Speaker 1: Welcome to How the Money. I'm Joel and I in
Speaker 1: that and today we're discussing getting rich versus building wealth. Yeah, Joel,
Speaker 1: you know, there are some fundamental differences between being rich
Speaker 1: and being wealthy, and we're gonna talk about that today. Like,
Speaker 1: this is going to be a good episode because, like
Speaker 1: we're laying down some like some foundational truths that I
Speaker 1: think if you don't already have some of these ways
Speaker 1: of viewing the world in your mind, they have the
Speaker 1: ability to like drastically change how it is that you
Speaker 1: view everything right like from it's like a new filter. Yeah,
Speaker 1: how you spend your time, like how it is and
Speaker 1: why it is that you work, what you spend your
Speaker 1: money on, um, your expenses, but even just money in
Speaker 1: and of itself, how you approach your money. So we're
Speaker 1: gonna spend some time, like we're gonna zoom out a
Speaker 1: little bit and talk about some of these differences. I'm
Speaker 1: looking forward to this episode. Yeah. So it just kind
Speaker 1: of makes me think of when Instagram first launched and
Speaker 1: how everyone was using filters, like people when people are
Speaker 1: all about those filters, myself included, Hey dog, you ever
Speaker 1: used the Nashville filter? I was gonna say the Nashville
Speaker 1: like it was my go to. I was like, it
Speaker 1: makes everything look better, right, But now these days that
Speaker 1: just makes it look right and dated. I don't think
Speaker 1: anybody uses those like Vinta style filters on Instagram anymore.
Speaker 1: But but when you first started, it was kind of
Speaker 1: like a revelation here, like all my pictures like what
Speaker 1: a fun thing? Um, And and now just that's not
Speaker 1: how people think about it. But I think, yeah, when
Speaker 1: you view uh, this this getting rich versus building wealth psychotomy,
Speaker 1: there can be a huge gap and how we actually
Speaker 1: think about and approach our finances, depending on which one
Speaker 1: we're pursuing. But before we get to that, matt Um,
Speaker 1: I just wanted to quickly mention a website that we've
Speaker 1: talked about before on the show. But you've got a
Speaker 1: quick tip for us to very quick tip. I have
Speaker 1: just scheduled a chip Drop and I forget if it
Speaker 1: was a listener that first tiptos off. I think you
Speaker 1: knew about it all anyway, I'd heard about it, but
Speaker 1: I think a listener maybe in the Facebook group. Yeah, Well,
Speaker 1: just before I forget, the website is get chip drop
Speaker 1: dot com And if you ever need like a giant
Speaker 1: pilot mulch. And I do mean giant because mine should
Speaker 1: be coming this week and who knows how big it's
Speaker 1: going to be, but supposedly quite large. Then this is
Speaker 1: a great website to sign up for a freeload. And
Speaker 1: so yeah, because we just did some renovations, our backyard
Speaker 1: still a mess, kind of a money mess. We're gonna
Speaker 1: drop some grass feed back there and stuff, but we
Speaker 1: need a lot of mulch to cover up some of those,
Speaker 1: you know, shoddy areas in the backyard that have been
Speaker 1: kind of roughed up. So dude, yeah, getting your home renovated,
Speaker 1: like your yard, like the grounds take a beating because
Speaker 1: like you gotta porta potty set up there like a
Speaker 1: holloway dumpster. There's nails everywhere and just like broken bits
Speaker 1: of like construction. To bring your kids over to do
Speaker 1: trash treasures in my yard now, because there's gonna be
Speaker 1: a bunch. So yeah, the girls having that experience of
Speaker 1: having already done trash treasures prior to our innovation a
Speaker 1: few years ago came in handy because they're constantly finding nails, uh,
Speaker 1: And I want to reward them for getting those out
Speaker 1: of the yard. I don't want to you don't want
Speaker 1: anybody to to step on that Joe. By the way,
Speaker 1: I gotta say, random people have used my porta potty
Speaker 1: and it's kind of been funny to like hout the
Speaker 1: window and see people just like park their car, get out,
Speaker 1: hop in the bathroom, and hop back in and go.
Speaker 1: It's it's true, it happens. That's disgusting. I don't even
Speaker 1: like to go to the bathroom like out in public
Speaker 1: at a like a gas station. I'm not a huge
Speaker 1: fan of going to public bathrooms in general. I get
Speaker 1: going into that's like it's even worse ten times worse.
Speaker 1: But so get chip drop dot com if you ever
Speaker 1: need like random free mulch um. It's it's a website
Speaker 1: you can use to make that happen. Not only that too,
Speaker 1: but you can get rounds cut so like you know,
Speaker 1: chunks of a trunk of a tree if you want
Speaker 1: the one on hand to stop your own firewood. Yeah exactly.
Speaker 1: But again, like you said, you need to make sure
Speaker 1: that you're ready for a lot of it, because when
Speaker 1: they show up, I mean they'll dump an entire like
Speaker 1: dump truck full in your yard and not like, hey,
Speaker 1: you want three or four, and it's like, no, here's two.
Speaker 1: You know, that's kind of how it goes. So it's
Speaker 1: all or nothing. Yeah, whether it's a would that you're
Speaker 1: gonna split or just this massive pile of mulch, it's
Speaker 1: not like just for a small garden bed. It's for
Speaker 1: like something like you're doing where you're looking to make
Speaker 1: a big dent. Yes, exactly, all right, Well let's move on. Matt.
Speaker 1: Let's mentioned the beer that we're having on this episode.
Speaker 1: This one is called Tropicalia. It's by Creature Comforts. I
Speaker 1: cannot believe we have never had this on the show.
Speaker 1: I was we got some recently and I thought about
Speaker 1: bringing it down. I was like, well, no, we've already
Speaker 1: had on the show. But then I checked. We have
Speaker 1: never had Tropicalia on the show before almost fisodes in
Speaker 1: and we've avoided what is probably the most classic Southern
Speaker 1: ipa available. So um, yeah, I'm glad we get to
Speaker 1: have this one today. And we'll give our thoughts at
Speaker 1: the end of the episode, but for now, let's get
Speaker 1: onto the topic at hand. We're talking about getting rich
Speaker 1: versus building wealth, and Matt this episode topic it made
Speaker 1: me think about shortcuts A great example of a terrible
Speaker 1: shortcut is smoking in order to lose weight. And uh,
Speaker 1: I guess the joy highly recommends it. I am not
Speaker 1: a physician. I do not recommend that at all, but
Speaker 1: I guess someone could ask the question does it work
Speaker 1: and the answer would be yes. And in fact, it
Speaker 1: does that by lowering your metabolic rate, reducing your appetite. Right,
Speaker 1: it suppresses your desire to eat, and so then, yeah,
Speaker 1: you want to eat less if you smoke regularly, and well, law,
Speaker 1: you lose weight. But smoking, as we all know, it
Speaker 1: comes with legitimate tradeoffs. Right. It costs money. Um? And yeah,
Speaker 1: I know cigarettes in in certain parts of the country
Speaker 1: cost something like fifteen dollars uh for a pack, which
Speaker 1: is really expressive. Well, I think a lot of a
Speaker 1: lot of states have just massively raised the taxation levels
Speaker 1: on some of these what are considered like sin devices.
Speaker 1: It's like a syntax, right, and so yeah, the other
Speaker 1: other trade offs include the fact that you don't smell great.
Speaker 1: On top of that, the kicker, by far the worst
Speaker 1: trade off you're making is the negative health effects like
Speaker 1: heart disease, lung disease, diabetes, and cancer. Um, do I
Speaker 1: need to go on do I need to list all that,
Speaker 1: I don't think so. Um, but yellow teeth, Yeah, yeah,
Speaker 1: that's another one. But basically, that short term benefit of
Speaker 1: shutting a few pounds to maybe be able to fit
Speaker 1: into the genes that you used to be able to
Speaker 1: wear it comes with long term downsides that far outweigh
Speaker 1: the benefit based. It's a terrible trade off. And so yeah,
Speaker 1: that's that's exactly what we would say is happening when
Speaker 1: you prioritize getting rich over building wealth, and and that's
Speaker 1: what we want to talk about the day on the show. Yeah,
Speaker 1: and well, I think a lot of folks might laugh
Speaker 1: at the idea of trying to lose some weight by
Speaker 1: picking up smoking, right, Um, I know, I am like
Speaker 1: just the thought of actually somebody like logically approaching that
Speaker 1: problem and being like, Okay, how do I go about
Speaker 1: losing weight? Should I exercise? Nah? Should I eat less? Nah?
Speaker 1: I'm gonna pick up smoking. Back in the mad Men days,
Speaker 1: I mean, that wasn't okay suggestion, I think, Yeah, and
Speaker 1: so like, at least now today that feels laughable. But
Speaker 1: I think it can be a lot easier to fall
Speaker 1: into the trap of trying to take the shortcut to
Speaker 1: be rich. A lot of folks understandably, they probably want
Speaker 1: to achieve their financial goals more quickly. Maybe your neighbor
Speaker 1: they might drive a nicer car, Maybe your best friend.
Speaker 1: They may have just bought a new place, and you
Speaker 1: want those things too. There might even be a level
Speaker 1: of flashiness that you would like to show off a
Speaker 1: little bit, maybe some fancier clothes or cars, fancier vacations.
Speaker 1: Head out to that exotic location that all sounds pretty nice.
Speaker 1: It will feel nice to to post the pictures on
Speaker 1: social media. Uh. And sure, you might find some short
Speaker 1: term success and be able to buy something really nice
Speaker 1: or maybe take that lovely trip, but the long term
Speaker 1: effects of pursuing a lifestyle like this are ultimately going
Speaker 1: to undermine your financial foundation. The tradeoff of trying to
Speaker 1: get rich quickly in order to inflate your lifestyle almost
Speaker 1: always comes with severe consequences that other have these unattended
Speaker 1: ripple effects, or they keep us from even achieving our
Speaker 1: financial goals altogether. Yeah, that's true, And and we've all
Speaker 1: been subject Matt. If you've been on YouTube at all
Speaker 1: watching Mr be Squid game video or whatever, that's one
Speaker 1: of the most popular videos of last year, and it
Speaker 1: was an interesting one. What we've been subject to pre
Speaker 1: roll ads, right, and and many of those pre roll
Speaker 1: ads feature young people or maybe at least the algorithm
Speaker 1: is serving these up to me because they know my
Speaker 1: interest in personal finance. But it's often a young fellow
Speaker 1: who is like in an incredible mansion, or who's in
Speaker 1: front of this fleet of sports cars and rhythm knows, like,
Speaker 1: we know what Joel wants. He wants that nicknasion, he want,
Speaker 1: he wants the flash and these these hellas they're promising
Speaker 1: that if you just give them some of your hard
Speaker 1: earned dollars, that you too can learn the secrets of
Speaker 1: getting rich quickly and of getting large muscles right and
Speaker 1: a fleet of sports cars right like, and that is
Speaker 1: of course the life that everyone desires. But yeah, the
Speaker 1: problem with this is is twofold one that house might
Speaker 1: just be an Airbnb rental for that day, right, This
Speaker 1: might not be their actual cosa that they live in
Speaker 1: full time. And same with those cars. I bet they
Speaker 1: rented a few of them off to row to uh
Speaker 1: make it look like they were rich even though they're
Speaker 1: not actually. But the problem is that the opposite of
Speaker 1: what they promise actually happens, right, that thousands of people
Speaker 1: give these people money, allowing that person to then be
Speaker 1: able to afford the flashy lifestyle while creating a real
Speaker 1: financial setback for themselves. So I think sometimes in our
Speaker 1: pursuit of quick gains, of of riches, often times we're
Speaker 1: making other people rich and making ourselves Poor's right, we're
Speaker 1: shooting ourselves in the foot, were undermining our own efforts. Man,
Speaker 1: One thing to mention here, too, Like, it doesn't have
Speaker 1: to even be like the slashy lifestyle that you're aiming for.
Speaker 1: You might just want to be able to afford a
Speaker 1: more modest, you know what you might consider a normal lifestyle.
Speaker 1: Like you're not looking to own a mansion or lambo.
Speaker 1: You're just maybe you're tired of living in a studio apartment.
Speaker 1: Maybe it's just like a decent three too, that's not
Speaker 1: a ridiculous commute away from your job that you're after.
Speaker 1: But either way, the sirens song of quick riches to
Speaker 1: achieve whatever it is that you're after, it's easy to
Speaker 1: get caught up in, and it has this real possibility
Speaker 1: of getting us off track and actually keeping us from
Speaker 1: our goals. We go from playing the long game to
Speaker 1: the short game, and it messes with her head and
Speaker 1: it messes with our bank account. Okay, so before we
Speaker 1: move much further, man, I think we do have to
Speaker 1: give some some definitions so people can kind of understand,
Speaker 1: because because when you when you look at the love definitions, man,
Speaker 1: I know, you gotta like lay it out there that way,
Speaker 1: we're all on the same page, that's right. And when
Speaker 1: you look at the definitions on let's say you got
Speaker 1: a dictionary dot com or you open up your old
Speaker 1: school read Miriam Webster's dictionary that that's you know, sitting
Speaker 1: on your shelf, they actually look like synonyms, right, and
Speaker 1: so rich and wealthy are actually going to kind of
Speaker 1: um sound really similar when you're looking at at the
Speaker 1: textbook definition. So yeah, in this episode, we're kind of
Speaker 1: offering up our own urban dictionary style definition. We're not
Speaker 1: necessarily going with the classic definition because I think in
Speaker 1: the common parlance, the way we talk about these terms,
Speaker 1: at the way we discuss them just on you know,
Speaker 1: societal level, we see a difference, right, And so you
Speaker 1: and I we think of getting rich as the thoughtless
Speaker 1: thirst for more and to get there quickly, whereas wealth
Speaker 1: on the other hand, is the desire to be able
Speaker 1: to fund and sustain a life that's meaningful to you.
Speaker 1: And so if you're in the pursuit of riches, really
Speaker 1: you kind of never really quite arrive. More is always good,
Speaker 1: and in fact it's necessary, right, It's kind of like
Speaker 1: the hamstral wheel that keeps on turning. But if you're
Speaker 1: building wealth, it's really just about being able to fund
Speaker 1: the lifestyle that fits your goals, and oftentimes those goals
Speaker 1: are more modest. And so there's this realization I think
Speaker 1: when you're building wealth versus attempting to it rich, that
Speaker 1: more money alone isn't going to be the thing that
Speaker 1: makes you happy, but earlier looking at the holistic self
Speaker 1: um the physical, the emotional, and spiritual well being, which
Speaker 1: are crucial elements to living a good life too. And
Speaker 1: it's also important for for all of us who are
Speaker 1: playing the long game that you have to be able
Speaker 1: to acknowledge the getting to that point. It takes time
Speaker 1: and it takes intentionality. Yeah, and you know that being said, like,
Speaker 1: there's nothing wrong with having a fancy car as long
Speaker 1: as you have the wealth to support that. And so
Speaker 1: especially early on the order in which you take actions
Speaker 1: with your money matters significantly, and so early on, if
Speaker 1: your money is tied to you know, different items like cars,
Speaker 1: fancy clothes, different things like that that are depreciating, that
Speaker 1: is also sort of the epitome of riches as opposed
Speaker 1: to that same money instead tied to income generating assets,
Speaker 1: like if that money was invested in the stock market,
Speaker 1: or if that money was invested in real estate, and
Speaker 1: so that's also one of the major differences as well. Yeah,
Speaker 1: there's a difference between buying a Lamborghini or a Ferrari
Speaker 1: or a Rumian truck when you're twenty three, just starting
Speaker 1: out and you're trying to make an impression on the
Speaker 1: people around you, even though you don't have the income
Speaker 1: or the assets to justify that, versus buying it after
Speaker 1: twenty years of making smart moves with your money being
Speaker 1: able to pay cash for that, not financing for thirty
Speaker 1: or forty years. Well, yeah, when it's a drop in
Speaker 1: the bucket, basically when it comes to your net worth,
Speaker 1: I guess if it depends if you're rolling in the
Speaker 1: money and so like, maybe you can do that in
Speaker 1: fifteen years. It's so good for you. I mean, I know,
Speaker 1: there's people out there who are living that kind of
Speaker 1: life right where they're thirty five years old and they're
Speaker 1: driving a hundred thousand dollar vehicle. I just have a
Speaker 1: hard time wrapping my head around that personally. But a
Speaker 1: huge part of the difference here as well, it's it's
Speaker 1: just the focus on the short term versus the long term,
Speaker 1: right Because like someone who is focused on getting rich
Speaker 1: and amassing a fortune in short order, they might be
Speaker 1: tempted to play the lottery or or download sports gambling
Speaker 1: apps or Flight of Vegas in order to distrike it rich,
Speaker 1: or even to speculate on the newest cryptocurrencies or memestocks
Speaker 1: and hopes of making a quick return. They want that
Speaker 1: money to materialize out of thin air, as opposed to
Speaker 1: the person who's pursuing the wealth. They're gonna hot for
Speaker 1: just a more time tested strategy that doesn't necessarily put
Speaker 1: their capital in harm's way. I'm not saying that they
Speaker 1: don't take any risk, but that they're willing to take
Speaker 1: calculated risks in the slow pursuit of those goals. It's
Speaker 1: kind of the old tortoise versus the hair story. Oftentimes
Speaker 1: the hair that's somebody who's seeking the riches, right, Like
Speaker 1: they're looking to to have what they want now, as
Speaker 1: opposed to the tortoise who's willing to put in the
Speaker 1: time to stick with methods that are sustainable. And it
Speaker 1: kind of goes back to the whole smoking example that
Speaker 1: you gave earlier, Joel, Right, if you're looking for maybe
Speaker 1: a more immediate results, it's like, Okay, how can I
Speaker 1: trick myself into eating less? Well, maybe I should just
Speaker 1: start smoking now versus healthier and more sustainable behaviors. It
Speaker 1: makes me think of one of my favorite movies, the
Speaker 1: old school Willie Wonka and the Chocolate Factory the Gene
Speaker 1: Wilder of course, because let's the only one worth watching.
Speaker 1: But Charlie Buckett. He he does not take go drink
Speaker 1: from the Chocolate river like Augustus Gloup does, and he
Speaker 1: falls in and he gets sucked in, and you know
Speaker 1: his his trip to the chocolate factory ends really quickly.
Speaker 1: All these kids deciding that they want the quick candy
Speaker 1: in front of them versus playing the log game, and
Speaker 1: who ends up owning the Trac Chocolate Factory in the
Speaker 1: end is Charlie, right, So yeah, he's the big winner
Speaker 1: in that scenario. But you know, we've got more to
Speaker 1: get to, including the kind of unhealthy behaviors that prioritizing
Speaker 1: riches more than building wealth can lead to. We'll we'll
Speaker 1: get to that right after this. We're back and we're
Speaker 1: talking about getting rich versus building wealth, and even you know,
Speaker 1: let's let's point out to even the words that we
Speaker 1: chose there, those verbs of getting rich versus building wealth.
Speaker 1: Like when you get something, you just want it, like
Speaker 1: you're just like give me, gimme, gimme, you know, like
Speaker 1: it makes me, like you were just talking about Willy Wonka,
Speaker 1: it makes me think I want it now seriously, as
Speaker 1: opposed to like when you think about building wealth, like
Speaker 1: it's just something that it's methodical, it's something that takes
Speaker 1: the plan, it takes discipline, and it takes some time
Speaker 1: to actually execute that. And so that's why we're talking
Speaker 1: about this today because there is a significant difference between
Speaker 1: these two. And let's talk about looks versus reality for
Speaker 1: a second as we're talking about these two concepts, because
Speaker 1: it's easy to actually look rich, right, you might be
Speaker 1: living paycheck to paycheck, but everyone around you they think
Speaker 1: that you're crushing it. Wealth on the other hand, it's
Speaker 1: much more like I would say, kind of stealthy, right,
Speaker 1: Like it's under the radar. Makes me think of a
Speaker 1: guy like Warren Buffett. If you saw the house that
Speaker 1: he lives in, if you saw the breakfast that he
Speaker 1: eats every morning, which I'm pretty sure it's still McDonald's.
Speaker 1: I don't know how he's in his nineties and eating
Speaker 1: McDonald's every morning. Maybe it's the dieta Champions, the breakfast
Speaker 1: of Champions. It's used to be weedies but no longer.
Speaker 1: What if there's some study that comes out in light
Speaker 1: ten years that talks about because of the amount of
Speaker 1: preservatives with it with the McDonald's, that it's actually causing
Speaker 1: people to also become preserved and mummified. Yeah, they really
Speaker 1: going to do an autopsy when Buffett dies at like,
Speaker 1: and they're gonna realize that it was all those is
Speaker 1: the McDonald's, but nothing mcgriddles. You want to stay away
Speaker 1: from those because of the saturation. Yeah, I think that
Speaker 1: bad for the artery is definitely. No. But like seriously,
Speaker 1: like we're talking about Warren Buffett, Like if you look
Speaker 1: at the way he dresses, right like, you wouldn't assume
Speaker 1: that he's loaded, but the oracle of Omaham he is
Speaker 1: worth more than a hundred and fifteen billion dollars right now,
Speaker 1: give or take a few hundred million. That is, of
Speaker 1: course an outlier example. But the reality is that the
Speaker 1: more that you try to convey to the world that
Speaker 1: you have money, since it basically all comes via consuming
Speaker 1: and owning more in particular items that depreciate and value quickly,
Speaker 1: the less money that you actually have in the bank,
Speaker 1: and that means the less financially secure that you are.
Speaker 1: In reality, that's true. Yeah, you are prioritizing looks over substance,
Speaker 1: and and let's be honest, Matt, looking like you have
Speaker 1: money it can actually become more of a headache than
Speaker 1: it seems on the surface. If if it looks like
Speaker 1: you're swimming in dough, people start to assume that you're
Speaker 1: swimming in dough because it looks like you are, of course,
Speaker 1: and they might treat you accordingly. There is um I
Speaker 1: hate to resurrect an old rap song, but more money,
Speaker 1: more problems. Pete Puff Daddy in that Peviga says, just
Speaker 1: the way it is, that's how it that's how it goes,
Speaker 1: and and so that's why it does you know Biggie
Speaker 1: that's well, it's not that was Biggi's rab but puff
Speaker 1: Daddy was heavily I looked up on YouTube. It's got
Speaker 1: over nine million views. Can you believe that he is
Speaker 1: the quite the philosopher and poet. But it's but it's true.
Speaker 1: It's like to get to your point because what happened
Speaker 1: to Biggie dude was murdered and it has a lot
Speaker 1: to do with money, that's true. Yeah, money can create
Speaker 1: real problems. And I'm not not suggesting that your pursuit
Speaker 1: of riches will lead to your early demise, but but
Speaker 1: it is one of those things worth considering, like how
Speaker 1: do people perceive me? Do they treat me differently? And
Speaker 1: that's why we would suggest that like stealth wealth is
Speaker 1: such a better goal to have than like ostentatious riches.
Speaker 1: And uh yeah, because the family in societal pressures that
Speaker 1: often come from having more money than your peers, they
Speaker 1: can be tougher to deal with and you might assume
Speaker 1: and for that reason, yeah, keeping it on the d
Speaker 1: L is actually preferable. I think that that term stealth wealth,
Speaker 1: Matt is I'm glad it's kind of come into vogue.
Speaker 1: In the last four or five years, because it is
Speaker 1: one of those things where where that's a that's a
Speaker 1: good thing to strive for. Um, spending some of your
Speaker 1: wealth is fine, but but flaunting it, I would say,
Speaker 1: I would suggest to something to avoid. Yeah, there's a
Speaker 1: big difference between those two. And this is why we
Speaker 1: see negative effects, uh, you know with those who win
Speaker 1: the lottery as well. Right, because it's really difficult when
Speaker 1: you all of a sudden have I don't know any
Speaker 1: millions of dollars, Like, it doesn't matter who you are. Well,
Speaker 1: it's easy, come, easy, go to right it. It's it's
Speaker 1: different when you have four million dollars because you've been
Speaker 1: doing the hard work for thirty years. It's it's a
Speaker 1: whole lot different if you haven't been doing the hard
Speaker 1: work and someone hands you four million dollars tomorrow, you
Speaker 1: treat it differently. Yeah, And it's also hard to disguise
Speaker 1: it when all of a sudden you've got a ton
Speaker 1: more money than you used to have, which, like it's
Speaker 1: a lot harder to actually be secretive about it, right, Like,
Speaker 1: you can't you can't keep it secret and keep it
Speaker 1: safe when it comes to the money that you went
Speaker 1: Lord of the Rings references with with the lottery. Did
Speaker 1: you know so in most states in the country, you
Speaker 1: are not allowed to remain anonymous. It is up to
Speaker 1: the states as to what are nuts you're able to
Speaker 1: keep your name or your information private. Only eleven states,
Speaker 1: including the state of Georgia, by the way, allows you
Speaker 1: to remain anonymous, which I think it's great. I don't
Speaker 1: understand why it is that. I mean, you know, I'm
Speaker 1: not a law professor or anything like that, but like,
Speaker 1: why do more states not allow people to remain anonymous.
Speaker 1: I think it's marketing for the lottery and they want
Speaker 1: to show faces and look, look how your wife could
Speaker 1: also be ruined me, Like, there are so many examples.
Speaker 1: People don't play the game because they think their life
Speaker 1: is gonna get ruined. They think it's that because it's
Speaker 1: gonna change their life for the better. But you know,
Speaker 1: we talked about this, Actually, you're so right when we
Speaker 1: talked about what would you do if you won the lottery?
Speaker 1: And and you know, we talked to that episode about
Speaker 1: how many people's lives are actually ruined by winning millions
Speaker 1: and they actually end up filing for bankruptcy, they end
Speaker 1: up in a worse spot their kids exactly fortunately die
Speaker 1: because of drug overdoses, relationships in tatters, so many instances
Speaker 1: of that happening. But yeah, it's it's harder than it
Speaker 1: looks to come into a lot of riches like that
Speaker 1: and maintain a balanced life. All right, So let's talk
Speaker 1: about unhealthy behaviors for a second, because there are a
Speaker 1: number of different risky actions that we might be tempted
Speaker 1: to take in order to achieve the shortcut and get
Speaker 1: to where we want to be faster if we're aiming
Speaker 1: for riches as opposed to building wealth. And you know,
Speaker 1: one of those might be playing the lottery, which would
Speaker 1: be an unhealthy use of your money in your time.
Speaker 1: And we talked about scams last week, Matt Well. A
Speaker 1: lot of scammers, as it turns out, prey on folks
Speaker 1: who wants to get rich quickly. They take your emotional
Speaker 1: desire for financial security and then they use it against you.
Speaker 1: It's like a weapon, and which means that they are
Speaker 1: often able to get you too willingly hand your money
Speaker 1: over to them. And yeah, scams often target people who
Speaker 1: have a get rich quick mindset. So if you're focused
Speaker 1: on making money in short order, you make yourself a
Speaker 1: mark you're more likely to get taken advantage of. If
Speaker 1: you are going the slow and steady round the tortoise
Speaker 1: route instead of the hair route, you are much more
Speaker 1: likely to avoid a lot of those targeted scam attempts.
Speaker 1: You're just not going to be interested in the same
Speaker 1: way as someone who is looking to make money quickly. Yeah,
Speaker 1: and scammers, they're always playing on the latest trends as well.
Speaker 1: The Wall Street Journal they just recently had an article, uh,
Speaker 1: talking about an actual, a real giveaway that the performer,
Speaker 1: Megan the Stallion, was doing via cash app, which is
Speaker 1: pretty cool, right, Uh, something we've even done. We've given
Speaker 1: given away money via the cash as right. We weren't
Speaker 1: scaming folks, and neither was she. Uh. If you're a
Speaker 1: fan of free music, you probably thought this is pretty cool.
Speaker 1: But what happened is more than a dozen imposter accounts
Speaker 1: sprung up overnight to try to take advantage of unsuspecting
Speaker 1: folks who were all about getting that free money but
Speaker 1: they didn't know any better. Uh. Scammers target folks looking
Speaker 1: for freebeesh and easy cash opportunities, so you gotta look
Speaker 1: out for that, that's right. Yeah, And another unhealthy behavior
Speaker 1: could be the pomo that we feel if we are
Speaker 1: trying to get rich really quickly. When it comes to investing,
Speaker 1: conventional wisdom has kind of been turned on its head
Speaker 1: in some ways recently, Matt, Like you can document the
Speaker 1: rise of thousands and thousands of folks who have who
Speaker 1: have actually gotten rich almost overnight, whether it's like through
Speaker 1: bitcoin or some other random alt coin. There are people
Speaker 1: investing in n f t s, in board a n
Speaker 1: f t S, let's say, and those in f t
Speaker 1: s have appreciated really really quickly. So um, you know,
Speaker 1: celebrities are influencing in that regard. I think justin Bieber
Speaker 1: Steph Curry they both own board eighte U n f
Speaker 1: t s. Everybody's got board a yacht club. Yeah, every
Speaker 1: everybody's got one. And so we live in the information age.
Speaker 1: So these stories are a dime a dozen, like we
Speaker 1: we've all read them. We've seen people getting rich, and
Speaker 1: we feel like we're left on the side sidelines. And
Speaker 1: so if it starts to feel like at some point
Speaker 1: that you're the only one who isn't making money, hand
Speaker 1: over fest like, look at everybody else, and what's wrong
Speaker 1: with me? And so I think more folks feel like
Speaker 1: they're being pushed towards speculative investments just to keep up.
Speaker 1: And one of our favorite investment writers, Michael Battnik, he
Speaker 1: wrote recently, everything we've been told not to do from
Speaker 1: a financial planning standpoint is paying off right now, And
Speaker 1: I agree with him. I think, you know, that can
Speaker 1: be a frustrating experience, making us want to jump in
Speaker 1: on the trends in order to to nab some of
Speaker 1: these riches for ourselves. But but ultimately that leads us
Speaker 1: to playing the short game, and there's a lot of
Speaker 1: heartache for a lot of people in that game. All right,
Speaker 1: real quick, the board apes n f T S. So
Speaker 1: do you not think that that's just conspicuous consumption right,
Speaker 1: Like it's just the celebrities signaling that they've got a
Speaker 1: lot of money. Uh, and it's being disguised as an
Speaker 1: actual investment. I think that there is something I played here,
Speaker 1: Like they're they're telling themselves it's an investment, and then
Speaker 1: the common folks like us, they're like, we're convincing ourselves that,
Speaker 1: oh no, they actually are investments as opposed to just
Speaker 1: being just like lifestyle essentially. And if you're on the
Speaker 1: ball and you're savvy, you can potentially make money in
Speaker 1: short order, but that is also the recipe to lose
Speaker 1: a lot of money in short order. So yeah, you
Speaker 1: just never know what's gonna happen there. But but I agree,
Speaker 1: there's there's a whole lot of signaling going on out
Speaker 1: there right now. And that's really that's really what we're
Speaker 1: saying here, is that riches are are there's a lot
Speaker 1: of signal, there's a lot of noise, and when it
Speaker 1: comes to wealth, like a lot of it's hidden and
Speaker 1: it's not flashy and nobody sees it. But but for you,
Speaker 1: for your peace of mind, for your ability to pursue
Speaker 1: financial independence, like that's the way forward. It and specifically
Speaker 1: with n f T s, it feels like it's just
Speaker 1: so much more obvious, right because like with something like
Speaker 1: a house or a really fancy car, like there's an
Speaker 1: argument there where you say, oh, no, I really like
Speaker 1: to drive this car. I love how fast it goes,
Speaker 1: or I love the smell or whatever, like I love
Speaker 1: the craftsmanship. When it comes to these n F n
Speaker 1: f T s, like you can't say there's anything about
Speaker 1: it that you truly appreciate. Dig My new two Twitter
Speaker 1: profile pick. It's sound stupid. So I feel like there's
Speaker 1: like hardly an argument there that you're actually gaining value
Speaker 1: from some of these these things as opposed to it
Speaker 1: being signaling and showing to others that you have this wealth.
Speaker 1: But what this means, though, is that folks are putting
Speaker 1: their money towards ridiculous uh pursuits, different ridiculous quot unquote investments.
Speaker 1: We saw that there's this invisible sculpture that recently sold
Speaker 1: for eighteen thousand dollars by this Italian artist. Pretty ridiculous.
Speaker 1: Just think about that. It's an invisible uh school ulture statue.
Speaker 1: Excuse me, sir? When will that invisible sculpture be delivered
Speaker 1: to my house? Have any of these folks ever read
Speaker 1: I delivered it last night? You didn't notice read the
Speaker 1: King's new clothes. Uh, there's every you might remember remember
Speaker 1: the like a banana? It was a duct tape to
Speaker 1: the wall in this art gallery, Like was that last year?
Speaker 1: And then things sold for like hundred and twenty dollars. Uh.
Speaker 1: This is completely illogical. It's truly bonkers, And I want
Speaker 1: let's get like kind of a psychological here for a second.
Speaker 1: There's something that is known as the Dunning Krueger effect,
Speaker 1: which shows that the less you know, the more likely
Speaker 1: you are to overestimate your abilities. It's very different than
Speaker 1: the Freddy Kruger effect, by the way, and much less scary.
Speaker 1: But there's this chart that accompanies this effect. And basically,
Speaker 1: when you know very little right, which is far on
Speaker 1: the left hand side, it shoots up your your your confidence. Essentially, uh,
Speaker 1: you know a little, You're like, I know at all?
Speaker 1: You're Basically it's kind of like where kids are, like,
Speaker 1: you know, little kids, they think they know everything, and
Speaker 1: what they call that peak, they call it Mount stupid
Speaker 1: because it's this peak it's before you know any thing,
Speaker 1: and once you gain some more knowledge, you realize how
Speaker 1: much you truly don't know. They call it. I think
Speaker 1: that's called like the value of despair or something like that.
Speaker 1: But then over time, as you truly gain more knowledge
Speaker 1: and experience, you work your way out of that and
Speaker 1: eventually you do know something. And so I guess basically,
Speaker 1: what I'm realizing is that what we're trying to help
Speaker 1: folks to do is to not make significant financial decisions
Speaker 1: while they're standing on top of Mount stupid, because uh,
Speaker 1: they can have incredibly lasting impacts, and we want you
Speaker 1: to be wise with the money and what you do
Speaker 1: with it. Yeah. I think that's where a lot of
Speaker 1: people are Not that they specifically are stupid, but you're right.
Speaker 1: There is a point at which we think we know something,
Speaker 1: but we know very little, and we we get over confident.
Speaker 1: We make quick decisions in an attempt to then make money,
Speaker 1: but we end up losing that little money that we
Speaker 1: had that should have been funneled toward more traditional assets
Speaker 1: that actually help us build wealth exactly. Yeah. So if
Speaker 1: you've seen the different headlines of folks making bank on
Speaker 1: digital art or freshly minted crypto coins, it's terribly easy
Speaker 1: to fall prey to the belief that you, too, you
Speaker 1: can have the same outcome by following their playbook. Uh.
Speaker 1: And instead what you're doing is just throwing your money
Speaker 1: after some of these ridiculous investments. Yeah, and so we
Speaker 1: talked about FOMO. I think that's certainly a major part
Speaker 1: of the reason that people are shoving their money into
Speaker 1: these digital assets that they know nothing about. And if
Speaker 1: everyone else around you is partaking, you start to look
Speaker 1: like an idiot standing on the sidelines. People view your
Speaker 1: discipline as stupidity, and then you kind of maybe start
Speaker 1: to view your discipline as stupidity too, And it's it's
Speaker 1: hard to look like a dummy or to be on
Speaker 1: the outside looking in, especially if you know the folks
Speaker 1: around you are are making money quickly, they're they're potentially
Speaker 1: getting rich faster than you are. And then you feel
Speaker 1: like you need to partake in riskier investing behavior in
Speaker 1: order to close that gap or you're gonna get left
Speaker 1: behind even more. But that is not a good place
Speaker 1: to be because the end result typically means you losing money,
Speaker 1: not building wealth for your future. That's right. So on
Speaker 1: the path to getting rich quickly, you might fall prey
Speaker 1: to scams. You might make some poor investing decisions. You
Speaker 1: also might find yourself over working in order to build
Speaker 1: up your income quickly so that you can get rich
Speaker 1: in shore or order. Uh, sort of that nose to
Speaker 1: the grindstone mentality where you're trying to you know, stack
Speaker 1: some Benjamin's Uh, you find yourself exhausted. There are going
Speaker 1: to be sometimes in your financial journey when it makes
Speaker 1: sense to expend some extra energy in order to you know,
Speaker 1: more quickly achieve a goal. I'm specifically thinking about maybe
Speaker 1: working a second job or picking up a side hustle
Speaker 1: if you're looking to pay down some high interest rate debt,
Speaker 1: or when you had a day job your own business,
Speaker 1: but you also flipped the house, it was like, all right,
Speaker 1: there's a reason I'm I'm going in this direction, or
Speaker 1: picking up some merntal properties. That becomes kind of a
Speaker 1: side hustle too Exactly. You're right, there's a method to
Speaker 1: that madness, but people can go too far. Well, that's
Speaker 1: what's so hard. It's like kind of once you start
Speaker 1: going down that path, you have to have the self
Speaker 1: discipline to put a check on yourself and a preoccupation
Speaker 1: and in trying to get rich, it can change your
Speaker 1: priorities quickly, can cause your life to become imbalanced. Like
Speaker 1: I'm thinking about when it comes to like our different
Speaker 1: relationships that we have. I think early on in our careers,
Speaker 1: it can be really easy to neglect our relationships, right,
Speaker 1: Like I'm thinking about for a lot of folks who
Speaker 1: went to undergrad they are in a very relationship rich environment,
Speaker 1: Like you're surrounded by friends, You've got very few responsibilities,
Speaker 1: and you have a ton of time, and so what
Speaker 1: that means is it's incredibly easy to make these relationships.
Speaker 1: You graduate, then you go off to work, and I
Speaker 1: think it can be so incredibly easy to take that
Speaker 1: nose to the grindstone mentality and you get sloppy with
Speaker 1: your old relationships, you don't pursue new relationships. And we
Speaker 1: all know that relationships are key to happiness and in
Speaker 1: a sense of fulfillment in our lives. But that is
Speaker 1: something that we uh push off to the side in
Speaker 1: pursuit of success, you know, with with our jobs, um
Speaker 1: or you know, maybe you do have friends. There are
Speaker 1: other ways that we sacrifice though, right Like I'm even
Speaker 1: as I get older, I think about physical health because
Speaker 1: being healthy, you know, like as a twenty something year old,
Speaker 1: it's pretty easy. It's it's easier than it is now.
Speaker 1: Like I'll say, in the further I get from my twenties,
Speaker 1: I realized that, like, this is something I'm going to
Speaker 1: need to be more intentional with. But there are just
Speaker 1: so many things in our lives that we can push
Speaker 1: to the margins in an attempt to, you know, get
Speaker 1: rich a little more quickly. Yeah, I think you're right,
Speaker 1: and and we all have to kind of assess those
Speaker 1: priorities in our own lives so that we don't let
Speaker 1: things get too far out of whack in pursuit of
Speaker 1: quick money. And so, yeah, how do we actually build wealth?
Speaker 1: What are kind of the tenants that that we would suggest,
Speaker 1: um that make building wealth different and better than getting rich.
Speaker 1: We'll get to our thoughts on that right after this.
Speaker 1: All right, Joel, we're back. Let's talk about how to
Speaker 1: build some wealth, because you know what, it's not actually
Speaker 1: all that hard, surprise everyone. There's no secret formula, there's
Speaker 1: no secret recipe. I mean what our friend Jail Collins,
Speaker 1: he wrote the book The Simple Path to Wealth, and
Speaker 1: it's like, yeah, there's some credible right, but there are
Speaker 1: a lot of folks out there who want to make
Speaker 1: it sound difficult, right, so that they can sell you
Speaker 1: their products or their services. And there are some folks
Speaker 1: who grew up in and maybe like lower or middle
Speaker 1: class households, who have a hard time accepting the belief
Speaker 1: that they actually can get to the point of financial independence.
Speaker 1: Like to them, it just seems like this pipe dream,
Speaker 1: you know, like, how how's little me actually going to
Speaker 1: get there? I know that not everyone has the same
Speaker 1: abilities or gifts, but a whole lot more folks can
Speaker 1: be pursuing financial independence. Is just the belief that they
Speaker 1: can actually get there that's holding them back. It can
Speaker 1: seem so daunting that you are scared to, you know,
Speaker 1: go for it with actual gusto. But let's talk about
Speaker 1: some of the time tested ways that you can build
Speaker 1: wealth that are wide open to most folks. It's not
Speaker 1: all about your mentality. I'm not trying to get Tony
Speaker 1: Robbins on you over here. There are some actual steps
Speaker 1: that we can take. Yeah, Matt, the next person we're
Speaker 1: gonna interview on the show has I think a really
Speaker 1: inspiring story along those lines. Looking forward to yeah, talking
Speaker 1: to that person and then releasing that episode here. But yeah,
Speaker 1: So let's talk about some of the tenants to to
Speaker 1: build wealth. And and one is that personal growth leads
Speaker 1: to income growth, and I believe it. Yeah, Basically, the
Speaker 1: sharper your skills get, the more you become a valuable
Speaker 1: commodity for other companies or when it comes to your
Speaker 1: own thing. An important concept worth highlighting is what our
Speaker 1: friends Brian and Jonathan call the aggregation of marginal gains,
Speaker 1: and that means that, yeah, every little bit that you
Speaker 1: get better if you're getting better every day, that adds
Speaker 1: up and in a meaningful way. And it doesn't just
Speaker 1: add I think, I think it multiplies. And so we
Speaker 1: would suggest that investing in yourself is crucial, and that
Speaker 1: means educating yourself so you don't fall prey to the
Speaker 1: Freddy Krueger or Dunning Krueger effect that we mentioned earlier. Um,
Speaker 1: the more that you grow as a person, the more
Speaker 1: likely you are to generate value for other people. And
Speaker 1: this is a big end to build wealth for yourself.
Speaker 1: That's right, You need to invest in yourself. You also
Speaker 1: need to invest your actual dollars. Because one of the
Speaker 1: things we want to mention here is that it's important
Speaker 1: to mention that you you can't save your way to wealth.
Speaker 1: You have to actually take some risk in order to
Speaker 1: build up an army of of dollars. Uh. And that's
Speaker 1: become abundantly clear of the past eighteen months as inflation
Speaker 1: has reared its ugly head and savings rates have been
Speaker 1: close to zero. Do you know that if you had
Speaker 1: a dollar in one and you put it under your mattress,
Speaker 1: it would have lost of his purchasing power by the
Speaker 1: time you got two. And so if you do nothing.
Speaker 1: That dollar that you has sitting there in the bank
Speaker 1: earning nothing is going to get devalued. Having some of
Speaker 1: your money in a safe haven like a bank, it's smart,
Speaker 1: but if you overdo it, and if you neglect to invest,
Speaker 1: it's like trying to go up an escalator that is
Speaker 1: going down. So keep in mind that you can never
Speaker 1: get wealthy if you focus on savings only and you
Speaker 1: refuse to become an investor. Yeah, if you're so focused
Speaker 1: on savings to the exclusion of investing, you better be
Speaker 1: out earning everybody else if you want to build wealth,
Speaker 1: it's it just makes it that much harder. And so yeah,
Speaker 1: when it comes to investing, matt Um low cost index
Speaker 1: funds are, of course the easiest way to build wealth.
Speaker 1: Index funds are incredibly simple to understand, and they come
Speaker 1: with little to no fees. Here's the thing, It's not
Speaker 1: going to happen overnight though, right. This is building wealth,
Speaker 1: not getting rich, and so for most folks it takes
Speaker 1: multiple decades. But here's we would say dollar cost averaging
Speaker 1: with every paycheck is one of the most sure fireways
Speaker 1: for you to build wealth and even to achieve millionaire status.
Speaker 1: It makes me think. On a recent Friday episode, you know,
Speaker 1: we we shared the results of a Fidelity study which
Speaker 1: showed that the US has all the millionaires. Yeah, there's
Speaker 1: this record number of people who in their four one K,
Speaker 1: I RA and TSP had become millionaires. These just right
Speaker 1: straight up everyday retirement accounts that have annual contribution limits.
Speaker 1: And so you know, it takes at least a decade
Speaker 1: plus for almost all of those people to get to
Speaker 1: that million dollar standing. And so they don't do it overnight.
Speaker 1: Even if you're maxing out let's say two accounts like
Speaker 1: the four one K through your work and a roth IRA,
Speaker 1: it still takes a good long while to get to
Speaker 1: the point where you've got a stash of more than
Speaker 1: a million dollars. But the key here is that it
Speaker 1: is doable, and it's this like replatable process that a
Speaker 1: huge percentage of Americans. It sounds dumb, or it sounds
Speaker 1: like it's going to go really slow, it doesn't sound
Speaker 1: like it's possible, but it's gonna help a ton of
Speaker 1: people get there if they just trust the process and
Speaker 1: continue to shove money into those accounts week after week,
Speaker 1: month after month, year after year. Yeah, and a major
Speaker 1: reason that those retirement accounts have swollen over the years,
Speaker 1: uh and even decades is due to the fact that
Speaker 1: they're running on autopilots, right, So part of that process
Speaker 1: is automating those investments. Uh. It's it's hard to remember
Speaker 1: to send money aside every couple of weeks or every
Speaker 1: couple of months. If you want to build wealth, you
Speaker 1: can't just hope you're discipline enough to think about your
Speaker 1: future self in the moment. You need to build those
Speaker 1: contributions into your monthly budget if you're funding inn I
Speaker 1: ra A, and then set up percentage of your income
Speaker 1: to go into your workplace retirement accounts if that's available.
Speaker 1: You want to get that ball rolling in. Over time,
Speaker 1: you're going to experience those compounding returns. You know. The
Speaker 1: ultimate goal here is to have your money working for
Speaker 1: you without you having to lift a finger. The the
Speaker 1: idea is to create this machine that is basically manufacturing
Speaker 1: you know, dollar bills on your behalf because of those
Speaker 1: years of hard work and dedication that you've been put
Speaker 1: in on the front and now your money is working
Speaker 1: harder for you than you are. That's right. Yeah, it's
Speaker 1: exchanging what human capital for your capital. Doing that heavy lifting.
Speaker 1: And and I want to talk about shortcuts, mat because
Speaker 1: that's how we kind of started this episode off, was
Speaker 1: you know what, there are a lot of shortcuts that
Speaker 1: you can attempt to take that are actually gonna backfire
Speaker 1: on you. Smoking was the example that we gave. But
Speaker 1: I do want to say and encourage people that there
Speaker 1: are certain actually healthy shortcuts that you can take on
Speaker 1: the way to building wealth that aren't in this like
Speaker 1: pursuit of flashy riches and and and you can basically
Speaker 1: make that wealth building journey happen more quickly. And I'm
Speaker 1: talking about ways that don't require you to speculate or
Speaker 1: to um try gambling on the third horse in the
Speaker 1: fifth race or something like that. But here's the thing.
Speaker 1: Those methods actually require just greater levels of sacrifice for you.
Speaker 1: It means working harder to to get that raise. It
Speaker 1: means living frugally um, which is a good principle in general,
Speaker 1: and it might mean living differently from lots of folks
Speaker 1: around you. We would suggest things like driving an ugly car.
Speaker 1: It's like that's like one surefire way to prioritize building
Speaker 1: wealth overlooking rich. That is one of the big line
Speaker 1: items in most people's budgets every month is what they
Speaker 1: pay for transportation. And so if you're willing to sacrifice
Speaker 1: a good looking ride for a much cheaper ride, then
Speaker 1: you can funnel a lot of that extra money towards
Speaker 1: your future self. Drive that ugly car and live in
Speaker 1: that ugly house. Your life should be characterized by ugly.
Speaker 1: I mean you can still look beautiful, but that you know,
Speaker 1: that's that's different. And and instead of buying, yeah, like
Speaker 1: an XE our house for your family, like you said,
Speaker 1: house hacking maybe even in order to generate additional income,
Speaker 1: Like that's one of those things where the pursuit of riches,
Speaker 1: you're not willing to go to that extent. You're not
Speaker 1: willing to put yourself through the ring or for a
Speaker 1: couple of years. You know. We talked with Craig Kurlap,
Speaker 1: who is like the house hacking guy, and he talked
Speaker 1: about living in his living room while people were living
Speaker 1: in the bedrooms and he was making money every month.
Speaker 1: But that's not necessarily a fun way to live, but
Speaker 1: it it is a reasonable short term move if you
Speaker 1: have a greater goal in mind, which is to build wealth.
Speaker 1: And so for Craig, he has found all these ways
Speaker 1: to house hack that have maybe made him uncomfortable for
Speaker 1: a period of time, and now he has this money
Speaker 1: making machine that's allowed him a whole lot more flexibility.
Speaker 1: And he's still really young. And so it's not that
Speaker 1: you can't reach financial independence in a shorter time frame,
Speaker 1: but the route that you take to that endpoint just
Speaker 1: matters a whole lot. That's right, man. And you know,
Speaker 1: the great thing about building wealth is that it's not
Speaker 1: terribly difficult. It doesn't it doesn't take up a whole
Speaker 1: lot of brain space. If you're trying to get rich,
Speaker 1: we think that you are likely going to be focusing
Speaker 1: too much on money. And because of that, part of
Speaker 1: the reason that we're partial to wealth building over trying
Speaker 1: to get rich is because there are a lot more
Speaker 1: important things in life to focus on the just money.
Speaker 1: You know, we talked about this on the show a
Speaker 1: decent bit, but building up more and more financial wealth,
Speaker 1: it's not and unto itself. We want to encourage you
Speaker 1: to dig deeper and to figure out what we call
Speaker 1: the why behind your money, you know, like we want
Speaker 1: you to ask yourself what goals are you shooting for? Like,
Speaker 1: what do you want your life to look like. And
Speaker 1: so to that end, we actually have the PDF to
Speaker 1: help you to come up with a money mission statement.
Speaker 1: It is freely available. Just go to the show. No,
Speaker 1: it's for this episode. Uh, and there is an email
Speaker 1: sign up there where you can have that worksheet showing
Speaker 1: up within your inbox. Yeah. It's a quick two page
Speaker 1: exercise where we try to present some helpful questions so
Speaker 1: that you can kind of figure out what what is
Speaker 1: my personal money mission statement? And Yeah, we think spending
Speaker 1: thirty minutes with a document like this could be really
Speaker 1: informative for how you view money and then how you
Speaker 1: pursue building wealth in the future. Yeah, thirty minutes now
Speaker 1: or a lifetime, because you know, like this is one
Speaker 1: of those things where like building wealth, like we're talking
Speaker 1: about earlier, it's easy, it's incredibly simple. But the reasons
Speaker 1: why you want to build your wealth, I mean, that's
Speaker 1: a question that only you can answer. Like, that's something
Speaker 1: that's gonna take a lot of time, a lot of
Speaker 1: mulling over. Into's something that's going to change over time.
Speaker 1: It's something that is going to have a massive impact
Speaker 1: on your ability to generate that wealth. And so this
Speaker 1: is something that we don't want you to skip, is
Speaker 1: what we're saying. But Joe, lets let's shift gears. Let's
Speaker 1: get back to the beer that you and I both
Speaker 1: enjoyed during this episode. This was a tropically by creature
Speaker 1: comforts out of Athens, Georgia. What were your thoughts? So?
Speaker 1: I think I mentioned at the beginning of the episode
Speaker 1: that this is maybe at this point the classic southern
Speaker 1: I PA and Atlanta. That's kind of what you see
Speaker 1: people drinking on a nice spring or summer day, which
Speaker 1: now we're in I don't know, it feels like spring
Speaker 1: weather here, no, that which is nice. I mean literally,
Speaker 1: coming down from lunch, I saw a bunch of carpenter
Speaker 1: bees flying around. That's like, oh, that's how you know springs,
Speaker 1: That's how you know. It's forget the groundhog it is,
Speaker 1: It's more about the carpenter bees. I would say that
Speaker 1: this I PA is really balanced. It's juicy, but it's
Speaker 1: not over the top. It still has kind of that
Speaker 1: old school grapefruit bitterness that a lot of I p
Speaker 1: A s have. It definitely is like this blending of
Speaker 1: the old school and new school I p A. And
Speaker 1: but it's just incredibly flavorful. At the same time. So
Speaker 1: it's no wonder. I think it's the branding, but also
Speaker 1: the taste of this beer that made this beer such
Speaker 1: an instant classic when it came out. I don't even
Speaker 1: know how many years ago that was now seven years ago,
Speaker 1: but in a minute, but this is the beer that
Speaker 1: put Creature Comforts on the map. Basically, like I remember
Speaker 1: when these when these Tropicalia, when it was hitting the shelves,
Speaker 1: like people were lining up, like it was flying off
Speaker 1: the shelves. It was difficult to get your hands on.
Speaker 1: It was basically like a beer celebrity. It's like, oh,
Speaker 1: have you seen the have you seen the new Creature
Speaker 1: Comforts beer? Tropicalia? And people were following the truck to
Speaker 1: get something seriously. Uh. And it's also the one of
Speaker 1: the beers of choice of thor uh. So if you
Speaker 1: watch some of the Marvel movies, like some of the
Speaker 1: Creature Comfort sperit like actually, I think we talked about
Speaker 1: this with Athena. That was one of the beers that
Speaker 1: thora was drinking during Avengers Endgame, but Tropicalia was one
Speaker 1: of the other ones that he was drinking. So you
Speaker 1: can actually see this beer on the big screen, which
Speaker 1: is pretty hilarious, I think, But I agree. Yeah, this
Speaker 1: is a well balanced beer, got a little bit of
Speaker 1: that bitterness, but it doesn't have like that orange juice
Speaker 1: vibe going on. It doesn't have like that sharp blue
Speaker 1: cheese flavor that I tend to associate with double dry
Speaker 1: hot I p a s. Like you said, this is
Speaker 1: a classic I p A appropriate hailing from the classic city.
Speaker 1: So Joel, that's gonna be it for this episode. Like
Speaker 1: we mentioned, we will have that worksheet available and you
Speaker 1: can get that worksheet just head to the show notes
Speaker 1: for this episode up on the website at how the
Speaker 1: Money dot com. Yeah. I've never been a teacher, Matt,
Speaker 1: so I don't usually get to assign homework, but I
Speaker 1: love it that we get to assign a little bit
Speaker 1: homework today to our listeners. And so yeah, go grab
Speaker 1: that on our site. And this is worthwhile homework too. Yes,
Speaker 1: I agree. I agree. It's it's that kind of deep.
Speaker 1: Anybody that you talk to who's been doing postal finance
Speaker 1: for any length of time, they know that you need
Speaker 1: to do some soul searching to to end up handling
Speaker 1: your money better. Like you have to come to either
Speaker 1: a moment of crisis in your life or and then
Speaker 1: that leads you maybe to kind of figuring out your
Speaker 1: why behind money. And we think that this, yeah, that
Speaker 1: this worksheet is going to help you kind of do
Speaker 1: some of that seeking. It's so important and nobody else
Speaker 1: can answer these questions but you. That's right, all right,
Speaker 1: So um yeah, Matt, that's gonna do it for this
Speaker 1: episode until next time. Best Friends Out, Best Friends Out
Speaker 1: the numberso