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Speaker 1: Welcome to Out of Money.

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Speaker 2: I'm Joel and I am Matt and today we're going

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Speaker 2: on a millionaire mission with Brian Preston.

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Speaker 3: That is right, Yeah, we're talking about what it takes

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Speaker 3: to be a millionaire because our guest today he claims

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Speaker 3: that anyone can become rich. Now that doesn't mean that

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Speaker 3: it's going to happen overnight, right, But how quickly you're

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Speaker 3: able to achieve that goal, it's going to largely depend

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Speaker 3: on your mindset. It's going to depend on how effectively

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Speaker 3: you're able to put your army of dollar bills to work.

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Speaker 3: That's a Brian line right there.

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Speaker 1: But it's just one of the top things for sure

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Speaker 1: that Brian.

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Speaker 3: Preston covers in his new book, Millionaire Mission that just

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Speaker 3: came out last month. And Brian, he's a financial advisor.

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Speaker 3: He's got over twenty five years of experience. He's so

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Speaker 3: he's actually an og podcaster. He started back in two

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Speaker 3: thousand and six, which means that back when he was

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Speaker 3: getting nerdy with personal finance. That's when I was listening

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Speaker 3: to like muggle Cast, listening to like Harry Potter podcasts. Right,

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Speaker 3: So obviously he's a co host of the Money Guy Show,

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Speaker 3: and just last year alone they had over forty one

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Speaker 3: million views over nine million downloads. Brian, we're excited to

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Speaker 3: get nerty with you today and talk about all things

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Speaker 3: personal finance. Thank you for joining How to Money.

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Speaker 4: By the way, I love the intro, but I have

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Speaker 4: to ask because I felt like there's a little tone

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Speaker 4: on it. You guys do believe that anyone can be

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Speaker 4: a millionaire, don't you. I want to make sure we're

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Speaker 4: all on the same page, because that's why I feel

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Speaker 4: like so much out in the world right now is

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Speaker 4: telling folks that the world's against them. But I'm telling you,

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Speaker 4: I think it's actually the best time. I mean, I

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Speaker 4: look at the beginning of my journey, when you had brokers,

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Speaker 4: you had to pay through you, you only could do

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Speaker 4: loaded commission funds, index funds were unheard of. And now

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Speaker 4: it's like all that stuff is so behind us, and

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Speaker 4: anybody and everybody has.

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Speaker 1: Opportunity easier than ever. That's for sure.

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Speaker 3: I think if anything asked the first question has swung

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Speaker 3: the other way, though, which is I feel like more

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Speaker 3: than ever, folks are saying that it's it's it's something

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Speaker 3: that you can do tomorrow.

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Speaker 1: But obviously the way. It takes time.

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Speaker 3: It takes time, and you and I show approach to it.

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Speaker 2: So okay, hold on, yeah, we can't get in the conversation.

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Speaker 2: That's the first question. Matt and I we like to

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Speaker 2: drink craft beer, Brian, and we will splurge on craft beer.

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Speaker 1: But we're doing the right thing.

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Speaker 2: We're saving investing at the same time, so we can

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Speaker 2: become millionaires too. What is that sports for you though?

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Speaker 2: What is the thing you spend a lot of money

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Speaker 2: on while you're still doing the smart stuff with your money.

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Speaker 4: It's a great question. Two things immediately popped in my mind.

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Speaker 4: The first one, I love going to movies. And when

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Speaker 4: I go to movies, and I think this is payback

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Speaker 4: because of all the bad things I was doing when

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Speaker 4: I was younger, trying to cut them out of the money.

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Speaker 4: Was always by buckets of popcorn, and I always buy

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Speaker 4: a big coke because that's that's just what I do

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Speaker 4: with movies. But when I was in high school, I

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Speaker 4: had the seven dollars date night where I'd only go

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Speaker 4: to movie dollar movies and I'd also smuggle in my

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Speaker 4: goobers and candy and ask my date to bring it in.

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Speaker 4: And even I was known in the summer months to

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Speaker 4: cut through the bathroom to maybe watch two shows. So

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Speaker 4: I feel like I'm paying back all my my bad

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Speaker 4: decisions are or cost cutting measures when I was younger,

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Speaker 4: by paying full, full loaded bore on the popcorn and drinks.

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Speaker 1: So I love it. Okay.

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Speaker 2: The first time we met Brian, I don't know if

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Speaker 2: you remember, Oh, I remember. I convinced you it was

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Speaker 2: we were going to a conference. We landed the airport

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Speaker 2: at the same time to hop in a bus to

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Speaker 2: get to the conference instead of in an expensive uber.

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Speaker 2: Tell me, I'm just curious, like, how did you feel

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Speaker 2: about that? Because at the time I make you a

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Speaker 2: little uncomfortable, Like how do you feel about taking the money?

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Speaker 4: No, I still think about the and I don't know

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Speaker 4: how how deep you want me to go into this.

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Speaker 4: But it was bo and I get there and you

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Speaker 4: were you just you were a fun Guymediately, once we

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Speaker 4: all realized we were all going the same place, You're like, hey,

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Speaker 4: why would you take a I can't remember how. Maybe

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Speaker 4: it was the uber, but you're like, I think it's

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Speaker 4: four dollars if you just want to ride on the

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Speaker 4: on the public transportation. So we jumped on this and

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Speaker 4: bah wah, you recruited. It wasn't just me and ba

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Speaker 4: it was some other people too. Don't say their names

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Speaker 4: because I think they it was that meeting that they

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Speaker 4: hated us because they scouted at us at every conference

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Speaker 4: I ever went to after that, But it was. And

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Speaker 4: you also we had stops along the way where you

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Speaker 4: took us by, you know, cocktail establishments and other things.

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Speaker 4: So it was it was it went beyond what it

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Speaker 4: was billed as is just a savings measure. It was

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Speaker 4: actually turned into a guided tour, which was incredible.

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Speaker 1: See you didn't have to pay a dime for that.

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Speaker 1: I mean, that's that.

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Speaker 4: No, I mean I think you could tell. That's why

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Speaker 4: I sent you the text jealous, because I mean we

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Speaker 4: always every time I've hung out with you, we always

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Speaker 4: have a blast at conferences, and I was like, we

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Speaker 4: got to.

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Speaker 1: Talk about this stuff. Yes, okay.

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Speaker 3: So so speaking of buses, Bright, I didn't realize, first

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Speaker 3: of all, A that you went to UGA. I'm a

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Speaker 3: fellow Georgia grad, but go b you had the most

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Speaker 3: coveted job on campus. You drove the UGA bus. Tell

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Speaker 3: me about that, because like, I don't think there's any

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Speaker 3: campus job that was paying. It was like at the

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Speaker 3: time when I was there was something like I think

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Speaker 3: it was over twenty bucks an hour.

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Speaker 4: Oh wow, let me tell you times have changed. You're

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Speaker 4: telling me all you're doing is making me feel old.

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Speaker 4: So when I went to UGA, two things happened. When

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Speaker 4: I got there on campus for the first time, and

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Speaker 4: there was the first I was like, I have two goals,

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Speaker 4: begin with the end of mine. I wanted to be

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Speaker 4: an orientation leader because I thought those guys and girls

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Speaker 4: were that had the coolest jobs.

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Speaker 1: Ever.

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Speaker 4: Then when I saw that they were letting students drive

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Speaker 4: these huge buses around campus, I was like, that has

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Speaker 4: got to be the coolest job ever. So I failed

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Speaker 4: on actually becoming an orientation leader. I don't know how

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Speaker 4: the stars never aligned for that to actually work. But

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Speaker 4: I made it my mission to become a bus driver,

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Speaker 4: and sure enough they trained me. I got my commercial

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Speaker 4: driver's license and I actually drove for three years at

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Speaker 4: the University of Georgia and I was good enough. This

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Speaker 4: is a problem. I was so good that I got

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Speaker 4: promoted to be a student trainer, and all that meant

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Speaker 4: was the last year I didn't actually get to drive

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Speaker 4: the bus anymore. I just rode around with other student drivers,

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Speaker 4: making sure they were doing good work. But I loved it.

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Speaker 4: If I could make a million dollars a year driving

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Speaker 4: a bus, I would do it. I mean it was truly,

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Speaker 4: it was the coolest job.

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Speaker 1: Did you What was it?

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Speaker 4: Orbit?

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Speaker 3: Was the East Campus Express? What route were you driving?

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Speaker 4: I drove? I drove them all. I mean I driven.

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Speaker 4: The one I drove that I liked. I chose to

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Speaker 4: was the Millage bus route a lot because I just

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Speaker 4: liked that one. But I did do family housing. I

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Speaker 4: did a Orbit, I mean the other one. Here's here's

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Speaker 4: a hack, A college hack is I would drive the

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Speaker 4: special of the bus at night for disabled individuals because

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Speaker 4: there was really only one or two people around campus,

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Speaker 4: but they were required to have this because the buses

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Speaker 4: back then didn't allow access forelchairs. I would basically take

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Speaker 4: the same people down to the bars every night and

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Speaker 4: then go back to the bus depot study, and then

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Speaker 4: wait for them to call me to go pick them

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Speaker 4: up and then take them back to their dorms. So

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Speaker 4: I felt like it was the greatest gig. And get

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Speaker 4: back to what it paid. I was making seven dollars

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Speaker 4: and twenty five cents an hour and that was the

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Speaker 4: best paying job on campus. Wow, back in the day.

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Speaker 4: So you can tell things have changed a lot.

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Speaker 1: Was this a bus or was this a horse drawn carriage? Right?

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Speaker 1: So I'm not clearing, just kidding, just kidding. Okay, let's

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Speaker 1: move on. Let's talk about your book.

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Speaker 3: Enough about Georgia and the buses.

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Speaker 1: Your book is called Millionaire Mission, and it's a.

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Speaker 2: Great goal and you've just just at the very beginning

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Speaker 2: we talked about how, yeah, you think this is a

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Speaker 2: goal that anybody could achieve, all right, but flip side

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Speaker 2: of that question, is it a good enough goal? Like

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Speaker 2: do you think a million dollars is going to be enough?

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Speaker 2: And retirement for most folks who talk about how much

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Speaker 2: you got paid back then how much bus drivers get

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Speaker 2: paid now? Inflation's a real reality. Is a million dollars

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Speaker 2: enough to shoot for?

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Speaker 4: It might not be for when certain people get there,

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Speaker 4: but you can't get to three million without the first million.

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Speaker 4: And that's why, I mean, one of the things I

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Speaker 4: love to share with people and I call it and

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Speaker 4: I say it in a funny way, and I don't

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Speaker 4: know where I get it from, but bowling point or

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Speaker 4: you know, is you're trying to get your assets to

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Speaker 4: reach the size of critical mass. And I always tell

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Speaker 4: people getting to that first one hundred thousand dollars is

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Speaker 4: so important and that probably will take you like seven years,

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Speaker 4: but people just don't realize the second I mean, the

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Speaker 4: last five hundred thousand to get to your first million

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Speaker 4: will likely only take seven years too, because that's just

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Speaker 4: the power of compounding growth is it builds upon itself.

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Speaker 4: So if you can get to a million dollars, you're

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Speaker 4: going to get to three million much much faster. So

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Speaker 4: I agree. I think inflation is going to pull things

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Speaker 4: down or make people have more, but it still doesn't

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Speaker 4: change the behavior that's going to create the success of

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Speaker 4: the situation.

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Speaker 3: Yeah, more than anything, I think folks just need to

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Speaker 3: get used to the idea that they're likely going to

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Speaker 3: need not just a million, but even more than that,

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Speaker 3: because I think to a lot of folks that sounds

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Speaker 3: like a large sum of money. But like you said,

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Speaker 3: I think it. I think folks are going to be

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Speaker 3: arriving at that point of where the portfolio is going

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Speaker 3: to get that large sooner than they think. So you

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Speaker 3: start your book talking about high school, So take us

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Speaker 3: back to that point we don't want to hear you

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Speaker 3: talking about anymore about how you were saving money on

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Speaker 3: your dates or anything like that. But take us back

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Speaker 3: to your economics class and share how that inspired you.

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Speaker 4: Yeah, mister Morrow, Themorrow Moment, as I've coined it, is

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Speaker 4: because and what's funny is because I've written this book,

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Speaker 4: I've actually had some high school fellow Henry County High

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Speaker 4: School Warhawks reach out to me. And one of them,

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Speaker 4: I have a friend named Alicia, and she was like,

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Speaker 4: mister Morrow, And I was like, were you in that

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Speaker 4: class with me? And she's like yeah. And I was like,

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Speaker 4: do you remember the one hundred dollars a month came out?

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Speaker 4: And she goes, no, but I didn't care anything about money.

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Speaker 4: But she goes, man, he was salty. And I was like, yeah,

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Speaker 4: he was salty. And I've often thought about the fact

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Speaker 4: that I don't think mister Morrow was bringing this out

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Speaker 4: if he wanted to just necessarily pay it forward, it

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Speaker 4: wasn't part of the curriculum. I think this was out

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Speaker 4: of a place of regret because he came into class

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Speaker 4: and he said, if you you guys, with every one

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Speaker 4: of you, if you'd save one hundred dollars a month,

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Speaker 4: you could become a millionaire. And I remember thinking whoa

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Speaker 4: because at the time I was working at the Harty's

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Speaker 4: drive through three dollars and eighty cents an hour, and

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Speaker 4: I was like, even though I'm working fast food, I

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Speaker 4: think I could save one hundred dollars a month. And

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Speaker 4: it was that simple instruction that kind of lit my

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Speaker 4: mind on fire and made me realize, Hey, this compounding growth,

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Speaker 4: because that's really what he was talking about is something

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Speaker 4: pretty magical that if I give my life enough time

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Speaker 4: and have the actual desire to putting money to work,

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Speaker 4: I could make this happen.

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Speaker 1: So is that, mister Morrow math?

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Speaker 2: Is that like what's behind the koozy that you use

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Speaker 2: on your YouTube show that I think is what this

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Speaker 2: one dollar beer costs me eighty eight dollars?

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Speaker 4: Well, it is. It's built into it because we have

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Speaker 4: on our website if you go to money Go dot

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Speaker 4: com slash resources, we have a wealth multiplier which we

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Speaker 4: show what every dollar has the potential to become based

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Speaker 4: upon your age. And you're exactly right. I mean, the

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Speaker 4: reason we have these koozies pre pandemic. We were invited

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Speaker 4: to come set up a table for recruitment at a university,

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Speaker 4: and then so I was like, you know, what would

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Speaker 4: be fun to show all these college kids what a

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Speaker 4: dollar could become if they'd start investing. I was like,

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Speaker 4: let's make a koozie. They're cheap. Let's just say this

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Speaker 4: dollar beer could cost you eighty eight dollars, because that's

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Speaker 4: what it is for a twenty twenty one year old.

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Speaker 4: And then COVID happened and the koozies weren't needed, so

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Speaker 4: I decided to start giving them out to people and

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Speaker 4: using them on the show. But that's actually the true

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Speaker 4: origin story. But it is hitting on that wealth multiplier concept.

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Speaker 1: Yeah, what do you say to folks?

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Speaker 3: So obviously one of the reasons mister Morrow was so

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Speaker 3: salty on the idea was he was just mad that

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Speaker 3: he didn't start investing when he was in high school.

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Speaker 3: But for there are a lot of folks a who, yeah,

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Speaker 3: they are investing now, but there's a lot of folks

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Speaker 3: who might be hearing this message for the first time.

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Speaker 3: What do you say to those folks, the folks who

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Speaker 3: didn't start investing, maybe until their forties or fifties, do

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Speaker 3: you think that they still have an opportunity to catch up.

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Speaker 4: Actually, I just describe that in Millionaire Mission. I cover

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Speaker 4: that because I don't want everybody think that this book

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Speaker 4: was written for only twenty to twenty three year olds.

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Speaker 4: This book, I think everybody has their eighty eight times

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Speaker 4: over opportunity because the reality is just a component of time.

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Speaker 4: And even though you might not discover investing until you're

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Speaker 4: thirty five years old, more than likely you're going to

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Speaker 4: live beyond late sixties, early seventies. There's going to be

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Speaker 4: some dollar in your investment pool that is going to

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Speaker 4: get that eighty eight times opportunity. So this is not

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Speaker 4: something just for young people. Now that it is something

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Speaker 4: I will tell you the longer you wait to start,

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Speaker 4: because you remember, we all say early and often is

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Speaker 4: how you should do investing. So if you start later,

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Speaker 4: I think it does. It doesn't mean your army of

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Speaker 4: dollar bills don't don't have the opportunity to compound. It

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Speaker 4: just means you probably will have to have a higher

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Speaker 4: savings rate just because you're playing catch up to a degree.

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Speaker 2: Yeah, So the scarcity mindset, Brian, you talk about that

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Speaker 2: in your book, and I think the scarcity mindset can

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Speaker 2: be like a double edged sword. You can you can

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Speaker 2: have such a scarcity mindset that you are kind of

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Speaker 2: stuck and you don't find any way to make progress.

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Speaker 2: But you talk about something called that you call forced scarcity.

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Speaker 1: So what do you mean by that? Why is that powerful?

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Speaker 4: Well? I think force scarcity. Remember, part of what you're

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Speaker 4: doing when you start your wealth building journey is you

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Speaker 4: got to make habits automatic. I love making things where

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Speaker 4: they just happen, no matter there's no behavioral traps or

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Speaker 4: anything you fall into. So you want to make the

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Speaker 4: good habits as easy as possible and the bad habits

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Speaker 4: as hard as possible. If you set up an automatic

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Speaker 4: investment plan, or you also set up an automatic debt

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Speaker 4: payment plan, every dollar has a purpose. And what I

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Speaker 4: like about that when I say create a force scarcity moment.

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Speaker 4: Every time I got a pay raise while I was

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Speaker 4: trying to get to that initial twenty to twenty five

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Speaker 4: percent savings and investment rate, is I would just try

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Speaker 4: to allocate, like on a sixty forty ratio, I try

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Speaker 4: to put sixty percent towards increasing my savings and investment

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Speaker 4: and then I'd let my lifestyle expand by forty percent.

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Speaker 4: So you know, of whatever that pay raise amount so

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Speaker 4: I kept that healthy ratio until I reached my goal.

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Speaker 4: So that way, you don't let your lifestyle choices or

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Speaker 4: the lifestyle creep get in front of your investments. Because

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Speaker 4: a lot of people, you can get them excited about

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Speaker 4: funding their roth IRA one time, but how do you

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Speaker 4: get them to do it for five years, ten years?

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Speaker 4: Because it's that consistency of behavior that actually creates the wealth.

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Speaker 4: But a lot of people lose interest or they get distracted,

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Speaker 4: and you've got it. That's why they automatic behaviors are

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Speaker 4: what's going to carry you through that and understanding always

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Speaker 4: be buying, of course, because that takes out the volatility

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Speaker 4: and then force scarcity. So you're not just letting your

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Speaker 4: money sit in the account and you invest what's left over.

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Speaker 4: You actually pay yourself first and invest on the front

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Speaker 4: side and you spend on the backside.

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Speaker 1: It's right.

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Speaker 3: Yeah, those tax advantage accounts are just a part of

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Speaker 3: your formula for success. I feel like respect the financial

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Speaker 3: order of operations like that is y'all's mantra.

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Speaker 1: You know, you hammer it home every EVERISA show.

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Speaker 3: Yeah, I mean, and it's similar to our money. Why

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Speaker 3: is the order of operations crucial to success? Why is

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Speaker 3: it so important to individual's abilities to become a millionaire?

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Speaker 4: Well, I mean I've seen it, you know. In the

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Speaker 4: nice intro, y'all said that I've been doing this for

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Speaker 4: going on three decades now of doing financial planning, and

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Speaker 4: I could and I've always been a math nerd. I mean,

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Speaker 4: i just couldn't help myself and I when I found

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Speaker 4: out about pem doos. You know, please excuse my dear

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Speaker 4: aunt sile And you realize math has an orderly flow

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Speaker 4: that you have to do it in that order or

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Speaker 4: you don't get the correct answer. In a lot of ways,

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Speaker 4: finances are the exact same way. It's just it's structured

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Speaker 4: in a way of kind of how do you balance

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Speaker 4: the risk of life but also the maximization of time,

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Speaker 4: and those things are in a lot of ways are

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Speaker 4: in conflict with each other. So I've tried to give

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Speaker 4: you the steps where you keep yourself out of trouble,

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Speaker 4: but you also don't miss out on that moment of

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Speaker 4: getting your army of dollars working as fast as possible.

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Speaker 4: So that's that's what I've built with the nine step

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Speaker 4: system that's in the financial world of operations.

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Speaker 2: So you're just talking about the math, but you also

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Speaker 2: talk about the mindset, and that's obviously crucial, right, It's

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Speaker 2: part of it is like you're just saying, like, not

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Speaker 2: getting someone to fund the roth ira just once, but

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Speaker 2: getting toro do it on repeat, getting them excited about

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Speaker 2: the ongoing process. One of the stats that stuck out

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Speaker 2: to me in your book, you mentioned the lion's share

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Speaker 2: of millionaires. Eighty percent of millionaires have an optimistic mindset.

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Speaker 2: And I am kind of an eternal optimist myself, but

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Speaker 2: why is that so crucial for people's ability? Like how

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Speaker 2: come millionaires are more optimistic and less pessimistic?

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Speaker 1: And yeah, is it?

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Speaker 2: Oh, I've started building wealth and so now I'm starting

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Speaker 2: to think good things about the future, Like what came first?

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Speaker 1: Do you think?

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Speaker 3: No?

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Speaker 4: I do think. I think it is a mindset where

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Speaker 4: you see opportunity versus all the obstacles that keep you

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Speaker 4: from doing something. And I think that's an important thing

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Speaker 4: for any success in life in a lot of ways,

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Speaker 4: because I mean, you think about it, even if you

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Speaker 4: were talking about your relationships, if you went into every relationship,

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Speaker 4: whether it's you know, romantic or business or just transactional

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Speaker 4: for everyday life, if you went into it thinking everybody's

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Speaker 4: out to get you, You're probably going to do a

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Speaker 4: lot less positive activities in your life, whereas if you

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Speaker 4: just go into it looking for the best of the moment.

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Speaker 4: I think it kind of is self affirming in a

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Speaker 4: lot of ways. So if you're always looking for the opportunity,

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Speaker 4: because that's what a lot of people say, what is luck?

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Speaker 4: You know, luck because everybody says, hey, you must be

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Speaker 4: lucky or you had luck in your pass and look,

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Speaker 4: I will say luck is very important. But what luck

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Speaker 4: is is that intersection point between you being prepared and

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Speaker 4: then something, a moment of opportunity presents itself, and those

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Speaker 4: two things intersect and you jump on it. If you're

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Speaker 4: a pessimist, you're probably going to miss out on that moment.

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Speaker 4: I look back at my own life and you just

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Speaker 4: don't know the little decisions you're making that actually are

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Speaker 4: having the big impacts. You never will know those things

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Speaker 4: until later. But that's why if you have that positive mindset,

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Speaker 4: you're more likely to take those positive steps forward versus

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Speaker 4: being so held back and restricting yourself.

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Speaker 3: Yeah, and I mean, aside from it also being a

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Speaker 3: mindset thing, I mean it I think if you're an optimist.

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Speaker 3: You've also looked at the numbers because you've seen that, hey,

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Speaker 3: the stock market goes up three out of four years,

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Speaker 3: and what that means is you most likely should be investing.

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Speaker 3: So it's it's like a little combination of both. I

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Speaker 3: think optimism based on historical reality exactly. It's like a combination.

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Speaker 3: It's melding history, numbers, and your attitude, I think, all

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Speaker 3: in one package. But Brian, a rule of thumb that

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Speaker 3: y'all like to encourage folks towards as a twenty five

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Speaker 3: percent savings rate. The standard device is ten percent. It's

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Speaker 3: clearly not enough in our opinion, But why is twenty

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Speaker 3: five percent the key.

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Speaker 1: Number for y'all?

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Speaker 3: And I would like to hear your share just like,

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Speaker 3: how rigid do you think that advice is in your

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Speaker 3: mind for especially for folks maybe who are just getting started,

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Speaker 3: or maybe for folks who are a little bit further

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Speaker 3: down the path.

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Speaker 4: Well, I don't mind given clarification, because when I came

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Speaker 4: out of college back in the mid ninety I mean,

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Speaker 4: Wealthy Barber was a big influence on me, and that

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Speaker 4: book talks about ten percent, and then you know about

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Speaker 4: the same time, now I had not read it until

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Speaker 4: much later. But you know, Dave Ramsey has his you know,

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Speaker 4: his whole thing is fifteen percent, and you hear me

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Speaker 4: say twenty to twenty five percent, Like, why are you

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Speaker 4: so aggressive? Well, the world has changed a lot since

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Speaker 4: the nineties. Social Security is more questionable on what it

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Speaker 4: means for people, especially you know, if you're young, who

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Speaker 4: knows if social Security is going to be there for you.

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Speaker 4: Pensions are not exactly making a comeback. I mean, they're

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Speaker 4: a rarity. So I think it does put more and

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Speaker 4: more on our shoulders that you have to kind of

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Speaker 4: plan accordingly that the financial responsibility is going to follow

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Speaker 4: on you. However, let me let me say this because

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Speaker 4: this is something I always try to clarify. Part of

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Speaker 4: that twenty to twenty five percent, if your household income

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Speaker 4: is less than two hundred thousand dollars, you can count

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Speaker 4: your employer match in that. So if you work for

435
00:20:00,160 --> 00:20:02,760
Speaker 4: a generous employer that's offering you six to eight percent

436
00:20:02,800 --> 00:20:05,480
Speaker 4: of your income, you can quickly see now all of

437
00:20:05,520 --> 00:20:08,080
Speaker 4: a sudden that twenty five percent is going to be

438
00:20:08,160 --> 00:20:11,359
Speaker 4: brought back to you know, maybe seventeen percent on your side.

439
00:20:11,560 --> 00:20:14,119
Speaker 4: The other eight percent's go come from your employer. So

440
00:20:14,240 --> 00:20:16,520
Speaker 4: but it's a balance. You do need to do the math.

441
00:20:16,560 --> 00:20:19,240
Speaker 4: Don't skip the step and make sure you do have

442
00:20:19,280 --> 00:20:22,920
Speaker 4: that higher percentage of your gross income going towards the

443
00:20:22,960 --> 00:20:24,760
Speaker 4: future because you go to need it. You know, everybody

444
00:20:24,760 --> 00:20:27,600
Speaker 4: who's all part of the Yogo movement and thinks that that,

445
00:20:27,680 --> 00:20:30,000
Speaker 4: you know, they have to live for today because tomorrow

446
00:20:30,080 --> 00:20:32,720
Speaker 4: is not promised. The research shows you're probably going to

447
00:20:32,760 --> 00:20:34,440
Speaker 4: live to a ripe old age, see better plan.

448
00:20:34,480 --> 00:20:36,800
Speaker 2: Accordingly, it makes me think about the I'm sure you

449
00:20:36,840 --> 00:20:39,640
Speaker 2: saw this. The Yale professor who released a study about

450
00:20:39,640 --> 00:20:41,240
Speaker 2: consumption smoothing and.

451
00:20:41,280 --> 00:20:43,199
Speaker 4: That one that does does that one burn you know?

452
00:20:43,400 --> 00:20:45,240
Speaker 1: Yeah, we're frustrated by it too. Yeah.

453
00:20:45,320 --> 00:20:47,280
Speaker 4: When I see that, it bothers me. I had somebody

454
00:20:47,320 --> 00:20:49,800
Speaker 4: just post that on a comments section on one of

455
00:20:49,840 --> 00:20:51,960
Speaker 4: my one of my shows. I'm trying to remember which

456
00:20:51,920 --> 00:20:53,640
Speaker 4: show it was, but I was like two days ago

457
00:20:53,680 --> 00:20:56,359
Speaker 4: and I was like, you gotta be kidneys who wrote this.

458
00:20:56,480 --> 00:20:59,240
Speaker 4: The banking system. I mean, it's really frustrating.

459
00:20:59,480 --> 00:20:59,640
Speaker 1: Man.

460
00:20:59,680 --> 00:21:01,800
Speaker 2: I had a similar responsibily saw that. But there is

461
00:21:02,080 --> 00:21:04,960
Speaker 2: like there's a lot of untrue to that. We combat

462
00:21:04,960 --> 00:21:07,080
Speaker 2: of that in a massive way on our show. But

463
00:21:07,119 --> 00:21:10,879
Speaker 2: there's also truth to the fact that, like you don't graduate,

464
00:21:11,040 --> 00:21:13,680
Speaker 2: get your first job and start most of the time,

465
00:21:14,040 --> 00:21:16,600
Speaker 2: most of the time saving twenty five percent. Although I

466
00:21:16,640 --> 00:21:18,960
Speaker 2: think that's a good goal to have, So I guess, like,

467
00:21:19,000 --> 00:21:22,040
Speaker 2: I don't know how variable is that advice? And yeah,

468
00:21:22,080 --> 00:21:23,359
Speaker 2: it's like, is that the goal to have or is

469
00:21:23,359 --> 00:21:26,200
Speaker 2: it like, man, whatever it takes right now, sell your car,

470
00:21:26,760 --> 00:21:28,680
Speaker 2: in your child in order to you know, make sure

471
00:21:28,720 --> 00:21:29,600
Speaker 2: you hit that savings goal.

472
00:21:30,160 --> 00:21:30,240
Speaker 3: No.

473
00:21:30,440 --> 00:21:32,280
Speaker 4: And I think you know if you once you read

474
00:21:32,320 --> 00:21:35,560
Speaker 4: Millionaire Mission, you'll know. My mindset is definitely in your twenties.

475
00:21:35,560 --> 00:21:38,760
Speaker 4: I think it's aspirational. That's why I give you the

476
00:21:38,960 --> 00:21:40,560
Speaker 4: how you every time you get a pay raise, you

477
00:21:40,600 --> 00:21:42,679
Speaker 4: increase it. I do think by the time you're in

478
00:21:42,680 --> 00:21:45,320
Speaker 4: your thirties, you know you ought to really be getting

479
00:21:45,320 --> 00:21:49,000
Speaker 4: close to saving and investing twenty five percent. And there's

480
00:21:49,040 --> 00:21:51,240
Speaker 4: actually math behind that. If you when you go to

481
00:21:51,240 --> 00:21:53,720
Speaker 4: money go dot com slash resources, we have what twenty

482
00:21:53,760 --> 00:21:55,959
Speaker 4: five percent can do for you, and we have it

483
00:21:55,960 --> 00:21:58,600
Speaker 4: by age. And you'll notice anybody who starts saving and

484
00:21:58,640 --> 00:22:01,800
Speaker 4: investing when they're in their twenties, it really doesn't take much.

485
00:22:01,840 --> 00:22:04,600
Speaker 4: I mean, even if you were doing that fifteen percent

486
00:22:05,000 --> 00:22:06,879
Speaker 4: that other people talk about. I mean, you would be

487
00:22:07,000 --> 00:22:10,720
Speaker 4: crushing it as a replacement of your working income at retirement.

488
00:22:11,040 --> 00:22:13,400
Speaker 4: But once you get into your thirties, you'll start seeing

489
00:22:13,440 --> 00:22:15,720
Speaker 4: that twenty to twenty five percent is important by the

490
00:22:15,720 --> 00:22:19,200
Speaker 4: time you reach forty. If you haven't started by forty

491
00:22:19,240 --> 00:22:21,439
Speaker 4: and you're not doing twenty five percent, you might have

492
00:22:21,520 --> 00:22:25,080
Speaker 4: to start thinking about what is your your retirement self

493
00:22:25,200 --> 00:22:27,119
Speaker 4: might have to make you know, you either have to

494
00:22:27,160 --> 00:22:29,199
Speaker 4: subsidize your retirement income, You're going to have to have

495
00:22:29,200 --> 00:22:31,800
Speaker 4: a higher savings rate. There's things that you have to

496
00:22:32,280 --> 00:22:35,080
Speaker 4: that Procrastination or putting it off doesn't mean that you

497
00:22:35,119 --> 00:22:37,399
Speaker 4: won't reach your goals. It just means it's going to

498
00:22:37,440 --> 00:22:41,280
Speaker 4: be some obligation or requirement to get it back on track.

499
00:22:41,320 --> 00:22:43,800
Speaker 4: And when I think about that, you mentioned that Yell study.

500
00:22:44,520 --> 00:22:48,000
Speaker 4: What I don't like about that is the most valuable resource.

501
00:22:48,000 --> 00:22:50,320
Speaker 4: When I talk about the three ingredients to wealth building,

502
00:22:50,920 --> 00:22:53,920
Speaker 4: time is the most valuable one. And it's I'm trying

503
00:22:53,960 --> 00:22:55,480
Speaker 4: to mean, while I'm out there trying to tell people

504
00:22:55,640 --> 00:22:58,200
Speaker 4: repeat Themorrow moment, if you could just say fifty dollars

505
00:22:58,240 --> 00:22:59,840
Speaker 4: a month, one hundred dollars a month. I don't care

506
00:23:00,119 --> 00:23:04,920
Speaker 4: what it is, just do something because the money you

507
00:23:04,960 --> 00:23:08,479
Speaker 4: have at sixty five years of age, ninety five percent

508
00:23:08,520 --> 00:23:10,840
Speaker 4: of that is probably going to be the growth of

509
00:23:10,880 --> 00:23:13,400
Speaker 4: the account if you started young enough, because the compound

510
00:23:13,400 --> 00:23:15,760
Speaker 4: and growth is that powerful. If you tell somebody, hey,

511
00:23:15,800 --> 00:23:18,040
Speaker 4: go ahead and spend while you're young, because you're going

512
00:23:18,119 --> 00:23:20,480
Speaker 4: to get pay raises in the future and it's going

513
00:23:20,520 --> 00:23:23,520
Speaker 4: to be okay to catch up, they're not giving enough

514
00:23:23,600 --> 00:23:26,040
Speaker 4: value to the time component. And that just breaks my

515
00:23:26,119 --> 00:23:28,960
Speaker 4: heart because like buy now, pay later, and other things

516
00:23:29,000 --> 00:23:32,159
Speaker 4: like that, everybody is trying to help make consumption easier,

517
00:23:32,400 --> 00:23:34,960
Speaker 4: and I'm like, that is the opposite problem we have

518
00:23:35,080 --> 00:23:37,560
Speaker 4: where we have a problem in America on is people

519
00:23:37,600 --> 00:23:40,000
Speaker 4: actually saving a little bit today for that great, big,

520
00:23:40,040 --> 00:23:44,000
Speaker 4: beautiful tomorrow. So don't don't add to the problem of

521
00:23:44,080 --> 00:23:46,760
Speaker 4: consumption that we already have by saying, hey, go spend more.

522
00:23:46,840 --> 00:23:50,280
Speaker 4: You're young, you're fabulous, go live your best life. That

523
00:23:50,440 --> 00:23:53,159
Speaker 4: is a fool's gold. It reminds me of you know,

524
00:23:53,200 --> 00:23:56,440
Speaker 4: Pinocchio when they go to Pleasure Island. You know, like, oh,

525
00:23:57,040 --> 00:23:59,080
Speaker 4: you go to turn into a donkey if you're not careful.

526
00:23:59,160 --> 00:23:59,960
Speaker 1: It's true.

527
00:24:00,000 --> 00:24:01,280
Speaker 3: All right, We've got so much more to get to

528
00:24:01,320 --> 00:24:04,320
Speaker 3: with you, especially just when life gets messy. How it

529
00:24:04,359 --> 00:24:07,119
Speaker 3: is that we prioritize some of the different goals that

530
00:24:07,160 --> 00:24:07,359
Speaker 3: we have.

531
00:24:07,400 --> 00:24:17,480
Speaker 1: We'll get to that more right after this. All right,

532
00:24:17,520 --> 00:24:18,160
Speaker 1: we're back to the break.

533
00:24:18,160 --> 00:24:20,760
Speaker 2: We're still talking to with Brian Preston. We're talking about

534
00:24:20,920 --> 00:24:24,800
Speaker 2: becoming a millionaire. But man, one of the hardest parts

535
00:24:24,920 --> 00:24:27,840
Speaker 2: of life to get through in order to achieve millionaire

536
00:24:27,840 --> 00:24:31,720
Speaker 2: status is Brian's what you refer to as the messy middle.

537
00:24:32,080 --> 00:24:34,800
Speaker 2: And some of those years, especially now, it's like the

538
00:24:34,840 --> 00:24:37,920
Speaker 2: Sandwich generation. You've got kids, and then you've got parents

539
00:24:37,960 --> 00:24:40,280
Speaker 2: you need to help out who might not have saved

540
00:24:40,359 --> 00:24:43,959
Speaker 2: enough themselves. Can you define the messy middle, because there's

541
00:24:44,000 --> 00:24:46,119
Speaker 2: a lot of how to money listeners I think in

542
00:24:46,160 --> 00:24:46,960
Speaker 2: that phase of life.

543
00:24:47,200 --> 00:24:49,600
Speaker 4: Yeah, Man, I tell you, if you're in the messy middle,

544
00:24:49,600 --> 00:24:52,560
Speaker 4: you'll know you resemble this if you feel like you're

545
00:24:52,600 --> 00:24:56,440
Speaker 4: short on both tom because you've got you know, your marriage,

546
00:24:56,440 --> 00:24:59,560
Speaker 4: you've got children, you've got your job responsibilities, you've got

547
00:24:59,600 --> 00:25:01,919
Speaker 4: the commune unity that you're also trying to be active

548
00:25:02,000 --> 00:25:04,800
Speaker 4: with your neighbors and so forth. But then you also

549
00:25:04,800 --> 00:25:08,200
Speaker 4: feel like you're short on money because there's so many

550
00:25:08,280 --> 00:25:11,879
Speaker 4: things pulling on both your time and your resources that

551
00:25:11,920 --> 00:25:14,560
Speaker 4: you just burning it on both ends and you're like,

552
00:25:14,680 --> 00:25:16,679
Speaker 4: how in the world am I going to make it

553
00:25:16,680 --> 00:25:20,000
Speaker 4: through this? And I always am super sympathetic to all

554
00:25:20,000 --> 00:25:22,240
Speaker 4: of my audience that's in this phase, and by the

555
00:25:22,280 --> 00:25:25,119
Speaker 4: way I've been in this phase, I've shared my journey

556
00:25:25,119 --> 00:25:29,000
Speaker 4: where sometimes I feel like, also for successful people, we

557
00:25:29,080 --> 00:25:31,840
Speaker 4: already have this mindset we've got to achieve, We got

558
00:25:31,840 --> 00:25:34,879
Speaker 4: to go keep hitting all the life achievements as fast

559
00:25:34,880 --> 00:25:38,520
Speaker 4: as we possibly can. And I'm always like, guys, slow

560
00:25:38,600 --> 00:25:42,680
Speaker 4: it down, deep breaths, this is going This season will pass.

561
00:25:43,119 --> 00:25:45,880
Speaker 4: Just don't get distracted, don't stop doing what you're doing.

562
00:25:45,920 --> 00:25:50,360
Speaker 4: But it's okay to actually recognize that we all struggle

563
00:25:50,400 --> 00:25:52,520
Speaker 4: when you have all these life things. And I even

564
00:25:52,720 --> 00:25:56,200
Speaker 4: in the book, I put some charts to let people

565
00:25:56,240 --> 00:25:57,800
Speaker 4: know because I felt like there would actually be some

566
00:25:57,920 --> 00:26:00,520
Speaker 4: coping or at least some relief and you're not in

567
00:26:00,600 --> 00:26:04,280
Speaker 4: this alone. Where I show people's incomes versus you know,

568
00:26:04,400 --> 00:26:08,879
Speaker 4: disposable income versus obligations, or disposable time versus you know,

569
00:26:09,320 --> 00:26:12,119
Speaker 4: you know, what they've got going on, and I'm hoping

570
00:26:12,160 --> 00:26:14,760
Speaker 4: people will realize, yes, those days are long, but the

571
00:26:14,840 --> 00:26:17,840
Speaker 4: years are short, and to kind of hang in there.

572
00:26:17,920 --> 00:26:20,680
Speaker 4: You'll make it through it, but just don't lose the

573
00:26:21,040 --> 00:26:25,000
Speaker 4: plot on keeping some basic things going on to work

574
00:26:25,040 --> 00:26:26,199
Speaker 4: for your financial future.

575
00:26:26,640 --> 00:26:28,880
Speaker 3: And I saw those charts that you've gotten there, Brian,

576
00:26:28,920 --> 00:26:31,480
Speaker 3: and so like it's it's clear, like there's clear evidence

577
00:26:31,520 --> 00:26:33,000
Speaker 3: that truly, I mean, what is it.

578
00:26:33,000 --> 00:26:34,080
Speaker 1: It's life satisfaction.

579
00:26:34,160 --> 00:26:36,159
Speaker 3: Also is like at a nat or like at the

580
00:26:36,200 --> 00:26:39,760
Speaker 3: stage in life the amount of financial responsibility is like

581
00:26:39,760 --> 00:26:41,800
Speaker 3: an all time high. But I think for a lot

582
00:26:41,840 --> 00:26:43,600
Speaker 3: of folks, like there might be folks like in their

583
00:26:43,600 --> 00:26:46,480
Speaker 3: twenties who are saying, hey, I'm not in my thirties yet,

584
00:26:47,080 --> 00:26:49,439
Speaker 3: and I feel like the messy middle is here, you know.

585
00:26:49,800 --> 00:26:52,320
Speaker 3: And so like there's something about when you get older, obviously,

586
00:26:52,400 --> 00:26:54,640
Speaker 3: as you mature and get wiser, like you look back

587
00:26:54,680 --> 00:26:56,439
Speaker 3: on the past and it's easy to kind of forget

588
00:26:56,480 --> 00:26:58,639
Speaker 3: all the hardship that you're going through. But like that

589
00:26:58,720 --> 00:27:01,080
Speaker 3: doesn't discount think think what a lot of younger folks

590
00:27:01,119 --> 00:27:03,160
Speaker 3: are dealing with now. And so I think a lot

591
00:27:03,160 --> 00:27:05,960
Speaker 3: of times it feels like that that messy mental it's

592
00:27:06,000 --> 00:27:08,159
Speaker 3: just constant, Like it's like it hits you in your twenties,

593
00:27:08,200 --> 00:27:09,879
Speaker 3: you feel it certainly in your thirties as folks are

594
00:27:09,920 --> 00:27:12,080
Speaker 3: starting to have kids, if that's a part of their plan,

595
00:27:12,359 --> 00:27:14,480
Speaker 3: they're trying to achieve other financial goals like.

596
00:27:14,640 --> 00:27:15,720
Speaker 1: When they're in their forties.

597
00:27:15,760 --> 00:27:18,280
Speaker 3: But yeah, so I guess how would you encourage folks

598
00:27:18,359 --> 00:27:22,159
Speaker 3: to maybe set financial priorities As you got all these

599
00:27:22,200 --> 00:27:23,960
Speaker 3: goals and you're trying to pick which ones you want

600
00:27:23,960 --> 00:27:25,439
Speaker 3: to pursue. How do you talk folks through that?

601
00:27:25,920 --> 00:27:29,120
Speaker 4: Yeah, we've been talking. We've even got some content coming

602
00:27:29,160 --> 00:27:31,720
Speaker 4: down the pipe called financial tug of war. And I

603
00:27:31,760 --> 00:27:33,840
Speaker 4: feel for young people right now because we just came

604
00:27:33,880 --> 00:27:38,040
Speaker 4: through the post pandemic and the huge inflation that came.

605
00:27:38,680 --> 00:27:41,440
Speaker 4: And then you take into account also the way they're

606
00:27:41,480 --> 00:27:45,120
Speaker 4: fighting inflation is by jacking up interest rates. I mean,

607
00:27:45,160 --> 00:27:47,840
Speaker 4: there's a lot working against people, and I can see

608
00:27:47,880 --> 00:27:51,119
Speaker 4: the frustration that would feel. But I want people to

609
00:27:51,160 --> 00:27:53,880
Speaker 4: know that I really do believe in reversion to the mean.

610
00:27:54,320 --> 00:27:56,119
Speaker 4: And that doesn't mean I think the housing prices are

611
00:27:56,160 --> 00:27:58,200
Speaker 4: going to drop. I just think that it will take

612
00:27:58,240 --> 00:28:01,240
Speaker 4: time and some of this stuff will mellow. From a

613
00:28:01,359 --> 00:28:04,080
Speaker 4: historical perspective, but that doesn't mean you just need to

614
00:28:04,119 --> 00:28:06,840
Speaker 4: sit back and wait for an opportunity to present itself.

615
00:28:06,840 --> 00:28:09,399
Speaker 4: I think you actually have to start figuring out how

616
00:28:09,440 --> 00:28:11,880
Speaker 4: you navigate this well for yourself. So let me give

617
00:28:11,880 --> 00:28:14,439
Speaker 4: you some examples. One of the first things I talk

618
00:28:14,520 --> 00:28:16,880
Speaker 4: about is, like y'all mentioned buying a house, because I

619
00:28:16,880 --> 00:28:19,600
Speaker 4: imagine that is a hard, hard thing right now. This

620
00:28:19,640 --> 00:28:21,600
Speaker 4: is one of the things I love about Millionaire Mission

621
00:28:21,920 --> 00:28:24,800
Speaker 4: and the financial order of operations. A lot of gurus

622
00:28:24,840 --> 00:28:27,760
Speaker 4: out there that were telling from the rooftops you had

623
00:28:27,760 --> 00:28:30,679
Speaker 4: to put down twenty percent on your first house, and

624
00:28:30,720 --> 00:28:33,119
Speaker 4: then they've had to come hat in hand and say, well,

625
00:28:33,160 --> 00:28:36,359
Speaker 4: maybe ten percent because of how things are. Our rules

626
00:28:36,359 --> 00:28:38,080
Speaker 4: have never changed because I've always tried to be as

627
00:28:38,080 --> 00:28:40,040
Speaker 4: transparent as possible. I went and asked all of my

628
00:28:40,120 --> 00:28:43,280
Speaker 4: financial advisors because I internally knew how I paid for

629
00:28:43,360 --> 00:28:45,960
Speaker 4: my first house, and I ask all my financial advisors

630
00:28:45,960 --> 00:28:47,560
Speaker 4: who work with me, and I say, how much did

631
00:28:47,600 --> 00:28:49,960
Speaker 4: y'all put down? When we found out the lion's share

632
00:28:50,360 --> 00:28:52,920
Speaker 4: of financial advisors put down three to five percent on

633
00:28:52,960 --> 00:28:55,040
Speaker 4: their first house. I'm not talking about the upgraded house,

634
00:28:55,120 --> 00:28:56,640
Speaker 4: the second house. You know, when you go to the

635
00:28:56,680 --> 00:28:59,200
Speaker 4: bigger house for the kids. Talking about that first house

636
00:28:59,480 --> 00:29:01,520
Speaker 4: three to five that's what I put down on my

637
00:29:01,640 --> 00:29:04,360
Speaker 4: first house. Now you can kind of look at it

638
00:29:04,400 --> 00:29:07,080
Speaker 4: as an extension of your step four of the financial

639
00:29:07,160 --> 00:29:09,360
Speaker 4: order operations of your cash reserves. You might want to

640
00:29:09,400 --> 00:29:12,320
Speaker 4: just boost up your cash beyond the three to six

641
00:29:12,400 --> 00:29:15,080
Speaker 4: months so you can get in that first house. And

642
00:29:15,120 --> 00:29:17,560
Speaker 4: that's how we're we're kind of navigating these things. Is

643
00:29:17,600 --> 00:29:20,480
Speaker 4: take where it is, what's going on right now, how

644
00:29:20,520 --> 00:29:23,840
Speaker 4: do you adapt and still reach your goals, but also

645
00:29:23,960 --> 00:29:26,800
Speaker 4: don't walk completely away from what your future self is

646
00:29:26,840 --> 00:29:28,840
Speaker 4: going to need as well. And that's why it's back

647
00:29:28,880 --> 00:29:31,840
Speaker 4: to that Pemdos example. You have to know the orderly

648
00:29:31,840 --> 00:29:34,200
Speaker 4: flow for how to handle every dollar that comes into

649
00:29:34,240 --> 00:29:36,880
Speaker 4: your control, and we've tried to lay that out for everyone.

650
00:29:37,040 --> 00:29:39,200
Speaker 2: What's your overall philosophy on debt? I mean, I know

651
00:29:39,320 --> 00:29:42,520
Speaker 2: that you don't love it. You don't you're encouraging the

652
00:29:42,560 --> 00:29:44,520
Speaker 2: most nefarious kinds of debt or anything like that. But

653
00:29:44,560 --> 00:29:48,440
Speaker 2: you're also not a hardliner all debt is bad dude, either.

654
00:29:48,560 --> 00:29:50,400
Speaker 2: So how do you think about debt? And do you

655
00:29:50,400 --> 00:29:52,920
Speaker 2: think that like some wealth or some debt can actually

656
00:29:52,960 --> 00:29:54,840
Speaker 2: help accelerate people's ability to build wealth.

657
00:29:54,880 --> 00:29:57,320
Speaker 4: Yeah, I'm just not a debt crusader because I just know,

658
00:29:57,440 --> 00:29:59,080
Speaker 4: once again, I don't want to be a hypocrite. I

659
00:29:59,160 --> 00:30:02,480
Speaker 4: look at my own life and I'll look at how

660
00:30:02,520 --> 00:30:05,520
Speaker 4: I've used debt. I mean, like, right now, I'm struggling

661
00:30:05,560 --> 00:30:08,720
Speaker 4: because I have my primary mortgage. I could strike a

662
00:30:08,800 --> 00:30:10,920
Speaker 4: check to pay it off. It's seventy five thousand dollars,

663
00:30:10,920 --> 00:30:12,960
Speaker 4: but I just having a hard time just writing that

664
00:30:13,040 --> 00:30:15,360
Speaker 4: check because it's two and a half percent interest rate.

665
00:30:17,120 --> 00:30:18,880
Speaker 4: I know. It's not to brag, it's just to give you,

666
00:30:19,320 --> 00:30:22,320
Speaker 4: guys that I really do struggle with some of these

667
00:30:22,360 --> 00:30:24,040
Speaker 4: decisions as well. So here, but let me tell you

668
00:30:24,040 --> 00:30:26,480
Speaker 4: what I've done from a mathematical standpoint, because I've tried

669
00:30:26,520 --> 00:30:30,840
Speaker 4: to balance that when you're young does get wealthy behaviors

670
00:30:30,840 --> 00:30:32,600
Speaker 4: that you need to focus on. When I say young,

671
00:30:32,640 --> 00:30:35,040
Speaker 4: I mean under forty five years of age. Your wealth

672
00:30:35,120 --> 00:30:39,200
Speaker 4: multiplier is so powerful before age forty five that if

673
00:30:39,200 --> 00:30:40,640
Speaker 4: you're trying to pay off a two and a half

674
00:30:40,640 --> 00:30:44,520
Speaker 4: to three percent mortgage before you're saving twenty five percent,

675
00:30:44,960 --> 00:30:47,920
Speaker 4: you have really missed a key opportunity. However, I think

676
00:30:48,160 --> 00:30:50,240
Speaker 4: when you flip the script. Once you get over forty

677
00:30:50,240 --> 00:30:53,840
Speaker 4: five and you've built success, so now it's stay wealthy behaviors.

678
00:30:53,840 --> 00:30:55,520
Speaker 4: We ought to focus on, how do we de risk

679
00:30:55,640 --> 00:30:59,200
Speaker 4: our lives so we actually can stay wealthy and stay

680
00:30:59,200 --> 00:31:02,400
Speaker 4: successful over the long term. But all means, let's pay

681
00:31:02,440 --> 00:31:05,600
Speaker 4: off some of those low interest debts, because now it's

682
00:31:05,640 --> 00:31:08,320
Speaker 4: not a matter of maximization, it's a matter of, hey,

683
00:31:08,320 --> 00:31:11,160
Speaker 4: how do we take some variables off of the playing

684
00:31:11,200 --> 00:31:13,840
Speaker 4: field so that we actually get to keep what we have.

685
00:31:14,680 --> 00:31:16,480
Speaker 4: But it does break my heart when I find out

686
00:31:16,480 --> 00:31:19,360
Speaker 4: a thirty two year old is paying off a three

687
00:31:19,440 --> 00:31:22,840
Speaker 4: or four percent mortgage, especially if they haven't started saving

688
00:31:22,840 --> 00:31:24,360
Speaker 4: and investing twenty five percent.

689
00:31:24,640 --> 00:31:27,600
Speaker 3: Sure, okay, so while we're talking about houses, your guideline

690
00:31:27,720 --> 00:31:30,640
Speaker 3: is for folks to keep their their total home expenses

691
00:31:30,920 --> 00:31:33,800
Speaker 3: under twenty five percent of their gross income, which is

692
00:31:33,840 --> 00:31:36,280
Speaker 3: harder to do these days. And especially for somebody who's

693
00:31:36,280 --> 00:31:38,320
Speaker 3: getting into that first home and they're putting down a

694
00:31:38,320 --> 00:31:40,600
Speaker 3: smaller amount, they're going to see you're going to see

695
00:31:40,720 --> 00:31:42,840
Speaker 3: higher interest payments, You're gonna see a higher mortgage amount.

696
00:31:42,960 --> 00:31:46,080
Speaker 3: I guess I'm curious where things are. Just folks you're

697
00:31:46,120 --> 00:31:49,000
Speaker 3: talking to, are you getting any pushback on that advice

698
00:31:49,080 --> 00:31:51,800
Speaker 3: of the keeping your housing costs under twenty five percent.

699
00:31:52,240 --> 00:31:54,800
Speaker 4: Yeah, this is how Just for clarification, I'm also a

700
00:31:54,840 --> 00:31:57,680
Speaker 4: big proponent, especially for those under forty five, get the

701
00:31:57,720 --> 00:32:00,560
Speaker 4: thirty year mortgage, give yourself as much time, because that

702
00:32:00,600 --> 00:32:02,520
Speaker 4: also allows you to buy a little bit more house.

703
00:32:03,000 --> 00:32:06,240
Speaker 4: You couple that with that lower down payment. I think

704
00:32:06,280 --> 00:32:09,160
Speaker 4: it gives you some flexibility. But by all means, especially

705
00:32:09,200 --> 00:32:13,200
Speaker 4: my listeners that are I like to call my coastal listeners,

706
00:32:13,240 --> 00:32:16,560
Speaker 4: you know, the New York's, the California is, they struggle

707
00:32:16,600 --> 00:32:18,320
Speaker 4: with some of these things. So I say, well, let's

708
00:32:18,400 --> 00:32:20,720
Speaker 4: let's be I want to be honest with you, because

709
00:32:20,920 --> 00:32:24,120
Speaker 4: my system is adaptable. If you live like in New

710
00:32:24,200 --> 00:32:26,600
Speaker 4: York and you don't even own a car, I mean,

711
00:32:26,720 --> 00:32:28,680
Speaker 4: then I'm going to give you a little more grace

712
00:32:28,720 --> 00:32:30,480
Speaker 4: on the twenty five percent. And I talk about this

713
00:32:30,520 --> 00:32:33,560
Speaker 4: in the book, because you don't have the five to

714
00:32:33,560 --> 00:32:37,680
Speaker 4: eight percent that's probably going towards transportation that somebody who

715
00:32:37,720 --> 00:32:41,120
Speaker 4: lives in the suburbs of maybe the Southeast or the

716
00:32:41,160 --> 00:32:45,560
Speaker 4: Midwest has. So if you're in those places especially have

717
00:32:45,720 --> 00:32:49,600
Speaker 4: had been ravished by inflation, I try to give you

718
00:32:49,640 --> 00:32:52,000
Speaker 4: the grace to work through that. But I do think

719
00:32:52,040 --> 00:32:55,040
Speaker 4: for the majority of people out there listening to this

720
00:32:55,400 --> 00:32:58,960
Speaker 4: and hopefully reading Millionaire mission, I would love you to

721
00:32:58,960 --> 00:33:01,520
Speaker 4: have the austerity or the discipline to try to keep

722
00:33:01,560 --> 00:33:03,720
Speaker 4: it at twenty five percent. And the reason is is

723
00:33:03,760 --> 00:33:05,720
Speaker 4: because I want you to be able to not only

724
00:33:06,080 --> 00:33:07,360
Speaker 4: have a house to live in, I want you to

725
00:33:07,360 --> 00:33:08,800
Speaker 4: be able to save for the future, and then I

726
00:33:08,880 --> 00:33:10,560
Speaker 4: want you to be able to make memories. You've got

727
00:33:10,600 --> 00:33:14,360
Speaker 4: to have some margin to live life, to spend some money,

728
00:33:14,360 --> 00:33:16,000
Speaker 4: and that's what I try to put the mindset in

729
00:33:16,040 --> 00:33:19,000
Speaker 4: the book of It. Yes, I'm a maximizer of the math,

730
00:33:19,240 --> 00:33:21,160
Speaker 4: but man oh Man is a guy who's now in

731
00:33:21,160 --> 00:33:24,480
Speaker 4: his fifties. I want you to enjoy every decade ye're

732
00:33:24,520 --> 00:33:27,440
Speaker 4: on this planet. And if you just lock yourself in

733
00:33:27,480 --> 00:33:30,520
Speaker 4: a room for twenty five years until you pop out

734
00:33:30,560 --> 00:33:32,520
Speaker 4: of the toaster of and is a millionaire, I think

735
00:33:32,600 --> 00:33:35,120
Speaker 4: you will have missed a lot of the sweetness of life.

736
00:33:35,160 --> 00:33:36,880
Speaker 4: So that's why I try to help you to balance

737
00:33:37,360 --> 00:33:40,480
Speaker 4: that so you can really have a life well lived.

738
00:33:41,120 --> 00:33:43,400
Speaker 3: Yeah, we totally agree with the nuance that you're bringing

739
00:33:43,440 --> 00:33:45,480
Speaker 3: to the conversation here, because yeah, I mean We're not

740
00:33:45,520 --> 00:33:48,280
Speaker 3: guaranteed these additional decades. We're not even guaranteed additional years

741
00:33:48,360 --> 00:33:50,720
Speaker 3: or even days. And I like that balance that you

742
00:33:50,720 --> 00:33:55,560
Speaker 3: strike because, like even the housing conversation, sometime you buy

743
00:33:55,600 --> 00:33:57,440
Speaker 3: a home, sometimes you move. There are things that you

744
00:33:57,520 --> 00:33:59,920
Speaker 3: do that don't financially make sense. But there is more

745
00:34:00,160 --> 00:34:02,640
Speaker 3: to life than just the finances and trying to find

746
00:34:02,640 --> 00:34:05,320
Speaker 3: ways to optimize every single dollar. And yeah, I mean

747
00:34:05,320 --> 00:34:07,280
Speaker 3: that's one of the things I love about just how

748
00:34:07,280 --> 00:34:09,839
Speaker 3: you've written the book. You constantly kind of go back

749
00:34:09,880 --> 00:34:12,440
Speaker 3: to this. But it's good that you know the numbers

750
00:34:12,480 --> 00:34:14,160
Speaker 3: and you know that you know how things work. But

751
00:34:14,160 --> 00:34:16,080
Speaker 3: what are your life goals? What do you want your

752
00:34:16,080 --> 00:34:18,480
Speaker 3: life to look like? Yeah, yeah, I'm curious actually too,

753
00:34:19,000 --> 00:34:20,799
Speaker 3: as folks are. I think there's a lot of folks

754
00:34:20,840 --> 00:34:23,120
Speaker 3: out there and they don't feel financially prepared even to

755
00:34:23,120 --> 00:34:26,919
Speaker 3: have kids, because that's another massive expense. But in my mind,

756
00:34:26,960 --> 00:34:28,879
Speaker 3: that's another one of those sort of life goals, right,

757
00:34:28,920 --> 00:34:31,520
Speaker 3: it's just like, oh, well, this is a huge goal

758
00:34:31,520 --> 00:34:32,880
Speaker 3: of ours, this is what we want our life to

759
00:34:32,880 --> 00:34:33,160
Speaker 3: look like.

760
00:34:33,160 --> 00:34:34,880
Speaker 1: What would you say to those.

761
00:34:34,680 --> 00:34:36,719
Speaker 3: Families, to folks who are trying to weigh the pros

762
00:34:36,719 --> 00:34:37,760
Speaker 3: and cons of having kids.

763
00:34:38,320 --> 00:34:41,640
Speaker 4: Yeah, Man, kids is a big thing, and I definitely

764
00:34:41,640 --> 00:34:43,400
Speaker 4: think this one is one that you want to have

765
00:34:43,440 --> 00:34:46,960
Speaker 4: both the math and the mindset, right. But I think

766
00:34:47,000 --> 00:34:50,279
Speaker 4: also my perspective of coming at this from somebody who's

767
00:34:50,280 --> 00:34:55,920
Speaker 4: in their fifties who's had children, my thoughts toward this

768
00:34:56,000 --> 00:35:00,319
Speaker 4: is a little more sentimental than just the math. And

769
00:35:00,360 --> 00:35:02,399
Speaker 4: I think about the fact of I think a lot

770
00:35:02,440 --> 00:35:05,880
Speaker 4: of people, especially us, financially minded people or financial mutants

771
00:35:05,920 --> 00:35:09,160
Speaker 4: if you read any of my content, is we are

772
00:35:09,160 --> 00:35:11,840
Speaker 4: always worried about affording our kids. But I want to

773
00:35:11,880 --> 00:35:16,160
Speaker 4: tell you get outside of that to a degree because

774
00:35:16,200 --> 00:35:18,680
Speaker 4: I and here's where life is somewhat unfair, is that

775
00:35:18,719 --> 00:35:22,719
Speaker 4: when you're in the having children's stage, you're typically in

776
00:35:22,760 --> 00:35:25,480
Speaker 4: what we call the messy middle, where you're both without money,

777
00:35:25,920 --> 00:35:31,640
Speaker 4: you're without time, and for me having the perspective of

778
00:35:32,120 --> 00:35:35,280
Speaker 4: having older children, but also I don't even mind sharing

779
00:35:35,320 --> 00:35:38,080
Speaker 4: that I have the facet of a child that will

780
00:35:38,160 --> 00:35:39,960
Speaker 4: likely have to live with me for the rest of

781
00:35:40,000 --> 00:35:43,759
Speaker 4: my life because she's got her own struggles, she's on

782
00:35:43,840 --> 00:35:47,600
Speaker 4: the spectrum and we'll need some assistance. But even with

783
00:35:47,800 --> 00:35:50,880
Speaker 4: those type of struggles, I still in this new phase

784
00:35:50,880 --> 00:35:53,600
Speaker 4: of life. I look back on raising these children in

785
00:35:53,640 --> 00:35:57,080
Speaker 4: this messy middle and I have all these blossoming memories.

786
00:35:57,080 --> 00:35:59,200
Speaker 4: And for those who don't know, when I talk about

787
00:35:59,239 --> 00:36:04,200
Speaker 4: blossoming me, this is where there's a tendency with us humans.

788
00:36:04,680 --> 00:36:08,359
Speaker 4: Is that as you get more time beyond when you're

789
00:36:08,440 --> 00:36:11,799
Speaker 4: going through struggles or going through events of life, you

790
00:36:11,880 --> 00:36:13,799
Speaker 4: find that when you look back on the memories, they

791
00:36:13,840 --> 00:36:16,480
Speaker 4: actually get better with time. Some of the negative stuff

792
00:36:16,960 --> 00:36:20,080
Speaker 4: falls off, or it becomes a funny antidote or something

793
00:36:20,080 --> 00:36:23,200
Speaker 4: that makes the story that much more special or the

794
00:36:23,239 --> 00:36:26,280
Speaker 4: memory that much more special. And I think that happens

795
00:36:26,719 --> 00:36:28,920
Speaker 4: as a parent, for sure. And so that's why when

796
00:36:28,960 --> 00:36:31,319
Speaker 4: you hear all these voices in society right now saying, hey,

797
00:36:31,320 --> 00:36:35,040
Speaker 4: don't go get married, don't have kids, I'm here to

798
00:36:35,080 --> 00:36:36,759
Speaker 4: be that counter voice to tell you I'm on the

799
00:36:36,800 --> 00:36:39,839
Speaker 4: other side of that. And I even heard my own daughter,

800
00:36:39,840 --> 00:36:42,960
Speaker 4: you know, my oldest daughters and just she's in her twenties,

801
00:36:43,520 --> 00:36:46,799
Speaker 4: and she was expressing that she had concerns about having

802
00:36:46,880 --> 00:36:50,319
Speaker 4: children because she didn't consider herself a kid person. And

803
00:36:50,400 --> 00:36:52,200
Speaker 4: I was like, honey, I'm the exact same way. I

804
00:36:52,200 --> 00:36:56,879
Speaker 4: would never classify myself as the kid person who wanted

805
00:36:56,880 --> 00:36:59,840
Speaker 4: to go smell all the babies and all that stuffs

806
00:36:59,840 --> 00:37:02,240
Speaker 4: you see people. But I am one of those people

807
00:37:02,239 --> 00:37:05,239
Speaker 4: that even if you're not a kid person, I can

808
00:37:05,719 --> 00:37:08,840
Speaker 4: pretty much promise you when you get that blessing of

809
00:37:09,239 --> 00:37:13,879
Speaker 4: a newborn, you're going to love that child. And and

810
00:37:13,480 --> 00:37:16,680
Speaker 4: and what's unfair, because I keep talking about the unfairness,

811
00:37:16,680 --> 00:37:18,880
Speaker 4: but this is important that you have this context. Is

812
00:37:19,160 --> 00:37:21,960
Speaker 4: that I know for me is that as I've gotten

813
00:37:22,000 --> 00:37:24,600
Speaker 4: older and I'm getting more sentimental, your your children will

814
00:37:24,640 --> 00:37:27,800
Speaker 4: get more and more independent. And that's just one of

815
00:37:27,840 --> 00:37:29,799
Speaker 4: those things that you'll struggle with. And that's why I've

816
00:37:29,840 --> 00:37:31,520
Speaker 4: often thought, man, if I had to do this all

817
00:37:31,560 --> 00:37:34,560
Speaker 4: over again, we might have had kids a little sooner.

818
00:37:35,160 --> 00:37:38,520
Speaker 4: We might have had even more kids, because I as

819
00:37:39,040 --> 00:37:43,000
Speaker 4: I enter this wisdom phase of life, I've realized money

820
00:37:43,040 --> 00:37:45,399
Speaker 4: is just a tool, and it's a balance of both

821
00:37:45,440 --> 00:37:49,040
Speaker 4: that math the mindset, but also having the life well lived.

822
00:37:49,640 --> 00:37:52,200
Speaker 4: And I do think that there is a sweetness to

823
00:37:52,320 --> 00:37:56,000
Speaker 4: having children, even if you have struggles. It's just it's

824
00:37:56,239 --> 00:37:59,080
Speaker 4: one of those things that I've really looked into on

825
00:37:59,200 --> 00:38:02,680
Speaker 4: my life. But I'll also have liked to share it

826
00:38:03,080 --> 00:38:04,839
Speaker 4: and kind of pay it forward. So people who are

827
00:38:04,840 --> 00:38:06,440
Speaker 4: on that balance are trying to figure out how to

828
00:38:06,480 --> 00:38:08,640
Speaker 4: be good with money but also make sure I have

829
00:38:08,680 --> 00:38:11,360
Speaker 4: that life well lived. And even if I'm considering children,

830
00:38:11,800 --> 00:38:16,000
Speaker 4: these are the things I've experienced after, you know, thirty

831
00:38:16,080 --> 00:38:18,680
Speaker 4: years of saving and investing in twenty years of being

832
00:38:18,680 --> 00:38:19,080
Speaker 4: a parent.

833
00:38:19,680 --> 00:38:22,319
Speaker 2: Yeah, I mean, that's beautifully said, and I'm curious to

834
00:38:22,320 --> 00:38:23,879
Speaker 2: hear you talk. You talk about in the book about

835
00:38:23,880 --> 00:38:26,279
Speaker 2: the opportunity cost of debt, and so we've talked about

836
00:38:26,280 --> 00:38:29,839
Speaker 2: maybe some of the reality that certain kinds of good

837
00:38:29,880 --> 00:38:32,239
Speaker 2: debt can accelerate your ability to build wealth. Maybe don't

838
00:38:32,239 --> 00:38:34,520
Speaker 2: shy away from I mean, don't take on as much

839
00:38:34,520 --> 00:38:36,560
Speaker 2: student loan debt as you possibly can, but also don't

840
00:38:36,600 --> 00:38:38,120
Speaker 2: like avoid it completely.

841
00:38:38,200 --> 00:38:38,759
Speaker 1: Or maybe you're.

842
00:38:38,680 --> 00:38:41,279
Speaker 2: Buying a house, Hey five percent down is enough to

843
00:38:41,760 --> 00:38:44,880
Speaker 2: make sure that you realize that dream. But then there

844
00:38:44,880 --> 00:38:47,719
Speaker 2: are other kinds of debt where there's a massive opportunity costs. Right,

845
00:38:47,719 --> 00:38:49,960
Speaker 2: it's not just that you're paying for past purchases, but

846
00:38:50,000 --> 00:38:52,719
Speaker 2: it's what that's preventing you from being able to do right.

847
00:38:53,040 --> 00:38:55,960
Speaker 4: So debt, I think it's important to remember debt is

848
00:38:56,040 --> 00:38:59,279
Speaker 4: definitely dangerous, but at the end of the day, it's

849
00:38:59,360 --> 00:39:04,479
Speaker 4: still is a financial tool. And I like to say

850
00:39:04,480 --> 00:39:05,840
Speaker 4: on the show all the time is that you have

851
00:39:05,920 --> 00:39:08,799
Speaker 4: to begin with the end in mind. And when I

852
00:39:08,840 --> 00:39:11,719
Speaker 4: say that, what I'm actually talking about is that when

853
00:39:11,719 --> 00:39:15,280
Speaker 4: you talk about the concept, especially in this situation, debt,

854
00:39:15,760 --> 00:39:17,840
Speaker 4: you have to ask yourself are you using debt to

855
00:39:17,960 --> 00:39:22,880
Speaker 4: build or using debt to consume? And you mentioned a

856
00:39:22,920 --> 00:39:25,520
Speaker 4: few examples in the question, but let's talk about like

857
00:39:25,560 --> 00:39:31,480
Speaker 4: student loans. Student loans have the opportunity to be really

858
00:39:31,600 --> 00:39:33,880
Speaker 4: good for you if they give you the opportunity to

859
00:39:34,440 --> 00:39:37,560
Speaker 4: earn more money or build a better financial life for yourself.

860
00:39:37,840 --> 00:39:41,120
Speaker 4: But that all comes back to the earning potential. What's

861
00:39:41,120 --> 00:39:44,680
Speaker 4: the actual return on investment that you will actually get

862
00:39:44,680 --> 00:39:47,000
Speaker 4: off of taking on that student loan debt? Is it

863
00:39:47,040 --> 00:39:49,600
Speaker 4: going to actually increase your earning potential over life? So

864
00:39:49,640 --> 00:39:51,920
Speaker 4: that's why you've got to pay attention to where do

865
00:39:51,960 --> 00:39:54,160
Speaker 4: you go to school. You're going to pay attention to

866
00:39:54,680 --> 00:39:57,680
Speaker 4: you what's your major in school? And those type of

867
00:39:57,760 --> 00:40:01,359
Speaker 4: things will impact that return on it investment. And then

868
00:40:01,560 --> 00:40:03,600
Speaker 4: you know, I try to stay away from all the

869
00:40:03,600 --> 00:40:05,640
Speaker 4: consumption debt. You know, that's why I try to avoid

870
00:40:05,640 --> 00:40:08,719
Speaker 4: the high car payment, try to avoid the credit card debt,

871
00:40:08,760 --> 00:40:11,320
Speaker 4: because that's just all spending, that's all consumption, that's not

872
00:40:11,360 --> 00:40:14,120
Speaker 4: actually trying to help you build anything. And I think

873
00:40:14,120 --> 00:40:18,560
Speaker 4: it's important to talk about the power of leverage debt

874
00:40:18,640 --> 00:40:23,239
Speaker 4: because I would be a hypocrite if I didn't share that, Yes,

875
00:40:23,400 --> 00:40:28,120
Speaker 4: I have used debt to actually multiply my wealth, especially

876
00:40:28,120 --> 00:40:29,879
Speaker 4: when I look at some of the things I've done

877
00:40:30,000 --> 00:40:33,480
Speaker 4: later in my financial life of doing commercial debt and

878
00:40:33,920 --> 00:40:39,319
Speaker 4: other levered products. The reason this works is because when

879
00:40:39,360 --> 00:40:44,000
Speaker 4: you use debt to build, you're only putting down a

880
00:40:44,040 --> 00:40:46,239
Speaker 4: small sum of money as a down payment on the

881
00:40:46,280 --> 00:40:49,440
Speaker 4: asset that you're purchasing with the debt, and is the

882
00:40:49,560 --> 00:40:51,920
Speaker 4: total asset goes up in value, and since you've only

883
00:40:51,960 --> 00:40:54,799
Speaker 4: put down a small amount, you're getting full return on

884
00:40:54,840 --> 00:40:57,200
Speaker 4: the full market value of the asset that can be

885
00:40:58,239 --> 00:41:02,120
Speaker 4: exponentially bigger. So that's the good side of using leverage debt.

886
00:41:02,120 --> 00:41:06,240
Speaker 4: But remembers this cuts both ways, because where this gets

887
00:41:06,320 --> 00:41:09,880
Speaker 4: dangerous is that when you're putting down such a small

888
00:41:09,920 --> 00:41:12,839
Speaker 4: amount of money on such a big asset and then

889
00:41:12,840 --> 00:41:16,080
Speaker 4: you're financing it through interest, especially these higher interest rates

890
00:41:16,080 --> 00:41:20,280
Speaker 4: we're facing right now if anything in your assumptions goes wrong,

891
00:41:20,760 --> 00:41:24,480
Speaker 4: you're now responsible for the carry costs, the maintenance, and

892
00:41:24,560 --> 00:41:27,200
Speaker 4: all the other expenses that come with that on the

893
00:41:27,480 --> 00:41:30,719
Speaker 4: entire endeavor. And you can see how very quickly this

894
00:41:30,800 --> 00:41:35,520
Speaker 4: can go sideways and destroy your financial life. So I

895
00:41:35,600 --> 00:41:37,960
Speaker 4: always tell people, you know, it's back to bringing this

896
00:41:38,000 --> 00:41:40,399
Speaker 4: full circle if you've got to begin with the end

897
00:41:40,440 --> 00:41:43,520
Speaker 4: in mind and the fact that there's nothing wrong with

898
00:41:43,719 --> 00:41:48,479
Speaker 4: debt if you're disciplined, there's nothing wrong with using leverage debt.

899
00:41:48,560 --> 00:41:51,480
Speaker 4: I think on big assets or good assets, you know,

900
00:41:51,840 --> 00:41:54,600
Speaker 4: like your first house with only putting down three to

901
00:41:54,680 --> 00:41:57,160
Speaker 4: five percent as long as it stays below your twenty

902
00:41:57,200 --> 00:42:00,319
Speaker 4: five percent of your gross income. Or when you get

903
00:42:00,360 --> 00:42:03,520
Speaker 4: to step eight of the financial order of operations, where

904
00:42:03,560 --> 00:42:05,920
Speaker 4: you have your good financial foundation underneath you and you

905
00:42:05,960 --> 00:42:09,160
Speaker 4: want to start investing in either residential or commercial real estate,

906
00:42:09,800 --> 00:42:13,840
Speaker 4: that works because you've actually got the assets to support

907
00:42:13,920 --> 00:42:16,560
Speaker 4: you in case the debt goes sideways. But if you

908
00:42:16,600 --> 00:42:18,480
Speaker 4: try to fake it until you make it, I think

909
00:42:18,480 --> 00:42:22,719
Speaker 4: you'll find out very quickly that debt can be chainsaw dangerous. Yes,

910
00:42:22,760 --> 00:42:25,520
Speaker 4: it can be effective, but it also can damage you

911
00:42:25,880 --> 00:42:27,200
Speaker 4: to the point where you'll never be.

912
00:42:27,160 --> 00:42:27,840
Speaker 1: Able to recover.

913
00:42:28,480 --> 00:42:30,799
Speaker 2: We've got more to get to with Brian, including we're

914
00:42:30,840 --> 00:42:32,480
Speaker 2: going to hold his feet to the fire. How does

915
00:42:32,520 --> 00:42:35,839
Speaker 2: the financial advisor model work? And what does he think

916
00:42:35,880 --> 00:42:37,720
Speaker 2: of his profession these days. We'll get to some questions

917
00:42:37,760 --> 00:42:43,000
Speaker 2: on that when we get back from this break.

918
00:42:46,880 --> 00:42:49,480
Speaker 3: All right, we are back from the break, and just

919
00:42:49,480 --> 00:42:52,960
Speaker 3: a second ago, Brian, you're talking about we were talking

920
00:42:52,960 --> 00:42:56,480
Speaker 3: about paying interests, we're talking about debt, and you're talking

921
00:42:56,480 --> 00:42:59,960
Speaker 3: about being transparent. We'll talk to us about the pay

922
00:43:00,080 --> 00:43:04,000
Speaker 3: metal for advisors because in your book you say this,

923
00:43:04,120 --> 00:43:06,239
Speaker 3: you say that everyone who works in finance has a

924
00:43:06,280 --> 00:43:10,840
Speaker 3: conflict of interest and you're included in that. Oh yeah,

925
00:43:10,880 --> 00:43:13,360
Speaker 3: for sure, I appreciate the honesty. But yeah, what I

926
00:43:13,360 --> 00:43:15,319
Speaker 3: want to know is, like what questions should individuals have

927
00:43:16,000 --> 00:43:18,520
Speaker 3: about how their advisors get paid and the services they

928
00:43:18,560 --> 00:43:21,239
Speaker 3: should expect, you know, just to at least bring some

929
00:43:21,280 --> 00:43:23,239
Speaker 3: of these conflicts out in the open as the folks

930
00:43:23,239 --> 00:43:24,600
Speaker 3: are starting to have those conversations.

931
00:43:24,719 --> 00:43:27,640
Speaker 4: Yeah, I feel like that there's some things unique things

932
00:43:27,680 --> 00:43:30,400
Speaker 4: going on in social media where they're you know, essentially

933
00:43:30,440 --> 00:43:34,279
Speaker 4: not telling the complete truth on everything. Like we just

934
00:43:34,360 --> 00:43:37,200
Speaker 4: covered this first, I'll give you the short answer, I

935
00:43:37,400 --> 00:43:41,120
Speaker 4: like thee only fiduciary advisors. But the thing, and by

936
00:43:41,160 --> 00:43:44,000
Speaker 4: the way, if you're looking at this is the category

937
00:43:44,000 --> 00:43:47,400
Speaker 4: of people that actually join NAPA x Y Planning Network

938
00:43:47,440 --> 00:43:50,880
Speaker 4: or Garrett and they actually, in addition to the government

939
00:43:50,920 --> 00:43:54,000
Speaker 4: fiduciary standard, they actually sign o saying that hey, I

940
00:43:54,040 --> 00:43:57,759
Speaker 4: am prioritizing that I'm going to put my client's interest

941
00:43:57,840 --> 00:44:00,640
Speaker 4: ahead of my own. That's only around two percent of

942
00:44:00,680 --> 00:44:04,560
Speaker 4: the entire industry of financial planning. Now what has got

943
00:44:04,600 --> 00:44:07,040
Speaker 4: a lot of attention is that there are three different

944
00:44:07,080 --> 00:44:10,560
Speaker 4: models within that fee only. There is body hour, there

945
00:44:10,640 --> 00:44:14,640
Speaker 4: is retainer, and then there's the traditional AUM model. And

946
00:44:14,680 --> 00:44:17,160
Speaker 4: I feel like a lot of there's people going after

947
00:44:17,360 --> 00:44:21,120
Speaker 4: the AUM advisors because it's traditionally around one percent of

948
00:44:21,160 --> 00:44:24,120
Speaker 4: assets under management. They take that one percent and then

949
00:44:24,120 --> 00:44:26,520
Speaker 4: they do a cool math exercise where they say, hey,

950
00:44:26,520 --> 00:44:29,040
Speaker 4: if you grow your assets to ten million dollars, if

951
00:44:29,040 --> 00:44:31,600
Speaker 4: you pay an advisor, it would only be seven point

952
00:44:31,719 --> 00:44:34,239
Speaker 4: nine million or something like that. What they fail to

953
00:44:34,239 --> 00:44:37,520
Speaker 4: tell you that is is it's is your assets get bigger,

954
00:44:37,880 --> 00:44:41,120
Speaker 4: your fee actually goes down. So they're actually overstating the

955
00:44:41,160 --> 00:44:44,440
Speaker 4: fees by almost twice as much because I know, for

956
00:44:44,520 --> 00:44:47,880
Speaker 4: like an R model, once you have three million dollars,

957
00:44:47,920 --> 00:44:50,160
Speaker 4: it drops down too point seventy five. Once you're five million,

958
00:44:50,200 --> 00:44:54,000
Speaker 4: it's a half a percent, and that dramatically changes it.

959
00:44:54,000 --> 00:44:56,520
Speaker 4: And then you take into account the Vanguard and the

960
00:44:56,600 --> 00:44:59,359
Speaker 4: Russell study, it says, get outside of the investments. I mean,

961
00:44:59,360 --> 00:45:01,400
Speaker 4: we bought in funds for our clients, so it's not

962
00:45:01,440 --> 00:45:03,400
Speaker 4: like we're even trying to beat the market. That's not

963
00:45:03,440 --> 00:45:05,360
Speaker 4: what you hired a financial advisor. If you have a

964
00:45:05,400 --> 00:45:08,600
Speaker 4: financial advisor and how they're doing is managing your investments,

965
00:45:08,960 --> 00:45:12,479
Speaker 4: you're probably not in the right place, because yeah, maybe

966
00:45:12,480 --> 00:45:15,600
Speaker 4: there's some discussion on that. And that's by the way,

967
00:45:15,880 --> 00:45:18,399
Speaker 4: I am the person that in two thousand and six said,

968
00:45:18,400 --> 00:45:20,040
Speaker 4: you know what, I hate that the only people I

969
00:45:20,040 --> 00:45:24,040
Speaker 4: can actually help build wealth are super successful families. So

970
00:45:24,080 --> 00:45:25,920
Speaker 4: I'm going to start just giving it away. And I've

971
00:45:26,000 --> 00:45:30,480
Speaker 4: kind of had this whole abundant cycle mantra for eighteen

972
00:45:30,560 --> 00:45:32,880
Speaker 4: years where I've just been given away so much information.

973
00:45:33,400 --> 00:45:35,440
Speaker 4: But the thought is also and by the way, it

974
00:45:35,480 --> 00:45:39,000
Speaker 4: didn't start this way, but I've realized later on that yes,

975
00:45:39,040 --> 00:45:41,560
Speaker 4: we have started meeting clients this way. Is that I

976
00:45:41,560 --> 00:45:43,319
Speaker 4: don't want you to come to me until you feel

977
00:45:43,360 --> 00:45:47,040
Speaker 4: like complexity is kicking you all over the place. You know,

978
00:45:46,719 --> 00:45:49,520
Speaker 4: if you're simple, meaning that you're just on the journey

979
00:45:49,560 --> 00:45:51,799
Speaker 4: trying to get a twenty to twenty five percent, you

980
00:45:51,800 --> 00:45:54,440
Speaker 4: have your first child, and you're you know, after you

981
00:45:54,480 --> 00:45:56,640
Speaker 4: got married, and you just need to buy some term

982
00:45:56,719 --> 00:46:00,480
Speaker 4: life insurance and you need a will. Your situation so simple,

983
00:46:00,520 --> 00:46:03,560
Speaker 4: you shouldn't hire anybody. We give you so much free advice.

984
00:46:04,000 --> 00:46:06,319
Speaker 4: That's where you should be. But you will find as

985
00:46:06,360 --> 00:46:08,920
Speaker 4: you own businesses, as you own real estate, as your

986
00:46:08,960 --> 00:46:12,160
Speaker 4: tax return is going all over the place, as your

987
00:46:12,200 --> 00:46:15,440
Speaker 4: tax margin rates are going up, as your distribution and

988
00:46:16,160 --> 00:46:18,840
Speaker 4: you know, all those things kick in with tax planning.

989
00:46:19,080 --> 00:46:22,200
Speaker 4: You're like, man, I've only done this once. It should

990
00:46:22,280 --> 00:46:24,720
Speaker 4: be nice to bring somebody in who's done this before.

991
00:46:25,239 --> 00:46:27,880
Speaker 4: And that's where I feel like, you know, it's actually

992
00:46:27,880 --> 00:46:29,960
Speaker 4: a deal. I mean, because if you're when you're when

993
00:46:29,960 --> 00:46:33,000
Speaker 4: you have a three million dollar portfolio and the market

994
00:46:33,040 --> 00:46:35,919
Speaker 4: loses twenty percent, I mean, if you if you walk

995
00:46:35,920 --> 00:46:39,000
Speaker 4: away from six hundred grand right there because you were like,

996
00:46:39,040 --> 00:46:41,440
Speaker 4: well I'm right, or die to total market or s

997
00:46:41,480 --> 00:46:44,200
Speaker 4: and P five hundred and you didn't and you're not

998
00:46:44,239 --> 00:46:46,560
Speaker 4: doing all the estate planning everything else. I think you

999
00:46:46,600 --> 00:46:48,480
Speaker 4: go find it hits a little different than when you

1000
00:46:48,480 --> 00:46:51,320
Speaker 4: have one hundred and fifty or three hundred thousand dollars

1001
00:46:51,600 --> 00:46:53,800
Speaker 4: and you lose that same ten or twenty percent. Beginning,

1002
00:46:53,840 --> 00:46:57,040
Speaker 4: you don't even have the complexities. So I always say, look,

1003
00:46:57,120 --> 00:46:59,959
Speaker 4: I think it's like most things, there's what looks good

1004
00:47:00,080 --> 00:47:02,759
Speaker 4: on the chart in social media, but personal finance is

1005
00:47:02,880 --> 00:47:05,759
Speaker 4: very personal and I look at it no different than

1006
00:47:06,280 --> 00:47:09,759
Speaker 4: like I read Outlive by Peter Atia, you know, on

1007
00:47:09,840 --> 00:47:12,320
Speaker 4: for medical stuff, and I think it's great that he

1008
00:47:12,600 --> 00:47:15,120
Speaker 4: wrote this book that laid out how to be better

1009
00:47:15,200 --> 00:47:18,440
Speaker 4: with your own personal health. But nobody ever gets mad

1010
00:47:19,280 --> 00:47:22,440
Speaker 4: at Peter that the way he makes his living is

1011
00:47:22,480 --> 00:47:25,040
Speaker 4: that for very successful people, he runs a high end

1012
00:47:25,080 --> 00:47:27,920
Speaker 4: concierge medical practice. And by the way, I go to

1013
00:47:27,960 --> 00:47:30,160
Speaker 4: a high end medical concierge practice. I pay a lot

1014
00:47:30,200 --> 00:47:32,160
Speaker 4: of money to go to my doctor because I want

1015
00:47:32,239 --> 00:47:34,719
Speaker 4: him to have a relationship with me and not have

1016
00:47:34,800 --> 00:47:37,040
Speaker 4: to treat me as just a file that he pulls

1017
00:47:37,040 --> 00:47:39,960
Speaker 4: from the wall or digitally to see. I want him

1018
00:47:39,960 --> 00:47:42,719
Speaker 4: to know, hey, Brian struggles with this. He's paying a

1019
00:47:42,760 --> 00:47:45,280
Speaker 4: lot of money to me so he can keep his health,

1020
00:47:45,320 --> 00:47:48,160
Speaker 4: because he's worth a lot more alive than he is dead.

1021
00:47:48,440 --> 00:47:50,480
Speaker 4: I think your finances are the same way.

1022
00:47:50,520 --> 00:47:50,600
Speaker 3: Now.

1023
00:47:50,640 --> 00:47:53,600
Speaker 4: Of course I have a conflict. I've worked in this industry,

1024
00:47:53,880 --> 00:47:55,480
Speaker 4: but I think that if you know me, and that's

1025
00:47:55,480 --> 00:47:57,520
Speaker 4: what I tried to lay out in the book, you

1026
00:47:57,719 --> 00:48:00,319
Speaker 4: know where my heart is. You can tell tell what

1027
00:48:00,360 --> 00:48:02,280
Speaker 4: I'm trying to do with that heart of an educator

1028
00:48:02,280 --> 00:48:04,320
Speaker 4: to get people to be the best version of themselves.

1029
00:48:04,600 --> 00:48:05,279
Speaker 1: I love all the.

1030
00:48:05,200 --> 00:48:07,080
Speaker 4: People who come and tell me what a scoundrel I

1031
00:48:07,120 --> 00:48:10,279
Speaker 4: am as they're taking all my free information, and I'm like,

1032
00:48:10,440 --> 00:48:12,400
Speaker 4: just keep taking the free stuff. I could use a

1033
00:48:12,440 --> 00:48:14,480
Speaker 4: lot less of you throwing dirt on me on the

1034
00:48:14,520 --> 00:48:17,719
Speaker 4: way out, but please, I want This is an abundance

1035
00:48:17,840 --> 00:48:19,960
Speaker 4: mindset that I have. That's why I wrote a book. People,

1036
00:48:20,320 --> 00:48:23,520
Speaker 4: I had a guy postos. I see you've completed your

1037
00:48:23,560 --> 00:48:25,480
Speaker 4: millionaire mission by writing that book. I'm like, you have

1038
00:48:25,640 --> 00:48:26,839
Speaker 4: obviously never written a book.

1039
00:48:26,920 --> 00:48:28,799
Speaker 1: Yeah, the economics of book writing it not great.

1040
00:48:28,960 --> 00:48:31,120
Speaker 4: It's not I would make a lot more money selling

1041
00:48:31,160 --> 00:48:34,359
Speaker 4: another course or go and taking a sponsorship. We are

1042
00:48:34,480 --> 00:48:36,600
Speaker 4: very purposeful that we don't do a lot of that

1043
00:48:36,640 --> 00:48:39,120
Speaker 4: stuff because I really do have this mindset. I want

1044
00:48:39,160 --> 00:48:41,440
Speaker 4: you to know how money works. I want you to

1045
00:48:41,480 --> 00:48:45,120
Speaker 4: be good with your money, maximize the moments. And that's

1046
00:48:45,160 --> 00:48:47,480
Speaker 4: why I don't have a problem talking about how I

1047
00:48:47,480 --> 00:48:51,080
Speaker 4: get paid, because I really do believe it. And that's

1048
00:48:51,120 --> 00:48:53,680
Speaker 4: why I give everybody that roses is that I think

1049
00:48:53,680 --> 00:48:56,279
Speaker 4: there's a place for hourly advisors. I think there's a

1050
00:48:56,280 --> 00:48:59,160
Speaker 4: place for retainer advisors. But I also think that for

1051
00:48:59,320 --> 00:49:01,799
Speaker 4: high end klon I'm not going to apologize. I think

1052
00:49:01,800 --> 00:49:05,400
Speaker 4: there's a great place for that ongoing relationship because nobody

1053
00:49:05,480 --> 00:49:07,640
Speaker 4: ever talks about the dumbar principle either. You know, it's

1054
00:49:07,680 --> 00:49:10,600
Speaker 4: a lot of research that shows humans just don't do

1055
00:49:10,760 --> 00:49:14,319
Speaker 4: well beyond one hundred and fifty relationships. And I think

1056
00:49:14,320 --> 00:49:16,839
Speaker 4: about that a lot. With every one of my advisors

1057
00:49:16,840 --> 00:49:20,000
Speaker 4: and even myself, we respect those numbers, Whereas I think

1058
00:49:20,040 --> 00:49:24,759
Speaker 4: a lot of other firm layouts or fee structures they

1059
00:49:24,800 --> 00:49:28,279
Speaker 4: maximize five hundred relationships, four hundred relationships, and that's just

1060
00:49:28,360 --> 00:49:31,279
Speaker 4: a different service model is not something I believe in.

1061
00:49:31,400 --> 00:49:33,960
Speaker 4: So I try to give free to everybody that can

1062
00:49:33,960 --> 00:49:37,440
Speaker 4: take free. But if you want personal time, that's expensive

1063
00:49:37,520 --> 00:49:39,719
Speaker 4: because I only have so much time, and my advisors

1064
00:49:39,760 --> 00:49:40,880
Speaker 4: only have so much time.

1065
00:49:41,239 --> 00:49:44,239
Speaker 2: Yeah, yeah, I mean just succinctly what you were just

1066
00:49:44,239 --> 00:49:46,120
Speaker 2: saying there. You say in the book success has the

1067
00:49:46,160 --> 00:49:48,319
Speaker 2: side effect of complexity, and I think it's so true that,

1068
00:49:48,400 --> 00:49:51,839
Speaker 2: like you're doing the DIY stuff over a number of years,

1069
00:49:51,840 --> 00:49:53,920
Speaker 2: you're kind of in the messy middle, training to navigate,

1070
00:49:53,960 --> 00:49:56,440
Speaker 2: trying to contribute to those retirementcounts, trying to grow your

1071
00:49:56,440 --> 00:49:58,759
Speaker 2: net worth, and then at some point you might hit

1072
00:49:59,719 --> 00:50:01,919
Speaker 2: a spot in your life where you're like, I feel

1073
00:50:01,920 --> 00:50:03,239
Speaker 2: like I'm in over my head. I feel like I

1074
00:50:03,280 --> 00:50:05,040
Speaker 2: need maybe some of them more of that, you know,

1075
00:50:05,400 --> 00:50:08,120
Speaker 2: tax advice, because I'm getting into some new territory, and

1076
00:50:08,120 --> 00:50:10,440
Speaker 2: that's maybe when an advisor becomes necessary. I think sometimes

1077
00:50:10,440 --> 00:50:13,080
Speaker 2: it's like, you're twenty two, you don't need a financial advisor,

1078
00:50:13,120 --> 00:50:14,880
Speaker 2: but hey, maybe you will when you're forty. THROO, hopefully

1079
00:50:14,880 --> 00:50:17,080
Speaker 2: you will if you've had that much success. One of

1080
00:50:17,120 --> 00:50:19,640
Speaker 2: the other things you say is that success and a

1081
00:50:19,680 --> 00:50:22,440
Speaker 2: high savings rate mean that you can fund what you

1082
00:50:22,480 --> 00:50:25,000
Speaker 2: call abundance goals. That sounds like a lot of fun

1083
00:50:25,200 --> 00:50:26,520
Speaker 2: are what are abundance goals?

1084
00:50:26,840 --> 00:50:28,400
Speaker 4: Well, I mean for a lot of people, it's just

1085
00:50:28,440 --> 00:50:30,520
Speaker 4: you know, now as we load up the kids college

1086
00:50:30,560 --> 00:50:32,399
Speaker 4: funds and those type of things. But I also can mean,

1087
00:50:32,800 --> 00:50:35,480
Speaker 4: you know, those once in a lifetime trips for me

1088
00:50:35,600 --> 00:50:37,279
Speaker 4: it was you know, I drive a little bit nicer

1089
00:50:37,320 --> 00:50:39,040
Speaker 4: car now because I was just you know, these are

1090
00:50:39,080 --> 00:50:42,320
Speaker 4: the things where you do it for yourself, not to flex,

1091
00:50:42,480 --> 00:50:44,320
Speaker 4: like you know, I feel like that's where our society

1092
00:50:44,360 --> 00:50:47,120
Speaker 4: is now, is that we tell you how go go

1093
00:50:47,200 --> 00:50:49,520
Speaker 4: show everybody how successful you are. But I think that

1094
00:50:49,680 --> 00:50:51,719
Speaker 4: like you know, you get to a point with like

1095
00:50:51,719 --> 00:50:53,880
Speaker 4: step eight, you can now do the nicer retirements, you

1096
00:50:53,880 --> 00:50:56,000
Speaker 4: can need it, the nicer restaurants, You can do things

1097
00:50:56,040 --> 00:51:00,440
Speaker 4: because your automatic wealth creation system is already that up

1098
00:51:00,480 --> 00:51:03,600
Speaker 4: for you. So now that the margin or spread from

1099
00:51:03,640 --> 00:51:05,719
Speaker 4: some of those life decisions just not gonna hurt you

1100
00:51:05,760 --> 00:51:08,040
Speaker 4: like it would if you were skipping out on the

1101
00:51:08,120 --> 00:51:11,319
Speaker 4: roth IRA or maxing out your employer plant. It's all

1102
00:51:11,360 --> 00:51:13,759
Speaker 4: beyond that. And also real estate, I mean, I love

1103
00:51:13,800 --> 00:51:15,239
Speaker 4: real estate, but you just got to, like I said,

1104
00:51:15,239 --> 00:51:17,560
Speaker 4: it's time or place on where if you're going to

1105
00:51:17,640 --> 00:51:18,440
Speaker 4: jump into that.

1106
00:51:18,440 --> 00:51:20,440
Speaker 3: Make some of those smart decisions early on follow of

1107
00:51:20,480 --> 00:51:23,560
Speaker 3: the sacrifice, you too can drive that Tessa Plaid enjoy

1108
00:51:24,520 --> 00:51:26,680
Speaker 3: like you do Probalyan. But uh hey, if if folks

1109
00:51:26,719 --> 00:51:29,640
Speaker 3: wanted to get more Brian Preston in their life worship folks,

1110
00:51:29,880 --> 00:51:30,359
Speaker 3: go for that.

1111
00:51:30,719 --> 00:51:32,680
Speaker 4: No, man, I've been hanging out at the same place

1112
00:51:32,719 --> 00:51:34,400
Speaker 4: for the last eighteen years. You can just go to

1113
00:51:34,440 --> 00:51:36,960
Speaker 4: moneyg dot com and you know, and that's why I

1114
00:51:37,040 --> 00:51:39,120
Speaker 4: love that I get to hang out with with you

1115
00:51:39,200 --> 00:51:41,279
Speaker 4: guys and and see you when we get in those

1116
00:51:41,280 --> 00:51:44,439
Speaker 4: creator communities. Is because this is fun. If I can

1117
00:51:44,560 --> 00:51:46,840
Speaker 4: help hold the ladder for someone to become a better

1118
00:51:46,960 --> 00:51:49,759
Speaker 4: version of themselves, We're gonna keep doing this. I know

1119
00:51:49,800 --> 00:51:51,359
Speaker 4: you guys are part of that. But I'd love if

1120
00:51:51,400 --> 00:51:52,920
Speaker 4: you want to go check out money do dot com

1121
00:51:52,920 --> 00:51:55,520
Speaker 4: and if you want free stuff, because leaning back on

1122
00:51:55,600 --> 00:51:57,160
Speaker 4: that I give tons of free stuff, just go to

1123
00:51:57,200 --> 00:52:00,400
Speaker 4: moneyguide dot com. Slash resources will load you up with

1124
00:52:00,520 --> 00:52:03,000
Speaker 4: all kind of downloadable tools and resources.

1125
00:52:03,160 --> 00:52:05,480
Speaker 1: Awesome, Brian, always a pleasure, my friend. Thanks so much

1126
00:52:05,480 --> 00:52:06,399
Speaker 1: for coming on the show today.

1127
00:52:06,440 --> 00:52:07,799
Speaker 4: I can't wait to see you guys soon.

1128
00:52:08,280 --> 00:52:10,480
Speaker 3: Yeah, hopefully we will see Brian seeing we didn't mention this,

1129
00:52:10,520 --> 00:52:12,240
Speaker 3: but did he mention that he's up in Tennessee.

1130
00:52:12,280 --> 00:52:15,439
Speaker 1: He's not that far from us. Here in Atlanta. Close. Yeah,

1131
00:52:15,440 --> 00:52:17,480
Speaker 1: we're real close, Southeast Unite.

1132
00:52:18,000 --> 00:52:23,000
Speaker 3: Awesome conversation though with Brian preston his new book Millionaire Mission.

1133
00:52:23,120 --> 00:52:25,560
Speaker 3: But yeah, Joel, did you have a takeaway? I feel

1134
00:52:25,560 --> 00:52:27,160
Speaker 3: like we covered a lot of ground and we're able

1135
00:52:27,200 --> 00:52:29,440
Speaker 3: to get a lot of some of the you know,

1136
00:52:29,480 --> 00:52:31,600
Speaker 3: like rules of thumb, the points of view that Brian

1137
00:52:32,120 --> 00:52:34,040
Speaker 3: espouses and talks about there on his show.

1138
00:52:34,040 --> 00:52:36,240
Speaker 1: But yeah, what was your big takeaway for today?

1139
00:52:36,400 --> 00:52:38,840
Speaker 2: I think the biggest takeaway I had was when he

1140
00:52:38,880 --> 00:52:41,359
Speaker 2: said make the good habits as easy as possible, make

1141
00:52:41,400 --> 00:52:43,799
Speaker 2: the bad ones as hard as possible, and like he

1142
00:52:43,880 --> 00:52:46,520
Speaker 2: was speaking even at the end there towards our human

1143
00:52:46,600 --> 00:52:49,280
Speaker 2: propensity to do things that aren't in our own best interest.

1144
00:52:49,560 --> 00:52:51,600
Speaker 2: And part of that is not saving enough. Part of

1145
00:52:51,640 --> 00:52:54,839
Speaker 2: that is maybe ill timed investments or trying to time

1146
00:52:54,880 --> 00:52:57,440
Speaker 2: the market. And oh, hey, market set at all time high.

1147
00:52:57,440 --> 00:52:59,879
Speaker 2: Maybe I should just, like I don't know, pull money

1148
00:53:00,000 --> 00:53:01,799
Speaker 2: out for a little bit, stickening cash because cash is

1149
00:53:01,800 --> 00:53:03,719
Speaker 2: paying more. But then look what happened. What's happened with

1150
00:53:03,719 --> 00:53:06,319
Speaker 2: the markets over the past eighteen months. Like it's a

1151
00:53:06,320 --> 00:53:08,319
Speaker 2: foolish thing to do, right, And a financial advisor would

1152
00:53:08,320 --> 00:53:10,240
Speaker 2: potentially help you avoid some of those mistakes.

1153
00:53:10,440 --> 00:53:10,680
Speaker 1: Well.

1154
00:53:11,200 --> 00:53:13,520
Speaker 2: But I think it's so true is when we make

1155
00:53:13,600 --> 00:53:16,960
Speaker 2: the good habits easy instead of having to make a

1156
00:53:17,000 --> 00:53:19,480
Speaker 2: decision every single time to do the right thing, if

1157
00:53:19,520 --> 00:53:22,440
Speaker 2: we put it on an autopilot and the decision is being

1158
00:53:22,480 --> 00:53:24,520
Speaker 2: made in our behalf without you know, really our brain

1159
00:53:24,640 --> 00:53:27,960
Speaker 2: having to do anything for us, like make the decision

1160
00:53:27,960 --> 00:53:30,680
Speaker 2: once and then put it on repeat, that's such a

1161
00:53:30,680 --> 00:53:33,160
Speaker 2: great way to help yourself out. And so I like

1162
00:53:33,200 --> 00:53:36,200
Speaker 2: that agree the bad habits, maybe something as simple as

1163
00:53:36,239 --> 00:53:38,200
Speaker 2: like putting the phone out of your room at night

1164
00:53:38,280 --> 00:53:39,799
Speaker 2: or something like that, if you're trying to watch less

1165
00:53:39,800 --> 00:53:42,440
Speaker 2: TV on your phone, like that's a habit thing, or

1166
00:53:42,520 --> 00:53:44,440
Speaker 2: laying out your clothes to run the night before, Like

1167
00:53:44,440 --> 00:53:47,120
Speaker 2: those are little things to make the good habits easier,

1168
00:53:47,160 --> 00:53:49,640
Speaker 2: make the bad habits, you know, less easy to succumb to.

1169
00:53:49,840 --> 00:53:52,200
Speaker 3: I totally agree. You want to minimize your ability to

1170
00:53:52,200 --> 00:53:54,719
Speaker 3: make financial, like long lasting financial mistakes.

1171
00:53:54,760 --> 00:53:56,760
Speaker 1: Specifically, MY big takeaway.

1172
00:53:56,400 --> 00:53:59,160
Speaker 3: Is going to come down to him sort of reflecting,

1173
00:53:59,200 --> 00:54:01,040
Speaker 3: like he was talking about how he's you know, he's like,

1174
00:54:01,040 --> 00:54:02,839
Speaker 3: I'm in my fifties now, and he's thinking back to

1175
00:54:02,880 --> 00:54:05,759
Speaker 3: what it is that is most important to him. And

1176
00:54:05,800 --> 00:54:07,600
Speaker 3: when it comes to your money, man, it is like

1177
00:54:07,800 --> 00:54:10,640
Speaker 3: there's a fine line to walk as you're trying to

1178
00:54:10,760 --> 00:54:14,719
Speaker 3: balance optimizing your dollars to you know, to reach your

1179
00:54:14,719 --> 00:54:18,320
Speaker 3: different financial goals with the things that make life worth living.

1180
00:54:18,440 --> 00:54:20,600
Speaker 3: Like it's just so hard, like and what he's talking

1181
00:54:20,640 --> 00:54:22,480
Speaker 3: about there are relationships, and so I think that's just

1182
00:54:22,520 --> 00:54:24,840
Speaker 3: so important for us. Even though this is how to

1183
00:54:24,880 --> 00:54:27,640
Speaker 3: money and we're talking about all the different things that

1184
00:54:27,680 --> 00:54:28,920
Speaker 3: you can do with your money in order to in

1185
00:54:29,080 --> 00:54:30,840
Speaker 3: order to grow your net worth, at the end of

1186
00:54:30,880 --> 00:54:33,080
Speaker 3: the day, oftentimes it does come down to things that

1187
00:54:33,120 --> 00:54:36,040
Speaker 3: we already have, the things that we overlook, the things

1188
00:54:36,040 --> 00:54:39,040
Speaker 3: that we take for granted. And man, because what you

1189
00:54:39,040 --> 00:54:41,160
Speaker 3: don't want is to be at a ripe old age

1190
00:54:41,160 --> 00:54:43,279
Speaker 3: and you're looking back on your life and to have

1191
00:54:43,320 --> 00:54:46,200
Speaker 3: a whole lot of not financial regrets or I guess

1192
00:54:46,320 --> 00:54:48,439
Speaker 3: they could be financial, the fact that you maybe work

1193
00:54:48,480 --> 00:54:51,000
Speaker 3: too much or save too much, or held on to

1194
00:54:51,120 --> 00:54:53,760
Speaker 3: money as opposed to deploying some of those funds to

1195
00:54:53,800 --> 00:54:56,360
Speaker 3: be able to add to memories, to allow those memories

1196
00:54:56,400 --> 00:54:59,080
Speaker 3: to blossom into kind of you know, the things that

1197
00:54:59,120 --> 00:55:01,399
Speaker 3: your kids and your friends of family that they talk about.

1198
00:55:01,480 --> 00:55:03,239
Speaker 2: Yeah, yeah, it's easy to go so hard notices to

1199
00:55:03,239 --> 00:55:04,799
Speaker 2: the grindstone that you miss out on the things that

1200
00:55:04,840 --> 00:55:06,319
Speaker 2: really matter along the way, and then you end up

1201
00:55:06,360 --> 00:55:08,719
Speaker 2: with a big nest egg and you're like, but I

1202
00:55:08,760 --> 00:55:10,279
Speaker 2: was like, way too focused on that. And that's why

1203
00:55:10,320 --> 00:55:12,960
Speaker 2: I think the craft beer equivalent really can be helpful

1204
00:55:12,960 --> 00:55:14,440
Speaker 2: to a lot of people. Like that is something we

1205
00:55:14,480 --> 00:55:16,839
Speaker 2: intentionally spend money on. What's that for you? Like, call

1206
00:55:16,880 --> 00:55:18,479
Speaker 2: that out in your life, write it down, talk about

1207
00:55:18,480 --> 00:55:21,000
Speaker 2: it with your partner, and think through those things. What

1208
00:55:21,120 --> 00:55:23,000
Speaker 2: is it we're intentionally spending money on in the here

1209
00:55:23,040 --> 00:55:24,839
Speaker 2: and now while we're trying to do the smart thing

1210
00:55:24,840 --> 00:55:26,520
Speaker 2: for our future. There's got to be the balance. There's

1211
00:55:26,520 --> 00:55:28,560
Speaker 2: got to be some of both, that's right. So, speaking

1212
00:55:28,600 --> 00:55:30,480
Speaker 2: of Kraft Beer, you want to introduce the beer that

1213
00:55:30,520 --> 00:55:33,520
Speaker 2: you know all right day. I found this one at

1214
00:55:33,560 --> 00:55:36,480
Speaker 2: the beer store. This is by Service Brewing. It's called

1215
00:55:36,520 --> 00:55:39,719
Speaker 2: Savannah Banana Beer, and the Savannah Bananas are like a

1216
00:55:39,840 --> 00:55:42,640
Speaker 2: minor league baseball team with all sorts of goofy antics

1217
00:55:43,000 --> 00:55:45,799
Speaker 2: in the what is that southeast corner of the state.

1218
00:55:46,600 --> 00:55:50,200
Speaker 2: And yeah, Matt, so this is an ale brewed with bananas.

1219
00:55:50,239 --> 00:55:50,960
Speaker 1: What were your thoughts on.

1220
00:55:50,880 --> 00:55:54,359
Speaker 3: It definitely had notes of banana. So well, I'm going

1221
00:55:54,440 --> 00:55:56,560
Speaker 3: to share a little peak behind the curtain as to

1222
00:55:56,600 --> 00:55:58,400
Speaker 3: what our life is like here in the office. You know,

1223
00:55:58,480 --> 00:56:01,120
Speaker 3: this beer tastes like it tastes like the water that

1224
00:56:01,160 --> 00:56:04,320
Speaker 3: we filter through our Brita filter in the summer. Because

1225
00:56:04,360 --> 00:56:07,680
Speaker 3: here is why everything on our fridge tastes like bananas.

1226
00:56:07,800 --> 00:56:09,160
Speaker 1: No, it's not because of this beer.

1227
00:56:09,560 --> 00:56:11,759
Speaker 3: It's because in the summer, every morning, you and I

1228
00:56:11,840 --> 00:56:14,440
Speaker 3: we both eat a banana as we're enjoying our coffee,

1229
00:56:14,440 --> 00:56:14,799
Speaker 3: which is.

1230
00:56:14,719 --> 00:56:16,719
Speaker 2: Pretty weird, I guess when you not really, I mean,

1231
00:56:16,840 --> 00:56:18,440
Speaker 2: who doesn't we like eat a bana at the same time.

1232
00:56:18,480 --> 00:56:20,439
Speaker 1: It's really it's odd, I guess.

1233
00:56:20,480 --> 00:56:23,920
Speaker 3: So yeah, it's kind of as we're kind of catching up,

1234
00:56:24,360 --> 00:56:27,240
Speaker 3: but with it being warmer, I don't know, the flies

1235
00:56:27,440 --> 00:56:29,800
Speaker 3: find the banana peels that we will throw in the trash,

1236
00:56:29,840 --> 00:56:33,239
Speaker 3: and then you get those fat, slow flying fruit flies whatever,

1237
00:56:33,360 --> 00:56:33,760
Speaker 3: and they.

1238
00:56:33,640 --> 00:56:35,080
Speaker 1: Just like take over the office.

1239
00:56:35,200 --> 00:56:37,240
Speaker 3: And so as the temperatures start to rise in the summer,

1240
00:56:37,280 --> 00:56:38,680
Speaker 3: we take our banana peels and we throw them in

1241
00:56:38,680 --> 00:56:41,480
Speaker 3: the freezer to kind of like walk away the smell.

1242
00:56:41,520 --> 00:56:43,399
Speaker 3: And then at the end of the week we dump

1243
00:56:43,440 --> 00:56:45,759
Speaker 3: it in the trash. That was your wife's ideah, throw

1244
00:56:45,760 --> 00:56:47,400
Speaker 3: it away, I guess it was. Yeah, But what that

1245
00:56:47,440 --> 00:56:49,080
Speaker 3: does is it makes our It makes our water tastes

1246
00:56:49,120 --> 00:56:51,319
Speaker 3: like banana, and that's what this beer tastes like. It

1247
00:56:51,320 --> 00:56:53,400
Speaker 3: tastes like a beer that has been stored in the

1248
00:56:53,440 --> 00:56:56,200
Speaker 3: same fridge as well, frozen bananas.

1249
00:56:56,239 --> 00:56:58,960
Speaker 2: You put bananas next to anything, and the taste of

1250
00:56:58,960 --> 00:57:01,480
Speaker 2: banana will get in used into whatever. That If you

1251
00:57:01,520 --> 00:57:03,640
Speaker 2: put your banana next to your bag of anything, like

1252
00:57:04,440 --> 00:57:06,600
Speaker 2: your bread, whatever, your bread's gonna start taste like banana.

1253
00:57:06,600 --> 00:57:09,319
Speaker 1: It's amazing. It just kind of like imfiltrates. Really, maybe

1254
00:57:09,320 --> 00:57:10,160
Speaker 1: that's what they did with this beer.

1255
00:57:10,200 --> 00:57:12,120
Speaker 3: All they had to do is just like it's just

1256
00:57:12,120 --> 00:57:13,080
Speaker 3: like a banana warehouse.

1257
00:57:13,160 --> 00:57:16,000
Speaker 1: Yeah, next to where they rot the beer. Maybe just

1258
00:57:16,040 --> 00:57:18,040
Speaker 1: by being in the general vicinity in the same building.

1259
00:57:18,080 --> 00:57:20,200
Speaker 3: It was hard for me to get past that the

1260
00:57:20,240 --> 00:57:21,919
Speaker 3: fact that, oh, this say, is just like the water

1261
00:57:21,960 --> 00:57:23,160
Speaker 3: that we poured from our britta filter.

1262
00:57:23,360 --> 00:57:25,520
Speaker 2: Well, it wasn't like heavy on bananas. It was pretty

1263
00:57:25,800 --> 00:57:28,240
Speaker 2: very very light banana, like a solid pill light on

1264
00:57:28,280 --> 00:57:31,200
Speaker 2: the banana. So yeah, very approachable and just kind of fun.

1265
00:57:31,200 --> 00:57:33,400
Speaker 2: Because even though I've not been to a Savannah Bananas game.

1266
00:57:33,600 --> 00:57:35,200
Speaker 1: It's yet. Yeah, we need to do it.

1267
00:57:35,200 --> 00:57:37,000
Speaker 3: It'll be it should be a lot of fun, like yeah,

1268
00:57:37,120 --> 00:57:39,000
Speaker 3: I mean they like dance the whole time. It's it's

1269
00:57:39,080 --> 00:57:40,960
Speaker 3: kind of ridiculous. I'm sure for folks who actually love

1270
00:57:41,080 --> 00:57:44,680
Speaker 3: to watch baseball, they're like, this is so annoying. But

1271
00:57:45,440 --> 00:57:48,360
Speaker 3: evidently it's a fun time for the whole family. But

1272
00:57:48,400 --> 00:57:50,840
Speaker 3: I will make sure to link to Brian's website where

1273
00:57:50,840 --> 00:57:52,360
Speaker 3: you can check out his new book, where you can

1274
00:57:52,440 --> 00:57:55,160
Speaker 3: check out him and Bow. They are the hosts of

1275
00:57:55,360 --> 00:57:57,000
Speaker 3: The Money Guys Show, and you can find all that

1276
00:57:57,080 --> 00:57:59,240
Speaker 3: up on the website at howtomoney dot com.

1277
00:57:59,280 --> 00:58:01,439
Speaker 2: No doubt, let's gonna do it for this one. Until

1278
00:58:01,520 --> 00:58:04,240
Speaker 2: next time, best Friends Out and best Friends Out.