00:00.000 --> 00:01.650 Sean Murray: Today we were having some audio issues. 00:01.650 --> 00:05.190 Hopefully they're being resolved. Our production team 00:05.190 --> 00:08.850 will let us know if it's not working. We don't have earpieces 00:10.020 --> 00:13.170 that we wear so we have no idea what is coming out like in real 00:13.170 --> 00:15.270 time. And so sometimes the production team will come in and 00:15.270 --> 00:19.020 say, sorry, guys, that's a cut. We had some issues. So we just 00:19.020 --> 00:23.190 restarted and we're back. It's exciting. I'm Sean Murray. 00:23.190 --> 00:24.680 Johny Fernandez: I'm Johny Fernandez. Thank you guys for 00:24.680 --> 00:28.580 tuning back in with us. So we're gonna jump into the conversation 00:28.580 --> 00:33.500 that we were having regarding Canada's market so that we had 00:33.500 --> 00:34.250 just started and then 00:34.250 --> 00:35.780 Sean Murray: Start it over from the beginning Johny. 00:35.810 --> 00:38.780 Johny Fernandez: Alright, so Canada's alternative finance 00:38.780 --> 00:43.310 space has started 2022 with a bang. We know that Canadian 00:43.640 --> 00:46.370 lending, they saw billions of dollars in growth, the industry 00:46.370 --> 00:49.610 hopes to utilize FinTech technology and the government's 00:49.610 --> 00:52.700 new take on open banking to bring the industry back into 00:52.700 --> 00:56.570 full swing. So Canada's new banking plan, the new take, they 00:56.570 --> 00:59.930 want to modernize the Canadian financial regulation regulatory 00:59.930 --> 01:04.430 system, with open banking and fintech in mind. So what I was 01:04.430 --> 01:07.310 saying earlier was that my takeaway from all that is that 01:07.730 --> 01:10.430 in Canada, they're using the lending space in FinTech, 01:10.430 --> 01:13.760 they're really trying to merge it all together, to pretty much 01:13.790 --> 01:16.940 kill two birds with one stone. So they want to make they want 01:16.940 --> 01:20.510 to see the growth, they want to see kind of everything, go back 01:20.510 --> 01:23.120 to normal, but they're not just sticking with lending 01:23.120 --> 01:26.180 specifically, they're also bringing in the FinTech aspect 01:26.180 --> 01:31.280 of it and kind of saying, Hey, we're gonna do both, you know, 01:31.310 --> 01:34.760 and kill two birds with one stone, you know, see this 01:34.760 --> 01:41.270 industry grow, and then also make their worth and what they 01:41.270 --> 01:45.350 offer to the public. You know, they can offer more. So that was 01:45.350 --> 01:48.740 my takeaway. Sean, let's get your thoughts. What do you 01:48.740 --> 01:49.100 think? 01:50.500 --> 01:53.890 Sean Murray: So similar to you. So what's unique about Canada is 01:53.890 --> 01:59.440 that during during the the early years, early years, it has been 01:59.440 --> 02:01.600 years early years of the pandemic, right, early years of 02:01.600 --> 02:05.680 the pandemic is that the Canadian regulatory or system or 02:05.680 --> 02:09.130 the government wasn't exactly friendly with FinTech and being 02:09.130 --> 02:12.460 part of the government response to what was happening on the 02:12.460 --> 02:15.970 ground. In the US, the FinTech companies partnered up with the 02:15.970 --> 02:20.560 government to help administer PPP. In Canada, that didn't 02:20.560 --> 02:23.260 happen. Government's like, we don't have time for experiments, 02:23.290 --> 02:25.570 we're going to handle this ourselves. And the FinTech 02:25.570 --> 02:28.270 companies are like, Hey, how can how can you know you? How can 02:28.270 --> 02:31.450 you take that approach? We have such big adoption with FinTech, 02:31.480 --> 02:35.290 our customers know us, they would trust us to get the 02:35.290 --> 02:38.620 financial aid from, you know, from us as it is we have the 02:38.620 --> 02:41.470 tools we have, we have the interface, all that other stuff. 02:42.070 --> 02:45.670 And they felt like they were shut out. But since then, the 02:45.670 --> 02:48.220 government's kind of woken up to the fact that Fintech is already 02:48.220 --> 02:51.520 a big part of the economy, and Canada, and now that now they 02:51.520 --> 02:55.000 are trying to merge everything together to say, Okay, we 02:55.000 --> 02:58.690 recognize the value of FinTech, how do we how do we adopt it? 02:58.750 --> 03:00.970 Like a national level? 03:01.050 --> 03:02.940 Johny Fernandez: Yeah, it is interesting, because something 03:02.940 --> 03:06.060 that we that I was able to read up on, was that there, there are 03:06.060 --> 03:08.940 certain numbers that are coming out. And there's been 03:08.940 --> 03:11.970 significant growth by two Canadian lenders, that they're 03:11.970 --> 03:14.820 acting both as a financial management tool and a lending 03:14.820 --> 03:17.520 source. So again, they're merging, you know, the FinTech 03:17.520 --> 03:21.570 and the lending all together to really, you know, it's back 03:21.570 --> 03:23.640 bring the market back. I know, like, I know, when we 03:23.640 --> 03:27.420 specifically spoke with a lot of Canadians in the, in the earlier 03:27.420 --> 03:31.500 years, and, you know, just us talking about Canada, there was, 03:31.680 --> 03:36.300 you know, 2020 20 and 2021. There was always a lot of 03:36.300 --> 03:38.490 question mark, what, like, what was going on up there? How, 03:38.520 --> 03:42.690 like, was it is everything okay? Because everything was, you 03:42.690 --> 03:46.020 know, we were going through what we were going through, and now 03:46.080 --> 03:49.050 seeing that they're coming back strong does bring, you know, a 03:49.050 --> 03:51.960 sigh of relief, I think for everyone, because not only for 03:51.960 --> 03:55.080 us, because we know that our Canadian Viewers also, you know, 03:55.110 --> 03:57.780 they like us, they they want to join be a part of us. You know, 03:57.780 --> 04:01.110 we've had events there. So people know us, but I think it's 04:01.110 --> 04:05.430 awesome that there is this strong feeling that the market 04:05.430 --> 04:10.020 will come the market is back there. So do you think let me 04:10.020 --> 04:15.690 ask you this? Do you think that them merging the two? The 04:15.690 --> 04:19.260 crossover itself of fintech I mean, it's we've covered it here 04:19.260 --> 04:22.080 before, but do you think that it's going to be beneficial for 04:22.080 --> 04:23.040 them long term? 04:23.990 --> 04:26.570 Sean Murray: I think everyone benefits from the crossover 04:26.600 --> 04:30.110 between FinTech and lending long term, no matter what doesn't 04:30.110 --> 04:34.010 matter where you are. There's always going to be, there's 04:34.010 --> 04:37.790 always going to be a demographic in the market that wants to do 04:37.790 --> 04:40.820 things in a very manual manner, because they want to talk to 04:40.820 --> 04:43.850 somebody and they're not totally comfortable with doing it 04:44.090 --> 04:48.320 completely online and automated. And we always say it's younger 04:48.320 --> 04:51.740 people and older people. And once all the you know, all the 04:51.740 --> 04:55.340 old people are gone. Hey, well then we'll never need. We'll 04:55.340 --> 04:58.490 never need the manual products anymore. That's just not true. 04:58.790 --> 05:02.570 Plenty of young people For like yourself, who would prefer to 05:02.570 --> 05:05.930 talk to somebody, there's always going to be a need for that. But 05:05.960 --> 05:10.610 you have to, you have to fold FinTech into lending, no matter 05:10.610 --> 05:14.420 what, because you just you get a more efficient market. Yeah. And 05:14.420 --> 05:17.570 that's ultimately, that's ultimately beneficial to 05:17.570 --> 05:20.300 everyone, especially in a national crisis, like a 05:20.300 --> 05:23.750 pandemic, when it comes to implementing a response. You 05:23.750 --> 05:27.500 want all the best tools that your disposal to accurately 05:27.500 --> 05:32.630 identify who who needs to help. Yeah, provide the help, you 05:32.630 --> 05:35.660 know, confirm that the ones that wanted to help are the ones that 05:35.660 --> 05:38.840 got it, because there's a lot of fraud and stuff. And so if 05:38.840 --> 05:42.650 anything, if anything, what we learned from the US market, that 05:42.650 --> 05:45.710 perhaps Canada is, you know, kind of proud of themselves, 05:45.890 --> 05:49.880 that we had so much fraud, by, by having so many people 05:49.910 --> 05:53.990 administer government programs, right. And so even though so 05:53.990 --> 05:56.780 many people got help that otherwise wouldn't have, there 05:56.780 --> 05:59.420 were a lot of shortcomings in that. But I think additional 05:59.420 --> 06:03.230 tech will help fill that gap. I think Canada recognizes that and 06:03.230 --> 06:06.590 we'll continue to see them implement more FinTech in their 06:06.590 --> 06:08.600 in their lending infrastructure. 06:08.780 --> 06:10.310 Johny Fernandez: Let me ask you this. Do you think, you know, 06:10.310 --> 06:13.910 obviously, the pandemic had a huge role in you know, these, 06:14.000 --> 06:16.580 this merger kind of happening? Do you think if it wasn't for 06:16.580 --> 06:20.210 that they would be up to speed in merging the two together? If 06:20.210 --> 06:24.350 it wasn't for the, for the pandemic? You're not an expert? 06:24.380 --> 06:27.110 No, I just like for your for your opinion purposes? 06:27.110 --> 06:30.376 Sean Murray: Well, I you know, I wouldn't I'm not an expert on 06:30.443 --> 06:34.535 the Canadian market. But I like to say, like to say that I do 06:34.602 --> 06:38.627 talk to experts in that market who kind of you are you are I 06:38.694 --> 06:42.719 consult I consult the experts. Yeah, in the Canadian market. 06:42.786 --> 06:46.475 And FinTech recognition of FinTech has had already been 06:46.542 --> 06:50.701 slower in Canada than it was in the US. Canada is a little bit 06:50.768 --> 06:54.860 more conservative than the US in a lot of different respects. 06:54.927 --> 06:59.153 Yeah. And there was already kind of just a very slow delay from 06:59.220 --> 07:03.513 the government. In acknowledging the benefits of FinTech even as 07:03.580 --> 07:07.806 their own residents adopted it. It's like the residents are all 07:07.873 --> 07:11.965 about it. Yeah, I mean, over time, but the government's still 07:12.032 --> 07:16.190 like, not hasn't hadn't caught up to what its own populace was 07:16.257 --> 07:17.130 already into. 07:17.130 --> 07:21.050 Johny Fernandez: Yeah, no, that's interesting. Well, I'm 07:21.050 --> 07:26.240 honestly, I've been to Canada, a handful of times, specifically, 07:26.240 --> 07:26.930 two times 07:26.960 --> 07:27.650 Sean Murray: Nice. 07:28.320 --> 07:30.720 Johny Fernandez: Not for debanked purposes, but just 07:31.470 --> 07:34.890 yeah, like family that lives out there. Okay. One family member 07:34.920 --> 07:39.270 was Toronto, Toronto, okay. But I've always asked you about 07:39.270 --> 07:41.670 Canada. I'm like, when are we gonna go to Canada? Like, that's 07:41.670 --> 07:44.010 like the, I think was like one of the one questions I've yeah, 07:44.070 --> 07:47.460 I've asked you, like, Canada, Canada, Canada, and I'm, I'm 07:47.460 --> 07:50.430 genuinely excited to see what's going to happen because I'm 07:50.430 --> 07:54.660 excited to like, go to Canada and talk to like, everyone in I 07:54.660 --> 07:58.110 hate the phone, you know, me, I'm in person, and just really 07:58.110 --> 08:00.870 see the difference. Cause I remember in Broker Fair, I was 08:00.870 --> 08:03.510 able to speak with some Canadians that came down for 08:03.510 --> 08:07.380 Broker Fair, and they were just sharing with me that the amount 08:07.380 --> 08:11.640 of differences that happen, you know, in the US and in Canada, 08:11.640 --> 08:15.960 like it's, there's massive differences. So obviously, just 08:15.960 --> 08:18.420 to see how things work out there, like what's going on out 08:18.420 --> 08:21.540 there like just, I always get blown away cuz I like to compare 08:21.540 --> 08:25.470 and contrast like, I'm a nerd, so Alright, well, yeah. 08:25.740 --> 08:29.850 Next time you're up there, bring your checklist and figure out 08:29.850 --> 08:31.980 what's the same and what's different. We can make a game 08:31.980 --> 08:32.280 out of it. 08:34.010 --> 08:38.870 Also, I speak French I speak very basic French. So French, 08:38.870 --> 08:43.190 Canadian, you know, I can I can. I just know two sentences. 08:43.250 --> 08:45.470 Sean Murray: Okay. That's, that's less than very basic. 08:45.920 --> 08:48.140 Johny Fernandez: It's extremely basic. Yeah. But anyways, I'll 08:48.140 --> 08:51.470 be. It'll be excited to be out there. And yeah, I'm just 08:51.470 --> 08:54.260 excited to see what's going on in that market, honestly, so I 08:54.740 --> 08:57.470 also have an interest in other parts of the world and see how 08:57.470 --> 08:59.720 those markets work too. I just want to take over the world. 08:59.750 --> 09:02.990 Yeah, clearly. Yeah. Afterwards, Johnny will be plotting his 09:02.990 --> 09:05.150 vacation, I guess. Across the world. 09:05.210 --> 09:08.090 Remember what I said last year, we're already at the weekend. 09:08.090 --> 09:13.070 It's Wednesday. So I mean, at this point, you know, we're at 09:13.070 --> 09:16.850 the weekend, I can plan my trips out and yeah, anyways, all 09:16.850 --> 09:19.850 right. The next topic of conversation very interesting, 09:20.090 --> 09:23.900 cause I read this all over Twitter this morning. And then I 09:23.900 --> 09:27.590 looked online, and it was like the number one topic. And we've 09:27.590 --> 09:30.080 talked about it here before and there was a lot of, we had a lot 09:30.080 --> 09:35.180 of dialogue about this. Inflation rises 7% Over the last 09:35.180 --> 09:39.440 year, the highest it's been since 1982. I'm not gonna say 09:39.440 --> 09:42.380 how old I was in 1982. I don't know how old you were in 1982. I 09:42.380 --> 09:50.840 wasn't born. I wasn't born either 1982. Sean, what does 09:50.840 --> 09:54.530 that do? Seeing these numbers go up and up? What does that do for 09:54.530 --> 09:55.370 our industry? 09:56.290 --> 10:00.280 Sean Murray: Alright, so it's a lot more than just like you know 10:00.280 --> 10:03.520 an economic statistic or something that affects 10:03.520 --> 10:06.550 Mainstreet, I think a lot of people look at it and use it as 10:06.550 --> 10:10.060 just a gauge for where the economy is. Yeah. Right. But it 10:10.060 --> 10:12.550 actually has real world implications, especially in the 10:12.550 --> 10:15.040 world of lending. In fact, it has more implications in the 10:15.040 --> 10:18.400 world of lending possibly than any anything else. Yeah. Because 10:18.430 --> 10:21.820 if you know, if your purchasing power is being reduced, so 10:21.820 --> 10:25.540 significantly, by inflation, then you need to stay ahead of 10:25.540 --> 10:30.400 the curve, you need to earn, you need to earn money to stay ahead 10:30.430 --> 10:33.250 of inflation. First of all, if you meet inflation, you broke 10:33.250 --> 10:36.160 even, you might think that you made money, but you didn't, 10:36.190 --> 10:39.010 because your purchasing power is the same. So when you hear 7% 10:40.330 --> 10:44.080 over a year, that's a really high number. That's, that's 10:44.080 --> 10:47.560 extremely high. Because there's a lot of lenders out there who 10:47.560 --> 10:51.370 go in with the mindset of, we're going to help the customer and 10:51.370 --> 10:56.080 charge really low rates, right. And that's, that's a, that's a 10:56.080 --> 10:56.950 great mindset. 10:56.950 --> 10:58.900 Johny Fernandez: But if you're charging really low rates, when 10:58.900 --> 11:03.340 inflation is that high, there, and this is just, you know, 11:03.370 --> 11:07.120 basic economic math, yeah, from like, in my mind. So if you're 11:07.120 --> 11:10.600 charging them something, you know, that is a low rate, 11:10.720 --> 11:13.540 technically, it's not low, because the inflation is so 11:13.540 --> 11:14.110 high. 11:14.870 --> 11:17.240 Sean Murray: So it's alright, so here's how here's how it works. 11:17.300 --> 11:21.050 Break it, break it down for those Okay, yeah. So, charge 11:21.050 --> 11:24.830 charging a low low rate as a lender is now a lot more 11:24.830 --> 11:29.990 detrimental than it used to be. Cause if you lend out $100, and 11:29.990 --> 11:34.100 you get $107, back at the end of the year, your game is 7%. 11:34.730 --> 11:38.060 Right? You know, not bad. Yeah. Right. If you put it in a 11:38.060 --> 11:40.910 savings account, you would have made like 0%, essentially, so 11:40.910 --> 11:45.650 hey, I made 7%, on my money, I made $7, on my 100. The problem 11:45.650 --> 11:48.710 is, according to inflation, you didn't make anything, your 11:48.710 --> 11:53.030 purchasing power remained the same. So you're at breakeven 11:53.030 --> 11:56.600 point. So you didn't actually grow anything, you just kept up 11:56.600 --> 12:00.980 with the level of cost, right? You need to be able to grow and 12:01.010 --> 12:05.570 earn above and beyond inflation. So here I am using an example of 12:05.570 --> 12:09.740 7% lending out of 7%. Interest, right? That assumes there's no 12:09.740 --> 12:12.200 defaults, let's say your a lender that lends out at 7% 12:12.410 --> 12:14.570 interest and you have all these defaults. You're not actually 12:14.570 --> 12:18.230 making 7% You're making less than 7%. Yeah, you can put on 12:18.230 --> 12:21.830 your books. We were profitable, you know, but your purchasing 12:21.830 --> 12:24.050 power has gone down. Now, when you go out and you order 12:24.050 --> 12:27.770 supplies for the office, you rent, you have to pay your rent, 12:27.800 --> 12:32.240 maybe your rent has gone up. Possibly payroll, you know what 12:32.240 --> 12:35.720 I mean, all these things your health insurance cost you like 12:35.780 --> 12:38.300 we were profitable, I don't understand it. But next year, we 12:38.300 --> 12:41.360 won't be profitable, because all of our expenses went up. How can 12:41.360 --> 12:44.450 this be? It's because well, you didn't actually make any money. 12:44.570 --> 12:48.320 Yes, the dollar the figure went up, but your purchasing power 12:48.380 --> 12:53.090 went down. That's if you're lending just to 7%, right. And 12:53.090 --> 12:55.970 you earn less than that, because you had defaults. So now you 12:55.970 --> 13:01.100 have to charge more than 7%. And if you just make 7%, all we did 13:01.100 --> 13:04.490 was break even, there are lenders out there who charge 7% 13:04.850 --> 13:11.420 and less. The wild part about that is what they're earning is 13:11.570 --> 13:14.450 not enough to keep up with the the increase in purchasing 13:14.450 --> 13:18.440 power. Yeah. So even if they're booking profits, on their, you 13:18.440 --> 13:21.890 know, right now, yeah, they're going to find that in like the 13:21.890 --> 13:26.030 next year as their expenses go up. Wait a minute. We're not 13:26.030 --> 13:30.170 making any money. Yeah. Right, all of our expenses went up. Now 13:30.170 --> 13:33.230 we have to charge higher interest rates. This is like, 13:33.500 --> 13:37.370 this is a huge problem, I think in the market, because borrowing 13:37.370 --> 13:41.420 costs are so low. That you know, the fact that you know, the 13:41.450 --> 13:45.230 federal funds rate is like zero 0%. Right? It doesn't make any 13:45.230 --> 13:48.350 sense. And you can get a you can technically get a bank or bank 13:48.350 --> 13:54.620 loan for 7% or less. And even if you're charging 15% And you're 13:54.620 --> 13:57.260 like, Whoa, whoa, whoa, 15% interest that's high add to your 13:57.260 --> 14:01.730 defaults. Maybe you're making 12%. Right? Well, okay, you only 14:01.730 --> 14:04.460 have a 5% spread between what you earn and what inflation is. 14:04.460 --> 14:07.610 So that's a pretty slim margin. Yeah. Especially for a lender 14:07.610 --> 14:10.730 who's charging 15%. You thought that number was high? There are 14:10.760 --> 14:14.240 there there are a lot of lenders in the market whose whole 14:14.240 --> 14:17.780 business model revolves around charging low rates, yeah, who 14:17.780 --> 14:20.720 are going to find themselves in a position where they're 14:20.720 --> 14:23.840 suddenly losing money? Yeah. Because they're not charging 14:23.840 --> 14:26.540 enough to keep up with the decrease in purchasing power. 14:26.600 --> 14:28.040 Johny Fernandez: So let me ask you this. So if someone's 14:28.040 --> 14:31.070 charging a low a lower rate, or they, you know, categorize 14:31.070 --> 14:32.570 themselves, or promote themselves as like, hey, we 14:32.570 --> 14:36.050 charge low rates. And with inflation hitting, obviously, 14:36.050 --> 14:38.210 they can't keep charging those low rates, they're gonna, 14:38.240 --> 14:40.430 they're gonna have to go higher, can they still promote 14:40.430 --> 14:43.430 themselves as a low rate company? If at the end of the 14:43.430 --> 14:47.090 day, it's not, they're not charging lower rates than what 14:47.090 --> 14:48.770 they used to charge? 14:48.810 --> 14:50.850 Sean Murray: You mean that they increase the rate? Correct. Like 14:50.850 --> 14:54.960 and can they still consider a low rate? So I mean, arguably, 14:54.990 --> 15:00.630 arguably, yes. Yeah, right. You still could, but it's it's so 15:00.630 --> 15:03.690 weird because you're not really seeing lenders jacking up 15:03.690 --> 15:06.480 interest rates right now. Yeah, that's not happening. Yeah, the 15:06.480 --> 15:09.180 fact that people aren't jacking up interest rates at the same 15:09.180 --> 15:14.610 time that inflation is soaring is sort of like an inequality 15:14.610 --> 15:18.300 and imbalance in the market that I would expect in the next 12 15:18.300 --> 15:21.900 months to start to have to be corrected. Yeah, there's no way 15:21.930 --> 15:25.170 I would if I were to start a lending company today. And 15:25.170 --> 15:27.240 they're like, hey, our mission is going to be to charge 5% 15:27.480 --> 15:29.670 interest, I'd like well, we're instantly out of business 15:30.060 --> 15:33.390 instantly. Because it's already a losing model. Yeah, we won't 15:33.390 --> 15:35.790 earn enough to keep up with the increase in purchasing power. 15:35.970 --> 15:39.570 Unless inflation magically just stops at that level. We don't 15:39.570 --> 15:41.640 have to worry about future years. Yeah. But what we're 15:41.640 --> 15:47.040 seeing is a constant increase up that 7% Number is up 100 basis 15:47.040 --> 15:50.670 points from the month before. So that 12 to 7% is on a trailing 15:50.670 --> 15:54.600 12 month basis. Last month, it was at 6.9% is ticked up to 7%. 15:55.080 --> 15:58.500 Yeah, so we're on a trajectory upwards, right. Yeah. Unless it 15:58.500 --> 16:01.470 stops and holds in place, you know, then you're in a better 16:01.470 --> 16:03.660 spot. But if it keeps going up, and you're charging low interest 16:03.660 --> 16:09.390 rates, I mean, I'd have to think you're instantly you're screwed. 16:09.450 --> 16:12.750 Yeah, everyone who's in the lending or funding business has 16:12.750 --> 16:16.620 to pay attention to inflation, because your purchasing power is 16:16.620 --> 16:19.890 going to go down. So you have to charge more. 16:19.930 --> 16:22.600 Johny Fernandez: Yeah. So if someone's going to approach you 16:22.600 --> 16:26.770 and ask you, Hey, Sean, what's gonna happen? You know, is this 16:26.770 --> 16:29.950 going to continue? When is this gonna go down? Obviously, we 16:29.950 --> 16:32.800 don't have a crystal ball. So we don't know. But what would you 16:32.800 --> 16:33.910 tell that individual? 16:34.710 --> 16:40.290 Sean Murray: What I think is going to happen? Yeah. I think 16:40.290 --> 16:44.790 that you have to invest your money in a way that's going to 16:45.570 --> 16:49.590 earn a yield that's going to outperform inflation. I think 16:49.680 --> 16:53.880 many of us who are conservative, myself included, are content to 16:53.880 --> 16:56.640 put money in a savings account, even if it earns, like, 1% or 16:56.640 --> 16:57.120 less, 16:57.120 --> 16:58.350 Johny Fernandez: What if it's under a mattress? 17:01.420 --> 17:04.090 Sean Murray: Or under a mattress or under a mattress? Like maybe 17:04.090 --> 17:07.210 I don't know, maybe someone you know, who's doing that. I would 17:07.210 --> 17:11.380 tell them that all you're doing is hurting, is it's just losing 17:11.410 --> 17:14.650 you're losing money. Yeah. Your you know, your $100 is now worth 17:14.650 --> 17:18.790 like, you know, $93 Yeah, right. After the course of a year, you 17:18.790 --> 17:22.450 don't want to have that happen? Yeah, your money should, should 17:22.480 --> 17:24.700 obviously be going up in value, you know, the stock market 17:24.700 --> 17:27.280 historically, has returned, like, you know, between seven 17:27.280 --> 17:30.310 and 10% per year, on average over a very long period of time, 17:30.340 --> 17:32.200 right. So you're competing against people who have a lot of 17:32.200 --> 17:35.080 money in the stock market is saying 7%? Well, if I earn 17:35.080 --> 17:38.320 between seven 10% of the stock market? I'm going to be okay, 17:38.350 --> 17:44.260 yeah. And the S&P 500. In 2021, I think went up 20, 20, some odd 17:44.260 --> 17:47.500 percent, somewhere between 20 and 29%. Right. That's, that's a 17:47.500 --> 17:49.900 nice number. Because not only did you stay above inflation, 17:49.900 --> 17:52.240 but you also made yourself a nice profit, you kept your money 17:52.240 --> 17:55.330 under your mattress, and you lost money. Well, guess what, 17:55.570 --> 17:58.390 that spread between how you know how you're doing versus other 17:58.390 --> 18:00.730 people, you've gotten poor and the people in the stock market 18:00.730 --> 18:02.980 got richer, neither of you did anything with your money other 18:02.980 --> 18:06.010 than pocket in different spots under the mattress seems safe. 18:06.760 --> 18:09.370 But now your purchasing power with that money is less person, 18:09.370 --> 18:11.950 putting in the stock market ahead of inflation, their 18:11.950 --> 18:15.610 purchasing power is more. So I would just say think of ways. 18:15.790 --> 18:18.190 And don't I don't mean just dump it all into like crypto or 18:18.190 --> 18:20.770 something. But you have to you have to stay above inflation, 18:20.770 --> 18:23.530 otherwise, you're just in an environment where your expenses 18:23.530 --> 18:27.430 are going up, but your own your own ability to pay and is not. 18:27.600 --> 18:29.850 Johny Fernandez: So let me ask you this. There's a lot of guys 18:29.850 --> 18:32.430 that I met at Broker Fair, they're young guys, you know, 18:32.430 --> 18:35.910 anywhere from 20 to 26 years old. They, you know, they 18:35.910 --> 18:38.430 started out in this industry, they either they're either 18:38.430 --> 18:41.850 working alone, or they're new, you know, this is the only job 18:41.850 --> 18:44.730 that they have, because they know that there's money in this 18:44.730 --> 18:48.960 and they're trying to kind of, you know, make ends meet and try 18:48.960 --> 18:52.980 to stay afloat. What would be your advice for them for these 18:52.980 --> 18:57.030 newer guys about inflation, in layman's term, and if someone's, 18:57.300 --> 19:00.000 you know, broke, or if someone's just starting out, they don't 19:00.000 --> 19:03.720 have, you know, money to pull from, you know, what would you 19:03.720 --> 19:04.140 say to them? 19:05.320 --> 19:08.740 Sean Murray: All, I mean, in regards to how Inflation affects 19:08.740 --> 19:14.110 them, my only advice would probably probably be not to work 19:14.350 --> 19:17.980 for a lender who charges extremely low interest rates, 19:18.130 --> 19:20.680 because in the next 12 months, they're gonna come to the 19:20.680 --> 19:25.840 realization that they're losing money, and are probably going to 19:25.840 --> 19:29.950 have to do something to resolve that. Maybe they're gonna have 19:29.950 --> 19:31.840 to let people go, maybe they're gonna have to change their 19:31.840 --> 19:36.130 rates, I don't know, but a low rate lender, in an environment 19:36.130 --> 19:39.550 where there's 7% inflation. I don't understand it. I don't 19:39.550 --> 19:41.800 know why people still do it. If I was a lender right now. If it 19:41.800 --> 19:44.110 was me. Yeah. If it was me. Like, Sean, what would you do if 19:44.110 --> 19:45.850 it was you? And you were running a lending company, a funding 19:45.850 --> 19:49.360 company? Yeah, I would be jacking my rates up. Like how 19:49.360 --> 19:53.920 much higher more than 7%, 14, 15%? I don't know if it has to 19:53.920 --> 19:56.860 be that high. Right. But I would I would be jacking them up. I 19:56.860 --> 20:00.880 would be looking at 7% be like holies holy cow, right. I would 20:00.940 --> 20:04.720 I would I would build in maybe, you know, one 2% per year in a 20:04.720 --> 20:07.330 possible on like an average year. But you tell me it's 12%. 20:07.720 --> 20:10.810 And on the increase, I say, I would be jacking up my rates. 20:10.840 --> 20:13.300 Yeah, that would be my, but then they're like, Oh, well, how do 20:13.300 --> 20:16.360 you compete when other people aren't doing that? Yeah, I would 20:16.360 --> 20:19.240 think that they would have to eventually, yeah, you can't. 20:19.440 --> 20:22.260 Johny Fernandez: So the game is not waiting for other people to 20:22.260 --> 20:25.440 jack up their prices and kind of follow the game right now, the 20:25.440 --> 20:28.800 plan of action should be for you to kind of take care of 20:28.800 --> 20:31.170 yourself, jack up the rates. And it doesn't matter what everyone 20:31.170 --> 20:32.070 else around you is doing? 20:32.070 --> 20:34.160 Sean Murray: Well, you have to still stay competitive. No one 20:34.160 --> 20:36.350 else is raising the rates and you are then you get no business 20:36.350 --> 20:39.560 doesn't matter that you raised your rates, right. So I think, 20:39.680 --> 20:41.480 you know, it's that weird balance, you just have to 20:41.480 --> 20:45.320 wonder, how can Why are there lenders out there who can lend 20:45.560 --> 20:49.370 below the rate of inflation, because their purchasing power, 20:49.730 --> 20:54.470 at the end of the day is going down? Unless lending is 20:54.470 --> 20:58.670 essentially an onboarding product for their other products 20:58.730 --> 21:01.610 or like a loss leader where we lend to these customers, but 21:01.610 --> 21:04.760 then we sell them all this other stuff. And so we still lend at 21:04.760 --> 21:07.700 these really low interest rates, because we're selling them, you 21:07.700 --> 21:10.190 know, a tool, a monthly fee, we're giving them a wealth 21:10.190 --> 21:13.970 management thing or whatever, we're selling them insurance. 21:14.180 --> 21:17.270 And so we don't, you know, the fact that our lending rates are 21:17.270 --> 21:19.670 so low, and it's below inflation doesn't matter, because it's 21:19.670 --> 21:21.740 just an onboarding tool. But if you're just a pure lender 21:21.740 --> 21:24.020 lending below the rate of inflation, that makes no sense 21:24.020 --> 21:27.620 to me. If I was in the market, competing against other lenders, 21:28.010 --> 21:30.980 I would be I would increase my rates no matter what, first of 21:30.980 --> 21:33.410 all, because I would have to because I would have to I would 21:33.410 --> 21:38.300 have to make sure that I wasn't, I wasn't hurting myself, but I'd 21:38.300 --> 21:40.940 have to still think about remaining competitive against 21:40.970 --> 21:46.190 all the other companies who are not aware of the implications of 21:46.190 --> 21:48.410 inflation. I think they read it and you're like, oh, it's bad 21:48.410 --> 21:51.620 for the economy. Yeah, oh Mainstreet is suffering you know 21:51.620 --> 21:54.110 what I mean, I'm going to, I'm going to save Main Street 21:54.110 --> 21:55.850 because I'm a lender, or a funder. You know, they're 21:55.850 --> 21:58.100 hurting because of inflation. Like, hey, you're a lender, 21:58.130 --> 22:01.040 you're the one being affected by inflation. What are you doing 22:01.040 --> 22:03.620 about it? Yeah, you know what I mean? Yeah, that's what you got 22:03.620 --> 22:05.420 to be thinking about out there. If you're a lender of funder, 22:05.450 --> 22:08.420 how is inflation affecting my business? It's probably going to 22:08.420 --> 22:09.980 hurt you. Well, I know it's hurting you. 22:10.080 --> 22:13.680 Johny Fernandez: Yeah. No, that's good to know. Great 22:13.680 --> 22:16.920 conversation. I just like how you get so excited about 22:16.980 --> 22:19.740 inflationn. So yeah, I had some real thoughts about it. Well, 22:19.740 --> 22:22.230 cause I know for a fact because because I've seen this 22:22.230 --> 22:25.470 firsthand. You definitely get excited about topics like 22:25.470 --> 22:27.510 inflation. And I remember when we were talking you're like 22:27.510 --> 22:30.930 this, I love this. It's like a kid in a candy store. 22:30.930 --> 22:33.360 Sean Murray: We have Jack Dorsey who was formerly the CEO of 22:33.360 --> 22:36.000 Twitter and still the CEO of Square who said a few months ago 22:36.000 --> 22:38.130 that there's gonna be hyperinflation. Now he stands 22:38.130 --> 22:43.170 alone as far as credible people. Really? Yeah. He stands alone 22:43.200 --> 22:47.130 among credible people who have predicted hyperinflation, 22:47.160 --> 22:49.170 hyperinflation, we're not talking about seven. This is not 22:49.170 --> 22:51.900 hyperinflation. 7% is not hyperinflation. Hyperinflation 22:51.900 --> 22:56.460 is like 40, 50%, you know, plus, where you know, $100 Today is 22:56.460 --> 22:59.730 worth $50 two months from now, or something like that, you 22:59.730 --> 23:02.850 know, it's crazy. But he here he was out there predicting it. And 23:02.850 --> 23:05.490 we're not in the hyper inflationary environment. But we 23:05.490 --> 23:07.530 are definitely in a real inflationary environment. You 23:07.530 --> 23:10.860 said 1982, I wasn't even born. So I haven't had 7% in my whole 23:10.860 --> 23:11.610 entire life. 23:11.700 --> 23:15.660 Johny Fernandez: Well, and I think honestly, like, just put 23:15.660 --> 23:19.560 the putting the industry aside on a day to day basis. You know, 23:19.590 --> 23:24.210 going grocery shopping, going to get gas go like simple things. 23:24.510 --> 23:27.690 And like, because I budget, typically my budget, like this 23:27.690 --> 23:30.600 is how much you spend on groceries. I go to the grocery 23:30.600 --> 23:34.260 store, and I like leave shocked out of my mind. Because the fact 23:34.260 --> 23:37.920 that like, certain things have gone up, or like the sandwich 23:37.950 --> 23:40.680 right down the street here in Brooklyn. I used to get it for 23:40.680 --> 23:48.750 $7 7.50 When I add extra $10 $10 23:48.780 --> 23:54.570 Sean Murray: Yeah. What'd he do? He jacked up his price he did. 23:55.440 --> 23:58.650 It hurt my feelings. But this is what I paid for it. This is what 23:58.650 --> 24:00.630 happens though. Yeah, prices gonna have to get jacked up. 24:00.660 --> 24:03.690 Yeah. So if you're the person out there saying, Oh, no. Oh, 24:03.690 --> 24:05.460 how can this affect? You know, it affects you? 24:05.490 --> 24:07.500 Johny Fernandez: Yeah, it's but it's affecting everyone. And 24:07.500 --> 24:10.560 everyone should be very well aware that like, what used to 24:10.560 --> 24:12.840 budget last year, the year before that, it just isn't 24:12.840 --> 24:17.010 enough now. Yeah. Even like, I love red meat, red meats up by a 24:17.010 --> 24:20.580 lot $20 A pound in certain stories here in New York City, 24:20.580 --> 24:21.240 which is insane. 24:21.930 --> 24:25.080 Sean Murray: Yeah, I mean, if you if you just follow some of 24:25.080 --> 24:27.360 the conversation among among FinTech companies, they'll tell 24:27.360 --> 24:30.330 you that, essentially, it's been in the money out there. Yeah. 24:30.390 --> 24:35.070 Trying to trying to chase deals. Yeah, so many different Wall 24:35.070 --> 24:37.200 Street firms just want to put out as much money as possible. 24:37.200 --> 24:39.420 It's because there's too much money in the market. That's why 24:39.420 --> 24:42.540 we have inflation. Yeah. Because it's so much money in the 24:42.540 --> 24:45.570 market. People don't know what to do with it at all. In order 24:45.600 --> 24:48.180 and now you have people who want to borrow it. We're like, oh, I 24:48.180 --> 24:50.370 don't know. It used to be one person want to give me money 24:50.400 --> 24:52.560 now. 10 do they're all desperate to give me all their money 24:52.560 --> 24:55.260 because they all have too much money. So what do I do as the 24:55.260 --> 24:57.720 borrower now I want the lowest rate. And all these people were 24:57.720 --> 25:00.480 like, well, I can't I can't lend at a low rate. I have inflation 25:00.510 --> 25:03.840 Like, Oh, I guess I'll go with your competitor. Right. And so 25:03.840 --> 25:06.750 you end up with low rate deals, where the only person who wins 25:06.750 --> 25:08.460 is the borrower, you know, when it's a great time to be a 25:08.460 --> 25:11.430 borrower, if you can get a low interest rate, borrow, if you're 25:11.430 --> 25:14.460 borrow, like crazy if you're if you can get a low rate, 25:14.490 --> 25:17.970 Johny Fernandez: Well, this translates into buying a house, 25:17.970 --> 25:18.750 for example, 25:18.870 --> 25:21.450 Sean Murray: Borrow. Yeah, get as many houses as possible, 25:21.450 --> 25:24.450 interest rates are now are to 2.5% Get all the houses you can 25:24.450 --> 25:26.520 get. Because think about it, the value of your house is going to 25:26.520 --> 25:29.640 go up with inflation. Yeah, so your $500,000 house is going to 25:29.640 --> 25:32.190 be a million dollar house. And if you borrow it at, you know, 25:32.220 --> 25:36.810 3% and inflation goes up to 10%. Man, you're, you're you're doing 25:36.840 --> 25:39.960 awesome. The value of the house just went up so significantly, 25:40.050 --> 25:42.150 and here. You are still paying this, you know, rinky dink 3% 25:42.420 --> 25:45.090 rate on your house. Yeah, buy your house doubled. 25:45.210 --> 25:48.420 Johny Fernandez: I learned I refinanced. I went down four 25:48.420 --> 25:55.500 points. Really? Yeah. It was wild. For the lender, that's 25:56.190 --> 25:57.360 you're a borrower it's a great time. 25:57.780 --> 25:59.700 Sean Murray: But because they haven't, there's so much money. 25:59.760 --> 26:02.040 That's why we haven't placed there's infinity money around, 26:02.040 --> 26:04.740 nobody knows what to do with it all. If you're an average person 26:04.740 --> 26:08.490 saying, What do you mean so much money? You know, how hard it is 26:08.490 --> 26:11.580 for me, I can't pay my bills on noon, you know, yeah, I just got 26:11.580 --> 26:14.040 to tell you at the, at the higher levels, I get, you know, 26:14.040 --> 26:16.320 the average people, you know, like, like us and stuff, right? 26:16.350 --> 26:19.830 Speak for yourself. So it was, you know, at least for myself, 26:19.830 --> 26:21.870 we're not swimming in, we're not swimming in dough. But when you 26:21.870 --> 26:24.630 get higher up the chain, yeah, they have so much money. They 26:24.630 --> 26:28.050 don't know what to do with it. Yeah, it's infinite. And it's 26:28.050 --> 26:30.990 everywhere. And we just had all these billion and trillion 26:30.990 --> 26:33.090 dollar packages and it is swimming and people don't know 26:33.090 --> 26:35.310 what to do. And that's why we have inflation, we're gonna have 26:35.310 --> 26:38.250 more inflation, it's great time to be a borrower. You know, 26:38.310 --> 26:41.670 difficult time to be a lender, but you gotta you gotta react in 26:41.670 --> 26:43.980 such a way so that your company is still profitable. 26:44.010 --> 26:48.540 Johny Fernandez: Yeah, for sure. Great conversation. I love it. I 26:48.540 --> 26:51.840 don't know about you. But at nighttime, I have a big bathtub 26:51.840 --> 26:52.530 full of money. 26:54.420 --> 26:56.970 Okay, that's, that's why that's why I like you know, this, this 26:56.970 --> 27:03.510 conversation. This conversation. Yeah. I am inflation. Inflation. 27:03.870 --> 27:04.980 I am the infinite money, 27:05.290 --> 27:09.040 No, but honestly, I think it's definitely thank you for your 27:09.040 --> 27:10.630 knowledge, because I know there's a lot of people out 27:10.630 --> 27:13.930 there that honestly, are just kind of like, they see it. And 27:13.930 --> 27:16.120 they're like, what's in it for me? Or like, how, how does this 27:16.120 --> 27:18.760 affect me? And I think especially a lot of the younger 27:18.760 --> 27:22.450 people they're like inflation, that's a term like economics 27:22.450 --> 27:25.900 class, but no, it's like, and it will impact especially if you're 27:25.900 --> 27:28.180 starting, I think a lot about the guys are starting out, 27:28.180 --> 27:31.150 because I've met so many of them, you know, earlier on in 27:31.150 --> 27:34.810 Broker Fair, and a lot of them just need the knowledge to 27:34.810 --> 27:38.260 survive in this industry. And a lot of them are just trying to 27:38.260 --> 27:39.460 figure out how to maneuver it. 27:39.570 --> 27:42.390 Sean Murray: Yeah, well, hey, short term, small business 27:42.600 --> 27:46.020 finance is a great business to be in, because although there's 27:46.020 --> 27:49.500 a lot of criticism about the high rates, guess what, it's 27:49.500 --> 27:53.250 inflationary protected, right, to an extent you have to do it 27:53.250 --> 27:56.430 responsibly, you have to do it in a way that's profitable. But 27:56.430 --> 28:00.780 there's an actual market where the rates reflect reality. I 28:00.780 --> 28:03.270 think small business finance companies are criticized, 28:03.300 --> 28:07.320 oftentimes, for their high cost. Maybe they're just doing things 28:07.320 --> 28:10.650 the right way. I think a lot of those companies don't make as 28:10.650 --> 28:14.940 much money, as regulators like to speculate that they do. Yeah, 28:14.970 --> 28:19.830 they're pricing them based upon what the market has decided. If 28:19.830 --> 28:22.380 they wanted to charge whatever they want, right? Customers 28:22.380 --> 28:24.660 would just choose a different option, and somebody else would 28:24.660 --> 28:27.810 provide it to them. Yeah. Why do they exist? Because it works, 28:27.810 --> 28:30.630 because the market has decided that is the price. It's a good 28:30.630 --> 28:32.550 time to be one of those companies not charging, you 28:32.550 --> 28:35.940 know, 1% interest or whatever, because you have a better chance 28:36.000 --> 28:39.000 of actually staying ahead of inflation versus all the people 28:39.030 --> 28:40.170 who are charging low rates. 28:40.170 --> 28:42.880 Johny Fernandez: Yeah, that's good. Well, thanks for your 28:42.880 --> 28:45.490 input. Appreciate it. Anytime. And I know people out there 28:45.490 --> 28:50.260 appreciate it, too. So we're gonna wrap up today with a 28:50.260 --> 28:53.140 lightning round. Okay. All right. It's gonna be a very 28:53.140 --> 28:58.450 quick one. We have one specific question for the lightning 28:58.450 --> 28:58.690 round. 28:58.720 --> 29:00.910 Just one question just one question. A one question 29:00.910 --> 29:02.260 lightning. Yeah. Okay. 29:02.600 --> 29:06.410 All right. So in this lightning round, Sean, what is an early 29:06.410 --> 29:07.970 payoff discount? 29:09.040 --> 29:10.750 That's the question that I got. That's the question that we got. 29:10.750 --> 29:14.530 What is an early payoff discount? So an early payoff 29:14.530 --> 29:19.150 discount is a discount that a borrower would get for paying 29:19.150 --> 29:24.460 off their loan early. Okay. But I'm presuming there's more to 29:24.460 --> 29:28.780 that question. And I actually think that we actually even 29:28.780 --> 29:33.910 bring this up. Okay. Because I don't know if people use this 29:33.910 --> 29:37.690 particular phrase, when they're talking about early payoffs, but 29:37.690 --> 29:45.370 there's a difference between loans and MCA, okay. In a loan, 29:45.400 --> 29:49.660 if you pay off your loan, early interest no longer accrues the 29:49.660 --> 29:52.120 benefit to paying off a loan early is you stop the accruing 29:52.120 --> 29:54.910 of interest. You're paid off and it's done. Right. So if you're 29:54.910 --> 29:58.090 like, Oh, my goodness, if I didn't pay this thing down, now, 29:58.090 --> 30:00.220 I'd incur all this interest. I just want to get rid of it I 30:00.220 --> 30:03.790 have the cash. If you're in a different product where someone 30:03.790 --> 30:06.670 bought your future receivables, and you're like, it's been three 30:06.670 --> 30:10.330 months of this, I just want to get out of it. I just want to, 30:10.360 --> 30:13.960 you know, pay whatever is required and be done with it. 30:14.290 --> 30:19.300 The problem with that is that you you contracted to deliver a 30:19.330 --> 30:24.040 fixed amount of receivables to the buyer. It's not accruing 30:24.070 --> 30:27.460 interest. You don't just pay it down and then stop accruing 30:27.460 --> 30:31.000 interest, no interest would ever accrue it, yeah, you agreed to a 30:31.000 --> 30:35.170 fixed amount, a fixed amount to pay, no matter when you have to 30:35.170 --> 30:38.230 pay it could take a short time, it could take a long time. But 30:38.230 --> 30:41.920 if you're like, Hey, I just want to get rid of it, there's a good 30:41.920 --> 30:45.160 chance that you're going to have to pay the full amount, okay, 30:45.190 --> 30:48.070 that you that you can track it to pay, which means there's no 30:48.070 --> 30:52.720 benefit to paying it off early. Okay. So that that brings us to 30:52.720 --> 30:55.060 the early payoff discount. Maybe that's where this question came 30:55.060 --> 30:57.370 from? I don't know what the genesis is for the question. 30:57.400 --> 31:01.780 Yeah. But that brings us to an early pay off discount on that 31:01.780 --> 31:05.230 particular product. There are companies that offer this 31:05.230 --> 31:08.980 product who understand that, you know, the average person might 31:08.980 --> 31:13.570 be thinking, hey, if I, if I just get out of it early, don't 31:13.570 --> 31:18.760 I get some type of break? Right? Like, you know, I was did the 31:18.760 --> 31:21.070 math, and it would probably take like a year for you to get all 31:21.070 --> 31:23.470 of this, but I want to just get out of it in two months, there's 31:23.470 --> 31:26.200 got to be some kind of a deal. Yeah, right. You know, what's, 31:26.200 --> 31:29.350 what are you gonna do for me? Right? Yeah. And so that brings 31:29.350 --> 31:32.920 in the early payoff discount. Some funding companies will 31:32.920 --> 31:35.560 offer an early payoff discount. I don't think that's the 31:35.620 --> 31:38.440 official term. But I think maybe, you know, the kind of the 31:38.440 --> 31:42.070 common lexicon of like, what's an early payoff discount? Some 31:42.070 --> 31:45.130 funding companies will offer a discount on the purchasedamount. 31:45.730 --> 31:51.250 If you if you decide to end the contract at a pretty early on 31:51.250 --> 31:54.280 date, then you know, maybe it's two months in, or three months 31:54.280 --> 31:56.950 in, yeah. And you say I just want to get out of this, I don't 31:56.950 --> 32:00.010 want to have this anymore, they might offer a discount. How will 32:00.010 --> 32:02.260 you know, if you have one, this is something that's going to be 32:02.260 --> 32:05.890 in your contract. If you're the broker, you want to see if 32:05.890 --> 32:08.260 that's in there, you don't want to be in a position where your 32:08.260 --> 32:10.840 merchant is trying to just negotiate a discount, and they 32:10.840 --> 32:13.570 don't have one. Yeah. So you want to know ahead of time 32:13.570 --> 32:16.960 what's in the contract? Because you could even use it to your 32:16.960 --> 32:19.180 advantage and tell the customer like, you're getting this 32:19.180 --> 32:21.730 amount, you're agreeing to deliver this amount of these 32:21.730 --> 32:24.370 amount of receivables. However, if you look at this paragraph 32:24.370 --> 32:26.950 here at the two months, you're like I just want to, end the 32:26.950 --> 32:29.980 whole thing. Yeah, that number comes down to here, right? It's 32:29.980 --> 32:33.040 a good way to sell some product. Okay. I think, you know, I used 32:33.040 --> 32:35.710 to do that a long time ago, one or two companies I worked with 32:35.710 --> 32:38.590 had that offer and I used to pitch that I said, you know, you 32:38.590 --> 32:40.870 probably won't want to do it. But it's good to know that it's, 32:41.200 --> 32:43.360 it's there. If you're like two months. Just get me out of this. 32:43.390 --> 32:45.400 Yeah, you get a nice early payoff discount. 32:45.400 --> 32:50.320 Yeah, there you go. Awesome. Man of wisdom. Since 1982 look at 32:50.320 --> 32:50.440 you. 32:50.500 --> 32:52.390 Sean Murray: Well, I wasn't born, I wasn't even born in 82. 32:52.420 --> 32:54.340 If you can believe it, don't let the gray hair fool you don't let 32:54.340 --> 32:55.150 the gray hair fool you. 32:55.660 --> 32:57.490 Johny Fernandez: Alright, so a couple other things to touch 32:57.490 --> 33:01.540 base on. If you haven't signed up for our Miami event, Miami. 33:02.920 --> 33:09.850 It's gonna be on March 24 2022 Miami. Go ahead just say 33:09.880 --> 33:12.130 Sean Murray: deBanked Connect Miami, March 24. 33:13.240 --> 33:16.240 Johny Fernandez: Obviously, Miami, deBank, deBanked Connect 33:16.240 --> 33:20.500 Miami. So it's gonna be at the JW Marriott Marquis. We're going 33:20.500 --> 33:23.380 to be there. Everyone's going to be there. This is a very 33:23.530 --> 33:26.860 exciting event because a lot of people that I spoke with at 33:26.860 --> 33:30.790 Broker Fair and then also just throughout the fright all the 33:30.790 --> 33:33.670 weeks after they want to get out of New York, they want to get 33:33.670 --> 33:35.470 out of where they're at. And they want to go to Miami, enjoy 33:35.470 --> 33:40.270 the sun enjoy the event. So it's very exciting. We were also 33:40.270 --> 33:43.270 working on making sure that it's fun for everyone. 33:43.300 --> 33:45.220 Sean Murray: Yeah, this is not an experiment. This is gonna be 33:45.220 --> 33:47.800 the fourth event we've done in Miami. Yeah, so we've done a lot 33:47.800 --> 33:50.260 of them. The last one we did was sold out. We sold more tickets 33:50.260 --> 33:52.330 than we were when we were even allowed to and we were still 33:52.330 --> 33:54.400 sold out. You know, people came in the door and couldn't get in 33:54.400 --> 33:56.830 hung out at the hotel lobby. It was completely out of control. 33:56.860 --> 33:59.980 Yeah, in a good way. Right. This is an event you want to go to I 33:59.980 --> 34:02.290 know that there were a lot of hesitations about doing an event 34:02.290 --> 34:05.470 in New York Broker Fair, you know, that one was vaccination 34:05.470 --> 34:07.810 mandatory and all that stuff. None of that none of that is 34:07.810 --> 34:10.330 going to be the case in Florida. You don't have to be vaccinated. 34:10.360 --> 34:12.280 You know, we urge you to do all the things that are required for 34:12.280 --> 34:14.980 you to be healthy and safe and all that stuff. This is not a 34:14.980 --> 34:17.470 vaccine mandatory event. It's Florida. We know where we're at. 34:17.500 --> 34:19.990 It's Miami every Miami is awesome. You gotta go there you 34:19.990 --> 34:22.300 have to get your ticket don't wait too long. We're already two 34:22.300 --> 34:24.550 and a half months away deBankedMiami.com 34:24.580 --> 34:27.070 Johny Fernandez: So Sean if someone waits last minute the 34:27.070 --> 34:29.710 day before or the day of and they show up and they have no 34:29.710 --> 34:30.670 ticket what's gonna happen 34:30.700 --> 34:32.890 Sean Murray: You get turned away you will you I guess you can 34:32.890 --> 34:35.470 hang out the lobby but we had people hanging out at the hotel 34:35.470 --> 34:37.510 lobby I don't say you know, like, you know, you're 34:37.510 --> 34:39.430 completely out of luck and you're gonna have a terrible 34:39.430 --> 34:42.100 time. Miami is awesome in general. Yeah, you just gonna 34:42.100 --> 34:47.320 miss out on all the other great parts of the event itself. And 34:47.320 --> 34:49.510 so I would say buy your ticket. Don't wait too late. Miami sold 34:49.510 --> 34:53.980 out last actually, every Miami event has always sold out before 34:54.340 --> 34:57.190 these events always exceed my expectation way more than Broker 34:57.190 --> 34:59.500 Fair in terms of what I'm predicting. Yeah, the turnout is 34:59.500 --> 35:02.800 going to be the last Miami, Miami event we did was January 35:02.800 --> 35:05.320 2020. It was completely out of control in a good way. 35:05.360 --> 35:08.360 Johny Fernandez: Yeah. No, it's awesome. So we have that going 35:08.360 --> 35:13.070 on. And then that's pretty much it. That's, that's the big thing 35:13.070 --> 35:19.550 we're working towards. Hang out with us at Miami. Yes. Okay. All 35:19.550 --> 35:22.490 right. And then also, that obviously, for other stories and 35:22.490 --> 35:24.650 other information regarding the industry, you can go on 35:24.650 --> 35:28.250 debanked.com, you can go on Daily Funder. And that is pretty 35:28.250 --> 35:31.250 much going to be the source to everything that is in the space. 35:32.030 --> 35:35.870 And then also, don't forget our social media platforms, 35:36.470 --> 35:39.140 LinkedIn, Twitter, Instagram, all that, but that will 35:39.200 --> 35:41.210 obviously lead you back to debanked.com. 35:41.420 --> 35:44.240 Sean Murray: And I'm supposed to tell you, okay, that you also 35:44.240 --> 35:47.990 have to follow deBankedConnect on social media. Yes, we have 35:47.990 --> 35:52.400 deBanked Yes, Broker Fair. Yes. But if you want to get updates 35:52.400 --> 35:55.820 about deBanked Connect Miami, other events we do related to 35:55.850 --> 35:59.390 deBanked Connect, follow the deBanked Connect social media 35:59.390 --> 36:00.530 accounts. Add that to your list. 36:00.600 --> 36:02.730 Johny Fernandez: Let me ask you, what are you most excited about 36:02.730 --> 36:04.710 for deBanked Connect Miami? 36:05.350 --> 36:08.950 Sean Murray: So it's honestly it's networking on a whole 36:08.950 --> 36:11.650 nother level? obviously a big part of it for any show that we 36:11.650 --> 36:15.940 do. It's there's nothing like it in Miami. And that's because the 36:15.940 --> 36:20.200 networking goes literally usually past midnight. Yeah. So 36:20.200 --> 36:23.800 like the the New York show it ends at like, yeah, right. And 36:23.800 --> 36:26.320 some people will do a dinner. Other people just go home. 36:26.530 --> 36:30.040 That's how it is. Although I was here, yeah, Miami is a whole 36:30.040 --> 36:32.260 nother level people stay out till two in the morning, 36:32.260 --> 36:35.770 sometimes even later. I do not take that. But we're talking 36:35.770 --> 36:39.760 about networking in Miami style. It's awesome. The right people 36:39.760 --> 36:42.250 are going to be there. And we get all the companies, the local 36:42.250 --> 36:45.610 companies from Florida. So you're going to travel to New 36:45.610 --> 36:48.220 York or some other place. Who are in the neighborhood Miami's 36:48.220 --> 36:50.920 huge, the industry. They all come there and we get to connect 36:50.920 --> 36:54.220 with the Miami community the Miami small business community 36:54.340 --> 36:56.740 and hang out with them literally all night long. 36:56.740 --> 36:59.845 Johny Fernandez: Yeah. So I'm excited for that. Because I've 36:59.926 --> 37:04.141 heard stories. I'm really excited for that. I'm also 37:04.223 --> 37:08.762 excited to get a Cuban sandwich in Miami. I love a Cuban 37:08.843 --> 37:13.707 sandwich. But then I'm also excited to just meet people that 37:13.788 --> 37:18.489 just that follow us interact cause I think Broker Fair was 37:18.570 --> 37:23.272 awesome. And you got to see everyone, but Miami. It's just 37:23.353 --> 37:27.974 I've been down in Florida a handful of times alone and in 37:27.974 --> 37:34.760 Sean Murray: It's gonna be great deBankedMiami.com buy a ticket 37:34.760 --> 37:34.910 2022. But it's it's different. From what, I'm excited for it. 37:34.910 --> 37:39.110 Johny Fernandez: And also J W JW. Marriott Marquis, there's 37:39.170 --> 37:39.560 different 37:39.890 --> 37:41.870 Sean Murray: And the rooms are actually selling out. I know 37:41.870 --> 37:44.330 it's two and a half months out. But our room block is already 37:45.020 --> 37:47.240 it. It's filling up pretty quickly. Yeah. 37:47.660 --> 37:50.990 Johny Fernandez: Exciting please do not miss that. So that's 37:50.990 --> 37:53.750 pretty much all we have for today. All right, 37:54.140 --> 37:55.700 Sean Murray: I think I think so. All right, 37:55.850 --> 38:00.740 Johny Fernandez: I guess I guess. So. Yes. Follow us. Don't 38:00.740 --> 38:03.650 forget to tune in time be here. We're going to give you guys the 38:03.650 --> 38:07.280 latest news and also have good banter conversation 38:07.280 --> 38:09.080 Sean Murray: And I'll be screaming about inflation. Yes. 38:10.130 --> 38:13.130 Johny Fernandez: Alright you guys, I'm Johnny Fernandez, I'm 38:13.130 --> 38:14.810 Sean Murray, see you guys next time.