WEBVTT

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The world of finance, it's confusing the people,

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right? 78 % of us could be living paycheck to

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paycheck. Most people think, I'll wait. I'll

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wait on money. I'll wait till I'm older and wiser.

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It's actually the opposite. You're actually in

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your prime with money in your 20s. You start

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your career with a power of 16. Our multiplying

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power halves every 10 years. I have three steps

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for making money freeze. I really want to know

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what it means to you to live a good life, not

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just a successful one. the place that I want

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people to arrive with their money, which is fund

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your purpose. So today we're diving into a conversation

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that every entrepreneur needs to hear every person

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probably needs to hear. So much of the advice

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out there is about, you know, the hustle, the

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grind, but we need to talk about how to serve

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yourself and your life. And one of those things

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is money and how that can serve you without draining.

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your life, your mentality, and all that good

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stuff. And so, we're gonna be talking to Scott,

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and he's here, and I'm really excited to have

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him here. But before we welcome him, there's

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a question that I wanna ask you, the listener

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and the watcher, before we get into this conversation.

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Just have this question on your mind, which is,

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you know, what's one money habit that you're

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ready to change this week so you can thrive with

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more purpose? Drop those answers in the comments

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below. And give us your take your what your takeaway

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and your spiel of that question. And I am now

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like, like I said before, excited to have you

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on the travel journey. Scott, welcome to the

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podcast. Michael, thank you. So good to be here.

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Appreciate it. Yes, absolutely. And you know,

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finance, it's confusing the people, right? Oh,

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yeah. But before we get there, We often ask questions

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of our guests, you know, kind of an internal

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intrinsic kind of question. And I really want

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to know what it means to you to live a good life,

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not just a successful successful one for you

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personally. Yeah. Well, I like to talk about

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kind of the goal, the place that I want people

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to arrive with their money, which is fund your

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purpose. I want people to get to that point of

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funding their purpose. There's so many barriers

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and distractions and pitfalls and snares and

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traps that want to keep us from getting to that

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point of funding our purpose. And I want to help

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people get that freedom and that financial peace.

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And to be healthy with their finances and balance

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with their finances so that they can get to that

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point of being free with their finances to not

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only take care of their everyday needs and their

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family, all their obligations, all their bills,

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but beyond that, what's over and beyond that.

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And that's funding your purpose. I believe we're

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here on this planet for a reason. And having

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that column of our life figured out the money

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part where there's available funds to put towards

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what our dreams are, what we feel like we're

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here to do. That's what I want to get people

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to. That's the goal. Yeah. Now, when you say

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financial peace, are you saying P -I -E -C -E

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or P -E -A -C -E? Yeah. P -E -A -C -E, to have

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that place where you can sleep at night, where

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you can feel like your life is aligned with your

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finances, you're doing what you're supposed to

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be doing. A lot of times we're mismatched. We

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don't have that peace. We feel stress and pressure.

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even guilt over finances, intimidation, there's

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all sorts of feelings coming at us, because our

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behavior, we may have been misbehaving the last

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few years and so putting off getting getting

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things in order. And so that's what I like to

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help people with is, is give them a simple plan,

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get them motivated to start behaving with their

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money. And I know I needed that wake up call

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myself. I think you're speaking to just most

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of probably everybody that's listening to the

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podcast that We don't really look at the understanding

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financial literacy as it being financial literacy.

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I think in high school or elementary or just

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as growing up, we don't get that piece in schools.

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Actually, I remember the only financial advice

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that I got from school, I was born in 77, was

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how to write a check. Yeah, how many people do

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that anymore these days? And people are just

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having the thing, right? I think under my bed,

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I probably have like a stack of old checks or

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something. But you know, when we talk about financial

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literacy, people don't necessarily know that.

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Well, they probably know it now, right? Like,

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financial literacy, I need to have financial

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literacy. Can you speak to the minds of people

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that Want to get the understanding of financial

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literacy and really know how to take that first

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step. Yeah, absolutely Well for much of my life

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I grew up in a family that didn't really talk

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too much about finances In fact, my mom said

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when I was growing up talking about money is

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like talking about your underwear and What she

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meant by that is it was a private topic. We don't

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talk about that. Yeah, we're not going to boast

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about our bank accounts. And that's certainly

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what she was getting at, you know, the pride

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factor. But if we don't talk about how to do

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money, which is a totally different thing from

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talking about how much you got or how much you

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make, if we don't talk about how to operate with

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money, we could be silently suffering. And that

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is absolutely what's happening because there's

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there's a few figures here. Seventy eight percent

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of us could be living paycheck to paycheck. And

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that is an enormous amount. Seventy seven percent

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of us are in debt or somewhere around one hundred

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thousand dollars each. on average. And then as

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far as financial literacy goes, we are having

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trouble passing a basic financial literacy test

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in the United States. So all of these things

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are pointing towards a low understanding of finances.

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We're just not taught how to operate with it.

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So in addition to the schools that you brought

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up, I then look to the parents and many parents

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don't feel equipped to be able to teach their

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kids finances because if they are in this 70

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some percent, you know, bucket that's struggling

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with finances themselves, they don't feel like

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they have what it takes to teach their kids.

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They don't necessarily want their kids to. to

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repeat the same mistakes that they did. And so

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here you have the current generation that may

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not want to pass it down. And then you have the

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younger generation that has no idea where to

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get that information. And so that's why I come

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along. I studied to become a financial coach

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after I decided, hey, I'm going to, I'm going

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to get over this hump. I'm going to learn this

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myself. Right. So many, many of us, that's our

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only opportunity is to self -learn and to go

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seek it out. Where do you go? I took a nine week

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course that taught me the basics. And then after

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that, this was unexpected. My wife called it

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an obsession. I got so into money and understanding

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it after I got over that initial hump, it wasn't

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so bad. And when I realized that it wasn't as

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bad as I thought it was, I just went for it.

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Because I was like, this is great. This is easier

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than I thought. And I started thinking in the

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way that Money is at first it was it was a disconnect

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i didn't understand it and then once i got it

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i was like. let's keep going let's get let's

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get this we make about 1 .5 transactions per

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day for the rest of our lives and it's like we

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need to know this stuff why aren't we learning

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this earlier well we talked about it's just not

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in schools and parents aren't equipped uh but

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we owe it to ourselves and our families to go

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out there and get that information to uh because

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it's just such a huge part of our life we're

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gonna work for 40 years and earn money and then

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we're gonna retire for 10 to 30 years and spend

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it. And so I spent three years writing this book,

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Financial Epiphany, to put all the ideas in one

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place and share it with others. Once I got my

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act together, I wanted to help others get there

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as well. Yeah, I've seen some of the things that

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you've done. Well, what what's online, but I

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will talk about that in a minute. But one of

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the things that screams at me when you're when

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you're sharing that Is generational and then

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for me, I just speak for myself. I'm sure I'm

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proxy for a lot of people is that you said you

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don't have someone really sharing financial literacy

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with you or understand the finances period from

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parents that say Hey, you can't talk about money.

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It's like talking about your draws. I mean, you

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know what I mean? Like so breaking that cycle

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is probably one of the biggest things that we

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could do right now. Yes. Oh, yeah, you got it.

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And without that, let's see, I'll tell you some

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of the things that I heard. The furthest I heard

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about finances was invest in your 401k. There's

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free money, but it wasn't really anything beyond

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that. And so when you have a statement about

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that, You might take some action, but I acted

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timidly because I didn't have any details. I

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didn't have anything to measure this by. I didn't

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know if I put in this much, what was going to

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happen. And so when you don't understand something,

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like you don't have a metric or quantification.

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who's gonna go out and jump in with both feet

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in a wholeheartedly you don't you act timidly

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can you say oh this is a maybe maybe not saying

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you know i'm kind of lukewarm about this and

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i got a lot of messages like that where there

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just wasn't that quantification and that's why

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i hungered to quantify some rules of thumb i

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worked on three rules of thumb that. As far as

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I knew and learned those, I was going to be able

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to do well with money for the rest of my life.

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And then I wanted to make sure that it was so

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simple that I could share those with others so

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they could do the same. So it could be that simple

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because, yeah, the generation to generation thing,

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it's just there's a disconnect there. And I'd

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love to see, I'd love to, part of what I'm doing

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here is I'm trying to equip parents to do well

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from the self and to teach the younger generation

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and then also teach the younger generation themselves.

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But let me tell you one thing. When you're in

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your 20s, the last thing you're thinking about

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is, I want to go all in on saving for retirement.

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I mean, you've got your school, you've got your

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classes. If you're thinking about money, you

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might be thinking about your student loan. You're

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thinking about your car, your first job, your

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relationship. And after that, immediately, yeah,

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you're thinking about marriage, your first house,

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where am I going to live? Here's my first job,

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you know, like, I gotta I gotta start getting

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the corporate culture, whatever it might be.

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There's so many things we're inundated in in

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our 20s. And that's why I like the idea of being

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a coach to someone then because it's like you

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look at this person and you say, you've got this

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amazing ability with money that you don't know

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about. But I'm going to come in here and I will

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tell you exactly what you need to know. Because

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if you don't use this ability now. like an athlete,

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missing out on being a quarterback or being a

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pitcher, being this or that because they're so

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skilled, they cannot see it, but you do. And

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so that's why I like to come in and point that

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out and say, bam, here are these three financial

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epiphanies, these rules of thumb I'm going to

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tell you about. And then that's when people will

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say, I didn't know that. I had no idea. I'm going

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to take action. I'm like an athlete that is now

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connected with understanding my ability and my

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skill. Let's get going on this. Yeah, I think

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one of the best things that you could get in

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life is a good coach. I mean, coming from the

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world of sports myself is, you know, like I ran

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track and field, that was a thing that paid for

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my college and took me through past college.

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But, you know, as much as I knew about the sport,

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I still needed to have a different perspective.

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And when I got a different perspective, it would

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cut my time down. because there's some things

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that I still didn't know. So a coach definitely

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supports you in really giving you a different

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perspective and elevating your mental acuity

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in whatever it is that you're looking for. And

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right now we're talking about financial understanding

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and literacy and having a coach would be significant.

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I see the difference. Yeah. Yeah. Good coach

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or mentor sees what you can't see in yourself.

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They see down the road your potential. They've

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walked that road typically themselves. And so

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to have someone pulling you rather than you staying

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right where you're at is it's an amazing thing

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to have to have someone like that. That's that's

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pulling for you. Yeah. So you you have a little

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history here and and you were in the field of

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communication and design for 25 years. Are you

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still in the Fortune 15 company or you? You got

00:12:39.950 --> 00:12:43.490
it. Sure am. Yeah. I head up a video communications

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department communicating to 300 ,000 plus employees

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worldwide. And so I am constantly taking big

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messages and distilling them down to just the

00:12:53.490 --> 00:12:55.549
essence of what people need to hear. That's what

00:12:55.549 --> 00:12:57.769
I'm doing day in and day out. That's my full

00:12:57.769 --> 00:12:59.889
-time role. And so when I realized there was

00:12:59.889 --> 00:13:03.580
this issue of communication, in finance, people

00:13:03.580 --> 00:13:05.299
not getting the message we were just talking

00:13:05.299 --> 00:13:08.740
about, I realized, okay, we don't need to inundate

00:13:08.740 --> 00:13:11.080
people and overwhelm people with all of finance,

00:13:11.480 --> 00:13:14.340
because that's causing analysis paralysis and

00:13:14.340 --> 00:13:16.860
overwhelm. People are not acting, and they tend

00:13:16.860 --> 00:13:20.320
to freeze when there's too many choices. And

00:13:20.320 --> 00:13:22.139
because we just don't want to mess up from where

00:13:22.139 --> 00:13:26.500
we're already at. And so Distilling a message

00:13:26.500 --> 00:13:29.980
is my role. And I call myself an imposter because

00:13:29.980 --> 00:13:31.860
I come into the world of finance, even though

00:13:31.860 --> 00:13:34.299
I've been studying at 10 years now and did become

00:13:34.299 --> 00:13:36.539
a licensed coach and spent three years writing

00:13:36.539 --> 00:13:40.200
the book. But I come in from the side because

00:13:40.200 --> 00:13:41.940
some people, when they're talking to me, they

00:13:41.940 --> 00:13:44.879
say, you're just like me. You have a job just

00:13:44.879 --> 00:13:48.320
like me, but you figured this out. Well, yes,

00:13:48.559 --> 00:13:51.220
because once again, Communication is what I do

00:13:51.220 --> 00:13:53.799
all day, every day. And when you come in sideways

00:13:53.799 --> 00:13:56.460
looking at finances and you see there is a communication

00:13:56.460 --> 00:13:58.600
issue here, don't tell everybody everything.

00:13:58.639 --> 00:14:00.600
Just tell them just what they need to know to

00:14:00.600 --> 00:14:03.620
start succeeding. And when they do, you teach

00:14:03.620 --> 00:14:05.600
them the basics and they start succeeding and

00:14:05.600 --> 00:14:08.080
looking at that over time. Then they get excited

00:14:08.080 --> 00:14:10.019
about it and want to know more. We can become

00:14:10.019 --> 00:14:12.559
more savvy with our finances down the road. But

00:14:12.559 --> 00:14:15.220
what we need to do is get started because the

00:14:15.220 --> 00:14:18.870
biggest factor in all of this is time. we need

00:14:18.870 --> 00:14:21.350
to let things roll for a while. And when we see

00:14:21.350 --> 00:14:23.269
those results that really does work, then you

00:14:23.269 --> 00:14:25.230
start ramping it up. And that is exactly what

00:14:25.230 --> 00:14:27.690
happened in my case. Yeah. So what inspired you

00:14:27.690 --> 00:14:32.549
to bring that new worldview of money? Yeah. So

00:14:32.549 --> 00:14:34.690
because I like to look at things creatively in

00:14:34.690 --> 00:14:37.250
the communications field, once I got over the

00:14:37.250 --> 00:14:40.009
hump with understanding money, I started to think

00:14:40.009 --> 00:14:42.970
to myself, I was reading books, I mean, 2030

00:14:42.970 --> 00:14:46.480
finance books, I was on blogs, websites, taking

00:14:46.480 --> 00:14:48.899
classes, workshops, I was doing it all. Once

00:14:48.899 --> 00:14:51.120
again, my wife says I get obsessed about things,

00:14:51.259 --> 00:14:53.879
bam, got mad, I got really obsessed about that

00:14:53.879 --> 00:14:57.039
word, dove right in, wanted to figure it out.

00:14:57.299 --> 00:15:00.120
And so once I started learning it, I found myself

00:15:00.120 --> 00:15:02.759
writing in the margins of the books. And the

00:15:02.759 --> 00:15:04.639
joke is that I started writing so much in the

00:15:04.639 --> 00:15:06.740
margins of the book, that it was about time to

00:15:06.740 --> 00:15:09.370
write my own book and really What a book can

00:15:09.370 --> 00:15:12.289
do, and I've been told, is that a book not only

00:15:12.289 --> 00:15:14.450
is learning what someone else has put their heart

00:15:14.450 --> 00:15:17.330
and soul into for years to get this word out,

00:15:17.490 --> 00:15:20.750
so it's this compressed 200 pages MIT key, eight

00:15:20.750 --> 00:15:22.990
hours to read the average nonfiction book, but

00:15:22.990 --> 00:15:25.350
someone worked years on it. This is the best

00:15:25.350 --> 00:15:26.830
of what they know and they're passing it out

00:15:26.830 --> 00:15:29.370
to the public. And so you're learning. But the

00:15:29.370 --> 00:15:32.389
other thing besides learning this person's compressed

00:15:32.389 --> 00:15:36.360
best ideas is that it triggers your own. And

00:15:36.360 --> 00:15:38.299
that's what happened is that it started triggering

00:15:38.299 --> 00:15:41.000
my own. I started to ask myself, why don't people

00:15:41.000 --> 00:15:43.120
teach it this way? Why don't people communicate

00:15:43.120 --> 00:15:46.340
it that way? I like simple. I like unconventional.

00:15:46.860 --> 00:15:49.440
And so everything triggered me again and again

00:15:49.440 --> 00:15:52.279
and again while reading these books towards a

00:15:52.279 --> 00:15:55.720
simple set of unconventional. answers. And that's

00:15:55.720 --> 00:15:57.559
where those three rules of thumb that I call

00:15:57.559 --> 00:16:00.120
financial epiphanies, they arose out of all that

00:16:00.120 --> 00:16:03.639
study. Over several years, I started to put them

00:16:03.639 --> 00:16:06.000
into practice. And once again, when that time

00:16:06.000 --> 00:16:08.139
passed, I looked back and I said, this is working.

00:16:08.559 --> 00:16:11.039
Because it's math. And math is very reliable.

00:16:11.379 --> 00:16:14.679
You know, it doesn't change. It's math is math.

00:16:15.159 --> 00:16:18.679
In that, you know, what is being added or multiplied

00:16:18.679 --> 00:16:20.059
is going to you're always going to get the same

00:16:20.059 --> 00:16:23.259
answer. And so when I realized that it was working

00:16:23.259 --> 00:16:28.039
over time, That's when I really refined and distilled

00:16:28.039 --> 00:16:31.919
these rules of thumb to get it so anybody could

00:16:31.919 --> 00:16:34.519
understand it. And by writing a book, it forced

00:16:34.519 --> 00:16:37.500
me to figure it out. The words, the branding,

00:16:37.980 --> 00:16:41.500
the order, the names, all of this so that once

00:16:41.500 --> 00:16:43.679
it's locked down and it's in this book for all

00:16:43.679 --> 00:16:47.250
time to come. that this was a well thought out

00:16:47.250 --> 00:16:50.330
tool and it wasn't just happenstance and a fleeting

00:16:50.330 --> 00:16:52.490
thought. It was something that's time tested

00:16:52.490 --> 00:16:55.169
among many people and myself. And I just, I'm

00:16:55.169 --> 00:16:57.289
so excited about the results. I was like, I can't,

00:16:57.289 --> 00:16:59.409
I can't stop that share this with everybody.

00:16:59.570 --> 00:17:02.350
I want everybody to succeed. And the last thing

00:17:02.350 --> 00:17:05.210
about that is even though I have a unique, simple

00:17:05.210 --> 00:17:07.109
and unconventional approach to teaching money.

00:17:07.559 --> 00:17:09.259
And there are others that are very straightforward.

00:17:09.680 --> 00:17:12.000
There's some that you might feel like you're

00:17:12.000 --> 00:17:15.079
talking to an accountant. There's some that are

00:17:15.079 --> 00:17:17.380
very relational with money. And I'm creative

00:17:17.380 --> 00:17:20.259
and unconventional and simple. And that's going

00:17:20.259 --> 00:17:21.839
to be right for some people. It's going to be

00:17:21.839 --> 00:17:23.900
exactly what they need to hear, like myself.

00:17:24.099 --> 00:17:27.079
And when my message connects with others, it's

00:17:27.079 --> 00:17:29.259
an amazing thing to see the lights turn on. Other

00:17:29.259 --> 00:17:31.319
people, it might not be for them so much. So

00:17:31.319 --> 00:17:34.220
I feel like there needs to be this pie of several

00:17:34.220 --> 00:17:37.130
slices to teach money and people take the piece

00:17:37.130 --> 00:17:39.509
that's right for them. So I'm just putting one

00:17:39.509 --> 00:17:42.470
more piece out there to choose from. Yeah. Well,

00:17:42.490 --> 00:17:43.930
I was watching the video and you made it really

00:17:43.930 --> 00:17:46.630
simple. Was it the one with the magician or something?

00:17:47.369 --> 00:17:50.509
Or that was that one. There was something that's

00:17:50.509 --> 00:17:54.779
from there, but you used a Rubik's cube. to really

00:17:54.779 --> 00:17:56.500
break it down and make it really simple. And

00:17:56.500 --> 00:17:59.680
I think the essence of what I'm trying to create.

00:18:00.380 --> 00:18:04.099
There's my visual to go with that. Yes. For people

00:18:04.099 --> 00:18:06.380
that are just listening, he has a Rubik's Cube

00:18:06.380 --> 00:18:09.579
and just kind of create context. You, in the

00:18:09.579 --> 00:18:12.059
world of making things simple, right, you started

00:18:12.059 --> 00:18:14.400
to understand, like, I think you were challenged

00:18:14.400 --> 00:18:18.779
to understand how to make the Rubik's Cube match

00:18:18.779 --> 00:18:22.299
all sides. You had an epiphany there. Can you

00:18:22.299 --> 00:18:26.400
talk about that? Yeah, before the three rules

00:18:26.400 --> 00:18:29.980
of thumb comes the simple framework. And what

00:18:29.980 --> 00:18:33.960
I like to do is I like to take something we understand,

00:18:34.119 --> 00:18:35.859
something we've seen before, something we get,

00:18:35.980 --> 00:18:39.140
like a Rubik's Cube. It's one of the most proliferous

00:18:39.140 --> 00:18:44.359
playthings in the world. And 4 % of the population

00:18:44.359 --> 00:18:47.799
knows how to solve these things. There's 43 quintillion

00:18:47.799 --> 00:18:51.109
possible combinations, which is Yeah, two sets

00:18:51.109 --> 00:18:54.049
of zeros and commas beyond a trillion. And so

00:18:54.049 --> 00:18:56.750
we know that you can't just figure this thing

00:18:56.750 --> 00:18:59.349
out very easily. Most people wouldn't be able

00:18:59.349 --> 00:19:02.089
to do that. But if you figure out a system, which

00:19:02.089 --> 00:19:04.890
I didn't know before, I used to pick one of these

00:19:04.890 --> 00:19:08.230
out of the toy shelf, fiddle with it, put it

00:19:08.230 --> 00:19:10.049
back down a year later, pick another one up,

00:19:10.069 --> 00:19:11.869
fiddle with it, put it back down, have no idea

00:19:11.869 --> 00:19:14.750
what I was doing. Right. And then I learned a

00:19:14.750 --> 00:19:17.690
simple framework. I learned someone taught online

00:19:17.690 --> 00:19:21.140
that you solve the bottom. then the middle, then

00:19:21.140 --> 00:19:24.240
the top. And I had no idea that that was the

00:19:24.240 --> 00:19:27.859
order. And so my son challenged me to learn this

00:19:27.859 --> 00:19:31.059
thing. And I knew I was either going to fail

00:19:31.059 --> 00:19:33.380
him and he was gonna show me up and learn it

00:19:33.380 --> 00:19:36.799
himself. Or I felt like another fear was that

00:19:36.799 --> 00:19:40.819
I was going to not be able to help him. And then

00:19:40.819 --> 00:19:43.180
we both would fail, but what ended up happening

00:19:43.180 --> 00:19:45.559
was we both succeeded and we're able to figure

00:19:45.559 --> 00:19:49.339
this thing out. So bottom metal than top is the

00:19:49.339 --> 00:19:51.019
trick with the Rubik's cube. The parallel to

00:19:51.019 --> 00:19:54.279
finances is just like there's those three steps

00:19:54.279 --> 00:19:56.519
for the Rubik's cube. I have three steps for

00:19:56.519 --> 00:19:59.420
making money freeze. And by that, I mean, there's

00:19:59.420 --> 00:20:01.960
not, it doesn't have to be 43 quintillion ways

00:20:01.960 --> 00:20:04.859
to do money. They can just be one. How do you

00:20:04.859 --> 00:20:07.019
make money freeze? Cause it's like dancing around

00:20:07.019 --> 00:20:10.599
us with all these uh roving variables like oh

00:20:10.599 --> 00:20:12.839
you know when did I start and how much is it

00:20:12.839 --> 00:20:15.559
earning and all these things what does it turn

00:20:15.559 --> 00:20:18.039
into we have all these questions with money that

00:20:18.039 --> 00:20:20.240
we we can't lock down and so i locked it down

00:20:20.240 --> 00:20:22.000
for people i said let's just look at the most

00:20:22.000 --> 00:20:25.140
common scenario all right the average person

00:20:25.140 --> 00:20:28.420
starts the career at age 22 could be 21 could

00:20:28.420 --> 00:20:30.980
be 23 let's lock it down we're going to lock

00:20:30.980 --> 00:20:34.099
it down at 22 and the average length of a career,

00:20:34.519 --> 00:20:37.500
40 years, and the average rate of return earned

00:20:37.500 --> 00:20:41.380
on investments such as a 401k retirement account,

00:20:41.819 --> 00:20:45.480
IRA retirement account, a brokerage account with

00:20:45.480 --> 00:20:48.900
index funds, these really accessible ways of

00:20:48.900 --> 00:20:53.640
investing. 7 .2 is the most amazing rate of return

00:20:53.640 --> 00:20:57.329
because it's a fairly normal Rate of return,

00:20:57.450 --> 00:21:00.130
meaning when you put $1 ,000 in, you're getting

00:21:00.130 --> 00:21:04.630
this 7 .2 % back after a year, and then the next

00:21:04.630 --> 00:21:07.490
year it compounds and you get another 7 .2 %

00:21:07.490 --> 00:21:10.309
on top of all of that that you earned the prior

00:21:10.309 --> 00:21:13.289
year. When that keeps on happening, money doubles.

00:21:13.710 --> 00:21:16.710
Money doubles every 10 years. You put in $1 ,000

00:21:16.710 --> 00:21:20.009
and if it's gaining that 7 .2%, 10 years later,

00:21:20.690 --> 00:21:24.509
it's 2 ,000. It's doubling. What we got here

00:21:24.509 --> 00:21:27.269
is this one, two, three steps, you know, start

00:21:27.269 --> 00:21:31.109
at age 22 working, work for 40 years, earn a

00:21:31.109 --> 00:21:34.670
7 .2 % rate of return. We froze money. So now

00:21:34.670 --> 00:21:37.269
there's this series of three things that we can

00:21:37.269 --> 00:21:39.450
understand after that. The first epiphany being

00:21:39.450 --> 00:21:41.690
that money can double every 10 years. That is

00:21:41.690 --> 00:21:44.130
one of the most simple concepts that we could

00:21:44.130 --> 00:21:47.289
ever understand money with. Now we know, oh,

00:21:47.289 --> 00:21:49.549
I never knew what was happening to my money if

00:21:49.549 --> 00:21:52.869
I invested it. Well, if I get that 7 .2 % rate

00:21:52.869 --> 00:21:56.380
of return, is money is doubling, which is super

00:21:56.380 --> 00:21:59.299
simple doubling. Every 10 years, everybody's

00:21:59.299 --> 00:22:01.599
favorite number is 10. It's the easiest number

00:22:01.599 --> 00:22:05.920
to multiply, subtract, divide, and add by. Now

00:22:05.920 --> 00:22:08.539
we have this simple rule of thumb we can use

00:22:08.539 --> 00:22:10.480
for the rest of our lives. Money doubles every

00:22:10.480 --> 00:22:12.339
10 years. I should put it in if it's going to

00:22:12.339 --> 00:22:13.640
double in 10 years. I'm going to put this money

00:22:13.640 --> 00:22:15.940
in. I know what's happening 10 years from now.

00:22:16.119 --> 00:22:19.000
That is empowering. Yeah, it is. You know when

00:22:19.000 --> 00:22:21.500
you were talking about that and this is the extreme

00:22:21.500 --> 00:22:24.539
part of this conversation, which is I was thinking

00:22:24.539 --> 00:22:27.660
about a graph that I seen the other day and it

00:22:27.660 --> 00:22:29.900
was Warren Buffett and where he started like

00:22:29.900 --> 00:22:32.940
I don't know $500 or 5 ,000 whatever it was and

00:22:32.940 --> 00:22:36.160
they showed his graph, you know For how it accumulated

00:22:36.160 --> 00:22:39.519
and grew over time But that's one of the things

00:22:39.519 --> 00:22:42.720
that even as an employee or employer that you

00:22:42.720 --> 00:22:46.279
can really take on to grow your money and if

00:22:46.279 --> 00:22:48.799
we're talking about retirement, you want to do

00:22:48.799 --> 00:22:51.299
that because when you're like 60 and 70 or whatever,

00:22:51.819 --> 00:22:55.640
you need some money to allow your life to continue

00:22:55.640 --> 00:22:58.839
to live when you're not, you know, working for

00:22:58.839 --> 00:23:02.119
the money. Yeah, that's right. I love that you

00:23:02.119 --> 00:23:04.039
referred to Warren Buffett is definitely one

00:23:04.039 --> 00:23:06.880
of my favorites as far as showing what works

00:23:06.880 --> 00:23:09.000
over the long run. He's also got some of the

00:23:09.000 --> 00:23:11.559
most amazing sayings. One of the sayings that

00:23:11.559 --> 00:23:14.359
I like from Warren Buffett is Don't bet against

00:23:14.359 --> 00:23:17.279
America meaning invest because you're believing

00:23:17.279 --> 00:23:20.559
in say when you invest in the S &P 500 you're

00:23:20.559 --> 00:23:23.220
investing in the 500 top companies of the United

00:23:23.220 --> 00:23:26.099
States and we work at those those companies and

00:23:26.099 --> 00:23:29.900
those companies have the incentive to succeed

00:23:29.900 --> 00:23:32.440
and to innovate and to do well and to earn a

00:23:32.440 --> 00:23:36.220
profit and to get revenue and so I used to hear

00:23:36.220 --> 00:23:38.940
that the stock market was gambling And that was

00:23:38.940 --> 00:23:41.579
another thing that I heard growing up. And so

00:23:41.579 --> 00:23:43.720
I needed to get over that and realized, oh, it's

00:23:43.720 --> 00:23:46.380
actually the stock market does go up and down,

00:23:46.440 --> 00:23:50.059
but it's believing in the businesses of America,

00:23:50.299 --> 00:23:52.900
which I do believe in. And I work at one of those

00:23:52.900 --> 00:23:57.099
big companies. And so that's definitely one of

00:23:57.099 --> 00:23:59.680
the big points to get over with Warren Buffett.

00:23:59.799 --> 00:24:01.940
The other thing is there's this curve. It's called

00:24:01.940 --> 00:24:04.859
the exponential curve. It's a curve that starts

00:24:04.859 --> 00:24:07.019
out with barely anything happening, meaning you're

00:24:07.019 --> 00:24:09.640
putting money in and looks like nothing's happening.

00:24:09.799 --> 00:24:13.680
But then it starts earning and earning and earning

00:24:13.680 --> 00:24:16.160
and earning. And it starts getting steeper and

00:24:16.160 --> 00:24:17.920
steeper and steeper meaning every year that passes

00:24:17.920 --> 00:24:21.519
by it the same thing that you put in is is earning

00:24:21.519 --> 00:24:24.180
you more and more and more and more and seen

00:24:24.180 --> 00:24:27.880
that exponential graph. It works for some people

00:24:27.880 --> 00:24:30.980
it does some people like me i see that i'm like

00:24:30.980 --> 00:24:33.539
alright i can put money in and forty years later

00:24:33.539 --> 00:24:36.319
it's gonna be that i'm taking action but let

00:24:36.319 --> 00:24:38.950
me tell you that's. called being later minded.

00:24:39.250 --> 00:24:41.690
And most people are not later minded, right?

00:24:41.750 --> 00:24:45.410
We want it now. We are now minded. Yeah, we want

00:24:45.410 --> 00:24:48.289
instant gratification. And so knowing that the

00:24:48.289 --> 00:24:52.049
population mostly steers that way. That's why

00:24:52.049 --> 00:24:54.269
with the second epiphany, I steered it that way.

00:24:54.289 --> 00:24:56.549
I did have an aha moment. I was actually sitting

00:24:56.549 --> 00:24:58.769
at the dining room table. I think my feet were

00:24:58.769 --> 00:25:01.549
up on a chair. And I was just pondering, you

00:25:01.549 --> 00:25:03.430
know, I just said, there's some people I know.

00:25:03.430 --> 00:25:07.970
And I'm like, this whole money. Doubling every

00:25:07.970 --> 00:25:11.509
10 years, that excites some people, but most

00:25:11.509 --> 00:25:13.509
of them, it doesn't. So I was like, how am I

00:25:13.509 --> 00:25:15.650
going to explain this? So this is what I did.

00:25:16.329 --> 00:25:17.950
Instead of looking at money just doubling every

00:25:17.950 --> 00:25:20.630
10 years, I looked at what happens throughout

00:25:20.630 --> 00:25:24.329
your career, which is 40 years. So you extrapolate

00:25:24.329 --> 00:25:26.789
on it. If you put in $1 ,000 and it doubles,

00:25:27.049 --> 00:25:29.269
10 years later, it's 2000. Let's keep going.

00:25:29.730 --> 00:25:32.170
10 years later, it's 4 ,000. 10 years later,

00:25:32.480 --> 00:25:35.839
it's 8 000 doubling every 10 years and then finally

00:25:35.839 --> 00:25:38.759
in your 60s when most people retire it's 16 000

00:25:38.759 --> 00:25:44.839
now those numbers one two four eight sixteen

00:25:44.839 --> 00:25:47.940
those numbers are numbers to remember they are

00:25:47.940 --> 00:25:51.240
doubling numbers and when we got those in our

00:25:51.240 --> 00:25:54.819
head it's called cognitive chunking when you

00:25:54.819 --> 00:25:57.660
take these numbers and you just remember them

00:25:57.660 --> 00:25:59.480
you don't have to know everything in between

00:25:59.480 --> 00:26:02.000
what's happening But you tell yourself, every

00:26:02.000 --> 00:26:05.000
10 years, this money is doubling. So if I put

00:26:05.000 --> 00:26:08.119
in $1 ,000 when I start my career, it's $16 ,000

00:26:08.119 --> 00:26:11.500
when I retire. That's starting to create an association

00:26:11.500 --> 00:26:13.759
that wasn't there before. We now know the input,

00:26:13.880 --> 00:26:16.539
and we know the output. OK, so now that describes

00:26:16.539 --> 00:26:20.940
that curve. 1, 2, 4, 8, 16 is just getting steep.

00:26:21.900 --> 00:26:24.279
And that money is multiplying more and more as

00:26:24.279 --> 00:26:27.740
it's doubling larger amounts as time passes.

00:26:28.200 --> 00:26:30.319
But once again, that's later minded. So this

00:26:30.319 --> 00:26:32.819
is what I did. I flipped that chart in my head

00:26:32.819 --> 00:26:35.599
sitting at the dining room table. I flipped the

00:26:35.599 --> 00:26:37.559
chart in my head and I said, what does that mean

00:26:37.559 --> 00:26:40.539
now? If I flip this curve so it's steep now and

00:26:40.539 --> 00:26:43.059
shallow later, what does that curve mean now?

00:26:43.220 --> 00:26:46.000
And this is what it means. It means you have

00:26:46.000 --> 00:26:48.900
a multiplying power. You have an ability right

00:26:48.900 --> 00:26:51.779
now. This is no longer about money that's going

00:26:51.779 --> 00:26:54.539
to grow later. This is about an ability you have

00:26:54.539 --> 00:26:57.930
now that is actually going to diminish. And the

00:26:57.930 --> 00:26:59.569
parallel, once again, to bring up athletics,

00:26:59.890 --> 00:27:03.069
it's just like athletics. NFL football players,

00:27:03.250 --> 00:27:05.750
they're at their peak around 26. Olympic ice

00:27:05.750 --> 00:27:08.289
skaters and gymnasts, they're going to reach

00:27:08.289 --> 00:27:10.190
their prime somewhere around their early 20s

00:27:10.190 --> 00:27:14.269
as well. So many sports. We reach our prime in

00:27:14.269 --> 00:27:17.630
our 20s. And we know in our 30s, 40s, 50s, 60s,

00:27:17.630 --> 00:27:19.289
it's not going to be the same. This thing is

00:27:19.289 --> 00:27:22.690
going to diminish. Right. So here's the deal.

00:27:22.950 --> 00:27:25.670
Most people think, I'll wait. I'll wait on money.

00:27:26.079 --> 00:27:28.079
I'll wait till I get promoted. I'll wait till

00:27:28.079 --> 00:27:30.160
my paycheck's bigger. I'll wait till I'm older

00:27:30.160 --> 00:27:32.839
and wiser. Isn't that when I'm supposed to get

00:27:32.839 --> 00:27:34.859
good at money as well? I can put this off for

00:27:34.859 --> 00:27:37.900
20 years. It's actually the opposite. And so

00:27:37.900 --> 00:27:40.460
that's what I like to tell people is that we're

00:27:40.460 --> 00:27:43.880
busting through this myth that money, you're

00:27:43.880 --> 00:27:47.190
best with it in your 20s. Right when you start

00:27:47.190 --> 00:27:49.190
your career, when you have an earned income,

00:27:49.470 --> 00:27:52.349
that is when you should blast it into your retirement

00:27:52.349 --> 00:27:54.609
account as much as you can. And you should be

00:27:54.609 --> 00:27:57.849
preparing for that day, but we're not. So that's

00:27:57.849 --> 00:28:00.089
why we need to coach people to tell them you're

00:28:00.089 --> 00:28:03.089
actually in your prime with money in your 20s,

00:28:03.089 --> 00:28:06.130
right when you start your job. Because now when

00:28:06.130 --> 00:28:08.170
we flip that chart and we use those same numbers,

00:28:08.190 --> 00:28:11.390
you have that power of 16, the multiplying power

00:28:11.390 --> 00:28:13.809
of 16 when you start your career in your early

00:28:13.809 --> 00:28:17.069
20s. 10 years later, it halves to the power of

00:28:17.069 --> 00:28:19.410
eight. What? I just lost a multiplying power

00:28:19.410 --> 00:28:22.049
of eight in my first 10 years. That's how it

00:28:22.049 --> 00:28:24.509
works. And then the next 10 years, it drops from

00:28:24.509 --> 00:28:27.970
eight to four, and then four to two and two to

00:28:27.970 --> 00:28:31.390
hopefully one where you're retired in your 60s

00:28:31.390 --> 00:28:33.430
and enjoying the fruits of your labor. But when

00:28:33.430 --> 00:28:36.849
we do that, so the financial epiphany number

00:28:36.849 --> 00:28:39.190
two is that we start our career with a power

00:28:39.190 --> 00:28:42.039
of 16. We just put a number out there. We put

00:28:42.039 --> 00:28:44.460
a number where nobody has applied a number before,

00:28:45.160 --> 00:28:48.059
because we're daring to tell people this is about

00:28:48.059 --> 00:28:50.559
what happens under the most common circumstances.

00:28:50.680 --> 00:28:53.400
Remember, we made money freeze. And financial

00:28:53.400 --> 00:28:55.779
epiphany number three is that our multiplying

00:28:55.779 --> 00:28:58.799
power halves every 10 years. And that creates

00:28:58.799 --> 00:29:01.039
a sense of urgency when you realize, well, I

00:29:01.039 --> 00:29:03.400
start with 16, and then it goes to eight, four,

00:29:03.539 --> 00:29:06.559
two. Like, I need to act now. And that's exactly

00:29:06.559 --> 00:29:08.799
what we need to do with money. We need to act

00:29:08.799 --> 00:29:10.940
now. Most people, when they're retired, they

00:29:10.940 --> 00:29:13.519
say, I wish I could go back. I made a mistake.

00:29:13.579 --> 00:29:15.500
I didn't save enough. I wish I could go back

00:29:15.500 --> 00:29:17.940
and do this over again. They also say, I wish

00:29:17.940 --> 00:29:21.640
I knew then what I know now. So why don't we

00:29:21.640 --> 00:29:23.819
listen to the retired people? There's the retirement

00:29:23.819 --> 00:29:26.680
crisis going on. We should listen to that. It's

00:29:26.680 --> 00:29:29.910
called crisis for a reason. people are not retiring

00:29:29.910 --> 00:29:31.750
with enough money and we've got a whole slew

00:29:31.750 --> 00:29:34.369
of people that are following up with that too.

00:29:34.710 --> 00:29:37.529
It's time to listen to what they're telling us.

00:29:37.890 --> 00:29:41.049
It's a small voice. The big voice is buy, buy,

00:29:41.089 --> 00:29:43.529
buy, advertise marketing. You need this now.

00:29:43.549 --> 00:29:46.569
What's your Facebook and Instagram life? But

00:29:46.569 --> 00:29:48.730
we need to listen to the quieter voice of the

00:29:48.730 --> 00:29:51.910
retirees and say, they're telling us to say big

00:29:51.910 --> 00:29:53.730
now. It's not a big voice because there might

00:29:53.730 --> 00:29:55.930
be some shame in that. They're not announcing

00:29:55.930 --> 00:29:59.170
it. Hey, I made a huge mistake. you should do

00:29:59.170 --> 00:30:01.849
things differently. But we are being told that,

00:30:01.869 --> 00:30:04.509
and the surveys and the polls are saying that.

00:30:04.710 --> 00:30:07.750
So if you're in your 20s, you've got this awesome

00:30:07.750 --> 00:30:10.150
multiplying power. If you're in your 30s, you

00:30:10.150 --> 00:30:12.109
still got it. Power of eight is amazing. Let

00:30:12.109 --> 00:30:13.930
me go all the way to the power of two. There's

00:30:13.930 --> 00:30:15.529
some countries in the world where money doesn't

00:30:15.529 --> 00:30:18.910
multiply at all. We live in a place of prosperity.

00:30:19.289 --> 00:30:21.609
And Warren Buffett, back to him, he says, if

00:30:21.609 --> 00:30:24.589
we're born here or moved here to the US, we've

00:30:24.589 --> 00:30:27.480
won the Ovarian lottery. meaning we've been born

00:30:27.480 --> 00:30:30.619
into prosperity. We've been born into a place

00:30:30.619 --> 00:30:33.720
where money just gets on a train, moves, it gets

00:30:33.720 --> 00:30:37.279
off and it's double, it's quadruple, it's multiplied.

00:30:37.380 --> 00:30:39.019
We live in a place where that is happening, a

00:30:39.019 --> 00:30:42.299
place of innovation and prosperity. And so I

00:30:42.299 --> 00:30:44.519
tell people, even if you're in your 50s and you

00:30:44.519 --> 00:30:47.220
get started saving and investing right now and

00:30:47.220 --> 00:30:50.140
your money does double, that's amazing. It's

00:30:50.140 --> 00:30:52.160
kind of like if someone was to work a week of

00:30:52.160 --> 00:30:54.740
work, you get paid for that week, that's what

00:30:54.740 --> 00:30:57.049
you signed up for. Now, if you work that same

00:30:57.049 --> 00:30:59.069
week of work and your boss says you've been good,

00:30:59.150 --> 00:31:01.289
I'm going to actually pay you double. I'm going

00:31:01.289 --> 00:31:03.789
to pay you two weeks worth. Everybody would be

00:31:03.789 --> 00:31:06.650
ecstatic. We'd be like, I'm going to celebrate.

00:31:07.289 --> 00:31:10.450
It's steak dinner tonight. It's a vacation. Honey,

00:31:11.069 --> 00:31:13.089
let me treat you to this. Let me treat you to

00:31:13.089 --> 00:31:16.329
that. I just got paid two times what I was supposed

00:31:16.329 --> 00:31:18.549
to get paid. And that's what it's like. I have

00:31:18.549 --> 00:31:21.210
money double but here's the off the charts thing

00:31:21.210 --> 00:31:23.769
when we have the power of 16 It's like working

00:31:23.769 --> 00:31:26.710
that week of work and getting paid for four months

00:31:26.710 --> 00:31:30.109
That is so insane and people don't get it until

00:31:30.109 --> 00:31:32.730
I explain that Working a week and getting paid

00:31:32.730 --> 00:31:35.210
for four months and working another week and

00:31:35.210 --> 00:31:38.309
getting paid for four months That's the power

00:31:38.309 --> 00:31:40.369
of 16. It's kind of like winning the lottery,

00:31:40.369 --> 00:31:42.890
but we don't know that it exists We need to be

00:31:42.890 --> 00:31:45.309
coached to understand that power when we're starting

00:31:45.309 --> 00:31:48.579
our jobs. So that's the message Those are the

00:31:48.579 --> 00:31:51.619
three epiphanies. And that's the that's the word

00:31:51.619 --> 00:31:53.880
I'm spreading. That's powerful. What I get from

00:31:53.880 --> 00:31:57.279
that is like a little bit of reverse engineering.

00:31:58.519 --> 00:32:01.779
And what's powerful, too, is that when you're

00:32:01.779 --> 00:32:06.200
younger, you have more more just abilities, strength

00:32:06.200 --> 00:32:09.079
and, you know, the ability to just, you know,

00:32:09.099 --> 00:32:10.700
to save your money and do all that good stuff

00:32:10.700 --> 00:32:15.299
and still enjoy your life in the 20s. But what

00:32:15.299 --> 00:32:18.539
I also get is that it's not taught. Yeah. And

00:32:18.539 --> 00:32:22.380
that's the thing that really kind of throws people

00:32:22.380 --> 00:32:25.119
off when they have to wait till they're 40 and

00:32:25.119 --> 00:32:28.140
they're like, wait a minute, it's, is it too

00:32:28.140 --> 00:32:32.059
late? And if it's not too late, uh, I don't know

00:32:32.059 --> 00:32:34.460
what I'm doing. And so I think people get kind

00:32:34.460 --> 00:32:37.480
of caught up in that, that world. And you may

00:32:37.480 --> 00:32:40.299
have said this already, but can you speak to

00:32:40.299 --> 00:32:43.720
the 40 year old, the 50 year old, but maybe listening

00:32:43.720 --> 00:32:46.839
and watching and that have that, that kind of

00:32:46.839 --> 00:32:48.400
thought. that's running through their brain.

00:32:49.380 --> 00:32:51.160
Absolutely. Well, I'm right there with you because

00:32:51.160 --> 00:32:55.180
I did not start studying finances, you know,

00:32:55.240 --> 00:32:57.880
until and really getting it till mid life, mid

00:32:57.880 --> 00:33:01.079
middle age, mid career. And so that's most people.

00:33:01.200 --> 00:33:03.839
In fact, let's talk about why. Why do we wake

00:33:03.839 --> 00:33:07.680
up then to finances? Well, there's there's certain

00:33:07.680 --> 00:33:10.380
things coming. Yeah. Number one, maybe we have

00:33:10.380 --> 00:33:11.680
kids and they're going to go to college soon

00:33:11.680 --> 00:33:13.720
and we're asking ourselves. How are they going

00:33:13.720 --> 00:33:15.859
to go to college? Like is somebody saving up

00:33:15.859 --> 00:33:18.539
for this? Oh, that's that's my job. Maybe unless

00:33:18.539 --> 00:33:20.420
I take a loan out. Another thing is we're starting

00:33:20.420 --> 00:33:22.460
to think about retirement. We're like, oh, I'm

00:33:22.460 --> 00:33:25.200
I've worked 20 years is 20 more to go. Let's

00:33:25.200 --> 00:33:29.119
see how my retirement account is doing. Oh, there's

00:33:29.119 --> 00:33:31.079
there's not as much in there as I wanted to be.

00:33:31.119 --> 00:33:33.119
I better I better start doing something about

00:33:33.119 --> 00:33:35.960
this. Another thing that's coming up around midlife

00:33:35.960 --> 00:33:39.200
is we may have parents that are aging. Then we

00:33:39.200 --> 00:33:41.849
talked about. most people not being upright with

00:33:41.849 --> 00:33:44.809
their finances, our parents might need help with

00:33:44.809 --> 00:33:48.029
money as well. Medical costs can be quite large

00:33:48.029 --> 00:33:52.109
in retirement, maybe 150 to $200 ,000. That's

00:33:52.109 --> 00:33:55.910
a pretty big medical bill over the years. And

00:33:55.910 --> 00:33:57.930
we may start realizing that our own parents need

00:33:57.930 --> 00:33:59.769
help. There's all sorts of other things that

00:33:59.769 --> 00:34:02.369
will hit, but those are three really big things

00:34:02.369 --> 00:34:04.950
that hit at midlife. So we start to wake up and

00:34:04.950 --> 00:34:08.280
say, Well, I did say in my twenties, I start

00:34:08.280 --> 00:34:10.679
figuring this out later in life. Okay, I did

00:34:10.679 --> 00:34:13.099
get promoted. Okay, my paycheck is bigger with

00:34:13.099 --> 00:34:15.860
all these other things saying, green light, learn

00:34:15.860 --> 00:34:18.199
this stuff. Let me start learning. Where do I

00:34:18.199 --> 00:34:21.139
go? Who do I trust? Now? I have more money. I'm

00:34:21.139 --> 00:34:22.719
making more money. I don't know who to trust.

00:34:22.760 --> 00:34:25.320
I don't know where to go. And we don't have that

00:34:25.320 --> 00:34:27.800
default place to go. That is why I do like to

00:34:27.800 --> 00:34:30.420
teach earlier. And that is why I wrote this book

00:34:30.420 --> 00:34:32.980
to get a message out there. And that's just the

00:34:32.980 --> 00:34:36.039
start. And so I love how you're educating your

00:34:36.039 --> 00:34:37.940
audiences through podcasts, this and that. And

00:34:37.940 --> 00:34:43.139
I listened to a bunch of online material to learn

00:34:43.139 --> 00:34:46.460
as well and hear real stories. But yeah, so for

00:34:46.460 --> 00:34:50.099
folks that are midlife and older, the multiplying

00:34:50.099 --> 00:34:52.500
power, it's still there. Multiplying power four

00:34:52.500 --> 00:34:54.880
in your early 40s. That's incredible. We just

00:34:54.880 --> 00:34:57.860
talked about how even if you are multiplying

00:34:57.860 --> 00:35:03.110
your money by two, That is an amazing, amazing

00:35:03.110 --> 00:35:04.869
blessing that you put the money there and you're

00:35:04.869 --> 00:35:07.230
not working for it. They say it's when your money's

00:35:07.230 --> 00:35:08.969
working for you, right? That's what it's called.

00:35:09.409 --> 00:35:13.030
And to have that money working for you is just

00:35:13.030 --> 00:35:16.369
the most incredible opportunity ever. And we

00:35:16.369 --> 00:35:18.909
need to be thankful for that because there's

00:35:18.909 --> 00:35:22.570
other things we can do. We can ramp up our hours,

00:35:22.989 --> 00:35:26.190
do work on the side, start a business, or even

00:35:26.190 --> 00:35:28.989
work longer years. right, if we really feel like

00:35:28.989 --> 00:35:31.650
we're behind. They also have the catch -up contributions

00:35:31.650 --> 00:35:34.289
when you save in some of these tax advantage

00:35:34.289 --> 00:35:38.230
vehicles, like the 401k and the IRA, and you

00:35:38.230 --> 00:35:40.969
can put even more away at the time that younger

00:35:40.969 --> 00:35:44.889
people cannot do. You have access to more tax

00:35:44.889 --> 00:35:48.110
advantage funds that grow even more older in

00:35:48.110 --> 00:35:50.780
life. So they kind of know that the government

00:35:50.780 --> 00:35:53.039
that is the IRS allowed for that. So they kind

00:35:53.039 --> 00:35:55.219
of know that a lot of people are waking up to

00:35:55.219 --> 00:35:58.099
finances and so they gave us that advantage then.

00:35:58.440 --> 00:36:00.920
But once again, Canada is a blessing that money

00:36:00.920 --> 00:36:03.880
doubles and then do what you can. You have all

00:36:03.880 --> 00:36:06.119
these levers and variables you can pull. But

00:36:06.119 --> 00:36:09.219
here's the other thing I really like people to

00:36:09.219 --> 00:36:12.840
recognize is that we have a purpose for ourselves

00:36:12.840 --> 00:36:15.199
and hopefully our finances are going to help

00:36:15.199 --> 00:36:18.880
us fund our purpose. But we also have a responsibility

00:36:19.239 --> 00:36:22.519
to the younger generation. And so yeah, there's

00:36:22.519 --> 00:36:25.800
that old saying of, hey, each generation should

00:36:25.800 --> 00:36:28.659
be doing better than the previous one. That's

00:36:28.659 --> 00:36:31.079
the old American saying. Is that going to continue

00:36:31.079 --> 00:36:34.820
to be true? Not sure. But it's happening. I'm

00:36:34.820 --> 00:36:37.099
fourth generation. My great grandparents were

00:36:37.099 --> 00:36:39.719
the first ones here from Japan to get to the

00:36:39.719 --> 00:36:42.980
US. But it's been true every generation, so all

00:36:42.980 --> 00:36:45.400
four. have been doing better than one before.

00:36:45.400 --> 00:36:47.840
Why? Because the previous generation taught them

00:36:47.840 --> 00:36:50.559
at least something. And then, you know, out of

00:36:50.559 --> 00:36:53.280
what I heard about money, guess what? My teenage

00:36:53.280 --> 00:36:56.619
son, he's learning what I knew, like middle age,

00:36:56.659 --> 00:37:00.320
he's learning it now. And he's 16. He's got multiple

00:37:00.320 --> 00:37:03.340
times more than I did. And he's in the stock

00:37:03.340 --> 00:37:05.340
market already. I taught him so he wouldn't be

00:37:05.340 --> 00:37:08.380
afraid. I was afraid of the stock market all

00:37:08.380 --> 00:37:11.900
the way up until middle age. I started teaching

00:37:11.900 --> 00:37:15.719
him at age 11 or 12. So he just thinks it's normal.

00:37:16.320 --> 00:37:19.099
And he's invested and stocks don't scare him.

00:37:19.539 --> 00:37:21.800
And he sees it grow so he knows that money doubles.

00:37:22.159 --> 00:37:25.519
In fact, his college savings plan, I showed him.

00:37:25.710 --> 00:37:27.849
I showed him as it was happening. I said, hey,

00:37:27.869 --> 00:37:29.429
we're going to take a look at this money growing.

00:37:29.969 --> 00:37:32.130
And when you saw it double, which it did, he's

00:37:32.130 --> 00:37:34.429
had enough money to go to a state school for,

00:37:35.090 --> 00:37:36.969
since he's been nine years old, because we just

00:37:36.969 --> 00:37:39.050
put it in early and doubled. And that's the thing.

00:37:39.449 --> 00:37:42.170
Someone coaches us to say, I know it sounds strange,

00:37:42.170 --> 00:37:45.489
but if you act robustly now and you set this

00:37:45.489 --> 00:37:47.409
money aside, can you imagine what happens when

00:37:47.409 --> 00:37:49.829
that doubles? You can now plan, you can now calculate

00:37:49.829 --> 00:37:52.570
these things and say, okay, my kid's going to

00:37:52.570 --> 00:37:55.150
go to school and that's how much it should cost.

00:37:55.469 --> 00:37:58.250
I just need to save half 10 years later because

00:37:58.250 --> 00:38:00.829
it should double well you can get even more aggressive

00:38:00.829 --> 00:38:03.710
and say what if I save 10 years earlier than

00:38:03.710 --> 00:38:06.050
that 20 years earlier then you save half of a

00:38:06.050 --> 00:38:08.429
half because it's doubling and doubling again

00:38:08.429 --> 00:38:12.429
and uh I didn't know this principle uh 20 years

00:38:12.429 --> 00:38:14.909
ago so I didn't do that but that's what I'm telling

00:38:14.909 --> 00:38:17.800
other people um so that they can get ahead of

00:38:17.800 --> 00:38:20.139
things. And my son, certainly, it's passing it

00:38:20.139 --> 00:38:22.280
down. He's going to be way more knowledgeable

00:38:22.280 --> 00:38:24.659
and comfortable with money than I ever was. It's

00:38:24.659 --> 00:38:27.340
all about teaching that younger generation because

00:38:27.340 --> 00:38:29.000
we've missed the boat a little bit. I could have

00:38:29.000 --> 00:38:31.659
done way better if I had started in my 20s, just

00:38:31.659 --> 00:38:36.219
gung -ho. I didn't. So my money grew slower,

00:38:36.239 --> 00:38:40.360
but I'm still very thankful for my dad's advice

00:38:40.360 --> 00:38:43.139
to invest in that 401k. But my son, the next

00:38:43.139 --> 00:38:46.639
generation, he's outdoing me already. at least

00:38:46.639 --> 00:38:50.019
at that age. Him at 16 is probably me at, you

00:38:50.019 --> 00:38:53.760
know, late 20s. That's what we can do for our

00:38:53.760 --> 00:38:57.679
kids and grandkids. Well, you know, I had to

00:38:57.679 --> 00:39:00.599
do some studying here. So one of the things was,

00:39:00.599 --> 00:39:03.360
according to Education Data Initiative, the average

00:39:03.360 --> 00:39:07.139
parent pays off their child's college loans in

00:39:07.139 --> 00:39:10.719
their mid 40s. But you saved your son's college

00:39:10.719 --> 00:39:13.219
by the time he was nine, like you said, right?

00:39:13.380 --> 00:39:17.539
Which is a horrible story by itself. And I think

00:39:17.539 --> 00:39:22.679
that people, we, as just as a nation, and I can't

00:39:22.679 --> 00:39:24.860
talk about the world, but just as a nation, we

00:39:24.860 --> 00:39:29.300
just need to really educate the next generation

00:39:29.300 --> 00:39:32.579
after us. Like you said, the generation before

00:39:32.579 --> 00:39:36.000
needs to really educate the generation that comes

00:39:36.000 --> 00:39:39.019
after. And that's one of the things that we could

00:39:39.019 --> 00:39:42.159
start solving now just by sharing the information,

00:39:42.579 --> 00:39:45.139
taking your kid or your nephew or whoever it

00:39:45.139 --> 00:39:48.559
is. our niece and showing them what's happening

00:39:48.559 --> 00:39:50.900
with the money. Here's your college education.

00:39:51.019 --> 00:39:53.539
Now, this is what I've done with it. Here's the

00:39:53.539 --> 00:39:55.900
stock market. This is what we can do with it.

00:39:56.099 --> 00:40:00.920
And don't make money be a scared item. As people

00:40:00.920 --> 00:40:03.280
say, when they say scared money, don't make money

00:40:03.280 --> 00:40:08.280
or something like that. Don't be fearful of the

00:40:08.280 --> 00:40:11.139
money. And you talked about purpose and we're

00:40:11.139 --> 00:40:16.239
talking about money being purpose. as a general,

00:40:16.719 --> 00:40:19.800
how can people connect their financial goals

00:40:19.800 --> 00:40:23.400
to their larger sense of purpose? Yeah. So let's

00:40:23.400 --> 00:40:27.940
go back to the college idea where money can be

00:40:27.940 --> 00:40:30.460
freed up if you save before rather than wait

00:40:30.460 --> 00:40:33.260
till later, right? So the average amount borrowed

00:40:33.260 --> 00:40:36.960
for college is about $40 ,000 and 60 % of students

00:40:36.960 --> 00:40:39.360
are going to take out some sort of loan. The

00:40:39.360 --> 00:40:42.320
money's not there as they're going in. So if

00:40:42.320 --> 00:40:46.409
we're borrowing $40 ,000, To pay it off, somewhere

00:40:46.409 --> 00:40:48.429
around where you said folks might be in their

00:40:48.429 --> 00:40:50.829
40s or so, 10 plus years later after college,

00:40:51.070 --> 00:40:53.690
that's about a $50 ,000 bill total if you add

00:40:53.690 --> 00:40:56.409
all those interest payments on. So for a $40

00:40:56.409 --> 00:40:59.869
,000 education, we're paying $50 ,000. But if

00:40:59.869 --> 00:41:01.590
we go the other direction, that's to pay later,

00:41:01.869 --> 00:41:05.050
the right to pay later. But if we were to save

00:41:05.050 --> 00:41:07.909
20 years earlier, we're only putting away $10

00:41:07.909 --> 00:41:10.570
,000 because 10 doubled into 20, 20 doubled into

00:41:10.570 --> 00:41:14.260
40. So for something that's worth $40 ,000, most

00:41:14.260 --> 00:41:17.360
of the folks are paying $50 ,000 for it. But

00:41:17.360 --> 00:41:19.199
there's this opportunity to only pay $10 ,000.

00:41:19.900 --> 00:41:22.619
So when you do that, only pay $10 ,000, only

00:41:22.619 --> 00:41:25.639
pay $20 ,000, and it multiplies into what it

00:41:25.639 --> 00:41:28.719
needs to to pay for it. There's all this kind

00:41:28.719 --> 00:41:30.579
of quote unquote leftover money now. Let's say

00:41:30.579 --> 00:41:34.380
you put in $10 ,000 and it paid for your kid's

00:41:34.380 --> 00:41:36.099
college, grew into what it needed to. Now you

00:41:36.099 --> 00:41:38.380
have compared to if you paid later, you have

00:41:38.380 --> 00:41:42.119
$40 ,000 extra money that you got to keep and

00:41:42.119 --> 00:41:44.320
do something with. Now let's put that towards

00:41:44.320 --> 00:41:46.719
our purpose. And if we keep on doing that in

00:41:46.719 --> 00:41:50.000
life, we keep on planting these trees that grow

00:41:50.000 --> 00:41:52.260
and the money grows into what it needs to pay

00:41:52.260 --> 00:41:55.619
for this and cover that cost. Now we're planting

00:41:55.619 --> 00:42:00.159
a financial garden. Now we have these plants

00:42:00.159 --> 00:42:02.300
that are growing into trees. And what's a tree

00:42:02.300 --> 00:42:05.210
do? It can do so many good things. It can create

00:42:05.210 --> 00:42:08.190
shade and comfort for somebody. It can create

00:42:08.190 --> 00:42:10.289
fruit and sustenance for somebody. It can be

00:42:10.289 --> 00:42:12.690
cut down and chopped into where to build a house

00:42:12.690 --> 00:42:15.559
and shelter for somebody. And as you're growing

00:42:15.559 --> 00:42:18.679
this financial garden, you start different accounts

00:42:18.679 --> 00:42:20.260
potentially. Like there could be a retirement

00:42:20.260 --> 00:42:23.239
account, a college savings account. Another account

00:42:23.239 --> 00:42:25.980
I'm a big fan of is something like a custodial

00:42:25.980 --> 00:42:28.519
account for your child. It's not college related.

00:42:28.679 --> 00:42:31.820
It's just this fund with index funds and single

00:42:31.820 --> 00:42:34.820
stocks that can grow separately apart from college.

00:42:35.159 --> 00:42:37.800
But you can have all these separate accounts

00:42:37.800 --> 00:42:41.519
that are simultaneously growing. And now, and

00:42:41.519 --> 00:42:43.510
that's the money that's available because you

00:42:43.510 --> 00:42:45.989
didn't go buy something and pay too much for

00:42:45.989 --> 00:42:48.110
it and go into debt. Because when you're going

00:42:48.110 --> 00:42:50.789
into debt, someone else is earning compound interest.

00:42:51.150 --> 00:42:53.269
Someone else is taking your money and they're

00:42:53.269 --> 00:42:55.050
doing the multiplying for themselves. You're

00:42:55.050 --> 00:42:57.889
actually giving your power away to somebody else

00:42:57.889 --> 00:43:00.349
when you're in debt, right? They're making more

00:43:00.349 --> 00:43:02.829
money. But when you keep it and when you grow

00:43:02.829 --> 00:43:05.250
it and when you multiply it, now hopefully there's

00:43:05.250 --> 00:43:07.710
a surplus we want to build to put towards your

00:43:07.710 --> 00:43:11.090
purpose. And so what might that purpose be? Well,

00:43:11.230 --> 00:43:13.510
there's a ton of good causes out there. Nonprofits

00:43:13.510 --> 00:43:15.909
actually are part of an organization called Created

00:43:15.909 --> 00:43:18.630
to Create. And our specialty is filming videos

00:43:18.630 --> 00:43:21.969
for nonprofit organizations. We just went to

00:43:21.969 --> 00:43:24.789
my family. So my wife and son and I went to Sierra

00:43:24.789 --> 00:43:28.730
Leone in West Africa with a medical team. And

00:43:28.730 --> 00:43:31.190
we filmed a video of what they do. That video

00:43:31.190 --> 00:43:33.969
is going to raise hopefully tens of thousands

00:43:33.969 --> 00:43:38.090
or or $100 ,000 plus in funds to support this

00:43:38.090 --> 00:43:40.949
organization to keep running so they can build

00:43:40.949 --> 00:43:45.230
schools, churches, and clinics to help the people

00:43:45.230 --> 00:43:48.949
in that impoverished area of the country. And

00:43:48.949 --> 00:43:51.929
we would not be able to do something like that

00:43:51.929 --> 00:43:54.489
and be as available for something like that if

00:43:54.489 --> 00:43:58.190
it wasn't for the freedom that came from operating

00:43:58.190 --> 00:44:00.510
with money the way we do. Maybe we could do it

00:44:00.510 --> 00:44:02.769
later in life, but we're doing it now because

00:44:02.769 --> 00:44:06.739
the money is there. been freed up and it has

00:44:06.739 --> 00:44:10.780
multiplied to be able to start funding our purpose.

00:44:10.820 --> 00:44:14.460
And I want to encourage other people to do the

00:44:14.460 --> 00:44:16.679
same. When you realize you have a multiplying

00:44:16.679 --> 00:44:19.980
power, you're less likely to spend. You're more

00:44:19.980 --> 00:44:22.400
likely to say, well, I know what's happening

00:44:22.400 --> 00:44:24.260
with the money now. If I put this thousand dollars

00:44:24.260 --> 00:44:26.739
in, I know it's going to turn to $8 ,000 later.

00:44:26.780 --> 00:44:29.500
Like I should go ahead and do that. Now I have

00:44:29.500 --> 00:44:32.139
something to compare it to rather than going

00:44:32.139 --> 00:44:35.849
for instant gratification. Yeah. You know, one

00:44:35.849 --> 00:44:39.650
of the things that I was thinking when you said

00:44:39.650 --> 00:44:41.489
that is that there's a lot of people that want

00:44:41.489 --> 00:44:46.230
to live a philanthropic life. And this is one

00:44:46.230 --> 00:44:47.829
of the ways that people can do it practically,

00:44:47.829 --> 00:44:52.650
you know, and can really, that in turn, can really

00:44:52.650 --> 00:44:55.250
help, you know, organizations that you give them

00:44:55.250 --> 00:44:58.429
money to to grow and help that and it could,

00:44:58.530 --> 00:45:01.539
I mean, I'm not saying it could be a kumbaya

00:45:01.539 --> 00:45:04.440
kind of world, but you can really help sustain

00:45:04.440 --> 00:45:08.679
the world with your nice deeds, with financial

00:45:08.679 --> 00:45:12.039
support, with organizations that may need that,

00:45:12.300 --> 00:45:15.340
and really support that world of philanthropy

00:45:15.340 --> 00:45:19.300
and well -doing just in the world. And I know

00:45:19.300 --> 00:45:21.679
people get fulfilled by that. Oh, absolutely.

00:45:22.460 --> 00:45:25.440
If I can continue your story. Same organization,

00:45:25.619 --> 00:45:27.260
Bridge of Hope. First time I went there, gone

00:45:27.260 --> 00:45:29.880
to Sierra Leone twice. I went, I was invited

00:45:29.880 --> 00:45:33.239
to the fundraising dinner. The video was going

00:45:33.239 --> 00:45:36.280
to play there. And I was sat at a table near

00:45:36.280 --> 00:45:38.079
the front. And I was like, oh, what? This seems

00:45:38.079 --> 00:45:39.900
like a place of honor. What in the world am I

00:45:39.900 --> 00:45:42.119
doing here at this table? And I was sat next

00:45:42.119 --> 00:45:44.880
to this really tall guy, Ernie, with a cane.

00:45:44.960 --> 00:45:47.760
And I thought, what would he and I have in common?

00:45:47.860 --> 00:45:50.840
I have no idea. But I said, hey, Ernie, like,

00:45:50.860 --> 00:45:53.539
who are you and why are you here? Come to find

00:45:53.539 --> 00:45:57.059
out. He's the one that sent me to go. He's the

00:45:57.059 --> 00:46:00.099
one that paid my way. He paid for my vaccinations.

00:46:00.599 --> 00:46:03.159
He paid for my travel costs, the food and the

00:46:03.159 --> 00:46:06.900
lodging. He paid for what I charged to do the

00:46:06.900 --> 00:46:10.980
video. And I just realized it then I was so floored.

00:46:11.000 --> 00:46:14.340
I was like, what in the world? This is like,

00:46:14.340 --> 00:46:16.960
I feel like this is my uncle here and I'm just

00:46:16.960 --> 00:46:19.760
meeting him for the first time. I practically

00:46:19.760 --> 00:46:21.699
had a tear rolling down my face at the time.

00:46:21.739 --> 00:46:25.139
So we watched the video. The video shows after

00:46:25.139 --> 00:46:27.480
all these other things are shared during the

00:46:27.480 --> 00:46:30.420
fundraising meal. He turns to me and he says,

00:46:30.420 --> 00:46:32.579
Scott, that was the first time I've seen that

00:46:32.579 --> 00:46:36.320
video. He said, my wife and I drove here today

00:46:36.320 --> 00:46:38.860
with a number in mind that we were going to write

00:46:38.860 --> 00:46:45.739
a check for, check. And he said, don't tell her,

00:46:46.000 --> 00:46:49.739
but I just doubled it. And I was just like, the

00:46:49.739 --> 00:46:52.909
amount, it was the most glee. Enjoy an elation

00:46:52.909 --> 00:46:55.889
I had ever experienced in a human being I looked

00:46:55.889 --> 00:46:59.090
over at him and I was like this guy is living

00:46:59.090 --> 00:47:02.730
the high life he was able to just Not even tell

00:47:02.730 --> 00:47:04.389
his wife double what he was gonna give he had

00:47:04.389 --> 00:47:07.690
already sent me To another country across the

00:47:07.690 --> 00:47:09.809
world and paid for everything including my hundred

00:47:09.809 --> 00:47:12.429
hours of working on this thing altogether I didn't

00:47:12.429 --> 00:47:14.190
know that I didn't know there was a sponsor.

00:47:14.210 --> 00:47:18.230
It changed my life realizing that there are people

00:47:18.230 --> 00:47:22.340
out there that They treated their finances in

00:47:22.340 --> 00:47:25.940
such a way that they could have generosity to

00:47:25.940 --> 00:47:28.380
that degree because that was generosity upon

00:47:28.380 --> 00:47:31.800
generosity. He sent me and he just doubled his

00:47:31.800 --> 00:47:34.880
gift that day to support this amazing organization.

00:47:35.059 --> 00:47:39.639
I was so floored and I continue to tell people

00:47:39.639 --> 00:47:41.619
about that because I'm like, wow, I don't know

00:47:41.619 --> 00:47:44.179
if that's going to be me one day. I certainly

00:47:44.179 --> 00:47:47.269
look at Ernie and say he's a role model. For

00:47:47.269 --> 00:47:49.570
me, I want to be like that. I didn't even know

00:47:49.570 --> 00:47:52.769
that was possible. That feeling. People, you

00:47:52.769 --> 00:47:54.329
know, you don't remember what people said, but

00:47:54.329 --> 00:47:56.449
you remember how they make you feel. And that

00:47:56.449 --> 00:47:59.650
left such an impact on my heart that I continue

00:47:59.650 --> 00:48:02.329
to just want to have that as my goal. I want

00:48:02.329 --> 00:48:06.909
to be Ernie one day. That's the idea. That's

00:48:06.909 --> 00:48:09.130
funding your purpose. That's funding your purpose.

00:48:09.210 --> 00:48:11.590
That's what it's like. I felt that story and

00:48:11.590 --> 00:48:14.929
that's really fulfilling as well. And just he

00:48:14.929 --> 00:48:18.530
didn't know when whenever So, just to say like

00:48:18.530 --> 00:48:20.429
you start at 20 and you just don't know when

00:48:20.429 --> 00:48:22.730
you turn 50 and 60 and you're able to do that,

00:48:22.909 --> 00:48:25.150
or whose life and or lives that you'll affect

00:48:25.150 --> 00:48:28.269
and really cause a shift in their life. You just

00:48:28.269 --> 00:48:31.809
never know. You just never know. And I do want

00:48:31.809 --> 00:48:34.409
to bring like the mindset before we get to something

00:48:34.409 --> 00:48:37.710
practical, which is, it says, studies show 90

00:48:37.710 --> 00:48:40.510
% of money decisions are driven by emotions and

00:48:40.510 --> 00:48:43.170
not logic. So how do you help people shift their

00:48:43.170 --> 00:48:46.510
mindset from like fear? their confidence with

00:48:46.510 --> 00:48:49.849
money. The main message we get about money is

00:48:49.849 --> 00:48:53.929
to buy. We're the biggest marketed and advertised

00:48:53.929 --> 00:48:57.590
to country in the world. $400 billion spent per

00:48:57.590 --> 00:49:01.150
year. That's about $1 ,000 or more per head in

00:49:01.150 --> 00:49:04.449
the US, even the babies. No one else can compete

00:49:04.449 --> 00:49:05.730
with us on that. I don't know if that's something

00:49:05.730 --> 00:49:10.429
to be proud about. Along with being advertised

00:49:10.429 --> 00:49:13.429
and marketed to, the main message about money

00:49:13.429 --> 00:49:16.820
is to spend and to buy and to acquire. So we

00:49:16.820 --> 00:49:20.420
look all around and there's this idiom, keeping

00:49:20.420 --> 00:49:22.639
up with the Joneses. That actually was an old

00:49:22.639 --> 00:49:25.039
comic book, or an old comic strip, I should say.

00:49:25.579 --> 00:49:27.739
And people opened up their newspaper and they

00:49:27.739 --> 00:49:31.300
read this comic about this guy, Aloysius, who

00:49:31.300 --> 00:49:34.780
looked like the Monopoly man, the monocle and

00:49:34.780 --> 00:49:38.599
top hat and all that. Short guy. And he was constantly

00:49:38.860 --> 00:49:42.940
trying to look like his actually wealthy neighbors,

00:49:43.059 --> 00:49:45.590
which he was not. He was trying to to acquire

00:49:45.590 --> 00:49:47.429
what they're acquiring and look how they were

00:49:47.429 --> 00:49:50.050
looking and he was competing and comparing. And

00:49:50.050 --> 00:49:53.070
so this idea of keeping up with the Joneses,

00:49:53.090 --> 00:49:55.489
which is we look at our neighbors, we look at

00:49:55.489 --> 00:49:57.510
our coworkers, we look at our family members,

00:49:57.949 --> 00:50:00.110
those people in our circles, and we want to look

00:50:00.110 --> 00:50:02.510
like them and have what they have and maybe even

00:50:02.510 --> 00:50:06.449
beat them and one up them. And that's a race

00:50:06.449 --> 00:50:09.190
that's not worth running because if we know that

00:50:09.190 --> 00:50:11.110
most people are struggling with money, we're

00:50:11.110 --> 00:50:14.570
actually putting out there a front. that it doesn't

00:50:14.570 --> 00:50:19.409
have anything behind it. And so maybe they're

00:50:19.409 --> 00:50:22.590
doing that in debt, getting that car. And I feel

00:50:22.590 --> 00:50:24.829
like I got to have that car too. But I'm, I'm

00:50:24.829 --> 00:50:26.690
actually extending myself and going into debt

00:50:26.690 --> 00:50:29.250
to get the same thing. And it's this race where

00:50:29.250 --> 00:50:31.349
we don't know what's happening under the hood.

00:50:31.710 --> 00:50:35.329
And so that's the deal is we when we know the

00:50:35.329 --> 00:50:37.389
statistics that most of us are struggling, and

00:50:37.389 --> 00:50:39.969
most of us are putting up a false front and,

00:50:39.969 --> 00:50:43.340
and racing a race that we shouldn't be only because

00:50:43.340 --> 00:50:46.260
the retailers and the creditors and the banks

00:50:46.260 --> 00:50:48.500
allow us to because they are profiting off of

00:50:48.500 --> 00:50:51.179
all this. We have to choose to turn things around.

00:50:51.719 --> 00:50:54.699
So all right, so to get more into kind of the

00:50:54.699 --> 00:50:56.980
psychology of it all, we talked about keeping

00:50:56.980 --> 00:50:59.440
up with the Joneses. Another psychological barrier

00:50:59.440 --> 00:51:02.920
is earn more, spend more, and that's called lifestyle

00:51:02.920 --> 00:51:06.000
inflation, right? So when you earn more and get

00:51:06.000 --> 00:51:08.500
your raise, good advice is don't spend more.

00:51:08.590 --> 00:51:11.730
actually go ahead and save that. Yeah, it's like

00:51:11.730 --> 00:51:16.030
exercising this muscle where you are able to

00:51:16.030 --> 00:51:19.469
divert new money, extra money, gift money, raise

00:51:19.469 --> 00:51:22.650
money, whatever it may be, promotion money, towards

00:51:22.650 --> 00:51:25.130
saving. Because you already were used to living

00:51:25.130 --> 00:51:27.349
how you were used to. Yes, there is inflation.

00:51:27.929 --> 00:51:33.269
But it's the idea that we funnel money into multiplying

00:51:33.269 --> 00:51:36.679
just like we We said multiplying money it's amazingly

00:51:36.679 --> 00:51:39.880
gratifying in fact i have the same is that instant

00:51:39.880 --> 00:51:42.980
gratification last a day by financial wellness

00:51:42.980 --> 00:51:46.619
is gratifying every day. And really when you

00:51:46.619 --> 00:51:49.739
have money saved you feel good every day i did

00:51:49.739 --> 00:51:51.539
the right thing it's growing i'm gonna be able

00:51:51.539 --> 00:51:54.380
to find my purpose or already m is a gratification

00:51:54.380 --> 00:51:57.599
when you go buy something. You gotta go buy something

00:51:57.599 --> 00:51:59.300
else the next day to get that feeling again.

00:51:59.300 --> 00:52:01.000
And then you buy another thing the next day to

00:52:01.000 --> 00:52:03.860
get that feeling again. And the silly thing about

00:52:03.860 --> 00:52:06.159
buying stuff, we're just like children when you

00:52:06.159 --> 00:52:08.199
get a new toy, but you end up playing with the

00:52:08.199 --> 00:52:11.260
box. It's like, we actually don't care about

00:52:11.260 --> 00:52:13.579
what we bought a year later. It's like gathering

00:52:13.579 --> 00:52:16.860
dust in a closet somewhere. So when you talk

00:52:16.860 --> 00:52:19.960
about psychology, there's all these things, there's

00:52:19.960 --> 00:52:24.099
this shame, guilt to get over. And probably the

00:52:24.099 --> 00:52:27.849
most Welcoming idea to all of this is that we're

00:52:27.849 --> 00:52:30.429
all doing it. We're all in this together. But

00:52:30.429 --> 00:52:33.329
we all have a duty to ourselves to realize it

00:52:33.329 --> 00:52:35.670
and turn it around. We're not supposed to go

00:52:35.670 --> 00:52:37.449
all sitting on the edge of a cliff together just

00:52:37.449 --> 00:52:39.469
because that's what everybody's doing. Because

00:52:39.469 --> 00:52:41.730
we know a pandemic or a job loss or a health

00:52:41.730 --> 00:52:43.730
issue can cause the edge of that cliff to crumble.

00:52:44.070 --> 00:52:46.250
We don't want to be there just because everybody

00:52:46.250 --> 00:52:49.130
else is doing it. We got to pull back, stand

00:52:49.130 --> 00:52:51.449
on firm ground and tell ourselves, all right,

00:52:51.610 --> 00:52:53.230
I'm going to turn this around. I'm not going

00:52:53.230 --> 00:52:56.050
to spend like that anymore. I am going to save.

00:52:56.289 --> 00:52:58.929
I am going to multiply these funds. My future

00:52:58.929 --> 00:53:02.389
self depends on it. So there's a ton of psychological

00:53:02.389 --> 00:53:05.989
barriers to work through. Paying off debt is

00:53:05.989 --> 00:53:08.250
the biggest one. I recommend the debt snowball,

00:53:08.510 --> 00:53:10.769
which is if you have multiple debts, pay off

00:53:10.769 --> 00:53:12.670
the smallest one first. Maybe that's a credit

00:53:12.670 --> 00:53:15.510
card. And now with the money you saved from there,

00:53:15.869 --> 00:53:17.750
pay off your other credit card. That might have

00:53:17.750 --> 00:53:20.730
been a little bit more money. And then, all right,

00:53:20.789 --> 00:53:23.010
what's the next step? Is that a car loan? Well,

00:53:23.010 --> 00:53:24.969
you just stopped paying on two credit cards.

00:53:25.030 --> 00:53:27.530
You paid them off. Use all that new money to

00:53:27.530 --> 00:53:29.929
pay off your car loan. And then you keep going

00:53:29.929 --> 00:53:32.349
from there. Okay, the student loan. Let's take

00:53:32.349 --> 00:53:34.889
care of that one. And finally, the big bad boy

00:53:34.889 --> 00:53:37.530
taking care of the house and paying that one

00:53:37.530 --> 00:53:42.110
off early as well. Debt is a risk. Debt is your

00:53:42.110 --> 00:53:43.949
things. If you do not pay that debt off, they

00:53:43.949 --> 00:53:46.190
can be repossessed. They can be foreclosed. They

00:53:46.190 --> 00:53:48.809
can be taken back. And so I highly recommend

00:53:48.809 --> 00:53:51.710
getting rid of your debt. Just get rid of it.

00:53:51.869 --> 00:53:54.369
There's so much freedom and once again that term

00:53:54.369 --> 00:53:58.550
financial peace by having things paid off. And

00:53:58.550 --> 00:54:01.349
so that's also motivation to not get into new

00:54:01.349 --> 00:54:04.670
debt. Live within your means and don't spend

00:54:04.670 --> 00:54:06.989
more than what you make. But yeah, that's just

00:54:06.989 --> 00:54:08.829
some of the list of some of the psychological

00:54:08.829 --> 00:54:11.090
barriers to get through to make a difference

00:54:11.090 --> 00:54:15.170
here and free up a pathway to multiply. That's

00:54:15.170 --> 00:54:17.610
what I'm trying to coach everybody to do is let's

00:54:17.610 --> 00:54:19.710
get past these barriers that we've been dealing

00:54:19.710 --> 00:54:23.190
with. And then let's go full force on multiplying

00:54:23.190 --> 00:54:26.809
because we got a life to live and a purpose to

00:54:26.809 --> 00:54:31.050
live out. Yeah, totally agree. You said so much

00:54:31.050 --> 00:54:35.119
within that. Give me one practical step that

00:54:35.119 --> 00:54:40.800
someone can take right now to get to that next

00:54:40.800 --> 00:54:43.619
level for their life. Yeah. I like to call it

00:54:43.619 --> 00:54:45.699
the silver bullet when I tell people about the

00:54:45.699 --> 00:54:48.940
financial epiphanies because it's one thing to

00:54:48.940 --> 00:54:52.079
hear, oh, don't spend that. Oh, cut up your credit

00:54:52.079 --> 00:54:54.179
card. You know, don't do this. Don't do that.

00:54:54.199 --> 00:54:56.639
Don't do this. Don't do that. And a lot of times

00:54:56.639 --> 00:54:59.739
because we're mismanaging our money statistically,

00:55:00.179 --> 00:55:02.059
we don't want to hear that. We don't want to

00:55:02.059 --> 00:55:04.519
hear don't do this. Don't do that. That's why

00:55:04.519 --> 00:55:06.659
I come in like a coach and I tell people you

00:55:06.659 --> 00:55:09.760
have this ability. So I tell people find your

00:55:09.760 --> 00:55:12.679
multiplying power. OK, so let's say someone's

00:55:12.679 --> 00:55:16.159
in their their early 40s. OK, that's the multiplying

00:55:16.159 --> 00:55:18.000
power of eight, right? That's what we said. You

00:55:18.000 --> 00:55:20.239
know 20 years after you start your career. So

00:55:20.239 --> 00:55:21.579
you got the multiplying power of eight. So I

00:55:21.579 --> 00:55:24.579
tell people just find out your multiplying power.

00:55:24.719 --> 00:55:27.300
That's the takeaway. That's the starting point,

00:55:27.420 --> 00:55:30.219
right? You just start with that. Now you know.

00:55:30.599 --> 00:55:33.900
What your ability is and i like to say this is

00:55:33.900 --> 00:55:36.159
you you have ownership over this this is an ability

00:55:36.159 --> 00:55:39.239
this is not about multiplying some sort of objects

00:55:39.239 --> 00:55:42.019
this money thing this is about what you can do

00:55:42.019 --> 00:55:45.039
because as you multiply this money. You're gonna

00:55:45.039 --> 00:55:48.360
choose not to spend it you choose to get rigorous

00:55:48.360 --> 00:55:50.639
about getting out of debt and remember your funding

00:55:50.639 --> 00:55:53.840
your purpose so this has so much meaning. Um,

00:55:53.960 --> 00:55:56.679
behind it, that's the takeaway. That's the, uh,

00:55:56.679 --> 00:55:58.800
that's the one thing I do is find out your multiplying

00:55:58.800 --> 00:56:00.880
power and then, and then you can act on it. It's

00:56:00.880 --> 00:56:02.659
like being told, here's your ability. Here's

00:56:02.659 --> 00:56:04.960
your athletic ability. Scott, people need to

00:56:04.960 --> 00:56:07.000
get in touch with you, man. How'd I do that?

00:56:07.340 --> 00:56:10.920
Yeah. Yeah. The URL best place to go to is financial

00:56:10.920 --> 00:56:14.460
epiphany .com on there. There's a link to the

00:56:14.460 --> 00:56:16.860
book. There's I got some of the lessons up there.

00:56:17.239 --> 00:56:19.699
Uh, Once this podcast is up, I'm going to put

00:56:19.699 --> 00:56:23.280
a link on the speaking page. There's a free download

00:56:23.280 --> 00:56:27.219
on some of the basics, such as how to get out

00:56:27.219 --> 00:56:29.579
of debt, how much to save for retirement, how

00:56:29.579 --> 00:56:33.519
to start your first IRA Roth IRA accounts, retirement

00:56:33.519 --> 00:56:36.099
account. And then there's a contact page and

00:56:36.099 --> 00:56:38.699
I check every email and respond to them. So if

00:56:38.699 --> 00:56:40.599
you want to get in touch, that's an excellent

00:56:40.599 --> 00:56:44.159
way. So financial epiphany .com. Perfect. It's

00:56:44.159 --> 00:56:48.239
gotten me wrought so much just Clarity and like

00:56:48.239 --> 00:56:50.980
you made it simple and just listening to you

00:56:50.980 --> 00:56:54.400
made it so I talked I talked to or listened to

00:56:54.400 --> 00:56:58.440
a lot of people that in the financial world and

00:56:58.440 --> 00:57:00.760
they can sound very complicated and it kind of

00:57:00.760 --> 00:57:03.760
turns you off a bit right and Just the way that

00:57:03.760 --> 00:57:06.340
you shared yourself your knowledge and your expertise

00:57:06.340 --> 00:57:09.619
like it's it's really easy to follow you It's

00:57:09.619 --> 00:57:13.760
really easy to really digest and understand what

00:57:13.760 --> 00:57:19.460
you have to give. And for my last question for

00:57:19.460 --> 00:57:21.659
you is what's something on your heart and your

00:57:21.659 --> 00:57:24.440
mind that you would love to share with someone

00:57:24.440 --> 00:57:27.199
as your last words on this podcast? I want to

00:57:27.199 --> 00:57:29.880
make sure I review with everybody. So the most

00:57:29.880 --> 00:57:32.739
valuable thing is, you know, tell them what to

00:57:32.739 --> 00:57:34.780
do. And then once again, you got to repeat it,

00:57:34.800 --> 00:57:36.760
tell them what to do again. So I'm going to end

00:57:36.760 --> 00:57:40.280
with that. And so to repeat the three financial

00:57:40.280 --> 00:57:43.719
epiphanies, Under common circumstances of investing,

00:57:43.920 --> 00:57:49.969
money can double every 10 years. You start your

00:57:49.969 --> 00:57:52.809
career with a power of 16, the ability to multiply

00:57:52.809 --> 00:57:55.769
money by 16 times. Financial epiphany number

00:57:55.769 --> 00:57:59.230
three is our multiplying power halves every 10

00:57:59.230 --> 00:58:01.889
years. That's it. Once we know those three things

00:58:01.889 --> 00:58:03.489
and we're equipped, that's all I need to know

00:58:03.489 --> 00:58:06.650
about money to do quite a bit of damage in a

00:58:06.650 --> 00:58:09.489
good way and get to that place of funding your

00:58:09.489 --> 00:58:10.949
purpose. So that's what I want to leave people

00:58:10.949 --> 00:58:13.550
with. That's it. That's the most important thing

00:58:13.550 --> 00:58:17.239
I could say. That's my message. Perfect. I love

00:58:17.239 --> 00:58:19.860
the message. I love the fact that you had what

00:58:19.860 --> 00:58:23.480
you had to share, because it's, it's a really

00:58:23.480 --> 00:58:26.739
great perspective, fresh and wonderful to hear.

00:58:27.760 --> 00:58:29.280
And I respect you for that. And I thank you for

00:58:29.280 --> 00:58:32.340
that. And for all those listening and watching,

00:58:32.760 --> 00:58:35.619
make sure that you know, if you really need to

00:58:35.619 --> 00:58:38.380
get that fresh start, check Scott out at the

00:58:38.380 --> 00:58:42.900
website. And I don't know, you do coaching via

00:58:42.900 --> 00:58:46.760
internet. Yeah, coaching is I would say the book

00:58:46.760 --> 00:58:51.300
right now is as my main product that's out there

00:58:51.300 --> 00:58:55.079
as far as like actual coaching. I just I just

00:58:55.079 --> 00:58:57.579
do it right now. I just talk to people. I just

00:58:57.579 --> 00:59:00.039
do it like right now. You post this right now.

00:59:00.039 --> 00:59:02.340
Coach and view this podcast right now. And I

00:59:02.340 --> 00:59:04.320
coach people as they ask questions. And it's

00:59:04.320 --> 00:59:07.599
just. That's the business model right now is

00:59:07.599 --> 00:59:09.719
my passion project. I'm just out there to make

00:59:09.719 --> 00:59:12.679
a difference. It's going to have more form and

00:59:12.679 --> 00:59:14.380
structure down the road. But yeah, if someone

00:59:14.380 --> 00:59:17.360
wants to talk, I'm going to talk to you. Let's

00:59:17.360 --> 00:59:20.099
get our finances straight. Let's get the finances

00:59:20.099 --> 00:59:24.320
straight and teach the next generation. Again,

00:59:24.440 --> 00:59:26.059
Scott, thank you for being on the podcast. And

00:59:26.059 --> 00:59:28.480
as we always say, let's make thriving our new

00:59:28.480 --> 00:59:30.079
normal. We'll see you next week.