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Speaker 1: Between fifty five percent and seventy eight percent of Americans

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Speaker 1: have no money after I just pay my basic necessities.

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Speaker 1: Our system is so ripped for the rich and the

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Speaker 1: financially savvy, but we're never taught to be financially said.

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Speaker 2: Hey, everyone, welcome back to On Purpose, the place you

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Speaker 2: come to become happier, healthier, and more healed, to have

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Speaker 2: a better relationship with yourself, with your partner, with your money.

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Speaker 2: And today's guest is one of your absolute favorites. He

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Speaker 2: came on the show three years ago, over two million views,

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Speaker 2: millions and millions of impressions across Instagram and TikTok as well.

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Speaker 2: We had to bring him back. I'm talking about the

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Speaker 2: one and only minority mindset, Esspree saying, just free. It

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Speaker 2: is so great to have you back. Last interview went ballistic,

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Speaker 2: the comments, the feedback. We had to have you back

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Speaker 2: in the chair, and I'm so grateful to be here

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Speaker 2: with you.

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Speaker 1: Well, thank you, Jay, thank you to everybody for listening,

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Speaker 1: watching and means the world to me. And man, it's

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Speaker 1: great to see you after so long.

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Speaker 2: Yes, I can't believe it, it's been so long. I

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Speaker 2: was telling my team it's like can't believe it take

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Speaker 2: us this long to get him.

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Speaker 1: Back, you know, And I can't believe you've never been

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Speaker 1: to Detroit.

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Speaker 2: I know that I need to figure out. Yeah, I was.

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Speaker 2: I was saying to just be for those of you

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Speaker 2: who are listening or watching our saying him that Eminem.

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Speaker 2: I've always been a massive Eminem fan, and so I

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Speaker 2: heard about Detroit so much growing up. And Big Schwan's

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Speaker 2: dear friend. He's been on the show like three or

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Speaker 2: four times. So I can't believe I haven't been to

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Speaker 2: Detroit yet.

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Speaker 1: Yeah, and our office is in downtown Detroit. For those

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Speaker 1: they don't know there, we go there. And did you

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Speaker 1: grow up in Detroit? I did Metal Detroit?

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Speaker 2: Okay, amazing, So that makes sense.

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Speaker 1: Then yep, yep for close to home.

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Speaker 2: But just really, let's dive in. The reason why I

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Speaker 2: love sitting down with you is because I feel the

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Speaker 2: advice is so practical, it's so tactical, and it's extremely honest.

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Speaker 2: And the first question I have for you is something

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Speaker 2: that I've really been experiencing when talking to people. And

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Speaker 2: I just went on tour. I was in fifteen cities

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Speaker 2: across North America. I don't know why we didn't come

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Speaker 2: to Detroit, but fifteen cities across North America and Canada.

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Speaker 2: And whenever I do that we were taking on purpose.

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Speaker 2: On tour, I sat down with people and listening to

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Speaker 2: people's questions, and something that I was really noticing was this,

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Speaker 2: if someone's living paycheck to paycheck, what's the very first

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Speaker 2: step they can take to break that cycle.

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Speaker 1: Yeah. One of the most unfortunate things about money is

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Speaker 1: we use money every single day. It cost money to eat,

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Speaker 1: it cost may to feed other people. We go to

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Speaker 1: work to earn money, yet most of us are never

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Speaker 1: taught a thing about money. And so what happens to

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Speaker 1: so many people is we go to school to get

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Speaker 1: a good job, and now we go and get an income,

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Speaker 1: and I'm going to go and spend money, and that

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Speaker 1: recipe is a disaster. Just Statistically, the majority of Americans

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Speaker 1: are living paycheck to paycheck, and by majority it depends

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Speaker 1: on which study you read. It's somewhere between fifty five percent,

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Speaker 1: and some people say as high at seventy eight percent.

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Speaker 1: Of Americans have no money left over for a gift

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Speaker 1: of vacation, let alone and investment. After I just pay

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Speaker 1: my basic necessities and now the problem and question that

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Speaker 1: everyone has is why and how do I get out?

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Speaker 1: And in order to get out, because that's your question,

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Speaker 1: you have to understand the why because the reality and

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Speaker 1: this is going to sound harsh, but I learned this

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Speaker 1: the hard way. Our system is so rigged for the

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Speaker 1: rich and the financially savvy, but we're never taught to

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Speaker 1: be financially savvy. What do I mean? When you understand money,

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Speaker 1: it's much easier for you to get that money and

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Speaker 1: grow that money. When you don't understand it, you're the

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Speaker 1: one that's making everybody else rich. So in this system

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Speaker 1: where you are working to make money and spend money,

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Speaker 1: you're working to make everybody else rich except yourself. Why

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Speaker 1: Because the majority of America and really the world now

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Speaker 1: is I make money and I spend money, and every

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Speaker 1: dollar you spend is a dollar going into somebody else's pocket.

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Speaker 1: And in our society, we live in what's called a

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Speaker 1: credit based economy. What that means is if I make

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Speaker 1: one hundred dollars from my job, I have the ability

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Speaker 1: to spend that one hundred dollars plus more thanks to Visa, AMX, MasterCard,

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Speaker 1: Discover and all the other forms of debt out there.

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Speaker 1: And so if I go out and spend one hundred dollars,

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Speaker 1: I'm going to make you one hundred dollars richer. If

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Speaker 1: I spend one hundred dollars plus fifty dollars on my

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Speaker 1: credit card, I just made you one hundred and fifty

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Speaker 1: dollars richer. And so when we live in a society

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Speaker 1: that's built around spending, but more specifically credit based spending,

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Speaker 1: and you don't have that shield, that financial education, that

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Speaker 1: financial savviness to know what to do with their money, well,

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Speaker 1: now every corporation in the world, every bank in the world,

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Speaker 1: is going to hire the smartest marketers, the smartest MBAs

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Speaker 1: to get you to spend your money there because that's

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Speaker 1: going to make them rich. And you were going to

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Speaker 1: work just to pay bills, just to make them rich,

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Speaker 1: and now you never have a chance to get ahead.

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Speaker 1: So this system is designed this way. Now, how do

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Speaker 1: you get out? And the way you get out? We

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Speaker 1: can break it up into multiple steps now, and it

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Speaker 1: starts with step number one building the right mindset. So

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Speaker 1: I'm gonna break it up into seven steps. Step number

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Speaker 1: one is the mindset. And when it comes to mindset,

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Speaker 1: there are four different layers of this mindset that you

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Speaker 1: have to understand. Number one is I will become wealthy.

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Speaker 1: Number two is money is abundant. Number three is money

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Speaker 1: is a tool. Number four it's is my duty to

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Speaker 1: become wealthy. And the reason why I say that is

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Speaker 1: a lot of us grow up with some sort of

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Speaker 1: money trauma, some sort of money negativity. And people say

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Speaker 1: poverty is generational. Well, it's not that we have a

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Speaker 1: gene in our DNA saying you're going to be poor.

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Speaker 1: What it is is you grew up hearing money is bad,

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Speaker 1: money is evil. We don't have enough money. That's too

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Speaker 1: much money, We can't afford that. We hear these types

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Speaker 1: of things growing up, and so we start to normalize

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Speaker 1: those things that, oh, okay, as a kid, I can't

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Speaker 1: afford that trip to Disneyland. I can't afford these nice

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Speaker 1: things that I want. And then as you start to

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Speaker 1: get older, you start to have kids yourself. What happens

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Speaker 1: when your kids want nice things? We can't afford that.

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Speaker 1: That's too much money, that's beyond what we have, So

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Speaker 1: that gets passed down. It's that mindset that gets passed down.

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Speaker 1: So the first step is you need to change the

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Speaker 1: way you talk and say I will become wealthy. And

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Speaker 1: I did a little exercise. I used to guest teach

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Speaker 1: in Detroit public schools and it was a very tough

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Speaker 1: school district, very rough school district, and I would talk

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Speaker 1: to these kids about money. And I think we talked

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Speaker 1: about this in our last podcast, But one of the

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Speaker 1: things I would ask them is what is your dream car?

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Speaker 1: And many people would have dream cars of things like

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Speaker 1: Afford Focus or Dodge Challenger, and I would say, why

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Speaker 1: not a Bugatti? Why not a Rolls Royce. The answer

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Speaker 1: that I would get is somebody like me from my

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Speaker 1: background could never have a nice car like that. So

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Speaker 1: when you tell yourself I can't, I guarantee you can't,

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Speaker 1: which is why you have to start saying, oh, we'll

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Speaker 1: become wealthy. Number two is money is a tool. Many

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Speaker 1: people are scared to talk about money because we're insecure

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Speaker 1: about our own money. But the reality is money is

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Speaker 1: a tool that can amplify who you are. You give

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Speaker 1: a good person more money, they have a tool to

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Speaker 1: do more good. You give a bad person more money,

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Speaker 1: they have a tool to do more bad. Which is

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Speaker 1: why we need more good people with money and understanding

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Speaker 1: the hete. You know what, is just a tool that

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Speaker 1: can allow you to do more things to take better

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Speaker 1: care of family, your kids, your parents, and your community.

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Speaker 2: Yeah. I think the challenge is we look at how

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Speaker 2: much we're worth as a sign of how much we

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Speaker 2: are worth. Right, Like, there's that idea of we're almost

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Speaker 2: looking at it. The reason we're uncomfortable or and secure

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Speaker 2: talking about money is because in some way we believe

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Speaker 2: society values us based on how much we make, and

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Speaker 2: certainly we may have started to value ourselves that way

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Speaker 2: as well.

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Speaker 1: Well, this is one hundred percent true. And just take

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Speaker 1: a look at it from Instagram. Instagram has become a

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Speaker 1: highlight reel. I'm going to show my best self. But

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Speaker 1: we often don't look at it as somebody else's highlight reel.

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Speaker 1: We look at it as somebody else's average. And now,

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Speaker 1: let's say you're in a relationship. Your wife is now

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Speaker 1: on Instagram and she says, oh my god, this couple's

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Speaker 1: going to Cancun. Oh my god, look at this nice

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Speaker 1: house that this couple has. Oh my god, look at

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Speaker 1: the car he just got her. What's going to happen? Hey, hubbs, husband,

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Speaker 1: how come we can't have these nice things. What are

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Speaker 1: we doing wrong? How can we we feel the sense

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Speaker 1: of like I'm missing out? And so now we go

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Speaker 1: back to my money is my worth, But that's not true.

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Speaker 1: Money is one part of our lives, and you have

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Speaker 1: to understand that more money will allow you to fulfill

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Speaker 1: the financial part of our life, which is important. But

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Speaker 1: the only way you get there is by getting on

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Speaker 1: the same page about money and building that separation between

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Speaker 1: the emotional side of money and the logic side of money.

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Speaker 1: And that can be difficult because oftentimes, especially when we're

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Speaker 1: struggling with money, we're thinking emotionally, why is it that

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Speaker 1: the casinos are in the poorest neighborhoods. Why is it

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Speaker 1: that all these stores are designed to profit off of

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Speaker 1: people that don't have money. It's because when you don't

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Speaker 1: have money, man, it is easy to say, hey, let

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Speaker 1: me give you a dopamine hit, buy this nice pair

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Speaker 1: of shoes, buy this Gucci purse, buy this whatever thing

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Speaker 1: to the people that can at least afford it, because

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Speaker 1: it gives you that emotional rush, that oh, that spending therapy.

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Speaker 1: But that's the same thing that's keeping you broke. You

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Speaker 1: look rich, you feel better for the moment and then

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Speaker 1: you have to pay it back plus interest. And in

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Speaker 1: the beginning of this podcast has said our system is

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Speaker 1: designed to profit off of people that don't understand this. Well,

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Speaker 1: the reality is our system is designed to profit off

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Speaker 1: of keeping you poor. And it's going to sound harsh,

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Speaker 1: but the reality is banks profit when you are in debt.

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Speaker 1: The more debt you are in, the more money they make.

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Speaker 1: Corporations profit when you spend money, the more you spend,

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Speaker 1: the more they make. The government profits when you are

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Speaker 1: financially uneducated, because how you're going to pay the highest

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Speaker 1: taxes and you're going to be stuck relying on the government,

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Speaker 1: when in reality, when you become financially educated, you can

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Speaker 1: pay less money and taxes legally and not need those

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Speaker 1: same services per se from the government. That's why the

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Speaker 1: financial education is so important. But the only way you

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Speaker 1: can get there is if you can separate the emotional

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Speaker 1: side from the logic side. And it starts with that mindset.

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Speaker 2: Money is a tool.

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Speaker 1: Money is a tool. Yeah, and then it's number three,

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Speaker 1: money is abundant. This one is a tough one, but

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Speaker 1: it is one of the most powerful tools to become

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Speaker 1: financially successful. Let's say now, you make fifty thousand dollars

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Speaker 1: a year and you start to watch some financial education

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Speaker 1: content on YouTube and you're like, oh wow, I like

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Speaker 1: this idea to invest my money. And you've become extremely

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Speaker 1: aggressive and you find a way to live off of

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Speaker 1: forty thousand dollars and invest ten thousand dollars a year. Well,

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Speaker 1: what happens to a lot of people in this situation

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Speaker 1: is you say, you know what, Joss Breath, I want

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Speaker 1: to do more of this. I want to be more

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Speaker 1: of an investor because I can see that light at

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Speaker 1: the end of the tunnel. I'm going to live now

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Speaker 1: instead of off of forty thousand dollars a year, I'm

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Speaker 1: going to live off of thirty eight thousand dollars a

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Speaker 1: year and put aside twelve thousand. Then maybe I live

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Speaker 1: off of thirty seven thousand and I'm gonna invest thirteen thousand.

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Speaker 1: This is a scarcity mindset way of thinking, because you

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Speaker 1: think that there's a limited pie and you can just

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Speaker 1: squeeze more pennies out of the pie. I mean, everybody

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Speaker 1: on the internet talks about why you need to stop

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Speaker 1: digging straw stuff bucks so you can have five dollars

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Speaker 1: more to invest. Well, let's flip that just a little bit.

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Speaker 1: You make fifty thousand dollars a year, you're saving and

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Speaker 1: investing ten thousand. But what if now you work to

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Speaker 1: earn five hundred thousand dollars a year, and if you

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Speaker 1: were going to save and invest that same percentage of

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Speaker 1: your income. I means now you can save and invest

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Speaker 1: one hundred thousand dollars a year. Now, the first time

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Speaker 1: you hear that, your response is probably going to be just.

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Speaker 1: But if you are out of your mind, my boss

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Speaker 1: is not going to ten x my income. How am

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Speaker 1: I supposed to go from fifty grand to five hundred

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Speaker 1: thousand dollars a year? Are you bad? Word? Well, I

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Speaker 1: want you to take a step back. What do we

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Speaker 1: just say? I will become wealthy? Money is a tool.

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Speaker 1: Money is abundant. There's a lot of money in the world,

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Speaker 1: a lot of money. There's some people that make whatever

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Speaker 1: you make in a month. There are people that make

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Speaker 1: whatever you make in a week, there are people that

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Speaker 1: make whatever you make in a day, and there's probably

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Speaker 1: people that make whatever you're making in an hour. If

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Speaker 1: you start to ref frame the way you look at

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Speaker 1: money now you can start doing different things. Maybe you

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Speaker 1: start watching more YouTube videos on how do you earn

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Speaker 1: more money? Maybe you start to read books about it.

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Speaker 1: And maybe you don't get to five hundred thousand dollars

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Speaker 1: a year, but maybe you get eighty percent of the

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Speaker 1: way there, fifty percent of the way there, it's still

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Speaker 1: a lot further and you will never get there. Unlet's

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Speaker 1: you start thinking about money in terms of abundance. And finally,

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Speaker 1: it is my duty to become wealthy. In the Sick religion,

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Speaker 1: we have three main values. I'm not here to preach anything,

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Speaker 1: but there are three main fundamental tenets. Now I'm juppana

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Speaker 1: wan chakana gettny, which means remember God serve others before

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Speaker 1: you serve yourself and earn an honest living. It is,

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Speaker 1: in my belief, your duty to become financially successful so

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Speaker 1: you can take better care of yourself, better take care

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Speaker 1: of your family, and take better care of your community.

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Speaker 1: And once you can understand these things and change the

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Speaker 1: way you think. It's not easy, but if you can

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Speaker 1: work on that, listen to your podcast, listen to the

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Speaker 1: other stuff out there. Now you can move on to

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Speaker 1: step number two, which is learn the rules of money.

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Speaker 1: And again, I know we'll getting too the theoretical stuff.

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Speaker 1: Right after this, we'll talk about the practical side of

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Speaker 1: what do you actually do with their money. But you

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Speaker 1: have to learn the rules of money because one of

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Speaker 1: the things that I learned is that wealthy people understand

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Speaker 1: that money is a game, and every single person is

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Speaker 1: playing this money game. But the way that wealthy people

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Speaker 1: are playing the money games are very different than everybody else.

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Speaker 1: The average person thinks about money and how you attract

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Speaker 1: that money is I have to go to work and

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Speaker 1: have to earn this money. I have to work hard

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Speaker 1: to get this money. Now, you do have to work hard,

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Speaker 1: there's no way around that. But the way that wealthy

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Speaker 1: people and financially savvy people think about money is I'm

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Speaker 1: going to work hard, not to make the money, but

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Speaker 1: own an asset, and this asset is going to make

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Speaker 1: me more money. I'm going to work to own the

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Speaker 1: things that will keep paying me even after I stop working.

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Speaker 1: And that is a completely different way of thinking, because

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Speaker 1: the average person is thinking, if I can make a

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Speaker 1: little bit more money, I'm gonna drive a better car.

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Speaker 1: If I can make a little bit more money, I'm

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Speaker 1: gonna buy a better house. If I could get a bonus.

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Speaker 1: I'm gonna go on a vacation. If I could get

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Speaker 1: a nice raise, I'm gonna buy my wife a nice purse.

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Speaker 1: We think in terms of spending. Wealthy people think in

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Speaker 1: terms of investments. And there's three rules of money that

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Speaker 1: I learned that you have to understand. Number one is

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Speaker 1: that money flows to the investor. When I go to

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Speaker 1: Chipotle and I buy a bowl of extra guac, who

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Speaker 1: am I benefiting? Am I really supporting the employees? Yes,

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Speaker 1: in a way, because I will be paying their salary,

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Speaker 1: But the real profits are going to the owners of Chipotle.

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Speaker 1: It's going to the investors of Chipotle. Money. Rule Number

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Speaker 1: two is inflation benefits the investor. What does that mean.

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Speaker 1: Over the last five years, we've seen the prices of

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Speaker 1: things rise. This is because of inflation. Inflation didn't just

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Speaker 1: start after the pandemic. Has been happening for a long, long,

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Speaker 1: long time. And so you might have heard your grandparents

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Speaker 1: or parents say, when I was young, I used to

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Speaker 1: go to the movie theater for a nickel, a dollar,

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Speaker 1: whatever it might be. Now it's twenty five dollars to

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Speaker 1: go to a movie. This is inflation. So now when

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Speaker 1: you spend those more dollars at Chipotle. Who's getting those

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Speaker 1: more dollars. It's the owners of Chipotle, the investors. And

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Speaker 1: then finally is our system is designed to benefit the investor.

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Speaker 1: As a license attorney, who's at your attorney? I can

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Speaker 1: tell you that when you earn your money as an investor,

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Speaker 1: you are going to pay a lower tax rate than

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Speaker 1: when you earn your money as an employee. That's why

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Speaker 1: it is so important to understand the rules of money,

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Speaker 1: because our entire system is designed to make the financially

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Speaker 1: savvy wealthier while everybody else is paying the price. I'll

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Speaker 1: give you one more example. When I was in law school,

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Speaker 1: I learned about this concept called fiduciary duty. And what

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Speaker 1: I didn't understand, and what I learned is that the

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Speaker 1: CEO of a company, your boss, has a fiduciary duty

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Speaker 1: to make one person rich. Do you know who that is.

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Speaker 1: It's not the employees at the company, It's not the

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Speaker 1: customers at the company. It is the owners of the company,

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Speaker 1: the investors in the company. The CEO has to make

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Speaker 1: decisions to make the investors rich. And we're never taught

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Speaker 1: to become an investor. We're taught to become an employee. Now,

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Speaker 1: it's not bad to work a job. That's not what

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Speaker 1: I'm saying. In fact, that's probably the best thing for

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Speaker 1: most people. What I'm saying is you have to understand

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Speaker 1: that when you go to work, you now have to

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Speaker 1: take some of that money and become an investor. Now,

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Speaker 1: when you do that, now you can start to get

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Speaker 1: into the practical steps of what you do with your money. Yeah,

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Speaker 1: so we talked about Now step number one is you

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Speaker 1: have to build the mindset. Now you have to learn

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Speaker 1: the rules of money. Now we get into the practical side,

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Speaker 1: which is step number three. Get out of the financial

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Speaker 1: danger zone. And what I'm mean by that is the

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Speaker 1: very first thing you have to do is save two

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Speaker 1: thousand dollars as fast as possible.

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Speaker 2: Just two thousand.

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Speaker 1: Just start with two thousand as a start, and then

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Speaker 1: pay off your credit card debt. Half of America today

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Speaker 1: does not have one thousand dollars but aside to protect

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Speaker 1: them against emergency. So if your car breaks down, your

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Speaker 1: kid gets sick, your window breaks, the average person has

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Speaker 1: to go into debt to pay for that expense. You

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Speaker 1: have zero breathing room. If you want to go on vacation,

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Speaker 1: you want to do anything. You have to go into

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Speaker 1: debt to do that, So we need to stop that.

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Speaker 1: I call this the financial danger zone. You need to

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Speaker 1: save two thousand dollars as fast as possible, and the

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Speaker 1: way you can do that is by spending less or

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Speaker 1: working to earn more, and you have to make some

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Speaker 1: extreme sacrifice if you don't have that.

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Speaker 2: Do you know what people are wasting the most amount

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Speaker 2: of money on right now in the United States? Is

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Speaker 2: there any research on that?

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Speaker 1: Oh? Man, Well, if you are somebody who does not

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Speaker 1: have two thousand dollars saved up, there's a lot of

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Speaker 1: things you got to cut out. And this is going

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Speaker 1: to sound mean, but I don't say what I say

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Speaker 1: to make friends, to say what I say to help

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Speaker 1: people be better with money. You should not be eating

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Speaker 1: at a restaurant. You should not be going on vacations.

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Speaker 1: You should not be driving around in a fancy car.

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Speaker 1: You shouldn't be living in a big, fancy house right now.

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Speaker 1: You got to make some extreme sacrifices if you don't

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Speaker 1: have two thousand dollars. So much so that what I

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Speaker 1: tell people is you should not have a Netflix subscription,

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Speaker 1: not because it's going to save you fifteen dollars a month.

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Speaker 1: But because the average American is watching somewhere between two

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Speaker 1: to three hours of Netflix a day, if you don't

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Speaker 1: have two thousand dollars, how can you feel comfortable sitting

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Speaker 1: there at nighttime watching whatever the heck is on Netflix.

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Speaker 1: You have to have a little bit of urgency that,

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Speaker 1: oh my god, I got to take care of my family.

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Speaker 1: So whatever you can cut back on, do it. And

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Speaker 1: then once you get that two thousand dollars, pay off

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Speaker 1: your high interest credit card debts. Because when you are

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Speaker 1: in that situation where you have those high interest debts,

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Speaker 1: you are trying to climb a mountain with one thousand

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Speaker 1: pounds of chain strapped to your back. You're never gonna

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Speaker 1: get to the next step because anytime you get some money,

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Speaker 1: you got to pay it back off. In fact, let

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Speaker 1: me give you an example. Jay, If I gave you

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Speaker 1: six thousand, five hundred dollars today and you invested that

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Speaker 1: money today, you never touch that money again, you never

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Speaker 1: invested another penny again, and you could get a let's

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Speaker 1: say twenty percent return a year on that money. In

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Speaker 1: forty forty five years, you're going to retire very wealthy.

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Speaker 1: You're not gonna have a million dollars, five million dollars,

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Speaker 1: ten million dollars, fifty million dollars, You're gonna have closer

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Speaker 1: to sixty million dollars off of that one investment. Of

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Speaker 1: the six four hundred and six thousand, five hundred dollars

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Speaker 1: that I give you today. Are you going to say,

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Speaker 1: all right, sign me up, j just but you give

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Speaker 1: me that money and where do I invest it? Well,

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Speaker 1: here's the reality. Do you know who's getting those returns?

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Speaker 1: Amx Visa, MasterCard, Discover and do you know who's paying it?

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Speaker 2: You?

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Speaker 1: If you have credit card debt, and so instead of

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Speaker 1: you having that wealth, you are the one that's paying

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Speaker 1: for their private jets. You are the one that's paying

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Speaker 1: for their big buildings. You are the one that's paying

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Speaker 1: for their luxuries. Which is why I get so serious

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Speaker 1: about this that if you want to become wealthy, you

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Speaker 1: have to you have to you have to get out

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Speaker 1: of this financial danger zone. Once you get there, now

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Speaker 1: we can get to the next step, step number four.

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Speaker 1: This is where things out get fun because you finally

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Speaker 1: have a little bit of a foundation. Now you can

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Speaker 1: create a system for your money. The difference between wealthy

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Speaker 1: people and everybody else is wealthy people know what they're

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Speaker 1: going to do with their money before they earn it.

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Speaker 1: Everybody else gets the money, and then they wonder, well

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Speaker 1: what should I do? How should I spend this money?

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Speaker 1: And this is where it is very helpful to have

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Speaker 1: a system for your money. One that I teach is

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Speaker 1: a seventy five to fifteen to ten plan, which says,

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Speaker 1: for every dollar that you earn from here on out,

433
00:22:09,960 --> 00:22:13,399
Speaker 1: seventy five cents is the maximum that you can spend,

434
00:22:14,200 --> 00:22:18,720
Speaker 1: fifteen cents is the minimum that you invest, ten cents

435
00:22:18,800 --> 00:22:21,879
Speaker 1: is the minimum that you save. This way, whether you're

436
00:22:21,920 --> 00:22:25,160
Speaker 1: earning thirty thousand dollars a year, three hundred thousand dollars

437
00:22:25,200 --> 00:22:27,000
Speaker 1: a year, or three million dollars a year, you're always

438
00:22:27,040 --> 00:22:30,600
Speaker 1: going to have a rule of how much you can save, invest,

439
00:22:30,760 --> 00:22:33,520
Speaker 1: and spend. Break that down for us again, seventy five

440
00:22:33,920 --> 00:22:36,080
Speaker 1: fifteen ten. So the way I'd like you to do

441
00:22:36,119 --> 00:22:39,240
Speaker 1: this is I want you to open three bank accounts,

442
00:22:39,359 --> 00:22:41,720
Speaker 1: and you're going to make money. Money gets deposited into

443
00:22:41,760 --> 00:22:45,879
Speaker 1: one bank account, create an automatic withdrawal and deposit. That

444
00:22:45,920 --> 00:22:48,040
Speaker 1: money gets pulled out of one bank account, and fifteen

445
00:22:48,080 --> 00:22:50,920
Speaker 1: percent goes into your bank account holding your investment money.

446
00:22:51,280 --> 00:22:54,440
Speaker 1: Ten percent goes into your bank account holding your savings money.

447
00:22:54,880 --> 00:22:56,560
Speaker 1: The reason why you want to have three different bank

448
00:22:56,560 --> 00:22:59,480
Speaker 1: accounts is because if you have one hundred dollars in

449
00:22:59,560 --> 00:23:01,800
Speaker 1: one bank account and you think this is my investing

450
00:23:01,840 --> 00:23:04,639
Speaker 1: money and my saving money. You go into the store

451
00:23:04,720 --> 00:23:07,640
Speaker 1: and you see this nice sweater on sale, it's ninety dollars.

452
00:23:08,040 --> 00:23:09,760
Speaker 1: I have one hundred dollars in a bank account. Well,

453
00:23:09,760 --> 00:23:12,560
Speaker 1: I should be able to afford it, right, Well, you

454
00:23:12,720 --> 00:23:14,639
Speaker 1: forget that some of that money is supposed to be

455
00:23:14,680 --> 00:23:17,560
Speaker 1: saved and invested, and then you pay taxes on that sweater,

456
00:23:17,640 --> 00:23:19,800
Speaker 1: and now you spend ninety eight ninety nine dollars on

457
00:23:19,840 --> 00:23:22,440
Speaker 1: a sweater and oops, I just spent my savings and

458
00:23:22,480 --> 00:23:24,560
Speaker 1: my investment money, which is why you need the three

459
00:23:24,600 --> 00:23:27,440
Speaker 1: different bank accounts. Your savings are not going to make

460
00:23:27,440 --> 00:23:29,720
Speaker 1: you wealthy. This is a big lie that we've been sold.

461
00:23:30,160 --> 00:23:33,320
Speaker 1: Your savings are there to protect you, Your investments are

462
00:23:33,359 --> 00:23:36,680
Speaker 1: there to make you wealthy, and that spending money is

463
00:23:36,920 --> 00:23:39,200
Speaker 1: what you pay for your house, your groceries, or vocations

464
00:23:39,200 --> 00:23:42,360
Speaker 1: and everything else. Now we move on to the next

465
00:23:42,400 --> 00:23:45,199
Speaker 1: step is how do you spend your money smartly? And

466
00:23:45,240 --> 00:23:47,120
Speaker 1: this is where things start to get a little bit painful.

467
00:23:47,160 --> 00:23:49,280
Speaker 1: But this is where you can really accelerate your wealth.

468
00:23:49,320 --> 00:23:51,000
Speaker 1: You know how to spend your money now, you have

469
00:23:51,320 --> 00:23:54,440
Speaker 1: a good system. Now when it comes to actually accelerating

470
00:23:54,440 --> 00:23:56,199
Speaker 1: your wealth, you got to spend your money smartly. And

471
00:23:56,240 --> 00:23:59,000
Speaker 1: what I mean by that is no more financing things.

472
00:23:59,000 --> 00:24:02,159
Speaker 1: I don't put money in your and then follow the

473
00:24:02,240 --> 00:24:04,760
Speaker 1: rule of five when it comes to luxuries. So when

474
00:24:04,760 --> 00:24:07,960
Speaker 1: it comes to no more financing things, it's very normal.

475
00:24:07,960 --> 00:24:09,919
Speaker 1: You want to buy the new iPhone? Why would you

476
00:24:09,960 --> 00:24:13,280
Speaker 1: pay one thy twelve hundred dollars put it in fifty

477
00:24:13,280 --> 00:24:16,880
Speaker 1: dollars a month, zero percent APR. It's free money. Why

478
00:24:16,880 --> 00:24:19,520
Speaker 1: wouldn't you take it? Well, let me ask you a question.

479
00:24:19,880 --> 00:24:21,720
Speaker 1: If I walked into the bank today and I said,

480
00:24:21,720 --> 00:24:24,120
Speaker 1: give me a thousand dollars loan at zero percent APR,

481
00:24:24,560 --> 00:24:27,080
Speaker 1: what are they going to say? Heck, no, there's the door.

482
00:24:28,560 --> 00:24:31,080
Speaker 1: Why is it that somebody is willing to offer me

483
00:24:31,240 --> 00:24:35,560
Speaker 1: zero percent APR? Not just somebody a very profitable corporation

484
00:24:36,240 --> 00:24:39,840
Speaker 1: because they know how to make money off of you

485
00:24:40,040 --> 00:24:44,200
Speaker 1: with a zero percent APR. Why because at zero percent

486
00:24:44,240 --> 00:24:47,160
Speaker 1: APR number one is going to make it much easier

487
00:24:47,160 --> 00:24:50,520
Speaker 1: for you to buy the new iPhone more often. Number two,

488
00:24:50,560 --> 00:24:53,400
Speaker 1: you don't feel the pain of one thousand dollars leaving

489
00:24:53,440 --> 00:24:57,040
Speaker 1: your bank account. It's just fifty dollars a month. Number three,

490
00:24:57,480 --> 00:24:59,119
Speaker 1: when you buy the new phone, well, now they can

491
00:24:59,160 --> 00:25:01,480
Speaker 1: sell you the new airport, the new charger, the new

492
00:25:01,960 --> 00:25:04,720
Speaker 1: case for it. And then number four, they know that

493
00:25:04,760 --> 00:25:05,920
Speaker 1: a lot of people are not going to pay it

494
00:25:05,960 --> 00:25:07,560
Speaker 1: off in time, and now they're gonna slap on that

495
00:25:07,800 --> 00:25:10,760
Speaker 1: fifteen twenty twenty five percent interest, which then makes them

496
00:25:10,800 --> 00:25:14,000
Speaker 1: even wealthier. Which is why you should not be financing things,

497
00:25:14,160 --> 00:25:16,680
Speaker 1: even at zero percent EPR. If it doesn't put money

498
00:25:16,680 --> 00:25:18,840
Speaker 1: in your pocket, do not finance it. The only exception

499
00:25:18,880 --> 00:25:21,520
Speaker 1: is the house that you live in. And then by

500
00:25:21,600 --> 00:25:24,359
Speaker 1: rule of five, if you can't buy five of them,

501
00:25:24,480 --> 00:25:27,720
Speaker 1: you can't afford one of them, especially for luxuries.

502
00:25:27,760 --> 00:25:28,400
Speaker 2: That's good rule.

503
00:25:28,960 --> 00:25:31,800
Speaker 1: So you want to buy a nice one thousand dollars watch,

504
00:25:32,160 --> 00:25:36,320
Speaker 1: you better have five thousand dollars so of willing of

505
00:25:36,320 --> 00:25:39,840
Speaker 1: extra money. Now we can get into the next step,

506
00:25:40,960 --> 00:25:44,040
Speaker 1: which is how do you earn more money? This step

507
00:25:44,119 --> 00:25:47,199
Speaker 1: number six, because now we know how to create a

508
00:25:47,200 --> 00:25:48,720
Speaker 1: system with your money. You know that I'm gonna do

509
00:25:48,760 --> 00:25:51,200
Speaker 1: seventy five to fifteen ten. I know how to spend

510
00:25:51,280 --> 00:25:53,399
Speaker 1: my money. Now let me earn more money. And this

511
00:25:53,440 --> 00:25:55,399
Speaker 1: is the part that many people get flipped because they

512
00:25:55,440 --> 00:25:57,560
Speaker 1: assumed I just seed that to make some more money. Well,

513
00:25:57,560 --> 00:25:59,040
Speaker 1: if you make more money, well at knowing what to

514
00:25:59,080 --> 00:26:01,280
Speaker 1: do with that money, you make more money. Then you

515
00:26:01,280 --> 00:26:02,959
Speaker 1: make other people rich with it because you just go

516
00:26:03,000 --> 00:26:05,600
Speaker 1: and spend it. This is where now it is important

517
00:26:05,600 --> 00:26:07,560
Speaker 1: for you to figure out how can you earn more money.

518
00:26:07,600 --> 00:26:09,400
Speaker 1: Maybe you ask for a raise at your job, maybe

519
00:26:09,400 --> 00:26:11,960
Speaker 1: you get a second job, maybe you create your own business,

520
00:26:11,960 --> 00:26:15,399
Speaker 1: maybe you learn how to utilize artificial intelligence. You find

521
00:26:15,440 --> 00:26:18,320
Speaker 1: ways to earn more money. But you keep following that

522
00:26:18,520 --> 00:26:21,120
Speaker 1: system the seventy five fifteen ten, And that's the key

523
00:26:21,160 --> 00:26:24,480
Speaker 1: is as you earn more money, you keep investing more

524
00:26:24,480 --> 00:26:27,040
Speaker 1: money because that's what's going to make you wealthy. And

525
00:26:27,080 --> 00:26:31,800
Speaker 1: then finally at the top, step number seven is you

526
00:26:31,840 --> 00:26:35,879
Speaker 1: have to protect your assets. And there's two parts to this.

527
00:26:35,960 --> 00:26:38,120
Speaker 1: Number one is you got to understand the legal side.

528
00:26:38,400 --> 00:26:41,560
Speaker 1: That means understanding taxes, because taxes can be one of

529
00:26:41,600 --> 00:26:43,879
Speaker 1: the biggest expenses that you have to pay. You have

530
00:26:43,960 --> 00:26:46,760
Speaker 1: to understand how do you pass this wealth down. How

531
00:26:46,760 --> 00:26:48,920
Speaker 1: do you put shields around you? Because when people realize

532
00:26:48,960 --> 00:26:50,600
Speaker 1: you have money, they're going to want some of it

533
00:26:50,640 --> 00:26:54,160
Speaker 1: for themselves. And this also means how do you give back,

534
00:26:54,320 --> 00:26:55,919
Speaker 1: how do you help others? How are you going to

535
00:26:55,960 --> 00:26:59,400
Speaker 1: leave a legacy for yourself and your family. That's now

536
00:26:59,520 --> 00:27:02,560
Speaker 1: wealth planning. And so we talked about not kind of

537
00:27:02,560 --> 00:27:05,479
Speaker 1: the whole progression of these seven steps, but it starts

538
00:27:05,520 --> 00:27:07,879
Speaker 1: with that mental side of understanding the mindset. Then you

539
00:27:07,960 --> 00:27:10,920
Speaker 1: got to understand the framework of the rules of money.

540
00:27:10,920 --> 00:27:12,680
Speaker 1: Then we start with the basics of saving the two

541
00:27:12,720 --> 00:27:14,520
Speaker 1: thousand pain off the credit card. That then you build

542
00:27:14,520 --> 00:27:17,000
Speaker 1: a system for your money from there. Once you have

543
00:27:17,000 --> 00:27:18,399
Speaker 1: the system, you have to know how to spend your

544
00:27:18,440 --> 00:27:20,040
Speaker 1: money the right way. Then you have to learn how

545
00:27:20,080 --> 00:27:22,760
Speaker 1: to earn more money the right way. Then you learn

546
00:27:22,760 --> 00:27:26,560
Speaker 1: how to manage your wealth, grow your wealth, and pass

547
00:27:26,600 --> 00:27:27,240
Speaker 1: on your wealth.

548
00:27:27,720 --> 00:27:30,880
Speaker 2: Yeah, that is a really brilliant system. I mean, that's

549
00:27:30,880 --> 00:27:31,840
Speaker 2: a master class truly.

550
00:27:32,040 --> 00:27:33,280
Speaker 1: You call it the Climb to Wealth.

551
00:27:33,400 --> 00:27:35,760
Speaker 2: Yeah, it's brilliant. It's so great, And I love that

552
00:27:35,840 --> 00:27:38,560
Speaker 2: it goes from I love that you start with the

553
00:27:38,560 --> 00:27:42,240
Speaker 2: mindset and then switch into the practicals of money because

554
00:27:43,480 --> 00:27:45,400
Speaker 2: if you took all the practical stuff and people didn't

555
00:27:45,440 --> 00:27:47,720
Speaker 2: have the mindset. You'll make mistakes and you'll actually put

556
00:27:47,760 --> 00:27:50,600
Speaker 2: your money in the wrong places. And if you only

557
00:27:50,600 --> 00:27:53,960
Speaker 2: have the philosophy and the mindset and don't have the practicals,

558
00:27:53,960 --> 00:28:13,080
Speaker 2: well then it's just a nice idea. The big question

559
00:28:13,119 --> 00:28:15,960
Speaker 2: that comes to my mind right now is for anyone

560
00:28:16,000 --> 00:28:18,359
Speaker 2: who's like, just free, I'm making that fifty thousand dollars.

561
00:28:18,400 --> 00:28:20,720
Speaker 2: I'm making that thirty thousand dollars. I want to make

562
00:28:20,760 --> 00:28:24,800
Speaker 2: more money right now. What is the fastest, most effective,

563
00:28:25,400 --> 00:28:28,600
Speaker 2: realistic way I can make more money today so that

564
00:28:28,880 --> 00:28:32,240
Speaker 2: I have more of this seventy five fifteen ten split

565
00:28:32,720 --> 00:28:35,240
Speaker 2: to ultimately invest more. What do you recommend I do

566
00:28:36,000 --> 00:28:37,760
Speaker 2: in this day and age right now?

567
00:28:37,920 --> 00:28:40,360
Speaker 1: Can I recommend what you shouldn't do too? Yeah, so

568
00:28:40,440 --> 00:28:42,840
Speaker 1: I talk about investing around that is My focus is

569
00:28:42,880 --> 00:28:45,000
Speaker 1: the financial side of what do you do with that money?

570
00:28:45,680 --> 00:28:48,480
Speaker 1: And so I was actually just doing a conversation with

571
00:28:48,560 --> 00:28:52,640
Speaker 1: somebody about this. Where a lot of people who end

572
00:28:52,680 --> 00:28:55,120
Speaker 1: up in a tough financial situation, whatever it might be.

573
00:28:55,160 --> 00:28:58,560
Speaker 1: Maybe you have debts, you have expenses, you have your

574
00:28:58,560 --> 00:29:01,840
Speaker 1: in situation where money is tight, you go onto the internet,

575
00:29:01,920 --> 00:29:03,840
Speaker 1: and now you start to hear about this topic called

576
00:29:03,960 --> 00:29:09,320
Speaker 1: passive income, and now you think, wow, if I could

577
00:29:09,360 --> 00:29:12,920
Speaker 1: just have some more money coming in passively, I could

578
00:29:13,240 --> 00:29:16,720
Speaker 1: pay my bills and no longer have to worry about money.

579
00:29:16,760 --> 00:29:21,080
Speaker 1: But that's not how it works. Investing and everything that

580
00:29:21,120 --> 00:29:23,240
Speaker 1: I'm talking about when it comes to growing your wealth

581
00:29:23,600 --> 00:29:26,000
Speaker 1: is when you have extra money that you don't need

582
00:29:26,200 --> 00:29:28,760
Speaker 1: and you throw it into this investment. You throw it

583
00:29:28,800 --> 00:29:31,840
Speaker 1: into this asset that is going to then grow and

584
00:29:31,880 --> 00:29:35,200
Speaker 1: make you more money. It is not fast, but if

585
00:29:35,240 --> 00:29:37,880
Speaker 1: you do it right, it works and it can make

586
00:29:37,920 --> 00:29:44,400
Speaker 1: you wealthy. And that's how that works. Your question was

587
00:29:45,120 --> 00:29:48,160
Speaker 1: how can somebody start to earn more money fast? And

588
00:29:49,960 --> 00:29:52,680
Speaker 1: the first thing that you can do ask your boss

589
00:29:52,680 --> 00:29:56,400
Speaker 1: for a raise. But don't do it the way most

590
00:29:56,400 --> 00:29:59,640
Speaker 1: people do it, because what most people will say is, hey, boss,

591
00:30:00,120 --> 00:30:02,040
Speaker 1: working it for a long time, can I get an

592
00:30:02,040 --> 00:30:04,040
Speaker 1: extra five thousand dollars a year, ten thousand dollars a year,

593
00:30:04,040 --> 00:30:08,160
Speaker 1: whatever it might be. And well, what your boss is

594
00:30:08,200 --> 00:30:12,760
Speaker 1: probably going to say is no, because I'm going to

595
00:30:12,800 --> 00:30:15,760
Speaker 1: pay you to do the same thing. No. Instead, I

596
00:30:15,760 --> 00:30:19,680
Speaker 1: want you to think about it from their perspective. The

597
00:30:19,880 --> 00:30:21,480
Speaker 1: fastest way for you to make more money at your

598
00:30:21,560 --> 00:30:23,920
Speaker 1: job is to make your boss more money. And if

599
00:30:23,920 --> 00:30:26,440
Speaker 1: you can show them, hey, I'm going to make you

600
00:30:26,440 --> 00:30:28,600
Speaker 1: an extra twenty thousand dollars a year. You pay me

601
00:30:28,600 --> 00:30:31,600
Speaker 1: an extra ten thousand dollars a year. Now, they will

602
00:30:31,640 --> 00:30:35,120
Speaker 1: probably say yes because you are adding more value to them.

603
00:30:35,160 --> 00:30:36,520
Speaker 1: How can you do that. It's going to depend on

604
00:30:36,520 --> 00:30:39,320
Speaker 1: your position, But find a way to add more value

605
00:30:39,360 --> 00:30:41,080
Speaker 1: and go to them and say, hey, look, here's what

606
00:30:41,120 --> 00:30:43,520
Speaker 1: I'm going to do. Here's how much more revenue I'm

607
00:30:43,560 --> 00:30:45,160
Speaker 1: going to drive, Here's how much more money I'm going

608
00:30:45,200 --> 00:30:46,920
Speaker 1: to make you. I just want a piece of what

609
00:30:46,960 --> 00:30:49,000
Speaker 1: I'm going to make you. Some people are going to

610
00:30:49,040 --> 00:30:50,800
Speaker 1: say that and say wow, I like that idea. Others

611
00:30:50,840 --> 00:30:52,560
Speaker 1: are going to say screw that. I don't want to

612
00:30:52,560 --> 00:30:55,520
Speaker 1: make my boss Richard. Okay, then well you can try

613
00:30:55,520 --> 00:31:00,960
Speaker 1: to do something for yourself. And today AI is probably

614
00:31:01,400 --> 00:31:05,280
Speaker 1: not probably it is the biggest opportunity that we have

615
00:31:05,440 --> 00:31:09,280
Speaker 1: at our fingertips. It is growing faster than the rate

616
00:31:09,320 --> 00:31:13,120
Speaker 1: of the Internet. It's growing faster than the adoption of blockchain.

617
00:31:13,600 --> 00:31:16,520
Speaker 1: And most people think that AI is how do I

618
00:31:16,600 --> 00:31:20,360
Speaker 1: go on to chat, GPT and search guacamole recipes. But

619
00:31:20,440 --> 00:31:24,720
Speaker 1: if you can understand AI, you can get ahead of

620
00:31:24,760 --> 00:31:29,880
Speaker 1: the curve and solve a problem for many businesses or

621
00:31:29,880 --> 00:31:34,360
Speaker 1: people with money. Help them understand it, help them use it,

622
00:31:34,720 --> 00:31:36,720
Speaker 1: and in exchange, you charge them money to do that.

623
00:31:37,480 --> 00:31:39,040
Speaker 1: And there's so many ways to do it. I mean,

624
00:31:39,040 --> 00:31:41,560
Speaker 1: this is going to get into how do you actually

625
00:31:41,720 --> 00:31:44,400
Speaker 1: make money? How do you build a business. But if

626
00:31:44,440 --> 00:31:47,960
Speaker 1: you can find a pain point. For example, dentists have

627
00:31:48,080 --> 00:31:51,400
Speaker 1: a pain point, which is that patients don't show up

628
00:31:51,400 --> 00:31:54,680
Speaker 1: for their services. Well, you can use AI to help

629
00:31:54,720 --> 00:31:57,040
Speaker 1: solve that pain point. What can you do if you

630
00:31:57,040 --> 00:31:59,840
Speaker 1: can show these dental offices, Hey, let me build you

631
00:31:59,840 --> 00:32:03,600
Speaker 1: inn AI tool that will automatically text your patients when

632
00:32:03,640 --> 00:32:06,280
Speaker 1: they have an appointment, and it will say if you

633
00:32:06,320 --> 00:32:09,840
Speaker 1: can't make it, click this button. If they can't make it,

634
00:32:10,000 --> 00:32:12,640
Speaker 1: and you click the button, the AI tool will then

635
00:32:12,720 --> 00:32:15,200
Speaker 1: work to find somebody else who's on the waiting list

636
00:32:15,240 --> 00:32:17,480
Speaker 1: to come in and fill that slot. Well, now, all

637
00:32:17,520 --> 00:32:23,280
Speaker 1: of a sudden, you helped that dentist office fill more

638
00:32:23,320 --> 00:32:26,160
Speaker 1: the slots, have less vacancies and make more money. And

639
00:32:26,160 --> 00:32:28,200
Speaker 1: then you could take a one step further. After they're

640
00:32:28,200 --> 00:32:31,440
Speaker 1: done with the procedure, send out an automatic text message

641
00:32:31,480 --> 00:32:34,200
Speaker 1: saying did you like your service? How was it? If

642
00:32:34,280 --> 00:32:36,600
Speaker 1: you enjoyed it, give us a five star review on Google,

643
00:32:37,080 --> 00:32:39,240
Speaker 1: which is going to help drive more patients for the

644
00:32:39,360 --> 00:32:42,680
Speaker 1: dentist office. And so that's the thing is people assume, well,

645
00:32:42,720 --> 00:32:44,200
Speaker 1: I'm just going to go teach AI. I'm going to

646
00:32:44,240 --> 00:32:48,200
Speaker 1: go help. It's too broad get specific. There are every

647
00:32:48,280 --> 00:32:52,320
Speaker 1: business in the world should be using AI to some way,

648
00:32:52,320 --> 00:32:55,400
Speaker 1: shape or form. Most people have no idea how it works.

649
00:32:56,360 --> 00:33:01,360
Speaker 1: If you have some time, study it, learn and if

650
00:33:01,400 --> 00:33:04,640
Speaker 1: you can figure out one pain point, go out and

651
00:33:04,680 --> 00:33:07,280
Speaker 1: solve it for one person. Let there'd be a testimony

652
00:33:07,400 --> 00:33:09,360
Speaker 1: for the second that there'd be a testimonial for the third,

653
00:33:10,200 --> 00:33:12,160
Speaker 1: and now all of a sudden, you're in business.

654
00:33:12,320 --> 00:33:15,320
Speaker 2: Yeah. I love the first piece of advice as well.

655
00:33:15,400 --> 00:33:17,760
Speaker 2: And I think there's three types of people that ask

656
00:33:17,800 --> 00:33:21,800
Speaker 2: for a raise. The first person just asks for a raise,

657
00:33:21,840 --> 00:33:24,080
Speaker 2: as you said, They're like, oh, can I get some

658
00:33:24,120 --> 00:33:25,640
Speaker 2: more money? And it's like, well, you're doing the same

659
00:33:25,680 --> 00:33:27,880
Speaker 2: exact thing, why would I pay you. The second type

660
00:33:27,880 --> 00:33:32,000
Speaker 2: of person shows you everything they've done in the past

661
00:33:32,400 --> 00:33:35,640
Speaker 2: and ask for a raise, and the person again goes, well,

662
00:33:35,640 --> 00:33:38,479
Speaker 2: that's great, but you did that anyway. Yeah, And then

663
00:33:38,520 --> 00:33:40,000
Speaker 2: the third type of person goes, this is what I

664
00:33:40,040 --> 00:33:42,560
Speaker 2: want to do, which is what you're saying, which is like, hey,

665
00:33:42,560 --> 00:33:46,000
Speaker 2: here's I'm going to make you ten, twenty thousand percent

666
00:33:46,160 --> 00:33:48,800
Speaker 2: more whatever it may be in your position. And that

667
00:33:48,880 --> 00:33:50,840
Speaker 2: third type of person is the person who gets the

668
00:33:50,920 --> 00:33:55,640
Speaker 2: raise because you're now investing as an employer in what

669
00:33:55,680 --> 00:33:57,720
Speaker 2: you hope is something that's valuable to you if it's

670
00:33:57,720 --> 00:33:58,200
Speaker 2: a win win.

671
00:33:58,400 --> 00:34:01,800
Speaker 1: If you work a job, you have to know how

672
00:34:01,840 --> 00:34:05,880
Speaker 1: you're making money for your company if you don't spend

673
00:34:05,880 --> 00:34:09,399
Speaker 1: it this weekend figuring that out. Because unless you understand

674
00:34:10,040 --> 00:34:13,920
Speaker 1: how you drive revenue for your business, you are just

675
00:34:14,320 --> 00:34:19,480
Speaker 1: a piece of space. And I say this as nice

676
00:34:19,480 --> 00:34:23,720
Speaker 1: as possible because we're talking about AI. AI is getting smarter,

677
00:34:24,160 --> 00:34:26,160
Speaker 1: it is getting more advanced. I mean chat TBT did

678
00:34:26,239 --> 00:34:30,280
Speaker 1: not exist five years ago. It is getting more advanced

679
00:34:30,320 --> 00:34:34,120
Speaker 1: every single day. And there's a lot of talk about

680
00:34:34,120 --> 00:34:36,960
Speaker 1: people being replaced by AI, which is true, but the

681
00:34:37,160 --> 00:34:41,000
Speaker 1: bigger threat to that is you being replaced by somebody

682
00:34:41,120 --> 00:34:44,080
Speaker 1: who knows how to use AI. And so if you

683
00:34:44,080 --> 00:34:48,800
Speaker 1: don't understand how you're driving revenue for your business, well,

684
00:34:49,040 --> 00:34:51,480
Speaker 1: there's a chance that there's a missing link between what

685
00:34:51,560 --> 00:34:54,760
Speaker 1: you're doing as a job and what the business needs

686
00:34:54,840 --> 00:34:58,400
Speaker 1: from what you are there to do. And that's what

687
00:34:58,400 --> 00:34:59,120
Speaker 1: you've got to figure out.

688
00:34:59,160 --> 00:35:00,919
Speaker 2: And even with your second part of the answer, which

689
00:35:00,960 --> 00:35:03,200
Speaker 2: is like how do you learn to use AI for something?

690
00:35:04,000 --> 00:35:06,960
Speaker 2: It is people who start with problems like trying to

691
00:35:06,960 --> 00:35:11,200
Speaker 2: figure out a problem that you can help solve, that

692
00:35:11,360 --> 00:35:13,160
Speaker 2: is really where it is. I think often we sit

693
00:35:13,200 --> 00:35:14,239
Speaker 2: there and go, I want to come up with a

694
00:35:14,320 --> 00:35:18,680
Speaker 2: really cool idea. And in every cool idea was only

695
00:35:18,680 --> 00:35:20,960
Speaker 2: cool because it solved a good problem. If it didn't

696
00:35:21,000 --> 00:35:22,960
Speaker 2: solve a problem, it wasn't a cool idea. And so

697
00:35:23,640 --> 00:35:27,040
Speaker 2: if you are close to a problem, like sometimes people think, also,

698
00:35:27,600 --> 00:35:29,600
Speaker 2: I want to go do something that I enjoy and love,

699
00:35:29,600 --> 00:35:31,960
Speaker 2: and that's great and wonderful if it works out. But

700
00:35:32,040 --> 00:35:35,160
Speaker 2: it's like there's something that you know in your career

701
00:35:35,239 --> 00:35:38,080
Speaker 2: path because you're close to it. I have a friend,

702
00:35:38,080 --> 00:35:39,919
Speaker 2: Funnily enough, you're talking about dentistry. I have a friend

703
00:35:39,920 --> 00:35:44,160
Speaker 2: who's a dentist. He just understands the dental industry better

704
00:35:44,200 --> 00:35:46,080
Speaker 2: because he's been so close to it for so many years.

705
00:35:46,360 --> 00:35:48,879
Speaker 2: It's not his passion it's not what he loves, it's

706
00:35:48,880 --> 00:35:51,040
Speaker 2: not what he enjoys, but he's been able to build

707
00:35:51,080 --> 00:35:55,239
Speaker 2: solutions for dental practices that allows him to make more

708
00:35:55,280 --> 00:35:59,719
Speaker 2: money than even being a dentist. And again it comes

709
00:35:59,800 --> 00:36:02,360
Speaker 2: back down to what you just said, which is start

710
00:36:02,400 --> 00:36:04,960
Speaker 2: where you are, Start where you understand problems. You don't

711
00:36:05,000 --> 00:36:07,600
Speaker 2: have to go and learn some new industry and figure

712
00:36:07,640 --> 00:36:10,080
Speaker 2: something out, because I think that can feel quite overwhelming

713
00:36:10,160 --> 00:36:12,640
Speaker 2: sometimes to think, oh God, I don't know anything about

714
00:36:12,680 --> 00:36:13,680
Speaker 2: what's happening in the world.

715
00:36:14,160 --> 00:36:17,480
Speaker 1: You got to know your skill set as well. But

716
00:36:17,560 --> 00:36:19,719
Speaker 1: I think you nailed it on the head with that

717
00:36:19,880 --> 00:36:22,200
Speaker 1: problem side, because I look as you were talking, I

718
00:36:22,239 --> 00:36:23,759
Speaker 1: was kind of smiling because I was looking back at

719
00:36:23,760 --> 00:36:27,239
Speaker 1: my life and I was like, everything that I've kind

720
00:36:27,280 --> 00:36:31,080
Speaker 1: of done sort of successfully was because there was some

721
00:36:31,560 --> 00:36:34,520
Speaker 1: problem that I was trying to solve. My first kind

722
00:36:34,560 --> 00:36:36,640
Speaker 1: of reels and I don't want to say first, but

723
00:36:36,760 --> 00:36:39,520
Speaker 1: one of my earlier more successful businesses was an e

724
00:36:39,560 --> 00:36:43,960
Speaker 1: commerce company. It was a water resistance sock. And this

725
00:36:44,120 --> 00:36:46,759
Speaker 1: is I mean, it goes so beyond what we're talking about.

726
00:36:46,800 --> 00:36:48,560
Speaker 1: But I came up with this idea because I was

727
00:36:48,600 --> 00:36:51,040
Speaker 1: in school. I was in college taking a public speaking

728
00:36:51,080 --> 00:36:55,440
Speaker 1: class and they gave us an assignment to pitch a

729
00:36:55,520 --> 00:36:58,000
Speaker 1: product to the class, kind of like Shark Tank or

730
00:36:58,040 --> 00:37:02,200
Speaker 1: dragons Den, and I procrastinated. I put it off, and

731
00:37:02,239 --> 00:37:04,120
Speaker 1: one day it was raining for class and I ran

732
00:37:04,200 --> 00:37:06,880
Speaker 1: to class. I stepped in a puddle. I got to

733
00:37:06,880 --> 00:37:09,080
Speaker 1: class and teacher's like, it's your day to present, and

734
00:37:09,120 --> 00:37:11,960
Speaker 1: I said present. What She's like the product? And I said,

735
00:37:12,000 --> 00:37:14,359
Speaker 1: oh crap, I'm standing in front of class. My heart

736
00:37:14,400 --> 00:37:17,120
Speaker 1: is beating, my socks are wet. And I started talking

737
00:37:17,120 --> 00:37:19,839
Speaker 1: about water resistance socks that if you're an athlete, because

738
00:37:19,840 --> 00:37:22,919
Speaker 1: I used put football in high school, American football. Oh man,

739
00:37:23,000 --> 00:37:24,960
Speaker 1: when it rains, your feet feels soaked. And I started

740
00:37:25,000 --> 00:37:27,560
Speaker 1: talking about water resistance socks and how athletes would love it.

741
00:37:27,600 --> 00:37:30,359
Speaker 1: And I sat down and I was like, that's kind

742
00:37:30,360 --> 00:37:32,360
Speaker 1: of a cool idea. How can I do that? So

743
00:37:32,400 --> 00:37:34,520
Speaker 1: I created a water resistance sock and that was my

744
00:37:34,600 --> 00:37:37,080
Speaker 1: first kind of internet business. And then I think about

745
00:37:37,120 --> 00:37:40,080
Speaker 1: what I'm doing now. So I run a company called

746
00:37:40,120 --> 00:37:43,160
Speaker 1: Briefs Media. Our flagship product is called market Briefs, which

747
00:37:43,200 --> 00:37:48,280
Speaker 1: is a free daily newsletter. And that started because during COVID,

748
00:37:48,680 --> 00:37:51,080
Speaker 1: the economy flipped upside down, like in a matter of

749
00:37:51,080 --> 00:37:54,520
Speaker 1: a day. And so I went from making YouTube videos

750
00:37:54,560 --> 00:37:57,160
Speaker 1: like three times a week to seven days a week.

751
00:37:58,040 --> 00:38:00,480
Speaker 1: And there's there's so much happening in the that I

752
00:38:00,520 --> 00:38:03,080
Speaker 1: asked my team. I said, hey, can you send me

753
00:38:03,120 --> 00:38:05,279
Speaker 1: a daily briefing, Oh, what's happening in the markets and

754
00:38:05,360 --> 00:38:07,640
Speaker 1: make it stupid simple so I can understand because I

755
00:38:07,640 --> 00:38:10,840
Speaker 1: don't like complex jargon. And so my team started sending

756
00:38:10,880 --> 00:38:13,239
Speaker 1: this to me, and I was like, huh, I wonder

757
00:38:13,239 --> 00:38:16,839
Speaker 1: if other people would like this. So I would occasionally

758
00:38:16,920 --> 00:38:19,880
Speaker 1: mention this on my YouTube channel that hey, if you

759
00:38:19,880 --> 00:38:22,279
Speaker 1: want to get a daily report of what's happening in

760
00:38:22,280 --> 00:38:24,279
Speaker 1: the markets, you can just join this newsletter. At the time,

761
00:38:24,320 --> 00:38:27,080
Speaker 1: it was called the Minority Mindset Newsletter. Super original, right,

762
00:38:27,920 --> 00:38:32,480
Speaker 1: and that started picking up attention. People started to like it,

763
00:38:32,520 --> 00:38:34,799
Speaker 1: and I was like, huh, we can actually do something

764
00:38:34,880 --> 00:38:36,560
Speaker 1: with this. We were not making any money, but I

765
00:38:36,560 --> 00:38:39,440
Speaker 1: was like, I see the value because I like reading

766
00:38:39,440 --> 00:38:42,880
Speaker 1: this newsletter and I don't like the complex jargon of

767
00:38:42,920 --> 00:38:44,960
Speaker 1: all the traditional financial news. I just want to know

768
00:38:45,000 --> 00:38:47,800
Speaker 1: what's happening in the stock market and the housing market

769
00:38:47,800 --> 00:38:50,439
Speaker 1: and cryptoical I just break it down into a quick

770
00:38:50,480 --> 00:38:53,560
Speaker 1: five minute read, and that's when we rebranded it into

771
00:38:53,640 --> 00:38:56,319
Speaker 1: market Briefs, and I said, hmm, let's ignore all this

772
00:38:56,360 --> 00:38:58,719
Speaker 1: other stuff that we were doing. Let's put more energy

773
00:38:58,760 --> 00:39:01,280
Speaker 1: and focus into market Briefs. And that's what then allowed

774
00:39:01,280 --> 00:39:04,520
Speaker 1: that to take off, which then was the flagship for

775
00:39:04,880 --> 00:39:07,719
Speaker 1: many other products that we have now in our company.

776
00:39:07,719 --> 00:39:09,040
Speaker 1: But it started with that.

777
00:39:09,000 --> 00:39:11,560
Speaker 2: Pain that's awesome. Yeah, yeah, it's always a pain point.

778
00:39:11,600 --> 00:39:15,000
Speaker 2: I just whether it's something like that, like a newsletter,

779
00:39:15,080 --> 00:39:18,120
Speaker 2: whether it's the biggest business in the world today, like,

780
00:39:18,160 --> 00:39:20,960
Speaker 2: it all started from a pain point. Yeah, And I

781
00:39:21,000 --> 00:39:24,399
Speaker 2: think if we spent more time with pain points, we'd

782
00:39:24,400 --> 00:39:26,759
Speaker 2: come up with better ideas rather than trying to come

783
00:39:26,840 --> 00:39:29,680
Speaker 2: up with solutions and ideas to problems that either don't

784
00:39:29,680 --> 00:39:32,040
Speaker 2: exist or that we're imagining. I know a lot of

785
00:39:32,080 --> 00:39:34,400
Speaker 2: people like this, probably even on my team, people that

786
00:39:34,480 --> 00:39:37,120
Speaker 2: I know friends and family who are like they were

787
00:39:37,160 --> 00:39:40,719
Speaker 2: never exposed to investing then, even I wasn't. I had

788
00:39:40,760 --> 00:39:43,200
Speaker 2: no idea growing up what investing were doing me.

789
00:39:43,280 --> 00:39:43,480
Speaker 1: Both.

790
00:39:43,680 --> 00:39:45,640
Speaker 2: Yeah, I had no clue. No one ever explained it

791
00:39:45,640 --> 00:39:49,080
Speaker 2: to me. I didn't know anyone who invested. Really, I

792
00:39:49,080 --> 00:39:52,719
Speaker 2: don't think maybe I knew one person who had one

793
00:39:52,760 --> 00:39:55,439
Speaker 2: other property than the one they owned. I didn't grow

794
00:39:55,520 --> 00:39:58,919
Speaker 2: up in that circle. If someone's out there going, Okay,

795
00:39:58,960 --> 00:40:01,319
Speaker 2: I want to start investing, what's the smallest amount I

796
00:40:01,400 --> 00:40:04,960
Speaker 2: need to start investing. What's the number where do they stop?

797
00:40:05,960 --> 00:40:10,120
Speaker 1: Now? One dollar? You can start investing with any amount

798
00:40:10,120 --> 00:40:12,359
Speaker 1: of money. And the whole idea of investing is you

799
00:40:12,400 --> 00:40:14,759
Speaker 1: take this extra money and you're going to put it

800
00:40:14,800 --> 00:40:16,799
Speaker 1: into this thing. You're going to buy something with it

801
00:40:17,680 --> 00:40:20,120
Speaker 1: with the goal of making money off of this thing,

802
00:40:20,200 --> 00:40:22,680
Speaker 1: as opposed to just buying a watch or a pair

803
00:40:22,680 --> 00:40:25,640
Speaker 1: of shoes. But the part that I think a lot

804
00:40:25,680 --> 00:40:28,120
Speaker 1: of people don't understand, especially if we don't grow up

805
00:40:28,160 --> 00:40:31,279
Speaker 1: learning about investing like we didn't, is there's more than

806
00:40:31,320 --> 00:40:36,480
Speaker 1: one way to invest. Because ten years ago, what was investing,

807
00:40:36,600 --> 00:40:39,120
Speaker 1: or what did people think investing was how do I

808
00:40:39,160 --> 00:40:41,560
Speaker 1: find the next Amazon? How do I find the next Apple?

809
00:40:42,080 --> 00:40:43,840
Speaker 1: Today a lot of people think investing is how do

810
00:40:43,840 --> 00:40:45,960
Speaker 1: I find the next meme coin? How do I find

811
00:40:45,960 --> 00:40:48,640
Speaker 1: a next cryptocurrency before it pops off? We start to

812
00:40:48,640 --> 00:40:52,680
Speaker 1: think of investing in terms of gambling, especially because now

813
00:40:53,560 --> 00:40:56,600
Speaker 1: there's so much of it around us. I mean, there's

814
00:40:56,840 --> 00:41:02,640
Speaker 1: sports bedding, there's the there's foreign exchange market, there's poly markets.

815
00:41:02,680 --> 00:41:06,160
Speaker 1: I mean, people are betting on what the better reserve

816
00:41:06,160 --> 00:41:08,440
Speaker 1: bank is going to do next. They're betting on these

817
00:41:08,480 --> 00:41:11,759
Speaker 1: wild decisions off of Remember that one there was a

818
00:41:11,800 --> 00:41:15,080
Speaker 1: big couple that got caught cheating at the Coldplay concert

819
00:41:15,160 --> 00:41:19,200
Speaker 1: at was there was a betting market around are they

820
00:41:19,239 --> 00:41:21,399
Speaker 1: going to file a divorce or not. So people are

821
00:41:21,480 --> 00:41:25,759
Speaker 1: quote unquote investing their money on that type of thing.

822
00:41:25,800 --> 00:41:29,800
Speaker 1: So people are now making businesses out of all sorts

823
00:41:29,840 --> 00:41:33,040
Speaker 1: of prediction markets. And so we start to assume, without

824
00:41:33,040 --> 00:41:36,120
Speaker 1: any financial education, that investing is the same thing. We're

825
00:41:36,120 --> 00:41:38,720
Speaker 1: just going to predict what's going to happen in something tomorrow.

826
00:41:39,200 --> 00:41:44,080
Speaker 1: But that's really not what investing is. Investing is something

827
00:41:44,120 --> 00:41:47,239
Speaker 1: that you want to buy and own for the long

828
00:41:47,400 --> 00:41:50,640
Speaker 1: term that you believe is going to either go up

829
00:41:50,680 --> 00:41:55,319
Speaker 1: in value and maybe pay you with some sort of

830
00:41:55,360 --> 00:41:57,640
Speaker 1: interest along the way. Maybe it's going to deposit money

831
00:41:57,640 --> 00:42:00,160
Speaker 1: every month, Maybe it's going to deposit money every three months.

832
00:42:00,160 --> 00:42:02,200
Speaker 1: Maybe it's going to deposit money every year into your

833
00:42:02,239 --> 00:42:06,200
Speaker 1: bank account for not doing anything. That's what investing is.

834
00:42:06,400 --> 00:42:08,560
Speaker 1: So now how do you go about doing it? And

835
00:42:08,600 --> 00:42:12,520
Speaker 1: there are three layers that you need to understand. Number

836
00:42:12,520 --> 00:42:15,600
Speaker 1: one is the most hands off, and that is I'm

837
00:42:15,640 --> 00:42:18,160
Speaker 1: going to give my money to you, a financial advisor,

838
00:42:18,200 --> 00:42:19,920
Speaker 1: and you are going to manage my money for me.

839
00:42:20,880 --> 00:42:23,520
Speaker 1: And now is completely hands off. And so if you

840
00:42:23,640 --> 00:42:26,080
Speaker 1: just run some basic numbers, if I invest one thousand

841
00:42:26,120 --> 00:42:29,960
Speaker 1: dollars a month for thirty years and my financial advisor

842
00:42:30,000 --> 00:42:32,120
Speaker 1: can beat the markets they do eleven percent a year,

843
00:42:32,840 --> 00:42:35,280
Speaker 1: I'm going to end up with one point eight million.

844
00:42:36,520 --> 00:42:37,960
Speaker 1: But I got to pay a fee. I got to

845
00:42:38,000 --> 00:42:41,719
Speaker 1: pay a price. You might have to pay one and

846
00:42:41,719 --> 00:42:44,400
Speaker 1: a half percent fees, so you might end up paying

847
00:42:44,760 --> 00:42:47,279
Speaker 1: five or six hundred thousand dollars in fees, so that

848
00:42:47,320 --> 00:42:49,600
Speaker 1: one point eight million is what you're getting after the fees.

849
00:42:50,760 --> 00:42:52,720
Speaker 1: Option number two, if you want to be a little

850
00:42:52,719 --> 00:42:55,880
Speaker 1: bit more involved, but not fully involved, is what I

851
00:42:55,920 --> 00:43:00,680
Speaker 1: call being a passive investor. And passive investing is all

852
00:43:00,719 --> 00:43:04,360
Speaker 1: about finding a basket of stocks and now you just

853
00:43:04,480 --> 00:43:07,719
Speaker 1: keep consistently investing your money in it. So, for example,

854
00:43:08,160 --> 00:43:11,040
Speaker 1: you can invest in the United States economy in the

855
00:43:11,080 --> 00:43:14,120
Speaker 1: broad economy, and one of the most common and popular

856
00:43:14,120 --> 00:43:16,600
Speaker 1: ways to do that is to invest in something called

857
00:43:16,640 --> 00:43:19,520
Speaker 1: the s and P five hundred. That's a group of

858
00:43:19,520 --> 00:43:22,400
Speaker 1: the five hundred largest companies in the stock market. You

859
00:43:22,400 --> 00:43:24,400
Speaker 1: don't have to go out and find Amazon and Tesla

860
00:43:24,440 --> 00:43:27,160
Speaker 1: and all these companies. You just invest in this fund

861
00:43:27,800 --> 00:43:29,239
Speaker 1: and you don't have to touch it. And the nice

862
00:43:29,239 --> 00:43:32,480
Speaker 1: thing about it is if you invest your money to

863
00:43:32,560 --> 00:43:35,640
Speaker 1: this fund, and let's just say Amazon goes bankrupt, you

864
00:43:35,680 --> 00:43:37,600
Speaker 1: don't have to do anything. The fund is going to

865
00:43:37,719 --> 00:43:40,360
Speaker 1: kick Amazon out as they get smaller, and they're going

866
00:43:40,440 --> 00:43:43,520
Speaker 1: to replace them with another company, so it's completely passive

867
00:43:43,560 --> 00:43:49,200
Speaker 1: for you. Historically this has averaged about ten percent growth

868
00:43:49,280 --> 00:43:51,160
Speaker 1: a year, a little bit more than that WOU right

869
00:43:51,200 --> 00:43:55,880
Speaker 1: around ten percent. Historically, despite the recessions, despite market crashes,

870
00:43:55,920 --> 00:43:58,560
Speaker 1: because we know that they happen, it is averaged about

871
00:43:58,600 --> 00:44:01,520
Speaker 1: ten percent a year. So if you invest one thousand

872
00:44:01,560 --> 00:44:04,680
Speaker 1: dollars a month for thirty years, that would be about

873
00:44:04,680 --> 00:44:08,040
Speaker 1: one point nine million dollars. Then you have layer three,

874
00:44:08,280 --> 00:44:11,560
Speaker 1: the most involved. This is called being an active investor.

875
00:44:12,120 --> 00:44:15,040
Speaker 1: And being an active investor is not trading, it's not flipping.

876
00:44:15,600 --> 00:44:18,080
Speaker 1: It's I want to own good investments that I believe in,

877
00:44:18,160 --> 00:44:20,920
Speaker 1: that I've researched and I put the work into and

878
00:44:20,960 --> 00:44:22,560
Speaker 1: I want to own them for the long term. So

879
00:44:22,560 --> 00:44:26,280
Speaker 1: this might be investing in individual companies, individual stocks. Maybe

880
00:44:26,280 --> 00:44:28,160
Speaker 1: now I want to invest in Amazon, Maybe now I

881
00:44:28,160 --> 00:44:31,080
Speaker 1: want to invest in McDonald's or whatever. Maybe it's investing

882
00:44:31,120 --> 00:44:35,480
Speaker 1: in individual real estate properties. And the goal with this

883
00:44:35,920 --> 00:44:40,360
Speaker 1: is you're taking on more risk for more potential return.

884
00:44:41,920 --> 00:44:45,919
Speaker 1: So we talked about how if you just investor money

885
00:44:45,960 --> 00:44:48,360
Speaker 1: into the broad economy, you're averaging about ten percent a

886
00:44:48,440 --> 00:44:52,000
Speaker 1: year as an active investor. You know, we're not talking

887
00:44:52,000 --> 00:44:54,640
Speaker 1: about two hundred percent returns or one hundred percent or

888
00:44:54,680 --> 00:44:56,719
Speaker 1: even fifty percent returns that people like to talk about

889
00:44:56,800 --> 00:44:58,960
Speaker 1: on the internet, because that's not sustainable, it's a lie,

890
00:44:59,000 --> 00:45:02,600
Speaker 1: it's a scam, and there's growing you over, we're talking

891
00:45:02,640 --> 00:45:05,960
Speaker 1: about a slight edge. Let's just say thirteen percent a year.

892
00:45:06,560 --> 00:45:09,040
Speaker 1: If you can do that thirteen percent a year, one

893
00:45:09,040 --> 00:45:12,640
Speaker 1: thousand dollars a month for thirty years, well now you're

894
00:45:12,640 --> 00:45:15,520
Speaker 1: going to have about three and a half million dollars.

895
00:45:15,719 --> 00:45:19,000
Speaker 1: So we're talking about one point six million dollars more

896
00:45:19,040 --> 00:45:21,759
Speaker 1: than if you passively invested. You're taking on more risk,

897
00:45:21,880 --> 00:45:27,000
Speaker 1: it's more work and more research, but there's more potential upside,

898
00:45:27,160 --> 00:45:28,800
Speaker 1: and so you have to know kind of where along

899
00:45:28,920 --> 00:45:30,960
Speaker 1: this curve you want to be, because active investing is

900
00:45:30,960 --> 00:45:33,960
Speaker 1: not for everybody. This is what our firm focuses on.

901
00:45:34,080 --> 00:45:39,040
Speaker 1: Is that research for active investors, but it's more risk

902
00:45:39,760 --> 00:45:41,000
Speaker 1: for more potential upside.

903
00:45:41,400 --> 00:45:45,399
Speaker 2: Yeah, and it almost feels like it's better to start

904
00:45:45,440 --> 00:45:48,480
Speaker 2: and move layer by layer by layer rather than dive

905
00:45:48,520 --> 00:45:49,000
Speaker 2: straight in.

906
00:45:49,360 --> 00:45:52,080
Speaker 1: It often is just to start with what's most successible

907
00:45:52,120 --> 00:45:55,000
Speaker 1: to you, because what is most accessible to most people

908
00:45:55,560 --> 00:45:58,440
Speaker 1: is something like a four oh one K or IRA

909
00:46:00,080 --> 00:46:01,880
Speaker 1: and high person. Don't use a four O one k

910
00:46:02,000 --> 00:46:05,440
Speaker 1: because it's not right for me. But personal finance is personal, Okay,

911
00:46:05,440 --> 00:46:07,319
Speaker 1: what's right for you, it's not going to be right

912
00:46:07,360 --> 00:46:10,080
Speaker 1: for me. Start with whatever you have access to, and

913
00:46:10,120 --> 00:46:12,160
Speaker 1: then take the next step, and then take the next step,

914
00:46:12,200 --> 00:46:13,759
Speaker 1: and then you'll start to realize what are all the

915
00:46:13,800 --> 00:46:17,040
Speaker 1: options out there? Because it can be intimidating because you say,

916
00:46:17,040 --> 00:46:18,680
Speaker 1: oh my god, should I invest in stocks or real

917
00:46:18,719 --> 00:46:21,600
Speaker 1: estate or crypto? Should I invest individual companies or ETFs

918
00:46:21,640 --> 00:46:23,840
Speaker 1: or mutual funds? Oh my god? Should I be investing

919
00:46:23,840 --> 00:46:25,759
Speaker 1: in apartments or think of family houses? Should I be

920
00:46:25,840 --> 00:46:30,520
Speaker 1: using Take a breath, It's okay. Just start the reason

921
00:46:30,560 --> 00:46:33,799
Speaker 1: why people don't see the success that they want out

922
00:46:33,800 --> 00:46:37,320
Speaker 1: of their investments isn't generally because they made the wrong decision.

923
00:46:37,360 --> 00:46:40,000
Speaker 1: It's because they never made a decision. It's because they

924
00:46:40,040 --> 00:46:43,400
Speaker 1: never started. But once you can get started, you can

925
00:46:43,400 --> 00:46:46,960
Speaker 1: make that adjustment. I talk I relate investing to working

926
00:46:47,000 --> 00:46:50,200
Speaker 1: out all the time because I see the same thing

927
00:46:50,239 --> 00:46:52,600
Speaker 1: in the gym people that are getting started with working out.

928
00:46:52,600 --> 00:46:54,359
Speaker 1: They'll say, just what should I do? Should I go

929
00:46:54,600 --> 00:46:56,719
Speaker 1: do these high intensity workhoh? Should do this these low

930
00:46:56,719 --> 00:46:59,040
Speaker 1: intensity workout? Should I do carnivore diet? You try to

931
00:46:59,040 --> 00:47:00,200
Speaker 1: do a vegan diet? Should I do?

932
00:47:00,440 --> 00:47:00,680
Speaker 2: You know?

933
00:47:01,600 --> 00:47:03,520
Speaker 1: Look, just get on a treadmill and put down the

934
00:47:03,560 --> 00:47:07,200
Speaker 1: donuts right, start and then take the next step, and

935
00:47:07,239 --> 00:47:10,520
Speaker 1: then the next step and just start and then you'll

936
00:47:10,520 --> 00:47:11,520
Speaker 1: see what works better for you.

937
00:47:11,680 --> 00:47:14,560
Speaker 2: Yeah, how do you track the stock market? Break that

938
00:47:14,600 --> 00:47:17,319
Speaker 2: down for me? For someone who doesn't know where to

939
00:47:17,360 --> 00:47:19,160
Speaker 2: stock kind of like what we're saying right now, where

940
00:47:19,800 --> 00:47:21,279
Speaker 2: you know someone's like, oh, I'm thinking of doing this,

941
00:47:21,320 --> 00:47:23,040
Speaker 2: I'm thinking of doing this. They don't understand. How would

942
00:47:23,040 --> 00:47:23,960
Speaker 2: you break it down for yeah?

943
00:47:24,000 --> 00:47:27,560
Speaker 1: So, well, the stock market is a place where anybody

944
00:47:28,160 --> 00:47:32,120
Speaker 1: can go out and buy a piece of ownership in

945
00:47:32,200 --> 00:47:35,840
Speaker 1: a company. Not every company. The company has to be

946
00:47:35,880 --> 00:47:39,640
Speaker 1: what's called publicly traded. So, for example, Briefs Media, my company,

947
00:47:39,680 --> 00:47:44,360
Speaker 1: it's private, meaning you can't invest in my company. But

948
00:47:44,760 --> 00:47:48,920
Speaker 1: if a company is publicly traded, for example McDonald's, you

949
00:47:48,960 --> 00:47:51,600
Speaker 1: can buy a piece of that company. It's called the share,

950
00:47:52,760 --> 00:47:55,520
Speaker 1: and if you buy one share of McDonald's, you become

951
00:47:55,560 --> 00:47:59,520
Speaker 1: one of the owners of that company. So when I

952
00:47:59,600 --> 00:48:01,480
Speaker 1: go to Nike and I buy a pair of shoes,

953
00:48:01,680 --> 00:48:05,319
Speaker 1: I am a consumer at Nike. When I own one

954
00:48:05,440 --> 00:48:07,520
Speaker 1: share of the Nike stock, I've become one of the

955
00:48:07,640 --> 00:48:11,000
Speaker 1: owners of Nike. As the owner of Nike, I profit

956
00:48:11,160 --> 00:48:14,879
Speaker 1: when you buy the Nike shoes. As a consumer of Nike,

957
00:48:15,280 --> 00:48:17,799
Speaker 1: I am making the investors richer. But I look cool

958
00:48:17,880 --> 00:48:19,680
Speaker 1: because I got the Nike, I got the Jordans on.

959
00:48:20,280 --> 00:48:23,080
Speaker 1: And so the whole idea behind the stock market is

960
00:48:23,120 --> 00:48:27,680
Speaker 1: you are buying shares of these companies that are publicly traded. Now,

961
00:48:29,000 --> 00:48:31,400
Speaker 1: the price of a stock is going to depend on

962
00:48:31,480 --> 00:48:33,600
Speaker 1: whatever the stock is, And what causes the price of

963
00:48:33,600 --> 00:48:36,040
Speaker 1: a stock to go up and down is not how

964
00:48:36,120 --> 00:48:40,719
Speaker 1: much money the company's making. It's supply and demand. And

965
00:48:40,760 --> 00:48:42,680
Speaker 1: what I mean by that is the price of any

966
00:48:42,719 --> 00:48:48,000
Speaker 1: asset real estate, stocks, crypto, it ultimately depends on how

967
00:48:48,000 --> 00:48:52,160
Speaker 1: many buyers and sellers there are of that asset. So

968
00:48:52,400 --> 00:48:55,759
Speaker 1: if more people want to buy the McDonald's stock, then

969
00:48:55,800 --> 00:48:59,399
Speaker 1: there are sellers of the McDonald stock, that stock price

970
00:48:59,440 --> 00:49:02,359
Speaker 1: will go up. If people are selling the stock more

971
00:49:02,360 --> 00:49:05,080
Speaker 1: than there are buyers, the price of that stock goes down,

972
00:49:05,360 --> 00:49:07,839
Speaker 1: which then goes to the next question, what causes it

973
00:49:07,880 --> 00:49:10,000
Speaker 1: to go up or down? Why do people buy versus

974
00:49:10,000 --> 00:49:12,880
Speaker 1: why do people sell? And there are a whole list

975
00:49:12,920 --> 00:49:15,880
Speaker 1: of reasons, but you can look at the obvious. If

976
00:49:16,000 --> 00:49:19,680
Speaker 1: McDonald's starts to produce bad Hamburgers, the owners might say, oh,

977
00:49:19,760 --> 00:49:21,640
Speaker 1: I don't know about this. Well, maybe not the Hamburgers,

978
00:49:21,640 --> 00:49:23,759
Speaker 1: because McDonald's is actually in the real estate business. But

979
00:49:24,200 --> 00:49:27,600
Speaker 1: if McDonald's starts to have some problems, the owners might say,

980
00:49:27,719 --> 00:49:32,239
Speaker 1: maybe I should sell. If McDonald starts to have smaller profits,

981
00:49:32,400 --> 00:49:34,560
Speaker 1: now the investors might get concerned. If they start to

982
00:49:34,800 --> 00:49:38,160
Speaker 1: have bigger profits than expected, more people might want to buy,

983
00:49:38,520 --> 00:49:41,440
Speaker 1: which could push the stock price up. So you have

984
00:49:41,480 --> 00:49:46,240
Speaker 1: to understand the psychology of the buyers and sellers. Because

985
00:49:47,320 --> 00:49:52,280
Speaker 1: there's two parts to successful investing. One is the financial side,

986
00:49:52,520 --> 00:49:57,000
Speaker 1: but it's also the emotional side, and in today's market,

987
00:49:58,280 --> 00:50:02,240
Speaker 1: our markets are more emotional than ever before. Business Insider

988
00:50:02,239 --> 00:50:05,640
Speaker 1: actually did her study on this recently, where they I mean,

989
00:50:05,680 --> 00:50:08,120
Speaker 1: it's not really that hard to find, but they said

990
00:50:08,120 --> 00:50:11,040
Speaker 1: that our stock market is more volatile than previous decades,

991
00:50:12,440 --> 00:50:17,200
Speaker 1: which for the average person is not good because they say,

992
00:50:17,200 --> 00:50:19,359
Speaker 1: oh my god, I'm scared, but market, the markets are

993
00:50:19,360 --> 00:50:20,759
Speaker 1: going to go down, I'm going to lose money. But

994
00:50:20,800 --> 00:50:25,280
Speaker 1: for the financially savvy, that creates more opportunity than ever.

995
00:50:25,719 --> 00:50:29,240
Speaker 1: In twenty twenty five, for example, we saw three stock

996
00:50:29,280 --> 00:50:33,120
Speaker 1: market crashes. When we saw the first announcement of tariffs,

997
00:50:33,120 --> 00:50:37,240
Speaker 1: markets crashed, Then tariffs are paused, markets hit new record highs.

998
00:50:37,760 --> 00:50:40,400
Speaker 1: Then we had the second announcement of tariffs, markets crashed.

999
00:50:40,920 --> 00:50:43,719
Speaker 1: Once those were paused, markets rose again. Then we had

1000
00:50:43,760 --> 00:50:47,080
Speaker 1: Liberation Day, the third announcement of tariffs. Markets crashed at

1001
00:50:47,120 --> 00:50:50,760
Speaker 1: the fastest rate since the pandemic. Then there were paused

1002
00:50:50,760 --> 00:50:53,760
Speaker 1: and markets broke new record highs. See for the average person,

1003
00:50:53,920 --> 00:50:57,440
Speaker 1: that was a nightmare, But for the financially savvy, all

1004
00:50:57,480 --> 00:51:01,520
Speaker 1: of those downturns created a great buying opportunity. The thing

1005
00:51:01,520 --> 00:51:03,360
Speaker 1: that I like to tell people is you're going to

1006
00:51:03,360 --> 00:51:08,719
Speaker 1: see ups and downs. But when you have those crazy times,

1007
00:51:08,760 --> 00:51:10,880
Speaker 1: I want you to remember one thing. I want you

1008
00:51:10,920 --> 00:51:16,800
Speaker 1: to remember poop p oh oh p Why Because panic

1009
00:51:17,360 --> 00:51:21,680
Speaker 1: leads to over selling, leads to opportunity, leads to profit.

1010
00:51:22,800 --> 00:51:25,239
Speaker 1: And that's where you know, we've been talking a little

1011
00:51:25,239 --> 00:51:28,360
Speaker 1: bit about the education side of investing, but that psychology

1012
00:51:28,440 --> 00:51:33,960
Speaker 1: is just as important because if you're the one that's panicking, well,

1013
00:51:34,000 --> 00:51:36,440
Speaker 1: you're making somebody else wealthier. Yeah, and you have to

1014
00:51:36,480 --> 00:51:38,319
Speaker 1: understand what it is that you're investing in and know

1015
00:51:38,360 --> 00:51:41,279
Speaker 1: how that fits in with your investing strategy. That way

1016
00:51:41,280 --> 00:51:44,320
Speaker 1: you can actually make money instead of being the person

1017
00:51:44,360 --> 00:51:45,680
Speaker 1: that's making somebody else money.

1018
00:51:45,840 --> 00:51:47,600
Speaker 2: Yeah, I was gonna I was going to say that.

1019
00:51:47,719 --> 00:51:50,160
Speaker 2: One mindset that sticks very close to what you're saying,

1020
00:51:50,239 --> 00:51:53,320
Speaker 2: which may have to go earlier on in your system,

1021
00:51:53,400 --> 00:51:56,480
Speaker 2: is this idea of I'm trying to get the language right.

1022
00:51:56,480 --> 00:51:59,000
Speaker 2: You name it better because it's your system. But this

1023
00:51:59,160 --> 00:52:02,480
Speaker 2: idea of just don't chase fast money, because I think

1024
00:52:02,960 --> 00:52:05,480
Speaker 2: the reason why we get scared when the markets crash

1025
00:52:05,600 --> 00:52:07,799
Speaker 2: when we're not financially savvy, is because we thought, oh god,

1026
00:52:07,800 --> 00:52:10,399
Speaker 2: I lost all my money. Let me take it out right,

1027
00:52:10,600 --> 00:52:13,759
Speaker 2: or let me avoid putting more money in because things

1028
00:52:13,760 --> 00:52:16,880
Speaker 2: are not looking safe. And this idea of this mindset

1029
00:52:16,880 --> 00:52:18,919
Speaker 2: that we have around I just want to make money quick,

1030
00:52:18,920 --> 00:52:20,680
Speaker 2: you know, I just want to put something in next

1031
00:52:20,760 --> 00:52:22,359
Speaker 2: year it's huge, and then I want to pull out

1032
00:52:22,360 --> 00:52:27,000
Speaker 2: and it's like, well, that's like very very rare for

1033
00:52:27,080 --> 00:52:29,680
Speaker 2: people to pull off. And I think that speedy money

1034
00:52:29,719 --> 00:52:32,560
Speaker 2: is what stops us from making good decisions because by

1035
00:52:32,600 --> 00:52:34,960
Speaker 2: the time you actually put money in, you're like, oh,

1036
00:52:35,040 --> 00:52:37,399
Speaker 2: they I should have done it last year, right, because

1037
00:52:37,440 --> 00:52:40,000
Speaker 2: you're just watching that quick win. Does that make sense? Yeah?

1038
00:52:40,120 --> 00:52:42,560
Speaker 1: That is Actually it goes back into what you were

1039
00:52:42,560 --> 00:52:45,080
Speaker 1: saying a little bit ago when you said, what about

1040
00:52:45,080 --> 00:52:47,719
Speaker 1: that person was living paycheck to paycheck? What does that

1041
00:52:47,760 --> 00:52:51,400
Speaker 1: person want? I want a relief of where I am.

1042
00:52:52,080 --> 00:52:55,080
Speaker 1: So what is that relief? Often it's fast money. It's like,

1043
00:52:55,320 --> 00:52:57,319
Speaker 1: oh my god, my arm hurts. What I want? I

1044
00:52:57,320 --> 00:52:59,799
Speaker 1: want relief, Give me the extra strength tile and all

1045
00:52:59,800 --> 00:53:02,040
Speaker 1: of whatever it is because I just want to quick fix.

1046
00:53:03,160 --> 00:53:05,600
Speaker 1: And so what happens to a lot of times that

1047
00:53:05,640 --> 00:53:08,759
Speaker 1: person in the situation, and we were hinting at this

1048
00:53:08,880 --> 00:53:11,880
Speaker 1: more different angle before is you get screwed over. The

1049
00:53:11,960 --> 00:53:14,480
Speaker 1: system profits off of you because well, you are a

1050
00:53:14,560 --> 00:53:19,959
Speaker 1: prime candidate for spending money. But now if you start

1051
00:53:19,960 --> 00:53:21,279
Speaker 1: to say, oh my god, I just want to make

1052
00:53:21,320 --> 00:53:24,800
Speaker 1: some more money, what happens? Will you become a prime

1053
00:53:24,840 --> 00:53:30,520
Speaker 1: candidate for that fast money, and that fast money most

1054
00:53:30,520 --> 00:53:33,360
Speaker 1: of the times is not there. And when it is there,

1055
00:53:33,440 --> 00:53:36,799
Speaker 1: if it does happen to come fast, you're also going

1056
00:53:36,880 --> 00:53:38,879
Speaker 1: to lose it just as fast because if you don't

1057
00:53:38,880 --> 00:53:40,440
Speaker 1: know what to do with that money, well it can

1058
00:53:40,520 --> 00:53:43,359
Speaker 1: go and leave just as fast. It's a they say,

1059
00:53:43,400 --> 00:53:45,960
Speaker 1: I think it's like eighty percent of lottery winners go

1060
00:53:46,040 --> 00:53:48,800
Speaker 1: broke or bankrupt within five years of winning the lottery.

1061
00:53:49,280 --> 00:53:51,560
Speaker 1: Why it's not because you didn't have enough money. People

1062
00:53:51,600 --> 00:53:54,920
Speaker 1: have won millions and millions and millions of dollars. If

1063
00:53:54,920 --> 00:53:57,279
Speaker 1: you don't have the financial education and the money comes fast,

1064
00:53:57,280 --> 00:53:59,680
Speaker 1: it's going to disappear just as fast. And on the

1065
00:53:59,680 --> 00:54:02,440
Speaker 1: other side, when you become desperate for money, you become

1066
00:54:02,440 --> 00:54:05,239
Speaker 1: a prime candidate to buy those programs and services that

1067
00:54:05,239 --> 00:54:08,719
Speaker 1: are trying to sell you this dream of Hey, all

1068
00:54:08,760 --> 00:54:11,160
Speaker 1: you gotta do is work three hours a week on

1069
00:54:11,239 --> 00:54:13,239
Speaker 1: a laptop off of a beach and Bali and you're

1070
00:54:13,280 --> 00:54:15,720
Speaker 1: gonna make ten thousand dollars a month, ten thousand dollars

1071
00:54:15,800 --> 00:54:18,920
Speaker 1: a week. You don't have to do anything. It sounds amazing.

1072
00:54:19,160 --> 00:54:21,880
Speaker 1: Sign me up, nine hundred and ninety seven dollars. No problem.

1073
00:54:22,520 --> 00:54:26,799
Speaker 1: Well that fast money doesn't work like that. There's no

1074
00:54:26,920 --> 00:54:28,160
Speaker 1: sacrifice in the hard work.

1075
00:54:28,400 --> 00:54:47,080
Speaker 2: Yeah, you brought up AI. Where do you see the

1076
00:54:47,120 --> 00:54:50,359
Speaker 2: biggest opportunities with AI and investing right now?

1077
00:54:50,400 --> 00:54:54,799
Speaker 1: Oh? Man, Well, let me premise it with this because

1078
00:54:54,840 --> 00:54:57,200
Speaker 1: I love talking about history, because while history doesn't exactly

1079
00:54:57,239 --> 00:55:01,040
Speaker 1: repeat itself, it does rhyme. When the inner that started

1080
00:55:01,040 --> 00:55:04,600
Speaker 1: to become popular in the nineties, we started to see

1081
00:55:04,680 --> 00:55:06,600
Speaker 1: very similar things happen. What do I mean by that?

1082
00:55:07,200 --> 00:55:10,279
Speaker 1: If you started a company in the mid to late

1083
00:55:10,360 --> 00:55:13,279
Speaker 1: nineties and you put the word dot com at the

1084
00:55:13,320 --> 00:55:16,440
Speaker 1: end of it, you could go to whatever bank or

1085
00:55:16,480 --> 00:55:18,960
Speaker 1: investing institution you wanted and raise a couple million dollars

1086
00:55:19,160 --> 00:55:21,680
Speaker 1: because they wanted a piece of that action. Money was

1087
00:55:21,719 --> 00:55:25,759
Speaker 1: just being dumped into the internet companies. And then came

1088
00:55:25,800 --> 00:55:28,560
Speaker 1: the year two thousand and in the year two thousand,

1089
00:55:28,960 --> 00:55:34,120
Speaker 1: that internet bubble that was created popped and we saw

1090
00:55:34,760 --> 00:55:40,000
Speaker 1: internet stocks get wiped out, and there was an index

1091
00:55:40,480 --> 00:55:44,160
Speaker 1: called the Nasdaq, which tracks a lot of these techie

1092
00:55:44,239 --> 00:55:45,719
Speaker 1: type of companies. At that time, it was a lot

1093
00:55:45,760 --> 00:55:51,080
Speaker 1: of Internet companies. That index fell by about seventy eight percent,

1094
00:55:52,800 --> 00:55:59,440
Speaker 1: and it was a disastrous crash where even Amazon stock

1095
00:55:59,680 --> 00:56:06,120
Speaker 1: fell more than ninety percent. But during that time, we

1096
00:56:06,200 --> 00:56:08,120
Speaker 1: started to hear the news that the Internet must be

1097
00:56:08,160 --> 00:56:10,520
Speaker 1: a fad, the Internet's done, no one's using the internet

1098
00:56:10,600 --> 00:56:12,440
Speaker 1: before I mean, there was a lot of famous headlines

1099
00:56:12,440 --> 00:56:18,200
Speaker 1: for big newspapers that publish that. Well, what happened. It

1100
00:56:18,239 --> 00:56:20,760
Speaker 1: wasn't that the Internet died, but a lot of Internet

1101
00:56:20,760 --> 00:56:24,600
Speaker 1: companies did die. It was the strong companies that survived,

1102
00:56:24,880 --> 00:56:28,359
Speaker 1: and Amazon became what it is today. So you talk

1103
00:56:28,400 --> 00:56:31,440
Speaker 1: about AI, could we be in an AI bubble? Absolutely,

1104
00:56:32,760 --> 00:56:35,239
Speaker 1: We're always in some sort of bubble. We have more

1105
00:56:35,280 --> 00:56:39,600
Speaker 1: money going into AI than ever before, and it really

1106
00:56:39,640 --> 00:56:42,440
Speaker 1: feels like that rate is accelerating, and it's it's like

1107
00:56:42,480 --> 00:56:45,600
Speaker 1: an infinite black hole of money. It's just money coming

1108
00:56:45,640 --> 00:56:48,719
Speaker 1: out of everywhere, from the government, from foreign countries, from investors.

1109
00:56:48,800 --> 00:56:53,040
Speaker 1: Everybody wants a piece of the action. Could we see

1110
00:56:53,040 --> 00:56:57,759
Speaker 1: an AI bubble burst? Absolutely, But just like how the

1111
00:56:57,800 --> 00:57:00,399
Speaker 1: Internet bubble burst. It doesn't mean the AI is going

1112
00:57:00,400 --> 00:57:03,600
Speaker 1: to go away. If it does happen, it means that

1113
00:57:04,120 --> 00:57:06,799
Speaker 1: the smart and the savvy will survive and then the

1114
00:57:06,840 --> 00:57:09,759
Speaker 1: others will get wiped out. So now let me ask

1115
00:57:09,760 --> 00:57:12,839
Speaker 1: that answer that question. Now, where's the opportunity? And I'm

1116
00:57:12,840 --> 00:57:16,840
Speaker 1: going to explain this like an onion, because like onions,

1117
00:57:16,840 --> 00:57:20,080
Speaker 1: have multiple layers. That's how savvy investors like to think

1118
00:57:20,080 --> 00:57:22,600
Speaker 1: about their investments. Because when a lot of people think

1119
00:57:22,640 --> 00:57:27,240
Speaker 1: about AI, they think, how can I invest in chat GPT. Well,

1120
00:57:28,080 --> 00:57:29,800
Speaker 1: when you're saying that, what you're essentially saying is I

1121
00:57:29,880 --> 00:57:32,440
Speaker 1: want to invest in the company that's producing the AI.

1122
00:57:32,960 --> 00:57:36,040
Speaker 1: And there are companies that do that, which sure, but

1123
00:57:36,120 --> 00:57:40,040
Speaker 1: that's the top layer of the onion. What every savvy

1124
00:57:40,040 --> 00:57:42,400
Speaker 1: investor wants to do is they want to know where

1125
00:57:42,480 --> 00:57:44,360
Speaker 1: is the money moving, where's the money going to go?

1126
00:57:44,440 --> 00:57:48,320
Speaker 1: Before other people understand. That's what investment research is all about,

1127
00:57:48,360 --> 00:57:50,240
Speaker 1: and that's what I try to spend a lot of

1128
00:57:50,280 --> 00:57:53,960
Speaker 1: my time in what my company works on. So let's

1129
00:57:54,000 --> 00:58:00,320
Speaker 1: now go one layer deeper. Well, what is that AI

1130
00:58:00,680 --> 00:58:04,240
Speaker 1: going to be powered by? What is powering this technology? Well,

1131
00:58:04,320 --> 00:58:07,440
Speaker 1: right now, it's being powered by computer chips, because in

1132
00:58:07,520 --> 00:58:13,240
Speaker 1: order to do this AI computing you need powerful computers. Well,

1133
00:58:13,360 --> 00:58:16,760
Speaker 1: the next generation of computer chips, which we don't have yet,

1134
00:58:17,280 --> 00:58:22,120
Speaker 1: could be something called quantum computers. And a quantum computer

1135
00:58:22,200 --> 00:58:26,280
Speaker 1: is essentially a supercomputer to the one thousandth power on

1136
00:58:26,400 --> 00:58:32,120
Speaker 1: steroids that a typical computer. So I don't want to

1137
00:58:32,120 --> 00:58:35,560
Speaker 1: get two technical, but a typical computer that we have

1138
00:58:35,640 --> 00:58:39,320
Speaker 1: today can solve one math problem a second. That's just

1139
00:58:39,400 --> 00:58:43,240
Speaker 1: the way that it works. But what a quantum computer

1140
00:58:43,360 --> 00:58:47,600
Speaker 1: can do is it can solve multiple problems per second.

1141
00:58:47,640 --> 00:58:49,880
Speaker 1: So a sixty four bit computer that we have today

1142
00:58:49,960 --> 00:58:53,000
Speaker 1: which exists, that can solve one problem a second, is

1143
00:58:53,080 --> 00:58:57,720
Speaker 1: sixty four cbit computer can solve If I remember the

1144
00:58:57,800 --> 00:59:01,960
Speaker 1: numbers correctly, I think it's eighteen quintillion problems a second.

1145
00:59:03,080 --> 00:59:08,200
Speaker 1: What does that mean? A quantum computer can solve what

1146
00:59:08,440 --> 00:59:10,840
Speaker 1: a normal computer would take hundreds of years to do.

1147
00:59:12,840 --> 00:59:14,960
Speaker 1: That same problem could be solved in a matter of seconds.

1148
00:59:16,080 --> 00:59:16,400
Speaker 2: It is.

1149
00:59:16,480 --> 00:59:18,120
Speaker 1: We're not there yet, but there are companies that are

1150
00:59:18,160 --> 00:59:21,720
Speaker 1: investing in it. If that happens, some of those companies

1151
00:59:22,160 --> 00:59:24,520
Speaker 1: could make a lot of money. Well, let's keep going

1152
00:59:24,520 --> 00:59:26,160
Speaker 1: another layer deeper, right, We're going down the onion. So

1153
00:59:26,200 --> 00:59:27,760
Speaker 1: we talked about the first layer, which is the AI

1154
00:59:27,960 --> 00:59:31,120
Speaker 1: maybe quantum What about the third layer. If I have

1155
00:59:31,320 --> 00:59:35,880
Speaker 1: a AI company or I have AI, I have data.

1156
00:59:36,920 --> 00:59:39,320
Speaker 1: And as much as we want to talk about privacy,

1157
00:59:39,360 --> 00:59:42,280
Speaker 1: the reality is if you have a smartphone, you have data.

1158
00:59:42,320 --> 00:59:44,600
Speaker 1: This is in the cloud. Well the cloud isn't in

1159
00:59:44,640 --> 00:59:49,000
Speaker 1: the clouds. The cloud is actually in a physical building

1160
00:59:49,160 --> 00:59:54,240
Speaker 1: called a data center. So as AI starts to gather

1161
00:59:54,280 --> 00:59:56,960
Speaker 1: more data, because anytime you ask chat GPT a question,

1162
00:59:57,320 --> 01:00:01,000
Speaker 1: whether it's a guacamole recipe or something, write me this email,

1163
01:00:01,680 --> 01:00:04,200
Speaker 1: that data is being stored somewhere, and that data is

1164
01:00:04,240 --> 01:00:07,280
Speaker 1: being stored in a data center. And that could also

1165
01:00:07,320 --> 01:00:09,920
Speaker 1: create an investment opportunity because now as we start to

1166
01:00:09,920 --> 01:00:12,640
Speaker 1: have more data being processed, as more people use AI,

1167
01:00:12,760 --> 01:00:16,920
Speaker 1: more data is being created every single second. So now

1168
01:00:17,040 --> 01:00:20,200
Speaker 1: data centers are now booming because of that. In fact,

1169
01:00:20,280 --> 01:00:22,680
Speaker 1: I was just reading that there are some companies looking

1170
01:00:22,680 --> 01:00:25,680
Speaker 1: at putting data centers on the moon now as a

1171
01:00:25,720 --> 01:00:28,760
Speaker 1: way to diversify. That's how crazy it's getting that we're

1172
01:00:28,800 --> 01:00:31,240
Speaker 1: looking for new ways to put data centers outside of

1173
01:00:31,440 --> 01:00:34,720
Speaker 1: the Earth. We could take it now one layer deeper

1174
01:00:34,800 --> 01:00:36,840
Speaker 1: in the onion. Right, So we talked about data centers,

1175
01:00:36,880 --> 01:00:39,640
Speaker 1: but those data centers have to be powered too, because

1176
01:00:39,680 --> 01:00:43,040
Speaker 1: those data centers need energy. Those data centers that are

1177
01:00:43,480 --> 01:00:45,560
Speaker 1: keeping all this stuff use a lot of power, and

1178
01:00:45,600 --> 01:00:49,160
Speaker 1: there are specific companies that are powering those data centers.

1179
01:00:50,080 --> 01:00:54,320
Speaker 1: And these companies are trying to be as innovative as possible.

1180
01:00:54,920 --> 01:00:57,240
Speaker 1: How can we now power the data center for as

1181
01:00:57,800 --> 01:01:00,760
Speaker 1: low cost as possible? And somebody's going to win that race,

1182
01:01:00,760 --> 01:01:02,120
Speaker 1: and the one that wins that race is going to

1183
01:01:02,160 --> 01:01:04,880
Speaker 1: make a lot of money. That can create an investment opportunity.

1184
01:01:05,560 --> 01:01:09,120
Speaker 1: Let's take a one layer deeper in this onion. That

1185
01:01:09,440 --> 01:01:12,960
Speaker 1: data center has to be kept at a specific temperature

1186
01:01:13,320 --> 01:01:15,520
Speaker 1: because they have all these computer parts in there that

1187
01:01:15,600 --> 01:01:19,440
Speaker 1: get hot. I mean if you use a computer, you know,

1188
01:01:19,520 --> 01:01:21,720
Speaker 1: you get that sound it gets how well, if that

1189
01:01:21,840 --> 01:01:25,040
Speaker 1: data center starts to overheat, it is going to malfunction.

1190
01:01:25,880 --> 01:01:30,800
Speaker 1: And no AI company, no tech company, wants to lose it.

1191
01:01:30,880 --> 01:01:34,479
Speaker 1: I mean it would be a disaster. So these data

1192
01:01:34,480 --> 01:01:38,520
Speaker 1: center companies are investing heavily into data center cooling, which

1193
01:01:38,560 --> 01:01:42,560
Speaker 1: is a whole new industry of companies. Well, one of

1194
01:01:42,560 --> 01:01:44,520
Speaker 1: those companies is going to be the most efficient they're

1195
01:01:44,560 --> 01:01:46,240
Speaker 1: going to be the most innovative, and they're going to

1196
01:01:46,280 --> 01:01:50,200
Speaker 1: be the best one, the one that everybody wants to use. Well,

1197
01:01:50,200 --> 01:01:52,280
Speaker 1: they're going to have the opportunity to make a lot

1198
01:01:52,280 --> 01:01:54,160
Speaker 1: of money as well. And so this is what smart

1199
01:01:54,160 --> 01:01:56,920
Speaker 1: investors are doing is you know when people think about AI, oh,

1200
01:01:56,920 --> 01:02:01,000
Speaker 1: I want to invest in this AI stock, Well that's

1201
01:02:01,040 --> 01:02:03,680
Speaker 1: the first layer of the onion. But what savvy investors

1202
01:02:03,680 --> 01:02:05,960
Speaker 1: are doing is they're peeling that layer back and they're

1203
01:02:05,960 --> 01:02:08,200
Speaker 1: trying to think two years on the road, five years

1204
01:02:08,200 --> 01:02:10,440
Speaker 1: down the road, and what are all the things that

1205
01:02:10,440 --> 01:02:15,360
Speaker 1: are impacted by that artificial intelligence. Now you can invest

1206
01:02:15,400 --> 01:02:18,040
Speaker 1: in the individual companies that are funds that can give

1207
01:02:18,080 --> 01:02:21,480
Speaker 1: you exposure to artificial intelligence, but the whole idea is understanding.

1208
01:02:22,440 --> 01:02:24,560
Speaker 1: I mean, this is investing one on one. It's understanding

1209
01:02:24,560 --> 01:02:27,920
Speaker 1: where the money is moving and that's where the opportunity

1210
01:02:28,520 --> 01:02:28,840
Speaker 1: will be.

1211
01:02:29,240 --> 01:02:31,360
Speaker 2: Great answer, sign me up to market.

1212
01:02:31,040 --> 01:02:34,840
Speaker 1: Briefs, Yes, that's what we call it, but that's.

1213
01:02:34,720 --> 01:02:38,560
Speaker 2: The insights you're giving people. Right Like, if someone signs up,

1214
01:02:38,720 --> 01:02:40,840
Speaker 2: are you able to say, hey, these are the three

1215
01:02:40,840 --> 01:02:45,200
Speaker 2: companies right now that are building X, y Z for

1216
01:02:45,240 --> 01:02:46,880
Speaker 2: you to be informed and then someone could go and

1217
01:02:46,920 --> 01:02:48,600
Speaker 2: look at that or how does that?

1218
01:02:48,960 --> 01:02:52,600
Speaker 1: So market Briefs itself is the news. We give you

1219
01:02:52,640 --> 01:02:58,760
Speaker 1: a snapshot of what's happening. That's free. Then for the investors,

1220
01:02:59,080 --> 01:03:01,600
Speaker 1: we have different types products for the different type of investor.

1221
01:03:01,600 --> 01:03:03,160
Speaker 1: Because we talk to people that want to work with

1222
01:03:03,160 --> 01:03:06,000
Speaker 1: a financial advisor, we can help referr you to financial advisor.

1223
01:03:06,680 --> 01:03:08,680
Speaker 1: For those way that want to be passed to investors,

1224
01:03:08,720 --> 01:03:11,760
Speaker 1: we're building tools for you that way you can analyze

1225
01:03:11,760 --> 01:03:14,640
Speaker 1: ETFs and do all that stuff with the power of

1226
01:03:14,680 --> 01:03:17,560
Speaker 1: AI in there. We're building our own proprietary tools, which

1227
01:03:17,680 --> 01:03:19,600
Speaker 1: I've never talked about before, but hey, here we are

1228
01:03:19,880 --> 01:03:23,120
Speaker 1: launching in twenty twenty six some really powerful stuff. Then

1229
01:03:23,120 --> 01:03:27,960
Speaker 1: for active investors, we have our Briefs pro product, which

1230
01:03:28,000 --> 01:03:32,720
Speaker 1: is research. And the thing that makes this so unique

1231
01:03:32,760 --> 01:03:37,640
Speaker 1: and powerful is traditionally, if you wanted to know what

1232
01:03:37,680 --> 01:03:43,480
Speaker 1: Wall Street knows, it was Number one extremely expensive. Number

1233
01:03:43,480 --> 01:03:46,760
Speaker 1: two is extremely complicated. I mean, if you go and

1234
01:03:46,800 --> 01:03:50,640
Speaker 1: read Black Rocks reports, which I do. I'm a weirdo,

1235
01:03:50,680 --> 01:03:52,280
Speaker 1: I you know, but if you read any of these

1236
01:03:52,320 --> 01:03:57,680
Speaker 1: banks reports, it is complicating. It's difficult, and there's a

1237
01:03:57,680 --> 01:04:00,200
Speaker 1: lot of technical jargon in there that you know, let's us.

1238
01:04:00,240 --> 01:04:05,080
Speaker 1: You are a professional, it's really hard to understand what

1239
01:04:05,440 --> 01:04:08,120
Speaker 1: these companies are doing. So what we try to do

1240
01:04:08,160 --> 01:04:12,000
Speaker 1: is we have analysts that do real research. I mean

1241
01:04:12,040 --> 01:04:14,480
Speaker 1: we're we're going to talking to executives, they're going out

1242
01:04:14,520 --> 01:04:17,080
Speaker 1: and attending trade shows. They're going out and putting in

1243
01:04:17,120 --> 01:04:20,960
Speaker 1: all this work to find where money is moving. And

1244
01:04:20,960 --> 01:04:23,160
Speaker 1: then we break it down into our pro research for

1245
01:04:23,640 --> 01:04:26,720
Speaker 1: the active investors, because not everybody should be an active investor.

1246
01:04:27,200 --> 01:04:29,680
Speaker 1: It's for the people that actually want that research that

1247
01:04:29,720 --> 01:04:31,800
Speaker 1: we break down into plain English.

1248
01:04:32,440 --> 01:04:37,440
Speaker 2: How should someone who's a university graduate right now, a

1249
01:04:37,480 --> 01:04:41,640
Speaker 2: young person prepare for an AI driven economy? What should

1250
01:04:41,640 --> 01:04:42,480
Speaker 2: they be thinking about?

1251
01:04:42,600 --> 01:04:47,200
Speaker 1: You better learn it? You better? It is inevitable at first.

1252
01:04:47,280 --> 01:04:50,320
Speaker 1: You know, I'm one of those guys. I hate to

1253
01:04:50,320 --> 01:04:51,960
Speaker 1: say this, but I'm one of those guys that kind

1254
01:04:52,000 --> 01:04:55,560
Speaker 1: of has always fought technology. I was very anti smartphone

1255
01:04:55,600 --> 01:04:58,200
Speaker 1: for a long time. I was very anti touchscreen phone

1256
01:04:58,200 --> 01:05:01,040
Speaker 1: for a long time. Still don't really understand how to

1257
01:05:01,120 --> 01:05:04,200
Speaker 1: use Netflix. My wife is the lead on that, and

1258
01:05:05,640 --> 01:05:07,720
Speaker 1: I was kind of like, you know, with AI, I said,

1259
01:05:08,040 --> 01:05:12,160
Speaker 1: this is cool, We'll see where this goes. And as

1260
01:05:12,160 --> 01:05:14,040
Speaker 1: I started to learn about it more and more, and

1261
01:05:14,080 --> 01:05:16,720
Speaker 1: I started to use it in my own business. I

1262
01:05:16,760 --> 01:05:20,240
Speaker 1: started to realize, oh my god, this is not one

1263
01:05:20,280 --> 01:05:22,080
Speaker 1: of those things that I can just kind of sit on.

1264
01:05:23,440 --> 01:05:30,560
Speaker 1: Because the Internet changed the world quickly, and the companies

1265
01:05:30,640 --> 01:05:34,480
Speaker 1: that understood the Internet were able to grow very fast,

1266
01:05:34,520 --> 01:05:41,160
Speaker 1: and the companies that didn't failed Blockbuster bankrupt, Sears bankrupt. Well.

1267
01:05:41,800 --> 01:05:45,280
Speaker 1: AI is doing the same thing at a much bigger level,

1268
01:05:45,920 --> 01:05:49,600
Speaker 1: at a much faster rate. But our minds haven't gotten faster.

1269
01:05:50,400 --> 01:05:55,800
Speaker 1: And that's what makes it very unique. Because humanity can

1270
01:05:55,840 --> 01:05:58,760
Speaker 1: only evolve as fast as we can evolve. I mean,

1271
01:05:58,840 --> 01:06:02,200
Speaker 1: our minds can only grow at a certain rate. Technology

1272
01:06:02,760 --> 01:06:07,320
Speaker 1: keeps growing exponentially faster. So when the Internet started to grow,

1273
01:06:08,080 --> 01:06:10,640
Speaker 1: we thought it was extremely fast. I mean, over the

1274
01:06:10,680 --> 01:06:15,120
Speaker 1: course of two thousand twenty ten, we saw a lot

1275
01:06:15,160 --> 01:06:17,640
Speaker 1: of companies that were not getting involved with the Internet

1276
01:06:17,680 --> 01:06:22,080
Speaker 1: getting wiped out. Well, Chat, GPT did not exist five

1277
01:06:22,160 --> 01:06:26,080
Speaker 1: years ago, and here we are today in twenty twenty five,

1278
01:06:26,560 --> 01:06:29,640
Speaker 1: and you have a lot of companies that have replaced

1279
01:06:29,720 --> 01:06:33,920
Speaker 1: workers with AI and ensure. There's a lot of companies

1280
01:06:33,920 --> 01:06:36,720
Speaker 1: that have not started adopting it yet. But the companies

1281
01:06:36,720 --> 01:06:40,280
Speaker 1: that are savvy have started integrating AI in some way,

1282
01:06:40,320 --> 01:06:43,360
Speaker 1: shape or form. I mean, I have a YouTube channel

1283
01:06:43,400 --> 01:06:46,320
Speaker 1: in Spanish. I'll give you an example, and what I

1284
01:06:46,400 --> 01:06:49,440
Speaker 1: used to do is we used to take my videos,

1285
01:06:49,880 --> 01:06:52,840
Speaker 1: send it to a person who would then write down

1286
01:06:52,880 --> 01:06:55,560
Speaker 1: my script and then he would record it or he

1287
01:06:55,600 --> 01:06:57,440
Speaker 1: would translate it and then he would record it. He

1288
01:06:57,440 --> 01:06:59,600
Speaker 1: would give us the audio recording, and then we would

1289
01:06:59,640 --> 01:07:01,840
Speaker 1: take the audio recording and impose it onto the video.

1290
01:07:01,880 --> 01:07:03,560
Speaker 1: I mean, this was the process. I'm sure you've done

1291
01:07:03,560 --> 01:07:06,720
Speaker 1: something similar and then that would get published. And that's

1292
01:07:06,760 --> 01:07:09,560
Speaker 1: what we did for a long time. Then came AI.

1293
01:07:10,280 --> 01:07:13,160
Speaker 1: You take the YouTube url, you put it into this thing,

1294
01:07:13,240 --> 01:07:15,960
Speaker 1: you press entern in fifteen seconds later it's a video

1295
01:07:16,360 --> 01:07:18,760
Speaker 1: dubbed in Spanish in my voice.

1296
01:07:20,120 --> 01:07:25,120
Speaker 2: At a fraction of the price and speed. Insane.

1297
01:07:25,160 --> 01:07:26,880
Speaker 1: You don't have to rely on somebody else. This guy's

1298
01:07:26,880 --> 01:07:28,280
Speaker 1: on vacation, I have to wait for him to come

1299
01:07:28,320 --> 01:07:30,840
Speaker 1: back for vocation, or if I'm doing an interview with

1300
01:07:30,880 --> 01:07:33,600
Speaker 1: somebody else and I need two voice editors. I mean,

1301
01:07:33,760 --> 01:07:37,680
Speaker 1: it was just it was difficult and expensive. Now with AI,

1302
01:07:37,720 --> 01:07:40,760
Speaker 1: it's not like that. So we're talking about in just

1303
01:07:40,800 --> 01:07:43,560
Speaker 1: a few years we've gotten to where we are today,

1304
01:07:44,320 --> 01:07:46,520
Speaker 1: and we're not even at the goal of what AI

1305
01:07:46,600 --> 01:07:53,280
Speaker 1: wants to be. The goal with AI is AGI artificial

1306
01:07:53,640 --> 01:07:59,360
Speaker 1: general intelligence. And if you read what OpenAI has published

1307
01:07:59,400 --> 01:08:01,600
Speaker 1: on their website, they say that their goal is to

1308
01:08:01,600 --> 01:08:06,360
Speaker 1: build a smarter artificial general intelligence for humankind. Meta has

1309
01:08:06,360 --> 01:08:08,160
Speaker 1: said the same thing. I mean, pretty much any AI

1310
01:08:08,400 --> 01:08:11,280
Speaker 1: executive has made it explicitly clear that their goal is

1311
01:08:11,320 --> 01:08:16,360
Speaker 1: not artificial intelligence. It's a GI. And what AGI is

1312
01:08:17,360 --> 01:08:19,599
Speaker 1: it's an AI that will do the work for you.

1313
01:08:19,880 --> 01:08:24,400
Speaker 1: So let's say I wanted to start a guacamoly business, right,

1314
01:08:24,680 --> 01:08:27,960
Speaker 1: I like you, I like food. I'm just a food person.

1315
01:08:28,640 --> 01:08:30,880
Speaker 1: So if I go to AI and I say I

1316
01:08:30,880 --> 01:08:32,479
Speaker 1: want to start this business, it can give me some

1317
01:08:32,520 --> 01:08:33,960
Speaker 1: recipes and I can say, you know you can do.

1318
01:08:34,479 --> 01:08:36,800
Speaker 1: You need to file an LLC, you should go find

1319
01:08:37,200 --> 01:08:39,759
Speaker 1: an assistant, and you should find a place to build

1320
01:08:39,800 --> 01:08:43,200
Speaker 1: your recipes and things like that. If I ask that

1321
01:08:43,280 --> 01:08:48,240
Speaker 1: same question to AGI, the results are very different. Instead

1322
01:08:48,240 --> 01:08:51,120
Speaker 1: of telling me what I need to do, AGI will

1323
01:08:51,120 --> 01:08:54,120
Speaker 1: go out and actually file my LLC for me. It

1324
01:08:54,160 --> 01:08:56,000
Speaker 1: will go out and sign a lease for me to

1325
01:08:56,760 --> 01:09:00,200
Speaker 1: rent my warehouse. It will go out and hire me

1326
01:09:00,400 --> 01:09:03,560
Speaker 1: a team will hire me and exist an executive assistant

1327
01:09:03,840 --> 01:09:05,280
Speaker 1: to run the business for me.

1328
01:09:05,320 --> 01:09:07,120
Speaker 2: You'll probably hire an AI and it'll.

1329
01:09:07,000 --> 01:09:11,320
Speaker 1: Hire the AI to do that work. That's what's every

1330
01:09:11,360 --> 01:09:14,519
Speaker 1: AI company is working for. And the first company to

1331
01:09:14,560 --> 01:09:16,800
Speaker 1: get there is going to be the one that is

1332
01:09:16,840 --> 01:09:20,960
Speaker 1: going to be making all that money. And if you

1333
01:09:21,000 --> 01:09:24,240
Speaker 1: don't understand that, you're going to be left behind. So

1334
01:09:24,280 --> 01:09:28,160
Speaker 1: if you're out of college, you have to learn about AI.

1335
01:09:28,280 --> 01:09:31,000
Speaker 1: I don't care what industry that you're in. Learn how

1336
01:09:31,040 --> 01:09:33,040
Speaker 1: to use it because you know, a lot of people

1337
01:09:33,040 --> 01:09:35,040
Speaker 1: talk about there's not going to be need for human workers.

1338
01:09:35,040 --> 01:09:37,680
Speaker 1: I don't necessarily agree with that. Yeah, I agree with that,

1339
01:09:38,160 --> 01:09:40,040
Speaker 1: but there's not going to be a need for purple

1340
01:09:40,080 --> 01:09:43,240
Speaker 1: that don't really understand how to use AI. And so

1341
01:09:43,360 --> 01:09:45,800
Speaker 1: you need to understand how to use it to make

1342
01:09:45,840 --> 01:09:49,320
Speaker 1: your work better, to make your work more efficient, because

1343
01:09:50,640 --> 01:09:53,400
Speaker 1: you might not be replaced with AI, but you will

1344
01:09:53,439 --> 01:09:57,479
Speaker 1: be replaced by somebody who understands AI. And I know

1345
01:09:57,560 --> 01:10:00,160
Speaker 1: at our company, when we hire I don't care the

1346
01:10:00,200 --> 01:10:02,840
Speaker 1: position is. Even our customer service reps, we ask them,

1347
01:10:03,200 --> 01:10:05,200
Speaker 1: how do you use AI? What do you understand about AI?

1348
01:10:05,840 --> 01:10:09,920
Speaker 1: Because we want to know how you are thinking and

1349
01:10:10,360 --> 01:10:13,120
Speaker 1: if you are out of college, you were in a

1350
01:10:13,600 --> 01:10:16,759
Speaker 1: I mean, and people look at it as a big

1351
01:10:16,920 --> 01:10:20,400
Speaker 1: con and a big hindrance. But for the savvy, it's

1352
01:10:20,439 --> 01:10:23,960
Speaker 1: a huge opportunity because most people have no idea, they

1353
01:10:24,000 --> 01:10:27,519
Speaker 1: don't know anything beyond chat GEPT, and all they use

1354
01:10:27,600 --> 01:10:30,559
Speaker 1: chat cheapt for is the very basic stuff of how

1355
01:10:30,600 --> 01:10:33,320
Speaker 1: to write an email or analyze this for me. But

1356
01:10:33,400 --> 01:10:35,960
Speaker 1: if you can start to research it, and there's a

1357
01:10:36,000 --> 01:10:37,640
Speaker 1: lot of free resources on YouTube.

1358
01:10:37,360 --> 01:10:39,240
Speaker 2: Yeah, what would you recommend for somebody who's like, I

1359
01:10:39,280 --> 01:10:41,680
Speaker 2: really want to learn AI this year? I want to

1360
01:10:41,680 --> 01:10:43,800
Speaker 2: give you know, a couple of hours a week to

1361
01:10:43,800 --> 01:10:45,439
Speaker 2: do it, maybe a couple of hours a day because

1362
01:10:45,439 --> 01:10:47,519
Speaker 2: I'm really excited about it. Where where do they start?

1363
01:10:47,600 --> 01:10:50,080
Speaker 1: Start with YouTube? I mean, YouTube's got so much free

1364
01:10:50,120 --> 01:10:54,320
Speaker 1: content out there, and learn some thing and it's free,

1365
01:10:54,439 --> 01:10:57,320
Speaker 1: free to try it. Go into chat, GPT, go onto

1366
01:10:57,360 --> 01:10:59,439
Speaker 1: YouTube and learn what can they use AI for? And

1367
01:10:59,479 --> 01:11:02,120
Speaker 1: you're going to see all these crazy stuff to start

1368
01:11:02,160 --> 01:11:05,559
Speaker 1: to go down some rabbit hole that can align with

1369
01:11:05,800 --> 01:11:08,240
Speaker 1: your career. So, if you're a dentist, how can I

1370
01:11:08,320 --> 01:11:11,080
Speaker 1: use AI in a dentistry office? If you are an engineer,

1371
01:11:11,080 --> 01:11:12,560
Speaker 1: how do I use it as an engineer. If you

1372
01:11:12,640 --> 01:11:17,040
Speaker 1: are a construction worker, how can construction workers use AI?

1373
01:11:17,160 --> 01:11:19,639
Speaker 1: I mean, there was the thing that I was reading

1374
01:11:20,080 --> 01:11:25,520
Speaker 1: about window washers. This is not a tech savvy industry,

1375
01:11:25,600 --> 01:11:29,120
Speaker 1: but it was talking about how there's a business of

1376
01:11:29,160 --> 01:11:33,000
Speaker 1: people now that are building AI tools for window washers, saying, hey,

1377
01:11:33,680 --> 01:11:38,479
Speaker 1: when you have to go and clean people's windows, how

1378
01:11:38,479 --> 01:11:42,599
Speaker 1: do you know which house to go to first? If

1379
01:11:42,600 --> 01:11:44,880
Speaker 1: you can have an AI tool to build that route

1380
01:11:44,920 --> 01:11:46,960
Speaker 1: for you, you can save time and do more houses

1381
01:11:47,000 --> 01:11:49,080
Speaker 1: in a day. And if you can use that same

1382
01:11:49,160 --> 01:11:53,479
Speaker 1: AI tool to help you give quotes that are more

1383
01:11:53,479 --> 01:11:57,320
Speaker 1: realistic to maintain a profit margin without you necessarily having

1384
01:11:57,360 --> 01:12:00,960
Speaker 1: to go to every single house, you can give more

1385
01:12:01,080 --> 01:12:05,880
Speaker 1: quotes that are more accurate and spend less time doing it. So,

1386
01:12:05,920 --> 01:12:09,120
Speaker 1: if you want to edge as a window washer, use AI.

1387
01:12:10,000 --> 01:12:11,719
Speaker 1: If you want to edge as a real estate agent,

1388
01:12:12,320 --> 01:12:17,599
Speaker 1: use AI. I mean in real estate. There was if

1389
01:12:17,640 --> 01:12:19,880
Speaker 1: you want to help sell a house, you want the

1390
01:12:19,880 --> 01:12:21,479
Speaker 1: house to be furnished. You wanted to have the nice

1391
01:12:21,479 --> 01:12:25,479
Speaker 1: furniture so people can imagine themselves living there. Well, it's

1392
01:12:25,520 --> 01:12:29,800
Speaker 1: expensive to furnish a house, but what if you can

1393
01:12:29,840 --> 01:12:31,760
Speaker 1: take a virtual tour of a house because somebody can

1394
01:12:31,800 --> 01:12:33,479
Speaker 1: take a video of it and you can use AI

1395
01:12:33,960 --> 01:12:37,679
Speaker 1: to super impose the furniture in the house. Now somebody

1396
01:12:37,720 --> 01:12:40,679
Speaker 1: can imagine themselves living in the house with a virtual

1397
01:12:40,720 --> 01:12:42,280
Speaker 1: tour where they don't have to go to the house,

1398
01:12:43,360 --> 01:12:46,120
Speaker 1: and it costs you a fraction of the cost of

1399
01:12:46,160 --> 01:12:49,880
Speaker 1: actually furnishing it, which means that you can find more

1400
01:12:49,880 --> 01:12:54,639
Speaker 1: of that potential buyer faster, easier if you can show

1401
01:12:54,680 --> 01:12:57,720
Speaker 1: them how they could potentially live there. Again, it's not

1402
01:12:57,760 --> 01:13:00,360
Speaker 1: replacing the need for them to go there, but it's

1403
01:13:00,360 --> 01:13:03,559
Speaker 1: making it easier for them to decide if they want

1404
01:13:03,560 --> 01:13:03,960
Speaker 1: it or not.

1405
01:13:04,200 --> 01:13:07,280
Speaker 2: Yeah, definitely. Yeah, I've seen the AI that lets you

1406
01:13:07,360 --> 01:13:09,800
Speaker 2: try on things when you're online shopping for you it's

1407
01:13:09,840 --> 01:13:12,160
Speaker 2: crazy Avatar to see it, for you to see it,

1408
01:13:12,320 --> 01:13:17,240
Speaker 2: whether it's purchasing something, it's it's incredible just how much

1409
01:13:17,240 --> 01:13:21,240
Speaker 2: it's speeding up decision making purchase again, which means again

1410
01:13:21,280 --> 01:13:23,200
Speaker 2: going back to your original point where we started, is

1411
01:13:23,600 --> 01:13:26,200
Speaker 2: you're either going to become the consumer, yeah, or the

1412
01:13:26,240 --> 01:13:28,760
Speaker 2: investor and the user one because we're all going to

1413
01:13:28,800 --> 01:13:30,720
Speaker 2: consume based of AI because it's going to make it

1414
01:13:30,760 --> 01:13:31,719
Speaker 2: easier to spend more.

1415
01:13:32,320 --> 01:13:35,280
Speaker 1: Absolutely and the people that understand it. It's going to

1416
01:13:36,320 --> 01:13:39,800
Speaker 1: the internet made some people wealthier, it made it easier

1417
01:13:39,840 --> 01:13:42,200
Speaker 1: for everyone else to spend money. Right, we started off

1418
01:13:42,240 --> 01:13:44,720
Speaker 1: with oh, you can just spend money without driving to

1419
01:13:44,800 --> 01:13:48,320
Speaker 1: the store. Well, then it became the one click purchase

1420
01:13:48,720 --> 01:13:51,680
Speaker 1: because Amazon realized that for every time you had to

1421
01:13:51,720 --> 01:13:53,680
Speaker 1: click a button to get to the checkout page, they

1422
01:13:53,720 --> 01:13:56,479
Speaker 1: lost about fifty percent of buyers. So this and how

1423
01:13:56,520 --> 01:14:00,479
Speaker 1: do we just create the one click purchase way? It's

1424
01:14:00,520 --> 01:14:04,880
Speaker 1: so easy to buy. Then came buy now, pay later online,

1425
01:14:04,920 --> 01:14:06,800
Speaker 1: So you go to the purchase, don't you don't need

1426
01:14:06,800 --> 01:14:09,599
Speaker 1: the money to buy anymore, Just hit by and we'll

1427
01:14:09,640 --> 01:14:12,639
Speaker 1: figure out how to get your payments later. Now, with AI,

1428
01:14:13,520 --> 01:14:16,320
Speaker 1: it's going to know what you want before you know

1429
01:14:16,360 --> 01:14:19,080
Speaker 1: what you want, and it will be presented to you.

1430
01:14:20,040 --> 01:14:23,439
Speaker 1: And the people that don't understand how to control their

1431
01:14:23,439 --> 01:14:27,240
Speaker 1: finances are going to be spending their money much faster.

1432
01:14:28,200 --> 01:14:30,120
Speaker 1: The people that understand this are going to be able

1433
01:14:30,120 --> 01:14:33,920
Speaker 1: to gather that money much faster. So it's what side

1434
01:14:33,960 --> 01:14:36,439
Speaker 1: of the game do you want to be on? And

1435
01:14:36,479 --> 01:14:39,679
Speaker 1: it goes back to the financial education, which we're never taught.

1436
01:14:40,360 --> 01:14:45,920
Speaker 2: It's great masterclass. It's fantastic, really great man. The world

1437
01:14:45,960 --> 01:14:48,840
Speaker 2: is changing so simple. No, but the world is changing.

1438
01:14:48,840 --> 01:14:51,679
Speaker 2: It's changing fast. But what I really appreciate about talking

1439
01:14:51,680 --> 01:14:53,720
Speaker 2: to you is you make it so simple and you

1440
01:14:53,800 --> 01:14:55,840
Speaker 2: make it applicable for everyone. I hope everyone has been

1441
01:14:55,840 --> 01:14:59,200
Speaker 2: listening and watching today has a roadmap. I feel like

1442
01:14:59,200 --> 01:15:01,720
Speaker 2: they have this step that they need to take to

1443
01:15:01,800 --> 01:15:05,439
Speaker 2: improve their financial wellbeing, and that they're supported in that

1444
01:15:05,520 --> 01:15:08,880
Speaker 2: because it's such a systematic process and it doesn't matter

1445
01:15:08,880 --> 01:15:12,000
Speaker 2: how much or how little you have. It feels like

1446
01:15:12,040 --> 01:15:14,040
Speaker 2: you've given people a real blueprint to start with.

1447
01:15:14,520 --> 01:15:16,559
Speaker 1: The reason why I wanted to do this is because

1448
01:15:16,560 --> 01:15:20,840
Speaker 1: I was actually reading a statistic right when your team

1449
01:15:21,000 --> 01:15:25,919
Speaker 1: emailed me, which was we know that somewhere between fifty

1450
01:15:26,439 --> 01:15:29,080
Speaker 1: to seventy percent of Americans are living paycheck to paycheck,

1451
01:15:29,720 --> 01:15:32,439
Speaker 1: And then I was reading a statistic that said seventy

1452
01:15:32,479 --> 01:15:36,240
Speaker 1: two percent of Americans have Netflix. What that told me

1453
01:15:37,920 --> 01:15:40,920
Speaker 1: is that the average American is spending more money on

1454
01:15:41,000 --> 01:15:45,200
Speaker 1: Netflix than they are on their investments. And that's a

1455
01:15:45,240 --> 01:15:49,360
Speaker 1: problem that should be flipped, or it should be way

1456
01:15:49,439 --> 01:15:53,640
Speaker 1: beyond flipped. And it's what are we prioritizing. And the

1457
01:15:54,000 --> 01:15:56,000
Speaker 1: reality is the reason why so many people do that

1458
01:15:56,120 --> 01:15:59,080
Speaker 1: is because we just don't know there's an alternative. And

1459
01:15:59,120 --> 01:16:01,080
Speaker 1: that's what we're on the mission to do, is to

1460
01:16:01,120 --> 01:16:06,559
Speaker 1: help help people be better with money because it costs

1461
01:16:06,560 --> 01:16:08,960
Speaker 1: money to eat, it costs money to feed other people.

1462
01:16:10,240 --> 01:16:13,600
Speaker 1: And unless you learn, you were going to be the

1463
01:16:13,600 --> 01:16:18,040
Speaker 1: person making everybody else rich and never wondering, never understanding

1464
01:16:18,600 --> 01:16:22,160
Speaker 1: why why how come I can't ever have freedom? How

1465
01:16:22,160 --> 01:16:23,960
Speaker 1: come I can't ever have those nice things? How come

1466
01:16:23,960 --> 01:16:26,280
Speaker 1: I can't ever do that stuff that everybody else is doing?

1467
01:16:26,840 --> 01:16:28,360
Speaker 1: But it starts with their mindset and starts with that

1468
01:16:28,400 --> 01:16:29,200
Speaker 1: financial education.

1469
01:16:30,320 --> 01:16:33,200
Speaker 2: Great, just read thing. Everyone. Make sure you go and

1470
01:16:33,240 --> 01:16:35,639
Speaker 2: subscribe to market Briefs the News. Let's if you want

1471
01:16:35,640 --> 01:16:39,880
Speaker 2: to find out simple actionable tips on the news around

1472
01:16:39,880 --> 01:16:42,479
Speaker 2: finances and stock market Market Briefs dot com or is

1473
01:16:42,520 --> 01:16:43,080
Speaker 2: it I want.

1474
01:16:43,000 --> 01:16:47,000
Speaker 1: To brief dot co slash market briefs dot co slash

1475
01:16:47,000 --> 01:16:48,920
Speaker 1: market Yeah, or you can just go to brief dot co. Oh,

1476
01:16:48,960 --> 01:16:51,360
Speaker 1: you'll see market briefs there. Honestly, if you go to

1477
01:16:51,360 --> 01:16:53,680
Speaker 1: Marketpriefs dot com it'll still be there too. But for

1478
01:16:53,800 --> 01:16:55,400
Speaker 1: briefs dot co is our homepage.

1479
01:16:55,479 --> 01:16:58,160
Speaker 2: Okay, amazing, just free. Thank you so much for your time,

1480
01:16:58,520 --> 01:17:01,280
Speaker 2: your energy. I learned so much that you keep coming

1481
01:17:01,320 --> 01:17:04,000
Speaker 2: back on the show again and again to give great insights,

1482
01:17:04,040 --> 01:17:07,480
Speaker 2: and so excited for everyone to go and make better investments.

1483
01:17:07,640 --> 01:17:10,679
Speaker 2: This is my actual hope for people after this. Please

1484
01:17:11,000 --> 01:17:14,439
Speaker 2: do not sleep on this advice. Please go and subscribe

1485
01:17:14,439 --> 01:17:17,040
Speaker 2: to market briefs. Please go and figure out how I

1486
01:17:17,000 --> 01:17:19,439
Speaker 2: did invest one dollar. That's all I want you to do,

1487
01:17:19,479 --> 01:17:21,320
Speaker 2: to actually go and do it so that you get

1488
01:17:21,320 --> 01:17:23,960
Speaker 2: into the practice we were talking about waiting around for

1489
01:17:24,000 --> 01:17:26,599
Speaker 2: a long time. And the third is go and really

1490
01:17:26,640 --> 01:17:29,080
Speaker 2: make sure you make those three bank accounts. So there

1491
01:17:29,160 --> 01:17:31,920
Speaker 2: was a brilliant piece of advice to actually have your savings,

1492
01:17:31,960 --> 01:17:35,759
Speaker 2: your investment and your spending money. Those three action items

1493
01:17:35,760 --> 01:17:39,640
Speaker 2: from this episode will transform your financial wellbeing. And of

1494
01:17:39,680 --> 01:17:42,080
Speaker 2: course there were so many more insights that just it

1495
01:17:42,120 --> 01:17:44,400
Speaker 2: gave that I hope change your life and change your

1496
01:17:44,439 --> 01:17:46,920
Speaker 2: family's life as well. So yeah, thank you.

1497
01:17:46,880 --> 01:17:48,680
Speaker 1: Man, well thank you Jay. You know I saw what

1498
01:17:48,720 --> 01:17:50,920
Speaker 1: was a pleasure to be on with you. We got

1499
01:17:50,920 --> 01:17:53,160
Speaker 1: to bring you to Detroit sometime. Absolutely, you know the

1500
01:17:53,200 --> 01:17:57,200
Speaker 1: small changes add up, so get started. It doesn't matter

1501
01:17:57,240 --> 01:18:00,559
Speaker 1: where you are, it adds up. And I'm gonna give

1502
01:18:00,560 --> 01:18:02,280
Speaker 1: one last debt please, Because I just said that, I

1503
01:18:02,400 --> 01:18:05,040
Speaker 1: was like, oh, you know I should say this. If

1504
01:18:05,080 --> 01:18:08,040
Speaker 1: you can invest four dollars a day from the day

1505
01:18:08,120 --> 01:18:11,240
Speaker 1: turned twenty one until the day turns sixty five, and

1506
01:18:11,280 --> 01:18:13,599
Speaker 1: you just invest your money into the markets, you will

1507
01:18:13,640 --> 01:18:19,479
Speaker 1: retire a millionaire four dollars a day. That's something that

1508
01:18:19,520 --> 01:18:24,719
Speaker 1: I think everyone in a first world country can strive

1509
01:18:24,800 --> 01:18:29,000
Speaker 1: to do. Regardless of where you are, it's possible. Just

1510
01:18:29,040 --> 01:18:29,599
Speaker 1: get started.

1511
01:18:30,360 --> 01:18:33,880
Speaker 2: What was that? Amazing man? Thank you, thank you, Thank

1512
01:18:33,920 --> 01:18:37,200
Speaker 2: you so much for listening to this conversation. If you

1513
01:18:37,360 --> 01:18:40,880
Speaker 2: enjoyed it, you'll love my chat with Adam Grant on

1514
01:18:41,000 --> 01:18:44,600
Speaker 2: why discomfort is the key to growth and the strategies

1515
01:18:44,640 --> 01:18:48,320
Speaker 2: for unlocking your hidden potential. If you know you want

1516
01:18:48,320 --> 01:18:51,000
Speaker 2: to be more and achieve more this year, go check

1517
01:18:51,040 --> 01:18:52,160
Speaker 2: it out right now.

1518
01:18:52,320 --> 01:18:55,040
Speaker 1: You set a goal today, you achieve it in six months,

1519
01:18:55,400 --> 01:18:58,400
Speaker 1: and then by the time it happens, it's almost a relief.

1520
01:18:58,439 --> 01:19:00,600
Speaker 1: There's no sense of meaning and purpose. You sort of

1521
01:19:00,600 --> 01:19:02,680
Speaker 1: expected it, and you would have been disappointed if it

1522
01:19:02,720 --> 01:19:03,320
Speaker 1: didn't happen.