WEBVTT 00:00:07.040 --> 00:00:10.699 Welcome to the Business Abundance Podcast, providing 00:00:10.699 --> 00:00:13.160 the tools and knowledge to help small business 00:00:13.160 --> 00:00:16.500 owners succeed. For additional resources, visit 00:00:16.500 --> 00:00:21.780 www .businessabundance .online. Welcome back 00:00:21.780 --> 00:00:26.239 to the Business Abundance Podcast. I'm here with 00:00:26.239 --> 00:00:30.719 Ian and Rowan. Howdy. G'day. Oh, you said it 00:00:30.719 --> 00:00:34.350 the wrong way around. No, but I said Ian or Rowan. 00:00:35.070 --> 00:00:37.909 He waved for you to say hi too. I was trying 00:00:37.909 --> 00:00:41.570 to get him to say it first. Absolutely dozy. 00:00:42.070 --> 00:00:45.850 And I'm Zahara and today we're going to be chatting 00:00:45.850 --> 00:00:49.350 about where your money is. As a small business 00:00:49.350 --> 00:00:55.189 owner, you're probably on a plight to increase 00:00:55.189 --> 00:00:59.990 your revenue or become more successful, whatever 00:00:59.990 --> 00:01:03.840 you. Attribute that success to? Everyone wants 00:01:03.840 --> 00:01:06.780 more money. You don't think? No, everyone wants 00:01:06.780 --> 00:01:07.959 more money. Everyone wants more money. And the 00:01:07.959 --> 00:01:10.400 scoreboard. The scoreboard. Cash is the scoreboard. 00:01:11.540 --> 00:01:14.819 Yeah, and that's probably fair. Yeah, I'm just 00:01:14.819 --> 00:01:16.939 thinking about who, like, wouldn't. There's people 00:01:16.939 --> 00:01:18.359 who say they don't want more money, but they 00:01:18.359 --> 00:01:21.140 wouldn't mind. If you see a million bucks, they're 00:01:21.140 --> 00:01:22.659 probably going to take it. Yeah, okay, that's 00:01:22.659 --> 00:01:23.379 fair. You don't want to keep it with yourself, 00:01:23.420 --> 00:01:24.519 keep it with someone else, but still they want 00:01:24.519 --> 00:01:27.819 more money. So I guess for literally everyone 00:01:27.819 --> 00:01:31.590 who is... In the pursuit of all money. In the 00:01:31.590 --> 00:01:36.930 pursuit of all money. Um, just know that someone 00:01:36.930 --> 00:01:40.450 else probably has your money. Yep. Um, that's, 00:01:40.450 --> 00:01:42.569 that's the most simple. You can finish the podcast 00:01:42.569 --> 00:01:47.250 now. Goodbye. Money does not grow on trees, but 00:01:47.250 --> 00:01:49.049 there's always someone has it. There's always 00:01:49.049 --> 00:01:51.430 money. There's always enough. You just got to 00:01:51.430 --> 00:01:54.510 find it. Yeah. They're still making it. With 00:01:54.510 --> 00:01:57.920 someone else. Yeah. Um, so today we're going 00:01:57.920 --> 00:02:00.980 to have a little chat about where that is, how 00:02:00.980 --> 00:02:04.840 you can get it. Where's my money? This is probably 00:02:04.840 --> 00:02:06.840 the most important podcast in the history of 00:02:06.840 --> 00:02:09.699 podcasts. How you can get more money. This better 00:02:09.699 --> 00:02:12.020 be good. Yeah. I hope it says, no, I mean, we've 00:02:12.020 --> 00:02:14.400 built it up pretty much. Everyone listening in 00:02:14.400 --> 00:02:17.800 the car, pull over. Fuck off your seat belts. 00:02:19.159 --> 00:02:21.159 Are they going to give away money in this podcast? 00:02:21.740 --> 00:02:23.960 Not sponsored yet. No, we're not giving away 00:02:23.960 --> 00:02:31.759 money. 10%. Oh dear. So we read a book. Hey. 00:02:31.979 --> 00:02:34.180 Just one book. We've read lots of books. We've 00:02:34.180 --> 00:02:38.500 read a lot of books. For this podcast, I read 00:02:38.500 --> 00:02:41.960 the psychology of money. But yeah, there's plenty 00:02:41.960 --> 00:02:46.639 of books about money. I mean, I would say we 00:02:46.639 --> 00:02:48.360 could list them and it'd go forever. We're going 00:02:48.360 --> 00:02:52.250 to put a list of books in. Oh yeah, great idea. 00:02:52.370 --> 00:02:54.469 That's a good idea. And I definitely didn't read 00:02:54.469 --> 00:02:57.389 the book, but I read a summary of the book. You 00:02:57.389 --> 00:03:01.210 generated the summary of the book. That's amazing. 00:03:01.750 --> 00:03:04.210 That's good. Now you can do chapter summaries 00:03:04.210 --> 00:03:05.830 and everything. It's pretty good. Yeah. I don't 00:03:05.830 --> 00:03:07.270 know how it works with the AI because that's 00:03:07.270 --> 00:03:10.789 definitely plagiarism. That's a separate issue 00:03:10.789 --> 00:03:13.310 to this podcast, but there are sites that you 00:03:13.310 --> 00:03:15.169 can get like 10 minute summaries of books you 00:03:15.169 --> 00:03:18.009 just buy them rather than reading the book. So 00:03:18.009 --> 00:03:19.629 yeah, you can just ask the ROI to give you a 00:03:19.629 --> 00:03:22.150 summary and it will tell you which is very dodgy. 00:03:22.770 --> 00:03:27.229 Hmm. Yes. Well, uh, essentially the, this book, 00:03:27.289 --> 00:03:30.849 um, is more of a personal take on money. Um, 00:03:30.870 --> 00:03:34.189 and we want to talk about it. Yeah, our take 00:03:34.189 --> 00:03:37.969 and talking about that for business owners. Um, 00:03:38.210 --> 00:03:42.110 but you need to understand that everyone is deeply 00:03:42.110 --> 00:03:45.379 influenced by money. And as soon as you. I mean, 00:03:45.580 --> 00:03:48.719 based on your personal history and experiences. 00:03:49.479 --> 00:03:51.860 And so understanding that, just approach that 00:03:51.860 --> 00:03:54.240 with empathy. So don't go steal other people's 00:03:54.240 --> 00:04:00.080 money. That's a business strategy. I mean, it 00:04:00.080 --> 00:04:02.860 is. We're not encouraging it. No, we don't endorse 00:04:02.860 --> 00:04:05.860 it. Why are we talking about this? Why did you 00:04:05.860 --> 00:04:08.879 start stealing people's money? Out of control. 00:04:10.569 --> 00:04:12.889 back on my thought track. Yeah. So when the book 00:04:12.889 --> 00:04:15.610 talks about that, uh, we're understanding that 00:04:15.610 --> 00:04:17.529 there is money. Someone else has it. You have 00:04:17.529 --> 00:04:21.930 the influence to get that. Um, but yeah, I guess 00:04:21.930 --> 00:04:26.189 we're not saying do it nicely. I sit out of them. 00:04:26.370 --> 00:04:29.949 Use marketing things. So talked about a lot with 00:04:29.949 --> 00:04:34.029 our clients. Um, but it wears my money is the 00:04:34.029 --> 00:04:35.939 concept. and a few different people have different 00:04:35.939 --> 00:04:37.959 ways of explaining it. But the fundamental thing 00:04:37.959 --> 00:04:40.439 is if you want to earn more, you need to get 00:04:40.439 --> 00:04:43.939 money from somewhere, someone, somewhere. Somewhere 00:04:43.939 --> 00:04:47.220 is always someone at the end of the day. So the 00:04:47.220 --> 00:04:49.779 concept of money is it's not something that just 00:04:49.779 --> 00:04:52.319 gets printed out most of the time. Governments 00:04:52.319 --> 00:04:55.259 do print money, but do value the currency like 00:04:55.259 --> 00:04:58.180 Zimbabwe. So now what was a dollar now costs 00:04:58.180 --> 00:05:02.220 two million. And that's no good for the economies. 00:05:02.540 --> 00:05:05.339 So they don't necessarily do that. But money 00:05:05.339 --> 00:05:08.100 is there. It moves around. Think of it like water. 00:05:08.720 --> 00:05:12.519 So there's a lake, goes down the rivers, cities, 00:05:12.699 --> 00:05:14.319 pull the water out, goes to water towers, we 00:05:14.319 --> 00:05:16.939 use the water, goes back, evaporates, goes in 00:05:16.939 --> 00:05:19.279 the cloud, rain down, fills up the lake. That's 00:05:19.279 --> 00:05:22.500 your money. That was a lesson in precipitation. 00:05:23.220 --> 00:05:29.199 That was money. That was good. Anyway, so there's 00:05:29.199 --> 00:05:31.620 only so much water in the world and you can pretty 00:05:31.620 --> 00:05:33.560 much roughly say the same with money. There's 00:05:33.560 --> 00:05:36.399 so much money. Some people have more of it and 00:05:36.399 --> 00:05:39.259 it's sitting there doing nothing. Some people 00:05:39.259 --> 00:05:41.699 have it and are using it to generate more and 00:05:41.699 --> 00:05:43.699 that puts it back into the system, spins around 00:05:43.699 --> 00:05:49.980 and say, let's say in a business sense, so the 00:05:49.980 --> 00:05:52.579 business gets money from a client, then they 00:05:52.579 --> 00:05:55.310 pay tax on that. in different ways, so that might 00:05:55.310 --> 00:05:57.730 be the value added tax, GST, that sort of stuff. 00:05:58.550 --> 00:06:01.649 You have the wages they pay people, then the 00:06:01.649 --> 00:06:03.889 income tax, profit from the business, income 00:06:03.889 --> 00:06:07.389 tax, and that goes back to the government, and 00:06:07.389 --> 00:06:08.990 then the government generally spends that back 00:06:08.990 --> 00:06:11.589 on infrastructure or wages and other things, 00:06:11.850 --> 00:06:13.769 grants or projects, and that goes back to the 00:06:13.769 --> 00:06:16.329 workers, and in a cycle we go. The money just 00:06:16.329 --> 00:06:18.939 goes in circles. Um, so we saw our taxes all 00:06:18.939 --> 00:06:20.339 go back to the government rather than they'd 00:06:20.339 --> 00:06:22.680 spend it and it comes back to us. So if you can 00:06:22.680 --> 00:06:24.579 sort of understand that basic concept, the where's 00:06:24.579 --> 00:06:27.079 my money is, okay, I want more money. I need 00:06:27.079 --> 00:06:30.000 more money. Where is it? How can I get it? And 00:06:30.000 --> 00:06:31.920 your business is essentially that economy on 00:06:31.920 --> 00:06:36.120 a smaller scale. Yes. Fundamentally. So we're 00:06:36.120 --> 00:06:38.160 talking about getting more money, right? So people 00:06:38.160 --> 00:06:41.540 want to be successful. Let's just go to sort 00:06:41.540 --> 00:06:44.139 of tiers, I guess. Well, make making money is 00:06:44.139 --> 00:06:47.810 easier than saving money. Yeah, and saving money 00:06:47.810 --> 00:06:50.850 doesn't necessarily make you money. No. It's 00:06:50.850 --> 00:06:52.769 like you're sitting there in the corner hoarding 00:06:52.769 --> 00:06:55.769 it for a rainy day. It's easy to make 10 ,000 00:06:55.769 --> 00:06:57.610 than it is to save 10 ,000. Curious though for 00:06:57.610 --> 00:07:04.509 those people that don't like risk, I guess. Is 00:07:04.509 --> 00:07:07.389 it risk adverse? Yeah, just don't. How would 00:07:07.389 --> 00:07:11.050 you approach that with them? Let's come back 00:07:11.050 --> 00:07:13.350 to risk because risk will be part of the discussion. 00:07:13.389 --> 00:07:17.720 That's fair. But let's assume maybe like tiers 00:07:17.720 --> 00:07:20.839 of wealth, you know, you've got people that have 00:07:20.839 --> 00:07:23.920 seen the rich that money's no issue for anything. 00:07:25.160 --> 00:07:26.720 Full stop, way too much money than they would 00:07:26.720 --> 00:07:29.360 ever need. They drop a hundred dollars and it's 00:07:29.360 --> 00:07:31.319 cost less for them to keep walking than it does 00:07:31.319 --> 00:07:35.540 to bend over and pick it up. Yep. You've got 00:07:35.540 --> 00:07:37.959 people that live day to day and just try and 00:07:37.959 --> 00:07:41.879 find enough money to get fed, which is the essentials 00:07:41.879 --> 00:07:44.319 over their head, in their belly, a lot of the 00:07:44.319 --> 00:07:47.220 world. and go in between. So you've sort of got 00:07:47.220 --> 00:07:49.699 the people that are reliant on earning enough 00:07:49.699 --> 00:07:52.379 money to get by and just have the basic essentials. 00:07:52.519 --> 00:07:54.699 You've got, you know, sort of the middle class 00:07:54.699 --> 00:07:57.839 people that then have enough money or roughly 00:07:57.839 --> 00:07:59.620 enough money. And then they spend that on a nice 00:07:59.620 --> 00:08:02.680 car or a nice garage or a trip away or a nice 00:08:02.680 --> 00:08:04.779 restaurant meal and things like that. And that's 00:08:04.779 --> 00:08:06.439 the level of wealth they sort of stay at with 00:08:06.439 --> 00:08:08.720 a reasonable income and then reasonable spending 00:08:08.720 --> 00:08:13.439 habits. And then you've got the rich, which is 00:08:13.439 --> 00:08:15.829 a billion different levels of and probably levels 00:08:15.829 --> 00:08:18.490 of each category too, but they generally water 00:08:18.490 --> 00:08:21.490 my spending my money on to make more money. And 00:08:21.490 --> 00:08:23.930 then at some point, the income that they have 00:08:23.930 --> 00:08:26.189 is far greater than what they can spend, but 00:08:26.189 --> 00:08:28.089 they're generally trying to invest back into 00:08:28.089 --> 00:08:32.190 making more money. Which creates leverage and 00:08:32.190 --> 00:08:36.850 time freedom. Yep. So I think with those categories, 00:08:37.049 --> 00:08:40.850 it's thinking about which one are you in? Which 00:08:40.850 --> 00:08:43.419 one do you want to be in? I guess if you want 00:08:43.419 --> 00:08:45.299 to just earn enough money to get by and have 00:08:45.299 --> 00:08:47.399 fun and do experiences with your family, well, 00:08:47.399 --> 00:08:49.759 that's the level you need to get to. You have 00:08:49.759 --> 00:08:52.480 to go further. But if you do want to have megabucks, 00:08:52.820 --> 00:08:54.559 then okay, well, where are we putting our money 00:08:54.559 --> 00:08:56.019 that's going to make us more money? That's your 00:08:56.019 --> 00:08:58.820 focus. I think a lot of people feel trapped by 00:08:58.820 --> 00:09:01.559 money as well. So if we talk about those ones 00:09:01.559 --> 00:09:04.379 that are just trying to earn enough to survive, 00:09:04.399 --> 00:09:09.129 you can feel trapped and you're not really getting 00:09:09.129 --> 00:09:12.350 educated on how money works. You're literally 00:09:12.350 --> 00:09:16.190 in survival mode. I need enough to buy X amount 00:09:16.190 --> 00:09:18.909 of groceries to survive for this week or else 00:09:18.909 --> 00:09:21.870 we're done. So they do just enough. And I feel 00:09:21.870 --> 00:09:22.970 like I haven't got enough time. There's a lot 00:09:22.970 --> 00:09:26.970 of stress. The light at the end of the tunnel 00:09:26.970 --> 00:09:30.730 for that for me is it's not a lot of change required 00:09:30.730 --> 00:09:33.190 to be able to transition from that to that next 00:09:33.190 --> 00:09:38.159 level. It's just learning how to. and learning 00:09:38.159 --> 00:09:41.559 how money works. And I always contend that money 00:09:41.559 --> 00:09:43.659 is a terrible scoreboard, but it's the only scoreboard 00:09:43.659 --> 00:09:46.139 we've got. It's a good scoreboard. So learn how 00:09:46.139 --> 00:09:49.500 to use it. Yeah. An example of that would be 00:09:49.500 --> 00:09:53.740 if your goal is to get $50 so you can have... 00:09:53.629 --> 00:09:56.190 rice and some veg and some mints for the week. 00:09:56.870 --> 00:09:58.629 That's your goal for the week. There's things 00:09:58.629 --> 00:10:00.529 you can do like you can go look down the gutter 00:10:00.529 --> 00:10:02.970 and find two dollar coins. And you're definitely 00:10:02.970 --> 00:10:04.269 going to find enough two dollar coins to get 00:10:04.269 --> 00:10:05.970 you 50 bucks for the week. And that's what you're 00:10:05.970 --> 00:10:08.269 sort of aiming for, your $50 target. Some states 00:10:08.269 --> 00:10:11.330 you can collect cans and things. Correct. So 00:10:11.330 --> 00:10:13.970 that's the way you're looking at things. But 00:10:13.970 --> 00:10:16.149 what if you were looking, OK, well, I need to 00:10:16.149 --> 00:10:21.759 get $50 ,000. What you're gonna do to solve that's 00:10:21.759 --> 00:10:23.220 gonna be very different to what you do to get 00:10:23.220 --> 00:10:25.360 your $50. Yeah, you're probably still gonna achieve 00:10:25.360 --> 00:10:31.019 your $50 But yet the actions that you take the 00:10:31.019 --> 00:10:32.500 change that you make you're gonna be completely 00:10:32.500 --> 00:10:34.639 different Yeah, and then you can go up several 00:10:34.639 --> 00:10:36.139 levels of that. Okay. Well, I want to make a 00:10:36.139 --> 00:10:39.539 million dollars and Well, that's it could be 00:10:39.539 --> 00:10:41.379 a long -term target or say if I wanted six months 00:10:41.379 --> 00:10:43.740 time and as a business owner Yeah, well if my 00:10:43.740 --> 00:10:45.100 business gonna make me a million dollars and 00:10:45.100 --> 00:10:48.879 make six months. No Okay, what where's my money? 00:10:49.039 --> 00:10:50.840 What can make me a million dollars in six months' 00:10:51.039 --> 00:10:54.200 time? And why do we keep thinking about bank 00:10:54.200 --> 00:10:57.899 robberies and stuff? It's just the way your mind 00:10:57.899 --> 00:10:59.919 works. Okay, well what industry? Where's the 00:10:59.919 --> 00:11:02.399 money? So what's the government spending on? 00:11:02.740 --> 00:11:06.460 What do business owners want? Where's a place 00:11:06.460 --> 00:11:08.860 where it's circulating? And we saw that with 00:11:08.860 --> 00:11:11.220 the mining boom. A lot of people chase the money 00:11:11.220 --> 00:11:15.879 and fly and fly out work because it was relatively 00:11:15.879 --> 00:11:20.080 easy money. minimal time spent. You have to go 00:11:20.080 --> 00:11:23.740 away for a little bit and you'd get repaid for 00:11:23.740 --> 00:11:26.659 your time quite well. We're seeing that with 00:11:26.659 --> 00:11:29.200 NDIS spending at the moment. A lot of ex -minors 00:11:29.200 --> 00:11:31.500 are now NDIS carers. They've trained themselves 00:11:31.500 --> 00:11:33.539 up in a different industry and those cycles of 00:11:33.539 --> 00:11:36.379 government money seem to... What industry are 00:11:36.379 --> 00:11:38.460 the government focusing on? So NDIS needs to 00:11:38.460 --> 00:11:40.539 be rolled out. It's got to be successful. Tons 00:11:40.539 --> 00:11:42.100 of money been pumped into there and they're like 00:11:42.100 --> 00:11:43.500 all the money's gonna run It's only got a budget 00:11:43.500 --> 00:11:45.360 but the thing is the money goes in circles Yeah, 00:11:45.539 --> 00:11:47.500 so yes people getting paid all this money, but 00:11:47.500 --> 00:11:49.159 they're paying you know a third of it back in 00:11:49.159 --> 00:11:51.059 tax And then they spend it somewhere and they 00:11:51.059 --> 00:11:53.220 pay a third back in tax and then pretty quickly 00:11:53.220 --> 00:11:55.419 it's back with the government So there's a budget 00:11:55.419 --> 00:11:56.879 as far as a pool of money they needed to get 00:11:56.879 --> 00:11:58.879 it started But then it just cycles through so, 00:11:59.179 --> 00:12:00.299 you know, you go. Okay. Well, we want to make 00:12:00.299 --> 00:12:02.139 half a million dollars or a million dollars Okay, 00:12:02.179 --> 00:12:04.720 well, where's the money circulating NDIS? Let's 00:12:04.720 --> 00:12:06.700 what can we do in the NDIS? That would be the 00:12:06.700 --> 00:12:09.179 Where if you've got a business selling lawn mowers? 00:12:09.870 --> 00:12:11.850 Okay, well we don't need to sell, instead of 00:12:11.850 --> 00:12:13.970 100 lawnmowers, we don't need to sell 20 ,000 00:12:13.970 --> 00:12:16.129 lawnmowers. Like that's probably not going to 00:12:16.129 --> 00:12:20.450 be the easiest thing to solve, right? True story. 00:12:20.750 --> 00:12:24.850 That might be easy. Yeah. So your targets, depending 00:12:24.850 --> 00:12:27.070 on the level you're at, could be different, but 00:12:27.070 --> 00:12:29.470 it's probably a matter of thinking that you don't 00:12:29.470 --> 00:12:31.490 have to have a small target. It could be just 00:12:31.490 --> 00:12:35.090 as easy having a big target. Just having the 00:12:35.090 --> 00:12:36.850 focus of where you want to get to, working out 00:12:36.850 --> 00:12:40.740 your timeframes. Yeah, correct. There's other 00:12:40.740 --> 00:12:44.639 things at the moment, and anytime you just look 00:12:44.639 --> 00:12:45.919 at the grants available and you'll see what the 00:12:45.919 --> 00:12:47.899 government's looking to do, but tourism is a 00:12:47.899 --> 00:12:50.440 big one. That means money's coming into the country, 00:12:50.659 --> 00:12:52.440 so our pool of money in our country gets bigger. 00:12:52.669 --> 00:12:55.090 which means more flying around. Some fresh water 00:12:55.090 --> 00:12:56.789 being introduced to the lake. Yeah, correct. 00:12:56.789 --> 00:12:58.289 So we're stealing it from somewhere else. We're 00:12:58.289 --> 00:13:01.009 taking it from Hong Kong that's coming to Australia 00:13:01.009 --> 00:13:03.090 and then Australians have more money going around 00:13:03.090 --> 00:13:05.190 in the circle, right? So that's great. So the 00:13:05.190 --> 00:13:07.070 government's encouraging tourism. So if you want 00:13:07.070 --> 00:13:09.110 to start a tourism business, you can probably 00:13:09.110 --> 00:13:12.370 get half funding for it. But just go look at 00:13:12.370 --> 00:13:15.190 the grants. What's the government wanting to 00:13:15.190 --> 00:13:17.950 invest in? At the moment, there's ones for AI. 00:13:18.429 --> 00:13:21.389 So they will fund for you to develop something. 00:13:22.460 --> 00:13:24.059 But if you can figure out where the money is, 00:13:24.500 --> 00:13:26.480 where's your money? And then working with that, 00:13:26.539 --> 00:13:28.740 it's much easier than trying to, you know, get 00:13:28.740 --> 00:13:30.500 blood out of a stone. There's no money there. 00:13:30.639 --> 00:13:32.679 I think your lawnmower analogy was pretty good 00:13:32.679 --> 00:13:34.980 there because, yes, I sell lawnmowers. So now 00:13:34.980 --> 00:13:37.080 I just need to sell 20 ,000 lawnmowers. Well, 00:13:37.139 --> 00:13:39.220 you might not be in a very, you might live in 00:13:39.220 --> 00:13:41.120 a desert where the people aren't growing lawns. 00:13:41.539 --> 00:13:44.059 So how are you going to sell 20 ,000 lawnmowers? 00:13:44.379 --> 00:13:47.759 You might need to go where the money is. It might 00:13:47.759 --> 00:13:52.250 be water tanks. Import water. And then people 00:13:52.250 --> 00:13:53.950 go, well, I'm running my lawnmosh store, I don't 00:13:53.950 --> 00:13:56.009 have time for anything else or time to show engines. 00:13:56.149 --> 00:13:58.330 Well, you know, you, you've got people like Richard 00:13:58.330 --> 00:14:00.710 Branson, they have how many businesses and different 00:14:00.710 --> 00:14:02.470 industries. And how many times has he failed? 00:14:02.669 --> 00:14:04.850 Yeah. Hundreds of times. He's failed more than 00:14:04.850 --> 00:14:07.990 most people have tried. Um, so yeah. Another 00:14:07.990 --> 00:14:11.009 point here is you've got to be in it to win it. 00:14:11.549 --> 00:14:14.669 So with your cycling. That sounds like a good 00:14:14.669 --> 00:14:17.389 catchphrase. Stole it. I don't know where that 00:14:17.389 --> 00:14:19.669 came from. Be in it to win it. Is that life be 00:14:19.669 --> 00:14:23.019 in it maybe? I don't know. Um, years ago. But 00:14:23.019 --> 00:14:26.059 yeah, say for the lawnmowers, for example, in 00:14:26.059 --> 00:14:29.960 COVID, um, everyone got locked down. Governments 00:14:29.960 --> 00:14:32.659 worldwide started flashing money around, sending 00:14:32.659 --> 00:14:34.879 it out of their stockpiles to get everything 00:14:34.879 --> 00:14:39.299 going. And then everyone bought lawnmowers. So, 00:14:39.440 --> 00:14:41.840 you know, a lawnmower shop might've been, did 00:14:41.840 --> 00:14:43.740 they really? Yeah, 100%. How many people got 00:14:43.740 --> 00:14:46.000 new bits and pieces? Think about like caravans. 00:14:46.080 --> 00:14:48.080 Your equipment and everything like that. How 00:14:48.080 --> 00:14:50.690 many caravans went out during COVID? It's like 00:14:50.690 --> 00:14:54.450 a new weight. And cars, I suppose. Yeah. Yeah. 00:14:54.450 --> 00:14:55.470 I forget a car because I haven't thought about 00:14:55.470 --> 00:14:59.070 it. Costs more like second hand cars. People 00:14:59.070 --> 00:15:01.029 are selling it for exactly the same price. Covid 00:15:01.029 --> 00:15:04.210 tax. I think my ute was worth more than when 00:15:04.210 --> 00:15:08.289 I bought it three years later. Yeah. So, but 00:15:08.289 --> 00:15:10.429 the thing is, there wasn't any more money. It's 00:15:10.429 --> 00:15:13.590 just more was out of that lake and it was flowing 00:15:13.590 --> 00:15:16.090 down the river. People are getting that mortar 00:15:16.090 --> 00:15:18.019 and then they're spending it again. So I still 00:15:18.019 --> 00:15:19.620 ended up back to where I was going, but it just 00:15:19.620 --> 00:15:21.639 stimulated that activity because everyone was 00:15:21.639 --> 00:15:24.460 not doing stuff or afraid to do things. Then 00:15:24.460 --> 00:15:25.940 you've got other issues. So we ended up with 00:15:25.940 --> 00:15:27.419 inflation because everyone's spending all this 00:15:27.419 --> 00:15:29.899 money. And then, you know, so the price is because 00:15:29.899 --> 00:15:32.220 everyone wants a caravan. I want it now. So I'm 00:15:32.220 --> 00:15:34.240 going to pay way more than what it's worth. And 00:15:34.240 --> 00:15:35.840 then now dollars not worth dollar anymore. It's 00:15:35.840 --> 00:15:39.500 only worth 50 cents. So there's some other issues 00:15:39.500 --> 00:15:42.700 there. But the point is you've been winning. 00:15:43.720 --> 00:15:46.480 That shop might've been dodging along, not really 00:15:46.480 --> 00:15:48.139 making too much, not making too much, but if 00:15:48.139 --> 00:15:50.000 you just let it be what it's going to be, when 00:15:50.000 --> 00:15:54.299 you have those big moments that events come along, 00:15:54.840 --> 00:15:57.940 you make a lot of money in one shot. So you don't 00:15:57.940 --> 00:15:59.820 necessarily need to have something that's making 00:15:59.820 --> 00:16:01.700 consistent small amounts of money or consistent 00:16:01.700 --> 00:16:03.980 big amounts of money. You've got to have something 00:16:03.980 --> 00:16:05.840 be in a position to take advantage of something 00:16:05.840 --> 00:16:08.000 when it happens. How do you navigate those events? 00:16:08.679 --> 00:16:11.340 Like, how do you make sure that you don't over 00:16:11.340 --> 00:16:14.320 capitalize when You're a law mower company, let's 00:16:14.320 --> 00:16:15.620 stick with the law mower thing. And all of a 00:16:15.620 --> 00:16:17.139 sudden, everyone wants a law mower. And you have 00:16:17.139 --> 00:16:19.639 this year where, okay, I've just sold 20 ,000 00:16:19.639 --> 00:16:21.360 law mowers this year and that never happens. 00:16:21.779 --> 00:16:23.519 We better put some more people on and we better 00:16:23.519 --> 00:16:26.039 invest in infrastructure. But that's not the 00:16:26.039 --> 00:16:29.500 norm. So next year, once COVID is finished, you're 00:16:29.500 --> 00:16:34.279 now back to selling a thousand law mowers. How 00:16:34.279 --> 00:16:36.200 do you create that balance which sort of pertains 00:16:36.200 --> 00:16:38.600 to that risk? question that he was talking about. 00:16:38.799 --> 00:16:40.259 It's a super complicated question. Yeah, sorry. 00:16:40.440 --> 00:16:41.700 But yeah, it goes to the risk questions he's 00:16:41.700 --> 00:16:43.399 talking about. So what's the risk or reward? 00:16:43.600 --> 00:16:45.519 So if we're going to spend a million dollars 00:16:45.519 --> 00:16:48.120 on infrastructure, we don't know how long this 00:16:48.120 --> 00:16:50.799 is going to go for, you know, balls of steel, 00:16:51.000 --> 00:16:52.559 quite a decision. Yeah, I was going to say surely 00:16:52.559 --> 00:16:54.259 you'd want to be modest in your projections. 00:16:54.360 --> 00:16:56.679 Yeah. So I think something, we'll talk about 00:16:56.679 --> 00:16:58.679 modesty in a few different ways, but it's going, 00:16:58.879 --> 00:17:01.019 okay, well, what are we happy to receive at a 00:17:01.019 --> 00:17:03.750 risk that we're happy to take? Um, not be greedy 00:17:03.750 --> 00:17:05.329 and just go, yep, that's pretty shape forward. 00:17:05.509 --> 00:17:06.849 It is. That's, you know, been a front to our 00:17:06.849 --> 00:17:10.250 best. Um, but the thing is, where's my money. 00:17:10.329 --> 00:17:12.309 It doesn't have to come from law miles. It can 00:17:12.309 --> 00:17:14.269 come from anywhere. There's lots of sources. 00:17:14.390 --> 00:17:17.750 What's the easiest at the time. So, um, yeah, 00:17:17.930 --> 00:17:19.690 how do you not over capitalize? It's pretty straightforward. 00:17:19.829 --> 00:17:22.210 Just don't do it. Yes. But it's probably having 00:17:22.210 --> 00:17:25.470 that modesty to go. I don't have to be the biggest 00:17:25.470 --> 00:17:27.690 and the best because everyone wants to be the 00:17:27.690 --> 00:17:29.309 biggest and the best. It's pretty hard. There's 00:17:29.309 --> 00:17:32.430 only one spot. Cause ego comes into it. And if 00:17:32.430 --> 00:17:34.269 you are starting to roll in, there's that keeping 00:17:34.269 --> 00:17:37.250 up, keeping up with the Jones's mentality of 00:17:37.250 --> 00:17:39.109 I need to, my house needs to be a little bit 00:17:39.109 --> 00:17:40.910 bigger because next door neighbors just got a 00:17:40.910 --> 00:17:43.329 yacht. Um, so now we're going to get a purple 00:17:43.329 --> 00:17:46.730 yacht. You get a nicer, you know, um, a prickly. 00:17:47.289 --> 00:17:49.890 Yeah. Um, whereas if you're just looking at, 00:17:50.009 --> 00:17:53.369 okay, well where's my money and I want more money. 00:17:53.450 --> 00:17:54.650 I'm going to invest that back in something else 00:17:54.650 --> 00:17:56.289 that's going to make money. It might be a really 00:17:56.289 --> 00:17:58.599 crummy yacht that takes people on charters. No 00:17:58.599 --> 00:17:59.779 one's going to see it. No one's going to know 00:17:59.779 --> 00:18:02.819 it's yours, but it's going to make money. And 00:18:02.819 --> 00:18:04.599 that's probably the difference between people 00:18:04.599 --> 00:18:06.740 who have a lot of money and the people that have 00:18:06.740 --> 00:18:09.059 good means but still need to keep working. What's 00:18:09.059 --> 00:18:10.559 the story about Warren Buffett? He still drives 00:18:10.559 --> 00:18:12.500 the same car he drove in the 70s? Yeah, sure. 00:18:13.200 --> 00:18:14.680 One of the wealthiest men in the world. It's 00:18:14.680 --> 00:18:17.940 better. Nice. Thought I was trolling on. No, 00:18:18.160 --> 00:18:24.740 it's a good story. Yeah, so just be in a position 00:18:24.740 --> 00:18:26.980 to capture. big events when they happen. And 00:18:26.980 --> 00:18:29.000 it could be like the housing market or Bitcoin 00:18:29.000 --> 00:18:31.440 and things like that. Bitcoin is super risky. 00:18:32.339 --> 00:18:34.720 But, you know, it's gone up, it's gone down, 00:18:34.940 --> 00:18:37.359 it's gone massive. And then it's been a third. 00:18:37.819 --> 00:18:39.200 And if everyone's making money, there's people 00:18:39.200 --> 00:18:42.140 losing money. Because the money's not been printed. 00:18:42.380 --> 00:18:43.759 So if some people was coming super rich, it's 00:18:43.759 --> 00:18:46.059 coming from someone or somewhere. And if it doesn't 00:18:46.059 --> 00:18:47.779 exist, we're not going to pop at some stage. 00:18:48.240 --> 00:18:49.619 So, you know, there's a lot of complexities to 00:18:49.619 --> 00:18:52.529 it. But the people that were still in it. benefit 00:18:52.529 --> 00:18:54.329 from when it goes up. When it's at the worst 00:18:54.329 --> 00:18:55.890 and they're buying it, that's when they benefit. 00:18:55.950 --> 00:18:57.910 But they could lose as well. So they needed to 00:18:57.910 --> 00:19:00.150 win it. My key takeaway from what you've said 00:19:00.150 --> 00:19:02.210 so far is essentially the money that's in your 00:19:02.210 --> 00:19:04.609 pocket has been in someone else's pocket at some 00:19:04.609 --> 00:19:07.910 stage. So the money that's in your pocket could 00:19:07.910 --> 00:19:09.789 end up in someone else's pocket very quickly 00:19:09.789 --> 00:19:17.690 and vice versa. So being frugal? Well, yeah, 00:19:17.690 --> 00:19:19.470 you could say that. But if you're just getting 00:19:19.470 --> 00:19:21.500 money and putting it in a corner, Then when you 00:19:21.500 --> 00:19:23.140 spend it at some stage, it's gone. You run out 00:19:23.140 --> 00:19:26.519 of money. Yeah. Um, so it's probably more figuring 00:19:26.519 --> 00:19:29.819 how can you find ways that generate income? So 00:19:29.819 --> 00:19:33.539 what's the word? Passive. Passive income. Yep. 00:19:33.700 --> 00:19:36.500 So it's not related to you doing things. Um, 00:19:36.519 --> 00:19:38.240 so like shares, give you dividends, for example, 00:19:38.920 --> 00:19:41.640 write a book. Yep. Yep. Um, you know, there's 00:19:41.640 --> 00:19:42.940 lots of different ways to do it, but it seems 00:19:42.940 --> 00:19:45.299 it's not revolving around you doing work. Um, 00:19:45.359 --> 00:19:47.200 you've been a landlord, for example. Yep. That's 00:19:47.200 --> 00:19:50.779 right. Um, when you've got money, putting it 00:19:50.779 --> 00:19:52.380 somewhere where it's doing something for you 00:19:52.380 --> 00:19:54.779 that doesn't require effort and then you've got 00:19:54.779 --> 00:19:57.000 your little pile but it's continuously getting 00:19:57.000 --> 00:20:01.240 refilled. They talk about 10 % being that matching 00:20:01.240 --> 00:20:05.819 number of ROI for property or for a share market 00:20:05.819 --> 00:20:07.359 or anything like that. A good property, wouldn't 00:20:07.359 --> 00:20:11.180 it? I look at it, I look at the rate of inflation, 00:20:11.799 --> 00:20:14.140 generally inflation is going to be sort of 2 00:20:14.140 --> 00:20:18.299 .5 % per annum as the target. if you're making 00:20:18.299 --> 00:20:20.319 more than that. So if you've got your money sitting 00:20:20.319 --> 00:20:23.359 in a pile under your mattress, it's losing two 00:20:23.359 --> 00:20:26.200 and a half percent per annum, based on inflation. 00:20:26.920 --> 00:20:28.500 Whereas if you've got it sitting somewhere making 00:20:28.500 --> 00:20:31.059 three percent, it's keeping up. It's keeping 00:20:31.059 --> 00:20:33.160 up. You've got somewhere where you might get 00:20:33.160 --> 00:20:35.240 a dividend. I think I had a share that had a 00:20:35.240 --> 00:20:38.220 dividend last time around of 12 percent. Yes. 00:20:40.460 --> 00:20:42.980 That's impressive. Yeah, that's really got the 00:20:42.980 --> 00:20:44.660 norm, but it's, yeah. Well, it's so you're going 00:20:44.660 --> 00:20:45.880 to be able to win it and you're capturing a big 00:20:45.880 --> 00:20:48.339 event when it happens. Yeah. So then at the moment 00:20:48.339 --> 00:20:50.680 I'm making a little bit of money, but next time 00:20:50.680 --> 00:20:54.579 it might be 4%. Yep. Um, so I think talking about 00:20:54.579 --> 00:20:57.279 risks and, and some people want more returns. 00:20:57.380 --> 00:21:00.339 Some people want less return. Um, we can't give 00:21:00.339 --> 00:21:02.400 you financial advice for your case. Always consult 00:21:02.400 --> 00:21:04.740 a professional. Is that good enough to scale? 00:21:04.900 --> 00:21:07.900 That was a beautiful caveat. Yep. Um, but you 00:21:07.900 --> 00:21:09.809 know, the basic premise is that. you know, when 00:21:09.809 --> 00:21:11.650 you're older, you've got so much money to retire 00:21:11.650 --> 00:21:12.950 on, you don't necessarily want to put that into 00:21:12.950 --> 00:21:14.529 risky things for high return because at the end 00:21:14.529 --> 00:21:16.329 of the day, you just need it to last till the 00:21:16.329 --> 00:21:18.049 end, you know? When you're younger and you're 00:21:18.049 --> 00:21:19.970 20, like it doesn't really matter if you lose 00:21:19.970 --> 00:21:21.650 all your money, to be honest, because you've 00:21:21.650 --> 00:21:24.109 got still a lot of time till you retire. So you 00:21:24.109 --> 00:21:25.309 can be a lot more risky. You can make it back. 00:21:25.750 --> 00:21:28.029 Yeah. So there's a bit of a premise. I think 00:21:28.029 --> 00:21:30.630 the first guy that talked to me about superannuation 00:21:30.630 --> 00:21:32.049 said that he's like, oh, you're young, so we'll 00:21:32.049 --> 00:21:33.589 put you in the risky one. I was like, okay, why? 00:21:33.930 --> 00:21:36.049 I'm not risky. And he's like, well, it's a matter 00:21:36.049 --> 00:21:37.930 of if you lose your money. But the return over 00:21:37.930 --> 00:21:41.019 20 years is X. Whereas, you know, if you go no 00:21:41.019 --> 00:21:42.299 risk, it's just cash and it's actually going 00:21:42.299 --> 00:21:46.240 backwards. Oh, okay. That makes sense. Um, managing 00:21:46.240 --> 00:21:48.220 risk. So if you, if you want to go into a business 00:21:48.220 --> 00:21:50.460 and make mega bucks with a massive risk, that's, 00:21:50.460 --> 00:21:52.539 that's your appetite, then that's fine. But if 00:21:52.539 --> 00:21:55.599 you're not, if you're risk adverse, um, your 00:21:55.599 --> 00:21:57.380 understanding that you can't just sit still, 00:21:57.599 --> 00:21:58.920 leave your money in the corner because someone 00:21:58.920 --> 00:22:01.660 can't take it. Um, the government could take 00:22:01.660 --> 00:22:03.500 it. They can just introduce a tax on savings 00:22:03.500 --> 00:22:06.349 or whatever they wanted, you know? Um, but. If 00:22:06.349 --> 00:22:10.150 just inflation, it's going backwards. So where 00:22:10.150 --> 00:22:14.630 do you put it that's appropriately safe? Term 00:22:14.630 --> 00:22:17.230 deposits and banks are generally seen as appropriately 00:22:17.230 --> 00:22:19.869 safe. The interest rates roughly keeps in line 00:22:19.869 --> 00:22:22.309 with inflation. It's a bit less or a bit more 00:22:22.309 --> 00:22:25.390 or whatever, but that's a super safe way that 00:22:25.390 --> 00:22:28.549 a lot of people do it. There's a story about 00:22:28.549 --> 00:22:31.490 that first iPhone that came out, if you'd taken 00:22:31.490 --> 00:22:34.700 the money that you bought the iPhone. with instead 00:22:34.700 --> 00:22:36.279 of buying the iPhone, you'd invested at Apple 00:22:36.279 --> 00:22:38.400 at the time. You wouldn't have to worry about 00:22:38.400 --> 00:22:42.039 money anymore. Correct. But investing in startups 00:22:42.039 --> 00:22:47.960 is super risky, can be super rewarding. So I 00:22:47.960 --> 00:22:50.400 think it's just managing your risks that you're 00:22:50.400 --> 00:22:53.640 happy to take. But your goal is to generate passive 00:22:53.640 --> 00:22:56.500 income. or multiple income sources. And then 00:22:56.500 --> 00:22:58.339 you can find if you're a risk averse person, 00:22:58.359 --> 00:23:00.380 but you have multiple income sources from different 00:23:00.380 --> 00:23:02.200 industries in different ways, you're actually 00:23:02.200 --> 00:23:04.420 safer than if you have a job because you can 00:23:04.420 --> 00:23:06.900 just get sacked. Yeah. You can have 30 years 00:23:06.900 --> 00:23:08.960 experience somewhere, get sacked. And then, you 00:23:08.960 --> 00:23:10.900 know, how many 50 something year olds are there? 00:23:11.000 --> 00:23:13.960 There's government subsidies for employing 50 00:23:13.960 --> 00:23:20.519 something years old. That's why. But there is, 00:23:20.559 --> 00:23:22.519 because people don't employ them because they're 00:23:22.519 --> 00:23:24.000 saying, oh, they're old, they're outdated, they're 00:23:24.000 --> 00:23:25.519 slow, or they're not going to be here too long 00:23:25.519 --> 00:23:27.400 or they don't get it. There are millions of different 00:23:27.400 --> 00:23:30.519 reasons that aren't necessarily true. So you 00:23:30.519 --> 00:23:31.920 can have a job and it's just ripped away from 00:23:31.920 --> 00:23:34.140 you straight away. Nothing completely out of 00:23:34.140 --> 00:23:35.319 your control. Your boss could have just mucked 00:23:35.319 --> 00:23:38.140 up the business model. But we somehow think that's 00:23:38.140 --> 00:23:40.119 safe. But then starting out doing our own thing 00:23:40.119 --> 00:23:42.559 or having properties or this and that can be 00:23:42.559 --> 00:23:44.859 seen as risky, where in fact it's probably safer. 00:23:46.269 --> 00:23:51.809 The salary model is working 40 years, working 00:23:51.809 --> 00:23:54.670 for 40 years and then retiring on 40 % of what 00:23:54.670 --> 00:23:57.349 wasn't enough in the first place. 40 hours a 00:23:57.349 --> 00:24:02.069 week for 40 years, then retiring on 40%. That's 00:24:02.069 --> 00:24:05.450 the safe model. Whereas that's what's taught 00:24:05.450 --> 00:24:07.890 to people at school is go out, get a job. That's 00:24:07.890 --> 00:24:10.869 safe. Get a mortgage. That's your investment. 00:24:10.990 --> 00:24:13.109 To be fair, we need people doing work. 100 % 00:24:13.109 --> 00:24:17.380 we do. What you do with that salary is the important 00:24:17.380 --> 00:24:20.900 thing. Yes, it is my point. You can use that 00:24:20.900 --> 00:24:23.420 just to get by. You can use that, okay, puts 00:24:23.420 --> 00:24:27.259 a roof over your head. But there's always a little 00:24:27.259 --> 00:24:31.400 bit more money at the end of the time, so to 00:24:31.400 --> 00:24:34.440 speak, in most cases. Once you reach that certain 00:24:34.440 --> 00:24:37.259 level of income, there's that extra money that 00:24:37.259 --> 00:24:39.480 you kind of waste. You don't keep track of. It 00:24:39.480 --> 00:24:42.160 might be a cup of coffee a day. It might be going 00:24:42.160 --> 00:24:44.460 out to the movies or a dinner. there could be 00:24:44.460 --> 00:24:46.099 a couple of hundred dollars a week that you just 00:24:46.099 --> 00:24:50.519 go, nah, go. If you were investing that wisely 00:24:50.519 --> 00:24:52.480 and turning that into a passive income, it doesn't 00:24:52.480 --> 00:24:56.119 take very long with interest, compounding interest. 00:24:56.299 --> 00:24:58.539 If you just go 10 years at a reasonable return, 00:24:58.839 --> 00:25:00.420 expected return, then you're probably generating 00:25:00.420 --> 00:25:03.019 that same money weekly in 10 years' time. And 00:25:03.019 --> 00:25:05.200 that seems like a long way away, but that's more 00:25:05.200 --> 00:25:07.220 than practical for anyone. And you add that up 00:25:07.220 --> 00:25:11.660 over time. But there's a book which you probably... 00:25:11.720 --> 00:25:13.740 You can find a version that's translated a bit 00:25:13.740 --> 00:25:15.299 better to keep it up with Tyler as the richest 00:25:15.299 --> 00:25:18.980 man in Babylon. And then pretty much all the 00:25:18.980 --> 00:25:21.059 financial books are roughly based off that, to 00:25:21.059 --> 00:25:23.599 be honest. But they talk about, you know, do 00:25:23.599 --> 00:25:26.059 a third on living, a third on saving and a third 00:25:26.059 --> 00:25:29.059 on investing. I'm pretty sure of what it is. 00:25:29.240 --> 00:25:31.400 There's tithing as well. Tithing, yeah. But anyway, 00:25:31.660 --> 00:25:33.140 just breaking up your income and getting those 00:25:33.140 --> 00:25:36.079 streams up because about managing risks and having 00:25:36.079 --> 00:25:39.539 passive income. Um, but there's been a definition 00:25:39.539 --> 00:25:42.180 of wealth that I've always quite liked. I can't 00:25:42.180 --> 00:25:43.900 remember where it came from. Um, but I learned 00:25:43.900 --> 00:25:46.500 it at a previous job, but it's the ability to 00:25:46.500 --> 00:25:47.940 do what you want, when you want, with who you 00:25:47.940 --> 00:25:50.779 want. So some people need a lot of money for 00:25:50.779 --> 00:25:52.559 that. Some people don't think and grow rich. 00:25:52.640 --> 00:25:56.240 Okay. Napoleon Hill. Nice. Yeah. You're the best. 00:25:56.240 --> 00:26:02.119 Yeah. And that's my memory score. Um, but I think 00:26:02.119 --> 00:26:03.779 that's pretty good. And it's understanding, well, 00:26:03.880 --> 00:26:06.819 what level of income do you need to be able to 00:26:06.819 --> 00:26:09.420 do that? And then it's going, okay, well, what 00:26:09.420 --> 00:26:11.839 steps can I take to achieve that? And you're 00:26:11.839 --> 00:26:13.119 not necessarily going to do it overnight. There 00:26:13.119 --> 00:26:15.400 might be ways that you can do it, but the fact 00:26:15.400 --> 00:26:16.920 that you've got a plan and you're working towards 00:26:16.920 --> 00:26:19.099 it, you're going to be much more likely to achieve 00:26:19.099 --> 00:26:20.940 it and be in the right place at the right time, 00:26:21.200 --> 00:26:23.380 capturing those big events. Um, then if you just 00:26:23.380 --> 00:26:27.099 sit in there, dodging along, fighting for the 00:26:27.099 --> 00:26:29.680 money in the gutter and not saying that that's 00:26:29.680 --> 00:26:30.980 not what people have to do. You buy sometimes 00:26:30.980 --> 00:26:33.500 you do what you're going to do, but you've also 00:26:33.500 --> 00:26:35.339 got to do what you're going to do, but just aim 00:26:35.339 --> 00:26:38.380 higher. And generally you'd be better off, I 00:26:38.380 --> 00:26:42.720 think. Having come from that environment where 00:26:42.720 --> 00:26:47.519 it was week to week and my knowledge of money 00:26:47.519 --> 00:26:49.980 at that time was terrible. And it really was 00:26:49.980 --> 00:26:54.079 a case of I can't do anymore. And the transition 00:26:54.079 --> 00:26:57.380 for me was changing the way you talk about your 00:26:57.380 --> 00:27:03.000 wage. So I earn $16 an hour working in a factory, 00:27:03.220 --> 00:27:06.400 slapping my butt off for 12 hours a day. uh, 00:27:07.019 --> 00:27:10.099 change that to, I traded an hour of my time for 00:27:10.099 --> 00:27:14.859 $16 and it makes you look at that and go, yep, 00:27:15.119 --> 00:27:17.460 whoops, 16 bucks doesn't buy a lot. It bought 00:27:17.460 --> 00:27:20.720 a bit more back then, but $16 doesn't buy a lot 00:27:20.720 --> 00:27:22.279 and that's an hour of your time that you can't 00:27:22.279 --> 00:27:25.119 get back. So put some value in yourself. And 00:27:25.119 --> 00:27:29.059 I find what I found myself was I didn't have 00:27:29.059 --> 00:27:30.940 a lot of value in myself. I had to do what I 00:27:30.940 --> 00:27:33.640 had to do to get things done. so that I could 00:27:33.640 --> 00:27:36.039 afford to live. Yeah, and the argument that you 00:27:36.039 --> 00:27:37.220 would have had back in the day, too, is that 00:27:37.220 --> 00:27:38.240 if I'm not doing this, well, no -one's giving 00:27:38.240 --> 00:27:40.880 me a job. Yeah. So I've got to suck it up and 00:27:40.880 --> 00:27:42.099 take the money out and get it. Yeah, do what 00:27:42.099 --> 00:27:43.960 you have to do. So then we apply the theory to 00:27:43.960 --> 00:27:45.319 that. You've got to do what you've got to do. 00:27:45.380 --> 00:27:46.940 We apply another theory of where's my money? 00:27:47.819 --> 00:27:49.980 Call it more money. So where is it? And you do 00:27:49.980 --> 00:27:51.759 both at the same time. Scarcity mindset kept 00:27:51.759 --> 00:27:55.019 me trapped in that for quite a long time. When 00:27:55.019 --> 00:27:58.420 tabs out, I've got half a decent brain. There 00:27:58.420 --> 00:28:00.079 was plenty of opportunities that were missed 00:28:00.079 --> 00:28:02.569 because I was too tired. because I thought that 00:28:02.569 --> 00:28:05.450 was the only way I could make money. Yeah that's 00:28:05.450 --> 00:28:07.490 like I've been very quiet this entire podcast 00:28:07.490 --> 00:28:09.990 but I think that's kind of the first question 00:28:09.990 --> 00:28:14.269 I ask is who like those people that aren't good 00:28:14.269 --> 00:28:17.109 with risk and I would probably put myself in 00:28:17.109 --> 00:28:20.809 that position and it's just from a place of scarcity 00:28:20.809 --> 00:28:24.109 mindset. You gotta be brave. Yeah you do but 00:28:24.109 --> 00:28:28.230 I think you have both made it pretty clear that 00:28:28.700 --> 00:28:31.440 You do it smart. Obviously don't be silly throw 00:28:31.440 --> 00:28:36.039 away your money but over time it will pay itself 00:28:36.039 --> 00:28:40.220 back off like Yeah, it's sort of a no -brainer. 00:28:40.400 --> 00:28:43.460 Yep. I'm go back to modesty and it's an extension 00:28:43.460 --> 00:28:45.140 It's not the word modesty. We're talking about 00:28:45.140 --> 00:28:48.660 now, but Where's my money and what can I do? 00:28:48.660 --> 00:28:51.380 Yeah, you can you go? I don't have any money. 00:28:51.380 --> 00:28:52.720 I don't have the ability to do anything. But 00:28:52.720 --> 00:28:57.500 then who do I know? There's like if you genuinely 00:28:57.500 --> 00:29:00.000 try to help people you will get the same in return. 00:29:01.180 --> 00:29:03.059 So you might not know how to do something or 00:29:03.059 --> 00:29:04.220 you might not be able to start something up, 00:29:04.220 --> 00:29:06.319 but if you can figure it out or get involved 00:29:06.319 --> 00:29:08.700 in something someone else is doing, you'll find 00:29:08.700 --> 00:29:11.299 that the opportunities are there. We do a fair 00:29:11.299 --> 00:29:14.359 bit with our group now and we've been around 00:29:14.359 --> 00:29:16.559 a couple of years or whatever, so it goes pretty 00:29:16.559 --> 00:29:18.720 quick. But then there's three or four people 00:29:18.720 --> 00:29:20.140 that are constantly trying to see me like, oh, 00:29:20.180 --> 00:29:21.859 what are you doing? Can I, I want to do something. 00:29:22.119 --> 00:29:26.700 What can I do with you? And when you're doing 00:29:26.700 --> 00:29:29.640 those things, we've got the opportunity to capture 00:29:29.640 --> 00:29:31.519 the big events because people want to be involved. 00:29:31.599 --> 00:29:33.859 But even if you don't have the money, you can 00:29:33.859 --> 00:29:36.299 still go, oh, we could get it there. Let's put 00:29:36.299 --> 00:29:37.940 this together. Now I need people to do it with 00:29:37.940 --> 00:29:41.359 me because they have the money. Yeah. So I think 00:29:41.359 --> 00:29:43.119 a lot of people go, I need to go out my side. 00:29:43.220 --> 00:29:46.339 I need to take or take the clients from my boss 00:29:46.339 --> 00:29:48.480 or take this. And if you do that, it's fine. 00:29:48.579 --> 00:29:51.019 You'll be successful, you know, still money, 00:29:51.019 --> 00:29:54.299 you know, but you won't have that long term success 00:29:54.299 --> 00:29:56.829 because people will remember what you did. would 00:29:56.829 --> 00:29:58.250 they want to work with you in the future or would 00:29:58.250 --> 00:30:00.490 they go, oh, they could do that to me. If you 00:30:00.490 --> 00:30:02.730 have a certain reputation, you'll get more opportunities. 00:30:03.170 --> 00:30:05.009 There's a brilliant book on that called The Go 00:30:05.009 --> 00:30:10.049 Giver. I read that maybe 10 years ago. Essentially, 00:30:10.430 --> 00:30:14.109 the more you give, the more you get. And understanding 00:30:14.109 --> 00:30:16.089 that your time is your most valuable commodity. 00:30:16.569 --> 00:30:19.730 Being able to give that with successful people 00:30:19.730 --> 00:30:21.809 and a lot of successful people will then give 00:30:21.809 --> 00:30:24.049 back and there's plenty of people that want to 00:30:24.049 --> 00:30:26.579 be a mentor. They want to teach people how to 00:30:26.579 --> 00:30:28.619 do what they've done. What's a good people opportunities? 00:30:28.799 --> 00:30:34.599 Yeah, 100%. Yep. Most people, from my experience 00:30:34.599 --> 00:30:37.980 in a lower socioeconomic household, we looked 00:30:37.980 --> 00:30:41.839 at wealthy people with a certain level of envy 00:30:41.839 --> 00:30:45.160 and hatred. They were just lucky. There's no 00:30:45.160 --> 00:30:48.019 luck involved. Of course. There are some people 00:30:48.019 --> 00:30:49.440 there, it just depends where you're from. They 00:30:49.440 --> 00:30:51.799 had their money arrived to their family. Yeah. 00:30:52.119 --> 00:30:54.759 Yeah, fair point. But right place, right time 00:30:54.759 --> 00:30:57.019 can happen, but you've still got to take the 00:30:57.019 --> 00:31:01.000 opportunity and then maintaining that. So plenty 00:31:01.000 --> 00:31:03.279 of people win the lottery and they're broke within 00:31:03.279 --> 00:31:06.160 two years because they don't know how money works. 00:31:06.380 --> 00:31:08.460 Correct. Or these books that we've mentioned, 00:31:08.519 --> 00:31:10.960 things like Napoleon Hill, Things Think and Grow 00:31:10.960 --> 00:31:13.339 Rich, things like Rich's Man in Babylon, Go Givers, 00:31:14.160 --> 00:31:16.500 even Keisaki's Rich Dad Poor Dad, which is a 00:31:16.500 --> 00:31:18.799 really simple version of all of that sort of 00:31:18.799 --> 00:31:24.900 summarized. They don't cost a lot. to read and 00:31:24.900 --> 00:31:27.599 they can change the way we talk about paradigm 00:31:27.599 --> 00:31:30.359 shifts in, in, in finance. They can change the 00:31:30.359 --> 00:31:31.900 way you look at money and the way that you play 00:31:31.900 --> 00:31:35.940 the game and even thinking of it as a game, uh, 00:31:35.980 --> 00:31:37.839 can something we talked about gamifying in previous 00:31:37.839 --> 00:31:41.440 podcasts, gamify the, the actual board. Yeah. 00:31:41.500 --> 00:31:44.519 So maybe let's go gamify the act of making money 00:31:44.519 --> 00:31:49.200 and then it's, once it starts flowing, it's, 00:31:49.200 --> 00:31:52.940 it is like a waterfall. Interesting thing on 00:31:52.940 --> 00:31:55.720 making it a game, it's got probably another, 00:31:56.099 --> 00:31:58.220 an opposite there is that a lot of it, money 00:31:58.220 --> 00:32:00.500 is pretty dirty for a lot of people, a lot of 00:32:00.500 --> 00:32:02.000 families. If you're talking about being successful, 00:32:02.160 --> 00:32:05.480 you'll get the... Money isn't everything. Money 00:32:05.480 --> 00:32:07.259 isn't everything. Or, oh gee, you're doing a 00:32:07.259 --> 00:32:09.480 lot of stuff. You don't go broke. What are you 00:32:09.480 --> 00:32:11.480 doing? You should be easing it back because you 00:32:11.480 --> 00:32:14.920 might lose your house. So yeah, there's a big 00:32:14.920 --> 00:32:17.019 negative connotation with trying to be successful. 00:32:18.020 --> 00:32:20.500 Um, and I think it's again, go back to a bit 00:32:20.500 --> 00:32:22.799 of modesty, you know, the more you promote yourself 00:32:22.799 --> 00:32:24.299 and the more you try to buy the big flashy truck 00:32:24.299 --> 00:32:25.960 and you don't have to be doing that. If you want 00:32:25.960 --> 00:32:27.660 to be successful, you just want to be building 00:32:27.660 --> 00:32:30.500 stuff. It's building a community. It's building 00:32:30.500 --> 00:32:32.559 relationships. Um, it's building passive income. 00:32:33.480 --> 00:32:35.920 Um, that's one part to it. Um, and then also, 00:32:35.920 --> 00:32:38.440 you know, touched a few times on depending on 00:32:38.440 --> 00:32:40.140 the family background that we're from, we have 00:32:40.140 --> 00:32:42.559 opportunities or we don't, but you've got things 00:32:42.559 --> 00:32:44.839 like sporting clubs that you might not have to 00:32:44.839 --> 00:32:46.970 be successful in sport. but you might like a 00:32:46.970 --> 00:32:49.109 sport or you might like another club, but you 00:32:49.109 --> 00:32:50.269 can get involved because there's a lot of people 00:32:50.269 --> 00:32:51.869 with that. Some of them have businesses, some 00:32:51.869 --> 00:32:54.250 of them don't. People know a lot of people and 00:32:54.250 --> 00:32:56.690 if you just, if they think, oh gee, you've got 00:32:56.690 --> 00:32:58.630 a good ad show, you're a hard worker, you might 00:32:58.630 --> 00:33:02.440 be dumb as. But you just really want to get involved. 00:33:02.980 --> 00:33:04.339 Like there'll be that person in the club because 00:33:04.339 --> 00:33:07.339 I actually try to come try this. Um, and you 00:33:07.339 --> 00:33:09.539 know, like I do it at the cricket club, for example, 00:33:09.539 --> 00:33:11.279 I'm at there's young people and they're like, 00:33:11.279 --> 00:33:12.680 Oh, I want to do this, this, this. That's like, 00:33:12.819 --> 00:33:15.339 Oh yeah, well, you know, set them on their way 00:33:15.339 --> 00:33:16.799 and you just get that little bit of guidance. 00:33:16.859 --> 00:33:19.000 So just cause you don't know anyone, you're a 00:33:19.000 --> 00:33:21.240 media circle use that. Where's my money thing. 00:33:21.400 --> 00:33:23.000 And it's not, let's go find someone who has money 00:33:23.000 --> 00:33:25.319 and take it from them. It is, well, where is 00:33:25.319 --> 00:33:26.700 that person going to be that could help me do 00:33:26.700 --> 00:33:29.759 that? Now I need to get there. And it doesn't 00:33:29.759 --> 00:33:31.279 have to be that you have to pay to do it. You 00:33:31.279 --> 00:33:33.000 don't have to go to university, but we're the 00:33:33.000 --> 00:33:34.880 people that are doing that stuff. Let's just 00:33:34.880 --> 00:33:36.460 go hang out there. There's volunteer that's, 00:33:36.460 --> 00:33:38.799 you know, get involved in it. So it's probably 00:33:38.799 --> 00:33:41.160 two key points. Anyone who's been listening for 00:33:41.160 --> 00:33:43.720 a while knows I love my cliches. So you're either 00:33:43.720 --> 00:33:49.839 networking or you're not working. It's an extension 00:33:49.839 --> 00:33:51.519 of it's not what you know, it's who you know. 00:33:52.660 --> 00:33:55.779 There are people and this again, it comes back 00:33:55.779 --> 00:33:59.480 to it. A saying that I got from my wife was, 00:33:59.960 --> 00:34:02.720 it's only money, they're still making it. So 00:34:02.720 --> 00:34:06.220 you can always make more. Yep. And believing 00:34:06.220 --> 00:34:09.719 that you can't is the first step to failure. 00:34:10.440 --> 00:34:14.739 Yep. So anyway, I think that's pretty much the... 00:34:14.460 --> 00:34:16.800 Where's my money? There's lots of ways to invest 00:34:16.800 --> 00:34:19.019 and things, and that's all your personal preferences 00:34:19.019 --> 00:34:20.900 and things. That's what financial planners and 00:34:20.900 --> 00:34:22.599 advisors are for. We haven't got any advice, 00:34:22.760 --> 00:34:25.480 have we? No, we haven't. But I think the big 00:34:25.480 --> 00:34:27.699 concept is there's always money, it's just where 00:34:27.699 --> 00:34:29.400 is it? It's always rolling around somewhere. 00:34:30.179 --> 00:34:32.039 The last thing governments want are the money 00:34:32.039 --> 00:34:33.460 to stop being spent. They're not going to lock 00:34:33.460 --> 00:34:35.679 it up. Because if it gets locked up, it means 00:34:35.679 --> 00:34:37.820 no one's got any money. Well, that's just depression. 00:34:38.079 --> 00:34:40.380 Yep. Correct. Essentially what caused that. So 00:34:40.380 --> 00:34:42.940 governments are always trying to encourage reasonable 00:34:42.940 --> 00:34:45.570 spending. And what we had after code was too 00:34:45.570 --> 00:34:47.070 much spending. So they're trying to curb that. 00:34:47.150 --> 00:34:48.969 That's where interest rates go up. So if you 00:34:48.969 --> 00:34:50.949 understand the money's always circulating, it's 00:34:50.949 --> 00:34:53.070 looking at where is it circulating and how can 00:34:53.070 --> 00:34:56.789 I be a part of that? It's been easy. This has 00:34:56.789 --> 00:34:59.670 been very eye opening for me. It's been fun. 00:35:02.210 --> 00:35:07.449 I assume I've been talking about money. Well, 00:35:08.369 --> 00:35:12.300 I guess we'll wrap it up there. We will catch 00:35:12.300 --> 00:35:14.659 everyone on the next podcast. Thanks for listening. 00:35:14.980 --> 00:35:15.980 Bye. See ya. Bye.