WEBVTT - Millionaire Mission w/ Brian Preston #842 0:00:00.120 --> 0:00:01.400 Welcome to Out of Money. 0:00:01.440 --> 0:00:04.440 I'm Joel and I am Matt and today we're going 0:00:04.480 --> 0:00:06.720 on a millionaire mission with Brian Preston. 0:00:25.880 --> 0:00:28.280 That is right, Yeah, we're talking about what it takes 0:00:28.320 --> 0:00:30.840 to be a millionaire because our guest today he claims 0:00:30.880 --> 0:00:34.600 that anyone can become rich. Now that doesn't mean that 0:00:34.640 --> 0:00:37.680 it's going to happen overnight, right, But how quickly you're 0:00:37.760 --> 0:00:39.920 able to achieve that goal, it's going to largely depend 0:00:39.960 --> 0:00:42.960 on your mindset. It's going to depend on how effectively 0:00:42.960 --> 0:00:45.680 you're able to put your army of dollar bills to work. 0:00:46.479 --> 0:00:47.920 That's a Brian line right there. 0:00:47.800 --> 0:00:49.680 But it's just one of the top things for sure 0:00:49.800 --> 0:00:50.839 that Brian. 0:00:50.560 --> 0:00:54.280 Preston covers in his new book, Millionaire Mission that just 0:00:54.360 --> 0:00:57.960 came out last month. And Brian, he's a financial advisor. 0:00:57.960 --> 0:01:01.400 He's got over twenty five years of experience. He's so 0:01:01.560 --> 0:01:04.120 he's actually an og podcaster. He started back in two 0:01:04.120 --> 0:01:07.120 thousand and six, which means that back when he was 0:01:07.480 --> 0:01:09.720 getting nerdy with personal finance. That's when I was listening 0:01:09.720 --> 0:01:14.600 to like muggle Cast, listening to like Harry Potter podcasts. Right, 0:01:14.920 --> 0:01:17.480 So obviously he's a co host of the Money Guy Show, 0:01:17.640 --> 0:01:20.800 and just last year alone they had over forty one 0:01:20.840 --> 0:01:24.840 million views over nine million downloads. Brian, we're excited to 0:01:25.200 --> 0:01:27.160 get nerty with you today and talk about all things 0:01:27.200 --> 0:01:29.600 personal finance. Thank you for joining How to Money. 0:01:30.200 --> 0:01:32.280 By the way, I love the intro, but I have 0:01:32.319 --> 0:01:33.880 to ask because I felt like there's a little tone 0:01:33.880 --> 0:01:36.120 on it. You guys do believe that anyone can be 0:01:36.160 --> 0:01:38.319 a millionaire, don't you. I want to make sure we're 0:01:38.360 --> 0:01:39.959 all on the same page, because that's why I feel 0:01:40.000 --> 0:01:42.280 like so much out in the world right now is 0:01:42.360 --> 0:01:45.240 telling folks that the world's against them. But I'm telling you, 0:01:45.280 --> 0:01:47.200 I think it's actually the best time. I mean, I 0:01:47.240 --> 0:01:50.960 look at the beginning of my journey, when you had brokers, 0:01:51.000 --> 0:01:53.480 you had to pay through you, you only could do 0:01:53.560 --> 0:01:57.720 loaded commission funds, index funds were unheard of. And now 0:01:57.760 --> 0:02:00.680 it's like all that stuff is so behind us, and 0:02:00.840 --> 0:02:02.120 anybody and everybody has. 0:02:02.040 --> 0:02:04.160 Opportunity easier than ever. That's for sure. 0:02:04.720 --> 0:02:07.160 I think if anything asked the first question has swung 0:02:07.200 --> 0:02:09.000 the other way, though, which is I feel like more 0:02:09.040 --> 0:02:11.480 than ever, folks are saying that it's it's it's something 0:02:11.520 --> 0:02:12.600 that you can do tomorrow. 0:02:12.800 --> 0:02:14.880 But obviously the way. It takes time. 0:02:15.000 --> 0:02:19.480 It takes time, and you and I show approach to it. 0:02:19.520 --> 0:02:21.560 So okay, hold on, yeah, we can't get in the conversation. 0:02:21.880 --> 0:02:23.639 That's the first question. Matt and I we like to 0:02:23.720 --> 0:02:26.840 drink craft beer, Brian, and we will splurge on craft beer. 0:02:27.280 --> 0:02:28.320 But we're doing the right thing. 0:02:28.320 --> 0:02:30.119 We're saving investing at the same time, so we can 0:02:30.360 --> 0:02:33.040 become millionaires too. What is that sports for you though? 0:02:33.040 --> 0:02:34.520 What is the thing you spend a lot of money 0:02:34.520 --> 0:02:36.600 on while you're still doing the smart stuff with your money. 0:02:36.639 --> 0:02:40.760 It's a great question. Two things immediately popped in my mind. 0:02:41.720 --> 0:02:45.280 The first one, I love going to movies. And when 0:02:45.320 --> 0:02:47.679 I go to movies, and I think this is payback 0:02:47.760 --> 0:02:50.120 because of all the bad things I was doing when 0:02:50.160 --> 0:02:52.160 I was younger, trying to cut them out of the money. 0:02:52.639 --> 0:02:55.840 Was always by buckets of popcorn, and I always buy 0:02:55.960 --> 0:03:00.079 a big coke because that's that's just what I do 0:03:00.200 --> 0:03:02.800 with movies. But when I was in high school, I 0:03:02.840 --> 0:03:04.760 had the seven dollars date night where I'd only go 0:03:04.800 --> 0:03:08.280 to movie dollar movies and I'd also smuggle in my 0:03:08.360 --> 0:03:12.200 goobers and candy and ask my date to bring it in. 0:03:12.320 --> 0:03:15.160 And even I was known in the summer months to 0:03:15.240 --> 0:03:17.760 cut through the bathroom to maybe watch two shows. So 0:03:17.760 --> 0:03:21.360 I feel like I'm paying back all my my bad 0:03:21.480 --> 0:03:24.800 decisions are or cost cutting measures when I was younger, 0:03:24.840 --> 0:03:28.200 by paying full, full loaded bore on the popcorn and drinks. 0:03:28.200 --> 0:03:28.960 So I love it. Okay. 0:03:29.360 --> 0:03:30.760 The first time we met Brian, I don't know if 0:03:30.760 --> 0:03:34.040 you remember, Oh, I remember. I convinced you it was 0:03:34.080 --> 0:03:35.760 we were going to a conference. We landed the airport 0:03:35.760 --> 0:03:39.360 at the same time to hop in a bus to 0:03:39.400 --> 0:03:42.320 get to the conference instead of in an expensive uber. 0:03:43.760 --> 0:03:45.560 Tell me, I'm just curious, like, how did you feel 0:03:45.560 --> 0:03:47.520 about that? Because at the time I make you a 0:03:47.520 --> 0:03:50.000 little uncomfortable, Like how do you feel about taking the money? 0:03:50.040 --> 0:03:52.720 No, I still think about the and I don't know 0:03:52.760 --> 0:03:54.760 how how deep you want me to go into this. 0:03:54.840 --> 0:03:57.840 But it was bo and I get there and you 0:03:57.880 --> 0:04:00.640 were you just you were a fun Guymediately, once we 0:04:00.680 --> 0:04:02.880 all realized we were all going the same place, You're like, hey, 0:04:02.920 --> 0:04:06.760 why would you take a I can't remember how. Maybe 0:04:06.760 --> 0:04:08.840 it was the uber, but you're like, I think it's 0:04:08.840 --> 0:04:10.760 four dollars if you just want to ride on the 0:04:10.800 --> 0:04:13.040 on the public transportation. So we jumped on this and 0:04:13.080 --> 0:04:14.920 bah wah, you recruited. It wasn't just me and ba 0:04:15.040 --> 0:04:16.920 it was some other people too. Don't say their names 0:04:16.920 --> 0:04:19.240 because I think they it was that meeting that they 0:04:19.279 --> 0:04:21.719 hated us because they scouted at us at every conference 0:04:21.760 --> 0:04:24.120 I ever went to after that, But it was. And 0:04:24.160 --> 0:04:27.039 you also we had stops along the way where you 0:04:27.080 --> 0:04:31.359 took us by, you know, cocktail establishments and other things. 0:04:31.400 --> 0:04:34.400 So it was it was it went beyond what it 0:04:34.480 --> 0:04:36.960 was billed as is just a savings measure. It was 0:04:37.000 --> 0:04:39.240 actually turned into a guided tour, which was incredible. 0:04:39.440 --> 0:04:41.240 See you didn't have to pay a dime for that. 0:04:41.400 --> 0:04:41.960 I mean, that's that. 0:04:43.160 --> 0:04:45.040 No, I mean I think you could tell. That's why 0:04:45.040 --> 0:04:47.000 I sent you the text jealous, because I mean we 0:04:47.040 --> 0:04:49.200 always every time I've hung out with you, we always 0:04:49.240 --> 0:04:53.359 have a blast at conferences, and I was like, we 0:04:53.400 --> 0:04:53.720 got to. 0:04:53.640 --> 0:04:55.080 Talk about this stuff. Yes, okay. 0:04:55.120 --> 0:04:57.760 So so speaking of buses, Bright, I didn't realize, first 0:04:57.760 --> 0:05:00.359 of all, A that you went to UGA. I'm a 0:05:00.360 --> 0:05:04.599 fellow Georgia grad, but go b you had the most 0:05:04.680 --> 0:05:09.000 coveted job on campus. You drove the UGA bus. Tell 0:05:09.040 --> 0:05:11.000 me about that, because like, I don't think there's any 0:05:11.080 --> 0:05:13.320 campus job that was paying. It was like at the 0:05:13.360 --> 0:05:15.080 time when I was there was something like I think 0:05:15.120 --> 0:05:16.440 it was over twenty bucks an hour. 0:05:16.600 --> 0:05:19.960 Oh wow, let me tell you times have changed. You're 0:05:20.000 --> 0:05:22.320 telling me all you're doing is making me feel old. 0:05:23.240 --> 0:05:27.920 So when I went to UGA, two things happened. When 0:05:27.960 --> 0:05:30.240 I got there on campus for the first time, and 0:05:30.480 --> 0:05:32.719 there was the first I was like, I have two goals, 0:05:32.800 --> 0:05:34.800 begin with the end of mine. I wanted to be 0:05:34.839 --> 0:05:38.080 an orientation leader because I thought those guys and girls 0:05:38.080 --> 0:05:39.440 were that had the coolest jobs. 0:05:39.520 --> 0:05:39.719 Ever. 0:05:40.279 --> 0:05:43.160 Then when I saw that they were letting students drive 0:05:43.320 --> 0:05:48.000 these huge buses around campus, I was like, that has 0:05:48.040 --> 0:05:50.440 got to be the coolest job ever. So I failed 0:05:50.520 --> 0:05:52.680 on actually becoming an orientation leader. I don't know how 0:05:52.720 --> 0:05:55.279 the stars never aligned for that to actually work. But 0:05:56.040 --> 0:05:58.119 I made it my mission to become a bus driver, 0:05:58.240 --> 0:06:01.000 and sure enough they trained me. I got my commercial 0:06:01.080 --> 0:06:03.800 driver's license and I actually drove for three years at 0:06:03.839 --> 0:06:06.720 the University of Georgia and I was good enough. This 0:06:06.760 --> 0:06:08.880 is a problem. I was so good that I got 0:06:08.880 --> 0:06:12.200 promoted to be a student trainer, and all that meant 0:06:12.279 --> 0:06:14.080 was the last year I didn't actually get to drive 0:06:14.080 --> 0:06:16.839 the bus anymore. I just rode around with other student drivers, 0:06:17.080 --> 0:06:19.159 making sure they were doing good work. But I loved it. 0:06:19.240 --> 0:06:21.320 If I could make a million dollars a year driving 0:06:21.320 --> 0:06:23.600 a bus, I would do it. I mean it was truly, 0:06:23.640 --> 0:06:24.479 it was the coolest job. 0:06:24.920 --> 0:06:25.599 Did you What was it? 0:06:25.720 --> 0:06:26.000 Orbit? 0:06:26.200 --> 0:06:28.679 Was the East Campus Express? What route were you driving? 0:06:28.880 --> 0:06:31.039 I drove? I drove them all. I mean I driven. 0:06:31.120 --> 0:06:33.320 The one I drove that I liked. I chose to 0:06:33.640 --> 0:06:37.359 was the Millage bus route a lot because I just 0:06:37.520 --> 0:06:40.479 liked that one. But I did do family housing. I 0:06:40.480 --> 0:06:44.960 did a Orbit, I mean the other one. Here's here's 0:06:44.960 --> 0:06:47.720 a hack, A college hack is I would drive the 0:06:49.200 --> 0:06:53.000 special of the bus at night for disabled individuals because 0:06:53.080 --> 0:06:56.320 there was really only one or two people around campus, 0:06:56.320 --> 0:06:58.360 but they were required to have this because the buses 0:06:58.400 --> 0:07:02.080 back then didn't allow access forelchairs. I would basically take 0:07:02.120 --> 0:07:05.000 the same people down to the bars every night and 0:07:05.040 --> 0:07:07.720 then go back to the bus depot study, and then 0:07:07.760 --> 0:07:09.280 wait for them to call me to go pick them 0:07:09.360 --> 0:07:11.480 up and then take them back to their dorms. So 0:07:11.520 --> 0:07:13.400 I felt like it was the greatest gig. And get 0:07:13.400 --> 0:07:16.440 back to what it paid. I was making seven dollars 0:07:16.480 --> 0:07:19.000 and twenty five cents an hour and that was the 0:07:19.040 --> 0:07:22.160 best paying job on campus. Wow, back in the day. 0:07:22.200 --> 0:07:24.240 So you can tell things have changed a lot. 0:07:24.720 --> 0:07:27.840 Was this a bus or was this a horse drawn carriage? Right? 0:07:29.080 --> 0:07:32.240 So I'm not clearing, just kidding, just kidding. Okay, let's 0:07:32.240 --> 0:07:33.280 move on. Let's talk about your book. 0:07:33.400 --> 0:07:34.880 Enough about Georgia and the buses. 0:07:35.440 --> 0:07:38.440 Your book is called Millionaire Mission, and it's a. 0:07:38.360 --> 0:07:40.280 Great goal and you've just just at the very beginning 0:07:40.320 --> 0:07:41.840 we talked about how, yeah, you think this is a 0:07:41.880 --> 0:07:44.440 goal that anybody could achieve, all right, but flip side 0:07:44.480 --> 0:07:46.960 of that question, is it a good enough goal? Like 0:07:47.040 --> 0:07:48.640 do you think a million dollars is going to be enough? 0:07:48.640 --> 0:07:50.760 And retirement for most folks who talk about how much 0:07:50.760 --> 0:07:52.400 you got paid back then how much bus drivers get 0:07:52.440 --> 0:07:54.680 paid now? Inflation's a real reality. Is a million dollars 0:07:54.800 --> 0:07:55.360 enough to shoot for? 0:07:55.720 --> 0:07:57.840 It might not be for when certain people get there, 0:07:57.840 --> 0:08:00.000 but you can't get to three million without the first million. 0:08:00.360 --> 0:08:01.840 And that's why, I mean, one of the things I 0:08:01.880 --> 0:08:04.160 love to share with people and I call it and 0:08:04.200 --> 0:08:05.720 I say it in a funny way, and I don't 0:08:05.720 --> 0:08:07.960 know where I get it from, but bowling point or 0:08:08.000 --> 0:08:10.840 you know, is you're trying to get your assets to 0:08:10.880 --> 0:08:13.520 reach the size of critical mass. And I always tell 0:08:13.520 --> 0:08:16.360 people getting to that first one hundred thousand dollars is 0:08:16.400 --> 0:08:19.240 so important and that probably will take you like seven years, 0:08:19.600 --> 0:08:22.680 but people just don't realize the second I mean, the 0:08:23.000 --> 0:08:25.600 last five hundred thousand to get to your first million 0:08:25.800 --> 0:08:28.200 will likely only take seven years too, because that's just 0:08:28.240 --> 0:08:31.320 the power of compounding growth is it builds upon itself. 0:08:31.680 --> 0:08:34.160 So if you can get to a million dollars, you're 0:08:34.200 --> 0:08:37.360 going to get to three million much much faster. So 0:08:37.440 --> 0:08:41.040 I agree. I think inflation is going to pull things 0:08:41.080 --> 0:08:44.600 down or make people have more, but it still doesn't 0:08:44.720 --> 0:08:47.560 change the behavior that's going to create the success of 0:08:47.600 --> 0:08:48.240 the situation. 0:08:48.360 --> 0:08:50.280 Yeah, more than anything, I think folks just need to 0:08:50.280 --> 0:08:52.360 get used to the idea that they're likely going to 0:08:52.440 --> 0:08:54.400 need not just a million, but even more than that, 0:08:54.440 --> 0:08:56.040 because I think to a lot of folks that sounds 0:08:56.040 --> 0:08:57.720 like a large sum of money. But like you said, 0:08:57.760 --> 0:08:59.040 I think it. I think folks are going to be 0:08:59.120 --> 0:09:02.000 arriving at that point of where the portfolio is going 0:09:02.040 --> 0:09:03.920 to get that large sooner than they think. So you 0:09:03.960 --> 0:09:06.559 start your book talking about high school, So take us 0:09:06.600 --> 0:09:08.480 back to that point we don't want to hear you 0:09:08.520 --> 0:09:10.880 talking about anymore about how you were saving money on 0:09:10.920 --> 0:09:13.680 your dates or anything like that. But take us back 0:09:13.720 --> 0:09:17.800 to your economics class and share how that inspired you. 0:09:17.920 --> 0:09:21.920 Yeah, mister Morrow, Themorrow Moment, as I've coined it, is 0:09:21.960 --> 0:09:25.160 because and what's funny is because I've written this book, 0:09:25.240 --> 0:09:29.280 I've actually had some high school fellow Henry County High 0:09:29.280 --> 0:09:32.920 School Warhawks reach out to me. And one of them, 0:09:32.960 --> 0:09:35.800 I have a friend named Alicia, and she was like, 0:09:36.040 --> 0:09:37.840 mister Morrow, And I was like, were you in that 0:09:37.880 --> 0:09:39.280 class with me? And she's like yeah. And I was like, 0:09:39.280 --> 0:09:41.400 do you remember the one hundred dollars a month came out? 0:09:41.400 --> 0:09:43.480 And she goes, no, but I didn't care anything about money. 0:09:43.480 --> 0:09:45.880 But she goes, man, he was salty. And I was like, yeah, 0:09:45.920 --> 0:09:48.040 he was salty. And I've often thought about the fact 0:09:48.120 --> 0:09:52.080 that I don't think mister Morrow was bringing this out 0:09:52.080 --> 0:09:54.200 if he wanted to just necessarily pay it forward, it 0:09:54.240 --> 0:09:56.240 wasn't part of the curriculum. I think this was out 0:09:56.280 --> 0:09:59.200 of a place of regret because he came into class 0:09:59.240 --> 0:10:01.640 and he said, if you you guys, with every one 0:10:01.679 --> 0:10:03.720 of you, if you'd save one hundred dollars a month, 0:10:03.760 --> 0:10:06.720 you could become a millionaire. And I remember thinking whoa 0:10:06.800 --> 0:10:09.400 because at the time I was working at the Harty's 0:10:09.480 --> 0:10:12.440 drive through three dollars and eighty cents an hour, and 0:10:12.480 --> 0:10:15.679 I was like, even though I'm working fast food, I 0:10:15.760 --> 0:10:17.839 think I could save one hundred dollars a month. And 0:10:17.880 --> 0:10:22.680 it was that simple instruction that kind of lit my 0:10:22.720 --> 0:10:25.520 mind on fire and made me realize, Hey, this compounding growth, 0:10:25.520 --> 0:10:27.960 because that's really what he was talking about is something 0:10:28.040 --> 0:10:31.319 pretty magical that if I give my life enough time 0:10:31.559 --> 0:10:34.560 and have the actual desire to putting money to work, 0:10:35.040 --> 0:10:36.040 I could make this happen. 0:10:36.360 --> 0:10:38.840 So is that, mister Morrow math? 0:10:39.000 --> 0:10:41.600 Is that like what's behind the koozy that you use 0:10:41.640 --> 0:10:43.679 on your YouTube show that I think is what this 0:10:43.720 --> 0:10:45.440 one dollar beer costs me eighty eight dollars? 0:10:45.640 --> 0:10:48.280 Well, it is. It's built into it because we have 0:10:48.600 --> 0:10:50.240 on our website if you go to money Go dot 0:10:50.240 --> 0:10:53.080 com slash resources, we have a wealth multiplier which we 0:10:53.120 --> 0:10:56.720 show what every dollar has the potential to become based 0:10:56.760 --> 0:10:59.880 upon your age. And you're exactly right. I mean, the 0:11:00.400 --> 0:11:04.800 reason we have these koozies pre pandemic. We were invited 0:11:04.840 --> 0:11:08.360 to come set up a table for recruitment at a university, 0:11:08.960 --> 0:11:11.080 and then so I was like, you know, what would 0:11:11.120 --> 0:11:13.600 be fun to show all these college kids what a 0:11:13.720 --> 0:11:15.839 dollar could become if they'd start investing. I was like, 0:11:15.920 --> 0:11:18.320 let's make a koozie. They're cheap. Let's just say this 0:11:18.400 --> 0:11:21.200 dollar beer could cost you eighty eight dollars, because that's 0:11:21.240 --> 0:11:23.120 what it is for a twenty twenty one year old. 0:11:23.559 --> 0:11:28.440 And then COVID happened and the koozies weren't needed, so 0:11:28.480 --> 0:11:30.719 I decided to start giving them out to people and 0:11:31.080 --> 0:11:33.040 using them on the show. But that's actually the true 0:11:33.080 --> 0:11:36.200 origin story. But it is hitting on that wealth multiplier concept. 0:11:36.640 --> 0:11:37.760 Yeah, what do you say to folks? 0:11:37.960 --> 0:11:39.920 So obviously one of the reasons mister Morrow was so 0:11:40.760 --> 0:11:43.520 salty on the idea was he was just mad that 0:11:43.559 --> 0:11:45.480 he didn't start investing when he was in high school. 0:11:45.520 --> 0:11:47.920 But for there are a lot of folks a who, yeah, 0:11:48.080 --> 0:11:49.720 they are investing now, but there's a lot of folks 0:11:49.720 --> 0:11:51.520 who might be hearing this message for the first time. 0:11:51.559 --> 0:11:52.959 What do you say to those folks, the folks who 0:11:52.960 --> 0:11:56.280 didn't start investing, maybe until their forties or fifties, do 0:11:56.720 --> 0:11:59.040 you think that they still have an opportunity to catch up. 0:11:59.240 --> 0:12:02.079 Actually, I just describe that in Millionaire Mission. I cover 0:12:02.120 --> 0:12:03.880 that because I don't want everybody think that this book 0:12:03.920 --> 0:12:06.240 was written for only twenty to twenty three year olds. 0:12:06.640 --> 0:12:09.079 This book, I think everybody has their eighty eight times 0:12:09.120 --> 0:12:13.120 over opportunity because the reality is just a component of time. 0:12:13.200 --> 0:12:16.400 And even though you might not discover investing until you're 0:12:16.440 --> 0:12:19.160 thirty five years old, more than likely you're going to 0:12:19.200 --> 0:12:23.640 live beyond late sixties, early seventies. There's going to be 0:12:23.920 --> 0:12:27.320 some dollar in your investment pool that is going to 0:12:27.400 --> 0:12:30.120 get that eighty eight times opportunity. So this is not 0:12:30.320 --> 0:12:34.080 something just for young people. Now that it is something 0:12:34.120 --> 0:12:36.600 I will tell you the longer you wait to start, 0:12:36.640 --> 0:12:39.040 because you remember, we all say early and often is 0:12:39.280 --> 0:12:41.800 how you should do investing. So if you start later, 0:12:42.400 --> 0:12:44.440 I think it does. It doesn't mean your army of 0:12:44.440 --> 0:12:46.800 dollar bills don't don't have the opportunity to compound. It 0:12:46.840 --> 0:12:49.080 just means you probably will have to have a higher 0:12:49.160 --> 0:12:52.559 savings rate just because you're playing catch up to a degree. 0:12:52.840 --> 0:12:56.400 Yeah, So the scarcity mindset, Brian, you talk about that 0:12:56.440 --> 0:12:58.400 in your book, and I think the scarcity mindset can 0:12:58.600 --> 0:13:00.319 be like a double edged sword. You can you can 0:13:00.360 --> 0:13:03.480 have such a scarcity mindset that you are kind of 0:13:03.600 --> 0:13:06.840 stuck and you don't find any way to make progress. 0:13:07.120 --> 0:13:10.520 But you talk about something called that you call forced scarcity. 0:13:10.760 --> 0:13:12.439 So what do you mean by that? Why is that powerful? 0:13:12.679 --> 0:13:15.120 Well? I think force scarcity. Remember, part of what you're 0:13:15.160 --> 0:13:17.880 doing when you start your wealth building journey is you 0:13:17.960 --> 0:13:22.960 got to make habits automatic. I love making things where 0:13:23.000 --> 0:13:26.800 they just happen, no matter there's no behavioral traps or 0:13:26.800 --> 0:13:28.240 anything you fall into. So you want to make the 0:13:28.240 --> 0:13:30.880 good habits as easy as possible and the bad habits 0:13:30.880 --> 0:13:33.600 as hard as possible. If you set up an automatic 0:13:33.640 --> 0:13:36.680 investment plan, or you also set up an automatic debt 0:13:36.720 --> 0:13:40.839 payment plan, every dollar has a purpose. And what I 0:13:40.920 --> 0:13:43.400 like about that when I say create a force scarcity moment. 0:13:43.440 --> 0:13:45.760 Every time I got a pay raise while I was 0:13:45.760 --> 0:13:47.960 trying to get to that initial twenty to twenty five 0:13:48.000 --> 0:13:50.880 percent savings and investment rate, is I would just try 0:13:50.880 --> 0:13:53.719 to allocate, like on a sixty forty ratio, I try 0:13:53.760 --> 0:13:57.679 to put sixty percent towards increasing my savings and investment 0:13:57.679 --> 0:14:01.680 and then I'd let my lifestyle expand by forty percent. 0:14:02.000 --> 0:14:04.240 So you know, of whatever that pay raise amount so 0:14:04.320 --> 0:14:07.160 I kept that healthy ratio until I reached my goal. 0:14:07.559 --> 0:14:10.240 So that way, you don't let your lifestyle choices or 0:14:10.280 --> 0:14:13.720 the lifestyle creep get in front of your investments. Because 0:14:13.720 --> 0:14:15.480 a lot of people, you can get them excited about 0:14:15.480 --> 0:14:18.640 funding their roth IRA one time, but how do you 0:14:18.640 --> 0:14:20.720 get them to do it for five years, ten years? 0:14:20.760 --> 0:14:24.760 Because it's that consistency of behavior that actually creates the wealth. 0:14:25.040 --> 0:14:27.920 But a lot of people lose interest or they get distracted, 0:14:28.280 --> 0:14:30.840 and you've got it. That's why they automatic behaviors are 0:14:30.880 --> 0:14:33.680 what's going to carry you through that and understanding always 0:14:33.680 --> 0:14:36.480 be buying, of course, because that takes out the volatility 0:14:36.640 --> 0:14:40.120 and then force scarcity. So you're not just letting your 0:14:40.120 --> 0:14:42.880 money sit in the account and you invest what's left over. 0:14:42.960 --> 0:14:45.280 You actually pay yourself first and invest on the front 0:14:45.320 --> 0:14:47.520 side and you spend on the backside. 0:14:47.520 --> 0:14:47.920 It's right. 0:14:48.080 --> 0:14:51.400 Yeah, those tax advantage accounts are just a part of 0:14:51.480 --> 0:14:54.640 your formula for success. I feel like respect the financial 0:14:54.720 --> 0:14:56.520 order of operations like that is y'all's mantra. 0:14:56.600 --> 0:14:59.000 You know, you hammer it home every EVERISA show. 0:14:59.280 --> 0:15:03.320 Yeah, I mean, and it's similar to our money. Why 0:15:03.800 --> 0:15:06.440 is the order of operations crucial to success? Why is 0:15:06.480 --> 0:15:11.680 it so important to individual's abilities to become a millionaire? 0:15:11.680 --> 0:15:13.960 Well, I mean I've seen it, you know. In the 0:15:14.040 --> 0:15:16.080 nice intro, y'all said that I've been doing this for 0:15:16.240 --> 0:15:19.600 going on three decades now of doing financial planning, and 0:15:19.720 --> 0:15:21.640 I could and I've always been a math nerd. I mean, 0:15:21.640 --> 0:15:23.920 i just couldn't help myself and I when I found 0:15:23.920 --> 0:15:26.400 out about pem doos. You know, please excuse my dear 0:15:26.440 --> 0:15:29.200 aunt sile And you realize math has an orderly flow 0:15:29.280 --> 0:15:31.400 that you have to do it in that order or 0:15:31.440 --> 0:15:34.520 you don't get the correct answer. In a lot of ways, 0:15:34.560 --> 0:15:37.360 finances are the exact same way. It's just it's structured 0:15:37.400 --> 0:15:39.640 in a way of kind of how do you balance 0:15:39.720 --> 0:15:43.320 the risk of life but also the maximization of time, 0:15:43.680 --> 0:15:45.240 and those things are in a lot of ways are 0:15:45.280 --> 0:15:47.200 in conflict with each other. So I've tried to give 0:15:47.200 --> 0:15:50.760 you the steps where you keep yourself out of trouble, 0:15:51.040 --> 0:15:52.960 but you also don't miss out on that moment of 0:15:53.000 --> 0:15:56.120 getting your army of dollars working as fast as possible. 0:15:56.480 --> 0:15:58.560 So that's that's what I've built with the nine step 0:15:58.640 --> 0:16:00.880 system that's in the financial world of operations. 0:16:01.600 --> 0:16:03.440 So you're just talking about the math, but you also 0:16:03.480 --> 0:16:06.000 talk about the mindset, and that's obviously crucial, right, It's 0:16:06.040 --> 0:16:07.800 part of it is like you're just saying, like, not 0:16:07.800 --> 0:16:09.920 getting someone to fund the roth ira just once, but 0:16:10.000 --> 0:16:12.400 getting toro do it on repeat, getting them excited about 0:16:12.400 --> 0:16:15.600 the ongoing process. One of the stats that stuck out 0:16:15.640 --> 0:16:18.200 to me in your book, you mentioned the lion's share 0:16:18.200 --> 0:16:22.680 of millionaires. Eighty percent of millionaires have an optimistic mindset. 0:16:22.760 --> 0:16:25.680 And I am kind of an eternal optimist myself, but 0:16:26.240 --> 0:16:29.960 why is that so crucial for people's ability? Like how 0:16:29.960 --> 0:16:32.600 come millionaires are more optimistic and less pessimistic? 0:16:32.640 --> 0:16:33.760 And yeah, is it? 0:16:34.000 --> 0:16:36.480 Oh, I've started building wealth and so now I'm starting 0:16:36.480 --> 0:16:38.680 to think good things about the future, Like what came first? 0:16:38.680 --> 0:16:39.080 Do you think? 0:16:39.360 --> 0:16:39.440 No? 0:16:39.600 --> 0:16:42.440 I do think. I think it is a mindset where 0:16:42.160 --> 0:16:46.760 you see opportunity versus all the obstacles that keep you 0:16:46.800 --> 0:16:49.080 from doing something. And I think that's an important thing 0:16:49.760 --> 0:16:52.720 for any success in life in a lot of ways, 0:16:52.720 --> 0:16:54.000 because I mean, you think about it, even if you 0:16:54.000 --> 0:16:57.920 were talking about your relationships, if you went into every relationship, 0:16:58.000 --> 0:17:02.880 whether it's you know, romantic or business or just transactional 0:17:03.000 --> 0:17:06.719 for everyday life, if you went into it thinking everybody's 0:17:06.880 --> 0:17:08.679 out to get you, You're probably going to do a 0:17:08.720 --> 0:17:12.240 lot less positive activities in your life, whereas if you 0:17:12.359 --> 0:17:14.800 just go into it looking for the best of the moment. 0:17:15.760 --> 0:17:18.960 I think it kind of is self affirming in a 0:17:18.960 --> 0:17:21.960 lot of ways. So if you're always looking for the opportunity, 0:17:22.240 --> 0:17:25.399 because that's what a lot of people say, what is luck? 0:17:25.640 --> 0:17:27.760 You know, luck because everybody says, hey, you must be 0:17:27.840 --> 0:17:30.200 lucky or you had luck in your pass and look, 0:17:30.240 --> 0:17:33.200 I will say luck is very important. But what luck 0:17:33.359 --> 0:17:36.760 is is that intersection point between you being prepared and 0:17:36.840 --> 0:17:40.160 then something, a moment of opportunity presents itself, and those 0:17:40.200 --> 0:17:42.679 two things intersect and you jump on it. If you're 0:17:42.680 --> 0:17:45.639 a pessimist, you're probably going to miss out on that moment. 0:17:45.800 --> 0:17:47.639 I look back at my own life and you just 0:17:47.680 --> 0:17:51.159 don't know the little decisions you're making that actually are 0:17:51.200 --> 0:17:53.720 having the big impacts. You never will know those things 0:17:53.840 --> 0:17:57.960 until later. But that's why if you have that positive mindset, 0:17:58.200 --> 0:18:01.400 you're more likely to take those positive steps forward versus 0:18:01.760 --> 0:18:05.920 being so held back and restricting yourself. 0:18:06.119 --> 0:18:08.639 Yeah, and I mean, aside from it also being a 0:18:08.680 --> 0:18:11.400 mindset thing, I mean it I think if you're an optimist. 0:18:11.400 --> 0:18:13.880 You've also looked at the numbers because you've seen that, hey, 0:18:13.920 --> 0:18:15.919 the stock market goes up three out of four years, 0:18:16.160 --> 0:18:19.000 and what that means is you most likely should be investing. 0:18:19.240 --> 0:18:21.440 So it's it's like a little combination of both. I 0:18:21.480 --> 0:18:24.560