1 00:00:00.700 --> 00:00:03.600 Everyone's complaining about gas. Everyone's complaining about inflation. That's that's 2 00:00:03.600 --> 00:00:06.500 not news. That's not news. That's not news. But 3 00:00:06.500 --> 00:00:09.700 then you have someone like Jamie dimon CEO JP 4 00:00:09.700 --> 00:00:12.300 Morgan goes out and publicly says, hey, we're 5 00:00:12.300 --> 00:00:15.200 on the verge of an economic hurricane. That's not self language. It's pretty 6 00:00:15.200 --> 00:00:18.100 strong language and it jolts everyone awake. You're like, 7 00:00:18.100 --> 00:00:21.500 wait. What do you mean? What are you talking about? I get that, you know, we're going through some troubles 8 00:00:21.500 --> 00:00:24.400 and not everyone's happy and we got 9 00:00:24.400 --> 00:00:27.100 to get inflation down but few people are going out there and 10 00:00:27.100 --> 00:00:29.200 saying words like economic hurricane. 11 00:00:30.500 --> 00:00:33.600 And so I think that is worth exploring 12 00:00:33.600 --> 00:00:36.700 because he's already saying that his bank 13 00:00:36.700 --> 00:00:38.800 global bank. One of the largest banks in the world is making 14 00:00:39.500 --> 00:00:42.400 Pretty much extreme changes to shore up 15 00:00:42.400 --> 00:00:45.500 its balance sheet and really make it I guess the you 16 00:00:45.500 --> 00:00:48.300 know their future endeavors like 17 00:00:48.300 --> 00:00:51.100 a very conservative. Yeah, and so we're not in a period where 18 00:00:51.100 --> 00:00:54.000 we're you know, we're seeing more aggressiveness at least 19 00:00:54.300 --> 00:00:58.100 not from Jason Morgan. They're saying hey stroke to balance sheet time to get conservative economic 20 00:00:57.100 --> 00:01:00.600 hurricanes on the horizon. He literally 21 00:01:00.600 --> 00:01:03.100 said that we'll be hearing about or we may 22 00:01:03.100 --> 00:01:06.300 be hearing about what's about to happen for the next 50 years 23 00:01:06.300 --> 00:01:09.600 at the history books are gonna be talking about this period of time basically for 24 00:01:09.600 --> 00:01:12.700 the next half century that it's gonna be so out of control. We 25 00:01:12.700 --> 00:01:15.700 won't even know we won't even imagine how how crazy 26 00:01:15.700 --> 00:01:16.300 it's going to get. 27 00:01:17.200 --> 00:01:20.500 Who knows of what he's saying is accurate it potentially may not 28 00:01:20.500 --> 00:01:23.100 be but true at all but the fact is that he 29 00:01:23.100 --> 00:01:26.300 said it. Yeah, and so it's a great time to examine. Well, even 30 00:01:26.300 --> 00:01:29.300 if he's half, right, you know, what what should 31 00:01:29.300 --> 00:01:32.500 we really be looking at here? Yeah, no that I 32 00:01:32.500 --> 00:01:35.200 think with that and then just I'm just gonna 33 00:01:35.200 --> 00:01:38.900 be frank the language, you know, like economic hurricane. 34 00:01:38.900 --> 00:01:41.400 Like that's that's pretty scary language for 35 00:01:41.400 --> 00:01:44.200 someone, you know that just not for normal people 36 00:01:44.200 --> 00:01:47.200 that you know are just working and living life that 37 00:01:47.200 --> 00:01:50.200 that's a scary. That's scary. I don't 38 00:01:50.200 --> 00:01:53.800 know to me that that's a little frightening and I think you 39 00:01:53.800 --> 00:01:57.200 know the tips that we're gonna share. I think it's valid because 40 00:01:58.300 --> 00:02:01.300 I feel and from what I've observed that a lot of people in the industry, 41 00:02:01.300 --> 00:02:03.600 you know, they don't. 42 00:02:04.600 --> 00:02:07.700 Have that much thought into something like 43 00:02:07.700 --> 00:02:10.000 this like the what what's gonna happen if like, you know, 44 00:02:10.100 --> 00:02:13.600 another shutdown essentially covid. 45 00:02:13.600 --> 00:02:16.500 I cannot like something disasters happens because 46 00:02:16.500 --> 00:02:19.200 we saw we've seen in the last couple of years a lot 47 00:02:19.200 --> 00:02:21.300 of businesses close because you were ready for something like this. 48 00:02:22.200 --> 00:02:25.500 Yeah, um good. Now I 49 00:02:25.500 --> 00:02:28.300 was just gonna say that I think it's also hard 50 00:02:28.300 --> 00:02:31.400 just to to listen to seriously I think for a 51 00:02:31.400 --> 00:02:34.500 lot of companies here economic hurricane, Jamie dimon 52 00:02:34.500 --> 00:02:37.200 see, you know, CEO of JP Morgan. 53 00:02:37.200 --> 00:02:40.600 He's set it so we're all gonna die basically and it's 54 00:02:40.600 --> 00:02:43.900 hard to kind of really take a lot of what he says, seriously when 55 00:02:43.900 --> 00:02:46.600 we're coming out of a period of when literally money 56 00:02:46.600 --> 00:02:49.400 has been flowing so freely, right? Oh, it's 57 00:02:49.400 --> 00:02:52.300 gonna be this economic hurricane. It's gonna be world ending 58 00:02:52.300 --> 00:02:55.200 recession yada yada and like I can't be true. I 59 00:02:55.200 --> 00:02:58.200 just got to Infinity free money from the government. I got an Infinity 60 00:02:58.200 --> 00:03:01.300 free money from all the lenders. Everybody wants to give me as much 61 00:03:01.300 --> 00:03:04.600 free money as possible. It's cheap money as possible business is 62 00:03:04.600 --> 00:03:07.200 great. Everything's going great. It couldn't be better. 63 00:03:07.200 --> 00:03:10.200 It's the best time in the history of the whole world aside from 64 00:03:10.200 --> 00:03:13.200 this nagging inflation and gas thing business is so 65 00:03:13.200 --> 00:03:16.400 good. He's saying it's gonna be world ending. I don't believe anything of 66 00:03:16.400 --> 00:03:19.800 what he's saying. Yeah, it's nonsense, right? I understand 67 00:03:19.800 --> 00:03:21.400 it's easy to 68 00:03:22.200 --> 00:03:25.900 To kind of consider what he said in that context when when 69 00:03:25.900 --> 00:03:28.200 you're looking at you're looking at the world around you and you're 70 00:03:28.200 --> 00:03:32.400 like things are not great. But from you 71 00:03:31.400 --> 00:03:34.000 know from a from a you know, 72 00:03:34.200 --> 00:03:37.900 my day-to-day standpoint, I'd say things look pretty good. Every hedge 73 00:03:37.900 --> 00:03:40.200 fund wants to give me infinity money the bank just 74 00:03:40.200 --> 00:03:42.600 the government just gave all my clients infinity money. 75 00:03:43.500 --> 00:03:44.200 What's the problem? 76 00:03:44.900 --> 00:03:47.100 Well, you know, what are we talking about here? The problem 77 00:03:47.100 --> 00:03:50.200 is that you won't last forever. You know, the problem is it won't 78 00:03:50.200 --> 00:03:53.300 last forever. But you know, it's if they're gonna be a slow burn or they're 79 00:03:53.300 --> 00:03:57.000 gonna be yeah or they're gonna be you know, something sudden. I 80 00:03:56.100 --> 00:03:59.400 think what Jamie dimon 81 00:03:59.400 --> 00:04:02.200 said that the Federal Reserve intends to take out like 95 billion 82 00:04:02.200 --> 00:04:05.500 dollars a month out of the economy, which is significant and 83 00:04:05.500 --> 00:04:08.300 you're like, well who's pocket is that coming out of it's obviously 84 00:04:08.300 --> 00:04:11.400 going to come out of the bank's Pockets was gonna have supposedly a 85 00:04:11.400 --> 00:04:14.300 trickle down effect. I'm only communicating what he said. 86 00:04:14.300 --> 00:04:17.400 I don't know if any of it is true. Don't know if we'll have a recession. 87 00:04:17.400 --> 00:04:19.400 I don't know if it's all doom and gloom but 88 00:04:20.300 --> 00:04:23.900 If there is something on the horizon like that, 89 00:04:23.900 --> 00:04:26.400 it can't hurt to be prepared or 90 00:04:26.400 --> 00:04:29.300 things that you can do steps. You can take that. Don't take 91 00:04:29.300 --> 00:04:32.600 a whole lot of time to prepare yourself. 92 00:04:32.600 --> 00:04:35.100 And if you think that we're the 93 00:04:35.100 --> 00:04:38.100 only ones saying it because it just makes for good content on deep Bank TV. 94 00:04:38.900 --> 00:04:41.700 We are not we did see one CEO 95 00:04:41.700 --> 00:04:45.200 within this industry already announced publicly 96 00:04:44.200 --> 00:04:47.500 on social media that they have actually taken 97 00:04:47.500 --> 00:04:50.500 steps in response to comments made 98 00:04:50.500 --> 00:04:53.700 by Jamie. Dimon to shore up your own Funding Company. Yeah. 99 00:04:53.700 --> 00:04:56.700 This would be Saul acts who the CEO of pearl 100 00:04:56.700 --> 00:04:59.500 capital and revenue who said he had he 101 00:04:59.500 --> 00:05:02.900 had brought on some Equity. Yes, so it 102 00:05:02.900 --> 00:05:05.400 is posed. He had said that he had clothes on 103 00:05:05.400 --> 00:05:09.300 some additional Equity that now he is dynamically 104 00:05:08.300 --> 00:05:11.500 underwriting every account every day 105 00:05:11.500 --> 00:05:14.900 to make sure that those businesses could withstand 106 00:05:14.900 --> 00:05:15.700 a recession 107 00:05:16.300 --> 00:05:19.600 He also said that increased being transparent 108 00:05:19.600 --> 00:05:22.700 and being visible about you know, 109 00:05:22.700 --> 00:05:25.600 how he's doing business how he's approaching each account. 110 00:05:25.600 --> 00:05:28.500 He says, you know, this is 111 00:05:28.500 --> 00:05:31.600 his quote from from his post is that this would 112 00:05:31.600 --> 00:05:34.200 be a real test if ml tools driven by ways on 113 00:05:34.200 --> 00:05:37.200 account access expand availability of credit to those 114 00:05:37.200 --> 00:05:40.700 doing well or primarily restricted to those under 115 00:05:40.700 --> 00:05:43.400 stress. And then he says he believes that Lord Rich student 116 00:05:43.400 --> 00:05:46.700 or greater visibility in dynamic credit limits, ultimately expands 117 00:05:46.700 --> 00:05:49.100 access to credit but we are about to find out 118 00:05:50.300 --> 00:05:54.400 Yeah, I want to point something out here. He is basically examining 119 00:05:53.400 --> 00:05:56.300 his portfolio to see 120 00:05:56.300 --> 00:05:59.300 if the businesses they fund Ken would stand a recession. People 121 00:05:59.300 --> 00:06:02.200 are saying wait a minute. Wait a minute. Wait a minute. Who cares about a recession. 122 00:06:02.200 --> 00:06:05.600 We just came out of something much worse and businesses did 123 00:06:05.600 --> 00:06:08.500 okay. In fact, it's great time to be a Funding Company. Yeah 124 00:06:08.500 --> 00:06:11.500 business is going great. Why would we why would 125 00:06:11.500 --> 00:06:14.400 we be examining a business for a recession and thinking 126 00:06:14.400 --> 00:06:17.300 that it's gonna be trouble when we just came out of something much 127 00:06:17.300 --> 00:06:17.500 worse. 128 00:06:18.400 --> 00:06:21.100 Right, like what do you mean? It was a recession didn't we just have 129 00:06:21.100 --> 00:06:24.300 the recession it wasn't that worse than a recession. Yeah, technically no 130 00:06:24.300 --> 00:06:27.000 because the difference is that the government gave all the 131 00:06:27.300 --> 00:06:30.600 businesses free money. So it allowed them to stay afloat. 132 00:06:30.600 --> 00:06:33.300 They were artificially propped up. Well, first of all the government 133 00:06:33.300 --> 00:06:36.700 artificially shut them down. Yeah, and then artificially propped 134 00:06:36.700 --> 00:06:39.100 them up. I got them the money. Yeah that allowed the funding companies 135 00:06:39.100 --> 00:06:42.200 and lending companies to keep getting paid you had companies like a Lending 136 00:06:42.200 --> 00:06:45.300 Club who are reporting. We can't believe it but our payments are better than ever during 137 00:06:45.300 --> 00:06:48.400 covid. Well, they knew is because of stimulus. Yeah, 138 00:06:48.400 --> 00:06:51.300 right. So that money was coming from well and at the end of the day the reality 139 00:06:51.300 --> 00:06:52.900 is it's like this money came out of 140 00:06:54.100 --> 00:06:56.600 Thinner I mean this was money that was you know. 141 00:06:58.800 --> 00:07:01.400 Passing out. Yeah, there wasn't a reset that wasn't a recession 142 00:07:01.400 --> 00:07:04.200 the business, you know, the government shut down the businesses then they gave 143 00:07:04.200 --> 00:07:07.400 them free money that money was used to pay back the lenders and the funders. So 144 00:07:07.400 --> 00:07:10.500 everything was artificially kept normal. So there wasn't a recession 145 00:07:10.500 --> 00:07:13.700 and I think something people forget is that when something like that happens eventually, 146 00:07:13.700 --> 00:07:14.900 we're gonna end up paying for it. 147 00:07:15.500 --> 00:07:18.100 Some way s***. That's what we're talking about that that's something that we 148 00:07:18.100 --> 00:07:18.600 had mentioned. 149 00:07:19.800 --> 00:07:23.000 During the covid time. Is that someone that 150 00:07:22.200 --> 00:07:25.400 has to pay for this eventually. This is we said 151 00:07:25.400 --> 00:07:28.400 it before inflation happened for all these things were happening. 152 00:07:28.400 --> 00:07:31.100 We always we had mentioned it's like someone will pay for 153 00:07:31.100 --> 00:07:32.000 this eventually. 154 00:07:32.700 --> 00:07:35.400 And now we're seeing you. Yeah now now 155 00:07:35.400 --> 00:07:38.500 so now we may have the recession that we should have 156 00:07:38.500 --> 00:07:41.500 potentially had before. So what we just had wasn't 157 00:07:41.500 --> 00:07:43.900 a recession essentially put a Band-Aid on something. 158 00:07:44.100 --> 00:07:47.400 Yeah, we did something artificial two artificial things happen 159 00:07:47.400 --> 00:07:50.300 and it's like well now we printed a lot of money during that time period 160 00:07:50.300 --> 00:07:53.200 and it's gonna come back out. So now you actually have to 161 00:07:53.200 --> 00:07:56.200 look at your portfolio for a real recession what happens in 162 00:07:56.200 --> 00:07:59.400 a real recession now what happens and a situation where the government shuts down 163 00:07:59.400 --> 00:08:02.700 your business then give them money to stay afloat. That was a weird one 164 00:08:02.700 --> 00:08:05.200 off that has never happened before you don't you don't 165 00:08:05.200 --> 00:08:08.200 normally stress test your portfolio for that just trust tested for 166 00:08:08.200 --> 00:08:11.600 a recession which we didn't just have so now we're hearing that that 167 00:08:11.600 --> 00:08:14.300 recession that we should have just had might actually happen 168 00:08:14.300 --> 00:08:17.800 and it might be worth because of what just took place that is 169 00:08:17.800 --> 00:08:20.600 why we're now going to talk about if that's 170 00:08:20.600 --> 00:08:23.400 the case if we're gonna have a real recession and keyword. If 171 00:08:23.400 --> 00:08:26.200 that is if that is the case things that you can do 172 00:08:26.200 --> 00:08:30.100 we have taken in. These are just Timeless advice 173 00:08:29.100 --> 00:08:33.000 that we have heard from some Executives 174 00:08:32.300 --> 00:08:35.400 within the industry. It's a little bit old. Yeah, but it's 175 00:08:35.400 --> 00:08:38.400 timeless it is timeless and now the great time to reintroduce them 176 00:08:38.400 --> 00:08:41.500 because of comments made by the CEO 177 00:08:41.500 --> 00:08:43.900 of Jake Morgan and because we do have 178 00:08:44.200 --> 00:08:47.400 Executive like Saul actually says hey, I think what he's saying might be 179 00:08:47.400 --> 00:08:50.700 true. Here's what I'm doing to prevent myself from 180 00:08:50.700 --> 00:08:53.200 getting into any type of trouble. So here are some 181 00:08:53.200 --> 00:08:56.300 tips that you could also follow incorporary. All right. So these 182 00:08:56.300 --> 00:08:59.400 are six tips. The first one don't rely on 183 00:08:59.400 --> 00:09:02.100 a single source of funding it will put you at risk 184 00:09:02.100 --> 00:09:05.200 this becomes more acute when the Econo when the economic 185 00:09:05.200 --> 00:09:07.100 environment comes under pressure. 186 00:09:08.200 --> 00:09:11.400 All right, so I don't you know, we don't need to talk about each one or discuss each 187 00:09:11.400 --> 00:09:14.700 one one by one but I do want to talk about this one in particular when it 188 00:09:14.700 --> 00:09:17.800 says don't rely on a single source of capital. What are 189 00:09:17.800 --> 00:09:20.100 they talking about? Let's say you're a Funding Company. You have a 190 00:09:20.100 --> 00:09:23.600 nice old credit facility. It's large that 191 00:09:23.600 --> 00:09:26.200 you put in like 10% of your own money or 20% of 192 00:09:26.200 --> 00:09:29.500 your own money. They put an 80% and it allows your 193 00:09:29.500 --> 00:09:29.800 company. 194 00:09:30.500 --> 00:09:33.900 To do good business, right? Everything's working. Well, it's the 195 00:09:33.900 --> 00:09:36.400 capital of affordable your business is scalable 196 00:09:36.400 --> 00:09:39.300 and you're up to the races just saying what can go 197 00:09:39.300 --> 00:09:43.500 wrong. Well, if there were some type of economic hurricane, there 198 00:09:42.500 --> 00:09:45.500 is a risk that that company could say. Hey that credit 199 00:09:45.500 --> 00:09:48.500 facility is no more right? So 200 00:09:48.500 --> 00:09:51.900 what are you left with you're left with that Capital that 201 00:09:51.900 --> 00:09:54.300 you were funding on your own to be your only source 202 00:09:54.300 --> 00:09:57.600 of capital. And you say well that's not a huge problem that can 203 00:09:57.600 --> 00:10:00.100 just go out and get capital from somewhere else. I have all 204 00:10:00.100 --> 00:10:03.600 these other investors and and lenders who really want to give me money and 205 00:10:03.600 --> 00:10:06.800 I've just been turning them down. So if I lose my 206 00:10:06.800 --> 00:10:09.300 money you can grab your paper if I 207 00:10:09.300 --> 00:10:12.300 lose if I lose my source of capital, it's not that big 208 00:10:12.300 --> 00:10:15.500 a deal everyone in town is begging to give 209 00:10:15.500 --> 00:10:18.400 me their money bag and I just been turning it down. I'll just 210 00:10:18.400 --> 00:10:21.900 go to them and say okay you're up. The problem is when 211 00:10:21.900 --> 00:10:24.500 one person pulls it away. It starts to Spook 212 00:10:24.500 --> 00:10:27.500 everybody else. They're like, well, why did they stop? Why 213 00:10:27.500 --> 00:10:30.000 did your credit facility get turned off? You know, what's going on? What? 214 00:10:30.500 --> 00:10:33.500 Know that I don't know. I don't want to be the dumb money who 215 00:10:33.500 --> 00:10:35.100 comes in and out of the smart money is pulling out. 216 00:10:36.100 --> 00:10:39.200 So the advice here is even if you 217 00:10:39.200 --> 00:10:42.000 don't need that money, you should at least 218 00:10:42.300 --> 00:10:45.700 have it lined up and secured or maybe you should be using multiple sources 219 00:10:45.700 --> 00:10:48.400 at once. Even if it doesn't make the most sense in 220 00:10:48.400 --> 00:10:51.300 the in the present time. Yeah, because if something 221 00:10:51.300 --> 00:10:54.000 should happen at once says goodbye, you're like, oh my 222 00:10:54.300 --> 00:10:57.300 goodness. I can't believe it. Thank goodness. I had this other one. I've already 223 00:10:57.300 --> 00:11:00.100 been up and running with I don't have to ask this sign up with them. We're already signed 224 00:11:00.100 --> 00:11:02.100 up right and I can keep going. 225 00:11:03.300 --> 00:11:06.200 Two might not even be enough. Maybe it's good to have three or four right 226 00:11:06.200 --> 00:11:10.100 use partner use more Partners than potentially you need because 227 00:11:09.100 --> 00:11:12.800 if all of a sudden something happens at one 228 00:11:12.800 --> 00:11:15.400 or two say goodbye, your business is not 229 00:11:15.400 --> 00:11:18.200 screwed because as soon as one pulls out all the people 230 00:11:18.200 --> 00:11:21.300 who are begging to give you money, they don't want to give it to you anymore. Yeah. 231 00:11:22.500 --> 00:11:26.400 So real quick, we'll go through. The the following five liquidity is 232 00:11:26.400 --> 00:11:29.700 King diversify funders will 233 00:11:29.700 --> 00:11:30.400 have to make a decision. 234 00:11:31.400 --> 00:11:33.400 Tie in and pivot how you do business? 235 00:11:34.400 --> 00:11:37.200 This is the next one my favorite if someone pay you 236 00:11:37.200 --> 00:11:37.400 yesterday. 237 00:11:38.400 --> 00:11:40.100 Doesn't mean that they're going to pay you tomorrow. 238 00:11:41.200 --> 00:11:44.700 I like that one. That's that's true. Yeah, because it 239 00:11:44.700 --> 00:11:47.500 nothing certain. The last one is 240 00:11:47.500 --> 00:11:50.600 my favorite one a small recession could lead 241 00:11:50.600 --> 00:11:51.700 to huge failures. 242 00:11:53.500 --> 00:11:54.800 If you don't take the right steps. 243 00:11:55.300 --> 00:11:58.600 Okay, something small could lead to something huge. There was 244 00:11:58.600 --> 00:12:01.000 another one. I don't know if it was not in your 245 00:12:01.100 --> 00:12:02.500 notes, but another one was that. 246 00:12:04.500 --> 00:12:07.400 You may base your decision off of 247 00:12:07.400 --> 00:12:10.300 what everyone else is doing. You've heard you've read the news 248 00:12:10.300 --> 00:12:11.600 you saw the comments. 249 00:12:12.500 --> 00:12:15.200 You kind of see it maybe in your data and you're like but no one else 250 00:12:15.200 --> 00:12:18.200 is making any adjustments. Why would I myself? 251 00:12:19.200 --> 00:12:21.900 Begin to restrict my growth potential. 252 00:12:22.800 --> 00:12:25.900 When nobody else is right, it's a 253 00:12:25.900 --> 00:12:28.600 hard thing to do. And so there was one executive who's 254 00:12:28.600 --> 00:12:31.300 told us in 2016 that sometimes you 255 00:12:31.300 --> 00:12:35.300 have to trust your own data and Trust 256 00:12:34.300 --> 00:12:36.700 in your own instincts. 257 00:12:37.400 --> 00:12:40.100 And go against the grain don't let's don't look at 258 00:12:40.100 --> 00:12:43.100 what everyone else is doing. Think about what makes the most sense for you 259 00:12:43.100 --> 00:12:46.800 based upon the data you have to move forward. Sometimes that's 260 00:12:46.800 --> 00:12:48.700 the best way because if you just do what everyone else does 261 00:12:50.100 --> 00:12:53.900 Right, then you're gonna suffer this you don't, you know suffer the same consequences sometimes 262 00:12:53.900 --> 00:12:56.200 like oh, well my intuition and my data says I should 263 00:12:56.200 --> 00:12:59.000 be doing this but no one else is doing it. So maybe my data is wrong, right? 264 00:13:00.200 --> 00:13:03.800 It said that it's it's kind of like it's basically Brave and 265 00:13:03.800 --> 00:13:06.400 it could be advantageous for you to listen 266 00:13:06.400 --> 00:13:09.400 to your own data and do things to prepare 267 00:13:09.400 --> 00:13:12.200 yourself for some type of hard times. Even if 268 00:13:12.200 --> 00:13:15.200 it restricts your growth a little bit. Yeah, you don't have 269 00:13:15.200 --> 00:13:19.000 to just follow what everyone else is doing, but if you that restriction now 270 00:13:18.400 --> 00:13:20.000 will pay off later. 271 00:13:20.700 --> 00:13:23.200 Because when everyone right it's hard to see though 272 00:13:23.200 --> 00:13:26.300 when times appear to be good and when you see everyone live in large 273 00:13:26.300 --> 00:13:29.000 doing tons of deals tons of business and you're like 274 00:13:29.500 --> 00:13:32.700 why am I gonna be the only one getting a little bit conservative? I 275 00:13:32.700 --> 00:13:35.400 don't want to be the first it's gonna send a bad signal. 276 00:13:35.400 --> 00:13:38.300 Yeah, but maybe your data is saying hey, how come how come 277 00:13:38.300 --> 00:13:41.600 some of our customers aren't paying us like the word before? Yeah, you 278 00:13:41.600 --> 00:13:44.100 know, it's telling me I should be doing something or how come 279 00:13:44.100 --> 00:13:46.900 the sales of slow forget about forget about whether or not you're getting paid. 280 00:13:47.800 --> 00:13:50.600 Right, you're buying future receivables. You're lending money and 281 00:13:50.600 --> 00:13:52.300 you're looking at the sales of your customer and you're like 282 00:13:53.100 --> 00:13:54.200 The numbers are going down. 283 00:13:54.900 --> 00:13:57.400 A little bit right or there's less money in their bank 284 00:13:57.400 --> 00:14:00.200 account than before. It's telling me that some type 285 00:14:00.200 --> 00:14:01.500 of adverse event is happening. 286 00:14:02.300 --> 00:14:05.000 This is the point where I would probably tighten up a little 287 00:14:05.200 --> 00:14:08.400 bit but I'm looking around and everyone else is not tightening up. So, 288 00:14:08.400 --> 00:14:12.100 you know what I'm just gonna act like nothing's wrong. That's that 289 00:14:11.100 --> 00:14:14.600 could be to your own Peril. It's 290 00:14:14.600 --> 00:14:17.200 okay to listen to your own data, even if no 291 00:14:17.200 --> 00:14:20.600 one else is listening to their data. Guess what? I don't know what everyone's data 292 00:14:20.600 --> 00:14:23.000 says. I'm not telling you that sales are going down or 293 00:14:24.100 --> 00:14:27.900 People have less money in their bank accounts or what have you but there's 294 00:14:27.900 --> 00:14:30.800 nothing wrong with being the only one to 295 00:14:30.800 --> 00:14:32.500 act on what you know is the correct. 296 00:14:33.100 --> 00:14:36.200 Path of action even if everyone else is not doing 297 00:14:36.200 --> 00:14:39.600 it. Yeah. I mean, I think that some of the most successful people 298 00:14:39.600 --> 00:14:42.600 don't listen to what everyone else is saying, right 299 00:14:42.600 --> 00:14:45.400 if you just listen to what everyone else is saying What Makes 300 00:14:45.400 --> 00:14:48.400 You Different what's gonna make you successful? Yeah, nothing. 301 00:14:49.200 --> 00:14:52.300 Well, I don't know about if it's if it's not they're gonna 302 00:14:52.300 --> 00:14:55.300 be but you're following everyone else. Yeah, you're not 303 00:14:55.300 --> 00:14:58.500 really gonna be set apart. So you have to do something different you got 304 00:14:58.500 --> 00:15:02.600 to do something different against, you know the flow and opa 305 00:15:01.600 --> 00:15:04.100 off. So I I 306 00:15:04.100 --> 00:15:07.200 I'm a big Advocate because I've done that in different periods of 307 00:15:07.200 --> 00:15:10.400 my life and it's paid off, you know, everyone's doing certain things 308 00:15:10.400 --> 00:15:14.300 certain way. I did things a little bit different that worked for me and I'm 309 00:15:13.300 --> 00:15:16.400 so alive and you're 310 00:15:16.400 --> 00:15:19.200 still alive. Yeah, and I think I think the one thing to 311 00:15:19.200 --> 00:15:22.400 take into consideration is and we've seen it, you know within the 312 00:15:22.400 --> 00:15:25.300 last two years is that people that did not get ready people that 313 00:15:25.300 --> 00:15:27.800 were not prepared their business is close. 314 00:15:29.500 --> 00:15:32.400 Day to night, you know how many emails have we received 315 00:15:32.400 --> 00:15:36.100 from or you know when we send out like our newsletter 316 00:15:35.100 --> 00:15:38.700 and stuff, you know, we get emails back 317 00:15:38.700 --> 00:15:42.100 because they're not active anymore. They're inactive and 318 00:15:41.100 --> 00:15:44.300 everyone starts out in this business, you know, 319 00:15:44.300 --> 00:15:47.800 thinking they're gonna make a ton of money, but then when times get hard, they weren't 320 00:15:47.800 --> 00:15:50.600 ready for you know, yet kind of 321 00:15:50.600 --> 00:15:53.500 think ahead. That's that's just my the honest 322 00:15:53.500 --> 00:15:56.500 truth is that I've seen really we've talked to a lot 323 00:15:56.500 --> 00:15:59.600 of successful people in this industry and they 324 00:15:59.600 --> 00:16:02.200 they do things a certain way and 325 00:16:02.200 --> 00:16:05.500 that I've talked to a lot of people that are struggling because you're 326 00:16:05.500 --> 00:16:07.200 trying to copy everyone else so 327 00:16:07.800 --> 00:16:10.300 Yeah, if you're gonna operate your business. 328 00:16:11.500 --> 00:16:14.500 In the fashion that if you're gonna try to keep up with the Joneses, you 329 00:16:14.500 --> 00:16:17.700 know what I mean? And you're like everyone else is living large and my 330 00:16:17.700 --> 00:16:20.100 data is telling me I should make adjustments that I'm not because I don't 331 00:16:20.100 --> 00:16:23.700 want to suffer the embarrassment or the questions about why am 332 00:16:23.700 --> 00:16:24.300 I making changes? 333 00:16:26.200 --> 00:16:30.100 I I think that that type of thinking is just harmful to 334 00:16:30.100 --> 00:16:33.400 a business in general in general right if you think if you if you're 335 00:16:33.400 --> 00:16:36.700 too ashamed of 336 00:16:36.700 --> 00:16:39.300 operating in your own best interest because 337 00:16:39.300 --> 00:16:42.200 it might be in embarrassing when other people 338 00:16:42.200 --> 00:16:45.300 appear to be doing well, that's to your 339 00:16:45.300 --> 00:16:48.500 own Peril just know that other people might be creating a pain appearance 340 00:16:48.500 --> 00:16:51.100 of how they're doing business is Flowing. The money 341 00:16:51.100 --> 00:16:54.300 is Flowing. Everything is great. It may not be so great. They're making 342 00:16:54.300 --> 00:16:57.100 it look great. Right but trust what your own data is 343 00:16:57.100 --> 00:17:00.100 saying, I don't know what your date is saying. I don't know if there's gonna 344 00:17:00.100 --> 00:17:03.600 be a recession. We got Jamie Diamond saying it's gonna be economic hurricane. 345 00:17:03.600 --> 00:17:06.100 You have some textbooks for it's gonna be 346 00:17:06.100 --> 00:17:09.100 in textbooks for 50 years. You got soul acts been in 347 00:17:09.100 --> 00:17:12.000 the industry for a long long time says, hey, here's what we did 348 00:17:12.400 --> 00:17:15.300 to make some adjustments. I thought that was smart. I thought 349 00:17:15.300 --> 00:17:18.300 it was great. It came out on publicly said that yeah, there's nothing wrong with 350 00:17:18.300 --> 00:17:21.300 going out and doing things to diversify your Capital to 351 00:17:21.300 --> 00:17:25.200 prepare yourself. That's the smart thing to do. So, I 352 00:17:24.200 --> 00:17:25.800 don't know I think 353 00:17:26.100 --> 00:17:29.300 It remains to be seen I don't want there to be recession. I'd like 354 00:17:29.300 --> 00:17:32.700 inflation to calm down. Yeah, like that's to come down but 355 00:17:32.700 --> 00:17:34.500 I don't know what will happen. Yeah, we don't know. 356 00:17:35.100 --> 00:17:38.400 It's just we'll wait and see and we'll keep 357 00:17:38.400 --> 00:17:41.800 you guys updated as things happen as the 358 00:17:41.800 --> 00:17:42.800 hurricane unfair.