Transcription
In the book, "A Road Less Stupid," Keith Cunningham asked the question, "How much money would you have right now if you could unwind any three financial decisions that you've made in your career?" And recently, I asked myself this question as I was calculating my net worth. And the answer for me is at least $10 million. That's 10 million that I've lit on fire through bad investments, decisions, and so on and so forth. So, what I want to cover in this video is what those mistakes actually were that cost me over $10 million, and how you can avoid those mistakes. And really, just stay to the end because this is what I wish I would have known before I started making any money whatsoever. Or if I would have known this in the beginning, good god, it just, I would just be on an entirely different level right now.
So, we're going to cover through three things. Number one, just a quick context and background on my situation so you understand my finances, my business, etc. How I've lit millions of dollars on fire. We're just going to walk through each of those and all those mistakes, and then what I've learned from those experiences and how I build wealth and invest now.
So, just for context, if you don't follow the channel, I've had three multiple eight-figure companies in the past five years. In 2019, though, I was just a sales rep. I did about $400 grand in commissions. And 2020 was my first full year in business. I actually started my business at the end of 2019. So my first full year in 2020, I made about two million net. And in 2021, we had a breakthrough success. So, uh, we went from basically like $200 grand a month, probably, to about, uh, $2.5 million a month in the course of a year. So, like 12 months. And so it was just a complete hyperbolic rocket ship very, very quickly in 2021. And as you can imagine, my income followed, right? So the success was great, but nobody prepares you for that success. So the preparation wasn't. And when you have success and you come into money that fast, it quickly, very, leads to a lot of dumb and stupid decisions. And all of those decisions, I can kind of categorize around these four common patterns. Okay?
And the first one was an extreme loss aversion regarding taxes. So Charlie Munger talks about loss aversion a lot. The easiest way to explain it is that losses hurt twice as much psychologically as the equivalent gains feel good, right? Okay, so like, for instance, if you give somebody in your company a comp structure and then that comp structure ends up breaking, they end up making way too much money and you have to reset the comp structure back down. More often than not, it's a 50-50 shot that they're just going to bounce or the performance is going to go completely out the window because nobody wants to go backwards, right? Another example is when I was in sales, uh, there was a saying that if you bonus, if you have a, if you have a comp structure or a bonus structure for a salesperson and if they hit the certain comp or they hit the certain projections, they can get a Ferrari, they're going to try a little bit harder. But if you actually just give them a Ferrari and then tell them, hey, if you don't hit these projections, we're going to take it away, they'll absolutely just dance, right? They're gonna go absolutely nuts. And again, that's because of loss aversion. So, as you'll see, and a lot of entrepreneurs experience this in their first big breakout income year where they have to face down the IRS and realize they're cutting a seven-figure check, they'll just end up making crazy irrational decisions because of that. Because that first check, that's a seven-figure check to the IRS, it always hurts the worst.
The next pattern is this thing I call inflation shaming. So again, in my breakout success year in 2021, that was also the breakout year for something entirely different called inflation, right? I don't know what the actual rate was, was it 5% or 10% or 15 or 20%? But whatever. Inflation was undoubtedly at an all-time high. And if you were on social media or you listen to the business gurus, like, "Cash is trash. You know, I get cash and then I get rid of it. You know, get rid of it immediately. Uh, if you hold on to cash, you're automatically losing 3 to 10% negative return a year." And so naturally, what I did is, you know, I was coming in, I was making a lot of cash really fast. And man, as soon as I got it, it was like, boom, it was out. Boom, it was out. And at the time, you know, that sounds smart. I thought I was being smart. But the only thing worse than losing 3 to 10% a year on your investment is losing 100% on your investment. And I did a lot of that. Uh, the other thing that's related to the inflation thing is this obsession with real assets. And this is something I want to talk about because with entrepreneurs especially, they tend to have an obsession with real estate and things that are real, gold, real estate, businesses, stuff like that, venture, opposed to paper assets, claims, and derivatives, right? Like buying a company through the stock market or the S&P 500 or whatever. And, um, I get why. I think that those types of things, businesses, real estate, venture, etc., they feel more high risk, high return. They're more entrepreneurial by nature. But almost always, if you look at somebody who does that, just versus the basic S&P 500 returns, it almost never returns better. Especially if you're not a top, top 10%, 5% in the world expert on those asset classes, which if you got, you know, if you made money through a recruiting business like I did, you're not. Okay, so that was a big thing. We're going to dive into a little bit later.
The final thing was an, was what I call operator syndrome. So one of my financial mentors now, who I wish I had back then, or I'd have way more money, Jim Doo, which you can check out Jim D from Do Wealth. He's, they're phenomenal. Um, I really wish I was working with them five years ago, but he's told me this saying that, "You get rich through your business, but stay rich through diversifying into passive assets, but you don't get rich through your investing." But for me, I was determined to make my investments active. And there was a direct correlation between how active I was with my investment, whether it was just picking a crypto or picking a stock or picking a property I was going to invest in. There's a direct correlation between how involved I was and it underperforming. The less uninvolved I was, the more hands-off, the more index fund related that it was, the better it did. The more involved I was, the more likely I was to lose my money. And that's outside of, of course, my core business where I'm actively involved. So, that was the final thing.
But let's see how this all comes together and how it all played out. So, mistake number one was moving to Puerto Rico. So again, I had this breakout year of income in 2021 and probably about, you know, three, four, five months into the year, I started realizing, okay, this is how much money I'm making. What am I going to do about taxes? I'm going to have to pay this huge tax bill. There's no way I could pay this to the IRS. It's not fair. And because of that loss aversion, I just went into a panic mode. And from a four-week, there was a four-week time period between talking with attorneys and just being in this panic where I just decided to pick up everything from Scottsdale and move to Puerto Rico. One of the stupidest things I've ever done. And it was so rushed, too, because I was trying to get there before the July cutoff so I could take the tax benefit this year. So, in that huge crazy rush, I, um, was trying to find somewhere to live in Puerto Rico, and I didn't have time to go out and scout out places. So, I found somewhere online, talked to a real estate agent. I looked at the pictures. I was like, "It looks good." I called the real estate agent, put down a, a deposit that was like a three-month deposit. I get to Puerto Rico. I go to this place and it's like a freaking addict. It's nothing is advertised. We were supposed to have furniture. Didn't have any furniture. Ended up breaking the lease day one. So, right there, that was like $30 or $40 grand just out the window. So, then ended up staying in a hotel, which I stayed in the nicest hotel, Puerto Rico. That was another like $50 grand or $60 grand 'cause I stayed there for, uh, 45 days. But, it was in this small room. It was like there was, I think there was mold and frankly, like my health just like fell apart. Like I started to get like tons of anxiety. Uh, I was eating like crap. I had to eat out every day and I was in a hotel bar. So like I was drinking more than I, it just sucked. And, and trying to run two at, at this time, two multiple eight-figure companies out of a hotel, I just, it just doesn't work. Okay.
So then while I'm in this hotel, I buy another lease. So it's another, and this one was more expensive. So I think I put down like $60 grand for a three-month deposit or something like that with this apartment. And then I got 45 days in, just fell apart, was broken, and then ended up breaking that second lease, too, and moving back to Arizona, which was one of the best days of my life. I mean, when I stepped foot off that plane and got back home, it was like, "Thank God I'm here." And so, I'll talk about what I learned from that in a second. But between leases, attorney fees, the hotel alone, because what they also don't tell you is that in order to move to Puerto Rico, if you have like a, you know, if you're a solopreneur, it's one thing, but if you have a big company, you got to set up a management company. It's got to be in Puerto Rico. You got to do all this contractual work and essentially like you have to kind of jerry-rig your company unless everybody's local in Puerto Rico to be able to take a portion of those Puerto Rico tax benefits. So, it takes a ton of attorney fees and structures. Not crazy, but a good amount, like six figures plus. And then I broke all those leases, the hotel, all of that alone was at least $250 grand, not counting what I lost in productivity. Okay?
And just a few other things about Puerto Rico in case you ever consider it. What people don't tell you, okay? Okay. And here's the problems with PR is again, there's a, it's supposed to be like a 4% tax rate. Really, at the end of the day, unless all your employees or you have no employees and you're just solely in Puerto Rico and you have no employees or all your employees are in Puerto Rico, that's the only way it's 4%. If not, if you're like me and you have international employees and a bunch of people in the US, between the management structure and the cash flows and etc., it ends up being like 10 to 12%, maybe as high as 15%. Which is, we're going to talk about later. With good tax strategy, you can get as low as like I've paid an effective rate of 20% tax. So, I'm saving 10% to live somewhere I certainly do not want to live. Okay. The next thing is it's much stricter rules than advertised. So, you, if you go there, you can't just do one year and bail. You have to stay at least three years. So, that sucks. And then also like there's a common thing where, okay, well, what you can do is stay there for six months, go somewhere else for six months. I think there's a little bit of controversy here and some people do that. From what I talked to with my attorneys and auditors and so on and so forth is that like that can break the actual tax benefits because it just looks like you're, you know, you're really a US resident. You just do six months there. Really, the six months you have to spend in the US have to kind of be in different locations or they have to be sporadic. Like, it's the longer you stay in one segment, the worse it is. Uh, not to mention, you know, I lived in San Juan. It was a huge sacrifice in quality of life. Like for me, you know, you make money to have freedom and what I found myself doing was basically, then after making money and having the freedom, trading the freedom to make more money, but the purpose of the money in the first place was the freedom. So what was I doing? And what made it even worse, if you're a guy, I mean, probably if you're a girl, too, being single in Puerto Rico, even worse. Very, very bad. Uh, so wouldn't recommend that. Uh, and just look at the track record. I mean, I know a ton of entrepreneurs in our industry who've went on to live in Puerto Rico. The track record of them making it three years is almost zero. I actually talked to somebody yesterday and he got the three years and then left and he said it was terrible and probably wouldn't do it over again. So, I would avoid this just full stop unless for whatever reason you just really like Puerto Rico, you really want to live in Puerto Rico. Uh, the silver lining of all of this though is when I was able to come back, it helped me appreciate what I was actually paying taxes for, which I feel like I never really would have fully understood if I never would have done that and came back. So, I was very happy to pay 20 or 25% after some tax planning to live in the US, live with good infrastructure, live with, you know, normal people, etc. Not that the Puerto Ricans are bad or anything, but they're just, you know, there's just nothing to do. You're off on this island in the middle of nowhere. You have no friends, it sucks.
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The second mistake I made, and this is the big daddy. Okay, this one really is what got me, and this is most, all those losses and the $10 mil, this is most of it. This is creating a personal real estate portfolio. So I was determined, you know, not to invest in the stock market or bonds or any of this boring stuff, not to even do real estate syndications. No, no. I'm gonna, as I'm running two multiple eight-figure companies, I'm going to build a really like full-stack, um, personal real estate, personally managed portfolio myself. Great idea. So, over 2021 to 2022, I acquired, I think it was, I might budge these numbers, 36 doors, and I think it was about 28 unique properties. And but it was over a 12-month period, maybe even less. Like, I acquired these things. I mean, there were some days I was closing on five in one day. So, I mean, I was acquiring these things quickly. Uh, and guess what? I did it right at the top of the market. I did it all through turnkey companies who basically like rehab a property, then sell it to an investor. So they would underwrite the property. I didn't underwrite any of the property. So of course, their underwriting was way off. Um, it was all single-family homes, which the only way right now, and especially back then, to make a single-family home cash flow is for it to be C or D class and middle America. So like Missouri and a bad area is what you got to think of. And that's where like some of my properties were. Some of them were like section 8 and stuff. So, like these properties would cash flow on paper, but the problem is is one repair wipes out years of cash flow. So, I remember there was like one repair that we had on a property that was seven grand. And I looked at the seven grand and I'm like, it's going to take me four years now to break even on this property just off this one repair. And then not to mention, because it's it's C and D class and it's just based on the areas I was investing in, you, you'd have squatters in the property, you'd have tons of evictions, you'd have bad tenants. Was constant headaches, constant bottlenecks, all for like these properties generating me a h 100 red to $300 a month. Whoop-de-freaking-doo, doesn't change my life at all. So what I ended up doing with those, sold every single one at a loss. Some of these I sold at such a loss that the home value I sold it for didn't even cover the loan. So I had to pay the bank at the close. So not only like losing 100% of your investment, I lost like 150%. Like, that that's pretty bad. Like you have to really try to lose more of what you even invested.
So then we move on to real estate part two. So I think I'm getting smarter, but as you'll see, it just gets worse. So then I pivoted to luxury short-term rentals. And I thought this was going to be a good idea. So I acquired four of them. They were all between, you know, a million three actually to like 2.5. Um, so not quite what I have on here, but a million to three to about 2.5. So like expensive properties. And you know what they also don't tell you about short-term rentals is you acquire it. Okay, great. But it's like unless it's turnkey, which means it's probably not going to work anyways. Unless it's turnkey, it's $100 to, you know, upwards of $250 grand to set up and launch each property. So that's just cash right out the window. I took tons of time to do this away from my own business, was underwriting all these properties, taking Airbnb courses. I had to underwrite everything manually myself and learn how to do it. I got second and third opinions from like experienced real estate investors. And I did actually a pretty good job of like positioning the properties uniquely and marketing them well on Airbnb and doing the the price algorithm changes and all the things you needed to do. All of that didn't matter because at the end of the day, the interest rates were starting to go up at that time. I kind of got caught middle of like that interest rate rise and then also Airbnb went way down. So all of those historical projections went ended up being completely off and all the properties lost money, negative cash flow, and not to mention they were like super intense to manage. Was breaking like all of the time. So I got to a point where I was like, screw that. Similar to the last thing, sold every single property at a loss and then also even one of those had to pay the bank at the close because I sold it for such a loss because I was selling as real estate was just falling at the at the very bottom, especially Airbnbs. So you think I would have learned my lesson, but no, that's not all.
Real estate part three. So then I'm like, okay, I'm going to partner with syndicators and private deals. And even worse, I was like, I'm going to partner with people who are up-and-comers, who aren't as experienced, so I can maybe put in a lot of money and get a percentage of the GP. So, most of these worked out fine to my credit. Um, but the problem is is like, let's say I, I think I invested in about 15 of these. Three of them, if not have already gone completely under, are going to go completely under. And so even if the 12 hit pro forma, which again, based on the time I invested with the rising interest rates and just, you know, what happened to the real estate market, is probably not going to happen. They're probably going to come under pro forma. They won't lose money, but under. But even if I was to hit pro forma, I'd be at a break-even or a slight loss. Okay? So I'm not going to make more than the S&P. I have no liquidity. It's tied up for five to seven years or even longer in some cases. And even if those 12 hit, I'm just like right back where I started, you know, and then I did really get hit by the inflation, right? So the lesson here is, um, to do this, and this was better, at least this was better than trying to pick the properties and manage the properties myself. But the lesson here is you have to have the specialized knowledge to really vet the operators and the deals yourself due to essentially the deal and operator concentration risk because if you were able to kind of index this and you know, you had enough money, let's say to do 50 of these deals, then yeah, maybe five would have went under, but those 45 would have really paid for it. But, you know, three out of the 12, it's just not gonna do it. You know, if you're, if you're, if you have one not work out of five, even if the other four hit, it's just going to kill your return altogether of that section of your portfolio. And so, similarly, around this time, you know, I, I, I did get into the mindset of, okay, I'm not going to actively do anything, but I'm going to start doing more private deals. And so, I did a lot of venture deals. Almost every single venture deal I've done is at zero or is likely going to go to zero. The only saving grace I will say I have with, uh, venture is I ended up investing a, a big portion into school, and that was very, very early on. I was one of the first investors after the existing team of consulting.com, and that has done really, really well. So that's kind of made back every, uh, dollar that I've lost from, um, at least the venture side of things. Probably not the real estate side, but at least the venture side of things.
So this isn't to say by the way that like I've lost every dollar that I made and I had to restart all over. Thankfully, you know, I was smart enough to put enough in the S&P 500, bonds, etc., to really last me a lifetime. Like, I could retire if I wanted, but it kills me that I'd have, you know, $10 million, if not more today, if it wasn't for those mistakes that I made, or if I just held it all in cash. I'd have way more just holding in cash and eating the inflation than doing all this active investing and all this other stuff. Let alone if I just put it all 100% into the S&P 500.
Let's get on to the lessons of what I would do now, which by the way, as you can tell, if you end up taking financial advice from me after what I just told you, you're an idiot. Like 100%, not financial advice, but this is what I am doing now and what I've learned now for the most part.
Okay, lesson number one is beyond fundamental tax strategy, just pay the taxes. Okay, I'm able to get down to 20 to 30% depending on how aggressive I want to be each year. I've already mentioned Jim D from Do Wealth. I highly recommend their company. I send, I don't get any referral fees whatsoever. I send all my clients there. They are literally the best. If I just would have listened to them from day one, or been working with them from day one, I'd have way more money just by doing a lot of boring stuff. That would have been great.
Lesson number two is having an index mindset. So, this book really is what started shifting things for me. It's called "The Simple Path to Wealth." And essentially, the whole thesis of the book is the guy just tells you that if you're younger in your career, just put all your money into the S&P 500. Don't do anything else. Just dollar cost in the S&P 500. That's it. If you're older in your career, you know, do like a 60/40 or 80/20 S&P bonds split because that way essentially, if the S&P does do a drawdown and you need the liquidity for retirement, you're not going to get hit nearly as hard if you're 60/40, uh, stocks, bonds when things draw down. Okay, so, um, a couple reasons this works really well is number one, the S&P has beaten almost every other asset class for the last 30 years. Like, it is like the premium best asset class that I've seen unless you're very niche in a certain alternative industry. I mean, if you're, yeah, if you're a private equity professional or you're really good at real estate, that's what you do. Sure, you might be able to beat that. But for the average passive investor like me, it is probably the best asset class. Requires zero effort, completely positive. It's super simple, which keeps you from making mistakes. And then the low-cost index funds, the fees, don't eat the returns, which is a lot of issues with mutual funds, hedge funds, etc., and so on and so forth. So, we're going to get into this is a huge shift that I've made, and I've actually applied this to tons of other asset classes as well, as you're going to see.
The next thing is, is I index heavy with a boring diversification into, or I index heavy into boring assets with a diversification into uncorrelated assets. So I'll explain what I mean. So I don't do 100% in the S&P 500 now. And the couple reasons I don't is right now the S&P has a really heavy emphasis on the MAG 7. So that's like Google, etc., Netflix, um, Facebook, like the big tech companies. So really, that market is, uh, Tesla, etc. That index is essentially very, very heavily weighted on those companies, and whether they do good, bad, etc. And so volatility with any of those or disruption with any of those, maybe it's AI, maybe it's anything else, could really create a lot of volatility in the index. And if you look at the S&P 493, which is S&P 500 minus the MAG 7, it really hasn't performed that well over the course of the last couple of years. So that's one of the risks that's very well known. It's also completely US dependent. There's also volatility. Like, for instance, if, uh, you know, I'm not looking to retire anytime soon, but if I was, you know, the issue with being 100% in the S&P 500 is that if, like, let's say you're getting into your retirement years and then you have an '08 drawdown and it goes down by 50%, well, like that's when you need to start drawing off your liquidity and you're forced to sell at the bottom. Or if, like, you're 100% in the S&P 500, you don't have a big enough emergency fund and for whatever reason you need liquidity and there's a crash, you're kind of stuck. Like, you need to keep holding those assets and weather the storm through of the crash. And then also there's behavioral risk in the sense that like, if you're 100% S&P and something draws down 50% like it did in '08, it's really hard to just watch your ticker just go 50% down just from like, almost like a mental health standpoint. And it just helps you, it, it, um, is very, very hard not to be able to sell or mess with it or whatever. So that's the other issue.
So what I do, as you're going to see, is still a very, very heavy emphasis on low-cost index funds with another emphasis of uncorrelated assets that I basically index through, through a similar mindset of "The Simple Path to Wealth." So again, this is what I was kind of saying here is, so I focus heavily on the S&P, but I also focus on the uncorrelated assets. So this is a strategy that's popularized by Ray Dalio where diverse assets are essentially stuff that doesn't rise and fall together. So, they help you weather different economic storms, whether it's inflation, stagflation, uh, recession, geopolitical risk, stuff like that. Like, you know, there's been stuff going on in Iran, like some of my, uh, investments have done really well based on what's going on there. And ultimately, you still get about the same returns as the S&P 500, 500, but it smooths it out, gives you a lot of better cash flow and liquidity in some instances, and just keeps you out of that one concentration risk. Okay.
Now, the issue with this is if you diversify into these other asset classes using public equities, like a REIT is a great example, they still correlate. So REITs, even though it's a real estate index, basically like you could buy an index based on a REIT, even though, even though if you do that, the issue is is that if the S&P 500 drops, even though real estate might not be correlated with that, the REITs will drop too, just because they're in the public markets. So to really get a lack of correlation, you need to go private. But as we talked about already, the issue with private is that there's deal and operator concentration risk, right? So like if you invest in a bunch of private deals, well, you don't really know how to vet the deal, how to vet the operator, and then, you know, some deals just don't go well. So like if you invest in 10 deals, you just might get unlucky. Two don't go well, you wiped out all your returns. So this is a question I, I realized this over the past year, and I've been really trying to figure out what do I do about this? Because I've known that I need to have these diverse uncorrelated assets and not just be a fully 100% S&P, but I'm like, how do I do it in the private markets without the deal concentration risk?
So, my strategy now with uncorrelated alternative type assets is to only invest into index-like structures. So, these are essentially structures that are like fund-to-fund type platforms to where instead of investing in a single deal, you're investing in a fund of funds across a hundred deals, operators, and sub-asset classes. So, I'll give you a few examples. So instead of like investing in a single multifamily deal, I don't even do that anymore. I'll invest in like an inst, an institutional grade fund of funds that invests across hundreds of deals, operators, and sub-asset classes. So, for instance, like, you know, if I only have $500k and there's a, there's $100k minimums to real estate deals, I can maybe do a multifamily, a storage, another multifamily in a commercial. I'm not really well diversified. You know, I might have two with one operator. It's just tough, right? Whereas with a platform like this, what I can do is put in $100k or $500k or whatever it is, and I'm across hundreds of deals, hundred of operators, I'm in storage, multifamily, commercial, etc. So another example is instead of picking exact crypto coins, basically like the index of the crypto market in my opinion is just BTC. Like, if BTC goes, it's all gone. So I just do 100% BTC, that's it. That's just my index of that market. So I get exposure to that market. Uh, for private equity, like I'm never going to be an LP of a PE fund, most likely. What I do is very similar to the real estate, a fund to fund. So it's across tons of different PE funds, operators, different theses, different strategies, etc. So the sac, the, the downside of this strategy is you sacrifice some returns because it's more derivative, right? Like when you're a fund to fund and you're further away from the asset, you're obviously going to lose more in fees. But the upside is it still does pretty well. Um, it's not going to be as good as the S&P 500, but it's only a point or two below. It's uncorrelated. You have higher liquidity. So, with a private deal, you might be illiquid for five to 10 years. Usually with platforms like this, you can be liquid quarterly or annually, which is quite nice. Uh, you have predictable cash flow, and there's just way less risk of going to zero. Like, like, you know how Warren Buffett says, uh, "First rule of money, don't lose money. Second rule of money, don't forget rule number one." And so, really, what I want to focus on with these is the chance of the entire, you know, all 100 going to zero. It's pretty low.
So, that being said, again, not investment advice, but I'll give you my allocation now of what I do. And before I show it, I just want to emphasize like this is slightly a little bit more advanced and it's something a little bit more for somebody of my net worth. If I could go back, I mean, you could do completely well with a boring 60/40 stocks, bonds, 80/20 stocks, bonds, or something like that. I mean, if I would have done that, I'd have way more money now than I had, you know, I have way more money now than otherwise. So my allocation overall is 40% securities. This, that's basic low-cost index funds. Then I do 15% cash or cash equivalent. So either short-term bonds, short-term treasuries, um, and or like a money market fund that does like four to 5%. Now, that's just for almost like dry powder in like an emergency fund. 15% is a little high. So that'll probably come down. Then I'll reallocate the rest a little bit later. 10% private equity through those fund-to-fund structures I talked about. 10% private real estate. Seven, 7% uh infrastructure, which is again through those fund platforms. Same with 5% energy, 4% farmland. Those again are all through fund platforms. And then I do 100% BTC for the crypto and the 2% gold, which is owned legitimately physically. So that's basically it. The reason that I really like this strategy, the core engine of it is really just stocks, and then the alternatives are uncorrelated, mostly are a really good inflation hedge, they're really great for geopolitical instability, they do give you moderate cash flow and a store of value. Um, some asset classes I considered and left off this list is private credit. Um, I think it's great. Like I, I know of funds that do really well, but it's just not tax efficient. So, if you don't need the income, it's not worth it. Same thing with kind of like T-bills and bonds and a few other, uh, income producing, even dividend-based, um, index stocks. I don't really need the cash flow because I'm still active in my businesses. So I really focus most of my strategy on what's going to appreciate and just get higher returns over the long run. And then venture is a good asset class as well. You could do a similar thing that I'm doing with the fund-of-funds structure through funds with venture deals. But the issue is with that is I already do enough private investments of stuff that I control to where I have an allocation for that opposed to what I would normally allocate and venture, if that makes sense. And the other thing that's really important to understand with this and why I like it so much is with the cash allocation, uh, the drawdowns, if you look historically at what this portfolio would have done versus the S&P 500, the drawdowns are 50% less severe. Now, you do sacrifice some in returns, like your returns might be one to two percent tops lower over a 20 to 30 year time period, which, which does add up, but it's a smoother ride, far more diversification, less risk, kind of, you know, especially if you've already made enough money to be able to retire, just kind of gives you the peace of mind. If you take out that 15% cash allocation, the drawdowns are like 30 to 40%, but honestly, the returns are almost even or like 1% worse over the 10 year, 20 to 30 years, about even. So that's what I'm doing now. Hopefully you found that valuable. Hopefully you understand the mistakes I made in the past.