Today is a day filled with a lot of emotion.

Yesterday, Charlie Kirk was tragically assassinated in broad daylight while hosting one of his discussion-based events on a college campus in Utah. Charlie was a man driven by faith, family, passion for intellectual debate, and love of country. The Rich Habits Team mourns his loss and prays for his family that will now move forward without a husband and a father. Violence is never the answer.

And now today, we also honor the nearly 3,000 people that lost their lives during the terrorist attacks of September 11th, 2001. There has been no darker time on American soil, and millions of people are still dealing with the losses of that horrendous morning in New York City. If you’ve never heard the story of Welles Crowther — “The Man in The Red Bandana” — we highly encourage you to do so. He was a hero that chose to lead others to safety that day instead of just looking after himself.

The reality of 9/11 is that there are thousands of individuals who also chose to help others instead of seek their own safety. Many of them did not make it through the day, but that doesn’t mean we can’t take this opportunity to honor them and their ultimate sacrifices.

Each and every day, we are very proud to be Americans. But on this day — we are supremely encouraged by the resolve that was shown during that morning from hell. We encourage each of you to understand the importance of never forgetting what took place that day, and how much was lost from so many people. America is ultimately an experiment — one which has yet to even amass 250 years of history. 9/11 was a crimson stain in that history, but also was filled with countless acts of selflessness and patriotism. Today — we honor those that were lost, those that were impacted, and those that spend each and every day defending us.

As one final note — there will not be a “Rich Habits Radar” Friday Episode of the podcast this week. Austin is traveling to his father’s memorial this weekend. We appreciate you understanding.

Make sure you’re following us on Spotify, Apple, YouTube, or wherever else you watch the show. We want you to get notified when each new episode is released.

Now let’s jump into things.

A quick breakdown — in case you don’t have the time.

The Fed’s balance sheet just hit its lowest level since April 2020.

In August, the Federal Reserve trimmed its balance sheet by -$39 billion to $6.60 trillion. That marks a nearly five-year low, taking total assets back to early-pandemic levels.

Since the April 2022 peak, the Fed has reduced its holdings by -$2.36 trillion (-26.4%), effectively unwinding 49.2% of the $4.81 trillion in pandemic-era stimulus.

On a relative basis, Fed assets are now 21.8% of U.S. GDP — the lowest since Q1 2020 and roughly in line with 2013 levels.

But here’s the kicker: the balance sheet still sits $2.45 trillion (+59%) above pre-pandemic levels. Despite aggressive tightening, the Fed is far from fully unwinding its COVID-era interventions.

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👉 134: Exposing Wall Street’s $1 Trillion Real Estate Blindspot w/ Ben Miller

In this week’s Monday-morning episode of the Rich Habits Podcast (linked here) — Austin and Robert sat down with the CEO of Fundrise to answer your questions about the real estate industry, and their unique approach.

Ben has been democratizing real estate investing for over a decade, building Fundrise into a platform that manages billions in assets across real estate, private credit, and venture. With the Fed’s recent policy pivot out of Jackson Hole, this was the perfect time to get his perspective on what it all means for everyday investors.

Here’s what they covered…

As always, we aim to bring you conversations with leaders shaping the future of money and investing. Ben’s insights offered a rare behind-the-scenes look at where real estate and his company are both headed.

Click here to check out Fundrise if you haven’t already!

👉 Q&A: Taking Social Security Early, Building Two ADUs, & Whole Life Insurance for Children?

Here’s a link to the Q&A episode that was posted this morning.

You can submit questions for these episodes by asking them inside of the Rich Habits Network, replying to this email, or sending us a DM on Instagram.

The Rich Habits Podcast is available on Spotify, Apple, YouTube, and wherever else you get your content!

Global liquidity is surging to all-time highs.

In July, broad money supply climbed +9.3% year-over-year, reaching a record $140 trillion. This measure spans 169 countries and territories, covering 99% of global GDP.

Since the start of 2025, global money in U.S. dollars has jumped by +$10 trillion, and since the 2020 pandemic, total money supply has soared +$40 trillion — a 7.0% compounded annual growth rate.

This massive expansion underscores the ongoing flood of liquidity worldwide. On the positive side, it supports economic growth, fuels markets, and provides investors with ample opportunities. On the flip side, too much liquidity can stoke inflation, create asset bubbles, and amplify market volatility.

Retail investors are cashing in — while institutions keep buying.

Last week, individual investors sold $700 million of U.S. equities, marking their second weekly sale in the last three weeks after nearly 36 straight weeks of buying. This pushed the 4-week average of retail selling to $200 million, signaling a notable shift in sentiment.

Meanwhile, institutional investors snapped up +$1.1 billion, their 6th consecutive weekly purchase, the longest streak since the 2022 bear market. Prior to this streak, institutions had sold -$19 billion over 12 weeks, but their 4-week average of purchases now sits at +$1.7 billion, highlighting growing confidence among professional investors.

Wall Street is buying while Main Street is selling, a classic example of the sentiment divergence between retail and institutional players. Historically, these periods of retail selling and institutional buying can create attractive entry points for disciplined investors who are willing to go against the crowd.

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