Latest / The Jon Sanchez Show / 10 Ways To Make Your Money Work For You
Transcript
- Jon G. Sanchez: Good Monday afternoon to you. Welcome to the John Sanchez Show on News Talk 780 Kitwich. Pleasure to be with you. Hope you had a great weekend and ⁓ the week started okay for you. Yeah, definitely, definitely. Never know on a Monday, that's for sure. All right. Well, I do appreciate you being here with me. And ⁓ what a show I have lined up for you today. I got a question for you. Imagine waking up tomorrow. and earning money whether you went to work or not. Isn't that everybody's dream? Well, folks, that's the power of passive income. Today on the show, I'm going to discuss 10 proven passive income strategies, things from dividend investing, rental properties, businesses, royalties, you name it. I'm going to throw it in there. Because I want you to learn how to create multiple streams of income. Why? Because this will help you achieve financial independence. Plain and simple. Now, before I get to the topic, which again I gotta go through my stock market recap, of course, I want you to think about a question. If tomorrow you lost your job, what sources of income would you have? Do you currently have some passive income coming in? Or are you solely relying upon that paycheck each and every Friday? Think about that for just a second. Because passive income, it's a beautiful thing, right? It's making ⁓ you know, a good friend of mine years ago had a had a great term when it came to ⁓ passive income. I'll never forget it. He said it's called pajama money, right? Because you're making money while you're in your pajamas. You're making money twenty four hours a day, seven days a week. Doesn't matter again, whether you get out of bed, whether you're on vacation, doesn't matter. You're making money. Isn't that a beautiful thing? So it's gonna be a great topic. I can't wait. I I love when I get to talk about passive income strategies. It's just a real passionate area for me. Well, let's get down to today's stock market activity. I'm sure many of you, of course, saw the news over the weekend that the missiles were once again flying between us and Iran. And then Iran flew the missiles over to United Arab Emirates and ⁓ many of the neighboring countries there. that Iran shut down the Strait of Hormuz again. In the talk last week, that you know, we were supposed to have a ⁓ another, what do you want to even want to call it now? I guess nego round of negotiations, peace talks. I don't know what they're even called anymore because they don't mean anything. Between us and Iran and and Switzerland this week. Looks like that didn't happen, of course, or is not gonna happen. So things escalated pretty severely over the weekend. A ship was hit. I believe ⁓ it had ⁓ a bunch of ⁓ Indian sailors on there. Ship was hit, severely damaged. They had to abandon ship. And that's kind of where everything started. We then retaliated. ⁓ I guess it would have been Sunday night. ⁓ the president said today that we're going to retaliate hard tonight and probably tomorrow, and so on and so forth. So we're back in the thick of things. I know you're tired of hearing me talk about it, probably as much as I'm tired of you know talking about it myself. But it is influencing the market because one thing that we saw happen today. That we haven't seen in quite some time, we saw a big spike in oil prices. And as I've said many times on this show over these last few weeks, this market has been very, very resistant to any news, negative news, of course, coming out of the ⁓ the Iranian situation. Market just kind of, I even said it on Friday, market just brushes it aside. It makes no sense. They take the president verbatim for what he said is going to happen. When he said there's going to be peace talks, market says, okay, great, we believe you there's going to be peace talks. But something changed today. And again, we never know how long this is going to last, but it is the news of the day. And this is again what influenced your portfolio today. And this news came about ⁓ mid morning today. The president threw out a demand of a twenty percent reimbursement for any ship, not just Iranian, any ship going through the Strait of Hormuz. Now I found some math on you or for you. Right, you've probably heard the term super tankers. These are ones that hold like two million barrels of oil. These are the big boys. At roughly eighty dollars a barrel, which is we finished at seventy-eight forty-two, that twenty percent reimbursement fee that the president announced today would be thirty million dollars that the U.S. would make, that the shipping company would have to pay in order to transit the Strait of Hormuz under U.S. Navy guidance, security, patrol, etc. The shipping industry today was completely caught off guard. There were comments everywhere. We had no idea this was coming. We can't afford this. Many now are saying that you're going to get the likes of Exxon and Chevron. Many, of course, of those companies are very, very close to the president, complaining to him, saying, we can't do this. This, you talk about driving the price of oil up? But see, he what did he do? He basically is playing Iran's game. Right? Iran still said, no matter what, through all the truce and and talks and everything, hey, you know what? We're gonna control the Strait of Horn Moose, and we are still gonna continue to charge. Now, one little comparison. What does Iran charge for that same super tanker that carries, you know, ⁓ two million barrels of oil? They charge about two million dollars. And what was I ⁓ what was amazing was again when when that news broke this morning, I want to say it was like in the six or seven o'clock hour if I remember, when that news broke, and I saw the the the true social post, and it was right before I was ready to do one of my stock updates, so I didn't get a chance to read it thoroughly. I thought for sure that it was just gonna be a twenty percent ⁓ charge against Iranian vessels coming and going. But no, this is everybody. So as you would imagine. We've got the world very, very upset at us right now. Imagine if you're Europe, especially imagine if you're China that gets a vast majority of their oil from that region. Everybody's gonna be extremely or they are very, very upset at us for making that announcement. So 20%. Now, one further step. The president said, no Iranian ships coming or going. Plain and simple. Forget about the 20% fee. They can't come, they can't go. So what's that going to mean for the global oil markets? So here we go. Let's blow the dust off the playbook of what we went through up until the memorandum of understanding was signed roughly almost 30 days ago. Let's blow off the playbook. So here we go. Gold prices tumbled today, down $108.10, $4,006 and 30 cents an ounce. Question I get frequently. Why? Why in the world would gold prices go down when there's global turmoil? So once again, let's go with deep. When gold prices plummet like this due to global turmoil, and in this specific situation where oil prices rose, when I'm We went up, I'll tell you right now, six dollars and seventy-three cents, a nine point four percent increase to seventy-eight dollars and forty-two cents. So why? All right. So we go back to the to the basics. You got this little organization called the Federal Reserve. We don't know what they're gonna do. We think the definitely the next round is going to be an increase, not a decrease, under the new leadership of Kevin Warsh. You've heard me say a million times, rising oil prices are bad for inflation. They're bad for you and I because it takes dollars out of our pocket. We're not spending it on grocery stores and clothing and retail and on and on and on. So rising oil prices create an inflationary environment. Plus again, oil is a big meaning energy, excuse me, is a big calculation, a big portion of the calculation of CPI and PPI. Well, guess what? We're getting CPI tomorrow, so it's not gonna obviously ⁓ reflect this. This is June's data. But rising inflation caused by rising oil prices creates a backdrop to where the Fed absolutely would be in no hurry to cut interest rates. Not only not cut interest rates, but increase interest rates to slow things down. So you see this goes way beyond just rising oil prices. It comes back to what the Fed's gonna do. And that was the reason the street got pretty upset today and things sold off the way they did. So we're back again, we're back to a mess. So back to the gold side of things. If inflation rises, you don't want to own gold, you don't want to own bonds because they're non dividend, in the case of gold, a non dividend producing asset. But also inflation erodes the value of that gold. So as long as we have these, you know, oil prices that are escalating and the turmoil that's going on there, more so the first scenario, meaning rise in oil prices, then you're going to see gold under pressure. It's pretty simple. Again, $108.10 loss today. It's got to hold that $4,000 mark tomorrow. Again, we closed at $4,006. Probably already has broken that. So things changed. You know, again, from last week, from Friday when I did my my weekly recap to today. Again, that's the environment that we live in. You just never know. The other factor that we dealt with again was the weakness in the semiconductors. This was one of those days for whatever reason you want to pick. Overvaluation, over optimistic, whatever the case is, we have days where they go up and then we have days where they go down. It's kind of two steps forward, two steps back, but they got hit pretty hard today. I'll tell you how the semiconductors performed. Welcome back to the John Sanchez Show on New Stock 780K, which happy Monday to all of you. 10 ways to make your money work for you. Passive income strategies is what I'll be covering here in a moment. But first, back to the market side. So here's how we finished up after this little bit of a challenging day to say the least. I want to get over and tell you what happened on the ⁓ Nasdaq side specifically. All right. Once again, a ⁓ small decline on the Dow side. I think we got out lucky. ⁓ 0.26% loss, 138 declined, closed at 52,498. NASDAQ was the problem. ⁓ Down 408 points, 1.55%, closing at 25,873, SP lower by 60 points or 0.79%. And the Russell 2000, a point eight three percent decline there. As I said, go ⁓ oil prices very strong today. Six dollars and seventy-three cent rise, nine point four percent, closing at seventy-eight forty-two a barrel, gold falling $108.10 to $4,000 six dollars and thirty cents, and a four basis point increase on the 10-year treasury to a yield close of four point six one percent. All right, so what the heck happened on the NASDAQ to create that loss? Well, again, it was the memory names, Sand Disk, and a new one called SK Heinex that ⁓ did a ADR, which is a version of a foreign stocks US version of the of the foreign stock. ⁓ this is a South Korean company. They had an IPO on the Nasdaq on Friday, did okay, but not today, give ⁓ a lot of it back today. Let's go to Sandisk down 12.63%, $241.95 loss to $16.73.97 per share. ⁓ SK Heinex, as I said, lost $15.66, 9.32% to close at $152.35. Taiwan Semiconductor down $12.53, 2.89% pullback $421.58. ⁓ and that one was a surprise. It got sucked down by the group. They reported some incredible numbers this morning. Month over month, very robust revenue growth. ⁓ but again, this got sucked down in the entire group. One of the standouts in the ⁓ tech area today was Microsoft. Stock gained $5.89, 1.53% to close at $390.99. Energy stocks were strong as you would imagine with that bump up in oil prices. Valero Energy up $15.10, 5.38% gain to $295.79. Diamondback Symbol Fang, $8.21 gain, 4.48%, closing at $191.60. All right, so ⁓ you know, how do we set on a year-to-date basis? ⁓ we're still looking strong. Russell 2000 up 19%, our hands down winner. SP 500 gaining 9.8% year to date. NASDAQ's up 11.3%. All right, so you're now up to date. All about the oil. All again again. If you just joined us, the big news, the ⁓ president announcing early this morning that ⁓ the straight of home moose is closed again. ⁓ and if ships wanna pass, they're gonna be paying the US government a twenty percent reimbursement fee. Any ship doesn't matter where it's flagged out of, where it comes out of, it doesn't matter. Everyone's gonna pay twenty percent, as I said. ⁓ super tanker, which carries about ⁓ you know, ⁓ two million barrels of oil, they would be writing the US government a check to the tune of thirty million dollars to have the right f to go through the passage. ⁓ Once again, the blockade definitely implies towards Iran. They can't come in, they can't go out. So, you know, you've done a t couple things here that ⁓ you know it's gonna be interesting to see what kind of retaliation Iran does because now you you've taken that taking that revenue away from them, right? They were making that same example I gave you on that super tankers. I said, ⁓ they were making about two million dollars on that ship. We're gonna make thirty million dollars. ⁓ so you're taking that revenue away and you're stopping their ships from coming in and out. So this could be very severe. This could be very, very severe as to ⁓ what happens next. But time will tell. We shall see. All right, let's get to a ⁓ early start on our topic today. Once again, 10 ways to make your money work for you. As I said at the beginning of the show, imagine waking up tomorrow and you're making money, whether you decide to get out of bed and go to work or not. That's what we call passive income. You see, for most Americans, if they stop working today, the paycheck stops also. But financially successful people. think about this completely differently. They ask one simple question of themselves. How can I make money while I sleep? And as I said earlier, it's called pajama money. Well that's the absolute idea behind passive income. But let's be honest, very little income is completely passive in the beginning. Most passive income, it's like a marathon. It's a long-term journey. Requires a lot of work, requires a lot of planning, investment, patience. But over time, It can create something absolutely incredible. The F-word, freedom. So today I'd like to share with you my passive income strategies. Let's go to number one. This one is within the realm of everybody: dividend paying stocks. Now, unless you have millions and millions of dollars invested in the stock market into dividend paying stocks, you're not going to make a substantial sum, but you can make a decent sum. You really can. I mean, it is no problem to find three, four, five percent dividend yielding stocks of great quality. If you want to sacrifice quality, you can find them all day long for eight or ten percent dividend yield. So you got to decide where you wanna be. Maybe it's a mixture, maybe you want to stay more on the conservative side. But you know, I remember young or earlier in my career, we we ⁓ this was a real popular strategy when I was young. And it was you basically create a check a month. And we would build these portfolios ⁓ to where you you you you you structure it putting the quality of the stock aside and so on and so forth, but you would structure it to where you had one stock, I don't mean one share, one company paying a dividend every single month. And then you could layer in bonds, you could layer in preferred stocks, you could do a lot of things so that you had that check coming in every single month. But nowadays, of course, you've got mutual funds, you've got ETFs, you've got a lot of different things. It's not just about stocks anymore. But again, to get three, four, five percent, not a problem whatsoever. Not a problem whatsoever. When we have investments that pay high yields, or not high yields, but pay dividends like that, what do we do? We can either have those checks sent to us. Again, stocks pay on a quarterly basis, most of them, or we can reinvest them into more shares. So whatever your strategy is, if your strategy is passive income, you probably want them to hit your bank account. Pretty simple way to do it. So again, I was taught by a mentor, again, speaking of early in my career, Arnie Arnold, never forget him. What an incredible man he was. Died of cancer, unfortunately, at a very young age. And he said, great thing about dividend stocks, John. He was a huge stock trader. He said, Great thing about dividend stocks. He says, they pay you while you sleep and they pay you while you're waiting for the stock price to go up. Think about it. Pretty good. Pretty good deal. All right. Strategy number two. You know this one. We talk about it every Tuesday and Thursday with Corey and Dwight or with Aaron. Rental real estate. Right? Great way to get monthly cash flow, especially if you have a big portfolio. You've had them for a while. You're charging market value rents as we discussed last week. You're getting appreciation, hopefully, and you're getting monthly cash flow. You can take that monthly cash flow, pay down your mortgage, spend it, whatever you want to do. And of course, all the tax advantages associated with real estate. One way to look at it is my tenant is paying me while I'm asleep. They're paying me Saturday. They're paying me Sunday. They're paying me on holidays. They're paying me to build my wealth. Number three. Real estate investment trust. Now, due to compliance reasons, I can't get into details of any specifics, but I'll just give you generalities of what a real estate investment trust or what we call a REIT is. There's public ones, there's private ones, there's REITs. So look at them as a pool of money. You and you know, sometimes thousands or hundreds of thousands of other investors. The real estate company or investment company, depending upon how it's structured, then goes out and physically buys real estate. And again, you can buy REITs that buy multifamily, that by Geez, hotels, warehouses, you name it, any form of commercial real estate. There are REITs out there. Convalescent homes, you name it. Some are again are publicly traded, others are private. They offer professional management, diversification. And many of them, a lot of times you'll buy a REIT, you don't even care about what it invests in per se. You're buying it for the dividend, because it's again very easy to find five to six to seven percent dividend yield in that area. ⁓ and most of them do pay. Monthly. Some are quarterly, but a lot of them do pay monthly. Like the reads that we use, they pay our clients on a monthly basis. So again, it's a great way to diversify the portfolio into real estate without being a landlord, the way to look at it. All right, we come back with number four and our passive income strategies. Back to the John Sanchez Show on New Stock 780K ⁓ All right, once again, a little bit of a tough day today. Oil prices spiking six dollars and seventy-three cents, nine point four percent, closed at 78.42. We finished with a gain, excuse me, with a loss of 138 on the Dow to close at 52,498. NASDAQ was a troubled child with the ⁓ weakness in the semiconductors of 408 point, pullback 1.55%, SP down 60 points or 0.79%. But the day is over. What else can we do to make some money? Well, let's talk about some passive interest. Strategies. Once again, I'll put together a list of 10 of my favorite passive income strategies. Let me recap very quickly. Number one, we can purchase dividend yielding stocks, ETFs, basically Wall Street investments. Number two, we can have some rental real estate, right? Get paid while we sleep. Number three, real estate investment trust. Again, another way to invest in real estate via Wall Street. Let's go to number four. Again, I can't get into great details about these at this point, but ⁓ we touched on these last week. Delaware Statutory Trust, better known as DSTs. This is again a 1031 ⁓ exchange alternative where you're allotted 1031 a property into a DST, Delaware Statutory Trust, which has institutional management. You let them go out and invest the properties. Generally, it's going to be multifamily. ⁓ again, some that we have done, we've done Amazon fulfillment centers and multifamilies and so on and so forth. But they pay on a monthly basis. So again, it's a great way if you want to get out of physical real estate ownership. You 1031 it into a DST. Again, it's just like all those same tax benefits. no ⁓ no taxes, no depreciation recapture, no nothing. ⁓ as long as, you know, again, you move it over to the DST from your existing sale. ⁓ you need more details, give me a call. But bottom line is it's a great way to produce monthly income and avoid paying capital gains and depreciation recapture tax. Number five, well, you knew I was gonna put this one on my list: building a business. No better way to build passive income. Because you can design it any way that you want to. You can create whatever system that you want to. You can decide if you want to have employees or not have employees. You can decide if you want recurring revenue or you need to go out and hunting every day to generate revenue. I recommend the reoccurring revenue side. I want to stop right there before I go into other advantages of building the business for passive income. Countless times in my career, I've had clients that I've counseled. They come to me and they're Okay, I'm ready to sell my business. Help me do it. So we'll go through the numbers, go through the financials. And lo and behold, what ends up happening is they never ever built this business to sell. They built this business because they thought, mistakenly thought, that this business was going to be worth millions of dollars when they hit sixty-five or seventy or whenever they wanted to retire. Fortunately, they Had a rude awakening. No one offered them a fraction of what they thought they were going to get. They were relying upon the sale of that business to provide retirement, lump sums, income, etc. There goes that dream. So it creates a real mess. That's what happens when you have a business that does not have recurring revenue. Now, why is that? Well, dependent upon what business that you are in or what industry. Folks, there's a lot, a lot of money sloshing around the economy right now. A lot of it being backed by private equity, venture capital, et cetera. They love to buy businesses that fit their criteria in all different industries, from construction to my industry, you name it. I mean, geez, a few years ago they they just cleaned up locally. I'm sure they did it nationally, cleaned up locally buying vet hospitals. Cashed out the vet, the vet stayed on for a couple years, and then it was a corporate vet, you know, hospital at that point. We've seen it happen with dental practices. I've had a clients that it happened with there. So that's my point. But what makes that business sale successful? If you can sell that business because you have recurring revenue, because once you have recurring revenue, then the buyer, again, usually a venture capital firm or a group such as ⁓ venture capital or or ⁓ private equity. They want a multiple. They'll assign a multiple. They'll say, based upon your revenues, your industry, et cetera. Let's say your business does, I'm gonna make it really simple, $100,000 of of revenue. Right? If they assign a re a a multiple of three X, to make it really simple, and again, there's some caveats in there and things, but to make it real simple, they assign a revenue or a multiple of three X, that means they're gonna pay you three hundred thousand dollars for that business. Now, do you think they would do that if you didn't have recurring revenue? No. Number one, they probably would not be interested because they want to come in, put their capital to work, get a return on their capital, and then turn around and sell the business. That's generally their model. But excuse me. But if you have recurring revenue, they assign a multiple. And again, it can vary three, five, ten, twenty per twenty times. It just depends upon the industry and how long you've been in business and quite a few other factors. But if you didn't have a recurring revenue, that same business that does $100,000 a year, again, they probably wouldn't even be interested in buying it. Or if they did, maybe they give you, I don't know, 10, 20 grand, something like that. So once again, if you build a business, think how you can build it to produce recurring revenue. That way you have an exit plan somewhere down the road. But in the meantime, it's provided some great passive revenue for you. Imagine if you didn't have to go out and search for new clients every single month. Right. You got the same clientele. They're paying you a few bucks a month for your your product or your services. That's the American dream, isn't it? Licensing is another way. You come up with a great idea and you don't want to go into business for yourself, but you love the business and and so does everybody else. So you can turn around and license that business. Microsoft does a ton of this. They'll license different services. You can do the same thing. Let's again say you came up with a great way, I don't know. Great way to wash cars, right? But you don't want to wash cars. But you created a great system. And you can turn around and license that to other detailers. They'll pay you a small percentage or small dollar amount for every car they wash using your systems. Phenomenal way to do it. And again, depends upon your industry, but obviously software and so many other areas. ⁓ come up with the idea and don't sell it, license it. And that's re that's lifetime passive income. Franchising. Same thing. You come up with a great way to run a business. You have your systems, your procedures in place, everything. You want to expand, or you the demand is there and it's telling you to expand, but you don't physically want to do it, you can start a franchise and then take a bit of, you know, typically it's about eight percent royalty or franchise fee over your franchisees. Again, did you have to do much? Nope. But they're paying you twenty four hours a day, seven days a week. So the goal isn't always to own a job. The goal is let the business do the work for you. Number six, somewhat similar to what I just said, but let me go into more detail. Royalties and intellectual property. Now you may be saying, wait a minute, John, I I I'm not a musician. I'm not an artist. I'm not a software engineer. So what can I do? Here's the great thing in today's technology, especially with AI, you can go out and you can write a book, an ebook, in a matter of days. I mean, it took me six plus months to write my book. Not anymore. You could write one in like I said in a couple of days. And then you turn around and you sell that. Playbooks are huge, right? People want a playbook for this, a playbook for that. It's not a full-blown book. It's almost like a manual, how-to. So you can create that. If you are a music musician, great. Obviously, you know you can make a lot of money licensing your music, getting royalty fees while you sleep. Same with photography. There's a lot of successful photographers in our area. Same thing. They license those pictures. Patents, another great, great way. Digital products, courses. Courses are huge right now. You write a course, you turn around, you put it on the internet, put it on ⁓ you know Amazon, put it on ⁓ Shopify, wherever you want to. And guess what? Someone's gonna buy your course because they want your knowledge. They want to learn how to do something. Find what that something is, you've got great passive income. So ask yourself this. Can the knowledge and experience that you have in life become an income strain? And I bet the answer is yes. All right, let's come back and we'll wrap up a points seven through ten in our passive income strategies. Welcome back to the John Sanchez show on Newstock 780K which all right. Let us wrap it up on our passive income ideas. All right, I gotta hustle here. Got four more to go. So, number seven passive income idea, online businesses. Similar to what I said earlier, what a beautiful time in in in technology advances to have a small business at this point, an online small business. You can do things like offer ⁓ memberships, right? For for access to your site. YouTube, people are making a fortune many times on YouTube. Affiliate marketing. That's where, you know, if you're on YouTube or a podcast or something and you are recommending a product or a service and you hear them say, Text code, you know, John Sanchez. Well, every time one of those leads come in or a product is bought, they catch you a commission check, what they call affiliate income. Great way to go. Digital downloads. Again, people will pay for all kinds of things. Audio recordings, video recordings, you name it. Different subscription services, educational content, huge will always be huge. ⁓ I want to share with you a really quick story when I was putting that point together. So years ago, and I I listen to this podcast once in a while, I highly recommend it for you, small business owners. It's called ⁓ EOfire.com, entrepreneurs on fire. A guy named John Lee Doom has been around a long time, one of the first podcasters, but he just does a ⁓ a podcast where he interviews. Not really household names of ⁓ entrepreneurs, but you know, s very, very successful people. And he's had a lot of big names, but his focus is mainly on ⁓ you know, names you've never heard of. But again, the these these are people that are just kicking it in the world of entrepreneurship. Well, anyways, up until a few years ago, he would post his income. Why he did it, I don't know. But I I brought it up during the break and I wanted to share with this with you. Now, ⁓ just give you a very, very beef brief background just to show you. What can be done with podcasting as a passive income idea? So this guy used to live in San Diego. He and his now wife and child live in Puerto Rico. Beautiful. You can find him on the internet. Beautiful home overlooking the ocean. Everything you'd imagine about being a Puerto Rico. Dude sits in his office overlooking the ocean, does this podcast. Again, he's just interviewing other people. Last time that he posted his income, his total income for 2024, this is on his website. Mind you. Just doing podcasting that resulted in sponsorships, online courses, affiliate revenue, and a little bit of his own book. For 2024, John Le Dubas, according to his website, his gross income was $1,692,264. So almost $1.7 million. You know what his net income was? $1,538,515. He has no expenses. He's got like a couple virtual assistants that work out of the Philippines. And that that folks is a business. Since then, so again, this would be from 2012 through 2024, he's made a gross income of 27,893,207, a net income of 21,980,205. Just by sitting behind a microphone and interviewing really cool people. But you can see it on his website. You can check that out. But there's an example. The guy came out of the army. He didn't have any marketing experience or anything. He just kind of became a natural and the timing was right and started a podcast about interviewing entrepreneurs and it just blew up. And he's got, you know, again, majority of his income is made off of the affiliate marketing side of it. And like I said, online courses and so on and so forth. So, folks, anything is possible. You just gotta wanna do it. You really do. ⁓ number eight, peer-to-peer ⁓ private lending. Umot where you that's where you're lending money. You gotta be very careful, understand the risk and collateral and so on and so forth. Retirement income, right? That's passive income. Social security, pensions, annuity payments, required minimum distributions, ⁓ your standard investment withdrawals, right? Retirement income should be planned, not guessed, but it's a great, great source. And then finally, this is what I did when I launched. Well, let's just say my second business when I launched my my brokerage firm. When I went independent back in Valentine's Day of 1999, I left Smith Barney. I said, you know what? I'm gonna take the biggest risk that is out there. Or at least that's what people said. I didn't think it was the biggest risk because I invested in myself. I cashed in my $19,000 $401k to start my brokerage firm. And look where it is now. So invest in yourself. Educate yourself, get certifications, get licensing, do whatever you want to do, and invest in yourself, and you can create all the passive income that you ever want. God bless, have a great afternoon. We'll see you tomorrow on the John Sandshow.