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- "AI" Einstein Borrowed Smart - Will You?
"Those who understand interest, earn it.
Those who don’t pay it."
Midjourney - in the style of Dorthea Lange
Rare Einstein Quotes about Housing:
1. "The decision to buy a home is not simply a matter of bricks and beams, but of values and dreams. What we choose to invest in reflects the future we wish to build."
2. "Mortgages, like time, can stretch into the horizon, yet it is how we manage them today that shapes what we inherit tomorrow."
3. "In seeking the right home, one does not merely measure its size but the space it creates for life to expand."
4. "Interest rates, like gravity, quietly shape the course of our financial lives, yet few understand their power until they feel their pull."
5. "The true cost of a home is not found in its price, but in the opportunity it grants—or the opportunities it takes."
6. "When calculating the value of a home, one must account not just for the shelter it provides, but the freedom to create within its walls."
7. "In the complexity of finance, simplicity often holds the greatest wisdom. A home well-chosen is not the most expensive, but the one that best aligns with one’s future."
8. "To secure a home is to take a step toward stability, but the true challenge lies in securing one’s financial freedom within its walls."
9. "A home loan is a promise to one’s future self, and like all promises, it demands careful thought and faithful execution."
10. "In the same way that energy is never lost, the financial resources we allocate today return in some form tomorrow—if not as profit, then as experience."
Einstein did not say any of these quotes, to see how I created them, check out the AI section below with the prompt that created what he might have said!
a BORROW SMART CONCEPT
Why Work with a CLA?
I want to showcase two points:
1) Being a CLA means being of greater service and in being of greater service, you will be able to make more money. Kitces study.
2) That the world we live in is going to change so rapidly via AI that it will allow compounding of money to happen because networks will grow at rates previously unimaginable.
Let me provide you with two examples. The original book took around 50 hours to write and compile, including the graphics. I'm sharing a copy below for you to read, although I understand you probably won’t take the time. However, I encourage you to at least download it so you feel some accomplishment and you can tell yourself you’ll read it later 😀. Currently, I am working on a new book about wealth creation for loan officers, and with the help of AI, I aim to write it in less than 10 hours. I assure you that you will want to read this book as well. Even if you don’t!
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Now to my point. John Thompson and I wrote to help clients, realtors, and financial advisors better understand how a liability advisor is different from a lender. Today I uploaded this book to AI, and asked it to create a podcast that anyone could listen to and better understand the benefits. This is what I received back! This is worth 7 minutes of your time. If not for the content for the sheer impact that AI created a Spotify Podcast from a pdf in less than 2 minutes. (listen here or on Spotify)
I’m not sure when I’ve been this surprised by AI. It’s happened now twice this week. Yesterday I prompted AI to design a t-shirt for a party we are giving in a few weeks. I needed to get it to the printer and I described what I wanted and in seconds I got back an almost perfect answer to my design request. This is mind blowing…
these are now with the printer!
LIABILITIES and DEBT
What’s Happening.
”Swaps markets now price-in 1.61 additional rate cuts in November (roughly even with yesterday) - implying a 61% probability of a second "jumbo" 50 basis point rate cut next month. Swaps markets project a total of 5.12 rate cuts in 2024, up sharply from expectations of roughly 4 rate cuts prior to the Fed's decision last week.”
from Hoya Capital - a look at rates
rates lowest in 2 years - from Len Kiefer
more blue would be good!
this decline is a fierce as the prior spike in 2019 - we’ve been planning for it!
big jump in mortgage applications - sentiment shifting
Fed easing leads to more liquidity - which can lift assets boats as the rate boats sink
Cool data visual by Len Kiefer of rates over time by range and intensity
another look to share with clients as expectations shift
a gap between current rates and average rates - jaws are closing
who will benefit at the corporate level the most? does size matter?
“True silence is the rest of the mind; it is to the spirit what sleep is to the body, nourishment and refreshment.”
REAL ESTATE
What’s Happening?
sentiment is flip flopping but starting to base at a higher level for the first time in two years
staying at home has been good for remodelers and small contractors
cost to buy median home coming down
inflation adjusted house prices above the prior peak
and inventory increasing
as new listing increase
great stuff from Mike: https://www.youtube.com/watch?v=J-0bkqeFZEE
pressure still there for investors to make the cash flow work
the ‘other’ big expense still going up for Autos and Auto Insurance
“Do a little more each day than you think you possibly can.”
ASSETS and INCOME
What’s Happening?
markets love lower rates and more cowbell!
look who is winning so far this year!
where do you feel you land?
overall the net balance sheets are rocking!
the overweight in assets right now are equities!
over time however, stonks go up!
the problem is much of that IS inflation and per Peter Boockvar - Inflation since 1970 - “Once purchasing power is lost, it is lost forever”
you can see the flip of more spending that income in the 4th Quintile
“Never stop learning; and knowledge doubles every fourteen months.”
ON BEING HUMAN
What’s Worth Sharing?
One of my favorite bands, and I love how this guys breaks down music stories. It reminds me of the classis VH1 documentaries.
what have you read lately that impacted who you are now?
DOPAMEMES
And Other Happy Moments…
Prompt to try: (adapted from The Daily Prompt)
[Generate a series of modern quotes that are inspired by the linguistic style and philosophical intent of Albert Einstein, specifically focusing on themes related to buying a home.
The quotes should reflect contemporary discussions surrounding home ownership, finance, lending, mortgage interest, capturing the essence of Einstein's contemplative nature and profound insights.
Aim for a tone that is thought-provoking and intellectually stimulating, reminiscent of Einstein's original works.
Each quote should be clearly stated, and feel free to include a brief explanation or context for each quote to enhance understanding.]
Artificial Intelligence
And the Future of Work…
If you are not playing around with this, start today:
https://notebooklm.google.com/
Inexpensive alternative to SemRush for checking out how to improve your website:
https://app.storychief.io/
EINSTEIN QUOTES: Prompt to try: (adapted from The Daily Prompt)
Generate a series of modern quotes that are inspired by the linguistic style and philosophical intent of Albert Einstein, specifically focusing on themes related to buying a home.
The quotes should reflect contemporary discussions surrounding home ownership, finance, lending, mortgage interest, capturing the essence of Einstein's contemplative nature and profound insights.
Aim for a tone that is thought-provoking and intellectually stimulating, reminiscent of Einstein's original works.
Each quote should be clearly stated, and feel free to include a brief explanation or context for each quote to enhance understanding.
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