Corporate Profits - Are Corporate Profits to Blame for High Inflation?

In this episode, we dissect the connection between corporate profits and inflation, especially where it hurts most—your groceries and gas. We're peeling back the layers of financial jargon to reveal the truth behind profit margins, debunking the myth that fat profits always mean corporate greed. By dissecting the real stories behind booming revenues and inflated prices, we promise to equip you with the savvy to decode the economic narratives that flood your newsfeeds.

It's no secret that Uncle Sam's pockets are getting deeper, with federal and state tax revenues swelling by jaw-dropping figures. But what does this mean for your wallet and the nation's fiscal health? As we dissect over $1.2 trillion in government income gains, we tackle the tough questions about national debt and scrutinize the impact on your personal finances. We're not just talking dry percentages here; we're hitting hard on what these revenue jumps signify for everyday life in the wake of worker shortages, tax hikes, and minimum wage increases.

By the end of this series, you'll be your own financial guru. We drill down into the importance of understanding profit margins and their role in business and your day-to-day decision-making. Your takeaway? An arsenal of knowledge to boost your financial acumen and safeguard your family's future. And don't miss our bonus episode—the cherry on top of this fiscal feast—where we lay out the ultimate tools to help you take command of your money life. Join the ranks of our informed listeners and turn the tide on your financial narrative.

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Looking for additional content that can help you get the most from your life? Check out Unleashing Leadership with Travis Maus, premium bonus content from Ditch the Suits Fans, at https://unleashingleadership.buzzsprout.com/

Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

Ditch the Suits is produced by NQR Media. NQR also produces the One Big Thing Podcast with Steve Campbell.

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Transcript

Speaker 1: 0:08

Welcome to Ditch the Suits podcast, where we share insights nobody in the financial services industry wants you to know about. We're here to help you get the most money in life, so buckle up and welcome to Ditch the Suits.

Speaker 2: 0:21

We're going to hit you with some numbers on this one, yeah welcome to Ditch the Suits.

Speaker 1: 0:25

We're about to hit you with some numbers. If you've been trekking with us, travis and Steve, here we've been talking through this series really around this idea of corporate profits political season. Hearing it all the time on the news there's greedy corporations trying to take the most from your money in life and help you get the most from your money in life. So today I think we want to try to strike the balance between our corporate profits to blame for high inflation. When you go to the grocery store and grocery prices have gone up, gas prices have gone up, the cost of living seems to have gone up. Are corporate profits to blame for it? So, travis, people have been tracking with us. Talk to us about corporate profits in light of high inflation.

Speaker 2: 1:04

Well, let's also let's lay out a little teaser for this episode. We're going to get into GDP, government, federal tax revenues, state tax revenues, actual statistics from the Fed. This is going to be a fun. This is going to be a numbers episode, but we're going to do it in a way that's not overwhelming. I don't think from a number standpoint it'll give you good context. It's going to really you have to dig for these numbers.

Speaker 2: 1:31

The stuff that we're going to talk about today is you can't easily Google it. You can't even chat GPT. I tried. It's fragmented data and I think it's fragmented on purpose because, back to our point in the last episode I think we talked about maybe it was two episodes ago, but we talked about how news is basically designed to provoke reaction and it doesn't actually educate. And I think the government's kind of in the same place as that. Right, they want reaction for policies and for votes and that kind of stuff, but they don't really help you understand details on anything. And we're going to dig into that today.

Speaker 2: 2:15

And we left off with record profits or record profit margins. Well, we left off with the difference between profit and profit margins and so if you notice what happens when you hear politicians or you hear the news right now you're talking about record profits. I have not heard the term record profit margins, and that's the big difference. And even if they did, we're going to go through what historical profit margins are and you're going to see that there's a trend. It's a very interesting trend. But to lay the groundwork a little bit, just to get us refreshed on profits and profit margins and how this can be misleading Company A makes a million dollars in profits.

Speaker 2: 3:02

Company B makes $500,000 in profits. The two companies get together and say you know what, let's merge. We're going to have one company going forward, and so they renamed the company or they keep one of the names of maybe the larger company they keep the name of. You now have $1.5 million in profits. Those are record profits, right? That greedy corporation, company A bought company B and now they're making record profits. They're greedy. Now it's the same million and a half profits that used to be there. The only difference is there's one company instead of two now, but the one company is doing the business of the two. So it can be extremely misleading.

Speaker 2: 3:48

A new blockbuster movie comes out. I love using this example because this is like we can all relate to this. One of these superhero movies comes out and you know how they say like this is the most popular movie of all time, it's the highest grossing movie of all time. Here's how they're messing with you on this.

Speaker 2: 4:13

In the 90s early 90s, so I was born in 81. So right around the 90s I remember starting to go to movie theaters and we had a little movie theater in town that we could go to and it was about a bucket ticket. It might have even been less, it might have been like 50 cents a ticket, but it was really cheap. You could go in and you could catch a movie. So imagine if movie tickets cost a dollar and the movie makes $100 million. How many people attended that watch that movie? Right, it's 100 million people watch that movie. It was watched 100 million times. It was watched a lot. Right Now, a movie comes out this year. What's the? You take your kids to the movies. What's the going rate for movie ticket? Not for discounted for kids, but what's the going rate for, like, if you and your wife want to go to the movie? I haven't been to a movie theater.

Speaker 1: 5:06

For an adult 14, 15 bucks. For a kid $9, $10.

Speaker 2: 5:09

Okay, so let's take $14. So the movie grosses about $280 million, which, from what I understand from online and everything, $280 million is kind of like the cutoff for a blockbuster, right, it's kind of like a loser movie If it makes less and if it makes more it's like you know really good and whatnot, at least judging by, like Disney, marvel standards and how much it costs to make movies anymore. So $280 million is 2.8 times more money than that movie made in the 90s. And so you go. You know, holy cow, that's that much better of a movie that that it made 2.8 times more money.

Speaker 2: 5:50

However, notice that we didn't adjust for inflation at all. Right, because we all know 10,. You know a dollar doesn't buy you what a dollar used to buy you. So if you adjusted for inflation probably wouldn't be anywhere close to the spread here. But the other interesting thing is it was $14 a ticket. So if you divide $280 million by $14 a ticket, you come up with $20 million. So it made 2.8 times more dollars comparing 1990 to 1994, but only one-fifth of the people watched it. So it is really easy to say, oh, look at how great this profit is, without actually understanding that it's becoming less and less popular. It's a dying animal Right. You're overusing it to the point where the base is actually shrinking and shrinking and shrinking.

Speaker 1: 6:50

Yep, yep, and that's super. I love that analogy because that might be a little bit easier to understand, right? If you're spending almost $100 as a family to go to a movie, where for me, with six of us, in the 90s, it would have been $6, but for now, as a family, it's $100. Even if this company makes through this movie MGM Studios, fox, whatever $280 million, that margin that we've been talking about this entire time is actually much, much smaller. Right, it's that tire situation. In the last episode we talked about where you're starting to lose on the margin side. So I guess then, with that helpful analogy, it poses a question that why is this important? Let's take a quick break to hear a word from your sponsor.

Speaker 1: 7:30

This episode is brought to you by SEED Planning Group. If you're looking for a life-giving experience working with a financial planner, then SEED is here for you. Seed is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. If your goal is financial freedom and independence, without sales products or really glorified salespeople, then check out SEED Planning Group. Today you can visit wwwseedpgcom that's wwwseedpgcom In the best part. You can schedule a free consultation to find out if their fee-only planners and their process are right for you.

Speaker 2: 8:07

Because there's people literally out there trying to convince you that the reason for current inflation is corporate greed and record profits. They are misapplying an awful lot of information and we're not getting the type of information that we need that can help us make better decisions. And I'll say that because we get clients all the time who are concerned about things. They're concerned about the market being at a record high. Well, we're going to talk about this. There's 33% more money in the system. Of course, the market's going to be at a record high, and it's probably nowhere near as high as it's going to go, because there's 33% more money in the system. It's all relative. People are concerned about that. It's record debt, and we kind of touched on this a little bit. Record debt. Compared to what, though? There's 33% more money in the system. There's millions more households in the system than there have been in the past.

Speaker 2: 9:06

All the numbers are changing, not just one, and we look at this information as if just one thing is changing. The only thing that changed was the amount of profits, but that's not true. A lot of things changed. Remember, a few episodes ago, we talked about I think it was a different series, but we talked about the money supply, the M2 money supply, and basically that's the walking around money. It's the money that us regular people have. It's our investments. You add up with all of our actual we consider money and valuables are actually worth. That's the money supply that we were talking about. That increased dramatically On December 2019, it was $15.3 trillion A lot of money, but that's floating around. On December 31st 2023, it was $20.87 trillion.

Speaker 1: 10:04

So four years later.

Speaker 2: 10:06

Yeah, that's a 36% increase in money. Where do you think the money goes? Gdp 2019. So this is a bit. You hear this all the time GDP. Gdp is a measurement of economic activity. 2019, it was just under $22 trillion. In 2023, it was just under $28 trillion. That is an increase of 27.56%. So that's the measurement of the monetary value of goods and services purchased by the end user in a given country over a given period of time. That is not just the top 1% that we increased money, the amount of money out there, by 36%. We increased how much money is trading hands by 27.5% Dramatic change. So if that much money is changing hands, though, people are buying stuff they never bought before.

Speaker 1: 11:19

Yeah, Well, that's what I was going to say. If you go back to the first episode, talking about profits, if individuals over the last four years, for example, have made more money each year, they have more profits for them personally. So they have more at the end of the year than they had the year before. That allows them to do home repairs, and when you do home repairs you have to buy supplies. So when you buy supplies, the supplies of those companies go up because you had to buy them. When you go and purchase cars, those automobile companies make more money.

Speaker 1: 11:47

So when you say things like GDP, I think it's really hard for us to contextualize sometimes, as individuals like I fit within the GDP because it's this economic term. So when we say 27% increase in GDP, it's like okay. But you realize, folks, you are a part of that. So if you just think back on the last four years driving around, your listen wherever you are, or you can watch some YouTube at NQR media, think about that. That as you've spent more money over the last few years living your life doing repairs, purchasing goods, you are a reason. That number is higher. So it's not like this is some obscure, like where did you guys pull this number from it's real life, that if you, as your neighbors, your neighbors, your states, the border states, all these people spend more money on more things, you can quickly see how GDP has gone up across the board.

Speaker 1: 12:33

Hey guys, steve Campbell with Ditch the Suits Want to take one quick moment to make a big ask. If you haven't already, travis and I would love for you to subscribe to this podcast, but if you haven't, also, we would love for you to leave a five star rating and review.

Speaker 1: 12:45

Your rating and review will let other podcasters know if the show is worth their time. So let's get right back to the episode, and thanks for listening to Ditch the Suits podcast.

Speaker 2: 12:54

This part is going to blow your mind, though. This is this, this, this. I've never thought of this. I accidentally stumbled over it.

Speaker 2: 13:05

Federal tax revenues in 2019. So this is the money that the federal government taxes you, right? They tax you on income and they tax you on your estate, and you know all the different ways that the federal government taxes you. Federal tax revenues in 2019, $3.46 trillion. They increase the amount of money in circulation by 33%, right? Is that your number? 36%? Guess what their tax revenue increased to by 2023? $4.7 trillion.

Speaker 2: 13:42

So the government prints all this extra money. Everybody's freaking out about the money they print and they're like, don't worry, we got all this money to pay for all these programs. They have one point about $1.3 trillion over 1.25 somewhere in there Trillion dollars more per year right now in income. The government does the government profit off of you. The user has gone up 26.54% since 2019. That's a really when you think about that for a second, because it's a really interesting thing to get your head around, because we keep hearing about these corporations that are taking all your money and we need to tax these rich guys more.

Speaker 2: 14:31

The government pulled in $1.2 trillion, plus trillion dollars more in 2013 and in 2019. And you know, you can go down a rabble hole in this one. Maybe that's the reason why they increase all that money into the system, because more people talk about, well, that debt's too big. That debt's too big, but they have $1.2 trillion more a year to pay for. It Makes it a lot easier to pay those payments, doesn't it? So I increase the amount of money. More money going around. Nobody's actually getting any richer, right, because you get pay increases. You got to pay more for stuff. More people have money, more people want stuff forces the prices up, right. So everything kind of stays status quo, except for the government has a lot more money to pay the bills that it accrued last year. So it's an interesting. It's just an interesting place and that's just the federal government. We haven't talked about the states yet.

Speaker 1: 15:26

It's almost like the hey, folks don't look on what's going on over here, let's point at what's going on over there, right? So that's what it feels like when you say things like that. It's like, well, wait a minute, the government is making money off tax revenue, yet they're pointing out that corporate greed is what's causing all of these issues. So you can start to track and kind of raise your eyebrow a little bit to what's really happening. And I think that's our whole goal of this series, right Is to not have you stand on one side versus another or hate your neighbor, but just be educated enough that when you hear certain things that you can begin to make sense of many times things that don't make sense to all of us.

Speaker 1: 16:00

So keep going, because I think these numbers are helpful. And again, if you're listening and you're like, hey, where do I get this information? Shoot Travis in an email. We'd love to connect with you, but why don't? Then you talk about outside of federal tax revenues? We were talking about some different New York state tax revenues and I think you had some cool numbers around that.

Speaker 2: 16:16

Well, we're from New York state originally, so and we have a very large client base in New York. So it's easy for us to talk about New York and I did not do this for every state. There may be some states where this isn't the same, but I think you're going to find it's pretty consistent Because, again, more money trading hands. So when you go out and you spend a buck, you pay sales tax and somebody else makes income, and they pay their people and they make income tax, and then that person goes and spends it and they pay sales tax, right? So there's taxes every level here.

Speaker 2: 16:48

Well, the state's benefit too, and this is just New York state in 2019. There's sales tax. So that's taxes. That's a consumption tax. What's 16.4 billion dollars for the year. They're corporate taxes. Those corporations, of course, they don't pay any taxes, right? They paid 6.8 billion in New York in 2019. And there were 48.1 billion dollars in income tax collected in New York in 2019. And that pays for good roads and schools and who knows what else they're doing with that money. And, of course, you have property taxes and other things going on at the county level and stuff like that. But anyhow, now, if we fast forward for New York to 2023.

Speaker 1: 17:43

So four years.

Speaker 2: 17:45

Four years, end of 2019 to end of 2023. The sales tax has increased from 16.4 billion to 19.5 billion dollars. Again, that's a spending tax. When you spend money, you pay sales tax, and in New York, there's some things you don't pay sales tax on. I think food still is not taxed, if I'm right. So that's not a pure indicator, but there's some consistency there. As far as you would expect it to go up, that's about a 19% increase, so New York state's making 19% more money over the last four years.

Speaker 1: 18:24

They're not even making a good. You know what I mean. We talked about what is profits A reward to somebody who has an idea that can change people's lives and make them money. They're rewarded by the growth of their profit. You're talking about tax revenue. Yeah, we just thought of 19% and it's added no value to anybody's life.

Speaker 2: 18:44

Well, think about what taxes. Tax is something that has to be a part of every exchange, so that adds to the expense. And the more that the input cost goes up, the more that the taxes, because the taxes is a percentage of the input or of the price, right, so it's indexed to go up, perfectly. So at the same time we're like these greedy corporations. I don't see the state or the federal government turning around, going, you can have some of this money back. They come out with welfare programs and stuff and that's nice, but they don't come out and they say you know, we're going to drop the tax rate. In fact, I believe New York just increased the state income tax rate this year. It's an interesting conundrum there. But so then you've got corporate taxes. They jumped and I don't know what the anomaly here is, because it's an anomaly they jumped from 6 billion.

Speaker 1: 19:34

They didn't jump, they leaped.

Speaker 2: 19:36

Well, it went from 6.8 billion to 26.5 billion the previous year, though, so if you say that's an anomaly, something must have happened. The previous year was like 9.8 billion or something like that, so it still had increased like 30%. It consistently had year in and year out. Looking at the numbers, so the whole point, there is those greedy corporations. They're also paid more taxes year in and year out, just like everybody else, and then and you know the funny thing that makes that, when we talk about taxes and we talk about who's paying the taxes, the higher earners, who tend to be the business owners, also pay the highest income tax rates, and income tax has increased from 48.1 billion in New York state in 2019 to 58.8 billion in 2023. That's an increase of 22.22%, so that seems like it's growing faster than inflation to me.

Speaker 1: 20:34

Tax revenues but think about it. We almost want these so-called greedy corporations to fall on their sword and apologize and return money back to the people. And then you talk about tax revenues. I don't think I've ever seen a government official come out behind a microphone and say look folks, we gathered a little bit too much tax money from you. We're going to go ahead and give it back. So it's like what is the standard or the value that we're holding? Because on one end we're saying you're evil, you're corrupt, you're making too much profit. And yet if you look at not only the federal level but the state level and again you only did New York these numbers are fairly crazily alarming because it's not allowing you to do certain things with your family, because you're being taxed more. So what is really causing the root cause of inflation? I think this is a very if you'll truck with us a very interesting thought-provoking make you think a little bit deeper about what's really going on.

Speaker 2: 21:28

See, if you had record profit margins, if corporations were all of a sudden gouging everybody, the stock market wouldn't be where it is now. It'd be going up. It'd be significantly better than it is now. I'm talking significant, like 50, 100 times better than it is now if you had record margins. You don't have record margins. Here's the skinny on the S&P 500. So these are the essentially the largest 500 companies in America, basically, or public companies anyway. All right, 2019, average profit margin of S&P 500 companies. So when you add them all together and you look at their margins, the average margin was 9.86%. Pretty close to our example about our tires, right, or even our dishwasher.

Speaker 2: 22:20

Or our dishwasher or our washing machines about 10%, just under 10%. When COVID hit in 2020, profits dropped to 6.66% as expensive as everything was. In 2020, the average profits dropped to 6.66% the margin not that the profit, but the margins. So that means that investors ate it, swallowed it. Every single person with an investment lost on the margin. That year they were only making 6.6 cents on the dollar versus the prior year making almost 10 cents on the dollar, which is what they expect, and I can say that they expect that because that's the pretty consistent average. 2021, right after COVID, it did spike. It went to 12.6. Interestingly, if you average 6.6 and 12.6, you come up with 9.65, which looks awfully like that pre-2020 number. And the Fed? There's a really good piece by the Fed on the Fed's website where they specifically talk about what happened during COVID and those profits and they attribute it to the well, okay, so the Fed. The paper published September 8, 2023 called Corporate Profits in the Aftermath of COVID-19. They list the reasons for market surges or margin surgeons increased margins in 2021. Sorry about that.

Speaker 2: 24:05

Among the biggest contributors, government stimulus. Basically, the government handed out a bunch of money. Now you could blame it on corporations, all you want. The government handed it out right. So that comes back to the government Dropping interest rates. Why would dropping interest rates increase margins? If I was paying 8% on my debt before and I'm paying 3% now, I'm saving 5%. That 5% is pure profit. So it was government pumping money into corporations and interest rates dropping because the Fed, they go in and they actually show all the costs and all the output. They actually can break it down and say this is how much money went into companies, this is how much corporate debt there was, and the change in the corporate debt, blah, blah, blah, blah. And they can say this is what actually attributed to the margins. And then they go on to say that basically there was a snapback. The following year snap right back to normal because interest rates once you take the benefit from that, basically you adjust the other margins. That's why prices can come back down. So prices came down afterwards, not because all the input costs changed, but partly because, or not because, all the input costs came down. But some of the input costs came down, like interest. The cost of actually borrowing money went down.

Speaker 2: 25:26

But they don't even talk about other contributors. There's other contributors that could have made a material impact, like consumer behaviors, like people doing house projects and large purchases instead of spending money on foreign travel. So maybe I buy that washer machine this year that I wouldn't have buy, would have waited in our year or two, because I want to make sure I get my ski trip to Spain. Well, I'm going to cancel that this year, so I'll get the washer machine. So it's like pent up demand. That could be a big part of that. They don't mention that the crater the year before was because maybe people were afraid of buying things, and then it bounces back the next year. So you have all these sunk costs that were gobbled up the year before that now turn into profit the year of.

Speaker 2: 26:15

So there's some sequence there that it doesn't really look like corporations were being greedy at all and by the government's own record keeping, they weren't being greedy at all. It was just a phenomenon that happened because of actual government policy. Government controls interest rates and the government controls the stimulus. That happened as a result of COVID In 2022, we reverted back to 9.86. So we have one year where it spiked and went right back to historical averages after that and for the year that it spiked, that still didn't get the previous year and that year's average up to normal levels. So corporations are still out money. They've still lost money as far as margin is concerned.

Speaker 2: 27:03

And then in 2023, the year of record profit it did go up a little bit. It's 9.99%, 9.99. That's.13%. So that's what we're out there saying, that these greedy. The reason why your groceries cost you so much more is because these greedy corporations getting in there and ripping you off and they're making on average.13% more. That's not even a penny on the dollar. Your $3 loaf of bread went up more than a penny. Where's the rest of it? It's not because of the greedy corporate profits.

Speaker 1: 27:51

But you go back to what we just had talked about a few minutes ago. If the government is also pumping money into the system and then earning tax revenue from what you spend, right, If you save that money you don't necessarily pay taxes on it because you didn't spend it. But if you get more money and you go out and you buy things, then they're collecting taxes. Right, you can kind of see the different correlations between some of these numbers and kind of how alarming it can be. So I guess the question is, as we bring this episode to a close, really understanding this correlation with inflation, what do we do with the information that you just shared with us? How do we make sense of it?

Speaker 2: 28:32

Well, first of all, if something goes from $50 to $100, we say okay, that's because the corporation's well remember, there's income taxes in there, right? So everybody who works along the line of producing that and selling that, they're getting paid number one more income. Because everybody's getting paid more income because of the worker shortages, right, and minimum wage laws in some states, like New York state, had an index minimum wage that was going up. But you have income taxes that have gone up. You have sales taxes that are a part of that, so that's affecting what you're buying. And then you have corporate income tax, so corporations are also paying taxes. So even though something went up $50, let's say that maybe $30 of that is lost to taxes all by itself, you know.

Speaker 2: 29:21

So these increase in prices, there's a lot of other things that are contributing to them that we're not necessarily. It's complicated, right, like we introduced a whole bunch of very complicated principles into this discussion that a lot of people are like it's easier if I can just blame it on the corporations, honestly. But these are all numbers to pay attention to because, you know, if we consider inflation was up a compound, so inflation is actually up 22% over the time period. We're talking about 22.2%. So inflation is up 22.2%. That's the actual government actual number. Monetary supply increased 36%. There's 36% more money. Things went up 22% in price on average. Now some things go up a lot more than others, but still, that's. You know, not everybody buys the same stuff, right? Or goes to the same stores, so you get a kind of like similar to some people be like well, my groceries went up way more, yeah, but there's a lot of personal behavior stuff in there. That's a different discussion. Gdp increased 27%. So the speed in which we're doing stuff with our money increased 27%, but we're the amount of stuff that we're doing with our money increased at 27%. Federal taxes increased 26%. They actually made more, are making more. They outpaced inflation. The federal government is making more tax revenue than inflation over that time period.

Speaker 2: 31:09

States are all similar. We went through New York and I would bet that most states are going to be very similar to that. So corporate profits did go up. Certainly they did. There's 33% more money. There's 26% more money changing hands.

Speaker 2: 31:22

You're going to have, probably, you know, I don't look at the number, but it would be wouldn't it be a bad guess to say 26% more profits across the board. Right, because there's 27% more GDP, right? I don't know if that's the case or not, but it would make sense that profits would go up, but the margins margins went from. What did we say? In 2019, the margins were 9.86 and in 2023, they were 9.99. So the amount of money that you make for every hundred bucks worth of stuff you sold went up less than a penny. That's why these numbers are so important, because the same dollar revenue still produces the same profit five years later. It's just there's more money going through the system. There's more money that is buying stuff, so there's more $1 that are changing hand, and every time that $1 changes hand, the government gets paid and the corporations get paid. What's the same amount of money for the corporations? It seems like they're getting a little bit of a bigger piece now.

Speaker 1: 32:30

Interestingly, Well, I think this is such a fascinating conversation because there's multiple layers.

Speaker 1: 32:37

There's personal, human accountability, sourcing information, but also just looking at your life and not casting stones or being angry at things that you don't understand, when maybe there's some self-sabotaging disciplines in your own life that could help you make more profits individually, which can help your family do the things you want to do.

Speaker 1: 32:55

But also, too, even if you're like guys this is way over my head Hopefully you even just understand how profit margins work. So, as you're evaluating companies and stock prices and trying to make sense of the news, even not even we're not even talking political, but this is what's happening in the political realm there's so many things that you could be taking from this series that can help you either make sense of the world, make sense of your life, understand how investing works, understand the important role of profit margins. So, as we said, we normally do three-part series, but you folks are in for a bonus episode because we really want to help bring this question home to our corporations really greedy. So, as you stay tuned for the last episode of this series, don't worry, travis and I are going to bring this sucker home to help you make sense and really get the most of your money life. So, as always, thanks for stopping by Ditch the Suits. We hope it inspires you. Reach out to us if you have any questions, but again thanks for being our guest.