1
00:00:00,000 --> 00:00:02,600
ever get that feeling like you're stuck on this,

2
00:00:02,600 --> 00:00:04,760
this treadmill, you know,

3
00:00:04,760 --> 00:00:06,560
working and working and spending money

4
00:00:08,360 --> 00:00:09,840
just to try to keep up with everyone else.

5
00:00:09,840 --> 00:00:11,840
Oh, he did feel like trying to look the part.

6
00:00:11,840 --> 00:00:13,840
Yeah, keep up with the Joneses as they say.

7
00:00:13,840 --> 00:00:14,760
Right, exactly.

8
00:00:14,760 --> 00:00:19,760
But what if I told you that the secret to retiring early,

9
00:00:20,000 --> 00:00:21,640
the secret to financial freedom

10
00:00:23,160 --> 00:00:25,560
might actually be looking a little less flashy,

11
00:00:25,560 --> 00:00:26,720
a little less.

12
00:00:26,720 --> 00:00:27,560
Low key.

13
00:00:27,560 --> 00:00:28,400
Yeah, low key.

14
00:00:28,400 --> 00:00:29,240
Water for greater.

15
00:00:29,240 --> 00:00:31,560
Yeah, so today we're going deep on this idea.

16
00:00:31,560 --> 00:00:35,200
We're diving into Eric's YouTube channel, Time to Retire.

17
00:00:35,200 --> 00:00:36,800
Ooh, I like him.

18
00:00:36,800 --> 00:00:37,640
Yeah, he's great.

19
00:00:37,640 --> 00:00:39,100
And his whole thing is like building wealth

20
00:00:39,100 --> 00:00:40,080
and retiring early.

21
00:00:40,080 --> 00:00:40,920
Confirer.

22
00:00:40,920 --> 00:00:42,720
Yeah, and he makes this point that's really interesting.

23
00:00:42,720 --> 00:00:45,240
He says, our ideas about wealth,

24
00:00:45,240 --> 00:00:47,320
they can actually like trick us.

25
00:00:47,320 --> 00:00:49,080
Oh yeah, I see that.

26
00:00:49,080 --> 00:00:50,360
Like what we think wealth looks like

27
00:00:50,360 --> 00:00:51,480
can really hold us back.

28
00:00:51,480 --> 00:00:53,160
Exactly, so we're gonna dig into all that today

29
00:00:53,160 --> 00:00:54,520
and like what we can learn from it

30
00:00:54,520 --> 00:00:56,320
so we can set ourselves up for success, right?

31
00:00:56,320 --> 00:00:57,160
Love it.

32
00:00:57,160 --> 00:00:59,840
So Eric talks about these colleagues he had.

33
00:00:59,840 --> 00:01:02,080
They drove kind of beat up cars, right?

34
00:01:02,080 --> 00:01:03,400
No fancy gadgets.

35
00:01:03,400 --> 00:01:05,080
Not the people you look at and be like,

36
00:01:05,080 --> 00:01:06,640
oh wow, successful, you know?

37
00:01:06,640 --> 00:01:07,800
Right, not flashy.

38
00:01:07,800 --> 00:01:09,040
Not flashy at all.

39
00:01:09,040 --> 00:01:10,280
But here's the thing,

40
00:01:10,280 --> 00:01:13,880
they were retiring way earlier than everyone else.

41
00:01:13,880 --> 00:01:15,160
Like years earlier.

42
00:01:15,160 --> 00:01:16,000
What?

43
00:01:16,000 --> 00:01:18,480
Yeah, some were retiring as young as 54.

44
00:01:18,480 --> 00:01:19,560
Can you believe that?

45
00:01:19,560 --> 00:01:21,800
No way, that's amazing.

46
00:01:21,800 --> 00:01:24,600
I know, and so it really makes you think,

47
00:01:24,600 --> 00:01:26,920
right, like what are they doing that's different?

48
00:01:26,920 --> 00:01:29,480
It all comes down to delayed gratification.

49
00:01:29,480 --> 00:01:30,400
It's a big part of it.

50
00:01:30,400 --> 00:01:32,520
You know, like think about it this way.

51
00:01:32,520 --> 00:01:36,360
You could go out and buy that fancy new car today, right?

52
00:01:36,360 --> 00:01:38,920
Or you could take that same money,

53
00:01:38,920 --> 00:01:42,560
invest it wisely and retire five years earlier.

54
00:01:42,560 --> 00:01:43,600
Whoa.

55
00:01:43,600 --> 00:01:46,920
Yeah, like which one of those sounds better in the long run?

56
00:01:46,920 --> 00:01:48,080
Definitely retiring earlier.

57
00:01:48,080 --> 00:01:49,680
Right, and these people who retired early,

58
00:01:49,680 --> 00:01:51,400
they understood that, they knew it.

59
00:01:51,400 --> 00:01:52,920
They were willing to wait a little bit

60
00:01:52,920 --> 00:01:53,960
for the bigger reward.

61
00:01:53,960 --> 00:01:54,800
That's so interesting.

62
00:01:54,800 --> 00:01:57,720
So it's like they're choosing long-term goals

63
00:01:57,720 --> 00:02:00,240
over just like the quick hit of buying something new.

64
00:02:00,240 --> 00:02:02,440
Yeah, it's like resisting that temptation

65
00:02:02,440 --> 00:02:03,720
to get the fancy thing.

66
00:02:03,720 --> 00:02:05,960
It's like that dopamine hit you get, right?

67
00:02:05,960 --> 00:02:06,800
When you buy something.

68
00:02:06,800 --> 00:02:08,840
Oh yeah, for sure.

69
00:02:08,840 --> 00:02:13,320
It feels good for a minute, but then it fades.

70
00:02:13,320 --> 00:02:14,440
And then you're looking for the next thing.

71
00:02:14,440 --> 00:02:15,280
It's a cycle.

72
00:02:15,280 --> 00:02:16,720
Totally.

73
00:02:16,720 --> 00:02:19,840
And Eric, he tells this story about someone saying

74
00:02:19,840 --> 00:02:22,400
they couldn't live without the newest iPhone.

75
00:02:22,400 --> 00:02:23,320
Oh gosh.

76
00:02:23,320 --> 00:02:24,160
Right.

77
00:02:24,160 --> 00:02:26,080
Like their life wouldn't be complete without it.

78
00:02:26,080 --> 00:02:27,840
It really makes you think, doesn't it?

79
00:02:27,840 --> 00:02:28,680
Yeah.

80
00:02:28,680 --> 00:02:30,160
About what we put so much importance on.

81
00:02:30,160 --> 00:02:31,080
It really does.

82
00:02:31,080 --> 00:02:34,240
And like all that money we spend chasing that feeling right.

83
00:02:34,240 --> 00:02:35,280
Exactly.

84
00:02:35,280 --> 00:02:37,480
And you know that new phone feeling,

85
00:02:37,480 --> 00:02:39,640
it fades away so fast.

86
00:02:40,560 --> 00:02:42,320
But the impact on your finances,

87
00:02:42,320 --> 00:02:43,800
that can last for years.

88
00:02:43,800 --> 00:02:46,960
Like it can seriously hurt your ability to build real wealth.

89
00:02:46,960 --> 00:02:48,480
It's almost like we're tricking ourselves.

90
00:02:48,480 --> 00:02:49,440
Totally.

91
00:02:49,440 --> 00:02:52,840
You think you need this thing, but you really don't.

92
00:02:52,840 --> 00:02:55,320
And Eric says it's not even just about the stuff itself.

93
00:02:55,320 --> 00:02:57,560
It's about how we think other people see us

94
00:02:57,560 --> 00:02:59,080
because of the stuff we have.

95
00:02:59,080 --> 00:03:01,240
It's that keeping up with the Joneses thing again?

96
00:03:01,240 --> 00:03:02,080
Right.

97
00:03:02,080 --> 00:03:03,800
And he was saying like, as we get older,

98
00:03:03,800 --> 00:03:05,560
we care less about what other people think.

99
00:03:05,560 --> 00:03:06,560
Yeah, it's true.

100
00:03:06,560 --> 00:03:08,600
You start to realize that real happiness,

101
00:03:08,600 --> 00:03:11,280
it doesn't come from having a fancy car or a big house.

102
00:03:11,280 --> 00:03:12,200
It's so true.

103
00:03:12,200 --> 00:03:14,640
So then what is real wealth?

104
00:03:14,640 --> 00:03:16,640
If it's not about all that stuff.

105
00:03:16,640 --> 00:03:18,280
Well, Eric had this great way of putting it.

106
00:03:18,280 --> 00:03:22,280
He said, wealth is the money you don't spend.

107
00:03:22,280 --> 00:03:24,040
Ooh, I like that.

108
00:03:24,040 --> 00:03:25,760
I've never thought about it like that before.

109
00:03:25,760 --> 00:03:28,120
It's a total mindset shift because it

110
00:03:28,120 --> 00:03:30,400
makes you think about the power of saving, right?

111
00:03:30,400 --> 00:03:32,480
Like that money you're not spending,

112
00:03:32,480 --> 00:03:34,760
it can grow and work for you.

113
00:03:34,760 --> 00:03:36,720
Right, because you can invest it.

114
00:03:36,720 --> 00:03:37,720
And it makes more money.

115
00:03:37,720 --> 00:03:38,280
Exactly.

116
00:03:38,280 --> 00:03:39,560
It's called compounding.

117
00:03:39,560 --> 00:03:40,920
And it's super powerful.

118
00:03:40,920 --> 00:03:44,000
It's like, imagine a snowball rolling down a hill.

119
00:03:44,000 --> 00:03:45,400
It starts small, right?

120
00:03:45,400 --> 00:03:47,520
But as it rolls, it picks up more snow.

121
00:03:47,520 --> 00:03:48,680
It gets bigger and bigger.

122
00:03:48,680 --> 00:03:51,640
That's what happens when you save and invest consistently.

123
00:03:51,640 --> 00:03:53,440
Wow, that's a really good analogy.

124
00:03:53,440 --> 00:03:54,200
Thanks.

125
00:03:54,200 --> 00:03:56,600
So even small amounts, if you invest them wisely,

126
00:03:56,600 --> 00:03:58,920
they can grow into something huge over time.

127
00:03:58,920 --> 00:04:01,400
So it's like, instead of blowing our money on stuff

128
00:04:01,400 --> 00:04:03,600
that makes us happy for like five minutes,

129
00:04:03,600 --> 00:04:05,760
we should be building our own financial snowballs.

130
00:04:05,760 --> 00:04:06,800
Exactly.

131
00:04:06,800 --> 00:04:09,320
And Eric's really big on sharing this message

132
00:04:09,320 --> 00:04:10,240
with young people.

133
00:04:10,240 --> 00:04:12,640
Yeah, because it's like the earlier you start, the better,

134
00:04:12,640 --> 00:04:13,080
right?

135
00:04:13,080 --> 00:04:13,800
Absolutely.

136
00:04:13,800 --> 00:04:15,400
Because getting this mindset early

137
00:04:15,400 --> 00:04:17,480
can be like, can change your whole life.

138
00:04:17,480 --> 00:04:19,960
Like, it can give you so much freedom later on.

139
00:04:19,960 --> 00:04:21,720
Freedom to do what you want when you want.

140
00:04:21,720 --> 00:04:22,440
Exactly.

141
00:04:22,440 --> 00:04:24,920
And it all comes down to aligning your spending

142
00:04:24,920 --> 00:04:27,280
with what's truly important to you,

143
00:04:27,280 --> 00:04:29,040
with your long-term goals.

144
00:04:29,040 --> 00:04:32,520
So the big takeaway here is that appearances

145
00:04:32,520 --> 00:04:33,960
can be super deceiving.

146
00:04:33,960 --> 00:04:34,600
Sure.

147
00:04:34,600 --> 00:04:36,400
Like the person driving the fancy car

148
00:04:36,400 --> 00:04:38,200
might be totally drowning in debt.

149
00:04:38,200 --> 00:04:39,840
Oh, yeah, definitely happens.

150
00:04:39,840 --> 00:04:42,840
Well, the one who's living more simply,

151
00:04:42,840 --> 00:04:45,400
they could sitting on a pile of investments.

152
00:04:45,400 --> 00:04:46,880
And heading for early retirement.

153
00:04:46,880 --> 00:04:47,640
Exactly.

154
00:04:47,640 --> 00:04:49,840
So to wrap things up here, I have a question

155
00:04:49,840 --> 00:04:51,240
for you listening.

156
00:04:51,240 --> 00:04:54,040
What's one small change you could make today?

157
00:04:54,040 --> 00:04:56,560
Like, right now, to start aligning your spending

158
00:04:56,560 --> 00:05:00,320
with your long-term goals, what would your rich life look like?

159
00:05:00,320 --> 00:05:04,200
Even if it didn't include a fancy car or designer clothes?

160
00:05:04,200 --> 00:05:05,000
Think about it.

161
00:05:05,000 --> 00:05:05,920
It's a good question.

162
00:05:05,920 --> 00:05:08,240
There's so much more to wealth than meets the eye.

163
00:05:08,240 --> 00:05:09,600
That's the truth.

164
00:05:09,600 --> 00:05:11,560
All right, that's it for our deep dive today.

165
00:05:11,560 --> 00:05:12,280
Thanks for listening.

166
00:05:12,280 --> 00:05:21,640
See you next time.