1 00:00:00,120 --> 00:00:03,320 Speaker 1: Welcome to Had the Money. I'm Joel and I am Matt. 2 00:00:03,440 --> 00:00:06,840 Speaker 1: Today we're talking about the understated power of stealth wealth. 3 00:00:26,200 --> 00:00:30,240 Speaker 1: We're talking about that stealthy, stealthy wealth, which reminds me, 4 00:00:30,320 --> 00:00:32,600 Speaker 1: did you ever watch Mister Deed's This is an Adam 5 00:00:32,600 --> 00:00:35,040 Speaker 1: Sandler movie back in the nineties, long time ago. It's 6 00:00:35,080 --> 00:00:38,360 Speaker 1: in a long time. Have you ever the servant? I 7 00:00:38,440 --> 00:00:42,360 Speaker 1: forget his name, but I am. Yeah, I'm very very sneaky, sir. 8 00:00:43,920 --> 00:00:46,280 Speaker 1: That's what I think of that I hear stealth wealth. 9 00:00:46,320 --> 00:00:49,000 Speaker 1: I think of that sneaky wealth, that wealth that sneaks 10 00:00:49,080 --> 00:00:50,800 Speaker 1: up on you, that folks aren't even aware of. You 11 00:00:50,800 --> 00:00:52,560 Speaker 1: know what? It makes me think of the like stealth 12 00:00:52,560 --> 00:00:54,520 Speaker 1: Bomber back in the day, remember when that came out. 13 00:00:54,640 --> 00:00:57,120 Speaker 1: Also as a kid was huge in the nineties. I 14 00:00:57,160 --> 00:00:58,880 Speaker 1: was like, that's the coolest thing I've ever seen in 15 00:00:58,920 --> 00:01:01,080 Speaker 1: my life. How does that thing actually fly? And it's 16 00:01:01,080 --> 00:01:03,440 Speaker 1: so stealthy? How does it do what it it is supposed 17 00:01:03,480 --> 00:01:04,680 Speaker 1: to do? But yeah, that's kind of what we're gonna 18 00:01:04,680 --> 00:01:06,319 Speaker 1: talk about. Well, when it comes to money, we want 19 00:01:06,360 --> 00:01:08,320 Speaker 1: you to be sneaky, we want you to be stealthy, 20 00:01:08,400 --> 00:01:10,759 Speaker 1: and like there's a whole lot of reasons for it, 21 00:01:10,800 --> 00:01:13,040 Speaker 1: like what is stealth wealth. We'll discuss that in this episode, 22 00:01:13,040 --> 00:01:15,679 Speaker 1: but also kind of like how do you head in 23 00:01:15,680 --> 00:01:18,399 Speaker 1: this direction too? That's right, man, So okay, I've got 24 00:01:18,600 --> 00:01:21,520 Speaker 1: a question for you. I was faced with a conundrum 25 00:01:21,640 --> 00:01:24,119 Speaker 1: the other night. So lately I've been kind of going 26 00:01:24,120 --> 00:01:26,640 Speaker 1: down the path of thinking through different purchases I make 27 00:01:27,120 --> 00:01:30,679 Speaker 1: within the framework of buying quality over quantity. Right, this 28 00:01:30,760 --> 00:01:32,960 Speaker 1: is something we talked about in episode six twenty six. 29 00:01:33,240 --> 00:01:35,399 Speaker 1: We've talked about this a decent amount recently. Yeah, but 30 00:01:35,520 --> 00:01:38,320 Speaker 1: lately I've kind of been exploring this is gonna sound 31 00:01:38,400 --> 00:01:43,319 Speaker 1: kind of silly, but nicer shirts, specifically Marino woolve shirts. Okay, 32 00:01:43,480 --> 00:01:46,280 Speaker 1: And basically, so the reason I've been looking into this 33 00:01:46,360 --> 00:01:49,280 Speaker 1: We're getting ready for our Scotland trip our You and 34 00:01:49,320 --> 00:01:51,840 Speaker 1: I and our wives are all going to Scotland, and 35 00:01:51,880 --> 00:01:54,320 Speaker 1: I've learned that Marino wool is like the fabric of 36 00:01:54,400 --> 00:01:57,680 Speaker 1: choice for travelers. Maybe a lot of other people already 37 00:01:57,720 --> 00:01:59,120 Speaker 1: know this, but I did not know this. It was 38 00:01:59,200 --> 00:02:01,840 Speaker 1: nice and soft, right, Well, it's soft, but it's also 39 00:02:02,040 --> 00:02:04,680 Speaker 1: it's it's great from like a temperature regulation standpoint, but 40 00:02:04,680 --> 00:02:09,119 Speaker 1: specifically it is it doesn't get stinky, like I don't 41 00:02:09,160 --> 00:02:11,400 Speaker 1: know how it's It's like it's magic. Your fellow travelers 42 00:02:11,400 --> 00:02:13,960 Speaker 1: will appreciate this man absolutely, And I got one, and 43 00:02:13,960 --> 00:02:15,239 Speaker 1: I actually put it to the test a couple of 44 00:02:15,240 --> 00:02:16,720 Speaker 1: weeks ago. I don't I don't know if you remembered, 45 00:02:16,760 --> 00:02:19,080 Speaker 1: but I wore the same T shirt for I remember 46 00:02:19,560 --> 00:02:21,639 Speaker 1: few weeks you told me for a week straight and 47 00:02:21,680 --> 00:02:24,320 Speaker 1: I was making you sniff the shirt because I was like, dude, 48 00:02:24,440 --> 00:02:26,840 Speaker 1: you can't. You can't smell anything on this. We're up here, 49 00:02:26,840 --> 00:02:29,079 Speaker 1: and how the money HQ. Sometimes I even I wore 50 00:02:29,120 --> 00:02:31,600 Speaker 1: it like on a run, even like in the middle 51 00:02:31,600 --> 00:02:33,480 Speaker 1: of that period of time, and even still by the 52 00:02:33,560 --> 00:02:36,200 Speaker 1: end of seven days, it wasn't not stinky anyway. All 53 00:02:36,240 --> 00:02:41,760 Speaker 1: got to say that Marino wool shirts are really freaking expensive, though, 54 00:02:41,800 --> 00:02:44,440 Speaker 1: and so that's the predicament I'm in. I'd love to 55 00:02:44,480 --> 00:02:46,639 Speaker 1: maybe get a couple more, or maybe even just one more, 56 00:02:46,880 --> 00:02:49,079 Speaker 1: but they're like, like from the better companies out there, 57 00:02:49,080 --> 00:02:51,640 Speaker 1: You're you're talking like seventy or eighty bucks for a 58 00:02:51,720 --> 00:02:54,920 Speaker 1: single shirt. So I hopped on eBay and I was 59 00:02:54,960 --> 00:02:59,240 Speaker 1: looking around, and I came across this retailer that I 60 00:02:59,240 --> 00:03:02,919 Speaker 1: guaranteed nobody ever heard of. Honestly, I think there it's 61 00:03:02,919 --> 00:03:05,440 Speaker 1: like a direct from Asia kind of company, where like 62 00:03:05,480 --> 00:03:09,200 Speaker 1: stuff's getting shipped directly to this warehouse out in California. 63 00:03:09,280 --> 00:03:12,840 Speaker 1: But the prices were incredible. I'm talking like thirty dollars 64 00:03:12,919 --> 00:03:16,000 Speaker 1: for a one Marino wool shirt, which is a screaming 65 00:03:16,080 --> 00:03:19,560 Speaker 1: deal compared to like eighty bucks. But the reviews were 66 00:03:19,560 --> 00:03:22,200 Speaker 1: a little iffy on it, and I wasn't totally sure 67 00:03:22,240 --> 00:03:23,760 Speaker 1: if it would if it would pan up. But what 68 00:03:23,800 --> 00:03:26,639 Speaker 1: would you have done in this situation? Because on one 69 00:03:26,639 --> 00:03:28,880 Speaker 1: handles torn because I was like, oh, this is the 70 00:03:29,000 --> 00:03:32,120 Speaker 1: absolute lowest press I've ever seen on a Marino wool shirt. 71 00:03:32,200 --> 00:03:34,280 Speaker 1: But I also didn't want to get stuck with something 72 00:03:34,320 --> 00:03:36,520 Speaker 1: that I wasn't going to love. Okay, what's the return policy? 73 00:03:36,520 --> 00:03:38,560 Speaker 1: I guess that'd be my next question. Great question. They 74 00:03:38,600 --> 00:03:42,120 Speaker 1: had a return policy, but you had to pay for shipping. Ah, 75 00:03:42,520 --> 00:03:47,040 Speaker 1: so that's what makes it tough, right, free returns, no brainer? 76 00:03:47,200 --> 00:03:48,840 Speaker 1: Get it, try it out. If you didn't like it, 77 00:03:48,880 --> 00:03:52,240 Speaker 1: sent it back. And if they didn't have a return policy, 78 00:03:52,320 --> 00:03:54,320 Speaker 1: that was also a no brainer. I wouldn't do it 79 00:03:54,360 --> 00:03:57,080 Speaker 1: at all. Yeah, but this falls like right on the fence, 80 00:03:57,160 --> 00:03:59,760 Speaker 1: and that's that's where we'd like to live, right Jel, Like, 81 00:03:59,800 --> 00:04:02,080 Speaker 1: we like to live in that in between zone. Well, 82 00:04:02,120 --> 00:04:03,600 Speaker 1: every once in a while, as someone who's trying to 83 00:04:03,600 --> 00:04:06,120 Speaker 1: be frugal, you do get burned and you do your best, 84 00:04:06,400 --> 00:04:08,280 Speaker 1: and so I think burned. This is one of those though, 85 00:04:08,320 --> 00:04:11,240 Speaker 1: where if it's that much more of a deal, and 86 00:04:11,280 --> 00:04:14,120 Speaker 1: if there are enough reviews to substantiate the quality of 87 00:04:14,200 --> 00:04:16,440 Speaker 1: the items, say seal, then I would be like, I'll 88 00:04:16,440 --> 00:04:18,240 Speaker 1: give it a shot. The worst thing that happens, I'm 89 00:04:18,240 --> 00:04:20,680 Speaker 1: out six bucks. But best thing that happens, I say, 90 00:04:20,680 --> 00:04:22,320 Speaker 1: fifty bucks on the shirt I'm not going to get. 91 00:04:22,320 --> 00:04:24,400 Speaker 1: So that's how I would think of it. Well, the 92 00:04:24,440 --> 00:04:27,560 Speaker 1: reviews talked about how they had like a weird sizing 93 00:04:27,560 --> 00:04:29,120 Speaker 1: and the fit was kind of odd. So ultimately I 94 00:04:29,200 --> 00:04:31,160 Speaker 1: decided not to do it, and instead I was like, 95 00:04:31,160 --> 00:04:32,840 Speaker 1: all right, maybe I'll just watch out for some like 96 00:04:32,880 --> 00:04:35,240 Speaker 1: bigger sales from some of the nicer companies, but or 97 00:04:35,279 --> 00:04:37,200 Speaker 1: maybe yeah, you can wait and look around and see 98 00:04:37,200 --> 00:04:39,120 Speaker 1: if there's something in between stead of the eighty dollars 99 00:04:39,120 --> 00:04:41,280 Speaker 1: shirts or something that's like forty or fifty. I don't know, Yeah, 100 00:04:41,279 --> 00:04:43,440 Speaker 1: that's true. Yeah, Like, so I got an Icebreaker shirt 101 00:04:43,600 --> 00:04:45,320 Speaker 1: that's like one of the better companies or whatever. But 102 00:04:45,680 --> 00:04:48,400 Speaker 1: ARII co op they make really good one hundred percent 103 00:04:48,440 --> 00:04:50,840 Speaker 1: Marina wool shirts and they go on sale as well, evidently, 104 00:04:50,960 --> 00:04:53,720 Speaker 1: like in the forties or fifty dollars range. Sometimes my 105 00:04:53,760 --> 00:04:55,320 Speaker 1: sister in law works it already. I so I can 106 00:04:55,320 --> 00:04:57,560 Speaker 1: maybe ask her about I didn't know that. Yeah, I 107 00:04:57,600 --> 00:04:59,440 Speaker 1: don't know recent it was recently. I think she got 108 00:04:59,480 --> 00:05:02,240 Speaker 1: that job. Oh, Man, Yeah, I don't know. I don't know. 109 00:05:02,279 --> 00:05:06,400 Speaker 1: If I can get to those send those digits over. Yeah, 110 00:05:07,160 --> 00:05:10,080 Speaker 1: she'll hate you pretty soon, pretty soon, but yeah, I 111 00:05:10,080 --> 00:05:13,240 Speaker 1: don't know. Good luck with your thanks. Man continued, curious 112 00:05:13,279 --> 00:05:15,360 Speaker 1: to get your thoughts on that. But yeah, those are 113 00:05:15,360 --> 00:05:18,600 Speaker 1: always tough decisions. It's trying to be an informed consumer 114 00:05:18,960 --> 00:05:21,159 Speaker 1: buying the right things at the right price. It's not 115 00:05:21,160 --> 00:05:24,400 Speaker 1: always easy. But yeah, well, let's talk about stealth wealth here, Matten. 116 00:05:24,400 --> 00:05:26,080 Speaker 1: But first let's mention the beer that we're having on 117 00:05:26,200 --> 00:05:29,280 Speaker 1: this episode. This one is called Traditional Copper. It's an 118 00:05:29,360 --> 00:05:32,600 Speaker 1: alt beer and it's by the old Mecklenburg Brewery. Your 119 00:05:32,640 --> 00:05:34,680 Speaker 1: father in law gave us this beard album the show, right, 120 00:05:34,720 --> 00:05:37,080 Speaker 1: So that's right, thanks Greg. I think this is it's 121 00:05:37,080 --> 00:05:39,440 Speaker 1: called copper and it's a traditional alt beer. Oh okay, 122 00:05:39,440 --> 00:05:40,880 Speaker 1: so I think copper is the name of it, but 123 00:05:41,000 --> 00:05:43,440 Speaker 1: it's hard to tell the way that on the label. 124 00:05:43,440 --> 00:05:45,760 Speaker 1: But yeah, looking forward to enjoin this one. We'll share 125 00:05:45,800 --> 00:05:47,960 Speaker 1: our thoughts on it at the end of the episode, 126 00:05:48,000 --> 00:05:50,440 Speaker 1: for sure, but for now, let's get onto Stealth, Wealth 127 00:05:50,480 --> 00:05:53,080 Speaker 1: and Matt. This made me think about Clark Kent, who 128 00:05:53,440 --> 00:05:56,600 Speaker 1: has a nerdy newspaper job. He's a sneaky, sneaky guy. 129 00:05:56,640 --> 00:05:59,560 Speaker 1: He's got the thick glasses. Certainly doesn't look cool in 130 00:05:59,600 --> 00:06:03,000 Speaker 1: the traditional sense of the word. And I don't know 131 00:06:03,000 --> 00:06:05,080 Speaker 1: if people still use the term square, but if they do, 132 00:06:05,279 --> 00:06:08,000 Speaker 1: that's what they call Clark Kent, right, And that's what 133 00:06:08,040 --> 00:06:10,119 Speaker 1: he is. But when you pull back the white button 134 00:06:10,200 --> 00:06:13,359 Speaker 1: up on that dude, he's a beast, right, he becomes Superman, 135 00:06:13,600 --> 00:06:15,640 Speaker 1: and kids all over the world and lots of adults 136 00:06:15,800 --> 00:06:18,080 Speaker 1: are obsessed with that dude because he can fly, he 137 00:06:18,120 --> 00:06:20,720 Speaker 1: can kick basically anyone's but there's only one thing that 138 00:06:20,760 --> 00:06:22,760 Speaker 1: can stop him, and it's this green, shiny rock. Right, 139 00:06:23,000 --> 00:06:25,760 Speaker 1: And he's saving the world from evil villains on a 140 00:06:25,800 --> 00:06:28,960 Speaker 1: regular basis. But Clark Kent doesn't need everyone to know 141 00:06:29,000 --> 00:06:31,920 Speaker 1: what he's capable of, Like, he doesn't mind people thinking 142 00:06:32,240 --> 00:06:36,039 Speaker 1: that he's a complete nerd oring old reporter, right, he 143 00:06:36,080 --> 00:06:39,280 Speaker 1: doesn't mind that being the general conception of him. And 144 00:06:39,320 --> 00:06:41,479 Speaker 1: so I think when you don't feel the need to 145 00:06:41,520 --> 00:06:43,839 Speaker 1: signal to others what you're capable of, there's a whole 146 00:06:43,839 --> 00:06:46,760 Speaker 1: lot of power in that from an individual standpoint. And 147 00:06:47,000 --> 00:06:49,520 Speaker 1: when we're talking about overall financial well being, So that's 148 00:06:49,520 --> 00:06:51,440 Speaker 1: what we're talking about today. We want you to be 149 00:06:51,560 --> 00:06:55,400 Speaker 1: the financial version of Clark Kent, to have some superman 150 00:06:55,520 --> 00:06:58,080 Speaker 1: underneath the clothes, but to not be like shown enough 151 00:06:58,120 --> 00:07:00,920 Speaker 1: to everybody all the time. Man. Yeah, And the fact 152 00:07:01,000 --> 00:07:04,040 Speaker 1: is those outward signals are oftentimes more of a distraction 153 00:07:04,520 --> 00:07:07,679 Speaker 1: than anything else, right, Like they can oftentimes actually prevent 154 00:07:07,760 --> 00:07:11,000 Speaker 1: you from being able to sustain that lifestyle. You might 155 00:07:11,000 --> 00:07:14,000 Speaker 1: be able to achieve it momentarily, but sustaining it is 156 00:07:14,040 --> 00:07:16,280 Speaker 1: a whole other, whole other question. And you know, one 157 00:07:16,320 --> 00:07:19,040 Speaker 1: of the problems that we're addressing today, Like everybody out there, 158 00:07:19,120 --> 00:07:21,800 Speaker 1: for the most part, wants to be wealthy, but they 159 00:07:21,920 --> 00:07:24,680 Speaker 1: don't want to be like quote unquote that guy, right, 160 00:07:24,720 --> 00:07:26,560 Speaker 1: Like they don't want to be the jerk and the 161 00:07:26,600 --> 00:07:29,880 Speaker 1: audie that cut you off, like on the way to work. 162 00:07:29,920 --> 00:07:31,880 Speaker 1: They don't want to be the folks on social media 163 00:07:31,960 --> 00:07:35,080 Speaker 1: living it up at the club. They want to be wealthier, 164 00:07:35,320 --> 00:07:38,080 Speaker 1: but they don't want to like essentially lose their soul 165 00:07:38,160 --> 00:07:41,800 Speaker 1: in the process. And the term stealth wealth is a 166 00:07:41,920 --> 00:07:45,120 Speaker 1: helpful way to think about what's worth striving for, right, Like, 167 00:07:45,160 --> 00:07:48,600 Speaker 1: this is the solution to finding that balance between being 168 00:07:48,680 --> 00:07:51,960 Speaker 1: wealthy but being a decent human being. Yeah, so today 169 00:07:51,960 --> 00:07:54,440 Speaker 1: we're going to talk about why self wealth is such 170 00:07:54,480 --> 00:07:56,400 Speaker 1: a great goal to aim for and you know what 171 00:07:56,440 --> 00:07:58,680 Speaker 1: it looks like to actually achieve it. Yeah, so let's 172 00:07:58,680 --> 00:08:00,520 Speaker 1: talk about what it is. Let's to find terms a 173 00:08:00,560 --> 00:08:01,920 Speaker 1: little bit here, and you and I were talking about 174 00:08:01,960 --> 00:08:04,640 Speaker 1: this before we started. It's kind of a hard word 175 00:08:04,840 --> 00:08:08,520 Speaker 1: or term to define, Like it's not financial independence, but 176 00:08:09,120 --> 00:08:12,840 Speaker 1: if you're going to stealth wealth route, it's going to 177 00:08:12,880 --> 00:08:14,960 Speaker 1: get you to financial independence. So it's kind of a 178 00:08:15,040 --> 00:08:18,640 Speaker 1: way of living as you're kind of looking to achieve 179 00:08:19,000 --> 00:08:20,840 Speaker 1: more and more financial independence in your life. And it's 180 00:08:21,320 --> 00:08:23,440 Speaker 1: a way of living that we think makes a lot 181 00:08:23,440 --> 00:08:25,480 Speaker 1: of sense. And it actually has its roots back in 182 00:08:25,720 --> 00:08:28,760 Speaker 1: the book The Millionaire next Door. Thomas Stanley wrote this 183 00:08:28,760 --> 00:08:31,600 Speaker 1: classic back in nineteen ninety six, I believe, and it 184 00:08:31,640 --> 00:08:33,880 Speaker 1: was a study of millionaires and it came to some 185 00:08:34,000 --> 00:08:37,000 Speaker 1: striking findings, right that most of us don't assume when 186 00:08:37,000 --> 00:08:40,600 Speaker 1: we think about wealth accumulation. It showed really that millionaires 187 00:08:40,600 --> 00:08:44,600 Speaker 1: are disproportionately clustered in middle class and blue collar neighborhoods, 188 00:08:44,920 --> 00:08:47,679 Speaker 1: not in the most affluent neighborhoods, which it's kind of 189 00:08:47,679 --> 00:08:49,880 Speaker 1: counterintuitive to how most of us think about the wealthy 190 00:08:49,880 --> 00:08:52,320 Speaker 1: among us. We sure we assume that they're living in 191 00:08:52,360 --> 00:08:55,920 Speaker 1: the McMansions, but no, not necessarily. They're more likely to 192 00:08:55,960 --> 00:09:00,319 Speaker 1: devote their money towards saving and investing than buying luxury goods. 193 00:09:00,600 --> 00:09:02,720 Speaker 1: Makes me think about recently we talked on the show 194 00:09:02,760 --> 00:09:05,880 Speaker 1: and we had an Instagram post about product selling paper clips. 195 00:09:05,960 --> 00:09:07,880 Speaker 1: And you can get a four hundred and ninety five 196 00:09:07,880 --> 00:09:10,199 Speaker 1: dollars paper clip from Prada, or you can get like 197 00:09:10,200 --> 00:09:12,439 Speaker 1: a Gucci dog bowl, a Gucci dog bowl it was 198 00:09:12,440 --> 00:09:15,880 Speaker 1: almost two thousand dollars. And you can show off your 199 00:09:15,880 --> 00:09:17,720 Speaker 1: wealth like that, you can flaunt it. You can buy 200 00:09:17,840 --> 00:09:21,920 Speaker 1: they should call that thing the Pucci. Yeah, and you're 201 00:09:21,960 --> 00:09:24,640 Speaker 1: getting coached. When you buy that bowl coached by the 202 00:09:24,640 --> 00:09:27,480 Speaker 1: Gucci pooch, it's pretty ridiculous. And those are the kind 203 00:09:27,480 --> 00:09:30,040 Speaker 1: of things though that people often the wealthiest people are 204 00:09:30,080 --> 00:09:33,559 Speaker 1: not buying those goods. They're not buying the luxury paper clips, 205 00:09:33,600 --> 00:09:35,400 Speaker 1: which I did not even know is a thing, honestly 206 00:09:35,600 --> 00:09:38,800 Speaker 1: shocked to see that. But they're also not buying luxury 207 00:09:38,800 --> 00:09:42,520 Speaker 1: cars either, Like these millionaires are driving Mazda's not Mercedes. 208 00:09:42,520 --> 00:09:45,080 Speaker 1: They care more about having wealth than flaunting it. And 209 00:09:45,240 --> 00:09:47,319 Speaker 1: that's just that's like the most important thing to know 210 00:09:47,320 --> 00:09:49,599 Speaker 1: about people who are pursuing stealth wealth. It's it's the 211 00:09:49,679 --> 00:09:51,840 Speaker 1: people who actually want to be wealthy. They want to 212 00:09:51,840 --> 00:09:55,080 Speaker 1: have the money backing up a lifestyle that doesn't necessarily 213 00:09:55,160 --> 00:09:58,520 Speaker 1: look ostentatious or showy. Yeah, I mean, the truth is 214 00:09:58,520 --> 00:10:00,520 Speaker 1: that it's just hard to see how much well someone 215 00:10:00,559 --> 00:10:03,679 Speaker 1: has in their everyday life. It truly is something that 216 00:10:03,880 --> 00:10:06,560 Speaker 1: is kind of secret. It's easy to see what folks 217 00:10:06,600 --> 00:10:10,840 Speaker 1: around you are spending, whether that beyond vacations or clothes, 218 00:10:10,960 --> 00:10:13,600 Speaker 1: fancy cars, nice homes, big houses, that kind of thing. 219 00:10:13,880 --> 00:10:16,520 Speaker 1: It's just hard to see, though, what they're saving and 220 00:10:16,520 --> 00:10:19,480 Speaker 1: what they're investing in, how much to what extent that 221 00:10:19,480 --> 00:10:21,320 Speaker 1: they're doing that it's not worn on the sleeve nearly 222 00:10:21,360 --> 00:10:23,520 Speaker 1: to the same degree as the stuff that we buy. Yeah, 223 00:10:23,520 --> 00:10:27,319 Speaker 1: so stealth wealth practitioners approach their lives in a countercultural way. 224 00:10:27,320 --> 00:10:28,959 Speaker 1: And I feel like in this way it can kind 225 00:10:28,960 --> 00:10:31,360 Speaker 1: of be It can pay, perhaps to be a little 226 00:10:31,440 --> 00:10:34,000 Speaker 1: hardheaded and not care what other people think. But it 227 00:10:34,000 --> 00:10:36,080 Speaker 1: makes me think of this quote, and this is from 228 00:10:36,200 --> 00:10:39,640 Speaker 1: Edwin Way Teal. And it goes, reduce the complexity of 229 00:10:39,679 --> 00:10:43,360 Speaker 1: life by eliminating the needless wants of life and the 230 00:10:43,440 --> 00:10:46,760 Speaker 1: labors of life reduced themselves. I love that, man, I 231 00:10:46,840 --> 00:10:49,920 Speaker 1: think it. Oftentimes folks might think, well, I don't want 232 00:10:49,920 --> 00:10:52,080 Speaker 1: to be a minimalist, and you can read that quote 233 00:10:52,080 --> 00:10:54,040 Speaker 1: and think, well, this is a this is a quote 234 00:10:54,040 --> 00:10:56,840 Speaker 1: in favor of minimalism. But I don't think that's the case. 235 00:10:56,880 --> 00:10:58,319 Speaker 1: I don't. You don't have to go that extreme. It 236 00:10:58,320 --> 00:10:59,920 Speaker 1: doesn't have to be black or white. You can instead 237 00:11:00,160 --> 00:11:04,840 Speaker 1: choose a life of intentionality in all areas, including you're spending. 238 00:11:04,880 --> 00:11:07,160 Speaker 1: Even when it comes to those marino wool shirts that 239 00:11:07,200 --> 00:11:09,120 Speaker 1: you want, right, you can still you can still, like 240 00:11:09,160 --> 00:11:12,280 Speaker 1: I think, intelligently shop look for and buy new things. 241 00:11:12,440 --> 00:11:15,280 Speaker 1: And some of our friends would make to differ or 242 00:11:15,280 --> 00:11:17,360 Speaker 1: would live life a little differently, like our friend Katie 243 00:11:17,360 --> 00:11:20,760 Speaker 1: Woke Stanley, but she would probably most definitely find her 244 00:11:21,000 --> 00:11:23,240 Speaker 1: Marino Wool shirts at the at the Good Wild, right, 245 00:11:23,480 --> 00:11:25,280 Speaker 1: which more power to her. That's why we wanted to 246 00:11:25,280 --> 00:11:27,120 Speaker 1: talk to her. I hadn't done that yet, but you 247 00:11:27,480 --> 00:11:29,840 Speaker 1: need to go looking. But she's inspirational in that regard, 248 00:11:29,920 --> 00:11:32,400 Speaker 1: I think. But here's the thing that when you get 249 00:11:32,400 --> 00:11:34,280 Speaker 1: yourself a Marino Wools shirt, Jill, you're never getting rid 250 00:11:34,320 --> 00:11:35,839 Speaker 1: of it if you're going to love it that much, right, 251 00:11:36,080 --> 00:11:37,640 Speaker 1: So maybe there's none to be had. I'm trying. I'm 252 00:11:37,640 --> 00:11:39,680 Speaker 1: trying to convert people on the US market. But I 253 00:11:39,679 --> 00:11:41,880 Speaker 1: think that's that's what makes her so inspiring is that 254 00:11:41,960 --> 00:11:44,760 Speaker 1: she lives her life with a really particular bens And 255 00:11:44,800 --> 00:11:48,320 Speaker 1: it's pretty extreme given kind of today's modern standards and 256 00:11:48,559 --> 00:11:51,480 Speaker 1: how consumeristic we tend to be. But I think there's 257 00:11:51,559 --> 00:11:53,599 Speaker 1: a lot to love in the way that she does this. 258 00:11:53,679 --> 00:11:57,080 Speaker 1: But I think you're right, like reducing the complexity, eliminating 259 00:11:57,120 --> 00:11:59,520 Speaker 1: the needless wants of life that doesn't necessarily have to 260 00:11:59,600 --> 00:12:03,120 Speaker 1: mean living buying into hook line at Syinker, the non 261 00:12:03,120 --> 00:12:06,040 Speaker 1: consumer advocate mentality, or you know, buying into a full 262 00:12:06,040 --> 00:12:08,760 Speaker 1: on minimalist lifestyle. Not that we're against those. More power 263 00:12:08,800 --> 00:12:10,480 Speaker 1: to you if that's what you want to do, but 264 00:12:10,640 --> 00:12:14,240 Speaker 1: we don't necessarily partake to that degree. But you might 265 00:12:14,280 --> 00:12:16,840 Speaker 1: be thinking, what's the point of being wealthy without being 266 00:12:16,880 --> 00:12:19,240 Speaker 1: able to buy the things and the experiences that having 267 00:12:19,280 --> 00:12:22,439 Speaker 1: more money affords. That's a good question because you might 268 00:12:22,480 --> 00:12:24,600 Speaker 1: be saying, my goal of saving investing more is so 269 00:12:24,640 --> 00:12:26,880 Speaker 1: that I can buy that beach house or afford that 270 00:12:27,320 --> 00:12:30,240 Speaker 1: fancy rolex. And you know, we're not here to tell 271 00:12:30,240 --> 00:12:31,920 Speaker 1: you what you should spend your money on. We're not 272 00:12:32,000 --> 00:12:33,640 Speaker 1: here to tell you that you need to join the 273 00:12:33,640 --> 00:12:36,800 Speaker 1: minimalist movements. And if you're into fancy watches or something 274 00:12:36,800 --> 00:12:38,800 Speaker 1: like that, that's fine with us. And if you buy 275 00:12:38,840 --> 00:12:40,679 Speaker 1: the right one, actually it might even go up in 276 00:12:40,720 --> 00:12:43,880 Speaker 1: value over time, but that's beside the point. But well, 277 00:12:43,960 --> 00:12:47,600 Speaker 1: like the millionaire next door taught us, the problem is 278 00:12:47,760 --> 00:12:51,199 Speaker 1: if you're spending tomorrow's cash today, that's where the root 279 00:12:51,240 --> 00:12:55,400 Speaker 1: of the problem exists. And it's really hard to out 280 00:12:55,440 --> 00:13:00,280 Speaker 1: earn you're spending. If you're spending is insatiable, and so yeah, 281 00:13:00,440 --> 00:13:03,079 Speaker 1: stealth wealth is basically buying into the notion that actually 282 00:13:03,120 --> 00:13:07,040 Speaker 1: being rich. Trump's public displays of wealth makes think of 283 00:13:07,040 --> 00:13:08,640 Speaker 1: an article I wrote I don't know a year or 284 00:13:08,640 --> 00:13:10,360 Speaker 1: so ago on our website mat about buying a new 285 00:13:10,400 --> 00:13:12,960 Speaker 1: car and how it's not that we're one hundred percent 286 00:13:13,040 --> 00:13:15,640 Speaker 1: against owning a new car in any way, form or fashion, 287 00:13:16,040 --> 00:13:19,120 Speaker 1: that nobody should ever do it, but I outlined a 288 00:13:19,160 --> 00:13:22,400 Speaker 1: few circumstances when it makes sense, and it's just that 289 00:13:22,480 --> 00:13:24,319 Speaker 1: most people don't meet those parameters, and a lot of 290 00:13:24,360 --> 00:13:26,160 Speaker 1: people end up buying a new car when they can't 291 00:13:26,160 --> 00:13:27,960 Speaker 1: actually afford it, and they stretch out payments, and they 292 00:13:28,040 --> 00:13:32,760 Speaker 1: really hamstring their overall financial progress because they're opting to 293 00:13:33,800 --> 00:13:36,800 Speaker 1: buy something that makes them look better to the world 294 00:13:36,880 --> 00:13:39,599 Speaker 1: or around them from a consumer stick standpoint, from a 295 00:13:39,640 --> 00:13:43,240 Speaker 1: possession standpoint, and really what they're doing is hurting their 296 00:13:43,280 --> 00:13:48,360 Speaker 1: own ability to achieve stealth wealth and really reach financial independence. Yes, right, Yeah, 297 00:13:48,360 --> 00:13:50,400 Speaker 1: So let's talk about how this fits with some recent 298 00:13:50,400 --> 00:13:54,760 Speaker 1: studies that show that more money, how it actually equals 299 00:13:54,760 --> 00:13:57,439 Speaker 1: greater levels of happiness. There's some old research out there 300 00:13:57,840 --> 00:13:59,600 Speaker 1: that we've even referenced here on the show. Before. We've 301 00:13:59,600 --> 00:14:02,080 Speaker 1: had guests on the show before, and they've written books. 302 00:14:02,880 --> 00:14:05,400 Speaker 1: The large portions of the books were even kind of 303 00:14:05,440 --> 00:14:09,720 Speaker 1: based on this fact that happiness kind of plateaued after 304 00:14:09,760 --> 00:14:12,559 Speaker 1: reaching around seventy five thousand dollars a year in salary. 305 00:14:12,840 --> 00:14:15,720 Speaker 1: In reality, that's probably closer to one hundred thousand dollars 306 00:14:15,720 --> 00:14:19,120 Speaker 1: now given inflation. But new research by the same folks 307 00:14:19,120 --> 00:14:22,360 Speaker 1: show with a more comprehensive studies is showing that happiness 308 00:14:22,400 --> 00:14:26,480 Speaker 1: levels actually continue to climb even in high ranges of income, 309 00:14:26,640 --> 00:14:28,760 Speaker 1: all the way up to like over two hundred thousand dollars. 310 00:14:29,000 --> 00:14:31,840 Speaker 1: Although this isn't the case for everyone. There's there's still 311 00:14:31,840 --> 00:14:36,200 Speaker 1: this unhappy minority of that group who's happiness diminished as 312 00:14:36,240 --> 00:14:39,920 Speaker 1: their income rose. But the relationship between money and happiness 313 00:14:39,960 --> 00:14:43,320 Speaker 1: it is not easy to figure out. But my guess 314 00:14:43,520 --> 00:14:46,360 Speaker 1: is that the happiest people of all are likely the 315 00:14:46,400 --> 00:14:49,320 Speaker 1: ones out there who are living the stealth wealth lifestyle. 316 00:14:49,640 --> 00:14:52,560 Speaker 1: It's the folks who end up making a high income, yes, 317 00:14:52,600 --> 00:14:56,200 Speaker 1: but they don't necessarily live like it. They're not they're 318 00:14:56,240 --> 00:14:58,520 Speaker 1: not living, they're not showing, they're not displaying their wealth 319 00:14:58,560 --> 00:15:00,840 Speaker 1: on their sleeve, and not the times. It's because they 320 00:15:00,920 --> 00:15:03,560 Speaker 1: have asked these harder questions. They We're gonna get to 321 00:15:03,600 --> 00:15:06,120 Speaker 1: all of this, right, but like they are questioning the 322 00:15:06,200 --> 00:15:08,800 Speaker 1: things that culture is telling them is going to make 323 00:15:08,800 --> 00:15:11,600 Speaker 1: them happy, and instead are out there blazing their own path. Yeah, 324 00:15:11,680 --> 00:15:13,200 Speaker 1: all right, let me share another quote here because you 325 00:15:13,240 --> 00:15:15,120 Speaker 1: share a good moment. This one was a touch longer, 326 00:15:15,120 --> 00:15:17,120 Speaker 1: but I swear I told my wife when I read it, 327 00:15:17,360 --> 00:15:19,360 Speaker 1: this one just like slapped me sideways, and I was like, 328 00:15:19,360 --> 00:15:22,200 Speaker 1: this is just this is brilliant. And it's become one 329 00:15:22,200 --> 00:15:24,840 Speaker 1: of my favorite money quotes. And here's how. It's from 330 00:15:24,880 --> 00:15:26,560 Speaker 1: the book called The Quest of the Simple Life by 331 00:15:26,560 --> 00:15:29,440 Speaker 1: William Dawson. He says, the thing that is least perceived 332 00:15:29,440 --> 00:15:32,120 Speaker 1: about wealth is that all pleasure in money ends at 333 00:15:32,120 --> 00:15:35,080 Speaker 1: the point where economy becomes unnecessary. The man who can 334 00:15:35,080 --> 00:15:38,320 Speaker 1: buy anything he covets values nothing that he buys. There 335 00:15:38,440 --> 00:15:42,640 Speaker 1: is subtle pleasure in the extravagance that contests with prudence, 336 00:15:43,160 --> 00:15:46,400 Speaker 1: in the anxious debates which we hold with ourselves whether 337 00:15:46,520 --> 00:15:48,920 Speaker 1: we can or cannot afford a certain thing, in our 338 00:15:48,920 --> 00:15:51,920 Speaker 1: attempts to justify our wisdom, in the risk and recklessness 339 00:15:51,960 --> 00:15:55,000 Speaker 1: of our operations, in the long deferred and final joy 340 00:15:55,080 --> 00:15:57,840 Speaker 1: of our possession. But this is a kind of pleasure 341 00:15:58,040 --> 00:16:00,520 Speaker 1: which the man of boundless means never knows. And I 342 00:16:00,520 --> 00:16:03,240 Speaker 1: think even if you had, you're you're kind of referring 343 00:16:03,280 --> 00:16:06,320 Speaker 1: to that happiness study and how the people who make 344 00:16:06,360 --> 00:16:09,800 Speaker 1: more money, well, they're probably happier if they're living that stealthy, 345 00:16:10,000 --> 00:16:12,480 Speaker 1: wealthy lifestyle. I think it's probably because you're fighting back 346 00:16:12,520 --> 00:16:15,160 Speaker 1: against some of that consumerism. And if you give into 347 00:16:15,200 --> 00:16:17,920 Speaker 1: all your wants and desires and you buy all of 348 00:16:17,920 --> 00:16:20,120 Speaker 1: the things that you can possibly afford, you end up 349 00:16:20,120 --> 00:16:22,120 Speaker 1: finding that there's not as much joy at the end 350 00:16:22,160 --> 00:16:25,040 Speaker 1: of that spending spree as you hoped. I think I 351 00:16:25,080 --> 00:16:27,360 Speaker 1: think it shows that just having an unlimited amount of 352 00:16:27,360 --> 00:16:29,800 Speaker 1: funds isn't going to make you any happier, right like 353 00:16:29,800 --> 00:16:31,640 Speaker 1: like well, honestly, hearing that, it makes me think of 354 00:16:32,040 --> 00:16:35,720 Speaker 1: we're doing a lot of nineties nostalgia, mister Deed's the 355 00:16:35,760 --> 00:16:39,040 Speaker 1: Stealth Bomber. It also makes me think of so playing Nintendo. 356 00:16:39,520 --> 00:16:43,000 Speaker 1: I remember going to the grocery store and there is 357 00:16:43,040 --> 00:16:45,280 Speaker 1: this magazine that you could get and I'm pretty sure 358 00:16:45,280 --> 00:16:48,520 Speaker 1: it was called Nintendo Power. And the reason you got 359 00:16:48,600 --> 00:16:50,840 Speaker 1: Nintendo Power it was to look up the cheat code. Yeah, 360 00:16:50,880 --> 00:16:52,840 Speaker 1: because you could you know, flip to whatever game that 361 00:16:52,840 --> 00:16:55,840 Speaker 1: they're highlighting, look up the movement to do on the 362 00:16:55,840 --> 00:16:57,640 Speaker 1: you know, on the keypad before like once it was 363 00:16:57,640 --> 00:16:59,520 Speaker 1: in the like the start screen or whatever, and it 364 00:16:59,520 --> 00:17:03,080 Speaker 1: would gives or something like that, right, or it would 365 00:17:03,080 --> 00:17:04,879 Speaker 1: give like it would put you in god mode to 366 00:17:04,920 --> 00:17:07,400 Speaker 1: where you just couldn't die, and which makes it really 367 00:17:07,400 --> 00:17:09,280 Speaker 1: fun for a second for a second, but it just 368 00:17:09,320 --> 00:17:11,040 Speaker 1: sucks all the joy out of it. And I think 369 00:17:11,040 --> 00:17:14,120 Speaker 1: that's what this quote is saying, like that the fun 370 00:17:14,359 --> 00:17:18,360 Speaker 1: is built into the struggle, and when you remove that struggle, 371 00:17:18,359 --> 00:17:20,800 Speaker 1: there's there's kind of no joy left to be had. 372 00:17:20,840 --> 00:17:22,880 Speaker 1: And essentially that's what we're doing today, Like we're pointing 373 00:17:22,880 --> 00:17:26,360 Speaker 1: out the fact that by adding some barriers, some constraints 374 00:17:26,440 --> 00:17:29,159 Speaker 1: or some guardrails like that in and of itself is 375 00:17:29,280 --> 00:17:32,040 Speaker 1: sort of where the like I guess, the joy comes 376 00:17:32,080 --> 00:17:34,000 Speaker 1: from when it comes to the how it is that 377 00:17:34,040 --> 00:17:36,040 Speaker 1: we appreciate the things that we purchase. I think everything 378 00:17:36,040 --> 00:17:38,720 Speaker 1: you buy when you take this mentality, means more than 379 00:17:39,200 --> 00:17:41,800 Speaker 1: if you are spending willy nilly. And not only that, 380 00:17:42,040 --> 00:17:45,000 Speaker 1: but it adds more kind of mental freedom because you're 381 00:17:45,040 --> 00:17:48,480 Speaker 1: not nearly as worried about your money either because you've 382 00:17:48,560 --> 00:17:51,280 Speaker 1: kind of put yourself on a path to where something 383 00:17:51,280 --> 00:17:53,800 Speaker 1: out of your control impacts you negatively, whether it's a 384 00:17:53,880 --> 00:17:57,080 Speaker 1: job loss or whether it's a market downturn something like that, 385 00:17:57,119 --> 00:17:59,840 Speaker 1: where that just doesn't affect you in nearly the same 386 00:17:59,880 --> 00:18:03,560 Speaker 1: way because you've ventilated yourself in so many ways from 387 00:18:03,600 --> 00:18:05,919 Speaker 1: some of those the harshest things that can happen. And 388 00:18:05,960 --> 00:18:08,919 Speaker 1: people who are not taking the stealth wealth approach often 389 00:18:08,960 --> 00:18:12,919 Speaker 1: find themselves like a small boat out at sea, tossed 390 00:18:12,920 --> 00:18:15,280 Speaker 1: to and fro by the big waves. But yeah, we're 391 00:18:16,119 --> 00:18:17,720 Speaker 1: less likely to be tossed to and fro if we're 392 00:18:17,760 --> 00:18:20,720 Speaker 1: taking that that stealth wealth mindset and so total, Yeah, 393 00:18:20,640 --> 00:18:22,760 Speaker 1: who should be taking this? What are the pros of 394 00:18:22,760 --> 00:18:24,680 Speaker 1: stealth wealth? And then how do you actually go about 395 00:18:24,720 --> 00:18:26,439 Speaker 1: achieving it? What do you need to implement in your 396 00:18:26,480 --> 00:18:28,800 Speaker 1: life to make sure that it becomes a reality for you. 397 00:18:28,880 --> 00:18:31,159 Speaker 1: We'll talk all about that and more right after this. 398 00:18:40,760 --> 00:18:43,719 Speaker 1: All right, man, let's get back to talking about stealth wealth, 399 00:18:44,040 --> 00:18:46,080 Speaker 1: and we're gonna talk about I guess some of the 400 00:18:46,119 --> 00:18:49,000 Speaker 1: reasons you should consider stealth wealth. But first, less quickly mentioned, 401 00:18:49,280 --> 00:18:52,640 Speaker 1: who should be considering taking more of a stealth wealth 402 00:18:52,640 --> 00:18:56,639 Speaker 1: approach with their money, because many folks who could be 403 00:18:56,680 --> 00:19:00,280 Speaker 1: striving in this direction are oftentimes just finding themselves living 404 00:19:00,440 --> 00:19:04,680 Speaker 1: paycheck to paycheck. Here's a startling statistic for folks. Fifty 405 00:19:04,760 --> 00:19:07,359 Speaker 1: one percent of people who earn more than one hundred 406 00:19:07,359 --> 00:19:10,480 Speaker 1: thousand dollars a year are living paycheck to paycheck. And 407 00:19:10,960 --> 00:19:13,880 Speaker 1: there's a lot of excuses ore, like sure inflation, it's 408 00:19:13,880 --> 00:19:17,280 Speaker 1: been a beast recently. But while folks who are living 409 00:19:17,440 --> 00:19:20,439 Speaker 1: the stealth wealth lifestyle they might not have quite as 410 00:19:20,520 --> 00:19:23,600 Speaker 1: high of a savings rate this year, they're still prioritizing 411 00:19:23,600 --> 00:19:26,640 Speaker 1: their savings. They're still making it a point to invest 412 00:19:26,720 --> 00:19:29,600 Speaker 1: their money even while everything around them is getting more expensive. 413 00:19:30,119 --> 00:19:32,000 Speaker 1: And so I think the stat just demonstrates that it's 414 00:19:32,040 --> 00:19:35,640 Speaker 1: not always a lack of income that's preventing people from 415 00:19:35,640 --> 00:19:38,439 Speaker 1: pursuing stealth wealth in their own lives. And it's just 416 00:19:38,480 --> 00:19:42,480 Speaker 1: an argument basically that more folks could benefit from trying 417 00:19:42,480 --> 00:19:45,640 Speaker 1: to implement some of the stealth wealth principles within their 418 00:19:45,640 --> 00:19:49,359 Speaker 1: own lives. It's not that some people in certain income ranges, 419 00:19:49,400 --> 00:19:51,400 Speaker 1: in certain stages of their career aren't going to find 420 00:19:51,400 --> 00:19:54,240 Speaker 1: it more difficult to save, but I think that stat 421 00:19:54,280 --> 00:19:56,080 Speaker 1: shows that there are a lot of people who could 422 00:19:56,119 --> 00:19:58,439 Speaker 1: be taking this approach and they're not right. And then 423 00:19:58,480 --> 00:20:00,360 Speaker 1: there's some folks who could benefit from it. A lot 424 00:20:00,359 --> 00:20:02,560 Speaker 1: of folks I think need to reassess they're spending because 425 00:20:02,640 --> 00:20:05,399 Speaker 1: oftentimes the reason you are living paycheck to paycheck is 426 00:20:05,440 --> 00:20:07,040 Speaker 1: because you're you know, I think you're spending your money 427 00:20:07,040 --> 00:20:08,640 Speaker 1: on some dumb stuff. Yeah, and it's easy to blame 428 00:20:08,680 --> 00:20:11,360 Speaker 1: it on the price of eggs, but there are other 429 00:20:11,400 --> 00:20:14,800 Speaker 1: things that we're doing to sabotage our own finances. So again, yeah, 430 00:20:14,800 --> 00:20:17,879 Speaker 1: I think there are some things right now conspiring against us, 431 00:20:18,160 --> 00:20:20,880 Speaker 1: and pay rates aren't quite keeping up with the rate 432 00:20:20,920 --> 00:20:23,639 Speaker 1: of inflation, and those things, yeah, are work documenting, but 433 00:20:23,640 --> 00:20:25,639 Speaker 1: it doesn't mean, especially when you're talking about people in 434 00:20:25,640 --> 00:20:28,800 Speaker 1: the six figure salary range, that those people that there's 435 00:20:28,840 --> 00:20:31,680 Speaker 1: nothing they can do right to kind of proceed more 436 00:20:31,720 --> 00:20:33,720 Speaker 1: in the stealth wealth direction. So let's talk to you 437 00:20:33,760 --> 00:20:36,240 Speaker 1: about what you gain when you take the stealth wealth 438 00:20:36,280 --> 00:20:39,000 Speaker 1: mindset when you take that approach to your finances, Because 439 00:20:39,080 --> 00:20:41,400 Speaker 1: you might think that we're harping a bit much on 440 00:20:41,480 --> 00:20:45,720 Speaker 1: the deprivation front, and ultimately we're working towards a sense 441 00:20:45,720 --> 00:20:48,919 Speaker 1: of financial freedom. That's our goal for ourselves, that's our 442 00:20:48,960 --> 00:20:51,720 Speaker 1: goal for you, and keeping up with the Joneses has 443 00:20:51,760 --> 00:20:54,520 Speaker 1: become so cliche at this point. I hesitate to bring 444 00:20:54,560 --> 00:20:57,360 Speaker 1: it up, Matt for that very reason because people are like, Okay, 445 00:20:57,560 --> 00:21:00,119 Speaker 1: heard it, bull ring. But there's just a reason that 446 00:21:00,160 --> 00:21:03,879 Speaker 1: the phrase gets referenced so often in the personal finance space, 447 00:21:04,119 --> 00:21:06,880 Speaker 1: Like the ability to not care what other people think 448 00:21:06,920 --> 00:21:09,160 Speaker 1: of you is going to give you a massive advantage 449 00:21:09,200 --> 00:21:11,840 Speaker 1: when it comes to getting ahead and meeting your financial goals. 450 00:21:11,880 --> 00:21:14,919 Speaker 1: That just has to be mentioned, and it has to 451 00:21:14,920 --> 00:21:17,280 Speaker 1: be discussed if you want to live as stealth wealth mindset, 452 00:21:17,320 --> 00:21:19,159 Speaker 1: if you kind of want to take that approach, I 453 00:21:19,200 --> 00:21:21,879 Speaker 1: think you know, the more beholden we are to what 454 00:21:22,000 --> 00:21:24,159 Speaker 1: others think of us, the more we aim to fit in, 455 00:21:24,240 --> 00:21:26,040 Speaker 1: the more likely we are to live in a way 456 00:21:26,160 --> 00:21:29,600 Speaker 1: that doesn't satisfy us on an individual level. We're trying 457 00:21:29,600 --> 00:21:32,680 Speaker 1: to impress other people, and the more likely we are 458 00:21:32,720 --> 00:21:35,840 Speaker 1: to make purchases then for what we think they signal 459 00:21:35,880 --> 00:21:40,119 Speaker 1: to others, rather than buying things and experiences that maximize 460 00:21:40,200 --> 00:21:42,840 Speaker 1: our own joy. That is a massive problem. I think 461 00:21:42,840 --> 00:21:44,560 Speaker 1: it's part of the root of why so many people 462 00:21:44,960 --> 00:21:47,760 Speaker 1: don't adopt this self wealth approach. They're living life in 463 00:21:47,800 --> 00:21:51,160 Speaker 1: so many ways on other people's terms. That's true. Yeah, 464 00:21:51,280 --> 00:21:52,760 Speaker 1: so I don't think there's any way that we're going 465 00:21:52,800 --> 00:21:56,480 Speaker 1: to get through talking through explaining talking about self wealth 466 00:21:56,520 --> 00:22:01,320 Speaker 1: without mentioning the proverbial Jones is definitely true. But I 467 00:22:01,320 --> 00:22:03,320 Speaker 1: wanted to point out, man, I think it's easier so 468 00:22:03,440 --> 00:22:05,600 Speaker 1: than done because of the fact that we're social animals. 469 00:22:05,880 --> 00:22:07,480 Speaker 1: I think it can be difficult to say, like, I 470 00:22:07,520 --> 00:22:09,800 Speaker 1: don't care what so and so thinks, I don't care 471 00:22:09,800 --> 00:22:13,760 Speaker 1: what you think and so depending on you as an individual, 472 00:22:13,800 --> 00:22:17,080 Speaker 1: you're psychological makeup. Whether you tend to be more agreeable 473 00:22:17,119 --> 00:22:21,439 Speaker 1: or disagreeable, you might be more innately inclined to rebel 474 00:22:21,480 --> 00:22:24,360 Speaker 1: against the status quo. So just from a psychological makeup standpoint, 475 00:22:24,480 --> 00:22:26,919 Speaker 1: I would say I fall into the more agreeable of 476 00:22:26,920 --> 00:22:29,119 Speaker 1: that category, and you fall into more disagreeable, and I 477 00:22:29,480 --> 00:22:32,200 Speaker 1: love disagree And it's not because you're a jerk or 478 00:22:32,200 --> 00:22:35,800 Speaker 1: anything like that. It just I can be. It's not 479 00:22:35,840 --> 00:22:37,399 Speaker 1: really done that most of the time now, But I 480 00:22:37,440 --> 00:22:40,040 Speaker 1: think appreciating it's one of those things that allows you 481 00:22:40,520 --> 00:22:44,359 Speaker 1: just innately from a human perspective, you're less inclined to 482 00:22:44,680 --> 00:22:46,959 Speaker 1: bow to social pressure, and you are more likely to 483 00:22:47,000 --> 00:22:49,640 Speaker 1: march to your own drummer. And for me, it's taken 484 00:22:49,680 --> 00:22:53,040 Speaker 1: more intentionality to kind of push back against that mentality 485 00:22:53,080 --> 00:22:55,360 Speaker 1: because like I am more agreeable, Like that is kind 486 00:22:55,359 --> 00:22:58,439 Speaker 1: of my tendency, and it's it's not innate for me 487 00:22:58,520 --> 00:23:02,480 Speaker 1: to buck all of the modern trends and completely go 488 00:23:02,560 --> 00:23:05,280 Speaker 1: it alone and living my own life. Well before the break, 489 00:23:05,520 --> 00:23:07,280 Speaker 1: I kind of mentioned being like hardheaded, and I think 490 00:23:07,280 --> 00:23:10,440 Speaker 1: that's how my parents would have described me as a kid. 491 00:23:11,480 --> 00:23:14,040 Speaker 1: But I'll say our attempts to keep up with the 492 00:23:14,040 --> 00:23:17,360 Speaker 1: folks around us like that often precludes us from amassing 493 00:23:17,359 --> 00:23:19,840 Speaker 1: a decent chunk of wealth, right and that money, that 494 00:23:19,880 --> 00:23:22,560 Speaker 1: wealth is going to be able to then afford us 495 00:23:22,560 --> 00:23:25,399 Speaker 1: more life changing options. So it truly does have a cost. 496 00:23:25,880 --> 00:23:28,080 Speaker 1: And it's one thing to be aware that this is 497 00:23:28,119 --> 00:23:30,520 Speaker 1: something that I think, to a certain extent, that we 498 00:23:30,560 --> 00:23:31,960 Speaker 1: all need to work on. But I think it can 499 00:23:32,040 --> 00:23:34,640 Speaker 1: be so helpful to see the cost of that. And 500 00:23:34,720 --> 00:23:36,479 Speaker 1: I think a big part of the reason that so 501 00:23:36,560 --> 00:23:39,679 Speaker 1: many folks, even ones out there with solid incomes, failed 502 00:23:39,720 --> 00:23:41,760 Speaker 1: to get this point is because it's just so dang 503 00:23:41,760 --> 00:23:45,080 Speaker 1: easy to spend your money like everyone else's spending their 504 00:23:45,080 --> 00:23:48,040 Speaker 1: money around us, all right. Makes me think of a river, 505 00:23:48,520 --> 00:23:51,160 Speaker 1: and I think of I can see it in my mind, well, 506 00:23:51,200 --> 00:23:54,639 Speaker 1: like everything is pushing on us to kind of be 507 00:23:54,760 --> 00:23:58,440 Speaker 1: these people who spend willy nilly who Our whole economy 508 00:23:58,520 --> 00:24:02,479 Speaker 1: is based around consumer in so many ways, right, So 509 00:24:02,520 --> 00:24:05,560 Speaker 1: many people's jobs are based around selling products to one another. 510 00:24:05,760 --> 00:24:08,840 Speaker 1: And some of that is good and some of that's bad. Right, 511 00:24:09,040 --> 00:24:11,960 Speaker 1: And but it's this river that's flowing in one direction, 512 00:24:12,000 --> 00:24:14,760 Speaker 1: and it's it's trying to funnel us all down in 513 00:24:14,800 --> 00:24:16,879 Speaker 1: that same direction. And I think of kind of stealth 514 00:24:16,880 --> 00:24:21,240 Speaker 1: wealth as a beaver building a dam to say not today, Yeah, 515 00:24:21,240 --> 00:24:24,280 Speaker 1: I'm gonna block at least a meaningful path. I'm gonna 516 00:24:24,280 --> 00:24:26,160 Speaker 1: put a meaningful path in this way. The river will 517 00:24:26,200 --> 00:24:28,280 Speaker 1: still flow, but it's gonna look a lot different, yeah, 518 00:24:28,320 --> 00:24:29,639 Speaker 1: than you want it to look, at least where I'm 519 00:24:29,640 --> 00:24:31,720 Speaker 1: at, at at least where I'm hanging exactly. So. I don't 520 00:24:31,720 --> 00:24:33,520 Speaker 1: know if that's a great analogy, but it's something, right, 521 00:24:33,520 --> 00:24:37,119 Speaker 1: And it's it's you taking a proactive measure to, even 522 00:24:37,240 --> 00:24:39,600 Speaker 1: in the midst of forces that are out of your control, 523 00:24:39,600 --> 00:24:41,480 Speaker 1: trying to push you in a certain direction. Well, I 524 00:24:41,480 --> 00:24:43,119 Speaker 1: think no. I think it's a great analogy because the 525 00:24:43,160 --> 00:24:46,120 Speaker 1: point demonstrates that the forces never stop, and I don't 526 00:24:46,160 --> 00:24:48,679 Speaker 1: think they truly ever will. Like that is just the 527 00:24:48,720 --> 00:24:53,080 Speaker 1: culture and society. That is how the economic capitalist engine 528 00:24:53,160 --> 00:24:55,720 Speaker 1: runs in our country. It will always be present. But 529 00:24:55,760 --> 00:24:57,520 Speaker 1: what are the things, what are the steps that we're 530 00:24:57,520 --> 00:24:59,800 Speaker 1: taking in order to you know, like you said, fight 531 00:24:59,880 --> 00:25:02,760 Speaker 1: that in our own little personal section of the river. Yeah, 532 00:25:02,880 --> 00:25:05,280 Speaker 1: I think something else that if we adopt the stealth 533 00:25:05,320 --> 00:25:07,320 Speaker 1: wealth approach, that it's gonna get us. It's going to 534 00:25:07,320 --> 00:25:09,639 Speaker 1: get us less stress in our lives because and folks 535 00:25:09,640 --> 00:25:12,520 Speaker 1: who opt for stealth wealth, they're keeping their money in 536 00:25:12,560 --> 00:25:15,480 Speaker 1: banks or better yet, their favorite low cost brokerage firms. 537 00:25:15,480 --> 00:25:17,840 Speaker 1: And that's because they value the freedom that money in 538 00:25:17,880 --> 00:25:20,160 Speaker 1: the bank can buy them. And we talked about the 539 00:25:20,200 --> 00:25:22,480 Speaker 1: importance of peace out money before on the show and 540 00:25:22,480 --> 00:25:24,800 Speaker 1: how it puts you in a position of strength. But 541 00:25:25,240 --> 00:25:27,439 Speaker 1: not only does stealth wealth gets you closer to becoming 542 00:25:27,440 --> 00:25:31,320 Speaker 1: financially independent, it's also reducing kind of the pain points 543 00:25:31,480 --> 00:25:33,280 Speaker 1: and levels of stress in your life on a day 544 00:25:33,320 --> 00:25:36,679 Speaker 1: today basis, which is like incredibly meaningful. We've talked in 545 00:25:36,680 --> 00:25:38,679 Speaker 1: the past mat about how debt can make you dumber, 546 00:25:39,040 --> 00:25:41,359 Speaker 1: literally lopping off something like ten to twelve points from 547 00:25:41,400 --> 00:25:44,159 Speaker 1: your IQ. Some of the studies have shown, and I 548 00:25:44,240 --> 00:25:47,520 Speaker 1: haven't seen any studies on stealth wealth, but my guess 549 00:25:47,600 --> 00:25:49,520 Speaker 1: is that folks who fall into that stealth wealth camp 550 00:25:49,680 --> 00:25:51,800 Speaker 1: would get a bit of an IQ boost, Right, So 551 00:25:51,840 --> 00:25:54,600 Speaker 1: instead of just leveling up ten points because they don't 552 00:25:54,640 --> 00:25:57,080 Speaker 1: have any debt, well, what if they have like a 553 00:25:57,119 --> 00:26:02,160 Speaker 1: meaningful amount of financial margin and they're working towards financial independence. 554 00:26:02,200 --> 00:26:04,440 Speaker 1: I'm guessing that they almost get like five points on 555 00:26:04,480 --> 00:26:06,639 Speaker 1: the upside or something like that. And it's not that 556 00:26:06,680 --> 00:26:09,879 Speaker 1: having more money literally makes you smarter necessarily, but the 557 00:26:09,920 --> 00:26:12,040 Speaker 1: mental freedom that it affords you, the lack of having 558 00:26:12,080 --> 00:26:14,720 Speaker 1: to focus on money so intently day in and day out, 559 00:26:14,920 --> 00:26:16,920 Speaker 1: can be like a weightlifted off your shoulders. I think 560 00:26:17,080 --> 00:26:19,760 Speaker 1: I totally agree. Man. Yeah, So, you know, the best reasons, 561 00:26:19,800 --> 00:26:24,400 Speaker 1: the most important pros or advantages to implementing stealth wealth 562 00:26:24,400 --> 00:26:27,080 Speaker 1: in your life are going to be mostly personal and internal. 563 00:26:27,240 --> 00:26:29,960 Speaker 1: It's mostly going to be like you as that beaver 564 00:26:30,080 --> 00:26:32,120 Speaker 1: on that little part of the reper but there are 565 00:26:32,160 --> 00:26:34,959 Speaker 1: some external reasons that are worth mentioning, and these are 566 00:26:35,000 --> 00:26:37,040 Speaker 1: some ways that we think having stealth wealth will improve 567 00:26:37,440 --> 00:26:40,399 Speaker 1: your relationships. And I think this is gonna be a 568 00:26:40,440 --> 00:26:42,879 Speaker 1: weird point to make. I'm used to it for me, 569 00:26:43,520 --> 00:26:47,240 Speaker 1: but because you don't look rich, I think oftentimes what 570 00:26:47,280 --> 00:26:49,399 Speaker 1: that's going to mean is that people will then not 571 00:26:49,600 --> 00:26:52,520 Speaker 1: ask you for money. Now bear with me for a second, right, 572 00:26:52,920 --> 00:26:54,920 Speaker 1: It's kind of like having a like a pickup truck. 573 00:26:55,080 --> 00:26:57,800 Speaker 1: If you've got one, folks are going to ask to 574 00:26:58,200 --> 00:27:00,239 Speaker 1: borrow the truck. Like I feel like it's inevitab I've 575 00:27:00,280 --> 00:27:02,720 Speaker 1: heard it from every friend that I have who owns 576 00:27:02,720 --> 00:27:04,600 Speaker 1: a truck. They're like it. It happens when my friends 577 00:27:04,600 --> 00:27:06,920 Speaker 1: are moving, they always ask to borrow it. And so basically, 578 00:27:06,920 --> 00:27:09,439 Speaker 1: the more you show off your your treasure trove of 579 00:27:09,480 --> 00:27:11,760 Speaker 1: wealth to the world, the more you're gonna get hit 580 00:27:11,840 --> 00:27:15,000 Speaker 1: up for a loan or for donations. I just think 581 00:27:15,000 --> 00:27:18,560 Speaker 1: that there can be an awkwardness that comes to relationships 582 00:27:18,560 --> 00:27:22,560 Speaker 1: and conversations when there is a large sum of money 583 00:27:22,720 --> 00:27:24,600 Speaker 1: as not at stake, but when they know that there's 584 00:27:24,720 --> 00:27:27,280 Speaker 1: a large amount of wealth involved. It can be I 585 00:27:27,280 --> 00:27:31,480 Speaker 1: think tough to sometimes know the motives of individuals like friends, 586 00:27:31,480 --> 00:27:34,840 Speaker 1: like imagine you got a friend and you know that, oh, man, 587 00:27:34,920 --> 00:27:37,640 Speaker 1: you just sold that tech company you started ten years ago, 588 00:27:37,760 --> 00:27:39,639 Speaker 1: and you just you sold that thing for fifteen million. 589 00:27:40,240 --> 00:27:42,600 Speaker 1: It changes things a little bit, so not only if 590 00:27:42,640 --> 00:27:45,239 Speaker 1: we're on the same vacation schedule, a little more man, 591 00:27:45,240 --> 00:27:47,200 Speaker 1: because you might be going to antier places than I 592 00:27:47,200 --> 00:27:49,040 Speaker 1: can afford. And so, like, I guess I'm putting myself 593 00:27:49,119 --> 00:27:51,919 Speaker 1: in the camp of like, I don't know how I 594 00:27:51,920 --> 00:27:53,880 Speaker 1: would have respond, Like, it would be difficult to even 595 00:27:53,920 --> 00:27:56,760 Speaker 1: know my own motives, right because I might say, well, no, 596 00:27:56,920 --> 00:27:58,840 Speaker 1: like I like her because she's she's really cool, or 597 00:27:58,840 --> 00:28:01,600 Speaker 1: she's funny, but also you just found out she's worth 598 00:28:01,640 --> 00:28:03,560 Speaker 1: four million, or it's like, oh, I like that guy 599 00:28:03,600 --> 00:28:06,080 Speaker 1: because we've got a lot in common. We're gonna be buddies. 600 00:28:06,560 --> 00:28:09,600 Speaker 1: It can be difficult to know your own motives, I 601 00:28:09,640 --> 00:28:11,800 Speaker 1: think to a certain extent. And so I don't know. 602 00:28:11,840 --> 00:28:14,040 Speaker 1: I just wanted to bring that up because I think 603 00:28:14,119 --> 00:28:17,560 Speaker 1: by not by living more of that stealth wealth lifestyle, 604 00:28:18,160 --> 00:28:21,199 Speaker 1: when you form relationships, hopefully they're they're based on just 605 00:28:21,200 --> 00:28:23,880 Speaker 1: like a shared interest as opposed to the fact that 606 00:28:23,920 --> 00:28:26,040 Speaker 1: you've got some money. They're hoping you're going to be 607 00:28:26,040 --> 00:28:27,840 Speaker 1: the one who buys lunch and dinner. Yeah. Yeah, I 608 00:28:28,200 --> 00:28:31,400 Speaker 1: just think it can keep relationships honest both ways, regardless 609 00:28:31,440 --> 00:28:34,240 Speaker 1: of which end of that conversation you're completely agree. And 610 00:28:34,240 --> 00:28:36,159 Speaker 1: I don't know if that's like a pessimistic view of 611 00:28:36,200 --> 00:28:37,879 Speaker 1: human nature. I think it's just more of like a 612 00:28:37,920 --> 00:28:40,520 Speaker 1: realistic one. Yeah. I think it's it's hard for us 613 00:28:40,560 --> 00:28:42,080 Speaker 1: to know how we're going to react to other people 614 00:28:42,560 --> 00:28:44,800 Speaker 1: when kind of circumstances changed. And it makes me I 615 00:28:44,800 --> 00:28:48,360 Speaker 1: think there's more power in driving the Honda but being 616 00:28:48,400 --> 00:28:50,560 Speaker 1: able to afford the Ribbian than there is in buying 617 00:28:50,560 --> 00:28:53,360 Speaker 1: the Ribbian, right, And that that's being said as someone 618 00:28:53,400 --> 00:28:56,480 Speaker 1: who really would like someday to own a Ribion, but 619 00:28:56,520 --> 00:28:59,640 Speaker 1: maybe when it's older and more normalized and people aren't 620 00:28:59,640 --> 00:29:02,200 Speaker 1: like talking at my eighty five thousand dollars truck. Right, 621 00:29:02,480 --> 00:29:05,240 Speaker 1: But just think if you're the kind of person who 622 00:29:05,360 --> 00:29:08,440 Speaker 1: has the financial means to do that, but you put 623 00:29:08,480 --> 00:29:11,720 Speaker 1: it off, and you you retain that financial power instead 624 00:29:11,760 --> 00:29:13,600 Speaker 1: of like putting it into play in this world and 625 00:29:13,640 --> 00:29:16,800 Speaker 1: losing it because you now own an item that's quickly depreciating. Yeah, 626 00:29:17,080 --> 00:29:18,680 Speaker 1: and it's less likely going to have an impact on 627 00:29:18,720 --> 00:29:20,320 Speaker 1: your relationships as well, where it's just like, hey, you 628 00:29:20,760 --> 00:29:23,640 Speaker 1: want to go for a ride in my new what's 629 00:29:23,640 --> 00:29:26,160 Speaker 1: it called? What's the suv rivian o the R one 630 00:29:26,280 --> 00:29:29,800 Speaker 1: s Maybe that's the one. I like. They're beautiful, they're awesome, 631 00:29:29,880 --> 00:29:31,760 Speaker 1: and like when I can get one six years old, 632 00:29:31,760 --> 00:29:34,000 Speaker 1: like hopefully I will. Well, and let's clarify to what 633 00:29:34,000 --> 00:29:35,760 Speaker 1: we're talking about, because it's it's not to say that 634 00:29:35,760 --> 00:29:38,000 Speaker 1: folks are looking to come over to your house and 635 00:29:38,000 --> 00:29:40,280 Speaker 1: intentionally slip so they can sue you, right, because hey, 636 00:29:40,320 --> 00:29:42,240 Speaker 1: you just sold that tech company for fifteen mil. Yeah, 637 00:29:42,400 --> 00:29:45,440 Speaker 1: let me like, hopefully folks aren't targeting you to that degree, 638 00:29:45,520 --> 00:29:48,360 Speaker 1: let me break my tailbone like test of limits and 639 00:29:48,600 --> 00:29:51,200 Speaker 1: make you hire legal legal help or something like that. 640 00:29:51,400 --> 00:29:53,240 Speaker 1: But look at what happens when people win the lottery. 641 00:29:53,280 --> 00:29:57,320 Speaker 1: I mean this is well documented. Friends, relatives like they 642 00:29:57,360 --> 00:29:59,920 Speaker 1: can't help, but look at you differently, and vice versa. 643 00:30:00,120 --> 00:30:01,920 Speaker 1: I think you look at them differently. You're like, are 644 00:30:01,920 --> 00:30:03,560 Speaker 1: they going to come hit me up for money now 645 00:30:03,560 --> 00:30:06,840 Speaker 1: that I'm loaded? Probably right, a lot of them do. 646 00:30:06,920 --> 00:30:09,480 Speaker 1: And what happens to most of the people who end 647 00:30:09,560 --> 00:30:12,479 Speaker 1: up winning the lottery, Well, stature that seventy percent end 648 00:30:12,560 --> 00:30:14,640 Speaker 1: up bankrupt within just a few years time. And so 649 00:30:14,960 --> 00:30:17,880 Speaker 1: stealth wealth prevents those cousins you didn't even know you 650 00:30:17,920 --> 00:30:20,040 Speaker 1: had from coming out of the woodwork to ask for money. 651 00:30:20,240 --> 00:30:22,600 Speaker 1: I think we can learn a lot from watching lottery winners, 652 00:30:22,680 --> 00:30:25,520 Speaker 1: how they handle their winnings, and how so much of 653 00:30:25,560 --> 00:30:28,240 Speaker 1: it is on display for other people to see, and 654 00:30:28,680 --> 00:30:31,680 Speaker 1: how a lot of them when they're interviewed, like here's 655 00:30:31,760 --> 00:30:34,360 Speaker 1: now the road, they wish that they never won, Like 656 00:30:34,400 --> 00:30:37,120 Speaker 1: it doesn't it doesn't do as much good in their 657 00:30:37,120 --> 00:30:40,520 Speaker 1: lives as it doesn't counterbalance all the harm that happens. Yeah, 658 00:30:40,520 --> 00:30:42,360 Speaker 1: and you know, as we're talking about folks hitting you 659 00:30:42,440 --> 00:30:44,280 Speaker 1: up for money, it's it's not that we're against giving 660 00:30:44,280 --> 00:30:46,560 Speaker 1: money away, right, Like this is a very important point 661 00:30:46,600 --> 00:30:49,080 Speaker 1: to make, Like we are all forgiving to causes that 662 00:30:49,120 --> 00:30:51,960 Speaker 1: you care about. It's not all about paving your investments 663 00:30:51,960 --> 00:30:54,480 Speaker 1: and you know, never enjoying the fruits of your labor. 664 00:30:54,920 --> 00:30:57,560 Speaker 1: But because of your mindset, like you just don't feel 665 00:30:57,600 --> 00:31:01,000 Speaker 1: the need to necessarily publish it to the wide world either. 666 00:31:01,720 --> 00:31:03,440 Speaker 1: It's pretty cool to be able to get to the 667 00:31:03,440 --> 00:31:05,479 Speaker 1: point in your life where you can meet the needs 668 00:31:05,480 --> 00:31:08,600 Speaker 1: in your community, where you can funnel some meaningful amounts 669 00:31:08,600 --> 00:31:11,080 Speaker 1: of money towards different nonprofits that you want to support, 670 00:31:11,360 --> 00:31:14,400 Speaker 1: and so stealth wealth need not and it probably shouldn't 671 00:31:14,440 --> 00:31:18,960 Speaker 1: be a completely self serving endeavor and actually a tool 672 00:31:19,040 --> 00:31:21,560 Speaker 1: an account out there to help you to give more 673 00:31:21,600 --> 00:31:26,200 Speaker 1: strategically is a donor advised fund. We've talked about bullish 674 00:31:26,200 --> 00:31:27,960 Speaker 1: on them. I love them here on the Shape before, 675 00:31:28,000 --> 00:31:29,560 Speaker 1: but they're just a great way to grow your money 676 00:31:29,760 --> 00:31:31,680 Speaker 1: so that you can you can give even more money 677 00:31:31,720 --> 00:31:35,080 Speaker 1: down the road while maximizing the tax benefits of those 678 00:31:35,120 --> 00:31:37,520 Speaker 1: gifts in the in the here and now. Daffy in 679 00:31:37,560 --> 00:31:41,479 Speaker 1: particular doesn't sound legit. It sounds like it sounds like 680 00:31:41,560 --> 00:31:45,320 Speaker 1: it's some Disney well you know, well like made up 681 00:31:45,400 --> 00:31:48,080 Speaker 1: kind of thing. But daffy dot org it's a great 682 00:31:48,080 --> 00:31:49,920 Speaker 1: site that we would recommend for you to check out. Yeah, 683 00:31:49,920 --> 00:31:51,160 Speaker 1: we'll link to it in the show notes. But it's 684 00:31:51,160 --> 00:31:53,760 Speaker 1: one of those. Yeah, it's great because even like we 685 00:31:53,840 --> 00:31:56,920 Speaker 1: talk about where to invest, Panguard and Fidelity are like 686 00:31:57,200 --> 00:31:59,680 Speaker 1: two of our favorites. There's a bunch of low cost providers, 687 00:31:59,680 --> 00:32:01,920 Speaker 1: those ones we recommend when it comes to investing, but 688 00:32:02,040 --> 00:32:05,480 Speaker 1: even those guys are pretty expensive. On the donor advised 689 00:32:05,520 --> 00:32:09,719 Speaker 1: fund Fronts and Daffy is a nonprofit that is basically 690 00:32:09,720 --> 00:32:13,360 Speaker 1: eliminating fees almost all together. They charge a three dollars 691 00:32:13,400 --> 00:32:15,920 Speaker 1: a month fee, which is so much less than what 692 00:32:16,240 --> 00:32:18,959 Speaker 1: the big even low cost brokerage firms are charging. So 693 00:32:19,240 --> 00:32:22,040 Speaker 1: if you're interested in learning more, it's a really great 694 00:32:22,040 --> 00:32:25,120 Speaker 1: service and love what they're doing. It makes it it 695 00:32:25,200 --> 00:32:27,480 Speaker 1: makes it easier to grow the money that you're trying 696 00:32:27,480 --> 00:32:29,440 Speaker 1: to give away to which if you're into the stealth 697 00:32:29,440 --> 00:32:31,920 Speaker 1: wealth lifestyle, you're probably gonna be into it. But Matt, 698 00:32:31,960 --> 00:32:34,560 Speaker 1: we've got more to talk about on the topic of 699 00:32:34,720 --> 00:32:38,320 Speaker 1: stealth wealth, including like a bunch of thoughts for how 700 00:32:38,360 --> 00:32:41,280 Speaker 1: you actually get there. Hopefully we've sold people hey, there's 701 00:32:41,280 --> 00:32:43,520 Speaker 1: a lot of pros to living the stealth wealth lifestyle, 702 00:32:43,560 --> 00:32:45,760 Speaker 1: but then how do you actually make it happen? We'll 703 00:32:45,800 --> 00:32:57,360 Speaker 1: talk about that in just a second. All right, man, 704 00:32:57,400 --> 00:32:59,120 Speaker 1: it is time for that report to meet the road. 705 00:32:59,200 --> 00:33:03,320 Speaker 1: Let's talk now about how you can implement these different 706 00:33:03,360 --> 00:33:06,040 Speaker 1: tenets of stealth wealth into your own life. Maybe think 707 00:33:06,040 --> 00:33:09,600 Speaker 1: about peeling out in my ribbing someday I don't. I'm 708 00:33:09,640 --> 00:33:12,280 Speaker 1: sure that there's technology that causes you to not peel 709 00:33:12,280 --> 00:33:15,240 Speaker 1: out because they want you to have maximum traction. Fancy 710 00:33:15,280 --> 00:33:18,680 Speaker 1: they are. But so this makes me think of clinical 711 00:33:18,720 --> 00:33:21,720 Speaker 1: psychology and in therapy they call it doing the work. 712 00:33:22,040 --> 00:33:25,640 Speaker 1: And it's also important to do some introspection with your 713 00:33:25,640 --> 00:33:28,840 Speaker 1: personal finances as well. We want you to spend some 714 00:33:28,920 --> 00:33:32,240 Speaker 1: time identifying the things that matter to you, right like, 715 00:33:32,280 --> 00:33:34,440 Speaker 1: these are the different areas of spending that are just 716 00:33:34,480 --> 00:33:37,560 Speaker 1: specifically going to move the needle the most in your life. 717 00:33:37,840 --> 00:33:40,240 Speaker 1: And I'll mention that self knowledge of this variety. It 718 00:33:40,400 --> 00:33:43,240 Speaker 1: doesn't just jump into your lap, right, It doesn't come 719 00:33:43,280 --> 00:33:45,640 Speaker 1: about overnight. And so if you want to live a 720 00:33:45,640 --> 00:33:47,360 Speaker 1: stealth wealth kind of life, you're going to need to 721 00:33:47,400 --> 00:33:49,160 Speaker 1: make some changes in the first step is to do 722 00:33:49,200 --> 00:33:53,360 Speaker 1: some digging and some dissecting about your current relationship with 723 00:33:53,440 --> 00:33:55,680 Speaker 1: money and how it is that you spend or maybe 724 00:33:55,720 --> 00:33:57,640 Speaker 1: even don't spend your money. But if you want some 725 00:33:57,920 --> 00:34:00,840 Speaker 1: help on that front, well, we've created an Emission Statement 726 00:34:00,920 --> 00:34:03,600 Speaker 1: Guide as a PDF. We'll make sure to link to 727 00:34:03,600 --> 00:34:05,240 Speaker 1: that in the show notes, but that will help to 728 00:34:05,920 --> 00:34:09,520 Speaker 1: guide you through some of these deeper questions about money. 729 00:34:09,520 --> 00:34:12,440 Speaker 1: It's a fantastic worksheet to go through with a partner 730 00:34:12,640 --> 00:34:15,400 Speaker 1: or a significant other, but it'll help you to decipher 731 00:34:15,480 --> 00:34:18,000 Speaker 1: whether your money goals and the reality of how you're 732 00:34:18,000 --> 00:34:21,720 Speaker 1: actually spending your money are truly in sync not because 733 00:34:21,760 --> 00:34:23,680 Speaker 1: in a lot of times, like this is the truth 734 00:34:23,760 --> 00:34:26,719 Speaker 1: for all humans everywhere, in all times. I think, the 735 00:34:27,080 --> 00:34:29,080 Speaker 1: goals that we have for ourselves or the reality we 736 00:34:29,120 --> 00:34:32,080 Speaker 1: want to live into, like, we fall short all the 737 00:34:32,080 --> 00:34:34,759 Speaker 1: time right in how in so many ways, even just 738 00:34:34,840 --> 00:34:37,480 Speaker 1: in the ways we want to treat each other, the 739 00:34:37,520 --> 00:34:39,919 Speaker 1: amount of money we want to give away, we are 740 00:34:40,000 --> 00:34:42,440 Speaker 1: constantly falling short of even our own goals, And so 741 00:34:42,640 --> 00:34:46,520 Speaker 1: it's important to kind of see the gap between money 742 00:34:46,520 --> 00:34:49,960 Speaker 1: goals and the reality that's playing out. So then without 743 00:34:50,000 --> 00:34:51,840 Speaker 1: that knowledge, it's really hard to close the gap and 744 00:34:51,880 --> 00:34:54,359 Speaker 1: make changes. And part of this is defining the why 745 00:34:54,400 --> 00:34:57,040 Speaker 1: behind your money, like what brings you joy right and 746 00:34:57,120 --> 00:35:00,600 Speaker 1: what's best for your family. These are really individual questions 747 00:35:00,760 --> 00:35:03,160 Speaker 1: or questions to be asked within a really small community 748 00:35:03,200 --> 00:35:06,040 Speaker 1: like a family, because the answers are going to vary 749 00:35:06,400 --> 00:35:09,399 Speaker 1: dramatically for different Some families might be saying we're trying 750 00:35:09,400 --> 00:35:12,200 Speaker 1: to achieve that digital nomad lifestyle, and other families are like, 751 00:35:12,239 --> 00:35:13,880 Speaker 1: I want the corner office, I'm moving up in my 752 00:35:13,920 --> 00:35:16,239 Speaker 1: career and to each their own. Really on that front, 753 00:35:16,320 --> 00:35:18,920 Speaker 1: we don't want to tell you how to live in 754 00:35:18,920 --> 00:35:21,279 Speaker 1: that regard, but asking those questions is going to help 755 00:35:21,360 --> 00:35:23,279 Speaker 1: you figure out how you want to live. And then 756 00:35:23,360 --> 00:35:26,000 Speaker 1: you know what, we'll achieving more financial freedom and becoming 757 00:35:26,320 --> 00:35:30,279 Speaker 1: legitimately wealthy in that stealthy manner. What will that allow 758 00:35:30,320 --> 00:35:32,879 Speaker 1: you to achieve that you'd otherwise have to forego? Those 759 00:35:32,880 --> 00:35:35,200 Speaker 1: are good questions to ask. And then the truth is, 760 00:35:35,200 --> 00:35:36,879 Speaker 1: the world is your oyster. But we often get stuck 761 00:35:36,880 --> 00:35:39,160 Speaker 1: in a rut living life in a way that's it's 762 00:35:39,239 --> 00:35:42,400 Speaker 1: reflecting societal values rather than our own individual ones. It's 763 00:35:42,440 --> 00:35:45,560 Speaker 1: that river I was talking about, and we swept along, 764 00:35:45,600 --> 00:35:47,959 Speaker 1: we float along it instead of like being the beaver. 765 00:35:48,360 --> 00:35:51,040 Speaker 1: And that's why we like the craft beer equivalent approach, 766 00:35:51,280 --> 00:35:53,880 Speaker 1: because instead of spending money willy nilly on things that 767 00:35:53,960 --> 00:35:56,400 Speaker 1: catch your eye in the moment, funnel those dollars towards 768 00:35:56,440 --> 00:35:59,080 Speaker 1: the few things that have an outside impact on your 769 00:35:59,120 --> 00:36:02,000 Speaker 1: specific happiness. Matt I have always said since the beginning 770 00:36:02,040 --> 00:36:04,680 Speaker 1: of this podcast that folk art is one of those 771 00:36:04,680 --> 00:36:06,360 Speaker 1: things that I spend money on, and a lot of 772 00:36:06,360 --> 00:36:10,360 Speaker 1: people are like, huh, what's that and it's basically untrained artists. 773 00:36:10,719 --> 00:36:13,759 Speaker 1: I love this stuff. It's actually not terribly expensive, but 774 00:36:13,960 --> 00:36:16,759 Speaker 1: it's something that Emily and I funnel meaningful amounts of 775 00:36:16,800 --> 00:36:19,279 Speaker 1: money towards every single year. And I don't know any 776 00:36:19,320 --> 00:36:21,480 Speaker 1: single other person that would put folk art on their 777 00:36:21,480 --> 00:36:24,160 Speaker 1: craft beer equivalent. It really means a lot to us 778 00:36:24,280 --> 00:36:26,480 Speaker 1: in our family and that those are the kind of 779 00:36:26,480 --> 00:36:28,040 Speaker 1: things that you have to think through, like pick a 780 00:36:28,040 --> 00:36:31,160 Speaker 1: few things. What are those craft beer equivalents in your life? 781 00:36:31,360 --> 00:36:33,240 Speaker 1: Have a few. They might change over the years too. 782 00:36:33,280 --> 00:36:35,600 Speaker 1: For a while for us, it was an international travel 783 00:36:35,640 --> 00:36:37,640 Speaker 1: and we dialed it back and it was actually going 784 00:36:37,640 --> 00:36:40,400 Speaker 1: out to more local restaurants for a minute. But I 785 00:36:40,440 --> 00:36:44,360 Speaker 1: think it's it's super personal, but it's important to figure 786 00:36:44,400 --> 00:36:47,000 Speaker 1: out so that it almost makes you more excited to 787 00:36:47,080 --> 00:36:49,000 Speaker 1: dial back spending in some of the other ways that 788 00:36:49,040 --> 00:36:51,200 Speaker 1: aren't moving the needle and funnel more money towards the 789 00:36:51,200 --> 00:36:53,160 Speaker 1: things you say you value. I think that's something that 790 00:36:53,239 --> 00:36:55,520 Speaker 1: matures over time too, or something that you can discover 791 00:36:55,560 --> 00:36:57,640 Speaker 1: because like so, I think I'm realizing for Kate and 792 00:36:57,680 --> 00:37:01,000 Speaker 1: I that one of our craft beer equivalents is spending 793 00:37:01,040 --> 00:37:04,680 Speaker 1: money on dirt, Like literally, that's the weirdest thing you 794 00:37:04,680 --> 00:37:06,520 Speaker 1: said in a while. Yeah, yeah, yeah. And so I'm 795 00:37:06,520 --> 00:37:08,680 Speaker 1: talking about landscaping. I've mentioned this on the show, I 796 00:37:08,680 --> 00:37:12,000 Speaker 1: guess maybe recently, literally paying for dirt, building up some beds, 797 00:37:12,360 --> 00:37:15,359 Speaker 1: learning about different plants, and buying those plants that we're 798 00:37:15,360 --> 00:37:17,799 Speaker 1: gonna like plants, bushes, fruit, trees, all all of these 799 00:37:17,840 --> 00:37:21,440 Speaker 1: different things, all in an effort to bring nature closer 800 00:37:21,480 --> 00:37:24,000 Speaker 1: to us at home, to where we live. And what's 801 00:37:24,080 --> 00:37:25,839 Speaker 1: funny is that I don't think I would have ever 802 00:37:25,920 --> 00:37:27,960 Speaker 1: have said that that was a craft beer equivalent. But 803 00:37:28,000 --> 00:37:31,000 Speaker 1: when I look back on our life specifically at like 804 00:37:31,080 --> 00:37:33,680 Speaker 1: previous homes that we've owned, we've always done this, and 805 00:37:33,719 --> 00:37:35,439 Speaker 1: I think at the time I may have thought, well, 806 00:37:35,480 --> 00:37:38,520 Speaker 1: from a from a resale standpoint, or once this becomes 807 00:37:38,520 --> 00:37:40,120 Speaker 1: a rental, this will be it'll be great to have 808 00:37:40,160 --> 00:37:42,440 Speaker 1: this hedge here to you know, not see the you know, 809 00:37:42,480 --> 00:37:45,000 Speaker 1: the neighbor's chaining fans, like all of these different things 810 00:37:45,000 --> 00:37:47,359 Speaker 1: that yes, I definitely was thinking, but at the time, 811 00:37:47,360 --> 00:37:49,239 Speaker 1: we were doing it because we loved it. We just 812 00:37:49,280 --> 00:37:52,120 Speaker 1: truly enjoyed it. And so I don't know, literally a 813 00:37:52,160 --> 00:37:53,960 Speaker 1: country song about buying dirt, by the way, is there 814 00:37:55,120 --> 00:37:57,080 Speaker 1: to play for you sometime, but that I'm into. I 815 00:37:57,120 --> 00:37:59,799 Speaker 1: don't really like traditional, but my son does, and so 816 00:38:01,480 --> 00:38:03,400 Speaker 1: I guess I'll mention this because we've spent a lot 817 00:38:03,440 --> 00:38:06,359 Speaker 1: of money on that. And it's on one hand, it 818 00:38:06,440 --> 00:38:09,560 Speaker 1: might be easy to feel guilty for literally spending thousands 819 00:38:09,600 --> 00:38:11,920 Speaker 1: and thousands of dollars that we did recently on dirt, 820 00:38:12,080 --> 00:38:13,480 Speaker 1: But on the other hand, I know that this is 821 00:38:13,520 --> 00:38:16,239 Speaker 1: something that we truly enjoy and that truly matters to us, 822 00:38:16,239 --> 00:38:18,880 Speaker 1: and so and again, having seen it throughout history that 823 00:38:18,920 --> 00:38:21,359 Speaker 1: this is something that has always brought us joy. It 824 00:38:21,360 --> 00:38:23,839 Speaker 1: helps me to know that we're certainly spending our money 825 00:38:23,880 --> 00:38:26,160 Speaker 1: in a meaningful way that moves the needle for us. 826 00:38:26,200 --> 00:38:28,160 Speaker 1: You just made it really easy for me to know 827 00:38:28,200 --> 00:38:29,799 Speaker 1: what to get you for your birthday and Christmas. Now 828 00:38:30,520 --> 00:38:33,839 Speaker 1: here you go, buddy, sat Fox so heavy? And why 829 00:38:33,880 --> 00:38:36,480 Speaker 1: are there worms crawling out of it? Got your favorite? 830 00:38:36,600 --> 00:38:39,000 Speaker 1: So far? We're kind of talking about like mental work, 831 00:38:39,160 --> 00:38:41,800 Speaker 1: But I'll say we're not psychologist, We're not even close. 832 00:38:42,160 --> 00:38:44,920 Speaker 1: But just money in psychology and how we think about 833 00:38:44,920 --> 00:38:47,880 Speaker 1: things they're so intertwined, is not even funny. How can 834 00:38:47,920 --> 00:38:51,080 Speaker 1: we truly expect to change the narrative that we tell 835 00:38:51,080 --> 00:38:52,640 Speaker 1: her that we speak to ourselves when it comes to 836 00:38:52,920 --> 00:38:54,719 Speaker 1: how we handle the nuts and the bolts of our 837 00:38:54,760 --> 00:38:57,399 Speaker 1: finances if we're not doing some of this deeper work. 838 00:38:57,440 --> 00:38:59,880 Speaker 1: And so we just wanted to highlight that this is important. 839 00:39:00,120 --> 00:39:02,279 Speaker 1: Don't skip this step especially, is what I'm saying here. 840 00:39:02,960 --> 00:39:04,880 Speaker 1: But you know, now that we've we've offered you our 841 00:39:04,920 --> 00:39:08,839 Speaker 1: best Carl Young or Brene Brown impersonation, I think it's 842 00:39:08,840 --> 00:39:11,080 Speaker 1: important to maybe get to some of the more practical 843 00:39:11,120 --> 00:39:13,720 Speaker 1: ways to make sure that you are able to achieve 844 00:39:13,800 --> 00:39:15,799 Speaker 1: some of that stealth wealth status. All right, So we've 845 00:39:15,800 --> 00:39:17,200 Speaker 1: got just a few things here that we want to 846 00:39:17,280 --> 00:39:20,920 Speaker 1: run through. And I think if you take this tactic 847 00:39:21,040 --> 00:39:23,000 Speaker 1: with each of these things we're going to discuss, you 848 00:39:23,040 --> 00:39:26,120 Speaker 1: will be pushing yourself more into that stealth wealth mindset 849 00:39:26,160 --> 00:39:28,319 Speaker 1: and way of living, which is going to impact your 850 00:39:28,360 --> 00:39:31,120 Speaker 1: overall ability to build wealth, but doing it in a 851 00:39:31,200 --> 00:39:33,840 Speaker 1: better way that's countercultural, we would say. And so the 852 00:39:34,120 --> 00:39:36,399 Speaker 1: first thing is to keep your biggest expenses in check. 853 00:39:36,960 --> 00:39:38,560 Speaker 1: I mean, if you want to be wealthy but not 854 00:39:38,640 --> 00:39:41,000 Speaker 1: have other people know it, drive an older car, and 855 00:39:41,280 --> 00:39:43,880 Speaker 1: don't allocate too much of your income towards living in 856 00:39:43,880 --> 00:39:47,439 Speaker 1: a fancy house. It's really not rocket science. But again, 857 00:39:47,480 --> 00:39:49,279 Speaker 1: everything in our culture is pushing us towards doing the 858 00:39:49,320 --> 00:39:52,319 Speaker 1: exact opposite. Your bank tells you, hey, based on your 859 00:39:52,360 --> 00:39:54,560 Speaker 1: income and good credit, you can afford a six hundred 860 00:39:54,560 --> 00:39:58,720 Speaker 1: thousand dollar house, and that sounds enticing, and you start 861 00:39:58,760 --> 00:40:01,719 Speaker 1: looking at the Zillo listings and you're like, man, just 862 00:40:01,760 --> 00:40:04,000 Speaker 1: think about what six hundred k could buy me, because 863 00:40:04,000 --> 00:40:05,560 Speaker 1: I thought for a second we were going to be 864 00:40:05,600 --> 00:40:09,080 Speaker 1: stuck with five hundred thousand dollars limit. And boy, now 865 00:40:09,080 --> 00:40:10,600 Speaker 1: it's exciting to think that we can get more square 866 00:40:10,600 --> 00:40:14,719 Speaker 1: footage and nicer features. Makes you feel awesome. But you 867 00:40:14,800 --> 00:40:17,200 Speaker 1: might say, we're even up grade in neighborhoods. We didn't 868 00:40:17,200 --> 00:40:18,520 Speaker 1: think we're gonna be able to live on this side 869 00:40:18,560 --> 00:40:20,960 Speaker 1: of town, but now we can. But the truth is, 870 00:40:21,000 --> 00:40:23,239 Speaker 1: like what we're talking about with millionaire next door, that 871 00:40:23,440 --> 00:40:26,879 Speaker 1: so many of those millionaires opt to live in neighborhoods. 872 00:40:27,080 --> 00:40:29,120 Speaker 1: They could afford something nicer, but they choose not to. 873 00:40:29,360 --> 00:40:31,359 Speaker 1: And so opting to buy a four hundred thousand dollars 874 00:40:31,400 --> 00:40:35,000 Speaker 1: house instead of the six hundred thousand dollars one massively 875 00:40:35,000 --> 00:40:37,919 Speaker 1: increases your financial options and instead of being house poor, 876 00:40:37,960 --> 00:40:41,200 Speaker 1: you've got extra cash for saving and investing and maybe 877 00:40:41,200 --> 00:40:43,040 Speaker 1: even that big trip that you want to take. And 878 00:40:43,080 --> 00:40:45,760 Speaker 1: so you can buy your freedom so much more easily 879 00:40:46,040 --> 00:40:49,640 Speaker 1: by making just one or two higher magnitude decisions. And 880 00:40:49,680 --> 00:40:51,520 Speaker 1: when you get those big things right, you don't have 881 00:40:51,600 --> 00:40:53,800 Speaker 1: to sweat the small stuff to nearly the same degree. 882 00:40:53,840 --> 00:40:57,240 Speaker 1: The coffee where you get out at your favorite local cafe, 883 00:40:57,239 --> 00:40:59,000 Speaker 1: it's not putting you over the edge. You can buy 884 00:40:59,000 --> 00:41:01,560 Speaker 1: your five dollars a Lotte. It's a week with absolutely 885 00:41:01,560 --> 00:41:04,120 Speaker 1: no remorse because you have kept that massive expense in check. 886 00:41:04,160 --> 00:41:07,360 Speaker 1: Instead of signing yourself up for a thirty five hundred 887 00:41:07,360 --> 00:41:10,040 Speaker 1: dollars mortgage, you kept it in check at twenty five hundred, 888 00:41:10,040 --> 00:41:12,279 Speaker 1: which you can easily afford. And it just gives you 889 00:41:12,400 --> 00:41:14,920 Speaker 1: a whole lot more options. And you're kind of you're 890 00:41:14,960 --> 00:41:16,960 Speaker 1: living in a stealthy way where you're not showing it 891 00:41:17,000 --> 00:41:19,560 Speaker 1: off either. That's right. And next, we would recommend for 892 00:41:19,560 --> 00:41:22,160 Speaker 1: folks to rein in their lifestyle of creep. And this 893 00:41:22,200 --> 00:41:23,879 Speaker 1: is different than what you just talked about, Joe, because 894 00:41:23,880 --> 00:41:28,400 Speaker 1: you're talking about you're focusing on the larger line item expenses, 895 00:41:28,680 --> 00:41:32,040 Speaker 1: but when your income increases, don't let your expenses go 896 00:41:32,120 --> 00:41:35,480 Speaker 1: up commensurately, just across the board. Stealth wealth is not 897 00:41:35,600 --> 00:41:38,040 Speaker 1: achieved overnight. It's going to take persistent action. It's going 898 00:41:38,120 --> 00:41:41,200 Speaker 1: to take intentionality both on the savings but then also 899 00:41:41,239 --> 00:41:43,799 Speaker 1: on the spending side of the ledger as well. Sure, 900 00:41:44,000 --> 00:41:46,880 Speaker 1: we want you to negotiate as we raise or switch 901 00:41:46,960 --> 00:41:48,640 Speaker 1: jobs if you need to in order to make more 902 00:41:48,640 --> 00:41:50,840 Speaker 1: money and maybe get some better benefits. And it's not 903 00:41:50,920 --> 00:41:53,520 Speaker 1: like that those are easy steps. But when more money 904 00:41:53,560 --> 00:41:55,839 Speaker 1: starts flowing in, make sure that you use that as 905 00:41:55,920 --> 00:41:59,240 Speaker 1: fuel for the stealth wealth fire, not as an excuse 906 00:41:59,320 --> 00:42:02,120 Speaker 1: to just ramp up up your mindless spending. And this 907 00:42:02,200 --> 00:42:05,000 Speaker 1: is especially difficult because we just live on social media. 908 00:42:05,360 --> 00:42:07,719 Speaker 1: The stats show now that the average person spends two 909 00:42:07,800 --> 00:42:11,080 Speaker 1: and a half hours on the different social media apps 910 00:42:11,120 --> 00:42:14,279 Speaker 1: right like TikTok, Instagram, Facebook. It is so easy to 911 00:42:14,280 --> 00:42:16,560 Speaker 1: see what our friends are buying, what they're spending their 912 00:42:16,600 --> 00:42:19,280 Speaker 1: money on. And on top of that, we're getting served 913 00:42:19,400 --> 00:42:24,040 Speaker 1: some pretty enticing, highly targeted ads like a double way Yes, Yes, 914 00:42:24,920 --> 00:42:27,080 Speaker 1: down that river again further and faster. There are very 915 00:42:27,080 --> 00:42:29,080 Speaker 1: few things on except for the how to Money pod 916 00:42:29,560 --> 00:42:31,759 Speaker 1: account and the how to Money Facebook group but there 917 00:42:31,760 --> 00:42:33,719 Speaker 1: are very few things that are pointing us in the 918 00:42:33,760 --> 00:42:37,840 Speaker 1: direction of spending less money. Yeah, the algorithm, it is 919 00:42:37,880 --> 00:42:39,640 Speaker 1: going to win sometimes, but just don't let it have 920 00:42:39,680 --> 00:42:41,520 Speaker 1: the final say. And the more you kind of opt 921 00:42:41,560 --> 00:42:44,600 Speaker 1: out of consuming that stuff, I think there's some power 922 00:42:44,640 --> 00:42:46,680 Speaker 1: in that too. And it makes me think too that 923 00:42:46,800 --> 00:42:49,200 Speaker 1: the next thing that if you want to achieve stealth 924 00:42:49,200 --> 00:42:50,719 Speaker 1: wealth you need to do is to hang out with 925 00:42:50,719 --> 00:42:53,120 Speaker 1: folks who share your values. And it's not that you 926 00:42:53,120 --> 00:42:57,160 Speaker 1: want to exclusively hang out with dirt cheap people, right, 927 00:42:57,400 --> 00:43:00,160 Speaker 1: frugal folks and ditch your current friends, get a whole 928 00:43:00,160 --> 00:43:02,120 Speaker 1: new set of friends because hey, you guys spend too 929 00:43:02,200 --> 00:43:04,600 Speaker 1: much money. I gotta hang out with the Matt and 930 00:43:04,640 --> 00:43:07,799 Speaker 1: Joels of this world. Who are you willing that? Right? 931 00:43:07,840 --> 00:43:12,160 Speaker 1: Who loved dirt and crappy art. Right. But the more 932 00:43:12,239 --> 00:43:15,520 Speaker 1: you run in circles both online and in real life, 933 00:43:15,640 --> 00:43:18,680 Speaker 1: who share your commitment to the stealth wealth mindset and 934 00:43:18,800 --> 00:43:22,200 Speaker 1: not showing off and ever growing abundance of possessions, the 935 00:43:22,239 --> 00:43:24,759 Speaker 1: more you'll feel comfortable doing the same. It's just so 936 00:43:24,800 --> 00:43:26,799 Speaker 1: easy for us humans to want to mimic each other, 937 00:43:26,960 --> 00:43:30,440 Speaker 1: and so yeah, change the herd. That's influencing you the 938 00:43:30,520 --> 00:43:33,520 Speaker 1: most acutely. And now the herd mentality is a good thing. 939 00:43:33,680 --> 00:43:36,239 Speaker 1: It's helping funnel you in the right direction. And one 940 00:43:36,280 --> 00:43:38,200 Speaker 1: simple thing to do is to join Like the how 941 00:43:38,239 --> 00:43:40,680 Speaker 1: to Money Facebook group got ten thousand people there. They're 942 00:43:40,680 --> 00:43:43,759 Speaker 1: helping each other out, asking good questions and offering good 943 00:43:43,800 --> 00:43:47,120 Speaker 1: financial advice. The non consumer Facebook page we just had 944 00:43:47,200 --> 00:43:49,520 Speaker 1: Katie on, We just talked about her, like, join those 945 00:43:49,600 --> 00:43:51,799 Speaker 1: kinds of groups. Those are the kind of people who 946 00:43:51,840 --> 00:43:56,040 Speaker 1: are trying to live this frugal, stealth wealth life. They've 947 00:43:56,040 --> 00:43:58,160 Speaker 1: got that mindset going on, and that's going to, I 948 00:43:58,160 --> 00:44:00,839 Speaker 1: think propel you. You're gonna be surrounded by a horde 949 00:44:00,880 --> 00:44:03,719 Speaker 1: of people trying to do the same thing, and there's 950 00:44:03,719 --> 00:44:05,560 Speaker 1: a lot of power in that. That's right. Yeah, And 951 00:44:05,560 --> 00:44:09,520 Speaker 1: stealth wealth also doesn't mean that you avoid talking about money, though, 952 00:44:09,520 --> 00:44:11,759 Speaker 1: because I feel like so far we've sort of downplayed 953 00:44:13,320 --> 00:44:15,759 Speaker 1: like the significance of money. We're all about opening the 954 00:44:15,760 --> 00:44:19,640 Speaker 1: lines of communication and having productive money conversations with our 955 00:44:19,680 --> 00:44:22,160 Speaker 1: friends and family. But there's you know, there's no need 956 00:44:22,200 --> 00:44:25,920 Speaker 1: to reveal your furrowin k balance, bragging about a super 957 00:44:26,000 --> 00:44:28,879 Speaker 1: high income or your investment balance like that. That kind 958 00:44:28,880 --> 00:44:31,880 Speaker 1: of takes you out actually of that stealth wealth mindset. 959 00:44:32,160 --> 00:44:34,279 Speaker 1: But you can for sure talk about frugality. You can 960 00:44:34,320 --> 00:44:37,120 Speaker 1: talk about investing and the money moves that have helped 961 00:44:37,200 --> 00:44:40,240 Speaker 1: you create some more breathing room, and you talk about 962 00:44:40,239 --> 00:44:44,280 Speaker 1: how these changes have you know, massively positively impact your life. 963 00:44:44,640 --> 00:44:47,040 Speaker 1: How the money listeners are just the kinds of folks 964 00:44:47,040 --> 00:44:49,960 Speaker 1: out there who should be bringing that conversation to your 965 00:44:50,000 --> 00:44:53,839 Speaker 1: friends and your family, into your neighbors in an accessible way, 966 00:44:53,920 --> 00:44:56,479 Speaker 1: just like That's truly our goal here on the show 967 00:44:56,520 --> 00:44:59,319 Speaker 1: is to make these money conversations accessible. We want it 968 00:44:59,360 --> 00:45:01,840 Speaker 1: to be a casual way that you learn about the 969 00:45:02,360 --> 00:45:04,760 Speaker 1: smart money moves that you should be making, and hopefully 970 00:45:04,800 --> 00:45:07,120 Speaker 1: that's something that you can do with those around you 971 00:45:07,160 --> 00:45:09,160 Speaker 1: as well. Yeah, I think it's important to mention too. 972 00:45:09,160 --> 00:45:10,920 Speaker 1: We've talked a lot about the stealthy part of it, 973 00:45:10,960 --> 00:45:13,319 Speaker 1: but wealth, the wealth part of it's important too. We 974 00:45:13,360 --> 00:45:16,080 Speaker 1: want you saving and investing. We want you funneling more 975 00:45:16,120 --> 00:45:19,120 Speaker 1: dollars as you live this lifestyle into those investment accounts. 976 00:45:19,160 --> 00:45:22,960 Speaker 1: We want you to be growing wealth for your future. 977 00:45:23,040 --> 00:45:26,000 Speaker 1: We want you to be taking part of compounding returns 978 00:45:26,000 --> 00:45:28,759 Speaker 1: inside your four owe k, inside your ira investing in 979 00:45:28,800 --> 00:45:31,399 Speaker 1: real estate, right, if that's your jam. Building wealth is great, 980 00:45:31,680 --> 00:45:34,239 Speaker 1: but being invisibly wealthy right. Opting for the goal of 981 00:45:34,280 --> 00:45:36,120 Speaker 1: stealth wealth that comes with a lot of power, so 982 00:45:36,440 --> 00:45:39,120 Speaker 1: you avoid the trappings that many folks fall into, but 983 00:45:39,239 --> 00:45:41,600 Speaker 1: you get to live life fully on your own terms. 984 00:45:41,800 --> 00:45:44,879 Speaker 1: And stealth wealth it leans into a different definition of 985 00:45:44,920 --> 00:45:48,440 Speaker 1: success and it largely casts aside the current cultural view 986 00:45:48,480 --> 00:45:51,800 Speaker 1: of it. So the definition of success that we often 987 00:45:51,840 --> 00:45:54,799 Speaker 1: hear from the people around us is more money in 988 00:45:54,840 --> 00:45:57,879 Speaker 1: the bank account. It's it's not necessarily more flexibility, right, 989 00:45:58,160 --> 00:46:00,560 Speaker 1: And you know that doesn't have to be the case 990 00:46:00,600 --> 00:46:02,640 Speaker 1: for you. That doesn't have to be your definition of success, 991 00:46:02,640 --> 00:46:04,880 Speaker 1: and in fact, we think that's not a great definition 992 00:46:04,920 --> 00:46:07,120 Speaker 1: of success. It makes me think of a tweet I 993 00:46:07,120 --> 00:46:11,319 Speaker 1: saw recently Matt from Kevin O'Leary who hosts Shark Tank, 994 00:46:11,320 --> 00:46:13,360 Speaker 1: one of the hosts on Shark Tank, and he basically 995 00:46:13,960 --> 00:46:16,319 Speaker 1: that was his definition, was like, it doesn't matter if 996 00:46:16,360 --> 00:46:17,920 Speaker 1: you spend less time with your family and friends, if 997 00:46:17,920 --> 00:46:20,160 Speaker 1: your mom hates you, that kind of thing, but as 998 00:46:20,200 --> 00:46:22,399 Speaker 1: long as you have more money in the bank, then 999 00:46:22,440 --> 00:46:25,239 Speaker 1: you are a success. And I just can't disagree more 1000 00:46:26,040 --> 00:46:29,440 Speaker 1: with his definition, and so this stealth wealth mindset is 1001 00:46:29,480 --> 00:46:31,680 Speaker 1: kind of a flat out rejection of that kind of 1002 00:46:31,680 --> 00:46:33,440 Speaker 1: way of thinking. And we think that this is a 1003 00:46:33,440 --> 00:46:35,680 Speaker 1: path that's available to folks of all sorts, of different 1004 00:46:35,680 --> 00:46:38,720 Speaker 1: professions and different income levels. But stealth wealth is something 1005 00:46:38,760 --> 00:46:40,640 Speaker 1: that I think we can all embrace, at least to 1006 00:46:40,640 --> 00:46:42,920 Speaker 1: a certain extent in our lives. Yeah, I really like 1007 00:46:42,960 --> 00:46:45,239 Speaker 1: how you broke it down to the stealth. There's like 1008 00:46:45,239 --> 00:46:47,120 Speaker 1: the stealth side and there's the wealth side, and the 1009 00:46:47,120 --> 00:46:50,160 Speaker 1: stealth side is honestly, it's about frugality and it's another 1010 00:46:50,200 --> 00:46:52,560 Speaker 1: way to think about it. And so what I love 1011 00:46:52,560 --> 00:46:55,399 Speaker 1: about that is, like you said, it's incredibly accessible. It's 1012 00:46:55,400 --> 00:46:58,080 Speaker 1: something that you can start to implement today, like literally, 1013 00:46:58,400 --> 00:47:00,440 Speaker 1: to try to earn more money. That takes time. It 1014 00:47:00,480 --> 00:47:03,080 Speaker 1: takes working hard at work. I mean hopefully you already 1015 00:47:03,080 --> 00:47:05,840 Speaker 1: are working hard at work, but it takes documenting your progress, 1016 00:47:05,840 --> 00:47:08,239 Speaker 1: and it takes taking on new projects. It's it's this 1017 00:47:08,320 --> 00:47:11,680 Speaker 1: thing that you have to build upon ras expenses. Like 1018 00:47:11,760 --> 00:47:13,680 Speaker 1: that's literally something you could do today on the way 1019 00:47:13,680 --> 00:47:16,120 Speaker 1: home from work, or actually not do on the way 1020 00:47:16,160 --> 00:47:18,560 Speaker 1: home from work, because it takes in action to be 1021 00:47:18,600 --> 00:47:20,880 Speaker 1: able to not spend money A lot of times it 1022 00:47:20,920 --> 00:47:23,680 Speaker 1: means not stopping at the gas station and buying the 1023 00:47:23,719 --> 00:47:26,080 Speaker 1: coke or whatever it is that you typically that maybe 1024 00:47:26,120 --> 00:47:29,520 Speaker 1: you like to do on Wednesdays. I don't know, but yeah, 1025 00:47:29,520 --> 00:47:31,719 Speaker 1: I mean, let's shift gears. Let's get back to the 1026 00:47:31,719 --> 00:47:34,080 Speaker 1: beer that you and I enjoyed during this episode. This 1027 00:47:34,320 --> 00:47:38,640 Speaker 1: was a copper, a traditional alt beer by the old 1028 00:47:39,080 --> 00:47:42,319 Speaker 1: Mecklenburg Brewery. These guys are out of Charlotte says on 1029 00:47:42,320 --> 00:47:45,279 Speaker 1: the back here, it's that's Charlotte, right, celt Yeah, the 1030 00:47:45,320 --> 00:47:48,520 Speaker 1: airport think so. Yeah, CLT born and brewed. But yeah, 1031 00:47:48,560 --> 00:47:50,200 Speaker 1: what were your thoughts on this one? That's a good 1032 00:47:50,200 --> 00:47:52,200 Speaker 1: little town, by the way, Charlotte says over here on 1033 00:47:52,200 --> 00:47:53,839 Speaker 1: the side, Yeah, kind of like Atlanta, Junior. I think 1034 00:47:53,920 --> 00:47:56,040 Speaker 1: that's how I think of it. Mecklenburg County. Oh that's 1035 00:47:56,080 --> 00:47:59,319 Speaker 1: a specific county. Sorry, sorry Charlotte, listeners, that's not a 1036 00:47:59,320 --> 00:48:01,719 Speaker 1: fair character is station And if you feel judged by 1037 00:48:01,760 --> 00:48:03,239 Speaker 1: that shot, it was a great place. It is is. 1038 00:48:03,280 --> 00:48:06,320 Speaker 1: But if you're into banking, through a lot of banking, 1039 00:48:06,680 --> 00:48:09,080 Speaker 1: they're in Jacksonville, Florida to another place in Texas getting 1040 00:48:09,080 --> 00:48:12,120 Speaker 1: more bankers soon. But yeah, this was a classic multi 1041 00:48:12,200 --> 00:48:14,719 Speaker 1: brown ish ale is how I think about it. It's 1042 00:48:14,800 --> 00:48:17,040 Speaker 1: it's not my preferred style, but it takes me back 1043 00:48:17,040 --> 00:48:18,759 Speaker 1: to kind of the early days of craft beer. This 1044 00:48:18,840 --> 00:48:20,600 Speaker 1: is the kind of beer I was all about. I 1045 00:48:20,680 --> 00:48:23,960 Speaker 1: was all into kind of the multi browns, and I 1046 00:48:23,960 --> 00:48:27,560 Speaker 1: just don't drink him nearly as much anymore. Dark European pilsners. Yeah, yeah, yeah, 1047 00:48:27,640 --> 00:48:29,480 Speaker 1: so it brings me back to like twenty five year 1048 00:48:29,480 --> 00:48:32,960 Speaker 1: old Joel and now I'm thirty nine and my taste 1049 00:48:32,960 --> 00:48:36,200 Speaker 1: have evolved. But yeah, so this isn't necessarily like top 1050 00:48:36,239 --> 00:48:38,640 Speaker 1: ten or anything for me, but I'd say it's solid 1051 00:48:38,680 --> 00:48:41,279 Speaker 1: and yeah, it makes makes make me reminisce a little saying. 1052 00:48:41,440 --> 00:48:43,839 Speaker 1: Doesn't go on any top you know, best beers I've 1053 00:48:43,840 --> 00:48:47,040 Speaker 1: ever had list, but definitely enjoyable. And I would also 1054 00:48:47,120 --> 00:48:49,759 Speaker 1: characterize it as bretty like. It kind of has that 1055 00:48:50,040 --> 00:48:53,200 Speaker 1: bretty holy loaf of bread kind of flavor going on 1056 00:48:53,280 --> 00:48:55,719 Speaker 1: with it. I can't remember how my father in law 1057 00:48:55,840 --> 00:48:57,880 Speaker 1: or where he picked us up, but maybe he was 1058 00:48:57,960 --> 00:49:00,640 Speaker 1: up there actually in Charlotte and picked up six pack 1059 00:49:00,680 --> 00:49:03,160 Speaker 1: of this beer. But I wanted to point out too 1060 00:49:03,239 --> 00:49:06,399 Speaker 1: that it had the most unique way of opening the beer. 1061 00:49:06,600 --> 00:49:08,480 Speaker 1: Oh yeah, you didn't see him as into it. I 1062 00:49:08,560 --> 00:49:11,440 Speaker 1: actually liked it. So it was like a metallic it's 1063 00:49:11,440 --> 00:49:13,719 Speaker 1: a bottle of beer and it's got the traditional metal cap, 1064 00:49:14,040 --> 00:49:16,319 Speaker 1: but it had like a poll tab attached to the 1065 00:49:16,360 --> 00:49:19,480 Speaker 1: cap that when you pulled, broke the cap off. I 1066 00:49:19,520 --> 00:49:21,000 Speaker 1: don't I kind of liked it. It It made it so 1067 00:49:21,000 --> 00:49:22,759 Speaker 1: that you can open a bottle of beer like a 1068 00:49:22,840 --> 00:49:25,439 Speaker 1: sealed dot a twist top, but an actual pop top 1069 00:49:25,719 --> 00:49:28,120 Speaker 1: bottle of beer. Made it easy without an opener, which 1070 00:49:28,560 --> 00:49:30,560 Speaker 1: I've literally never seen it before. It took. It was 1071 00:49:30,719 --> 00:49:32,799 Speaker 1: kind of odd, but it's cute. It's cute, but I 1072 00:49:32,840 --> 00:49:34,920 Speaker 1: like it. I'm all about it. Well, big thanks to 1073 00:49:34,960 --> 00:49:37,640 Speaker 1: Greg for donating this one of the show. He's a 1074 00:49:37,640 --> 00:49:39,920 Speaker 1: good father in law Matt, so yeah, donating beer to 1075 00:49:39,920 --> 00:49:41,840 Speaker 1: the show wasn't me. It's not about scores and points 1076 00:49:41,840 --> 00:49:43,880 Speaker 1: with me for sure. So all right, that's gonna do 1077 00:49:43,880 --> 00:49:45,439 Speaker 1: it for this episode. For folks who want the show 1078 00:49:45,440 --> 00:49:48,040 Speaker 1: notes links to some of the resources that we mentioned 1079 00:49:48,080 --> 00:49:50,120 Speaker 1: on the show today, you can find those up on 1080 00:49:50,120 --> 00:49:52,919 Speaker 1: our site at howtomoney dot com. That's right, And if 1081 00:49:52,960 --> 00:49:55,239 Speaker 1: you enjoyed this episode and have not yet left us 1082 00:49:55,280 --> 00:49:59,279 Speaker 1: a review over at Apple podcasts or Spotify, wherever you 1083 00:49:59,320 --> 00:50:01,719 Speaker 1: listen to your pod cast. We would greatly appreciate for 1084 00:50:01,800 --> 00:50:04,560 Speaker 1: you to do that. That's just one I was going 1085 00:50:04,640 --> 00:50:06,520 Speaker 1: to say, one small way that you can help get 1086 00:50:06,560 --> 00:50:08,200 Speaker 1: the word out, but it really does have a big 1087 00:50:08,239 --> 00:50:11,920 Speaker 1: impact on the searchability of our podcast. So leave us 1088 00:50:11,920 --> 00:50:14,239 Speaker 1: a solid one over there and a big thank you 1089 00:50:14,320 --> 00:50:16,880 Speaker 1: in advance. Joel is going to be it for this episode, Buddy. 1090 00:50:16,960 --> 00:50:19,839 Speaker 1: Until next time, best Friends Out, Best Friends Out,