was taking the 25%.

For it to go to 25%, the challenge is you can’t go much higher. Remember, we don’t just have a federal income tax. We have a state income tax. You’ve got to add on 5%, 6%, 7% to that. Now, you’re in the 25% federal, you’re in the 30% plus range, which puts you equal to other countries. We’re lower than other countries, but if you raise it to 25%, you put us equal to other countries. If you go over 25% to 28%, the 28% that he campaigned on, we’re higher than other countries. That would be devastating to us. The other thing that I don’t know that is ever considered in the public discussion is, “Who owns Corporate America?” It’s not mostly big stockholders. It’s mostly pension plans and 401(k)s. As the stock market increases, that benefits pension plans and 401(k)s. Corporate income tax is a tax on pensions and 401(k)s.

TWS 82 | New Spending Bill

Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes

The theory is that those values will go down just because profits are going to go down because of taxes.

By definition, a company is valued-based on its PE ratio. If their earnings go down because you’ve got higher taxes, your price comes down with it. That Price-to-Earnings ratio is you’ve got to look at the earnings to determine what the price is. That’s a tough one. When you’ve got an economy that you’re trying to stimulate to put big taxes this 2021, I suspect the corporate income taxes, they’re probably going to push these social payments. There are a couple of states in play for the Democrats in the Senate in 2022. Notably, Wisconsin and Ohio. There are a couple in play for the Republicans too. Notably, Arizona and Nevada. The Democrats think they can pick up seats if they do their legislation and follow the legislation appropriately. This is all towards gaining more control. What they like is a little more control so that they can pass more of their agenda.

Tom, this has been super helpful. I know that as we get closer to when certain legislation is going to happen when it comes to taxes, let’s chat again to talk about the specifics of it. Entrepreneurs and investors are always looking for opportunities. They’re trying to think where the puck is headed. It’s clear based on some of the things that you said, where the economy is going, where investment is going and where you can put money to pay less taxes but still get good gains. It’s going to be cool to see what are the strategies available once we know what’s coming down the line. Let’s circle back in a few months.

Yes, for sure. I don’t read some of the bills, Patrick. I read them all.

Heaven bless you, Tom.

It’s so much. These bills are fascinating. What’s in them is remarkable. The good news is they’re not going to get rid of incentives. They’re just going to change where the incentives are. Entrepreneurs can always get to tax-free wealth. We can always get there. We have to have good advisors, understand the law and have a good strategy for investing so that if we make the right choices, then we can pay less tax. We need to stay on top of it all the time.

Tom, you also have an awesome podcast. First, a podcast that is tax professional-facing, but also a podcast for the public where you teach a lot of these principles. Tom also has an incredible practice where he consults individuals just like you and businesses to navigate the waters of a complex system of sorts. Everything Tom-wise, you can go to WealthAbility.com, unless you want to cite some other things that you’re working on.

Entrepreneurs can always get tax-free wealth. They have to have a good strategy for investing to make the right choices and pay less tax. Share on X

Tax-Free Wealth is the book that explains how the Tax Law works.

Are you going to do version three when the new stuff comes out?

I’m writing a new book that will come out at the end of 2021. I’m very excited about the new book. It’s a very in-depth look at some investments and the tax consequences of those investments. It’s very exciting stuff. Like you said, we have an entire network of tax advisors around the country and in Canada. In 2022, we’ll be launching internationally. WealthAbility.com is the place to go. Anything we can do to help, we’re happy to help any way we can.

Tom, as always, it’s a pleasure. Thank you for imparting your wisdom to us. We appreciate it. Like I said, we’ll circle back once we get closer to what’s going on with some of the things that are going to change in the tax code.

Thanks, Patrick.

I’ll see you, Tom.

 Important Links:

About Tom Wheelwright

TWS 82 | New Spending BillTom Wheelwright, CPA is the visionary and best selling author behind multiple companies that specializing in wealth and tax strategy. Tom is also a leading expert and published author on partnerships and corporation tax strategies, a well-known platform speaker and a wealth education innovator.

 

 

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What People Can Do To Survive The Inflation With Ken McElroy

TWS 80 | Surviving The Inflation

 

While the government’s efforts to provide stimulus packages to answer the economic issues that are happening due to the pandemic, it’s not a sustainable solution. The country is still dealing with more unemployment, and companies and businesses are facing the threat of inevitable inflation. In the first part of this interview, Ken McElroy of MC Companies sat down with Patrick Donohoe to share his investment philosophy to help people prepare for possible future opportunities in the real estate market. Today, they discuss what people can do to be on the right side of things and survive inflation: study what’s happening, gather the funds, and invest in the right stuff.

Watch the episode here:

Listen to the podcast here:

What People Can Do To Survive The Inflation With Ken McElroy

Thank you for reading part two of an awesome interview with a real estate investment icon, Ken McElroy. If you didn’t read the last interview, go check that out, that’s part one, it will help create some context to what we’re talking about. It’s a singular topic and it’s focusing on the economy and the influence of the effect the economy is going to have on American wealth and finance and investments. I’m wrapping up a two-day financial advisor online summit that I hosted. I’m glad you’re here and you’re willing to learn. Kenny is an amazing guy. Go check out his website, go check out his books and his YouTube channel.

Let me give you a little bit of a preface before we get into this interview. The objective I took when coming up with interview questions and so forth was to bring out Ken his perspective of the economy. What’s going on? What is being done where we haven’t seen necessarily the impact yet, but we’ll see the impact in the future? There’s a lot going on right now. We try to focus on what’s going on in two areas. I believe that these are the two primary influences of the economy. Number one is monetary policy, which is the set of objectives the Federal Reserve takes to establish the reasoning behind their activities.

Second is fiscal policy. Fiscal policy is the stance the government takes, especially the administration that has the influence on how it is going to accomplish its agenda through laws, through spending bills, through modifications, through the Tax Code. The reason I’m wanting to do this is that it’s clear based on the narrative, the activities are forthcoming, they’re happening and will happen over the coming years, but the activities are in motion. The impact it’s going to have on the economy is that there’s going to be more inflation and there are going to be higher taxes. I’m not going to get into the reasons and details, Kenny and I get into some of it, but there are important details in here that I do not want you to miss. That’s why I’m going through this little monologue so I can establish context for you.

Number one, inflation is the agenda, the purchasing power of your money, which means that the money you have right now buys many things, it will buy less in the future. That’s what inflation is. You also have taxes. Taxes, whether it’s on spending, taxes on investments, taxes on gains, taxes on income, are going up, they have to go up. It’s clear based on the narrative that’s already being set, that they are going to push forth activities to make modifications. It’s important to understand what impact it’s going to have on your specific wealth. Right now, American wealth is set up to be harmed by what’s to come. Hopefully, you extract out of Kenny some nuggets so that you can start positioning your investment strategy, your wealth strategy, your business strategy, your pursuit of financial independence strategy accordingly because these things are coming and we have to navigate around them if we want to be successful. Thank you for learning again. I hope you enjoy the second part with my friend, Ken McElroy. Thank you. Take care.

Let’s move to the last point of the economy, because that is going to determine a lot of what’s going to happen, and it’s already happening. There are things that are in motion that haven’t necessarily manifested yet. How the economy is now is in large part stimulated by the government. What do you see is happening? Obviously, you don’t have a crystal ball, but you’ve experienced market’s ups and downs cycles enough where there are probably some leading indicators. What are the Feds doing? Will they continue to do? What are some of the variables that need to happen when they stop doing it?

First of all, things are going to unravel as you know. The Federal Reserve cannot continue to spend this much money on that. They have to let things emerge. There might be new tax incentives and new stimulus packages and all that stuff to make it a soft landing for people, for businesses. They’re all trying to figure that out. We’re not out of the woods yet on that side of it, but once the vaccine gets rolled out and things start getting a little safer, I don’t think we’re going to go back to the way we were, but there won’t be any longer an excuse to not go into the office and to move forward. It’s going to be a personal decision. I don’t want to go down that road because that is what it is. People decide what they want to decide. The point is that right now the Coronavirus is the reason. When that goes away, then the government is not any longer palpable, “You’re at home, here’s some cash.” We’re now back to an even playing field. Now, it’s up to you. There will be some cash available for people and some things that we’re going to have to do. What the governments are afraid of is homelessness, and that’s a big one. They’re afraid of things like food shortages and those kinds of things. They’re going to be focused on those kinds of things.

TWS 80 | Surviving The Inflation

Surviving The Inflation: Inflation is inevitable because we pumped all this cash into the system.

 

As opposed to putting money in people’s pockets.

They’re going to maybe do that with the minimum wage and maybe some additional stimulus, but that doesn’t go far. $1,200 to somebody will give them a couple of months. I’m not saying that’s not good. I’m saying that at some point, you can’t continue to do that. It all leads to inflation of some kind. When you raise the minimum wage, what it does is squeezes the profit margin on a business that’s already in trouble. A restaurant as an example that got kicked out now has higher wages. All of that stuff turns into higher prices. A lot of people might disagree with me, but I don’t know how you can’t pay more people more money, and then you’re going to have businesses, either reducing employee, go to halftime, they’re going to try to run a little leaner or maybe the owner gets more involved, but potentially it’s going to create either more unemployment or prices are going to rise if they can.

That’s what’s interesting is you had businesses get the crap kicked out of them for a year. Instead of getting things back, filling their coffers again, now they have to pay out more money to employees, so their only option is to either take less money or raise their prices. Is it going to lead to not just what normal inflation would be if you had a normal economy pre-COVID and you raise the minimum wage? You’d have some inflation, but now the likelihood is a lot higher. Do you see the economy being able to support a lot more inflation? I know that’s subjective.

I’ve been trying to wrap my head around this. Our good friend, Andy Tanner, I bet he’s here more than you know, trying to figure this out because he is a massive student of this. We were in Japan together. We were talking with Robert Kiyosaki and we were there on Rich Dad. People are saying they’re on like QE 30 or something crazy. Their GDP is the highest in the world, and yet they’re not seeing this massive inflation. I call them up, “Andy, when we were in Tokyo, how can the government continue to pour all this cash into an economy, and then not see it?” What he described to me, which I thought was a good example. This is Andy, and I’m still learning like all of us, he said that the balloon has been inflated and the government has been putting money in and the balloons inflated to what it is. It could be gas prices, food prices, real estate. It’s not all just an inflation number. Everything’s a little bit different. He said that there’s a hole in it and that’s deflationary.

Take a look at the numbers, follow the math, and then try to be out in front of it. Share on X

There are things that could be potentially deflationary, but they keep putting money in it to keep it at its size. That’s what’s happening now. We do have inflation on things. This phone here when I bought it, it’s worthless. I get more. That’s an easy thing to pick on. There are things that are deflationary and there are things that are inflationary, and it’s all bundled together. I do believe that we’re going to have inflation because we pumped all this cash into the system. There are going to be more goods chasing those things at some point in time.

What are some final thoughts you have in regard to the state of things and the individual investor in mind, and how they can stay even-tempered? You have the Bitcoin soaring, the crypto craze, you have the GameStop and you have forums that are trying to short squeeze some of the big, short positions that are out there. There’s a lot of buzzes. What do you do to maintain an even keel temperament? What do you talk about frequently with investors that sometimes get off the rails because of the craziness?

There’s a bunch of things. One, it’s a horrible time for a lot of people, and that’s inevitable and there’s not a darn thing we can do about it. What you can do is you can start to study what’s happening and you can be on the right side of that, whatever that is. I mentioned that with my trainer, “No one invests a bunch of money now because you’re going to have a bunch of gyms goes out of business in the next several years. Go find out what funds those are and figure that out.” It’s a long-term strategy. People, generally, like things quick and easy. Bitcoin, GameStop, that’s lazy man’s money. It’s easy to throw money into that and then watch it. That is not investing in my opinion. That’s speculative in its biggest nature. You can go online and there will be tons of people that say this is a certainty. There’s nothing certain except debt and taxes, even real estate isn’t certain.

The one thing I love about real estate is if you look at the numbers, and I thought and did this in 2008, I went through this ‘08, ‘09, ‘10, massive people dumped out of housing, out of mortgages, and they dumped into rental housing and they put this incredible pressure on rental housing. Then it moved back out again and that’s where we are. Take a look at the numbers, follow the math, and then try to be out in front of it. This is going to be the biggest transfer of wealth that we will see in a long time. That could be wrong, I don’t know what the future is going to be like. In my lifetime, this is it. This is a time that you need to have the education and be out in front of that stuff, and then put together your team so that you can go out and do things.

There are many things happening. It’s right in front of us. The hotel businesses are closed, the micro hotels especially. Nobody is going to those, nobody is paying those. There is nobody traveling. I was on the phone with my friend that owns a bunch of it. He’s getting killed, 10%, 20%, 30% occupancy. There are already funds being put together to buy those and convert those to housing. That’s what I’m talking about. All of this is right in front of you. There are people already swirling around the malls, looking at redevelopment. That’s real estate, it is what it is. You’ve got to pay attention to those kinds of things and ask a lot of questions and get educated.

Kenny, we could probably talk for a few more hours. I have 10 million questions, but let’s do this. I know you have some new digital resources that you are making available to people that teach a lot of these types of principles. Would you speak to that as we end the interview?

This has been the greatest part of the pandemic for me. I haven’t been a big social media guy or a big YouTube guy. I’ve been trudging along on real estate and buying real estate. We have 250 employees and we’re busy and flying all over the place looking at stuff. The pandemic, I was like, “I’m going to get camera crews here and I’m going to start teaching.” We started teaching in March 2020, I start putting these YouTube videos out. Now we’re up over 200,000 subscribers. We started doing these videos to help people and we put them on our website, KenMcElroy.com. It’s been great. We put out a masterclass that people could get. They can subscribe to these videos of stuff they are interested in and learning some of the things. We have a forum that people can go and talk to other members. We have thousands of people helping people now, which has been great. It’s all been collaborative. The premium membership is $19 a month. That’s $200 for a year and you could go look at all these different videos and all these what we’re talking about and get educated and learn. That’s the key to this next step.

TWS 80 | Surviving The Inflation

Surviving The Inflation: Start to study what’s happening so you can be on the right side of whatever that is that you’re investing on.

 

Sometimes chaos is the mother of invention. I know it was always out there for you because you always have been teaching, but what a great opportunity to pivot a little bit. I know there are people that rave about some of the stuff that you’re doing. Kenny, you’re amazing. Thank you for what you do. Thanks for teaching people. Thanks for your time. We’ll have to do this again, maybe as to 2021 comes to an end and 2022 starts to rear its head, and we’ll see whether it’s ugly or pretty.

It’s going to be an interesting time. People have some hope, you can be on the other side of this. It’s going to be some rough roads, but you can be on the other side of it.

I appreciate that, Kenny. Thanks again for teaching us. We’ll talk to you next time.

Patrick, good chatting with you.

Important Links:

About Ken McElroy

TWS 79: Real Estate Future Opportunities

For over two decades, Ken McElroy has experienced great success in the real estate world through investment analysis, acquisitions, property management, and property development. Ken believes in sharing these successes, as well as his setbacks, to help educate and inspire investors to bridge the gap between where they are and where they want to be. In addition to sharing his expertise, Ken also shares his mindset, because building wealth isn’t simply about putting money in the right place at the right time. It’s about understanding that determination and self-motivation are the real keys to thriving. Here you’ll discover a place that reflects Ken’s passion for real estate and helping others, where investors from all walks of life can learn, grow, and thrive. We believe that everyone deserves financial freedom. Let us show you how to get there.

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