The 1970s were a rollercoaster of a decade.
Americans were overwhelmed by the Civil Rights movement, the Vietnam War, and the general unrest that broke out in urban centers nationwide.
While certain positive changes were made as a result of the Civil Rights Movement during the 1960s, Americans were not ready for more volatility.
Rioting taking place in cities nationwide made Americans weary of any individual campaigning to bring about radical changes. Hence, millions of Americans’ decision to pull the lever for Richard Nixon in 1968. The former California Senator campaigned on a strong law-and-order platform, which allowed him to coast to victory that year.
Nixon won even more emphatically in 1972 against progressive Democrat George McGovern, who was perceived to be excessively radical for the American electorate.
Despite the political victories, Nixon was confronted by an economic conundrum that was left over from the preceding Johnson administration. Namely, the Johnson administration pursued a “guns and butter” policy that saw it crank up both social and military spending. The printing presses were also running unusually hot throughout the 1960s.
Altogether, America was heading for an economic reckoning, something Nixon and his immediate successor Jimmy Carter weren’t prepared for. Nixon’s decision to close the gold window in 1971 kicked off America’s stagnation during the 1970s.
Nixon futilely tried to tackle the growing inflation by implementing price controls. However, Nixon’s move to control prices was another futile attempt of government trying to play god and centrally plan the economy, thereby creating another set of problems.
As a result of the price controls, gasoline shortages cropped up nationwide. Scenes of Americans waiting in line for hours at gas stations to get gas became the norm in the 70s as it became clear that DC had no real clue on how to handle the economic situation at the time.
The shortages were only the tip of the iceberg. By the mid-1970s, the US found itself in a unique scenario of economic growth rates stagnating, while both unemployment and inflation rates remained high. This economic phenomenon is better known as stagflation.
Undoubtedly, the 1970s stagflation episode caught many Americans off guard. In the first few decades of the post-World War II economic order, Americans were accustomed to a booming economy that was at the top of the world.
This prosperity blinded many folks, who thought that the good times would go on forever. However, the turbulent 1960s and the US’s decision to get off the gold standard showed how even the most prosperous of countries are susceptible to economic downturns.
It wasn’t until the administration of Ronald Reagan, that a more level-headed approach to monetary policy and pro-growth policies — tax cuts and deregulation — got the economy on sound footing.
Now, let’s fast forward to 2021. Inflation is upon us, and America is going through a supply chain crisis. Where this will go, is anyone’s guess.
One thing is certain. The current economic crisis is the product of the ruling class’s misguided economic policies, which are now playing out in real time.
Nevertheless, I should stress that a lot of this political process is out of your control. We may wish for a more reasonable economic environment, but fate can be a harsh mistress.
Frankly, politics is not my cup of tea. At this point in my multi-decades experience in real estate, I’m all about empowering income property investors. This is an activity that people have 100% control over and can make tangible progress in.
The home is at the center of the universe, and no matter the economic conditions, everyone will still need to have a roof over their head. So real estate is always a safe bet.
Though I’d be misleading you if I said that real estate investing is easy peasy. Nothing lucrative in life is easy to attain. So, you should be skeptical of anyone who promises you overnight success.
Nevertheless, real estate is the most historically proven asset class. It’s a multi-dimensional class that can provide you with reliable cash flows for years on end… if you play your cards right.
There is a science to this real estate game. Like I said before, investing in income properties is not a cake walk. In fact, you will encounter plenty of obstacles… but they can be overcome.
One obstacle you will likely face are property managers. Everyone in real estate has had to deal with them in one way or the other. They can be incredibly reliable or a downright hassle.
More often than not, they tend to be the latter.
With regards to their performance, ask yourself the following questions about your property manager:
– Is your property manager overcharging you for repairs?
– Is your property manager screening your tenants properly?
– Is your property manager unnecessarily charging you for maintenance?
– Is your property manager charging you too much for monthly management?
– Is your property manager ignoring your phone calls?
If so, you’re getting ripped off. Plain and simple.
Those are the pitfalls of outsourcing work to third parties. You’re ultimately at the mercy of their shoddy work and are stuck with a fat bill that you never anticipated.
But there is an alternative method for maximizing your return on life. It lies in the Empowered Investor Inner Circle.
This is the go-to spot for income property investors who want to level up. The Empowered Investor opens new doors to real estate investors who have hit plateaus in their portfolio performance.
Oftentimes people stall out in real estate investment because of lousy property managers who end up bleeding them dry. With Empowered Investor as your North Star, those days will be over.
Here’s a glimpse at the newfound benefits you’ll enjoy by being a part of the Empowered Investor community:
– Dozens of successful investors working in your market.
– Access to lists of the best roofers and painters in your area.
– Jason Hartman’s network of associates, entrepreneurs, and investors who will guide you every step of the way along your real estate investing journey.
Going alone in the real estate investment game is a recipe for disappointment. Doubly so, when you have to rely on sketchy third-party actors such as property managers.
Those frustrations will go away once you join the Empowered Investor Community. It’s the premier community for real estate investors who are ready to make the ascent into the comfortable life of consistent cash flows and an ever-expanding real estate portfolio.
So are you ready to sign your financial Declaration of Independence?
Well, you know what to do.
CLICK HERE and Join the Empowered Investor Inner Circle Today!
