 Gareth, welcome to the show, man. How are you doing? I'm doing all right, man. Uh, heading up to my cabin tonight. So it's going to be fun. Nice. Right before the show, you and I were talking about travel, which is a great analogy into investments and managing your money because the public survey or the data that comes out states that most people are scared to travel. Right. So this is at least UK data, but you can extrapolate it and focus on other areas as well. So in the UK, they said about like 80, 80% plus won't travel this year. North of 20 to 30% won't travel next year and some like a small majority said, I'll never travel ever. But there's that saying when there's blood on the street, that's the best time to buy. So when everyone's fearful, that's the best time to act. And so within your circle, you're in your background, you specialize in taxes, money management, you work with the who's who. Um, what, what do you, it, two questions. A, what are you seeing lately and B, what types of strategies are you doing to kind of position yourself to be in the best position? Well, the thing I'm really positioning myself to be in the best position is just hordes of cash and access to capital because there's going to be some amazing deals that's still really early at the time we're doing this, but there's a lot of private businesses that are going to need to bail out and the government's not going to be there to do it. And big corporation isn't going to care enough. So I feel like these entrepreneurs should really look at acquisition entrepreneurship for more infrastructure, new employees and advancing what their mission is because there's going to be things on sale. Funny you bring that up. I just made a video talking about that where a lot of these and the data was into 40% of small to medium businesses aren't paying rent. A lot of these small to medium businesses are horrible online and that's where the trend is going. Like people talk about online right now. My last business was an agent in China to be precise. They've been doing e-commerce and mobile commerce since the get go like 95% of total sales comes from their cell phone. So we're actually lagging behind here in North America. And there's going to be a honeypot goldmine of just coming in scooping up so many of these small businesses for pennies on the dollar. Yeah, I think there is. And I mean, even the big businesses like Wall Street Journal had an article with Charlie Munger saying, Hey, it's not time yet, but we're sitting in cash. And in 2019, I think it was 37.9% of the wealthy people in this world's money was in cash. People are preparing to pounce. And we've seen some of the best investors in the world sit in cash and then they pounce when the opportunities are there. And so I saw people jump really quick when the market went down initially. And I was like, look, it's the public market is still so overvalued. But the private market, you have more people that don't know much about what they're doing that are going to need some support. So I think that that's going to be the real opportunity. I think that intellectual property is going to have a rising because, I mean, we're just seeing spike in attendance on a lot of our digital and online stuff. And I also think that for the right investors, there's going to be real estate opportunities, but there's going to be a lot of real estate that's going to be horrible if you get into it at the wrong time, because in chaos like this, mistakes count at a much higher level. You can cover up mistakes when there's large appreciation like bad investors in the 1990s look like they were okay, because the market just kept going up in the stock market. From 2002 to 2007, real estate investors looked like they were smart, but they were just getting massive appreciation. When we're not done going down, and I don't know how we could be, because we are in a recessionary structure because people are over consuming, they spot lending versus on earning. And we're going to see a lot of disruption in that with the lenders. And I think that COVID just kind of hit made the problem hit faster, but I think people think they're a little bit more optimistic than they should be on the timeframe of what we're going to deal with with economic struggle. I'm pretty sure that we're going to, people think it's over. It's not over. I've had Chris McIntosh on here. And I've had Brent Johnson on here, both fund managers, and both of them are stating a couple of things. One thing you already stated is the smart investors are sitting on the green back, just the U.S. cash for now. Short-term, medium-term, it's king. Long-term, everyone's doubling down. Inflation, long-term. Inflation is going to be astronomical. We're going to have to buy real assets, not just sitting in paper. Yeah. And so deflationary, definitely real estate. Each real estate, the commercial is going to get hit hard. Oh, yeah. George Soros shorted it three weeks ago. That's a pretty big sign. And residential, most property value, that obviously geographically matters, it will decrease. But there's also bright sides to that, too. You look at millennials, or even like Toronto, which you know, we have a hot market, very overvalued property, like a piece of shithouse in Toronto. You're talking about a million dollars, no garage junk, junk junk for a million dollars. It's 20% down if you're a first-time home buyer. I don't know too many millennials walk around $200,000 cash in their pocket to put down a down deposit. So there is some kind of bright side, but I'm kind of more interested going back into buying the businesses acquisition. Years ago, I used to be in the business of buying and selling websites. So finding really good digital media, whether that's like info products, lead generation. We had really good results with lead generation for solar panels back in the day. Used to be like blue ocean strategy, like no competition. Like SEO was like, you can be fucking, you can be the dumbest, dumbest person in SEO and make a killing back in the day doing this stuff. But where do you see the opportunity when it comes to the acquisition when it comes to businesses like that? Well, like, so we have a lot of dentists and chiropractors that are clients. And I think that those guys will be able to clean up on acquisition. Because those are, with small businesses, what I see is you've got, like if it's one business, it doesn't really create a multiple. It's a fractional multiple. It's not, it's, you know, less than one year's revenue. It's only when those businesses get more of a organization. They've got a lot of locations where it actually starts to create a multiple. So I think that we're going to see massive opportunity with those types of entities. Cause like I have dentists that are really smart. So they're two and a half times more busy during COVID because they're taking on emergency patients where other people are shut down. And you know, I know chiropractors that were smart. So they're sitting on a boatload of cash and they're entirely waiting for things to open back up where they can acquire these businesses for pennies on the dollar. I mean, it's going to be a massive acquisition of infrastructure, employee and location for a minimal investment. So those are just two that are on the top of my mind. That is more for the people in that industry. But you know, we look at other industries that are going to be valuable. Like you're seeing, like I was talking to Dan Martels mentioned that earlier. I mean, he's seeing software companies that are exploding right now because we're training people out of necessity, how to operate online that should have been operating online for the last 10 years. And now they've just, they're finally getting comfortable with that. So what businesses have not fully leveraged the online platforms, but easily cook. That's, that's another thing that I would really look for because there's just people that are unwilling to learn. And there's other people that are going to be able to adapt and move really quickly in that. And so like I think the financial advisor space, the space that I've been in the past, like I'm looking to buy, because I know a lot of these guys are so regional. They need in-person. We don't do that. We have more than any infrastructure. We've had it for 20 years using WebEx way back in the day. So where are people antiquated unnecessarily by those businesses and bring them up to speed? Funny to bring that up. I was actually, I had a thesis for a while. I was actually thinking of starting it myself or investing. But you know, Barstool Sports? Okay. So there's no Barstool Sports for finance. Doesn't exist. And you look at like the behavioral psychology of people on Robinhood, the app. You look at the pump where it came to Tesla. Like it's interesting finance online is changing into, it's the modern finance is almost becoming like crypto where you have memes are the narrative. You have communities that can pump stocks. Like for example, Tesla's last pump before COVID up to 900 was, I'm not too sure if you know about the subreddit, but Wall Street Bets. It's a crazy subreddit where you have the most ridiculous types of bets that people do. That community was one of the sole reasons why Tesla stock pumped. And Robinhood made it, like Robinhood makes it so easy. It's like log in, click, click, click. I have access to stocks. But that type of dose type of people, they don't have anywhere to consume proper media when it comes to finances. And I think it's whoever wants to jump on that is a fucking golden opportunity right now. Yeah, that's interesting. That's interesting. I just, yeah, I think that the financial world, like even looking at Elon Musk when he wanted to disrupt it, there was such a stronghold of bureaucracy and agreement. But I think that this is the kind of stuff that messes that up and actually opens it up. So that, you know, I think there's going to be a lot of opportunity. And kind of switching gears over here, because I know a lot of your focus as well is, and this is geographically dependent as well, but it's proper taxation planning. Right. I mean, right now, especially in the United States, there's never been a better opportunity to save on tax. They've come out with things like net operating loss rules that they've changed where you go back all the way to 2015 and take your higher income earning years and apply it with the years where you had higher operational expenses and get rebates. You know, there's this pass through deduction structure where people can take a 37% tax rate down to 21% that had limitations. They've removed some of those limitations. So I just think that, you know, when we look at these acts that have come out from whichever government we're looking at, right, those are going to be limited in supply, although I wouldn't be surprised if we see universal basic income come out of this crisis. Well, let's talk about that. So one, so people know my bias. I am definitely opposed against the way that they present universal basic income as it is. I think there's much better models. And so let's just say, has the government ever had an idea that they could fulfill on effectively and efficiently? No, it's they're not built for effectiveness and efficiency. They're built for bureaucracy. So even if their ideas are smart, even if they're, if their structures are sound like their sound, their implementation is a train wreck with no accountability and decimates things. Well, look at this. Bretton Woods Agreement, 1971 fell apart. Gold standard from Nixon gone. We hit the petrol dollar, oil dollar. We then see a massive rise in the stock markets ever since now, like the biggest bull run possible. But we also see a flattening of wages and multitude of different. We entered China, it went to Mao, they opened factories, all the multitude of different reason. Now, we can come out and say, Hey, Garrett and Mira is going to get 2000. Like, let's say real UBI, like real, what doesn't matter if you're a billionaire, it doesn't matter if you're welfare, everybody gets 2000 or whatever. Okay. Okay. What matters the most, a lot of people have a hard time understanding this and they have cognitive dissonance is your buying power of that dollar that you have. It will massively decrease. Massive decrease. So you look, you look at the seventies, it's been decreasing about 2.5 to 3.5 per year. And so couple that one now. I always tell people, get this. Oh my God, this is going to be huge. Seven trillion dollars has been printed by the Fed in the last month. The Treasury alone just borrowed three trillion dollars, right? Who knows how much more they're going to keep on. Who knows how many off the book deals they've done on SPVs, like buying the bonds, et cetera. And so I tell people, sure, sure, let's just picture this. Here's $2,000. Now you're going to need $3,000 next year. Then the following year you need $4,000, $5,000. Then you're going to wake up and you realize you're in Venezuela. Yeah. Like Zimbabwe. Remember Zimbabwe, you get like a trillion dollar note. Like here's the crux of the whole issue. Value creation is required. And without value creation, we devalue any monetary system. And that's what's happening here. We're just printing too much and there's no value that goes along with it. And to really give it economic teeth here, there's something that we call velocity in economics. It's the measurement of how many times a dollar circulates in a given year. So in the United States, if you take the GDP, the gross domestic product divided by M2, which is the money supply, it gives us velocity. Now let's go back to school when we did long division, right? So when you put a higher number in the denominator, you have a lower output. So when we add a lot more money supply, it actually is it lowers velocity, it doesn't increase velocity and velocity when it slows down, you're going to have less growth. Yes, you put in more money, but now people are going to charge more for their services and their goods because everything gets devalued. And people don't understand there's only two ways to change those dynamics there is you have to reduce the supply. So there's two ways to reduce the supply. Number one, the biggest hidden tax is inflation and people don't realize. Number two is direct tax, where they see it directly in their payments. Now, the thing is at the end of the day, if you look at the average North American Canadians included in this on the average North American has about $400 in savings. And we're talking about blue collar jobs, the average household income both in North America, Canada, the United States is roughly 55 to 65 K for household income. So you can print all the money you want. Let's call it like brand new MMT theory where they come in. You can tax, but it's not there. Doesn't exist. And why would you want to change tax rates, which disrupts and upsets people? If you could just have inflation do the work for you, it's much more stealthy. But inflation is a massive tax is what it essentially is. It's a worse tax possible. And you know, it really like we don't have to get into too much detail around it. But anytime we're using centralized banking, the Fed reserve and fractalized interest, we're going to have massive amounts of inflation, right? And anytime we can just add more numbers to a computer screen without people doing things differently. It's going to be a problem. And unfortunately, what happens is a lot of that just gets the rich extraordinarily rich. And everyone else continues to fall lower and lower as time goes on. So really, it's a big problem with the wealth gap, because it's leverage, it's hedging, it's derivatives, all this kind of stuff that the average person just doesn't understand. Well, Pete, I always bring up this example for people is the, the Catalan effect, the first money effect. And so first money has a premium because first money hasn't hit the market yet. So there hasn't been inflation. So you look at what's happening today, you have two economies, you have the stock market, which the numbers came out to the United States, they were 28 million job losses, but the stocks are still pumping. And so what the Fed does, the Fed goes in, and the guys on top, the corporations cronyism, I call it, they it's our biggest problem. The biggest problem possible. We're on with you on that. That is the real issue. Yeah, the question is, then what do you do? Like we're in the system, you're an entrepreneur, I'm an entrepreneur. We're not we're not crony, crony capitalists. Like, how do we compete in this fucking space? Right. I've never gotten, I don't go get money from the government. I don't go have lobbyists have the government do my bidding so that I can, you know, create whatever lack of competition or acquisition and look, man, we're going to see cronyism at a massive degree for the next three years because we saw 2008, the big banks got to buy the small banks for pennies on the dollar with the government's money, which they like, what, what small business does that? No small business does that ever. The government doesn't participate because you don't have enough voice or enough money that's going to them because of the money that they're trying to raise. And I think that the system is, is I don't know that we recover from it because anytime the government is a subsidiary of a corporation, then the only vote we really have that matters is our dollar, what we spend our money on. That's it. Other votes are fairly meaningless. And that's kind of a bold statement, but go ahead and vote for president. It doesn't make the difference you think it makes where you're spending your dollar and your education, how you learn so you can see what's going on. Because look, we're all going to still contribute to that system, whether we want to or not, but you can be a lot more intentional with how you build your personal economy and you do more free market type of work. And you know, at least does some good. I don't know if it does all the good I'd like. All right. So I got this question. If I got a lot of small businesses and entrepreneurs listen to this, if you had to make a checklist, let's say three to five points right now, what kind of advice would you give them? I would be acquiring all the cash you possibly can right now, whether that's refinancing what like, and look, I'm even recommending pulling out equity, tapping into lines of credit because you want staying power and you want to be on the opportunity side on the other side of this. Second would be cash management, lowering payments, extending loans, finding ways that you have less money that's outgoing, especially if it's like, if you could be mindful about anything discretionary here for a little while, because it's going to help you to be in a better and stronger position. The third thing is you really want to start getting deal flow. You want to start having conversations. You want to start building relationships, partnerships. You want to start having people bring you the companies that are going to go on sale because if you're in that position, you're going to thrive because we're going to see the biggest transfer of wealth in history without a question over the next three to five years. Biggest transfer by far and the majority of people are just going to keep doing what they were doing, putting their money in the stock market, which it's going to underperform, I promise you. No one would ever buy a small business for the price we pay for even the worst stock in the stock market. It's heavily overvalued and overhyped because people just keep putting their money in every month. Here's the reality, 84% of the gains in the stock market go to 10% of the investors. If you look at a time period, we're like, hey, the stock market did 6%. The average investor probably got 2% to 3% and then the hedge funds that were the best of them got 10% to 12% because they sold short and they actually took your money during parts of that time. I just feel like we can't just sit by idly anymore. You either should be totally in cash doing nothing and waiting, or you better know what you're investing in and why it would work because if you're in a mutual fund, you don't know why that would work. There's too many companies, too many boardrooms, too much going on there, and there's too much confiscation of your wealth through fees and volatility. I get pissed about it because I'm tired of people that are working so hard. I come from a coal mining family. They're working two miles underground to just give their money to Wall Street. What movie's ever inspired us about Wall Street? Wall Street's always about taking money from people, never about giving it to people. Oh, Wall Street's the biggest crooks possible, man. Fuck. They piss me off every fucking day, man. Shit. But what you said, though, is important is voting with your dollar. I like the tips that you said about getting as cash as much as possible. In fact, I had the same recommendation for people. If you have any types of assets that you can leverage now, get the cash as much as you can. US greenback is paused. Not Canadian. PS, Canadians. Canadian dollar sucks. Get rid of it, hold US greenback. Okay. Let me ask you this. Looking post COVID and looking at the network and looking at trends and looking at data, do you see any industries that you really like? You mentioned finance at the beginning. The industries that I hate in reality that I would never invest in that are going to crush it is big pharma is going to come. Like COVID was the greatest blessing to big pharma that we've ever seen because they were coming off the opioid pantheon. And now the people that harmed us so much are now being begged to just provide things even if we don't know the ramifications of it. I wouldn't put a dollar of my own money in it, but I think that they're going to crush it on the other side of this. Just crush it because people have an exaggerated level of fear because of media. And so even if we don't see a second wave, even if things got better, it's only going to take a small amount because of people's nerves to just give into the fear and say, give me whatever pills, give me whatever shots. Just I don't want it. And you know what? Like, have they ever proven that they've done really good things that way? I mean, they just have been continually buying out other pharmaceutical companies and killing research and development. So that's going to be, I wouldn't put my money in it, but that's going to be one of the biggest industries we see come out of this big time. Today was pretty exciting news. So I'm in the crypto space for the last seven years. You and Brad, my buddy Brad, you guys had a talk. But today was pretty cool because Paul Tudor Jones publicly came out and said he's going heavy on Bitcoin. That is big news. Yeah, that is fucking big news. So my question to you is what's your thoughts on like Brad Brad's not even he's just Bitcoin. He only wants to talk Bitcoin Brad is an altcoin FOMO freak that'll make money in altcoins and dump it back into Bitcoin to get more Bitcoin. But what's your take on the Bitcoin and crypto space? My co author of five day weekend had been doing the mining and everything from early on. He had sworn it off, got back into it. He's done really really well. He was an early kind of pioneer of it. Like I like the concept of, you know, not printing more. I like the concept of dollars and banking have like nine things that are useful. Bitcoin has 11 things. So it becomes an easier exchange. I think as we continue to improve transaction value, the better it's going to get long term. I just, you know, I just think that we're still in a place where the majority of people are buying on speculation, not looking for a sustainable structure. And there's just people like you and Brad that have been researching and living it. And then there's other people that are just like, yeah, it's going, it's like what I would have had a type on social media. And then people like we're just jumping into it, not understanding anything about it. Like I think it's here to stay. How could it not be? It's a social agreement that's become more efficient in technological times where money was something with a, with the central clearing house and what they were doing. The biggest concern I have is central banks and their level of power. I'll tell you what, what my predictions are, and they're not like far fetch predictions. You see China ready. We're, no matter what, we're rolling into a digital dollar all around the world. I don't know the time span for that might be three years, might be five years. Because is that really printing money or they, are they still actually printing or they just putting computer screen numbers up? Computer screen numbers, that's all it is. Right. So think about the change. You're right. We're totally heading digital. But the problem with digital is this. So that becomes, forget freedom of speech. So you mentioned earlier voting with your dollar. You're not voting with your dollar anymore. You're in a totalitarian state where states, Hey, Garrett, we don't like that you're donating money to X party or whatever. Matt, we're going to cut you off. So I think when that hits in China, I mentioned this three years ago. I knew they were working on the project. They're rolling out their own. Rimen B will be on the blockchain, but this is where Bitcoin and other types of cryptocurrency become countermarkets where it is the cash of the internet. Interesting. Yeah. Yeah. Final question. If people want to get ahold of you, learn more what you're doing, really dive in deep on all the research and education you have. What's the best place for that? For the general public, YouTube is where I probably put out the most content. But those that want to dive deeper, that are, you know, they are already investing in themselves and their financial intelligence, then I would go to wealthfactory.com, port slash mega kit, grab a couple of my books and the cash flow guide and, you know, look at our resources because we'll send you emails every seven days. And every seven will probably be an offer of how you can engage with this and you'll get that for seven months. So that's, that's a pretty good structure. If you just want to like get Jen, but I'll tell you, I do put some YouTube videos out there that are a little bit deeper, but I still have to talk to people that, you know, make sure that I'm meeting people where they're at with their mindset. And, you know, so, so I would say that it just depends on where you're at. If you're in newbie with money. So that's, that's wealth. So once again, that's wealth factory.com slash mega kit mega kit. Okay. Cool. Garrett, I want to thank you so much for taking your time coming on and talk to you soon, brother. Thanks for having me, man. Take care. Cheers.