➡ Dan discusses the current state of small businesses, highlighting the high levels of uncertainty due to inflation. He emphasizes that people are hesitant to spend money, invest, or expand their businesses, leading to a decline in hiring. He also shares a personal story about the 2006 economic downturn, warning that we may be at the beginning of another downturn. He advises people to be cautious with their finances, cut back on unnecessary spending, and prepare for potentially difficult times ahead.
➡ The text discusses the importance of financial education and making smart decisions, using the example of a man named John who saved his house payments instead of spending them. It also mentions potential changes in the banking sector and the dangers of e-bikes, especially for older people. The text ends with a reminder about an upcoming stock trading class.
➡ Visit bobstradingclass.com for exclusive content and join the private channel, iAllegedly Live, for uncensored discussions. Sabina, an expert on home loans, warns that despite the recent real estate refinance boom due to lowered interest rates, rates are now rising again, making it harder to get through underwriting. In other news, Conde has recalled 1.7 million cars due to a steering issue. Don’t forget to like the video, subscribe to the channel, and send any queries to hello@iallegedly.com. Remember to be kind as many people are facing tough times.

Hey, it’s Dan. Welcome back. This is I alleged Lee. I’ve got a good one for you today because with all the uncertainty and inflation, small business owners are just fed up with this. And you should be too. So please take a second. Please hit the like button. Please subscribe to the channel. We have a sponsor today and I will get into that in a little bit. But let’s get right into it. The National Federation for Independent Businesses did a survey and a report, which is below, on the state of small business.

And think about this. The uncertainty of where you’re going with your business has made it so that people don’t want to spend money. People don’t want to invest. People don’t want to buy inventory. People don’t want to expand. They don’t want to hire employees. This is at the highest level in recorded history since they’ve done this. It went up 11 points. They thought it was going to drop a point or two and that people were feeling better. And it’s over 100. So it’s like the highest level ever. It’s at 109 right now.

It’s crazy. You guys recommended Detren’s Park, which is kind of wild. They put these streamers up to keep the ducks and the geese out. Wonder if they work, you know. But think about this. People are not comfortable right now with their business personally, with their job, with everything right now. You know, that’s why Home Depot’s saying that people are cutting back. People are not investing in home improvements right now. You’re not seeing people buy heavy equipment right now for their businesses. You’re not seeing people expand. My son is interviewing for jobs right now.

Hey, we were gonna hire six people now. We’re that’s what he’s hearing. He’s hearing that in multiple locations that he’s talked to. And this is the state of everything. Now, as somebody older who’s lived through a few recessions in my lifetime, the last one, I want to tell you guys a quick story. And that is, you know, in 2005, business was booming. The beginning of 2006, things were great. In August of 2006, it was like somebody flipped the switch and business shut off. It started to slow down and it became more and more difficult to sell things, to get product, to deal with suppliers for everything in business.

And it was because it was the beginning of the economic downturn. People were running out of money. People had tapped their credit lines. People had spent everything that they had and they were running out of gas. And what I thought was, Oh, I’ll just throw, you know, more money in advertising and this will solve that. Okay. Only problem was it was good money after bad money that went nowhere and lesson learned. And I’ve told people this over and over again. As you get older, you’ve got to look at everything that’s going on and be aware, be aware of your own house, be aware of your business, be aware of your job, be aware of everything.

People think that whatever is happening is going to continue. The problem with that is that people get euphoric and they say, Oh, these bad times, they’re not going to last. They’re going to turn around real quick. They’re not. This is the beginning of the downturn. And it’s not to be Mr. gloom and doom. It’s to be Mr. realism. Because the one thing I’ve learned with my old age is that I am ready for whatever happens for a long period of time. Okay. That’s where you should be. You should worry about food.

You should worry about your job. You should worry about spending money that you don’t need to. You know, it is crazy because I think about things during this time. I had a friend of mine who in 2005, one in a real estate buying spray. I love Tom to death and I’ve talked to him about these stories. So he doesn’t mind me sharing it. But this guy went out, sold a couple houses, bought different houses, remodeled houses, and literally, literally, literally was at the beginning of the collapse. And when everything went south, Tom was one of these people that actually experienced that.

See a little turtle right there, guys? That oil. So Tom went out and had a ton of real estate loans. Now think about this. Houses were 500 grand there. 600,000. Wow. You stepped up and bought a $450,000 house. It was nuts back then. Okay. He had at $1.7 million in real estate loans outstanding. And it was an absolute disaster because what happened was it went south. And he remodeled this house that seriously, it was in a great neighborhood. It was on a private street. And what I mean by that is that the only people that lived there were people that lived on that street.

It wasn’t a thoroughfare. It didn’t have people ripping down it. And he had spent an absolute fortune on this place. And it was stunning from the granite countertops, the windows to absolutely everything he did. It was a great place. Again, way back then, 2006, 2007, the house, think about what I’m going to tell you. The house finally sold. The value is going to get a million for it. The value is going to get $950,000, $850,000. Sold it for, I believe, $840,000 is what the final price was. The person that bought the house bought it with nothing down.

I’m not laughing at this. I’m just laughing at the sign of the times. Bought it with nothing down and then never made one payment. Not one. Not one house payment did they make in the 14 months that they lived there before they got foreclosed on. Think about this. Rent free. You’re going to see craziness happen again with real estate, where it’s going to come down to this. Sabina, my favorite lender out there, who, you know, you’re going to buy a house, guys, go get pre-approved for your house, for your loan, so you can walk into a house and say, yeah, I can afford this.

Because I did that a year ago and didn’t pull the, didn’t drop the hammer because I came out of the ether and realized that things were going to get worse no matter how good of a deal I’ve gotten. I could have gotten. It’s only going to get worse right now. Only going to get worse. So business uncertainty is crazy. You’ve got all these people right now that are thoroughly upset that, yes, inflation’s coming down, but prices are not coming down. Think about that. We’ve had a run up in everything right now.

Everything. You know, cereal is triple in price. You’ve got meat that’s gone up 40%. It’s not like it’s dropping 70% now. That’s not happening. Oh, it’s going to come down. Wait till you see. It’s not, guys. Get used to these higher prices. Get used to the uncertainty. Get used to the fact that business is not good right now and that you can do something about it. Now, if you take control of your own finances right now, you’re going to be so far ahead of the game. Think about everything that you spend money on.

Don’t waste money. Don’t go out and buy things that you don’t need or want or don’t have to have right now. You know? Great article out of Fortune magazine that talked about how people have changed their spending habits. In my last video, I talked about, hey, what rich people are cutting back on, which was meant as a joke. And to show you how ridiculous it is, hey, did you cut back on, you know, your travel expenses over $25,000? It’s nuts, guys. It’s insane. People right now that are in tune are getting themselves to cut back and realize that things are bad right now.

I’m telling you guys, get ready. You’re not alone right now. You’re not alone in this. This is insane what we’re going through right now. And we’re supposed to sit there and act like this is not a big deal. It is a big deal. Everything here is everything that’s going on to us right now. You’re supposed to forget about. You’re not supposed to sit there and think that it’s real. It is incredibly real. It’s incredibly sad that people are going through this right now, but you have to be in touch with it.

As I look back at the 2006, 2007, 2008, nine, as I look back at all that and I see how just business got destroyed, you have to look at that. When I look at my friend, and we’ve joked about this now, which is wild because it’s not something that anybody anticipated. People thought that real estate prices were just going to continue to kick up. Now, think about it. Those houses are almost double what they were back then. So who’s the smart one? Could he have kept one of them maybe? Did he miss out? Who knows, okay? But he would have had to maintain all that property.

And the other thing is when you short sale a house, when you owe, I’m just going to use round figures, when you owe, let’s say, $750,000 in a house, and then the bank sells it for $400,000, they’re going to show up with a 1099 and tax you as if it was income. And I know people, including my buddy, that went out and experienced this. Uh-oh, I got a tax problem I have to deal with. Plus, the other thing that he didn’t know is that there was a cap on mortgage interest back then that he could write off and he had that tax problem, too.

And again, I’m not bagging on my friend. I’m just saying that people don’t sit there and put pen to paper. People sit there and talk about how everything’s just going to continue and that it’s going to get better. And remember, everybody is smarter than the other guy. Nobody’s stupid. Nobody is trying to educate themselves. The best thing that you can do in your life is to educate yourself. I know a guy who was my late girlfriend’s old boyfriend, friend, who for decades John was. John had a house in Lake Forest, which is the city I’m in right now, so it made me think of this, was in that he had a problem with the making his house payment.

He lived in his house for 15 months before they came and knocked on the door and said, hey, you need to leave because we’re going to foreclose on you and you haven’t made a house payment in 15 months. What did John do? John banked the money every month, every month. The loan was sold multiple times and you’re going to start to see that again. You’re going to start to see banks consolidate and take things over. John experienced this and what happened was he saved the money. He’s the only guy in the world.

Everybody else, if I gave you $2,000 right now and you went out and didn’t have a house payment or $2,000 house payment and you didn’t have to make the payment, most people would piss that money away. They wouldn’t save it and put it away. That’s what John did. One of the only people that did that. Now, the crazy thing is that guy, during Lisa’s funeral almost two years ago, the guy shows up and his house is the new house he bought since then paid for.

Oh yeah, I got a paid for house now. Okay, craziness, craziness. Let me know what you think about this so far and how do you feel about things because how you feel you’re not alone for. If you are living and drinking the Kool-Aid and you think that everything’s going to be fantastic, take a look at it guys. Take a look at that. Let’s talk about our sponsor Chuck Norris. Think about this. The Kool-Aid is in his mid-80s and Chuck is in amazing shape right now. He attributes us to one thing that he did that changed his diet and changed his workouts and made him so that he can be stronger.

He can be more fit. He doesn’t have to worry about joint pain, belly fat. It’s made a huge difference in his life. If you go to chuckdefense.com forward slash Dan, use the link below. You can see the video that he put together and it says it makes him feel like he did when he was in his 50s. We need an edge right now as we get older guys and I like to look at people that are successful with their weight loss and with their health and with their fitness and it’s guided me.

Chuck Norris is somebody we should all look at because he’s been so tremendously successful at it. His wife even says it makes her feel 10 years younger and the other thing is that he has more energy to do everything. He sleeps better. He has more energy but take a look at this today. chuckdefense.com forward slash Dan. The best place is always in the video description. Use the link and check it out. Check it out today. Take a look at Chuck Norris. This is a beautiful park.

I’m really glad that somebody recommended this and again they didn’t give me their name. They just said go to Veteran’s Park but it’s very very cool. I love this stuff. I love police, firefighters, veterans, everybody in the military. It’s fantastic. Think about this guys. Boeing withdrew their offer to the strikers for a 30% price increase. Nah we’re gonna pull that. We’re not interested in giving you guys that. You’re gonna see some shenanigans with this. Well this is not gonna get settled anytime soon and people are starting to realize how upset they are with striking workers and things like this.

So it’s gonna go tip for cat for a little bit. Google, it looks like Google may get broken up by the United States, by the Justice Department and it’s going to be interesting to see if they, you know, separate advertising from search to everything else. All the products that Google has, YouTube, everything else. So that’s interesting. There was a documentary on the inventor of Bitcoin and they, I mean, I watched it. You guys, there are things that I have to do for you guys that are just boring as hell and I have to read this stuff and have to watch these videos until one o’clock in the morning.

The latest was the documentary from HBO on who invented Bitcoin and who is, you know, Satoshi Nakamoto and they’re saying it’s this guy named Peter Todd who seemed like an imbecile in this video and I’m not him, okay. The guy’s wallet would be worth $69 billion right now which would make him in the top 20 for riches. But again, if you had $69 billion, I want you to understand the threat of kidnapping, the threat of violence in your life, you live a different life and this guy was a buffoon.

I just, I mean, an IT guy but just not somebody that I thought was very smart. A great article about how e-bikes are being banned and you’re going to see this here in the States. It started in the UK from being sold on eBay because of the fact that they set fire. And again, guys, things like this where the things are unregulated, you have to park in a safe spot. The problem with this is that e-bikes, some, I’ve seen $7,000 e-bikes before. That’s insane, guys.

It’s nuts. So what do people do? They buy cheap e-bikes for $1,500 and can’t figure out, you smell that burning, honey? Gosh, it’s just, it’s terrible. And my favorite is when the batteries go dead and these guys have to pedal those things and they have to work. It’s crazy. It’s crazy. dated a nurse who told me that the number one thing that she saw from old people that were over 40 was accidents on e-bikes because they’re just too cool hanging out with their friends and she would see them crash and have debilitating injuries that would be affected forever.

And if you’re over 50, she said you never want to fall because your body is never the same again. Ask anybody that fell and broke your hip or broke a leg or broken arm. And they’ll tell you, don’t get on an e-bike, don’t jump out of a plane, don’t bungee jump, don’t do anything stupid because the kids are doing it. Okay, it’s that simple. Robert sent me great pictures of a mall in New Jersey. I want to get the the Quackenridge Mall in Lawrence Township, New Jersey.

And this is during the day, during business, how he sent me these lovely photos of what a dead mall looks like. Now, this is not a closed mall. This is a mall that’s open and there’s nobody there during business hours. It’s not at, you know, six in the morning. It’s during business hours near lunch time. Okay, this is what you have and this goes back to the business sentiment. If you realize how bad things are and you get realistic with yourself and understand this, premium finances.

I’m telling you, so many people are out there and alone. Dan, you don’t understand. I’m by myself. You’ve got it made if you’re by yourself right now. If you don’t have kids in the house, you don’t have a spouse to worry about, you can handle your finances and get it. Now, you can drink wine and convince yourself that everything’s great or you could get realistic and make hard choices. The successful people that make hard choices understand how difficult things are right now and how bad it is.

Cut back right now. Spend less. Don’t waste money on anything. Food, clothes, extra stuff. Save it right now because I’m telling you these are the good times. You’re going to look at at October 2024 and go, God, that idiot, the internet was right. That was pretty good times back then compared to where it is now because this is 2006 all over again. Mark my words. So I want to remind you guys it’s coming down to the wire. Bob’s trading class to learn how to trade stocks is only a few days away.

October 15th at 1 30 pacific time after the market closes you can have two and a half hours of Bob Kudla and learn stock trading. Go to bobstradingclass.com sign up for this. It’s absolutely amazing and it’s going to be absolutely fantastic but you guys have seen Bob. You guys have requested this. Now you’re going to get it. Go to bobstradingclass.com. Don’t forget that we have a private channel also called iAllegedly Live. You can sign up at iAllegedly.tv or use the link below but this is all the stuff that we can’t talk about on certain platforms and it’s all uncensored.

It’s all Dan all the time. It’s great. Check it out today. Last couple stories. I talked to Sabina about this. My go-to gal on home loans and she was sitting there saying listen we had a kind of a real estate refinance boom once they lowered interest rates. That’s dead Dan. Rates are going up again and understand this word underwriting. You’ve got to get through underwriting right now. You’ve got to get through the difficult time right now to have a bank believe that you’re going to have the ability to pay.

So you could lower interest rates to two percent again. Do you have a job? Do you have the income to support this? And by the way interest rates are not going to drop so low that you’re going to see that with mortgages right now. That’s what she said. Final, final thing. Conde just recalled 1.7 million cars because of a steering problem. They set a certain in their gearbox set something for the steering that made it too difficult and they’re recalling 1.7 million cars. Here’s a list of the cars that are that are you know subject to recall right now.

But again a million six hundred ninety three thousand blah blah blah blah whatever that is 1.7 million cars. So crazy. Please don’t forget to like the video. Please subscribe to the channel. We are so close to 300,000 I can taste it. Okay you want to send anything to me like Robert did and Dr. Marvin and everybody else that supports the channel. Please. Hello at iallegedly.com This woman’s giving this guy grief working on this. So something cool. Anyways have a great day. Be happy. Be nice. Okay be kind to everybody.

People are having a difficult time right now. Remember that. [tr:trw].

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