Welcome to the Business Abundance Podcast, providing
the tools and knowledge to help small business
owners succeed. For additional resources, visit
www .businessabundance .online. Welcome back
to the Business Abundance Podcast. I'm here with
Ian and Rowan. Howdy. G'day. Oh, you said it
the wrong way around. No, but I said Ian or Rowan.
He waved for you to say hi too. I was trying
to get him to say it first. Absolutely dozy.
And I'm Zahara and today we're going to be chatting
about where your money is. As a small business
owner, you're probably on a plight to increase
your revenue or become more successful, whatever
you. Attribute that success to? Everyone wants
more money. You don't think? No, everyone wants
more money. Everyone wants more money. And the
scoreboard. The scoreboard. Cash is the scoreboard.
Yeah, and that's probably fair. Yeah, I'm just
thinking about who, like, wouldn't. There's people
who say they don't want more money, but they
wouldn't mind. If you see a million bucks, they're
probably going to take it. Yeah, okay, that's
fair. You don't want to keep it with yourself,
keep it with someone else, but still they want
more money. So I guess for literally everyone
who is... In the pursuit of all money. In the
pursuit of all money. Um, just know that someone
else probably has your money. Yep. Um, that's,
that's the most simple. You can finish the podcast
now. Goodbye. Money does not grow on trees, but
there's always someone has it. There's always
money. There's always enough. You just got to
find it. Yeah. They're still making it. With
someone else. Yeah. Um, so today we're going
to have a little chat about where that is, how
you can get it. Where's my money? This is probably
the most important podcast in the history of
podcasts. How you can get more money. This better
be good. Yeah. I hope it says, no, I mean, we've
built it up pretty much. Everyone listening in
the car, pull over. Fuck off your seat belts.
Are they going to give away money in this podcast?
Not sponsored yet. No, we're not giving away
money. 10%. Oh dear. So we read a book. Hey.
Just one book. We've read lots of books. We've
read a lot of books. For this podcast, I read
the psychology of money. But yeah, there's plenty
of books about money. I mean, I would say we
could list them and it'd go forever. We're going
to put a list of books in. Oh yeah, great idea.
That's a good idea. And I definitely didn't read
the book, but I read a summary of the book. You
generated the summary of the book. That's amazing.
That's good. Now you can do chapter summaries
and everything. It's pretty good. Yeah. I don't
know how it works with the AI because that's
definitely plagiarism. That's a separate issue
to this podcast, but there are sites that you
can get like 10 minute summaries of books you
just buy them rather than reading the book. So
yeah, you can just ask the ROI to give you a
summary and it will tell you which is very dodgy.
Hmm. Yes. Well, uh, essentially the, this book,
um, is more of a personal take on money. Um,
and we want to talk about it. Yeah, our take
and talking about that for business owners. Um,
but you need to understand that everyone is deeply
influenced by money. And as soon as you. I mean,
based on your personal history and experiences.
And so understanding that, just approach that
with empathy. So don't go steal other people's
money. That's a business strategy. I mean, it
is. We're not encouraging it. No, we don't endorse
it. Why are we talking about this? Why did you
start stealing people's money? Out of control.
back on my thought track. Yeah. So when the book
talks about that, uh, we're understanding that
there is money. Someone else has it. You have
the influence to get that. Um, but yeah, I guess
we're not saying do it nicely. I sit out of them.
Use marketing things. So talked about a lot with
our clients. Um, but it wears my money is the
concept. and a few different people have different
ways of explaining it. But the fundamental thing
is if you want to earn more, you need to get
money from somewhere, someone, somewhere. Somewhere
is always someone at the end of the day. So the
concept of money is it's not something that just
gets printed out most of the time. Governments
do print money, but do value the currency like
Zimbabwe. So now what was a dollar now costs
two million. And that's no good for the economies.
So they don't necessarily do that. But money
is there. It moves around. Think of it like water.
So there's a lake, goes down the rivers, cities,
pull the water out, goes to water towers, we
use the water, goes back, evaporates, goes in
the cloud, rain down, fills up the lake. That's
your money. That was a lesson in precipitation.
That was money. That was good. Anyway, so there's
only so much water in the world and you can pretty
much roughly say the same with money. There's
so much money. Some people have more of it and
it's sitting there doing nothing. Some people
have it and are using it to generate more and
that puts it back into the system, spins around
and say, let's say in a business sense, so the
business gets money from a client, then they
pay tax on that. in different ways, so that might
be the value added tax, GST, that sort of stuff.
You have the wages they pay people, then the
income tax, profit from the business, income
tax, and that goes back to the government, and
then the government generally spends that back
on infrastructure or wages and other things,
grants or projects, and that goes back to the
workers, and in a cycle we go. The money just
goes in circles. Um, so we saw our taxes all
go back to the government rather than they'd
spend it and it comes back to us. So if you can
sort of understand that basic concept, the where's
my money is, okay, I want more money. I need
more money. Where is it? How can I get it? And
your business is essentially that economy on
a smaller scale. Yes. Fundamentally. So we're
talking about getting more money, right? So people
want to be successful. Let's just go to sort
of tiers, I guess. Well, make making money is
easier than saving money. Yeah, and saving money
doesn't necessarily make you money. No. It's
like you're sitting there in the corner hoarding
it for a rainy day. It's easy to make 10 ,000
than it is to save 10 ,000. Curious though for
those people that don't like risk, I guess. Is
it risk adverse? Yeah, just don't. How would
you approach that with them? Let's come back
to risk because risk will be part of the discussion.
That's fair. But let's assume maybe like tiers
of wealth, you know, you've got people that have
seen the rich that money's no issue for anything.
Full stop, way too much money than they would
ever need. They drop a hundred dollars and it's
cost less for them to keep walking than it does
to bend over and pick it up. Yep. You've got
people that live day to day and just try and
find enough money to get fed, which is the essentials
over their head, in their belly, a lot of the
world. and go in between. So you've sort of got
the people that are reliant on earning enough
money to get by and just have the basic essentials.
You've got, you know, sort of the middle class
people that then have enough money or roughly
enough money. And then they spend that on a nice
car or a nice garage or a trip away or a nice
restaurant meal and things like that. And that's
the level of wealth they sort of stay at with
a reasonable income and then reasonable spending
habits. And then you've got the rich, which is
a billion different levels of and probably levels
of each category too, but they generally water
my spending my money on to make more money. And
then at some point, the income that they have
is far greater than what they can spend, but
they're generally trying to invest back into
making more money. Which creates leverage and
time freedom. Yep. So I think with those categories,
it's thinking about which one are you in? Which
one do you want to be in? I guess if you want
to just earn enough money to get by and have
fun and do experiences with your family, well,
that's the level you need to get to. You have
to go further. But if you do want to have megabucks,
then okay, well, where are we putting our money
that's going to make us more money? That's your
focus. I think a lot of people feel trapped by
money as well. So if we talk about those ones
that are just trying to earn enough to survive,
you can feel trapped and you're not really getting
educated on how money works. You're literally
in survival mode. I need enough to buy X amount
of groceries to survive for this week or else
we're done. So they do just enough. And I feel
like I haven't got enough time. There's a lot
of stress. The light at the end of the tunnel
for that for me is it's not a lot of change required
to be able to transition from that to that next
level. It's just learning how to. and learning
how money works. And I always contend that money
is a terrible scoreboard, but it's the only scoreboard
we've got. It's a good scoreboard. So learn how
to use it. Yeah. An example of that would be
if your goal is to get $50 so you can have...
rice and some veg and some mints for the week.
That's your goal for the week. There's things
you can do like you can go look down the gutter
and find two dollar coins. And you're definitely
going to find enough two dollar coins to get
you 50 bucks for the week. And that's what you're
sort of aiming for, your $50 target. Some states
you can collect cans and things. Correct. So
that's the way you're looking at things. But
what if you were looking, OK, well, I need to
get $50 ,000. What you're gonna do to solve that's
gonna be very different to what you do to get
your $50. Yeah, you're probably still gonna achieve
your $50 But yet the actions that you take the
change that you make you're gonna be completely
different Yeah, and then you can go up several
levels of that. Okay. Well, I want to make a
million dollars and Well, that's it could be
a long -term target or say if I wanted six months
time and as a business owner Yeah, well if my
business gonna make me a million dollars and
make six months. No Okay, what where's my money?
What can make me a million dollars in six months'
time? And why do we keep thinking about bank
robberies and stuff? It's just the way your mind
works. Okay, well what industry? Where's the
money? So what's the government spending on?
What do business owners want? Where's a place
where it's circulating? And we saw that with
the mining boom. A lot of people chase the money
and fly and fly out work because it was relatively
easy money. minimal time spent. You have to go
away for a little bit and you'd get repaid for
your time quite well. We're seeing that with
NDIS spending at the moment. A lot of ex -minors
are now NDIS carers. They've trained themselves
up in a different industry and those cycles of
government money seem to... What industry are
the government focusing on? So NDIS needs to
be rolled out. It's got to be successful. Tons
of money been pumped into there and they're like
all the money's gonna run It's only got a budget
but the thing is the money goes in circles Yeah,
so yes people getting paid all this money, but
they're paying you know a third of it back in
tax And then they spend it somewhere and they
pay a third back in tax and then pretty quickly
it's back with the government So there's a budget
as far as a pool of money they needed to get
it started But then it just cycles through so,
you know, you go. Okay. Well, we want to make
half a million dollars or a million dollars Okay,
well, where's the money circulating NDIS? Let's
what can we do in the NDIS? That would be the
Where if you've got a business selling lawn mowers?
Okay, well we don't need to sell, instead of
100 lawnmowers, we don't need to sell 20 ,000
lawnmowers. Like that's probably not going to
be the easiest thing to solve, right? True story.
That might be easy. Yeah. So your targets, depending
on the level you're at, could be different, but
it's probably a matter of thinking that you don't
have to have a small target. It could be just
as easy having a big target. Just having the
focus of where you want to get to, working out
your timeframes. Yeah, correct. There's other
things at the moment, and anytime you just look
at the grants available and you'll see what the
government's looking to do, but tourism is a
big one. That means money's coming into the country,
so our pool of money in our country gets bigger.
which means more flying around. Some fresh water
being introduced to the lake. Yeah, correct.
So we're stealing it from somewhere else. We're
taking it from Hong Kong that's coming to Australia
and then Australians have more money going around
in the circle, right? So that's great. So the
government's encouraging tourism. So if you want
to start a tourism business, you can probably
get half funding for it. But just go look at
the grants. What's the government wanting to
invest in? At the moment, there's ones for AI.
So they will fund for you to develop something.
But if you can figure out where the money is,
where's your money? And then working with that,
it's much easier than trying to, you know, get
blood out of a stone. There's no money there.
I think your lawnmower analogy was pretty good
there because, yes, I sell lawnmowers. So now
I just need to sell 20 ,000 lawnmowers. Well,
you might not be in a very, you might live in
a desert where the people aren't growing lawns.
So how are you going to sell 20 ,000 lawnmowers?
You might need to go where the money is. It might
be water tanks. Import water. And then people
go, well, I'm running my lawnmosh store, I don't
have time for anything else or time to show engines.
Well, you know, you, you've got people like Richard
Branson, they have how many businesses and different
industries. And how many times has he failed?
Yeah. Hundreds of times. He's failed more than
most people have tried. Um, so yeah. Another
point here is you've got to be in it to win it.
So with your cycling. That sounds like a good
catchphrase. Stole it. I don't know where that
came from. Be in it to win it. Is that life be
in it maybe? I don't know. Um, years ago. But
yeah, say for the lawnmowers, for example, in
COVID, um, everyone got locked down. Governments
worldwide started flashing money around, sending
it out of their stockpiles to get everything
going. And then everyone bought lawnmowers. So,
you know, a lawnmower shop might've been, did
they really? Yeah, 100%. How many people got
new bits and pieces? Think about like caravans.
Your equipment and everything like that. How
many caravans went out during COVID? It's like
a new weight. And cars, I suppose. Yeah. Yeah.
I forget a car because I haven't thought about
it. Costs more like second hand cars. People
are selling it for exactly the same price. Covid
tax. I think my ute was worth more than when
I bought it three years later. Yeah. So, but
the thing is, there wasn't any more money. It's
just more was out of that lake and it was flowing
down the river. People are getting that mortar
and then they're spending it again. So I still
ended up back to where I was going, but it just
stimulated that activity because everyone was
not doing stuff or afraid to do things. Then
you've got other issues. So we ended up with
inflation because everyone's spending all this
money. And then, you know, so the price is because
everyone wants a caravan. I want it now. So I'm
going to pay way more than what it's worth. And
then now dollars not worth dollar anymore. It's
only worth 50 cents. So there's some other issues
there. But the point is you've been winning.
That shop might've been dodging along, not really
making too much, not making too much, but if
you just let it be what it's going to be, when
you have those big moments that events come along,
you make a lot of money in one shot. So you don't
necessarily need to have something that's making
consistent small amounts of money or consistent
big amounts of money. You've got to have something
be in a position to take advantage of something
when it happens. How do you navigate those events?
Like, how do you make sure that you don't over
capitalize when You're a law mower company, let's
stick with the law mower thing. And all of a
sudden, everyone wants a law mower. And you have
this year where, okay, I've just sold 20 ,000
law mowers this year and that never happens.
We better put some more people on and we better
invest in infrastructure. But that's not the
norm. So next year, once COVID is finished, you're
now back to selling a thousand law mowers. How
do you create that balance which sort of pertains
to that risk? question that he was talking about.
It's a super complicated question. Yeah, sorry.
But yeah, it goes to the risk questions he's
talking about. So what's the risk or reward?
So if we're going to spend a million dollars
on infrastructure, we don't know how long this
is going to go for, you know, balls of steel,
quite a decision. Yeah, I was going to say surely
you'd want to be modest in your projections.
Yeah. So I think something, we'll talk about
modesty in a few different ways, but it's going,
okay, well, what are we happy to receive at a
risk that we're happy to take? Um, not be greedy
and just go, yep, that's pretty shape forward.
It is. That's, you know, been a front to our
best. Um, but the thing is, where's my money.
It doesn't have to come from law miles. It can
come from anywhere. There's lots of sources.
What's the easiest at the time. So, um, yeah,
how do you not over capitalize? It's pretty straightforward.
Just don't do it. Yes. But it's probably having
that modesty to go. I don't have to be the biggest
and the best because everyone wants to be the
biggest and the best. It's pretty hard. There's
only one spot. Cause ego comes into it. And if
you are starting to roll in, there's that keeping
up, keeping up with the Jones's mentality of
I need to, my house needs to be a little bit
bigger because next door neighbors just got a
yacht. Um, so now we're going to get a purple
yacht. You get a nicer, you know, um, a prickly.
Yeah. Um, whereas if you're just looking at,
okay, well where's my money and I want more money.
I'm going to invest that back in something else
that's going to make money. It might be a really
crummy yacht that takes people on charters. No
one's going to see it. No one's going to know
it's yours, but it's going to make money. And
that's probably the difference between people
who have a lot of money and the people that have
good means but still need to keep working. What's
the story about Warren Buffett? He still drives
the same car he drove in the 70s? Yeah, sure.
One of the wealthiest men in the world. It's
better. Nice. Thought I was trolling on. No,
it's a good story. Yeah, so just be in a position
to capture. big events when they happen. And
it could be like the housing market or Bitcoin
and things like that. Bitcoin is super risky.
But, you know, it's gone up, it's gone down,
it's gone massive. And then it's been a third.
And if everyone's making money, there's people
losing money. Because the money's not been printed.
So if some people was coming super rich, it's
coming from someone or somewhere. And if it doesn't
exist, we're not going to pop at some stage.
So, you know, there's a lot of complexities to
it. But the people that were still in it. benefit
from when it goes up. When it's at the worst
and they're buying it, that's when they benefit.
But they could lose as well. So they needed to
win it. My key takeaway from what you've said
so far is essentially the money that's in your
pocket has been in someone else's pocket at some
stage. So the money that's in your pocket could
end up in someone else's pocket very quickly
and vice versa. So being frugal? Well, yeah,
you could say that. But if you're just getting
money and putting it in a corner, Then when you
spend it at some stage, it's gone. You run out
of money. Yeah. Um, so it's probably more figuring
how can you find ways that generate income? So
what's the word? Passive. Passive income. Yep.
So it's not related to you doing things. Um,
so like shares, give you dividends, for example,
write a book. Yep. Yep. Um, you know, there's
lots of different ways to do it, but it seems
it's not revolving around you doing work. Um,
you've been a landlord, for example. Yep. That's
right. Um, when you've got money, putting it
somewhere where it's doing something for you
that doesn't require effort and then you've got
your little pile but it's continuously getting
refilled. They talk about 10 % being that matching
number of ROI for property or for a share market
or anything like that. A good property, wouldn't
it? I look at it, I look at the rate of inflation,
generally inflation is going to be sort of 2
.5 % per annum as the target. if you're making
more than that. So if you've got your money sitting
in a pile under your mattress, it's losing two
and a half percent per annum, based on inflation.
Whereas if you've got it sitting somewhere making
three percent, it's keeping up. It's keeping
up. You've got somewhere where you might get
a dividend. I think I had a share that had a
dividend last time around of 12 percent. Yes.
That's impressive. Yeah, that's really got the
norm, but it's, yeah. Well, it's so you're going
to be able to win it and you're capturing a big
event when it happens. Yeah. So then at the moment
I'm making a little bit of money, but next time
it might be 4%. Yep. Um, so I think talking about
risks and, and some people want more returns.
Some people want less return. Um, we can't give
you financial advice for your case. Always consult
a professional. Is that good enough to scale?
That was a beautiful caveat. Yep. Um, but you
know, the basic premise is that. you know, when
you're older, you've got so much money to retire
on, you don't necessarily want to put that into
risky things for high return because at the end
of the day, you just need it to last till the
end, you know? When you're younger and you're
20, like it doesn't really matter if you lose
all your money, to be honest, because you've
got still a lot of time till you retire. So you
can be a lot more risky. You can make it back.
Yeah. So there's a bit of a premise. I think
the first guy that talked to me about superannuation
said that he's like, oh, you're young, so we'll
put you in the risky one. I was like, okay, why?
I'm not risky. And he's like, well, it's a matter
of if you lose your money. But the return over
20 years is X. Whereas, you know, if you go no
risk, it's just cash and it's actually going
backwards. Oh, okay. That makes sense. Um, managing
risk. So if you, if you want to go into a business
and make mega bucks with a massive risk, that's,
that's your appetite, then that's fine. But if
you're not, if you're risk adverse, um, your
understanding that you can't just sit still,
leave your money in the corner because someone
can't take it. Um, the government could take
it. They can just introduce a tax on savings
or whatever they wanted, you know? Um, but. If
just inflation, it's going backwards. So where
do you put it that's appropriately safe? Term
deposits and banks are generally seen as appropriately
safe. The interest rates roughly keeps in line
with inflation. It's a bit less or a bit more
or whatever, but that's a super safe way that
a lot of people do it. There's a story about
that first iPhone that came out, if you'd taken
the money that you bought the iPhone. with instead
of buying the iPhone, you'd invested at Apple
at the time. You wouldn't have to worry about
money anymore. Correct. But investing in startups
is super risky, can be super rewarding. So I
think it's just managing your risks that you're
happy to take. But your goal is to generate passive
income. or multiple income sources. And then
you can find if you're a risk averse person,
but you have multiple income sources from different
industries in different ways, you're actually
safer than if you have a job because you can
just get sacked. Yeah. You can have 30 years
experience somewhere, get sacked. And then, you
know, how many 50 something year olds are there?
There's government subsidies for employing 50
something years old. That's why. But there is,
because people don't employ them because they're
saying, oh, they're old, they're outdated, they're
slow, or they're not going to be here too long
or they don't get it. There are millions of different
reasons that aren't necessarily true. So you
can have a job and it's just ripped away from
you straight away. Nothing completely out of
your control. Your boss could have just mucked
up the business model. But we somehow think that's
safe. But then starting out doing our own thing
or having properties or this and that can be
seen as risky, where in fact it's probably safer.
The salary model is working 40 years, working
for 40 years and then retiring on 40 % of what
wasn't enough in the first place. 40 hours a
week for 40 years, then retiring on 40%. That's
the safe model. Whereas that's what's taught
to people at school is go out, get a job. That's
safe. Get a mortgage. That's your investment.
To be fair, we need people doing work. 100 %
we do. What you do with that salary is the important
thing. Yes, it is my point. You can use that
just to get by. You can use that, okay, puts
a roof over your head. But there's always a little
bit more money at the end of the time, so to
speak, in most cases. Once you reach that certain
level of income, there's that extra money that
you kind of waste. You don't keep track of. It
might be a cup of coffee a day. It might be going
out to the movies or a dinner. there could be
a couple of hundred dollars a week that you just
go, nah, go. If you were investing that wisely
and turning that into a passive income, it doesn't
take very long with interest, compounding interest.
If you just go 10 years at a reasonable return,
expected return, then you're probably generating
that same money weekly in 10 years' time. And
that seems like a long way away, but that's more
than practical for anyone. And you add that up
over time. But there's a book which you probably...
You can find a version that's translated a bit
better to keep it up with Tyler as the richest
man in Babylon. And then pretty much all the
financial books are roughly based off that, to
be honest. But they talk about, you know, do
a third on living, a third on saving and a third
on investing. I'm pretty sure of what it is.
There's tithing as well. Tithing, yeah. But anyway,
just breaking up your income and getting those
streams up because about managing risks and having
passive income. Um, but there's been a definition
of wealth that I've always quite liked. I can't
remember where it came from. Um, but I learned
it at a previous job, but it's the ability to
do what you want, when you want, with who you
want. So some people need a lot of money for
that. Some people don't think and grow rich.
Okay. Napoleon Hill. Nice. Yeah. You're the best.
Yeah. And that's my memory score. Um, but I think
that's pretty good. And it's understanding, well,
what level of income do you need to be able to
do that? And then it's going, okay, well, what
steps can I take to achieve that? And you're
not necessarily going to do it overnight. There
might be ways that you can do it, but the fact
that you've got a plan and you're working towards
it, you're going to be much more likely to achieve
it and be in the right place at the right time,
capturing those big events. Um, then if you just
sit in there, dodging along, fighting for the
money in the gutter and not saying that that's
not what people have to do. You buy sometimes
you do what you're going to do, but you've also
got to do what you're going to do, but just aim
higher. And generally you'd be better off, I
think. Having come from that environment where
it was week to week and my knowledge of money
at that time was terrible. And it really was
a case of I can't do anymore. And the transition
for me was changing the way you talk about your
wage. So I earn $16 an hour working in a factory,
slapping my butt off for 12 hours a day. uh,
change that to, I traded an hour of my time for
$16 and it makes you look at that and go, yep,
whoops, 16 bucks doesn't buy a lot. It bought
a bit more back then, but $16 doesn't buy a lot
and that's an hour of your time that you can't
get back. So put some value in yourself. And
I find what I found myself was I didn't have
a lot of value in myself. I had to do what I
had to do to get things done. so that I could
afford to live. Yeah, and the argument that you
would have had back in the day, too, is that
if I'm not doing this, well, no -one's giving
me a job. Yeah. So I've got to suck it up and
take the money out and get it. Yeah, do what
you have to do. So then we apply the theory to
that. You've got to do what you've got to do.
We apply another theory of where's my money?
Call it more money. So where is it? And you do
both at the same time. Scarcity mindset kept
me trapped in that for quite a long time. When
tabs out, I've got half a decent brain. There
was plenty of opportunities that were missed
because I was too tired. because I thought that
was the only way I could make money. Yeah that's
like I've been very quiet this entire podcast
but I think that's kind of the first question
I ask is who like those people that aren't good
with risk and I would probably put myself in
that position and it's just from a place of scarcity
mindset. You gotta be brave. Yeah you do but
I think you have both made it pretty clear that
You do it smart. Obviously don't be silly throw
away your money but over time it will pay itself
back off like Yeah, it's sort of a no -brainer.
Yep. I'm go back to modesty and it's an extension
It's not the word modesty. We're talking about
now, but Where's my money and what can I do?
Yeah, you can you go? I don't have any money.
I don't have the ability to do anything. But
then who do I know? There's like if you genuinely
try to help people you will get the same in return.
So you might not know how to do something or
you might not be able to start something up,
but if you can figure it out or get involved
in something someone else is doing, you'll find
that the opportunities are there. We do a fair
bit with our group now and we've been around
a couple of years or whatever, so it goes pretty
quick. But then there's three or four people
that are constantly trying to see me like, oh,
what are you doing? Can I, I want to do something.
What can I do with you? And when you're doing
those things, we've got the opportunity to capture
the big events because people want to be involved.
But even if you don't have the money, you can
still go, oh, we could get it there. Let's put
this together. Now I need people to do it with
me because they have the money. Yeah. So I think
a lot of people go, I need to go out my side.
I need to take or take the clients from my boss
or take this. And if you do that, it's fine.
You'll be successful, you know, still money,
you know, but you won't have that long term success
because people will remember what you did. would
they want to work with you in the future or would
they go, oh, they could do that to me. If you
have a certain reputation, you'll get more opportunities.
There's a brilliant book on that called The Go
Giver. I read that maybe 10 years ago. Essentially,
the more you give, the more you get. And understanding
that your time is your most valuable commodity.
Being able to give that with successful people
and a lot of successful people will then give
back and there's plenty of people that want to
be a mentor. They want to teach people how to
do what they've done. What's a good people opportunities?
Yeah, 100%. Yep. Most people, from my experience
in a lower socioeconomic household, we looked
at wealthy people with a certain level of envy
and hatred. They were just lucky. There's no
luck involved. Of course. There are some people
there, it just depends where you're from. They
had their money arrived to their family. Yeah.
Yeah, fair point. But right place, right time
can happen, but you've still got to take the
opportunity and then maintaining that. So plenty
of people win the lottery and they're broke within
two years because they don't know how money works.
Correct. Or these books that we've mentioned,
things like Napoleon Hill, Things Think and Grow
Rich, things like Rich's Man in Babylon, Go Givers,
even Keisaki's Rich Dad Poor Dad, which is a
really simple version of all of that sort of
summarized. They don't cost a lot. to read and
they can change the way we talk about paradigm
shifts in, in, in finance. They can change the
way you look at money and the way that you play
the game and even thinking of it as a game, uh,
can something we talked about gamifying in previous
podcasts, gamify the, the actual board. Yeah.
So maybe let's go gamify the act of making money
and then it's, once it starts flowing, it's,
it is like a waterfall. Interesting thing on
making it a game, it's got probably another,
an opposite there is that a lot of it, money
is pretty dirty for a lot of people, a lot of
families. If you're talking about being successful,
you'll get the... Money isn't everything. Money
isn't everything. Or, oh gee, you're doing a
lot of stuff. You don't go broke. What are you
doing? You should be easing it back because you
might lose your house. So yeah, there's a big
negative connotation with trying to be successful.
Um, and I think it's again, go back to a bit
of modesty, you know, the more you promote yourself
and the more you try to buy the big flashy truck
and you don't have to be doing that. If you want
to be successful, you just want to be building
stuff. It's building a community. It's building
relationships. Um, it's building passive income.
Um, that's one part to it. Um, and then also,
you know, touched a few times on depending on
the family background that we're from, we have
opportunities or we don't, but you've got things
like sporting clubs that you might not have to
be successful in sport. but you might like a
sport or you might like another club, but you
can get involved because there's a lot of people
with that. Some of them have businesses, some
of them don't. People know a lot of people and
if you just, if they think, oh gee, you've got
a good ad show, you're a hard worker, you might
be dumb as. But you just really want to get involved.
Like there'll be that person in the club because
I actually try to come try this. Um, and you
know, like I do it at the cricket club, for example,
I'm at there's young people and they're like,
Oh, I want to do this, this, this. That's like,
Oh yeah, well, you know, set them on their way
and you just get that little bit of guidance.
So just cause you don't know anyone, you're a
media circle use that. Where's my money thing.
And it's not, let's go find someone who has money
and take it from them. It is, well, where is
that person going to be that could help me do
that? Now I need to get there. And it doesn't
have to be that you have to pay to do it. You
don't have to go to university, but we're the
people that are doing that stuff. Let's just
go hang out there. There's volunteer that's,
you know, get involved in it. So it's probably
two key points. Anyone who's been listening for
a while knows I love my cliches. So you're either
networking or you're not working. It's an extension
of it's not what you know, it's who you know.
There are people and this again, it comes back
to it. A saying that I got from my wife was,
it's only money, they're still making it. So
you can always make more. Yep. And believing
that you can't is the first step to failure.
Yep. So anyway, I think that's pretty much the...
Where's my money? There's lots of ways to invest
and things, and that's all your personal preferences
and things. That's what financial planners and
advisors are for. We haven't got any advice,
have we? No, we haven't. But I think the big
concept is there's always money, it's just where
is it? It's always rolling around somewhere.
The last thing governments want are the money
to stop being spent. They're not going to lock
it up. Because if it gets locked up, it means
no one's got any money. Well, that's just depression.
Yep. Correct. Essentially what caused that. So
governments are always trying to encourage reasonable
spending. And what we had after code was too
much spending. So they're trying to curb that.
That's where interest rates go up. So if you
understand the money's always circulating, it's
looking at where is it circulating and how can
I be a part of that? It's been easy. This has
been very eye opening for me. It's been fun.
I assume I've been talking about money. Well,
I guess we'll wrap it up there. We will catch
everyone on the next podcast. Thanks for listening.
Bye. See ya. Bye.