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>> Ramsey: RENTAL REAL ESTATE.
REAL ESTATE'S BEEN QUITE THE
RAGE FOR THE LAST DECADE.
YOU SEEM LIKE YOU CAN DO NO
WRONG, AND, ALL OF A SUDDEN,
PEOPLE ARE STARTING TO REALIZE
THEY HAVE DONE WRONG.
[ LAUGHTER ]
IT IS THE LEAST-LIQUID CONSUMER
INVESTMENT.
AND I AM A BIG FAN OF REAL
ESTATE.
DAVE AND SHARON RAMSEY HAVE TWO
KINDS OF INVESTMENTS -- PAID-FOR
REAL ESTATE AND MUTUAL FUNDS.
THAT'S IT.
DON'T HAVE ANYTHING FANCY.
THAT'S ALL WE DO.
PAID-FOR REAL ESTATE AND MUTUAL
FUNDS.
BUT I WILL TELL YOU THIS -- REAL
ESTATE WILL MAKE YOU BROKER AND
BROKER AND BROKER.
THAT'S WHY THEY CALL THEM
BROKERS.
[ LAUGHTER ]
IF YOU BUY REAL ESTATE WHEN YOU
DON'T HAVE ANY MONEY, YOU WILL
CRASH.
IT IS NOT A BROKE PERSON'S GAME.
SO BUILD UP A LITTLE BIT OF
WEALTH, GET YOUR BABY STEPS
DONE, GET YOUR HOME PAID OFF,
AND THEN START PLINKING OFF AND
BUYING SOME PROPERTIES AND
PAYING FOR THEM.
AND THEN YOU'RE GONNA HAVE A
REALLY SWEET THING IN YOUR
PORTFOLIO.
BUT YOU START BUYING A BUNCH OF
STUFF WITH A BUNCH OF PAYMENTS
AND THE RENTERS DON'T PAY, ALL
OF A SUDDEN, YOU'RE BACK WHERE I
WAS 20 YEARS AGO, AND YOU'RE
BANKRUPT.
YOU SHOULD HAVE A LOT OF CASH
BEFORE USING REAL ESTATE AS AN
INVESTMENT.
REAL ESTATE EATS CASH -- NO
QUESTION ABOUT IT.
BUY SLOWLY.
ALWAYS BUY INVESTMENT PROPERTIES
WITH CASH.
NOTHING-DOWN REAL ESTATE IS A
ONE-WAY TICKET TO BANKRUPTCY
COURT.
NEVER PAY RETAIL.
WHEN YOU'RE BUYING REAL ESTATE,
ALL GOOD REAL-ESTATE INVESTORS
WILL TELL YOU THAT YOU ONLY --
THAT ALL YOUR MONEY IS MADE IN
REAL ESTATE AT THE BUY.
SO CIRCLE LIKE A FRIENDLY
VULTURE AND GET YOU A SERIOUS
BARGAIN WHEN YOU BUY SOMETHING.
YOU DON'T WANT TO PAY FULL PRICE
EVER WHEN YOU'RE AN INVESTOR.
YOU WANT TO GET A DEAL.
JUST WAIT, WAIT, WAIT.
PATIENCE. GET YOU A DEAL.
USE CASH. GET YOU A DEAL.
USE THE NEGOTIATING STUFF WE
TALKED ABOUT IN THE "THAT'S NOT
GOOD ENOUGH" LESSON, THE
"BARGAIN HUNTING" LESSON.
USE THAT STUFF WHEN YOU'RE
BUYING REAL ESTATE.
GET A BARGAIN ON IT.
WIN WITH YOUR REAL-ESTATE
PURCHASES.
YOUR MONEY'S MADE AT THE BUY.
NOW, FIXED ANNUITIES.
LET'S LOOK AT ANNUITIES FOR A
SECOND.
ANNUITIES ARE A SAVINGS ACCOUNT
WITH THE INSURANCE COMPANY.
THAT'S ALL AN ANNUITY IS.
YOU THINK A SAVINGS ACCOUNT WITH
A BANK IS A CERTIFICATE OR
DEPOSIT.
A SAVINGS ACCOUNT WITH AN
INSURANCE COMPANY IS AN ANNUITY.
THAT'S ALL AN ANNUITY IS.
IT'S NOTHING FANCY, NOTHING
SOPHISTICATED.
THERE ARE TWO MAIN TYPES OF
ANNUITIES.
NUMBER ONE -- FIXED ANNUITIES.
THESE ARE CRUMMY.
THEY GIVE A LOW RATE OF RETURN.
IT'S BASICALLY A SAVINGS ACCOUNT
WITH AN INSURANCE COMPANY.
THEY'RE GONNA PAY AROUND 5%.
THEY AREN'T REALLY FIXED,
ACTUALLY, BUT THAT'S WHAT THEY
CALL THEM.
AND THEY'RE BAD LONG-TERM
INVESTMENTS 'CAUSE THEY DON'T
PAY ENOUGH.
THE ONLY ANNUITIES I LIKE ARE
VARIABLE ANNUITIES.
NOW, VARIABLE ANNUITIES ARE
MUTUAL FUNDS INSIDE OF AN
ANNUITY.
SO LET'S PRETEND THAT THIS
COOKIE JAR REPRESENTS AN
INVESTMENT, AND FOR PURPOSES OF
THIS DISCUSSION, THIS INVESTMENT
MIGHT BE MUTUAL FUNDS.
THIS COOKIE JAR COULD BE A
MUTUAL FUND.
ALL AN ANNUITY IS IS A COAT THAT
COMES AROUND THE INVESTMENT TO
KEEP IT WARM.
[ LAUGHTER ]
RIGHT?
AND IF IT KEEPS IT WARM, IT
KEEPS TAXES OFF OF IT.
ALL RIGHT?
AND YOU PAY FOR THE COAT.
SO YOU PAY AN ANNUITY FEE, AND
YOU PAY A MUTUAL FUND FEE, BOTH.
BUT WE'RE KEEPING IT WARM FROM
TAXES BY PUTTING IT IN AN
ANNUITY.
THAT IS A GOOD PART OF THE
VARIABLE ANNUITY.
SO IT'S A WAY TO BUY MUTUAL
FUNDS IF YOU'VE MAXED OUT ALL
YOUR RETIREMENT AND YOUR HOUSE
IS PAID FOR AND EVERYTHING ELSE.
IT'S A WAY TO BUY MUTUAL FUNDS
AND LET THEM GROW WITHOUT PAYING
TAXES ON THEM AS THEY GROW.
AND YOU PAY AN EXTRA FEE FOR
THAT.
SOME OF THESE HAVE SOME REALLY
COOL FEATURES.
THESE VARIABLE ANNUITIES, THEY
WILL GUARANTEE YOUR PRINCIPLE.
IF IT GOES DOWN IN VALUE, THE
MUTUAL FUNDS DO, THEY WILL
GUARANTEE WHAT -- YOU PUT
$100,000 IN THERE, THEY'LL
GUARANTEE IT.
THAT'S KIND OF NICE, ESPECIALLY
WHEN FOLKS GET A LITTLE BIT
OLDER AND THEY'RE WANTING TO DO
SOME INVESTING.
AND SOME OF THEM ARE EVEN GIVING
YOU A FLOOR.
THEY'RE SAYING, "WELL, WE'LL PAY
YOU AT LEAST 8%," KNOWING THAT
THE STOCK MARKET HAS AVERAGED
12%, THAT'S A PRETTY SAFE BET
FOR THEM.
BUT THEY GIVE YOU THIS FLOOR ON
INTEREST RATES AND A GUARANTEE
ON YOUR PRINCIPLE.
NICE LITTLE FEATURES FOR THAT
COAT.
AND IT'S KEPT WARM FOR MUTUAL
FUNDS.
NOW, I DON'T USE VARIABLE
ANNUITIES A LOT 'CAUSE I WANT TO
BE ABLE TO GET OUT MY MONEY AT
MY AGE A LITTLE BIT.
BUT IF YOU WANT TO USE THEM AS
PART OF YOUR INVESTING AFTER
YOU'VE DONE ALL YOUR OTHER
STUFF, THEY HAVE A PLACE.
BUT THAT'S AFTER YOU'VE MAXED
OUT EVERYTHING ELSE.
DO NOT USE A VARIABLE ANNUITY
INSIDE OF A THING THAT'S ALREADY
TAX PROTECTED.
HOW MANY OF YOU ARE TEACHERS OR
HAVE -- OR YOU'RE IN THE
PASTORAL WORLD, OR MAYBE YOU
WORK FOR A HOSPITAL AND YOU HAVE
A 403B AVAILABLE?
ANYBODY?
403B.
NOW, A 403B, A LOT OF TIMES,
THEY'LL OFFER YOU A VARIABLE
ANNUITY INSIDE YOUR 403B.
WELL, THE 403B's ALREADY
PROTECTED FROM TAXES.
BUT YET, WHEN WE PUT IN A
VARIABLE ANNUITY, WE PUT ANOTHER
COAT AROUND IT, LIKE IT WAS
STILL COLD.
IT'S REDUNDANT.
YOU'RE PAYING TOO MANY FEES FOR
NO REASON.
INSIDE YOUR 403B, JUST BUY
MUTUAL FUNDS.
DON'T BUY SOMETHING 'CAUSE IT'S
ALREADY WARM.
IT'S ALREADY BEEN COVERED BY THE
403B.
AND SO DON'T DO THAT.
THAT'S A REDUNDANT SITUATION.
>> I DO NOT THINK GOLD IS A GOOD
INVESTMENT.
>> I DON'T THINK GOLD IS A GOOD
INVESTMENT.
>> UM, I WOULD SAY GOLD WOULDN'T
BE THAT GREAT OF AN INVESTMENT
'CAUSE I DON'T SEE MUCH USE FOR
IT.
>> I DON'T THINK GOLD IS A GOOD
INVESTMENT.
>> I DO NOT THINK GOLD IS A GOOD
INVESTMENT.
NO.
>> Ramsey: NOW, BAD IDEAS IN THE
INVESTMENT WORLD.
BAD IDEAS.
THE FIRST ONE IS GOLD.
THERE'S GOLD COMMERCIALS ALL
OVER THE RADIO.
THEY'RE ALL OVER CABLE.
"BUY GOLD! BUY GOLD!
IF THE ECONOMY COLLAPSES, WE'LL
USE GOLD!"
NO, WE DON'T.
THAT'S JUST SIMPLY NOT TRUE.
HISTORICAL FACTS ARE GOLD IS NOT
USED WHEN AN ECONOMY COLLAPSES
SINCE THE ROMAN EMPIRE.
FIND ME ONE.
YOU KNOW ANYTHING ABOUT -- DID
YOU EVER TAKE WESTERN CIV?
I MEAN, DID YOU EVER --
LOOK AT THEM.
THERE'S NO FAILED ECONOMY WHERE
GOLD BECAME THE STANDARD.
WE'RE, YOU KNOW --
AND LET ME GIVE YOU A MICROCOSM.
A LITTLE MICRO FAILED ECONOMY.
YOU REMEMBER WHEN KATRINA HIT
NEW ORLEANS?
THERE WAS NOTHING LEFT.
JUST WIPED IT OUT, RIGHT?
ANYBODY REMEMBER THAT?
SAY YES.
>> YES.
>> Ramsey: IN A SENSE, THAT'S A
FAILED ECONOMY RIGHT THEN, ISN'T
IT?
OKAY.
PEOPLE WEREN'T RUNNING AROUND
DOWN THERE WITH LITTLE BAGS OF
GOLD.
[ LAUGHTER ]
BUT I'LL TELL YOU WHAT, A BOTTLE
OF WATER OR A CAN OF GASOLINE
WOULD GET YOU ABOUT ANYTHING YOU
WANTED FOR A MONTH OR TWO THERE,
WOULDN'T IT?
GOODS AND SERVICES SOLD AND
BARTERED ARE WHAT HAPPENS WHEN
AN ECONOMY COLLAPSES.
PEOPLE DON'T GO, "HERE, I'LL
GIVE YOU MY RING."
THEY DON'T WANT YOUR RING.
THEY WANT A BOTTLE OF WATER.
THAT'S WHAT HAPPENS.
SO THAT'S A BOGUS THING.
AND BESIDES THAT, OVER A 50-YEAR
TRACK RECORD, GOLD HAS AVERAGED
4.1%.
HASN'T EVEN KEPT UP WITH
INFLATION.
SO, THE ONLY GOLD I'VE GOT IT'S
I GOT SOME PRETTY COOL CUFF
LINKS AND A DECENT GOLD WATCH.
THAT'S THE ONLY GOLD I GOT.
I DON'T OWN A SINGLE PIECE OF
GOLD, NOR WOULD I EVER, EVER,
EVER RECOMMEND YOU BUY GOLD.
NUMBER TWO -- COMMODITIES AND
FUTURES.
BUYING AND SELLING STUFF LIKE
PORK BELLIES OR WHEAT FUTURES OR
OIL FUTURES.
ANY OF YOU SEE THE MOVIE
"TRADING PLACES" WITH
EDDIE MURPHY?
THAT'S WHAT THEY WERE DOING.
THEY WERE RUNNING A SCAM IN THE
MIDDLE OF THE COMMODITIES THING.
COMMODITIES IS A GREAT WAY TO
LOSE A BUNCH OF MONEY.
'CAUSE, REALLY, WHAT YOU'RE
BETTING AGAINST IS THE WEATHER.
THIS IS DUMB.
HAVE YOU EVER NOTICED THAT THE
ONLY TWO PEOPLE WHO CAN KEEP
THEIR JOBS ARE ECONOMISTS AND
WEATHER FORECASTERS AND BE WRONG
ALL THE TIME?
[ LAUGHTER ]
THE REST OF US, IF WE'RE WRONG
ALL THE TIME, WE LOSE OUR JOB,
BUT THEY CAN KEEP THEIRS.
AND WHO KNOWS WHAT IT'S GONNA
DO?
YOU DON'T KNOW.
I BOUGHT A GOLD FUTURE ONE TIME.
I PUT TWO DUMB THINGS
TOGETHER -- GOLD AND I BOUGHT
FUTURES.
THIS FRIEND OF MINE WAS PLAYING
GOLF WITH THIS GUY, AND HE'D
BEEN PICKING GOLD PRICES IN THE
COMMODITIES MARKET.
AND 11 OUT OF 11 TIMES, HE HAD
HIT.
PRETTY IMPRESSIVE.
I'M 25 YEARS OLD.
I DON'T KNOW EVERYTHING.
AND I'VE GOT $5,000.
SO I PUT 5,000 BUCKS IN A 92-DAY
FUTURE.
THAT MEANS, IN 92 DAYS, IF GOLD
PRICES HIT A CERTAIN LEVEL, MY
$5,000 WILL BE WORTH $50,000 AS
A 10-FOLD KICK.
PRETTY SWEET.
BUT IF IT DOESN'T HIT THAT
LEVEL, AND IF THIS GUY GOES 12
OUT OF 12 -- I FIGURE HE'S GOT A
DOZEN IN HIM, RIGHT?
[ LAUGHTER ]
HE'S DONE 11 IN A ROW, BUT HE'S
PROBABLY GOT A DOZEN IN HIM.
I'M GONNA TRY THIS.
SO I PUT 5,000 BUCKS IN.
AND I'M THINKING IT'S GONNA
TURN -- IF HE HITS --
IF IT DOESN'T HIT THAT MARK,
THOUGH, YOU GET 0.
SO IT'S 0 OR 50 GRAND.
IN 92 DAYS, I LEARNED MORE ABOUT
GOLD THAN I HAVE IN MY ENTIRE
LIFE.
[ LAUGHTER ]
I WATCHED EVERY DAY WHAT GOLD
WAS DOING.
I WAS FREAKING OUT ABOUT GOLD,
AND WE LOST EVERY DOLLAR OF
THAT.
IT DIDN'T HIT.
HE MISSED IT.
AND THAT'S WHAT YOU USUALLY DO,
PLAYING AROUND WITH STUFF LIKE
THAT.
DON'T PAY STUPID TAX.
STUPID TAX IS WHEN YOU LOSE
MONEY DOING STUPID THINGS WITH
MONEY.
DON'T DO STUPID THINGS WITH
MONEY AND LOSE YOUR MONEY.
I'VE PAID LOTS OF STUPID TAX.
LEARN FROM SOMEBODY ELSE WHO'S
LEARNED THE HARD WAY.
DON'T DO IT.
DAY TRADING.
DAY TRADING IS STUPID.
CNN REPORTS THAT 88% OF THE DAY
TRADERS LOSE MONEY AND 70% LOSE
NEARLY ALL OF IT.
NOT LONG AGO, I HAD A LADY FROM
LOUISVILLE, KENTUCKY, CALL ME,
WHO'S HUSBAND HAD LOST $625,000
DAY TRADING.
THE LAST $150,000 OF THAT
$625,000 HE LOST, HE HAD PUT ON
CREDIT CARDS.
YOU KNOW WHY SHE CALLED ME?
SHE WANTED TO KNOW HOW SHE WAS
GONNA MAKE IT AS A SINGLE MOM,
'CAUSE SHE HAD LEFT HIM THE DAY
BEFORE.
HE COMPLETELY RUINED HIS LIFE
CHASING A RAINBOW.
IT'S NOT THERE.
BUT HE BOUGHT ONE OF THESE
SYSTEMS -- ONE OF THESE
GET-RICH-QUICK THINGS, DECIDED
IT WAS GONNA BE EASY, AND HE
DIDN'T HAVE TO DO IT THE SLOW
WAY.
AND HE GOT HIS TAIL KICKED IN.
VIATICALS.
VIATICALS ARE JUST RIDICULOUS.
THIS IS WHEN YOU BUY THE
BENEFICIARY POSITION ON A
LIFE-INSURANCE POLICY OF SOMEONE
WHO'S DYING.
THEY'VE GOT CANCER.
YOU FIGURE THEY'RE GONNA MAKE IT
FOUR MONTHS, YOU'RE GONNA GET
$100,000 WHEN THEY DIE, AND YOU
BUY THAT FOR $60,000.
BUT WHAT'LL HAPPEN IS THIS GUY'S
CHEMO KICKS IN AND HE LIVES
ANOTHER 30 YEARS.
AND THAT'S WHAT'S HAPPENING.
VIATICALS ARE FULL OF FRAUD.
IT'S A GREAT PLACE TO GET CONNED
AND SCAMMED.
AS A MATTER OF FACT, THE FEDERAL
TRADE COMMISSION LISTS IT IN THE
TOP 10 SCAMS OUT THERE.
IN 38 STATES RIGHT NOW, THE
ATTORNEY GENERALS ARE DOING
INVESTIGATIONS OF VIATICAL
COMPANIES.
IF SOMEBODY COMES TO YOU WITH
SOMETHING LIKE THAT, STAY
COMPLETELY AWAY FROM IT.
LISTEN, JUST KEEP IT SIMPLE.
IF YOU'RE LOOKING FOR A
SHORTCUT, YOU GOT THE WRONG
SPIRIT.
THAT'S NOT HOW WEALTH IS BUILT.
IT'S BUILT GRADUALLY, LAYER UPON
LAYER UPON LAYER UPON LAYER UPON
LAYER UPON LAYER.
NOW, WE'RE GONNA TALK ABOUT
THINGS LIKE I.R.A.s AND 401(k)s
AND 403Bs AND 457s AND ALL THAT
STUFF IN ANOTHER LESSON, WHERE
WE TALK ABOUT HOW TO SHELTER,
HOW TO PUT A COAT AROUND THESE
DIFFERENT INVESTMENTS.
BUT I WANT TO CLOSE UP WITH
THIS.
NOT LONG AGO, I WAS MEETING WITH
A GUY, HAVING LUNCH.
NOW, I TOLD YOU I LIKE TO HANG
OUT WITH SOMEBODY WHO'S DONE
SOMETHING I HAVEN'T DONE TO BE
ABLE TO LEARN FROM THEM.
THIS GUYS IS 72 YEARS OLD, AND
HE'S A BILLIONAIRE -- A
BILLIONAIRE.
THAT'S A THOUSAND MILLION.
OKAY?
YOU BEGINNING TO GET THIS?
THIS IS A LOT.
IT'S A LOT MORE THAN I'VE EVER
SEEN.
SO, WHEN I HAVE LUNCH WITH HIM,
I'VE GOT MY YELLOW PAD OUT.
I'M TAKING NOTES.
[ LAUGHTER ]
I DON'T WANT TO TALK HERE.
I'M NOT HERE TO TEACH.
I'M HERE TO LEARN.
I'M SITTING AT THE FEET OF THE
MASTER.
THIS GUY'S GOT A STRONG
CHRISTIAN FAITH.
HE'S GOT A WONDERFUL FAMILY.
HE'S GOT A WONDERFUL BUSINESS.
HIS LIFE IS PRETTY AWESOME,
LOOKING IN FROM THE OUTSIDE.
I KNOW FOLKS HAVE PROBLEMS, AND
HE PROBABLY HAS HIS SHARE, BUT
HE'S GOT $1 BILLION, AND I WANT
TO KNOW HOW YOU DO THIS.
I WANT TO LEARN FROM HIM.
YOU KNOW WHAT I'M SAYING?
I'VE BEEN BLESSED IN THE LAST
FEW YEARS TO HAVE LUNCH WITH
SEVERAL BILLIONAIRES.
I USED TO GO HAVE LUNCH WITH
MILLIONAIRES.
NOW I AM ONE, I WANT TO MEET
WITH BILLIONAIRES.
[ LAUGHTER ]
OKAY?
THESE GUYS -- THERE'S ONLY ABOUT
300 OF THEM IN THE UNITED STATES
RIGHT NOW.
THAT'S PRETTY AMAZING, SO, YOU
KNOW, THEY'RE A FAIRLY RARE
BREED.
SO, I'M SITTING AND TALKING TO
THIS GUY, AND I SAID, "ALL
RIGHT.
SO, IF YOU WERE ME, AND YOU WERE
MY AGE -- YOU KNOW A LOT ABOUT
WHAT I DO -- WHAT WOULD YOU DO?"
[ LAUGHTER ]
GREAT QUESTION, RIGHT?
AND HE THOUGHT FOR A MINUTE, AND
HE SAID, "WELL, THERE'S TWO
THINGS THAT YOU MUST DO IF YOU
WANT TO WIN."
I WENT, "OH, GOOD.
I CAN DO THIS OUTLINE -- 1, 2.
THIS ONE I CAN DO."
IT'S ALWAYS SIMPLE, ISN'T IT?
HE SAID, "ONE, I HEAR YOU ON THE
RADIO.
WHEN SOMEONE'S HURTING, I HEAR
YOU GIVE THEM A FREE BOOK OR YOU
PUT THEM THROUGH YOUR COURSE.
I HEAR YOU DO THAT ALL TIME.
IF YOU EVER STOP DOING THAT, I'M
GONNA CALL YOU AND BUST YOU."
'CAUSE HE SAYS, "I'VE NEVER MET
ANYBODY WHO WINS AT MONEY THAT
DOESN'T GIVE."
AND HE SAID, "YOU KEEP THAT
GIVING SPIRIT IF YOU WANT TO
WIN."
"CHECK. I CAN DO THAT ONE.
I GOT THAT ONE.
THAT'S -- WE CAN DO THAT."
"SECOND THING IS, THERE'S THIS
BOOK I READ."
NOW, I'M A HUGE READER.
I BELIEVE IN READING.
LEADERS READ.
EVERYBODY THAT WINS IS A READER,
SO I'M A BOOK NUT.
I GOT BOOKS EVERYWHERE, AND I'M
GOING, "BOOK -- OH, GOOD.
I'M GONNA WRITE THE BOOK DOWN.
WHAT'S THE BOOK?
THIS GUY'S GOT A BOOK FOR ME.
I WANT THE BOOK."
HE GOES, "THIS BOOK IS SO GOOD."
HE SAID, "I READ IT TO MY
GRANDKIDS OVER AND OVER AND
OVER AGAIN."
"REALLY?
YOUR GRANDKIDS?
I KNEW THIS STUFF WAS SIMPLE.
I TELL PEOPLE IT'S SIMPLE.
HERE I AM.
IT'S PROVING MY THEORY.
IT'S RIGHT. SIMPLE."
AND HE SAYS, "HAVE YOU EVER READ
THE BOOK 'THE TORTOISE AND THE
HARE'?"
[ LAUGHTER ]
AND I WENT, "THAT'S WHAT YOU'VE
GOT FOR ME?"
[ LAUGHTER ]
"THE TORTOISE AND THE HARE."
AND HE SAID, "YEAH, DAVE, I READ
'THE TORTOISE AND THE HARE' ALL
THE TIME."
HE SAID, "I READ IT TO MY
GRANDKIDS OVER AND OVER AND OVER
AGAIN."
HE SAID, "WE LIVE IN A CULTURE
FULL OF HARES.
THE WHOLE CULTURE'S A.D.D.
[ LAUGHTER ]
THEY ALL NEED RITALIN.
I MEAN, THEY'RE GOING BANANAS,
YOU KNOW?"
HE SAID, "THERE ARE SO FEW
TORTOISES."
AND HE SAID, "EVERY TIME I READ
THE BOOK, THE TORTOISE WINS."
[ LAUGHTER ]
"EVERY TIME!
I NEVER GET TO THE END OF IT!"
[ CHEERS AND APPLAUSE ]
START THINKING ABOUT INVESTING
NOW, MAYBE EVEN DOING IT NOW.
IT'S CRITICAL TO YOUR FUTURE.
DIVERSIFY. DIVERSIFY. DIVERSIFY.
SPREAD OUT YOUR MONEY, WHICH
LOWERS YOUR RISK.
NEVER PUT MONEY INTO SOMETHING
THAT YOU DON'T UNDERSTAND.
AND INVESTING IS NOT A
GET-RICH-QUICK THING.
IT'S ALL ABOUT YOUR BEHAVIOR AND
BEING CONSISTENT OVER TIME.