1 00:00:00,760 --> 00:00:04,680 Speaker 1: What's up, everybody? Welcome to financial heresy, where we discuss 2 00:00:04,800 --> 00:00:08,559 Speaker 1: how money works so that you can make more, keep more, 3 00:00:09,119 --> 00:00:14,120 Speaker 1: and give more. There is a very controversial topic that 4 00:00:14,200 --> 00:00:17,960 Speaker 1: comes up from time to time about whether or not 5 00:00:18,160 --> 00:00:22,000 Speaker 1: everybody can be rich, whether that is possible for everybody 6 00:00:22,040 --> 00:00:28,240 Speaker 1: to be rich. There's basically two camps to this argument. 7 00:00:28,960 --> 00:00:34,199 Speaker 1: One of the camps views everything in life as a 8 00:00:34,479 --> 00:00:40,280 Speaker 1: zero sum game. So imagine a pizza. You've got one 9 00:00:40,360 --> 00:00:44,120 Speaker 1: pizza for a party, and so if I have, you know, 10 00:00:44,360 --> 00:00:47,000 Speaker 1: if there's eight of us and there's eight slices, then 11 00:00:47,159 --> 00:00:50,800 Speaker 1: an even distribution would be everybody gets one slice of pizza. 12 00:00:51,560 --> 00:00:54,800 Speaker 1: And if I were to have two slices of pizza, 13 00:00:54,840 --> 00:00:58,160 Speaker 1: then that would mean somebody else has zero slices of pizza. 14 00:00:58,840 --> 00:01:03,920 Speaker 1: And the way that that that that view of how 15 00:01:04,440 --> 00:01:10,800 Speaker 1: life works is applied to wealth by a very large 16 00:01:10,840 --> 00:01:13,800 Speaker 1: percentage of the population. And I would I would be 17 00:01:13,880 --> 00:01:17,880 Speaker 1: willing to bet that most people view things this way 18 00:01:18,319 --> 00:01:22,479 Speaker 1: just without knowing it. Most people do not examine their 19 00:01:23,280 --> 00:01:26,479 Speaker 1: assumptions about the way the world works. And so when 20 00:01:26,480 --> 00:01:30,800 Speaker 1: you view the way that people live, the actions that 21 00:01:30,840 --> 00:01:37,680 Speaker 1: they take, they are aligned with a worldview that that 22 00:01:37,959 --> 00:01:42,679 Speaker 1: would suggest wealth is a zero sum game, and so 23 00:01:42,720 --> 00:01:46,200 Speaker 1: whether or not they are consciously aware of the fact 24 00:01:46,400 --> 00:01:49,160 Speaker 1: that they believe that or not, that's the way that 25 00:01:49,200 --> 00:01:51,040 Speaker 1: they live. And so if you were to have a 26 00:01:51,040 --> 00:01:55,800 Speaker 1: conversation with just you know, a typical person and start 27 00:01:55,840 --> 00:01:57,720 Speaker 1: to dig down into, hey, how do you think the 28 00:01:57,760 --> 00:01:59,840 Speaker 1: world works? Do you think that wealth is zero? So 29 00:02:00,200 --> 00:02:04,400 Speaker 1: do you think that the you know, the you know, millionaires, multimillionaires, 30 00:02:04,400 --> 00:02:08,480 Speaker 1: billionaires who have this money. Do you think that that 31 00:02:08,480 --> 00:02:12,200 Speaker 1: that you could have more wealth and everybody else could 32 00:02:12,200 --> 00:02:14,840 Speaker 1: have the same amount of wealth that they have, or 33 00:02:14,840 --> 00:02:17,079 Speaker 1: do you think that if you were to have more 34 00:02:17,120 --> 00:02:19,880 Speaker 1: wealth then that would have to come necessarily at the 35 00:02:19,919 --> 00:02:24,040 Speaker 1: expense of somebody else. And I think most people would 36 00:02:24,440 --> 00:02:27,320 Speaker 1: would prob I would be willing to bet that that 37 00:02:27,360 --> 00:02:31,240 Speaker 1: most people, the majority of people, would agree with that 38 00:02:31,240 --> 00:02:35,400 Speaker 1: that that that wealth is a zero sum game. Now, 39 00:02:35,880 --> 00:02:39,480 Speaker 1: there is a another camp that says, no, wealth is 40 00:02:39,520 --> 00:02:43,280 Speaker 1: not a zero sum game, which, by you know, process 41 00:02:43,320 --> 00:02:48,120 Speaker 1: of elimination of the two potential ways that life works, 42 00:02:48,400 --> 00:02:51,799 Speaker 1: would mean that wealth can be both created and destroyed. 43 00:02:52,680 --> 00:02:55,560 Speaker 1: And so, because if it's zero sum, it means all 44 00:02:55,600 --> 00:02:59,320 Speaker 1: the wealth there's there's only a specific certain amount of wealth. 45 00:02:59,720 --> 00:03:02,280 Speaker 1: And so so if we have people that are billionaires, 46 00:03:02,760 --> 00:03:07,040 Speaker 1: one hundred billionaires, private wealth, trillionaires, we have people who 47 00:03:07,080 --> 00:03:11,760 Speaker 1: are you know, multi millionaires, millionaires, that if we were 48 00:03:11,800 --> 00:03:14,840 Speaker 1: to have a fair and even life where everybody had 49 00:03:15,160 --> 00:03:18,880 Speaker 1: access to the same level of wealth, we would have 50 00:03:18,919 --> 00:03:21,560 Speaker 1: to take it away from these people and redistribute it. 51 00:03:22,600 --> 00:03:25,800 Speaker 1: So the claim then that the opposite, which is the 52 00:03:25,800 --> 00:03:28,160 Speaker 1: claim that I will seek to back up throughout the 53 00:03:28,160 --> 00:03:31,400 Speaker 1: course of this episode, is that wealth is not a 54 00:03:31,520 --> 00:03:36,040 Speaker 1: zero sum game, that wealth is able to be both 55 00:03:36,120 --> 00:03:41,240 Speaker 1: created and destroyed. And so in order to in order 56 00:03:41,240 --> 00:03:43,600 Speaker 1: to demonstrate that, we do have to get into the 57 00:03:43,600 --> 00:03:45,600 Speaker 1: game of definitions a little bit so that we can 58 00:03:45,680 --> 00:03:49,800 Speaker 1: make sure that we are approaching this with, you know, 59 00:03:49,920 --> 00:03:56,040 Speaker 1: an understanding of what we mean by terms and and 60 00:03:56,080 --> 00:03:57,880 Speaker 1: so the first thing that we're going to do is 61 00:03:57,920 --> 00:04:03,760 Speaker 1: look at look at history. So historically speaking, would you 62 00:04:04,160 --> 00:04:08,840 Speaker 1: would you say that there's the same level of wealth, 63 00:04:08,840 --> 00:04:12,520 Speaker 1: the same aggregate total amount of wealth today that there 64 00:04:12,720 --> 00:04:16,120 Speaker 1: was fifty years ago, or do you think there's more 65 00:04:16,320 --> 00:04:18,640 Speaker 1: or do you think there's less? All right, now, what 66 00:04:18,680 --> 00:04:21,640 Speaker 1: about one hundred years ago? Is there more wealth, the 67 00:04:21,680 --> 00:04:24,160 Speaker 1: same wealth or less wealth? Today than there was one 68 00:04:24,200 --> 00:04:27,480 Speaker 1: hundred years ago. What about five hundred years ago, more 69 00:04:27,600 --> 00:04:30,200 Speaker 1: the same or less? What about a thousand years ago? 70 00:04:30,520 --> 00:04:36,640 Speaker 1: What about five thousand years ago? Okay, So you may 71 00:04:36,760 --> 00:04:40,640 Speaker 1: or may not agree that today we have more wealth 72 00:04:40,720 --> 00:04:43,720 Speaker 1: than we did fifty years ago, but it would it's 73 00:04:43,760 --> 00:04:47,720 Speaker 1: it's as indisputable as it can be that we have 74 00:04:47,839 --> 00:04:49,840 Speaker 1: more wealth today than we had one hundred years ago, 75 00:04:49,880 --> 00:04:52,760 Speaker 1: and especially a thousand years ago, five thousand years ago, 76 00:04:53,560 --> 00:04:58,000 Speaker 1: there's significantly more wealth. So what do we mean by wealth? 77 00:04:58,040 --> 00:05:00,480 Speaker 1: So we have to define wealth or define what it 78 00:05:00,520 --> 00:05:06,920 Speaker 1: means to be rich. One way that people define this 79 00:05:07,160 --> 00:05:11,600 Speaker 1: is by a by by a dollar number. And so 80 00:05:11,680 --> 00:05:13,839 Speaker 1: you look and say, okay, well, to be rich, you 81 00:05:14,000 --> 00:05:17,159 Speaker 1: minimum have to be a millionaire, or you minimum have 82 00:05:17,200 --> 00:05:19,640 Speaker 1: to earn one hundred thousand dollars a year, which is, 83 00:05:19,880 --> 00:05:23,440 Speaker 1: you know today is nothing. Or maybe they say you 84 00:05:23,480 --> 00:05:25,240 Speaker 1: have to be worth ten million or one hundred million 85 00:05:25,320 --> 00:05:27,520 Speaker 1: or a billion, but whatever it is, it's just a 86 00:05:27,680 --> 00:05:31,839 Speaker 1: number that it's a it's a specific number of dollars 87 00:05:32,800 --> 00:05:35,240 Speaker 1: that you have to be worth. You have to own 88 00:05:35,320 --> 00:05:37,880 Speaker 1: own stuff that's you know, worth at least a specific 89 00:05:37,960 --> 00:05:42,440 Speaker 1: number of dollars. Okay, so with that definition, we're going 90 00:05:42,520 --> 00:05:44,960 Speaker 1: to tear that definition apart and show why that doesn't 91 00:05:44,960 --> 00:05:49,440 Speaker 1: work by just let's let's say, you know, it's arbitrary. 92 00:05:49,480 --> 00:05:51,040 Speaker 1: It doesn't matter which one we pick, but let's just 93 00:05:51,080 --> 00:05:54,279 Speaker 1: say it's a million dollars. To have a million dollars 94 00:05:54,360 --> 00:05:59,480 Speaker 1: means you're rich. All you have to do is have 95 00:05:59,560 --> 00:06:03,680 Speaker 1: the Federal Reserve print one million dollars for every single 96 00:06:03,760 --> 00:06:07,040 Speaker 1: person and deposit that million dollars into their bank account. 97 00:06:07,880 --> 00:06:11,719 Speaker 1: And they can do that literally with the stroke of 98 00:06:11,760 --> 00:06:15,480 Speaker 1: a keyboard, with a few button clicks. They do this, 99 00:06:15,960 --> 00:06:19,800 Speaker 1: and then suddenly everybody has a million dollars. And so 100 00:06:20,640 --> 00:06:23,880 Speaker 1: if they do this and then everybody has a million dollars, 101 00:06:25,560 --> 00:06:29,960 Speaker 1: is everybody rich? Well, what happened in twenty twenty and 102 00:06:30,000 --> 00:06:34,479 Speaker 1: twenty twenty one when they printed two thousand dollars for 103 00:06:34,600 --> 00:06:39,039 Speaker 1: every person, we had record breaking inflation. It meant those 104 00:06:39,080 --> 00:06:42,160 Speaker 1: new two thousand dollars that people got did not buy 105 00:06:42,640 --> 00:06:44,880 Speaker 1: the same amount of stuff that two thousand dollars would 106 00:06:44,880 --> 00:06:48,559 Speaker 1: have bought the year prior, because prices went up. Because 107 00:06:48,600 --> 00:06:50,520 Speaker 1: suddenly everybody has a bunch of money, so they go 108 00:06:50,560 --> 00:06:52,600 Speaker 1: to try and spend it and realize there's not enough 109 00:06:52,640 --> 00:06:55,159 Speaker 1: stuff out there for all that money to get spent, 110 00:06:55,560 --> 00:07:00,280 Speaker 1: and so there's shortages. Prices go up to compensate as 111 00:07:00,320 --> 00:07:02,640 Speaker 1: bidding wars happened. People buy and then resell, and buy 112 00:07:02,680 --> 00:07:04,440 Speaker 1: and then resell as the prices of everything go up, 113 00:07:04,480 --> 00:07:07,360 Speaker 1: as that new money gets spent throughout the economy, and 114 00:07:07,600 --> 00:07:11,840 Speaker 1: you realize that just because the number changed, the amount 115 00:07:11,840 --> 00:07:16,000 Speaker 1: of wealth actually didn't change. Even when you look at 116 00:07:16,000 --> 00:07:19,240 Speaker 1: people who bought assets. A lot of people bought assets 117 00:07:19,280 --> 00:07:23,160 Speaker 1: like stocks that went up initially, and then after that 118 00:07:23,440 --> 00:07:27,880 Speaker 1: initial boom phase, things have gone back down. Prices have 119 00:07:27,960 --> 00:07:31,040 Speaker 1: started to collapse, and so even the people that thought 120 00:07:31,040 --> 00:07:34,600 Speaker 1: they got rich from buying assets are waking up and realizing, man, 121 00:07:35,080 --> 00:07:36,840 Speaker 1: it's right back down where it used to be. Even 122 00:07:36,880 --> 00:07:40,280 Speaker 1: like look at the stock Amazon. Everybody was complaining about 123 00:07:40,280 --> 00:07:43,600 Speaker 1: all the billionaires who got rich during the pandemic, and 124 00:07:43,960 --> 00:07:47,360 Speaker 1: Amazon stock price, I don't know exactly what it did. 125 00:07:48,200 --> 00:07:51,480 Speaker 1: I'll pull it up while we're talking here. So Amazon 126 00:07:51,560 --> 00:07:58,440 Speaker 1: stock price in the year twenty eighteen, beginning of twenty twenty, 127 00:07:58,480 --> 00:08:02,240 Speaker 1: so right before the money printing stick started, it was 128 00:08:02,320 --> 00:08:09,720 Speaker 1: in a trading range between ninety dollars and one ten okay, 129 00:08:09,720 --> 00:08:13,400 Speaker 1: one oh five, it was right in there. The money 130 00:08:13,400 --> 00:08:17,400 Speaker 1: printing started and Amazon's stock price peaked at one eighty eight, 131 00:08:17,520 --> 00:08:21,960 Speaker 1: so it basically doubled, and everybody was complaining, Oh, Jeff Bezos, 132 00:08:22,120 --> 00:08:24,760 Speaker 1: he you know, he doubled his wealth. He was already 133 00:08:24,760 --> 00:08:26,600 Speaker 1: a billionaire, and now he's worth twice as much as 134 00:08:26,600 --> 00:08:30,440 Speaker 1: he was before. Thanks fed. Well, guess what. Guess where 135 00:08:30,440 --> 00:08:34,440 Speaker 1: Amazon's stock price is today? One hundred and three dollars 136 00:08:34,520 --> 00:08:38,199 Speaker 1: and sixty three cents, literally right back down to where 137 00:08:38,240 --> 00:08:41,680 Speaker 1: it was before. So it went up, it doubled, and 138 00:08:41,720 --> 00:08:43,840 Speaker 1: now it went down by half. It's exactly where it 139 00:08:43,880 --> 00:08:47,560 Speaker 1: was before. Okay, So what am I driving at there 140 00:08:48,080 --> 00:08:51,720 Speaker 1: that you can't just assign a number to what it 141 00:08:51,760 --> 00:08:55,720 Speaker 1: means to be rich. Clearly that number has to mean something, 142 00:08:55,800 --> 00:08:57,679 Speaker 1: because if you just print a million dollars and give 143 00:08:57,720 --> 00:09:01,160 Speaker 1: it to everybody, well, overnight you have higher inflation and 144 00:09:01,240 --> 00:09:05,160 Speaker 1: the dollar becomes absolutely worthless. Nobody wants to trade it anymore. 145 00:09:05,240 --> 00:09:07,600 Speaker 1: A new money would take its place. It would just 146 00:09:08,080 --> 00:09:11,160 Speaker 1: cease to circulate. It would be like the Zimbabwe dollars 147 00:09:11,200 --> 00:09:14,079 Speaker 1: that you know, each dollar bill was one hundred trillion 148 00:09:14,160 --> 00:09:18,480 Speaker 1: Zimbabwe dollars and so if you decided to do that, 149 00:09:18,520 --> 00:09:21,600 Speaker 1: it would eradicate the value of the currency. And so 150 00:09:21,840 --> 00:09:24,040 Speaker 1: just because you're a millionaire then it would mean nothing. 151 00:09:24,520 --> 00:09:27,880 Speaker 1: So it's behind the money, it's what what does that? 152 00:09:28,160 --> 00:09:31,479 Speaker 1: What does that? What does that represent in today's dollars? 153 00:09:33,320 --> 00:09:38,920 Speaker 1: What does that million dollars mean? It is uh And 154 00:09:39,240 --> 00:09:42,400 Speaker 1: so then some people say, okay, well, to be rich, 155 00:09:42,800 --> 00:09:46,080 Speaker 1: then if that doesn't matter, if it's not just the number, 156 00:09:46,679 --> 00:09:49,960 Speaker 1: then to be rich you have to or wealthy, you 157 00:09:50,000 --> 00:09:53,720 Speaker 1: have to be richer than a certain percentage of the population. 158 00:09:54,559 --> 00:09:57,679 Speaker 1: So they view it still as a zero sum game, 159 00:09:58,120 --> 00:10:00,600 Speaker 1: and they say, in order to be rich, you have 160 00:10:00,679 --> 00:10:05,520 Speaker 1: to be richer than a certain number of people, a 161 00:10:05,640 --> 00:10:09,360 Speaker 1: status game. It's not about the absolute level of access 162 00:10:09,400 --> 00:10:12,400 Speaker 1: to wealth or luxuries or necessities. It's just about the 163 00:10:12,480 --> 00:10:17,560 Speaker 1: relative wealth compared to everybody else. And so I disagree 164 00:10:17,559 --> 00:10:19,040 Speaker 1: with that, but let's roll with that to see how 165 00:10:19,080 --> 00:10:22,920 Speaker 1: that plays out. What do you think? But before I 166 00:10:23,000 --> 00:10:24,840 Speaker 1: answer this, see if you can see if you know 167 00:10:24,960 --> 00:10:27,719 Speaker 1: the I'm curious if you know the answer to this. 168 00:10:28,760 --> 00:10:31,600 Speaker 1: What is the dollar amount that you have to earn 169 00:10:31,760 --> 00:10:35,400 Speaker 1: in a year right now, in twenty twenty three to 170 00:10:35,480 --> 00:10:39,200 Speaker 1: be in the top one percent in terms of income, 171 00:10:39,480 --> 00:10:45,080 Speaker 1: not wealth, not net worth income. That number to be 172 00:10:45,080 --> 00:10:47,800 Speaker 1: in the top one percent, and this is globally is 173 00:10:48,640 --> 00:10:53,560 Speaker 1: about fifty thousand dollars a year. Now, you might think, well, 174 00:10:53,640 --> 00:10:59,480 Speaker 1: globally doesn't matter, it's just your own nation. But why 175 00:10:59,640 --> 00:11:04,439 Speaker 1: why globally not matter? Because in your nation, let's say 176 00:11:04,480 --> 00:11:10,400 Speaker 1: the United States, most people make over that or at 177 00:11:10,520 --> 00:11:14,280 Speaker 1: least in a household. If you've got roommates, you've got 178 00:11:14,720 --> 00:11:18,720 Speaker 1: a significant other that you're living with, your family, your spouse, 179 00:11:20,160 --> 00:11:22,040 Speaker 1: you're going to be able to pull in more than 180 00:11:22,080 --> 00:11:26,960 Speaker 1: fifty thousand dollars in a year. And that means relative 181 00:11:27,000 --> 00:11:29,200 Speaker 1: to the rest of the world, there's still people just 182 00:11:29,200 --> 00:11:32,439 Speaker 1: because they live in other nations. Like, why would you 183 00:11:32,559 --> 00:11:37,480 Speaker 1: draw an arbitrary boundary on national lines? And the only 184 00:11:37,520 --> 00:11:41,880 Speaker 1: reason you would is because you are resentful to the 185 00:11:41,920 --> 00:11:44,840 Speaker 1: people who have more than you and you don't view 186 00:11:44,880 --> 00:11:49,480 Speaker 1: yourself as a similar exploiter to the other people who 187 00:11:49,480 --> 00:11:54,679 Speaker 1: have less than you. Because of an arbitrary line, you 188 00:11:54,720 --> 00:11:56,679 Speaker 1: are in the top one percent if you make over 189 00:11:56,760 --> 00:12:00,440 Speaker 1: fifty grand globally speaking. So if you think that there 190 00:12:00,559 --> 00:12:05,520 Speaker 1: is grounds to be resentful and take from the top 191 00:12:05,559 --> 00:12:09,160 Speaker 1: one percent in your nation. Well, then somebody next door 192 00:12:09,200 --> 00:12:11,240 Speaker 1: to you who has less than you has the exact 193 00:12:11,320 --> 00:12:17,680 Speaker 1: same argument to take from you. But even letting go 194 00:12:17,840 --> 00:12:21,360 Speaker 1: of that fact, the fact that most socialists don't care 195 00:12:21,360 --> 00:12:23,439 Speaker 1: for the poor, they hate the rich, or they hate 196 00:12:23,520 --> 00:12:26,920 Speaker 1: who are richer than them, because many socialists are actually rich. 197 00:12:28,440 --> 00:12:30,760 Speaker 1: It's when you look at the top one percent in 198 00:12:30,840 --> 00:12:34,520 Speaker 1: terms of income globally speaking, that's really not a lot 199 00:12:34,600 --> 00:12:38,520 Speaker 1: of money. I mean when you consider what most people 200 00:12:38,600 --> 00:12:42,439 Speaker 1: think of as rich, nobody thinks of, hey, I just 201 00:12:42,480 --> 00:12:45,240 Speaker 1: want to make fifty grand and then I'll be set. 202 00:12:46,559 --> 00:12:50,200 Speaker 1: For most people, that's like a good starting point to 203 00:12:50,559 --> 00:12:52,640 Speaker 1: you know, at least be able to cover the basic 204 00:12:52,720 --> 00:12:55,840 Speaker 1: necessities to start and work on your career and start 205 00:12:55,880 --> 00:12:57,959 Speaker 1: to try and earn more skills to be able to 206 00:12:57,960 --> 00:13:02,080 Speaker 1: earn more money later on. So we have to then 207 00:13:02,480 --> 00:13:05,000 Speaker 1: we still haven't been able to answer the question what 208 00:13:05,040 --> 00:13:08,480 Speaker 1: does it mean to be rich? Like, really, what is wealthy? 209 00:13:08,880 --> 00:13:11,880 Speaker 1: So I'm going when we look at those people who 210 00:13:11,920 --> 00:13:15,360 Speaker 1: we think, hey, that person hasn't made that person has wealth, 211 00:13:15,400 --> 00:13:20,320 Speaker 1: that person is rich. Usually what's behind that is a 212 00:13:20,360 --> 00:13:26,240 Speaker 1: few things. Number one, it's that person has freedom from toil. 213 00:13:26,800 --> 00:13:29,760 Speaker 1: So what do I mean by toil, it's many people 214 00:13:30,280 --> 00:13:34,400 Speaker 1: have to do a job that they absolutely despise. They 215 00:13:34,440 --> 00:13:38,520 Speaker 1: have to wake up every day and roll out of 216 00:13:38,520 --> 00:13:41,120 Speaker 1: bed when the alarm goes off after winking it twice 217 00:13:41,559 --> 00:13:44,880 Speaker 1: and thinking there is nothing I want to do less 218 00:13:44,920 --> 00:13:49,040 Speaker 1: in this moment. Then get dressed, drink my coffee, drive 219 00:13:49,120 --> 00:13:52,200 Speaker 1: to in traffic to a job that I hate, work 220 00:13:52,240 --> 00:13:55,680 Speaker 1: for a boss that I can't stand, stay there for 221 00:13:56,160 --> 00:13:58,559 Speaker 1: more hours than I want to stay there for, clock 222 00:13:58,600 --> 00:14:01,080 Speaker 1: in and clock out on my break and my lunch, 223 00:14:02,040 --> 00:14:04,320 Speaker 1: have to call clients that I don't want to talk 224 00:14:04,360 --> 00:14:07,720 Speaker 1: to and convince them to do something with their money 225 00:14:07,760 --> 00:14:10,959 Speaker 1: that I don't think they should do, and deal with 226 00:14:11,040 --> 00:14:12,960 Speaker 1: clients that don't want to talk to me. Whatever the 227 00:14:13,000 --> 00:14:16,600 Speaker 1: situation is, whether maybe it's maybe it's outdoor labor, maybe 228 00:14:16,640 --> 00:14:20,080 Speaker 1: you're you know, physical physical labor. You're going, you know, 229 00:14:20,120 --> 00:14:22,360 Speaker 1: waking up at four thirty in the morning to drive 230 00:14:22,440 --> 00:14:26,320 Speaker 1: to the job site and you're you're digging trenches to 231 00:14:26,400 --> 00:14:30,040 Speaker 1: lay the PBC pipes to install the sprinkler system, and 232 00:14:30,080 --> 00:14:31,720 Speaker 1: once you do that, you have to bury it, and 233 00:14:31,760 --> 00:14:34,760 Speaker 1: then you have to load the you know, unload the 234 00:14:34,840 --> 00:14:38,960 Speaker 1: sad rolls off the off the trailer and carry them 235 00:14:38,960 --> 00:14:41,520 Speaker 1: over one by one, backbreaking work over to the big 236 00:14:41,600 --> 00:14:44,240 Speaker 1: lawn that you just install the sprinklers for and then 237 00:14:44,440 --> 00:14:48,400 Speaker 1: roll that out, and then you have to go the 238 00:14:48,640 --> 00:14:51,960 Speaker 1: the load of the gravel arrives and you've got, you know, 239 00:14:52,080 --> 00:14:55,120 Speaker 1: three tons of gravel that just gets dumped off and 240 00:14:55,160 --> 00:14:57,280 Speaker 1: you have to load it by shovel into a wheelbarrow, 241 00:14:57,600 --> 00:15:00,360 Speaker 1: take it around back and dump it one wheelbarrow time, 242 00:15:00,440 --> 00:15:03,400 Speaker 1: and then rake it into position. And it's weeks of 243 00:15:03,560 --> 00:15:08,240 Speaker 1: bag breaking labor in the sun. It's like all these examples. 244 00:15:08,240 --> 00:15:10,800 Speaker 1: It's like, clearly, if you've ever done this, you know 245 00:15:10,880 --> 00:15:14,360 Speaker 1: that that that's exactly what it's like. You're just you know, 246 00:15:14,480 --> 00:15:17,320 Speaker 1: a song comes on the radio about, you know, mentioning water, 247 00:15:17,400 --> 00:15:19,640 Speaker 1: and you just you have to you have to survive 248 00:15:19,760 --> 00:15:22,840 Speaker 1: through your day by you know, imagining you're you know, 249 00:15:22,880 --> 00:15:25,920 Speaker 1: you're swimming at the lake or on a boat somewhere, 250 00:15:26,560 --> 00:15:28,080 Speaker 1: just to be able to make it through the day. 251 00:15:28,120 --> 00:15:31,000 Speaker 1: These are things that most people have to do and 252 00:15:31,080 --> 00:15:36,200 Speaker 1: are enslaved to and and are it's toil. It is 253 00:15:36,360 --> 00:15:39,480 Speaker 1: you have to do something. So I'm saying freedom from 254 00:15:39,480 --> 00:15:44,840 Speaker 1: that is one of the markers of wealth. And when 255 00:15:45,280 --> 00:15:48,960 Speaker 1: people do work who we view as wealthy and rich. 256 00:15:49,320 --> 00:15:53,360 Speaker 1: It's work that feels meaningful. It's when I'm doing work. 257 00:15:53,400 --> 00:15:55,240 Speaker 1: It doesn't mean it's not hard, it doesn't mean I 258 00:15:55,280 --> 00:15:58,440 Speaker 1: don't work hard, but it feels meaningful. So it makes 259 00:15:58,440 --> 00:16:03,520 Speaker 1: it feel worth it. It doesn't feel worthless you. You 260 00:16:04,280 --> 00:16:09,520 Speaker 1: You perform a task and whatever it is that you're 261 00:16:09,560 --> 00:16:11,880 Speaker 1: working on is lined up with the things that you 262 00:16:11,920 --> 00:16:15,000 Speaker 1: are good at and the things that you enjoy doing, 263 00:16:15,480 --> 00:16:20,800 Speaker 1: and so it feels it feels meaningful to you. At 264 00:16:20,800 --> 00:16:24,480 Speaker 1: the same time, your needs are met, you have more 265 00:16:24,520 --> 00:16:27,760 Speaker 1: than enough. You are not you don't have sleepless nights 266 00:16:27,800 --> 00:16:30,200 Speaker 1: wondering you know, what am I going to do if 267 00:16:30,240 --> 00:16:32,640 Speaker 1: this unexpected expense comes up? How am I going to 268 00:16:32,680 --> 00:16:35,640 Speaker 1: pay for this unexpected expense that already did come up. 269 00:16:37,040 --> 00:16:39,760 Speaker 1: I've got my I'm not worried about my needs. I'm 270 00:16:39,800 --> 00:16:43,880 Speaker 1: not worried about my wants. And so, in my opinion, 271 00:16:44,480 --> 00:16:48,720 Speaker 1: that's what that's what rich really is. That's what wealth 272 00:16:48,760 --> 00:16:52,480 Speaker 1: really is. And so that's why people normally assign a 273 00:16:52,600 --> 00:16:54,080 Speaker 1: number to it and say, Okay, well, if I had 274 00:16:54,080 --> 00:16:56,240 Speaker 1: a million dollars, then I wouldn't have to worry about 275 00:16:56,240 --> 00:16:57,920 Speaker 1: this and I can tell you you know, a million 276 00:16:57,960 --> 00:17:00,760 Speaker 1: dollars is not actually, it's not gonna do that for you. 277 00:17:02,720 --> 00:17:05,800 Speaker 1: A better goal for most people is to have income 278 00:17:05,840 --> 00:17:08,760 Speaker 1: that exceeds your expenses, passive income that exceeds your expenses, 279 00:17:09,960 --> 00:17:12,080 Speaker 1: rather than a lump sum, because a lump sum doesn't 280 00:17:12,080 --> 00:17:15,159 Speaker 1: spit off any cash flow, and without knowing how to 281 00:17:16,119 --> 00:17:18,800 Speaker 1: how to create cash flow for yourself, a million dollars 282 00:17:18,800 --> 00:17:21,560 Speaker 1: is gonna be gone like just so quickly. If you 283 00:17:21,640 --> 00:17:25,200 Speaker 1: just break it down by by years and how much 284 00:17:25,240 --> 00:17:27,200 Speaker 1: you spend, It's like, okay, how much are you gonna 285 00:17:27,200 --> 00:17:29,119 Speaker 1: spend in a year? If you don't if you're not 286 00:17:29,160 --> 00:17:31,600 Speaker 1: working all day anymore? Say somebody puts a million bucks 287 00:17:31,640 --> 00:17:34,240 Speaker 1: in your bank account, are you going to spend fifty 288 00:17:34,240 --> 00:17:36,960 Speaker 1: thousand dollars a year? Heck no, You're probably gonna spend 289 00:17:37,000 --> 00:17:39,760 Speaker 1: at least one hundred grand a year because you're not 290 00:17:39,800 --> 00:17:42,040 Speaker 1: gonna be working. You're gonna want to enjoy it. You're 291 00:17:42,080 --> 00:17:44,680 Speaker 1: gonna be eating a little bit better foods. You're gonna 292 00:17:44,680 --> 00:17:46,720 Speaker 1: feel rich. You Maybe maybe you buy a little bit 293 00:17:46,720 --> 00:17:49,560 Speaker 1: of a nicer car, Maybe you buy a little bit 294 00:17:49,560 --> 00:17:51,720 Speaker 1: of a nicer house. Maybe you pay off your house 295 00:17:52,040 --> 00:17:54,200 Speaker 1: and so you're gonna be spending at least one hundred 296 00:17:54,200 --> 00:17:58,520 Speaker 1: grand a year after the lump some expenses. At the most, 297 00:17:58,640 --> 00:18:01,200 Speaker 1: that million dollars is gonna last to ten years. That's 298 00:18:01,200 --> 00:18:03,879 Speaker 1: why most lottery winners who win hundreds of millions of 299 00:18:03,880 --> 00:18:06,520 Speaker 1: dollars are broke a couple of years later. They don't 300 00:18:06,600 --> 00:18:08,159 Speaker 1: know what to do with the money. So it's not 301 00:18:08,280 --> 00:18:10,400 Speaker 1: about the money, it's about becoming the type of person 302 00:18:10,400 --> 00:18:13,160 Speaker 1: that can handle it by doing the things that creates 303 00:18:13,200 --> 00:18:16,040 Speaker 1: that wealth, not just getting handed that wealth. And so 304 00:18:16,080 --> 00:18:19,280 Speaker 1: when you look at the people who have have the 305 00:18:19,359 --> 00:18:23,640 Speaker 1: wealth that they have, that it's the work that they 306 00:18:23,680 --> 00:18:26,440 Speaker 1: do is meaningful. They don't have to do the things 307 00:18:26,440 --> 00:18:28,600 Speaker 1: that they don't want to do anymore, but they choose 308 00:18:29,000 --> 00:18:31,080 Speaker 1: to do the work that feels meaningful. They have enough 309 00:18:31,119 --> 00:18:33,040 Speaker 1: they're not worried about how they're going to put food 310 00:18:33,080 --> 00:18:36,080 Speaker 1: on the table the next day. And you have the 311 00:18:36,119 --> 00:18:39,800 Speaker 1: ability to live a relatively free lifestyle. And this is 312 00:18:39,840 --> 00:18:43,920 Speaker 1: also worth mentioning that that's why many people who are 313 00:18:44,040 --> 00:18:48,040 Speaker 1: high earners, who work jobs like lawyers and doctors and dentists, 314 00:18:49,160 --> 00:18:53,560 Speaker 1: they never achieve financial freedom because they load themselves up 315 00:18:53,560 --> 00:18:56,320 Speaker 1: with expenses at the same rate as their income increases, 316 00:18:56,680 --> 00:18:58,760 Speaker 1: and they have to continue to go in and work 317 00:18:58,800 --> 00:19:02,920 Speaker 1: this job, job every single day for their entire life 318 00:19:03,240 --> 00:19:07,159 Speaker 1: as they accumulate more and more expenses. And it's like 319 00:19:07,200 --> 00:19:11,800 Speaker 1: you know, golden handcuffs. It's it's it's not freedom. And so, yes, 320 00:19:11,840 --> 00:19:16,600 Speaker 1: they have a high amount of income, but that's it's 321 00:19:16,640 --> 00:19:20,680 Speaker 1: it's all going out. It's going in one in one 322 00:19:20,720 --> 00:19:23,240 Speaker 1: side and out the other. And so they're not able 323 00:19:23,240 --> 00:19:26,919 Speaker 1: to achieve that financial freedom. They're not the people that 324 00:19:27,280 --> 00:19:30,119 Speaker 1: are able to have that freedom from toil. They're still slaves. 325 00:19:30,119 --> 00:19:33,160 Speaker 1: They still are forced to go do something that they 326 00:19:34,000 --> 00:19:38,679 Speaker 1: most likely do not want to do. So then the 327 00:19:38,760 --> 00:19:42,639 Speaker 1: question is, all right, well, if that's what wealth is, 328 00:19:43,320 --> 00:19:46,000 Speaker 1: and you know, just breaking it down to its most 329 00:19:46,040 --> 00:19:50,159 Speaker 1: basic fundamental position of not being forced to do anything 330 00:19:50,200 --> 00:19:52,680 Speaker 1: that you want in order to have your needs met, 331 00:19:53,600 --> 00:19:55,720 Speaker 1: you get to focus on the work that you'd rather 332 00:19:55,800 --> 00:20:01,639 Speaker 1: do instead. Is it possible that everyone is rich? Is 333 00:20:01,680 --> 00:20:07,080 Speaker 1: that actually achievable for eight billion people on earth to do? 334 00:20:09,359 --> 00:20:14,120 Speaker 1: The answer is yes, one percent, because again it's being 335 00:20:14,240 --> 00:20:16,600 Speaker 1: rich is not about having a boat. It's not about 336 00:20:16,600 --> 00:20:19,000 Speaker 1: having a yacht. It's not about having a specific number 337 00:20:19,320 --> 00:20:22,280 Speaker 1: of dollars in a bank account. It's not about having 338 00:20:23,080 --> 00:20:25,880 Speaker 1: you know, a p tech phileap, it's not about having 339 00:20:26,040 --> 00:20:30,240 Speaker 1: a corvette whatever. Whatever it is that you think is 340 00:20:30,280 --> 00:20:32,960 Speaker 1: the marker of a of a wealthy person or for 341 00:20:33,040 --> 00:20:37,119 Speaker 1: you would feel like wealth, that's that's not what it is. 342 00:20:37,280 --> 00:20:39,760 Speaker 1: It's being able to focus on the work that you 343 00:20:39,840 --> 00:20:43,000 Speaker 1: actually want to do and having freedom from toil and 344 00:20:43,040 --> 00:20:47,840 Speaker 1: not being worried about having your needs met. So, how 345 00:20:47,920 --> 00:20:51,639 Speaker 1: is it possible that everyone on earth could have this situation? 346 00:20:53,000 --> 00:20:56,119 Speaker 1: Since it's not about the dollars, because you could, you could, 347 00:20:56,200 --> 00:21:01,200 Speaker 1: You could very easily have be in that position and 348 00:21:02,880 --> 00:21:06,520 Speaker 1: be making a relatively low amount of money. And why 349 00:21:06,520 --> 00:21:08,920 Speaker 1: I say relatively low, it's like compared to what people think, 350 00:21:08,960 --> 00:21:11,320 Speaker 1: like you, you think a lot of these people who 351 00:21:11,359 --> 00:21:17,480 Speaker 1: have you know, wealthy lifestyles, they're still going out there 352 00:21:17,920 --> 00:21:21,240 Speaker 1: and you know, they're slaves to their job, like the 353 00:21:21,280 --> 00:21:24,480 Speaker 1: doctors and lawyers that I mentioned. And so maybe they're 354 00:21:24,480 --> 00:21:27,880 Speaker 1: making three hundred thousand dollars a year, maybe they're making 355 00:21:27,880 --> 00:21:31,440 Speaker 1: a million dollars a year, but they're still they're still 356 00:21:31,440 --> 00:21:34,280 Speaker 1: slaves to that toil. And so how do you how 357 00:21:34,320 --> 00:21:37,439 Speaker 1: does how is it possible? That everybody in the world 358 00:21:38,240 --> 00:21:40,919 Speaker 1: can get rich with the real definition of you know, 359 00:21:41,000 --> 00:21:44,880 Speaker 1: having having wealth. Well, it's the same exact process that's 360 00:21:44,960 --> 00:21:48,240 Speaker 1: actually been going on for thousands of years. So when 361 00:21:48,240 --> 00:21:50,679 Speaker 1: you look at when you look at the lifestyle of 362 00:21:50,720 --> 00:21:53,760 Speaker 1: somebody who used to live even let's just go back 363 00:21:53,800 --> 00:21:58,040 Speaker 1: like three hundred years, five hundred years, most people it was, 364 00:21:58,119 --> 00:22:01,560 Speaker 1: you know, very agricultural. You had people moving to cities, 365 00:22:01,640 --> 00:22:06,919 Speaker 1: you had the industrial Revolution, but a lot of a 366 00:22:06,960 --> 00:22:10,840 Speaker 1: lot of life was literally just you work hard labor 367 00:22:10,960 --> 00:22:13,920 Speaker 1: until you die. That's it. And that's most what most 368 00:22:13,920 --> 00:22:16,280 Speaker 1: of human history was. And so to be able to 369 00:22:16,280 --> 00:22:18,480 Speaker 1: get to a place where it's like, Okay, I know 370 00:22:18,600 --> 00:22:20,919 Speaker 1: I'm going to have the food that I need. I 371 00:22:20,960 --> 00:22:22,680 Speaker 1: know I'm going to have the roof over my head, 372 00:22:22,920 --> 00:22:25,119 Speaker 1: I know my kids are going to have clothes on 373 00:22:25,160 --> 00:22:28,679 Speaker 1: their backs, the education that they need, and I'm not 374 00:22:28,680 --> 00:22:32,280 Speaker 1: going to have to worry about any of these any 375 00:22:32,320 --> 00:22:34,919 Speaker 1: of these things happening. And in order to get that, 376 00:22:35,160 --> 00:22:37,880 Speaker 1: I don't have to toil, but I can do work 377 00:22:37,880 --> 00:22:41,600 Speaker 1: that feels meaningful. It's actually a very very very small 378 00:22:41,640 --> 00:22:44,600 Speaker 1: amount of money needed to do that because you just 379 00:22:44,640 --> 00:22:46,760 Speaker 1: have to look at, Okay, how much passive income do 380 00:22:46,800 --> 00:22:49,320 Speaker 1: I need in order to cover my expenses? And then 381 00:22:49,320 --> 00:22:51,560 Speaker 1: I can focus on the work that I need, the 382 00:22:51,600 --> 00:22:56,919 Speaker 1: work that I would rather be doing. And so what 383 00:22:57,080 --> 00:22:59,520 Speaker 1: is that process that's been happening for thousands of years 384 00:22:59,640 --> 00:23:03,200 Speaker 1: that have as that has created so much wealth because 385 00:23:03,200 --> 00:23:06,400 Speaker 1: when you look at the average poor person today lives 386 00:23:06,400 --> 00:23:10,320 Speaker 1: a better life than kings used to hundreds of years ago. 387 00:23:11,000 --> 00:23:16,000 Speaker 1: Like today, let's just look at America. You've got you've 388 00:23:16,320 --> 00:23:19,920 Speaker 1: you've got the average let's even say, like gen Z, 389 00:23:20,080 --> 00:23:24,840 Speaker 1: the lowest income uh uh you know, uh, demographic is 390 00:23:24,840 --> 00:23:27,959 Speaker 1: always gonna be the youngest. The most wealth is always 391 00:23:28,040 --> 00:23:31,159 Speaker 1: at the old you know, the oldest people because if 392 00:23:31,160 --> 00:23:34,640 Speaker 1: you're not aware of them. The number one highest correlated 393 00:23:34,840 --> 00:23:39,520 Speaker 1: factor to wealth to net worth is age, which makes sense. 394 00:23:39,560 --> 00:23:41,560 Speaker 1: It's like you've got you've had the longest amount of 395 00:23:41,560 --> 00:23:44,400 Speaker 1: time to work the longest and save up enough and 396 00:23:44,680 --> 00:23:47,960 Speaker 1: become higher skilled to earn more. It's like the older 397 00:23:48,000 --> 00:23:50,159 Speaker 1: you are, the more you're gonna earn. That's and the 398 00:23:50,160 --> 00:23:54,080 Speaker 1: more you're gonna have and uh, and the younger you are, 399 00:23:54,200 --> 00:23:57,240 Speaker 1: the the less skills you're gonna have, and so the 400 00:23:57,440 --> 00:23:59,879 Speaker 1: and the less time you're gonna have had to accum 401 00:24:00,119 --> 00:24:03,640 Speaker 1: late assets. And so you look at the the youngest 402 00:24:03,680 --> 00:24:11,640 Speaker 1: people today, gen Z, They're they're out there Uber eats 403 00:24:11,680 --> 00:24:17,960 Speaker 1: for their meals, Netflix for rye for some entertainment and 404 00:24:18,000 --> 00:24:23,960 Speaker 1: some leisure. You've got Spotify for for your music. You've 405 00:24:23,960 --> 00:24:27,320 Speaker 1: got running hot water, running cold water. You got to 406 00:24:27,600 --> 00:24:32,720 Speaker 1: you've got sanitary living conditions, maybe Uber to work, maybe 407 00:24:32,720 --> 00:24:36,520 Speaker 1: you work from home. I mean, when you look at 408 00:24:36,520 --> 00:24:41,360 Speaker 1: the lifestyle of and that's I'm saying poor. But even 409 00:24:41,359 --> 00:24:45,199 Speaker 1: if we go like poorer than that, like even if 410 00:24:45,240 --> 00:24:48,080 Speaker 1: we look at the poor like homeless people today, we 411 00:24:48,200 --> 00:24:50,919 Speaker 1: actually have a huge problem in the United States that 412 00:24:51,040 --> 00:24:55,840 Speaker 1: homeless people are obese. If you go back a few 413 00:24:55,920 --> 00:25:00,600 Speaker 1: hundred years, the only people who had a chain to 414 00:25:00,840 --> 00:25:06,360 Speaker 1: ever become obese in their entire lives were kings. Those 415 00:25:06,359 --> 00:25:10,320 Speaker 1: are the only people who had enough leisure at leisure 416 00:25:10,359 --> 00:25:15,760 Speaker 1: time sitting around sedentary lifestyle to pack their bodies full 417 00:25:15,760 --> 00:25:18,760 Speaker 1: of enough calories, which is actually pretty hard to do 418 00:25:18,800 --> 00:25:20,800 Speaker 1: on a natural diet when you're just eating things that 419 00:25:20,880 --> 00:25:23,399 Speaker 1: you know, have been around for thousands of years versus 420 00:25:23,480 --> 00:25:27,359 Speaker 1: today's you know, lab created food. But it's a topic 421 00:25:27,400 --> 00:25:30,760 Speaker 1: for a different time. The only people that had the 422 00:25:30,840 --> 00:25:34,040 Speaker 1: ability to get wealthy or to get fat were the 423 00:25:34,160 --> 00:25:39,359 Speaker 1: wealthiest were the Kings. And today literally the poorest people 424 00:25:39,920 --> 00:25:44,560 Speaker 1: are obese, the homeless people are obese. Everybody, especially in America, 425 00:25:44,640 --> 00:25:47,920 Speaker 1: everybody is obese. So it's like, all right, nobody has 426 00:25:48,000 --> 00:25:53,200 Speaker 1: to worry about food food security in the United States. 427 00:25:52,960 --> 00:25:56,760 Speaker 1: That's not an issue running hot water, running cold water, 428 00:25:56,840 --> 00:26:02,840 Speaker 1: sanitary conditions. Everybody has access to it. What about like 429 00:26:02,840 --> 00:26:06,960 Speaker 1: like a butler, like a show for somebody who delivers 430 00:26:07,040 --> 00:26:10,120 Speaker 1: any food that you want at any time of day 431 00:26:10,160 --> 00:26:13,879 Speaker 1: that you want, which is what Uber eats is. Most 432 00:26:13,920 --> 00:26:16,440 Speaker 1: people have access to that. And even if you don't, 433 00:26:16,480 --> 00:26:20,120 Speaker 1: it's like you walk down to a grocery store, even 434 00:26:20,160 --> 00:26:23,399 Speaker 1: if you don't have transportation, you can't afford, you know, 435 00:26:23,560 --> 00:26:26,440 Speaker 1: to get a ride there, you walk to a grocery 436 00:26:26,440 --> 00:26:29,280 Speaker 1: store and you buy groceries for yourself. Like the level 437 00:26:29,280 --> 00:26:32,800 Speaker 1: of access that we have to all sorts of nutrition. 438 00:26:33,800 --> 00:26:37,399 Speaker 1: You're not just restricted to, Hey, my potato crop didn't 439 00:26:37,400 --> 00:26:39,960 Speaker 1: come in this year, and so we're all going to 440 00:26:40,000 --> 00:26:43,400 Speaker 1: starve because that's literally our only food source. It's like, no, 441 00:26:43,480 --> 00:26:46,560 Speaker 1: like we have every food known to man, the best 442 00:26:46,640 --> 00:26:50,679 Speaker 1: foods known to man at our fingertips twenty four to seven. 443 00:26:51,000 --> 00:26:54,240 Speaker 1: So that's not an issue for anybody. What about entertainment, 444 00:26:54,280 --> 00:26:57,639 Speaker 1: It's like, for ten twenty thirty bucks a month you 445 00:26:57,680 --> 00:27:00,919 Speaker 1: get access to music and video stream and have access 446 00:27:00,960 --> 00:27:05,240 Speaker 1: to more hours of entertainment then you could actually consume 447 00:27:05,280 --> 00:27:09,720 Speaker 1: in your entire lifetime if that's all you did. And 448 00:27:10,160 --> 00:27:13,680 Speaker 1: that type of leisure and entertainment has never been available 449 00:27:13,680 --> 00:27:18,360 Speaker 1: to anybody in history like ever. And so you look 450 00:27:18,359 --> 00:27:21,280 Speaker 1: at the lifestyles that are available to the poor people 451 00:27:21,320 --> 00:27:25,840 Speaker 1: today and it is infinitely better in terms of quality 452 00:27:25,880 --> 00:27:30,040 Speaker 1: of life than somebody one hundred, two hundred, three hundred 453 00:27:30,080 --> 00:27:36,359 Speaker 1: years ago, a thousand years ago. So that is essential 454 00:27:37,160 --> 00:27:40,520 Speaker 1: to understanding. Okay, well, if I want freedom from toil, 455 00:27:40,600 --> 00:27:42,560 Speaker 1: maybe I need to let go of some of these 456 00:27:42,600 --> 00:27:45,679 Speaker 1: things that I think are necessities and realize, hey, these 457 00:27:45,720 --> 00:27:50,080 Speaker 1: are luxuries of modern life that yes, I can have 458 00:27:50,200 --> 00:27:53,439 Speaker 1: them if I want. But if all I want is 459 00:27:53,480 --> 00:27:56,800 Speaker 1: freedom from toil, it's actually you can you can do 460 00:27:56,880 --> 00:27:59,879 Speaker 1: that with basically no money if you just have the 461 00:28:00,040 --> 00:28:04,840 Speaker 1: lifestyle somebody one hundred years ago. It's like no cell phone, 462 00:28:05,280 --> 00:28:10,760 Speaker 1: no TV, no Spotify like you know, the like just 463 00:28:10,760 --> 00:28:13,160 Speaker 1: just putting yourself in that mindset of okay, like, what 464 00:28:13,200 --> 00:28:15,679 Speaker 1: does it really mean to be rich? It means freedom 465 00:28:15,720 --> 00:28:19,679 Speaker 1: from toils. So if I am saying I'm not willing 466 00:28:19,720 --> 00:28:22,040 Speaker 1: to give up all of these luxuries, which personally like 467 00:28:22,080 --> 00:28:24,399 Speaker 1: I'm not, and I'm not suggesting anybody do that, but 468 00:28:24,440 --> 00:28:27,800 Speaker 1: it's it's helpful to move forward from here to realize 469 00:28:27,840 --> 00:28:31,800 Speaker 1: those are luxuries that I am choosing, so I'm not 470 00:28:32,119 --> 00:28:37,840 Speaker 1: enslaved to this toil out of absolute necessity. It's not 471 00:28:37,920 --> 00:28:41,280 Speaker 1: like if I dial back my lifestyle, I would end 472 00:28:41,360 --> 00:28:44,080 Speaker 1: up dying. Like a couple hundred years ago, if you 473 00:28:44,160 --> 00:28:48,880 Speaker 1: stop working, very good chance you just die as a result. Today, 474 00:28:49,240 --> 00:28:54,200 Speaker 1: if you scale back and you free yourself from toil intentionally, 475 00:28:54,440 --> 00:28:56,120 Speaker 1: and you let go of some of the luxuries that 476 00:28:56,160 --> 00:28:58,520 Speaker 1: you didn't realize you've been choosing, you could have a 477 00:28:58,880 --> 00:29:04,160 Speaker 1: very easy, free lifestyle. This is the whole movement beat 478 00:29:04,360 --> 00:29:09,480 Speaker 1: behind minimalism and tiny homes and homesteadying. It's like, we're 479 00:29:09,480 --> 00:29:12,720 Speaker 1: gonna dial back to a simpler lifestyle, let go of 480 00:29:12,760 --> 00:29:15,600 Speaker 1: the things that are keeping us, you know, in our 481 00:29:15,680 --> 00:29:21,760 Speaker 1: golden handcuffs, and very cheaply dollar wise, we can have 482 00:29:22,040 --> 00:29:27,080 Speaker 1: the lifestyle that we actually want now as time moves on, Like, 483 00:29:27,120 --> 00:29:30,240 Speaker 1: the reason why that's possible is because of deflation and technology. 484 00:29:31,040 --> 00:29:34,880 Speaker 1: That's it. Most of these people, a lot of homesteaders, 485 00:29:34,920 --> 00:29:37,320 Speaker 1: a lot of tiny homes, a lot of minimalists. They 486 00:29:37,360 --> 00:29:41,840 Speaker 1: have jobs that they have skills that they're able to 487 00:29:41,920 --> 00:29:46,120 Speaker 1: produce with very little work enough income to support that 488 00:29:46,240 --> 00:29:49,520 Speaker 1: kind of a lifestyle simply because of the modern age, 489 00:29:49,680 --> 00:29:53,480 Speaker 1: they're not and then they're able to fund their simple 490 00:29:53,640 --> 00:29:59,680 Speaker 1: lifestyle with their skill. For the modern age, it's not that, 491 00:29:59,760 --> 00:30:02,640 Speaker 1: you know, if you were to try and completely let's say, 492 00:30:02,640 --> 00:30:05,960 Speaker 1: go off grid and go out there and only do 493 00:30:06,600 --> 00:30:10,120 Speaker 1: you know, growing your own food and building all of 494 00:30:10,160 --> 00:30:13,240 Speaker 1: your own stuff, It's like that's that you're just actually 495 00:30:13,320 --> 00:30:17,080 Speaker 1: resetting yourself back to the Bronze age, and you've got 496 00:30:17,120 --> 00:30:19,680 Speaker 1: nobody around you to help you out. So that's toil. 497 00:30:19,960 --> 00:30:22,440 Speaker 1: But ninety nine percent of these people who are doing this, 498 00:30:22,800 --> 00:30:26,920 Speaker 1: they have a skill where they're working online, they're selling something, 499 00:30:27,000 --> 00:30:30,000 Speaker 1: they're making something, they're participating in the modern culture just 500 00:30:30,160 --> 00:30:33,360 Speaker 1: enough to be able to fund that simple lifestyle, which 501 00:30:33,400 --> 00:30:37,560 Speaker 1: is possible because of deflation that technology brings. And so 502 00:30:37,600 --> 00:30:40,480 Speaker 1: when I talk about technology, I mean literally everything that 503 00:30:40,600 --> 00:30:46,480 Speaker 1: humans invent in order to offload human labor, outsource human labor. 504 00:30:46,840 --> 00:30:49,480 Speaker 1: So fire is an example of this. You don't have 505 00:30:49,560 --> 00:30:53,440 Speaker 1: to go out and eat all day like the monkeys do, 506 00:30:54,480 --> 00:30:58,880 Speaker 1: because they're eating raw foods that produce very little nutrients, 507 00:30:58,880 --> 00:31:01,480 Speaker 1: and so they literally have to eat all day just 508 00:31:01,520 --> 00:31:04,040 Speaker 1: to be able to get enough calories to digest and 509 00:31:04,760 --> 00:31:07,400 Speaker 1: be able to continue to survive. Humans don't have to 510 00:31:07,400 --> 00:31:10,400 Speaker 1: do that because we can cook our food and we 511 00:31:10,440 --> 00:31:15,600 Speaker 1: can get more nutrients out of them. And we were 512 00:31:15,640 --> 00:31:19,280 Speaker 1: able to stop, you know, being hunter gatherers when we realized, hey, 513 00:31:19,320 --> 00:31:22,240 Speaker 1: we can just keep the animals and the plants here 514 00:31:22,560 --> 00:31:24,880 Speaker 1: and grow more of them, so we don't have to 515 00:31:24,880 --> 00:31:27,480 Speaker 1: go out and find them. We just intentionally make more 516 00:31:27,480 --> 00:31:30,800 Speaker 1: of them right here. And so farming was an invention 517 00:31:31,240 --> 00:31:34,240 Speaker 1: that allowed us to outsource more human labor. And when 518 00:31:34,280 --> 00:31:36,840 Speaker 1: we did that, we could build spend more time figuring 519 00:31:36,880 --> 00:31:39,160 Speaker 1: out ways to build more steady structures so that we 520 00:31:39,160 --> 00:31:42,320 Speaker 1: didn't have to spend so much time rebuilding you know, 521 00:31:42,400 --> 00:31:47,200 Speaker 1: our roofs or our walls. And then you know the 522 00:31:47,280 --> 00:31:51,560 Speaker 1: discovery of coal steam engines and being able to outsource 523 00:31:51,640 --> 00:31:55,280 Speaker 1: human labor to machines, and then recently the information age, 524 00:31:55,360 --> 00:31:59,320 Speaker 1: being able to outsource a lot of mental human labor 525 00:31:59,600 --> 00:32:06,000 Speaker 1: to computers, and increase the efficiency of communication. All of 526 00:32:06,040 --> 00:32:09,520 Speaker 1: these things have allowed way more wealth to be produced 527 00:32:09,520 --> 00:32:13,920 Speaker 1: than ever could without that innovation, those inventions, that technology, 528 00:32:14,280 --> 00:32:17,600 Speaker 1: What does that do that makes things more abundant. So 529 00:32:18,560 --> 00:32:23,120 Speaker 1: let's look at the example of a cell phone, and 530 00:32:23,200 --> 00:32:25,320 Speaker 1: all technology works like this. By the way, this is 531 00:32:25,360 --> 00:32:28,040 Speaker 1: just a really easy example because it happened so recently, 532 00:32:28,240 --> 00:32:31,240 Speaker 1: over such a quick timeframe. The very first cell phones 533 00:32:31,480 --> 00:32:35,520 Speaker 1: were available only to the richest and that's the only 534 00:32:35,560 --> 00:32:37,760 Speaker 1: people that bought them, and they didn't work very well. 535 00:32:38,200 --> 00:32:41,960 Speaker 1: And technology companies made these cell phones. The rich people 536 00:32:41,960 --> 00:32:45,080 Speaker 1: bought them, there was a profit, so those companies were 537 00:32:45,120 --> 00:32:48,880 Speaker 1: able to reinvest that money to make more of them 538 00:32:49,240 --> 00:32:51,400 Speaker 1: and better of them, to continue to try and sell 539 00:32:51,400 --> 00:32:52,920 Speaker 1: more and more of them to more and more people. 540 00:32:53,160 --> 00:32:55,160 Speaker 1: And then as those new people who are a little 541 00:32:55,160 --> 00:32:58,000 Speaker 1: bit less rich than the initial buyers bought them, those 542 00:32:58,120 --> 00:33:00,600 Speaker 1: more profits for the companies to reinvest to make better 543 00:33:00,600 --> 00:33:03,000 Speaker 1: cell phones for cheaper to have access to more markets, 544 00:33:03,240 --> 00:33:06,160 Speaker 1: and that made those cell phones even better. And this 545 00:33:06,240 --> 00:33:09,920 Speaker 1: process continues to compound on itself until you have literally 546 00:33:09,960 --> 00:33:13,440 Speaker 1: every person on Earth has a cell phone. Despite how 547 00:33:13,480 --> 00:33:17,560 Speaker 1: poor you are. You go to India, every single person 548 00:33:17,600 --> 00:33:19,800 Speaker 1: in India living on less than a dollar a day, 549 00:33:20,200 --> 00:33:25,280 Speaker 1: they also have a cell phone. So the abundance that 550 00:33:25,440 --> 00:33:29,520 Speaker 1: is available as a result of technology comes about by 551 00:33:29,680 --> 00:33:33,040 Speaker 1: things that people need and want getting cheaper because there's 552 00:33:33,120 --> 00:33:36,800 Speaker 1: more of it. So there's a lot more food today 553 00:33:36,880 --> 00:33:39,840 Speaker 1: than there has ever been in world history. And guess what, 554 00:33:40,520 --> 00:33:44,000 Speaker 1: It's cheaper to get enough food to live today than 555 00:33:44,040 --> 00:33:46,360 Speaker 1: it has ever been in history. And we know that's 556 00:33:46,400 --> 00:33:49,720 Speaker 1: a fact because even the homeless people with no income 557 00:33:50,200 --> 00:33:53,000 Speaker 1: arobes not everywhere in the world, but at least in 558 00:33:53,000 --> 00:33:58,440 Speaker 1: the US. And so deflation and technology makes stuff cheaper 559 00:33:58,520 --> 00:34:02,440 Speaker 1: because it makes more or of it more efficiently. And 560 00:34:02,480 --> 00:34:07,160 Speaker 1: so as technology increases and as humans continue to figure 561 00:34:07,200 --> 00:34:10,400 Speaker 1: out new ways to take the things that people currently 562 00:34:10,680 --> 00:34:13,560 Speaker 1: have to do, which are jobs, by the way, just 563 00:34:13,640 --> 00:34:16,040 Speaker 1: like everything humans have had to do throughout history was 564 00:34:16,040 --> 00:34:19,239 Speaker 1: a job, they take the things that people currently have 565 00:34:19,360 --> 00:34:21,880 Speaker 1: to do and they make it into a thing that 566 00:34:21,960 --> 00:34:26,760 Speaker 1: humans don't have to do. You don't have to farm 567 00:34:26,800 --> 00:34:30,279 Speaker 1: your own food anymore. That's a good thing. There are 568 00:34:30,400 --> 00:34:33,280 Speaker 1: less farmers today than there have ever been in history. 569 00:34:33,719 --> 00:34:36,960 Speaker 1: That's a good thing because you don't have to farm. 570 00:34:37,360 --> 00:34:40,640 Speaker 1: You can do something else. Those farming jobs were lost. 571 00:34:41,040 --> 00:34:45,360 Speaker 1: That's a good thing because you can go do something else. 572 00:34:45,800 --> 00:34:50,960 Speaker 1: So another example of this is NASA. The movie Hidden 573 00:34:50,960 --> 00:34:53,720 Speaker 1: Figures illustrated this perfectly, although this was not the point 574 00:34:53,719 --> 00:34:56,640 Speaker 1: of that movie at all. There are all those ladies 575 00:34:57,400 --> 00:35:00,839 Speaker 1: who were called computers. Remember that they were the ones 576 00:35:00,880 --> 00:35:04,240 Speaker 1: who wrote down the manual, the physical calculations on paper 577 00:35:04,280 --> 00:35:07,359 Speaker 1: to calculate things. Their job was to compute. They were 578 00:35:07,360 --> 00:35:10,840 Speaker 1: the computers. And then what we call computer, the actually 579 00:35:10,880 --> 00:35:14,239 Speaker 1: you know, the physical computer was invented. And what did 580 00:35:14,280 --> 00:35:18,239 Speaker 1: they do. They went and learned how to program the 581 00:35:18,280 --> 00:35:23,520 Speaker 1: computers and they became a million times more productive than 582 00:35:23,520 --> 00:35:26,480 Speaker 1: they were before. And what did that do? Did that 583 00:35:26,520 --> 00:35:30,120 Speaker 1: put all the computers out of business? That did those 584 00:35:30,440 --> 00:35:35,000 Speaker 1: people who were computers lose their jobs? Well, if they 585 00:35:35,080 --> 00:35:37,440 Speaker 1: just sat on their butts, then yeah, then they lost 586 00:35:37,480 --> 00:35:40,880 Speaker 1: their job. But those were the people who had the 587 00:35:40,960 --> 00:35:43,440 Speaker 1: skills and the capabilities to learn how to use the 588 00:35:43,440 --> 00:35:46,640 Speaker 1: new machines to become more productive. And so by and 589 00:35:46,719 --> 00:35:49,439 Speaker 1: large they did. And by the way, it didn't stop there. 590 00:35:49,840 --> 00:35:55,040 Speaker 1: It opened up a massive, huge, new industry of demand 591 00:35:55,239 --> 00:35:57,920 Speaker 1: for people who could learn how to program those computers 592 00:35:58,239 --> 00:36:02,120 Speaker 1: that is still in existence today. I mean, the demand 593 00:36:02,239 --> 00:36:05,440 Speaker 1: for programmers today is enormous. It's less than it was 594 00:36:05,480 --> 00:36:08,400 Speaker 1: two years ago because of the tech bubble that happened 595 00:36:08,440 --> 00:36:11,680 Speaker 1: in twenty twenty, and there are programmers getting laid off today. 596 00:36:12,000 --> 00:36:14,719 Speaker 1: But you get the point. There's a lot more programmers 597 00:36:14,719 --> 00:36:17,840 Speaker 1: today than there were ten years ago, twenty years ago, 598 00:36:17,920 --> 00:36:21,759 Speaker 1: thirty years ago, forty years ago. As we continue to 599 00:36:21,880 --> 00:36:24,200 Speaker 1: offload human labor, that means we're taking things that humans 600 00:36:24,239 --> 00:36:27,320 Speaker 1: have to do and making them things that people don't 601 00:36:27,800 --> 00:36:30,319 Speaker 1: have to do anymore, and that's a good thing. We 602 00:36:30,920 --> 00:36:35,319 Speaker 1: outsource our human labor, and as we do that, it 603 00:36:35,440 --> 00:36:40,160 Speaker 1: means that things that people want and need become more accessible. 604 00:36:40,840 --> 00:36:43,040 Speaker 1: Another way to say that is that it takes less 605 00:36:43,160 --> 00:36:46,040 Speaker 1: human labor to get the things that we want and need. 606 00:36:46,560 --> 00:36:50,160 Speaker 1: It takes a lot less human labor today to survive, 607 00:36:51,400 --> 00:36:54,720 Speaker 1: and by survive, I mean not die than it did 608 00:36:55,120 --> 00:36:57,440 Speaker 1: fifty years ago, one hundred years ago, thousand years ago. 609 00:36:57,880 --> 00:37:02,000 Speaker 1: A lot less human labor. It takes a lot less 610 00:37:02,080 --> 00:37:05,640 Speaker 1: human labor today to just get by and live a 611 00:37:05,719 --> 00:37:09,239 Speaker 1: very simple lifestyle than it did fifty years ago, one 612 00:37:09,320 --> 00:37:13,240 Speaker 1: hundred years ago. It takes a lot less human labor, 613 00:37:13,280 --> 00:37:15,799 Speaker 1: and that is a good thing. What that means is 614 00:37:15,840 --> 00:37:20,520 Speaker 1: that things get cheaper in terms of human labor. Now, 615 00:37:20,560 --> 00:37:23,680 Speaker 1: maybe everything doesn't get cheaper, and especially when you have 616 00:37:23,760 --> 00:37:26,120 Speaker 1: a lot of money printing over short periods of time, 617 00:37:26,160 --> 00:37:29,440 Speaker 1: prices skyrocket and it can make life harder, not easier. 618 00:37:29,480 --> 00:37:33,399 Speaker 1: But over the long term, inflation is an anomaly. It's 619 00:37:33,400 --> 00:37:37,640 Speaker 1: something that happens, causes failure and collapse, and the over 620 00:37:38,480 --> 00:37:45,160 Speaker 1: overarching deflationary flood of history always pushes forward. And so 621 00:37:46,400 --> 00:37:50,279 Speaker 1: when I say that everyone can be rich, maybe that 622 00:37:50,560 --> 00:37:52,640 Speaker 1: is I'll can see that maybe that's a bit of 623 00:37:52,680 --> 00:37:57,040 Speaker 1: a fantasy, because you know, I don't have any control 624 00:37:57,160 --> 00:38:04,600 Speaker 1: over what anybody else does. And so personally, what what 625 00:38:04,680 --> 00:38:07,200 Speaker 1: you know the story earlier about like people who have 626 00:38:07,280 --> 00:38:12,680 Speaker 1: to toil. That's I'm speaking from personal experience here. My 627 00:38:13,160 --> 00:38:17,480 Speaker 1: first real job out of college, I actually worked at Amazon. 628 00:38:18,600 --> 00:38:23,279 Speaker 1: I worked in their global security. So I thought this was, like, 629 00:38:23,680 --> 00:38:25,400 Speaker 1: you know, I was really excited. I thought it was 630 00:38:25,400 --> 00:38:27,640 Speaker 1: a really cool job. It was, you know, a big career. 631 00:38:27,640 --> 00:38:29,520 Speaker 1: I got hired by a big company. It was like, 632 00:38:29,600 --> 00:38:31,960 Speaker 1: I'm you know, getting started with something that I can 633 00:38:32,000 --> 00:38:35,520 Speaker 1: be proud of. Like it felt it felt very it 634 00:38:35,520 --> 00:38:37,959 Speaker 1: felt very cool to be able to go get this job. 635 00:38:38,560 --> 00:38:46,640 Speaker 1: The job title sounded enticing global security and the details 636 00:38:46,680 --> 00:38:49,080 Speaker 1: of the job. Literally, you'd sit in front of a 637 00:38:49,080 --> 00:38:53,000 Speaker 1: computer screen and on this computer screen, you know, you've 638 00:38:53,040 --> 00:38:56,000 Speaker 1: got one hundred programs running on one of them, it 639 00:38:56,160 --> 00:39:01,560 Speaker 1: has it has these lights, these these little dots that 640 00:39:01,640 --> 00:39:04,920 Speaker 1: are gray or black, and every once in a while, 641 00:39:05,000 --> 00:39:07,600 Speaker 1: one of them will turn red. And when one of 642 00:39:07,640 --> 00:39:10,920 Speaker 1: your dots goes from black to red, it means that 643 00:39:11,080 --> 00:39:16,800 Speaker 1: a door somewhere on some Amazon property somewhere just got opened. 644 00:39:17,600 --> 00:39:19,200 Speaker 1: And then it goes back to black when that door 645 00:39:19,200 --> 00:39:21,040 Speaker 1: gets closed. So it's a door or a gate or 646 00:39:21,080 --> 00:39:23,919 Speaker 1: a window or something like that gets opened. So it's 647 00:39:23,960 --> 00:39:26,480 Speaker 1: all tight into their whole network. And I'm watching all this, 648 00:39:26,640 --> 00:39:30,720 Speaker 1: and if a door gets left open for too long, 649 00:39:30,920 --> 00:39:34,160 Speaker 1: or a gate or something, then a local alarm will 650 00:39:34,160 --> 00:39:36,800 Speaker 1: go off. It'll start to beep, er buzz, and that'll 651 00:39:36,920 --> 00:39:41,359 Speaker 1: notify their local security to go, you know, see what's 652 00:39:41,400 --> 00:39:43,479 Speaker 1: causing that door to get left open, and shut the door, 653 00:39:44,000 --> 00:39:47,080 Speaker 1: and if it persists for too long, then that red 654 00:39:47,160 --> 00:39:50,600 Speaker 1: light starts like flashing at me. And once it starts 655 00:39:50,640 --> 00:39:54,320 Speaker 1: flashing at me, my job is to call on the phone. 656 00:39:54,440 --> 00:39:57,160 Speaker 1: Pick up the phone and call that local security team 657 00:39:57,200 --> 00:39:59,279 Speaker 1: and say, hey, you've got a door open, You've got 658 00:39:59,280 --> 00:40:01,520 Speaker 1: an alarm going off, you know in this area. Go 659 00:40:01,560 --> 00:40:04,279 Speaker 1: figure out what's going on, and then hang up wait 660 00:40:04,320 --> 00:40:06,359 Speaker 1: for them. If they don't respond within a certain amount 661 00:40:06,400 --> 00:40:08,720 Speaker 1: of time, got to call them again. Once they tell me, okay, 662 00:40:08,719 --> 00:40:11,319 Speaker 1: we resolved it, then I can see, hey, yep, the 663 00:40:11,440 --> 00:40:15,839 Speaker 1: door got shut, or it's a faulty alarm. Like I'm 664 00:40:15,880 --> 00:40:19,680 Speaker 1: explaining this in detail just to show you how mind 665 00:40:19,880 --> 00:40:25,400 Speaker 1: numbingly boring and meaningless this job. Literally one computer program 666 00:40:25,600 --> 00:40:28,200 Speaker 1: could have done the job of my entire department. And 667 00:40:28,239 --> 00:40:32,200 Speaker 1: I'm sure today the computer program actually does Amazon's pretty 668 00:40:32,280 --> 00:40:34,640 Speaker 1: you know, fast at fixing things like this, and so 669 00:40:34,640 --> 00:40:37,560 Speaker 1: I'm I would not be surprised that whole department doesn't 670 00:40:37,560 --> 00:40:40,799 Speaker 1: even exist anymore. It's just a software program that automatically 671 00:40:40,840 --> 00:40:43,080 Speaker 1: does this, and maybe you've got one person overseeing it 672 00:40:43,120 --> 00:40:45,120 Speaker 1: to make sure it still works. But in any case, 673 00:40:45,160 --> 00:40:47,440 Speaker 1: you can imagine how my numbing this would be. And 674 00:40:47,480 --> 00:40:48,960 Speaker 1: by the way it was, I was in a night 675 00:40:49,000 --> 00:40:52,560 Speaker 1: shift position to not see any of my friends, you know, 676 00:40:52,640 --> 00:40:55,040 Speaker 1: be off my sleep schedule, get there when it's dark, 677 00:40:56,360 --> 00:40:58,239 Speaker 1: you know. No, I would get there when the sun 678 00:40:58,320 --> 00:41:00,759 Speaker 1: was setting that you know, so it's out, but the 679 00:41:00,800 --> 00:41:02,640 Speaker 1: sun was setting, and I'd leave in the morning when 680 00:41:02,640 --> 00:41:06,680 Speaker 1: the sun was rising, and to sit there for twelve 681 00:41:06,680 --> 00:41:09,200 Speaker 1: hours straight and just watch computer screen and wait for 682 00:41:09,320 --> 00:41:11,839 Speaker 1: lights to blink, and then call somebody to say, hey, 683 00:41:11,920 --> 00:41:15,279 Speaker 1: make your lights stop blinking. Like that was it. And 684 00:41:15,320 --> 00:41:17,080 Speaker 1: you might think, well that, you know, that sounds nice. 685 00:41:17,120 --> 00:41:19,359 Speaker 1: You're complaining about that. It's like, yeah, it's nice. For 686 00:41:19,400 --> 00:41:22,640 Speaker 1: a week, just go try and do that, and then 687 00:41:22,719 --> 00:41:27,640 Speaker 1: realize this is not hard, this is meaningless. I'm bored 688 00:41:27,640 --> 00:41:30,759 Speaker 1: out of my skull and there's no chance that I 689 00:41:30,800 --> 00:41:37,200 Speaker 1: can do anything else for minimum months, but likely years. 690 00:41:38,280 --> 00:41:41,360 Speaker 1: That's not a good position to be in. You get 691 00:41:41,680 --> 00:41:46,600 Speaker 1: borderline depressed, if not depressed, very quickly. And so I 692 00:41:46,680 --> 00:41:48,759 Speaker 1: was able to move out, move on from that, and 693 00:41:49,000 --> 00:41:51,320 Speaker 1: that's when I became a stockbroker. I got very interested 694 00:41:51,360 --> 00:41:53,160 Speaker 1: in finance. My buddy helped me get a job as 695 00:41:53,200 --> 00:41:56,239 Speaker 1: a stockbroker. But very quickly after I got as high 696 00:41:56,239 --> 00:41:58,360 Speaker 1: as I could there. You know, I was making good money, 697 00:41:58,840 --> 00:42:03,239 Speaker 1: making two fifty by the end, and I couldn't stand 698 00:42:03,239 --> 00:42:05,680 Speaker 1: it anymore. Same thing. I was waking up every morning 699 00:42:06,200 --> 00:42:09,360 Speaker 1: wishing that I had eight sick hours built up so 700 00:42:09,520 --> 00:42:13,839 Speaker 1: I could call out sick spend every single day. Just 701 00:42:14,080 --> 00:42:16,799 Speaker 1: couldn't wait for the moment that I could clock out 702 00:42:16,920 --> 00:42:19,759 Speaker 1: and go home. Every dial two hundred dials a day, 703 00:42:19,880 --> 00:42:24,480 Speaker 1: just cold calling, all day long, sales, and it gets 704 00:42:24,520 --> 00:42:26,799 Speaker 1: to a point where it just drains on you. And 705 00:42:26,880 --> 00:42:30,920 Speaker 1: so after that, I moved on and I started my 706 00:42:30,960 --> 00:42:32,880 Speaker 1: own business. That's when I quit my job as a 707 00:42:32,920 --> 00:42:37,960 Speaker 1: stockbroker and I started Heresy Financial. It was a while 708 00:42:38,000 --> 00:42:39,880 Speaker 1: before I was able to make enough money to be 709 00:42:39,920 --> 00:42:44,200 Speaker 1: able to cover my expenses. It was it was about 710 00:42:44,200 --> 00:42:48,120 Speaker 1: a year and a half. And I would never ever 711 00:42:48,280 --> 00:42:52,359 Speaker 1: ever take it backward or personally choose to stay there 712 00:42:52,719 --> 00:42:55,200 Speaker 1: longer and build my business on the side. It's like 713 00:42:55,600 --> 00:42:57,399 Speaker 1: the things that I needed to be able to give 714 00:42:57,440 --> 00:43:00,160 Speaker 1: my family and to be able to make life work 715 00:43:00,200 --> 00:43:03,120 Speaker 1: and to feel fulfilled. And you know, you make you 716 00:43:03,160 --> 00:43:04,759 Speaker 1: make a lot less money at first. You know, I'm 717 00:43:04,760 --> 00:43:06,480 Speaker 1: making a lot more now, but you make a lot 718 00:43:06,560 --> 00:43:08,759 Speaker 1: less than you were making when you quit your job, 719 00:43:09,200 --> 00:43:12,040 Speaker 1: and you feel way richer. You feel way more wealthy 720 00:43:12,400 --> 00:43:15,000 Speaker 1: because you've got your time, you're not forced to wake up, 721 00:43:15,040 --> 00:43:16,879 Speaker 1: you don't have to answer to this boss, you don't 722 00:43:16,920 --> 00:43:19,600 Speaker 1: have to do those dials. You're you're in control. Now 723 00:43:19,640 --> 00:43:23,120 Speaker 1: There's there's other trade offs, right, you're uh, you've got 724 00:43:23,120 --> 00:43:25,080 Speaker 1: the sleepless nights, You've got the wondering how am I 725 00:43:25,120 --> 00:43:27,600 Speaker 1: gonna pay my bills? Like, uh, you know, is this 726 00:43:27,680 --> 00:43:30,000 Speaker 1: thing that I'm trying gonna work? Is it not gonna work? 727 00:43:30,040 --> 00:43:31,719 Speaker 1: You know, there's a lot of there's a lot of 728 00:43:31,760 --> 00:43:35,799 Speaker 1: other things that are difficult about it, but it's it's 729 00:43:35,800 --> 00:43:39,360 Speaker 1: a different it's a different difficulty. It's a responsibility that 730 00:43:39,400 --> 00:43:41,359 Speaker 1: you're able to willingly bear and you get you get 731 00:43:41,360 --> 00:43:43,840 Speaker 1: to choose your burden instead of having a burden forced 732 00:43:43,920 --> 00:43:48,960 Speaker 1: upon you. And so I tell that story because and 733 00:43:49,040 --> 00:43:51,279 Speaker 1: even the landscaping job that I talked about like that was, 734 00:43:51,320 --> 00:43:53,440 Speaker 1: you know, my one of my jobs after high school, 735 00:43:53,440 --> 00:43:57,640 Speaker 1: like you know, all summer long, literally backbreaking work in 736 00:43:57,719 --> 00:44:02,040 Speaker 1: the in the Phoenix summer sun, you know, driving a 737 00:44:02,080 --> 00:44:05,520 Speaker 1: car without air conditioning and you get home and the 738 00:44:05,520 --> 00:44:08,080 Speaker 1: seat's just you know, soaking wet from your own sweat. 739 00:44:08,600 --> 00:44:14,239 Speaker 1: So I understand the basically I understand both sides of this, 740 00:44:14,760 --> 00:44:18,560 Speaker 1: and many times it's worth it to cut yourself off 741 00:44:18,560 --> 00:44:23,759 Speaker 1: from the golden handcuffs and recognize what real wealth is 742 00:44:24,160 --> 00:44:28,480 Speaker 1: and that it's not being enslaved to a certain dollar 743 00:44:28,520 --> 00:44:34,000 Speaker 1: amount or a certain income amount. That real wealth is 744 00:44:34,000 --> 00:44:37,520 Speaker 1: something different. It's about freedom from toil. And the ironic 745 00:44:37,560 --> 00:44:41,240 Speaker 1: part is, you know, I made that jump, and I 746 00:44:41,480 --> 00:44:43,200 Speaker 1: took a year and a half before I could pay 747 00:44:43,719 --> 00:44:50,200 Speaker 1: my bills from my business, but today I make way 748 00:44:50,280 --> 00:44:53,560 Speaker 1: more than what I ever made when I had a job. 749 00:44:54,120 --> 00:44:56,480 Speaker 1: And so that's the ironic part about this is that 750 00:44:56,520 --> 00:45:00,560 Speaker 1: when you realize what true wealth is or the paradoxical 751 00:45:00,600 --> 00:45:04,120 Speaker 1: part of maybe is a better word, and you give 752 00:45:04,239 --> 00:45:07,080 Speaker 1: up like the income or the job or the security, 753 00:45:07,080 --> 00:45:08,799 Speaker 1: and you take the leap of faith and you take 754 00:45:08,840 --> 00:45:12,479 Speaker 1: the risk and you embrace what true wealth is, which 755 00:45:12,520 --> 00:45:15,640 Speaker 1: is maybe less money at first, or a lot less 756 00:45:15,640 --> 00:45:20,479 Speaker 1: money for a while, and you do meaningful, meaningful work 757 00:45:20,480 --> 00:45:23,359 Speaker 1: that you're good at and you enjoy, and you start 758 00:45:23,400 --> 00:45:30,120 Speaker 1: to build something that feel that you are confident you 759 00:45:30,160 --> 00:45:33,080 Speaker 1: are doing a service to society and the best way 760 00:45:33,120 --> 00:45:35,920 Speaker 1: you know how, then many times you're actually going to 761 00:45:36,040 --> 00:45:39,719 Speaker 1: end up a lot wealthier than you were before, when 762 00:45:39,719 --> 00:45:43,000 Speaker 1: you were when you had those golden handcuffs. Even in 763 00:45:43,320 --> 00:45:45,040 Speaker 1: the dollar terms, even in the old way you were 764 00:45:45,080 --> 00:45:48,040 Speaker 1: measuring it, you're better off, especially in the new way 765 00:45:48,120 --> 00:45:51,600 Speaker 1: that you're measuring it. And so maybe everyone out there 766 00:45:51,719 --> 00:45:54,480 Speaker 1: can't be a cat, can't be rich. Maybe that's a 767 00:45:54,600 --> 00:45:56,799 Speaker 1: bit of a fantasy because I can't control what other 768 00:45:56,840 --> 00:46:01,839 Speaker 1: people do. But anyone absolutely can be rich. That is 769 00:46:02,200 --> 00:46:03,799 Speaker 1: one hundred percent true, and that is a hill that 770 00:46:03,840 --> 00:46:05,920 Speaker 1: I will die on. You just have to do the 771 00:46:06,040 --> 00:46:09,279 Speaker 1: right things. If you don't, don't control anybody else, eight 772 00:46:09,280 --> 00:46:13,320 Speaker 1: billion people who cares you. If you're in the situation 773 00:46:13,360 --> 00:46:15,279 Speaker 1: that I've you know, like I said, I was in 774 00:46:15,320 --> 00:46:18,400 Speaker 1: for a long time, the golden handcuffs or even the 775 00:46:19,040 --> 00:46:23,800 Speaker 1: bronze handcuffs, or the steel handcuffs or the gravel handcuffs, 776 00:46:25,239 --> 00:46:27,560 Speaker 1: all you have to do is take the right set 777 00:46:27,600 --> 00:46:30,520 Speaker 1: of actions. And it's not going to happen immediately. There's 778 00:46:30,600 --> 00:46:32,439 Speaker 1: going to be a lot of hard work along the way, 779 00:46:33,640 --> 00:46:37,759 Speaker 1: but one step after another, we'll get you there eventually, 780 00:46:38,480 --> 00:46:42,600 Speaker 1: and anyone, anyone can. It's about number one, recognizing what 781 00:46:42,640 --> 00:46:44,400 Speaker 1: are the things that I'm holding on to that I 782 00:46:44,440 --> 00:46:46,680 Speaker 1: can actually let go of that will give me a 783 00:46:46,680 --> 00:46:50,759 Speaker 1: little bit more freedom to pursue meaningful work. Don't quit 784 00:46:50,800 --> 00:46:53,480 Speaker 1: your I don't recommend doing what I did, which is 785 00:46:53,520 --> 00:46:55,680 Speaker 1: quitting your day job and just jumping in before you 786 00:46:55,719 --> 00:46:57,560 Speaker 1: have a plan or a business or any income or 787 00:46:57,560 --> 00:47:00,799 Speaker 1: anything like that. I don't recommend it because it's it's 788 00:47:00,840 --> 00:47:03,920 Speaker 1: just not smart. I wouldn't change it, but I wouldn't 789 00:47:03,960 --> 00:47:09,440 Speaker 1: recommend it to anybody. It's it's it's about It's about 790 00:47:09,440 --> 00:47:12,480 Speaker 1: making more income, using as much of your income as 791 00:47:12,520 --> 00:47:15,879 Speaker 1: possible to buy as many assets as possible, recognizing, hey, 792 00:47:15,920 --> 00:47:19,839 Speaker 1: if I quit Netflix, then I can spend an hour 793 00:47:19,920 --> 00:47:23,360 Speaker 1: a day. If I quit TikTok, then I can spend 794 00:47:23,400 --> 00:47:26,080 Speaker 1: two hours a day. If I quit doing all these 795 00:47:26,120 --> 00:47:28,239 Speaker 1: little things where I'm wasting my time, and I can 796 00:47:28,320 --> 00:47:31,640 Speaker 1: find that time that I'm wasting, and I can instead 797 00:47:31,719 --> 00:47:37,520 Speaker 1: focus that on learning a specific business, improving a specific skill, 798 00:47:37,640 --> 00:47:39,640 Speaker 1: and then trying to market that skill to others as 799 00:47:39,680 --> 00:47:43,040 Speaker 1: a service, try and package something together as a product 800 00:47:43,280 --> 00:47:46,680 Speaker 1: and sell that and find a channel and avenue to 801 00:47:46,680 --> 00:47:50,000 Speaker 1: sell that through, whether that's through utah, YouTube or Twitter 802 00:47:50,200 --> 00:47:54,280 Speaker 1: or uh Instagram or whatever it is, or paid ads, 803 00:47:54,320 --> 00:47:57,800 Speaker 1: whatever the avenue is learning a few sets of skills 804 00:47:57,800 --> 00:48:01,120 Speaker 1: that line up together in your off time and building 805 00:48:01,160 --> 00:48:04,480 Speaker 1: that and then saying, Okay, I'm going to sacrifice the 806 00:48:04,520 --> 00:48:07,480 Speaker 1: things that I don't want now because ultimately that has 807 00:48:07,520 --> 00:48:09,080 Speaker 1: a better chance of getting me to the thing that 808 00:48:09,120 --> 00:48:13,239 Speaker 1: I want in the future. And if I don't do this, well, 809 00:48:13,239 --> 00:48:16,120 Speaker 1: what I'm really saying then is that I'm sacrificing the 810 00:48:16,120 --> 00:48:17,920 Speaker 1: things that I really want in the future for the 811 00:48:17,960 --> 00:48:20,319 Speaker 1: things that I don't really care as much about right now. 812 00:48:20,360 --> 00:48:21,799 Speaker 1: And that's not a good life to live. And you'll 813 00:48:21,800 --> 00:48:26,799 Speaker 1: wake up very quickly, years will pass and regret will 814 00:48:26,800 --> 00:48:30,360 Speaker 1: set in and and it'll be it'll be even harder 815 00:48:30,360 --> 00:48:32,680 Speaker 1: to make a change at that point. So don't wait. 816 00:48:33,960 --> 00:48:36,600 Speaker 1: I I know that it's I know that it's a 817 00:48:36,600 --> 00:48:40,680 Speaker 1: little bit terrifying, sometimes a little bit scary. But you 818 00:48:40,680 --> 00:48:42,840 Speaker 1: don't have to take a giant leap. You can just 819 00:48:42,840 --> 00:48:47,480 Speaker 1: take a little, tiny step. Watch one less episode episode 820 00:48:47,640 --> 00:48:51,440 Speaker 1: per day, uh watch you know, do do something in 821 00:48:51,480 --> 00:48:55,239 Speaker 1: the found time during your commute, when you're when you're 822 00:48:55,280 --> 00:48:59,359 Speaker 1: doing dishes, when you're going somewhere. Use that found time 823 00:48:59,400 --> 00:49:01,759 Speaker 1: to start to build skills that can start to make 824 00:49:01,800 --> 00:49:03,480 Speaker 1: you the income that you need. To be able to 825 00:49:03,480 --> 00:49:07,200 Speaker 1: cut those handcuffs off. As always, thank you guys so 826 00:49:07,280 --> 00:49:10,280 Speaker 1: much for listening, and we'll see you guys next week