1 00:00:00,200 --> 00:00:02,680 Speaker 1: Welcome to How the Money. I'm Joel and I in 2 00:00:02,960 --> 00:00:26,120 Speaker 1: that and today we're discussing getting rich versus building wealth. Yeah, Joel, 3 00:00:26,160 --> 00:00:29,120 Speaker 1: you know, there are some fundamental differences between being rich 4 00:00:29,560 --> 00:00:33,080 Speaker 1: and being wealthy, and we're gonna talk about that today. Like, 5 00:00:33,080 --> 00:00:36,000 Speaker 1: this is going to be a good episode because, like 6 00:00:36,040 --> 00:00:39,760 Speaker 1: we're laying down some like some foundational truths that I 7 00:00:39,800 --> 00:00:42,360 Speaker 1: think if you don't already have some of these ways 8 00:00:42,360 --> 00:00:44,320 Speaker 1: of viewing the world in your mind, they have the 9 00:00:44,360 --> 00:00:46,879 Speaker 1: ability to like drastically change how it is that you 10 00:00:47,080 --> 00:00:50,800 Speaker 1: view everything right like from it's like a new filter. Yeah, 11 00:00:50,800 --> 00:00:52,800 Speaker 1: how you spend your time, like how it is and 12 00:00:52,840 --> 00:00:54,480 Speaker 1: why it is that you work, what you spend your 13 00:00:54,520 --> 00:00:57,640 Speaker 1: money on, um, your expenses, but even just money in 14 00:00:57,640 --> 00:01:00,200 Speaker 1: and of itself, how you approach your money. So we're 15 00:01:00,200 --> 00:01:02,120 Speaker 1: gonna spend some time, like we're gonna zoom out a 16 00:01:02,120 --> 00:01:04,479 Speaker 1: little bit and talk about some of these differences. I'm 17 00:01:04,480 --> 00:01:07,240 Speaker 1: looking forward to this episode. Yeah. So it just kind 18 00:01:07,280 --> 00:01:09,920 Speaker 1: of makes me think of when Instagram first launched and 19 00:01:09,920 --> 00:01:12,440 Speaker 1: how everyone was using filters, like people when people are 20 00:01:12,440 --> 00:01:14,880 Speaker 1: all about those filters, myself included, Hey dog, you ever 21 00:01:15,000 --> 00:01:16,920 Speaker 1: used the Nashville filter? I was gonna say the Nashville 22 00:01:16,920 --> 00:01:18,160 Speaker 1: like it was my go to. I was like, it 23 00:01:18,160 --> 00:01:21,000 Speaker 1: makes everything look better, right, But now these days that 24 00:01:21,080 --> 00:01:23,520 Speaker 1: just makes it look right and dated. I don't think 25 00:01:23,560 --> 00:01:26,480 Speaker 1: anybody uses those like Vinta style filters on Instagram anymore. 26 00:01:26,680 --> 00:01:28,880 Speaker 1: But but when you first started, it was kind of 27 00:01:28,920 --> 00:01:32,280 Speaker 1: like a revelation here, like all my pictures like what 28 00:01:32,319 --> 00:01:35,000 Speaker 1: a fun thing? Um, And and now just that's not 29 00:01:35,040 --> 00:01:36,959 Speaker 1: how people think about it. But I think, yeah, when 30 00:01:36,959 --> 00:01:40,640 Speaker 1: you view uh, this this getting rich versus building wealth psychotomy, 31 00:01:40,880 --> 00:01:42,400 Speaker 1: there can be a huge gap and how we actually 32 00:01:42,440 --> 00:01:45,200 Speaker 1: think about and approach our finances, depending on which one 33 00:01:45,240 --> 00:01:47,640 Speaker 1: we're pursuing. But before we get to that, matt Um, 34 00:01:47,800 --> 00:01:49,920 Speaker 1: I just wanted to quickly mention a website that we've 35 00:01:49,920 --> 00:01:52,400 Speaker 1: talked about before on the show. But you've got a 36 00:01:52,440 --> 00:01:54,480 Speaker 1: quick tip for us to very quick tip. I have 37 00:01:54,640 --> 00:01:57,440 Speaker 1: just scheduled a chip Drop and I forget if it 38 00:01:57,480 --> 00:01:59,200 Speaker 1: was a listener that first tiptos off. I think you 39 00:01:59,280 --> 00:02:01,160 Speaker 1: knew about it all anyway, I'd heard about it, but 40 00:02:01,200 --> 00:02:03,600 Speaker 1: I think a listener maybe in the Facebook group. Yeah, Well, 41 00:02:03,640 --> 00:02:05,960 Speaker 1: just before I forget, the website is get chip drop 42 00:02:06,040 --> 00:02:09,440 Speaker 1: dot com And if you ever need like a giant 43 00:02:09,520 --> 00:02:11,840 Speaker 1: pilot mulch. And I do mean giant because mine should 44 00:02:11,840 --> 00:02:14,079 Speaker 1: be coming this week and who knows how big it's 45 00:02:14,080 --> 00:02:17,240 Speaker 1: going to be, but supposedly quite large. Then this is 46 00:02:17,280 --> 00:02:20,280 Speaker 1: a great website to sign up for a freeload. And 47 00:02:20,360 --> 00:02:23,799 Speaker 1: so yeah, because we just did some renovations, our backyard 48 00:02:24,160 --> 00:02:26,480 Speaker 1: still a mess, kind of a money mess. We're gonna 49 00:02:26,520 --> 00:02:28,320 Speaker 1: drop some grass feed back there and stuff, but we 50 00:02:28,360 --> 00:02:30,240 Speaker 1: need a lot of mulch to cover up some of those, 51 00:02:30,480 --> 00:02:32,480 Speaker 1: you know, shoddy areas in the backyard that have been 52 00:02:32,520 --> 00:02:34,959 Speaker 1: kind of roughed up. So dude, yeah, getting your home renovated, 53 00:02:35,200 --> 00:02:38,600 Speaker 1: like your yard, like the grounds take a beating because 54 00:02:38,919 --> 00:02:41,040 Speaker 1: like you gotta porta potty set up there like a 55 00:02:41,240 --> 00:02:44,760 Speaker 1: holloway dumpster. There's nails everywhere and just like broken bits 56 00:02:44,800 --> 00:02:47,079 Speaker 1: of like construction. To bring your kids over to do 57 00:02:47,160 --> 00:02:48,880 Speaker 1: trash treasures in my yard now, because there's gonna be 58 00:02:48,880 --> 00:02:51,520 Speaker 1: a bunch. So yeah, the girls having that experience of 59 00:02:51,560 --> 00:02:54,160 Speaker 1: having already done trash treasures prior to our innovation a 60 00:02:54,160 --> 00:02:58,639 Speaker 1: few years ago came in handy because they're constantly finding nails, uh, 61 00:02:58,639 --> 00:03:00,560 Speaker 1: And I want to reward them for getting those out 62 00:03:00,560 --> 00:03:01,840 Speaker 1: of the yard. I don't want to you don't want 63 00:03:01,840 --> 00:03:04,040 Speaker 1: anybody to to step on that Joe. By the way, 64 00:03:04,080 --> 00:03:06,360 Speaker 1: I gotta say, random people have used my porta potty 65 00:03:06,400 --> 00:03:08,000 Speaker 1: and it's kind of been funny to like hout the 66 00:03:08,000 --> 00:03:11,480 Speaker 1: window and see people just like park their car, get out, 67 00:03:11,720 --> 00:03:13,320 Speaker 1: hop in the bathroom, and hop back in and go. 68 00:03:13,960 --> 00:03:16,239 Speaker 1: It's it's true, it happens. That's disgusting. I don't even 69 00:03:16,240 --> 00:03:18,160 Speaker 1: like to go to the bathroom like out in public 70 00:03:18,360 --> 00:03:20,480 Speaker 1: at a like a gas station. I'm not a huge 71 00:03:20,520 --> 00:03:23,000 Speaker 1: fan of going to public bathrooms in general. I get 72 00:03:23,400 --> 00:03:26,399 Speaker 1: going into that's like it's even worse ten times worse. 73 00:03:26,440 --> 00:03:28,560 Speaker 1: But so get chip drop dot com if you ever 74 00:03:28,600 --> 00:03:31,480 Speaker 1: need like random free mulch um. It's it's a website 75 00:03:31,480 --> 00:03:33,799 Speaker 1: you can use to make that happen. Not only that too, 76 00:03:33,840 --> 00:03:35,720 Speaker 1: but you can get rounds cut so like you know, 77 00:03:35,800 --> 00:03:38,160 Speaker 1: chunks of a trunk of a tree if you want 78 00:03:38,200 --> 00:03:40,640 Speaker 1: the one on hand to stop your own firewood. Yeah exactly. 79 00:03:40,680 --> 00:03:42,800 Speaker 1: But again, like you said, you need to make sure 80 00:03:42,800 --> 00:03:44,680 Speaker 1: that you're ready for a lot of it, because when 81 00:03:44,680 --> 00:03:47,160 Speaker 1: they show up, I mean they'll dump an entire like 82 00:03:47,360 --> 00:03:49,560 Speaker 1: dump truck full in your yard and not like, hey, 83 00:03:49,600 --> 00:03:51,920 Speaker 1: you want three or four, and it's like, no, here's two. 84 00:03:52,000 --> 00:03:54,080 Speaker 1: You know, that's kind of how it goes. So it's 85 00:03:54,120 --> 00:03:56,240 Speaker 1: all or nothing. Yeah, whether it's a would that you're 86 00:03:56,240 --> 00:03:58,680 Speaker 1: gonna split or just this massive pile of mulch, it's 87 00:03:58,680 --> 00:04:00,520 Speaker 1: not like just for a small garden bed. It's for 88 00:04:00,680 --> 00:04:02,720 Speaker 1: like something like you're doing where you're looking to make 89 00:04:02,760 --> 00:04:05,760 Speaker 1: a big dent. Yes, exactly, all right, Well let's move on. Matt. 90 00:04:05,800 --> 00:04:08,200 Speaker 1: Let's mentioned the beer that we're having on this episode. 91 00:04:08,200 --> 00:04:11,000 Speaker 1: This one is called Tropicalia. It's by Creature Comforts. I 92 00:04:11,040 --> 00:04:12,800 Speaker 1: cannot believe we have never had this on the show. 93 00:04:12,840 --> 00:04:15,720 Speaker 1: I was we got some recently and I thought about 94 00:04:15,720 --> 00:04:17,200 Speaker 1: bringing it down. I was like, well, no, we've already 95 00:04:17,200 --> 00:04:18,800 Speaker 1: had on the show. But then I checked. We have 96 00:04:18,920 --> 00:04:22,800 Speaker 1: never had Tropicalia on the show before almost fisodes in 97 00:04:24,640 --> 00:04:27,480 Speaker 1: and we've avoided what is probably the most classic Southern 98 00:04:27,560 --> 00:04:30,280 Speaker 1: ipa available. So um, yeah, I'm glad we get to 99 00:04:30,360 --> 00:04:32,200 Speaker 1: have this one today. And we'll give our thoughts at 100 00:04:32,200 --> 00:04:34,200 Speaker 1: the end of the episode, but for now, let's get 101 00:04:34,200 --> 00:04:36,120 Speaker 1: onto the topic at hand. We're talking about getting rich 102 00:04:36,320 --> 00:04:40,320 Speaker 1: versus building wealth, and Matt this episode topic it made 103 00:04:40,320 --> 00:04:43,679 Speaker 1: me think about shortcuts A great example of a terrible 104 00:04:43,720 --> 00:04:47,960 Speaker 1: shortcut is smoking in order to lose weight. And uh, 105 00:04:48,120 --> 00:04:50,839 Speaker 1: I guess the joy highly recommends it. I am not 106 00:04:50,880 --> 00:04:52,880 Speaker 1: a physician. I do not recommend that at all, but 107 00:04:53,240 --> 00:04:55,000 Speaker 1: I guess someone could ask the question does it work 108 00:04:55,360 --> 00:04:57,560 Speaker 1: and the answer would be yes. And in fact, it 109 00:04:57,600 --> 00:05:01,640 Speaker 1: does that by lowering your metabolic rate, reducing your appetite. Right, 110 00:05:01,640 --> 00:05:05,320 Speaker 1: it suppresses your desire to eat, and so then, yeah, 111 00:05:05,360 --> 00:05:07,880 Speaker 1: you want to eat less if you smoke regularly, and well, law, 112 00:05:08,240 --> 00:05:11,039 Speaker 1: you lose weight. But smoking, as we all know, it 113 00:05:11,080 --> 00:05:14,680 Speaker 1: comes with legitimate tradeoffs. Right. It costs money. Um? And yeah, 114 00:05:14,720 --> 00:05:17,120 Speaker 1: I know cigarettes in in certain parts of the country 115 00:05:17,200 --> 00:05:20,880 Speaker 1: cost something like fifteen dollars uh for a pack, which 116 00:05:20,920 --> 00:05:23,240 Speaker 1: is really expressive. Well, I think a lot of a 117 00:05:23,279 --> 00:05:27,000 Speaker 1: lot of states have just massively raised the taxation levels 118 00:05:27,040 --> 00:05:29,880 Speaker 1: on some of these what are considered like sin devices. 119 00:05:29,880 --> 00:05:32,279 Speaker 1: It's like a syntax, right, and so yeah, the other 120 00:05:32,360 --> 00:05:34,360 Speaker 1: other trade offs include the fact that you don't smell great. 121 00:05:34,720 --> 00:05:37,479 Speaker 1: On top of that, the kicker, by far the worst 122 00:05:37,480 --> 00:05:39,960 Speaker 1: trade off you're making is the negative health effects like 123 00:05:40,000 --> 00:05:43,560 Speaker 1: heart disease, lung disease, diabetes, and cancer. Um, do I 124 00:05:43,560 --> 00:05:44,760 Speaker 1: need to go on do I need to list all that, 125 00:05:44,880 --> 00:05:47,280 Speaker 1: I don't think so. Um, but yellow teeth, Yeah, yeah, 126 00:05:47,279 --> 00:05:50,240 Speaker 1: that's another one. But basically, that short term benefit of 127 00:05:50,240 --> 00:05:52,400 Speaker 1: shutting a few pounds to maybe be able to fit 128 00:05:52,480 --> 00:05:54,680 Speaker 1: into the genes that you used to be able to 129 00:05:54,680 --> 00:05:58,880 Speaker 1: wear it comes with long term downsides that far outweigh 130 00:05:59,160 --> 00:06:02,360 Speaker 1: the benefit based. It's a terrible trade off. And so yeah, 131 00:06:02,400 --> 00:06:04,600 Speaker 1: that's that's exactly what we would say is happening when 132 00:06:04,640 --> 00:06:07,600 Speaker 1: you prioritize getting rich over building wealth, and and that's 133 00:06:07,640 --> 00:06:09,640 Speaker 1: what we want to talk about the day on the show. Yeah, 134 00:06:09,680 --> 00:06:11,160 Speaker 1: and well, I think a lot of folks might laugh 135 00:06:11,200 --> 00:06:12,680 Speaker 1: at the idea of trying to lose some weight by 136 00:06:12,720 --> 00:06:16,040 Speaker 1: picking up smoking, right, Um, I know, I am like 137 00:06:16,080 --> 00:06:18,560 Speaker 1: just the thought of actually somebody like logically approaching that 138 00:06:18,560 --> 00:06:20,200 Speaker 1: problem and being like, Okay, how do I go about 139 00:06:20,240 --> 00:06:24,320 Speaker 1: losing weight? Should I exercise? Nah? Should I eat less? Nah? 140 00:06:24,560 --> 00:06:27,240 Speaker 1: I'm gonna pick up smoking. Back in the mad Men days, 141 00:06:27,279 --> 00:06:30,320 Speaker 1: I mean, that wasn't okay suggestion, I think, Yeah, and 142 00:06:30,400 --> 00:06:33,320 Speaker 1: so like, at least now today that feels laughable. But 143 00:06:33,360 --> 00:06:35,040 Speaker 1: I think it can be a lot easier to fall 144 00:06:35,080 --> 00:06:37,400 Speaker 1: into the trap of trying to take the shortcut to 145 00:06:37,440 --> 00:06:40,520 Speaker 1: be rich. A lot of folks understandably, they probably want 146 00:06:40,520 --> 00:06:43,599 Speaker 1: to achieve their financial goals more quickly. Maybe your neighbor 147 00:06:43,800 --> 00:06:45,880 Speaker 1: they might drive a nicer car, Maybe your best friend. 148 00:06:45,880 --> 00:06:47,880 Speaker 1: They may have just bought a new place, and you 149 00:06:47,920 --> 00:06:50,039 Speaker 1: want those things too. There might even be a level 150 00:06:50,080 --> 00:06:52,680 Speaker 1: of flashiness that you would like to show off a 151 00:06:52,680 --> 00:06:56,200 Speaker 1: little bit, maybe some fancier clothes or cars, fancier vacations. 152 00:06:56,760 --> 00:07:00,000 Speaker 1: Head out to that exotic location that all sounds pretty nice. 153 00:07:00,120 --> 00:07:02,240 Speaker 1: It will feel nice to to post the pictures on 154 00:07:02,279 --> 00:07:05,599 Speaker 1: social media. Uh. And sure, you might find some short 155 00:07:05,720 --> 00:07:08,479 Speaker 1: term success and be able to buy something really nice 156 00:07:08,600 --> 00:07:10,720 Speaker 1: or maybe take that lovely trip, but the long term 157 00:07:10,720 --> 00:07:14,360 Speaker 1: effects of pursuing a lifestyle like this are ultimately going 158 00:07:14,400 --> 00:07:17,720 Speaker 1: to undermine your financial foundation. The tradeoff of trying to 159 00:07:17,760 --> 00:07:20,720 Speaker 1: get rich quickly in order to inflate your lifestyle almost 160 00:07:20,760 --> 00:07:24,920 Speaker 1: always comes with severe consequences that other have these unattended 161 00:07:25,080 --> 00:07:28,120 Speaker 1: ripple effects, or they keep us from even achieving our 162 00:07:28,160 --> 00:07:31,080 Speaker 1: financial goals altogether. Yeah, that's true, And and we've all 163 00:07:31,120 --> 00:07:33,560 Speaker 1: been subject Matt. If you've been on YouTube at all 164 00:07:33,600 --> 00:07:37,040 Speaker 1: watching Mr be Squid game video or whatever, that's one 165 00:07:37,040 --> 00:07:38,680 Speaker 1: of the most popular videos of last year, and it 166 00:07:38,720 --> 00:07:41,120 Speaker 1: was an interesting one. What we've been subject to pre 167 00:07:41,240 --> 00:07:44,040 Speaker 1: roll ads, right, and and many of those pre roll 168 00:07:44,080 --> 00:07:46,800 Speaker 1: ads feature young people or maybe at least the algorithm 169 00:07:46,800 --> 00:07:48,600 Speaker 1: is serving these up to me because they know my 170 00:07:48,640 --> 00:07:51,760 Speaker 1: interest in personal finance. But it's often a young fellow 171 00:07:51,960 --> 00:07:55,040 Speaker 1: who is like in an incredible mansion, or who's in 172 00:07:55,080 --> 00:07:58,280 Speaker 1: front of this fleet of sports cars and rhythm knows, like, 173 00:07:58,360 --> 00:08:01,440 Speaker 1: we know what Joel wants. He wants that nicknasion, he want, 174 00:08:01,480 --> 00:08:04,640 Speaker 1: he wants the flash and these these hellas they're promising 175 00:08:04,640 --> 00:08:06,400 Speaker 1: that if you just give them some of your hard 176 00:08:06,440 --> 00:08:08,520 Speaker 1: earned dollars, that you too can learn the secrets of 177 00:08:08,520 --> 00:08:12,880 Speaker 1: getting rich quickly and of getting large muscles right and 178 00:08:12,920 --> 00:08:15,200 Speaker 1: a fleet of sports cars right like, and that is 179 00:08:15,320 --> 00:08:18,520 Speaker 1: of course the life that everyone desires. But yeah, the 180 00:08:18,720 --> 00:08:21,880 Speaker 1: problem with this is is twofold one that house might 181 00:08:21,920 --> 00:08:24,040 Speaker 1: just be an Airbnb rental for that day, right, This 182 00:08:24,120 --> 00:08:26,160 Speaker 1: might not be their actual cosa that they live in 183 00:08:26,280 --> 00:08:28,640 Speaker 1: full time. And same with those cars. I bet they 184 00:08:28,840 --> 00:08:31,520 Speaker 1: rented a few of them off to row to uh 185 00:08:31,960 --> 00:08:34,080 Speaker 1: make it look like they were rich even though they're 186 00:08:34,120 --> 00:08:37,319 Speaker 1: not actually. But the problem is that the opposite of 187 00:08:37,360 --> 00:08:40,480 Speaker 1: what they promise actually happens, right, that thousands of people 188 00:08:40,600 --> 00:08:43,720 Speaker 1: give these people money, allowing that person to then be 189 00:08:43,720 --> 00:08:46,800 Speaker 1: able to afford the flashy lifestyle while creating a real 190 00:08:46,840 --> 00:08:50,240 Speaker 1: financial setback for themselves. So I think sometimes in our 191 00:08:50,280 --> 00:08:54,079 Speaker 1: pursuit of quick gains, of of riches, often times we're 192 00:08:54,120 --> 00:08:56,600 Speaker 1: making other people rich and making ourselves Poor's right, we're 193 00:08:56,600 --> 00:08:59,600 Speaker 1: shooting ourselves in the foot, were undermining our own efforts. Man, 194 00:09:00,040 --> 00:09:01,839 Speaker 1: One thing to mention here, too, Like, it doesn't have 195 00:09:01,960 --> 00:09:04,960 Speaker 1: to even be like the slashy lifestyle that you're aiming for. 196 00:09:05,400 --> 00:09:07,280 Speaker 1: You might just want to be able to afford a 197 00:09:07,320 --> 00:09:10,880 Speaker 1: more modest, you know what you might consider a normal lifestyle. 198 00:09:11,120 --> 00:09:13,280 Speaker 1: Like you're not looking to own a mansion or lambo. 199 00:09:13,320 --> 00:09:15,680 Speaker 1: You're just maybe you're tired of living in a studio apartment. 200 00:09:15,679 --> 00:09:18,520 Speaker 1: Maybe it's just like a decent three too, that's not 201 00:09:18,640 --> 00:09:21,280 Speaker 1: a ridiculous commute away from your job that you're after. 202 00:09:21,600 --> 00:09:24,800 Speaker 1: But either way, the sirens song of quick riches to 203 00:09:24,880 --> 00:09:26,960 Speaker 1: achieve whatever it is that you're after, it's easy to 204 00:09:27,000 --> 00:09:29,840 Speaker 1: get caught up in, and it has this real possibility 205 00:09:29,840 --> 00:09:32,600 Speaker 1: of getting us off track and actually keeping us from 206 00:09:32,600 --> 00:09:35,080 Speaker 1: our goals. We go from playing the long game to 207 00:09:35,120 --> 00:09:37,040 Speaker 1: the short game, and it messes with her head and 208 00:09:37,200 --> 00:09:39,120 Speaker 1: it messes with our bank account. Okay, so before we 209 00:09:39,200 --> 00:09:40,600 Speaker 1: move much further, man, I think we do have to 210 00:09:40,640 --> 00:09:43,559 Speaker 1: give some some definitions so people can kind of understand, 211 00:09:43,559 --> 00:09:46,240 Speaker 1: because because when you when you look at the love definitions, man, 212 00:09:46,280 --> 00:09:47,800 Speaker 1: I know, you gotta like lay it out there that way, 213 00:09:47,840 --> 00:09:49,480 Speaker 1: we're all on the same page, that's right. And when 214 00:09:49,480 --> 00:09:51,480 Speaker 1: you look at the definitions on let's say you got 215 00:09:51,520 --> 00:09:53,280 Speaker 1: a dictionary dot com or you open up your old 216 00:09:53,280 --> 00:09:57,720 Speaker 1: school read Miriam Webster's dictionary that that's you know, sitting 217 00:09:57,720 --> 00:10:00,360 Speaker 1: on your shelf, they actually look like synonyms, right, and 218 00:10:00,400 --> 00:10:03,280 Speaker 1: so rich and wealthy are actually going to kind of 219 00:10:03,480 --> 00:10:07,280 Speaker 1: um sound really similar when you're looking at at the 220 00:10:07,320 --> 00:10:10,160 Speaker 1: textbook definition. So yeah, in this episode, we're kind of 221 00:10:10,160 --> 00:10:13,520 Speaker 1: offering up our own urban dictionary style definition. We're not 222 00:10:13,559 --> 00:10:16,400 Speaker 1: necessarily going with the classic definition because I think in 223 00:10:16,440 --> 00:10:18,800 Speaker 1: the common parlance, the way we talk about these terms, 224 00:10:18,960 --> 00:10:21,320 Speaker 1: at the way we discuss them just on you know, 225 00:10:21,400 --> 00:10:24,160 Speaker 1: societal level, we see a difference, right, And so you 226 00:10:24,200 --> 00:10:27,360 Speaker 1: and I we think of getting rich as the thoughtless 227 00:10:27,440 --> 00:10:30,840 Speaker 1: thirst for more and to get there quickly, whereas wealth 228 00:10:31,000 --> 00:10:33,160 Speaker 1: on the other hand, is the desire to be able 229 00:10:33,160 --> 00:10:36,280 Speaker 1: to fund and sustain a life that's meaningful to you. 230 00:10:37,040 --> 00:10:39,320 Speaker 1: And so if you're in the pursuit of riches, really 231 00:10:39,600 --> 00:10:43,120 Speaker 1: you kind of never really quite arrive. More is always good, 232 00:10:43,160 --> 00:10:45,760 Speaker 1: and in fact it's necessary, right, It's kind of like 233 00:10:45,800 --> 00:10:48,080 Speaker 1: the hamstral wheel that keeps on turning. But if you're 234 00:10:48,200 --> 00:10:51,480 Speaker 1: building wealth, it's really just about being able to fund 235 00:10:51,600 --> 00:10:54,680 Speaker 1: the lifestyle that fits your goals, and oftentimes those goals 236 00:10:54,720 --> 00:10:57,840 Speaker 1: are more modest. And so there's this realization I think 237 00:10:57,880 --> 00:11:00,960 Speaker 1: when you're building wealth versus attempting to it rich, that 238 00:11:01,120 --> 00:11:02,960 Speaker 1: more money alone isn't going to be the thing that 239 00:11:03,000 --> 00:11:06,000 Speaker 1: makes you happy, but earlier looking at the holistic self 240 00:11:06,120 --> 00:11:09,200 Speaker 1: um the physical, the emotional, and spiritual well being, which 241 00:11:09,200 --> 00:11:11,960 Speaker 1: are crucial elements to living a good life too. And 242 00:11:11,960 --> 00:11:14,360 Speaker 1: it's also important for for all of us who are 243 00:11:14,360 --> 00:11:16,440 Speaker 1: playing the long game that you have to be able 244 00:11:16,440 --> 00:11:19,080 Speaker 1: to acknowledge the getting to that point. It takes time 245 00:11:19,120 --> 00:11:21,920 Speaker 1: and it takes intentionality. Yeah, and you know that being said, like, 246 00:11:21,960 --> 00:11:23,920 Speaker 1: there's nothing wrong with having a fancy car as long 247 00:11:23,960 --> 00:11:25,880 Speaker 1: as you have the wealth to support that. And so 248 00:11:26,000 --> 00:11:30,280 Speaker 1: especially early on the order in which you take actions 249 00:11:30,480 --> 00:11:33,600 Speaker 1: with your money matters significantly, and so early on, if 250 00:11:33,640 --> 00:11:36,520 Speaker 1: your money is tied to you know, different items like cars, 251 00:11:36,840 --> 00:11:40,400 Speaker 1: fancy clothes, different things like that that are depreciating, that 252 00:11:40,520 --> 00:11:43,160 Speaker 1: is also sort of the epitome of riches as opposed 253 00:11:43,200 --> 00:11:47,760 Speaker 1: to that same money instead tied to income generating assets, 254 00:11:47,800 --> 00:11:49,800 Speaker 1: like if that money was invested in the stock market, 255 00:11:49,840 --> 00:11:51,679 Speaker 1: or if that money was invested in real estate, and 256 00:11:51,679 --> 00:11:54,120 Speaker 1: so that's also one of the major differences as well. Yeah, 257 00:11:54,160 --> 00:11:57,640 Speaker 1: there's a difference between buying a Lamborghini or a Ferrari 258 00:11:57,800 --> 00:12:01,120 Speaker 1: or a Rumian truck when you're twenty three, just starting 259 00:12:01,120 --> 00:12:02,839 Speaker 1: out and you're trying to make an impression on the 260 00:12:02,840 --> 00:12:05,199 Speaker 1: people around you, even though you don't have the income 261 00:12:05,360 --> 00:12:09,360 Speaker 1: or the assets to justify that, versus buying it after 262 00:12:10,080 --> 00:12:12,559 Speaker 1: twenty years of making smart moves with your money being 263 00:12:12,559 --> 00:12:15,160 Speaker 1: able to pay cash for that, not financing for thirty 264 00:12:15,280 --> 00:12:17,520 Speaker 1: or forty years. Well, yeah, when it's a drop in 265 00:12:17,559 --> 00:12:19,880 Speaker 1: the bucket, basically when it comes to your net worth, 266 00:12:19,920 --> 00:12:21,480 Speaker 1: I guess if it depends if you're rolling in the 267 00:12:21,480 --> 00:12:23,120 Speaker 1: money and so like, maybe you can do that in 268 00:12:23,120 --> 00:12:25,439 Speaker 1: fifteen years. It's so good for you. I mean, I know, 269 00:12:25,480 --> 00:12:27,280 Speaker 1: there's people out there who are living that kind of 270 00:12:27,320 --> 00:12:28,920 Speaker 1: life right where they're thirty five years old and they're 271 00:12:28,960 --> 00:12:31,400 Speaker 1: driving a hundred thousand dollar vehicle. I just have a 272 00:12:31,400 --> 00:12:34,600 Speaker 1: hard time wrapping my head around that personally. But a 273 00:12:34,679 --> 00:12:36,920 Speaker 1: huge part of the difference here as well, it's it's 274 00:12:36,920 --> 00:12:39,240 Speaker 1: just the focus on the short term versus the long term, 275 00:12:39,480 --> 00:12:41,920 Speaker 1: right Because like someone who is focused on getting rich 276 00:12:42,480 --> 00:12:44,760 Speaker 1: and amassing a fortune in short order, they might be 277 00:12:44,840 --> 00:12:47,800 Speaker 1: tempted to play the lottery or or download sports gambling 278 00:12:47,840 --> 00:12:50,000 Speaker 1: apps or Flight of Vegas in order to distrike it rich, 279 00:12:50,679 --> 00:12:53,840 Speaker 1: or even to speculate on the newest cryptocurrencies or memestocks 280 00:12:53,840 --> 00:12:56,880 Speaker 1: and hopes of making a quick return. They want that 281 00:12:56,920 --> 00:12:59,719 Speaker 1: money to materialize out of thin air, as opposed to 282 00:12:59,800 --> 00:13:02,440 Speaker 1: the person who's pursuing the wealth. They're gonna hot for 283 00:13:02,559 --> 00:13:05,120 Speaker 1: just a more time tested strategy that doesn't necessarily put 284 00:13:05,160 --> 00:13:07,880 Speaker 1: their capital in harm's way. I'm not saying that they 285 00:13:07,880 --> 00:13:10,520 Speaker 1: don't take any risk, but that they're willing to take 286 00:13:10,600 --> 00:13:14,839 Speaker 1: calculated risks in the slow pursuit of those goals. It's 287 00:13:14,880 --> 00:13:18,520 Speaker 1: kind of the old tortoise versus the hair story. Oftentimes 288 00:13:18,640 --> 00:13:21,760 Speaker 1: the hair that's somebody who's seeking the riches, right, Like 289 00:13:21,800 --> 00:13:25,000 Speaker 1: they're looking to to have what they want now, as 290 00:13:25,040 --> 00:13:26,960 Speaker 1: opposed to the tortoise who's willing to put in the 291 00:13:27,000 --> 00:13:30,199 Speaker 1: time to stick with methods that are sustainable. And it 292 00:13:30,280 --> 00:13:31,920 Speaker 1: kind of goes back to the whole smoking example that 293 00:13:31,920 --> 00:13:34,240 Speaker 1: you gave earlier, Joel, Right, if you're looking for maybe 294 00:13:34,240 --> 00:13:37,520 Speaker 1: a more immediate results, it's like, Okay, how can I 295 00:13:37,600 --> 00:13:39,599 Speaker 1: trick myself into eating less? Well, maybe I should just 296 00:13:39,600 --> 00:13:43,760 Speaker 1: start smoking now versus healthier and more sustainable behaviors. It 297 00:13:43,760 --> 00:13:45,640 Speaker 1: makes me think of one of my favorite movies, the 298 00:13:45,679 --> 00:13:48,839 Speaker 1: old school Willie Wonka and the Chocolate Factory the Gene 299 00:13:48,880 --> 00:13:51,280 Speaker 1: Wilder of course, because let's the only one worth watching. 300 00:13:51,520 --> 00:13:55,840 Speaker 1: But Charlie Buckett. He he does not take go drink 301 00:13:55,880 --> 00:13:58,080 Speaker 1: from the Chocolate river like Augustus Gloup does, and he 302 00:13:58,120 --> 00:13:59,640 Speaker 1: falls in and he gets sucked in, and you know 303 00:13:59,679 --> 00:14:01,760 Speaker 1: his his trip to the chocolate factory ends really quickly. 304 00:14:01,960 --> 00:14:05,320 Speaker 1: All these kids deciding that they want the quick candy 305 00:14:05,400 --> 00:14:07,079 Speaker 1: in front of them versus playing the log game, and 306 00:14:07,120 --> 00:14:09,160 Speaker 1: who ends up owning the Trac Chocolate Factory in the 307 00:14:09,240 --> 00:14:12,120 Speaker 1: end is Charlie, right, So yeah, he's the big winner 308 00:14:12,120 --> 00:14:13,760 Speaker 1: in that scenario. But you know, we've got more to 309 00:14:13,800 --> 00:14:18,040 Speaker 1: get to, including the kind of unhealthy behaviors that prioritizing 310 00:14:18,120 --> 00:14:20,640 Speaker 1: riches more than building wealth can lead to. We'll we'll 311 00:14:20,680 --> 00:14:31,800 Speaker 1: get to that right after this. We're back and we're 312 00:14:31,800 --> 00:14:35,760 Speaker 1: talking about getting rich versus building wealth, and even you know, 313 00:14:35,800 --> 00:14:37,440 Speaker 1: let's let's point out to even the words that we 314 00:14:37,520 --> 00:14:42,120 Speaker 1: chose there, those verbs of getting rich versus building wealth. 315 00:14:42,440 --> 00:14:44,720 Speaker 1: Like when you get something, you just want it, like 316 00:14:44,760 --> 00:14:46,200 Speaker 1: you're just like give me, gimme, gimme, you know, like 317 00:14:46,240 --> 00:14:48,160 Speaker 1: it makes me, like you were just talking about Willy Wonka, 318 00:14:48,240 --> 00:14:51,400 Speaker 1: it makes me think I want it now seriously, as 319 00:14:51,440 --> 00:14:53,520 Speaker 1: opposed to like when you think about building wealth, like 320 00:14:53,600 --> 00:14:56,880 Speaker 1: it's just something that it's methodical, it's something that takes 321 00:14:56,880 --> 00:14:59,560 Speaker 1: the plan, it takes discipline, and it takes some time 322 00:14:59,600 --> 00:15:02,000 Speaker 1: to actually execute that. And so that's why we're talking 323 00:15:02,040 --> 00:15:04,520 Speaker 1: about this today because there is a significant difference between 324 00:15:04,560 --> 00:15:07,960 Speaker 1: these two. And let's talk about looks versus reality for 325 00:15:07,960 --> 00:15:10,040 Speaker 1: a second as we're talking about these two concepts, because 326 00:15:10,040 --> 00:15:13,320 Speaker 1: it's easy to actually look rich, right, you might be 327 00:15:13,320 --> 00:15:15,520 Speaker 1: living paycheck to paycheck, but everyone around you they think 328 00:15:15,520 --> 00:15:17,920 Speaker 1: that you're crushing it. Wealth on the other hand, it's 329 00:15:18,120 --> 00:15:20,880 Speaker 1: much more like I would say, kind of stealthy, right, 330 00:15:20,880 --> 00:15:23,120 Speaker 1: Like it's under the radar. Makes me think of a 331 00:15:23,120 --> 00:15:25,640 Speaker 1: guy like Warren Buffett. If you saw the house that 332 00:15:25,680 --> 00:15:27,120 Speaker 1: he lives in, if you saw the breakfast that he 333 00:15:27,160 --> 00:15:29,680 Speaker 1: eats every morning, which I'm pretty sure it's still McDonald's. 334 00:15:29,680 --> 00:15:31,560 Speaker 1: I don't know how he's in his nineties and eating 335 00:15:31,680 --> 00:15:34,400 Speaker 1: McDonald's every morning. Maybe it's the dieta Champions, the breakfast 336 00:15:34,400 --> 00:15:36,680 Speaker 1: of Champions. It's used to be weedies but no longer. 337 00:15:36,840 --> 00:15:38,400 Speaker 1: What if there's some study that comes out in light 338 00:15:38,400 --> 00:15:40,480 Speaker 1: ten years that talks about because of the amount of 339 00:15:40,480 --> 00:15:44,880 Speaker 1: preservatives with it with the McDonald's, that it's actually causing 340 00:15:44,920 --> 00:15:48,000 Speaker 1: people to also become preserved and mummified. Yeah, they really 341 00:15:48,080 --> 00:15:49,880 Speaker 1: going to do an autopsy when Buffett dies at like, 342 00:15:50,760 --> 00:15:54,080 Speaker 1: and they're gonna realize that it was all those is 343 00:15:54,200 --> 00:15:57,080 Speaker 1: the McDonald's, but nothing mcgriddles. You want to stay away 344 00:15:57,080 --> 00:15:59,880 Speaker 1: from those because of the saturation. Yeah, I think that 345 00:16:00,200 --> 00:16:02,640 Speaker 1: bad for the artery is definitely. No. But like seriously, 346 00:16:02,640 --> 00:16:04,520 Speaker 1: like we're talking about Warren Buffett, Like if you look 347 00:16:04,520 --> 00:16:06,560 Speaker 1: at the way he dresses, right like, you wouldn't assume 348 00:16:06,800 --> 00:16:10,640 Speaker 1: that he's loaded, but the oracle of Omaham he is 349 00:16:10,640 --> 00:16:13,520 Speaker 1: worth more than a hundred and fifteen billion dollars right now, 350 00:16:13,800 --> 00:16:15,760 Speaker 1: give or take a few hundred million. That is, of 351 00:16:15,800 --> 00:16:19,240 Speaker 1: course an outlier example. But the reality is that the 352 00:16:19,320 --> 00:16:21,160 Speaker 1: more that you try to convey to the world that 353 00:16:21,200 --> 00:16:24,680 Speaker 1: you have money, since it basically all comes via consuming 354 00:16:24,680 --> 00:16:28,080 Speaker 1: and owning more in particular items that depreciate and value quickly, 355 00:16:28,160 --> 00:16:30,520 Speaker 1: the less money that you actually have in the bank, 356 00:16:30,800 --> 00:16:33,160 Speaker 1: and that means the less financially secure that you are. 357 00:16:33,240 --> 00:16:37,800 Speaker 1: In reality, that's true. Yeah, you are prioritizing looks over substance, 358 00:16:37,920 --> 00:16:40,160 Speaker 1: and and let's be honest, Matt, looking like you have 359 00:16:40,240 --> 00:16:42,640 Speaker 1: money it can actually become more of a headache than 360 00:16:42,640 --> 00:16:45,560 Speaker 1: it seems on the surface. If if it looks like 361 00:16:45,600 --> 00:16:47,920 Speaker 1: you're swimming in dough, people start to assume that you're 362 00:16:47,920 --> 00:16:50,200 Speaker 1: swimming in dough because it looks like you are, of course, 363 00:16:50,280 --> 00:16:53,080 Speaker 1: and they might treat you accordingly. There is um I 364 00:16:53,080 --> 00:16:55,560 Speaker 1: hate to resurrect an old rap song, but more money, 365 00:16:55,560 --> 00:16:59,320 Speaker 1: more problems. Pete Puff Daddy in that Peviga says, just 366 00:16:59,360 --> 00:17:01,120 Speaker 1: the way it is, that's how it that's how it goes, 367 00:17:01,480 --> 00:17:04,920 Speaker 1: and and so that's why it does you know Biggie 368 00:17:04,960 --> 00:17:06,880 Speaker 1: that's well, it's not that was Biggi's rab but puff 369 00:17:06,920 --> 00:17:10,440 Speaker 1: Daddy was heavily I looked up on YouTube. It's got 370 00:17:10,440 --> 00:17:13,439 Speaker 1: over nine million views. Can you believe that he is 371 00:17:13,440 --> 00:17:16,720 Speaker 1: the quite the philosopher and poet. But it's but it's true. 372 00:17:16,760 --> 00:17:19,080 Speaker 1: It's like to get to your point because what happened 373 00:17:19,080 --> 00:17:21,800 Speaker 1: to Biggie dude was murdered and it has a lot 374 00:17:21,840 --> 00:17:24,080 Speaker 1: to do with money, that's true. Yeah, money can create 375 00:17:24,080 --> 00:17:26,800 Speaker 1: real problems. And I'm not not suggesting that your pursuit 376 00:17:26,800 --> 00:17:29,879 Speaker 1: of riches will lead to your early demise, but but 377 00:17:30,000 --> 00:17:32,200 Speaker 1: it is one of those things worth considering, like how 378 00:17:32,240 --> 00:17:34,440 Speaker 1: do people perceive me? Do they treat me differently? And 379 00:17:34,680 --> 00:17:36,879 Speaker 1: that's why we would suggest that like stealth wealth is 380 00:17:36,920 --> 00:17:40,840 Speaker 1: such a better goal to have than like ostentatious riches. 381 00:17:41,080 --> 00:17:43,919 Speaker 1: And uh yeah, because the family in societal pressures that 382 00:17:44,000 --> 00:17:47,760 Speaker 1: often come from having more money than your peers, they 383 00:17:47,800 --> 00:17:49,840 Speaker 1: can be tougher to deal with and you might assume 384 00:17:50,400 --> 00:17:52,280 Speaker 1: and for that reason, yeah, keeping it on the d 385 00:17:52,480 --> 00:17:55,960 Speaker 1: L is actually preferable. I think that that term stealth wealth, 386 00:17:56,000 --> 00:17:58,320 Speaker 1: Matt is I'm glad it's kind of come into vogue. 387 00:17:58,359 --> 00:18:00,440 Speaker 1: In the last four or five years, because it is 388 00:18:00,480 --> 00:18:02,520 Speaker 1: one of those things where where that's a that's a 389 00:18:02,520 --> 00:18:04,960 Speaker 1: good thing to strive for. Um, spending some of your 390 00:18:04,960 --> 00:18:08,040 Speaker 1: wealth is fine, but but flaunting it, I would say, 391 00:18:08,160 --> 00:18:10,600 Speaker 1: I would suggest to something to avoid. Yeah, there's a 392 00:18:10,600 --> 00:18:12,840 Speaker 1: big difference between those two. And this is why we 393 00:18:12,880 --> 00:18:15,600 Speaker 1: see negative effects, uh, you know with those who win 394 00:18:15,640 --> 00:18:18,280 Speaker 1: the lottery as well. Right, because it's really difficult when 395 00:18:18,320 --> 00:18:21,080 Speaker 1: you all of a sudden have I don't know any 396 00:18:21,119 --> 00:18:24,199 Speaker 1: millions of dollars, Like, it doesn't matter who you are. Well, 397 00:18:24,280 --> 00:18:26,480 Speaker 1: it's easy, come, easy, go to right it. It's it's 398 00:18:26,480 --> 00:18:29,560 Speaker 1: different when you have four million dollars because you've been 399 00:18:29,600 --> 00:18:31,919 Speaker 1: doing the hard work for thirty years. It's it's a 400 00:18:31,920 --> 00:18:33,960 Speaker 1: whole lot different if you haven't been doing the hard 401 00:18:33,960 --> 00:18:36,000 Speaker 1: work and someone hands you four million dollars tomorrow, you 402 00:18:36,040 --> 00:18:38,360 Speaker 1: treat it differently. Yeah, And it's also hard to disguise 403 00:18:38,400 --> 00:18:40,920 Speaker 1: it when all of a sudden you've got a ton 404 00:18:41,000 --> 00:18:43,400 Speaker 1: more money than you used to have, which, like it's 405 00:18:43,440 --> 00:18:46,600 Speaker 1: a lot harder to actually be secretive about it, right, Like, 406 00:18:46,640 --> 00:18:48,199 Speaker 1: you can't you can't keep it secret and keep it 407 00:18:48,240 --> 00:18:50,440 Speaker 1: safe when it comes to the money that you went 408 00:18:50,480 --> 00:18:52,920 Speaker 1: Lord of the Rings references with with the lottery. Did 409 00:18:52,960 --> 00:18:55,960 Speaker 1: you know so in most states in the country, you 410 00:18:56,119 --> 00:18:58,919 Speaker 1: are not allowed to remain anonymous. It is up to 411 00:18:58,960 --> 00:19:01,560 Speaker 1: the states as to what are nuts you're able to 412 00:19:01,600 --> 00:19:04,719 Speaker 1: keep your name or your information private. Only eleven states, 413 00:19:04,880 --> 00:19:07,479 Speaker 1: including the state of Georgia, by the way, allows you 414 00:19:07,520 --> 00:19:09,680 Speaker 1: to remain anonymous, which I think it's great. I don't 415 00:19:09,720 --> 00:19:13,000 Speaker 1: understand why it is that. I mean, you know, I'm 416 00:19:13,040 --> 00:19:15,119 Speaker 1: not a law professor or anything like that, but like, 417 00:19:15,240 --> 00:19:18,880 Speaker 1: why do more states not allow people to remain anonymous. 418 00:19:18,880 --> 00:19:20,680 Speaker 1: I think it's marketing for the lottery and they want 419 00:19:20,680 --> 00:19:22,840 Speaker 1: to show faces and look, look how your wife could 420 00:19:22,840 --> 00:19:25,400 Speaker 1: also be ruined me, Like, there are so many examples. 421 00:19:25,400 --> 00:19:27,120 Speaker 1: People don't play the game because they think their life 422 00:19:27,160 --> 00:19:29,360 Speaker 1: is gonna get ruined. They think it's that because it's 423 00:19:29,359 --> 00:19:31,600 Speaker 1: gonna change their life for the better. But you know, 424 00:19:31,880 --> 00:19:34,000 Speaker 1: we talked about this, Actually, you're so right when we 425 00:19:34,000 --> 00:19:35,960 Speaker 1: talked about what would you do if you won the lottery? 426 00:19:36,240 --> 00:19:38,400 Speaker 1: And and you know, we talked to that episode about 427 00:19:38,400 --> 00:19:41,399 Speaker 1: how many people's lives are actually ruined by winning millions 428 00:19:41,440 --> 00:19:43,960 Speaker 1: and they actually end up filing for bankruptcy, they end 429 00:19:44,040 --> 00:19:47,520 Speaker 1: up in a worse spot their kids exactly fortunately die 430 00:19:47,640 --> 00:19:51,400 Speaker 1: because of drug overdoses, relationships in tatters, so many instances 431 00:19:51,440 --> 00:19:53,080 Speaker 1: of that happening. But yeah, it's it's harder than it 432 00:19:53,119 --> 00:19:56,400 Speaker 1: looks to come into a lot of riches like that 433 00:19:56,480 --> 00:19:58,760 Speaker 1: and maintain a balanced life. All right, So let's talk 434 00:19:58,760 --> 00:20:01,679 Speaker 1: about unhealthy behaviors for a second, because there are a 435 00:20:01,760 --> 00:20:04,600 Speaker 1: number of different risky actions that we might be tempted 436 00:20:04,640 --> 00:20:07,200 Speaker 1: to take in order to achieve the shortcut and get 437 00:20:07,200 --> 00:20:09,480 Speaker 1: to where we want to be faster if we're aiming 438 00:20:09,480 --> 00:20:12,520 Speaker 1: for riches as opposed to building wealth. And you know, 439 00:20:12,520 --> 00:20:15,000 Speaker 1: one of those might be playing the lottery, which would 440 00:20:15,000 --> 00:20:17,680 Speaker 1: be an unhealthy use of your money in your time. 441 00:20:17,880 --> 00:20:20,600 Speaker 1: And we talked about scams last week, Matt Well. A 442 00:20:20,640 --> 00:20:22,840 Speaker 1: lot of scammers, as it turns out, prey on folks 443 00:20:23,000 --> 00:20:26,240 Speaker 1: who wants to get rich quickly. They take your emotional 444 00:20:26,280 --> 00:20:29,240 Speaker 1: desire for financial security and then they use it against you. 445 00:20:29,280 --> 00:20:32,120 Speaker 1: It's like a weapon, and which means that they are 446 00:20:32,160 --> 00:20:35,480 Speaker 1: often able to get you too willingly hand your money 447 00:20:35,520 --> 00:20:39,080 Speaker 1: over to them. And yeah, scams often target people who 448 00:20:39,160 --> 00:20:41,639 Speaker 1: have a get rich quick mindset. So if you're focused 449 00:20:41,680 --> 00:20:44,600 Speaker 1: on making money in short order, you make yourself a 450 00:20:44,680 --> 00:20:47,480 Speaker 1: mark you're more likely to get taken advantage of. If 451 00:20:47,520 --> 00:20:50,240 Speaker 1: you are going the slow and steady round the tortoise 452 00:20:50,320 --> 00:20:52,600 Speaker 1: route instead of the hair route, you are much more 453 00:20:52,640 --> 00:20:55,720 Speaker 1: likely to avoid a lot of those targeted scam attempts. 454 00:20:55,800 --> 00:20:57,760 Speaker 1: You're just not going to be interested in the same 455 00:20:57,800 --> 00:21:01,760 Speaker 1: way as someone who is looking to make money quickly. Yeah, 456 00:21:01,760 --> 00:21:04,560 Speaker 1: and scammers, they're always playing on the latest trends as well. 457 00:21:04,560 --> 00:21:07,119 Speaker 1: The Wall Street Journal they just recently had an article, uh, 458 00:21:07,240 --> 00:21:11,720 Speaker 1: talking about an actual, a real giveaway that the performer, 459 00:21:11,880 --> 00:21:15,000 Speaker 1: Megan the Stallion, was doing via cash app, which is 460 00:21:15,000 --> 00:21:17,399 Speaker 1: pretty cool, right, Uh, something we've even done. We've given 461 00:21:17,400 --> 00:21:21,160 Speaker 1: given away money via the cash as right. We weren't 462 00:21:21,200 --> 00:21:23,800 Speaker 1: scaming folks, and neither was she. Uh. If you're a 463 00:21:23,800 --> 00:21:26,600 Speaker 1: fan of free music, you probably thought this is pretty cool. 464 00:21:26,840 --> 00:21:29,360 Speaker 1: But what happened is more than a dozen imposter accounts 465 00:21:29,359 --> 00:21:32,600 Speaker 1: sprung up overnight to try to take advantage of unsuspecting 466 00:21:32,600 --> 00:21:35,840 Speaker 1: folks who were all about getting that free money but 467 00:21:35,880 --> 00:21:39,000 Speaker 1: they didn't know any better. Uh. Scammers target folks looking 468 00:21:39,000 --> 00:21:41,879 Speaker 1: for freebeesh and easy cash opportunities, so you gotta look 469 00:21:41,880 --> 00:21:44,880 Speaker 1: out for that, that's right. Yeah, And another unhealthy behavior 470 00:21:44,920 --> 00:21:48,080 Speaker 1: could be the pomo that we feel if we are 471 00:21:48,200 --> 00:21:51,320 Speaker 1: trying to get rich really quickly. When it comes to investing, 472 00:21:51,640 --> 00:21:54,200 Speaker 1: conventional wisdom has kind of been turned on its head 473 00:21:54,240 --> 00:21:57,320 Speaker 1: in some ways recently, Matt, Like you can document the 474 00:21:57,440 --> 00:21:59,960 Speaker 1: rise of thousands and thousands of folks who have who 475 00:22:00,119 --> 00:22:03,840 Speaker 1: have actually gotten rich almost overnight, whether it's like through 476 00:22:03,960 --> 00:22:08,399 Speaker 1: bitcoin or some other random alt coin. There are people 477 00:22:08,440 --> 00:22:10,919 Speaker 1: investing in n f t s, in board a n 478 00:22:10,960 --> 00:22:12,800 Speaker 1: f t S, let's say, and those in f t 479 00:22:12,880 --> 00:22:16,080 Speaker 1: s have appreciated really really quickly. So um, you know, 480 00:22:16,320 --> 00:22:19,520 Speaker 1: celebrities are influencing in that regard. I think justin Bieber 481 00:22:19,520 --> 00:22:22,800 Speaker 1: Steph Curry they both own board eighte U n f 482 00:22:22,840 --> 00:22:25,520 Speaker 1: t s. Everybody's got board a yacht club. Yeah, every 483 00:22:25,520 --> 00:22:28,760 Speaker 1: everybody's got one. And so we live in the information age. 484 00:22:28,800 --> 00:22:31,160 Speaker 1: So these stories are a dime a dozen, like we 485 00:22:30,760 --> 00:22:35,080 Speaker 1: we've all read them. We've seen people getting rich, and 486 00:22:35,119 --> 00:22:37,879 Speaker 1: we feel like we're left on the side sidelines. And 487 00:22:38,000 --> 00:22:40,240 Speaker 1: so if it starts to feel like at some point 488 00:22:40,560 --> 00:22:42,640 Speaker 1: that you're the only one who isn't making money, hand 489 00:22:42,640 --> 00:22:45,040 Speaker 1: over fest like, look at everybody else, and what's wrong 490 00:22:45,080 --> 00:22:47,600 Speaker 1: with me? And so I think more folks feel like 491 00:22:47,600 --> 00:22:51,080 Speaker 1: they're being pushed towards speculative investments just to keep up. 492 00:22:51,359 --> 00:22:54,119 Speaker 1: And one of our favorite investment writers, Michael Battnik, he 493 00:22:54,119 --> 00:22:57,640 Speaker 1: wrote recently, everything we've been told not to do from 494 00:22:57,640 --> 00:23:00,439 Speaker 1: a financial planning standpoint is paying off right now, And 495 00:23:00,480 --> 00:23:01,879 Speaker 1: I agree with him. I think, you know, that can 496 00:23:01,880 --> 00:23:04,359 Speaker 1: be a frustrating experience, making us want to jump in 497 00:23:04,400 --> 00:23:06,280 Speaker 1: on the trends in order to to nab some of 498 00:23:06,280 --> 00:23:10,159 Speaker 1: these riches for ourselves. But but ultimately that leads us 499 00:23:10,200 --> 00:23:11,760 Speaker 1: to playing the short game, and there's a lot of 500 00:23:11,760 --> 00:23:13,879 Speaker 1: heartache for a lot of people in that game. All right, 501 00:23:13,920 --> 00:23:15,960 Speaker 1: real quick, the board apes n f T S. So 502 00:23:16,400 --> 00:23:19,000 Speaker 1: do you not think that that's just conspicuous consumption right, 503 00:23:19,040 --> 00:23:21,440 Speaker 1: Like it's just the celebrities signaling that they've got a 504 00:23:21,480 --> 00:23:24,600 Speaker 1: lot of money. Uh, and it's being disguised as an 505 00:23:24,600 --> 00:23:27,680 Speaker 1: actual investment. I think that there is something I played here, 506 00:23:27,760 --> 00:23:30,239 Speaker 1: Like they're they're telling themselves it's an investment, and then 507 00:23:30,280 --> 00:23:33,399 Speaker 1: the common folks like us, they're like, we're convincing ourselves that, 508 00:23:33,440 --> 00:23:36,280 Speaker 1: oh no, they actually are investments as opposed to just 509 00:23:36,359 --> 00:23:39,119 Speaker 1: being just like lifestyle essentially. And if you're on the 510 00:23:39,160 --> 00:23:41,359 Speaker 1: ball and you're savvy, you can potentially make money in 511 00:23:41,400 --> 00:23:43,640 Speaker 1: short order, but that is also the recipe to lose 512 00:23:43,640 --> 00:23:46,000 Speaker 1: a lot of money in short order. So yeah, you 513 00:23:46,240 --> 00:23:48,120 Speaker 1: just never know what's gonna happen there. But but I agree, 514 00:23:48,119 --> 00:23:50,160 Speaker 1: there's there's a whole lot of signaling going on out 515 00:23:50,200 --> 00:23:52,560 Speaker 1: there right now. And that's really that's really what we're 516 00:23:52,560 --> 00:23:55,040 Speaker 1: saying here, is that riches are are there's a lot 517 00:23:55,080 --> 00:23:56,919 Speaker 1: of signal, there's a lot of noise, and when it 518 00:23:56,920 --> 00:23:59,280 Speaker 1: comes to wealth, like a lot of it's hidden and 519 00:23:59,600 --> 00:24:02,840 Speaker 1: it's not flashy and nobody sees it. But but for you, 520 00:24:02,880 --> 00:24:05,320 Speaker 1: for your peace of mind, for your ability to pursue 521 00:24:05,320 --> 00:24:09,040 Speaker 1: financial independence, like that's the way forward. It and specifically 522 00:24:09,040 --> 00:24:10,440 Speaker 1: with n f T s, it feels like it's just 523 00:24:10,480 --> 00:24:13,199 Speaker 1: so much more obvious, right because like with something like 524 00:24:13,240 --> 00:24:15,600 Speaker 1: a house or a really fancy car, like there's an 525 00:24:15,680 --> 00:24:18,840 Speaker 1: argument there where you say, oh, no, I really like 526 00:24:18,960 --> 00:24:21,000 Speaker 1: to drive this car. I love how fast it goes, 527 00:24:21,200 --> 00:24:23,640 Speaker 1: or I love the smell or whatever, like I love 528 00:24:23,640 --> 00:24:26,280 Speaker 1: the craftsmanship. When it comes to these n F n 529 00:24:26,320 --> 00:24:28,760 Speaker 1: f T s, like you can't say there's anything about 530 00:24:28,800 --> 00:24:31,720 Speaker 1: it that you truly appreciate. Dig My new two Twitter 531 00:24:31,760 --> 00:24:35,040 Speaker 1: profile pick. It's sound stupid. So I feel like there's 532 00:24:35,080 --> 00:24:38,439 Speaker 1: like hardly an argument there that you're actually gaining value 533 00:24:38,480 --> 00:24:40,359 Speaker 1: from some of these these things as opposed to it 534 00:24:40,440 --> 00:24:42,639 Speaker 1: being signaling and showing to others that you have this wealth. 535 00:24:42,880 --> 00:24:44,879 Speaker 1: But what this means, though, is that folks are putting 536 00:24:44,880 --> 00:24:50,360 Speaker 1: their money towards ridiculous uh pursuits, different ridiculous quot unquote investments. 537 00:24:50,800 --> 00:24:53,120 Speaker 1: We saw that there's this invisible sculpture that recently sold 538 00:24:53,160 --> 00:24:56,720 Speaker 1: for eighteen thousand dollars by this Italian artist. Pretty ridiculous. 539 00:24:56,880 --> 00:25:00,760 Speaker 1: Just think about that. It's an invisible uh school ulture statue. 540 00:25:01,040 --> 00:25:03,560 Speaker 1: Excuse me, sir? When will that invisible sculpture be delivered 541 00:25:03,560 --> 00:25:05,720 Speaker 1: to my house? Have any of these folks ever read 542 00:25:05,800 --> 00:25:07,920 Speaker 1: I delivered it last night? You didn't notice read the 543 00:25:08,200 --> 00:25:11,960 Speaker 1: King's new clothes. Uh, there's every you might remember remember 544 00:25:12,000 --> 00:25:13,760 Speaker 1: the like a banana? It was a duct tape to 545 00:25:13,800 --> 00:25:16,000 Speaker 1: the wall in this art gallery, Like was that last year? 546 00:25:16,040 --> 00:25:19,000 Speaker 1: And then things sold for like hundred and twenty dollars. Uh. 547 00:25:19,000 --> 00:25:21,640 Speaker 1: This is completely illogical. It's truly bonkers, And I want 548 00:25:21,760 --> 00:25:23,960 Speaker 1: let's get like kind of a psychological here for a second. 549 00:25:24,160 --> 00:25:27,280 Speaker 1: There's something that is known as the Dunning Krueger effect, 550 00:25:27,280 --> 00:25:30,600 Speaker 1: which shows that the less you know, the more likely 551 00:25:30,640 --> 00:25:33,119 Speaker 1: you are to overestimate your abilities. It's very different than 552 00:25:33,119 --> 00:25:36,600 Speaker 1: the Freddy Kruger effect, by the way, and much less scary. 553 00:25:36,920 --> 00:25:39,800 Speaker 1: But there's this chart that accompanies this effect. And basically, 554 00:25:40,520 --> 00:25:43,000 Speaker 1: when you know very little right, which is far on 555 00:25:43,040 --> 00:25:47,560 Speaker 1: the left hand side, it shoots up your your your confidence. Essentially, uh, 556 00:25:47,640 --> 00:25:49,080 Speaker 1: you know a little, You're like, I know at all? 557 00:25:49,160 --> 00:25:51,520 Speaker 1: You're Basically it's kind of like where kids are, like, 558 00:25:51,760 --> 00:25:53,920 Speaker 1: you know, little kids, they think they know everything, and 559 00:25:53,960 --> 00:25:56,400 Speaker 1: what they call that peak, they call it Mount stupid 560 00:25:57,560 --> 00:26:00,240 Speaker 1: because it's this peak it's before you know any thing, 561 00:26:00,800 --> 00:26:03,800 Speaker 1: and once you gain some more knowledge, you realize how 562 00:26:03,880 --> 00:26:07,000 Speaker 1: much you truly don't know. They call it. I think 563 00:26:07,000 --> 00:26:09,000 Speaker 1: that's called like the value of despair or something like that. 564 00:26:09,040 --> 00:26:11,600 Speaker 1: But then over time, as you truly gain more knowledge 565 00:26:11,600 --> 00:26:14,080 Speaker 1: and experience, you work your way out of that and 566 00:26:14,119 --> 00:26:17,200 Speaker 1: eventually you do know something. And so I guess basically, 567 00:26:17,200 --> 00:26:19,000 Speaker 1: what I'm realizing is that what we're trying to help 568 00:26:19,000 --> 00:26:22,200 Speaker 1: folks to do is to not make significant financial decisions 569 00:26:22,200 --> 00:26:25,080 Speaker 1: while they're standing on top of Mount stupid, because uh, 570 00:26:25,200 --> 00:26:27,840 Speaker 1: they can have incredibly lasting impacts, and we want you 571 00:26:27,880 --> 00:26:29,679 Speaker 1: to be wise with the money and what you do 572 00:26:29,720 --> 00:26:31,399 Speaker 1: with it. Yeah. I think that's where a lot of 573 00:26:31,400 --> 00:26:34,080 Speaker 1: people are Not that they specifically are stupid, but you're right. 574 00:26:34,119 --> 00:26:36,800 Speaker 1: There is a point at which we think we know something, 575 00:26:36,800 --> 00:26:39,600 Speaker 1: but we know very little, and we we get over confident. 576 00:26:39,640 --> 00:26:42,879 Speaker 1: We make quick decisions in an attempt to then make money, 577 00:26:43,080 --> 00:26:44,960 Speaker 1: but we end up losing that little money that we 578 00:26:45,000 --> 00:26:47,560 Speaker 1: had that should have been funneled toward more traditional assets 579 00:26:47,600 --> 00:26:49,720 Speaker 1: that actually help us build wealth exactly. Yeah. So if 580 00:26:49,720 --> 00:26:52,000 Speaker 1: you've seen the different headlines of folks making bank on 581 00:26:52,119 --> 00:26:56,200 Speaker 1: digital art or freshly minted crypto coins, it's terribly easy 582 00:26:56,280 --> 00:26:58,240 Speaker 1: to fall prey to the belief that you, too, you 583 00:26:58,240 --> 00:27:01,639 Speaker 1: can have the same outcome by following their playbook. Uh. 584 00:27:01,680 --> 00:27:03,640 Speaker 1: And instead what you're doing is just throwing your money 585 00:27:03,640 --> 00:27:06,359 Speaker 1: after some of these ridiculous investments. Yeah, and so we 586 00:27:06,640 --> 00:27:09,200 Speaker 1: talked about FOMO. I think that's certainly a major part 587 00:27:09,200 --> 00:27:11,120 Speaker 1: of the reason that people are shoving their money into 588 00:27:11,160 --> 00:27:14,399 Speaker 1: these digital assets that they know nothing about. And if 589 00:27:14,400 --> 00:27:17,000 Speaker 1: everyone else around you is partaking, you start to look 590 00:27:17,000 --> 00:27:20,000 Speaker 1: like an idiot standing on the sidelines. People view your 591 00:27:20,000 --> 00:27:23,400 Speaker 1: discipline as stupidity, and then you kind of maybe start 592 00:27:23,440 --> 00:27:26,640 Speaker 1: to view your discipline as stupidity too, And it's it's 593 00:27:26,640 --> 00:27:28,439 Speaker 1: hard to look like a dummy or to be on 594 00:27:28,440 --> 00:27:31,399 Speaker 1: the outside looking in, especially if you know the folks 595 00:27:31,400 --> 00:27:34,080 Speaker 1: around you are are making money quickly, they're they're potentially 596 00:27:34,080 --> 00:27:36,320 Speaker 1: getting rich faster than you are. And then you feel 597 00:27:36,359 --> 00:27:38,600 Speaker 1: like you need to partake in riskier investing behavior in 598 00:27:38,640 --> 00:27:40,480 Speaker 1: order to close that gap or you're gonna get left 599 00:27:40,480 --> 00:27:42,400 Speaker 1: behind even more. But that is not a good place 600 00:27:42,440 --> 00:27:45,919 Speaker 1: to be because the end result typically means you losing money, 601 00:27:45,960 --> 00:27:48,720 Speaker 1: not building wealth for your future. That's right. So on 602 00:27:48,760 --> 00:27:51,800 Speaker 1: the path to getting rich quickly, you might fall prey 603 00:27:51,840 --> 00:27:54,439 Speaker 1: to scams. You might make some poor investing decisions. You 604 00:27:54,520 --> 00:27:57,080 Speaker 1: also might find yourself over working in order to build 605 00:27:57,119 --> 00:27:59,400 Speaker 1: up your income quickly so that you can get rich 606 00:27:59,600 --> 00:28:01,879 Speaker 1: in shore or order. Uh, sort of that nose to 607 00:28:01,920 --> 00:28:04,280 Speaker 1: the grindstone mentality where you're trying to you know, stack 608 00:28:04,320 --> 00:28:07,840 Speaker 1: some Benjamin's Uh, you find yourself exhausted. There are going 609 00:28:07,880 --> 00:28:10,040 Speaker 1: to be sometimes in your financial journey when it makes 610 00:28:10,080 --> 00:28:13,680 Speaker 1: sense to expend some extra energy in order to you know, 611 00:28:13,800 --> 00:28:17,040 Speaker 1: more quickly achieve a goal. I'm specifically thinking about maybe 612 00:28:17,119 --> 00:28:19,040 Speaker 1: working a second job or picking up a side hustle 613 00:28:19,080 --> 00:28:21,160 Speaker 1: if you're looking to pay down some high interest rate debt, 614 00:28:21,240 --> 00:28:22,840 Speaker 1: or when you had a day job your own business, 615 00:28:22,880 --> 00:28:24,720 Speaker 1: but you also flipped the house, it was like, all right, 616 00:28:24,920 --> 00:28:27,480 Speaker 1: there's a reason I'm I'm going in this direction, or 617 00:28:27,520 --> 00:28:29,439 Speaker 1: picking up some merntal properties. That becomes kind of a 618 00:28:29,440 --> 00:28:31,679 Speaker 1: side hustle too Exactly. You're right, there's a method to 619 00:28:31,720 --> 00:28:34,680 Speaker 1: that madness, but people can go too far. Well, that's 620 00:28:34,680 --> 00:28:36,240 Speaker 1: what's so hard. It's like kind of once you start 621 00:28:36,400 --> 00:28:38,560 Speaker 1: going down that path, you have to have the self 622 00:28:38,560 --> 00:28:42,680 Speaker 1: discipline to put a check on yourself and a preoccupation 623 00:28:42,840 --> 00:28:44,479 Speaker 1: and in trying to get rich, it can change your 624 00:28:44,480 --> 00:28:47,280 Speaker 1: priorities quickly, can cause your life to become imbalanced. Like 625 00:28:47,320 --> 00:28:49,640 Speaker 1: I'm thinking about when it comes to like our different 626 00:28:49,640 --> 00:28:52,160 Speaker 1: relationships that we have. I think early on in our careers, 627 00:28:52,200 --> 00:28:55,320 Speaker 1: it can be really easy to neglect our relationships, right, 628 00:28:55,360 --> 00:28:57,120 Speaker 1: Like I'm thinking about for a lot of folks who 629 00:28:57,240 --> 00:29:01,840 Speaker 1: went to undergrad they are in a very relationship rich environment, 630 00:29:01,920 --> 00:29:05,120 Speaker 1: Like you're surrounded by friends, You've got very few responsibilities, 631 00:29:05,200 --> 00:29:07,320 Speaker 1: and you have a ton of time, and so what 632 00:29:07,360 --> 00:29:10,440 Speaker 1: that means is it's incredibly easy to make these relationships. 633 00:29:10,640 --> 00:29:12,760 Speaker 1: You graduate, then you go off to work, and I 634 00:29:12,760 --> 00:29:15,239 Speaker 1: think it can be so incredibly easy to take that 635 00:29:15,320 --> 00:29:18,200 Speaker 1: nose to the grindstone mentality and you get sloppy with 636 00:29:18,280 --> 00:29:21,960 Speaker 1: your old relationships, you don't pursue new relationships. And we 637 00:29:22,000 --> 00:29:24,640 Speaker 1: all know that relationships are key to happiness and in 638 00:29:24,960 --> 00:29:26,760 Speaker 1: a sense of fulfillment in our lives. But that is 639 00:29:26,800 --> 00:29:29,560 Speaker 1: something that we uh push off to the side in 640 00:29:29,640 --> 00:29:32,880 Speaker 1: pursuit of success, you know, with with our jobs, um 641 00:29:33,000 --> 00:29:35,120 Speaker 1: or you know, maybe you do have friends. There are 642 00:29:35,120 --> 00:29:37,240 Speaker 1: other ways that we sacrifice though, right Like I'm even 643 00:29:37,320 --> 00:29:39,600 Speaker 1: as I get older, I think about physical health because 644 00:29:40,200 --> 00:29:42,720 Speaker 1: being healthy, you know, like as a twenty something year old, 645 00:29:43,000 --> 00:29:45,240 Speaker 1: it's pretty easy. It's it's easier than it is now. 646 00:29:45,600 --> 00:29:47,640 Speaker 1: Like I'll say, in the further I get from my twenties, 647 00:29:47,640 --> 00:29:49,760 Speaker 1: I realized that, like, this is something I'm going to 648 00:29:49,880 --> 00:29:52,480 Speaker 1: need to be more intentional with. But there are just 649 00:29:52,520 --> 00:29:55,040 Speaker 1: so many things in our lives that we can push 650 00:29:55,080 --> 00:29:58,160 Speaker 1: to the margins in an attempt to, you know, get 651 00:29:58,240 --> 00:30:00,240 Speaker 1: rich a little more quickly. Yeah, I think you're right, 652 00:30:00,280 --> 00:30:01,960 Speaker 1: and and we all have to kind of assess those 653 00:30:01,960 --> 00:30:04,680 Speaker 1: priorities in our own lives so that we don't let 654 00:30:04,720 --> 00:30:07,120 Speaker 1: things get too far out of whack in pursuit of 655 00:30:07,640 --> 00:30:10,920 Speaker 1: quick money. And so, yeah, how do we actually build wealth? 656 00:30:10,920 --> 00:30:13,520 Speaker 1: What are kind of the tenants that that we would suggest, 657 00:30:13,760 --> 00:30:17,760 Speaker 1: um that make building wealth different and better than getting rich. 658 00:30:17,800 --> 00:30:19,720 Speaker 1: We'll get to our thoughts on that right after this. 659 00:30:28,840 --> 00:30:30,520 Speaker 1: All right, Joel, we're back. Let's talk about how to 660 00:30:30,520 --> 00:30:33,000 Speaker 1: build some wealth, because you know what, it's not actually 661 00:30:33,240 --> 00:30:37,560 Speaker 1: all that hard, surprise everyone. There's no secret formula, there's 662 00:30:37,600 --> 00:30:40,240 Speaker 1: no secret recipe. I mean what our friend Jail Collins, 663 00:30:40,280 --> 00:30:41,960 Speaker 1: he wrote the book The Simple Path to Wealth, and 664 00:30:41,960 --> 00:30:45,719 Speaker 1: it's like, yeah, there's some credible right, but there are 665 00:30:45,720 --> 00:30:47,320 Speaker 1: a lot of folks out there who want to make 666 00:30:47,360 --> 00:30:50,200 Speaker 1: it sound difficult, right, so that they can sell you 667 00:30:50,320 --> 00:30:53,520 Speaker 1: their products or their services. And there are some folks 668 00:30:53,520 --> 00:30:55,400 Speaker 1: who grew up in and maybe like lower or middle 669 00:30:55,400 --> 00:30:59,719 Speaker 1: class households, who have a hard time accepting the belief 670 00:30:59,760 --> 00:31:02,560 Speaker 1: that they actually can get to the point of financial independence. 671 00:31:03,040 --> 00:31:04,960 Speaker 1: Like to them, it just seems like this pipe dream, 672 00:31:05,000 --> 00:31:07,040 Speaker 1: you know, like, how how's little me actually going to 673 00:31:07,160 --> 00:31:09,480 Speaker 1: get there? I know that not everyone has the same 674 00:31:09,520 --> 00:31:12,840 Speaker 1: abilities or gifts, but a whole lot more folks can 675 00:31:12,880 --> 00:31:16,440 Speaker 1: be pursuing financial independence. Is just the belief that they 676 00:31:16,480 --> 00:31:18,760 Speaker 1: can actually get there that's holding them back. It can 677 00:31:18,800 --> 00:31:21,480 Speaker 1: seem so daunting that you are scared to, you know, 678 00:31:21,520 --> 00:31:24,000 Speaker 1: go for it with actual gusto. But let's talk about 679 00:31:24,000 --> 00:31:25,840 Speaker 1: some of the time tested ways that you can build 680 00:31:25,920 --> 00:31:28,760 Speaker 1: wealth that are wide open to most folks. It's not 681 00:31:28,800 --> 00:31:30,800 Speaker 1: all about your mentality. I'm not trying to get Tony 682 00:31:30,880 --> 00:31:33,320 Speaker 1: Robbins on you over here. There are some actual steps 683 00:31:33,360 --> 00:31:35,360 Speaker 1: that we can take. Yeah, Matt, the next person we're 684 00:31:35,360 --> 00:31:37,920 Speaker 1: gonna interview on the show has I think a really 685 00:31:37,960 --> 00:31:41,719 Speaker 1: inspiring story along those lines. Looking forward to yeah, talking 686 00:31:42,080 --> 00:31:45,880 Speaker 1: to that person and then releasing that episode here. But yeah, 687 00:31:45,960 --> 00:31:47,880 Speaker 1: So let's talk about some of the tenants to to 688 00:31:47,920 --> 00:31:50,880 Speaker 1: build wealth. And and one is that personal growth leads 689 00:31:50,920 --> 00:31:54,160 Speaker 1: to income growth, and I believe it. Yeah, Basically, the 690 00:31:54,320 --> 00:31:57,280 Speaker 1: sharper your skills get, the more you become a valuable 691 00:31:57,280 --> 00:32:00,479 Speaker 1: commodity for other companies or when it comes to your 692 00:32:00,480 --> 00:32:04,080 Speaker 1: own thing. An important concept worth highlighting is what our 693 00:32:04,120 --> 00:32:07,880 Speaker 1: friends Brian and Jonathan call the aggregation of marginal gains, 694 00:32:08,320 --> 00:32:10,800 Speaker 1: and that means that, yeah, every little bit that you 695 00:32:10,840 --> 00:32:14,560 Speaker 1: get better if you're getting better every day, that adds 696 00:32:14,640 --> 00:32:16,560 Speaker 1: up and in a meaningful way. And it doesn't just 697 00:32:16,880 --> 00:32:19,320 Speaker 1: add I think, I think it multiplies. And so we 698 00:32:19,360 --> 00:32:22,280 Speaker 1: would suggest that investing in yourself is crucial, and that 699 00:32:22,320 --> 00:32:25,680 Speaker 1: means educating yourself so you don't fall prey to the 700 00:32:25,800 --> 00:32:29,320 Speaker 1: Freddy Krueger or Dunning Krueger effect that we mentioned earlier. Um, 701 00:32:29,360 --> 00:32:31,600 Speaker 1: the more that you grow as a person, the more 702 00:32:31,640 --> 00:32:34,400 Speaker 1: likely you are to generate value for other people. And 703 00:32:35,080 --> 00:32:36,920 Speaker 1: this is a big end to build wealth for yourself. 704 00:32:37,240 --> 00:32:40,200 Speaker 1: That's right, You need to invest in yourself. You also 705 00:32:40,240 --> 00:32:43,880 Speaker 1: need to invest your actual dollars. Because one of the 706 00:32:43,880 --> 00:32:45,520 Speaker 1: things we want to mention here is that it's important 707 00:32:45,560 --> 00:32:48,240 Speaker 1: to mention that you you can't save your way to wealth. 708 00:32:48,280 --> 00:32:50,160 Speaker 1: You have to actually take some risk in order to 709 00:32:50,160 --> 00:32:52,800 Speaker 1: build up an army of of dollars. Uh. And that's 710 00:32:52,920 --> 00:32:56,080 Speaker 1: become abundantly clear of the past eighteen months as inflation 711 00:32:56,200 --> 00:32:58,680 Speaker 1: has reared its ugly head and savings rates have been 712 00:32:58,720 --> 00:33:00,600 Speaker 1: close to zero. Do you know that if you had 713 00:33:00,600 --> 00:33:03,120 Speaker 1: a dollar in one and you put it under your mattress, 714 00:33:03,360 --> 00:33:06,240 Speaker 1: it would have lost of his purchasing power by the 715 00:33:06,280 --> 00:33:09,160 Speaker 1: time you got two. And so if you do nothing. 716 00:33:09,680 --> 00:33:11,760 Speaker 1: That dollar that you has sitting there in the bank 717 00:33:11,760 --> 00:33:14,760 Speaker 1: earning nothing is going to get devalued. Having some of 718 00:33:14,760 --> 00:33:16,760 Speaker 1: your money in a safe haven like a bank, it's smart, 719 00:33:16,960 --> 00:33:20,040 Speaker 1: but if you overdo it, and if you neglect to invest, 720 00:33:20,320 --> 00:33:22,600 Speaker 1: it's like trying to go up an escalator that is 721 00:33:22,720 --> 00:33:25,840 Speaker 1: going down. So keep in mind that you can never 722 00:33:25,880 --> 00:33:28,600 Speaker 1: get wealthy if you focus on savings only and you 723 00:33:28,680 --> 00:33:31,960 Speaker 1: refuse to become an investor. Yeah, if you're so focused 724 00:33:31,960 --> 00:33:34,840 Speaker 1: on savings to the exclusion of investing, you better be 725 00:33:34,920 --> 00:33:37,680 Speaker 1: out earning everybody else if you want to build wealth, 726 00:33:37,920 --> 00:33:40,720 Speaker 1: it's it just makes it that much harder. And so yeah, 727 00:33:40,760 --> 00:33:43,640 Speaker 1: when it comes to investing, matt Um low cost index 728 00:33:43,640 --> 00:33:46,240 Speaker 1: funds are, of course the easiest way to build wealth. 729 00:33:46,520 --> 00:33:49,680 Speaker 1: Index funds are incredibly simple to understand, and they come 730 00:33:49,720 --> 00:33:52,400 Speaker 1: with little to no fees. Here's the thing, It's not 731 00:33:52,400 --> 00:33:55,360 Speaker 1: going to happen overnight though, right. This is building wealth, 732 00:33:55,400 --> 00:33:57,920 Speaker 1: not getting rich, and so for most folks it takes 733 00:33:58,000 --> 00:34:01,640 Speaker 1: multiple decades. But here's we would say dollar cost averaging 734 00:34:01,720 --> 00:34:04,440 Speaker 1: with every paycheck is one of the most sure fireways 735 00:34:04,560 --> 00:34:07,960 Speaker 1: for you to build wealth and even to achieve millionaire status. 736 00:34:08,360 --> 00:34:10,880 Speaker 1: It makes me think. On a recent Friday episode, you know, 737 00:34:10,880 --> 00:34:13,520 Speaker 1: we we shared the results of a Fidelity study which 738 00:34:13,520 --> 00:34:16,799 Speaker 1: showed that the US has all the millionaires. Yeah, there's 739 00:34:17,040 --> 00:34:19,680 Speaker 1: this record number of people who in their four one K, 740 00:34:19,840 --> 00:34:23,120 Speaker 1: I RA and TSP had become millionaires. These just right 741 00:34:23,280 --> 00:34:26,920 Speaker 1: straight up everyday retirement accounts that have annual contribution limits. 742 00:34:27,040 --> 00:34:30,040 Speaker 1: And so you know, it takes at least a decade 743 00:34:30,040 --> 00:34:32,840 Speaker 1: plus for almost all of those people to get to 744 00:34:32,880 --> 00:34:36,440 Speaker 1: that million dollar standing. And so they don't do it overnight. 745 00:34:36,680 --> 00:34:39,040 Speaker 1: Even if you're maxing out let's say two accounts like 746 00:34:39,239 --> 00:34:41,400 Speaker 1: the four one K through your work and a roth IRA, 747 00:34:42,040 --> 00:34:43,719 Speaker 1: it still takes a good long while to get to 748 00:34:43,719 --> 00:34:46,080 Speaker 1: the point where you've got a stash of more than 749 00:34:46,160 --> 00:34:48,640 Speaker 1: a million dollars. But the key here is that it 750 00:34:48,800 --> 00:34:52,560 Speaker 1: is doable, and it's this like replatable process that a 751 00:34:52,640 --> 00:34:56,000 Speaker 1: huge percentage of Americans. It sounds dumb, or it sounds 752 00:34:56,000 --> 00:34:57,680 Speaker 1: like it's going to go really slow, it doesn't sound 753 00:34:57,680 --> 00:35:00,400 Speaker 1: like it's possible, but it's gonna help a ton of 754 00:35:00,440 --> 00:35:02,640 Speaker 1: people get there if they just trust the process and 755 00:35:02,719 --> 00:35:06,759 Speaker 1: continue to shove money into those accounts week after week, 756 00:35:06,840 --> 00:35:09,080 Speaker 1: month after month, year after year. Yeah, and a major 757 00:35:09,200 --> 00:35:11,600 Speaker 1: reason that those retirement accounts have swollen over the years, 758 00:35:11,880 --> 00:35:14,040 Speaker 1: uh and even decades is due to the fact that 759 00:35:14,080 --> 00:35:17,040 Speaker 1: they're running on autopilots, right, So part of that process 760 00:35:17,200 --> 00:35:20,160 Speaker 1: is automating those investments. Uh. It's it's hard to remember 761 00:35:20,200 --> 00:35:22,160 Speaker 1: to send money aside every couple of weeks or every 762 00:35:22,200 --> 00:35:25,000 Speaker 1: couple of months. If you want to build wealth, you 763 00:35:25,040 --> 00:35:28,040 Speaker 1: can't just hope you're discipline enough to think about your 764 00:35:28,480 --> 00:35:31,239 Speaker 1: future self in the moment. You need to build those 765 00:35:31,239 --> 00:35:33,920 Speaker 1: contributions into your monthly budget if you're funding inn I 766 00:35:34,040 --> 00:35:35,920 Speaker 1: ra A, and then set up percentage of your income 767 00:35:36,040 --> 00:35:39,520 Speaker 1: to go into your workplace retirement accounts if that's available. 768 00:35:39,640 --> 00:35:41,279 Speaker 1: You want to get that ball rolling in. Over time, 769 00:35:41,320 --> 00:35:44,960 Speaker 1: you're going to experience those compounding returns. You know. The 770 00:35:45,280 --> 00:35:47,640 Speaker 1: ultimate goal here is to have your money working for 771 00:35:47,680 --> 00:35:50,239 Speaker 1: you without you having to lift a finger. The the 772 00:35:50,280 --> 00:35:53,400 Speaker 1: idea is to create this machine that is basically manufacturing 773 00:35:53,840 --> 00:35:57,040 Speaker 1: you know, dollar bills on your behalf because of those 774 00:35:57,120 --> 00:35:59,439 Speaker 1: years of hard work and dedication that you've been put 775 00:35:59,440 --> 00:36:01,520 Speaker 1: in on the front and now your money is working 776 00:36:01,560 --> 00:36:04,120 Speaker 1: harder for you than you are. That's right. Yeah, it's 777 00:36:04,120 --> 00:36:09,320 Speaker 1: exchanging what human capital for your capital. Doing that heavy lifting. 778 00:36:09,680 --> 00:36:12,239 Speaker 1: And and I want to talk about shortcuts, mat because 779 00:36:12,239 --> 00:36:14,040 Speaker 1: that's how we kind of started this episode off, was 780 00:36:14,400 --> 00:36:17,440 Speaker 1: you know what, there are a lot of shortcuts that 781 00:36:17,719 --> 00:36:19,880 Speaker 1: you can attempt to take that are actually gonna backfire 782 00:36:19,920 --> 00:36:22,799 Speaker 1: on you. Smoking was the example that we gave. But 783 00:36:23,040 --> 00:36:26,160 Speaker 1: I do want to say and encourage people that there 784 00:36:26,160 --> 00:36:29,520 Speaker 1: are certain actually healthy shortcuts that you can take on 785 00:36:29,560 --> 00:36:31,839 Speaker 1: the way to building wealth that aren't in this like 786 00:36:31,960 --> 00:36:35,800 Speaker 1: pursuit of flashy riches and and and you can basically 787 00:36:35,800 --> 00:36:38,480 Speaker 1: make that wealth building journey happen more quickly. And I'm 788 00:36:38,480 --> 00:36:41,000 Speaker 1: talking about ways that don't require you to speculate or 789 00:36:41,080 --> 00:36:43,840 Speaker 1: to um try gambling on the third horse in the 790 00:36:43,840 --> 00:36:45,879 Speaker 1: fifth race or something like that. But here's the thing. 791 00:36:45,880 --> 00:36:49,799 Speaker 1: Those methods actually require just greater levels of sacrifice for you. 792 00:36:49,920 --> 00:36:53,040 Speaker 1: It means working harder to to get that raise. It 793 00:36:53,080 --> 00:36:57,000 Speaker 1: means living frugally um, which is a good principle in general, 794 00:36:57,280 --> 00:36:59,960 Speaker 1: and it might mean living differently from lots of folks 795 00:37:00,040 --> 00:37:03,359 Speaker 1: around you. We would suggest things like driving an ugly car. 796 00:37:03,719 --> 00:37:06,640 Speaker 1: It's like that's like one surefire way to prioritize building 797 00:37:06,640 --> 00:37:09,959 Speaker 1: wealth overlooking rich. That is one of the big line 798 00:37:09,960 --> 00:37:12,440 Speaker 1: items in most people's budgets every month is what they 799 00:37:12,440 --> 00:37:15,160 Speaker 1: pay for transportation. And so if you're willing to sacrifice 800 00:37:15,440 --> 00:37:18,600 Speaker 1: a good looking ride for a much cheaper ride, then 801 00:37:18,880 --> 00:37:21,480 Speaker 1: you can funnel a lot of that extra money towards 802 00:37:21,600 --> 00:37:24,000 Speaker 1: your future self. Drive that ugly car and live in 803 00:37:24,040 --> 00:37:28,160 Speaker 1: that ugly house. Your life should be characterized by ugly. 804 00:37:29,400 --> 00:37:30,920 Speaker 1: I mean you can still look beautiful, but that you know, 805 00:37:30,960 --> 00:37:33,920 Speaker 1: that's that's different. And and instead of buying, yeah, like 806 00:37:33,920 --> 00:37:35,399 Speaker 1: an XE our house for your family, like you said, 807 00:37:35,520 --> 00:37:38,720 Speaker 1: house hacking maybe even in order to generate additional income, 808 00:37:38,880 --> 00:37:41,400 Speaker 1: Like that's one of those things where the pursuit of riches, 809 00:37:41,960 --> 00:37:43,759 Speaker 1: you're not willing to go to that extent. You're not 810 00:37:43,800 --> 00:37:45,440 Speaker 1: willing to put yourself through the ring or for a 811 00:37:45,440 --> 00:37:48,120 Speaker 1: couple of years. You know. We talked with Craig Kurlap, 812 00:37:48,200 --> 00:37:50,399 Speaker 1: who is like the house hacking guy, and he talked 813 00:37:50,440 --> 00:37:53,279 Speaker 1: about living in his living room while people were living 814 00:37:53,280 --> 00:37:55,879 Speaker 1: in the bedrooms and he was making money every month. 815 00:37:56,040 --> 00:37:58,480 Speaker 1: But that's not necessarily a fun way to live, but 816 00:37:58,600 --> 00:38:02,080 Speaker 1: it it is a reasonable short term move if you 817 00:38:02,200 --> 00:38:05,200 Speaker 1: have a greater goal in mind, which is to build wealth. 818 00:38:05,239 --> 00:38:07,480 Speaker 1: And so for Craig, he has found all these ways 819 00:38:07,680 --> 00:38:10,600 Speaker 1: to house hack that have maybe made him uncomfortable for 820 00:38:10,640 --> 00:38:12,520 Speaker 1: a period of time, and now he has this money 821 00:38:12,600 --> 00:38:15,520 Speaker 1: making machine that's allowed him a whole lot more flexibility. 822 00:38:15,560 --> 00:38:17,799 Speaker 1: And he's still really young. And so it's not that 823 00:38:17,840 --> 00:38:20,760 Speaker 1: you can't reach financial independence in a shorter time frame, 824 00:38:20,920 --> 00:38:22,960 Speaker 1: but the route that you take to that endpoint just 825 00:38:23,160 --> 00:38:25,000 Speaker 1: matters a whole lot. That's right, man. And you know, 826 00:38:25,040 --> 00:38:26,880 Speaker 1: the great thing about building wealth is that it's not 827 00:38:27,000 --> 00:38:28,680 Speaker 1: terribly difficult. It doesn't it doesn't take up a whole 828 00:38:28,680 --> 00:38:31,080 Speaker 1: lot of brain space. If you're trying to get rich, 829 00:38:31,200 --> 00:38:33,720 Speaker 1: we think that you are likely going to be focusing 830 00:38:33,760 --> 00:38:36,799 Speaker 1: too much on money. And because of that, part of 831 00:38:36,800 --> 00:38:39,399 Speaker 1: the reason that we're partial to wealth building over trying 832 00:38:39,440 --> 00:38:41,600 Speaker 1: to get rich is because there are a lot more 833 00:38:41,680 --> 00:38:44,640 Speaker 1: important things in life to focus on the just money. 834 00:38:44,800 --> 00:38:46,080 Speaker 1: You know, we talked about this on the show a 835 00:38:46,120 --> 00:38:49,040 Speaker 1: decent bit, but building up more and more financial wealth, 836 00:38:49,120 --> 00:38:52,640 Speaker 1: it's not and unto itself. We want to encourage you 837 00:38:52,680 --> 00:38:55,480 Speaker 1: to dig deeper and to figure out what we call 838 00:38:55,560 --> 00:38:57,960 Speaker 1: the why behind your money, you know, like we want 839 00:38:58,000 --> 00:38:59,960 Speaker 1: you to ask yourself what goals are you shooting for? Like, 840 00:39:00,040 --> 00:39:02,320 Speaker 1: what do you want your life to look like. And 841 00:39:02,480 --> 00:39:04,360 Speaker 1: so to that end, we actually have the PDF to 842 00:39:04,360 --> 00:39:07,200 Speaker 1: help you to come up with a money mission statement. 843 00:39:07,560 --> 00:39:09,640 Speaker 1: It is freely available. Just go to the show. No, 844 00:39:09,719 --> 00:39:12,360 Speaker 1: it's for this episode. Uh, and there is an email 845 00:39:12,400 --> 00:39:15,640 Speaker 1: sign up there where you can have that worksheet showing 846 00:39:15,719 --> 00:39:18,720 Speaker 1: up within your inbox. Yeah. It's a quick two page 847 00:39:18,800 --> 00:39:22,120 Speaker 1: exercise where we try to present some helpful questions so 848 00:39:22,160 --> 00:39:24,640 Speaker 1: that you can kind of figure out what what is 849 00:39:24,680 --> 00:39:27,520 Speaker 1: my personal money mission statement? And Yeah, we think spending 850 00:39:27,560 --> 00:39:30,000 Speaker 1: thirty minutes with a document like this could be really 851 00:39:30,040 --> 00:39:33,000 Speaker 1: informative for how you view money and then how you 852 00:39:33,400 --> 00:39:36,440 Speaker 1: pursue building wealth in the future. Yeah, thirty minutes now 853 00:39:36,640 --> 00:39:39,960 Speaker 1: or a lifetime, because you know, like this is one 854 00:39:40,000 --> 00:39:42,040 Speaker 1: of those things where like building wealth, like we're talking 855 00:39:42,080 --> 00:39:45,640 Speaker 1: about earlier, it's easy, it's incredibly simple. But the reasons 856 00:39:45,680 --> 00:39:48,319 Speaker 1: why you want to build your wealth, I mean, that's 857 00:39:48,360 --> 00:39:50,480 Speaker 1: a question that only you can answer. Like, that's something 858 00:39:50,520 --> 00:39:52,200 Speaker 1: that's gonna take a lot of time, a lot of 859 00:39:52,239 --> 00:39:54,439 Speaker 1: mulling over. Into's something that's going to change over time. 860 00:39:54,440 --> 00:39:57,520 Speaker 1: It's something that is going to have a massive impact 861 00:39:57,719 --> 00:40:00,719 Speaker 1: on your ability to generate that wealth. And so this 862 00:40:01,040 --> 00:40:02,480 Speaker 1: is something that we don't want you to skip, is 863 00:40:02,480 --> 00:40:05,319 Speaker 1: what we're saying. But Joe, lets let's shift gears. Let's 864 00:40:05,320 --> 00:40:07,200 Speaker 1: get back to the beer that you and I both 865 00:40:07,280 --> 00:40:10,040 Speaker 1: enjoyed during this episode. This was a tropically by creature 866 00:40:10,040 --> 00:40:14,120 Speaker 1: comforts out of Athens, Georgia. What were your thoughts? So? 867 00:40:14,400 --> 00:40:16,160 Speaker 1: I think I mentioned at the beginning of the episode 868 00:40:16,160 --> 00:40:18,640 Speaker 1: that this is maybe at this point the classic southern 869 00:40:18,719 --> 00:40:21,440 Speaker 1: I PA and Atlanta. That's kind of what you see 870 00:40:21,480 --> 00:40:24,960 Speaker 1: people drinking on a nice spring or summer day, which 871 00:40:25,360 --> 00:40:27,319 Speaker 1: now we're in I don't know, it feels like spring 872 00:40:27,320 --> 00:40:29,200 Speaker 1: weather here, no, that which is nice. I mean literally, 873 00:40:29,600 --> 00:40:32,880 Speaker 1: coming down from lunch, I saw a bunch of carpenter 874 00:40:32,920 --> 00:40:34,840 Speaker 1: bees flying around. That's like, oh, that's how you know springs, 875 00:40:34,840 --> 00:40:37,680 Speaker 1: That's how you know. It's forget the groundhog it is, 876 00:40:37,760 --> 00:40:40,120 Speaker 1: It's more about the carpenter bees. I would say that 877 00:40:40,160 --> 00:40:43,200 Speaker 1: this I PA is really balanced. It's juicy, but it's 878 00:40:43,200 --> 00:40:44,799 Speaker 1: not over the top. It still has kind of that 879 00:40:45,200 --> 00:40:47,400 Speaker 1: old school grapefruit bitterness that a lot of I p 880 00:40:47,560 --> 00:40:50,279 Speaker 1: A s have. It definitely is like this blending of 881 00:40:50,280 --> 00:40:52,239 Speaker 1: the old school and new school I p A. And 882 00:40:52,400 --> 00:40:55,399 Speaker 1: but it's just incredibly flavorful. At the same time. So 883 00:40:55,680 --> 00:40:58,000 Speaker 1: it's no wonder. I think it's the branding, but also 884 00:40:58,040 --> 00:41:00,160 Speaker 1: the taste of this beer that made this beer such 885 00:41:00,200 --> 00:41:01,920 Speaker 1: an instant classic when it came out. I don't even 886 00:41:02,000 --> 00:41:04,000 Speaker 1: know how many years ago that was now seven years ago, 887 00:41:04,080 --> 00:41:06,080 Speaker 1: but in a minute, but this is the beer that 888 00:41:06,120 --> 00:41:08,920 Speaker 1: put Creature Comforts on the map. Basically, like I remember 889 00:41:08,920 --> 00:41:11,280 Speaker 1: when these when these Tropicalia, when it was hitting the shelves, 890 00:41:11,440 --> 00:41:13,520 Speaker 1: like people were lining up, like it was flying off 891 00:41:13,560 --> 00:41:15,360 Speaker 1: the shelves. It was difficult to get your hands on. 892 00:41:15,440 --> 00:41:18,000 Speaker 1: It was basically like a beer celebrity. It's like, oh, 893 00:41:18,080 --> 00:41:19,920 Speaker 1: have you seen the have you seen the new Creature 894 00:41:19,960 --> 00:41:22,840 Speaker 1: Comforts beer? Tropicalia? And people were following the truck to 895 00:41:22,840 --> 00:41:26,000 Speaker 1: get something seriously. Uh. And it's also the one of 896 00:41:26,040 --> 00:41:29,239 Speaker 1: the beers of choice of thor uh. So if you 897 00:41:29,280 --> 00:41:31,279 Speaker 1: watch some of the Marvel movies, like some of the 898 00:41:31,280 --> 00:41:33,200 Speaker 1: Creature Comfort sperit like actually, I think we talked about 899 00:41:33,239 --> 00:41:35,239 Speaker 1: this with Athena. That was one of the beers that 900 00:41:35,280 --> 00:41:39,200 Speaker 1: thora was drinking during Avengers Endgame, but Tropicalia was one 901 00:41:39,200 --> 00:41:40,680 Speaker 1: of the other ones that he was drinking. So you 902 00:41:40,680 --> 00:41:43,839 Speaker 1: can actually see this beer on the big screen, which 903 00:41:43,840 --> 00:41:46,000 Speaker 1: is pretty hilarious, I think, But I agree. Yeah, this 904 00:41:46,040 --> 00:41:47,640 Speaker 1: is a well balanced beer, got a little bit of 905 00:41:47,640 --> 00:41:50,680 Speaker 1: that bitterness, but it doesn't have like that orange juice 906 00:41:51,200 --> 00:41:53,920 Speaker 1: vibe going on. It doesn't have like that sharp blue 907 00:41:54,000 --> 00:41:56,439 Speaker 1: cheese flavor that I tend to associate with double dry 908 00:41:56,480 --> 00:41:58,600 Speaker 1: hot I p a s. Like you said, this is 909 00:41:58,640 --> 00:42:01,920 Speaker 1: a classic I p A appropriate hailing from the classic city. 910 00:42:02,320 --> 00:42:04,560 Speaker 1: So Joel, that's gonna be it for this episode. Like 911 00:42:04,600 --> 00:42:07,799 Speaker 1: we mentioned, we will have that worksheet available and you 912 00:42:07,880 --> 00:42:10,279 Speaker 1: can get that worksheet just head to the show notes 913 00:42:10,360 --> 00:42:12,440 Speaker 1: for this episode up on the website at how the 914 00:42:12,480 --> 00:42:14,520 Speaker 1: Money dot com. Yeah. I've never been a teacher, Matt, 915 00:42:14,520 --> 00:42:16,600 Speaker 1: so I don't usually get to assign homework, but I 916 00:42:16,640 --> 00:42:17,920 Speaker 1: love it that we get to assign a little bit 917 00:42:17,920 --> 00:42:19,879 Speaker 1: homework today to our listeners. And so yeah, go grab 918 00:42:19,920 --> 00:42:21,960 Speaker 1: that on our site. And this is worthwhile homework too. Yes, 919 00:42:21,960 --> 00:42:23,920 Speaker 1: I agree. I agree. It's it's that kind of deep. 920 00:42:23,960 --> 00:42:26,080 Speaker 1: Anybody that you talk to who's been doing postal finance 921 00:42:26,080 --> 00:42:28,799 Speaker 1: for any length of time, they know that you need 922 00:42:28,840 --> 00:42:31,680 Speaker 1: to do some soul searching to to end up handling 923 00:42:31,719 --> 00:42:33,600 Speaker 1: your money better. Like you have to come to either 924 00:42:33,640 --> 00:42:35,560 Speaker 1: a moment of crisis in your life or and then 925 00:42:35,960 --> 00:42:37,880 Speaker 1: that leads you maybe to kind of figuring out your 926 00:42:37,880 --> 00:42:39,920 Speaker 1: why behind money. And we think that this, yeah, that 927 00:42:40,040 --> 00:42:42,319 Speaker 1: this worksheet is going to help you kind of do 928 00:42:42,360 --> 00:42:44,600 Speaker 1: some of that seeking. It's so important and nobody else 929 00:42:44,640 --> 00:42:46,880 Speaker 1: can answer these questions but you. That's right, all right, 930 00:42:46,920 --> 00:42:48,520 Speaker 1: So um yeah, Matt, that's gonna do it for this 931 00:42:48,560 --> 00:43:00,560 Speaker 1: episode until next time. Best Friends Out, Best Friends Out 932 00:43:00,000 --> 00:43:03,680 Speaker 1: the numberso