Building Wealth With Real Estate
Curious how a husband and wife team transformed a modest $15,000 into a thriving $10 million real estate empire?
Welcome back to the 62nd episode of “Inspired To Invest”. Tune in!
Join us as we sit down with Brandon and Carolina from Medalo Properties, who share their remarkable transition from high-ticket sales and public accounting to generating over $500,000 annually in rental revenue.
You’ll discover the driving force behind their pivot, spurred by a personal crisis involving medical expenses, and how that experience ignited their passion for financial independence and multiple income streams.
Listen in as Brandon and Carolina recount the hurdles they faced upon moving to the U.S. and diving into the vacation rental market. They offer invaluable insights on balancing entrepreneurial ventures with real estate investments, underscoring the necessity of both active and passive income streams for true financial stability.
From dealing with variable interest rates to raising capital, they break down the mindset and resilience required to navigate and overcome these challenges, sharing their strategies for maintaining a strong financial footing even in turbulent times.
Finally, we explore the intricacies of managing a real estate portfolio, including the pros and cons of fixed versus variable mortgage rates.
Brandon and Carolina emphasize the importance of balancing margins and maintaining emergency reserves, sharing lessons from their journey of scaling a modest investment into a substantial portfolio.
Whether you’re an aspiring real estate investor or someone looking to diversify your income streams, this episode is packed with practical advice, motivational stories, and the blueprint for achieving financial freedom through hard work and strategic planning.
To connect with Brandon & Carolina, go to @medaloproperties on social and online.
Thank you to The Wealth Club for bringing us this month’s episodes of “Inspired To Invest”. To learn more about them, go to @thewealthclub on social or sign up online.
Need support underwriting potential property investments? Check out PropertyCast.io
“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more on social & online.
Join us again Sept. 4 to hear from an investor who is winning in the short-term rental space in BC.
Thank you for tuning into “Inspired To Invest”, hosted by @serenaholmesrealtor & remember, “when you invest in yourself, the sky’s the limit!”
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Real Estate Investing Podcast Transcript
Speaker 100:02
Welcome to the Inspire to Invest podcast, where we’re sharing stories from real estate investors and how investing has changed their lives. This episode of the Inspire to Invest podcast has been brought to you by the Wealth Club. Hey, everybody, welcome to Inspire to Invest. I have Brandon and Carol here from Modelo Properties. They’re joining us from Burlington this morning and they are a husband and wife dynamic duo and they began their professional lives back in 2015, but primarily based on high ticket sales and accounting, and I think I just jumped ahead a little bit. They started real estate investing in 2015, but they attacked the market in 2019 with their first high conversion. I’m like not myself this morning, I’m going to just start again and I apologize. I’m like totally off my game right now. I’m pretty smooth, but life is just insane right now.
Speaker 300:52
Sounds like you’re busy. I saw your post.
Speaker 100:55
Yeah, well, I know you guys, like we talked briefly about the window stuff, so that’s just like one of many, many things. So I’m going to try to avoid the tongue twister and I will nail it this time. I promise no worries. Hey, everybody, welcome to Inspire to Invest.
01:10
I have Brandon and Carol here from Modelo Properties. They are a husband and wife dynamic deal based in Burlington, and they began their professional lives working in high ticket sales and public accounting. They kicked off their real estate investing career in 2015 and they attacked the market in 2019 with their first conversion project in Hamilton. Since then, they’ve grown their portfolio to more than $500,000 a year in rental revenue, which is amazing, not including any of their other ventures like the mortgage business, airbnbs, flipping and also sales consulting. They also help educate others about real estate investing through their social media channel, which is amazing.
01:47
I’ve been following along and enjoying all of your content and footage through also their mortgage business, one-on-one coaching, where they help others build multiple streams of income, protect their time and increase the overall quality of their lives. So thank you so much for being here today. How are you both Amazing. Thank you for having us, so, I guess, just to kick things off. So obviously you guys had this other career prior to 2015. What was really the catalyst to moving over into something of this nature? Because obviously it’s quite the change for both of you.
Speaker 302:18
Yeah, absolutely, I’d say. Like, like most young couples in Canada, we, you know, we’re working our jobs or trying to scale that corporate ladder and really, at the same time, finding that it just wasn’t fulfilling. Right, we’re working towards this retirement when, whenever that’s going to be but we had this, I’d say, innate desire in each of us to work harder, make sure that we’re making ends meet and ultimately choosing what we get to do next. And so when you’re an employee, you really don’t get to choose a lot, right, you’re chasing things instead of choosing.
02:48
We also grew up in immigrant families and the instability and things like that that we went through really showed us that. You know, we could only take control of so many certain things when everything else that’s happening around us is just kind of life. Right, it’s just happening. So, you know, I was working multiple jobs, I was making more money than ever. I felt really empowered, but, I guess, not educated, and so what I wanted to do was actually, you know, kara was working too, she’s a CPA, she’s working at a big company, a big firm, but for so many years we were really just relinquishing control of our lives for the sake of building someone else’s dream. So, you know, we thought if, like, if this is what life is supposed to be like, then why is it so stressful, right and so that really just like turned us to want to do something different.
Speaker 203:34
Yeah, and I think a lot of people have been there. You know where you’re working a job and you’re giving suggestions, but you’re not necessarily being heard. Or you know you work really hard, you get over a look for a promotion and you realize that, as much as you think that your job is safe, um, it really is very risky to just be relying on one stream of income and letting that person dictate how much or how little you make. Right and so for us, um, we had a lot of things happen that we had an unfortunate payment situation that actually wiped a lot of our savings, and I’m like I can’t do this. I’m a single child, like if this happened again, like my job could not support this, and so we realized we get to choose and we got to educate ourselves and actually be aware of what the options are, so that we can take more control.
Speaker 104:19
Yeah, and I know we had the chance to obviously meet back in January when we were at the crew event, so I did get to hear a little bit more about that story. But maybe you want to just give people a general idea of what that looked like and really how that impacted you, to kind of put you onto this path.
Speaker 204:34
Yeah, so my grandma was visiting from, from Columbia, and while she was here she started to get really ill and to the point where she couldn’t travel back home. She did have travel insurance, but because she was so sick that travel insurance expired and when we tried to renew it they said, well, now she’s been sick, so she can’t renew it, and unfortunately she ended up having cancer while she was here and we ended up having to have her in the ICU for like a year sorry, not a year a month and it was very expensive. It was very expensive. It was like thousands of dollars every single day and, yeah, it really wiped our family savings and it just made us realize like it wasn’t even just the hospital bills, right, Like a lot of people think, oh well, in Canada health care is free.
05:23
It is until you need health care outside of the hospital, right, like um, my grandmother she had, um, I forget what it’s called, but she had some medical care that needed to happen, like in the middle of the night and stuff like that, and so needed to hire help. That’s very expensive and it was like you could either be there helping her or you, or you have to be working, but you couldn’t. You couldn’t be bringing in money and being there for her at the same time. And you know, after going through that situation I told myself I never want to be in this position again and again. This was combined with with other things that were happening, you know, building up throughout our lives that I think a lot of people go through, but it really was just a rude awakening, for sure.
Speaker 106:07
And I think that’s the thing, like when you look at your life and you know your priorities shift when it comes to different things, right. So it’s one thing when you’re just kind of like a single person working and you can put in the 80 hour work weeks and stuff like that and sometimes you’ll compromise, but it’s not the same impact compared to when families involves whether that’s aging parents or children and stuff like that, and I think it really puts different things into focus. So, you know, there’s kind of like those seasons that we go through, but for you guys, like when you experience something like this um, how did real estate specifically get on your radar, as maybe you know the way out of situations like that to give yourself a better, you know, just put yourself in a better position. Should anything like that in like life come up, yeah, go ahead again.
Speaker 206:54
There was a lot of little moments, right. So my mom was an interior designer, uh, back home in columbia. So I feel like I’ve always been exposed to real estate, um, and I’m obsessed with hgtv shows. So, like you know, those flip shows and how much they make, uh, I remember sitting on the couch at one point with brandon and I’m like we could do this like this. You know, I know they make it seem easier and they have contacts and all that stuff, but what’s stopping us from from doing this Right? And so at that point we started getting more involved with the community. We hired a coach, we hired, we started working with, with people that had been where we wanted to go. And I feel like the more we navigated in that space, the more we realized, like, holy crap, there’s a lot more to know. And it just kept getting more and more exciting the more, the more we got into the space.
Speaker 107:44
So how long would you say it took from like when you worked on your first project to when you started really scaling, Like? I guess I know we talked about the four years, but did that? Was that when you kind of jumped into it, Like are you both full time working in this now, or did one of you keep your active income just to like have that balance?
Speaker 308:05
Yeah, and I love that question because I know we get asked it a lot and I always find it funny. Like you know, people always say you shouldn’t be working with people unless they’re full time investors. So, like you know, actually mean, and for us, we’ve been continuously investing since we started and so we really haven’t stopped. And most recently we’re moving to the U S focusing on, like, vacation rentals and focusing on our strategy, continuing to build that portfolio. So, you know, I think any solid investor needs an active income. It’s not just every single property that’s going to fund what you’re doing next. Right, I think you need an active income for your lifestyle and then you also need an income coming in that’s going to help you generate wealth in the long term. So does that mean that one income is our side hustle or does that mean we’re full time entrepreneurs? I don’t know.
Speaker 108:47
I understand what you’re saying, though, because everyone’s going through this turmoil in the industry in the last little while, right, and I think for some people that thought they could depend on real estate 100%, there are a lot of instances where people are going back to work and stuff like that, right, because they’ve got properties that are cashflow negative or they’ve experienced different challenges and stuff like that. So I do see you know the benefit of having that balance.
Speaker 209:11
I think just the real estate investing gives you options, right, that’s exactly right and that’s at the core of everything that we want to to encourage people to have is just options.
09:21
So, like we do love the entrepreneurial journey, we love having a steady income and we love what we do outside of real estate, but this also helps us like having both at the same time. It also helps us ensure that we’re not just trying to replace a job with a job, right, like we really have to set up systems so that things can run on on their own, and we’re really passionate about both um and what we just, like you said, we just love the option to choose, to have options, and then, if something isn’t serving us anymore we’re no longer enjoying that we can decide okay, well, this can go right Versus. You know, if you just have the one thing, then that’s all, there is right and for us right now it’s working for sure. Again, when it doesn’t serve us, then, you know, maybe we’ll shift directions, but this helps us sleep very soundly at night, yeah no, that’s awesome.
Speaker 110:11
I mean now when you look at the last five six years.
Speaker 310:31
What would you say are some of the biggest obstacles or challenges that you’ve faced while you’ve been growing was oh my gosh, we don’t really know what we’re doing. So we had to come. This kind of fear, obstacle, or this obstacle of thinking that you know like are we good enough, do we deserve this Right? And you are right. Absolutely, everyone is, is, is deserving enough and and and able to do this Right, able to do this right. So we had to get over that fear and I think those types of obstacles and thoughts never really end right.
10:56
Then it was like, okay, let’s get started. And now like, okay, now we’re going to raise capital. Oh my gosh, are we going to be able to pay people back? You know we’re going to need a flip. Is it going to sell?
11:04
So there’s always different obstacles, like completing our first renovation, right. The obstacle in the past few years for most people is they’ve been on variable rates, right. So the obstacle of, hey, maybe I quit my job and maybe I had all this cash flow, but it’s not there anymore. Can I afford to float these properties? Can I afford to pay back my lenders? So I think there’s always obstacles, but what’s important is, I think the mindset that we have is that we love obstacles because that means that we’re getting closer to our goals.
11:34
There’s different levels to this and we always want to be learning. So those experiences and I think Carol said it the other day too is that those experiences are what’s going to help us grow. Like there’s potential to go on YouTube, learn all this theory. You’re not going to be growing, you’re not going to be experiencing it, unless you go through these obstacles yourself, and that’s super important in anybody’s journey. So for us, having that hands on experience although it’s daunting sometimes maybe you lose sleep, sometimes we’ve come out of that as stronger people. We’ve come out of that as a better couple, as a better duo and team, and it’s benefited us throughout our journey and and also the people that work with us.
Speaker 212:11
Yeah. So, to answer briefly, the biggest obstacle is that there’s always an obstacle and you have to get comfortable with that, right Like, if you wait for the perfect moment to have a clear path to success, you’re never going to invest, because it’s never going to happen, and you just have to know that.
12:30
At the end of the day, you can’t be attached to the outcome, like it’s not failing or success. It’s success or lessons, and each lesson will give you more confidence, and I think this is one of my favorite quotes. But, like Kobe said it best, whether you win or you lose, you got to wake up and do it tomorrow all over again, right? Your life doesn’t change that much if you win or you lose, so just follow the process and know that, at the core, there’s no challenges that you can’t overcome. And I always ask like, for example, our students this what is the biggest challenge that you’ve had in your life that you haven’t been able to overcome? And not a single person ever says, oh, this one challenge, you know that I haven’t been able to like, everyone overcomes challenges. So I think the sooner you realize that and the sooner that you get comfortable with the fact that you’re going to have obstacles and you’re going to overcome them, the easier it’s going to be in and you’re able to succeed. Is there?
Speaker 113:22
anything that you would say, like you look back on and you’re like I wish I knew then what I know now, like obviously you’re going to face these different things, but is there anything that you’d look at like ah, like things could have been a little different had I known this right.
Speaker 213:41
Oh yeah, I’m very passionate about this, but when we first started, everyone says go variable, because you’re going to save a ton of money.
13:44
And while I understand where that came from and it really saved us a lot in terms of potential penalties, if you’re breaking a mortgage, when you have a larger portfolio like this is where, like it’s not a one size fits all.
13:54
So when you have a larger portfolio, there are certain properties that I think could have served us a lot better. Being in a fix, and even though it might have cost us more over the term or the mortgage or whatever it is, when you have that constant variable in your mind and the fluctuation, it also holds you back from being able to do other things, right, so while on paper things might look more expensive because it’s a higher fixed rate, again that uncertainty, like we’ve had money sitting on the sidelines for so long because I’m like, okay, I can afford it now, but like it’s so uncertain that, like what happens a year from now? Right, I feel like that there’s a cost associated to that, right, it’s an opportunity cost as well. So I think that you know you have to balance, like, your margins, um, and you have to balance, um, how much money you’re keeping in the business, with also your ability to sleep at night. And don’t neglect the fact that there’s an opportunity cost associated with headaches.
Speaker 114:48
yeah, yeah and someone said that actually recently to me, just when they were talking about commercial real estate that they felt like you should always be in a fixed because it’s just the best way to manage your budget. And yes, you could say maybe you could have saved money when things were like two or 3%, but no one expected things to be in the range of like seven or 8%. So obviously, if you are siloed and you’re depending on rental income, like you need to make sure that you are covering all of those things right. So running your numbers from the standpoint of fixed and then also having like your money put aside just in case of emergencies and stuff like that, they kind of felt like that would always be the way to go.
15:22
And even when I look at a lot of investors that have had troubles now in the last year, I’d say the two things it’s like you know they’re invariable and they waited too long to maybe shift to fix or didn’t shift to fix, so they literally just couldn’t meet their payments and then they scale too fast. So if they scale too fast, there wasn’t enough equity in other properties to kind of make up the difference when they did find themselves in these cash crunch situations, flipping to the other side. So obviously we talked about some challenges and lessons, but what would you say is one thing that you’re most proud of when you look back?
Speaker 215:54
Most proud of. I would say we really started this journey with just $15,000, right? So overall, like I don’t think it’s one specific project, but I think there’s been a lot of consistency and resilience along the way and we’ve been able to take that $15,000 to over a $10 million portfolio and then other businesses. So I think that that’s something we’re really proud about. That and the fact that we’ve been able to now take those lessons that for a long time, we took for granted as like things that we just we should have known or that everybody knows, and now we’ve taken that and been able to instill that into our students and be able to have a huge impact in terms of their monthly savings or our mortgage clients. Like we’ve helped people save thousands in terms of tax fees, in terms of mortgage stuff, and so for us, like having that impact and even sometimes like a 30 minute conversation, has been huge. So I would say it’s a little bit of twofold there.
Speaker 316:57
Yeah, I agree with that. I mean it’s not even just the impact that we’ve had on. I mean it’s not even just the impact that we’ve had on, I’d say, like, what we call clients or students, but also the positive impact we were able to have on our families. You know, one thing that we were able to do was bring my mom in house and give her a job that gives her a lot more flexibility, something that she loves to see her son succeed right, and so doing what she was doing before it wasn’t as rewarding as what it is now. Yeah, for the flexibility that it does give her now. So, be able to help people in our family, whether it’s, you know, giving them opportunities to change their, their work or their lifestyle, and also giving family and friends opportunities to invest with us and to make money off of maybe they don’t want to get into real estate, but they want to do something with somebody that they trust, and that’s been very impactful for us, and me especially.
Speaker 117:50
Yeah, no, I know that’s huge. So, on that positive note, we’re just going to take a really brief break from our sponsors and we’ll be right back. Welcome to the Wealth Club. Hustle smart for real wealth, the future. Join a thriving community of go-getters on the path to overall wealth. What’s included? Live sessions with top coaches await you. Imagine having a virtual business mentor in your pocket, on the go for every aspect of your life. For just 30 a month you’ll get daily accountability sessions, monthly meetings and networking opportunities. And that’s not all. You’ll also get a community of coaches, monthly prizes and so much more. Become part of the 1%. Your journey has just begun. Join like-minded leaders and commit to the growth you need for your mind, body, bankroll and soul. Ready to get started, join the Wealth Club today to unleash your true potential. To sign up, go to schoolcom, forward. Slash the Wealth Club.
18:49
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19:44
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20:35
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21:23
Hey everybody, welcome back to Inspired to Invest. I’ve got Brandon and Carol here from Adelo Properties and they’re talking about how they turned $15,000 into a portfolio worth over $10 million with over $500,000 a year in annual rental revenue. So they’ve done a lot of really amazing things. Now one thing I always like to ask guests on my show is what’s one of the craziest things that you’d say has ever happened to you as a real estate investor.
Speaker 321:47
That’s a good one, I think. I think being approached by by production companies and news or news outlets like HGTV and CTV has been pretty awesome, and also being able to speak on stages and have the opportunity to to interact. I’m a theater student by trade, and so having an audience is always nice and that’s why I think we love being on social media too. But those opportunities are definitely fantastic. Being able to impact people in a live audience, even if it’s just one person giving them a you know, a tip or or sharing some advice that we know that’s going to help them, and they walk away with tangible. That’s been. I feel like that’s pretty crazy, Like people walk up to us and tell us how much that we’ve been able to help them Anything else.
Speaker 222:31
Yeah, we had actually somebody that moved to Canada from Africa and they found us at an event and they were saying that they were following our journey for so long and that they couldn’t wait to meet us in person. So, again, just that impact overall is pretty awesome. Because you don’t realize it right. Again, sometimes we take what we know for granted and we just talk as if, like you know, everyone knows this stuff. But in just 30 minute conversations we really have helped people save thousands, like tens of thousands of dollars, and that’s always so amazing.
Speaker 123:02
So, yeah, Now, on the standpoint of advice, what would you say some of the advice that has been passed along to you that you feel like is really revenue? Revolutionize your journey.
Speaker 323:13
Yeah, I mean. For me, I think the biggest hurdle for anyone is really understanding that you’ve got to pay to play right, and paying is not just monetary. There’s many different ways, so, like, what you want is going to cost you, whether that’s monetarily, mentally, physically, sometimes, friends and family, right. Like there’s many ways that you have to pay the price and ultimately sometimes sacrifice things. But I think that you have to choose your path over everything else. You have to choose you over everything else.
23:45
And that doesn’t mean being mean to people, right. That just means that you have to approach it with a relentless attitude, with an approach of this is what I want to accomplish and you know, really nothing’s going to get in my way. So if you’re that person that says I’ll do things later or I’m going to do it soon or next time, you’re always going to be stuck where you are until you actually decide to really take control and go all in, so taking that action. And that’s why, for us, the big model is going from chasing to choosing right. Instead of chasing things, we’re deciding exactly what we want to do, and those choices are very, very intentional and purposeful for us.
Speaker 124:23
Yeah, yeah, no, that’s huge. Do you want to add something, karen?
Speaker 224:27
No, I was just going to say that a lot of people just choose to neglect some of the stuff because it’s difficult. But they don’t realize that by neglecting they’re making a choice and they think that it doesn’t cost them. But it is costing you. And so I think the sooner you realize that, the more comfortable you get with with just getting out there and doing something. And if you don’t know what to do, then work with somebody who is where you want to be or has done what you want to do, and it’s going to help fast track things. Right.
24:57
Like I remember, when we first hired our first coach, I was so uncomfortable Because I’m like this is a lot of money, like oh my gosh. And then you know, within one month we made that money like 10 times fold just because of the network and different things that you learn along the way. And then I just realized like holy crap, like if I wouldn’t have done this, I don’t know, like it would probably take me like 10 years. Right, and again, that costs you. So you know, invest in yourself and the sooner that you choose to do that, the better. Don’t think that, because you’re not taking action or you’re not making a decision that it’s not a decision because, again, that in itself is a decision.
Speaker 125:35
So yeah, I saw someone actually speak on that recently and they talked about the cost of lost opportunity and you know it could take me a year or two years to figure this out by myself. Or if I could pay someone 20 grand, I can figure out in two weeks and put myself ahead by a year or two years and you know whatever capacity that is right. So I think, yes, you need to be mindful of the risk and reward and cost benefits and stuff like that, but that’s the whole purpose of having coaching and mentorship and learning from other people and stuff to get you really where you want to go faster. Which perfectly leads to my next question about financial freedom and what’s next for you. So do you have a particular number that reflects financial freedom? And you know it doesn’t necessarily have to be like a number of doors or portfolio value or something. It could even be just like your return on time or something right. So working two days a week compared to five like what does that mean to?
Speaker 226:28
you guys. Yeah, I think for us we’ve we’ve kind of moved away from, from the dollar figure, like for us we’re kind of focusing on okay, what’s the next project that makes sense, what’s a return that you know on our time that we’re satisfied with right? So, for example, like we bought our last property here in Canada last week. It’s probably gonna be the last property for the next year or so. We’re really shifting gears and going towards the arbitrage model in the US. It’s something different that I think it’s more accessible to people. But we always like to get proof of concept before we go out there and talk about this stuff and teach these things to other people. So that’s why we’re doing that.
27:07
Our goal is to hit like $50,000 a month in cash flow over the next year. Again, not necessarily like we want to get there because we know that we can, but it’s not necessarily because that’s the number for financial freedom. It’s just that’s our goal. Um, that’s how that vertical, yeah, exactly, um. And so, again, for us, we’re just taking it one project, one decision at a time.
27:31
Like I said, the last one was was the an investment in edmonton? Um, that we closed on last week? Um, and then the next thing is really just going to be moving to the us and learning those lessons so that we can take them and teach other people how they can do that. And the reason we like it is because it’s a little bit more money sorry, less money down. Obviously, it comes with its own sets of risks, which is why we want to pioneer that space. But, yeah, that’s kind of the goal now. I think we’re happy with our portfolio in terms of long term buy and hold. Yeah, that’s kind of the goal now. I think we’re happy with our portfolio in terms of long-term buy and hold. We’re just seeing what we can do on other fronts and how we can expand the reach to the people that we’re trying to help.
Speaker 128:10
Yeah, that makes perfect sense. Now, I know that you talked about a quote that really resonates with you earlier, but in closing, I always like to ask people what’s a quote that really motivates or inspires them. So maybe, Brandon, you can pipe in with a quote that you like.
Speaker 328:22
Yeah, yeah, and maybe it’s the child in me, but I love a quote by Walt Disney and that’s all your dreams can come true if you have the courage to pursue them. We were fortunate enough to spend some time in Florida this winter and take our kids to Disney, and so I was really inspired by that again, and I just love that. I get to watch those movies again now that my son has just turned three and he’s getting interested in some of those cartoons.
Speaker 128:44
Yeah, that’s awesome, so nostalgic. So, for anyone that wants to get in touch with you, I know that you share a lot of valuable content, but what’s the best way for people to reach you?
Speaker 228:55
Yeah, so we’re Medalla Properties across all platforms and we’re really here to provide resources and tools and make people feel educated and empowered to take, to make better decisions. So if you need help in that front, reach out to us. We’re happy to help and, yeah, hope to see you along the journey.
Speaker 129:14
Awesome. So thank you for taking time out of your busy day to be here today. Of course, if you have enjoyed this episode, make sure that you like, comment and subscribe. You can also follow along on social at Inspired to Invest podcast. And remember, when you invest in yourself, the sky’s the limit. Thanks again. Thank you to the Wealth Club for bringing you this episode of Inspired to Invest. The views represented on this podcast are for general information only and does not constitute investment or other professional advice or an offering of securities. Thank you.