Jason Hartman

Once you're going into seventh grade and eighth grade and ninth grade, you've got to graduate from Dave Ramsey, okay? He's good for his market.

Once you're going into seventh grade and eighth grade and ninth grade, you've got to graduate from Dave Ramsey, okay? He's good for his market.

I don't love him for where we're at. He can't teach you how to invest. That's right. He can teach you how to get out of debt. That's right. And that's good. People need to do that. And that means consumer debt, not mortgage debt, which is an asset, okay?

I don't love him for where we're at. He can't teach you how to invest. That's right. He can teach you how to get out of debt. That's right. And that's good. People need to do that. And that means consumer debt, not mortgage debt, which is an asset, okay?

Yeah, yeah. So this wealth transfer is happening from lenders to borrowers all the time. Because think about it. Just like you said, you know, if you take out this loan, you pay it back in cheaper and cheaper and cheaper dollars. And that benefits you as the borrower. It also, there's this wealth transfer going on from old people to young people all the time.

Yeah, yeah. So this wealth transfer is happening from lenders to borrowers all the time. Because think about it. Just like you said, you know, if you take out this loan, you pay it back in cheaper and cheaper and cheaper dollars. And that benefits you as the borrower. It also, there's this wealth transfer going on from old people to young people all the time.

I mean, look, you're probably a millennial, I'm guessing, right? I'm a Gen Xer, okay? I'm a little older. And so millennials like to complain, right? Right. And, you know, they have some legitimate complaints. Sure. But not all of them are totally legit. And, you know, one reason, by the way, let's take a little tangent. One reason the millennials maybe have less room to complain is this.

I mean, look, you're probably a millennial, I'm guessing, right? I'm a Gen Xer, okay? I'm a little older. And so millennials like to complain, right? Right. And, you know, they have some legitimate complaints. Sure. But not all of them are totally legit. And, you know, one reason, by the way, let's take a little tangent. One reason the millennials maybe have less room to complain is this.

Millennials are on the slow life plan. Hmm. And so what they do is they make these comparisons and they say, well, when my parents were 30 years old, they could afford a house. And, you know, it was a nice house. Right. And I can't afford anything. And I'm 30. But that's not an accurate comparison because the millennials are doing everything about six years later than their parents.

Millennials are on the slow life plan. Hmm. And so what they do is they make these comparisons and they say, well, when my parents were 30 years old, they could afford a house. And, you know, it was a nice house. Right. And I can't afford anything. And I'm 30. But that's not an accurate comparison because the millennials are doing everything about six years later than their parents.

So you've got to compare a 36-year-old millennial to a 30-year-old baby boomer parent, and then it'll be more accurate. But then the millennials will say, well, you know, my baby boomer parents didn't have all this college debt. And they're right. The college debt is a scam. It's a complete scam, okay? You know, I call it the student loan debt enslavement industrial complex. It's terrible.

So you've got to compare a 36-year-old millennial to a 30-year-old baby boomer parent, and then it'll be more accurate. But then the millennials will say, well, you know, my baby boomer parents didn't have all this college debt. And they're right. The college debt is a scam. It's a complete scam, okay? You know, I call it the student loan debt enslavement industrial complex. It's terrible.

But guess what your baby boomer parents did have in terms of an obligation? They had children. And they were expensive, too.

But guess what your baby boomer parents did have in terms of an obligation? They had children. And they were expensive, too.

Right. Yeah, you got kids. And so, you know, it's complicated, right? But there's this transfer going on from old people to young people every day. Why? Because old people hopefully have assets. They have savings accounts. They have stocks. and bonds. Those are their major assets. Now, of course, they have real estate too. They probably have equity in real estate.

Right. Yeah, you got kids. And so, you know, it's complicated, right? But there's this transfer going on from old people to young people every day. Why? Because old people hopefully have assets. They have savings accounts. They have stocks. and bonds. Those are their major assets. Now, of course, they have real estate too. They probably have equity in real estate.

Guess what that's all denominated in? Dollars. So if the value of the dollar goes down, the value of those things goes down. So your stocks are worth less, your bonds are worth less, your equity in your real estate's worth less, your savings account is worth less. But young people tend to have debt. And even if it's bad debt, it still is getting debased all the time through inflation.

Guess what that's all denominated in? Dollars. So if the value of the dollar goes down, the value of those things goes down. So your stocks are worth less, your bonds are worth less, your equity in your real estate's worth less, your savings account is worth less. But young people tend to have debt. And even if it's bad debt, it still is getting debased all the time through inflation.

So the parents don't have to die to transfer wealth in an inheritance to their children. It's just happening all the time. Because of inflation. So this happens between borrowers and lenders and between old people and young people. And it's just an incredible, incredible thing. So let's finish the story. We talked about what happened 12 years later in our example. We went from 1972 to 1984.

So the parents don't have to die to transfer wealth in an inheritance to their children. It's just happening all the time. Because of inflation. So this happens between borrowers and lenders and between old people and young people. And it's just an incredible, incredible thing. So let's finish the story. We talked about what happened 12 years later in our example. We went from 1972 to 1984.