Ask Me Anything

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Q: “What does this mean?!?”

U.S Income Inequality grew through pandemic years, Fed survey shows America’s top 10% controls 60% of the wealth. The bottom half hold 6%.

“Does this mean that we can’t really get into that top 10%???”

-Darlene Kong, name used with permission, screenshot of her text below

A: To get to that top 10%, we now have to fight to the death. Noooo, just kidding! Wealth inequality did grow during the pandemic, in large part because the poor were trying to stay alive and employed while the wealthy were borrowing cheap money and leveraging their assets to obtain more wealth-generating assets. But as far as not being able to get to the top 10%, money is not a finite resource; it’s kind of like love. When you had your second child, your love for your first child did not decrease to share with the second child, right? Your love did not divide because it is not finite; you simply loved them both. As another example, if you bought a house ten years ago for $100,000 and today it’s worth $500,000, that $400,000 gain was not taken from someone else, even though you technically now “control” $400,000 more than you did when you purchased it. The word “controls” in that headline may be technically correct, but only for the moment in which it was measured. The media company wrote a headline to grab your attention and it was effective.

Q: “Why did you sell your mortgage brokerage and start coaching? Did you not like lending or were you forced to sell?”
-A Curious Mind, The Creative Finance Summit

A: I was a bit shocked by the boldness in this question, but I was glad it was asked because I had no idea anyone might have been thinking this! I do love lending and I was not forced to sell. I have been coaching and consulting business owners for decades. About two years ago I came to the realization that I use lending as a means to improve the lives and wealth of small business owners. I decided that this is what I want to focus my energy on, and that I want to do it on purpose! I still work in lending by consulting with private lenders and with an investment real estate mortgage brokerage. I help them to strategize, grow, mitigate risks, and grow their wealth. I still love investment real estate and I still love finance. I remain very active in both. I just love small business owners even more! And while love is not finite (as in the answer above), my time is finite. I chose to spend my time in ways that create the greatest impact and make me the most fulfilled.