Episode 421

Financial Planning with Eunicia Peret

Eunicia Peret is an accomplished wealth strategist and business owner with over 15 years of experience in the financial services industry.   Eunicia honed her expertise by delivering significant financial improvements to the bottom line of Fortune 500 companies and renowned global brands across multiple industries. 

Her passion is to help multi 6 and 7 figure individuals optimize their wealth creation efforts by empowering them to understand how the wealthy go beyond 401(k)s, IRAs and other typical savings accounts to minimize taxes, maximize growth & fortify their financial future. 

Eunicia is a strong believer that those that seek more for their money and wealth creation efforts deserve to know the unfair advantages that financial institutions and financial advisors typically don’t share with their clients.   

Her Wealth Freedom Formula is a personalized and hands-on financial consulting program offering end-to-end wealth optimization strategies that most people never experience when it comes to true wealth optimization efforts.  Eunicia is focused on helping her clients achieve ultimate success versus typical mediocre results because the clients that have a comprehensive end-to-end solution are positioned to experience significant impacts to their financial outlook.   

Eunicia is a huge believer in empowering her clients with the tips, tricks, and know-how to grow and protect their money… in a way that feels right to them.  In addition to her own business, Eunicia serves as a strategic advisor to several business-oriented groups.

Connect with Eunicia Peret: https://www.empoweredfinancialplanner.com/pitfalls

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

Transcript
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Welcome to the REI Mastermind network where host Jack Haas gathers amazing stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.

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To the next level now, here's Jack with another value packed episode.

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Eunicia Peret with us here today and if you want to follow along, head over to empoweredfinancialplanner.com/pitfalls where Eunicia on our team will share some information there regarding.

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You guessed at financial planning, so I appreciate it Eunicia for your time here today.

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It is my pleasure.

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To act to be here with you.

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So, can you?

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I know that everybody can probably go to your website and kind of find out your background and a few other things, but it it's always great it.

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Frankly, I find that financial planning bankers.

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And for the most.

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Part Realtors and real estate investors.

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We all seem to have kind of accidental profession.

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How did you get into this?

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It's funny so it is kind of accidental, but not really.

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I've always been in the financial realm, I studied, studied finance.

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I was a finance strategy consultant working with some of the most renowned consulting firms in the world.

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Really, all the companies that I've worked with were either #1 or #2 in finance transformation practices world.

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Quite the reason that's relevant is because for years and years and years I focused on helping Fortune 500 companies do more with less optimize their bottom line, optimize how they make money, et cetera et cetera. And what I didn't realize was that our money as individuals was. It wasn't, is consistently.

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Being left to chance and it was a few years back when my husband and I looked at our personal situation.

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We identified much.

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The same, similar to what everybody else is identifying in working with the typical financial advisors.

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It was products over what we needed.

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It was it.

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Was commissions over our the needs and the goals that we needed and had for our family?

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And when we took a step back when I took a step back and I looked at.

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It was missing.

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I found that there was a lot of ingredients missing in a typical what people think of as a financial plan, financial road map, etc.

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So naturally I kind of went back to my core roots thinking about finances from a personal stand.

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Point and bolted on with a lot of the expertise that I had acquired over so many years as a strategy consulting expert to help individuals navigate not just their financials, but really address the question of how do we keep more money on the table for us?

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How do we keep more money in our pockets versus letting it?

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Just being washed away to taxes being washed away to excessive fees to excessive commissions and.

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Ultimately washed away to not maximize income when it comes to retirement timeframe, because what we found is all of that can.

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Add up easily.

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To hundreds of thousands if not millions.

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Of dollars over a lifetime.

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So, it's kind of interesting that you.

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Bring this up.

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Because we you know we before we hit record, I mentioned that sometimes I've dealt with financial planners in the past and and frankly, I find that more times than not our interests are just frankly not aligned before somebody gets into that type of relationship.

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What type of questions should you think that they should be asking?

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Well, first of all, they need to first and foremost they need to be open-minded.

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They need to have the mindset that that they do need experts on their team and that free isn't always free because what we've seen with a lot of individuals when we get calls is that one of the first questions, they'll ask is how do you charge?

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Do you charge a percentage of the money?

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Then you manage and my philosophy on that is that it's wonderful for somebody to just be making money off of somebody's money, right? Whether the market goes up and down, sideways or up.

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Otherwise, but what if we focused on putting more money in the clients pockets by minimizing some of those costs?

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And arguably, a lot of people, especially individuals that are high net worth individuals, will say, yeah, you know what is the, you know extra point.

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25% in terms of costs or what is an extra 1%, it's not.

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That big of a deal.

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Well, guess what?

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When you're adding up that extra 1% or 2% or whatever it may be in fees and costs that you're not, uh.

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Pair of and you add on the fact that you probably are paying too much in taxes because you don't have a true financial team working on your side to optimize how much, when and how you pay your taxes.

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And then you figure out that you're leaving money on the table by the time you reach retirement because you didn't have the right strategies.

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In place and you really take a step back when you see the numbers.

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As they add up, it becomes a very daunting store.

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And so that's kind of my perspective on that.

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It's sad, unfortunately.

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But people, many people are thinking to themselves now, I'm fine, right?

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I'm fine with everything the way it's been because you know the guy next door or the person at the bank does it for free. Is that really free or is that quote UN quote free, actually costing you more than you can imagine?

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In across so many different aspects.

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So, you mentioned that you were in a situation where it was. It was products and and commissions and that over the well well-being of your of the clients at what point?

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This this is like a, uh, drastic mindset shift.

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I would have to say on your on your part where you had to.

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You had to decide to essentially buck the trend whether go on your own or find a company that was more closely aligned with your core beliefs.

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When it comes to.

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This what?

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Tell me a little bit about that journey, about how you broke free if you will because.

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More times than not, it's easier to.

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Just kind of follow the status quo.

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Absolutely, it's very easy because when you follow the status quo, you follow in many cases of blueprint that's already there, right?

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It's in many cases, it's as much as you know, be it everything the conversation is being scripted and one thing for my clients.

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They know I'm not scripted.

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I can't do scripts as a matter of fact, I hate scripts, I just, I call it as it is.

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And we have an open conversation very much similar to what we're having here.

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Here and what I will tell you.

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So, when I realized one of the big hugs for me since we are talking to real estate investors was when I asked to just be a fly on the wall as a strategy consultant just for those that don't understand how they understand industry works.

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You ask a ton of questions and oftentimes you just you do become a fly on the wall to just listen to what the clients.

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True problems are because you cannot come up with a solution unless you dive deep down, and you understand the root cause.

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So, because I was very familiar with that approach, I requested of multiple financial advisors to allow me to just be a fly on the wall.

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Just listen to their conversations.

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And it just it was daunting to me when I heard financial advisor after financial advisor urging clients from real estate portfolios from alternative investment and to me, I had to kind of go back.

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Because you're right, you're.

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You're the industry is still incentivized the way that it's always been incentivized, and so the question is.

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Are you going to do more for your clients and leaving money on the table when the reality is the clients are getting your clients?

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My clients were getting so much more value, so much more insights, so much more knowledge, so much more empowerment over anybody else is clients.

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Yet we were cutting our commissions left and right, and so one of the things that it dawned on me is that it really needs to go back to we need it to go back to more of that that approach where we are able to work with our clients in a way where none of the commissions.

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None of that matters.

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What really matters is helping the client understand.

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What is right for?

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For them, what do they want the money to do for them?

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What are the things that make them comfortable and then to the extent that somebody on our team could help them?

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Wonderful, but it was even beyond that it was.

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How do we find the right individuals to support our clients needs?

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And so, when it came, for example, going back to the discussion, my real state was, well, what do we do when, uh?

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Line says hey, I do want to be invested in real state.

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Do we just put the kabash on that and close the lid and say sorry it's a great idea, but here are all the reasons why you shouldn't do real state.

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Or do we say OK, what type of real estate investments are you most focused on?

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And let's figure out what are the right things for you to potentially do.

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And more importantly, because we are.

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We're not.

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Financial advisors were truly financial quarterbacks for our clients.

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Where are our for our clients?

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We've become their.

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Go to financial partner because they know.

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They're all role, and our job is to gather their entire financial team.

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So, everybody is talking and is working towards their benefit.

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And so, because of that, the question we've been able to basically shift the questions to say OK, does real state fit?

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And where exactly does it fit?

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And how do we optimize it to make sure that it addresses the needs that our clients have?

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And that's just you know.

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Talking my real state as one specific type of an asset that that clients might be interest.

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Sure, well, you know we of.

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Course this is a real estate investing podcast so.

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I appreciate you.

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Diverting the conversation into that direction a little bit.

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But could you talk a?

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Little bit like let's say somebody is.

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Coming to you with their portfolio and they want to make use of.

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I would guess that part of your strategy is also how you can save them when it comes to their taxes and and a few other things.

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I mean that.

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Seems to be a big blind spot when it comes to some financial planning.

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Is just protecting the assets that are already there?

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Can you talk a little bit about?

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How you use maybe even.

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Real estate how you use different strategies in order to protect those assets.

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First of all, I love the fact that you talked about asset protection but also blind spots, because that's one thing that most individuals within financial services don't really talk about right.

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Why would they want their clients to know the blind spots when they are in the position where they cannot deliver value in those blind spots?

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In many cases not.

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In many cases it's either because they simply don't know how or what those blind spots even are, or in most cases they don't even have access to ways to deliver value in those blind spots.

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Even if they did understand them and so.

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When it comes to real estate specifically, one of the things and one of the ways through which we help our clients really focus on tax optimization is to ensure that the individuals that the CPA, the bookkeeper, whoever it is that they're using on the tax side on their team, that those individuals are well equipped to.

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Handle their specific situation because just by owning a real estate portfolio in itself can be a huge tax deduction.

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Now wide, if we took that, that huge tax deduction because you have a real say portfolio and actually, we're able to continue to Max in areas that perhaps historically you didn't even think about as an end consumer.

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That is the kind of stuff that we do for our clients.

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How exactly do we do that?

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I'll give you.

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An example we won't.

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Go into specific strategies because those are different.

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From person to person, but we have a client doctor and pilot husband.

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Life they own both of them owned real estate portfolios throughout their lifetime and one of the things that we found out was that the CPA that they were using was.

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It's just more of the same every single year where their strategy had changed over the years, and because of that, when even I'm not a tax expert, I know enough to be dangerous.

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When we started talking about that, it was very evident.

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That there were specific areas that they.

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Were not maximizing out on.

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When it came to the tax code, so what we did is we did what we do best for our clients as their quarterback.

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We introduced him to a couple of different CPAs that are specialists in real state portfolio specialists in exactly their fields of work as well, and because of that those clients are ultimately looking at optimizing and and.

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Minimizing their tax exposure in some cases by as much as 30 to 50%.

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And so that's huge, especially when we're dealing with high income earners that are already paying so much in taxes.

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Every little bit counts, and it's not about tax evasion.

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Not at all.

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I'm all about paying taxes, but it's about being smart with our money.

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And if we don't understand the tax code and if we don't understand, you know how to run the business.

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Is more efficiently inherently, we're going to end up leaving money to chance, and that's.

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Not a good proposition.

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You know, that's quite, you know.

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Sadly, that's quite refreshing to hear because.

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More times than not, I've actually talked to some local financial planners and when I've asked them to do exactly similar, something similar to that you're offering there is being proactive.

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And when you've noticed something, you bring it up to your client.

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Recommend or suggest a different strategy or a different.

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You know you talk about being a quarterback.

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Fortunately, it seems to be more of a two-way St.

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When I, when I've dealt like you mentioned early on, I'm dealing with a financial plan planner.

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It almost seems like we're just kind of following the playbook that their corporation has pushed them.

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And and here the products just get him sold.

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Absolutely, it's the it's not because people are Mal, Mal intentioned, right, they're ill intentioned.

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It's simply because as an industry.

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It's just how it works.

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And you know one of the questions that we got.

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Oftentimes Jack on our end, is, you know, why don't you do some of this stuff in house and my answer.

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To everybody is because if we did it in house, one of my goals at the very beginning was, well.

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What if we established a family office, right?

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Every financial experts.

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Dream, but when I went back asking the same tough questions that I would have as a strategy consultant, what I realized was that yes, that would ultimately be the best solution for the company.

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But is that necessarily the best solution for the client?

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Because I can't tell you how many clients, I've had coming to me to say.

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Oh, my CPA is also doing my financial investments.

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And my friend, my financial advisor also does my taxes to have all of those under one platform.

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It doesn't necessarily mean that you don't have experts helping on in their specific areas, but ultimately, what is the true incentive for decline?

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What is the true incentive for the for the company and so?

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Because of that.

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Going back to what you said earlier, right?

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It's all about, it's more of the same year after year and when clients come to us, they'll tell us, well, we love I love my CPA or I love my so and so and I love my so and so on with my financial team and the answer is it's not that you shouldn't love them, but when is the last time one of the questions?

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Because we're not?

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About telling clients you have to display somebody on the team, not at all.

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If they're already the thought leader that we know that we're looking for in a financial partner for our clients, then that's awesome.

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Then what we'll do is we'll bring those individuals in, and we'll have strategic conversation.

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But if those individuals that have been on the clients financial team for years and years are doing more of the same every single year, and they're not the ones that are bringing forth the thought leadership to say hey, last year we did this this year, this the code has changed.

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This way we can restructure things a little bit.

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This way if you do this.

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If you treat your.

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Business this way.

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These are the benefits that you're going to get if you're not having those conversations proactively being brought to you by your CPA and your financial team, there's a prop.

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And you have two choices.

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You can either go to them and you can say my financial quarterback told me XYZ.

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What are we going to do about those?

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And they'll either have a knee jerk.

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Reaction although help.

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You implement them.

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Or you can say OK, I've asked some tough questions and the answers I'm getting are more of the same that I've gotten in years past.

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Is it time?

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For me to maybe elevate the level of clients out of individuals that I'm working with, the choice is on the client and at.

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The end of the.

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Day, but we encourage them to think strategically, and it goes right back to the mindset.

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Right?

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It's hard to make changes.

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It's hard to look at things differently, but we're more willing to take a chance on ourselves.

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A beautiful world of opportunities opens up before us, because we're going to be experiencing things that we didn't probably didn't even know existed before.

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Well, and so one of the curiosities that I've always had is the is the fact that we've as a society any kind of financial education that we've gotten is typically.

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Self-achieved.

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I mean we; we just don't have this in in our school system.

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Sadly enough.

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I mean, let's face facts and when we when we have been taught anything it is more along the lines of the concept of set it and forget it.

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Then we just kind of throw money into a pot, whether it's through our 401K or what have you.

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And really, in hope and pray, I mean it's.

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It's kind of hope for the best for the most part.

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How have you I? You know you're talking about high income earners. You probably don't have the level of this level of issue, but I would have to think you still run into that on occasion where people are just like reluctant to get involved as they probably should be in their financial well-being.

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Being and planning.

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It's actually it's more prevalent than you would think Jack.

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Unfortunately, it's because a lot of the high-income earners are have even more of a propensity to want to just have somebody do it right, because somebody is going to want to take over managing their money and quote by managing their money.

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Because there's enough money.

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They're to manage.

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They're making enough money to where they'll just do what they do best, and you know, put the money on a roller coaster somewhere and hope that everything is fine, right positive and negatives.

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And at the end of the day, you'll get XYZ rate of rate of return.

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My perspective is that it shouldn't be that way, because what we see on the other end, I can tell you we work with a lot of doctors.

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We work with a lot of high-end executives in corporate America as well as very successful business owners and what we're seeing is that when they set it and leave it and forget it.

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When they come back to it, they will have questions.

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They'll still have that feeling of I know something is missing.

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I know something doesn't feel right, but at least somebody is doing something.

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We have a.

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Client we're working with right now, and that idea of at least somebody doing some.

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Something is going to be costing them hundreds of thousands of dollars in penalties because they have three children for which they have 529 accounts, and those kids and their kids will probably never go to college because they've become entrepreneurs. They're doing well, really well for themselves, and so now figuring out it's either.

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They give that money to somebody else, or they're going to incur the penalties of taking it out.

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All of that could have been avoided, and we're literally talking about hundreds of thousands of dollars.

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All of that could be could have been avoided.

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By having the empowerment by having the understanding of the pluses and the minuses before they went into some of those States and then the other component.

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And it's.

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Really, another example with this, even the same family, but those examples are so again prevalent across the board for those high-income earners and high net worth individuals because they've got the money.

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They have this particular family. They have the account to the account to the account you're talking about, old Diaries, you're talking about current 401K403B's. You're talking about pension plan.

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They had accounts when we started working together.

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The idea was if we can get X thousands of dollars per month in retirement will be fine, but we don't think we're there.

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Guess what?

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When we just it took.

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It was like it was worse and harder than pulling teeth.

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I kid you not, but we stuck with the client, and we guided him along.

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lking about somewhere around $:

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Month and additional income that they'll be getting over an account that they had totally forgotten even existed and their old financial advisor said, oh, I think this account will give you XYZ.

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But that was seven years ago.

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Forgot about it, market corrected.

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We all know where it's at right now those clients are getting ready to in enter retirement.

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It's the worst time possible for them to have lost the kind of money that they've lost.

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In the market.

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All because they didn't know, all because the proper planning wasn't there and all because somebody just did something.

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For them, put the money in an account and said leave it and forget it well.

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It was the worst time to leave it and forget it, because yes, they capitalize off of over the market gains.

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gave back all the way to the:

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And they're getting ready to enter retirement.

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So, when we're looking at the timing of what's happening with our money, those are situations that have to be discussed and we have to.

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Embrace the discussions, not just hope that somebody doing something for money is going to be sufficient.

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Yeah, you, you mentioned the market correction and we are going through something right now.

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I mean it.

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It's pretty obvious.

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I would have to guess that unless you actually have a like you said a quarterback, somebody to help you plan this out and you stick to the plan.

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A lot of a lot of the.

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Market correction is being driven by frankly emotion.

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You know people are just overreacting.

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What how have you found sticking to a plan and and weathering the storm?

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How important is that?

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It's very important.

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I mean, at least, at least during this period of time you know we've had clients that basically we've we have several clients that were right there near retirement, and we luckily for them we call the conversations in insufficient time before.

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It became a complete mess, but a lot of individuals that have already lost a ton of money are sitting on this, taking mom of.

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Well, maybe I'll just sell out right now and I'll go to cash.

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And you know, I'll hope for the bottom.

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But you know those things are to your point.

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They're very, very emotional and without having the proper team.

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To help guide and to.

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Help hold each other accountable.

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It's very easy to just ready, aim, fire, and possibly do the wrong thing at the wrong time because you didn't have somebody to necessarily reach out to for.

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For the clients that we work with, they have the experts, we have the experts on the team where they can actually talk to them to say, OK, you know how do we change the strategy?

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Do we change the strategy?

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What is it that we should be?

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Really, and it's a lot more elaborate than should we go to cash, right?

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Because for a lot of those individuals, that's not even a question.

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The question is, what can we do to either stop the losses, minimize the losses, potentially redeploy some of those funds to different types of assets in order to truly maximize what's happening?

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With the money.

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So well, I, I mean, this is for the most Part 2.

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I know we're kind of in a downward slope right now, but.

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This is going to be some.

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Great opportunities for some people too.

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In the end, when you do.

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It will be.

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It will be absolutely, but we also have to look at the fact that historically during those types of times we experienced the biggest depression rates we experienced the highest suicide rates.

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So, all of that coming into play.

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Yes, there will be some amazing opportunities on the back end, but again, are you going to try to just Google?

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Yourself hope that the person that you so-called our thinking is doing it for free is going to bring those ideas to you.

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Or are you going to be or those individuals going to say you know what open mindset over here?

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I need a team of experts that can help pull this together.

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'cause you know otherwise, they're on it or in it on their own, unfortunately.

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Right?

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So, with the volatility going on right now, what has been your suggestions for most people?

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It just really depends.

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Track it.

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It really depends on.

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Where they're at.

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What are they trying to achieve?

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We have to look at liquidity.

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We have to for many individuals depending on how close they are to that coveted.

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I want to no longer work for money, right?

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Whether we call it retirement or whatever else we want to call it.

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Just enjoy life.

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We're looking at that income at that point in time, and then we're also having to keep in in account the long-term investments right, which can potentially take some of that volatility.

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So, it's a matter of pulling back, taking a step back and evaluating what do they need that money to do for them?

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Where is it coming from?

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What type of account is it sitting?

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And because, frankly, the wealthy don't rely on 401K and Social Security and hope and and the idea that somebody is just doing something, they're a lot more diverse.

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And that's what we are.

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Huge proponents of our clients needs to know they need; they desire that empowerment, and that empowerment is delivered and has to be delivered.

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Through the knowledge and the awareness that hey they have options, but without knowing what the options are, it's a catch 22 and people end up just doing more of the same and hoping that it holds, when in reality we have to start with the questions of what do we need the money to do? And irrespective of the market conditions. Then we'll come up with the right answer.

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So well, I'm going to change the direction on you just slightly over the last few minutes.

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Here, if you're.

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Ready for.

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Sure, so you're an entrepreneur.

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You you've started a you got a successful business going on here.

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What is the one lesson you've learned as an entrepreneur that you've applied to your business?

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To make the biggest change.

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Investing in myself and investing in and for me business coaches that have.

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Of giving me in some cases ideas, but also in some cases the permission to try new things and to be bold right with the things that I wanted to do with the business.

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I tell we, we come across a lot of individuals that are like you know what I can do it on my own.

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I've done all of this research and here's what I'm going to do and.

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Many of them 235 years later, they're in no better place because they've just kind of relied on themselves taking themselves wherever they need to go. But for me, the biggest lesson learned in the.

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Biggest the biggest impact that I've of our business.

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My businesses experienced was investing myself investing in the business and investing in the thought leadership that was delivered by other people.

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Again, whether it be because it was new ideas, fresh ideas, or it was just a validation, knowing that.

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I'm on the right path.

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Yeah, that that's interesting.

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You bring that up and it's a.

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It's a recurring topic every time I've asked that question, I would say half the time if not better.

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I get a similar answer investing in yourself.

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And you can't ask for.

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A bigger return on that investment.

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No, you can't.

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You do have.

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To be careful who you associate yourself with, right?

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I mean, I'll tell you that I've and my team will tell you, we've had some business mentors and business coaches that, frankly, looking back in retrospect, it was a laugh out loud situation, but.

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There was that nugget, one of those individuals specifically.

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We couldn't really use anything that was delivered as part of that individual coaching program.

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There was a coach, an actual coaching program, but there was one nugget that just it put so much momentum behind us that even though it was a very expensive program, it made all the difference.

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And then you're going to have the business coaches and.

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Consultants that are going to deliver value hand over fist and we've stayed with those for you know together or with them throughout the years.

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And that's awesome.

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But don't just because you've had one bad experience, they'll look at it as.

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Oh my gosh, it's more of an opportunity to say OK, what is the silver lining and what can I learn from that experience that I can then apply to some of my other relationships?

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Sure, so just to remind everybody, head over to the website empoweredfinancialplanner.com/pitfalls For more information.

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Learn a little bit more about what Eunicia and and her team are doing over there and there's a lot of great information.

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But Eunicia, this has been a great conversation.

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I hope you consider coming back again sometime.

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But before I let you go; is there a question or concept you wish we would have had time for here today?

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Thank you so much for having me first and foremost Jack.

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As far as questions, not really though the is specifically asked of me what I would encourage our listeners to do, especially in this volatile environment though is for them to.

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Think about the fact that it's not just the downward is.

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How do we capitalize on this current situation, including in the real state, right?

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'cause we?

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All know that it's the writing is kind of on the wall.

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At some point it this this whole mess of real state has got to cool off a little bit; right when that happens there will be opportunities.

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Make sure that you're in a situation where.

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You don't always depend on the bank.

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To do the moves that you need to do to make, it's not always about the hard money.

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Lenders there are other ways that you can empower yourself, but again you have to ask yourself the tough questions so that as things come back around, you can be best positioned to take advantage of the amazing opportunities that will be available on the horizon.

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Well, I'm going to leave you with that.

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With that last note, I really appreciate it.

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Eunicia, and you're welcome back anytime.

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I hope you'll take me up on that.

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I will look for I look forward.

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To it that thank you so much.

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If you learned at least one actionable step to incorporate into your real estate investing.

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If so, please consider returning some of that value by leaving a positive review, subscribing to our YouTube.

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You can find links.

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To all of our social media accounts.

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In the show notes. See you next time.