WEBVTT - Codie Sanchez: This is How You Get Rich off Your Normal Salary! (Use THIS Easy Formula to Build REAL Wealth NOW) 0:00:00.080 --> 0:00:02.160 If you don't understand money, you're never going to make 0:00:02.160 --> 0:00:05.720 more of it because understanding money is like speaking a language. 0:00:05.760 --> 0:00:07.600 How are you going to speak to somebody in Spanish 0:00:07.800 --> 0:00:10.319 and had communicate and win at that relationship if you 0:00:10.320 --> 0:00:12.080 guys don't speak the same language. So I want people 0:00:12.080 --> 0:00:13.760 to speak the language of money. Let me tell you, 0:00:13.800 --> 0:00:16.160 like one way to know if you're financially literate today, 0:00:16.320 --> 0:00:18.960 do you really understand the difference between debit and credit 0:00:18.960 --> 0:00:22.760 cards and why you should really never be using debit cards? 0:00:23.000 --> 0:00:25.880 The Number one Health and well Inness podcast. 0:00:25.600 --> 0:00:29.160 Jay Setti, Jay Shetty sly Set. 0:00:31.560 --> 0:00:34.080 Hey everyone, welcome back to on Purpose, the place you 0:00:34.200 --> 0:00:37.920 come to become the happier, healthier and more healed. Today's 0:00:37.960 --> 0:00:42.120 guest was one of your favorites of the last twelve months. 0:00:42.360 --> 0:00:45.320 Her episode blew up on audio, crushed it on video, 0:00:45.600 --> 0:00:47.839 and I'm so excited to have her back because the 0:00:47.880 --> 0:00:50.800 words you used to describe her were this is so practical, 0:00:51.040 --> 0:00:53.960 this is so simple, this is so easy. Thank you, 0:00:54.040 --> 0:00:55.800 thank you, thank you, thank you. That's all I saw 0:00:55.840 --> 0:00:57.880 in the comments. We had to bring her back, and 0:00:57.880 --> 0:01:00.520 we're so lucky that we could. I'm speaking about the one, 0:01:00.680 --> 0:01:07.240 the only Cody Sanchez, entrepreneur, investor, founder of Contrarian Thinking, 0:01:07.520 --> 0:01:11.960 a platform that helps people achieve financial freedom by acquiring 0:01:12.120 --> 0:01:17.240 overlooked cash flowing businesses. Formerly a journalist and Wall Street investor, 0:01:17.560 --> 0:01:22.720 Cody now leads a global community focused on ownership, unconventional investing, 0:01:23.000 --> 0:01:27.080 and thinking differently about money. Through her platforms, including the 0:01:27.120 --> 0:01:29.920 best selling book Main Street Millionaire. If you don't have 0:01:29.920 --> 0:01:32.520 a copy, go and grab one. Cody has built a 0:01:32.560 --> 0:01:36.399 community of over four million people, teaching them how to 0:01:36.440 --> 0:01:41.160 think critically, invest wisely, and own their financial future. Please 0:01:41.200 --> 0:01:43.919 welcome back to On Purpose, Cody Sanchez. 0:01:44.319 --> 0:01:45.800 I'm so excited to be here, Cody. 0:01:45.800 --> 0:01:47.640 It's great to have you back. And you know what's 0:01:47.640 --> 0:01:50.320 really fun is when you met someone, you hit it off, 0:01:50.720 --> 0:01:52.760 and then you're hanging out again. It just feels like 0:01:53.000 --> 0:01:56.520 normal and easy and how it I want to start 0:01:56.560 --> 0:02:00.560 with something that I think everything everyone's thinking about fascinated 0:02:00.560 --> 0:02:03.200 by it because a lot of us start to believe 0:02:03.400 --> 0:02:07.680 the media and we read articles, we see the news, 0:02:07.960 --> 0:02:11.280 we see headlines, and we assume that now is not 0:02:11.440 --> 0:02:14.840 a great time to make money, and we keep saying 0:02:14.880 --> 0:02:20.119 things like when the market's better, when the market shifts 0:02:20.240 --> 0:02:23.400 it's a terrible time to buy property. It's a terrible time. 0:02:23.560 --> 0:02:27.760 And the funny thing is that rhetoric just continues. So 0:02:29.040 --> 0:02:32.000 what should people think about right now when it comes 0:02:32.040 --> 0:02:32.520 to money. 0:02:32.680 --> 0:02:34.760 Yeah, well, first I think you got to be honest 0:02:34.800 --> 0:02:37.120 about the fact there's heart out there and that it's real. 0:02:37.320 --> 0:02:38.960 Like all the things that you're feeling about money and 0:02:39.000 --> 0:02:42.000 finance right now are real. Wages have been the same 0:02:42.560 --> 0:02:45.800 really since you know, you and I were born. It 0:02:45.840 --> 0:02:48.480 hasn't really increased. Yeah, I mean, you know, if you 0:02:48.520 --> 0:02:50.480 go back and you go to let's say, back to 0:02:50.560 --> 0:02:53.160 Dave Ramsey's days, who is a friend and I think 0:02:53.200 --> 0:02:55.080 highly of. But if you go back to Dave Ramsey 0:02:55.400 --> 0:02:58.440 when Dave was working, he would tell you today that 0:02:58.520 --> 0:03:00.680 you should buy a house. That's the number one thing 0:03:00.680 --> 0:03:01.920 that you should do. You should own a house, you 0:03:01.919 --> 0:03:04.480 should own your property. Well, the problem with that today 0:03:04.560 --> 0:03:08.320 is that our wages have increased two x in his lifetime, 0:03:08.880 --> 0:03:12.680 but housing prices, well they've increased by nine x in 0:03:12.720 --> 0:03:16.760 his lifetime, and so you cannot really afford the same 0:03:16.919 --> 0:03:20.640 things that the previous generation thought of. Is totally normal, 0:03:21.000 --> 0:03:24.200 and so their construct might not work for our generation. 0:03:24.760 --> 0:03:26.800 So one I think it's important to realize that it 0:03:26.840 --> 0:03:30.160 is hard out there. Second though, is I think we 0:03:30.240 --> 0:03:32.000 got to go back to what Warren Buffett says, which 0:03:32.040 --> 0:03:34.960 is be fearful when others are greedy, and greedy when 0:03:35.000 --> 0:03:37.360 others are fearful, and it's really hard to do. It 0:03:37.440 --> 0:03:40.520 hurts in our gut. But today, all around us, things 0:03:40.520 --> 0:03:42.960 are starting to go on sale, and what we have 0:03:43.000 --> 0:03:45.160 to try to do is figure out during this time period, 0:03:45.200 --> 0:03:46.840 how can I start to get a little piece of it. 0:03:47.000 --> 0:03:50.400 Housing prices in Austin are down thirty percent. This is 0:03:50.400 --> 0:03:52.160 really just since I bought a house a year ago, 0:03:52.560 --> 0:03:55.480 and so there is actually sales happening all around us, 0:03:55.520 --> 0:03:57.320 and I think we got to be prepared for it. 0:03:57.560 --> 0:03:59.440 But before we can buy things, we got to have 0:03:59.560 --> 0:04:01.520 enough money to do it, and we got we got 0:04:01.560 --> 0:04:03.480 to kind of know a little bit about money in 0:04:03.600 --> 0:04:05.240 order to make more of it. So I think we 0:04:05.240 --> 0:04:07.800 should talk about too. Yes it's hard right now, Yes 0:04:07.880 --> 0:04:10.800 things are in sale. You are not crazy, but you 0:04:10.800 --> 0:04:12.680 can make money in any market. And one of my 0:04:12.720 --> 0:04:15.360 favorite quotes from Baron Rothschild, one of the richest guys 0:04:15.360 --> 0:04:18.080 in the world, you know, creator of industry in the 0:04:18.160 --> 0:04:21.279 US is by when there's blood in the streets, even 0:04:21.320 --> 0:04:23.880 and especially when the blood is your own. And so 0:04:24.440 --> 0:04:27.840 that is a hard visual way to realize that actually 0:04:27.960 --> 0:04:30.560 real money is made when the market feels tough. 0:04:30.839 --> 0:04:34.080 Yeah. So actually, right now, even though the market is tough, 0:04:34.520 --> 0:04:36.920 we shouldn't be discouraged and waiting for the market to 0:04:36.960 --> 0:04:39.080 be good. This should be the time that we actually 0:04:39.080 --> 0:04:40.840 doubled down and listen to your advice. 0:04:40.920 --> 0:04:42.240 Yeah, I mean, think about it. I was looking at 0:04:42.240 --> 0:04:45.880 an NFT yesterday that was sold for sixty million dollars 0:04:46.160 --> 0:04:48.480 in the height of the NFT land. It is worth 0:04:48.720 --> 0:04:53.120 nineteen thousand dollars today, sixty million to nineteen thousand. It 0:04:53.200 --> 0:04:55.680 felt good during that time, didn't it. Everybody was like, 0:04:55.680 --> 0:04:58.479 we're making money, We've got all this extra stuff. But 0:04:58.640 --> 0:05:02.080 what actually happened is we bought things at overpriced assets 0:05:02.240 --> 0:05:05.279 and now we're left with assets that are underpriced. The 0:05:05.320 --> 0:05:08.000 opposite happens in this market. And so right now is 0:05:08.040 --> 0:05:09.520 the time I think to put up your little spider 0:05:09.600 --> 0:05:12.680 sense and start saying, well, everybody else is panicking, where 0:05:12.720 --> 0:05:15.520 can I start to make some smart moves? Because there's 0:05:15.640 --> 0:05:18.360 always money and opportunities, But definitely you want to buy 0:05:18.360 --> 0:05:19.120 when things are on sale. 0:05:19.160 --> 0:05:22.400 Should people even be dreaming or thinking about wanting to 0:05:22.440 --> 0:05:23.520 own a home anymore? 0:05:23.680 --> 0:05:26.960 I think that owning a home as an investment right 0:05:26.960 --> 0:05:30.480 now today is mathematically not a smart decision. For the 0:05:30.520 --> 0:05:33.680 first time in my lifetime, the numbers say that homes 0:05:33.720 --> 0:05:35.880 today will you have an interest rate of five to 0:05:35.920 --> 0:05:39.440 eight percent, You have a three million home shortage in 0:05:39.480 --> 0:05:42.359 the US, you have flat wages, and you have this 0:05:42.520 --> 0:05:45.159 increase of home prices. The math us is a math 0:05:45.240 --> 0:05:47.760 in and so today I don't think you should feel 0:05:47.800 --> 0:05:50.880 like you're not an adult, you don't live the American dream, 0:05:51.279 --> 0:05:53.359 you're a failure. If you don't buy a house. You 0:05:53.440 --> 0:05:57.120 might actually just be really financially intelligent rent and go 0:05:57.240 --> 0:06:00.240 negotiate your rent prices right now, by the way, because 0:06:00.240 --> 0:06:02.600 there's a lot of excess in the market. They want 0:06:02.640 --> 0:06:05.159 to keep you, and you might actually be making an 0:06:05.200 --> 0:06:08.320 incredibly smart financial decision. And so don't let people make 0:06:08.320 --> 0:06:10.680 you feel bad if you're not doing what the American 0:06:10.800 --> 0:06:13.400 dream adult thing used to be. The market's changed. 0:06:13.839 --> 0:06:16.839 Yeah, you've already shared some really powerful advice for right now, 0:06:17.160 --> 0:06:18.840 given the idea that now is a great time to 0:06:18.880 --> 0:06:21.719 go and negotiate your rent. Now's a great time to 0:06:21.760 --> 0:06:25.599 go and think about finding places to potentially purchase property 0:06:25.640 --> 0:06:29.720 if you are what should be people thinking about doing 0:06:29.800 --> 0:06:32.279 right now when it comes to making money that you 0:06:32.320 --> 0:06:35.200 couldn't have been doing a year ago. That's very different now. 0:06:35.320 --> 0:06:37.240 Yeah, that's a great question. Well, first, what I would 0:06:37.240 --> 0:06:38.919 think about today is I think you got to first 0:06:39.000 --> 0:06:43.160 understand some like baseline financial literacy. And you and I 0:06:43.240 --> 0:06:45.400 were talking about this. You know, they say the average 0:06:45.400 --> 0:06:48.120 American reads at a sixth grade reading level. They say 0:06:48.160 --> 0:06:52.240 the average American actually understands finances at about a high 0:06:52.279 --> 0:06:54.800 school level. So we're taught, and you remember this in 0:06:54.880 --> 0:06:56.800 high school, we're taught all the way up to like 0:06:57.279 --> 0:06:59.240 budgeting like back in our day. Probably the kids will 0:06:59.240 --> 0:07:00.640 do it this way anymore. But you used to have 0:07:00.720 --> 0:07:02.640 checkbooks right now and everybody knows how old I was, 0:07:02.680 --> 0:07:04.280 and you have to like balance your checkbook and how 0:07:04.279 --> 0:07:06.360 do you do that a little ledger? That's actually where 0:07:06.400 --> 0:07:09.280 we're capped. And so I think first what I want 0:07:09.279 --> 0:07:12.080 people to do is realize that if you don't understand money, 0:07:12.080 --> 0:07:14.880 you're never going to make more of it, because understanding 0:07:14.880 --> 0:07:16.920 money is like speaking a language. How are you going 0:07:16.960 --> 0:07:19.960 to speak to somebody in Spanish and communicate and win 0:07:20.000 --> 0:07:22.200 at that relationship? If you guys don't speak the same language, 0:07:22.200 --> 0:07:24.400 it's very hard, right, So I want people to speak 0:07:24.400 --> 0:07:26.240 the language of money. So I think about this in 0:07:26.280 --> 0:07:28.600 like small ways. Let me tell you, like one way 0:07:28.640 --> 0:07:31.520 to know if you're financially literate today. One way might be, 0:07:32.280 --> 0:07:34.920 do you really understand the difference between debit and credit 0:07:34.920 --> 0:07:38.760 cards and why you should really never be using debit cards. 0:07:39.240 --> 0:07:42.640 Everybody talks these days about how credit cards are bad, right, Well, 0:07:42.680 --> 0:07:45.000 credit cards are bad if you don't pay off your 0:07:45.000 --> 0:07:48.280 payment every single month, if you allow big interest rates 0:07:48.320 --> 0:07:50.480 to stockpile, and if you use it as a I 0:07:50.560 --> 0:07:52.880 want things as opposed to I need things. Credit cards 0:07:52.880 --> 0:07:56.080 are bad, but debit cards are actually worse. They don't 0:07:56.080 --> 0:07:59.200 allow you to build credit, and credit good credit in 0:07:59.240 --> 0:08:03.040 this country is the underpinning of wealth. Debit cards do 0:08:03.080 --> 0:08:05.920 not allow that. They also don't give you any points 0:08:06.040 --> 0:08:09.120 or perks or cash back, and then you're less protected 0:08:09.320 --> 0:08:11.840 actually with a debit card. So if somebody steals your 0:08:11.840 --> 0:08:14.000 debit card and goes and charges things, the bank goes, 0:08:14.080 --> 0:08:16.440 I don't know, that's your money, don't really care. If 0:08:16.480 --> 0:08:18.080 you go and you charge a bunch of things on 0:08:18.120 --> 0:08:19.840 your credit card and there's fraud, what do you do? 0:08:20.160 --> 0:08:23.080 Two clicks? They erase it, right, they ship you a 0:08:23.080 --> 0:08:25.440 new card. And so I think this generation was so 0:08:25.720 --> 0:08:30.480 tormented by credit is bad, debt is bad. Don't have it? Well, 0:08:30.520 --> 0:08:32.640 the people who are the richest in the world, they 0:08:32.720 --> 0:08:35.480 all have some debt, just good debt as opposed to 0:08:35.480 --> 0:08:37.000 bad debt. So where I want you, guys to start 0:08:37.080 --> 0:08:39.000 is actually before you even think of making more money, 0:08:39.200 --> 0:08:41.560 let's understand the language of money, right. 0:08:41.600 --> 0:08:43.960 So glad we're stying there. It's brilliant. And I had 0:08:44.000 --> 0:08:46.000 personal experience of this. So I grew up in London, 0:08:46.280 --> 0:08:48.960 where it's not the same setup, similar, but it's not 0:08:49.040 --> 0:08:51.680 exactly the same. The whole structure is not based on 0:08:51.720 --> 0:08:54.720 credit as strongly, and I was trained to believe you 0:08:54.800 --> 0:08:56.880 only use a debit card, and so I used that 0:08:56.960 --> 0:08:59.040 my whole life. When I came to the US and 0:08:59.080 --> 0:09:01.439 I moved here. For the first year I lived or 0:09:01.480 --> 0:09:03.240 I only lived, and I didn't have a lot of money, 0:09:03.240 --> 0:09:05.400 so I was living just on a debit card. And 0:09:05.440 --> 0:09:08.560 then when I wanted to finally get a car, I 0:09:08.600 --> 0:09:11.880 was thinking about, you know, having an apartment, whatever it was. 0:09:12.520 --> 0:09:14.880 I couldn't get anything because I had no credit score. 0:09:15.360 --> 0:09:19.040 My credit score was like nonexistent, and it hit me 0:09:19.800 --> 0:09:21.839 like a ton of bricks because I couldn't believe it 0:09:21.920 --> 0:09:24.480 that I'd finally done good with my life, but I 0:09:24.480 --> 0:09:28.160 couldn't actually exercise any of it. So walk me through 0:09:28.800 --> 0:09:32.720 the myths about credit cards and debit cards that people 0:09:32.760 --> 0:09:35.640 can solve right now. Is there a special credit card 0:09:35.640 --> 0:09:38.320 they should be getting, is there one that's better? What 0:09:38.360 --> 0:09:41.080 should they be looking out for? What does APR mean? 0:09:41.240 --> 0:09:44.160 You know, walk me through the hidden things buying credit 0:09:44.160 --> 0:09:46.640 cards that we all feel stupid about. When you see 0:09:46.640 --> 0:09:48.160 an ad and you're like, I have no idea what 0:09:48.240 --> 0:09:48.679 that means. 0:09:48.800 --> 0:09:49.520 Yeah, it's so true. 0:09:49.600 --> 0:09:49.720 You know. 0:09:49.760 --> 0:09:52.559 I had an employee, actually Christian, who's in from the 0:09:52.679 --> 0:09:56.120 UK too, and we were ridiculing him merstally actually because 0:09:56.200 --> 0:09:58.320 he only had a debit card to pay for things, 0:09:58.320 --> 0:10:00.319 and I didn't even know that the U K was 0:10:00.360 --> 0:10:01.040 completely different. 0:10:01.200 --> 0:10:03.640 No, they're all credit cards, but it's not he said, 0:10:03.679 --> 0:10:04.280 it's not normal. 0:10:04.440 --> 0:10:05.800 I was like, you're a twenty eight year old man. 0:10:05.920 --> 0:10:07.400 You don't have a credit card. He was like, you 0:10:07.760 --> 0:10:09.840 need to travel more Cody, and I was like, sorry, 0:10:10.160 --> 0:10:11.719 but then we got him a credit card so he 0:10:11.720 --> 0:10:14.120 could start establishing credit here. But more of the story 0:10:14.200 --> 0:10:17.800 is here's I think the couple first steps to financial freedom. 0:10:18.000 --> 0:10:19.280 You know, if you want to set up your kid 0:10:19.400 --> 0:10:21.400 for success, you actually want them to get a credit 0:10:21.400 --> 0:10:24.040 card really early. Does it so much matter what type 0:10:24.040 --> 0:10:26.000 of credit card. I'm not like the points guy, where 0:10:26.000 --> 0:10:29.360 I like to operationalize and optimize every aspect of a 0:10:29.400 --> 0:10:32.240 credit card. I think that is almost more work than 0:10:32.240 --> 0:10:34.439 trying to make more money. But I think if you 0:10:34.480 --> 0:10:36.280 go from any of the major banks, there are a 0:10:36.320 --> 0:10:38.720 lot of rules around credit cards, so they're really not 0:10:38.800 --> 0:10:40.839 allowed to mess with you so much on interest rates. 0:10:40.840 --> 0:10:42.920 There's a lot of protections for consumers, so it don't 0:10:42.920 --> 0:10:44.880 stress too much about which one. Which one seems like 0:10:44.880 --> 0:10:46.959 it has some night perks for you and you can 0:10:46.960 --> 0:10:48.920 get the most amount of money that you need. Cool. 0:10:49.280 --> 0:10:51.000 So that's step one. And if you can do that 0:10:51.040 --> 0:10:53.360 for your kids when they're in high school, they will 0:10:53.440 --> 0:10:56.880 actually have more access to the first pillar I think 0:10:57.080 --> 0:11:00.840 of wealth, which is resources. We all know what's the 0:11:00.880 --> 0:11:03.560 saying takes money to make money, right, And so if 0:11:03.559 --> 0:11:06.920 you come from nothing. Well, you can start actually building 0:11:06.960 --> 0:11:09.679 up your resource pile just from your credit, which you 0:11:09.720 --> 0:11:11.480 can start at a young age. You don't need to 0:11:11.480 --> 0:11:13.760 be rich to do that. And then after resources, you 0:11:13.760 --> 0:11:17.000 pile on knowledge. Right, the rich pass on how to invest. 0:11:17.240 --> 0:11:19.040 We need to start doing that to our next generation. 0:11:19.360 --> 0:11:22.160 Then you pass on wealth accumulation. That's where you start 0:11:22.200 --> 0:11:24.480 to pile on your own money. And then finally you 0:11:24.520 --> 0:11:27.120 pass on the ability to invest to continue to move 0:11:27.240 --> 0:11:29.400 cyclically your money around and make it work for you. 0:11:29.679 --> 0:11:31.120 But that's where I would start. It's like you start 0:11:31.120 --> 0:11:33.160 with a credit card. You have a debit card really 0:11:33.240 --> 0:11:35.240 just because you want to get cash out sometimes if 0:11:35.280 --> 0:11:37.079 you go into the club and buying drinks or whatever 0:11:37.120 --> 0:11:39.199 people do these days that are cooler than me. And 0:11:39.240 --> 0:11:41.880 that's where I would start, and then I would move 0:11:42.000 --> 0:11:44.240 to this next level of Okay, if I have some credit, 0:11:45.360 --> 0:11:47.560 now we need to focus on earning. So how do 0:11:47.600 --> 0:11:50.720 I make more money? But I think most people skip 0:11:50.800 --> 0:11:53.920 that first step because credit is scary, and like listen, 0:11:54.120 --> 0:11:57.920 Charlie Munger, Warren Buffett's partner, obviously very famous dude. But 0:11:58.040 --> 0:12:00.600 here's a line I love, which is men only go 0:12:00.720 --> 0:12:05.640 broke by three things, and it's whiskey women and leverage, 0:12:06.080 --> 0:12:09.319 and leverage means debt, right. Warren Buffett gave him a 0:12:09.320 --> 0:12:11.000 little adage to it at the end, and he goes, 0:12:11.240 --> 0:12:14.400 I think, actually, what my friend meant to say was 0:12:14.679 --> 0:12:17.200 really just the last one. It's really just leverage. And 0:12:17.240 --> 0:12:19.040 Warren Buffett, one of the richest guys in the world, 0:12:19.080 --> 0:12:21.800 said he doesn't like debt. Here's the problem, Jay, He's 0:12:21.880 --> 0:12:25.440 highly levered. He has a massive amount of debt. Why 0:12:25.960 --> 0:12:28.959 because he has debt on assets and other people's things 0:12:29.440 --> 0:12:32.600 as opposed to personal guarantees on his own. He's not 0:12:32.720 --> 0:12:36.520 mortgaging his house to buy these companies. He is raising 0:12:36.640 --> 0:12:39.199 debt on a company in order for it to make 0:12:39.240 --> 0:12:41.560 more money. And So if you don't understand all that 0:12:41.679 --> 0:12:43.720 right now, that's where I want you to dive in 0:12:43.840 --> 0:12:45.280 a little bit more. Maybe you can start with a 0:12:45.280 --> 0:12:46.320 debitan into credit card. 0:12:46.440 --> 0:12:48.800 Yeah. No, I think it's so important to understand debt. 0:12:48.840 --> 0:12:52.720 And you see that when you see a celebrity buy 0:12:52.760 --> 0:12:55.720 a new home and you realize they borrowed to buy 0:12:55.800 --> 0:12:58.120 that home. They didn't buy it in cash, even though 0:12:58.320 --> 0:13:00.679 they have the cash, and it's a available to them. 0:13:00.679 --> 0:13:02.960 And I think that idea is so foreign. So if 0:13:02.960 --> 0:13:05.480 someone's thinking about starying a business right now, well wants 0:13:05.520 --> 0:13:07.080 to grow a business, And the number one thing you 0:13:07.080 --> 0:13:09.160 hear is, well, I don't have any money. I don't 0:13:09.160 --> 0:13:11.600 have to fund it. How much do you actually need 0:13:11.760 --> 0:13:13.160 to start a business? 0:13:13.320 --> 0:13:15.560 I think you never suffer from a lack of money. 0:13:15.679 --> 0:13:17.320 You suffer from a lack of knowledge on how to 0:13:17.320 --> 0:13:20.000 get money. The richest people in the world they never 0:13:20.160 --> 0:13:22.560 use their own money entirely to buy things. And if 0:13:22.559 --> 0:13:24.360 you can like sit on that for a second and 0:13:24.440 --> 0:13:26.679 let that sit in, then I think you can really 0:13:26.760 --> 0:13:29.080 open up your eyes to the fact that all around 0:13:29.200 --> 0:13:32.080 you there are deals right now, and there is money 0:13:32.160 --> 0:13:34.800 that is waiting for the actually rarest of things, which 0:13:34.840 --> 0:13:37.040 is a human who wants to work really hard and 0:13:37.080 --> 0:13:39.200 has a good idea where to put the money. And 0:13:39.280 --> 0:13:41.640 so you actually don't need money to start a business. 0:13:41.720 --> 0:13:43.480 I don't think you need it at all. What you 0:13:43.520 --> 0:13:46.040 need is some access to it. And so you know, 0:13:46.120 --> 0:13:49.040 next week I'm going to the SBA, the Small Business Administration, 0:13:49.600 --> 0:13:52.160 and they just ran out all of these new programs 0:13:52.200 --> 0:13:55.520 for new business owners where they will one do grants 0:13:55.600 --> 0:13:57.640 where they give you money and grant means you take 0:13:57.679 --> 0:13:59.680 this money, you don't have to give it back. The 0:13:59.679 --> 0:14:01.600 government is going to give it to you, maybe because 0:14:01.600 --> 0:14:04.520 you're a minority or a woman or have a core 0:14:04.600 --> 0:14:07.600 needs business. They also do a ton of loans. You know, 0:14:07.600 --> 0:14:09.800 they'll loan you ninety percent of the purchase price of 0:14:09.840 --> 0:14:13.079 a business if you need one. And all around us 0:14:13.280 --> 0:14:16.440 are also people who want to invest and so like 0:14:16.480 --> 0:14:19.360 there's a website called percent and on percent. If you 0:14:19.400 --> 0:14:21.440 have a small business and you need some debt for 0:14:21.480 --> 0:14:24.040 a small business, you can actually get debt from your 0:14:24.040 --> 0:14:27.160 small business through you know website. But I think the 0:14:27.160 --> 0:14:29.640 most important part is not just tactically, It's like, can 0:14:29.680 --> 0:14:32.280 I change my belief to believe that money is all 0:14:32.320 --> 0:14:34.840 around me and I do not need to have only 0:14:34.880 --> 0:14:36.600 my own money in order to get rich, and I 0:14:36.600 --> 0:14:38.600 want more people to think that way. It's hard, I 0:14:38.600 --> 0:14:38.960 get it. 0:14:39.160 --> 0:14:41.200 Do you think everyone needs a side us right now? 0:14:41.280 --> 0:14:43.400 I have two thoughts. One, I do not believe that 0:14:43.440 --> 0:14:45.120 you have to go all in on the thing that 0:14:45.160 --> 0:14:46.560 you want to do in life. I think that is 0:14:46.560 --> 0:14:50.080 told to you by people who had survivorship bias. Like 0:14:50.400 --> 0:14:52.040 it worked for me, so it's going to work for 0:14:52.080 --> 0:14:54.000 you and what do we know to be true? Ninety 0:14:54.000 --> 0:14:56.880 percent of startups fail over any five year period, and 0:14:56.960 --> 0:14:59.800 so I actually think that the way to never have 0:15:00.120 --> 0:15:02.880 risk in building a business. If you want to do 0:15:02.880 --> 0:15:06.080 a startup and have no risk, I think you keep 0:15:06.120 --> 0:15:08.680 your job. You do really well at that job while 0:15:08.680 --> 0:15:11.080 you're doing it, you use your salary to fund your 0:15:11.120 --> 0:15:14.480 side hustle or your next venture. You keep moving forward 0:15:14.480 --> 0:15:17.840 on it until your side hustle matches the cost of living, 0:15:17.880 --> 0:15:19.760 that you have your cash flow, and then you leave 0:15:19.760 --> 0:15:22.320 your business or your job to go start your business 0:15:22.640 --> 0:15:25.920 once you have enough money from inflow of the business. 0:15:26.360 --> 0:15:29.720 And I think we've told too many people and idealized 0:15:29.800 --> 0:15:33.000 this idea of entrepreneurship when in fact, you know, I 0:15:33.040 --> 0:15:35.760 had three or four businesses fail. If I had just 0:15:35.840 --> 0:15:38.760 left my job that paid me good money, I would 0:15:38.760 --> 0:15:41.640 have been sleeping on somebody's couch. And so you can 0:15:41.720 --> 0:15:44.040 have a side hustle, but please keep it on the 0:15:44.120 --> 0:15:45.960 side for a minute until you make sure it's not 0:15:46.000 --> 0:15:48.920 just a passion project it is a profit project. 0:15:49.120 --> 0:15:53.320 Yes, yeah, And I think that's dismised wisest advice. I'm 0:15:53.400 --> 0:15:55.680 in the same boat when I started doing what I 0:15:55.720 --> 0:15:58.360 do today. I had a full time job. It didn't 0:15:58.360 --> 0:16:00.240 pay great, but it paid enough to get buy It 0:16:00.240 --> 0:16:03.080 paid my bills. It means it means I wasn't creating 0:16:03.120 --> 0:16:07.080 from a place of stress. And when you're creating something 0:16:07.120 --> 0:16:11.480 new from just stress, it can be quite dehabilitating. Now, 0:16:11.520 --> 0:16:14.280 sometimes stress can be the greatest motivator. It can propel you, 0:16:14.360 --> 0:16:16.880 it can be your launch pad, but you've got to 0:16:16.920 --> 0:16:18.600 kind of get it right. Too much stress and you 0:16:18.640 --> 0:16:21.200 fall apart. Too little stress and you stay in the 0:16:21.240 --> 0:16:22.200 golden handcuffs. 0:16:22.280 --> 0:16:22.720 That's right. 0:16:22.760 --> 0:16:24.560 And I think that's where I see a lot of 0:16:24.560 --> 0:16:26.400 people stuck today. Is I meet a lot of people 0:16:26.440 --> 0:16:29.720 who I feel have tied on the golden handcuffs but 0:16:29.880 --> 0:16:32.800 not using that as the investment. So it's like, I 0:16:32.880 --> 0:16:35.800 want to have a lifestyle with the money I make, 0:16:36.000 --> 0:16:38.520 I don't want to use it to build a new life. 0:16:38.720 --> 0:16:39.400 Does that make sense? 0:16:39.480 --> 0:16:41.200 Yes? Well, I mean, and you know, there's a lot 0:16:41.240 --> 0:16:43.360 of data out there that actually backs that. There was 0:16:43.400 --> 0:16:46.240 a study that was done on should you leave your 0:16:46.320 --> 0:16:48.840 job to do a startup or should you stay in 0:16:48.880 --> 0:16:51.280 your job and do your startup at the side, And 0:16:51.400 --> 0:16:54.160 what the data tells us from hundreds of individuals that 0:16:54.200 --> 0:16:56.200 went through this is you have a thirty three percent 0:16:56.280 --> 0:16:59.080 higher likelihood of your startup succeeding if you have an 0:16:59.120 --> 0:17:02.280 income source while doing it, because we make better decisions 0:17:02.280 --> 0:17:04.720 when we're not in flight or fight, when we can 0:17:04.800 --> 0:17:08.719 actually sort of downregulate. You know all about this, thankfully, 0:17:08.720 --> 0:17:10.760 there's so many tools like what you do that teach 0:17:10.800 --> 0:17:14.000 people how to downregulate, and sometimes you can't control it. 0:17:14.240 --> 0:17:17.359 But if you can control that, your decision making is 0:17:17.520 --> 0:17:20.360 better by keeping an income source. Oh my gosh, why 0:17:20.359 --> 0:17:23.360 wouldn't you, Because being a CEO is really, in my opinion, 0:17:23.400 --> 0:17:24.919 it's like three things. If you want to be a 0:17:24.920 --> 0:17:28.280 great CEO, it is number one, you have to be 0:17:28.320 --> 0:17:31.159 able to sell a dream so big that other talent 0:17:31.320 --> 0:17:33.800 wants to come alongside you they think that their vision 0:17:33.880 --> 0:17:37.040 is bigger under yours. Then number two, you have to 0:17:37.119 --> 0:17:41.080 make great diagnoses what's happening in the world around us, 0:17:41.680 --> 0:17:44.880 just like a doctor would to understand what's good or bad. 0:17:45.200 --> 0:17:47.439 And then you have to have great decision making on 0:17:47.520 --> 0:17:50.840 top of the diagnoses. And so if you can hire 0:17:50.920 --> 0:17:54.080 great talent diagnose well, but you make bad decisions because 0:17:54.080 --> 0:17:57.160 you're scared. That's not going to lead to the successful startup. 0:17:57.480 --> 0:18:01.200 In my experience, I love those top three qualities of CEO. 0:18:01.560 --> 0:18:05.000 I wanted to ask you the opposite. What allows an 0:18:05.040 --> 0:18:07.920 employee to be great and make more money as an employee? 0:18:07.960 --> 0:18:09.920 If you want to make more money as an employee. 0:18:10.040 --> 0:18:12.560 Number one, you have to understand how much money you 0:18:12.600 --> 0:18:15.600 make the company today. If you don't understand what your 0:18:15.800 --> 0:18:19.280 value dollar amount is you bring into your business, you 0:18:19.280 --> 0:18:21.320 should probably go talk to your boss and say, hey, 0:18:21.359 --> 0:18:24.679 I'd like to understand how I make you money. If 0:18:24.720 --> 0:18:26.960 you had to quantify how I make you money, could 0:18:26.960 --> 0:18:28.680 you help me understand that. One your boss is gonna 0:18:28.680 --> 0:18:31.080 be like, this is amazing, nobody's ever asked me this before. 0:18:31.400 --> 0:18:33.200 And then two, Once you understand that, you need to 0:18:33.200 --> 0:18:36.000 figure out how could I make more money for the company. 0:18:36.480 --> 0:18:38.280 Once you can understand how you can make more money, 0:18:38.320 --> 0:18:40.439 you can say, well, what do you think the profits 0:18:40.560 --> 0:18:42.920 of this business are? If we bring in one hundred 0:18:42.920 --> 0:18:45.480 dollars sale, do we keep twenty bucks of it? And 0:18:45.520 --> 0:18:47.360 if I figure that out, then I can go, Okay, 0:18:47.520 --> 0:18:50.520 I made you one hundred bucks, we kept twenty of it. 0:18:51.160 --> 0:18:53.879 If I do that, could I keep five of that twenty? 0:18:53.920 --> 0:18:56.439 I brought you and then you actually know how to 0:18:56.480 --> 0:19:00.040 negotiate for your salary. And a lot of times this 0:18:59.880 --> 0:19:02.600 isn't always possible if you're in a big corporate job, 0:19:03.040 --> 0:19:06.320 but more often than not, there is money available for 0:19:06.359 --> 0:19:08.680 those who understand how to ask for it because they've 0:19:08.680 --> 0:19:09.160 earned it. 0:19:09.280 --> 0:19:12.480 I love that that step by step process is so 0:19:12.600 --> 0:19:14.919 brilliant because you're so right. If someone ever came up 0:19:14.920 --> 0:19:16.439 to me and said, how do I make money? And 0:19:16.440 --> 0:19:18.800 how do I make you more money? Yeah, oh my gosh, 0:19:18.840 --> 0:19:21.840 it's like the best thing ever because it's so often 0:19:21.920 --> 0:19:25.000 not thought about and you don't realize. And like you said, 0:19:25.160 --> 0:19:28.240 there may be certain companies where you can't have that conversation, 0:19:28.320 --> 0:19:30.520 but today I feel like there's just so many more 0:19:30.960 --> 0:19:33.160 spaces to actually have that connection that you. 0:19:33.160 --> 0:19:35.000 Can yeah, you know, and think about it from your 0:19:35.000 --> 0:19:38.760 boss's perspective, like they hires you for a reason because 0:19:38.840 --> 0:19:41.280 they thought that you would make their life easier and 0:19:41.320 --> 0:19:43.600 that you would make the business better. And I think 0:19:43.600 --> 0:19:47.639 a lot of times you leave your job before you 0:19:47.720 --> 0:19:49.560 get all of the money out of your job you 0:19:49.560 --> 0:19:52.800 could have, and I did this so often in the beginning. 0:19:53.000 --> 0:19:56.080 I think you'd make way more money if you thought 0:19:56.119 --> 0:19:58.879 that you could have a conversation with your boss and say, man, 0:19:59.119 --> 0:20:01.760 this isn't exact working how I thought it would be. 0:20:01.760 --> 0:20:04.000 I think I could be of use over here as well. 0:20:04.240 --> 0:20:08.199 I'd love some additional responsibility here, maybe less here. You know, 0:20:08.240 --> 0:20:09.720 could I make you more money over here? If I 0:20:09.760 --> 0:20:13.000 prove myself here? Could we do less here? You leave 0:20:13.040 --> 0:20:14.800 the devil that you know for the devil that you 0:20:14.880 --> 0:20:18.880 don't often, and when that happens, I think you actually 0:20:18.920 --> 0:20:21.080 lose more money than you anticipate. It used to be 0:20:21.080 --> 0:20:23.480 back in the day, you made about twenty to twenty 0:20:23.520 --> 0:20:26.240 five percent more money every time you job hopped to 0:20:26.280 --> 0:20:30.000 the next job. These days, I actually think that there 0:20:30.160 --> 0:20:32.800 is a real value you can have to increase your 0:20:32.800 --> 0:20:36.000 salary or overall pay by more like twenty five to 0:20:36.000 --> 0:20:39.439 fifty percent if you stay and you diagnose as opposed 0:20:39.480 --> 0:20:42.920 to you skip, and then you guess yes. And so 0:20:43.119 --> 0:20:46.159 I would highly recommend that you not do what I 0:20:46.160 --> 0:20:48.840 did at the beginning of my career, which was skip, skip, skip, 0:20:49.160 --> 0:20:52.760 and never give the place a chance to pay me more. Yeah, 0:20:52.760 --> 0:20:53.800 because they might want. 0:20:53.600 --> 0:20:57.840 To absolutely And what you miss when you skip is 0:20:57.840 --> 0:21:03.159 you actually miss the skills of negotiating, upmanaging, learning new 0:21:03.359 --> 0:21:06.080 skills and abilities at that place. You're so right, and 0:21:06.119 --> 0:21:08.480 it's so I mean, you're so vulnerable for even saying that, 0:21:08.600 --> 0:21:12.320 because you know you've done so phenomenally well. But it's 0:21:12.359 --> 0:21:15.360 such a good lesson for people to understand because in 0:21:15.480 --> 0:21:19.960 the carrot of a couple of extra whatever it may be, 0:21:20.400 --> 0:21:23.400 you're moving across, but you're actually losing the skills. One 0:21:23.400 --> 0:21:26.160 thing I painted up recently which I haven't fully presented 0:21:26.200 --> 0:21:27.760 to my team yet, but it's been something i've been 0:21:27.760 --> 0:21:31.440 putting together for how and I know you have something 0:21:31.440 --> 0:21:32.639 on this too, so I want to share mine with 0:21:32.640 --> 0:21:34.440 you to get your thoughts on it. I've been building 0:21:34.480 --> 0:21:38.320 this framework of how to talk to my team about 0:21:38.359 --> 0:21:42.840 what helps you grow at the company, and I used 0:21:42.840 --> 0:21:48.000 a very very simple analogy and metaphor of beginning at 0:21:48.000 --> 0:21:50.919 the bricklayer. So the bricklayer is usually at the level 0:21:51.320 --> 0:21:54.439 with which you come in, and the bricklayer knows I 0:21:54.480 --> 0:21:56.200 have to lay this brick and I've got to lay 0:21:56.200 --> 0:21:58.080 it next to this one, and I know the pattern, 0:21:58.320 --> 0:22:00.960 and I can lay a brick. Maybe I can build 0:22:01.000 --> 0:22:04.399 a wall. Maybe the next level up is a builder 0:22:05.000 --> 0:22:06.960 you actually know how to build a wall. You know 0:22:06.960 --> 0:22:09.120 how to paint the wall, you know how to put 0:22:09.200 --> 0:22:12.280 up scaffolding, you know how to connect walls. You can 0:22:12.280 --> 0:22:15.680 do a bit more, and you're a builder. Above from 0:22:15.760 --> 0:22:19.600 that is something I call the architect. Now, the architect 0:22:19.880 --> 0:22:21.520 is not just good at building a wall. They could 0:22:21.560 --> 0:22:24.880 actually go and build me and design me a new 0:22:24.920 --> 0:22:28.400 part of the business, an extension of something, a new idea, 0:22:29.000 --> 0:22:30.520 And that's how I want people to grow. And then 0:22:30.560 --> 0:22:32.960 the highest stage that have come to is the city planner. 0:22:33.359 --> 0:22:36.680 This person's not just building me one home. They're planning 0:22:36.680 --> 0:22:40.040 the whole city, of the ecosystem of how everything falls 0:22:40.040 --> 0:22:42.800 into place. And so I'm communicating this to my team 0:22:42.840 --> 0:22:44.760 now because I'm like, I want all of you to 0:22:44.800 --> 0:22:49.800 graduate from bricklayers to builders, to architects to city planners. 0:22:50.240 --> 0:22:53.320 And that is what's attached to more money. It's not 0:22:53.400 --> 0:22:58.240 more effort. It's not more work. It's not being more busy, 0:22:58.720 --> 0:23:01.679 it's not doing more stuff off. These will come with 0:23:01.680 --> 0:23:03.760 a different type of vision, They come with a different 0:23:03.760 --> 0:23:07.200 strategic element, they come with more care, they come with 0:23:07.440 --> 0:23:10.159 a wider scope. It isn't just about oh but I 0:23:10.240 --> 0:23:12.840 worked more hours this year or I put in more time. 0:23:12.880 --> 0:23:14.439 Didn't you see how much effort I put in? And 0:23:14.480 --> 0:23:18.679 I think those things don't necessarily result in more successful 0:23:18.680 --> 0:23:20.440 a company. What's your thoughts on that? 0:23:20.560 --> 0:23:24.600 I think it's perfect one. You know, we all want 0:23:24.640 --> 0:23:28.320 to feel like we can see a future at an organization, 0:23:28.880 --> 0:23:31.320 and I think we all want to make money, but 0:23:31.359 --> 0:23:33.120 we also really want to know that we're getting better 0:23:33.480 --> 0:23:34.880 and we want to know that we're going to get 0:23:34.880 --> 0:23:36.760 rewarded for all the hard work we're going to put 0:23:36.800 --> 0:23:38.760 in over the long term. And so if you can 0:23:38.800 --> 0:23:41.119 show people a vision for the future, I think that's incredible. 0:23:41.240 --> 0:23:44.920 I totally agree. We also talk about it as and 0:23:45.200 --> 0:23:47.679 this isn't quite the same because the up bricklayer is 0:23:47.720 --> 0:23:51.280 in many ways just as important as the city planner. 0:23:51.440 --> 0:23:53.639 And so one other way we talk about it is 0:23:53.680 --> 0:23:56.200 called the NPC ladder, and we sort of talk about 0:23:56.240 --> 0:23:58.280 you know how there are video games, right, and in 0:23:58.320 --> 0:24:00.640 the video games you have the NPCs, which are sort 0:24:00.640 --> 0:24:02.520 of these people that sort of stay in the same 0:24:02.520 --> 0:24:04.720 spot and repeat the same things, like you know, find 0:24:04.760 --> 0:24:08.840 the dragon, find the dragon, and some people choose to 0:24:08.960 --> 0:24:11.040 kind of stay in the same spot and to stay 0:24:11.080 --> 0:24:13.399 as an NPC for much of their life and not 0:24:13.520 --> 0:24:15.240 to move to each level of the game where you 0:24:15.359 --> 0:24:18.359 become not the main character. Next you're a supporting cast member, 0:24:18.560 --> 0:24:20.199 you know, and then you might be one of the 0:24:20.200 --> 0:24:22.440 main characters, and then you might be the protagonist, et cetera. 0:24:22.640 --> 0:24:24.800 And so at the very top of my best performers, 0:24:24.840 --> 0:24:26.439 where I say the people who will be paid the 0:24:26.480 --> 0:24:30.400 most maybe eventually get equity, well, they're the main characters. 0:24:30.600 --> 0:24:34.240 And that means that they actually change the script, they 0:24:34.320 --> 0:24:37.280 move forward the company overall. And so I love that, 0:24:37.400 --> 0:24:40.440 and I think, you know, for most of us, there's 0:24:40.480 --> 0:24:42.520 a saying that you don't leave bad jobs, you leave 0:24:42.560 --> 0:24:45.640 bad leaders, and so I like to try to remember 0:24:45.680 --> 0:24:48.160 that often in my companies that when somebody leaves, that's 0:24:48.160 --> 0:24:50.919 a reflection on me and my team, that they didn't 0:24:51.040 --> 0:24:53.040 see a way for them to become a city planner, 0:24:53.240 --> 0:24:54.639 and that they didn't see a way for them to 0:24:54.640 --> 0:24:58.160 come to the next level. I do think about that often. 0:24:58.480 --> 0:25:01.520 It's almost like it's a validation of all of these 0:25:01.520 --> 0:25:05.600 are needed. But there's a ladder, yeah, and the ladder 0:25:05.680 --> 0:25:08.600 isn't just more time and more work now, which often 0:25:08.680 --> 0:25:09.280 is the mistake. 0:25:09.440 --> 0:25:11.720 Well, I think you're you're really right. I mean, today, 0:25:11.920 --> 0:25:14.040 I think there's a culture of there's a hustle culture 0:25:14.119 --> 0:25:17.640 that happens about hard work will equal wealth, and that 0:25:18.040 --> 0:25:20.160 is actually not true at all. And we have seen 0:25:20.200 --> 0:25:22.480 over time, if hard work would equal wealth, then the 0:25:22.520 --> 0:25:24.680 person who runs my laundromat would make just as much 0:25:24.680 --> 0:25:27.199 as Jeff Bezos. And we know, you know, there's an 0:25:27.240 --> 0:25:30.359 incredible video out there that I can't remember who did it, 0:25:30.359 --> 0:25:33.560 but it basically shows, for the sixty seconds that Jeff 0:25:33.560 --> 0:25:35.919 Bezos is in the video, how much money Jeff Bezos 0:25:35.960 --> 0:25:38.720 is making every single second as he walks around the factory. 0:25:39.160 --> 0:25:42.359 And it shows that he makes let's say, I don't 0:25:42.359 --> 0:25:46.240 know x millions of dollars per second. And so by 0:25:46.280 --> 0:25:49.360 the time my laundromat owner has picked up his coffee 0:25:49.440 --> 0:25:51.760 put it in his mouth, Jeff Bezos has already lapped 0:25:51.840 --> 0:25:54.800 him multiple times for the year. Now, why Jeff doesn't 0:25:54.840 --> 0:25:57.359 work as hard as the guy who's laying actual bricks 0:25:57.560 --> 0:26:00.280 or actually cleaning the roof. And so I think we 0:26:00.280 --> 0:26:02.679 have to ask ourselves, if this idea of just work harder, 0:26:02.760 --> 0:26:06.080 what's your work ethic? That's not true anymore, especially in 0:26:06.119 --> 0:26:08.600 the age of AI. You know, the more I think 0:26:08.680 --> 0:26:12.040 about AI as a total normy, I'm not a big 0:26:12.080 --> 0:26:15.639 tech person. I'm almost like Boomer, incapable in many ways 0:26:15.960 --> 0:26:18.119 with tech. But the more I think about it, the 0:26:18.119 --> 0:26:20.960 more I think it will enable all of us to 0:26:20.960 --> 0:26:25.040 have massive knowledge. And because we'll all have massive knowledge, 0:26:25.080 --> 0:26:28.200 we will actually have to perform better because everybody will 0:26:28.200 --> 0:26:31.520 be able to do a mid level execution, very few 0:26:31.600 --> 0:26:33.720 people will be able to stand out amongst the noise. 0:26:33.920 --> 0:26:36.800 And we're already seeing this forty seven percent increase in 0:26:36.880 --> 0:26:40.720 creators just this year online. So why because it's so 0:26:40.800 --> 0:26:43.119 much easier now to go bang bam boom put it 0:26:43.160 --> 0:26:45.960 on the internet. So that's going to be everywhere, which 0:26:46.000 --> 0:26:48.800 means that going forward, just doing a lot more, just 0:26:48.840 --> 0:26:52.000 working a lot harder, won't be what changes it. What 0:26:52.040 --> 0:26:55.119 will taking a moment to look at what do I 0:26:55.160 --> 0:26:57.520 know different than anybody else? How do I increase my 0:26:57.560 --> 0:26:59.720 knowledge stack? And how do I get really creative in 0:26:59.720 --> 0:27:03.159 a world of lack of creativity but mass production? And 0:27:03.200 --> 0:27:06.160 so I love to involve Ravikan's line, which was, in 0:27:06.200 --> 0:27:08.960 this world today, you don't want to work like a cow. 0:27:09.200 --> 0:27:11.880 You don't want to work continuously sort of grazing non 0:27:11.960 --> 0:27:14.040 stop like this. You want to be the lion. You 0:27:14.040 --> 0:27:17.320 want to have periods of sprint and rest, sprint and rest, 0:27:17.800 --> 0:27:20.160 and that will be what the top performers do. 0:27:20.560 --> 0:27:24.040 Yeah. Absolutely so, well said. Is passive income a myth? 0:27:24.400 --> 0:27:29.040 Well, passive income is a tax statement. So like the 0:27:29.160 --> 0:27:32.680 actual words passive income versus active income are real per 0:27:32.760 --> 0:27:35.439 the government. But is passive income in the fact that 0:27:35.520 --> 0:27:38.760 I will make money if I do nothing, and I 0:27:38.880 --> 0:27:42.159 take X amount of risk and X amount of my 0:27:42.240 --> 0:27:44.320 money in order to do something. No, that's a total lie. 0:27:44.400 --> 0:27:46.280 And I think anybody who tells you that this will 0:27:46.320 --> 0:27:49.320 be completely passive income, there's a red flag, immediate red flag. 0:27:49.480 --> 0:27:51.440 I mean, I own a bunch of venting machines. Vening 0:27:51.520 --> 0:27:54.960 machines are often something people call passive income. Let me 0:27:55.000 --> 0:27:57.639 tell you what's not passive A veny machine. They break 0:27:57.720 --> 0:28:01.280 all the time, people break into them. They don't make 0:28:01.320 --> 0:28:04.679 that much money per machine. And also they make a 0:28:04.680 --> 0:28:07.560 ton of money on aggregate, and they're great for many 0:28:07.600 --> 0:28:10.919 things once you have hundreds of them or thousands. But 0:28:11.119 --> 0:28:13.000 there's no such thing as passive income. And once you 0:28:13.040 --> 0:28:16.639 know that, I think you also can recognize do you 0:28:16.680 --> 0:28:19.520 want passive income. Is that what you really want or 0:28:19.560 --> 0:28:22.320 do you just want a job that you love, that 0:28:22.440 --> 0:28:25.479 pays you well, that like lights that fire inside of you. 0:28:25.800 --> 0:28:27.720 I think we want passive income because we hate what 0:28:27.800 --> 0:28:30.879 we do, Because eighty seven percent of Americans don't like 0:28:30.920 --> 0:28:32.520 what they do for a living. They don't like who 0:28:32.600 --> 0:28:34.159 they work with, and so why would they want to 0:28:34.200 --> 0:28:36.480 do more of it? Please give me passive income. But 0:28:36.640 --> 0:28:38.400 I don't think that's actually what we want. We just 0:28:38.440 --> 0:28:40.440 want something that really speaks to us. 0:28:40.960 --> 0:28:43.880 Before we dive into the next moment, let's hear from 0:28:43.880 --> 0:28:48.000 our sponsors and back to our episode. Do you think 0:28:48.040 --> 0:28:50.720 people can do what they love and make a lot 0:28:50.720 --> 0:28:53.400 of money or are those ideas disconnected. 0:28:53.760 --> 0:28:55.760 I think that anybody tells you you should follow your 0:28:55.800 --> 0:28:58.240 passion in order to make money is probably already rich 0:28:58.680 --> 0:29:02.360 and it sounds really nice actually, and so they're like, 0:29:02.480 --> 0:29:05.440 of course, follow your passion. Well, even somebody like we 0:29:05.520 --> 0:29:07.600 both know some of the founders of Airbnb. You're closer 0:29:07.600 --> 0:29:09.440 with them than I am. But like you know Joe 0:29:09.440 --> 0:29:13.240 and Austin, he would say that he was incredibly passionate 0:29:13.320 --> 0:29:17.240 when he started Airbnb, But was he like passionate about 0:29:17.360 --> 0:29:20.400 I don't know home design of his like you know, 0:29:20.440 --> 0:29:22.600 mattress on the floor, Like, no, what was he passionate about. 0:29:22.680 --> 0:29:25.440 He found some game that he loved to play in 0:29:25.480 --> 0:29:28.280 the game of business. And it probably could have been 0:29:29.160 --> 0:29:32.520 a lighting company that he had, or a painting company 0:29:32.640 --> 0:29:34.880 or Airbnb. He just learned to love the game. So 0:29:34.920 --> 0:29:36.840 where I think people get it wrong is learn to 0:29:36.880 --> 0:29:39.800 love the game. Don't try to obsess on your passions. 0:29:39.840 --> 0:29:42.560 We try to turn like painting that we do or 0:29:42.640 --> 0:29:46.400 underwater basket weaving or whatever our weird hobby is into 0:29:46.680 --> 0:29:49.240 our profits. And that's where you go really really wrong. 0:29:49.520 --> 0:29:51.160 And in fact, there's a lot of data to support this. 0:29:51.240 --> 0:29:53.880 I mean, we have something called the Boring Sexy Matrix 0:29:53.920 --> 0:29:56.720 that essentially it kind of looks like, you know, two 0:29:56.760 --> 0:29:59.120 lines and then a charted graph that shows you the 0:29:59.160 --> 0:30:04.320 more boring industry, the higher the income, and so especially 0:30:04.480 --> 0:30:07.920 in Hollywood. In fact, there's an incredible study that shows 0:30:08.000 --> 0:30:11.280 in SAG after the Hollywood Union, there's one hundred and 0:30:11.280 --> 0:30:13.720 eighty seven I believe, one hundred and eighty seven thousand 0:30:13.800 --> 0:30:18.560 members of this union, and of those, more than eighty 0:30:18.640 --> 0:30:22.320 percent of them do not qualify for health insurance, which 0:30:22.360 --> 0:30:25.080 means that they don't make enough money to even qualify 0:30:25.120 --> 0:30:27.520 for health insurance. The average income is like twenty three 0:30:27.520 --> 0:30:31.960 thousand dollars for an actor in LA And so what 0:30:32.000 --> 0:30:33.640 does that tell you when you want to try to 0:30:33.640 --> 0:30:35.400 be a clooney or you want to try to be, 0:30:35.640 --> 0:30:39.000 you know, a famous Brad Pitt. Most people make no 0:30:39.120 --> 0:30:42.640 money from it. You'd be way better off going to finance, 0:30:42.680 --> 0:30:45.200 where ninety nine percent of the people earn one hundred 0:30:45.240 --> 0:30:48.880 percent of their income from their job than in acting, 0:30:49.240 --> 0:30:52.360 in which it appears that less than twenty percent of 0:30:52.400 --> 0:30:55.720 people make their full income from this job. And I'm 0:30:55.720 --> 0:30:58.520 not trying to dissuade anybody from doing things that you love. 0:30:58.960 --> 0:31:01.360 I might just be pushing to even say, how could 0:31:01.360 --> 0:31:03.440 I be more creative about this? Yeah, if I love 0:31:03.520 --> 0:31:06.600 to act, where is their money around the world of 0:31:06.640 --> 0:31:10.920 acting that I could go grab and still integrate the two? 0:31:11.400 --> 0:31:14.840 But does it have to be this preordained sexy role? 0:31:15.080 --> 0:31:16.720 And I think the answer is no. You're a perfect 0:31:16.760 --> 0:31:19.320 example of it. That's how podcasts were born, you know. 0:31:19.520 --> 0:31:21.520 It was like these people who wanted to maybe have 0:31:21.560 --> 0:31:24.760 talk shows, who wanted to interview people, and we said 0:31:24.760 --> 0:31:27.040 we could do it. Here instead of a studio, and 0:31:27.080 --> 0:31:28.320 you change an entire industry. 0:31:28.360 --> 0:31:30.600 I wanted to talk show so bad. It's such a 0:31:30.640 --> 0:31:33.960 good example, and I love that. Yeah, who like that was? 0:31:34.000 --> 0:31:36.840 You know? I grew up watching Oprah Big fan, and 0:31:36.880 --> 0:31:39.480 I was like, how would it be to sit down 0:31:39.520 --> 0:31:41.400 with people and to have a talk show and all 0:31:41.440 --> 0:31:43.760 the rest of it. And then you realize no one's 0:31:43.760 --> 0:31:46.560 giving you a talk show, and unless your talk show 0:31:46.600 --> 0:31:50.000 is really really significant, no one's making any significant money 0:31:50.640 --> 0:31:52.880 and no one's giving you a talk show. That's the 0:31:52.880 --> 0:31:56.360 reality of it. There's only ever like three daytime talk 0:31:56.360 --> 0:31:59.440 show hosts that are successful and maybe three late night 0:31:59.480 --> 0:32:02.000 talk show that are successful. And then everyone else, like 0:32:02.040 --> 0:32:04.800 you said, same as acting, ninety seven percent of people 0:32:05.000 --> 0:32:08.840 nine nine percent of people don't have that. And when 0:32:08.880 --> 0:32:11.280 you do what you love, like, so do I love interviewing, 0:32:11.320 --> 0:32:14.200 Yes I do. But I love the distinction you made 0:32:14.560 --> 0:32:17.520 because I think there's a difference between a hobby and 0:32:17.560 --> 0:32:21.000 a skill. So, and you just said it, You literally 0:32:21.040 --> 0:32:24.120 just said it. So I love soccer. Soccer is my 0:32:24.280 --> 0:32:27.520 first love. It's one of my favorite hobbies. I love 0:32:27.600 --> 0:32:30.320 talking about it, I like playing it. I like FIFA, 0:32:30.800 --> 0:32:34.440 like on the PlayStation, Xbox, whatever I'm in. If I 0:32:34.560 --> 0:32:37.400 tried to become a soccer player, it would never have happened. 0:32:37.440 --> 0:32:40.240 Like I'm not good enough, not even close. And sure 0:32:40.280 --> 0:32:41.880 I could have found a way to maybe get into 0:32:41.880 --> 0:32:44.680 coaching or maybe whatever. But to be honest, it's a hobby. 0:32:44.680 --> 0:32:46.680 It's something I love talking to my friends about that 0:32:46.760 --> 0:32:50.200 doesn't have to be the thing that I monetize or 0:32:50.200 --> 0:32:52.800 that I build into my offering to the world. And 0:32:53.160 --> 0:32:55.520 I love the difference because I think when we hear 0:32:55.560 --> 0:32:59.200 the word passion, we confuse hobby for skills, and then 0:32:59.200 --> 0:33:01.880 you go, wait a minute, no, my hobby's painting. I'm 0:33:01.880 --> 0:33:04.560 not the best painter. Let me be honest. And I 0:33:04.560 --> 0:33:06.880 think I've never heard someone say that before. I've never 0:33:06.920 --> 0:33:09.920 had that clear clarification. So thank you for making that 0:33:10.200 --> 0:33:10.920 crystal clear. 0:33:11.160 --> 0:33:12.880 Yeah, it's really you know, I heard Michael Dell the 0:33:13.360 --> 0:33:15.240 the it was I think it was in Michael Dell's book. 0:33:15.640 --> 0:33:19.240 He said somebody was asking him why he wanted to 0:33:19.320 --> 0:33:21.400 take his company back because he had kind of had 0:33:21.400 --> 0:33:24.200 it pulled away from him him. Another big investor basically 0:33:24.200 --> 0:33:26.720 got into the scuffle and somebody was asking him, why 0:33:26.720 --> 0:33:29.280 do you still care about Dell. You're a billionaire many 0:33:29.280 --> 0:33:31.480 times over, you're super successful. Why don't you just let 0:33:31.520 --> 0:33:34.239 this go? And he says, I will care about this 0:33:34.320 --> 0:33:38.520 company after I am dead. He loves the game. He 0:33:38.880 --> 0:33:42.440 was so obsessed with Dell that you couldn't pry it 0:33:42.480 --> 0:33:45.120 out of his cold, dead hands. And I think about 0:33:45.120 --> 0:33:48.440 that often. I think, you know, you couldn't make me retire, 0:33:48.560 --> 0:33:51.239 no matter how much money you gave me. Why are 0:33:51.280 --> 0:33:53.800 there many days where the game of entrepreneurship is so 0:33:53.960 --> 0:33:56.600 brutal that I do think what am I doing? I 0:33:56.600 --> 0:33:58.200 don't have to keep doing this? Why do I do it? 0:33:58.360 --> 0:33:59.160 But I love the game? 0:33:59.280 --> 0:33:59.520 Yeah? 0:33:59.520 --> 0:34:01.720 And I think if we can instill in more young 0:34:01.760 --> 0:34:04.480 people a love for the game, then they will realize 0:34:04.520 --> 0:34:06.640 that it is the most fun thing that you can 0:34:06.720 --> 0:34:09.480 do when you get a chance. And that's also how 0:34:09.520 --> 0:34:11.640 you know if the thing you're doing is what you 0:34:11.680 --> 0:34:15.680 should be doing. Like famously, when the two Steve Steve 0:34:15.760 --> 0:34:18.600 Jobs and Steve Wozniak were first starting out, they were 0:34:18.640 --> 0:34:20.520 at I think it was a Tory the company that 0:34:20.560 --> 0:34:22.719 they were at. Anyway, they're at another tech company and 0:34:24.200 --> 0:34:26.200 yeah it was and Jobs. Do you remember the story 0:34:26.200 --> 0:34:28.440 where Jobs said the only way that I'm coming to 0:34:28.480 --> 0:34:30.799 work here is if I can sleep here too. And 0:34:31.000 --> 0:34:33.080 the founder, as a normal founder it probably would do, 0:34:33.160 --> 0:34:35.000 is like that's weird, No, you can't do that. But 0:34:35.040 --> 0:34:39.560 he realized that they were so good, they were so obsessed, 0:34:39.920 --> 0:34:42.520 that their outperformance meant that he should let them be weird, 0:34:42.600 --> 0:34:43.920 and so we let them stay there, which was like 0:34:43.920 --> 0:34:45.960 a little problematic because I hear Steve was a little smelly. 0:34:46.160 --> 0:34:49.520 But like, top performers are really just people who are 0:34:49.520 --> 0:34:52.000 obsessed with the game. It's not that you have to 0:34:52.000 --> 0:34:54.000 have crazy IQ, it's not that you have to have 0:34:54.040 --> 0:34:56.960 a crazy skill set. It's really hard to beat the 0:34:57.000 --> 0:35:00.280 compounding thing that is obsession. And I think that's should 0:35:00.440 --> 0:35:03.040 open up for some people a realization that you could win. 0:35:03.800 --> 0:35:05.520 You could beat a Jay and a Cody if you're 0:35:05.520 --> 0:35:07.240 more obsessed with something than we are. 0:35:07.239 --> 0:35:10.200 Oh for sure. And what I've learned is that in 0:35:10.360 --> 0:35:13.640 order to love the game, you have to respect the rules. 0:35:13.840 --> 0:35:15.080 Oh and what I. 0:35:15.120 --> 0:35:17.520 Found it's like playing Monopoly. Everyone knows Monopoly, so I're 0:35:17.560 --> 0:35:20.560 used as an example. It's like playing Monopoly. You know, 0:35:20.840 --> 0:35:23.840 you have to have a three set in order to 0:35:23.880 --> 0:35:27.920 build homes. Once you build four, homes on one street, 0:35:28.280 --> 0:35:30.560 you can then upgrade it for a hotel. That is 0:35:30.600 --> 0:35:32.960 the rule of how Monopoly works. Now, you play with 0:35:33.000 --> 0:35:34.960 some people and they'll say, well, I don't like that. 0:35:35.000 --> 0:35:37.000 I just want to be able to build on even 0:35:37.000 --> 0:35:38.960 if I have one of the sets, Or why do 0:35:39.000 --> 0:35:40.760 I have to build four houses to build a hotel. 0:35:40.800 --> 0:35:42.880 I should just be able to build a hotel. And 0:35:42.920 --> 0:35:45.000 I see this in real life too, where we start 0:35:45.000 --> 0:35:47.439 saying things like well, I don't like the social media 0:35:47.440 --> 0:35:50.600 algorithm because it's not fair, and it's like, it isn't fair, 0:35:50.960 --> 0:35:53.759 but it is the rule, and so if we hate 0:35:53.840 --> 0:35:56.719 the rules, you can't love the game. And I see 0:35:56.719 --> 0:35:59.239 that over and over again, where it's like, well, Jay, 0:35:59.280 --> 0:36:01.760 but this isn't or this isn't right, or it should 0:36:01.840 --> 0:36:04.040 be like this or new thing, and I'm like, I 0:36:04.239 --> 0:36:06.640 get it, Like I actually empathize with that, and I 0:36:06.800 --> 0:36:10.120 validate you. I feel the same way. But in order 0:36:10.160 --> 0:36:12.360 to love the game, you have to respect the rules. 0:36:12.640 --> 0:36:14.719 And so figure out the rules that you figured out 0:36:14.760 --> 0:36:17.120 the rules of vending machines, you figured out the rules 0:36:17.120 --> 0:36:20.120 of different businesses that you've built, and once you know 0:36:20.239 --> 0:36:23.000 the rules, you can play the game just like monopoly, 0:36:23.520 --> 0:36:26.160 and I think that's what it takes. So what would 0:36:26.200 --> 0:36:30.120 you say, are the rules of some interesting businesses or 0:36:30.160 --> 0:36:33.200 even business in general, or money that you think people 0:36:33.280 --> 0:36:34.360 need to learn to respect. 0:36:34.640 --> 0:36:36.520 I think the number one rule if you want to 0:36:36.560 --> 0:36:39.120 be successful today is that there's really there's two type 0:36:39.120 --> 0:36:41.960 of people. One type of person will be really successful 0:36:42.040 --> 0:36:44.439 and one type of person will never be successful until 0:36:44.480 --> 0:36:48.759 they change their mentality. And we call these fixers verse freeloaders. 0:36:49.239 --> 0:36:52.160 A fixer is somebody who if you imagine there's a 0:36:52.320 --> 0:36:55.399 leaky boat right and there's all these holes in it, 0:36:56.040 --> 0:36:59.520 the fixer will be the one that starts actively thinking, okay, 0:36:59.600 --> 0:37:02.000 we've got some you know, putty over here, We're going 0:37:02.080 --> 0:37:03.680 to put it on here, We're actually going to start 0:37:03.680 --> 0:37:06.040 bailing things out over there. They realize that there is 0:37:06.080 --> 0:37:08.800 a problem. The problem is annoying. They probably didn't create 0:37:08.840 --> 0:37:11.960 the problem, The problem might actually be somebody else's fault entirely. 0:37:12.400 --> 0:37:14.439 And yet what do they do. They immediately go into 0:37:14.440 --> 0:37:18.440 fix mode. And then there's the freeloader. And we can 0:37:18.480 --> 0:37:21.200 all have a little component of this, but a freeloader 0:37:21.280 --> 0:37:24.120 is so common today. The freeloader is the one that's 0:37:24.120 --> 0:37:26.920 standing in the boat, and they might be saying, well, 0:37:26.960 --> 0:37:29.279 you know, I don't mind the holes, or that's what 0:37:29.400 --> 0:37:32.440 somebody else's issue, or I don't have time to fix that, 0:37:32.800 --> 0:37:35.239 or I don't really know what to do about that. 0:37:35.600 --> 0:37:38.600 And if you go through your life with this freeloader mentality, 0:37:38.600 --> 0:37:40.759 if somebody else will fix it all the time, well 0:37:40.800 --> 0:37:43.840 then somebody else will profit all the time. I've really 0:37:43.920 --> 0:37:47.920 had to right, I've had this realization lately that every 0:37:47.920 --> 0:37:50.560 time I find a problem in my business, that's where 0:37:50.600 --> 0:37:52.920 the profit is. Every time I have a problem in 0:37:52.960 --> 0:37:54.560 my life, that's where the money is. 0:37:54.600 --> 0:37:55.439 Oh that's so good. 0:37:55.640 --> 0:37:58.359 And so if I can just start not having that 0:37:58.560 --> 0:38:01.239 sinking feeling in my stomach when I find a big, 0:38:01.320 --> 0:38:05.080 hairy problem and instead say oh that means there's money there, 0:38:05.120 --> 0:38:07.880 that means there's opportunity there, that means there's growth there, 0:38:08.400 --> 0:38:11.319 then my worldview kind of changes. And you know, when 0:38:11.320 --> 0:38:12.799 we came in here, we were just talking and I 0:38:12.840 --> 0:38:14.799 was like, oh God, I'm having a week because I 0:38:15.080 --> 0:38:17.760 you know, I got this one business and we're growing 0:38:17.760 --> 0:38:20.400 really fast, and that sounds cool, except that when you 0:38:20.440 --> 0:38:23.920 grow really fast, there's all these issues. There's people issues, 0:38:23.960 --> 0:38:27.160 and there's business issues, and so I'm in it right now, 0:38:27.560 --> 0:38:30.319 and yet I always try to make myself go back 0:38:30.360 --> 0:38:33.680 and say, it's my fault that we're here, and that 0:38:33.800 --> 0:38:36.560 actually is really liberating because if it's my fault, that 0:38:36.600 --> 0:38:38.399 means that I also might be able to fix it. 0:38:38.800 --> 0:38:41.360 If it's somebody else's fault, then what am I going 0:38:41.440 --> 0:38:44.520 to do about it? And so as often as possible, 0:38:44.560 --> 0:38:46.200 be a fixer and not a freeloader. It's where the 0:38:46.200 --> 0:38:46.600 money is. 0:38:46.680 --> 0:38:49.400 I really like that, and that's true whether you're a 0:38:49.400 --> 0:38:52.360 team player, whether you're an employee, whether you're the owner, 0:38:52.880 --> 0:38:55.280 whether you're looking at a new opportunity. It's true for everyone. 0:38:55.320 --> 0:38:58.160 That's why I love it so much, because you could 0:38:58.160 --> 0:38:59.680 be on a team and going, well, where is my 0:38:59.800 --> 0:39:03.600 seat is greatest pain point? Whereas my manager's greatest pain point? 0:39:03.920 --> 0:39:05.759 And if I can solve that and we're clear on it, 0:39:06.000 --> 0:39:07.799 that could be the greatest opportunity for me to grow 0:39:07.840 --> 0:39:08.640 my career one. 0:39:08.600 --> 0:39:10.719 Hundred percent, you know, And if you really want to 0:39:10.760 --> 0:39:12.400 grow and earn a lot, I think one of the 0:39:12.480 --> 0:39:15.279 greatest things that you can do is go find a 0:39:15.400 --> 0:39:19.640 leadership team and a leader that you think you want 0:39:19.640 --> 0:39:22.879 to be like and that you like their trajectory. I mean, 0:39:23.040 --> 0:39:24.520 I think you should try to get on as many 0:39:24.600 --> 0:39:27.120 rocket ships as you can, and you should really stay 0:39:27.160 --> 0:39:31.200 away from like the pta mom bus, you know, in life, 0:39:31.320 --> 0:39:33.919 I think often we want the smooth ride, we want 0:39:33.960 --> 0:39:36.919 the certain ride, we want the sliding doors. We want 0:39:37.000 --> 0:39:40.359 to be on a little, nice, little minivan. And what 0:39:40.400 --> 0:39:44.319 we realize is that minivans don't go fast, and minivans 0:39:44.360 --> 0:39:46.840 will probably not be the winner of a race, but 0:39:46.960 --> 0:39:49.560 winning comes with all the prizes. So I think, wherever 0:39:49.600 --> 0:39:51.640 you can, you should try to get on the rocket ships. 0:39:52.239 --> 0:39:54.080 And then when you get on the rocket ship, you 0:39:54.160 --> 0:39:58.239 got to realize rocket ships have turbulence, they're bumpy, they 0:39:58.280 --> 0:40:01.600 go fast, things break. You can't be surprised when you 0:40:01.600 --> 0:40:04.040 want to be an astronaut and there's turbulence on the 0:40:04.080 --> 0:40:06.719 way up. And so, you know, I think there's two 0:40:06.719 --> 0:40:10.359 things that I didn't do early enough on in my career. Was, gosh, 0:40:10.400 --> 0:40:12.040 I really should have tried to get on more rocket 0:40:12.040 --> 0:40:16.279 ships fast, bumpy, messy, big problems. Oh my gosh. But 0:40:16.320 --> 0:40:19.240 we're going to the moon, and I should stay away 0:40:19.280 --> 0:40:23.080 from the normal, you know, mom bus life. That's super, 0:40:23.120 --> 0:40:26.960 super smooth, because when I'm young, man, I don't need this. 0:40:27.160 --> 0:40:28.759 I need this once I got kids and once I 0:40:28.760 --> 0:40:31.120 got a bunch of responsibilities. But in the beginning, I 0:40:31.120 --> 0:40:32.759 should be trying to take all the rides I can. 0:40:33.160 --> 0:40:35.640 And so if I was young and hungry, I would 0:40:35.680 --> 0:40:37.080 be trying to find a jay. I would be trying 0:40:37.080 --> 0:40:39.920 to find teams where they are moving and I want 0:40:39.920 --> 0:40:40.680 to learn from them. 0:40:40.920 --> 0:40:43.840 Yeah, it's such great advice. And I look back and 0:40:43.880 --> 0:40:47.320 I think as well that I had that same spirit then, 0:40:47.760 --> 0:40:50.399 and I probably didn't seek out people like that enough. 0:40:50.480 --> 0:40:53.080 I got lucky with a couple of examples, and I 0:40:53.120 --> 0:40:55.359 remember it could happen anyway. I remember being I used 0:40:55.400 --> 0:40:58.320 to work at a grocery store, and you know, stacking 0:40:58.360 --> 0:40:59.920 shelves and whatever. But I was always trying to f 0:41:00.239 --> 0:41:02.000 that on a weekend, you can make a time and 0:41:02.000 --> 0:41:03.640 a half. On a holiday, you could make time and 0:41:03.680 --> 0:41:05.919 a half. If I worked a few extra hours, you'd 0:41:05.920 --> 0:41:08.000 make You know, you're always trying to figure out what 0:41:08.040 --> 0:41:10.960 the rules are, as I was saying earlier, and I 0:41:11.000 --> 0:41:14.040 think your spot on that if you can jump on 0:41:14.120 --> 0:41:17.520 a place where your role is not perfectly defined, you 0:41:17.560 --> 0:41:19.359 get to do lots of stuff you get to take 0:41:19.400 --> 0:41:22.040 more on. When I was at Accenture, which is a 0:41:22.400 --> 0:41:26.279 global consulting firm million employees now globally, it used to 0:41:26.280 --> 0:41:28.920 be five hundred thousand when I was there, they actually 0:41:28.920 --> 0:41:31.920 had this really great setup where every year they asked 0:41:31.920 --> 0:41:36.480 you to learn one professional skill, one personal skill, and 0:41:36.520 --> 0:41:40.080 then one skill that you were just fascinated by. And 0:41:40.680 --> 0:41:42.759 it was really interesting because it was always encouraged that 0:41:42.760 --> 0:41:45.880 you needed all three. And I loved that about the 0:41:45.920 --> 0:41:48.840 workplace because it was almost like, what's your extra curricula? 0:41:48.960 --> 0:41:50.840 So you did your day job, but what did you 0:41:50.880 --> 0:41:53.640 do in the evenings? So my evening job at my 0:41:53.760 --> 0:41:57.440 company was teaching meditation. So I was bringing my passion 0:41:57.560 --> 0:42:00.239 into work. What did it do? Hit onlp me network more, 0:42:00.560 --> 0:42:03.480 help me connect with people deeper, help me learn about 0:42:03.480 --> 0:42:05.239 different parts of the company that I would never have 0:42:05.280 --> 0:42:08.440 got to see if I wasn't teaching meditation. I had 0:42:08.440 --> 0:42:11.319 a friend who was a photographer outside of work. We 0:42:11.320 --> 0:42:14.800 were consultants by day, but he brought photography into work. 0:42:14.960 --> 0:42:18.040 He would photograph all the major events. He'd take headshots 0:42:18.040 --> 0:42:21.080 of our CEO, he'd take headshots of our CMO. All 0:42:21.080 --> 0:42:23.920 of a sudden he's networking inside the company in a 0:42:23.960 --> 0:42:26.480 way that you never would before. And so it's so 0:42:26.680 --> 0:42:30.560 interesting when you take on new responsibilities which are based 0:42:30.560 --> 0:42:33.000 on your passions, even in the workplace, because you never 0:42:33.000 --> 0:42:33.719 know where they can go. 0:42:34.000 --> 0:42:38.000 Oh yeah, and there's something really contagious about somebody who 0:42:38.040 --> 0:42:40.799 is hyper passionate with the things that they do for 0:42:40.840 --> 0:42:43.120 a living. I mean, so many studies that show that 0:42:43.200 --> 0:42:44.239 humans are contagious. 0:42:44.280 --> 0:42:44.400 You know. 0:42:44.400 --> 0:42:46.880 I was reading something the other day that said, if 0:42:46.920 --> 0:42:49.120 you want to make more money, the fastest way you 0:42:49.160 --> 0:42:51.160 can do it is actually just by who you surround 0:42:51.200 --> 0:42:54.240 yourself with. And so there is actually a correlation between 0:42:54.239 --> 0:42:56.799 if you have more friends who make over one hundred 0:42:56.840 --> 0:43:00.480 thousand dollars, you have a ten percent increased like of 0:43:00.520 --> 0:43:02.600 making more money, and somewhere between a two point nine 0:43:02.640 --> 0:43:05.839 I believe in a five percent higher likelihood of investing more. 0:43:06.080 --> 0:43:08.600 This is just like Jay stays the same, Cody stays 0:43:08.640 --> 0:43:10.200 the same, but I hang out with a few people 0:43:10.200 --> 0:43:12.520 who have more cash, I start making more money and 0:43:12.600 --> 0:43:14.960 investing more. That's wild, but if you think about it 0:43:15.040 --> 0:43:17.280 makes all the sense in the world. Imagine you wanted 0:43:17.320 --> 0:43:19.920 to lose weight, and so what did you do you 0:43:20.000 --> 0:43:21.600 went and hung out with a bunch of people who 0:43:21.640 --> 0:43:23.799 partied all the time, who ate late night food, who 0:43:23.800 --> 0:43:26.600 were drinking constantly, who slept in late, who are more 0:43:26.680 --> 0:43:29.839 lethargic because of it, Or you went and hung out 0:43:29.840 --> 0:43:32.640 with crossfitters that don't drink, that work out every day, 0:43:32.680 --> 0:43:35.280 that already have six pack apps. Jay is the same person, 0:43:35.320 --> 0:43:38.080 Cody's the same person. I choose the group that parties, 0:43:38.120 --> 0:43:40.680 you choose the group that crossfits. Who do you think wins? 0:43:41.120 --> 0:43:44.000 It's the people that you surround yourself with. And so gosh, 0:43:44.040 --> 0:43:46.480 people are contagious in every sense of the word. If 0:43:46.480 --> 0:43:49.040 you hang out with people that are passionate and obsessed 0:43:49.320 --> 0:43:51.600 and moving forward, it's just going to be easier for 0:43:51.640 --> 0:43:52.640 you to do the same thing. 0:43:52.760 --> 0:43:55.239 Oh it's so good, it's so true, And I just 0:43:56.000 --> 0:43:58.640 you know how simple it is when you start doing it. 0:43:58.920 --> 0:44:00.759 But I feel like we're all so scared of like 0:44:00.880 --> 0:44:04.000 letting our friends down. We think we're you know, sometimes 0:44:04.000 --> 0:44:07.359 we also get the backlash, like our friends might be like, oh, yeah, 0:44:07.400 --> 0:44:09.360 you just want to be around that person now, you 0:44:09.440 --> 0:44:11.960 just want to be successful. Now we're not good enough 0:44:11.960 --> 0:44:13.759 for you. And I think all of these things of 0:44:13.800 --> 0:44:16.080 what play on people's minds is we don't want to 0:44:16.120 --> 0:44:19.080 be bad people, but this isn't being a bad person, 0:44:19.120 --> 0:44:20.400 but we kind of carry that around. 0:44:20.560 --> 0:44:23.320 It's very true. I mean like there's like a micro lesson. 0:44:23.400 --> 0:44:25.680 So let's say right now, you're trying to save more money. 0:44:26.080 --> 0:44:27.600 A lot of the ways when when you're young and 0:44:27.640 --> 0:44:30.080 don't have a lot of money that you spend it 0:44:30.120 --> 0:44:32.680 is entertainment, right, It's going out with your friends. And 0:44:32.960 --> 0:44:34.480 a lot of times when you go out with your friends, 0:44:34.480 --> 0:44:36.560 what do you do? Like you guys are eating and 0:44:36.640 --> 0:44:39.040 drinking and who's splitting the check and what's happening here. 0:44:39.280 --> 0:44:41.600 I think that's a really uncomfortable thing for young people 0:44:41.680 --> 0:44:42.960 to do. They're like, I don't know how to have 0:44:43.000 --> 0:44:46.000 a conversation with somebody saying I'm really limited my spend 0:44:46.480 --> 0:44:48.520 so I know there's six of us and it would 0:44:48.560 --> 0:44:51.160 be really awkward. But I'm not drinking tonight and I'm 0:44:51.200 --> 0:44:52.680 just going to have this little thing, So do you 0:44:52.760 --> 0:44:55.359 mind if I pay for my portion of it? Why 0:44:55.360 --> 0:44:57.839 do we worry about doing something like that because people 0:44:57.840 --> 0:44:59.879 are going to think we're cheap, They might judge us. 0:45:00.040 --> 0:45:01.759 They're gonna think that, you know, we're not all in 0:45:01.880 --> 0:45:04.399 it together. And yet how are you going to reach 0:45:04.400 --> 0:45:06.120 your goals if you're not willing to do even that 0:45:06.200 --> 0:45:08.680 little thing? And I remember back in the day, you know, 0:45:08.719 --> 0:45:10.680 when I had no money at all and I couldn't 0:45:10.719 --> 0:45:14.280 afford anything. That felt super embarrassing to me. And yet 0:45:14.680 --> 0:45:17.920 those micro decisions will help you macro if you do it. 0:45:18.080 --> 0:45:20.440 And all it is is expectation setting. I think a 0:45:20.440 --> 0:45:22.440 lot of times, if you want people to go along 0:45:22.440 --> 0:45:24.640 with something, you just say, Hey, I'm super embarrassed to 0:45:24.640 --> 0:45:27.960 bring this up, and it's a little it feels weird 0:45:28.000 --> 0:45:30.560 to me, But I'm really trying to save up to 0:45:30.600 --> 0:45:32.680 invest and to do this other thing, and I want 0:45:32.680 --> 0:45:34.719 to hang out with you guys tonight. Would it make 0:45:34.760 --> 0:45:37.440 you so uncomfortable if I asked to just pay for 0:45:37.480 --> 0:45:40.480 my portion because I can't keep going out and doing 0:45:40.480 --> 0:45:42.320 all this if I have to spend everything. You know 0:45:42.360 --> 0:45:44.839 what you're gonna do, You're gonna unlock for somebody else 0:45:44.880 --> 0:45:47.120 there who's too afraid to say it and never will 0:45:47.280 --> 0:45:49.200 that they feel the exact same way. They're actually like, 0:45:49.600 --> 0:45:51.920 oh god, they got me too, because Happy Hour slowly 0:45:52.000 --> 0:45:53.760 killing my entire investing budget. 0:45:53.960 --> 0:45:55.719 This is coming up more and more in every conversation 0:45:55.760 --> 0:45:58.719 I have right now, if you actually said what you 0:45:58.760 --> 0:46:01.960 were worried about, people would actually get it. It's when 0:46:01.960 --> 0:46:04.360 you kind of try and do the awkward thing of 0:46:04.520 --> 0:46:06.680 not sharing how you feel about it. Like when you 0:46:06.719 --> 0:46:09.160 say I'm embarrassed about this, All of a sudden, that 0:46:09.200 --> 0:46:13.880 person has empathy. Right. Your confession of embarrassment creates empathy 0:46:13.920 --> 0:46:17.280 and compassion in the other person, and then they receive 0:46:17.360 --> 0:46:20.080 it with the understanding. Whereas if you just say, hey, 0:46:20.080 --> 0:46:22.400 I don't think I'm coming out tonight now, it's like 0:46:23.040 --> 0:46:25.600 what's wrong If you now go out and say, oh, yeah, 0:46:25.600 --> 0:46:27.120 I'm just going to pay for my thing now, you 0:46:27.120 --> 0:46:29.759 could come across as cheap or all the other things 0:46:29.760 --> 0:46:32.400 you're worried about. As soon as you're honest about the embarrassment, 0:46:32.440 --> 0:46:36.680 the vulnerability insight such a beautiful connection with someone. And 0:46:36.680 --> 0:46:39.000 by the way, next time, they may not choose that spot. 0:46:39.320 --> 0:46:41.279 They might choose someone that's easier for you. If they're 0:46:41.320 --> 0:46:44.720 a good friend, they're actually they're actually walking your direction, 0:46:44.800 --> 0:46:45.600 if that makes sense. 0:46:45.719 --> 0:46:48.200 Yeah, you give somebody else a chance to actually be 0:46:48.280 --> 0:46:50.760 there for you, which I've realized is a real gift. 0:46:50.800 --> 0:46:52.799 I'm not so good at that. But you know, if 0:46:52.840 --> 0:46:55.640 you can allow another person sort of in man, Wall's 0:46:55.680 --> 0:46:58.480 breakdown pretty quick. And then as you make more money, 0:46:58.680 --> 0:47:01.359 you can start paying for the other way. Yeah, you know, 0:47:01.440 --> 0:47:03.240 and then when you can. That's one of the coolest 0:47:03.239 --> 0:47:05.040 parts about having money is then you're like, I got 0:47:05.040 --> 0:47:06.880 all this, like, don't worry about it, not want of you, 0:47:07.200 --> 0:47:08.399 and you don't have to do it all the time. 0:47:08.400 --> 0:47:10.960 You don't have to, you know, big shot people. But 0:47:11.160 --> 0:47:13.520 when you're in your growth phase, when you're in your 0:47:13.560 --> 0:47:16.399 save phase, just be there. That's okay, that's where you are, 0:47:16.600 --> 0:47:18.400 and know that you don't have to stay there. You 0:47:18.440 --> 0:47:21.600 can eventually be in your big boy giveaway, buy the bottles, 0:47:21.640 --> 0:47:23.799 do whatever you want phase, but you don't have to 0:47:23.840 --> 0:47:27.000 pretend like you're not there. And man, that'll really help 0:47:27.080 --> 0:47:30.000 too in environments like this where it feels harder to 0:47:30.040 --> 0:47:33.279 make money and you feel a little heavy, and you know, 0:47:33.400 --> 0:47:35.400 I saw this in business too. I saw this tweet 0:47:35.440 --> 0:47:36.680 the other day that I was like, ooof. 0:47:37.239 --> 0:47:37.960 It was a. 0:47:37.920 --> 0:47:40.480 Business owner and the tweet was literally a picture of 0:47:40.520 --> 0:47:42.560 a really expensive looking dinner and it was like, when 0:47:42.600 --> 0:47:45.759 your company's a couple of weeks out from having no cash. 0:47:45.840 --> 0:47:48.279 But you know that team morale is really expensive, so 0:47:48.320 --> 0:47:50.239 you spend a couple thousand dollars on a dinner for 0:47:50.239 --> 0:47:52.640 the team. And I looked at that for a second, 0:47:52.640 --> 0:47:55.520 and I don't believe in like posting any criticism on 0:47:55.520 --> 0:47:57.520 the internet, so I would never say anything for that 0:47:57.560 --> 0:48:01.600 person directly, but I think he's wrong. I think instead 0:48:02.120 --> 0:48:04.560 what you really should do as a leader just say, hey, 0:48:04.920 --> 0:48:06.680 we're in a period where we need to tighten up 0:48:06.800 --> 0:48:09.319 a little bit, and I'd love us to maybe take 0:48:09.320 --> 0:48:12.080 an afternoon off, or maybe do something that doesn't cost 0:48:12.120 --> 0:48:14.759 the company money, or maybe we could come up with 0:48:14.800 --> 0:48:16.799 some cool ideas. We could do a little challenge to 0:48:16.840 --> 0:48:18.600 see who could come up with the best idea for 0:48:18.680 --> 0:48:21.600 us to do some team building. But I can't actually 0:48:21.680 --> 0:48:24.640 afford this couple thousand because it's my duty to protect 0:48:24.840 --> 0:48:28.160 your job and to protect your future in this company. 0:48:28.560 --> 0:48:30.560 And so even though it would make me look good 0:48:30.920 --> 0:48:33.319 to spend a bunch of money, I'm not going to. 0:48:33.920 --> 0:48:37.200 And it's scary being in an ownership position when a 0:48:37.239 --> 0:48:41.040 business isn't working, it's super super scary, And so it's 0:48:41.080 --> 0:48:43.960 okay to also, they don't have to tell everybody everything 0:48:44.000 --> 0:48:46.520 all the time. It's not their job to handle your 0:48:46.600 --> 0:48:50.400 business stress, but it is okay to tell them some reality. 0:48:50.600 --> 0:48:53.759 Cody, there's two big Arizona quiz you on now. I 0:48:54.120 --> 0:48:55.880 think there's going to be a lot of great stuff. 0:48:55.880 --> 0:48:57.520 I'm going to let you choose which one we start with. 0:48:57.640 --> 0:49:02.200 One is money and dating and relationships, and the other 0:49:02.440 --> 0:49:05.640 is the basics of investing. When someone is starting with little, 0:49:05.800 --> 0:49:06.800 where do you want to go first? 0:49:07.080 --> 0:49:09.120 I want to start with something really random, which is 0:49:09.320 --> 0:49:11.400 so there was an interesting study I saw the other 0:49:11.520 --> 0:49:15.120 day that shows how you can predict if a recession 0:49:15.160 --> 0:49:18.000 is coming through the way that women buy beauty products. 0:49:18.440 --> 0:49:20.600 And so it's called the lipstick theory. And I was 0:49:20.600 --> 0:49:22.680 playing around with this today because I think all of 0:49:22.760 --> 0:49:25.759 us are wondering where the economy's going. And basically what 0:49:25.840 --> 0:49:28.879 happened is during the this is when the world trade 0:49:28.920 --> 0:49:33.320 centers came down. So Estey Lauds, the founder of the company, 0:49:33.680 --> 0:49:37.960 basically realized that even though the market had a lot 0:49:37.960 --> 0:49:40.520 of fluctuations in it, it was down hugely from the 0:49:40.560 --> 0:49:44.240 world trade centers crashing. Lipstick sales were up eleven percent, 0:49:44.760 --> 0:49:47.960 and actually a bunch of these like non necessary cosmetics 0:49:47.960 --> 0:49:50.359 were up a ton, and so we started looking at why, 0:49:51.200 --> 0:49:54.759 and what they realized is when the market really crashes, 0:49:55.000 --> 0:49:56.920 you would think people would pull back on things they 0:49:56.920 --> 0:49:59.120 don't need, but what they actually do is they pull 0:49:59.200 --> 0:50:01.560 back on the big luck and they spend more on 0:50:01.600 --> 0:50:04.480 the tiny ones. So it might not be that they 0:50:04.520 --> 0:50:07.160 go on vacation that year, but it might be that 0:50:07.200 --> 0:50:09.439 they look a little prettier in the mirror every single day. 0:50:09.760 --> 0:50:11.719 And so I thought that was interesting because as we're 0:50:11.760 --> 0:50:13.719 thinking about recession, what are some of the indicators that 0:50:13.760 --> 0:50:16.480 nobody's watching today that could tell us what's happening. And 0:50:16.480 --> 0:50:18.399 so one of them is actually, look at a spike 0:50:18.440 --> 0:50:20.759 and beauty products. You can also see that by a 0:50:20.760 --> 0:50:22.880 spike of the people who are launching them are a 0:50:22.920 --> 0:50:24.880 lot of people continuing to buy, which I thought was 0:50:24.960 --> 0:50:28.480 kind of interesting, which is which is happening right now? Yeah, 0:50:28.520 --> 0:50:31.200 and then you know, the place I think that this 0:50:31.239 --> 0:50:32.840 takes us is maybe a little bit more on the 0:50:32.920 --> 0:50:36.160 dating side, which is here's some a little tough truth. 0:50:36.719 --> 0:50:38.880 It turns out, if you want to make more money, 0:50:39.520 --> 0:50:41.279 one of the best things that you can do is 0:50:41.360 --> 0:50:45.839 find a partner, which is crazy. So married couples make 0:50:46.000 --> 0:50:50.240 on average more than thirty percent more than non married couples. 0:50:50.480 --> 0:50:54.120 Their net worth is almost three x someone who is 0:50:54.200 --> 0:50:58.000 single over the course of their entire career. And so 0:50:58.280 --> 0:51:00.560 I bring this up not to shame anybody who hasn't 0:51:00.560 --> 0:51:02.520 found their partner. I know what that's like when you 0:51:02.920 --> 0:51:06.000 feel like there's no options and you want to find 0:51:06.040 --> 0:51:08.000 love but it's not around you. But why I do 0:51:08.120 --> 0:51:09.880 bring it up is because I think it's something that 0:51:09.920 --> 0:51:12.480 we should really prioritize. We should prioritize if we care 0:51:12.520 --> 0:51:14.960 about making money, and we should prioritize if we care 0:51:15.000 --> 0:51:17.439 about love, certainly, and I think it's gotten a bad rap. 0:51:17.480 --> 0:51:19.359 Marriage has a bad rap. You do an incredible job 0:51:19.400 --> 0:51:21.680 of showing the beauty that can be behind it. Will 0:51:21.719 --> 0:51:23.880 also being like sometimes I hate her, Like I with 0:51:23.880 --> 0:51:26.560 my husband side was like, oh you today. Really they 0:51:26.600 --> 0:51:28.120 got to love you because I want to murder you. 0:51:28.640 --> 0:51:32.560 It's a real boon to your financial health. And so 0:51:32.719 --> 0:51:35.439 anybody that is around you that is saying I don't 0:51:35.440 --> 0:51:38.560 need no man, I'd be better off without him. You know, 0:51:38.680 --> 0:51:42.280 they're all toxic. Everybody else is a narcissist that I've dated. 0:51:42.840 --> 0:51:44.360 I kind of want to push on your frame a 0:51:44.440 --> 0:51:47.600 little bit and say, one, do you think you attract 0:51:47.680 --> 0:51:51.400 things that you hate on? Probably not. Two. There's a 0:51:51.400 --> 0:51:53.799 lot of reasons why you showing the stability for a 0:51:53.840 --> 0:51:56.840 partnership will lead to a more stable life overall. And 0:51:56.880 --> 0:51:58.719 so I thought that was that was fascinating. 0:51:59.320 --> 0:52:02.239 Before we die into the next moment, let's hear from 0:52:02.239 --> 0:52:06.200 our sponsors, thanks for taking a moment for that. Now 0:52:06.239 --> 0:52:09.080 back to the discussion. When I look at successful men, 0:52:09.200 --> 0:52:12.560 going back to your earlier point of mentors, any of 0:52:12.600 --> 0:52:15.879 the successful men that I've ever been mentored by talk 0:52:15.960 --> 0:52:19.480 to me about having a one woman life change their 0:52:19.480 --> 0:52:22.440 career trajectory because they found that the less time they 0:52:22.520 --> 0:52:27.000 wasted on chasing, pursuing, wooing women, the more time they 0:52:27.000 --> 0:52:29.640 had to focus on their career. So, even from the 0:52:29.680 --> 0:52:33.120 other side, men who decide to commit to one woman 0:52:33.640 --> 0:52:37.480 have more energy, more focus, more drive, more power to 0:52:37.600 --> 0:52:40.279 direct towards making money and building a business than they 0:52:40.320 --> 0:52:43.360 do when they're trying to impress lots of women or 0:52:43.440 --> 0:52:45.080 take care of lots of women. Now, of course, there 0:52:45.080 --> 0:52:47.759 are exceptions. There are people who have become very successful 0:52:47.800 --> 0:52:50.799 without having a partner, and whatever they may have even 0:52:50.840 --> 0:52:53.920 put their love life on the back burner. Sure, but 0:52:54.480 --> 0:52:56.840 men who were married were just more who had that 0:52:56.920 --> 0:52:57.880 commitment in their. 0:52:57.760 --> 0:52:59.759 Life, which is wild. They say, you're happier too, and 0:52:59.760 --> 0:53:04.040 you live longer. Yeah, we're like slightly less happy as well. 0:53:04.160 --> 0:53:07.360 Right, you're dealing with a baby exact. It's funny. Yesterday 0:53:07.440 --> 0:53:09.279 my wife said to me because I must have said 0:53:09.280 --> 0:53:10.680 to her what I want for dinner, and she goes, well, 0:53:10.719 --> 0:53:13.279 this is great training to have a kid. And I 0:53:13.320 --> 0:53:15.560 said to yeah. She goes, husband's a great training to 0:53:15.560 --> 0:53:17.000 have a kid, and I go, yeah, wife's a great 0:53:17.080 --> 0:53:21.160 training to have a teenager. It's just like, it was 0:53:21.200 --> 0:53:23.360 just this really funny moment when we were bantering and 0:53:23.360 --> 0:53:25.600 I was like, yeah, you're like a teenager, like dealing 0:53:25.680 --> 0:53:28.080 with emotions and all this stuff, and you're dealing with 0:53:28.120 --> 0:53:30.319 my like baby needs of like hey, can you feed me? 0:53:30.960 --> 0:53:35.520 It's very, very true. I also think, man, if you're like, 0:53:35.719 --> 0:53:38.280 I talk more from the women perspective, just because I'm 0:53:38.320 --> 0:53:41.480 a chick and so I try to talk about all 0:53:41.520 --> 0:53:43.799 the things I know about, but you know, from a 0:53:43.840 --> 0:53:46.719 female perspective, there's a lot of things that I think 0:53:46.719 --> 0:53:48.520 are wrong in the way we date with money. 0:53:48.719 --> 0:53:50.279 Yeah, that's what I want to get into. Yeah. 0:53:50.400 --> 0:53:54.040 Yeah, Like, for instance, you know, increasingly they say that 0:53:54.120 --> 0:53:56.640 sixty four percent of women will not date a man 0:53:56.920 --> 0:53:59.680 if he doesn't have the same income level or higher 0:54:00.120 --> 0:54:03.799 her for men, that actually, in the studies at least, 0:54:03.800 --> 0:54:06.239 does not seem to be the case. They actually don't 0:54:06.239 --> 0:54:09.880 care about income level. Well, problem there that more women 0:54:10.040 --> 0:54:13.560 are increasing their incomes and increasing their education levels than 0:54:13.680 --> 0:54:16.879 men are today. I think there's something darker even than 0:54:16.920 --> 0:54:20.239 the six or five trust fund blue eyes thing, which 0:54:20.280 --> 0:54:23.600 is we're prioritizing the thing that seems to not lead 0:54:23.640 --> 0:54:27.000 to any increase in happiness. Couples are no happier if 0:54:27.000 --> 0:54:28.880 they are the same income level or higher or not. 0:54:29.520 --> 0:54:33.319 They aren't wealthier if they focus on that than something else. 0:54:33.560 --> 0:54:35.799 And so from my perspective, I'm like, man, if you're 0:54:35.840 --> 0:54:38.520 a woman today, you know that don't give dating advice. 0:54:38.600 --> 0:54:40.840 But the money seems to show that that does not 0:54:41.000 --> 0:54:43.520 matter in a relationship. You know, my husband is amazing, 0:54:44.080 --> 0:54:46.359 and I was already ran a business when I met him. 0:54:46.520 --> 0:54:49.120 He was an avcal. The government doesn't pay very much 0:54:49.160 --> 0:54:52.000 for that role, and so he was just playing a 0:54:52.000 --> 0:54:55.600 totally different game. He didn't care about money actually at all. 0:54:55.840 --> 0:54:58.279 He cared about service and he cared about respect. That's 0:54:58.320 --> 0:55:00.640 what he wanted. He wanted to do something served, and 0:55:00.680 --> 0:55:04.160 he wanted to do something that commanded respect. I in finance, 0:55:04.280 --> 0:55:06.080 was not that much serving, you know, but I was 0:55:06.120 --> 0:55:07.759 a lot money, and so when the two of us 0:55:07.800 --> 0:55:09.880 came together, it was really really powerful. And so for 0:55:10.280 --> 0:55:11.800 women today, a lot of times when they asked me, 0:55:11.840 --> 0:55:13.520 how do you know? How do you find a partner? 0:55:13.560 --> 0:55:14.680 What do you do if you make a lot of 0:55:14.680 --> 0:55:16.920 money and he doesn't like, find somebody who plays a 0:55:16.920 --> 0:55:19.520 different game, because then you two can compliment. Did you 0:55:19.560 --> 0:55:21.520 both play the same game? Were you both trying to 0:55:21.560 --> 0:55:22.760 grow and make money? 0:55:22.800 --> 0:55:25.760 No? No, no, So well, Radi's always been at peace. 0:55:25.960 --> 0:55:28.440 She's always been at peace with who she is, what 0:55:28.600 --> 0:55:32.360 she has, and her journey was more kind of I 0:55:32.400 --> 0:55:34.640 always talk about the aspect of what you mentioned of 0:55:34.920 --> 0:55:37.480 being surrounded by more people. So we grew up in 0:55:37.480 --> 0:55:42.680 a culture where generally women in our community became housewives 0:55:42.680 --> 0:55:45.279 and took care of the kids. That's majority of what 0:55:45.320 --> 0:55:48.720 you'd see growing up where I grew up. Now, that's beautiful, 0:55:48.760 --> 0:55:50.600 there's nothing wrong with that, And I'm not judging it. 0:55:50.960 --> 0:55:53.680 What was interesting was when we moved to New York 0:55:53.760 --> 0:55:56.080 and then we moved to La RADI was surrounded by 0:55:56.080 --> 0:55:58.560 a lot of our female friends who were all founders, 0:55:58.680 --> 0:56:01.920 who built businesses, who've achieved a lot of incredible things, 0:56:01.960 --> 0:56:04.960 and they happen to be happy moms and happy wives 0:56:05.000 --> 0:56:07.920 as well. Rather being exposed to them almost opened up 0:56:07.960 --> 0:56:11.400 to this idea of what women could do, what women 0:56:11.440 --> 0:56:14.200 could achieve, what was possible. And she has just come 0:56:14.239 --> 0:56:17.200 into her own when she launched her book last year 0:56:17.239 --> 0:56:20.279 for the first time, when she launched her podcast last year, 0:56:20.320 --> 0:56:22.759 when she's just been growing and finding herself, and I 0:56:22.760 --> 0:56:26.160 think she's really loved the journey. It's never been about growth, 0:56:26.200 --> 0:56:29.400 it's never been about conquering, it's never been about a destination. 0:56:29.960 --> 0:56:32.640 She just loves the fact she can fully express herself 0:56:33.000 --> 0:56:36.040 and use her skills to help people. I started with 0:56:36.080 --> 0:56:39.240 the same thing. I never had financial goals. I never 0:56:39.840 --> 0:56:43.880 knew anyone who is that financially successful. I just wanted 0:56:43.880 --> 0:56:45.880 to find a way to help people. And then I 0:56:45.960 --> 0:56:49.480 realized you couldn't help people full time if you couldn't 0:56:49.480 --> 0:56:51.840 do this full time, so you can have all the 0:56:51.880 --> 0:56:54.799 most noble reasons to do what you do. If you 0:56:54.840 --> 0:56:58.200 can't pay yourself and pay people to help you do it, 0:56:58.560 --> 0:57:00.239 you're not going to do it for that long. So 0:57:00.320 --> 0:57:04.040 I had to rewire my relationship with money because I 0:57:04.120 --> 0:57:05.560 used to believe that if you were doing good in 0:57:05.560 --> 0:57:08.200 the world, you had to be poorow And I had 0:57:08.200 --> 0:57:11.440 to completely shift my relationship because I had to understand 0:57:11.480 --> 0:57:13.279 that actually, if I wanted to do bigger good in 0:57:13.320 --> 0:57:16.400 the world, I needed money because I needed bigger teams, 0:57:16.600 --> 0:57:20.520 I needed bigger opportunities, I needed bigger relationships and the 0:57:20.600 --> 0:57:23.560 rules of the game. Money gives access to that. 0:57:23.680 --> 0:57:26.440 I come from a Latino culture, and so money was 0:57:26.480 --> 0:57:29.080 never really bad. It was bad to talk about it. 0:57:29.120 --> 0:57:31.280 You couldn't really talk about money, and it was bad 0:57:31.360 --> 0:57:33.760 to maybe have too too much of it. That was like, oh, 0:57:33.800 --> 0:57:35.840 they're really rich, so how did they get there? 0:57:35.960 --> 0:57:37.600 Same? You know, I'm very similar. 0:57:37.800 --> 0:57:41.880 Yeah, but my dad, which I'm so grateful and if 0:57:41.880 --> 0:57:43.520 I have kids, I hope I can do the same thing. 0:57:44.040 --> 0:57:45.360 You know, if you want to be a good father 0:57:45.440 --> 0:57:47.000 to a daughter and you want your daughter to be 0:57:47.080 --> 0:57:50.800 really confident and have a ton of optionality, I'd model 0:57:50.840 --> 0:57:53.040 after my father and what he always said as well, 0:57:53.040 --> 0:57:55.280 you could be a princess, or you could also be 0:57:55.320 --> 0:57:59.840 the president. You know, you choose, and then he's very cute. 0:58:00.120 --> 0:58:02.920 And he also really taught me that money is a 0:58:03.000 --> 0:58:06.120 moral It doesn't care. It is a tool. A hammer 0:58:06.520 --> 0:58:08.920 is not good or bad except how you use it. 0:58:08.960 --> 0:58:10.720 You could use a hammer for really good to build something. 0:58:10.760 --> 0:58:12.720 You could use a hammer for murder. Same with money, 0:58:12.960 --> 0:58:15.000 And so I had to. I came to the terms 0:58:15.000 --> 0:58:17.160 with money in this way because I think that money 0:58:17.240 --> 0:58:20.320 is an accelerator to whatever is inside of you. So 0:58:20.360 --> 0:58:22.439 if you are not a great person and you want 0:58:22.440 --> 0:58:24.520 to do bad things in the world, money is really 0:58:24.560 --> 0:58:26.280 bad to be in your hands. If you are a 0:58:26.280 --> 0:58:28.040 good person and you want to do good in the world, 0:58:28.240 --> 0:58:30.680 money is really good to have in your hands. And 0:58:30.800 --> 0:58:32.280 as long as you can stay true to that thing 0:58:32.320 --> 0:58:35.000 inside of you, then money is actually just an ability 0:58:35.040 --> 0:58:36.400 for you to build the world that you want as 0:58:36.400 --> 0:58:38.000 supposed to live in somebody else's. 0:58:38.160 --> 0:58:38.320 You know. 0:58:38.360 --> 0:58:40.439 I watched my brother kind of go through this because 0:58:40.480 --> 0:58:43.600 he's never cared really about money or success. I mean, 0:58:43.680 --> 0:58:47.240 he got married last weekend and at you, wow, no, thanks, 0:58:47.320 --> 0:58:50.240 I'm really excited for him. She's amazing too, and he 0:58:50.320 --> 0:58:52.400 said at his speech, He's like, before I'm at Athena, 0:58:52.800 --> 0:58:55.680 I used to think that I wanted to just kind 0:58:55.680 --> 0:58:57.920 of post up on a beach somewhere, drink beers, like 0:58:57.960 --> 0:58:59.720 I didn't really want to build very much out of life. 0:58:59.720 --> 0:59:01.760 I want to just chill. And I'd never heard him 0:59:01.760 --> 0:59:03.920 say that out loud before. He said, but then I'm 0:59:03.920 --> 0:59:06.480 at Athena, and now that's not enough. Now I want 0:59:06.520 --> 0:59:08.160 to build something. I want to build for her, I 0:59:08.200 --> 0:59:10.280 want to build for our kids. And I just watched 0:59:10.360 --> 0:59:12.280 him like turn into a little man, you know, in 0:59:12.280 --> 0:59:15.760 front of me, which was incredible, and then also realize 0:59:16.120 --> 0:59:18.720 you're made for more. But he is. He sounds to 0:59:18.760 --> 0:59:20.520 me like what Roddy sounds like to you, which is 0:59:20.640 --> 0:59:23.400 he has always been very comfortable as him. He is 0:59:23.480 --> 0:59:26.520 the most him human I've ever met. You couldn't really 0:59:26.560 --> 0:59:30.040 peer pressure him into anything. And I have a lot 0:59:30.080 --> 0:59:32.000 of respect for people that have that kind of piece. 0:59:32.280 --> 0:59:34.760 Yeah, it's really special. I want. I want to go 0:59:34.800 --> 0:59:36.360 back into this, and I know I'm not asking for 0:59:36.440 --> 0:59:39.160 dating advice, asking for money advice good, which I think 0:59:39.200 --> 0:59:42.200 they go so closely together now. And I love where 0:59:42.200 --> 0:59:43.960 we started off. But there's so many things to kind 0:59:43.960 --> 0:59:46.520 of unpack with that. Who should pay on the first date? 0:59:46.760 --> 0:59:47.360 Men or women? 0:59:47.680 --> 0:59:51.240 In my opinion, I think the person who asks for 0:59:51.320 --> 0:59:55.600 the date it pays. I agree, yep. Men versus women. Women, 0:59:55.640 --> 0:59:57.080 if you're going to ask them out on a date, 0:59:57.120 --> 1:00:00.360 I think the expectation is at least offer. If you're 1:00:00.360 --> 1:00:01.600 going to ask somebody out on the date, I think 1:00:01.640 --> 1:00:04.560 the expectation is do it. I tend to be a 1:00:04.560 --> 1:00:07.680 traditionalist in some ways. I think sort of a high 1:00:07.760 --> 1:00:11.520 value man wants to support and protect his woman, doesn't 1:00:11.520 --> 1:00:14.040 always have to be financially, but in some way, shape 1:00:14.120 --> 1:00:16.920 or form, and a high value woman wants to do 1:00:16.960 --> 1:00:19.440 the same thing for her man, but probably can't protect 1:00:19.520 --> 1:00:23.360 him as much. That's just our physiology, right, And so 1:00:23.440 --> 1:00:25.400 that would be my gut reaction now if it's up 1:00:25.440 --> 1:00:27.680 to me. I remember back in the day, I did 1:00:27.680 --> 1:00:30.640 get asked on a date once and they didn't pay, 1:00:30.840 --> 1:00:33.160 and it was such a huge turn off for me. 1:00:33.800 --> 1:00:36.840 We've stayed friends, but I was like, immediate unsubscribed, we're 1:00:36.840 --> 1:00:40.120 never dating. And so it's tough to be a man 1:00:40.320 --> 1:00:42.680 in that case in some way today, But if you 1:00:42.720 --> 1:00:44.880 were going to date somebody like me, I would expect 1:00:44.960 --> 1:00:48.760 you to at least offer if you ask, what do 1:00:48.800 --> 1:00:49.160 you think? 1:00:49.280 --> 1:00:51.360 I think? So I agree with you the person who asks, 1:00:51.400 --> 1:00:53.680 the person out in the day should pay. Yeah, And 1:00:53.720 --> 1:00:55.240 this wasn't to get you in trouble. I think it's 1:00:55.240 --> 1:00:58.600 a real discussion because I think that's what people do. 1:00:58.840 --> 1:01:01.959 How you just said, hey, if he didn't pay, he's out, 1:01:02.680 --> 1:01:04.840 by the way. And I come from I was raised 1:01:04.840 --> 1:01:07.000 by my mom. I have a younger sister, so I 1:01:07.080 --> 1:01:09.680 come from a very like i'll do it, I'll take 1:01:09.720 --> 1:01:12.040 care of it kind of background, and I did when 1:01:12.080 --> 1:01:14.080 me and Riley Fest started daying, I used to actually 1:01:14.600 --> 1:01:19.200 tutor students for their college and eleven plus exams to 1:01:19.200 --> 1:01:21.040 make enough money to take Rady out on a date 1:01:21.480 --> 1:01:24.439 to make like twenty towns an hour because I didn't 1:01:24.480 --> 1:01:27.040 have any money when we met, and that's how we'd 1:01:27.040 --> 1:01:29.800 pay for stuff. I think a lot of men feel, yes, 1:01:29.880 --> 1:01:33.840 I'll do that once we have some commitment, like once 1:01:33.880 --> 1:01:36.760 we're going somewhere today, Like I feel like then, I'm like, well, 1:01:36.760 --> 1:01:39.120 why would I do that if we're both figuring this out, 1:01:39.480 --> 1:01:40.920 Like I would do that once we both say, hey, 1:01:40.920 --> 1:01:43.800 we're exclusive, we're boyfriend and girlfriend. We're in a committed 1:01:43.840 --> 1:01:46.000 relationship like this is going somewhere. But if it's like 1:01:46.000 --> 1:01:48.440 our first or second day or third day, and we 1:01:48.480 --> 1:01:50.160 don't really even know each other, then I kind of 1:01:50.200 --> 1:01:53.000 want you to come and meet me hot middle because 1:01:53.040 --> 1:01:54.280 that's what we're trying to build. 1:01:54.480 --> 1:01:56.320 I mean, I can't imagine I've ever been on a 1:01:56.400 --> 1:01:58.920 date where I didn't ask to split it. At least 1:01:59.400 --> 1:02:01.960 I think I would weird if you asked to. You know, yeah, 1:02:01.960 --> 1:02:03.960 you pick it up all the way. That's a signal. 1:02:04.240 --> 1:02:06.960 That's definitely it's a signal. Let's an opt out. But 1:02:07.080 --> 1:02:09.760 you know, men, hey, it's a byproduct of the fact 1:02:10.040 --> 1:02:13.800 that we have, for the first time in our let's 1:02:13.800 --> 1:02:17.680 call it the last two hundred years probably of human existence, 1:02:18.520 --> 1:02:20.840 men and women are competing for the same thing. This 1:02:20.920 --> 1:02:24.400 has never really existed before. I mean, my parents were 1:02:24.440 --> 1:02:27.840 the first generation where this started. My grandparents, that was 1:02:27.880 --> 1:02:29.840 not an option. So we have to be honest about 1:02:29.840 --> 1:02:31.960 the fact that today, men and women, they are competing 1:02:31.960 --> 1:02:35.240 for jobs, they are competing for education spots, they are 1:02:35.240 --> 1:02:39.120 competing for relevancy, they're competing for being heard places. I mean, heck, 1:02:39.160 --> 1:02:41.760 in some ways, they're even competing for like necessity to 1:02:41.800 --> 1:02:45.200 procreate with all of the modern medicine that's happening. And 1:02:45.240 --> 1:02:47.840 so there are going to be rippling side effects from 1:02:47.840 --> 1:02:50.560 this that I can't even imagine. And one of them 1:02:50.640 --> 1:02:53.960 is that when we say we want to be equal 1:02:54.040 --> 1:02:56.840 as women, well then we should think about what that means. 1:02:56.880 --> 1:02:59.240 And so I think young men today are very right 1:02:59.440 --> 1:03:03.840 to say, hey, you know, it's we're equal in every way. 1:03:03.960 --> 1:03:06.400 It's a partnership between the two of us. So I 1:03:06.400 --> 1:03:09.440 don't believe that we are partners yet. If so facto, 1:03:10.280 --> 1:03:13.000 let's split. And I think in life, Chris and I 1:03:13.040 --> 1:03:14.360 always have a saying, which is do you want to 1:03:14.360 --> 1:03:16.320 be right or do you want to win? And so 1:03:17.160 --> 1:03:19.960 my thought is, if you're a young man and you 1:03:19.960 --> 1:03:22.000 are pursuing a woman that you really like or think 1:03:22.040 --> 1:03:23.640 you might like, do you want to be right or 1:03:23.680 --> 1:03:25.000 do you want to win? Do you want to be 1:03:25.160 --> 1:03:27.520 right in society that yes, she should have split the bill, 1:03:27.720 --> 1:03:29.280 but now you have to talk her back into a 1:03:29.280 --> 1:03:31.760 second day. Okay, fine, then go that way. If you're 1:03:31.760 --> 1:03:34.080 a young woman and you really like the guy and 1:03:34.120 --> 1:03:36.080 he is more comfortable with this, do you want to 1:03:36.080 --> 1:03:37.640 be right? Or do you want to win? Split the 1:03:37.640 --> 1:03:40.000 bill and then tell him at some point, hey, you know, 1:03:40.040 --> 1:03:42.200 if we're committed to each other, this is important to me. 1:03:42.280 --> 1:03:44.919 Can we negotiate it between the two of us. We're 1:03:44.920 --> 1:03:47.640 so busy these days pointing fingers at what's right as 1:03:47.640 --> 1:03:50.040 opposed to saying what do I want? And then so 1:03:50.120 --> 1:03:52.080 what action am I going to take to get there? 1:03:52.680 --> 1:03:54.680 In a world in which a lot of guys split bills, 1:03:54.800 --> 1:03:57.320 if you have a hard time getting chicks, be a 1:03:57.360 --> 1:03:59.960 pretty big upside if you can pick up the bill right. 1:04:00.320 --> 1:04:02.040 And if you're a woman that can't find a man, 1:04:02.480 --> 1:04:04.880 maybe you show the man that you're a true partner. 1:04:05.200 --> 1:04:07.400 And like, even if he offers, you say I really 1:04:07.440 --> 1:04:09.320 would like to split it, wuld that make you feel comfortable? 1:04:09.360 --> 1:04:12.200 I want you to know that in partnership, I believe 1:04:12.240 --> 1:04:14.439 in being there for my man. Neither of those are wrong. 1:04:14.520 --> 1:04:15.480 They just might help you win. 1:04:15.720 --> 1:04:18.480 Definitely. I love that right and winning. There's a did 1:04:18.520 --> 1:04:21.120 you watch that movie fair Play? No? Okay, so there 1:04:21.160 --> 1:04:22.680 was a movie last year. I don't think a lot 1:04:22.720 --> 1:04:24.320 of people sway. It was kind of like an I 1:04:24.400 --> 1:04:26.160 think I don't know if it's a true indie, but 1:04:26.520 --> 1:04:28.640 it wasn't. It was on Netflix, but I don't think 1:04:28.680 --> 1:04:31.760 it was hugely popular. But it was a dark take 1:04:32.440 --> 1:04:37.000 on couple who were both vuying for the same job 1:04:37.000 --> 1:04:41.040 in a company. It's really good, like it shows. It's 1:04:41.080 --> 1:04:44.680 definitely dark and it's definitely extreme, but it just shows 1:04:44.800 --> 1:04:49.400 the envy, the competition, how the gender roles have changed, 1:04:49.440 --> 1:04:53.320 the expectations women being more talented and educated. And you know, 1:04:53.720 --> 1:04:56.919 it's such a good social commentary on where we're at. 1:04:57.560 --> 1:05:00.800 I wonder how have you found it? Because I meet 1:05:00.840 --> 1:05:04.280 a lot of ambitious young women who want to do really, 1:05:04.280 --> 1:05:07.720 really well, and they seem to intimidate men today. And 1:05:07.800 --> 1:05:09.320 I look at that from the men's perspective, and I 1:05:09.400 --> 1:05:11.800 understand that it's new for men. A lot of men 1:05:11.840 --> 1:05:16.120 feel left behind. They've inherited the pain of the men 1:05:16.120 --> 1:05:19.640 who came before them, who've abused power or used it wrongly. 1:05:21.120 --> 1:05:23.320 If a woman's ambitious right now, how does she continue 1:05:23.360 --> 1:05:26.120 to be ambitious and still find a man that gets 1:05:26.200 --> 1:05:29.280 that and respects that. From a financial point. 1:05:29.080 --> 1:05:31.600 Of view, Yeah, the hard truth that I've found as 1:05:31.600 --> 1:05:34.440 a woman, who you could say is hard charging is 1:05:34.520 --> 1:05:37.920 that you can't play a man's game and win in 1:05:37.920 --> 1:05:40.760 this society, and I'm not sure we should. And so 1:05:40.840 --> 1:05:43.240 what do I mean by that? I mean that men 1:05:43.320 --> 1:05:47.600 are push push push aggressive, or even our physiology right, 1:05:47.680 --> 1:05:50.960 one is receiving and one is certainly given. And so 1:05:51.800 --> 1:05:53.880 today I think, if you are a young woman who's 1:05:53.920 --> 1:05:56.200 really hard charging, you have to think about are you 1:05:56.360 --> 1:06:00.760 being ambitious and intimidating? Are you being I'm a bitch? 1:06:01.200 --> 1:06:03.400 And I think a lot of times, because we've had 1:06:03.520 --> 1:06:05.680 we felt like we have to stand up, we have 1:06:05.760 --> 1:06:07.960 to push for ourselves, we're actually just not being that 1:06:08.080 --> 1:06:11.720 nice as women. And it's that, you know, you can 1:06:11.760 --> 1:06:13.560 go get a girl and you don't need a man, 1:06:13.960 --> 1:06:16.520 and he's not listening to you, and you know, blah 1:06:16.520 --> 1:06:19.920 blah blah. That energy is really negative. Men don't need that. 1:06:20.320 --> 1:06:21.920 The two women that I that I know that are 1:06:21.960 --> 1:06:25.720 lovely and they're single, and you know, everybody I know 1:06:25.840 --> 1:06:27.800 tells them all the time, I can't believe you're single. 1:06:27.800 --> 1:06:29.840 You shouldn't be single. But what do they say? Often 1:06:29.920 --> 1:06:32.200 one of them who I adore, and I kind of 1:06:32.240 --> 1:06:34.439 have given her my opinion on this, but she says 1:06:34.480 --> 1:06:37.560 all the time, well, I don't want to like mother anymore. Men, 1:06:37.760 --> 1:06:39.520 I don't want to mother them like you know what 1:06:39.640 --> 1:06:42.680 all these boys like, Well, if you keep calling them that, 1:06:42.920 --> 1:06:45.280 then that is what they will be. And so you've 1:06:45.280 --> 1:06:48.760 got to be really careful about not demasculating men. And 1:06:48.800 --> 1:06:50.920 you've got to be really careful about making sure that 1:06:50.920 --> 1:06:52.560 they care about the two things they care about more 1:06:52.560 --> 1:06:54.400 of the women do, which is which they care about 1:06:54.480 --> 1:06:57.439 respect and you know, women, really we want to be loved. 1:06:57.520 --> 1:06:59.400 You guys want to be respected, right like buy and 1:06:59.480 --> 1:07:03.040 large grow generalization, and so in driving businesses, I have 1:07:03.080 --> 1:07:04.800 to remember that all the time. I employment, I just 1:07:04.800 --> 1:07:08.040 had a conversation right before this where I steamrolled somebody. 1:07:08.280 --> 1:07:12.440 I totally owned the entire meeting. I just kept talking 1:07:12.880 --> 1:07:15.400 and I was really aggressive and I lectured a little 1:07:15.400 --> 1:07:19.080 bit in the meeting, and thankfully my person in this 1:07:19.200 --> 1:07:21.840 situation was like, hey, by the way, I felt a 1:07:21.880 --> 1:07:24.160 little bit like a lecture, felt like they needed to 1:07:24.200 --> 1:07:27.280 be heard, not pushed so much. And I was like, God, 1:07:27.400 --> 1:07:30.520 you're right. And that's when like the negative feminine shows 1:07:30.600 --> 1:07:33.320 up in my mind, is when we think, let me 1:07:33.440 --> 1:07:36.320 just keep going, I'm going to pound on this. So 1:07:36.360 --> 1:07:38.280 I would push back on the negative. Are you really 1:07:38.320 --> 1:07:42.120 intimidating men or are you being mean? And I think 1:07:42.200 --> 1:07:44.680 often we are being a little mean, and so we 1:07:44.720 --> 1:07:46.800 need to pull that back. Not all men want to 1:07:46.840 --> 1:07:49.240 dominate you. You know a lot of men are the 1:07:49.240 --> 1:07:50.400 best mentors I've ever had. 1:07:50.800 --> 1:07:55.200 Yeah, And it's that hard part for women because men 1:07:55.720 --> 1:07:57.920 for so long have gotten away with pounding the payment right. 1:07:58.000 --> 1:08:00.240 So like if a mind behaved in a meaning, would 1:08:00.240 --> 1:08:03.520 he get the same feedback? Absolutely absolutely not. He'd just 1:08:03.560 --> 1:08:06.280 be told that's normal, and he'd get away with it 1:08:06.320 --> 1:08:08.960 and he'd move on. And so it's almost what people 1:08:09.000 --> 1:08:11.160 expect of you, and it shouldn't be based on gender. 1:08:11.200 --> 1:08:14.360 It should be based on your demeanor. Like, for example, 1:08:14.360 --> 1:08:17.719 I'm not someone who gets angry or shouts at people 1:08:17.800 --> 1:08:19.640 or it's just not who I am, So if I 1:08:19.720 --> 1:08:22.120 did it, it would be so out of character that I 1:08:22.160 --> 1:08:24.880 think someone would cry. You know. It's like you think 1:08:24.920 --> 1:08:26.800 the person who shouts you every day makes you cry. No, no, no, 1:08:26.840 --> 1:08:30.080 it's the person who's really silent and calm that if 1:08:30.120 --> 1:08:33.240 they lost it, you'd be heartbroken because you don't expect 1:08:33.280 --> 1:08:36.280 it from them. And I think this all gets difficult 1:08:36.280 --> 1:08:41.280 when we're talking about money, because money creates power dynamics 1:08:41.880 --> 1:08:46.080 it creates, especially in couples, it creates power dynamics in families. 1:08:46.680 --> 1:08:48.679 I mean the amount of friends I've had recently who've 1:08:48.880 --> 1:08:51.599 both men and women, have had to ask their partner 1:08:51.600 --> 1:08:54.400 to sign a prenup before they get married. And it's 1:08:54.439 --> 1:08:57.880 been really uncomfortable because you hope that we love each 1:08:57.880 --> 1:08:59.519 other and that we would never have to do that. 1:09:00.040 --> 1:09:01.840 My friends have talked to me, that's really odd. What's 1:09:01.880 --> 1:09:04.200 your take on people having to sign a prenup before 1:09:04.200 --> 1:09:04.840 they get married. 1:09:05.080 --> 1:09:07.720 I think you should always sign a prenup before you 1:09:07.720 --> 1:09:08.160 get married. 1:09:08.200 --> 1:09:08.400 Wow. 1:09:08.760 --> 1:09:11.040 I think you should have every hard conversation that you 1:09:11.080 --> 1:09:14.040 need to have up front, and that is just another 1:09:14.080 --> 1:09:17.120 hard conversation. You know what a prenup will tell you 1:09:17.760 --> 1:09:19.519 before you get married is do you guys have the 1:09:19.520 --> 1:09:21.680 same vision for life? Do you guys care about the 1:09:21.680 --> 1:09:24.559 same things? How do you handle conflict between the two 1:09:24.600 --> 1:09:27.360 of you? Can you guys compromise on the important part? So, 1:09:27.400 --> 1:09:30.000 even if it's not about the money, like your bank account, 1:09:30.080 --> 1:09:32.600 is a reflection of how willing you are to have 1:09:32.640 --> 1:09:35.640 difficult conversations. The more you delay and the more you 1:09:35.680 --> 1:09:37.920 don't have, the less money you'll have. And I think 1:09:37.960 --> 1:09:40.640 a prenup is a perfect example. You can take it 1:09:40.680 --> 1:09:42.920 as a victim and say, if he's asking me for 1:09:42.960 --> 1:09:45.200 a prenup, that means that he does not want to 1:09:45.240 --> 1:09:46.800 stay with me, or she does not want to stay 1:09:46.800 --> 1:09:49.520 with me, or you could say this is an opportunity 1:09:49.560 --> 1:09:52.280 for us to determine what are life will look like 1:09:52.439 --> 1:09:54.760 together and what is his and what is mine and 1:09:54.760 --> 1:09:56.920 what is ours together? And so I am a big 1:09:56.960 --> 1:09:59.599 proponent of get that prene up on either side, get 1:09:59.680 --> 1:10:03.200 real clear on your finances, and have a crucial conversation 1:10:03.439 --> 1:10:06.840 up front. Now that said, I really try to never 1:10:06.880 --> 1:10:09.680 give like individualized one on one advice. I'm sure you're 1:10:09.760 --> 1:10:11.920 kind of the same. So it's like, here's the big 1:10:12.000 --> 1:10:14.760 giant you. But you know, when my brother and new 1:10:14.800 --> 1:10:16.960 sister in law came to me, they were like, should 1:10:16.960 --> 1:10:19.120 you once you get married, should you have a joint 1:10:19.120 --> 1:10:22.000 bank account or should you have a separate bank account? 1:10:22.240 --> 1:10:26.000 I said, you should have a hard talk first, and 1:10:26.040 --> 1:10:29.920 you should ask each other why you want each separate segment, 1:10:30.280 --> 1:10:33.320 because what is the real conversation you're having. It's do 1:10:33.400 --> 1:10:35.920 I trust your spending? Are we going to communicate well? 1:10:36.040 --> 1:10:37.599 Are you going to put me in a weird situation. 1:10:37.760 --> 1:10:39.360 Are you going to tell me I can't do something? 1:10:39.360 --> 1:10:41.040 I'm an adult, don't tell me what I can't do. 1:10:41.439 --> 1:10:44.040 And so it's not really about money. It's about can 1:10:44.080 --> 1:10:46.519 you get on the same page. Yes, and so forget 1:10:46.520 --> 1:10:48.400 the bank account, right, it's really can you have a 1:10:48.400 --> 1:10:51.919 hard conversation? And there's no right or wrong. In my opinion, 1:10:52.000 --> 1:10:55.839 some people say they still venmo each other their partners 1:10:55.880 --> 1:10:57.920 back and forth, and they're like, that's awful. How could 1:10:57.960 --> 1:11:00.840 you do that? That is the up to you. A 1:11:00.880 --> 1:11:03.280 lot of my like you know, big friends in finance 1:11:03.280 --> 1:11:05.679 would say, if you get married, you have a joint 1:11:05.680 --> 1:11:08.040 bank account, that's what you do. And I would say 1:11:08.160 --> 1:11:10.760 even having a joint bank account can be hugely problematic 1:11:10.760 --> 1:11:12.040 if you're not willing to talk about it. 1:11:12.040 --> 1:11:14.320 Absolutely no. I love how practical that gets, and I 1:11:14.680 --> 1:11:16.559 love how practical you always get because that is what 1:11:16.600 --> 1:11:18.920 people are dealing with. And you're right, it's not about money. 1:11:18.960 --> 1:11:22.599 It's about power, it's about agency, it's about accountability, it's 1:11:22.600 --> 1:11:26.200 about all these other things. But money becomes the central 1:11:26.240 --> 1:11:28.800 point of conflict. And you're right, just because you have 1:11:29.040 --> 1:11:31.600 a joint bank account doesn't mean you have better compatibility. 1:11:31.640 --> 1:11:34.600 That means nothing if you haven't had the hard conversation. 1:11:35.400 --> 1:11:39.200 And I think having the hard conversation early about money 1:11:39.240 --> 1:11:43.040 and expectations is so important. Going back to your earlier point, 1:11:43.040 --> 1:11:46.200 which I was thinking about that idea that it's really 1:11:46.240 --> 1:11:49.439 important how married couples end up making more money. I 1:11:49.520 --> 1:11:52.360 found a lot of people recently looking for a business partner, 1:11:52.640 --> 1:11:55.519 not a partner, so like when they're looking for someone 1:11:55.600 --> 1:11:58.320 to be with, they're kind of seeing, will this person 1:11:58.400 --> 1:12:03.519 help me build my business? Which is a really interesting, 1:12:03.600 --> 1:12:06.479 you know, difference to what love is. What's your take 1:12:06.560 --> 1:12:08.360 on finding a partner or a business partner? 1:12:08.479 --> 1:12:11.320 That's fascinating. Well, I mean, isn't it funny how everything 1:12:11.360 --> 1:12:13.240 just comes full circle. So if we think about the 1:12:13.280 --> 1:12:17.639 original contract of marriage, it was business. It was can 1:12:17.720 --> 1:12:20.599 your family further my family, and we will come into 1:12:20.600 --> 1:12:22.559 contractual agreement one way or the other. Was that way 1:12:22.560 --> 1:12:24.920 in India and the UK, It was that way here 1:12:24.960 --> 1:12:28.000 in the US, and so that marriage was a business contract, 1:12:28.080 --> 1:12:30.120 and in some ways it still really is because it's 1:12:30.120 --> 1:12:33.160 a government contract and so and then for a long time, 1:12:33.200 --> 1:12:35.519 well not that long really, what a generation or two, 1:12:35.680 --> 1:12:39.439 it became love it was about love only that's actually 1:12:39.479 --> 1:12:41.960 a new construct and so I think it's interesting it's 1:12:42.000 --> 1:12:43.600 coming back to this idea of partnership. 1:12:43.600 --> 1:12:43.760 Now. 1:12:43.760 --> 1:12:46.400 I have a personal bias. I think that you should 1:12:46.400 --> 1:12:48.800 marry somebody if you believe that they will help get 1:12:48.840 --> 1:12:50.960 you out of a third world prison when you get 1:12:51.040 --> 1:12:53.599 in prisoned, you know, is this going to be your 1:12:53.720 --> 1:12:56.920 person who will save you in your times of difficulty. 1:12:56.960 --> 1:13:00.479 That's to me what a good partnership is. It's trust 1:13:00.520 --> 1:13:02.639 this year and with my life implicitly, and I want 1:13:02.680 --> 1:13:05.280 to build with them. Yes, I love them, but it's 1:13:05.360 --> 1:13:09.240 not this like, oh, this victimized like I love them 1:13:09.280 --> 1:13:12.439 even if they beat me and if the world you know, ends, 1:13:12.520 --> 1:13:14.880 and some of the things we see in books today. 1:13:15.280 --> 1:13:17.479 It's like, no, is this my chosen human human who 1:13:17.520 --> 1:13:19.559 were going to go through time together and I trust 1:13:19.560 --> 1:13:23.400 their ability and who they are. So that's for me personally. 1:13:23.760 --> 1:13:27.880 The flip side of that is it's really hard working 1:13:27.920 --> 1:13:30.840 with your spouse. We both do it in many ways. 1:13:31.200 --> 1:13:34.000 My husband runs our investment side of our fund, our 1:13:34.000 --> 1:13:37.400 holding company and our Vungure Capital fund. And our first 1:13:37.479 --> 1:13:39.880 hardest year together was our first year of marriage. We 1:13:40.640 --> 1:13:42.599 got married a little older, and so I didn't really 1:13:42.680 --> 1:13:44.479 know how to compromise. He didn't neither. It was really 1:13:44.520 --> 1:13:46.360 hard for us our first year, and I hear that's 1:13:46.360 --> 1:13:49.360 a common thing. Our second hardest year was the first 1:13:49.439 --> 1:13:51.880 year that we got into business together. And I was like, 1:13:52.000 --> 1:13:54.920 huge mistake. You know, where's the like pull the shoot? 1:13:55.280 --> 1:13:57.800 This is so hard? Why because anytime you put two 1:13:57.800 --> 1:14:00.800 things closer together, what do they do? Friction? Baby? You know, 1:14:00.960 --> 1:14:04.080 it's just natural, this is physics. And so I don't 1:14:04.080 --> 1:14:06.400 know why I was surprised, but I was surprised. And 1:14:06.600 --> 1:14:09.040 then I realized after we got through the first year, 1:14:09.240 --> 1:14:12.120 I was like, how did I ever do it? Where 1:14:12.160 --> 1:14:14.360 I had a human who couldn't understand some of the 1:14:14.400 --> 1:14:16.639 stuff I was going through at work. He is such 1:14:16.640 --> 1:14:18.800 a crutch for me now and I am for him. 1:14:19.040 --> 1:14:22.360 So now I'm kind of a proponent of by personal bias. 1:14:22.600 --> 1:14:25.559 There's nothing better than having the ability to truly understand 1:14:25.560 --> 1:14:27.559 what your spouse does for a living and intertwining it 1:14:27.680 --> 1:14:28.040 some way. 1:14:28.600 --> 1:14:31.040 What do you think we were together for a long 1:14:31.120 --> 1:14:35.240 time before we launched a business together. There's a couple 1:14:35.280 --> 1:14:37.360 of things I have that I take. It's almost like, 1:14:38.200 --> 1:14:42.880 so I never wanted my wife to support my work 1:14:43.160 --> 1:14:45.479 when my career was taking off from the beginning, and 1:14:45.560 --> 1:14:48.840 my reason for that was very clear. I knew a 1:14:48.840 --> 1:14:51.560 lot of men who are extremely successful in their fifties 1:14:51.680 --> 1:14:55.280 after three decades of success, where their partners had become 1:14:55.320 --> 1:14:59.360 basically their assistance, and at the age of fifty, their 1:14:59.400 --> 1:15:03.639 partner now felt that they didn't achieve their dreams because 1:15:03.680 --> 1:15:06.240 they felt they didn't achieve their potential. And the guy 1:15:06.280 --> 1:15:08.160 had gone off and ticked off every box on his 1:15:08.240 --> 1:15:10.759 checklist and felt like a champion. But now at fifty, 1:15:10.760 --> 1:15:13.519 they're having this realization. And because I saw so much 1:15:13.560 --> 1:15:17.040 of that and my own work on purpose, I was 1:15:17.080 --> 1:15:21.360 really clear that everyone has their own purpose, like everyone 1:15:21.400 --> 1:15:24.800 has their own offering that makes them feel significant. And 1:15:24.840 --> 1:15:28.200 no matter how much you love someone, no matter what 1:15:28.240 --> 1:15:32.240 anyone says, you cannot say that your significance is just 1:15:32.320 --> 1:15:36.000 tied to someone else's significance. You have to have something 1:15:36.040 --> 1:15:39.599 that feels like your own thing that feels meaningful to you. 1:15:40.400 --> 1:15:42.479 That could be your child, it could be your business, 1:15:42.479 --> 1:15:45.800 it could be coaching the college basketball team. Right, this 1:15:45.880 --> 1:15:48.479 isn't about building a business. And so all I would 1:15:48.520 --> 1:15:51.160 encourage Rady to do was to find her thing. My 1:15:51.200 --> 1:15:53.080 favorite thing was setting her up on girl dates. I'd 1:15:53.080 --> 1:15:55.759 become friends with women, just introduce them to my wife. 1:15:55.880 --> 1:15:58.080 She'd be like, what are you doing, You're weirdo, But 1:15:58.120 --> 1:16:01.479 they're now her best friends, so I guess, well, yeah, exactly. 1:16:02.160 --> 1:16:04.320 But my whole goal was just I don't want her 1:16:04.320 --> 1:16:07.679 to fall into the trap of Jay's doing really cool stuff. 1:16:07.720 --> 1:16:11.040 I'm just going to help him and then feel like 1:16:11.080 --> 1:16:14.000 she didn't find herself. And you see women do this 1:16:14.000 --> 1:16:17.000 more than men doing this. Men generally are more independent, 1:16:17.040 --> 1:16:18.720 they know their thing, or they don't want to be 1:16:18.800 --> 1:16:22.240 involved anyway. And she was so talented and skilled and 1:16:22.560 --> 1:16:24.680 amazing from the moment I met her that I was like, 1:16:25.360 --> 1:16:27.479 I mean, like Riley could have a TV show and 1:16:27.479 --> 1:16:31.160 it would crush, like she's just the most magnetic elector Yeah, 1:16:31.200 --> 1:16:33.479 she's just so lovable, right, So I was like, she 1:16:33.600 --> 1:16:35.320 deserves to have all all herself, and she found out 1:16:35.320 --> 1:16:37.960 as time went on. When we found a June, we 1:16:37.960 --> 1:16:40.880 were both at such a strength in our knowledge of 1:16:40.880 --> 1:16:43.840 each other's strengths and weaknesses. But we don't take any 1:16:43.880 --> 1:16:47.920 meetings together zero zero. So she does all the formulation 1:16:48.080 --> 1:16:53.320 meetings of the taste the flavor profile, the mixtures, all 1:16:53.360 --> 1:16:55.959 of that. She does everything to do with the colors 1:16:56.000 --> 1:16:58.800 and the packaging and everything else, and I'll do all 1:16:58.840 --> 1:17:01.599 the business and marketing calls, and so we're never even 1:17:01.600 --> 1:17:04.719 on the same calls. And that works for us because 1:17:04.760 --> 1:17:07.200 it actually splits up the work because I'm like, oh, 1:17:07.240 --> 1:17:10.479 I trust you you can nail like my palette is basic, 1:17:10.720 --> 1:17:13.040 and you know, it's like I knew nothing about you 1:17:13.200 --> 1:17:15.640 Zu Pineapple when I met Radi, or you've got the 1:17:15.640 --> 1:17:17.840 peach one over there, like I had no clue. She 1:17:17.960 --> 1:17:20.960 really gets that and I really get my part, and 1:17:21.280 --> 1:17:23.840 that works well for us. But we founded this like 1:17:23.880 --> 1:17:26.360 ten years into our relationship, and so there was such 1:17:26.400 --> 1:17:28.800 an understanding of each other that it split it up 1:17:28.880 --> 1:17:29.559 nicely for us. 1:17:29.640 --> 1:17:31.679 It's you know what, when you say it out loud 1:17:31.720 --> 1:17:33.479 like that, I'm like, oh, that's actually similar in a 1:17:33.520 --> 1:17:35.400 lot of ways, because our reasons for friction in the 1:17:35.400 --> 1:17:39.639 beginning were because we were two captains. Yes, two captains 1:17:39.720 --> 1:17:43.280 don't work. No, it's so you know, I was on 1:17:43.320 --> 1:17:45.200 their trying and he was trying to. And now he 1:17:45.360 --> 1:17:48.360 runs our investment business entirely, and like, you know, shout 1:17:48.360 --> 1:17:50.000 out to him. He gets so embarrassed because I love 1:17:50.080 --> 1:17:52.439 bragging on him. But you know, he has like one 1:17:52.439 --> 1:17:55.439 of the top performing funds for his whole twenty twenty 1:17:55.479 --> 1:17:59.840 two vintage, and people always say congratulations, and I'm always like, honestly, 1:18:00.400 --> 1:18:01.680 I did so little for that. 1:18:02.200 --> 1:18:02.400 You know. 1:18:02.479 --> 1:18:04.880 I'm I'm good at like top of funnel, bring people in. 1:18:05.280 --> 1:18:08.160 And then he is really good at execution. And he's 1:18:08.200 --> 1:18:10.880 a hunter. He chases things down. And so you're right 1:18:10.960 --> 1:18:12.360 now that we now I think about it. I'm on 1:18:12.400 --> 1:18:15.679 two calls a week with him, but he runs everything 1:18:15.680 --> 1:18:19.360 else and does it much better. And actually our only 1:18:19.400 --> 1:18:23.799 annoying spots are when I'm like weaseling in on something 1:18:24.400 --> 1:18:26.880 that like he's our I got it, I got it, Like, 1:18:26.880 --> 1:18:29.000 don't bother me over here. So it's it's you know, 1:18:29.160 --> 1:18:30.400 I'm I'm the weasel in. 1:18:33.400 --> 1:18:35.080 Robbie. Wait a minute, where have you been for the 1:18:35.520 --> 1:18:37.960 seven months we've been working on this and now you 1:18:37.960 --> 1:18:39.000 want to give your opinions? 1:18:39.120 --> 1:18:40.760 Yeah, thank you making me feel better. 1:18:40.800 --> 1:18:43.400 Hey, I'm that guy too. Gosh, where did you turn 1:18:43.479 --> 1:18:45.160 up from? Like I've been working so hard on this? 1:18:45.360 --> 1:18:47.040 Yeah, he says, He'll be like, here's the summary I 1:18:47.120 --> 1:18:49.120 sent you four times and now you want to talk 1:18:49.120 --> 1:18:52.760 about it. But you know, we are endearing sometimes, you know. 1:18:52.960 --> 1:18:56.679 Sometimes Yeah, But that's what's so important, right, it's trust 1:18:57.240 --> 1:18:59.800 to me. I just don't want my private time with 1:18:59.840 --> 1:19:03.880 the rody to become business time. And that's a personal choice. 1:19:03.960 --> 1:19:05.560 I don't look down on someone who does it. I 1:19:05.560 --> 1:19:07.920 don't think it's I don't think that's the best for 1:19:08.400 --> 1:19:10.519 business or whatever, but it's the best for me. I 1:19:10.560 --> 1:19:13.000 married Ridley because I like spending time with her. I 1:19:13.040 --> 1:19:14.600 didn't marry her so that we could talk about how 1:19:14.640 --> 1:19:16.920 to make more money together. Like that just wasn't That's 1:19:16.920 --> 1:19:19.000 not why we're together. And that's not a bad thing 1:19:19.080 --> 1:19:20.880 or a good thing. It's just who we are. It 1:19:20.960 --> 1:19:21.559 works for us. 1:19:21.680 --> 1:19:23.679 It's true. I actually haven't found a lot of people 1:19:23.800 --> 1:19:26.000 that are like that usually, And now I have a 1:19:26.040 --> 1:19:29.160 lot of friends, probably just selection bias, who both work together, 1:19:29.600 --> 1:19:31.800 but they're very different, you know. And usually you have 1:19:31.840 --> 1:19:33.639 one person who I kind of joke is like more 1:19:33.680 --> 1:19:35.439 of the fun. They're the one that's like, let's go 1:19:35.520 --> 1:19:38.080 do activities, let's do whatever. They're still working a lot, 1:19:38.200 --> 1:19:40.400 and then you have sort of the fun sponge, which 1:19:40.439 --> 1:19:43.280 is me, you know, it's always working and without my 1:19:43.400 --> 1:19:46.000 fun guy, I would just be working all the time. 1:19:46.320 --> 1:19:48.800 And so it is this balance. I mean, I've become 1:19:48.840 --> 1:19:51.439 friends with Sean rad who's the founder of Tinder, and 1:19:51.760 --> 1:19:53.840 what's so interesting every time I talk to him We're 1:19:53.840 --> 1:19:56.920 going to see him tomorrow night, is that he has 1:19:56.920 --> 1:20:00.000 all this data on when relationships are the most successful. 1:20:00.640 --> 1:20:02.680 It's like the problem with a lot of these algorithms 1:20:02.680 --> 1:20:05.240 and how they do dating is that actually the things 1:20:05.280 --> 1:20:09.040 that we choose do not lead to happiness, such as similarity. 1:20:09.439 --> 1:20:13.320 Similarity actually doesn't lead to us happy of relationships, according 1:20:13.360 --> 1:20:16.760 to Sean and his dad. And that tracks for me each. 1:20:16.600 --> 1:20:19.679 From us too. You know, Roddy's the playful and the series. Yeah, 1:20:19.880 --> 1:20:23.240 and I've always said that that playful and that performance 1:20:23.479 --> 1:20:27.000 mindset works so well together because you're balancing each other out. 1:20:27.400 --> 1:20:30.519 But first, here's a quick word from the brands that 1:20:30.560 --> 1:20:34.280 support the show. All right, thank you to our sponsors. 1:20:34.560 --> 1:20:35.760 Now let's dive back in. 1:20:36.120 --> 1:20:37.880 You know, isn't that funny? And that's most things in 1:20:37.960 --> 1:20:39.800 life too, Like if you want to make a lot 1:20:39.800 --> 1:20:43.040 of money in business, you also need somebody who they 1:20:43.080 --> 1:20:44.880 call them the visionary, right, the person who has all 1:20:44.880 --> 1:20:48.520 the ideas, the crazy things, and then you have your executor, 1:20:48.560 --> 1:20:51.280 which is often called your implementor. And so if you 1:20:51.439 --> 1:20:54.479 only have vision but you have no execution, you will 1:20:54.479 --> 1:20:57.000 fail and make no money. If you only have execution 1:20:57.120 --> 1:20:59.040 but you have no vision, you will play small games 1:20:59.040 --> 1:21:01.960 for life. So there's a great book actually called have 1:21:02.040 --> 1:21:05.040 you read How to Make a Few Billion dollars? No, 1:21:05.320 --> 1:21:07.200 it's a good book. It's by this guy, Brad Jacobs. 1:21:07.439 --> 1:21:09.479 If you could get him on the podcast, I will listen. 1:21:09.680 --> 1:21:11.719 I've been trying to. I don't know if he's your style, 1:21:11.760 --> 1:21:13.880 but he's well, actually he might be. He was like, 1:21:13.960 --> 1:21:17.960 he's a multi billionaire hedge fund manager and private equity investor, 1:21:18.560 --> 1:21:21.040 and he started off as a jazz musician and that 1:21:21.160 --> 1:21:23.000 was going to be his calling. So he really likes 1:21:23.240 --> 1:21:25.719 like dissonant noises and like, how do you pull things 1:21:25.760 --> 1:21:28.479 together and sort of make them play like a jazz musician? 1:21:28.520 --> 1:21:31.360 Mark Anyway, he's bought all of these companies. He's massively successful. 1:21:31.760 --> 1:21:33.840 But he always talks about what makes a great deal. 1:21:33.960 --> 1:21:35.400 If you want to make a lot of money, you've 1:21:35.400 --> 1:21:37.120 got to pick the right deal. And there's sort of 1:21:37.160 --> 1:21:38.840 four types of deals. You could think about it like 1:21:38.880 --> 1:21:42.160 a quadrant. You could have a low risk and you 1:21:42.200 --> 1:21:45.479 could also have a low reward deal. That's actually most 1:21:45.479 --> 1:21:48.479 deals in life, right, that's like stay in your same job, 1:21:48.520 --> 1:21:50.360 don't take risks, et cetera. The problem is you're not 1:21:50.360 --> 1:21:53.679 going to make much money. Then you have a high risk, 1:21:54.200 --> 1:21:57.760 high reward deal. Well, that could be like investing in 1:21:57.760 --> 1:22:01.519 an El Salvadoranian power plant. It's just so likely to 1:22:01.560 --> 1:22:05.200 fail that even though it's super high profit, we probably 1:22:05.200 --> 1:22:07.599 want to stay away from those. And then you have 1:22:07.680 --> 1:22:09.720 sort of the golden child, which is how can we 1:22:09.800 --> 1:22:15.160 have high reward low risk. Well, not many of those exist, right, 1:22:15.200 --> 1:22:17.479 that would be a unicorn. So what we're really looking 1:22:17.520 --> 1:22:20.000 for is where is there a big, hairy problem that 1:22:20.040 --> 1:22:22.519 has the right amount of risk and if we can 1:22:22.560 --> 1:22:26.599 find that, then we have profit. And so now they 1:22:26.600 --> 1:22:28.840 call it hair on a deal. That's like you know, 1:22:28.880 --> 1:22:31.719 investing terms. You want to look for those hairy deals 1:22:31.760 --> 1:22:34.160 where you think, oh, that level of risk is manageable. 1:22:34.479 --> 1:22:36.200 And in our culture, for some reason, I think we've 1:22:36.200 --> 1:22:38.880 gone into risk off. God, we don't even want the 1:22:38.960 --> 1:22:41.720 risk of asking somebody a question at a bar, you know, 1:22:41.880 --> 1:22:45.280 more or less starting a business and that's a problem. 1:22:45.360 --> 1:22:48.120 I mean, the SBA has fascinating data. Do you know 1:22:48.520 --> 1:22:52.000 there are more small businesses that close each year than 1:22:52.080 --> 1:22:56.080 open in the US, No way more close than open. 1:22:56.520 --> 1:22:59.439 And so we have people taking way less risk than 1:22:59.479 --> 1:23:02.200 we think, and that means you'll never make as much money. 1:23:02.800 --> 1:23:03.360 That crazy. 1:23:03.600 --> 1:23:06.920 Yeah, let's talk about that in terms of investing. If 1:23:06.920 --> 1:23:09.559 someone's thinking that, because they cut exactly what you're talking 1:23:09.600 --> 1:23:13.280 about right now, this risk reward profile. If someone has 1:23:13.360 --> 1:23:18.800 never invested in anything, they're working their job, they've got 1:23:18.840 --> 1:23:20.599 a little bit of money, maybe if they've got one 1:23:20.680 --> 1:23:23.599 thousand dollars to start thinking about investing. Maybe they've got 1:23:23.640 --> 1:23:26.639 a bit more. Maybe they've been saving up and they're 1:23:26.640 --> 1:23:30.000 thinking that home that they want to buy is a long, long, long, 1:23:30.040 --> 1:23:32.200 long long way away. But they've got a little bit. 1:23:33.160 --> 1:23:33.880 Where should they. 1:23:33.760 --> 1:23:36.160 Invest If you have only a little bit of cash. 1:23:36.200 --> 1:23:38.479 The best returning asset class of all time, it's going 1:23:38.520 --> 1:23:42.040 to be you put the money into you learning first 1:23:42.479 --> 1:23:45.080 before you go to invest. A lot of days, a 1:23:45.080 --> 1:23:47.720 lot of people these days will say, hey, it's Airbnb. 1:23:47.880 --> 1:23:50.640 Hey it's buying small businesses. Hey it's real estate. The 1:23:50.680 --> 1:23:52.680 highest performing asset class that you could ever have is 1:23:52.680 --> 1:23:56.280 you because you have unlimited upside and it compounds over time. 1:23:56.720 --> 1:23:58.439 And so if you don't have a lot of cash 1:23:58.520 --> 1:24:00.840 right now, bet on you first before you go back 1:24:00.880 --> 1:24:04.360 on somebody in the SMP. Now after that next amount. 1:24:04.800 --> 1:24:07.160 I believe because I'm old school, I started at Vanguard. 1:24:07.439 --> 1:24:10.840 I believe if you're reasonable, you'd probably agree with me. Like, 1:24:10.960 --> 1:24:12.519 do we think that we're going to beat the best 1:24:12.560 --> 1:24:14.800 stock pickers in the world who obsess on this every 1:24:14.800 --> 1:24:17.000 single day? Are we going to beat the titans of 1:24:17.040 --> 1:24:20.439 industry with their technology? No, So that's why I always 1:24:20.439 --> 1:24:24.160 go for low cost, low movement, so they don't trade 1:24:24.200 --> 1:24:26.960 a lot index funds. I worked at Vanguard. They have 1:24:27.000 --> 1:24:29.840 the best cost structure, so I throw things in the 1:24:29.880 --> 1:24:32.320 S and P five hundred in a diversified portfolio out 1:24:32.320 --> 1:24:35.920 of cost. To this week, you go to Vanguard dot com. 1:24:36.439 --> 1:24:39.519 You have no fees on their trading platform. In my opinion, 1:24:39.600 --> 1:24:44.240 avoid Robinhood, avoid anything where you're buying individual stocks when 1:24:44.280 --> 1:24:47.040 you don't know, unless you're doing it purely for learning 1:24:47.320 --> 1:24:50.880 and you're okay with losing everything. And you go to 1:24:51.000 --> 1:24:54.519 Vanguard dot Com and you select a diversified portfolio It's 1:24:54.560 --> 1:24:57.280 cool too because they'll actually help you do it based 1:24:57.320 --> 1:24:59.560 on your age and based on how much risk you 1:24:59.600 --> 1:25:02.240 want to take. So they'll have a sixty forty portfolio, 1:25:02.280 --> 1:25:04.799 which is like sixty percent stocks and forty percent bonds 1:25:04.960 --> 1:25:07.719 if you're our age, for instance, if somebody's a little younger, 1:25:07.760 --> 1:25:10.080 they'll go eighty twenty because you should take more risk 1:25:10.200 --> 1:25:12.559 with stocks when you're young. So you can literally in 1:25:12.600 --> 1:25:15.400 one click get a diversified portfolio, and then you can 1:25:15.400 --> 1:25:16.880 add to it. You could also use like a wealth 1:25:16.880 --> 1:25:17.439 front for that. 1:25:17.479 --> 1:25:20.120 What's the divis portfolio For someone who doesn't. 1:25:19.880 --> 1:25:22.000 Know, that means that you never want to have all 1:25:22.000 --> 1:25:23.840 your eggs in one basket and anything in life, but 1:25:23.920 --> 1:25:26.439 certainly in investing, and so that means that they're going 1:25:26.479 --> 1:25:28.720 to give you stocks and bonds. It means they're going 1:25:28.760 --> 1:25:31.840 to give you emerging markets versus the US. So let's 1:25:31.840 --> 1:25:36.200 say India, China, Russia, Brazil and the US stock market. 1:25:36.400 --> 1:25:39.400 And it means that typically over time. You know that 1:25:39.479 --> 1:25:41.400 there's these charts you can see in finance where it 1:25:41.439 --> 1:25:44.080 kind of looks like it looks like a grid and 1:25:44.200 --> 1:25:46.320 audit are all of these different colors, and what do 1:25:46.400 --> 1:25:48.960 all the coverers represent that have no pattern to it. 1:25:49.000 --> 1:25:52.160 Every single year looks different. They represent every asset class 1:25:52.160 --> 1:25:55.520 you could invest in, from bonds to stocks, to Chilean 1:25:55.800 --> 1:25:59.559 stocks to short term money markets. And what you see 1:25:59.600 --> 1:26:03.400 over time is in every single market, everything moves. And 1:26:03.479 --> 1:26:05.439 so what you want to have is a portfolio that 1:26:05.520 --> 1:26:08.679 over time averages somewhere around ten percent. That's the average 1:26:08.720 --> 1:26:12.120 cost of inflation. How your money really if you don't 1:26:12.160 --> 1:26:14.479 invest it. Every single year that you don't invest, you 1:26:14.560 --> 1:26:17.240 lose money. Say you took a one hundred dollars bill 1:26:17.280 --> 1:26:18.600 right here, and I had it right in front of me, 1:26:19.120 --> 1:26:20.960 and I looked at that bill since the beginning of 1:26:21.000 --> 1:26:24.480 the Federal Reserve, which is the government institute that mandates 1:26:24.560 --> 1:26:26.960 or manages all of our currency in the US. So 1:26:26.960 --> 1:26:28.479 if I go all the way back to the seventies 1:26:29.479 --> 1:26:31.719 and I look at it today, what do I see? 1:26:31.840 --> 1:26:33.680 I see that one hundred dollars bill, if I just 1:26:33.760 --> 1:26:36.439 held it from then to now, is worth about twenty 1:26:36.439 --> 1:26:39.920 five bucks. It's not worth one hundred anymore. Why because 1:26:39.920 --> 1:26:42.920 of inflation. And so if we don't invest our money 1:26:42.960 --> 1:26:45.559 and we stick it under our mattress, then sadly the 1:26:45.560 --> 1:26:48.080 government eats away at it every single year, both sides 1:26:48.160 --> 1:26:50.880 politically agnostic, and so we got to make sure that 1:26:50.880 --> 1:26:53.240 we put our money somewhere. That's why the stock market 1:26:53.240 --> 1:26:55.320 over time is usually what most people do. 1:26:55.640 --> 1:26:57.200 Okay, it makes a lot of sense. And what's the 1:26:57.200 --> 1:26:58.719 difference between a stock and a bond? 1:26:58.840 --> 1:27:01.439 Okay, so stocks and bonds one oh one. I think 1:27:01.439 --> 1:27:04.960 about stocks like a ability for you to have future 1:27:05.080 --> 1:27:08.160 upside of a company. So you are betting in a 1:27:08.200 --> 1:27:10.920 way on a company. You're saying, today the price of 1:27:10.960 --> 1:27:13.760 Amazon is ten dollars. I think in the future the 1:27:13.800 --> 1:27:16.280 price of Amazon will be fifteen dollars. I want to 1:27:16.320 --> 1:27:20.040 go for that ride. It's called upside return with a bond. 1:27:20.200 --> 1:27:23.000 What are you doing instead? You're saying, I actually want income. 1:27:23.320 --> 1:27:25.840 It's like a certificate. If I give you one hundred bucks, 1:27:26.040 --> 1:27:28.720 I promise you over the next five years, I'm going 1:27:28.760 --> 1:27:31.080 to give you one hundred and twenty back. You're not 1:27:31.120 --> 1:27:34.000 going to make more if the bond that you invest 1:27:34.000 --> 1:27:36.360 in goes up or down in price. You're just going 1:27:36.400 --> 1:27:39.200 to clip coupons is what they're called. It used to 1:27:39.200 --> 1:27:42.960 be like that, So you're clipping the coupon. And the 1:27:43.000 --> 1:27:45.680 reason we want both of those is because again, you 1:27:45.720 --> 1:27:48.960 want when the stock market crashes, you want your bond 1:27:48.960 --> 1:27:51.439 to still be clipping those coupons, baby still coming in 1:27:51.720 --> 1:27:54.479 when the stock market's raging, you want to capture some 1:27:54.520 --> 1:27:56.719 of that upside. And that's how we play right there 1:27:56.760 --> 1:27:57.920 in the middle of investing. 1:27:58.200 --> 1:27:59.880 Is there a stage three? So we did stage one 1:28:00.040 --> 1:28:03.960 as you Stage two is SMP. What's the stage three? 1:28:04.040 --> 1:28:07.639 Stage three is private? So if you're a real pro 1:28:07.680 --> 1:28:09.439 and you want to go for three h three of investing, 1:28:09.560 --> 1:28:12.920 that's where we start to do private equity. That's just 1:28:13.080 --> 1:28:15.880 investing in those same companies, but instead of them being 1:28:15.920 --> 1:28:19.400 traded publicly, those companies are now held by private investors. 1:28:19.439 --> 1:28:22.519 They'll never trade on a stock exchange. That also includes 1:28:22.600 --> 1:28:26.000 things like you can have alternative investments that might be 1:28:26.080 --> 1:28:29.520 in investing in direct in real estate or investing in commodities, 1:28:29.520 --> 1:28:32.080 which would be like timber. Right, you could bet on 1:28:32.120 --> 1:28:35.640 timber prices that might be like equity and options. I 1:28:35.640 --> 1:28:39.080 think this generation got a little crazy because they were 1:28:39.080 --> 1:28:43.640 the first generation to gamify stock market investing and make 1:28:43.680 --> 1:28:46.519 it seem fun as opposed to serious. And they were 1:28:46.560 --> 1:28:49.519 the first generation that got easy access to things like 1:28:49.680 --> 1:28:54.160 options and warrants, and that's really actually only for pros. 1:28:54.360 --> 1:28:56.040 So I think anybody who's trying to tell you how 1:28:56.080 --> 1:28:58.320 to day trade, anybody who's trying to tell you how 1:28:58.320 --> 1:29:01.519 to do options, that's strategy. You think about that like 1:29:01.720 --> 1:29:03.559 somebody trying to tell you, let me teach you, over 1:29:03.640 --> 1:29:06.240 the course of a couple hours of me speaking to you, 1:29:06.520 --> 1:29:09.599 how to cut open somebody's brain. We just wouldn't do that. 1:29:10.000 --> 1:29:12.519 This is for pros. And if you really want to 1:29:12.520 --> 1:29:14.719 make real money, you don't do it by messing around 1:29:14.720 --> 1:29:17.479 at the margins of financial investing. In my mind, you 1:29:17.560 --> 1:29:19.720 do it by becoming the company that they invest in, 1:29:19.760 --> 1:29:22.120 which is stage four. So that's when you're like, I 1:29:22.240 --> 1:29:25.280 buy the business outright, I raise money for my own business, 1:29:25.680 --> 1:29:27.559 and that's the next level of the game. 1:29:27.720 --> 1:29:30.360 That's so great. I love that step by step because 1:29:30.360 --> 1:29:32.800 I feel for so many people it just feels like 1:29:32.880 --> 1:29:37.559 this unorganized, messy, wild wild West. And now it's like, 1:29:37.560 --> 1:29:40.240 wait a minute, stage one, stage two, stage stage four. 1:29:40.280 --> 1:29:42.360 I love those. Going back to stage two of the 1:29:42.439 --> 1:29:46.559 S and P. What percentage of someone's income should they 1:29:46.560 --> 1:29:49.320 be looking to put into the S and P. 1:29:49.600 --> 1:29:51.559 There's lots of rules around this, but I believe in 1:29:51.680 --> 1:29:54.960 you pay yourself first, and you pay yourself first. What 1:29:55.040 --> 1:29:58.360 I mean is you think about your investments just like 1:29:58.439 --> 1:30:01.840 you would a need, not a lot, so every single month. 1:30:01.880 --> 1:30:04.679 I believe in automatic investing. I've done it my entire career. 1:30:04.840 --> 1:30:07.200 Vanguard taught me that you get really lucky in finance. 1:30:07.360 --> 1:30:09.400 They teach you how to invest so that it becomes 1:30:09.400 --> 1:30:12.599 a habit, not a possibility. You don't wake up unless 1:30:12.600 --> 1:30:14.800 you're gross and not brush your teeth, right, You just 1:30:14.800 --> 1:30:17.679 brush your teeth because you're not gross, And so for investing, 1:30:17.720 --> 1:30:19.519 I think about it the same way. It's like you 1:30:19.560 --> 1:30:22.320 automatically set up your payments, so a little bit goes 1:30:22.360 --> 1:30:25.000 every time. I believe you want to have at least 1:30:25.080 --> 1:30:27.719 ten percent of the money that you make go into investing. 1:30:27.760 --> 1:30:30.080 There's lots of different rules. People could play it either way, 1:30:30.080 --> 1:30:32.800 but I think pay yourself first because otherwise you'll never 1:30:32.800 --> 1:30:35.280 pay yourself at all. And give yourself at least ten 1:30:35.320 --> 1:30:37.840 percent because we want to beat inflation every single year. 1:30:37.960 --> 1:30:39.960 And if you do those two things, you are better 1:30:40.040 --> 1:30:42.320 than about ninety percent of people that don't. 1:30:42.080 --> 1:30:44.840 Do that ten percent off the tax. That's just such 1:30:44.840 --> 1:30:46.920 a great goal for people, and you start thinking about 1:30:46.920 --> 1:30:49.840 it and you go, oh, what am I spending dumb 1:30:49.840 --> 1:30:52.400 money on? You know, like, what do you see people 1:30:52.479 --> 1:30:53.439 wasting money on? You know what? 1:30:53.479 --> 1:30:56.040 The biggest thing is people waste money on looking rich 1:30:56.120 --> 1:30:59.400 instead of being rich. And that is a cultural phenomenon 1:30:59.520 --> 1:31:03.280 that I think is eroding our wealth of society. I mean, 1:31:03.360 --> 1:31:07.760 perfect example here Coachella. We know because we're on the 1:31:07.760 --> 1:31:10.360 inside that the dirty secret of Coachella and everybody that 1:31:10.439 --> 1:31:12.720 you see on there is that most influencers are one 1:31:12.960 --> 1:31:16.160 paid to go, two given free tickets, three flown out 1:31:16.160 --> 1:31:18.559 for free. Four They actually have warehouses where you can 1:31:18.600 --> 1:31:21.000 pick out the clothes because that part's expensive, and you 1:31:21.000 --> 1:31:23.200 get the clothes for free, or if you're a real pro, 1:31:23.280 --> 1:31:25.280 they'll pay you to wear the clothes and give you 1:31:25.360 --> 1:31:28.880 the clothes for free. And so this entire experience for 1:31:29.000 --> 1:31:31.960 the few who become because we're all we just desire 1:31:32.000 --> 1:31:34.640 what other people have. That's how humans are. They're not 1:31:34.680 --> 1:31:36.920 paying anything for a thing that costs thousands and thousands 1:31:36.960 --> 1:31:39.599 and thousands of thousands of dollars. Well, the problem is 1:31:39.600 --> 1:31:43.360 is that the average Coachella main ticket holder, about sixty 1:31:43.360 --> 1:31:45.840 four percent of them couldn't afford their ticket, so they 1:31:45.840 --> 1:31:48.880 had to do buy now, pay later options. This year 1:31:49.600 --> 1:31:52.280 they offered buy now, pay later. And that is just 1:31:52.320 --> 1:31:54.559 for the ticket. That's not for the clothes, and that's 1:31:54.600 --> 1:31:56.679 not for the food, and that's not for the drinks. 1:31:57.040 --> 1:32:01.080 And so we are basically having credit card debt with 1:32:01.200 --> 1:32:04.439 which lasts forever, as a trade for Instagram posts which 1:32:04.520 --> 1:32:07.840 last for a minute. And so the number one thing 1:32:07.880 --> 1:32:09.960 that you can do to change your financial future is 1:32:10.000 --> 1:32:12.400 to not buy into what you see on the internet 1:32:12.479 --> 1:32:14.920 everybody else doing, which is why I really respect what 1:32:15.000 --> 1:32:17.280 you do and I try to do it online too. 1:32:17.520 --> 1:32:19.800 Sure we have nice things now sometimes you'll catch it 1:32:19.840 --> 1:32:21.880 in places because I won't really tell. But you don't 1:32:21.920 --> 1:32:25.120 see me flashing nice watches. You don't see me having 1:32:25.200 --> 1:32:28.240 nice cars. You don't see me posting about private planes. 1:32:28.479 --> 1:32:31.799 Why that's not really necessary. And all you are signaling 1:32:31.960 --> 1:32:34.120 is that that is what success is. That is not 1:32:34.200 --> 1:32:37.080 a success is. Those are just accoutrements that could be 1:32:37.080 --> 1:32:40.240 fun if you're into it once you're rich. But I 1:32:40.240 --> 1:32:43.559 promise you I've met so many unhappy mothers who have 1:32:43.600 --> 1:32:44.240 private jets. 1:32:44.400 --> 1:32:46.559 Yeah no, And I really appreciate that you saying that 1:32:46.640 --> 1:32:48.400 because I think for me it was the same thing 1:32:48.439 --> 1:32:50.679 I never wanted. I mean, when I started, I didn't 1:32:50.680 --> 1:32:52.960 have anything to show, but I didn't want someone to 1:32:53.000 --> 1:32:55.400 follow me for what I had. I wanted them to 1:32:55.439 --> 1:32:58.400 follow me for what I was saying and doing and living. 1:32:58.479 --> 1:33:02.120 And that to me always felt like that means anyone 1:33:02.160 --> 1:33:04.080 could do it, and as soon as it became. And 1:33:04.160 --> 1:33:06.320 also it was never about getting the thing, even for me. 1:33:07.040 --> 1:33:09.360 So if you make it about getting the thing, then 1:33:09.400 --> 1:33:11.400 the thing you do to get it you don't love. 1:33:11.680 --> 1:33:13.400 Whereas my thing is I love the game. I love 1:33:13.439 --> 1:33:15.280 what I'm doing, and same as you. And it goes 1:33:15.320 --> 1:33:17.160 back to where we started, where it's like, if you 1:33:17.200 --> 1:33:19.400 love the game, if you respect the rules, if you 1:33:19.439 --> 1:33:21.720 love what you do, then all of these things are 1:33:21.720 --> 1:33:24.720 a byproduct. They're wonderful, but they're never the gold and 1:33:24.800 --> 1:33:27.799 never the destination. They're never the thing that you wanted. 1:33:27.840 --> 1:33:29.320 That's not what drove you there. 1:33:29.920 --> 1:33:32.240 It's so true, and I'll be taken from you at 1:33:32.320 --> 1:33:35.200 very points, you know. And so I think about it 1:33:35.240 --> 1:33:37.599 a little bit like beauty. You know, I'm getting older 1:33:37.840 --> 1:33:40.840 and I've tried on the internet. Never make it about 1:33:40.880 --> 1:33:42.400 how I look one way or the other, if I'm 1:33:42.439 --> 1:33:45.599 fit or not, if I'm in sexy outfits or not. 1:33:45.720 --> 1:33:47.200 Why because I'm going to get old. I know what 1:33:47.200 --> 1:33:49.240 the future looks like, and it's old and wrinkley and 1:33:49.360 --> 1:33:52.120 sagotits and all the things right, and that's cool. It 1:33:52.120 --> 1:33:54.639 doesn't matter. And so if I can like prepare now 1:33:54.680 --> 1:33:57.200 that maybe people listen because I might have something valuable 1:33:57.240 --> 1:33:59.479 to say, then I'll still have something valuable to say 1:33:59.479 --> 1:34:01.200 when I'm made, as long as I'm still with it. 1:34:01.600 --> 1:34:03.920 And I think it's the same with stuff. You know, 1:34:04.000 --> 1:34:06.840 somebody could take that from you, but they cannot take ever. 1:34:07.479 --> 1:34:09.559 Nobody but God can take all the lessons that you've 1:34:09.640 --> 1:34:13.160 learned while running this business. Nobody but God could take 1:34:13.320 --> 1:34:17.439 the relationships that you've built from this business. But many things, 1:34:17.520 --> 1:34:20.559 including the market, could take everything that sits around us. 1:34:21.240 --> 1:34:22.840 And so I try to remember that so that I 1:34:22.880 --> 1:34:24.479 never anchored to it. And don't get me wrong, I'm 1:34:24.520 --> 1:34:26.400 not like, I am not an actual monk. I am 1:34:26.520 --> 1:34:29.960 very flawed, and so you know, I wish that I 1:34:30.000 --> 1:34:32.360 was better at some of this, But it is like 1:34:32.479 --> 1:34:34.880 the habits of millionaires are that they actually buy and 1:34:35.000 --> 1:34:38.360 large they don't care about money. They care about winning, 1:34:38.439 --> 1:34:42.960 and they care about learning, and real players find things 1:34:43.000 --> 1:34:45.360 and money to be uninteresting at some point. 1:34:45.880 --> 1:34:50.320 Toty cents, you're amazing. This is so great with you 1:34:50.360 --> 1:34:53.240 because it's just it's refreshing. We talked about everything from 1:34:53.320 --> 1:34:57.479 dating to investing, to making money to being a good employee. 1:34:57.520 --> 1:35:00.400 And I love that you're so flexible to go anywhere everywhere, 1:35:00.439 --> 1:35:03.000 because I feel people are going to get so much 1:35:03.040 --> 1:35:06.320 out of this episode, and I'm just so grateful that 1:35:06.640 --> 1:35:10.479 you're showing up as you are always despite everything else 1:35:10.560 --> 1:35:12.800 crazy life that you have going on as well, you're 1:35:12.840 --> 1:35:16.160 able to come here and drop wisdom gems with ease. 1:35:16.760 --> 1:35:19.400 Thank you for the priceless advice. It was so fun, 1:35:19.400 --> 1:35:22.200 amazing value. Everyone who's listening and watching, make sure you 1:35:22.280 --> 1:35:25.760 tag me and Cody on Instagram, on TikTok. Let us 1:35:25.800 --> 1:35:28.800 know what you're testing, let us know what resonated with you, 1:35:28.880 --> 1:35:30.840 let us know what connected with you. Because there were 1:35:30.920 --> 1:35:33.720 so many moments that I was sitting there going this 1:35:33.800 --> 1:35:35.720 is great, this is great. I hope someone does this. 1:35:36.080 --> 1:35:38.639 I want to see what's stuck with you. And of course, 1:35:38.680 --> 1:35:41.280 if you don't already, go and grab a copy of 1:35:41.400 --> 1:35:45.160 main Street Millionaire. Subscribe to Cody's podcast, follow her across 1:35:45.160 --> 1:35:48.080 social media, don't miss out in the amazing wisdom that 1:35:48.120 --> 1:35:50.080 she has to share, and we'll see you again soon. 1:35:50.280 --> 1:35:53.760 Thank you so much for listening to this conversation. If 1:35:53.760 --> 1:35:57.160 you enjoyed it, you'll love my chat with Adam Grant 1:35:57.439 --> 1:36:00.479 on why discomfort is the key to growth and the 1:36:00.560 --> 1:36:04.680 strategies for unlocking your hidden potential. If you know you 1:36:04.720 --> 1:36:07.320 want to be more and achieve more this year, go 1:36:07.439 --> 1:36:08.799 check it out right now. 1:36:08.960 --> 1:36:11.639 You set a goal today, you achieve it in six months, 1:36:12.040 --> 1:36:14.839 and then by the time it happens, it's almost a relief. 1:36:15.080 --> 1:36:16.639 There's no sense of meaning and purpose. 1:36:16.800 --> 1:36:18.519 You sort of expected it, and you would have been 1:36:18.520 --> 1:36:19.960 disappointed if it didn't happen.