“Don’t F* With Me!” Grant Cardone Breaks Silence on Controversy, Lawsuits, & Selling Real Estate

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Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Speaker 00

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• 0:30Speaker 01

  I am not here to satisfy you. I don't care if you like me or not, man. Grant Cardone.

• 0:34Graham Stephan?

  The man himself. What do you think is a criticism about you that's fair?

• 0:38Speaker 01

  There's a lot.

• 0:39Graham Stephan?

  Where do we start?

• 0:41Speaker 01

  This is why people hate me. I have debt on $2.2 billion of real estate. I would appear to be disconnected.

• 0:51Speaker 01

  There it is. This is cool. Showing the plane can appear to be arrogant to some people. Overconfident.

• 0:57Jack Selby?

  What I have here is a fleet.

• 0:59Graham Stephan?

  How much of that, though, is just played up for the camera?

• 1:01Speaker 01

  No, I don't play up. There's not a play up.

• 1:04Jack Selby?

  The main controversies surrounding you would just be mostly around the fee schedule for your Cardone capital. People don't quite understand it. And I still like, don't even understand it.

• 1:12Speaker 01

  What don't you understand, bro? What's your IQ? It's not a math number. It's an idea. The real issue here around money is roles and responsibility.

• 1:20Graham Stephan?

  So what do most people get wrong?

• 1:22Speaker 01

  Well, they don't ask me like you guys did. They do YouTube videos. Don't make accusations that aren't true when you know they're not true. Cause the moment you move into definition and own something, if you own any property, I'm gonna come get it from you.

• 1:36Graham Stephan?

  Grant Cardone, thank you so much for coming on the Ice Coffee Hour. Really appreciate it.

• 1:40Speaker 01

  Yeah, thanks.

• 1:41Graham Stephan?

  What do you think is a criticism about you that's fair?

• 1:44Speaker 01

  Oh, man, there's a lot, lot, there's a lot.

• 1:46Graham Stephan?

  Where do we start?

• 1:47Speaker 01

  Yeah, where do you start? Okay, I'm, you know, the fair criticism is, I mean, there's some unfair, but the fair would be that I would appear to be disconnected, maybe from, you know, because of what I've achieved. The plane, showing the plane can appear to be arrogant to some people. Arrogancy, overconfident. What do they say about me? Trump supporter, get a lot of hate for the Trump support. Uh, you know, some of this stuff about the offerings on the investments, that's completely unfair because what we've done for 20,000 investors is unbelievable.

• 2:29Speaker 01

  To provide people with access to institutional quality assets the way we have at scale.

• 2:35Jack Selby?

  But you would say the arrogance. So, so you say people claim-

• 2:38Speaker 01

  When I watch my own stuff, I'm like, do you look so arrogant when you present stuff? I just, I just, and, and, and, and then I'm not thoughtful enough about how people receive something.

• 2:50Jack Selby?

  How much of that though is just played up for the camera?

• 2:52Speaker 01

  No, no, it's not. I don't play up. There's not a play up. There's not, there's not, there's not, okay, I'm gonna do this because this is gonna trigger people.

• 3:00Jack Selby?

  So when you said that someone making 400,000 a year is broke?

• 3:03Speaker 01

  That, that, that was done. It's a great, it's a perfect example.

• 3:06Jack Selby?

  Yeah.

• 3:07Speaker 01

  Okay, that was not contrived. I had no clue that would happen.

• 3:10Jack Selby?

  You just said it.

• 3:11Speaker 01

  By the way, that was videoed in front of an insurance company. Uh, there was 120 people in the room, very large insurance company, and they hired me to come uh, speak to their people. I said, hey, I asked the CEO, what do you want me to, you know, what would you like me to do? He's like, look, I got a couple of guys making $10 million a year and everybody else here is making 400 grand. He's like, I need you to freaking amp these guys up to make 10 million each. I said, okay, I got it. So my opening line was, look, if you're in this room, okay, this was not, this was pre-internet. The, the, the video had been, that, that video was probably four or five years old when it was found.

• 3:48Jack Selby?

  Hmm.

• 3:48Speaker 01

  And then put on, uh, put on one of the social platforms.

• 3:51Jack Selby?

  Yeah.

• 3:51Speaker 01

  I don't even think the social platforms existed when I did that event. That's how old it was. Could be seven years old. And, um, he said, I need you to get the $400,000 guys off their ass to earn more money. I said, well, what's the most money you can earn? He's like, I got guys making $10 million a year in this room. So my opening line was, if you're in this room and you're sitting with people making 10 million and you all have the same opportunity and you're making 400 grand, you, I, I don't even know how you go home and feel good about yourself. That was the line. Okay?

• 4:24Jack Selby?

  Do you believe that though? Or was this just like, hey, this is the requirement of speaking? You, you gotta amp these people up and you're like, okay, well, what's this effective?

• 4:29Speaker 01

  I had one guy paying me. They pay, I think they paid me 150 grand to go in there and spend one hour jacking these guys up. That video was not made for mankind. That video was made for 125 guys that work at an insurance company that have the ability to make 10 million selling a product. Uh, and if you're in a room, if you're, there's four of us in a room and there's a guy in the room and we're all doing the same thing and you're making a billion dollars and I'm not, I'm like, what's wrong with me?

• 4:57Jack Selby?

  Okay, well, that, that, there's a lot to decode from.

• 5:00Speaker 01

  Yeah, let's decode it.

• 5:01Graham Stephan?

  I would like to, yeah.

• 5:02Jack Selby?

  Because you're, you're saying, what's wrong with me if I'm not making a billion dollars? That's basically saying that like highest moral value, highest value of life is suggesting that that increasing your income to its maximum capacity is like the best utilization of a life.

• 5:16Speaker 01

  Uh, uh, uh, in this case, I was not asked to catch fish. I was asked to amp a, a, a room up about making money.

• 5:23Jack Selby?

  So I understand like why.

• 5:24Speaker 01

  And selling more insurance, by the way, by the way, the guy that sells, if you believe in the product, okay? I was doing this company and the people have been, uh, uh, a service if the insurance product is good. When they're not, they're not selling drugs, they're providing people with insurance, which people might not have, or they're underinsured. And I'm going in there saying, if you have the ability to make an extra phone call, it's not really about the money. It's just, I couldn't, the guy didn't ask me, talk to them about selling more insurance. He said, talk to them about making more money.

• 5:54Graham Stephan?

  Did you end up making them more money?

• 5:56Speaker 01

  Well, you know.

• 5:58Graham Stephan?

  Like the Z.

• 5:59Speaker 01

  If I would have mentioned the insurance company's name, I certainly would have because.

• 6:02Graham Stephan?

  No, for the, for the salespeople, for the salespeople.

• 6:04Speaker 01

  One hundred percent.

• 6:05Graham Stephan?

  They made more money when they felt that four hundred thousand was broke.

• 6:08Speaker 01

  It woke people up, even if it was just temporarily, like, like, you know, if you get, if you get in a car wreck, you're going to be, become more conscious of how you drive and how other people drive after the car wreck. So I'm punching them in the face to say, hey, wake up, there's an opportunity here.

• 6:23Graham Stephan?

  Why do you think some people were complacent with four hundred thousand while other people felt like they need to push to?

• 6:29Speaker 01

  Well, because, because at that time.

• 6:31Graham Stephan?

  Well, like, what's the difference between those two people?

• 6:32Speaker 01

  This is seven or eight or nine years ago. That's when you could actually live on four hundred grand. Fast forward to 2026 and I'm probably closer to right.

• 6:42Speaker 01

  Then then wrong. Okay, cuz I've been talking about this inflation thing for many, many years. Hey, you don't make enough money. I've been talking about a million dollars was no money. The middle class was changing. These numbers are all

• 6:55Speaker 01

  basically inherited ideas from earlier generations where, oh, a hundred grand's a lot of money. Four hundred grand's a lot of money. A million dollars, a lot of money. Your generation's being told right now that you're being priced out. You're not priced out. You just don't work hard enough. Now, not in your case, but a majority of the population is tapping out right now. Believing in that case, seven or eight years ago, you could live on four hundred grand. When the truth is, if you live in the state of California, four hundred grand is really two sixty. And after the cost of living, electricity, taxes, insurance, etc. You're probably down to a hundred thousand and a hundred grand today in this country and almost any place, except maybe, you know, rural Midwest, it's not a lot of money.

• 7:35Jack Selby?

  So if someone has the ability to make a lot of money, but they're not doing it, what do you think is holding them back?

• 7:41Speaker 01

  Well, th- these conversations, you know, like you're like, oh, the moral compass, it's not about money. I'm like, dude, if you have a wife and two kids or three kids, two parents that are aging, you know, and any other responsibilities in the community that you consider yourself responsible for some participation in the game, you need to make more money, you know?

• 8:05Jack Selby?

  I agree with that. I mean, I think that there is obviously like some sort of diminishing return at some point, though. What I was saying was like the difference between making a hundred million dollars here and

• 8:13Speaker 01

  Diminishing return.

• 8:15Jack Selby?

  It depends on what your like your roles and responsibilities, what you are, what your duties are. And so if you're a man trying to provide for his family, it's like, okay, well, there is obviously in California, and probably it's gonna be a couple hundred thousand dollars. If you're the only person working. And then if it's, you know, you have many kids and your kids have like physical needs and stuff, okay, then you keep bringing it up. But I don't think that like the difference between making two million dollars, granted, this is coming from a person who doesn't make two million dollars. So take it with a grain of salt. Difference between two million dollars and ten million dollars in terms of what you can provide for your family will not make them better people.

• 8:46Speaker 01

  Yeah. Oh, I didn't say, I've never, there's no clip of me saying people that make more money are better people.

• 8:52Jack Selby?

  Well, like raise your children, raise your children in a more efficient way.

• 8:56Speaker 01

  Well, you can do that on $2 million. You can probably do that on, you can do that on 200 grand. You, I mean, you can, you know. The amount of money, raising your kids efficiently, you can give a guy a billion dollars. It doesn't mean he's going to raise his kids well. You know, I'm doing a great job of raising my kids. I know that nobody can take that away from me, but the money has nothing to do with it. Does it allow me to spend more time with them? Yeah, 100%.

• 9:24Jack Selby?

  There was a comment-

• 9:24Speaker 01

  But it was cheaper for me to take my kids out of school than keep them in the schools. So anybody that thinks they can't homeschool, can't homeschool because you're not taking responsibility. This is the real, the real issue here around money is roles and responsibility. And most people think they're only responsible for themselves and not even their wife anymore. Okay, it's like, I gotta have two people work. No, you don't. You need to work. She should stay home and raise the kids. And, but you need to make more money. You, you, you know, so that, I mean, that's just my belief, like work.

• 9:55Jack Selby?

  So if, if your wife was better at making money than you.

• 9:59Speaker 01

  Yeah.

• 9:59Jack Selby?

  Do you think it would be most efficient or productive for you to be a stay at home dad? And she be a stay, uh, go out and work?

• 10:05Speaker 01

  Yeah, never, never, never even considered it.

• 10:08Jack Selby?

  But if, if she was more efficient at making money, so if she was better-

• 10:11Speaker 01

  I can't even think, but I'm sorry, I just-

• 10:13Jack Selby?

  Is there, is there a world in which a woman can be better at making money than a guy? And like, if they're in a relationship, should she be the one going out and working?

• 10:19Speaker 01

  I just can't have babies, you know, I can't have babies. So I, I, I don't know how to do that. So, and maybe it's just traditional, you know, just look, I, that ain't gonna happen. My wife used to ask me, what if I made more money? I said, never gonna happen.

• 10:32Jack Selby?

  You said that? What was-

• 10:34Speaker 01

  You're never gonna make more money than me.

• 10:35Jack Selby?

  What was her response to that?

• 10:37Speaker 01

  She's like, but what if I did, would it bother you? I said, no, it won't bother me. Make more money. If you want to make more money, go get a deal, get somebody to give you a bunch of money. But like, you're never gonna make more money than me because I am always gonna-

• 10:46Jack Selby?

  So you're flexing on your wife?

• 10:48Speaker 01

  No, I'm always, I'm always gonna amp it up. And unless we're like, I'm gonna figure out another way to, to earn more money. Cause I know there's endless amounts of money. Since the last time I was on this show.

• 10:58Jack Selby?

  Yeah.

• 10:59Speaker 01

  Okay, the US government has printed 25%, maybe 30% more currency is in place today, in play today than was the last time I was on this show.

• 11:09Speaker 01

  That means I should have gotten a pay raise. You should have a pay raise. You should have a pay raise. Everybody watching this right now should be making more money. But most people can't say they're making more money because they're not. Why? Why aren't they earning more money? Why aren't they getting more money if more money was produced? I'm not even talking about spending right now. If more money was produced,

• 11:29Speaker 01

  your earnings should automatically gone up. Period. What's the minimum amount that you need to make to not be broke? I don't know. I mean, I'm broke. I'm broke. No matter how much money I make, I'm broke anyway. So you got to tell me what broke means. What would you consider to be broke? Well, I don't have any money with me right now, so I'm broke. Right now, today, I'm broke to get back to. If you didn't get me a ride back to the hotel. You would have a credit card or something. I don't have anything on me. I'm broke right now. You don't have like an Uber app on your phone? I do have an Uber app. Okay, so you could figure out a way to. Yeah, but if I was broke and my Uber app doesn't work anymore, then I'm broke. Now, how do I get back? That is the way people really should. This is the calculation people should understand. This is what I did on Undercover Billionaire. I didn't have any money. I had a hundred dollars.

• 12:15Speaker 01

  I took the hundred dollars, gave it to the bank. Discovery Channel was upset because they're like, you need money. I said, no, I don't need money. I need people. I need my ability to contact people and ask somebody to give me a lift. I'd go out there right now and I'd do this. And I'd get a lift. I'd get a lift back to the hotel. Right? And then, and then I got a room tonight. How did I? So, so that's the hustle. The hustle is other people. I need to get in front of people. That's why the roofer and the HVAC guy and the plumber and the electrician are going to kill AI. They're gonna, they're gonna, they're gonna overperform. They're gonna make, the plumber tomorrow is going to make more money than the doctor tomorrow. If they know how to hustle.

• 12:58Speaker 01

  Now, if they don't, they're just going to get inflated on. And they're gonna tell, okay, you, the wife's got to go work now. And the kids have to go to schools. And everything's gonna get more expensive on you and, and, and you're just a spectator in the game.

• 13:14Jack Selby?

  One thing that was really interesting that you mentioned in our last podcast, though, is that if you have a million dollars, you're as close to broke as possible. And so I feel like a lot of people disagree with that sentiment because I would say there are many dollars, maybe even a million different dollars that are closer to broke than a million dollars. And so what do you mean by a million dollars being as close to broke as possible?

• 13:34Speaker 01

  How old are you?

• 13:35Jack Selby?

  Twenty seven.

• 13:35Speaker 01

  Okay, so if you don't have new income, okay, and you're gonna live to your eighty seven, and you have no new income, you guys break up, there's no sponsors, there's no income, nothing, dude, like, well, you're just, you know, whatever, you cannot earn income. You have no government checks, so you have sixty years and a million dollars. I don't know what the math is on that.

• 13:57Jack Selby?

  Well, you could, let's say, let's say I put it in stocks and I'm taking a three percent withdrawal rate. So I have thirty K a year.

• 14:01Speaker 01

  Yeah, thirty thousand a year, give or take. Okay, you, you live on thirty grand a year.

• 14:06Jack Selby?

  It would be uncomfortable.

• 14:07Speaker 01

  Twenty five hundred bucks a month. You can't, bro, not even in this town. Your rent's twenty five hundred bucks. Your rent's two grand, where, how do you live? You got a mom and a dad? How do you feel about yourself now? Your dad, you're, you find out your dad has dementia. And it's gonna take him sixteen grand because your, your mom can't take care of him. Now you gotta take care of the mom and the dad. Now, how do you feel? What happened to your roles and responsibility? You were thinking about yourself. This is the problem right here. It's not a money problem, it's a roles and responsibility problem. I'm not responsible just for myself. If I'm a capable, able, intelligent, I can work, I'm healthy, that, that's my abilities. And I don't extend my roles and responsibility, not just my wife, my kids,

• 14:49Speaker 01

  my, my employees, my community, my neighborhood, even to my government, then, then, then I have diminishing roles and responsibilities, okay? And if you have no roles and responsibilities, then you don't need a lot of money. But if you have, if you have, believe you have, if God gave you a bunch of responsibilities and roles and, then, then you need money. Mother Teresa needed money. So she, she didn't have any of her own money, so what does she do? You don't need your own money, you need to be connected to people that have money in that case.

• 15:20Graham Stephan?

  A lot of people

• 15:20Speaker 01

  And you need more than a million dollars. Like, I don't even know where this number came from. It's not a math number. It's an idea. It's an old idea. A million dollars and you got it.

• 15:31Graham Stephan?

  Yeah, for me, growing up, it was always a hundred grand that I thought when I was like 12 years old, like you want to make a hundred thousand dollars a year.

• 15:37Speaker 01

  Yeah.

• 15:38Graham Stephan?

  And then you see how quickly it goes. Like even my health insurance is close to a thousand dollars a month now. And it's the worst health insurance possible. It's a catastrophic plan. Still a thousand dollars a month for two people, which is crazy. The amount of prices are going up.

• 15:51Speaker 01

  Yeah, I mean, I had a, I had a coffee this morning. It was 12 dollars.

• 15:56Graham Stephan?

  Okay, well, that's, that is, if I walked up to a coffee shop, saw a coffee was 12 dollars, I'm walking 20 feet to the next. Yeah, I make my coffee at home. I just brought it here.

• 16:05Speaker 01

  Well, you know.

• 16:05Graham Stephan?

  I saved 12 dollars.

• 16:06Speaker 01

  Okay, good. Maybe.

• 16:08Graham Stephan?

  I did.

• 16:09Speaker 01

  Okay, good. But, but, you know, the idea that, I'm not interested in saving money. I'm interested in, in, in earning more money. So I'm like, oh, it's 12 dollars for the coffee. I wanted the coffee. So I'm like, do I save 12 dollars? If I, no, actually you don't get the coffee. So you could say you saved 12 dollars, but the truth is I didn't get what I wanted. You know, in an abundance mindset, I'd be like, okay, yeah, dude, give me, give me, give me two of them. Give me two of them and here's a tip. Here's another 12 dollars for just delivering me the coffee. No harm, no foul. I'm gonna go earn more money. And by the way, I'm gonna do that for my wife and my kids and my church and my community and all my employees and.

• 16:51Graham Stephan?

  Yeah. Look, it's no secret that finding a good real estate deal takes a lot more than just casually browsing a few online listings. Like, let's face it, between researching markets, running the numbers and figuring out financing, it could quickly become overwhelming.

• 17:05Jack Selby?

  That's why we are so excited to partner with Lennar Investor Marketplace. Lennar Investor Marketplace is an all-in-one solution for finding rental-ready new homes across more than 90 desirable markets nationwide. It can help you determine which investment meets your needs using key metrics like estimated net operating income, and you can even submit offers through the marketplace. Seriously, guys, buying real estate has never been this easy.

• 17:25Graham Stephan?

  The homes on Lennar Investor Marketplace are professionally built, pre-inspected, and rent- Ready from day one. They also provide rental comps and local area insights to get a better sense of the neighborhood.

• 17:35Jack Selby?

  As a marketplace investor, you'll gain access to benefits like financing, property management, insurance, and title services through Lennar and their affiliates to make your life easier.

• 17:43Graham Stephan?

  So if you're ready to find a turnkey new construction home, try out Lennar Investor Marketplace. The link is down below in the description.

• 17:49Jack Selby?

  Thanks again so much to Lennar for sponsoring the Ice Coffee Hour and back to the episode. To live in abundance, you need to have a lot of money, though. Presumably, like if you want to be the way that you just described. What would you say your predictions are for the 2026 housing market? How can people make money in real estate in 2026?

• 18:07Speaker 01

  If I was trying to make a bunch of money tomorrow, I would not go into real estate. Real estate is very heavy. I'm more likely to go sell waters at a concert where I could get $12 for the water because people are thirsty. You know, the location changes how much I'm willing to pay for that coffee or that water, right? The real estate, the real estate would not be what I would go into tomorrow if I was trying to make a bunch of money.

• 18:30Jack Selby?

  What would you go into?

• 18:31Speaker 01

  Uh, well, I would definitely think about AI. You know, if I was 25 years old and didn't, didn't, you know, hated school or 20 years old or 18, I would become an AI consultant. If you'd asked me this the last time I was here, I wouldn't, I wouldn't even know about it. I'd become an AI consultant. I would have, I would have 10 clients, each pay me $8,000 to go in and push all their AI, all their programs. I'd probably bring three AI, three AI platforms into the company, figure out three or four different projects they want me to handle. I wouldn't be on their healthcare, wouldn't be on their payroll. They'd pay me an $8,000 consulting fee. I'd make a million dollars in year one. Eight, $83,000 a month, 10 people, 8,300 bucks each.

• 19:14Jack Selby?

  Let's break this down to actionable things. So if you were watching this right now, let's just say they're 25 year old guy, not up to a whole lot, and they want to make the crazy amount of money.

• 19:23Speaker 01

  Eighty three hundred, 83,000 bucks a month.

• 19:25Jack Selby?

  So about a million bucks a year. What is the first thing that they do?

• 19:28Speaker 01

  You gotta become, you gotta become an expert at AI.

• 19:31Jack Selby?

  Okay. So how would you become an expert now?

• 19:33Speaker 01

  Well, rather than sitting in your little room and watching my Instagram and me tell you, you're not making enough money, you need to become an AI expert. You need to throw yourself down into cloud, into chat, into which nobody even talks about.

• 19:47Jack Selby?

  Yeah.

• 19:48Speaker 01

  Five months ago, that's all you talked about. Whatever. Pick a platform. And you need to become an expert. You need to learn how to ask questions better than anybody else can ask questions on the verticals that you're going to go on. If I was chiropractor, I'd be like, I would learn how to ask those questions, have that already set up, dentistry, etc. And then I would start calling on those companies saying, I've built these AI platforms, that, you know, I am an expert in this. The guy you're calling on will not know whether you're an expert or not. That'll be determined by how good work you do for them in month one, whether you get paid in month two. But this is a brand new open space. The other, the other thing you could do is the social media. So people are still terrible at social media. All these people I'm talking about, all these verticals I'm talking about are horrible. At best, they

• 20:30Speaker 01

  have a LinkedIn account or maybe an Instagram account and they misuse them. Car dealers in this town don't know how to use their social media and don't know how to use their AI. Every car dealer in this town would be a player for an AI consultant. Once you become the ma- the, a genius at this, whatever this AI platform is, now you need to become a sales, you need to become a sales god. You need to, because these are knocking on doors. These aren't, I'm going to send an email out and doctor, the dentist is going to answer me and say, please come in and pitch me. You gotta go call on companies. And this, this is why your viewer won't do it. Because they are so dis- they're, they're so disabled with making contact with a human being.

• 21:12Graham Stephan?

  It's hard to do, man. Even for me, I hated door knocking. I couldn't stand, I would rather quit real estate than do door knocking.

• 21:19Speaker 01

  It's not even the rejection. See, I'd say, why does your audience not do this? And they're gonna be like, I hate rejection. No, you don't hate rejection. You hate being ignored.

• 21:29Speaker 00

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• 21:59Speaker 01

  Because in the beginning, they're going to ignore you. There's not going to be any rejection. There'll be no response at all. That's why you send the email. You send the email so you don't have to deal with reality. If you go knock on their door, watch them turn you away and say, I don't have time for you. You can't even get over, forget whether you're an expert. You cannot even get past, I don't have time for you. Like, your audience doesn't even know how to handle that one thing.

• 22:19Jack Selby?

  It's dehumanizing. I did two, I had two videos where I went door to door washing windows.

• 22:25Speaker 01

  Yeah.

• 22:25Jack Selby?

  Cause this kid was making a thousand dollars a day cash.

• 22:28Speaker 01

  Yeah.

• 22:28Jack Selby?

  Going door to door washing windows. But the amount of rejection that I got, the way that people treated me, it was dehumanizing.

• 22:35Speaker 01

  It's terrible.

• 22:35Jack Selby?

  And it was discouraging. And I felt like crap.

• 22:38Speaker 01

  Yeah.

• 22:38Jack Selby?

  But then when you finally get a yes, it's a great feeling. But you have to go through like 10 to 20 no's.

• 22:43Speaker 01

  My daughter, Sabrina, she was here last time, and she, we put her on the phones. And I said, here's the script. You're going to call and say, my dad asked me to call you, and he wants to know why you didn't buy the product. It's a very easy script. She had a list. They were warm. They weren't expecting a call. Hey, my name's Sabrina. She's like, oh, my God, what am I? I said, don't worry about what you're going to say. Worry about what's going to happen to you when they don't pick up. Okay. She's like, what do you mean? I said, you'll know. You'll know. Just let me know when you know. Okay. So she started making phone calls. No answer, no answer, no answer, no answer, no answer. Won't pick up, won't pick up, won't call back. She went through like 19 of those. She was devastated. She had never been, at her age, I think she was 13 at the time, never been ignored by that many

• 23:25Speaker 01

  people. She was used to walking up saying hi to people and everybody gives her attention. And that was removed. So like, people don't know. This is what the Mormons do. They, they send their kids two years to missionary, which I think is brilliant. And they got to go to another country with another language and knock on doors.

• 23:44Jack Selby?

  And so you'd say-

• 23:45Speaker 01

  Could you do it?

• 23:46Jack Selby?

  Could I do it?

• 23:46Speaker 01

  Yeah.

• 23:47Jack Selby?

  I could if I needed to. Yeah. I think, because I mean, growing up, there were like different things I needed to raise money for, like even track, you sell these car wash things, you come door knocking. Like, I was able to do it, but now I'm not necessarily in a position, so it'd be more uncomfortable. But if I had the hunger instilled in me because I wasn't providing in the way I wanted to, then yeah, I could.

• 24:05Speaker 01

  Yeah.

• 24:06Jack Selby?

  So I'm, I am curious, though, on the topic of AI implementation, which is basically what you're suggesting. You would say that that is the number one thing that people should be doing right now to make a lot of money is AI implementation. Is there any other thing that you think is really lucrative in 2026?

• 24:20Speaker 01

  You could make, you could make the same money doing social media.

• 24:24Graham Stephan?

  Okay, so what exactly in social?

• 24:25Speaker 01

  You would go in, you would go in your, your, you know, your, uh, whatever you are. You're a dentist. I'm gonna handle your LinkedIn. Oh, we got that handled. I'm gonna handle your Instagram. I'm gonna handle your TikTok. I'm gonna handle your YouTube. I'm gonna handle your shorts. I'm gonna handle your long content. I'm gonna get you podcasts. How much is that gonna cost me? Eighty-three, eighty-three, uh, eighty, uh, eight thousand bucks a month? I'll handle all of it. I'll handle your responses, your comments. I'll make sure everything's linked up back to your website. Well, well, oh, eight thousand dollars. You can't hire an employee in this country for eight thousand dollars a month. And even if you did, you'd have to train them. You don't have to train me. I start today. Your close ratio is probably gonna be forty percent. You're gonna call in ten clients and you're gonna get four of them to sign up.

• 25:10Graham Stephan?

  If you're good at sales.

• 25:12Speaker 01

  Well, i- if your pitch is good.

• 25:14Graham Stephan?

  What's the one thing people get wrong about sales?

• 25:18Speaker 01

  Everything.

• 25:19Graham Stephan?

  Where do they?

• 25:20Speaker 01

  First of all, it's terrible. It's nasty. You know? Nobody gets training. You're not encouraged to do it.

• 25:29Graham Stephan?

  And what's the biggest mistake people make when they're selling someone something?

• 25:32Speaker 01

  Well, God, I mean, we could talk about this for three hours.

• 25:36Graham Stephan?

  What's the main thing that you see people doing? Cause I remember when I was watching the Wolf of Wall Street, he's like, you just gotta shut up when you make the pitch and don't keep talking.

• 25:45Speaker 01

  Yeah, not really.

• 25:46Graham Stephan?

  Is that true?

• 25:46Speaker 01

  Not really. I mean, I, I don't think it's that simple, right? So if, if I shut up and he shuts up, now what happens? Everybody shut up. I mean, you're deep into the deal now. Like, you're not in sales now. You're in the negotiations and the close at that point. So the first mistake would be the target. You know, this goes back to money. The problem with most salespeople is the target's so low that you're not gonna go through what it takes. It's what you just said, dude. You said, oh, I could do that if I had a need to. But most people don't actually have a need to because their understanding of money and life is so messed up. Like, they think, oh, I'm gonna make eight thousand. Eight thousand's a lot of money. I said, eight thousand times ten clients.

• 26:30Speaker 01

  You're that and you're gonna find out that's not a lot of money. You're just gonna find out that life is gonna throw more problems at you that cost money. So you you can go to eighty thousand dollars a client if you want to. You're gonna find out it's no money. You're gonna find out. No matter how much money you make or don't make, you're gonna end up with a problem managing money, funding things. So the sales guy comes in, he's like, I'm gonna make four grand a month. For four grand a month, you're not gonna go through the amount of rejection you were talking about. For four grand a month, you're gonna say, this, I'm gonna get a job that pays me four grand. And I'll work for somebody else. I'm not gonna go through all this rejection.

• 27:04Graham Stephan?

  So why don't you say real estate? Because I feel like seven years ago, seven years ago, I feel like you would have said, all right, we're gonna scrounge up some money together, buy a multifamily.

• 27:12Speaker 01

  I would have never said that.

• 27:13Graham Stephan?

  No?

• 27:13Speaker 01

  Never. Never in my career would I said that. I'd I'd say, if you wanna make money, you go out there and hustle somebody right now. I'll go back to your your window washing. Who was doing the window washing?

• 27:22Graham Stephan?

  I did.

• 27:23Speaker 01

  Yeah, dude. Like, that that's a great business. Okay, cuz I get money today. So that's why the HVAC and the plumber, electrician, all those guys are gonna just crush. The the electrician's gonna be making three hundred fifty grand a year here in the next two or three years.

• 27:38Speaker 01

  So just gotta be good at the pitch. And he could make three and a half million if he could scale his business and tell a story and call on clients. But the money's gonna come from a person. You still gotta go call on people. Like, like, this is the big problem with the sales game. Okay, this is the problem with people that start a business. Most people start a business for the wrong reasons. They start a business because either they got left, let go from their last job, or they hate the guy they worked for. And they come up with this calculation that says, like they're Einstein, and says, I rather than being abused by Grant, I'm gonna go do what I learned at Grant's place and go work for myself. And now I work for myself. And they're gonna find out now that they still don't have the skills to make any money.

• 28:20Speaker 01

  And now they hate the client, the the the environment, and probably even don't like themselves. The average CEO in this country, a solopreneur, makes thirty thousand dollars less working for themselves than they would in the same position working for somebody else.

• 28:38Graham Stephan?

  There is something mentally different, though, for doing something, when you're doing something for yourself. That is freeing. Like, I'd much rather make less money and know that I have full control over my schedule than make more and work for someone else.

• 28:49Speaker 01

  Yeah. All right.

• 28:51Graham Stephan?

  That's you, though. I think not everyone would agree with that, actually.

• 28:53Speaker 01

  I don't, I don't, you know, I don't care who I, I'm, look, I work for somebody else every day. I'm working for you guys today. I'm working for Jared. I'm working for my partner, Brandon. I do a deal with Blackstone. I'm working for them. You know, get a loan from Wells Fargo. I'm working for them. I'm working for everybody. I can pretend to be working for myself, but I'm, I'm always on somebody else's schedule.

• 29:17Graham Stephan?

  What are you seeing right now happening in the real estate market?

• 29:20Speaker 01

  Well, it's just, you know, it is a lot, lots going on. And, and we've got a bunch of debt, single family, single family is not going to, let's just start there. Okay.

• 29:30Graham Stephan?

  Yeah.

• 29:31Speaker 01

  Very difficult to sell out today. The only people selling homes, new homes are selling for less than existing homes are. And that reason that is because the new homes are subsidizing the rate. They're buying the rate down from six and a half down to five and a half or even lower. They're subsidizing down payments. And Bill down the street that wants to sell his house, the guy that wants to sell his house here can't do that. Or he doesn't think he can. So the sellers aren't creative enough to offer financing. So they just lower their price and they can't get the price low enough to actually bring the buyers in. Now, mortgage rates look like they want to fall off the ledge right here.

• 30:06Graham Stephan?

  Yeah, they just dropped below six.

• 30:07Speaker 01

  Yeah. So they're below six. I think they go down to four. I think they're going to just collapse here in the next six months.

• 30:13Graham Stephan?

  What do you think that's going to?

• 30:14Speaker 01

  If that happens, that, that, that will, then the housing market will be, real estate agents will start making money again. Brokers will start making money again, mortgage brokers.

• 30:24Graham Stephan?

  So does that mean then you are bullish long-term for single-family homes? Because if, but if mortgage rates drop, don't you think that all of a sudden then affordability comes back? And that the buyer could now pay what the seller wants?

• 30:36Speaker 01

  Yeah, I think, I think what happens in the beginning, contrary is I think that if rates fall off the cliff, if they would come down really fast, which is what Trump wants.

• 30:45Graham Stephan?

  Yeah.

• 30:45Speaker 01

  And the first thing that would happen is prices would come down, not go up. If rates dropped, I think what happens, now, most people don't agree with this. I think the supply is going to go so high. So many people are going to be like, okay, now's the time to sell our house. The supply is going to increase so much that everybody's going to be like, I'll drop my price right now because I want to move into that other house.

• 31:08Jack Selby?

  So then to secure another low interest loan?

• 31:11Speaker 01

  Yeah, exactly. They're trying to move to something right now. Right now, look, for a sale to take place, there has to be motivation on both parties. So for me to compromise my price, I gotta wanna go do something else. And right now, there's no, there's no urgency to compromise my, my, my price because I have no place to go. The moment I have someplace to go, then I compromise my expectation for what I want for my house because I wanna go to this other place so bad. And that doesn't exist in the system right now. You gotta have supply. You gotta have a lot of supply. You gotta have tremendous demand. And you also have to have the urgency by both parties to say, I'm ready to roll right now because I get a low rate, not a low price. By the way,

• 31:52Speaker 01

  I'd rather a low rate than a low price all day long. This is what Trump wants, by the way. He doesn't want to destroy the equity in the housing. There's about $38 trillion equity sitting in homes and he doesn't want to destroy that. He could, you know, he doesn't want to do that because that would hurt your parents. It would hurt anybody that owns a home. What he wants to do is drop the rate, maintain the equity and have people be able to afford a home.

• 32:16Graham Stephan?

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• 32:28Jack Selby?

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• 32:45Jack Selby?

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• 32:57Graham Stephan?

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• 33:22Graham Stephan?

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• 33:29Jack Selby?

  That is upwork.com, upwork.com. There's also a link down below in the description. You could just click it right there. Thank you so much to Upwork for sponsoring this episode. This episode is in partnership with Airbnb. So Graham and I just wrapped up a trip. We were in Austin for a few days. We filmed episodes with Togi, Chris Camillo and Caleb Hammer. And honestly, every time we're on the road, we're staying at homes on Airbnb. It's just become the default.

• 33:50Graham Stephan?

  And here's the thing most people don't think about. When you're the one traveling, your place back home is just sitting there empty. And that's a real missed opportunity.

• 33:57Jack Selby?

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• 34:22Graham Stephan?

  So instead of your home sitting empty, you could be generating some extra cash, whether that helps you cover the next trip, your flights, or it just goes towards something that you've been putting off at home.

• 34:30Jack Selby?

  I actually listed a spare room in my house on Airbnb and I was genuinely so surprised how easy it was to set up, how seamless the entire process was, and it actually made me some pretty good money. I would actually recommend this to anyone out there that wants to make a little extra cash on the side. It's honestly phenomenal. If you're thinking about hosting but want some help getting started, find a co-host at airbnb.com/host.

• 34:51Graham Stephan?

  So what do you think is the best way to make money in real estate in 2026? Or is it just waiting?

• 34:56Speaker 01

  Well, it's not the single family home. If you, if you, if you force me though into the single family home and say, look, Grant, how would you make money in single family homes? Well, I would pick three or four cities. Miami would be one of them. And I'd say, I'd go, I'd probably go do as much as I hate this concept. But you're saying short term, you just want to make some money. I'd go flip old eighties homes in Miami in certain locations in a five or six different pockets. You need a place where there's old inventory. There's old eighties, eight foot ceilings, old kitchens, and you'd go in, rehab them and pick up 15,000 or 20,000 a year. But the problem is you need some money to do that. You don't, you're not going to need a mortgage. You need some money to flip that house and you need guts. And now you're back in the sales game.

• 35:41Speaker 01

  Now you gotta buy it. You gotta try to steal the house.

• 35:46Speaker 01

  You're calling on a hundred people to get one or two deals, not a hundred people to get forty deals. So that's why the AI thing and the social media thing would be such much greater return than me trying to get you to sell me your house that you just bought.

• 35:59Jack Selby?

  Those would still be active ways to make money, though. Like, you're spending your time making money. What about passive income? Like, if you're going to deploy your capital in any asset, would real estate be the optimal asset class?

• 36:12Speaker 01

  Or what would be? I didn't know I had any money. I didn't know I had any money. I thought I was broke.

• 36:15Jack Selby?

  Well, let's just say someone's out there, they're working a job that they they went to college for, they're making seventy five, eighty K a year.

• 36:21Speaker 01

  Yeah.

• 36:21Jack Selby?

  And they don't want to change career paths and they have this disposable income that they want to invest somewhere.

• 36:28Speaker 01

  Yeah, I mean, that's a different play. So. You're describing me when I was twenty nine years old. I'm making I'm making eighty grand a year. I have thirty thousand left over. I do that two years in a row. I do it three years in a row. I got ninety thousand dollars. I'm not overspending. I live like him, very frugal. He watches every twelve dollars that he spends, every one dollar, every ten cents. And and so I'm banking money over here. I don't know what to do with it. And then I started buying real estate. So I started using that real estate to leverage. I would go buy, but it wouldn't be a single family home, it would be at least four units. Fannie Mae and Freddie Mac today have a five percent program where you can buy four units. It's limited to the four units and a million, I think it's a million three ninety.

• 37:13Speaker 01

  Five percent down, so on a million dollar, four unit complex, you could put fifty grand down. On two hundred grand, you could put ten thousand dollars down and you'd get four units of cash flow.

• 37:24Speaker 01

  But you're not getting rich. You you basically took five thousand dollars, you have four units, you're the manager. You got to go collect six thousand dollars a month, four times fifteen hundred. You're gonna have to fix the place, garden the place, collect the checks, evict people, look at lease notices, qualify people. Like, fix the plumbing. So that ain't passive, bro.

• 37:49Jack Selby?

  What would you recommend to someone who has maybe thirty or forty K in? Money that they can invest somewhere, they're able to save a little bit of money at the end of every month.

• 37:58Speaker 01

  Yeah.

• 37:58Jack Selby?

  Where where should they deploy that?

• 37:59Speaker 01

  Well, I'd say invest it with me, but it's not enough.

• 38:02Jack Selby?

  You can't say that. That's the one thing.

• 38:03Speaker 01

  It's not enough money, so I don't need to say it.

• 38:05Jack Selby?

  Where would they be putting that money?

• 38:07Speaker 01

  I would do what I just said. I would do the four unit deal and suffer and go do 10 up. I do four units. I'd take $5,000. I'd buy four units. And then I'd go do a second one and a third one. I'd do them. If I could do them on the same block, I would do them on the same block. Now, what are you buying now? Four units. It was built in 1970. It's old. Four units. That's why I'll be built back in the seventies. They were building four units in the eighties. They're like, hey, let's build eight units. And then they built eights and then they said, let's build 16. So you'll see them by age. Today, they're only building 350 units. So you'll see these big complexes going vertical. But that's what I would do. Now, is it fast money? No, it's just a little bit of drip.

• 38:52Speaker 01

  The 30 grand is going to earn them maybe 3,000 bucks a year. So you traded 30 grand for 3,000 bucks of income. And most people won't do that. They're like, I want my 30 grand. Your 30 grand is going to be worth three grand here in the next 10 years. They're just going to keep printing money. So you need to convert your cash, the 30K, into something more valuable. In this case, it was, let's say, 150,000 of real estate. 30 grand, leverage, 20% down. I bought a $150,000 property. The value of that property is going to go up as they print money. But it's just a drip. You're only earning three grand a month. You're earning, you know, $250 a month. You're like, this is not a deal. I traded 30 grand for 250 a month.

• 39:33Speaker 01

  I would do that trade, but most people watching this are going to say, $250 is nothing. So they won't do it. But you would never say just $250 because you, you're a miser.

• 39:47Graham Stephan?

  250, if you save that over 30 years invested at a 7% return, that's over a million dollars.

• 39:52Speaker 01

  Yeah. So 12 bucks to 90, right?

• 39:55Graham Stephan?

  Exactly.

• 39:56Speaker 01

  So that's why he's going to Korea for the, he got them.

• 40:00Speaker 01

  So what do you think is the biggest risk to housing prices over the next few years? Yeah, I think the biggest risk is that, you know, the baby boomer dies. Don't they then pass off their wealth? Yeah, they're gonna pass it off. They're gonna pass it. The three of us, we're brothers. And our parents die. The last parent dies and their home is in Shreveport, Louisiana. And we get the notice, you live in LA, you live in Las Vegas and I live in Miami. Oh my God, he died. Okay, we go in, we see the will, you guys get to split the house. He has no other, no other assets. Do you want to move to Shreveport and live in the house?

• 40:34Jack Selby?

  I will not.

• 40:35Speaker 01

  Do you want to live? No, I would. Largest flying roaches in the world live in Shreveport. How do you know that? Cause I, I lived in Louisiana. Okay. You know, I dated a girl there. So, and she came with roaches, by the way, it was worth it. Oh my God. But, oh my gosh.

• 40:52Speaker 01

  And we're gonna be like, dude, what's the house worth? Okay, we haven't, we haven't even buried our father yet. And we're like, what's the house worth? Somebody says, uh, maybe 200. Okay, the housing market sucks right now. So we're gonna list it. And one of you guys is gonna get, you know, like, I got time, no problem, guys, whenever it sells, I'm fine. And then you got, you guys are like, Sell it. Drop the price. We're gonna have a phone call a month later, hey, guys, drop the price. You, you and me are gonna be like, just drop the price, right? You could see, to you, it's found money. We have no emotional connection or attachment to the house. We're not living in it. It's getting degraded. Kitchen's old, the, the ceilings are bad, the real estate agent that got the listings now gonna tell you, oh my God, you need to paint it.

• 41:36Speaker 01

  You need to take all the furniture out. We need to re, reset it up. We need to refurnish it. All that's gonna cost money, guys, it's gonna be $6,000 to do that. Every, all the three of us need to each come up with two grand. And you're like, hey, fuck it, sell the fucking house. Just sell it. That's my biggest concern, is that you're gonna have tens of millions of people all dying in a period of 12 months. Okay, we got 10,000 baby boomers dropping out of the workforce every day. Then you're gonna have them dropping like flies, all hitting in their 80s, their 90s, dropping, just dying. Or they don't die, they go to senior housing. Yeah. Or they go to dementia, I can't remember myself, who I am, I don't remember any of the great things I've done in life. I don't remember any of the interviews we did together. Grant Cardone, forgot that he's Grant Cardone, right? And, and, um,

• 42:21Speaker 01

  Bruce Willis.

• 42:22Graham Stephan?

  Oh, it's terrible.

• 42:23Speaker 01

  It's terrible, dude. Like, but it's gonna hap- it could happen to me or you, you know, or our parents. And so, nobody cares about the house anymore. That guts, single-family homes. The other part that concerns me is that the guys that are your age don't really want this responsibility that you have, this acre here.

• 42:41Speaker 00

  This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed sponsored jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs.

• 43:12Speaker 01

  So you've got 75 million baby boomers that have no interest in home housing. They're dying off. They're not going to buy a new house. They have zero. They're gonna spend less money here in the last 25 years of their life than they spent in any other period in their life. They're not spenders, they're not travelers. They're not gonna fix the house. They're not going to Costco or Home Depot to, you know, put on a new look. They're not buying new furniture. They don't need it. They don't want any changes. So you've got that third that's dying out, and you've got the bottom third entering in that doesn't really want to own that home.

• 43:45Graham Stephan?

  What's the flip side to that? Is there a bullish case where maybe AI makes things so deflationary, interest rates go low, everyone, like, what's the flip side to that?

• 43:55Speaker 01

  Man, I don't see it. I don't see it.

• 43:58Graham Stephan?

  So you think everyone at some point is probably gonna live in a big multifamily?

• 44:01Speaker 01

  I do.

• 44:02Graham Stephan?

  Cause that's all that they could afford?

• 44:04Speaker 01

  No, I think cause they're gonna, it's a more desirable, you only, most of the population's in 20, top 20 cities. You know, 80% of America lives east of the Mississippi River. Only 20% lives on this side of the world, on the United States. Top 20 cities control most of the population. So we don't have a shortage of housing in this country. There's no shortage. It's just a lie. That's a complete lie. There's, there's, I think there's 11 or 12% of the single-family housing supply is abandoned homes or empty. There's no, there absolutely is no housing shortage. There's another 12% of multifamily that is vacant right now today. Maybe, maybe higher than that. We got, we got multifamily with the highest occupancy we've, that I've seen in probably 20 years.

• 44:50Speaker 01

  So you have probably somewhere between four and a half million single family homes and maybe five million multifamily that are vacant right now, somebody could move into. So like Trump sent somebody to my office three, three and a half weeks ago and said, what would you do? I said, I would give an incentive to all the vacancy in this country to occupy that house. If you have a vacant home, nobody's living in it. Give it, give some kind of tax incentive. You, you move somebody into that house, set them up to own that house. And you, you'll pay no taxes on the income. It would help the people that own those homes fulfill those homes. And it would help the new guy that doesn't have a home that wants home. You don't need to build homes to solve that problem.

• 45:33Jack Selby?

  What's the role of government be in housing?

• 45:36Speaker 01

  Well, I think, I think, you know, they're, they're not fulfilling that. One, one is the interest rates need to be affordable and they're not. We should have the lowest interest rates in the world. We have the dominant currency on planet earth. We should have

• 45:50Speaker 01

  the lowest interest rates so that people can afford a mortgage.

• 45:55Speaker 01

  And they were fabricated. It would be completely synthetic, made up money backed by the US government. Lowest mortgages in the world, right here in America.

• 46:05Speaker 01

  I did, you know, 3% that works.

• 46:07Jack Selby?

  And how would you justify United States being the country that offers the lowest? Is that just because of sheer productivity? We're so productive that we can afford to?

• 46:15Speaker 01

  Yeah, we're, we're productive. We, you know, why, why not? Why, why not? We're going to go spend a trillion dollars on this freaking nonsense in Iran. So why not? Why not have our people living in a house? You know, if, if they want a house, by the way, I don't, I don't even think that solves the problem though. What do you think is the? I don't, I don't think that because, because I think a lot of you guys were gonna be like, I don't want a house. I don't want to own a house. I don't, I want, like the complexes we're buying today comes with a $4 million swimming pool, a million dollars of amenities, uh, $250,000 gym. It comes with a Whole Foods right across the street, a Trader Joe's two blocks away. I can walk downstairs and go get, uh, you know, clean eating anytime I want.

• 46:57Speaker 01

  Like, that's what people want. They don't want to drive 40 minutes to get to their Whole Foods. And so I think, uh, uh, do some people want a home? Maybe. Yeah. You want to raise kids there? More people would want a house than a, than live in a condo. Maybe.

• 47:14Speaker 01

  But I think if you talk to some of the guys that I talked to that work for me in Miami, first of all, you can rent for 50% today of what it costs for a mortgage. That is true. Just the mortgage. Yeah. Not the PMI, not the taxes, property taxes, not the insurance on top of that, just the mortgage itself. If, if the mortgage is four grand, you can rent something comparable, not a house, maybe even a house for two grand in Miami. In Vegas, same, same, same thing in Vegas. Okay? So, um, I got a, uh, one of my guys, Ryan, I think his rent's 8,000 bucks a month.

• 47:49Speaker 01

  The place is worth 4 million. Okay. The HOA fees and the property taxes are more than 8,000 a month. So the guy's got $4 million of dead money. Plus the HOA fees, plus the property taxes, plus the insurance. Ryan pays no insurance, no HOA. He doesn't have dead money. He can leave anytime he wants. Why would the owner agree to rent at those terms? Cause he doesn't want to be empty. But why can't he just sell it? Why does a guy charter his jet? Why not to sell it? Sell it? He can't sell it. Well, then it's not worth four. Then what, what do you think it's worth? You're right. But he's not, he's like, I don't want to lose money.

• 48:26Speaker 01

  He's like, he's got four in it. It's just that you don't have any buyers right now. If you had lower interest rates, somebody would buy that asset.

• 48:33Graham Stephan?

  You know what I was really surprised about? I didn't realize this, is that when you have a primary residence and you sell it for a profit, you pay capital gains, you get the exemption.

• 48:42Speaker 01

  First 250 or 500 for couples.

• 48:44Graham Stephan?

  But what I didn't realize is that when you sell at a loss, you cannot take a capital loss.

• 48:50Speaker 01

  That's right.

• 48:50Graham Stephan?

  Which is crazy to me.

• 48:52Speaker 01

  It's crazy, dude.

• 48:52Graham Stephan?

  That if you lose money, because I see sellers here that are millions of dollars in the red on a property that they paid at the top of the market in 2021, it's worth 3 million less, they can't take a write-off off.

• 49:04Speaker 01

  That's right.

• 49:04Graham Stephan?

  They just, after-tax money, it's gone.

• 49:06Speaker 01

  See, see like, these rules, the rules that extend to investment purchases should be extended to single-family homes. So Trump sent Bernie Moreno into my office and said, hey, Grant, I'm down in Miami. I want to know, do you have any ideas about how to really get housing going, accelerate housing? I said, yeah, here's the number one thing you should do. Like you guys, when I walked in, first question I asked, did you accelerate the depreciation on this place? They should pass on accelerated depreciation. I get it on every property. Every property I buy, if we paid a million dollars or 10 million or 100 million, I'm gonna probably write off under the bonus depreciation, accelerate 27 years of depreciation on a home to year one.

• 49:47Speaker 01

  So I'm gonna probably get like a 40 million dollars, 40 cents of every dollar will be written off the day I buy it. That should be extended to single-family homes. So you paid a million three for this place, 40 to 50% of it would be accelerated day one. You'd be able to write off $500,000 today.

• 50:05Graham Stephan?

  But how would that not just like increase the price of housing?

• 50:08Speaker 01

  Well, it would. It would accelerate, people would start buying, that would absolutely increase the price of housing.

• 50:16Graham Stephan?

  I think what

• 50:17Speaker 01

  Do you want your house to go up in value or you want it to go down?

• 50:19Graham Stephan?

  What Jack is trying to say is for the average person to say, hey, I just want to buy a place. Now these laws pass and they're like, oh crap, well now it's just increased.

• 50:27Speaker 01

  It's already in place for me. All it's doing is it's already been approved by Congress. I fucking, I get this every year. This is why I don't pay any taxes. My tax bill last year was zero. Why? Because we buy an asset, we write it down. Blackstone buys an asset, writes it down. Starwood buys an asset, writes it down. All the major insurance companies, New York Life, MetLife, New York Life and MetLife own $200 billion of real estate in this country. Nobody ever talks about them because they're insurance companies and they stay out of the news. You came in here and wrote, bought this place and you didn't get the write-off. Why don't you get the write-off?

• 50:58Graham Stephan?

  Well, I can.

• 50:59Speaker 01

  Well, on this one, you can't. Well, if it's your single family home, you can't.

• 51:04Graham Stephan?

  I do not live here, no.

• 51:05Speaker 01

  Okay, good. So because it's an investment property, you should be able to write this off. But the single family home, the guy across the street should also be able to write his off when, when he buys it. And accelerate it this year. You know what that would do to this country? He would pay, he would get a $400,000 tax write-off this year. Imagine he makes that $400,000 we talked about earlier. Okay, he's that insurance agent that I rag on. Okay? He gets a $400,000 write-off against his earned income this year. His tax bill is zero. He pays no federal taxes. Would that be good for Las Vegas?

• 51:41Graham Stephan?

  Absolutely.

• 51:42Speaker 01

  A hundred percent because now he's got 200 grand to spend that he wouldn't have had, had he had that tax bill.

• 51:47Graham Stephan?

  See, I always felt that the mortgage interest deduction should be raised

• 51:51Speaker 01

  100.

• 51:52Graham Stephan?

  To a million and a half.

• 51:53Speaker 01

  It should be raised to 5 billion.

• 51:55Graham Stephan?

  And then I also think that the capital gains exclusion

• 51:57Speaker 01

  Should be raised to 5 billion. It should be 10x or maybe not have one at all.

• 52:00Graham Stephan?

  Here's what's crazy. When the, when the capital gains exclusion for single family homes was passed, it was the late 90s.

• 52:05Speaker 01

  Yeah.

• 52:05Graham Stephan?

  The average home back then, 400 to 500,000, on the, the, the pie end, by the way. And that was the exclusion.

• 52:12Speaker 01

  Yeah, yeah.

• 52:13Graham Stephan?

  Now it's closer in some major cities to a million dollars.

• 52:15Speaker 01

  Yeah, that's right.

• 52:16Graham Stephan?

  But the exclusion stays the exact same. It's never been adjusted for inflation.

• 52:19Speaker 01

  Yeah.

• 52:20Graham Stephan?

  They should increase that.

• 52:21Speaker 01

  Yeah. So, so like the interest, okay, when, when I pay, I have, I have debt on, this is why people hate me. Or don't like me. This is my criticism. I have debt on 2.2 billion dollars of real estate. So the, the moment I say 2.2 billion, they're like, oh, he's bragging. I, I'm just using it as an example. My interest on 2.2 billion, which I don't pay for, by the way, my, my tenants pay for. I mean, it's funded in the project, right? 100% of that 2.2 billion times, let's say 5%, whatever, 110 million dollars of interest is deductible every year. You can't deduct more than about 42,000. Shouldn't be there. Should be no limitation.

• 53:04Speaker 01

  It's an American product, American house, bought in America. You should be able to deduct 100% of the interest. Two, the capital gains, okay? You bought this place for a million three, you sell it, $3 million, you make a million four. You shouldn't be like, why, why should you pay taxes on that million four when I don't? Why? Why pay capital gains? What's the government got to do with your, the ownership of your own car? Okay, if you bought that shirt and sold the shirt for more money because people think you're famous, okay, you know, whatever. Right? And you bought it for 80 bucks and you sell it for 300. You don't pay capital gains. Your bicycle, your motorcycle, your car, none, nothing has capital gains except the house. And it shouldn't.

• 53:45Speaker 01

  And that's what Trump's open to, by the way, for all your Trump haters. They, they like the idea of trying some of this stuff. He, he pitched the accelerated depreciation

• 53:56Speaker 01

  two Mondays after I told them about it. He pitched it at Davos. And I heard that he's going to be signing an executive order to present to Congress this year.

• 54:06Jack Selby?

  So did he literally talk to his cabinet or whoever and say, hey, look, we need to?

• 54:11Speaker 01

  No, that's not it.

• 54:12Jack Selby?

  Like, like, and then, so we're going to send someone over to Grant Cardone's office to get some ideas of what to?

• 54:17Speaker 01

  How does it work? He doesn't talk to his cabinet. He's like, Bernie, you're going down to Miami, get down there, talk to some people down there. I got friends down there.

• 54:29Jack Selby?

  That's it. So he'll just send someone down. He'll, he'll just.

• 54:31Speaker 01

  I mean, it's, you know, it's not that Trump just rolls like, there's no cabinet, trust me. It could have been down at Mar-a-Lago. And I want to get this housing thing. Guys, bring me some ideas. It'll be like this. Bring me ideas. Anything, anything works. I want housing to explode in this country without destroying the equity. Okay, I want rates down. I mean, he's been pounding the table about rates. He did the 50 year mortgage. He offered the 50 year. I think the 50 year backfired.

• 54:57Graham Stephan?

  Yeah.

• 54:58Speaker 01

  If it, if it was, you do, you agree with that?

• 55:00Graham Stephan?

  Yeah, it didn't make any mathematical sense to me.

• 55:02Speaker 01

  If you're gonna do 50 years, do 100.

• 55:04Graham Stephan?

  No, but it, it just beyond a certain point, there's so much diminishing returns that costs you more.

• 55:09Speaker 01

  It was a hundred dollars or something. It's like, no, just to go to 100 years, bro. It really expanded.

• 55:14Graham Stephan?

  100 years to get way more backlash, though.

• 55:16Speaker 01

  Eh, not maybe, but, but if you, you gotta sell it, you still gotta sell it. You're only gonna keep the house eight years anyway. Look, if a 30 year mortgage doesn't make, a 15 doesn't make sense, a 30 doesn't make sense, a 50 and 100 don't make sense.

• 55:26Graham Stephan?

  Just make it so that you could write off the full amount of interest. That's it.

• 55:29Speaker 01

  Don't buy a house. It's a terrible investment. It should come with a warning, like a black spot, black box label. This is not an investment. This is a pure liability.

• 55:38Graham Stephan?

  When is it an investment?

• 55:40Speaker 01

  It's never an investment.

• 55:40Graham Stephan?

  It can never be an investment by a single family.

• 55:42Speaker 01

  This is not a, this is not a house. What we're doing right here, right now, some guy's gonna be driving his car down the street saying, that's a house. This is not a house. This is pretending to be a house. It is now conver- commercial business producing income for the sheer sake of producing income. Single family home does not produce income. It is not an investment. It should not be on your personal financial statement.

• 56:07Graham Stephan?

  What about your house in Malibu that you purchased?

• 56:09Speaker 01

  I was at the house yesterday. I met with the, the administrator of the EPA, Lee Zeldin.

• 56:14Graham Stephan?

  Do they, do they still want you to tear down the house?

• 56:16Speaker 01

  Yeah. Yeah. Yeah. They want me to tear it down. If, if I spend $1 more than 50% of the assessed value of the house, not the land, if I spend $1 more than the assessed value to clean it up, to get rid of all the smoke damage, out of the floors, the walls, the HVAC.

• 56:43Speaker 01

  Replace the kitchen, the rooms that were burnt, the roofing, blah, blah, blah. If I spend more than, I think the number is like 2.5 million dollars. Five, half of 5 million. If I spend more, $1 more, they want me to tear down the entire structure.

• 56:56Graham Stephan?

  Who is tracking how much money you spend on the house? Who knows?

• 56:59Speaker 01

  The permit, the permit process. Anything I spend.

• 57:02Graham Stephan?

  Yeah, but if a contractor says, hey, listen, we'll do this job for half the price. And hey, maybe, you know, we work out a deal, you shout me out and we're good.

• 57:11Speaker 01

  Yeah, but I mean, right now, right now, they're watching everything I do. So this is a FEMA rule, a FEMA rule, FEMA came in on the coastlines. By the way, the coastline of California is treated exactly as the coastline of Louisiana.

• 57:25Speaker 01

  So it said, and these, these rules, these FEMA rules were put in after the storms in New York. So New York, remember the big, the big floods there four or five years ago? FEMA came and said, emergency, that wrote emergency, we'll pay to replace your house. But if your house, if you spend more than 50% of the value of the house, it was a smart rule for floods. If you spend more than 50%, if it's a complete tear down because of the floods, then you need to rebuild that house so that it's above the flood plain in case of another flood, because we, the federal government doesn't want to keep fixing flood damage.

• 58:01Speaker 01

  But Malibu doesn't have a flood problem. Okay, the state of California has never been under the threat of a flood. After the fires, fires and floods aren't the same thing. As your viewer knows, but clearly FEMA doesn't understand. If I fix more than 50% of the value of my house because of the fires, they want me to destroy 38 pillars that are 36 inch wide, concrete going 30 feet deep into the granite bedrock. They want me to pull all that infrastructure out. They want me to take 26 inches, I have 8,000 square feet, 23 inches of concrete poured underneath my house as a platform that prevented this house from being burnt to the ground. They want me to pull all that infrastructure up and rebuild a new house if I spend $1 more.

• 58:47Speaker 01

  When a house has never been been violated by floods.

• 58:50Graham Stephan?

  Do you regret buying the house?

• 58:52Speaker 01

  Yes, of course. Like the why?

• 58:54Graham Stephan?

  Why?

• 58:54Speaker 01

  I regret buying my house in Golden Beach.

• 58:56Graham Stephan?

  Why did you buy the house in Malibu? It just seems it goes against like buying a house for yourself and California.

• 59:03Speaker 01

  Nah, the California wasn't the, we bought that house six or seven years ago. So they hadn't. I was gonna go live there, you know, four or five months of the year, not pay income taxes. But if if I wouldn't go there and buy today. Now, that being said, that coastline, eighteen homes next to me were burnt to the ground. The next house, there's me right here, eighteen homes in between me, and next house is built to concrete. Everything in between is built to timber.

• 59:30Speaker 01

  I don't burn, he don't burn. Okay? Then there's Larry Ellison, Larry's son, like billions of billionaire at row, okay? On this side of the house, on the east side, there's eighty homes burnt to the ground. All those homes are gonna become fourteen and twenty, fifteen, twenty million dollar homes. This side's gonna become fifty and sixty, seventy million dollar homes.

• 59:49Graham Stephan?

  Did you see that they're turning some of those lots into low income housing?

• 59:53Speaker 01

  Not, not.

• 59:53Graham Stephan?

  On the, on the beach? No, it was just.

• 59:55Speaker 01

  No, that's impossible.

• 59:57Graham Stephan?

  Just today?

• 59:57Speaker 01

  Impossible.

• 1:00:01Graham Stephan?

  They're doing Section 8 next to you.

• 1:00:02Speaker 01

  Yeah, nah, it's impossible.

• 1:00:04Graham Stephan?

  Does, now, when those houses burn, when those houses burn around you.

• 1:00:07Speaker 01

  Those should be vertical buildings. Those should be vertical buildings like in Miami. I should not. This is for all the haters out there. My home, that's ten thousand square feet, should not, I should not, one family should not be allowed to live in that house. That house should be a vertical house of fifty different families.

• 1:00:26Graham Stephan?

  Traffic would be an issue there.

• 1:00:28Speaker 01

  Traffic's already an issue.

• 1:00:31Speaker 01

  And?

• 1:00:31Graham Stephan?

  Not as, not as bad as it would be if you had fifty residents per structure.

• 1:00:35Speaker 01

  You think traffic's a problem in the Gaza Strip? They're gonna fix it. It's gonna be unbelievable there.

• 1:00:40Graham Stephan?

  But when properties burn around you and you have the only house left, does that make your house more valuable?

• 1:00:46Speaker 01

  Yeah, I think it'd make, I mean, my.

• 1:00:48Graham Stephan?

  Or less valuable because there's nothing around it?

• 1:00:50Speaker 01

  No, it's, the view's good now. View's perfect.

• 1:00:56Graham Stephan?

  I mean, realistically, there's nothing that's gonna be built there for a long time.

• 1:00:59Speaker 01

  My next door neighbor, Jay Stein and his wife, okay, Jay, Jay had $3 million worth of insurance. His home was worth 14 million. Mine's worth 40 or 50.

• 1:01:07Graham Stephan?

  Yeah.

• 1:01:08Speaker 01

  So I'm sitting next to him, he's half the lot. He's worth 15, let's say he's worth 20, whatever. He loses his house, there's no house there. He only had $3 million worth of insurance.

• 1:01:18Graham Stephan?

  Yeah.

• 1:01:19Speaker 01

  So he's out. He's, he lost whatever he lost. He's got to rebuild now, on top of that, he's got to rebuild. So he's got to rebuild, let's say it cost him 10 to rebuild. Now he's got 13 in it. No, he's got 10, seven, he's got seven less the insurance.

• 1:01:33Graham Stephan?

  Yeah.

• 1:01:37Speaker 01

  Now, his house is probably worth 20. It's gonna go up because it's brand new. But he's got to sell it to somebody that can only get $3 million worth of insurance on it. So who's that gonna be? And I'm rich, rich guy's gonna walk in, I'll pay it, I'm only gonna visit, visit three or four times a year. All those homes, by the way, none of those are real property owners there. Except for the lady two doors down, that's been there since she's 85, she's effed. Because she can't fix it, she didn't have enough insurance, she's not gonna be able to spend the money, it's gonna take her seven years to rebuild. So it was a terrible investment. My home in Golden Beach was a terrible investment, this was a terrible investment. But it didn't, none of it, none, at some point, you can do stupid.

• 1:02:17Graham Stephan?

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• 1:02:34Jack Selby?

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• 1:03:10Graham Stephan?

  They're able to take care of payroll taxes automatically and you get unlimited payroll runs for one monthly price. And there are no surprise fees, which honestly takes a lot of the stress off.

• 1:03:20Jack Selby?

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• 1:03:28Graham Stephan?

  It's also really quick to switch and you don't pay anything until you run your first payroll.

• 1:03:32Jack Selby?

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• 1:03:41Graham Stephan?

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• 1:05:03Jack Selby?

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• 1:05:07Graham Stephan?

  So what is your investing strategy then for this year?

• 1:05:10Speaker 01

  Well, I'm in big transition, as I was telling you. So, I mean, we're still buying real estate.

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• 1:06:16Speaker 01

  So I only bought one deal last year. It was the worst year we've had to buy real estate. It was a big deal. 330 million, $230 million real estate with $100 million Bitcoin. But it's the only deal I did. We're extremely disciplined. You know, so we want to add real estate.

• 1:06:34Graham Stephan?

  Yeah.

• 1:06:35Speaker 01

  We want to add real estate and Bitcoin, this real estate Bitcoin hybrid. We want to continue to build that out. We think it's a financial vehicle that'll disrupt the REIT industry. We're going to move into the wealth business and create a mini Blackstone or Merrill Lynch for, to democratize to the mass affluent and provide insurance, banking.

• 1:06:58Graham Stephan?

  Is that like a family office style?

• 1:07:01Speaker 01

  Multi-family office.

• 1:07:02Graham Stephan?

  Okay.

• 1:07:02Speaker 01

  So for the masses. So we're, we're basically, we're already doing the consulting. We have about 15,000 customers. We're consulting in their companies, plumbing, HVAC, dentists, chiropractors, small businesses. Where we're going in, helping them scale their businesses, taking care of their operations, looking at their 401 plans, their insurance plans, and starting to consolidate all that. That's going to be a monster business.

• 1:07:27Graham Stephan?

  And what was the logic behind adding Bitcoin to real estate funds?

• 1:07:31Speaker 01

  Yeah, so I've been tinkering with Bitcoin for about, well, since 2011. I came to this town to do a gig for this group that was a business that... They only had Bitcoin and they wanted me to come in and speak and I said, yeah, I'll come speak. And they said, we can only pay you in Bitcoin. I'm like, I don't know what that is. Long story short, they gave me 115 Bitcoin. I still have those today and I got introduced to Bitcoin. And I still own those Bitcoin today. They're worth 70 times 115, whatever that number is, 8 million, 8.4 million. It's been worth 126 times 115 and I started getting introduced to this, this technological money.

• 1:08:10Speaker 01

  And bought a little bit when I was 16, bought some more at 30, watched it go back to 15,000, watched it go back to 60. Been playing with it. So last year, and this is what I said earlier, real estate's a heavy, they're very heavy. You cannot, I can't take my $5 billion and say, be more today. I can't take the rents and magically say, raise rents. I can't magically lower expenses on a property. It's very, it's a heavy.

• 1:08:40Jack Selby?

  Yeah.

• 1:08:41Speaker 01

  It's like a railroad, right? You can't just move it. So I can't move the value. So I'm always looking for ways to increase the value of the real estate. I could paint it. I could put a new roof on it. I could have a new pool. I could build a new theater. I could change the name. I could bring in new furniture, but all that stuff costs money. And now it's like, or I could add Bitcoin.

• 1:09:01Speaker 01

  Costs money to add to Bitcoin, but I'm going to fuse the two together. So we started playing with models, uh, January of 25. We found a 70, uh, 85 million dollar property that we bought for 72. And rather than just taking the 72

• 1:09:20Speaker 01

  and a cheaper piece of real estate, I filled up the difference with Bitcoin.

• 1:09:27Jack Selby?

  Does it worry, does it worry you if Bitcoin drops, let's just say another like 50% and then all of a sudden?

• 1:09:33Speaker 01

  It's already dropped 50%.

• 1:09:35Jack Selby?

  Another 50%.

• 1:09:36Speaker 01

  We, we, we bought 2,000 Bitcoin last year and our average price is probably 92, somewhere between 88 and 92. So I'm underwater on the Bitcoin now and it doesn't bother me at all because we're tied it, we tied it to a long-term asset. Now, if I believed Bitcoin was going to zero, I would have never done any of this.

• 1:09:53Jack Selby?

  So you're just saying the difference in what you think of, the, what you think the market price is of the property that you bought? And then what you actually paid for it, you put that delta in Bitcoin.

• 1:10:02Speaker 01

  The delta, the discount delta. Like you could take discounts your whole life. Discounts don't turn into more value.

• 1:10:11Speaker 01

  Okay, you bought a car, car was ninety thousand, you bought it for eighty, you still have the same car, just cheaper. And so on this specific.

• 1:10:18Speaker 01

  You're not gonna sell it for more money because you got a discount.

• 1:10:23Speaker 01

  It's still gonna be worth whatever it's worth. It could be worth more or less. The discount's a discount. It's something you do one time. So rather than, rather than me buying the real estate cheaper, I bought a exceptional piece of real estate out of bankruptcy, by the way. We stole this piece of real estate. It was two hundred, the last one we did. We've been elevating these. We did five of them last year. The first one was, uh, I think it was eighty-eight million total. Seventy-two of real estate, fifteen million of Bitcoin. So about eighty-seven to eighty-eight million dollars. So we have the two, we put them together in LLC, we fuse them together. The investors are now owning both of these, not one of these. Still cash flows. And we add Bitcoin from the, from the cash flow every month. Every month we cash flow about two fifty a month there, two hundred fifty thousand.

• 1:11:04Speaker 01

  And we add Bitcoin. We've added Bitcoin at ninety, we've added Bitcoin at eighty-two, we've added Bitcoin this month at sixty-six. Or sixty-two, okay? So we keep adding Bitcoin. Now we fuse these together to build vehicles, a bunch of these together. So our goal last year was to do ten of them. We did five. Cause I couldn't find the right real estate. Cause I have to be, let's say this real estate, the last deal we did was three, it was worth three fifty and we paid two thirty. Stole the real estate. So what I did was I, I paid this much for the real estate. And I stacked the rest with Bitcoin, a hundred million dollar purchase, largest real estate Bitcoin deal ever done on the planet. Two thirty for the real estate, a hundred million in Bitcoin, about a thousand and seventy-five pieces.

• 1:11:50Speaker 01

  Put them in an LLC and the three of us invested in it. I paid for it and then I called you guys up and said, hey, you wanna invest in this deal? What is it? Uh, two hundred and thirty million dollars of real estate that, that would take three fifty to build it today. Would take three fifty to build it. We could sell all these off, the units off as condos today. For a million two each times three sixty-six, that's probably a two hundred million dollar score.

• 1:12:15Speaker 01

  And we still own our Bitcoin. But we want to fuse them together because I want to take this product. I want to take this public to the public markets and compete against the REITs. So I I compete against REITs, Real Estate Investment Trust, the Starwoods, the Blackstones, the Avalons, the Camden's. They own most of these large complexes. When you're driving around town, you'll see these names. They own them, they're REITs. They were created in 1965. That that rule is 60 years old. Those rules have not changed for 60 years. And one of those rules is you must distribute 90% of your cash to your investors. Because it was a it was a it was a tax advantaged structure that hasn't changed in 65 years. Those, there's 190 REITs, they control 4.3 trillion dollars for real estate. They control most of the commercial real estate in the country and they're underperforming.

• 1:13:01Speaker 01

  Okay, they were built for one purpose and that purpose, 65 years, has aged, no changes. Bunch of old white guys. They push all their cash out so they have no more cash to reinvest in their businesses. Tech companies do not push all their cash out. They pay a dividend about this big, just enough to say they pay a dividend and they keep the rest of their cash to acquire companies. REITs don't work like that, they're broken. So I am building something that competes against the REITs. Because the REITs can never come in and add Bitcoin. We think we think we take this real estate asset that would normally do 12% a year or 15, that's a good real estate deal, to 25 and 30% a year by combining the two together.

• 1:13:43Jack Selby?

  So what are some of the main reasons you're bullish on Bitcoin?

• 1:13:46Speaker 01

  Well, I I believe in the technology of money. I believe the technology, if I knew nothing, I'd be like, we're not going to a gold, we're not going back to gold. Gold failed. If gold didn't fail, we wouldn't be trading in paper.

• 1:13:59Jack Selby?

  So then, do you think that the US will adopt Bitcoin?

• 1:14:01Speaker 01

  I don't know.

• 1:14:02Jack Selby?

  Bitcoin-backed dollar? Or what what are like the main bull cases that you have for Bitcoin?

• 1:14:06Speaker 01

  Well, there's a there's a number of things. I think that the technology, I think I underestimated that the internet will one day send video or that you, the three of us would sit around and then you guys would clip a video and then other people would clip a video and then we'd end up with 30 different pieces of video that would live into the future forever without a movie production studio. I fucking I never imagined that would ever happen. And I think that we're not imagining what's going to happen with the blockchain and with Bitcoin. I think mortgages in the future will be tied to Bitcoins. That a Bitcoin on a single-family home residence, rather than buying PMI insurance, which is garbage product worth nothing to the

• 1:14:44Speaker 01

  Mortgage holder, the, the, the, the, the insurance, insuring the mortgage against the guy that gave the mortgage to make sure it gets paid, that 200 bucks or 400 bucks a month you're paying, that would be a much better investment for all parties if that was $400 for Bitcoin in the future, because it'll be a store of value that will increase as we, uh, uh, print more paper.

• 1:15:07Jack Selby?

  For sure, and that's a possibility, but I'm curious in terms of what your bull case is right now for Bitcoin, like, what integration do you see with Bitcoin where it makes sense that that will actually be the future? Because that's like, that's sort of like a speculative, like, you know, if this, then that, but there is no, like, like, evidence at the current moment of Bitcoin sort of doing that.

• 1:15:27Speaker 01

  Yeah, a store of value is good enough for me. That's fine with me. I don't, I don't need, I, I invest in real estate because I believe it's a store of value and it retards against inflation and the printing of money. Property values go up if you print more money, concrete costs, labor costs, everything goes up. So I, I'm trying to convert, I'm trying to convert a piece of paper, fiat paper into something more, um, that, that is resistant and will become more valuable in the future. I wouldn't invest in Nvidia. It's not what I do. I don't buy, I don't trade paper for paper. I'm not going to trade a piece of fiat for another fiat run by other companies. Okay. The third part of the bull case for

• 1:16:10Speaker 01

  me is with Bitcoin, I don't have a chairman. I don't have any competition. I don't have employees there. I have no payroll. I have no plumbing, no roofs, no HVAC, no property taxes. I have pure technology. So the basis of the future of it is the technology of money. I don't think we go back to gold. I'm 60, 68 years old this month. I've never bought a piece of gold, never had anybody offer me gold or silver for that fact. For any of our products, I have had people offer us Bitcoin for the last 13 years for our products and services.

• 1:16:43Graham Stephan?

  Why do you think gold has gone up so much then?

• 1:16:46Speaker 01

  Well, because I think people are scared right now. I think people see the US dollars getting banged. You know, they're worried about the US government printing money. I think that there's a bunch of geopolitical issues going on with China trying to make plays against us.

• 1:16:57Graham Stephan?

  But why isn't that money flowing into Bitcoin? Cause I'm about 7% Bitcoin right now through the, just a normal Bitcoin ETF, 7% of my portfolio. Yeah. And one of the narratives that I see right now is that Bitcoin is failing in the sense that gold is now the store of value. It seems as though people are putting their money elsewhere and that we're printing more money. Bitcoin's going down. Prices are rising. Bitcoin is going down. We see global turmoil. Bitcoin is going down. Store wealth, people have moved to gold. Bitcoin is going down. Part of me thinks how much of that is, the narrative has changed on Bitcoin versus are people just putting their money elsewhere?

• 1:17:37Speaker 01

  Yeah, just flows. Baby boomers scared, where are they gonna go to? They've been, they've been, for 60 years, they've been pounding gold, gold, gold, gold. It's 5,000 years old, man. Somebody said it's gonna take 20 years for Bitcoin to be, as a market cap to be worth more than gold. I'm like, if Bitcoin in 32 years has a greater market cap than gold, that's a 5,000 year old product. So just new people coming in. How much gold do you have?

• 1:18:05Graham Stephan?

  Few ounces.

• 1:18:06Speaker 01

  Yeah. So you don't have 7% of your portfolio?

• 1:18:08Graham Stephan?

  No.

• 1:18:09Speaker 01

  No, it's nothing. So I have no gold. I have more ammunition than I have gold. So look, it's a gamble. You know, it's a bit of a gamble. It's about a bit of a lottery ticket with the real estate. If the Bitcoin goes to zero and find out the whole thing was a a big scam, I still have my real estate. Still have my cash flow. But if Bitcoin goes to a million dollars.

• 1:18:35Graham Stephan?

  Is the Bitcoin fund being, is it fine right now? Or like, how is the?

• 1:18:39Speaker 01

  Fantastic.

• 1:18:39Graham Stephan?

  So how is it fantastic?

• 1:18:41Speaker 01

  Well, how would I ever be in trouble if I paid cash for everything? So I paid cash for the real estate, closed the deal,

• 1:18:51Speaker 01

  paid cash for the Bitcoin. We paid cash for 2,000 Bitcoin last year.

• 1:18:57Speaker 01

  I paid cash for the real estate. Then we put a loan on the real estate for 140. So I owe 90 million dollars on the real estate and nothing on the Bitcoin. So put the, put the numbers together. I have 230 million dollars of real estate. Hunt, today we have 80 million dollars worth of Bitcoin. It's not worth a hundred.

• 1:19:16Jack Selby?

  So then how are you making money personally on this deal?

• 1:19:19Speaker 01

  Well, I don't make any money until we either sell the deal. I, look, I don't make money on a deal until we call a promote. So until I sell a deal, I don't make any money. So all these guys on the internet, it's like Grant Cardone's management fees. We're a 1% fee going in. I get 1% when we buy the deal. Cardone Capital does.

• 1:19:42Jack Selby?

  So, oh, explain this to me.

• 1:19:42Speaker 01

  When we sell the deal, we get 1%.

• 1:19:44Jack Selby?

  Okay, explain this to me.

• 1:19:45Speaker 01

  So, okay, when I buy a 230 million dollar deal, I get a 1% fee. 2.3 million dollars.

• 1:19:50Jack Selby?

  Okay. And that's, is that paid to you directly or is?

• 1:19:53Speaker 01

  No, it's paid to Cardone Capital.

• 1:19:54Jack Selby?

  Okay.

• 1:19:54Speaker 01

  I don't, I don't even get a salary from Cardone Capital. But whatever. It flows through to me. I get money. At some point, I'm going to get money.

• 1:20:00Jack Selby?

  Hmm.

• 1:20:00Speaker 01

  Okay. We have a 1% fee when we exit the asset. So we exit the asset for 500 million dollars. I'm going to get another 5 million dollars. I have 35 employees over there. Okay. Our fees are less than Blackstone's. So nobody can say my fees are too much.

• 1:20:15Jack Selby?

  But that's it? It's just, that's, those are the only fees that are involved?

• 1:20:18Speaker 01

  No, no, I'm, I'm telling you the rest of it. We get a, on this particular deal, all, all deals are different. On this particular deal, we're giving 8% preferred to the investor. And a 50 50 split. So I can make a load of money on this deal. If this deal makes 500 million, I'll make, I'll make after I pay 8% times 6. Let's say I pay 8% a year. Let's say the deal doesn't cash flow enough. I didn't pay any distributions. I owe the investors 8%. Let's go 10 years, so it's easy.

• 1:20:48Jack Selby?

  Yeah.

• 1:20:48Speaker 01

  Times 10. I owe 80% of all the first proceeds back to the investors. They get, they're a preferred investor. They get the first 80% and then we chop it up 50 50. If it only does 8% a year. Okay. By the way, it, it did better than treasuries. It matched the S and P 500. If you took them all, not just the top seven. They would get the entire eight and I made nothing in that deal. I bought it, I found it, I bought it, I paid for it, I managed it, I busted my ass. I'm the one responsible for distributions, et cetera, and I made nothing. Now, if it does 40% though, a year, which I think it does.

• 1:21:31Speaker 01

  Then I'm going to make 40, uh, times 10 years, 400%. Less the 80, we're going to chop up 320, I'm going to make 160% and I had no money in the deal. I'll get rich in that deal. But that's not what I'm going to do. This is how I'm going to get rich. I'm going to put 10 or 15 or 20 of these together. I'm going to bring, I'm going to put the whole bucket together and I'll bring it to Wall Street and take it public. And that should happen this year. And that's how I get rich. And I don't really get rich in that. We're just going to raise a bunch of money from the street, become a piece of paper, card on capital, become an investment vehicle. We might take our education company and add it. We might take the consulting company and add it.

• 1:22:09Speaker 01

  We might take 10x health systems and add it, have a conglomerate, a card on companies, bring them to the public market, turn it into a piece of paper, raise billions of dollars. And then I get, I get to become another version of myself.

• 1:22:21Jack Selby?

  And so, and so.

• 1:22:22Speaker 01

  And then I'll have to quit doing podcasts, talking about 400 grand, it's not a lot of money.

• 1:22:26Jack Selby?

  Then it'll be $50 million, not a lot of money. What, yeah. On, on the, I'm curious still on the fee side of things because I'm still not completely understanding. So from the perspective of the investor, the person that's like investing with you.

• 1:22:36Speaker 01

  Yeah.

• 1:22:36Jack Selby?

  Those are the only fees that they're exposed to. It's like, okay, if I want to put in a million dollars near fund, this is like the real estate and Bitcoin fund.

• 1:22:43Speaker 01

  Yeah.

• 1:22:43Jack Selby?

  Then immediately I will lose $10,000 to do that. And then I put 990.

• 1:22:47Speaker 01

  Why would you lose 10,000?

• 1:22:48Jack Selby?

  Well, it's the cost of, it's the asset management fee. So, okay, sure, that's bad, bad word.

• 1:22:53Speaker 01

  You're not losing 10,000, $1 million goes into that deal.

• 1:22:57Jack Selby?

  Sure.

• 1:22:57Speaker 01

  990,000 does not go in that deal. 100% of the money becomes an investment in that deal. Your position is $1 million. It is not 990.

• 1:23:05Jack Selby?

  Okay, so the position is.

• 1:23:06Speaker 01

  Okay, but, but when you run money through IRAs, it's going to get, your million dollars is not a million dollars. They're taking their fee off of that, probably a point and a half to 2%.

• 1:23:15Jack Selby?

  Sure, but whenever they.

• 1:23:16Speaker 01

  So you put money in a Blackstone.

• 1:23:17Jack Selby?

  Yeah.

• 1:23:17Speaker 01

  You put a million dollars in a Blackstone, your million dollars didn't get invested, they took their fee right there.

• 1:23:21Jack Selby?

  Okay.

• 1:23:22Speaker 01

  If you go into a private offering today. Let's say you got chance to go into, I don't know SpaceX or ABTC or uh that's Eric's company.

• 1:23:31Jack Selby?

  Yeah.

• 1:23:31Speaker 01

  They're gonna take their fee off.

• 1:23:33Jack Selby?

  It'll be through a fund that lets you invest into the private company.

• 1:23:36Speaker 01

  Yeah, and it's gonna be a million dollars. They're gonna pull, but they're gonna squeeze off thirty five thousand or seventy five thousand plus some legal. A court on capital, one million dollars. If you put a million, when you put a million dollars in, in this case, we raised on that deal, we raised a hundred and um, what did we raise? One hundred plus ninety, one hundred ninety million? One hundred ninety million dollars is invested. We owe one ninety back. Okay, I get a fee, one percent going in. Again, the property has to build a support, the asset. This is not a makeup startup. This is not a company that doesn't have earnings. This is a real estate asset. The day one, we have cash flow.

• 1:24:14Jack Selby?

  For me to understand.

• 1:24:15Speaker 01

  I'm not building something. Right? I'm not building the microphone, saying, we got a great idea for a microphone company. I need your money to build out microphones to then go sell them. Okay, this isn't a startup, dude. I'm buying a piece of, an asset that is cash flow positive day one. I mean, on this particular deal, this was in bankruptcy with Blackstone. Blackstone was the lender. Blackstone in the state of Florida, the lender cannot take over the property without bringing it to the courts and allowing the marketplace to decide. Okay? Blackstone wanted this asset. Trust me. They wanted it bad. Okay?

• 1:24:55Speaker 01

  I went to the courts and said, I knew the asset. It was in my backyard. We, we'd been tracking this asset for probably three years. I knew it was in trouble. The guy's been building it for seventeen. Like, these things don't. You know, they, they probably been thinking about taking over Iran for two or three years. It wasn't over a weekend. They decided, okay, this is our move. So I've been working on this asset for a long time. So when, when I saw it finally, it's gonna be in problems. I went to the owner.

• 1:25:23Speaker 01

  And went to Blackstone. Couldn't get any support from the lender. They don't want to help me. They want it. Okay, the debt they gave him was a setup to get it back from the seller, from the owner. I went to the owner and I went to the bankruptcy courts. I went to the bankruptcy courts and said, I'm putting a stalking horse in. It's my right as a Miami, Florida resident to use what's called a stalking horse. Negotiation tactic where I'm gonna set the bid on the asset.

• 1:25:54Speaker 01

  I bid $228 million. Here's a check for 20 million. I'm risking my money. There's no investors involved at this point. I'm putting all the due diligence, all the energy, all the risk into this thing. I'm gonna buy this asset for 228 million was our first offer. We ended up at 235. I'll give you $20 million check right now, cash it. Deposit it into an escrow account. And I will close 10 days after you award the deal to me.

• 1:26:22Speaker 01

  With all cash. No due diligence.

• 1:26:26Speaker 01

  So now they have to say, public announcement, they have to accept it. Public announcement, Grant Cardone, put a stalking horse in there. They have to tell the marketplace now. You guys have until, I think this case it was May 15 to bid. They sent it out. 14 institutions showed up. All of them are big boys. It's a quarter of a billion dollars. Okay, so who's gonna come? It ain't gonna be Johnny. And, and, you know?

• 1:26:54Graham Stephan?

  $400,000 income.

• 1:26:56Speaker 01

  Yeah. So, so, so he comes in, they come, the institutions come in, all the big builders, the big players, the Steven Rosses, like tremendous amounts of super money, way bigger money to me. I'm competing with giants.

• 1:27:11Speaker 01

  They come in and say, yeah, dude, we can do the 228, no problem. Hmm, that $20 million today? Yeah, we gotta go to committee for that. If they're a big institution or a big REIT that you can't just swing in.

• 1:27:26Speaker 01

  Slinging like I do. Yeah, I'm a little guy, dude. The only advantage I have in the marketplace is swag. It's speed, you know, I like is it is a little bit of overconfidence. That's my damn. This is my gear. My gear is I can do this deal. I don't know if I can do the deal. I don't even know if I can raise the money for the deal.

• 1:27:48Graham Stephan?

  So what do most people get wrong about the way your business works?

• 1:27:52Speaker 01

  They don't ask me like you guys did. They do YouTube videos without asking me.

• 1:27:56Jack Selby?

  That's that's the main thing is like, like.

• 1:27:58Speaker 01

  Nobody that has any negative comments about Cardone Capital or what I'm doing has ever interviewed.

• 1:28:04Graham Stephan?

  Do you do you allow them to reach out to you? That if they wanted to discuss and ask, is there an open channel?

• 1:28:11Speaker 01

  Well, you you guys have reached out to me. I've never not responded.

• 1:28:18Jack Selby?

  So what we'll typically do, just so the viewer has an idea. If someone wants to come on the podcast, so for example, this was a very, very last.

• 1:28:24Speaker 01

  Have I ever said you guys can't ask me about anything?

• 1:28:27Jack Selby?

  No. No, you've been fully transparent about everything, which is which is really great.

• 1:28:31Speaker 01

  Yeah.

• 1:28:31Jack Selby?

  Because some people are not. But for you, yeah, you were just you walked in.

• 1:28:34Speaker 01

  If I ever asked for, hey, guys, let's talk about what we're going to talk about first.

• 1:28:37Jack Selby?

  No, no, you didn't ask for a brief.

• 1:28:38Graham Stephan?

  And I will say in in from our last episode too, you didn't ask us to cut anything.

• 1:28:43Jack Selby?

  Yeah.

• 1:28:44Graham Stephan?

  There was not a single thing where you're like.

• 1:28:45Speaker 01

  Do people actually ask you to do that?

• 1:28:47Graham Stephan?

  Oh, yeah.

• 1:28:47Speaker 01

  Yeah, I mean, I would never. Do you? Look, I did it, use it. The point is to the viewers like, dude, you're gonna make mistakes now. Now, should I say that? I don't know. There's nobody, nobody regulates what I say online. Nobody's allowed in my office to delete anything. We used to, we used to have that. People would be like, you can't say that. We were raising money. We didn't know 12 years ago, we started raising or 11 years ago, we started raising money. And my office was petrod because the SEC is like watching everything.

• 1:29:15Jack Selby?

  Okay, so the thing that we do here on the Ice Coffee Hour is if we have someone on the podcast, what we will naturally do is look up like, okay, what are the main controversies with this person? What are the main things that like?

• 1:29:23Speaker 01

  That's where you get your juice from.

• 1:29:25Jack Selby?

  Well, that's just what we should be asking questions about.

• 1:29:27Graham Stephan?

  The good and the bad.

• 1:29:28Jack Selby?

  You don't want to tune into a Ice Coffee Hour podcast and it just be like a lukewarm thing. Like, we're gonna do our best, no matter what you may think. We truly will be doing our best for every single episode to touch on all the topics that you want. Sometimes we can, sometimes we can't.

• 1:29:40Graham Stephan?

  We'll put like 20 hours of research in every single podcast.

• 1:29:43Jack Selby?

  We did on this one because we found out yesterday we were filming it today, which we were very lucky to know that you're in town, so we were able to make it happen.

• 1:29:48Graham Stephan?

  I've probably done at least 100 hours of research on grants over the last year.

• 1:29:51Jack Selby?

  And so in doing this, this research in the time that we had, like, the main controversies surrounding you would just be mostly around the fee schedule for your card on capital. People don't quite understand it. And I still, like, don't even understand it.

• 1:30:04Speaker 01

  Well, goddamn, what don't you understand, bro? Like, what's your IQ?

• 1:30:08Jack Selby?

  My IQ? Probably like 70?

• 1:30:11Speaker 01

  Fuck, I mean, goddamn. It's 1%. Let me go over it again. It's fucking simple. 1% times whatever was raised when we buy it. What was, what was the, what did the mortgage broker charge me? 1%, probably a half to 1%. What did the broker charge me? A half, 1%? What did the state charge me? All those become fees on that deal. Okay, there's a lot of fees. Not just me, other institutions, other, other people involved in the transaction. Title, escrow, etc., okay? Legal, legals, you know, probably on that deal was probably $100,000. That gets added to that deal. Now, we're all invested in that deal. I am, you are. We, the three of us, split the deal three ways. We all have the same fees. We're sharing in that.

• 1:30:54Speaker 01

  I, in addition to whatever upside, I get a 1% fee that you didn't get when I bought the deal. I found it, I funded it, I negotiated it. I went through all the bullshit. And by the way, you're gonna hold me responsible for whether it works or not. When we sell the asset, in that case, we bought that 230 million. Let's say we sell that asset for 100 million more than we paid for it, just for simple math. I think we will, by the way. It was, it's worth 100 million more to build it today. It would cost at least 130 million more to build it. I just happened to find a great deal and get it. If it made 100, I get a 1% fee when we sell it.

• 1:31:38Speaker 01

  Out of the hundred profit before we do our split.

• 1:31:41Graham Stephan?

  And is there no potential for fees between the two bookends?

• 1:31:45Speaker 01

  If I refinance it, let's say seven years goes by and I take the refinancing, it's 140. And all of a sudden, the asset's worth 500 million and I can borrow another hundred. I get a 1% fee when we return your equity. It's called a refinancing.

• 1:32:01Graham Stephan?

  So that would be the only fee that's.

• 1:32:02Speaker 01

  1% to buy it, 1% to sell it and a 1% refinance fee.

• 1:32:06Graham Stephan?

  And what about, what about the claim of like you could sell the claim?

• 1:32:09Speaker 01

  And by the way, you want me, you want, hold on, I'll do that.

• 1:32:12Graham Stephan?

  Okay.

• 1:32:13Speaker 01

  We're not even talking about the Bitcoin yet. Okay. We're just talking about the real estate. Okay. Because, because again, you want the, the guy that's your partner, you want me to make money. Because if I'm making money, you're making money. Okay. So when we refinance it seven years from now, that's our goal, one of our goals in this project is I would refinance the asset. We put a hundred million to buy it for round numbers. Just the real estate, forget the Bitcoin. We also raised a hundred million for the Bitcoin. So we'll leave that aside for now. So a year from now, I'm like, hey, guys, I got great news. What, what? I refinanced the project for me to refinance that means it had to go up in value. For me to refinance it, pay off the old mortgage, get a new one, bigger, and then return everybody's money.

• 1:32:55Speaker 01

  Here's your 33 million. Here's your 33 million and I get my 33 million. Okay. By the way, I get a little one point and I'm going to get anything above that hundred that I return to you, I get a split on. Guys, I didn't just do a hundred. Here's your third. Here's your third. Here's my third. I got another fucking hundred and you're like, God damn, bro. Did you sell the Bitcoin? No, bro. We still own the Bitcoin. Okay. I get half the Bitcoin. I'm sorry, half the upside of that hundred. I'm going to get, I'm going to give you guys 50 million to split and I get 50 million. You got all your money back plus 25 million, 25 million, and I got 50. Okay. Because on this deal, it's an 80, it's a 8% preferred and a 50 50 split.

• 1:33:40Speaker 01

  That means if it took seven years, you earned eight percent a year while you waited to get back your hundred and another 25 million. And you're like, Grant, did you sell the property? No, bro, we still own it. Well, Grant, what's my membership in it? One third, one third, one third. I didn't dilute you. I returned all your money. I made money, you made money, you got your cash flow, you got your eight percent. And not like Blackstone, not like the institutions in the REITs. They would pay you your hundred back, say bye bye, and they would own that asset. We still own the asset. We did that twice last year. Twice last year, I returned 47% on one deal, Fund One.

• 1:34:22Speaker 01

  We returned 100% of all the money invested to our investors. Annualized nine years at 47% a year. Fund One, Fund Two, it was 27%. This is after all the fees, all the splits, all the promotes. See, this is what these guys that do videos that are clickbaiting me. They never get, actually get into the numbers.

• 1:34:42Jack Selby?

  This is great. This is why we like to ask the questions and why a lot of people believe when they come on the podcast that it's not in their best interest to let us ask whatever questions they want to ask. But that's not true.

• 1:34:50Speaker 01

  It's always in the best interest to be transparent. Okay, now, we're not going to change the minds of those out there that want to clickbait my name. You're not, you're not, I'm not trying to change your mind. Dude, I love you guys, by the way, all you punks. I love you guys. You got, I know, I, I, I understand, keep playing the game. Clickbait my, say whatever you want, use the thumbnail, don't, don't, don't make accusations that aren't true when you know they're not true. Cause I, you know, if you have anything, I will come after you. But I'm, I'm telling those guys right now, do your thing, dude, do your thing. Just don't go into defamation because the moment you move into defamation and own something, if you own any property, I'm going to come get it from you. And if you don't own anything, play your game.

• 1:35:33Speaker 01

  Cause I'm not going to sue anybody that doesn't own anything because there's nothing to get.

• 1:35:36Jack Selby?

  Why don't you make videos directly addressing those people?

• 1:35:40Speaker 01

  Too busy, too busy posting fake AI.

• 1:35:44Jack Selby?

  I just imagine the ROI would be.

• 1:35:46Speaker 01

  I had an investor the other day call, said, man, I'm really concerned about this one guy that's doing videos. And you should go and respond to him. I'm like, bro, I, you know. The firemen don't stop for every barking dog on their way to a fire.

• 1:36:00Graham Stephan?

  It's rule number one of the internet, man, is you can't respond to everybody. And once you start doing that, then everyone else is like, oh, he's gonna respond. Yeah.

• 1:36:06Jack Selby?

  That's just not true, though.

• 1:36:08Graham Stephan?

  I would agree.

• 1:36:09Jack Selby?

  You could say it's a barking dog, but what if it's another house on fire on your way to a house?

• 1:36:13Speaker 01

  It's a dog, dude.

• 1:36:14Jack Selby?

  I'm just saying, I do think that like-

• 1:36:16Speaker 01

  This is actually not a barking dog. This is fleas on a barking dog.

• 1:36:20Jack Selby?

  That's fair.

• 1:36:21Speaker 01

  So you, you gotta pick what, what, what, no, look, the last time I was here, I was also involved in a hundred million dollar defamation suit. That was very public with John Leisure, that was the CEO of T-Mobile. It's very big and very nasty and very noisy. So why would I do that?

• 1:36:39Speaker 01

  I initiated that. And then leave this other thing alone. It's a business, it's a business strategy. This is what Trump said.

• 1:36:47Speaker 04

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• 1:37:18Graham Stephan?

  What was the outcome of the T-Mobile lawsuit?

• 1:37:20Speaker 01

  Well, I can't say what it was just, you know, we, we, we, everybody's good now.

• 1:37:24Graham Stephan?

  Okay.

• 1:37:24Speaker 01

  So-

• 1:37:25Graham Stephan?

  And you're happy with the outcome?

• 1:37:26Speaker 01

  It was, I'm very happy with it. I'm thrilled. So, um, you know?

• 1:37:34Graham Stephan?

  Okay.

• 1:37:35Speaker 01

  Very, very happy. Look, I don't start anything that I'm not gonna finish, and I don't start anything that I'm not gonna win. Like I, it's a, you know, it's very important that if you're gonna walk into a battle, you, you know, you can, you, you, you, you need to come out of that battle. Like you don't wanna battle forever. And coming out a winner is really important, so don't start some shit you can't finish. And where there's not a positive outcome. And hopefully a positive outcome for everybody, not just my side. The perfect scenario would be I win, they win, we all win. And but I can't get into the exact settlement of the numbers and all that just because we're both sworn to confidentiality.

• 1:38:17Jack Selby?

  Yeah. So one thing that's heavily debated online is people can't figure out your net worth, which I am sure you probably are very amused by. You see all these articles. Oh, it is speculated he's worth 400 million. It's speculated he's worth 1.6 million.

• 1:38:30Speaker 01

  Yeah.

• 1:38:31Jack Selby?

  Why do you think people have no idea what you're worth?

• 1:38:34Speaker 01

  Yeah, because I'm private, because I'm a private, I'm a private individual. So I'm not publicly held. So Forbes is never going to list my, I mean, unless I went public. If I went public tomorrow, I'd be on a Forbes list.

• 1:38:45Jack Selby?

  What do you have to lose by going public with that information?

• 1:38:49Speaker 01

  Well, I mean, public is a publicly traded company.

• 1:38:51Jack Selby?

  I know, I know, but I'm saying by disclosing that, I should say.

• 1:38:54Speaker 01

  Well, because Forbes is not going to go do an audit at their expense of my privately held companies and their value. Like the people that are talking about my network, they, they don't, they'd have to know what 10x Health Systems were. They'd have to know what my position is in 10x Health Systems. And then they'd have to know what Cardone Ventures is worth. Then they have to know the income, the gross revenues of my Cardone, the Cardone Training Technologies, the education portal and our net profits. Then they'd have to know what Cardone Capital, the investment vehicle is worth. Cause it's worth more money than probably the other three. Because it continues to raise money, long-term sticky money for long periods of time. It's the most valuable of all the companies.

• 1:39:35Speaker 01

  Probably second, yeah, first and then 10x Health System. 10x Health System is going to be worth probably $4 billion. But, and then the fifth company would be my holdings and all the real estate. So now, who's going to go do an audit on all of those things?

• 1:39:51Jack Selby?

  Fair enough.

• 1:39:52Speaker 01

  And why, why, why do I need to do it? I know what the net worth is. And by the way, I know the net worth is a,

• 1:39:59Speaker 01

  it is a

• 1:40:01Speaker 01

  complete vanity number.

• 1:40:04Speaker 01

  Okay.

• 1:40:06Speaker 01

  It's it's too low. The internet is lower than it is. But the vanity, it's a vanity number. If I told you right now, it's 1.7 billion, 308,000 dollars and 929 bucks today. It's a vanity number. None of it's, none of it's even spendable.

• 1:40:23Graham Stephan?

  Cause it's all tied up in equity.

• 1:40:24Speaker 01

  It's all illiquid assets.

• 1:40:26Graham Stephan?

  Could you answer this? Are you a billionaire?

• 1:40:28Speaker 01

  100%. No, I can't, I can't tell you 100% that I am because it's more than that. See, you're asking the wrong question.

• 1:40:36Graham Stephan?

  How much more? Is that the right question?

• 1:40:39Speaker 01

  It's over.

• 1:40:42Speaker 01

  If I could liquidate the assets. But I can't. So it's like, again, we're back to vanity numbers. Like what, what's, what's, what's the purpose? It's more than I ever dreamed it would be.

• 1:40:53Graham Stephan?

  It is the lifestyle.

• 1:40:55Speaker 01

  It's less than it should be.

• 1:40:56Graham Stephan?

  So.

• 1:40:57Speaker 01

  And it's less than it will be.

• 1:40:58Graham Stephan?

  So we just heard someone say that if you have a hundred million dollars.

• 1:41:01Speaker 01

  Yeah.

• 1:41:02Graham Stephan?

  You could basically do 95% of the stuff that a billionaire could do. Is that true?

• 1:41:06Speaker 01

  That's not true. I mean, I've had both of them and you can't, you can't.

• 1:41:09Graham Stephan?

  What do you get at a billion?

• 1:41:10Speaker 01

  There's things I can't do, dude. There's things that I cannot do.

• 1:41:13Graham Stephan?

  What can't you do?

• 1:41:13Speaker 01

  I can't go buy a yacht tomorrow. Cause I know, I know, I know the boat I want. I can't buy what I want.

• 1:41:19Graham Stephan?

  What do you want?

• 1:41:20Speaker 01

  I want a 375 foot, um, flagship.

• 1:41:24Graham Stephan?

  How much will that cost?

• 1:41:25Speaker 01

  It costs probably 400 million dollars.

• 1:41:27Graham Stephan?

  Why not?

• 1:41:27Speaker 01

  And, and, and another, another 40 million a year.

• 1:41:30Graham Stephan?

  Why not just lease?

• 1:41:31Speaker 01

  Cause I want it to be my, I want it to be mine. I want it to be mine exactly the way I want. I don't, I mean, I could, dude, like, like I've done three summers like that. You know, that's cool. But I mean, it's something I want, right? Like, why do you want to go to Korea?

• 1:41:44Graham Stephan?

  It was a good deal for points.

• 1:41:46Speaker 01

  Yeah, I know, but, but that's the only reason it was.

• 1:41:49Graham Stephan?

  I have been, but you know.

• 1:41:51Speaker 01

  Yeah, I know. But at some point, you, you, at some point, the deal doesn't matter. It's what you, there's some things I just want, right? And, and it doesn't mean it makes sense. I mean.

• 1:42:00Graham Stephan?

  How much do you have to be worth to be able to buy a 400 million dollar yacht?

• 1:42:04Speaker 01

  Yeah, it's a good question.

• 1:42:07Speaker 01

  You know?

• 1:42:09Speaker 01

  You need, you need, you need 400 million because you want to pay cash for it.

• 1:42:15Graham Stephan?

  Yeah.

• 1:42:16Speaker 01

  And then you need to be able to say, hey, is there a way to write that 400 million off? Because I would put it in the charter and I'd probably use it 10 weeks in a year and charter it the rest of the time. Because I want that big spank at the beginning. If I can, if I can get that, and I'm not sure I can. Some people believe I can, some people think not. And then you got to figure out, okay, how do I make sense of $40 million, $3.3 million of negative cash flow a year?

• 1:42:43Speaker 01

  And you didn't earn any money on the 400 million because this boat's going to zero.

• 1:42:49Graham Stephan?

  Yeah.

• 1:42:50Speaker 01

  All boats go to zero. Planes go to zero. Everything goes to zero.

• 1:42:55Speaker 01

  Now, I think there's a world that we live in right now where we're going to go from 3,000 billionaires to probably 9,000 or 10,000 billionaires. And those guys are going to walk around the planet with an economic footprint that is so massive, they're all going to want boats. They're, they don't want, they don't want a charter. They're like, bro, I want my boat with my toys, with my name on the pillows. Like you're talking about immense amounts of money. A trillion dollars just hit Miami. Mark, Ellison, Griffin, both Google boys, like the list goes on and on. A trillion dollars hit Miami in the last five or six weeks.

• 1:43:31Graham Stephan?

  Yeah.

• 1:43:32Speaker 01

  Trillion dollar footprint, like that's, that, that trillion dollars will be, those guys will be worth $2 trillion here in the next five or 10 years or less. Because their money is just going to just explode. So I think you need, I don't know, dude, I can't make sense of it. I just talked myself out of the boat.

• 1:43:49Graham Stephan?

  Why you talked yourself out of it?

• 1:43:50Speaker 01

  Because it's, it's, it's because it's so impossible. It's like, I'm, I'm never going to be worth enough money.

• 1:43:55Graham Stephan?

  I'm going to say that's probably 10 billion to comfortably.

• 1:43:58Speaker 01

  I think so.

• 1:43:58Graham Stephan?

  Because at that level, you just have to be able to write a check and not pay attention to it and not have it bother you. Because as soon as you run the numbers, you lost.

• 1:44:05Speaker 01

  The 10 billion needs to earn at least five or 600 million a year. That's how these guys are doing it. They're like, okay, I'm going to pay it back. Every month I'll pay, I can pay it off. Like, so you know, you need a lot of money, dude. You need a lot of liquid assets that are, that are rolling or you.

• 1:44:21Jack Selby?

  How badly do you want it though? Because what I wonder-

• 1:44:24Speaker 01

  You talked me out of it pretty quick.

• 1:44:25Jack Selby?

  Yeah.

• 1:44:25Speaker 01

  You just talked me out of the whole thing.

• 1:44:27Jack Selby?

  What I wonder is like, if this requires you to grind away for five more years of your life to be able to then afford-

• 1:44:32Speaker 01

  This doesn't require grind. Th- th- th- this, this is, this is when you have to give up-

• 1:44:36Jack Selby?

  You're trading time and energy resources and stuff like that.

• 1:44:38Speaker 01

  This is when you have to trade the grind to, for a play. I can be Grant Cardone, the grinder and get that boat. I have to be Grant Cardone, smart, public markets. Everybody that owns these boats is public. Every one of them. They're all public. There's no not public. They're all public. The fatigues, all of them, dude. Facebook, Jeff. They all own these big boats, dude. Why? They leverage paper. They turned an idea into a company. Company became a piece of paper. Paper, paper became explosive to tens of millions or hundreds of millions of owners. That value goes up as they continue to report good news.

• 1:45:20Speaker 01

  And that's the achievement, you know? Now you're hanging out with a bunch of guys that you have something in common with. You have the best and worst thing they've ever done. Buy a boat.

• 1:45:29Jack Selby?

  Aside from buying a boat, is there any other thing that you want to spend a bunch of money on? For example, that watch.

• 1:45:34Graham Stephan?

  Oh my God, the watch is crazy.

• 1:45:35Speaker 01

  No, I hate this watch.

• 1:45:36Graham Stephan?

  Why? Are you serious?

• 1:45:38Speaker 01

  Hate this.

• 1:45:38Graham Stephan?

  Then why do you wear it?

• 1:45:40Speaker 01

  Uh, because it went with my jacket, so I brought it on this trip. Yeah, I hate this watch.

• 1:45:43Graham Stephan?

  What do you not like about it?

• 1:45:44Speaker 01

  Because it was a terrible investment.

• 1:45:46Graham Stephan?

  How much was it?

• 1:45:46Speaker 01

  I bought three Richards and I hate all. I knew when I did it. You know, there's some things that you spend money on, you're like, I'm never spending money on that. Like, it's just kind of a moral thing. I knew this was stupid. I knew the timing was wrong, that market was hot. I'm like, it's gonna pull back.

• 1:46:02Graham Stephan?

  Why did you do it?

• 1:46:03Speaker 01

  I wanted the watch, dude. How stupid can you go?

• 1:46:07Graham Stephan?

  But why?

• 1:46:07Speaker 01

  Well, you know, there's a song written called Cash Flow. And it has my voice in the song. And in the song, it says, how stupid can you go? You can go as stupid as your cash flow. This is stupid investment. But I paid for it out of passive income.

• 1:46:22Graham Stephan?

  How much did you pay for that watch?

• 1:46:24Speaker 01

  I forget.

• 1:46:25Graham Stephan?

  You don't even want to know?

• 1:46:27Speaker 01

  No, not really. It's probably worth more. It's probably worth more than it was then.

• 1:46:31Graham Stephan?

  But do you not like the watch because it went down in value?

• 1:46:35Speaker 01

  No, no, no, I don't like it because it represents.

• 1:46:37Graham Stephan?

  Crazy watch. Could I see it?

• 1:46:38Speaker 01

  It represents.

• 1:46:39Graham Stephan?

  Throw it, dude.

• 1:46:40Speaker 01

  It represents.

• 1:46:41Graham Stephan?

  You're not supposed to throw.

• 1:46:42Speaker 01

  It represents.

• 1:46:42Graham Stephan?

  It's a house, dude.

• 1:46:44Speaker 01

  It is. How much is that watch, Graham? It's gotta be 400, 500.

• 1:46:48Graham Stephan?

  Yeah, I was gonna say maybe like 300 low end. It could be 500. They have so many models of Richards.

• 1:46:54Speaker 01

  But I owned another one, a black one. That was a million dollar watch.

• 1:47:01Graham Stephan?

  Big watch.

• 1:47:01Speaker 01

  And it was stolen from me.

• 1:47:04Graham Stephan?

  Do you have insurance on that?

• 1:47:05Speaker 01

  Off my arm, no. I didn't have insurance. But look, this is a whole total hype deal, okay? Like, there's no gold, no, you know, this is junk.

• 1:47:15Graham Stephan?

  Yeah, but it's the engineering and the precision of the watch that people look at.

• 1:47:18Speaker 01

  I don't think so. I think it's a terrible investment. It's not even moving.

• 1:47:22Graham Stephan?

  Yes, it is.

• 1:47:22Speaker 01

  Oh, it is moving, sorry. Yeah. I don't know how to read it. It's like, it's too much, there's too much stuff going on in the face. Yeah. So anyway, but it represents to me a bad choi-, a poor choice. You know, it's not me. This is not what I would do. Now, there's a paddock, I own a green paddock.

• 1:47:39Graham Stephan?

  I've seen that one. That was the one you were talking about.

• 1:47:40Speaker 01

  That watch, I don't regret buying that watch.

• 1:47:42Graham Stephan?

  Yeah.

• 1:47:42Speaker 01

  That's one of 25 in the world. It'll be worth, I'll give it to my kids. I'm not giving this to my kids. Like, 20 years from now, nobody's gonna want this Richard.

• 1:47:51Graham Stephan?

  Then why not sell it?

• 1:47:52Speaker 01

  I probably should.

• 1:47:53Graham Stephan?

  Yeah.

• 1:47:53Speaker 01

  It's a great idea. I have two boxes of watches. I wouldn't buy any of them again.

• 1:47:58Graham Stephan?

  What would you say is your worst investment of all time?

• 1:48:01Speaker 01

  The worst investment of all time? Would have been, I bought Lehman Brothers for a dollar and it went to zero. So you made, you made an infinite loss? I lost one million dollars, not infinite. Oh, I thought you said you bought it for one dollar. I bought it for one dollar. I bought a million dollars. I gave it one dollar and it went to zero. I lost a million dollars. What was the best investment you've ever made? Uh, one of the best for me or for my investors? For you. Uh, I bought a, I bought a, uh, well. Like the largest net worth gain? The best investments I've ever made were the companies that we, we have. Cause I started, I bootstrapped everything. Ten X Health System, we paid a million and a half for that company. It's probably worth, today it's probably worth

• 1:48:48Speaker 01

  four billion dollars. We paid a million dollars out of future revenue and we own 99% of the company. So that was a great deal, but it hadn't, it hadn't, it hadn't seen fruition yet. The, I bought a piece of real estate in Florida. Uh, I put 15 million down. I sold a house.

• 1:49:09Speaker 01

  Pulled money out of a business and crashed retirement accounts to buy this one piece of property. I paid 15 million, I paid 58 million for the property. I put a 43 million dollar loan, put 15 million dollars down. That piece of property is worth, with 15 in it, is worth 250.

• 1:49:28Speaker 01

  And it cash flowed every month, every year for 13 years. I've refinanced it three times. I've taken 15 back, plus another 55 million back. Plus I just got 60 million back. So I've taken out all my money, plus 130 million, still own it and it still cash flows. That's probably the best deal I've ever did. This will be the kid, the thing that I give my kids. Yeah. You own it all personally? I own 91% of that asset. My, my brother and my sister own some of it, but I'll probably pass that on to my kids if my kids are listening. If they're nice to me, always. How much do you spend per month personally? Not much. I don't spend a lot of money. What do you think you spend per month? Like 50,000, a hundred thousand dollars a month? Yeah, maybe.

• 1:50:14Jack Selby?

  You don't know if it like you, you have no idea how much money you're spending per month.

• 1:50:17Speaker 01

  Uh, well, I mean, I could figure it out pretty quick right now. I don't, I don't have a mortgage on the house.

• 1:50:21Jack Selby?

  Like what's on the AMX statements?

• 1:50:23Speaker 01

  Oh, that's most of that's going to be run from the, through the company. So it's all business. This trip I'm on is a business trip. So I have a secret meeting tomorrow here in town that I can't talk about. You'll know about it on the 13th of this month, but.

• 1:50:35Jack Selby?

  Funny, I asked about it. You wouldn't even tell me.

• 1:50:36Speaker 01

  It'll be all over the media on the 13th.

• 1:50:38Jack Selby?

  I didn't know what it is.

• 1:50:39Speaker 01

  But, but it's a secret meeting that I'm sworn.

• 1:50:41Jack Selby?

  He bought the hard rock.

• 1:50:42Speaker 01

  No, no.

• 1:50:44Jack Selby?

  For that to be crazy.

• 1:50:44Speaker 01

  Um, that, that, that's something I wish I could do. Like, I would love to own one of these big places, but I'll leave that to.

• 1:50:51Jack Selby?

  I could see you as a casino owner, like a Steve Wynn.

• 1:50:55Speaker 01

  Like, like.

• 1:50:55Jack Selby?

  You know? How much you spend per month?

• 1:50:57Speaker 01

  Oh yeah. So what do I spend?

• 1:50:58Jack Selby?

  Like your wife, your kids, like.

• 1:51:00Speaker 01

  Well, I mean, I get, I get notices, $27, $42.

• 1:51:04Jack Selby?

  You get notices for that still?

• 1:51:05Speaker 01

  Everyone, my, my kids' credit cards are tied to my phone.

• 1:51:09Jack Selby?

  And what do you look at? Just the dollar amount or what they spend money on?

• 1:51:12Speaker 01

  Who the hell keeps hitting this goddamn account for $127, $65?

• 1:51:17Jack Selby?

  Who was it?

• 1:51:17Speaker 01

  She's like, oh, I'm buying Sabrina some clothes for this event she's going to do. I said, okay, okay, it's approved.

• 1:51:23Jack Selby?

  And what?

• 1:51:24Speaker 01

  Like, like, like, like my, yesterday Elena hits me, hey, uh, I got a bid to clean the deck up on the house. It's, I got one bid at 8,000, another bid at 12,000. I want to go with the 8,000. Is it approved? I'm like, yeah, it's approved. But I even said, hey, don't do the stain. It doesn't need to be stained.

• 1:51:43Jack Selby?

  That's funny.

• 1:51:43Speaker 01

  Just sand it. She's like, it's more money to sand it. I've already done it. I said, I don't think they can stain it right. She's like, oh yeah, they can. I said, okay, it's approved.

• 1:51:50Jack Selby?

  So I don't know. And what dollar amount do they need to run it by you before spending the money?

• 1:51:56Speaker 01

  Uh, it depends on who it is and what department, like the ad budgets that Jared runs.

• 1:52:02Jack Selby?

  This is you personally. This is personal stuff.

• 1:52:04Speaker 01

  Oh, they're supposed to run everything by me.

• 1:52:08Speaker 01

  You know?

• 1:52:09Jack Selby?

  So even like parking?

• 1:52:11Speaker 01

  No, no.

• 1:52:12Jack Selby?

  Hey, listen, valets, parking.

• 1:52:15Speaker 01

  No.

• 1:52:17Jack Selby?

  And you, you don't give them like a certain budget per month that they can or can't spend?

• 1:52:21Speaker 01

  Well, who are you talking about?

• 1:52:22Jack Selby?

  Like your family, like the, the personal expenditures.

• 1:52:24Speaker 01

  Oh, no, no, no, no. I didn't understand that. My wife has her own money. So she, she, she has her money and my kids have their money. So my kids like, hey, I need some money for, dude. You got money. Dude, don't call me. They kids never call me for money. They call their mom. That's why I keep seeing these credit card things. Cause then the mom always does. They will never call me for money because they know I'm gonna say, you got your own money. And how are your kids making their own money? Because they invest, you know, they had a salary to work for the company. I thought we talked about this last time, but they, the kids have a salary. They have a responsibility. They haven't gotten their salary this year. And if they're watching, they haven't done what they contracted to do, so they won't get their salary. Would you ever fire your kids if they're not doing a good job?

• 1:53:09Speaker 01

  100% dude. And then would you hire them back or no? No, no, no. They get one shot, yeah. Dude, I, I, I, I had a text message that went out today. Hey, both of the kids are not performing their duties. Don't pay them this year.

• 1:53:23Speaker 01

  So. Are you worried about violating some labor law? So now what we did, let me just go back and back. No, look, if you can't abuse your kids, who can you abuse, right? So, um, and if you can't write your kids off, like, like every family should be writing their kids off as a write-off, as a tax deduction, not, I can't write off an allowance. So if I give my kids 500 bucks a month, it's an allowance. It's an entitlement. It's like, it's a gimme. You can't write that off, but if I give them $500 a month as a salary. But then they have to pay tax on it. That's right. Yeah, but it's a way that you can, you can like. In my case, what I do is I pay them, I pay them one fee a year. I think, I think the number's 50 grand, 50 grand a year they get.

• 1:54:07Speaker 01

  Now, I could give the, the, the 15 year old a $50,000 check, but it wouldn't be a responsible thing for me to do. So how do I control that? I take the 50 grand. I say, this is, you were paid 50 grand. Better for them to pay taxes than me.

• 1:54:20Speaker 01

  Yeah, yeah. And then I take the 50 grand and I divert it to Cardone Capital. So they become an investor in my project. Do they want to? I get a 50, I get, I get. Then you get a 1% on that.

• 1:54:32Speaker 01

  One point when they buy them, one point when they sell them. By the way, at one point, my kid and my wife, and by the way, you'd pay the same one point. You're saying this, everybody's. Do they get paid if they're preferred? In that, in the case of the last deal, they would. They're all invested in that deal, by the way. Every one of my family members are invested in that deal. My brother and my sister invested in those deals and my kids. And I won point on the way in and on the way out. Okay? So watch what happens now. That money then goes to card on capital and if it pays cash flow, then that's what they live off of. So let's say they invested 50 grand into that project and it paid 5% a year. They're only going to get 5%, 2500, what is that? 2500, $200 a month. So how much can they spend a month? How stupid can you go?

• 1:55:18Speaker 01

  You can go as stupid as your cash flow. So they could spend $200 a month off that one investment. Now Sabrina's got like $8,000 a month coming in because she's invested in every project. So she could spend eight grand a month. She's 16 years old, done with high school. She gets 8,000 every single month. Papa, I want a Cartier, uh, um, Pantier. I'm like,

• 1:55:43Speaker 01

  buy it yourself. You got your own money?

• 1:55:45Jack Selby?

  And she does.

• 1:55:46Speaker 01

  I know what she's got. I know what her network is. And she's like, I don't want it that bad. You buy it for me.

• 1:55:52Jack Selby?

  When do you think she's going to be a millionaire?

• 1:55:54Speaker 01

  Well,

• 1:55:58Speaker 01

  uh, she already hit it.

• 1:55:59Jack Selby?

  Yeah. Well, she's getting 8,000 a month, so $100,000 a year.

• 1:56:02Speaker 01

  There was another deal that I can't talk about. There was a private deal that I can't talk about. But she, as part of this transaction and negotiations, earned a million dollars.

• 1:56:16Jack Selby?

  Wow. Earned one million dollars?

• 1:56:18Speaker 01

  One million dollars.

• 1:56:19Jack Selby?

  In one deal?

• 1:56:20Speaker 01

  She was 14 years old.

• 1:56:21Jack Selby?

  What did she do with them?

• 1:56:22Speaker 01

  I can't talk about it more than that, but it was, I've mentioned it already in the interview today. I'll give you that hint.

• 1:56:31Jack Selby?

  Okay.

• 1:56:32Speaker 01

  And, but I can't go into the details of what, she did, she did, I mean, it's nothing, nothing weird. I mean, but it was something brilliant.

• 1:56:41Jack Selby?

  Did that change her mentality when it comes to money?

• 1:56:43Speaker 01

  Well, yeah, because the next year, last year, she owed $400,000 in taxes. I said, but you understand, you have a million dollars. You can only use 600. She took the 600 and immediately invested it. And I said, she's like, why don't I invest the whole million? I said, because you, you got a $400,000 tax bill next year. It's actually going to be three eight.

• 1:57:00Graham Stephan?

  Why wouldn't?

• 1:57:01Speaker 01

  She doesn't have the tax write offs.

• 1:57:02Graham Stephan?

  Why wouldn't you have her get something where she gets bonus depreciation on that? And then.

• 1:57:05Speaker 01

  Because she needs, in that case, she, she just couldn't get enough. To get it. And she's not a professional real, she's not, uh, uh, she doesn't, she doesn't fall under four sixty nine, the, the four sixty nine.

• 1:57:18Graham Stephan?

  That would be the first thing I'd do is get, get her to qualify real estate.

• 1:57:21Speaker 01

  Yeah, you're probably right.

• 1:57:22Graham Stephan?

  Yeah.

• 1:57:22Speaker 01

  We didn't do that. So, you know, um, and.

• 1:57:26Jack Selby?

  Wow. What kind of car did you end up getting?

• 1:57:28Speaker 01

  My bad. Uh, we got her a Tesla.

• 1:57:31Jack Selby?

  Okay. Model, which one?

• 1:57:32Speaker 01

  Uh, Y.

• 1:57:34Jack Selby?

  Model Y?

• 1:57:34Speaker 01

  What's the entry level?

• 1:57:35Jack Selby?

  That's what I, that's where you got picked up in.

• 1:57:37Speaker 01

  Yeah, yeah. It's a great car.

• 1:57:38Jack Selby?

  Yeah.

• 1:57:38Speaker 01

  Yeah. I did that really just to support Elon.

• 1:57:41Jack Selby?

  Do you talk with Elon?

• 1:57:42Speaker 01

  No, I never have.

• 1:57:44Jack Selby?

  Do you talk with Trump?

• 1:57:45Speaker 01

  I have.

• 1:57:46Jack Selby?

  Have or do?

• 1:57:47Speaker 01

  I have and do.

• 1:57:48Graham Stephan?

  Yeah, they did the interview, the guy.

• 1:57:49Jack Selby?

  So you, yeah, but like.

• 1:57:51Speaker 01

  Yeah, yeah.

• 1:57:51Jack Selby?

  But when I, sure, but like, does that mean that, you know, you could shoot him a text and he'll like?

• 1:57:56Speaker 01

  I could.

• 1:57:56Jack Selby?

  What's the last conversation you guys had?

• 1:57:58Speaker 01

  Christmas Day.

• 1:58:00Jack Selby?

  What did you say or what did he say?

• 1:58:01Speaker 01

  Just told him he's doing a great job. My wife was like, what, why are you calling Trump on the, the president?

• 1:58:07Jack Selby?

  You called him?

• 1:58:08Speaker 01

  Yeah, on, on, on, on Christmas Day, I said, because probably nobody else will.

• 1:58:13Graham Stephan?

  That's true. If he's getting one phone call that day. You know, his phone's not gonna be blown up.

• 1:58:19Jack Selby?

  And what did you just say? Merry Christmas? Like, hope you're having a great day?

• 1:58:23Speaker 01

  Yeah. He says, wait till you see what I do this year.

• 1:58:30Jack Selby?

  That's hilarious.

• 1:58:31Speaker 01

  Yeah, yeah.

• 1:58:33Jack Selby?

  Interesting.

• 1:58:33Graham Stephan?

  Who do you go to for advice?

• 1:58:36Speaker 01

  Uh, man, look, I study a lot, you know, like, um, I don't really go to anybody and say, what would you do? I mean, I, my friend Bob Duggan, that's taken a number of companies public, I've asked him for advice. I've sat down with Michael Saylor probably five or six times about our real estate Bitcoin hybrid. So I've gotten a lot of input from, from, um, from him. I've met, last year, we met with eight banks. I don't think it's the kind of advice you're talking about. Who do I go to for like mentoring or whatever? But most of what I do now is I'm reaching outside of my own network to say, hey, I need to go find out. What does the people at Bank of America know? Jeffrey Horvitz created is probably responsible for every REIT that was created in this country. It's $4 trillion. If

• 1:59:20Speaker 01

  I if I could get 5%, like that's what I'm like, how do I get 5% of a $4 trillion market? That'd be 200 billion. Now I can buy. Now I can buy anything I want. I could have two boats, dude. I could have one over there and one over here. Shit. Cause now it doesn't matter. But but so I'll go meet with Jeff. I'll go. I'm trying to get access to those kind of guys to say, hey, guys, look, what's broken? How do I fit in here? So we met with eight banks last year. They gave me tremendous, a bunch of great feedback about what I could do to really scale up. What's your best piece of non-financial advice? You know, value your family, like play as a team. You know, there's times where I forgot

• 2:00:03Speaker 01

  that we were a team. Like, like if I could go back and fix stuff, like, I mean, like Elena's been so beneficial to me, the kids. I used to say, man, I don't regret waiting, but some ways I wish I'd have done it earlier with the kids and the wife. I wasn't ready though. So it wasn't, doesn't matter. Cause I wasn't ready to have a wife and I wasn't ready to have kids. But that team, man, solidifying that team and honoring that team and knowing your team and, you know, that is the most valuable thing. And the other thing is, the money really, look, I can, I can think back of times in my life where there were happier, funner times that than just the big,

• 2:00:45Speaker 01

  just the life. You know, the, the, the creep up. The other, the, the piece of advice I would give people, when you're on the grind up, dude, love it. Cause one day you're not going to have that and you're going to miss it. It is so painful. It's so nasty. And but if you can live through it and get through it, you're going to look back on that time and say, that was the richest part of my life was the richest part of my life was on the grind up when it was 18 hour days, getting up at four o'clock in the morning, scared, terrified, not sure, feet hurt.

• 2:01:24Speaker 01

  You know, tho- tho- tho- those, those times were so rich that you can't buy it with watches and cars and planes and... But no matter how many times I say that, it gonna, it's still fucking painful. Yeah. And it's not fun. And most people don't get through it, but if you get through it, you're gonna look back and say, like, somebody asked me, would you rather win a billion dollars or earn a billion dollars? And I'd be like, dude, I'd rather earn a billion because the first one's not, you can't do the first one again. You can do the second one again. See, it's easier to earn a billion dollars than it is to win it. At what period of time in your life were you most motivated? Well, I would say that, if you ask me that the last time I was here, I would say

• 2:02:07Speaker 01

  probably when I was thirty-five or forty and then... But the last time I felt that was when I did a five-day fast about two months ago. And I felt like I was twenty-eight years old again on the fourth day. I was so motivated, dude, like, I felt like I was, I was all of a sudden this electrical unit that was just popping off. How long did it take for that to kick in? It was on the fourth day. And why do you think that happened? I did a three-day fast, three weeks later, I did a five-day fast. I did a three-day fast- You do look like you've lost a little weight. Oh, thank you. Yeah. Thank you. Um, I'm, I'm probably just cutting up a little bit. Yeah. So I did a three-day fast. My sister called me and said, hey, I think I have cancer. They want me to come back in. They found a spot on my lung.

• 2:02:52Speaker 01

  I said, okay, good. When you going back in? She's like, uh, in two weeks. I said, no, you're too, good, okay, I'll, I'll, I'll get you to the empty entrance in two weeks. I said, well, what we're gonna do, it was on a Friday. What we're gonna do right now is we're gonna start a fast. And I said, you're gonna do a seventy-two-hour fast and you're gonna freaking just... She's like, what do you mean, we're gonna do? I said, I'm gonna do it with you. I'm, I'm in Miami, you're in Houston, I'll do it with you. And we're gonna do it. We're gonna do a seventy-two-hour fast. She's like, how do you know it's gonna work? I said, fuck, I don't know if it's gonna work. I don't, I don't know shit. I just know this, if you starve your body, the cancer has nothing to live off of, you fucking give a shot, man. I've seen some bullshit on the internet. They say, uh, fasting might work. It costs nothing, let's try it. Do I need to go to doctors? I'm your doctor right now. We're gonna fucking do this.

• 2:03:36Speaker 01

  Let's go, call me Dr. G. Okay? So, anyway, she agreed to the fast. I'm like, maybe I just lied to her not do the fast. And I'm like, I gotta do the fast now that I said I would do the fast. But I had eight hundred people in town Friday, Saturday, and Sunday.

• 2:03:53Speaker 01

  And I'm like, I gotta fast and speak to these people and go to their lunch and be happy. Anyway, I did it. So if you ever want to fast, just stay busy because it's really easy if you're busy in front of a lot of people. But I had to produce on my feet for twenty, like eight hours a day, every day while fasting. And it was easy and I felt great. Three weeks later went by, my wife, uh, my wife, my sister, by the way, didn't have cancer. She was cleared. Um, three, three, three and a half weeks later, I said, okay, I gotta try a five day fast and see what happens on the fourth and fifth day. And the fourth day was like, it was like a thousand X.

• 2:04:27Jack Selby?

  Are you working out fasted?

• 2:04:29Speaker 01

  Yeah, uh, I did coffee and tea and water. No supplements, none of our supplements.

• 2:04:37Jack Selby?

  Is that like a common response to fasting for that long? Like, what was that? What was the hardest day?

• 2:04:42Speaker 01

  Uh, probably the hardest thing, it's a bit of a mind fuck, right? You're like, I'm gonna stop eating and you're like, oh damn, I want a donut, like almost instantly. You're like, ah, I want something to eat first. It's a weird, it's a weird mental. Trip. The second day is a little hard. Um, because the body's craving food. If you just deny it, then it's going to go consume whatever's left in the body. Uh, the, the third and fourth day were like piece of cake. On the fifth day though, the fifth day, I didn't actually finish a hundred, a hundred, like, what is it? Five times twenty four is what? One twenty? On the fifth day, my body was like, hey, we want to down. The, the, the, my, I was getting signals from my body at about a hundred and ten hours. There's no upside from here.

• 2:05:27Jack Selby?

  No.

• 2:05:27Speaker 01

  There's no benefit of going another ten hours. Just do your thing.

• 2:05:31Jack Selby?

  What was the first meal you had?

• 2:05:34Speaker 01

  Uh, what, what did I eat? Ribs? People were like, oh, don't go in heavy. I'm like, what do you think people did?

• 2:05:42Speaker 01

  A hundred years ago. You go five days, you had to fast because there was no food. It's in the middle of winter. There's nothing to kill. People fast all the time. You finally get a kill. What are you? Oh, we can't eat.

• 2:05:53Jack Selby?

  It's a little heavy.

• 2:05:54Speaker 01

  Fucking do some broth. That's some fucking stupid eat. Everybody eat, ate like a feast.

• 2:06:02Speaker 01

  So.

• 2:06:03Graham Stephan?

  Yeah, interesting. Yeah, when it comes to family, I have to say the big takeaway from our last podcast was how good of a relationship you have with your children.

• 2:06:13Speaker 01

  Yeah.

• 2:06:14Graham Stephan?

  I want that relationship. If I have a daughter.

• 2:06:16Speaker 01

  Yeah.

• 2:06:17Graham Stephan?

  I want what you have with Sabrina.

• 2:06:18Speaker 01

  Yeah, thank you.

• 2:06:19Graham Stephan?

  Like, cause I just saw the way she looked at you.

• 2:06:21Speaker 01

  Yeah.

• 2:06:22Graham Stephan?

  And the way you treated her and saw her and wanted to like push her out of her comfort zone. I really admired that.

• 2:06:27Speaker 01

  Yeah, thank you. Yeah, it's a like, if you took everything away from me, you know, it'd be the kids, man, like, even even more than my, you know, I don't want my wife to hear this, but cause we I wouldn't have the kids without the wife.

• 2:06:40Graham Stephan?

  Yeah.

• 2:06:40Speaker 01

  My wife's been a great choice for me, but the kids, man, there's nothing richer.

• 2:06:46Graham Stephan?

  How do you do? How do you raise good kids like that?

• 2:06:49Speaker 01

  Uh, well, you know, it's always like, okay, is this gonna always work? You know, I'll keep waiting for the other foot to fall off. You know, the shoe to fall off. Okay, maybe they're gonna turn on me. You know, they're 16 and 14 now, so. You know, I invest time with them, man. I spend a lot of time with them. I've changed my whole schedule. I have never not taken their phone call. If they called in right now, I'd take the call. Um, I bring them to meetings with me. I create stuff with them.

• 2:07:17Speaker 01

  You know, I only had 10 years with my dad and I had, I'll bet you I didn't have 10 days out of 10 years. And

• 2:07:27Speaker 01

  I just, you know, like, I'm gonna, I'm gonna spend time with these kids. That's why we homeschooled them. We didn't homeschool them because we thought it was good for them. We thought it was good for me.

• 2:07:36Graham Stephan?

  Really?

• 2:07:37Speaker 01

  A hundred percent. Like, I could see them in the morning. I'm not gonna drive. We're driving to school. I'm doing the drive to school. So that's not quality time. You know, they're six and eight years old. You're missing the best, the best moments of life. You're driving them to school. To what? To go to prison.

• 2:07:54Speaker 01

  And then I gotta go pick them up on their schedule. And then we went to the school and I said, I want to take my kids out of school for three months. You can't do that. I said, well, what do you mean I can't do that? How about this? How about I just take them out forever? We took them home and started homeschooling them. And so when I leave in the morning, they're there. When I come home, they're there. Or I say, hey, go to work with me. So right now they're working on two programs, but anytime they're home in Miami, they're going to be in the office with me, making calls, listening to calls.

• 2:08:22Graham Stephan?

  What values do you try to install in them?

• 2:08:24Speaker 01

  They've been in, they've been, I had a guy named Johnny that's worked for me for years. Sabrina, no, Scarlett was sitting there. Johnny came in, I said, Johnny, I need this, this and this done. He's like, da, da, da, da, da. Starts giving me some bullshit and I'm like, hey, what the fuck are you talking about? I forgot she was there. I said, I'll fucking smoke your ass right now, get you the fuck out of here. You've been here, I don't want any backlash. And she's watching all this. And then she watches me go back and say, Johnny, man, I might have overreacted there. And he's like, no, you didn't. It was right. I was acting like a dick. I said, you fucking ain't right, you were. Never do that again. And Scarlett got to see all that. And she got to see me go back and talk to him. And she got to see him come back and say he was wrong. You know, Sabrina was in a, in one of these very, very big negotiations, big, massive deal.

• 2:09:08Speaker 01

  She got to watch all the parts of it. People are getting emotional. People are accusing people. Sabrina and Scarlett were both in Bank of Amer- oh, Bank of America, Wells Fargo, JP Morgan, Goldman Sachs meetings where we were talking about taking the companies public. They're in these meetings, listening to all these extremely intelligent people. And their job is this, your job is to take notes. They both had to take notes and they're just sitting there. The bankers at the end are like, what did you guys write about? And I said, you write down everything you don't understand, you write it. Anything you don't understand, you write it down in the word and we'll go back and look them up later.

• 2:09:46Graham Stephan?

  Wow.

• 2:09:46Speaker 01

  So that's, you know, I, I invest a lot of time with them, man. And in some ways.

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• 2:10:23Speaker 01

  It it's overpowered me being a better husband. Cause I've thrown myself so much into being a parent that, you know, like, like there's sometimes there's not enough left over to say, I, I need to be spending that same time on my marriage and with my wife and honoring her and spending time with her and including her.

• 2:10:45Speaker 01

  So it's got a little bit of a trick, you know?

• 2:10:47Graham Stephan?

  Yeah. Do you think that your kids are happier this way? Or do you think that there's a part of them that like a part of a child?

• 2:10:54Speaker 01

  He always goes there.

• 2:10:55Graham Stephan?

  What?

• 2:10:56Speaker 01

  I don't know, dude. How do I know? How do I know which way they'd be?

• 2:10:58Graham Stephan?

  You could ask, you could ask them if they enjoy and they're happy.

• 2:11:02Speaker 01

  But they have nothing to compare to. So, look, they, they, they lost a lot of stuff by being homeschooled. They're, they're not part of the soccer team. They're not cheerleaders. They're not part of the, the, the, uh, club, whatever clubs they're doing today. So they don't, they don't get all that.

• 2:11:21Graham Stephan?

  Do you think it's worth it to let them explore some of those things just to have that experience?

• 2:11:28Speaker 01

  I mean, you know, they're 16 and 14, like they're exploring stuff. They, they, they, you know, they're, I know their kids, their friend, thank you. I know their friends are all talking about whatever 14 year olds talk about.

• 2:11:42Speaker 01

  You know, Sabrina's dating. So I know what I was doing when I was 15.

• 2:11:47Graham Stephan?

  Yeah. What's that like?

• 2:11:49Speaker 01

  Dude, it's like, okay, bro, you just gotta, you just gotta like, understand she don't grow up without growing up. So you gotta wish for her to grow up, you know? Like I know, I always say, I don't want to get older. Yeah. Yeah. Grant, you actually want to get older because if you don't get older, you die. So my, my kids gotta grow up, they gotta grow through it.

• 2:12:08Graham Stephan?

  Do you do background checks on the, like if she's gone on a date? Put a P I on the guy she's going out with. I think it's, right?

• 2:12:14Speaker 01

  You think it's smart, right?

• 2:12:16Graham Stephan?

  Yeah. If, if I were you, I probably would be doing a lot of research. Yes, of course.

• 2:12:25Jack Selby?

  Sounds like something.

• 2:12:25Speaker 01

  Would you do a background check? Would you do a financial check on the family members?

• 2:12:29Graham Stephan?

  Probably not a financial. What you would think that maybe they put the guy up to dating your daughter so that they could get some money or something.

• 2:12:37Speaker 01

  Everybody wants to date my daughters. Are you kidding? Like, you know.

• 2:12:40Graham Stephan?

  Maybe not the financial check, but I do like a criminal background.

• 2:12:44Speaker 01

  You should. You're just not, you're just not.

• 2:12:45Jack Selby?

  So what if they checked every box, but they came back as broke?

• 2:12:48Speaker 01

  Yeah, well, you can be with them, dude. You're not, you're not, those kids aren't getting any money. Like, why, why would? I would tell my kids, look, why are you, why are you with a guy that can't produce?

• 2:13:01Jack Selby?

  Well, it's a kid.

• 2:13:04Speaker 01

  My kids produce. So who's paying for fucking lunch? Who's paying for lunch? Who's paying for lunch? Let me ask you that.

• 2:13:10Jack Selby?

  And so you'd be livid if your daughter went out with a guy and she paid for lunch?

• 2:13:14Speaker 01

  Over and over again? A hundred percent.

• 2:13:17Graham Stephan?

  If it, if it becomes a.

• 2:13:18Speaker 01

  I'm like, hey, guys, like, who's paying for lunch? I ain't paying for it. I already told everybody I'm not paying for it. So you got, you got eight thousand a month. Scarlett's got maybe three or $4,000 a month. Okay, you guys are going to deplete your funds here. You're with a kid that can never pay. You're, you're with a kid that can't be in exchange. He's not going to even feel good about this shit. He's going to feel like your little bitch here in a little bit. He's going to resent you. Okay? You, you never want to have that much power in a relationship where you're paying for everything. So when, when we go to lunch, sometimes my kids pay. I'm like, you guys paid for lunch. How much is it? I don't know. It's your fucking bill, it ain't mine.

• 2:13:51Jack Selby?

  It sounds like having kids was a good financial decision for you.

• 2:13:54Speaker 01

  Well.

• 2:13:54Jack Selby?

  You get the 1%. You get the money back out of the fund.

• 2:13:57Speaker 01

  But why, why should my kids? Like, every time a bill comes, when I'm with my kids, okay? I'm like, you want to pay for it or you want me to pay for it? Okay, good. I'm gonna pay for it. I'll pay for this one, but you tell me how much we should tip the, tip the waiter. Well, how much should I tip? I don't know. How good was he? Wasn't very good at all. Good, put zero. And you send, you give it to, to, to the, to the, to the waiter. I wanted to tip the guy. By the way, tell him I wanted to tip him, but you didn't because you thought the service sucked. In all those exchanges, however they turn out, she's learning something. You know? Scarlett, on the other hand, is like, I mean, I want to give him 20%. So do you want to give everybody 20%? Because it's my money. Let it be your money. Let's see how much you want to give.

• 2:14:42Speaker 01

  And then they're like, shit. See, they learned. They don't learn by me telling them.

• 2:14:45Jack Selby?

  You know what's interesting is I asked you if you'd be okay if your wife made more money than you and you're like, well, good luck, basically.

• 2:14:52Speaker 01

  Yeah.

• 2:14:53Jack Selby?

  And you're raising a daughter that will likely end up making a lot of money. She's already made millions. And so

• 2:14:58Speaker 01

  One, one hundred percent.

• 2:14:59Jack Selby?

  In the dating marketplace, like if she will realistically be the breadwinner in whatever relationship she ends up getting into, correct or in or false?

• 2:15:08Speaker 01

  Uh, maybe not. I mean, no, no, she's Statistically, she will be. She could marry up.

• 2:15:12Jack Selby?

  Yeah.

• 2:15:13Speaker 01

  You know, she and she should, by the way, if she's watching this, both of them, I would totally rec- highly recommend they both marry up.

• 2:15:19Jack Selby?

  And would she then give up on like to be a mother, give up on all of her business ventures, the stuff she's doing with you in order to then be a mother?

• 2:15:27Speaker 01

  Uh, no, that's up to her, you know? It depends on the deadbeat she's with.

• 2:15:33Speaker 01

  So, so.

• 2:15:34Jack Selby?

  How hard is it to like the guy that your daughter's going on a date with?

• 2:15:38Speaker 01

  Not hard.

• 2:15:39Jack Selby?

  Okay.

• 2:15:39Speaker 01

  Not hard. I know. He's like, likeable enough guy. You know, but you know, the question in now is like, whose name? I've always had this conversation with him.

• 2:15:49Jack Selby?

  Oh.

• 2:15:50Speaker 01

  Whose, whose name you're gonna keep? I really would appreciate if you guys would keep my name on the brand here. And not Sabrina Cardone Jefferson, Sabrina Cardone, period. Like, no, don't add a name.

• 2:16:04Jack Selby?

  And should he take Cardone?

• 2:16:06Speaker 01

  Good for me. Fucking why not, dude? More branding, dude. Okay, now, now, now, now, and, and by the way, I, I don't want to put you guys in a bad situation. You, you gotta have a prenup. Okay, I didn't do one. I don't have a prenup, but.

• 2:16:21Jack Selby?

  Do you wish you did?

• 2:16:21Speaker 01

  Yeah, uh, yeah, it, it, it was a mistake. And I'll tell you why in a second.

• 2:16:28Speaker 01

  These guys will not be given money if they, if they, if they don't have prenup. So you guys can. Not have a prenup, but you're not going to get any of my money. You will be excluded from the wheel if you don't have a prenup. So that takes the pressure off of them to do it. Now, why do I regret not getting a prenup? First of all, I trusted Elena explicitly. She's not a gold digger. She says she is, but that she doesn't mean it like that. She means she wants the best out of everything. And she wants us to do well, and she knows that I'm ambitious and I want to do well. But she wasn't with me for the money. In fact, the money turned her off. She thought it it meant she was going to lose some power because I had money. And I wasn't rich. I mean, I was, I was doing all right, but I wasn't, you know, I wasn't super rich. And

• 2:17:15Speaker 01

  so I'm just like, yeah, we'll figure it out later. That's the problem with the prenup. Okay, you either get an agreement or you leave it where there's no agreement. You understand? So when you don't have a prenup, the beautiful, beautiful thing about a prenup is you now agree it's not about money.

• 2:17:32Speaker 01

  And as time goes on later, is people have problems and difficulties. There's this thing hanging over you like shit. We're going to have to figure out whether this is about money or not. And now we got to negotiate something. This should have already been negotiated.

• 2:17:46Jack Selby?

  I love how like transparent you are with these things.

• 2:17:48Graham Stephan?

  Me too.

• 2:17:49Jack Selby?

  Or at least like the fact that you have unique opinions outside of the Overton window that you've just came to on your own, maybe with some exposure to different information and stuff. But you just have your own very unique.

• 2:17:59Speaker 01

  What is Overton? What does that term mean?

• 2:18:01Jack Selby?

  Like an Overton window?

• 2:18:02Speaker 01

  Yeah, what does that mean?

• 2:18:03Jack Selby?

  It's a term for the stuff that that's within the Overton window is the stuff that's more socially acceptable opinions to hold.

• 2:18:09Speaker 01

  Oh, God.

• 2:18:10Graham Stephan?

  Think of group think.

• 2:18:10Speaker 01

  Got it.

• 2:18:11Graham Stephan?

  That most people have these views.

• 2:18:13Jack Selby?

  Well, it's not that. It's what is socially or acceptable or not socially acceptable opinions or beliefs to have. So it's not even group think. It's just what is okay.

• 2:18:22Speaker 01

  Yeah, yeah.

• 2:18:22Jack Selby?

  Yeah. So like you have opinions that are outside of the Overton window is what I would say. And and you just aren't totally.

• 2:18:31Graham Stephan?

  And it's in your own unique way and they've seemed to serve you pretty well.

• 2:18:34Speaker 01

  Yeah, I'm not saying I'm right about any of this. I'm right for me up to this point and the point where I'm like, okay, that wasn't right anymore. Like, I used to buy value add real estate. We don't buy that anymore. You know, it's not what I want, right? It's not the asset class I want, but it doesn't, it was, you know, I bought one unit to start with. I wouldn't do that again. It was stupid. It was ridiculous. It's not necessary. I bought a single, I bought a single family home, but I was like, people like, oh, he doesn't take his own advice. I was, I was rich. Like, it was stupid. I'm telling, the watch was stupid, you know? See, this is the problem with the watch and the, and the rolls, the culling ants. I don't, I got rid of all those cars. I regret every $400,000 car I bought.

• 2:19:16Speaker 01

  Because, no, my wife loved the cars. She loved those, okay? My, my partner Brandon Dawson and Natalie, they love that shit. I don't like it. I don't like the way I feel when I roll up. So I don't know if it's a shame thing or lack of self-worth, or I don't like the messages sent to the marketplace. Like, I forgot I had this watch on until you brought it up and now I'm like, oh, the audience sees the watch. Some young guy out there is gonna be like, I gotta get me a Richard. You know, no, you don't, dude. Don't get a Richard, no good a Rolly. You don't need either one. They're, they're meaningless. But, you know what I'm saying? Like, sometimes I feel like it sets the wrong example.

• 2:19:56Graham Stephan?

  But do you feel like people need to go through that to learn that lesson and buy the things and get the houses and the cars and the watches?

• 2:20:02Speaker 01

  No, you don't have to. I mean, you have to if you're an idiot. But if you're a wise person, you would learn by somebody else's mistakes. Anybody can learn from their own mistakes. Like, all these people say, oh, I learned more from my losses. No, you should learn from somebody else's losses, not from your own. You know? A wise person would learn, you went down this path, he went down that path. His path didn't work, yours did. I should follow you, not him. But people don't, they, I gotta do it my own way. And they go off on a third fucking-

• 2:20:33Graham Stephan?

  So what, what things can you buy then that have the most value? That you think, spend money in these ways, this is worth it?

• 2:20:39Speaker 01

  On your health, I mean.

• 2:20:41Graham Stephan?

  Yeah.

• 2:20:41Speaker 01

  Any investment in yourself is a good investment. Church time, um, community time.

• 2:20:50Speaker 01

  Like the five years I got out of a treatment center for drug addiction, I spent every single day. I don't think I missed a day for five years, helping other people get off drugs. That time will, that time will always come back to me.

• 2:21:02Speaker 01

  Always. Cause I can tap into that anytime I want to know, I can help people, real people, like people that are hurting. So, um. Anything, any events, the seminars, uh, going to podcasts, watching, I probably do, I probably watch. I'll watch every all in podcasts.

• 2:21:22Graham Stephan?

  Those are great.

• 2:21:23Speaker 01

  They're interviewing people.

• 2:21:24Graham Stephan?

  Yeah.

• 2:21:24Speaker 01

  That none of us have access to, you know, that, that is so deflationary that I get to listen to the giants of the planet. It's many times I want, by the way, because I could listen to it one time, the second time, a third time, a fourth time, I'm gonna pick up so much stuff. Like I'll do, I'll do one of those every day while I'm working out.

• 2:21:42Speaker 01

  And it starts turning shit on.

• 2:21:43Graham Stephan?

  Mm hmm.

• 2:21:44Speaker 01

  You know, I start like, I start becoming this, I feel bigger after I listen to them like, fuck, look what these guys are doing, man. And they're talking about shit I don't even know, I don't like, I have to look words up and tokenization and the blockchain and, you know, AI generation and like, I don't even know what they're talking about.

• 2:22:00Graham Stephan?

  Yeah.

• 2:22:00Speaker 01

  Humanoids, like, yeah, so what is a humanoid?

• 2:22:02Graham Stephan?

  I was only watching Chris Camillo's podcast.

• 2:22:05Speaker 01

  Yeah.

• 2:22:06Graham Stephan?

  Cause he was saying the same stuff as Chris Camillo, but humanoid robots.

• 2:22:09Speaker 01

  I think everybody has a robot. For we, you know, the Tesla proves that to me. So people are worried about it replacing plumbers. I'm like, it's not replacing plumbers for 20 or 30 years, if ever. But.

• 2:22:22Speaker 01

  Elon, I don't think it's three years. He's gonna give me a robot. I'm gonna overpay for it. But I'm gonna have a security guard at my house. My wife loves having us, we, we had full-time security for years when we were doing our live events. And. And we had reason to have them. I will have a, I don't know if it's humanoid, but there will be a robot providing security at my house. 24/7, 365, and probably gonna have, be able to do some other chores.

• 2:22:56Speaker 01

  You know, that's a no-brainer. Everybody could have them. Armed security.

• 2:23:01Graham Stephan?

  Yeah, I think it's gonna come to that.

• 2:23:03Speaker 01

  That's a, that's a no-brainer.

• 2:23:05Graham Stephan?

  What if your daughter wanted to marry a robot?

• 2:23:09Speaker 01

  Dude, that's wild.

• 2:23:11Jack Selby?

  Would you be okay with that?

• 2:23:12Speaker 01

  No.

• 2:23:13Jack Selby?

  What if he was a good guy?

• 2:23:15Speaker 01

  I don't. No, can't do a robot, dude. Can't do a robot.

• 2:23:20Graham Stephan?

  I just think eventually the robots are gonna get so good, they're gonna be indistinguishable from people and they will have whatever personality matches what you are looking for in a partner.

• 2:23:30Speaker 01

  Yeah, that's crazy. That's crazy. You got too much free time on your hands.

• 2:23:35Graham Stephan?

  This is, Gary Vee believes that people are gonna have relationships with robots and AI. It's only a matter of time. They're gonna be marrying robots.

• 2:23:43Speaker 01

  Yeah.

• 2:23:44Graham Stephan?

  So you wouldn't approve of that?

• 2:23:45Speaker 01

  No.

• 2:23:45Graham Stephan?

  Okay.

• 2:23:47Speaker 01

  Because, you know, the spiritual, I mean, is the robot spiritual? I don't, it doesn't seem like it.

• 2:23:53Graham Stephan?

  All I gotta say is thank you so much for your openness.

• 2:23:55Speaker 01

  No, yeah, you got it.

• 2:23:56Graham Stephan?

  Your time.

• 2:23:57Speaker 01

  You got it. You got it. Tune into the 13th. It's a local thing that's gonna happen here in Las Vegas on the 13th. It'll be announced on 13th, 14th.

• 2:24:05Graham Stephan?

  Deal. I'm looking forward to it.

• 2:24:07Speaker 01

  So that's the secret thing. And it'll, it'll kinda surprise you what it, what it is. It's out of the box of anything we talked about, so.

• 2:24:16Jack Selby?

  Well, this was a blast. Thank you so much for letting us know that you're gonna be in town and 100% we'll revisit this in a year or two. We'll do another episode three. Guys, let us know what you thought of the episode. Thank you so much for tuning into the podcast.

• 2:24:27Graham Stephan?

  Yeah. Oh, also, I just wanna say, big thank you to the members. We're now posting membership videos for you guys. We're taking phone calls from members. So if you wanna call in, they could call in. We're gonna answer their questions. We're getting really interesting questions. One guy is dating two girls and has to figure out which one he wants to date exclusively.

• 2:24:46Speaker 01

  Just add a robot, add a robot to figure it out.

• 2:24:48Graham Stephan?

  A third? So with that said, make sure to join. Really appreciate it. We'll link to your information down below. Thank you for your openness, transparency, everything.

• 2:24:56Speaker 01

  Thank you.

• 2:24:56Jack Selby?

  Also, guys, you can listen to us on audio only. We're on everything from Apple Podcasts, Spotify, you name it, we're on it. Check it out. The link is down below in the description as well. Thank you guys so much for watching. We really hope you enjoyed the episode and we have some phenomenal news. As a cherry on top, we have a banger episode coming out this next Sunday.

• 2:25:14Graham Stephan?

  Even better, but that episode is ready to watch right now. Early access with no ads, no cuts for channel members, so feel free to join. You'll be able to watch the episode right now. Here's a quick sneak peek.

• 2:25:30Jack Selby?

  So what was the final amount that you won in Beast Games 2?

• 2:25:33Speaker 05

  Five million, one hundred and six thousand dollars.

• 2:25:39Speaker 05

  It was one of the hardest things I've ever done.

• 2:25:41Jack Selby?

  What would you criticize about Beast Games?

• 2:25:44Speaker 05

  The truth is, what I won, won't end up in my pocket.

• 2:26:01Speaker 06

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