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Apolo Ohno’s “Patient” Real Estate Investing Approach for Financial Freedom
You don’t need to be the smartest person in the room to build wealth through real estate. But you do need patience, discipline, and a willingness to play the long game. Real estate won’t make you rich overnight, but it’s incredibly forgiving—meaning you can make mistakes, lose money in the short term, and still come out on top.
Apolo Ohno understands this concept better than most, having dedicated his entire youth to becoming a short-track speed skater. He reached the pinnacle of the sport, competing in three Winter Olympic Games and taking home several medals.
But when his skating career ended 16 years ago, he faced a challenge he hadn’t trained for. He calls it the “great divorce”—separating from an identity that had shaped nearly every part of his life. Thankfully, many of the skills he had spent decades honing translated to real estate investing.
Now, Apolo operates at the intersection of high-performance business and wellness, helping entrepreneurs achieve their goals in a more sustainable way. And today, he’s sharing the lessons that helped him weather tough times, why your investing network is your single greatest advantage, and how to avoid burnout on the road to financial freedom.
Dave:
You don’t need to be the smartest person in the room to build wealth through real estate, but you do need patience, discipline, and a willingness to play the long game. Apollo Ono understands this concept better than most, having dedicated his entire youth to becoming a short track speed skater. He reached the pinnacle of the sport competing in three different winter Olympics and taking home eight medals. But when his skating career ended 16 years ago, he faced a challenge he hadn’t trained for. He calls it the great divorce, separating from an identity that had shaped nearly every part of his life. Thankfully, many of the skills he had spent decades honing translated to real estate investing. Now, Apollo operates at the intersection of high performance business and wellness, helping entrepreneurs achieve their goals in a more sustainable way. And today, he’s sharing the lessons that helped him weather tough times, why your investing network is your single greatest advantage, and how to avoid burnout on the road to financial freedom.
What’s up everyone? I’m Dave Meyer, chief investment officer at BiggerPockets. And today we have a very special guest, eight time Olympic medalist, Apollo Anton Ono. Apollo has devoted a lot of his time to investing since retiring from speed skating 16 years ago, and he’s going to share the key business lessons he’s learned here on the show today. Let’s bring on Apollo Ono. Apollo Ono, thank you so much for joining the BiggerPockets Podcast. It’s great to have you here.
Apolo:
Yeah, thanks for having me.
Dave:
I remember your Olympic run very well, but for people who might not know of you yet, maybe just introduce yourself and tell us a little bit about your backstory.
Apolo:
My name’s Apollo Anton Ono. I was a short track speed skater. I competed across three winter Olympic games. I had a very blessed career. I was able to walk away from the sport with eight winter Olympic medals. I retired 16 years ago, believe it or not, over 16 years ago. It sounds crazy just to say that. There’s been multiple reinventions both inside of the sport that I was so passionate and I love so much. And then obviously when I retired, there was the big transition or something that I call the great divorce from the previous identity into forming the new one. I spend a lot of time now focused on high performance at this kind of center of high performance business and wellness. And I’m sure we’ll talk about all the investing stuff in our convo today.
Dave:
I’m curious about this great divorce. Tell me more about that. I imagine after dedicating your entire life to a sport, transitioning to doing something else must be really difficult.
Apolo:
I think every Olympic athlete probably goes through some format of this in their each own kind of way or story, or even just people who’ve done particularly one thing for a very long time that the world has signaled, your check in the mail has signaled, your fees, whatever, have showed that this is what you’re really good at and this is what you were put on earth for. And then sometimes either by force or by choice, particularly in the world of sport, it’s usually you age out or you get injured or you decide to go on another path. And it feels like that. It feels like a finger snap in which everything you’ve done has revolved around this one particular thing and you’ve said no to effectively every other thing and opportunity that’s not allocated towards, does it make me faster? Does it make me stronger?
Does it help me recover better? If no, then it’s not in the sphere of where you operate. And then seemingly overnight after you get back from the closing ceremonies at Winter Olympic Games and the calls start to get more quiet, perhaps the agent stops calling as much, people stop working for you as much that you think is this kind of endless supply of deals and opportunities. But more importantly, you just don’t really know what the hell you’re good at. So for me, there was this great divorce from the previous identity. I had this person who I thought that I was, the world had signaled to me that this is why it thought that I was going to be on this earth and that was gone. That version of myself had no longer or was no longer going to serve me in the same way. Wearing spandex and going in circles is not exactly the way I want to run my business.
Dave:
I think there is relatability here to people who go from a W-2 job or just following one path and then figuring out, like you said, by choice or by force, time to do something different. It can be a really jarring experience. For you, Apollo, were you ready when you retired from speed skating? Was that by choice or by force?
Apolo:
I though that I had been prepared. I had went to university. I didn’t pay any attention when I was there. My mind and energy was totally spent on the world of speed skating. And so when I had really had time to come to terms with what I call the inner voice, the inner voice is really when no one else is around and you’re not putting on the facade or the smile or playing the game of poker to show that you’re fine and okay and transitioning. It’s really just you and your own thoughts. So as a young man, when that voice started to get louder because the world became quieter for me, I really had to come to terms with, I don’t have the skill sets yet. I need to identify what I’m going to do in my next pivot.
Dave:
Were you after something financial? Did you want to build something for the sake of building it or what was driving your next steps? Were you able to use a goal to sort of narrow down what you did next?
Apolo:
It was financial in the beginning, but I think that pure drive of financial also was a big part of why I made mistakes because I was more willing to say yes to certain types of risks that perhaps didn’t resonate with me as an individual. And everyone has their own story. So this is not in any way, shape or form advice to anyone. But for me, what I’ve noticed is that when I chase something purely on a capital basis versus trying to have synergy between does this make sense financially and does this fit with the synergy of the attributes that I bring to the table? Does it fit within the sphere of the thing that I think that I could do even for a couple years or three, four, 10, whatever it might be, if those are totally mismatched, almost always it has resulted in a complete failure.
And forget about misallocation of capital, that tuition that I have paid was very expensive, more expensive than all the universities probably that you could add up many times over because of either rushing, wrong business partners, wrong timing. And something that I had to learn that many folks would probably resonate with. Coming from the world of sport, one of the key skills that you develop is never giving up, having this insanity of work ethic, drive and grit to create resilience over long durations of time and never stopping. And eventually you will compound that into having an amazing result at the Olympic Games, which is a four-year cycle, sometimes an eight-year cycle to getting there. In business, you need to learn how to spot when to pivot very quickly, cut your losses and then begin again. I was not accustomed to that nor was I accustomed to asking for help.
And that’s another part, that’s my second part, Dave, where looking back, if I could speak to a younger Apollo, it would be like, dude, you don’t have to do all of it alone. There is so many resources out there and mentorship. I mean, I’m such a big believer in mentorship and guidance and community because that’s how you learn. People are there and they want to help, they want to teach, they want to guide to help you sidestep those landmines. And for me, I was almost playing whack-a-mole like, let me step on every single landmine known to man. Let me figure this out. All
Dave:
Right. So we got to take a quick break, but we’ll be back with more from Apollo Anton Ono right after this. Welcome back to the BiggerPockets Podcast. Let’s get back to my conversation with Olympian Apollo Ono. You talk about this divorce and making a lot of mistakes. How did you go from trying out different things and experimenting a little bit into finding your calling and what you feel you’re good at in business and as an investor?
Apolo:
It took me a long time because even though I cognitively understood the concept, behaviorally, I still found myself to be making the same types of mistakes. So for example, blind trust, right? My father had told me at a very early age, he’s like, “Trust but verify.” I heard the words. I didn’t feel the impact of what that meaning could really be. In real estate, I think it’s almost pretty cut and dry. You can get every piece of information you need to get before you go to any type of a closing. You can really dig deep. And I was not sure what that was like because I was not willing to do those things. So just to give you backstory and context, I started investing in real estate back in 2006, 07 and 08. 2006, 2007 and 2008, right before this
Dave:
Devastating…
Apolo:
Yeah. So I was buying real estate through a fund. I was writing promissory notes, I was writing loans, and unbeknownst to me, because of my blind faith in this particular group, they had been doctoring and changing. They were doing all of the mortgage do not dues.
Dave:
Like full on fraud. Full
Apolo:
On fraud. Coming out of the crisis, they had survived, they changed the names and done their thing and they had gone through bankruptcy. I only found out about this because someone that I knew in the state of Utah had called me and said, “Hey, do you know those guys that you’re investing with? They actually both filed for personal bankruptcy and you’re not listed as a creditor.” I was such in denial. I was like, “Oh, how can that be true?” Because I had consoled some of these people on their marriages and it was a gnarly time. And so I got complete eviscerated and blown out while I was still training and competing. I was much more of a passive investor, but I didn’t understand the concept of understanding how to bring in the right type of legal teams to monitor, to adhere to the right type of principles that are required when you do these types of deals.
So I learned the really, really hard way and it was painful, man. It was really painful.
Dave:
I bet.
Apolo:
And so the moment that I went from pointing the finger to then saying, “Well, this was your decision, this was your making.” And yes, did I get taken advantage of? Sure. All those things. But at the end of the day, I had to radically own that mistake. And only upon then could I really say, now I’m willing to move forward and do I want to allocate my time towards something that’s going to be potentially really negative on a mental perspective that I have no control over or I’m going to use that mental space to progress in a way where what is the hard life lesson here? How do I move forward in the right way? And how do I make moves so that I can compound my next generational move in the same way? And so I look at that as
We all love to hear about these overnight successes, these people that like, oh my God, I want to do what they did, but we forget to peel back the layer of that onion to see it was really hard and really difficult for long duration of time, but they didn’t do anything. They stayed with it. And I think that to me has always stood as the test of truth, especially for folks that decide to go into real estate is it will not fail you if you stay with it long enough. It’s a really powerful asset class and it’s a beautiful story too. You’re a steward of capital that provides immense value to this country.
Dave:
Yeah, it really does. And you’re totally right. Real estate people see it as risky and it is capital intensive. So it’s totally understandable when people say, putting in my only $50,000 or $20,000, that is scary. But it is a much more forgiving business over the long run than I think people give it credit for. You can make mistakes in this industry and if you stick with it, I mean, I can tell you I’ve made plenty of mistakes as well. Apollo’s talking about mistakes he’s made. If you stick with it, it is pretty forgiving over a long period of time. But Apollo, you must have liked something about real estate, right? Even during that negative experience, was there some kernel of it that got you excited and helped you endure through that difficult time and get back on your feet and say, I’m going to try this again?
Apolo:
Yeah. I mean, I would say the following. I mean, first and foremost, real estate is not what I do on a day-to-day basis, but it’s something that I believe in. I would say 80% of the Olympic athletes that I know from my cohort that have since retired, the ones that have gone on to be successful are in real estate today. They’re either in development, they’re commercial real estate brokerage down in Southern California. My really good friend, he works for Cushman Wakefield. His name’s Rusty Smith. He does amazing work down there in the Long Beach area. Chad Hedrick does… He’s a residential real estate agent in Houston and in the surrounding areas. Ryan Bedford owns his own real estate development company. I mean, all of these great people that I train alongside with, what they did really exceptionally well was they applied the same rigor of hard work, discipline, consistency, and they just went like this and took those attributes and just said, “I’m going to do real estate.
This is where I’m going to go.” So for me, I have so many different interests. I mean, my real passion is, like I said, living in this intersection of high performance business and wellness and trying to communicate and get not only the current American business community to understand their own reservoir potential that has not yet been tapped into, but also the next generation, the kids that are in youth sports, the kids that are in K through 12, to realize and recognize entrepreneurship, critical thinking, learning how to get stronger, better, faster, more resilient, not even through sport, but through their own decision-making process. That’s what I get excited about. And I take those monies that I earn from those companies that I work with, and then I reinvest them back into really two categories. One, which is health and wellness technology companies. And the second would be companies and/or funds with people who I have built long-term relationships with, like my friend’s company that focuses mainly on industrial real estate.
They call it, it’s almost like the bond portfolio of real estate. It’s consistent. If you believe in the American economy and that people are still going to do specific types of things and behaviors, which I would agree that we will for a long period of time, it’s an amazing asset class. I have learned tremendously a lot about what’s happening here, but what I love more importantly, Dave, is the interaction because I’ve been to some of their offsite meetings and some of their meetings when they bring their AGM, all their general partners and all their investors and their LPs, and I get to meet them. I hear about the story. It’s this doctor from Northern California, it’s this optometrist, it’s this person who’s also in real estate. It’s this person who runs a family office. It’s this person who just started, they just left the W2, they’re trying to get into real estate, they’re learning their ropes, they’re doing it this specific way.
It’s fascinating. That spirit of entrepreneurial activity in the United States is still very vibrant and strong. It is capital intensive. It’s not easy. Rates don’t help, but there are deals I think to be had and opportunities will always present themselves. So that’s where I try to keep my eyes peeled as much as possible for those opportunities.
Dave:
Couldn’t say it better myself. There are always deals to be had. The cycles change, residential, commercial, industrial, all these different things. They cycle in and out. There are different opportunities, and the whole goal is to spot what the market’s giving you. At certain points, it’s giving you cheap deals. At certain points, it’s giving you negotiating leverage. At other times, it’s giving you runaway appreciation that’s going to make everyone look like a genius. There’s just different things, and that’s why you need to stay informed and understand what’s going on in these individual markets. But Paul, I’m curious, I think obviously not everyone in our audience is an Olympic athlete, but I do really see a lot of corollaries between your story and people in our audience who are trying to shift. Even if they don’t want to quit their W-2, they want to build something on the side.
They want control over their financial future and they’re turning to real estate to do that. You’ve obviously invested in real estate. There are some lessons you can help teach us both as an investor and as an Olympic athlete, maybe just personality traits or skills or habits that our audience could learn from you that you think will help them in their business.
Apolo:
There’s something that we call the gas principle in athletic performance. So it’s general adaptation syndrome. So it’s alarm, then resistance, then exhaustion. Growth happens when you recover a little bit before the complete exhaustion. We don’t train as athletes 100% every single day. We basically use periodization, large blocks of volume of training followed by large blocks of real recovery. Many entrepreneurs, and I have been guilty of this too, retiring, we run never-ending block cycles until we start to see the quality of our decisions begin to fall apart, and we don’t actually notice it because we are so used to grinding. Real estate people typically are grinders. They’re up early, they go long hours. I know the type, I’m around them, and I love that aspect of it. But something that I’ve learned from sport is that you, with a refreshed mind, it’s almost like if you’ve been writing something for a long period of time, you get eye fatigue when you see the same thing over and over again.
If you’re looking at homes, it’s a purchase for yourself as a single family. After five or six homes, they all start to look the same. That’s just eye fatigue. You need to refresh that system in the same way. So that’s something that I’ve learned as you transition or as you go into this next phase, know that your ability to persevere, to go do long periods of work need to be followed because you’re a human being, you’re not a robot, so you need to follow with some formats of recovery. Also, performance is cyclical, just like in stocks, just like in any other market in the world, it’s not linear. Sports was identical to that.
Dave:
What do you mean by it’s cyclical and how do you counteract that or how do you mentally prepare yourself for that kind of up and down life of an entrepreneur?
Apolo:
You zoom out. It’s the number one reason why I think we see folks either overtrade if they’re in the markets, they overtrade themselves, they exit positions they shouldn’t have. It’s actually like this, where you have an uphill swing, you fail, you revert back, you learn, you begin again.
Dave:
Right. It’s not like hills, it’s circular.
Apolo:
It’s like small little circles where you feel like you’re going backwards, you take a couple steps forward, maybe two or three steps backwards, but you’re getting momentum again and you’re going up in the same cycle. Because that performance is cyclical, I think we have to realize when you press and when you start to, I think, either coast or have the ability to be, I think not resistant, but be patient. Patience is a key attribute towards a sport like short track speed skating, and the same thing in real estate. And then the last part I would say, Dave, is for all the people that are making a big transition, I
Believe deeply in the physiological change. So if you want to have a big change in your life, the fastest way to do that is you change the body’s feeling first, then your behavior will follow. So sleep, fueling, training, breath, all those things you can control. All the other stuff that’s happening either in the government, in the market, you cannot control those things. You are always going to be defensive and moving and dynamic based on that information that comes towards you. So the things that you can are when you’re optimally performing… When I was an Olympic athlete, my mental acuity and processing was so high. Man, I was reading information so quickly. I felt like I was neo from the matrix. Everything was slowing down. I was in flow state. It was amazing. And that was because we had a combination that I was living a life that was really attuned to being at my physiological best.
And so my brain also had the ability to make really, really good decisions in the same way. And so I’m no longer competing as an athlete. I’m 16 years retired and I still take it really seriously because I want to perform my absolute best. I know that my behavior can be predicated upon the way that I make those moves and that energy forward. So for those folks that have not yet made that change, do so. And no one’s trying to be an Olympic athlete. I get it. Just
Dave:
Being
Apolo:
Consistent with your movement, your food, your sleep and the like.
Dave:
100%. I think it just gives you a lot of self-confidence too. I, in college, gained a lot of weight. I was not in a place I wanted to be, and then just dedicated myself to going to the gym every single day. I’ve lost 60 pounds. I’ve been doing the same thing every single day since then. I don’t really care about the weight anymore. It’s just the self-confidence. I can do something that takes a lot of discipline over a long period of time, which is exactly what entrepreneurship is. It’s just, you got to grind it out. Some days it’s going to suck. Some days you’re going to feel on top of the world, you get a great workout in, you do a good deal, you’re going to feel great, but it does give you that sort of ability to balance your emotions over long periods of time.
I think for me, it’s just been the absolute confidence boost that I needed to succeed in my career. I understand not everyone’s doing that right now, but I’m with you personally. For me, it’s been probably the biggest difference maker in my life over the last 15, 20 years.
Apolo:
Yeah, same. I would say in the same realm, my consistency of trying to take care of my mind and my body have resulted always in me feeling better. When I feel better, I usually perform better. Then I would say in addition to that, something that I’ve learned over the many years of competing was that if I can shorten the decision time or what I call the negotiation time between do and do not. So for example, when you get up in the morning and perhaps you don’t really want to go do something and you’re thinking about, “Well, what should I wear and what kind of shoes should I wear?” That should be all pre-planned the night before, so that’s one less decision in your mind space and you just pick it up, you put it on, and you go. The faster you do that, the shorter that really is.
I used to do that when I was competing. I had Monday, Tuesday, Wednesday, Thursday, Friday training outfits for the morning already folded and ready. I would do it every Sunday. Had my bandanas folded, everything was ready to go. It was completely automatic robotic clockwork. I would wake up and there was no thought. I never gave myself space to think I don’t want to go today or
Dave:
The bed
Apolo:
Is too warm. It’s just like, okay, it’s time to get up. Now it’s time to go to the
Dave:
Room. Yeah, automatic. Step
Apolo:
One, step two, step three. I think what we can realize is over time, that habituation and consistency start to form real behavior patterns. I think we all know someone in our spheres of relationships who we are like, “I wish I was like that person. They make it look so easy.” And maybe genetically it does come easier to them, but doesn’t mean that we also can’t rise to the level of our potential. And that’s what I’m passionate about reminding people is that your
Dave:
Inner
Apolo:
Power is incredible.
Dave:
Yeah. I mean, I don’t know if you’ve read that book, Atomic Habits, but they talk a lot about this. Yeah. It’s been the bestselling business book for 10 years in a row for a reason. It’s a fantastic book, but it’s the same kind of thing. You kind of are what your habits are, and if you just take the decision making out of it and habitualize it, you don’t even think about it. It’s no longer like, “Oh, I got to go do this. I got to go look for deals. I got to call three contractors.” It’s just, “I call three contractors every day. That’s who I am.” And that just becomes who you are and it really does make a difference. I know if you haven’t started that yet, it feels like a grind, but in a couple of weeks, it actually, it really does reform your brain a little bit.
We got to take a quick break everyone, but we’ll be right back with more from Apollo Ono. Welcome back to the BiggerPockets Podcast. Let’s get back to my conversation with Apollo Ono. I want to come back to something you said a little bit about rest and recovery, because that is so counter, in my opinion, to the hustle culture that we hear. How do you strike the right balance between putting in a lot of effort for something that you genuinely care about and also finding the space to rest and recover because that will help your next grind, right? Is that kind of how you think about it?
Apolo:
The one piece I think that’s perhaps missing that we don’t talk about enough is I think burnout is a direct reflection of doing long durations of hard work and failing repeatedly without feeling like you have progress. That is when you feel burnt out and you start questioning your existence and if you should continue on in business in general. So the rest and recovery is really a defense mechanism against that. So if you are in this situation and perhaps you’ve got debt service and you’ve got all these things that it’s hard to see the light at the end of the tunnel, you need to have times where you can have these micro moments, even if it’s not like you’re going to take a week off. Obviously, not many people have that luxury, but you need to find times to create recovery, micro recoveries throughout your day, throughout your week.
And you have to discipline the schedule to allot that in order to be your best and your body will compound that rest period. We can churn and burn for long periods of time, but eventually I believe those decisions will start to falter in terms of the quality. And so the goal is to maintain that consistency of good decision making and good thought process.
Dave:
Yeah. You said something earlier about your efficacy, your decision making goes down at a certain point. And this sort of narrative that’s in, I think a lot of modern entrepreneurial culture is just keep throwing time at the problem, bang your head against the wall as much as possible. I respect the hustle for sure, but it’s not helping. It’s actually hurting you. And you can realize rather than throwing another three hours at a problem when you’re not at your best, to take a step back, say, “I need these three hours to go do something else, and then next week when I hit it, I’m going to be so much better at this and I’m going to solve the problem in an hour instead of three hours.” And you’re just much more efficient at problem solving or whatever it is that you’re trying to accomplish.
Apolo:
It’s a fine line, right? There’s times where you need to tap into your internal David Goggins, your internal Jocko Willink, and you know that it’s time to use these guys as amazing aspirational and inspirational figures for what they stand for and what they do. But then I just believe there’s also time where you have to treat the body and the mind and you got to give it a bit of relief.
Dave:
I love that advice. Any other advice that you have? You work with a lot of successful businesses. I know you do a lot of coaching and mentorship and advising. What are some of the traits that you see in successful businesses that our audience and mostly small entrepreneurs could apply to their own businesses?
Apolo:
The things that I felt have helped me the most are, number one, if it’s uncomfortable or it doesn’t come natural to you, you should probably either identify someone who can do that job for you or learn to force yourself to do those things when you have to. I used to hate networking. I’ll give you an example. I used to go to these conferences and I was like, “This is a waste of time. I don’t want to spend time with these people. I don’t like this. I don’t want to introduce myself. I don’t want to shake anybody’s hand.” And then I realized very quickly, it doesn’t matter. It doesn’t really matter what you really want to do. If this is a prerequisite as a part of your business, you need to treat it as if you hate running, but running is a really big part of your training cycle, and therefore it has a spot in the system.
It doesn’t matter if you’re excellent at it, but you are going to do it and you’re going to do it consistently. Over time, I think someone who I really look to a lot of his great writing, Tim Ferris wrote about fear setting, the thing that you are the most afraid of by stating it, by writing it down, by really saying, “Okay, what is the absolute worst thing that could happen here? How would I deal with that?” You actually articulate that your body can respond in a much different way versus, “I’m so scared of the thing that may happen, which may probably or could never happen.” And then the last thing that I really try to tell a lot of folks is the way that you show up is a really, really big, I think, leading indicator of how people want to do business with you.
Whether we like it or not, the first initial five to 10 minutes of you interacting with someone, you’ve already prejudged, “Does this person fit into my sphere of can I do business with this person? Do I like this person? Does this person like me? Do we fit together synergistically?” So if you show up and subconsciously you are in a really bad place, that’s going to effectively reflect upon the other person. So I think whether you’re going for a networking event, whether you’re going to go do a deal, always remember this is the first time someone is meeting you. They don’t know anything about what you’re going through. They probably just don’t really care either, right? That’s the reality. Everyone’s thinking about their own stuff.
Dave:
Yeah, right. Yeah, it’s true.
Apolo:
So when you show up and you go through this, everyone has a bad day, I get it, but I think the more that we can be mindful about how we are showing up to these meetings, how we’re showing up to deals, we’re showing up even to our own families, it goes a long way.
Dave:
I love that advice for real estate investors in particular because we say it a lot on the show, but it’s a people business. I know you can look for deals on Zillow, but the best deals, the best opportunities come from your agent. They come from a contractor, a property manager, a friend. And if your agent gets a good deal, they’re going to call the person they like, the person who has treated them well, who has shown up for them when they need something in the past, who has treated them as a member of their team. I could tell you, I’m sure this is true of you, Paula, those are how you find deals. It’s through networking. It’s through being A reliable person. To bring it back to what you talked about in the beginning, to being someone that you can trust, to be a trustworthy person in this industry.
You will find trustworthy people if you’re trustworthy yourself, if you actually go out and show up in the way that Apollo is talking about. I think that’s fantastic advice. And probably even more important than the tactical stuff we talk about on the show. Obviously running your business well is important, but I think you’ll get a lot further just having a great network and great community. And to your other point, just forcing yourself to get through some of that initial discomfort. Because a lot of the things I personally found uncomfortable at the beginning wound up being some of the most rewarding parts of my business. So thank you for sharing that with us.
Apolo:
I saw this front and center. I went to ICCS a few years in a row in Las Vegas. It’s like a commercial real estate mainly for retail, and it was amazing. Everything that I saw with the big booths, the big presentations, everything was actually all about people handshaking, going to grab a drink, going to grab a meal and talking. How is your family? How are your kids? Humans are still highly receptive and we would much rather do deals with people that we like versus some unknown large scale corporation that has no soul. That’s my personal belief.
Dave:
I agree with
Apolo:
You. And especially if you’re someone who is an entrepreneur and you’re not dealing with institutional grade capital yet, this is like your superpower. So learn the niche, carve that personality, showcase to people who you are. And I think you’ll be really surprised at how much can be done. That doesn’t seem like it’s work, which actually turns out to be amazing deal flow.
Dave:
I know you haven’t been, but we’ll get you next year to BPCON. It’s like our big event similar.
Apolo:
I’ve heard it’s amazing.
Dave:
That’s the whole thing is people do deals right there. The amount of progress you make in these in-person things, it’s great to listen to the podcast.That’s how you get a foundation and background and knowledge and inspiration. That stuff is important. But transacting comes from meeting people. If you want to actually go out and do a deal, you got to go meet those people face-to-face. It’s why I always recommend even if you invest long distance or passively, go meet the person face-to-face.That’s an investment in your business and in yourself that you need to do. All right. Well, thank you so much. This has been super helpful. Any last advice for the audience out there?
Apolo:
It’s not really business advice. I would say listen to your true north. We have a finite amount of time on this planet and many of us, me included, we live and sometimes we operate as if we have an unlimited amount of time. Know what your purpose is, identify where you receive fulfillment from. If you’re in real estate, I think it’s a really great start. And really, I think when you do the right thing consistently, when you show up as your truest and full self, you will have success. It may not be in the timeframe that you dreamt of, but it’ll be faster than you think. And I think that understanding that you’ll pave the way towards everything that you want and more, but you got to step up and you got to show up.
Dave:
Well, thank you, Apollo. It was super fun hanging out with you and thanks so much for sharing your story and experience and advice with the audience. People want to connect with you, where should they do that?
Apolo:
I write a lot on LinkedIn. A lot of my thought, my brain dumps for the week. I spend a lot of time there, but I’m on all the regular social channels at Apolloono. You can find me. But really LinkedIn, for some reason, has been my outlet, a little bit longer form. I find a lot of business folks that I interact with and I partner with are on that.
Dave:
Awesome. Well, thank you so much again, Apollo, and thank you all so much for watching this episode of the BiggerPockets Podcast. We’ll see you all for another episode in just a couple days.
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What Should You Automate With AI, and What Should Stay Human?
Catch the Full Episode:
Overview
AI gives small business owners plenty of ways to save time. In this episode, John Jantsch talks with Ryan Levesque about where that time savings fits best and where a personal touch earns a premium.
Levesque uses AI daily in his own company. He shares how he decides what to automate, starting with the back office, and what he keeps in his own hands. He and Jantsch also dig into why the things that don’t scale can become a competitive edge, how showing your process helps you charge more, and a 30-second morning habit that sets the tone for the day.
If you run a consulting practice, an agency, or a growing business, you’ll leave with ideas you can try this week.
Guest Bio
Levesque is a 7-time Inc. 5000 CEO who has built and exited 2 companies worth more than $100 million combined. He is the No. 1 national bestselling author of Ask, named Inc.’s marketing book of the year, and the founder of the ASK Method. His new book, Return to Real: The Last Human Advantage in an Age of Artificial Everything, argues that what your body and spirit are starving for is what your market will pay a premium for.
Key Takeaways
- Use AI for the back office, the parts of your business furthest from the customer. Keep it away from the email sequences and social posts that serve as your first point of contact.
- Pick a few moments that don’t scale and do them yourself. A personal voice memo for each new customer or a handwritten welcome note for each new client shows a level of care that software can’t copy.
- Build in public. Document your process and show how your work is made and who makes it, because customers pay a premium for the story behind it.
- Create before you consume. Use the first minutes of the morning, while your mind is clear, to write or build instead of opening email and social media.
- Write your own thought leadership on a steady schedule. Levesque has sent a weekly email, often 2,000 to 4,000 words, for nearly 2.5 years, and says it has brought him more opportunity than anything else in his business over the last 20 years.
Great Moments
- [04:19] – Levesque recalls when having a website was a competitive advantage. Today, getting a live person on a customer service call is the surprise.
- [05:27] – He describes two photos of his sons taken 7 years apart, the $70 million offer that collapsed at the last minute, and the summer he spent living in a tent on a Vermont farm.
- [09:45] – He walks through his “touch earth before touching a screen” routine: step outside barefoot, touch bare ground, and take one deep breath.
- [12:57] – Levesque describes the morning he read an email sent under his name, was disgusted by it, and slammed his laptop shut. He then wrote “The Embarrassing Confession” and compared the alternative to freshly squeezed orange juice versus the canned kind.
- [16:39] – He tells the story of a painting bought for about $10,000 that sold for $450 million after it was attributed to Leonardo da Vinci. He connects it to Steinway’s documentary and to the time-lapse video he made of hand-illustrating his book.
Memorable Quotes
- “What the world is craving is what I describe as the freshly squeezed version of orange juice that you get at Sunday brunch in a world where everybody else is serving the watered-down stuff that comes in a can.” – Ryan Levesque
- “When you combine those two simple practices, touch earth before you touch screen, and create before you consume, it’ll shift your day, which will shift your week, which will shift your month, which will shift your year.” – Ryan Levesque
- “What doesn’t scale for you also will not scale for your competitor. And therein lies the competitive advantage. Doing the things that your competitor will not be willing to do.” – Ryan Levesque
- “It’s not about being anti AI or being pro AI, it’s about finding the right places to put AI into your business.” – Ryan Levesque
- “For those of us who are knowledge workers, for those of us who spend time in front of a computer, we have to find an outlet that reconnects us to our body, that reconnects us to the analog, that reconnects us to the physical world.” – Ryan Levesque
Resources
AI automation, ASK Method, Authenticity, back office, build in public, Content Marketing, customer experience, Duct Tape Marketing, Entrepreneurship, human touch, John Jantsch, marketing automation, personal branding, Return to Real, Ryan Levesque, scaling a business, Small Business, Thought leadership
AI in regulated industries: BofA and S&P on the huge gains to be had, and the risks of rushing in
Bank of America’s chief technology and information officer said one of the most common AI mistakes is reaching for it first. His bank also plans to double its AI budget next year.
“One of the biggest mistakes we see us and others doing is rush to AI as a solution,” Hari Gopalkrishnan said at Fortune‘s AIQ Summit in New York, “when deterministic models do a plenty good job.”
Gopalkrishnan appeared with Sally Moore, S&P Global’s chief client officer and co-head of Kensho Data & Platforms. Fortune Editorial Director Andrew Nusca moderated.
Bank of America: simple tools first
Gopalkrishnan said the bank starts with what clients need and a “process inventory” of the steps behind their requests. It often decides against AI — “plenty of times,” he said. A mobile app or a real-time decision rule can be the better answer.
Every AI project also goes through a review that covers 16 “pillars” of risk, including privacy, bias, workforce impact and intellectual property. “We’re not going to implement a chatbot that only answers to certain accents,” he said.
He said the bank has used AI for more than a decade, starting with fraud models. Its Erica virtual assistant has handled 3.6 billion transactions, he said, and without it the bank would need 11,000 more people to answer the calls. A March bank press release counted Erica’s client interactions at more than 3.2 billion.
The caution comes with heavy spending. CEO Brian Moynihan said in September that about 140 AI uses cost $400 million and generate $800 million in benefit, and that the AI expense budget will double next year.
That spending is routed carefully, and Gopalkrishnan said the bank is model-agnostic. An orchestration layer (called Orchestra, naturally) sends simple classification tasks to approved open-weight models running on the bank’s own GPUs, and harder reasoning to proprietary models. He said this also helps control token costs. In wealth management, advisors can now prepare for client meetings in “seconds and minutes,” work that used to take days and weeks, he said.
On agents, the bank isn’t hurrying toward autonomy. “There is so much juice to be squeezed right now with assistive agents that are actually working with humans in the loop,” he said. The bank will go further as control infrastructure improves.
He also addressed security, and said AI models are getting better at finding software vulnerabilities, so patching and secure development matter whether or not a company uses AI. The stakes go beyond any one bank, he said: if a small bank somewhere has a problem, people lose faith in the financial system.
S&P: data as the currency
Moore said her 160-year-old company is repositioning itself —aggressively and carefully. S&P is the world’s largest credit rating agency, and one of the largest index providers, and much of its financial data feeds regulated workflows, she said. “Data is the currency within AI,” she said. Clients need accuracy, citations, and auditability and traceability back to the source.
She credited an early bet. S&P bought the AI company Kensho in 2018, and that has “given us an advantage,” she said, explaining that S&P has since put Kensho at the center of the business. On July 6, it split Market Intelligence into two units. The first, Kensho Data & Platforms, pairs “Kensho Data,” the client-facing data and AI delivery layer, with a Platforms group that houses Capital IQ, Ratings Direct, Visible Alpha and With Intelligence. The second unit is Enterprise Solutions. CEO Martina Cheung said the changes should support revenue growth and better margins.
About two years ago, S&P also created a chief client office, which Moore leads, to work more closely with clients. It has a labs group and what it calls forward-deployed experts, who work with clients on AI.
S&P serves 60,000 clients at different stages of AI adoption, she said. It works with frontier AI labs, puts its data into large language models and productivity tools, and now builds its own agents. Use runs from broad tasks, such as bankers preparing for meetings and pitch books, to specialized agents built for one job.
She gave one example. A tier-one bank with 8,000 bankers was combining S&P content sets in its own platform. S&P helped bring it to production “six times quicker,” she said, and accuracy rose from about 60% when the bank started to 98% afterward. (She didn’t name the bank, and the figures are S&P’s own.) S&P also built a “credit memo builder” agent that keeps humans in the loop and relies on confidence in the underlying data.
Like Gopalkrishnan, she talked about using the right tool for the job. S&P’s deterministic option for language models is an API, so it doesn’t run up heavy token costs, she said. More complex “adaptive data retrieval at scale” costs more. Clients also pay for data, technology and people efficiency from different budgets, so S&P talks with them about a range of outcomes.
Where they part ways
Asked whether he ever chooses against AI, Gopalkrishnan said the simplest answer is often the best one. “AI is not always the right answer,” he said.
Moore agreed, and then took the point further. “I think Hari said it really well. It’s not around the right tool. It’s a little bit about reinvention,” she said. “What am I trying to solve for here? And where can this technology take me?”
Inside S&P, that has meant a central transformation office that brings together technologists and, more recently, data operations.
In the closing lightning round, Moore pointed to “embedded intelligence,” which she said “creates an opportunity to go beyond the clients that you serve today.”
Gopalkrishnan had the last word: “I think anticipating your client needs and serving them where they are will differentiate you in otherwise commoditized space.”
For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.
NAMB’s new president says brokers must be ‘debt managers’ too
The originators who hold up best through a stretch like this one tend to be the ones who never fully let go of a client once a loan funds.
New National Association of Mortgage Brokers (NAMB) president Michael Farrell (pictured top left), who took over the role today from former president Kimber White (pictured top right), says the originators still operating the old way are going to struggle, regardless of what rates do next.
“In today’s market, you’ve got to be the originator, and you also have to be the debt manager,” Farrell told Mortgage Professional America. “It’s not just rubber-stamp rate, and that’s a transactional base. It’s looking beyond that transaction because a customer is a transaction. A client’s for life.”
Battling affordability challenges
With so many people talking about the challenges of affordability, both in a mortgage and in everyday life, Farrell said combating those challenges involves building a long-term relationship with a homebuyer.
“Home affordability is not just in the rate. It’s in every other aspect that affects it. But a home is required and necessary for family and wealth creation,” he said. “After that closing, it’s a matter of managing that debt and having an ongoing relationship with that client.”
IHG One Rewards Premier Select Credit Card Review (New Card, $350 Annual Fee, 200k+10k Offer)
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[2026.10 Update] Chase and IHG launched the new IHG One Rewards Premier Select Credit Card today. This is a premium IHG co-branded card positioned above the regular IHG Premier. The annual fee is $350. The launch offer is currently 200k IHG points after spending $5,000, plus another 10k points for adding an authorized user. This launch offer ends on November 18, 2026.
Application Link
Benefits
- 200k+10k welcome offer: Earn 200,000 IHG points after spending $5,000 in the first 3 months. You can earn another 10k points by adding an authorized user within the first 3 months.
- IHG Points are worth about 0.5 cents/point (Hotel Points Valuation). Therefore, the 200k welcome offer is worth about $1,000.
- Starting in the second year, after paying the annual fee, you receive one 60k Free Night (FN) each year. You can top it up with points to redeem for hotels costing more than 60k points. You can also earn another 60k FN after spending $40k in a calendar year, and this certificate can also be topped up with points.
- Earn 12x IHG Points at IHG hotels, 6x on dining and travel, including rideshare purchases, and 3x on all other purchases.
- $300 in annual IHG dining vouchers: Receive one $75 voucher each quarter. It can be used toward eligible food and beverage charges billed to your room during an IHG hotel stay. Each voucher can only be used once and expires at the end of the quarter. Any unused amount is forfeited.
- $200 annual airline credit: Purchase an airline ticket of at least $250 directly from an airline and receive a $200 statement credit. Note that this benefit is currently only guaranteed through December 31, 2027.
- Cardholders automatically receive IHG Platinum Elite status. Spend $25k in a calendar year to receive Diamond Elite status, valid through the end of the following calendar year.
- Cardholders receive 20 Elite Night Credits (ENC) each year, immediately reaching the 20-night threshold for the first IHG Milestone Reward. After that, earn another 2 ENC for every $5k in spending. When annual spending reaches $15k, you also receive an additional 5 ENC.
- Spend $15k in a calendar year and, in addition to the extra 5 ENC mentioned above, receive 20k bonus IHG points.
- When redeeming IHG points for four consecutive nights, the fourth night is free.
- Receive a 30% discount when purchasing IHG points.
- Cardholders receive $50 in United TravelBank Cash per calendar year. The $50 is split into two $25 deposits: $25 on January 1 and another $25 on July 1. The first $25 expires on July 15 of the same year, while the second $25 expires on January 15 of the following year. Registration is required. Because the amount is small and the expiration periods are short, this benefit is not particularly useful. For tips on using it, see Chase IHG Premier $25 United TravelBank Cash Tips.
- Up to $120 in statement credits every four years for Global Entry, TSA PreCheck, or NEXUS application fees.
- There are also several limited-time Chase benefits, including one year of complimentary DashPass, up to $10 per month in DoorDash non-restaurant discounts, and $10 per month in Instacart credits. Most of these benefits are also currently only guaranteed through the end of 2027.
- No foreign transaction fee.
Disadvantages
- $350 annual fee, NOT waived first year.
- Although the $300 annual IHG dining benefit has a substantial face value, it is split into $75 quarterly vouchers, must be used during an IHG hotel stay and charged to the room, and each voucher can only be used once. Therefore, unless you stay at IHG hotels regularly, it may be difficult to use the full value.
- Free night is only valid for one year.
Recommended Application Time
- [5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application, no matter how high your credit score is. The number of new accounts includes all credit card accounts, not only Chase accounts. See this post for details about how to possibly bypass this rule.
- This product is available to you if you do not have this card and have not received a new Cardmember bonus within the last 24 months. Note that what matters here is the time you got the sign-up bonus, not the time you open the account or close the account. This business credit card does not affect the signup bonus eligibility of personal IHG credit cards.
- Don’t apply for more than 2 Chase credit cards within 30 days, or it’s highly likely that you will get rejected.
- We recommend you to apply for this card after you have a credit history for more than a year.
Summary
This is IHG’s new premium personal credit card. Its $350 annual fee is $200 higher than the regular IHG Premier’s $150 annual fee. In exchange, the main benefits are a higher-value 60k FN, Platinum Elite status, 20 ENC per year, $300 in IHG dining vouchers, and a $200 airline credit.
The easiest benefit to use is clearly the $200 airline credit: simply purchase an airline ticket costing at least $250 and you can receive the full credit in one transaction. If you also stay at IHG hotels frequently enough to use the quarterly $75 dining vouchers, those two benefits alone provide $500 in annual face value, before even considering the 60k FN, making the $350 annual fee relatively easy to offset.
However, there are also obvious drawbacks. The $200 airline credit is currently only guaranteed through the end of 2027, while the $300 dining benefit is split into $75 quarterly vouchers and will not be easy for everyone to use in full. Therefore, over the long term, this card is most suitable for people who stay at IHG hotels several times per year and place meaningful value on the 20 ENC and IHG Milestone Rewards.
This card is particularly strong for earning elite qualifying nights. Simply holding the card immediately gets you to IHG’s first Milestone Reward threshold, where you can select a suite upgrade reward. If you already stay at IHG hotels during the year and also earn additional ENC through card spending, reaching 40 nights to unlock the lounge membership reward becomes significantly easier.
Compared with the regular $150 IHG Premier, the main advantages of the Premier Select are the 60k FN, Platinum status, 20 ENC, the larger $300 dining benefit, and the $200 airline credit. If you can consistently use these benefits, the extra $200 annual fee is reasonable. If you mainly want an annual IHG Free Night certificate and fourth-night-free award stays, the regular Premier is obviously much simpler.
Related Credit Cards
| Chase IHG One Rewards | Chase IHG Premier | Chase IHG Business | Chase IHG Premier Select | |
|---|---|---|---|---|
| Annual Fee | $0 | $150 | $200 | $350 |
| Free Night | none | 50k | 50k | 60k |
| IHG Status | Silver | Gold | Platinum | Platinum |
| Coupon Book | none | $100 IHG F&B ($25/quarter) + $100 Airline Credit + $50 United TravelBank | $100 IHG F&B ($25/quarter) + $100 Airline Credit + $50 United TravelBank | $300 IHG F&B ($75/quarter) + $200 Airline Credit + $50 United TravelBank |
After Applying
- Call 800-453-9719 to check Chase business cards application status. This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.
Historical Offers Chart
Application Link
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ChatGPT Dots Just Changed What an AI Assistant Can Be
Every AI tool you’ve used stops working the moment you stop typing.
You ask. It answers. Then it waits for you to come back.
Dots don’t wait. OpenAI introduced them on September 29, 2026, at its DevDay event, and they keep working in the background after your conversation ends.
A dot remembers what you asked for last week. It keeps the work moving while you’re off the clock. And it checks in when there’s a decision that actually needs you.
And before you think that it’s just another feature or setting that doesn’t truly scratch an itch, this might actually change things. It’s a different way of working with AI.
Here’s what a dot actually is, who can get one, and what this kind of tool means in practice.
Disclaimer: While these are general suggestions, it’s important to conduct thorough research and due diligence when selecting AI tools. We do not endorse or promote any specific AI tools mentioned here. This article is for educational and informational purposes only. It is not intended to provide legal, financial, or clinical advice. Always comply with HIPAA and institutional policies. For any decisions that impact patient care or finances, consult a qualified professional.
Know What a Dot Actually Is
Under the hood, a dot runs on OpenAI’s GPT-6 Astra model. It has its own cloud computer with its own browser, separate from whatever device you’re using to talk to it.
That separation is the whole point. Your laptop can be closed, and the dot’s cloud work keeps going.
OpenAI doesn’t really frame a dot as a tool you open and close. It’s more like an extension of you. It learns your preferences and standards over time, so you can hand it more without directing every step.
Here’s what that looks like in practice:
- You create a dot once, give it a name and a look, and keep working with the same one, rather than starting fresh with every task.
- You can reach it through ChatGPT, Slack, Microsoft Teams, or a voice call. It’s the same dot in every channel, and it can draw on relevant context across them.
- It connects to apps you already use, over 4,000 of them through OpenAI’s plugin ecosystem, so it can pull from your email or documents directly instead of you pasting everything in.
- It does background research on its own, even without a specific ask. OpenAI calls this proactive research, and the tools it uses are read-only: they can’t send messages, edit app content, or control a browser or computer. Anything the dot does as a follow-up still has to clear its permissions.
- Before an action affects your accounts or shares information, an automatic review decides whether the dot can go ahead, needs your approval, or has to hand that step to you. Some sensitive tasks, such as changing a password, are always left to you.
- With your permission, it can also connect to your own computer to work with local files or installed software. Only one personal computer can be connected at a time, and it has to be online with the ChatGPT app open.
So here’s the simplest way to think about it. A regular AI chat answers your question and waits for the next one.
A dot takes on a responsibility and keeps it. It comes back with results, and with the decisions that need you.
This is Different from the “Usual” ChatGPT
It’s tempting to read this as a faster version of what ChatGPT already does.
That’s probably not the right read. What OpenAI seems to be testing is something different: whether you’re ready to hand ongoing responsibility to an AI system, not just individual tasks one at a time.
TechCrunch’s coverage of the launch says it like this. Unlike ChatGPT or Codex, dots aren’t bound to a particular device or interface. They’re designed to keep working toward goals you set, in the background, with little oversight.
While a lot of this was already possible with other similar agentic tools, what’s new is bundling it into a package centered on independent action.
Here’s the thing, though. The bigger change might be the persistent identity. You get one dot you build a working relationship with, instead of a tool that resets every time you open a new chat.
OpenAI’s own launch examples give you a feel for this:
- A developer’s dot watches customer feedback and prepares tested fixes for review.
- A scientist’s dot reruns analyses as new data arrives and flags what needs a second look.
- A sales lead’s dot keeps a proposal and test plan current as requirements and test results change.
Now think about your own week. If you’re managing more moving pieces than you can hold in your head, maybe a packed clinical schedule plus a growing side business or a few other ventures, this is a tool built to hold onto a responsibility rather than wait for you to ask again.
Picture What a Dot Could Do for You
If you’re running a demanding clinical career alongside other ventures, the appeal is pretty straightforward.
Say you assign a dot to track an investment’s quarterly reports. Or chase down a stalled side project. Or keep your content calendar organized.
You don’t have to re-brief it every week. It keeps track, follows up, and brings you results and the decisions that need you.
That convenience comes with the same considerations that apply to any AI system you give standing access to real accounts and real data. A few of them are specific to this launch.
Before You Try Dots
1. Review your permissions deliberately, not automatically
You choose which apps your dot can use. But it can also draw on plugins already connected to your ChatGPT account, with whatever permissions those connections already have.
So before you create a dot, audit what’s connected.
Keep anything containing protected health information out of it unless your organization’s compliance team has confirmed an approved, HIPAA-compliant setup. A personal ChatGPT plan is not a clinical system.
If you’re on a personal plan, check your data controls too. OpenAI says you can choose whether your dot’s conversations and work are used to improve its models.
2. Understand what “proactive research” actually means
The research itself is read-only. While it’s working in the background, your dot can’t send messages, edit app content, or control a browser or computer.
That’s a real safeguard. But it only covers the research. What your dot does next depends on the permissions and rules you’ve set.
3. Calibrate autonomy instead of maxing it out
OpenAI is direct about this: dots can make mistakes, and consequential work needs your review.
The built-in approval checks help. Custom Rules also let you require approval for specific actions or block them outright.
One more thing. Pausing a dot doesn’t reverse anything it’s already done. So set your boundaries before the work starts, not after.
4. Watch how agentic systems behave when things go wrong
Days before dots launched, OpenAI disclosed that AI agents in its research environment had posted 53 user-provided images to image-hosting sites without the company’s knowledge. The links weren’t publicly listed, but they could still be found.
The disclosure was part of OpenAI’s ongoing review of incidents where its agents reached the open internet and misbehaved.
To be clear, that incident involved an internal research system, not dots. But it’s a useful reminder. Agentic AI is still new territory, and even the people who built it are actively learning how to contain it.
None of this is a reason to skip dots, or agentic AI tools in general.
It’s a reason to onboard one the way you’d onboard any new hire with real access. Clear boundaries from day one. Not broad trust by default.

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Stay Curious But Be Careful What You Connect
OpenAI is making a clear bet here. The next leap in AI usefulness isn’t faster answers. It’s an AI that holds onto responsibility the way a competent assistant would.
If you’re already stretched across a clinical career and a few other things on the side, that’s a shift worth watching closely, even before it shows up in your account.
Whether it’s worth adopting right now comes down to two things. Where your plan and region land. And how comfortable you are giving real access to a system designed to take on more with less step-by-step direction.
For now, the sensible move is the same one that applies to every AI tool: stay curious, try it, and be careful about what you connect to it.
So I’m curious. If you had a dot running in the background tomorrow, what’s the first responsibility you’d hand it? And what would you never let it touch? We’d love to hear it so share it in the comments!
Download The Physician’s Starter Guide to AI – a free, easy-to-digest resource that walks you through smart ways to integrate tools like ChatGPT into your professional and personal life. Whether you’re AI-curious or already experimenting, this guide will save you time, stress, and maybe even a little sanity.
Want more tips to sharpen your AI skills? Subscribe to our newsletter for exclusive insights and practical advice. You’ll also get access to our free AI resource page, packed with AI tools and tutorials to help you have more in life outside of medicine. Let’s make life easier, one prompt at a time. Make it happen!
Disclaimer: This article is for general informational and educational purposes only. It does not constitute medical, legal, compliance, or professional advice. The information provided here is based on available public data and may not be entirely accurate or up-to-date. It’s recommended to contact the respective companies/individuals for detailed information on features, pricing, and availability. All screenshots, if any, are used under the principles of fair use for editorial, educational, or commentary purposes. All trademarks and copyrights belong to their respective owners.
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Further Reading
‘Playing a dangerous game’: Putin threatens using ‘all its arsenal’ if Russian territory is attacked
President Vladimir Putin on Thursday reiterated Moscow’s long-held position that Russia is not planning to attack European countries but will respond to aggression with “all weapons” in its arsenal.
In remarks at a foreign policy forum, Putin accused the West and Europe of escalating tensions by talking about preparing for a war with Moscow in the coming years, conducting military drills in the Baltic Sea, and seizing Russian vessels.
His remarks followed Moscow’s warning to NATO that it would not hesitate to use nuclear weapons to defend Kaliningrad should any members of the military alliance try to cut off the Baltic exclave from the rest of Russia.
Several Russian embassies in Europe this week issued statements that said Moscow has “information that NATO is preparing (an) air and naval blockade of Kaliningrad and (the) Kaliningrad region.”
They accused European leaders of “playing a dangerous game” by saying Russia might attack another country or ramp up a campaign of destabilizing attacks with drones and sabotage. Moscow has called the allegations absurd.
“There should be no mistake — Russia would be ready to use all its arsenal, including nuclear weapons, to defend its territory if NATO countries try to isolate (the) Kaliningrad region from the rest of the country,” the Russian Embassy in Ireland said in its statement on Tuesday.
Asked at the Valdai Club forum Thursday whether Russia was on the cusp of a war with NATO or whether both were trying to intimidate each other, Putin said: “It’s not intimidation, it’s a response to an attempt to intimidate us.”
Putin said that “everything is written correctly” in the earlier warning to NATO.
“If it comes to a direct attack on the Russian Federation — in this case we mean Kaliningrad, or maybe some other territories — of course, inevitably and immediately the question of Russian Federation using all weapons at the disposal of our country will appear on the agenda,” he said.
Putin didn’t specify whether Moscow would use nuclear weapons but said it has arms that “no one else has” and would determine which to use in case of an attack.
NATO pushed back against Russian nuclear rhetoric
NATO spokesperson Allison Hart confirmed Wednesday that Russia had sent a written message to the U.S.-led military alliance. “We strongly denounce the threat of force, including any irresponsible nuclear rhetoric,” she said in a statement.
Hart insisted NATO is not targeting Kaliningrad and had sent a reply noting that “NATO is a defensive alliance and none of our activities or exercises pose a risk to any part of Russia.”
NATO Secretary-General Mark Rutte said Wednesday the bloc’s response to the message was “short and concise.”
“Basically what we said is, ‘Hey, listen, we are defensive alliance, and stop the nuclear threat. This is absolutely not called for and not helpful,’” Rutte told Euronews.
NATO’s response also urged Russia to stop its “unprovoked war of aggression against Ukraine,” now in its fifth year.
The Baltic exclave of Kaliningrad sits between NATO members Poland and Lithuania. It is home to Russia’s main Baltic navy base and other military assets, and nuclear-capable Iskander missiles are deployed there.
Western military officers have said that key military installations in Kaliningrad would be a likely first target should Russia ever attack any NATO ally.
NATO allies have conducted military exercises in the Baltic Sea region in recent months. More are planned in October. It launched Operation Baltic Sentry there last year to protect communication cables and pipelines.
On Aug. 18, NATO held an exercise over northern Poland and the Baltic region involving several aircraft, including an EA-37B Compass Call — a sophisticated American plane that can jam communications and radar, the U.S. Air Forces in Europe said.
Defense analysts believe the unannounced, large-scale exercise would not have been welcomed by the Kremlin.
Rutte urges continued focus on supporting Ukraine
European leaders and intelligence services have warned that Russia could be ready to strike at another country within a few years, especially if it wins its war on Ukraine.
Rutte told Euronews that Russia is trying “to divide us and lose the focus” on defending Ukraine.
“We will not,” he said, adding that the best way to respond is to provide Kyiv with more support.
“That’s the message. Calm, carry on, keep the support for Ukraine going. That’s how we deal with it,” Rutte said.
——
Associated Press reporter Lorne Cook in Brussels contributed.
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The Official Student Loan Cohort Default Rate Is 0.4%. Here’s Why That Number Means Almost Nothing.
Key Points
- The Department of Education’s official FY 2023 cohort default rate is 0.4%, up from 0.0% for FY 2022. Just 14,296 of the 3.37 million borrowers in the cohort defaulted during the three-year measurement window.
- The rate is low because the pandemic payment pause, the on-ramp, and the SAVE forbearance covered nearly all of the window.
- The number that matters is coming next year. Draft FY 2024 rates arrive in early 2027 and will be the first calculated with no pandemic protections in place, and roughly 1,800 colleges already have nonpayment rates of 25% or higher.
The Department of Education released its official FY 2023 student loan cohort default rate on September 30, 2026, and the headline figure is 0.4%. Among 3,372,244 borrowers who entered repayment between October 1, 2022, and September 30, 2023, only 14,296 defaulted by September 30, 2025, according to the Federal Student Aid briefing. That is the fourth straight year the national rate has landed at or near zero, but it bears no resemblance to the 9.3 million borrowers currently in default on federal loans.
The gap between those two numbers is confusing a lot of people, including financial aid offices. The explanation is not that borrowers suddenly started paying. It is that the cohort default rate is a narrow, backward-looking measure, and the pandemic-era protections happened to cover nearly every day of the window it measures.
Basically, if you see this number, disregard it. It’s not helpful… yet. Here’s what to know.
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How The Cohort Default Rate Actually Works
A cohort default rate tracks one group of borrowers, those who entered repayment during a single federal fiscal year, and asks what share of them defaulted by the end of the second fiscal year after that. For the FY 2023 cohort, the window opened October 1, 2022, and closed September 30, 2025. Default, for this purpose, means a loan has gone at least 270 days without a payment.
The rate is calculated for every school that participates in federal aid, and the national figure is simply the sum of those schools. The FY 2023 calculation covered 5,417 institutions.
Congress built the measure as an accountability tool: under the Higher Education Act, a school with a CDR of 30% or higher for three consecutive years, or above 40% in a single year, loses access to federal student loans, and for-profit colleges have historically been the schools closest to those lines.
The lag is by design. Because the window runs three fiscal years and the Department needs most of another year to finalize the data, an official CDR describes borrowers who left school roughly four years before the number is published. The FY 2023 rate released this week was calculated on August 1, 2026, about borrowers who started repayment in late 2022 and early 2023.
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Official National Student Loan Cohort Default Rate, FY 2012–FY 2023
Share of borrowers entering repayment each fiscal year who defaulted within the three-year measurement window
View as table
| Cohort | Official CDR |
|---|
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Why Four Years Of Near-Zero Rates Mean Nothing
The Department’s own briefing says the FY 2023 rate “should be interpreted with caution.” The reason is a stack of three overlapping protections. The pandemic payment pause began March 13, 2020, and ran through September 2023, with no Federal student loans entering default during that stretch.
When payments resumed in October 2023, the Department added a 12-month on-ramp through September 30, 2024, during which missed payments were not reported to credit bureaus and borrowers could not be placed in default. Then the courts blocked the SAVE plan, and the roughly 7 million borrowers enrolled in it were placed in a litigation forbearance that stretched from July 2024 into the fall of 2025.

Lay those dates over the FY 2023 window and the math becomes obvious. The National Association of Student Financial Aid Administrators calculates that FY 2023 borrowers had exactly 365 days, October 2024 through September 2025, in which it was even possible to become delinquent long enough to hit the 270-day threshold, and SAVE borrowers were shielded for most of that year. The FY 2022 cohort had zero such days, which is why its rate was 0.0%. For comparison, the last fully pre-pandemic cohort, FY 2018, defaulted at 7.3%, and FY 2016 came in at 10.1%.
The distortion actually starts one year earlier than most people assume. The FY 2019 cohort entered repayment between October 2018 and September 2019, and its monitoring window ran through September 30, 2021. The pause arrived on March 13, 2020, roughly halfway through, and it did two things at once: payments stopped being required, and the delinquency clock froze for anyone already behind. A borrower who was 200 days late in March 2020 stayed at 200 days for the next three and a half years instead of crossing the 270-day line.
That left FY 2019 borrowers with somewhere between five and 17 months of real exposure, depending on when they entered repayment, instead of the usual three years. The result was a 2.3% rate, down from 7.3% the year before. The national rate had been declining slowly since FY 2012, when it peaked at 11.8%, but a five-point drop in a single cohort is not a trend. It is a window that closed early, and every cohort since has had the same problem or worse.
What The Numbers Show Underneath The 0.4%
Even inside a near-zero year, the data is showing a few signals. Borrowers at for-profit schools defaulted at 0.8%, double the 0.3% rate at public and private nonprofit institutions, with 4,821 of 576,634 proprietary-school borrowers in default. Foreign schools posted the lowest rate at 0.2%.
The cohort itself also shrank. The number of borrowers entering repayment fell 4.4% from the FY 2022 cohort, a drop of 156,845 people, and the decline at for-profit schools was 13.4%. The number of participating schools fell by 88, to 5,417, with for-profits accounting for 83 of the lost institutions.
Those shifts track with enrollment and lending trends The College Investor has covered, where fewer students are borrowing even as balances for those who do keep rising.
The Number Schools Should Be Watching Instead
The Department is telling colleges to focus on a different metric: the nonpayment rate. That figure measures the share of a school’s Direct Loan borrowers who entered repayment between January 2020 and May 2025 and are more than 90 days delinquent. The Department refreshed that data on September 22, 2026, using August 2026 figures, and the results show a much bigger issue.
Approximately 1,800 institutions have nonpayment rates at or above 25%, according to the Department’s announcement. That is consistent with the broader delinquency picture: as of June 30, 2026, Federal Student Aid data showed 9.3 million borrowers in default holding $234 billion, with another 1.5 million in late-stage delinquency and roughly 20% of borrowers in active repayment more than 30 days behind.
The nonpayment rate carries no sanctions. The CDR does, and the Department’s announcement spells out what it expects: draft FY 2024 rates will be issued in early 2027, and the official FY 2024 rates next fall will be “the first such release following the full expiration of pandemic-era flexibilities.”
The Department has asked schools above 25% to update their default prevention plans, attend an October 13 webinar, and complete a new self-paced training track on CDRs. The FY 2024 cohort entered repayment between October 2023 and September 2024, and its window closes September 30, 2026, meaning the outcome is already largely baked in.
What This Means For Borrowers And Families
For an individual borrower, the CDR has no direct effect on your loan. It does not change your interest rate, your repayment plan options, or whether your loan is in good standing. Its effect is on the school, and only when it crosses the sanction thresholds.
The indirect effects are the ones worth paying attention to. A school that loses federal loan eligibility loses the revenue most of its students use to pay tuition, and sudden college closures strand students mid-degree.
For borrowers who are behind, it’s a different story. Collections resumed in May 2025, wage garnishment is restarting, and the New York Fed has documented credit score drops averaging 91 points for borrowers who went from current to default.
A borrower already in default can get out through rehabilitation or consolidation, and the Department now runs an online portal for both.
The FY 2023 rate is being measured on misleading data. The FY 2024 and FY 2025 rates will be the first real test of how the post-pandemic repayment system, including the new RAP plan and the end of SAVE, is working.
Editor: Colin Graves
The post The Official Student Loan Cohort Default Rate Is 0.4%. Here’s Why That Number Means Almost Nothing. appeared first on The College Investor.
