2 Wealth Show S3 Ep3 - Economy Inflation
On Episode 3, Justin and Elizabeth talk economy inflation.
Key Takeaways:
Resources and links discussed
Sponsored By: Integrated Health Solutions
We are passionate about your health and wellness and we know you want to enjoy a vibrant, pain-free, active lifestyle, but when you are in pain this seems almost impossible.
In order to be pain-free, move fluidly, and enjoy an optimal level of functionality, you need a personalized yet integrated, research based and clinically proven approach and that’s what we do.
To learn more visit us at
ihsindy.com
cryotherapyindy.com
About the Hosts
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!
Super E – Real Estate Investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in-between.
Connect with the Hosts:
2 Wealth Show S3 Ep3 - Economy Inflation
On Episode 3, Justin and Elizabeth talk economy inflation.
Key Takeaways:
Resources and links discussed
Sponsored By: Integrated Health Solutions
We are passionate about your health and wellness and we know you want to enjoy a vibrant, pain-free, active lifestyle, but when you are in pain this seems almost impossible.
In order to be pain-free, move fluidly, and enjoy an optimal level of functionality, you need a personalized yet integrated, research based and clinically proven approach and that’s what we do.
To learn more visit us at
ihsindy.com
cryotherapyindy.com
About the Hosts
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!
Super E – Real Estate Investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in-between.
Connect with the Hosts:
Welcome to the, 2 wealth show a show that shares how you can create real wealth for you and your family. I'm one of your hosts, Justin Bogard. And my co-host is Elizabeth Sickles, AKA super E. I am a real estate note investor specializing in performing residential real estate debt. I find the deals acquire them for my own portfolio, as well as educate investors will walking them through the process of owning a real estate note. My co-host super E, a real estate investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in between. Our show was sponsored by bright path notes and Elizabeth Maora You can find out more information by visiting our websites at brightpathnotes.com and elizabethmaora.com
Elizabeth Maora:Justin Bogard. Hello, sir.
Justin Bogard:What's happening? Super E. How are you?
Elizabeth Maora:I am fantastic. How about yourself?
Justin Bogard:I'm doing well. Weather is nice. It's the, uh, middle of January as we're recording this things are going pretty well. And if it know already Elizabeth, we have over a thousand downloads for our podcast now.
Elizabeth Maora:Woo. Thank you to everyone who listens to us.
Justin Bogard:So yeah, so we have a podcast channel that is audio only, uh, for those of you that may not be familiar with this. A podcast in general is just an audio only type of distribution and super E And I also record this, uh, over our new app called stream yard. And so we have a video part of it and you call it video cast or broadcast if you will. And that's going to be displayed on our YouTube channels, uh, Brightpath notes and Elizabeth Maora. And so we have a bunch of viewership on that, but we kind of track the podcasts, downloads this because the metrics are easier to see. And so we're excited that it's been less than 12 months and we have a thousand downloads. So we kind of reached our milestone, uh, before, before our 12 month marker, which is pretty cool. So I'm pumped about it. I know you are too. And I wanted to share that with our audience.
Elizabeth Maora:Yes. Thank you again for listening and sharing.
Justin Bogard:Absolutely. Yeah, we're, we're, we're growing our reach every time. We're, uh, we had a great interview last episode with, uh, with Jack and look forward to having several more, really, really, really good interviews this season, super E So, um, something, you know, we haven't really talked a whole lot about our dive into Elizabeth is kind of, um, what is going right now with our economy. I know we're both not economists we're real estate professionals, and we both have our own niches, but I think something that is the elephant in the room is inflation. I think we both see inflation just continually rise and it is there. And so, uh, one of the things that I started off when I got in the note business was I talked about, you know, if you're not making really two and a half, 3% of your money, you're really not making more than inflation. And so you're really making money at that point. So the goal is obviously to make, you know, more than, let's say 3% through a magic number out there. So he could actually make a profit, right. From your money working for you. Cause right now, if he's leave your money in a bank, Elizabeth, what happens?
Elizabeth Maora:Nothing. Yeah. You're losing money actually. You're losing money. It's
Justin Bogard:Scary to think about that. Right. But it's so true. You're losing money if it's just sitting there not doing anything, working for you. So when I figured out, you know, it's changed my mind about how I did my finances and understanding money. It's just like, okay. Yeah. If you're not working your money 24 seven all the time, you're, you're starting to go backwards a little bit. Um, so, uh, one of the things that can protect us from inflation,
Elizabeth Maora:So it's a really good idea, especially now to have physical gold and silver. So what that means is that you have, you have gold coins or you have silver coins. Now silver is much less expensive. Um, I didn't, I should've looked, but the spot price for silver has been right around. It's gone up to about$28 an ounce where as the gold price is fluctuating around that$1,800 Mark. So$1,800 per ounce. Um, yeah. And what's great about gold and silver is that they are recognized in every country, all over the world and what happened. So in 19, prior to 1970, the United States was on the gold standard, which meant every dollar we printed. Every bill we printed was backed by gold, but now our currency Nixon, uh, president Nixon took us off the gold standard and now we're backed by debt and we're going to show you why. So, um, I know Justin has some actual cash and will you, will you show them and reach them? What it says,
Justin Bogard:This is the only cash that I have. I, this is all the money I have in the world and everything else is invested in something. So it says, um, on the front here, it's a federal, federal reserve note. Okay. And so what is a note? A note is a promise to pay. And so that's what it says on here. It says this note is legal tender for all debts, public and private. And so, um, we see that this is a promissory note, so that you said this isn't backed by gold anymore,
Elizabeth Maora:Correct. It's backed by debt. So, and a lot of people don't realize that the federal reserve has nothing to do with the government. It's a, it's its own private company. And there's a movie which actually I haven't watched it yet, but it's on my list to watch this week, but it's called Jekyll Island. Um, and it talks all about the federal reserve, how it was formed. So I would just like to agree again, it's on my list for this week, but I would like to encourage our guests or our listeners to listen to it or to watch it as well. And because that just helps you understand what's going on now even more. And some people will say, well, if I'm hungry, I can't eat gold or silver, but what you can do is you can barter with it. And it's a great hedge against inflation. So instead of leaving and again, we're, we are not, I'm not giving any financial advice whatsoever. Um, just, you know, this is the 2 wealth show. So we just want to share different ways that you can grow your wealth. Um, you know, so instead of leaving cash, just sitting in a bank, if you're not, if you're waiting on deals or if your deals are falling through, um, it's a great way, again, the physical gold and silver, and there are a lot of different reputable sites that you can buy them. You can also go to your local gold or silver shop. It's a really good idea actually, to make friends with those folks, because if we're ever in a serious situation, then they're going to obviously do business with people that they already have a relationship with. So, yeah, and we've seen the spot prices for gold and silver go up tremendously, which started last year. Um, and so the predictions from the experts are that the prices are going to continue to increase for the gold and the silver, because it's such a great hedge against inflation.
Justin Bogard:Yeah. I see. Uh, for those of you that know Robert Kiyosaki, I do follow him on Twitter and some of his tweets, and he's definitely been preaching for a while about buying gold and silver and even Bitcoin as well. And I believe he's, he's heavily into those assets as well. So it's just about diversification. It's about protecting yourself in all facets of your financial portfolio. Some people have all their stuff in, in one particular, um, uh, part of their portfolio, like, you know, maybe standard investments like in stocks and bonds and mutual funds and things like that. Some people have all real estate, some people have diversifications of a mix-match of a lot different things and just be aware like Elizabeth said that there were other ways to protect yourselves and what better than going through. Um, you know, uh, what's, what's the word I'm trying to think of? Um, I'm trying to think of a really, uh, exaggerated word here. Um, uh, apocalyptic time, gold and silver, uh, and your pocket to barter with is it makes me feel like it's back in like, you know, the, uh, you know, 1200 or something to where that's, how you exchanged stuff. So,
Elizabeth Maora:And you know, there's, so there's a lady that I follow. Her name is Lynette Zang. Um, she's with ITM training and she is on Robert Kiyosaki's podcast. So she's very highly regarded by Robert Kiyosaki Lynette Zang is fantastic. Um, so, um, I-Team training, there's physical gold and silver a company as well as they do other precious metals also, but she breaks everything down. Um, she talks about the great reset, which is going on right now and that's all over the world, economic forum. So all of this stuff is, is searchable. Um, and she's very practical about approaches to make sure that you continue to increase your wealth or at least, um, that you protect your wealth, you know, cause that's, that's why we're here. We're not, we're not working this hard to, to give everything away.
Justin Bogard:We don't want to go backwards and we don't want someone else to take it from us, take it from us as our legacy holders. Right.
Elizabeth Maora:That's right. That's exactly right. And so just to note, too, you know, you might see the spot price and the silver, so the spot price of silver or gold, let's just say the spot price of gold is$1,800, but then you go on one of these websites or you go to the shop and maybe, um, a gold coin with one ounce of gold is actually$2,000. So what you have to think about is we have a spot price and that's what's all over the market, but that coin had to be taken out of the earth. It had to be minted. It had to be shipped. So that doesn't mean if it's a$1,800 spot price, that gold coin or whatever you're going to buy. That's gold is going to be more than$1,800 for that ounce. So just, just keep that in mind.
Justin Bogard:Absolutely. You know, it's funny we bring this up and guess what show I've been watching? Pretty pretty, uh, a lot since, I guess since the Christmas break, it's almost scary. Yeah. It's on discovery. It's the gold rush or whatever reason it's, it's kind of funny to watch, but at the same time, it's it, to me it's addicting because it's just like, it's so unbelievable that we can harvest this stuff out of the ground. Not, you know, there's effort into it, but it doesn't seem like there's a lot of effort into it because there's big machinery that they can collect the dirt and they put it on this, you know, this ramp and it kind of separates the dirt from the other minerals. And it's just a really cool process. And it just amazing at the end of the week or the month or the year, they way their goal is, and they just start pouring these flakes down and they just, like, we've got 2000 ounces or 4,000 ounces and they added up to like, you know, several million dollars and it's like, Oh, and it's just a it's it's in our earth. And it's, it doesn't seem to be, um, exhausted. Like it's not depleted. It's just funny how they keep, they keep finding stuff. So, which is very good. Yeah. It's kind of funny. We brought this up and I've been watching the gold rush, so I've got gold fever. I don't Even know you get a metal Detector to start running around the yard, trying to see what I can.
Elizabeth Maora:You never know. Yeah. And just on that point too, something that I've recently gotten very heavily into is prepping or survival skills. So what they, so one of the things they call it in the prepping community is a grid down. So if we're ever in a grid down situation, so we don't have electricity, rather it's a natural disaster. You know, we are located in Indiana. So we do get tornadoes. Um, we're also not too far from the San Andreas fault. So if we were to ever have an earthquake, you know, there's just, there's a multitude of things that could happen. And you know, this is not doom and gloom. This is, this is why we're here. This is why we're the 2 wealth show is to be prepared. Um, so one of the things that they talk about just to some of your points, um, Justin is being able to barter. So for example, if you let's say you have an, an ounce of gold, so if you have a gold coin and you know, maybe you need food for a whole month because you didn't prepare, then you could trade that gold coin for a lot of food. Um, so just so you know, you can live three days without water and you can live three weeks without food. So just in preparation, certainly
Justin Bogard:I recommend you doing that by the way, we do not recommend you doing that. Don't need the data.
Elizabeth Maora:That's right. This is so that you could be prepared with water, um, as well as with food and just something, if, if you're new to this, if we were ever, and again, and we're in the winter time here as well. So we could have a freak snow storm that could take electricity out. Now these are just smart things to do no matter what, and just a really good tip for you guys, if we were ever, you know, we could have a freak snow storm this weekend because we never know what the weather is going to do. So I think that you could do really quickly if you don't have any water at home or you don't have enough water at home is to fill bathtubs with water. Now you want to filter that water, of course, before you drink it. But what they say is that it takes a gallon of water per person per day. So, you know, Justin and Vicki have four kids, so that's six gallons of water per day and it goes really fast. Yeah. You know, so, you know, again, we just, we want you to be fully prepared and, um, I actually have, um, I have a prepping community, so I invited my neighbors over. Yeah. It was really fun. And we went through just the basics of some survival skills and things that they should have. How do you start fires? Um, what are the foods that you should have? How do you filter water? Um, so also just some, you know, defense things as well, but, um, it went so well that I'm having a meeting with them next month as well. So, um, yeah, so you can really learn a lot. It's super, super educational. And even if you don't have, you know, money to buy a lot of the things that you know, that people suggest you have it's skill, skill overstuffed. Okay. So what skills can you learn? How about sewing? Right? Because if we were ever in an extended grid down situation, we wouldn't be able to just to go out and buy new clothes. So can you repair, you know, can you cook? Can you start fires? Can you hunt? So it's, it's really cool stuff. And especially to have your kids involved and see what kind of skills that they really like, and then you can help them refine their skills. Knowledge is power.
Justin Bogard:It is, and ignorance is bliss, right? Yeah.
Elizabeth Maora:Yes, that's right. So again, this is not a, it's not a dooms day it's just survival for anything, you know, that that could happen natural disaster, anything, right?
Justin Bogard:Yeah. You just had to live with it for awhile, you know, for a couple of months, you know, you're going to have to figure out how to make things, make things work. And those are great tips and stuff that need to know. It's just good to know that stuff because you get appreciation for what we have today. Right. I was running water, we have electricity, we have roof and four walls. We have furniture. We have, you know, food delivery service. I mean, we've got a lot of amenities now that, you know, we just take advantage of, because we haven't had a chance to, to fend for ourselves, I guess I would say so.
Elizabeth Maora:That's right. And just an opportunity to, to tie this even further back to real estate, I was in Nashville for new year's. I have some really good friends there. And my buddy asked me, he said, Elizabeth, why aren't you building new houses? Um, so actually what I'm looking at doing is I'm just in the very beginning of stages, but looking at doing developments that have a really cool twist in houses that are, that are built for survival and that have a lot of different, um, options, so to speak if we're ever in a grid down situation. So there's always opportunity. Always, always, always.
Justin Bogard:That's pretty cool. I never heard of the term grid down until you just mentioned it on the show today. So thanks for educating me on that.
Elizabeth Maora:You're welcome. They have some other names for it, but, uh, I just like to use the term grid down.
Justin Bogard:I read between the lines. Yes.
Elizabeth Maora:And, you know, also, um, everyone just so you know, there are, and there are some different shows. I don't know if they're on the history channel or discovery, but on bunkers. Um, you know, so, and those, their sales have gone absolutely through the roof that started last year. Of course. Um, so just, you know, just think about it too, you know, there's always opportunity. And, and I don't see, I think that that market is going to be hot for a really long time, you know? So the other thing that, you know, that you always need to be looking out for is what's coming next and how can I be ahead of that? Or how can I capitalize on it?
Justin Bogard:Okay. Absolutely. Couldn't agree. More, you got to kind of forecast as to what happens, what you think is going to happen, what you to be prepare for. Yes. Tips and tricks. So, um, well let's but what else been going on with you? I know you had some other things that we were talking about offline. Um, you want to bring those up?
Elizabeth Maora:Sure. So actually today I got a message. Um, three houses down from me, the neighbors sold the house the end of last year. And then I haven't met my new neighbors, but they tore the house down and it looks like they're going to be building a monstrosity, which is happening in my neighborhood. Um, so I got a text from my new neighbor today, say, and again, I haven't met her, but, um, she found my work number, um, saying, you know, Hey, this is who we are. And we'd like to offer you X amount of dollars for your house. You can still live in it and just rent from us from the next, for the next three years and, and da da da. Um, so sometimes it's kind of interesting because I've been toying with, because I do have a lot of equity in my personal house, it to me, and I've been toying with the idea of selling it. And the question that you always have to ask yourself is how could that money work better for me? Um, you know, and run always, always, always run your numbers. You guys hear me say that a lot. So what's your return on investment and what's your throw off, um, because actually the number, this initial number, which, you know, most of the time, people are gonna give you a lower number just to start as bargaining point. But it's, it's a nice number, but I would absolutely not sell my house for that. But what I'm thinking is, okay, if I do sell it, then can that money finance my other real estate goals this year. And will I make more on that?
Justin Bogard:Exactly.
Elizabeth Maora:So, um, so it's always good. Whenever somebody is offering you money for something that you weren't necessarily going to sell, but run your numbers and you can think, you know, we can say all day, well, if I get this and I can get this and then no, you've got to put it. And I'm old fashioned. I put it to pen and paper. I have my, my formulas in Excel actually, but I always do it on pen and paper just because I can see it. And I'm actually doing it myself.
Justin Bogard:Yeah. It's, it's just something psychological about when it's in your hand and you're writing it down and you're looking at it and you're thinking about it. Yeah. I fully agree as I do a lot of that stuff too. I'll write down numbers or use the whiteboard behind me and I'll just, I'll write things out and I'll look at it and be like, that doesn't look right. Oh, I'm missing something here. And no, that doesn't seem like a good deal because yeah. Putting on Excel, it's easier. You can have a bunch of formulas and it can do a bunch of magic and run numbers and crunch things and come up with the values and you're like, okay. But then when you something about writing it down, I agree. It's just, if you see it better, I think.
Elizabeth Maora:Absolutely. Absolutely. Um, you know, so definitely there's a lot, there's still tons of opportunity out there. There's a lot of people cause I do, I watch a lot of people. I more lean my philosophy. I agree with Robert Kiyosaki. Um, you know, so watch a lot of the people, I watch them on YouTube, um, or listened to their podcasts on the housing market. So excuse me, you know, I, I certainly don't know what's going to happen, you know, this year, but, um, I think it's good to get your information from several different gurus. So not viewers, that's probably not the right word, but for sorry. Um, but maybe well-respected people in the industry so that you can make a decision that's right for you.
Justin Bogard:Yeah. And they have a proven track record of being PR. I mean, no, one's perfect, but they they're, they're on the right cusp of what's what's going to happen or what didn't happen. And they, they were definitely the right track or they were the forefront of a couple of different movements of being into real estate at the right time or different part of real estate. So yeah, I agree when to have people that have a proven track record and take that into consideration. Right.
Elizabeth Maora:Um, absolutely. So it's always, you know, again, just to, well, there's a lot of different ways that you can, you know, build your assets. And it's funny because my buddy that I went down, um, for new years, um, he has, he's all self-made, he's done really well. And he said, so Elizabeth, how many properties did you buy last year? Or this year? Sorry. Cause it was still 2020. And I was like, yeah, I, I sold properties and he's like, well, how are you going to, yeah, well, how are you increasing your wealth if you're not buying properties, if you know, and I'm like, Oh crap, that's good.
Justin Bogard:Uh, you know, hold you accountable for stuff. That's good. What does a person, I don't know, the person you're talking about, you mentioned them before and they're, you know, how, how successful they have been, but it's nice to hear from somebody like that being okay, this person is, you know, leaps and bounds ahead of me. And you know, they say that I better, I've already taken what they say, you know, pretty seriously and, and figure out how to implement that because that's your goal to be at that level, whatever that level is. Um, makes sense. Right. That's right. The numbers didn't work out for that house for your house.
Elizabeth Maora:Um, well it just, I just got it a few hours ago. Um, but I'm gonna, I'm going to call at least and just, you know, kinda seeing number one. Um, I want to see what they're building down the street from me and, um, you know, just to have that conversation.
Justin Bogard:Yeah. I mean, I got to imagine where you live. The, um, real estate probably goes pretty quickly in most places too. So it wouldn't be hard to get a full price MLS offer, um, for, for what you guys have.
Elizabeth Maora:Oh yeah. If I put a for sale sign, it it'd be gone same day. Yeah.
Justin Bogard:Yeah. I don't ever remember a time like that where it's been such a quick market for, uh, for real estate. Um, back in, let's see, 2010, you know, was, it was a bad time. I don't know if I ever told you this story or not, but it was the first house that I had owned and I had bought a HUD home and, you know, HUD homes are from, from, um, I think it was golden feather or golden leaf. I can't remember the website or whatever. Uh, that was the organization organization that had the home buy bought it. Right. And I put a little bit of very little sweat equity into it. And I had it for probably four or five, six years I think. And then 2008 happened nine, 10. And in 2010 I sold it. And this was the first time I've ever used a realtor by myself. And, and uh, I realized a lot of things at that point, um, of what to do to prepare your house. And so I just, I did exactly what the guy told me to, and I was able to put a sign in the yard. This isn't a rinky-dink starter home neighborhood and there's, you know, probably 250 homes in this neighborhood, but sign in the yard and less than 24 hours, I already had an offer on the house for full price. And I was thinking like, everyone else was telling me, you know, why are you putting your house for sale? This everyone is going through foreclosure. And this is like a bad time. And I'm like, I didn't know any better. That's like kind of fumbled into this. And that's kind of what started me in all. This is realizing that man, I just made money on something. I didn't even know you can make money in this. And then, you know, the bug was hooked ever since. I don't know if I told you that story or not, but yeah. Money in a really terrible market in a neighborhood that you would thought, you know, there's probably a thousand starter homes in that neighborhood for sale too. And I don't know how mine got picked out of all of them, but that was kind of neat.
Elizabeth Maora:Wow. That's awesome. That's really great. And just kind of to piggyback, excuse me on that. Um, you know, I would see, you know, with a lot of, um, you know, folks were talking about, okay, what are rents going to do? What's going to happen? And my buddy in Nashville, so his name's Winston and Christina, Christina's his wife. Um, but he's, so he, he has a lot of doors and he said, you know, I think rents are going to go up because we still have a shortage of housing. And I just put, so we managed three traditional rentals. I just put two of them up for rent yesterday. And I already have two inquiries and I raised the rent, um, 12% from last year and I raised the security, I doubled the security deposit. So, um, there are, and the one, um, the one person actually wants to see it this week. So there, there are still people with money out there. You still need to go through the whole vetting process. Um, you know, but, but it is out there.
Justin Bogard:So is it, uh, you think it's tenants that are going to be there? Long-term this is a 12 month lease type of renter.
Elizabeth Maora:Yeah. And unfortunately to my, my residents who they were great, but the one they're buying a brand new house and then my other folks, um, the, the one lost her job last year and couldn't get a job around here. So they're moving to North Carolina where she's from. Um, but great, great residents, but this one potential new resident actually wants do an 18 month lease. Okay. So, and I'm all about that, but longer the better.
Justin Bogard:Yeah. It's what I think what's helping your cause for, uh, for rents to be competitive and, and being able to raise them a little bit is just, uh, you mentioned earlier about a housing shortage and that, and to some extent that that definitely is true. And I also think it's affordability, uh, it's affordable home ownership, I think is also a challenge that is going to, is causing our rents to be where they're at in a little bit higher, uh, is because we have more people in the lower price band, let's say South of$125,000 that are just unable to get traditional financing because of banking requirements. And because banks really aren't that comfortable lending below a certain point, whatever that number is, it depends on the bank, right? Maybe it's a hundred thousand, maybe it's 80,000, maybe it's 150,000. Um, but that's, that's also a big factor too. So we've talked about this before in episodes pass, but seller financing is also a great opportunity for people as well, that are, that own the real estate and are trying to sell it. So if they don't want it, they don't find the right tenant situation. They only find like maybe a short term tenant and they want an 18 month tenant like yourself. Well, maybe another option is to seller finance as well. So, um, it could, it could be an option for somebody because then they get that affordability. They can actually, you know, they could own the home. But, um, I think the people that you run into more likely are just kind of temporary. They don't seem like they're longterm super long-term, um, you know, people that are gonna plant their feet in the ground and, and grow with that home.
Elizabeth Maora:Absolutely. Absolutely. So, yeah. So we'll see how it goes. I'll give you all an update on our, on our next show. Hopefully both of the properties are filled fantastic.
Justin Bogard:Elizabeth. We are out of time for today's episode, episode, number three, for those of you listening, don't forget that we also stream cast this. We record the stream of this on our YouTube channel. So, um, on bright path notes, YouTube channel and Elizabeth Maora's YouTube channel and, um, I don't have any closing thoughts for today. I think we've covered a lot of topics in a short amount of time, so that's pretty awesome for episode three. So I'm just going to sign off and say, Hey, I'm Justin Bogard with BrightPath notes
Elizabeth Maora:And I'm Elizabeth with Elizabeth Maora. All right, guys. See you next time. Thank you
Justin Bogard:2 wealth show is produced by Justin Bogard and super E sponsored by Brightpath notes. And Elizabeth Maora, thanks for listening and watching for our show.