Thinking Out Loud: The Federal Reserve and Interest Rates

FED & Interest Rates

[00:00:00] Patrick McGrath: Everybody that's investing in real estate. That's thinking about moving or buying a property somewhere in the great United States of America. So this affects everybody. So we're gonna try to dive in, give our opinions on our thoughts and break it down on how it can affect. You so let's get started.

[00:00:18] intro: You're listening to the real fi podcast where we discuss time, tested tricks, techniques, and strategies for pursuing financial independence today, so that we can enjoy a better tomorrow financial independence. Isn't about getting rich quick. It's about cultivating a foundation to grow financially minimal. Physically and spiritually let's figure out how to kick the nine to five. Here are your hosts, Patrick and James,

[00:00:49] James Rippeon: how's it going everybody. And welcome back to another installment of the real fi this is our thinking out loud segment where Patrick and I do a deep dive into some sort of interesting topic of our [00:01:00] choice.

[00:01:00] Of course, we're always interested in hearing from you guys. If you wanna have us talk about something's interesting to you in the news or some real estate or personal finance. Related aspect, let us know. And we will, wrap that up into what we're doing, what we're talking about and expand upon it with our own thoughts.

[00:01:15] How's it going, Patrick? 

[00:01:17] Patrick McGrath: Oh, it's a great day to day. James are getting ready to kick the week off strong with a. Very interesting topic that right now holds a lot of weight for everybody that's investing in real estate. That's thinking about moving or buying a property somewhere in the great United States of America.

[00:01:33] So this affects everybody. So we're gonna try to dive in, give our opinions on our thoughts and break it down on how it can affect you. So let's get started. Yeah, man. 

[00:01:44] James Rippeon: So today's topic, we're gonna be talking about interest rates in the fed, and it's this, I've read this really cool book called the creature from Jackwell island.

[00:01:52] And it talks about the background of the fed, how it came to be the book, I'll give a balanced opinion of it. It's a bit of a. [00:02:00] People who read this book are little conspiratorial. They think that the fed is this like evil, maybe kind of organization by the elite put together to control people.

[00:02:10] And things like that. They have this, power over money. It's an interesting thing to think about, but once you start to crack open what the fed is and what they do, you realize that they do have a lot of power and influence over the economy. And. And money. You don't have to look at it from a perspective like somebody's out to get you, but I think that understanding what they do and the power that they yield is super important, especially for people investing and in real estate of all things interest rates are gonna drive, mortgage loan terms in valuations.

[00:02:39] There's definitely a lot to get into. We're not gonna get into like the background of the fed and how it came to be and all that kind of stuff. We're just gonna talk about how we look at the fed interest rates and what that does for our portfolios and our investment strategies.

[00:02:51] Cause you know, that's, what's important to us and we think that's, what's gonna be important to you. We're not trying to give you a history lesson. Patrick, what are some of your thoughts on the fed and interest rates? And what's [00:03:00] going on right now. Do you wanna give us a little bit of a background on what's been talked about and what the fed is thinking about doing 

[00:03:07] Patrick McGrath: yes, sir.

[00:03:08] So in regards to the fed, as everybody knows what James just said, so the Fed's basically in charge of setting the interest rate that banks lend money on. So they lend money to the banks lend money to. In turn, we go out and buy properties, get loans, all that good stuff. So over the past few years, the fed has been lending at a whopping 0% interest rate.

[00:03:34] So free money. Everybody's happy. Everything's going crazy. It's easy to get loans. I remember at one point you could go and get a two and a half percent, 15 year loan which is basically free. And With that with the economy, with valuations going up with inflation, going up the way that they're gonna try to curb.

[00:03:56] As everybody is seen in the news recently, it's by raising the interest [00:04:00] rates. So it's gonna cost more to have access to the same amount of money. So what does that do? What does that cost, how does it affect us as real estate investors as the average person looking to buy a home? It affects us in a pretty significant way.

[00:04:16] Basically what the fed has decided to do or what they have talked about doing before the most recent world changes with the invasion of Ukraine is they talked about raising the interest rates consecutively nine times over their next meetings. So right now, I believe as of last week, I think the interest rates were still in the mid threes.

[00:04:39] If you were a first time home buyer or someone looking to purchase a home is that kind of where they were James? Yeah, I believe so. Yeah. So right around three and a half percent. 

[00:04:49] James Rippeon: I know some people looking down to the twos, 

[00:04:51] Patrick McGrath: yeah. You could still do that. I think that's where the shorter amortization you could still get 2 7, 5, 2 9, [00:05:00] something like that.

[00:05:00] I know I just got a commercial 20 year loan for 4.3. So you can still get really good interest rates right now. But what they're trying to do is curb inflation. So through that, they're going to raise these interest rates. So how does that affect us as investors? So James break it down for us as an investor.

[00:05:23] How important is the interest rate that you're paying on your money? I think it's 

[00:05:30] James Rippeon: paramount. It's the biggest, it's probably the biggest thing that is gonna affect the valuation, your property and the. Income that you're gonna get after you're paying all your expenses and interest included. It's a big part of it, but it's not the end all be all, it's a big consideration you should have, but it's not gonna, it shouldn't make or break every single deal to have a half.

[00:05:50] 50 basis. Point difference in your interest rate. If that's the point where you're investing your margins are probably a little too thin but it plays a big role. You're gonna have different [00:06:00] spectrums of interest rates depending on the type of loan you're getting. If you're buying huge commercial, multi families, you're gonna get really favorable Fanny Freddy loans.

[00:06:08] And those interest rates are gonna be a lot lower cuz they're gonna be government backed. If you're doing, wholesaling or. Flips and you're using hard money. You're gonna be getting pretty high interest rates. Now, with all this fed interest rate talk discussion, is that gonna affect your hard money loans?

[00:06:24] A lot, probably just marginally, probably not a lot, but where you're gonna see the most impact is with your single family and your small commercial deals. Mainly because those. How those kind of loans are gonna be held in house with a small local broker, or they're gonna be shopped out in accordance with Fannie and Freddie lending guidelines.

[00:06:43] So there's gonna be really strict criteria there. So that's where it's gonna be most impactful. Now when you're seeing, the fed talk about raising interest rates, there's this, it's a really simple way. I like to think about it. It's an inverse correlation between rates. And prices, interest rates go up, [00:07:00] prices, rate prices are gonna come down.

[00:07:02] And the reason for that is that the cost to get the leverage on the real estate or the asset or whatever you're buying is going up as in interest rates go up. So therefore the price has a depreciation on the other side of the, on of the sheet there. So that's a good way to look at it, just to simplify it.

[00:07:17] Now at the same time, we're in this really wonky. Economic situation where I could definitely see interest rates going up and price is still going up because we're printing crazy amount of money. We can see rates go up, but, with all the fiscal and monetary stimulus, who knows, who really knows what's gonna happen at the end of the day.

[00:07:35] But I think generally speaking, when you see rates going up, you're gonna see prices going down. And I think this is a really cool chart for people to look up when you're thinking about interest rates and real estate. The really good resource is the St. Louis fed website.

[00:07:50] You can see a lot of great economic data, anything from housing prices to interest rates, to, whatever other economic data might be out there. And the one I got pulled up on [00:08:00] my computer right now is the federal funds effective, which is basically what Patrick was talking about earlier. The cost to lend money.

[00:08:07] And I'm looking at this chart and it's got this really steep increase up to the eighties. And then after the eighties, it just gradually drops down to where we are now at effectively zero. Fun fact for those who didn't know it was up to 19% back in 1981. So like we're, in a different time and this is a different economy.

[00:08:27] Compared to then, but what I think this helps put into perspective for those real estate investors is that it used to be 19% and we're at 3% mortgages talking about maybe four or even 5%. These are historically low, and we have a long ways to go to where it would be considered historically high. I think that people sometimes get a little caught up in the interest rates, but as long as what you're buying cash flow, you're able to cover the debt service.

[00:08:56] If you have some vacancies, you're not gonna be, struggling and plus,[00:09:00] interest rates go up and the prices maybe come down 10, 15%, you're still gonna be in good position. Like you have not much to worry about. So those are just some of my high level thoughts on, interest rates and what the Fed's doing, just to keep it in perspective.

[00:09:13] Do you have anything to add to that, Patrick? 

[00:09:16] Patrick McGrath: Yeah. I think all of those are very valid and good points. I think the biggest thing is you're buying power. When these interest rates go up becomes limited. So that's the reason why you potentially see the pricing of housing either flatten out or just start to decline a little bit.

[00:09:37] So I did a little kind of thing here, a $300,000 loan at a three and a half percent interest. Your principle and interest only would be roughly about 1,350 bucks. Okay. Now that $300,000 loan at four and a half percent is [00:10:00] $1,525. And that same $300,000. At five and a half percent is around $1,700. We're looking at over a $350 difference on a monthly basis, same loan just with the interest rates going up.

[00:10:19] That's why the housing market people have been paying more because they can afford more on a monthly basis so that, you can afford a $380,000. It would cost $380,000. You could afford a $380,000 loan at three and a half percent. With that same 1700. but at five and a half percent, you can only afford 300,000.

[00:10:47] So that's given the ability for people to overpay, to pay more for the same housing. So as these rates creep up, people's affordability go down. So [00:11:00] they can't afford to go over, ask and charge these higher prices. So that's the correlation on how the pricing it's also, like James said with the evaluation, people can afford more.

[00:11:12] Prices are gonna go up the house down the street, selling for more, cuz people can afford more. Now all of a sudden, the most recent comps in the area are gonna be stagnant because the rates have increased. So that's the correlation between the interest rate affordability and housing prices. So how does that really.

[00:11:31] Affect us as real estate investors. Because housing is becoming more affordable people that can't afford houses are going to have to rent. So that actually gives you a bigger pool of people to rent your property in turn as a landlord, you have to then pass that on to your tenant. And that's where that really comes in is when you're taking [00:12:00] on these loans, you have to remember that, me, Patrick, the loan is in my name, but I am not, I'm responsible for making sure it gets paid, but I have tenants in place that are paying me the money to then go and pay the loan.

[00:12:14] And because of. I have my cash flow. I have it, it should be way more than what my loan actually is. So the debt service is being covered by these other people. So that's why, when I really look at it, I'm not looking too big on what the interest rate is. Am I gonna pass over a deal because of a quarter of a percent or a half a percent and go shop around because it's gonna cost me, $40 more.

[00:12:39] A month. Absolutely not. I should be making four or 500 or a thousand or $4,000 a month cash flow. So that extra 40, 50, a hundred, some bucks at the end of the day, really isn't gonna make a big difference. And James said, back in the late eighties, early nineties, I think I talked to my dad the other day and his interest rate was [00:13:00] like nine and a half percent.

[00:13:02] Back in 91. I couldn't even fathom that right now. But the key thing back then was savings accounts were, six, seven, 8% return on your money. So people would just keep their money in the bank. And that's not the case right now. That really plays into effect. And what you have to really do now is think about different ways to find these deals fund these deals, with interest rates being at four or 5%.

[00:13:34] Going to a bank now, seller financing and seller carryback looks even better. Now sellers might be even more willing to do that with these high interest rates, instead of going to a bank and getting 5%, you might be able to go to a seller and give them 5% and have direct you can go back and listen to our previous episode about finding off market deals and how to go about that.

[00:13:58] Because that might be the next [00:14:00] best way for someone to be able to afford some of these properties with interest rates, going so high is doing direct to seller notes which is something that I'm doing this week. So it's available. And that's a way to do it, but I wouldn't be too scared.

[00:14:17] About this interest rate hike. Just remember back in 2018 interest rates were at 5%, just, three and a half years ago, they were there. So who knows the fed could raise the rates quickly to Slow the economy down a little bit, slow, inflation down, slow the housing pricing down, and then reverse course to try to start the economy back up again.

[00:14:40] Cuz that's exactly what they've done over the last three years. They raised them up brought 'em back down. So who knows if they're gonna keep, Going that rate now I don't think anyone knows. I know. I, for sure, just have an idea. I could be talking outta my ass here. Again. This is not financial advice.

[00:14:56] These are just two dudes talking their opinions, [00:15:00] trying to create. Some some thoughts going through your head. So you're just aware of what's going on, how it could possibly affect you, how it could possibly affect the economy. No one has a crystal ball. If I did. I sure as hell. Wouldn't be talking to you guys on this podcast right now.

[00:15:15] I'd be sitting on the beach, drinking my ties, counting my billions. What do you think about that, James? 

[00:15:20] James Rippeon: I think I think you made it the most important part there is that we're probably just talking out of our ass. Like we, we don't know who knows. There's only really one person who does know, and that's Jerome Powell at the fed people like to speculate on what could happen, what will happen?

[00:15:35] I will say this I'm looking at the federal funds effective rate. It was February, 2020. It was 1.5, 8%. COVID happened. They dropped that thing down to zero, heartbeat by April. It was 0.05, five basis points. We're entering into a really interesting situation with this whole Ukraine Russia thing going on people, would analogize COVID as to the war on [00:16:00] COVID.

[00:16:00] You drop interest rates to spur and grow the economy in those kind of turbulent times. Personally, I think they're gonna keep it low. To battle this whole European crisis, gas prices are gonna start being a little at risk one way or the other. So there's gonna be this interesting result.

[00:16:16] I think they could try to raise 'em up, but. Think ultimately they're gonna keep the pedal pressed to low interest rates. What do you think if you had to guess, Patrick, what are your thoughts there? Do you think they're, do you think they're gonna raise, do you think they're gonna try to raise and then drop 'em back down lower?

[00:16:32] I think that, I think I think they might try to raise them and then just drop 'em back down again. 

[00:16:36] Patrick McGrath: That's I think they have to do something. They have to do something. Inflation outta control, man is getting out of control. I've read this great quote and said, the only way to stop inflation is for governments to stop printing money and to spend less.

[00:16:56] And they're not gonna do that. It's not gonna [00:17:00] happen. The fed has to do something. And I believe, maybe they're not gonna do a 50 basis point raise. I think they might do a 25 or even a 15 and see where it goes. And they can always go back down, but they can't go back down that much more.

[00:17:16] We're not gonna get into negative rate territory. They have to raise 'em up at some point and they've just been kicking the can down the road for so long. Here we are. And let's go back 18 months ago and it was, there is no inflation. Inflation is not gonna happen.

[00:17:34] Everything's okay. Don't worry about. Boom, everyone, all of the economists and everything else are talking about, there's gonna be inflation. We're printing 70% of all the dollars in existence in the last two years, inflation is gonna happen. And here we are now, oh my God, inflation. I can't believe it.

[00:17:51] So they have to do something. And as much as I would like, the free money train to keep going I'm looking down the road and [00:18:00] going. We really need to do something. So what I think they're personally gonna do is I think they're going to raise the rates. We are gonna see five to maybe 6% interest rates sometime in the next year to two years.

[00:18:17] And I, but I think they're gonna do it gradually. And then they're gonna bring them back down. I think that's, I. My personal opinion. I think that's what's gonna happen. But with the war who really knows are, is the fed gonna raise the interest rates 2% during a global crisis? In the news, Russia just said they have activated all of their nuclear deterrent strikes.

[00:18:40] I think they're trying to really bluff the world right now and try to get. The Western countries to poke the bear a little further and try to put us into a global war because what does that do? Russia's economy is in the garbage with all these sanctions it's in the garbage [00:19:00] and. This thing for an economy is a war right now.

[00:19:03] Our economy's not doing good right now. Russia's economy's not doing good. We need the printing press to start going for some of these big companies. So it's a really crazy time right now. I know that kind of went off just on a little tangent right there, but it all kind of ties in together on what it's ultimately gonna be.

[00:19:20] And my long winded answer is I think they're gonna raise the rates and then they're going to. Bring them back down. I don't see, I don't see 3% or twos again in our future. I really don't. So if you're planning on buying real estate now would be a really good time to lock in those long term, fix a debt.

[00:19:41] If you've got a bunch of equity in a property now would be a great time to do a refinance, do a cash out refinance. I wouldn't do a, he lock personally Just because that's variable. You could get in and be in the three and a halfs. And then all of a sudden in six months or a year, it could be five, 6%.

[00:19:58] So that's my [00:20:00] long-winded 

[00:20:00] James Rippeon: answer. I wanna point out something to people. And is this something that I didn't really have an appreciation of until probably over the last two years? Because I've grown a deeper interest of monetary policy. How that affects my livelihood moving forward for the next 40 years, because the decisions that other people are making have severe consequences not to say that they're making bad decisions or they're not doing what's best.

[00:20:23] These are hard decisions that. People in the government have to make, and there's all these trade offs, but when it comes to being a real estate investor, there's this really interesting thing that I learned. You compare the mortgage interest rate that you have to, what CPI stated inflation is, and you're gonna have this Delta.

[00:20:42] So let's just say for shits and giggles that your interest rate on your mortgage is 3%. And let's just say that CPI is claimed to be 7%. Interest the inflation rate is 4% greater, just generally speaking than the [00:21:00] long term debt interest rate that you have on your property at 3%, that means that you're effectively being paid 4% annually on the difference to own that property and own debt on that property.

[00:21:13] It does not bode well for people who own property outright without debt. Cause you're actually losing, purchasing. Invasive inflation. It's a really complicated thing that I think wrap your head around. I'm not gonna claim to know it, perfectly right now, but once interest rates start exceeding the rate of inflation, that's where debt becomes a problem.

[00:21:33] Right now, debt is way cheaper and you're gonna get paid to own it for the next, however long period of time that you own it. So you're, it creates this massive arbitrage opportunity and it's gonna leave Dave Ramsey followers and the dust, honestly, cuz he, no, none of his followers have debt. There's good reason for that.

[00:21:53] Of course. But when you're looking at these big macro shift. Like the situation we're in now, there's a huge advantage to having [00:22:00] smart debt that you can pay and control over the long term. So that doesn't go to say you should leverage up to your eyeballs and be responsible, but you should strongly consider using debt to your advantage in these kind of situations.

[00:22:14] So 7% inflation, 3% mortgage you're effectively getting paid 4% just to hold debt. 

[00:22:22] Patrick McGrath: Exactly. Yeah. It's a crazy time. I'm sure. We'll be touching base on this topic again and probably the next six months plus. Again, who really knows, but you guys need to be aware of how interest rates affect your portfolio, about how interest rates affect your buying power, about how interest rates affect your investments.

[00:22:45] These are all extremely important things. A lot of people think real estate investing is just all about the property. And finding a good deal. but finding a good deal has all these other nuanced things that you need to know about your terms like James [00:23:00] said, whether you're getting bridge loan, debt, hard, money debt, private money, debt, institutional debt, how all that plays into effect what inflation is, what you're able to get with that purchasing power.

[00:23:12] If you're able to negotiate right now, most commercial loans are 5%. Fixed rate where you have to refinance every five years, but it's amortized over 20 to 25. Maybe now would be a good time to try to take a little higher interest rate with a longer fixed term. That might be the smart, smartest thing to do right now in these uncertain times.

[00:23:33] If you can negotiate something like that. Hey, Mr. Bank, I know you, you're doing three and a half. I'll pay 4.75, but I want to fix for 10 years. Nego, you can negotiate these terms. Everything's negotiable when you start doing these. And if you believe that interest rates are going up to five or 6%, that might be the best thing to do for you.

[00:23:52] So being aware of these things just makes you a better investor and gives you the ability. To make better decisions [00:24:00] for your portfolio, your financial future, because again the person that is in charge of your financial future is you. So the more, the more knowledgeable you are gives you an advantage over everybody else to go out there and make smart decisions and see opportunities that others don't.

[00:24:19] That's the key. Everyone is going after the same properties. Everyone is calling the same banks. You have to be able to see opportunities and be aware of things that others who are not actively pursuing this can see. And it's all about that knowledge base that you have. And by having these conversations with James and myself, by talking about these things, it makes me more aware.

[00:24:44] It makes me want to dive deeper into these things. What gives me the competitive edge over other people in my market. And that is how you become successful. I think. What do you think about 

[00:24:54] James Rippeon: that, James? A hundred percent. I think, with everything that we talked about, it gave it, it gives a lot of the [00:25:00] listeners reason to be apprehensive and perhaps question.

[00:25:04] Say to themselves that they don't know the answer and that's okay. That's entirely the point. The point of this is to understand and try to not necessarily have an answer, but have an appreciation of all the factors at play. And I think that the most important thing is to remember that wealth is not a one year sprint.

[00:25:27] It is a 40 year. And looking at the things that are happening in the present can make you lose sight of everything else that's gonna happen in the future. So you just need to be prudent and make good decisions today and plan on making those replicating those good decisions for years and years to come.

[00:25:47] If you're planning on buying one deal today, and you're just gonna buy this deal and that's gonna be retirement forever, you should probably be. Because we just don't know what's gonna happen in the future, but if you're gonna be buying stocks and [00:26:00] assets and real estate and Bitcoin and all this other stuff for years to come, if you're dollar cost averaging to each of these assets over a long time horizon, that's, what's gonna give you the security to, to know that you're making the right decision.

[00:26:12] No matter the economic forces at play, cause everything's gonna change and you're not just gonna invest. One year at a time and then be good forever. So just have an appreciation that, this is just something to be aware of, but don't let it stop you from making the moves that you need to make and keep making those moves into the future.

[00:26:31] Patrick McGrath: Man. I totally agree. And I'll drop a little nugget here. I know that. Almost every single time that I have made a decision based on the FUD, that's going on, the fear, uncertainty and doubt I have regretted it because I was shortsighted and not thinking long term. And that's exactly what these big market [00:27:00] players are.

[00:27:01] They capitalize on. Because they're always thinking long term and it's it. It does the fear, the uncertainty, the doubt it plays, it gets at Jade eats at you're sleeping at you. You wake up in the middle of the night, thinking about it. You wake up early, you're stressed for all these different things, but at the end of the day, Like James said perfectly, this is a marathon, this is a 40 year journey.

[00:27:30] Everyone's gonna take some LS. Every you're you're going to. Mess up. You're gonna buy a wrong deal. You're gonna have a bad thing. Hey, face the facts now and just be aware of it, but set yourself up, do all the right things and you'll be able to weather that storm. And like he said, if you're consistently buying consistently dollar cost averaging overall.

[00:27:55] The likelihood of you being able to weather the storm is very good. But if you're just put, [00:28:00] if you're just placing your bet on red or black, Hey, you got a 50, 50, 50 chance of winning 50, 50 chance of losing. And I don't like those odds, James. Yeah. So I wanna get 

[00:28:11] James Rippeon: you, I want to give you saying all that reminded me of a story of myself and I'm gonna just share a mistake that I made.

[00:28:16] And it was recent too. COVID happened 20, 20. Everyone's freaking. I had a portfolio of eight single family rentals in high point, North Carolina, great solid properties. We bought these things for super cheap, 2000, 18,019. Great cash flow, minimum work COVID happens. I get the jitters, and I'm like, man, we gotta offload these properties, world financial markets collapsing.

[00:28:40] I think I know more than everybody else. Like I'm not gonna be the bag holder in this situation. I was totally wrong. I was totally wrong. I bought these properties only matter of years ago, decided to sell them my partners and I, we decided to sell them and we sold them in that summer. And. [00:29:00] We missed out on some crazy appreciation, rental appreciation, price appreciation.

[00:29:05] We had good debt on the properties as a portfolio. I re repositioned that money into other assets. So it's not like I was just holding on the cash. I put it somewhere else. So it was going to work. It was just a lot of fun, fear, uncertainty and doubt with what was going on. And I lost appreciation of the long term sites that I had told myself when I got into buying those properties.

[00:29:26] Patrick and I, we're not perfect. We're gonna make mistakes. That admittedly is a mistake of mine and I've learned from it buying for the long term and keep. And hold onto those conviction plays and don't have a good reason to sell that is business based and not fear based. I think those are some of the most important lessons.

[00:29:44] I think we probably lost maybe a hundred grand, 150 grand shooting ourself in the foot with that lesson. 

[00:29:50] Patrick McGrath: I was just gonna ask how much that lesson cost. Yeah, that's a that's a pretty 

[00:29:54] James Rippeon: expensive lesson. It is an expensive lesson, but you know what it. I might have lost a hundred, hundred [00:30:00] $50,000, but I don't know how much I gained from having that lesson.

[00:30:03] Cause sometimes you gotta learn painful lessons and, having learned what I did, it's easy to say it. It's another thing to do it. I'm doing that now. And I'm what I'm buying. I'm a lot stronger in my conviction with buying it. I'm not gonna be in and out trading and, set buying the real estate, selling the real estate unless there's a good business reason for it.

[00:30:21] Not spawned by fear uncertainty. In doubt. So I just wanted to share that small life lesson it's, I'm not perfect. I've made mistakes with my investing. That's just one of them, one of many, to be honest, I'm happy to elaborate on those later, but it's just make sure you have good reasons for doing what you're doing.

[00:30:37] Don't be scared at any position. 

[00:30:40] Patrick McGrath: Man could not agree more. I think we will maybe have to do a thinking out loud on our biggest LS. Oh, out there that might be a episode that might be a three or four parter. Just talking about the mistakes that we've made, because I don't want everybody to think because we're out here talking and putting our [00:31:00] opinions out there and everything that we do, everything.

[00:31:03] We sure as hell don't. Again, I've said it a million times. We're just two regular dudes out here trying to take action. Get help. You guys learn from our mistakes from our wins, give you two different perspectives on the market, on investing on cryptocurrencies, on everything that's going on right now.

[00:31:24] And Jack of all trades master and none. That's exactly the that's exactly what I am and what I'm trying to. Put out there. Learn from us. Again, if you guys have any topics you'd like for us to discuss, if you want to email us, if you want to tell us that we're sucking and this is terrible, and you've only listened to one episode and you'll never listen to another one, shoot us that we need that feedback.

[00:31:46] If you wanna tell us, Hey guys, this is great. I really appreciate your two differing point of point of views and perspectives. That would be great too, James and I are literally just doing this because. It helps both of us and [00:32:00] hopefully we can help some other people. I know I gain a ton from investing the two hours that we do a week doing this, talking to everyone.

[00:32:08] And it makes me think about where I'm at in my portfolio and my investing journey. Every single time, this holds me accountable to myself. And we're uploading it to the internet so everyone else can learn. So any feedback you guys have for. Would be fantastic. We appreciate it. Whether it's good or bad.

[00:32:29] Yeah. So email us. Where can people email us? James? 

[00:32:31] James Rippeon: You can hit us up at info. The real fi.com. Shoot us an email. Let us know what your thoughts are. Also subscribe to our channel. If you haven't already done it on YouTube and whatever podcasting platform, share it. Also give us a review. You. Only if it's five star and it's positive to be honest, but yeah.

[00:32:49] Give us a review. Let us know what you guys think. We wanna help promote this content for people. The reviews are gonna help the algorithms to put it to the top. And we look forward to hearing from you guys. 

[00:32:58] Patrick McGrath: And with that, [00:33:00] we are outta here. Catch you on the next one. All right, Pete. See you guys.

[00:33:06] outro: Thank you for listening to the real fi podcast where you learn from the investors that have lived, the hard lessons for you to connect with us during your pursuit of financial independence. Be sure to join our community by following us on Instagram or emailing us at info@therealfi.com . If this content made you financially, mentally, physically, or spiritually rich.

 Please make sure to leave us a positive review on your preferred content platform. Cheers to kicking the nine to five.