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Whether you’re a pro athlete or college star, discover how real estate can fund your retirement, protect your family, and silence the stats (hint: 78% go broke). Plus, the ONE secret that built James Morris’ amazing portfolio. Don’t play the money game blind—level up now.
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Raphael Price (00:02.039)
If you like to win, you are in the right place today. Welcome to Premier Insight podcast. My name is Raphael L. Price. This episode is custom built for the student and professional athlete. Today's theme is real estate investment strategies for student and professional athletes to help them build robust investment portfolios. We are blessed to spotlight Mr. James Morris Jr., Chicago based real estate business owner, investor,
educator and economist. Welcome to Premier Insight podcast, Mr.
James Morris (00:38.651)
Hey, thank you for the invitation. Appreciate it.
Raphael Price (00:42.53)
Yes, yes. And so before we really get into the meat of our conversation, I want to learn a little bit more about your background for the viewers so they can understand how you got your start in real estate and who really shaped your paradigm to the business.
James Morris (01:00.284)
Yeah, so me, I grew up in a family of real estate investors and entrepreneurs. And it was my uncle who introduced me to the life of real estate because he was a young age, 21 years old. He bought his first three flat. He lived on the first floor. My mom lived on the third floor. He had another sister that lived in a basement and he rented out the second floor. So as me growing up,
I always saw him, worked at UPS, but then I saw him like always doing work and improving the property. And at that young age, I didn't know like what that will like manifest to, but I do remember when he moved out to the suburbs from that home and then leveraging that home and then opening up a car wash and then a restaurant, then a hair salon, then a clothing store. And it was at that point that I understood that one job or one income
wasn't going to fund your lifestyle. It was those multiple strains of income and therefore you're not always dependent on your W-2 income. So that's where I just loved the business aspect of it, which traditionally led me to majoring in economics and begin studying the markets and mutual funds and stocks and how even owning a small share of a company
you're still classified as an owner. So you're reaping the benefits. And then it just kind of, just, you know, just love like financial literacy from that aspect. So as a young age, you know, you would always, the games were monopoly life, you know, wrapped around money, you know, and, you know, one of the analogies is more of imagine like going through life, like just collecting a paycheck and never buying any property. Where in that game of monopoly,
And you're going to go broke very quick, you know, because all you're doing is you're paying rent, you're paying taxes. And then eventually, you know, you may land on go to jail and you sit in there and you just like observing, like watching everyone else making money. And that was something I never really wanted for myself.
Raphael Price (03:13.641)
That's beautiful. Speaking of Monopoly, I just played Monopoly with my daughter last night. I'm not kidding you. She's only seven. A friend of mine gave it to me for Christmas, gave it to my daughter for Christmas. And I said last, she asked me, daddy, when are we going to play a game? And I said, we're going to do it tonight. And I'm so glad that you spoke about that because that's really important. And you've been doing a great job of that as well. You know, passing it on to your children and get them involved in the game early so that they can be successful as you are now.
As we begin into the crux of this issue here, for you there's a connection between sports and finance, and it's very much team oriented. So would you take time to elaborate on that concept to help us understand the similarities between those disciplines? We're talking about sports and finance.
James Morris (04:04.38)
Yeah, so, you know, I have three children. Right now we're in basketball season, so I'm coaching them for basketball. And they also play baseball. Another one plays hockey. My daughter plays softball and volleyball. But for me, like, if you think of a team, you know, and right now a team, if you're talking about football, a team has an offense, a defense, and special teams. Well, in order for that team to thoroughly be successful, they have to be clicking.
on offense, defense, and special teams. Because you can't have a great offense and then you have a poor defense. So what you score, you give them back up, right? Eventually, your offense isn't going to be able to keep up, you know, because they're constantly on the field and they're getting tired. But what I like to think about this is, you know, sometimes like when we're late into financing, then we're running our two minute offense, you know, because you're in your 50s.
Now the IRS calls that like catch-up contributions. Those for people who you maybe life kind of controlled and you weren't able to contribute early on, right? So now you're 50 years old and they're allowing you to put in an extra $6,500 or $7,500 a year into your IRA. Well, if the traditional age, you know, based on the social security is saying like you should retire at 62, well,
The average lifespan is 75. So a lot of us spend our good years working at that establishment. And then we're deferring our satisfaction, our gratification until we 62. I've known some people to go to 67, 72 years old. That's the maximum social security. But now you only giving yourself really three years to enjoy your life. But what if your two minute offense started as soon as the tip off or the kickoff?
And that's when you want to be aggressive with your investing because for the majority of the people, they may not be married. They may not have kids. You have way more energy so you can work two, three jobs, but it's the compound interest. So if you start investing early, then that compound interest kind of builds and builds and bills. So when you do hit that 62, you have 30 years in.
Raphael Price (06:11.724)
you
James Morris (06:24.764)
And the simplest formula is, imagine just putting $6,500 in an IRA for 30 years. Averaging like 8%, that's going to put you at about $1.2 million. So for me, when I saw it, when people say, I want to be a millionaire, it's not really that difficult. Even if you had a term life insurance and you just put in $600 a month.
Raphael Price (06:31.882)
Mm-hmm.
Raphael Price (06:52.331)
Mm-hmm.
James Morris (06:53.017)
It really doesn't even cost that much. That's more of like a whole life. But now you're thinking beyond yourself. You're thinking about your family. You're going to leave them a few million dollars. You know, so, and that's not even taking consideration your income. You may have a home, you may have some outside investments. I just saw like a simple path to where how number one, you can start with streams of income and then those streams income can just start and just kind of manifesting and grow exponentially.
Right.
Raphael Price (07:25.225)
You know, I appreciate you sharing that about leaving that inheritance for your children. I just read this. I'm not lying. I just read this this morning in Proverse. It says a good man leaves an inheritance for his children. You're a good man, Mr. Morris, because you're doing that. And unfortunately, there are many fathers, especially in our community, that aren't doing that because they haven't been taught to do that. And that's a big part of what you've been doing in your expertise as an educator in the community. We're going to get into that as well a bit later.
But for now, let's tap into this subject about your decades of experience as an investment real estate educator and as a successful real estate business owner. What kind of advice would you give to a professional athlete to enhance his retirement portfolio? And then what kind of advice would you give to a student athlete? Because we understand those two perspectives may be a little bit different. So maybe you could speak to that for our viewers.
James Morris (08:19.642)
All right, awesome. Great question. So I'll start with the professional athlete. You whether it is NBA, NFL, NHL, you know, Major League Baseball, you have to do your research. And that research would be like, what is the average lifespan of an athlete? You know, so if you're thinking about like football, you have to understand like 78 % of them go broke after they stop playing. And why is that? So once you understand
those reasons, then you can kind of set up a blueprint so that you don't hit those pitfalls. Number one, the money comes in early and fast. And let's just use football. Like even if you get a $10 million contract, which in order to get that, you have to be top tier, like first round, right? To get that. And a lot of it is understanding what's guaranteed money and what's non guaranteed money. So of that 10 million, 10 million is not guaranteed.
Like there may be some incentives tied to your performance play, know, how many yards or TDs or sacks. But if you get injured, then that $10 million you'll never see. And I'll take it back to what most people don't understand because they're so, so young is that the 10 million you will never see because now that puts you in a higher tax bracket to where 48 % of that is going to FICA.
Raphael Price (09:30.218)
Mm.
James Morris (09:45.501)
Well, FICA is tax, right? And then, now you're down to your 10 million goes down to a little bit about $5 million. But then what they don't explain to you is that there's a jock tax. Now the jock tax is now you're paying taxes in every city that you play in, right? So that is money that you have to pay. Then you have agent fees. So now that 10 million can dwindle down to roughly about $3 million.
Raphael Price (09:54.726)
in
Raphael Price (10:03.689)
Hmm.
James Morris (10:13.648)
But the one thing that we see is like our family only here in the paper like, we have $10 million. Like, can you buy me a house? Can you buy me a car? But when you're in that lifestyle, you want to look rich because people think you made it. So you may go buy, you know, a half a million or a million dollar house. Well, now that three million, let's go to two and a half million. And then you may buy the car. Right. And then you want to buy your mom's house. So now you're down to like
Raphael Price (10:40.169)
Mm.
James Morris (10:43.537)
really like right under $2 million. But this $2 million has to last you for the year. And the biggest surprise to most is this, you don't get a check and you're off season. So now you have to learn how to budget that money. So if the NFL season is running roughly about six months, like that money stops when you stop playing. Granted, like you may not even make the playoffs to go to the Super Bowl. So now,
you have to budget. So I would say the pitfall for most people was just you have to understand that the money that's coming in, the same amount can't go out. And that's more for the professional athletes. So I would say the pitfall, depending on where they are in their career, those five biggest pitfalls, number one may be family. You're putting your family on payroll. Two, it may be children. You're out there birthing a lot of kids. And then we know child support is going to...
take a large percentage of that money. Divorce, divorce is like, man, you divvying up your assets. So if you had 2 million, you may be left with, right? You may not even be left with any of that, with a 30 feet.
Raphael Price (11:51.421)
You forget it, you can blow that away. You'll be like me, you ain't gonna have no money, you'll be had no hair, no nothing.
James Morris (12:00.463)
Right, right and then it's the ego, know, so it's the ego So it's the the chains the cars and the one thing about this is like broke people you're out there trying to impress a whole bunch of nobodies So when you broke you can have some some some jewelry around your neck and I don't be like that's that's not real So now you go out to buy the real stuff But if you have money like I can wear knockoffs all day and you're gonna assume is real because you know, I can afford it but
Raphael Price (12:19.354)
Ha ha!
James Morris (12:30.118)
For me, it is not gonna be real. I'm not gonna spend my money on foolish things. So I'm happy to see most athletes are coming out and saying, man, my jury is not real. Why would I spend all of that money just to impress you? I have the money. And it's the saying, like, rich is loud and wealth is silent. You move in silence, because you don't have to impress anyone. And then that fifth thing is like, the game retires you. You don't retire from the game.
Like you can be cut. It's always some young player that's going to outperform you if you not invest in your body and in your time and your efforts. An injury can take you out. Like your rookie season, you can come in first game and you can be gone. Same game, right? And then, so now even let's say, even if you did have that $2 million, you know, most of them are coming out of college early.
Raphael Price (13:11.243)
That's right.
It's red.
Raphael Price (13:19.399)
Mm-hmm. Yes.
James Morris (13:29.99)
That $2 million, that's your earnings. That's not gonna last you your entire life. So now you gotta go out and get a job. And people's like, man, you had that $10 million. Like, nah, I never had the $10 million. I had a $10 million contract, but I never had the $10 million. The student athlete, you have to understand like, hey, sports is just to get you a paid education, a free ride.
Raphael Price (13:47.641)
Mm-hmm.
Mm-hmm.
James Morris (13:59.237)
If you go to the league, awesome. But I've known a lot of great players coming out of high school and had some decent college careers and never got that call to that big stage. And the big stage they did get called to, was a few 10 day contracts here, playing overseas and eventually reality hits and just like, man, like I'm not really making the money. Like I'm just traveling and I gotta get a job right now.
Raphael Price (14:09.99)
Mm.
James Morris (14:27.868)
But if you do get some money, I like to say like 100%, like 50 % supposed to go to your needs, right? If 30 % goes to your wants, then your last 20 % should be like savings and investing. So you can have a budget, you can have a trick off budget. This is my entertainment budget. You know, this is my travel budget. This is my house budget. This is my car budget. But everything has to...
Raphael Price (14:36.08)
Mm-hmm.
Raphael Price (14:47.738)
and
James Morris (14:57.821)
You can't say, I attributed 150 % of my money, like you run it in the red, right? And I think that's where people make that mistake is they see the money and they assume that that money is gonna always come in at that level.
Raphael Price (15:16.955)
Thank you, Mr. Morris. And this is what really fires me up about talking with you about real estate investment, because I believe that this is an area that people have not tapped into enough to account for those contingencies in their careers as professional athletes, right? The injuries, all the unknowns. And so, this is a great segue to the next question, which is from your perspective,
where pro athletes missing out on wins in terms of real estate investment.
James Morris (15:53.607)
You know what? Most of them, the money is coming in, but you're not thinking about you being a business. And most people don't think about themselves being a business. It's like, you marketable? Like now that I have this money, I'm getting taxed at the highest level. That's the problem with W-2 income. It's taxed at the highest level for where if you have a business, then the business allows you to depreciate your asset, which is gonna save you money.
It allows you to write off all of your expenses. And for me being in real estate, like I write off my computer, my mic, my cameras, my lighting, my cell phone, my internet. I can have a home office and now I'm writing off a part of that home office. And not only just that, but the, the utilities, the gas, the heat, the water, everything that makes the house function. Right. My truck in my garage.
Gets rolled off the mileage that I drive to the properties or two events. So a hundred thousand W2 May come down to like 70, you know depending on your tax bracket 70,000 but a hundred thousand dollar Investment property after you deduct the mortgage taxes insurance utilities maintenance improvements
I may only get taxed at about 20 some thousand dollars. That doesn't mean I put 20 in my pocket. That just means I wrote off everything, right? So where am I? I'm not at that same tax bracket of a hundred thousand. So you get to keep more money and not to mention what they had that real estate is, it's cash flowing. So although you may write the check for the mortgage, it's the tenants that's actually paying the rent.
Raphael Price (17:40.581)
Mm.
James Morris (17:48.997)
and the bills and now as that property just kind of keeps growing exponentially over years is appreciating and now when you need money you don't have to go to a bank and fill out a loan application you can look at that property and just say it's time for you to pay me back my money that I invested into you and my motto was that every property should buy another property but if I'm doing it on this level
Raphael Price (18:15.674)
Hmm.
James Morris (18:18.158)
A person who has 10 million dollars or that 2 million dollars you can go a bigger project. Right? And that's where even though you playing the game we go back to are you playing Monop?
Raphael Price (18:36.068)
You know, you got me salivating over here. I'm ready to go out and buy some properties today. And I'm a licensed realtor. So we're going to make it happen in 2025. And that's why I'm so excited to have you on the show. So how can someone who is new to real estate may not have a lot of working capital, but maybe their homeowner, how can they maximize gains and minimize losses as they break into this practice of buying and holding onto property for profit?
James Morris (18:39.15)
I'm sorry.
James Morris (18:55.345)
Right.
James Morris (19:05.094)
You know, a first thing education, like you really have to invest in yourself. You have to be a student of the game or the business that you're trying to go to. So if you talk about an athlete and Steph Curry may say he shoots 503s per day, right? He's invested in himself to where it just becomes natural to him. There's no fear of taking a shot. He has a high probability and he's prepared for the situation. You may take
You know 100 shots on your right leg off balance 100 on the left. What does that do? That's preparing you for the trials and tribulations like during the game So for real estate, I had mentors number one. I still constantly take classes I'm constantly reading books and then the most important thing was because I deal with contractors while I took the carpentry the electrical
the plumbing, the appliance repair. I began to understand the trades to where, although I'm not an inspector, when I walk a property, I need to know what it's going to take to beautify that property and whether this is a great property. And although I am not an attorney, I need to be able to negotiate like an attorney, because the attorney doesn't come in until after you have a contract. And if you're building your team,
Raphael Price (20:17.934)
Mm-hmm.
James Morris (20:32.517)
Although I'm not a realtor, I need to know what makes a good realtor. What makes a good home inspector? What makes a good attorney? What makes a good property? What makes a good tenant? Right? And those are some of the things where people like take for granted. Having money, you have access to money. It's finding the money. So homeowners, number one, you may have equity in your home. Number two,
Raphael Price (20:37.476)
Mm-hmm.
Raphael Price (20:59.619)
Mm-hmm.
James Morris (21:01.188)
And this is where the ego comes in. Can you sell your home and can you realistically deal with? How people may perceive you as he had to sell his home. He broke No, I made a financial decision to sell my home and I'm gonna transfer this money that I was paying here and I'm gonna buy an investment property and I'm gonna live in one of those units and we call that house hacking so now yes, I have a smaller space, but I have two or three other units and
paying my bills for me and now I live rent free. Right? So that $1,500, $2,000 that I was paying to a house and a house for me is a liability because a house doesn't make you any money. It just keeps taking. An investment property is an asset. So stop investing in depreciating assets, which would be that house and car, you know, it's considered asset because you can sell it, but it depreciates. And look at
assets that appreciate Which it could be, know stocks mutual funds. It could be gold. It could be artwork but I love like investment property because I feel like anyone can do it and Everyone is doing it because either you are renter or your owner
Raphael Price (22:20.002)
That's beautiful. I love that term house hacking and I've never heard it put that way before. So thank you for the new concept. But here we are on Christmas Eve, 2024. And we're also on the eve of a new federal administration coming into power in January. So there are many in the audience and people I know personally that have maybe some qualms about making any moves like buying a rental property that they can personally hack, right? That they can live in, they can rent out other units. What would you say to a person like that?
who is kind of like Humpty Dumpty, they on the wall and they don't want to make a fall.
James Morris (22:52.925)
You know what Warren Buffett always said, never let a good crisis go to waste. Being an economist, you see the trends. We have a recession every 10 years.
person as financial literate makes way more money when the market is a downturn. You know, when you cost average for stocks, you buy low, you sell high. Real estate, you buy low, you sell high. I don't like to sell investment property. So you buy low, you refinance high, and now you take the capital and then you go buy it something else. Now you can be
afraid to invest in real estate. But I find it strange that you're not afraid to just work for one person who can lay you off at any given time. And you can be dependent on one income. One income is very close to zero income. And if you didn't learn anything from COVID, even some of your highest earners lost their job. You know, and people were, you're talking nurses, doctors, engineers, the economy shut down. But
Raphael Price (24:01.57)
Mm-hmm.
James Morris (24:07.226)
Real estate still hailed You know and if you balance your portfolio between market tenants and government tenants government kept on paying Right so you balance your portfolio like that and even when I've been through you know three or four recessions Even after 9-eleven property value went down that rent still stayed and the market is always gonna go if you look at anything like
You know, the 60s or 70s of what a home costs. I remember my uncle bought his property. That was in 1974 for 38,000. Those same three flats are going for 500,000 right now. You know, so you have to think about like inflation and what is going to, uh, how it's going to impact your dollar. So with this new administration, uh, they're projecting that inflation may go up to four to 6%. Well, that means that that same hundred thousand dollars that you had in the
Raphael Price (24:48.065)
Hmm.
Raphael Price (24:55.243)
Mm-hmm.
Raphael Price (25:01.89)
Mm.
James Morris (25:05.774)
savings account or Same hundred thousand dollar salary is not the same You know, it's four to six thousand dollars less and now compound that over 20 30 years That's why thirty eight thousand and seventy four is not the same thirty eight thousand day is is actually five hundred thousand dollars And that's what people you have to so what do we say is like, what are you doing to hedge inflation?
You parking your money into a savings account and ego again, you like to look at it. Oh, I got $10,000 in a savings account. Not understanding that that money is doing away to inflation. It's not making you any money. The bank may pay you 0.01%, but they gonna lend the money to me at maybe 6 % to go buy some real estate. And then credit cards are gonna lend you the money and gonna charge you 29%. So how are you?
Raphael Price (25:52.107)
Mm.
James Morris (26:01.85)
making your money work for you. You working for the money, but you not gonna make. Yeah. Yeah.
Raphael Price (26:04.117)
You're you're messing your credit up. That's what you're going to do.
And see, for the viewers, we are talking to an economist here. So he knows exactly what the deal is behind the curtain. OK, so you need to listen and take notes and pay attention because Mr. OK, he's an expert and he knows exactly how the game is played. So would you share one secret that has boosted your investment portfolio over the last 20 years?
James Morris (26:34.055)
You know what? Relationships. Real estate is a contact sport. And oftentimes, you may want to invest in real estate, but you don't let it be known. Like you kind of move in silence. Like I don't want to tell anyone that I'm looking for property. But I will say this. My family knew that when I graduated from college, I was looking for investment property. It was my cousin.
who was driving down this block in Chicago, taking her child to a daycare center. My property was on 85th Street. She was going to 87th Street and she saw a sign that said, for sale by owner. And she gave me that number and I contacted that owner. And that was how I got my first four unit. And as you know, for sale by owners, back then, this was in 2002,
Raphael Price (27:21.109)
Hmm.
James Morris (27:27.568)
They're not on the market. Demo less doesn't see it. Realtors don't see it. Now you have for sale by owner websites. But if my cousin did not know that I wanted to buy an investment property, I would have never found that one property, right? Now that one property that I got for 180,000, it was a lady, her husband had passed and she was selling it. And she said, here, I'll sell it to you 180 as is, or I'll sell it to you for 192,000.
I'll put in a little work and I was just like oh no, I'll take it at the 180 and I'll do the work So I got it at 180. I did get like a first-time home buyers grant. It was at that time was only $3,000 But only have to put 5 % down that was $9,000 180 $9,000 three units were rented one was vacant. She had to rent slow was bringing in $1,400 a month. All right fast forward to
Raphael Price (28:03.39)
Mm-hmm.
James Morris (28:26.812)
six months later, I went to the bank and I wanted to get a home equity loan. Six months, that property appreciated $61,000. Right? $61,000. I choose that money, I start building out a basement unit for myself. So now that four units had went to five units, I made some improvements. I went back to that bank and said, hey, like how much is it worth now? Oh, it's worth $100,000 more. It's like, oh, okay.
$100,000 more. Hey, let me take that money and I took that money and I bought a 10 unit. So that one property bought another property and I bought that 10 unit in 2004. So in two years, that property made $100,000. In two years, that property appreciated more than what I was making on my job.
Raphael Price (29:14.673)
Mm-hmm.
Raphael Price (29:21.247)
Mm.
James Morris (29:22.236)
So then I began thinking about it like, hmm, what if you buy a property every two years? And then I began thinking like that, even that's not aggressive. What if I bought a property every year? And then I was just like, hmm, what if I just kept buying properties? You know, why would you wait for a job to boost your income 100,000 when you can find a property that can go up 100,000? That one property for 180,000?
Cause I just, well not just, think it was a couple of years ago, I refinanced it and I got an appraisal. And at the time, I think that property was like 455. Today that property is probably worth a little, if I wanted to sell it, I probably could sell it close to 550. And that's not even taking in like the tax write-offs, it cash flows, I think about
Raphael Price (30:06.547)
Mm-hmm.
James Morris (30:23.224)
5500 you know a month You know so the tenants are paying the bill so think about Let's just use the average and let's just say 1400 I kept the rent set fourteen hundred dollars. That was three units with one vacancy You know for now 2002 you know for 22 years And you just do the math right?
Raphael Price (30:25.727)
Mm-hmm.
James Morris (30:46.979)
And that's how you got to begin thinking about it. You just say 14 by 12, a little bit about 16,000, and then you multiply that by like 24 years and you had 370,000. What a property paid for itself if I never raised the rents. But I did raise the rents. So now imagine the numbers.
Raphael Price (31:03.359)
You
I know you did it because you're a smart businessman.
James Morris (31:11.068)
You know, and that's what I want people so like you afraid to make $300,000 I Got just showed you a worst-case scenario if I never raised the rents if I never tap the equity
Raphael Price (31:29.459)
Yes, yes, yes. You know, I can't end this show without asking you if you have a book that you would recommend to our audience to read. Do you have a favorite book or do you have a book that anybody should read if they are just breaking into this game of investing in real estate?
James Morris (31:48.177)
Yeah, you know what? So I do have favorite books and one of my friends, Jamal King wrote 9 to 5 Millionaire. So I'll be remiss if I didn't mention that book. Robert G. Allen wrote Multiple Strings of Income. That's an awesome book. But for me, there are a lot of...
authors out there like I have a whole list like some of my books right behind me my favorite go-to books that I may reference those often but you're gonna read a lot of books and you have to see where you are if you're a landlord you can read how to become your first landlord so even on my website I have a free ebook that I put out there for people just kind of get started then I authored you know a trip to the building which is a children books
and it's teaching at a young age about real estate, how to make repairs, then feature the book for my daughter, Carrington Bills of Budget, for those that need to understand like what is a budget at a young age. And then an activity book that it serves as a connection piece of teaching you about money, debit, credit, real estate assets. And it's a great activity book for children.
Raphael Price (32:48.061)
Mm-hmm.
Raphael Price (33:07.006)
Thank
James Morris (33:10.374)
But I can use that book when I go into schools talking to some of the high schoolers because they weren't taught financial literacy. Right? They don't understand what is compound interest? What is inflation? know, what are taxes and what state, what's federal taxes? What are the difference in taxes and the tax brackets? And what is leverage? Like, what does that mean? What is equity? You know, and then the last thing is what...
does it cost to be you? Like today, like how much does it cost to be you to live your current lifestyle and what type of lifestyle do you wanna live in the future? And what does that look like and what does that cost? So now you can reverse engineer to like, I wanna live in a big house, I wanna drive this luxury car. It looks like that's gonna cost me about seven grand a month. Well, you gotta be able to make more than seven grand a month right now. That's $84,000 a year.
Raphael Price (33:42.535)
Mm-hmm.
Raphael Price (33:47.09)
Mm-hmm.
Raphael Price (33:53.255)
Mm-hmm.
Raphael Price (34:03.058)
Hmm.
James Morris (34:08.188)
And I said that 84,000 today is not going to be 84,000 20 years. Right. So that is that was my thing is like constantly continue to learn competence brings confidence. Right. And then income is made to purchase assets and assets will pay for your liabilities.
Raphael Price (34:14.0)
Mm-hmm.
Raphael Price (34:23.6)
Mm-hmm.
Raphael Price (34:33.562)
Well said, and that's a great way to end this show. I'm so proud of you, Mr. Morris, not only for what you've accomplished in your personal life as a businessman and as a family man, but the service that you're doing to lift others out of the community. And I believe I said this to you when we spoke before, but I believe that you are modern day Moses that God is using to lead his children out of financial bondage and to a land overflowing with the blessings of
James Morris (34:53.894)
have made.
Raphael Price (35:03.152)
financial freedom and liberty, which comes from wisdom and knowledge and competence as you so eloquently have stated. So with that.
I want to thank you again for sharing your premier real estate investment advice with our viewers, Mr. The work, yes sir. The work that you've been doing the past few decades is invaluable and noteworthy. Thank you for tuning in to Premier Insight podcast, where we deliver inspiring content for anyone pursuing excellence in life. Please like and subscribe to our YouTube channel to receive updates related to upcoming guests of renown.
James Morris (35:22.364)
Appreciate it.
Raphael Price (35:46.125)
I'm Raphael Price and I pray God's richest blessings upon you in this life and in the one to come. See you all next time.