What’s better? Stocks or Real Estate?
Well, that question has about 100 ways to answer it since both have pros and cons. Today, I am going through why I chose one over the other and why you may want to consider doing the same.
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So I’m going to talk about that big, big debate and apparently it’s a pretty nice one because I mean that person that brought up the whole 10,000 make 210, that was the most real life scenario they could bring up. But what they didn’t admit or talk about was of course is but don’t be another 99% that said
Chris Miles was able to retire twice by the time he was 39 years old. But he’s not content to just enjoy his own financial freedom and peace of mind. Chris wants you to have your own ripple effect so you can live free today. He’s not the financial advisor you expected. He’s the anti financianal advisor you deserve. He’s jumping behind the mic right now, ready to make waves. Here’s Chris Miles.
Hello my fellow Rippers. This is Chris Miles, your cashwell expert and anti financianal advisor on the show for you. That’s for those of you that work so hard for your money and you’re ready for your money to work hard for you by being work optional where you have enough passive income so that you can quit if you choose. But guys, I know it’s not just about living rich, it’s about living rich life because as you’re blessed financially, not only can you take care of your family spending the time doing what you love but those you love, but you can also bless the lives of those around you. That is what it means to be a ripple and I appreciate you guys allowing me to create a ripple effect through you and your lives today. Guys, as a reminder as we’re talking here today, if you haven’t done so already and especially if you’ve got money sitting around wondering how do I make it work harder for me, go to money ripples.com and try our passive income calculator now to see just how much passive income you might be able to create in your situation over the next 12 plus months.
So definitely go check that out today. So I’m going to talk about that big, big debate and apparently it’s a pretty nice one because from some of the recent things, I’m prerecording this probably about a month ahead of schedule here. I know that this topic is evergreen. This is something that probably this debate will not go away, but I had a recent podcast that I put out there, or not even a podcast actually. It was just a video I put out about why I hate investing in the stock market and oh my goodness, talk about a sacred cow. There are so many people that one, you wonder if they even watched the video, but they just want to make bad comments. I even made fun of trolls. I don’t think they got that far to say. I was teasing them before they even put the comments in because they knew what they were going to say anyways.
But man, trying to tell people that the stock market is not the best place to put your money is really, really rough on people they believe. They wholeheartedly believe that, and I get it guys, I was a financial advisor, right? Because I was teaching people stock market was the best thing ever, right? The best thing since whatever I had been the stock coach, I actually traded stocks and options myself and I taught other people how to do that. I bought hook, line and sinker the whole investing in the stock market thing. But man, do people hate real estate compared to when they’re talking about with stocks? Now here’s the thing. I’ll tell you, investing in stocks is good. It can be good, I should say. It doesn’t mean it’s guaranteed, but you could make money in stocks overall, that’s very, very possible. You could actually make decent money even in stocks over time, and I want to focus primarily on one of these comments right here because this is really the debate.
It’s about what’s really better stocks, real estate, and a lot of people are arguing that real estate’s too hard. It’s expensive and it takes a lot of money. It’s true. What’s nice about stocks? Click the button you buy, it’s done. It’s easy. It’s almost brainless, which is part of the problem. Anything that’s easy and brainless usually doesn’t pay well. But here I want to focus on this one from acute humor. Should I say that 10 times fast? They say it’s time in the market that makes money. So they talk about my in-laws put 10,000 in this particular mutual fund in 1994 when my wife was 16 years old, she never spent a dime of it, never added a penny to it. So basically they put 10,000 in there and let it sit there for really the last 30 years. It’s all market gains, reinvested dividends, capital gain.
So of course all the dividends got reinvested and whatnot. It’s now as you see $210,000. The magic of compound interest is real. They’re right. Think about it, $10,000 you put away 30 years ago to create a 21 x 21 times what it is today. And even when I heard that number I was like, that’s pretty dang good. But then I thought, wait a minute, 1994 again, 30 years ago, what is that real in real interest? Well, guess what? I got that one here for you too. So I actually put this in the comments. I said, let’s see what in 30 years, what’s the real compounded interest rate of return? Notice guys 10.69%. Now that’s nothing to say that’s bad, right? That’s actually decent, but it’s definitely not 12% like many people purport is it? But 10.69% to get up to 210,000. Remember this as well.
It’s not just about how much the money the grows, it’s also about how much income can you access. You already heard this many, many times. I wouldn’t call it a rule, but the new safer guideline to use is I just got PI of Caribbean stuck in my head. They’re not so much rules that they’re guidelines, but the guideline is this, is that 3% a year you pull out of the mutual funds or things like that. So even if the market drops, you’re still not pulling out too much. Remember I did a video about Dave Ramsey thing. You could pull out 8% a year and the fund was going broken about 15 years, right? Well, same thing here. So if you took out 3% of that $210,000, okay, cool, well that’s going to give you about $6,300 a year, 6,300. So you’re really looking at 525 bucks a month and then you may or may not have to pay taxes most likely unless it’s a Roth IRA.
But notice this, the power of the buying power, I put this at 5% inflation. I know I’m going conservative. That sounds like a lot compared to what the feds try to lie about it and the government because they don’t want you to believe that inflation’s more because social security would have to rise at that cost of living if they did it based on the real numbers. So they base off a manipulated number that they’ve used to lower it to allow social security to last longer. Makes sense? Politicians want it. Everybody wants it because they don’t want to go have social security go broke on their watch, right? They’d rather let the next politicians deal with that crap anyways. But Noosa buying power is about $48,000 a year. So really if you pull out 3% of now what’s worth $48,000, just remember $10,000 become 210,000 in 30 years will not be as much as you think.
So $48,000 now you’re looking like you’re pulling out closer to just a little under 1500 bucks a year in actual income. That’s not a lot, right? $10,000 and even if it’s 5%, let’s just be devil’s advocate, gets my own point. Say it’s 5% you pull out that’s still less than 2,500 bucks a year that you’re pulling out guys, that’s like a couple hundred bucks a month from that 10 grand, right? It’s not a lot considering you have 30 years to have that miracle compounding interest, right? So that’s one big thing. Alright, so let’s just get to this debate. What’s better? Stocks are real estate, right? I mean you obviously know that it’s no stranger. I’m a fan of real estate. There’s no mystery behind this fact. I pretty much tell you the way it is and the way I think. It doesn’t mean that stocks don’t have their place.
It doesn’t mean that mutual funds don’t have their place. It doesn’t mean you can’t make money in those places. I cannot stress enough. It’s not that you can’t make money, it’s whether it’s enough to make a difference in your life. Will it buy you the freedom you really think it will give you? Remember how many times have I quoted the stat from Transamerica that 35% of people that have at least a million dollars in their 4 0 1 ks and IRAs, 35% polled say they’ll take a miracle to be able to retire. And on top of that, when I looked at Fidelity stats, only 810,000 out of the 45 million clients, only 810,000 had over a million dollars. That means only 1.8% had over a million dollars. And of those more than a third, believe it take a miracle. That means you have what a 1% success rate for those people that feel like they’re making it.
That’s not high guys. But again, these people will argue until their breath goes out of ’em based on really not even real life. I mean that person that brought up the whole 10,000 make 210, that was the most real life scenario they could bring up. But what they didn’t admit or talk about was of course is so what? Okay, cool. That $10,000 now or back then, which was worth a lot more than $10,000 back then is now paying you the equivalent of about $6,300 today or could pay you that much if you want it to last forever, okay? Not bad, but definitely not something to get all hot and bothered by. And so when people say, well, we just add more money, we just keep adding to it, but how much you have to keep adding, if it took 30 years to get that 6,300, well you might want 10 times that.
That means you have a hundred thousand back then and a hundred thousand back then was no small change. That was a large amount of money to have to do and then wait 30 years of that large amount of money to then finally give you a 63,000 a year, which is not an incredible lifestyle, but something, okay, so remember you got to put this in context. Most people are talking about numbers in the market that they just heard somebody else spout off or they maybe heard somewhere and maybe they don’t even think they have data backing it up, but real life has taught us that’s not the case. And so I said, you know what? Let’s just go with this. And so I’m running a scenario here and I’m going to use a turnkey real estate property as an example because many of ’em said, oh, they’re just people flipping properties.
That was the argument, right? Oh, it’s expensive. You have to have a lot of money up upfront and yada, yada yada. And they’re right. You do have to have money, but then again, you have to have money and invest in the stock market too, don’t you? I think that’s kind of fun point. But if they’re like, Hey, you want to spend 50 bucks the stock market? Yes, you can do that. You could start with a very small funds and do that, but definitely not the long-term way to get wealthy, right? Again, I’ve never heard somebody say they get interviewed by someone that’s like, how’d you become so successful and wealthy? I saved a lot of money, my 401k and got my employer match and after 40 or 50 years now I’m living the best life in my nursing home. You don’t hear that stuff. In fact, the most time you just hear people saying, I regret that I didn’t do more.
I didn’t take more risks or whatever it might be. The truth is if they did that with their money, they did take a lot of risks and that’s why they’re in that nursing home hoping that they might have the best colored rims on their wheelchair. So when we look at real estate, I know I just ticked off somebody just now, they’re like, that’s not nice, Chris, stock market’s amazing. I love that You’re a jerk. You don’t know what you’re talking about. No, I probably has invested more in the stock market than you have. I guarantee it. I’ve probably invested more in the stock market, done more with it, had more experience with it than probably almost anybody watching this show. Now I guarantee they’ll surprise some long-term day traders, swing traders. Hey, shout out to you. I love you. I know that you guys can make good money.
So again, I’m not taking away from you, but I’ve been on both sides of this fence and so I’m going to be on both sides of this debate here. I can hear your voices already. That’s what keeps getting me to the point where you guys are, just show me the numbers, okay? I’m going to show you the numbers. Okay? So I’m going to take an example where $36,000, right? I was looking up a rental property and by the way, the cash and cash return is not good. I actually, I put the interest rate higher, more like what you see today. The rate that was default rate was not the current rate. There’s possibility they could buy down that rate. I’m not taking that away, but I wanted to go with actual market rates that you would more likely get because you’d probably be doing it on your own versus do it through a company that we might connect you to and getting a better rate on your mortgage.
So I was like, okay, great, let’s put at a seven and a half percent mortgage rate. So that’s a pretty high interest considering, especially when you get an investment property. I also, I lowered some of the numbers. I kept the inflation rate, the appreciation rate at 4%. The average nationwide long-term in real estate’s about 4.5%. By the way, this is the number one thing that I used as a financial advisor to rip on real estate. I would show the ENT charts. Those charts that you see like financial advisor bring ’em out says if you invested a dollar back in 1928, here’s what it’s worth. If you put in treasuries and bonds and then you put ’em in the real estate, which is barely above inflation and even what dollar was with inflation, and then here’s small cap and large cap stocks and they’re way up higher and your $1 made you $5 billion.
It wasn’t that much, but it’s like a hundred thousand dollars after a hundred years that dollar became that. And so it looks incredible just like that person saying, Hey, 10,000 became 210,000, 30 years. Yeah, it looks incredible. What’s the real return on that? So when they look at real estate, they’re looking just at a price at the price appreciation. That’s what I was looking at as someone in more in stocks and mutual funds. I was like, well, look at it. It barely outpaces inflation according to the government inflation, not real inflation, probably real inflation actually might be even be higher and faster than even the prices for homes. So anyways, so the price of homes, right? They’re showing about four and a half to 5% is pretty typical nationwide. Again, every market’s different. So when they’re averaging out markets, some markets could be better, some markets can be more stable or steady, it just depends, but four and a half to 5%.
So I put it at 4% appreciation. So again, I play devil’s advocate here. I was like, let’s not bank on appreciation so much. Now I did show rent going up 3% a year. Now that’s also conservative. Most people are seeing at least, I mean lately especially, and of course lately I take that with a grain of salt, but lately you’ve been seeing at least a five to 10% jump in rent increases per year because of what’s going on with inflation and what’s going on with interest rates and so forth. So I kept it at 3% for the rental rates that have been raised. Not a lot at all, very conservative, lower than what you typically see. So again, I’m playing devil’s advocate against real estate. I’m actually giving real estate a little bit of a headwind for the next 30 years versus investing, and I’m going to use that person’s mutual fund of what they’ve done.
Again, I’m going to use a disclaimer. Past performance is not indicative of future results. That applies to real estate, that applies to the stock market. Just because they did 10.69% for the last 30 years does not mean they’ll make 10.69% the next 30 years. In fact, they could do worse. Ask anybody who had Janus funds in the nineties that were loving it and then all of a sudden two thousands, they were almost non-existent. Nobody wanted them anymore. It depends on the money managers, but regardless, I want to just play it as fair as possible. Giving that rate, which again, 10.49% is above what most mutual funds do. I’ll show you what that is in a bit, but 10.49% using $36,000 compounded, just reinvesting that money over time, compounding it to then see what is later. You guys ready to see the answer? Great. No more delay.
Let’s just get into it. Alright, so here it is. Here you’re seeing that $36,000 sitting there at 10.69% interest. Again, way above which you actually see most mutual funds do. Most mutual funds don’t even make what the s and p 500 does. And remember the SP 500, I just updated the numbers recently, 8.4% has been the average for the last 30 years, so this is over 2% better. Just so you know, only roughly about 10% of mutual funds do better than the s and p 500. This is why, and then they have fees. This is why a lot of people say, just buy the SP 500, just buy those mutual funds. Don’t even use a financial advisor because they’re right. The truth is financial advisors really don’t get better returns than the stock market. They usually end up giving you a mutual funds that underperform.
So you’re like, I might as well do this on my own. What do I need a financial advisor for and have to pay them for? It’s ridiculous, and I agree with you. Okay, so 30 years, here’s what it is. It’s about $757,000 is what you have. Now after that inflation, I still kept the 5% inflation rate. That’s like 175,000. Now I’m going to ignore that for right now, but just remember it’s like $175,000 in that moment of buying power at that time. Still, if you live on 3%, that’s only going to give you roughly a little over $20,000 a year. Wait. Oh, actually not even that much. Sorry, I was really trying to be generous. It is about $5,000 a year is what you’re getting from that. If you live on 3%, $5,000 a year after you let 36,000 sit around again, same kind of thing, same basic kind of principle as what we saw before.
So 757,000, that’s what you have. Now, if I had put this down to 8% more realistic for many of you, right? Notice that’s cut in half even though it’s only about a two and a half percent difference, that number is half. It’s 362,000 because here’s the print thing guys, compounding interest, although it looks amazing when you’re talking about growth. Well, when you don’t get what you expect, it doesn’t take much to get compounded disappointment. You can get compounding interest when it does well or does better than you expect. It’s the compounding disappointment you get when you don’t get that return. And again, just 2.69% difference may cut this number in half because that 2.69 over 30 years compounded means you only get half. That is not as impressive. Now, it’s still 10 times more than what you have in there, right? 10 times more Now based on the after inflation, that’s about two and a half times more, right?
So it’s grown, but not a ton. Now what about with real estate? What’s different there? All right, so here we go. So same $36,000 down payment. This includes closing costs. I included 5,000 closing costs plus a $31,000 down payment on a single family home. This is actually one in Kansas City, Missouri. Okay, so notice this again, remember I went conservative on appreciation, I went conservative on rent increases, and I forgot to mention we also included expenses for unplanned maintenance or vacancies. So I even included a percentage of the money towards that. So that’s why there’s only about a 3.6% cash on cash return in the first year. So you’re looking for cashflow. You’re like, wow, I made about 110 bucks a month from the 36,000. Not horrible, but not great. I mean, really, if you have a high yield savings account, you could beat this in the first year.
But again, when you raise the rent, when there’s potential appreciation, and of course after 30 years you pay off the mortgage. Remember, any equity gain when you put a 20% down payment gives you a quintuplet multiplier effect. Here’s the difference though. Look, total cashflow over those 30 years, 286,000. Now remember even if you got 8%, that was $362,000 of total value. That’s just the cashflow. Just the cashflow does not include the fact that yes, you do have equity, you have a course of half a million of equity. Why? Because it’s showing you that the value is about 523,000. And again, 4% average been at least four point a half percent. Give or take, nationwide I ran at four. If I put at four point a half, the number would be bigger, but you’ve got a half million dollar property paid off, free and clear. That means in total between these two numbers, just the cashflow, and that’s not even, you reinvest the cashflow.
And just so you know, a lot of times, usually after about five to seven or so years, depending on what the cash to cash is, in fact, let’s just go out there. Let’s just go out to 2031 for example. That’s seven years from now. Your cash flow is almost $4,600 a year. But in that same year, what do we have an equity 110,000. So 110,000, you’re cash flowing 4,600 bucks. That means you roughly getting about a four and a half percent rate of return, maybe 4.4, give or take. Well, if that 110,000, I could sell that property, get the a hundred thousand out, invest it and make 10% somewhere else. I’m already making 10,000 a year versus the 4,600 a year. But again, they’re paying on the mortgage. There’s possible appreciation. So let’s just say we rode this thing the entire 30 years. Well, that 5 23 plus a 2 86 guys, this puts you over $900,000, right?
$900,000. Again, using conservative numbers versus remember, the only thing I got close to is when I used that 10.69%, which is really hard to do. Most mutual funds have not done that long-term consistently. So I wanted to use that example just for devil’s advocate’s sake to say, look at this. But still that’s, and here’s the key point guys, I want to go back to that other one. That was 727,000, right? Again, that 10.69% stock or mutual fund that we’re talking about here, remember that income you’re pulling off of that when it was over 700,000 means that 3%, you could still pull off a good, like I said, about 20,000 or so a year. But here’s the key difference guys. Look at the cashflow right here, 29,000 a year, and that’s with tax advantages too. Now, granted, by this point, you probably lost all the depreciation, so I’m not even going to count tax advantages, but still I’m getting 29,000 a year and I still have a half million dollar asset where the other one, if you pull off 3% a year, yeah, you could pull off 20,000 a year and you’re going to have to pay tax on it, guaranteed, yes, you could do that.
However, the thing is that you’re already making more income just off this one thing, and I said this, if you want to get accelerated a lot more, it’s not just about just holding a property, buying it and holding forever, you could do that, but the likelihood is once you get to a certain point where there’s more equity compared to the cashflow, we’re going to sell it, use that as a down payment for something else to get a much higher return on your money, right? That’s what I mentioned, and I didn’t even do that. I didn’t talk about the reinvesting. I’m actually working on a calculator to help you see that, which is a lot more complex math to do. But this alone, just buying a property and sitting on it right there, which had tax advantages, so I’m earning income along the way, that 286,000, in many cases, you pay little to no taxes on it because of the depreciation.
You’re able to pocket that cash. And again, if you even invested that cash along the way versus just, I mean, remember that other money was compounding. This is simple income coming in that we didn’t compound, we didn’t use. That money coming in could be used to compound and grow much faster. So even though it’s 29,000 versus about 20,000, in reality, you could probably make a heck of a lot more than that with that money you could have been reinvesting over those 30 years that total to be almost 300,000 in principle from the cashflow. Does that make sense? So already just using conservative numbers on real estate, it can easily kick the crap out of any kind of even a great mutual fund. It can kick the crap out of it. And again, mutual funds, no real tax advantages. Roth I rate, yeah, you could have some tax breaks in a sense that you use after tax dollars.
It gross tax free comes out tax free. That could be good, but now you’re going to be waiting until at least 60. What if you didn’t want to do it in 30 years? What if you wanted to do it sooner? What if you’re 20 years old in 30 years? You still have to wait another 10 plus years before you can touch that money without penalties and things like that. Again, there’s a lot of variables and stuff we could talk about here, but my point is really simple. It’s just this, it’s that again and again and again. Real estate has been proven to work. And you know what? I’m going to show you one more thing as a bonus because many of you will say, well, what if I don’t want to buy a property? Because remember the argument was, well, I don’t have to deal with headaches, potential headaches.
It’s true. Stocks have less management, less issues to deal with. That is one huge plus that stocks have. So then someone might say, well, okay, I guess the most comparable thing to a stock would be if I invest my money with another investor, what if I put it into a fund that they have or I just loan the money to ’em? Now, if you loan money to people, of course it’s going in and out all the time. So the closest thing you might have to not having to keep reinvesting all the time would be do it kind of a fund. Maybe it was a debt fund that paid you 10%. Let’s just say it’s 10%, and then you reinvest those proceeds. Well, let’s look at it. Remember, this is only $36,000 we’re using too, by the way. So here’s what you have. You have $36,000 growing at just the 10% and you just reinvest for those 30 years.
Guess what? 628,000. You have less than that mutual fund, remember because that mutual fund did 10.69%, and so someone will even argue this, they’ll say, well, that mutual fund did 10.69%. It did. However, because of the volatility of mutual funds, you cannot take out income all the time assuming you’re going to get 10.69% because if you do, you will run out of money fast because you get a few market losses and then bam, because that disinvesting that I showed you several episodes before, you’re going to find yourself going broke. So here’s the key difference is that when you’re getting paid like a contractual return, they’re not paying you your principle, they are paying you interest at 10%. So where that person, even that 10.69 earning 700,000, you’re pulling out like 21, 20 2000 a year, right? Awesome. But guess what? Here, because I’m earning 10%, that 600,000, I’m actually pulling out 62,800 a year.
I’m pulling out almost triple all because it’s about the income income. Instead of focusing on compounding interest all the time, which is what the whole world does and what they get sold on, and that’s why they get caught broke or just not as far along their goals that they wanted, they did ever consider that it’s not about compounding interest, it’s about compounding income. How can you compound your income to keep paying you more and more and more all the time? And by the way, 10%, is it guaranteed? No, of course not, but is it guaranteed in the market? Nope. But at least depending on what kind of investment you’re doing, every investment does differ, and of course it does depend on who you invest with. That’s probably more important than just what you’re investing in, but based on that alone, yes, there could be risks.
You could lose your money, you could lose all of it and mutual funds, you’re not likely to lose everything. You can lose a lot, but of course, because they’re spread out investing in so many different things, you could lose a lot and then it’ll take some while to get that money back. But here again, you could lose everything, but you may not. You have that money even for reinvest 628,000, that becomes 62,800. That 36,000 becomes 62,000 of income in 30 years. That’s awesome. That’s great. We like that a heck, a lot more than possibly getting 20,000 or even half of that. Remember even getting 8%, you only get half of what that mutual fund had done those previous 30 years, you get a couple percent less, and now your income goes from what you expected 22,000 down to 11,000 a year. Now you’re looking at a massive difference between them.
Again, I just want to emphasize this guys. There are no guarantees, but man, there’s a reason why those that have done real estate, even when they’ve done it from an amateur standpoint, not being a real estate flipper, not a developer or anything like that, just an amateur investor, and then they have multimillion dollar net worth. Why? Because real estate has been proven to work over the years, never guaranteed, but man, track record wise, it’s a heck of a lot better than the stock market. When someone says, oh, I think the real estate market’s going to crash, I said, let’s be honest, the stock market has had more historical evidence of dips than real estate ever has. There’s been more years of the stock market dipped than real estate ever has. People look back at 2008 like, well, that market crashed. That was an insane market up through 2006, 2007, insane overbuilding when there weren’t enough buyers.
We’re not even close to that yet. We still have way more buyers than there are people building properties right now. There’s a massive really demand for those properties where before we had oversupply of properties. So yeah, of course it’s going to crash incorrect, and I’m not saying that you wouldn’t have a period of time where there could be flat markets. It could even be a slight dip, but man, the stock market, how many times have you seen that sucker dip, especially in the last 50 years? A lot. So don’t believe for one second just because everybody’s doing it that that’s the right way. Just because that’s what you’ve been taught your whole life doesn’t mean that’s the right way to go. That’s not the point, guys. The point is, you should do what’s actually been working for people. Don’t be part of the 99% versus the 1% that was succeed, and maybe you could be the 1% that actually succeeds in the mutual funds, but don’t be another 99% that said, this was supposed to work for me, man, I hope that financial advisor is fired, right?
It’s not their fault, to be honest. It’s yours. You get to choose, and that’s the good news. You can choose your life. You can choose what you do with your money. Now, again, I’m not going to tell you how to invest, right? That’s not my job. My job is just to open up and let you know that there’s another path. There’s something that I’ve seen work for my own self. It’s worked for many of our clients and I’ve seen more success there than I ever have when I was a financial advisor ever, ever. There’s a very different quality of life. There’s a different way that people talk about money. There’s a different way they feel about their investments when they’re doing these other main street investing versus gambling on Wall Street. There’s just a big difference, guys, so I just can’t reemphasize enough. I’m like, again, I’m not trying to give you investment advice because I’m not an investment advisor, but I am somebody who’s just like you was on this path.
I was a financial advisor. I was one at one point, and then I left because I saw that this path was working for people. Even people that want to retire young, it was working for them. Again, I’ve seen people screw it up, but I’ve seen a lot of people make it succeed a lot more, make it succeed than I’ve ever saw in my years, and this includes not just my four years as a financial advisor, but even since the following really 18 years when I wasn’t a financial advisor, that I saw evidence and saw what happened. Over time, those people were still struggling decades later, it, I put ’em in a bad fund. It’s because the market just didn’t produce enough to fight and battle inflation, and as a result, it was enough income that they could pull off. Remember, focus not on compounding interest. Focus on compounding income. That is your real key to freedom and success in the shorter and longer term. Guys, make a wonderful prosperous week. We’ll see you later.