1 00:00:00,880 --> 00:00:06,840 Speaker 1: What's up, everybody, and welcome to another episode of Financial Heresy, 2 00:00:06,840 --> 00:00:09,840 Speaker 1: where we talk about how money works so that you 3 00:00:09,880 --> 00:00:15,000 Speaker 1: can make more, keep more, and give more. In this episode, 4 00:00:15,000 --> 00:00:18,759 Speaker 1: we are going to be going over a seven step 5 00:00:19,000 --> 00:00:25,880 Speaker 1: plan to crushing twenty twenty three UH. In this upcoming year, 6 00:00:26,400 --> 00:00:30,440 Speaker 1: there is a very high likelihood that it is a 7 00:00:30,600 --> 00:00:35,520 Speaker 1: rough year economically speaking. UM. If you've been following along 8 00:00:35,520 --> 00:00:39,559 Speaker 1: the podcast for the last few episodes since the beginning, 9 00:00:40,600 --> 00:00:44,400 Speaker 1: you are aware that there are a lot of issues 10 00:00:44,600 --> 00:00:49,400 Speaker 1: geo politically around the world that could lead to economic instability. 11 00:00:49,560 --> 00:00:52,879 Speaker 1: There are a lot of issues with government finances. We 12 00:00:53,040 --> 00:00:57,480 Speaker 1: just had a one point seven trillion dollar omnibus passed 13 00:00:57,600 --> 00:01:03,360 Speaker 1: by Congress that no one had read, thousands of pages long, 14 00:01:03,920 --> 00:01:09,160 Speaker 1: and so there's tons of irresponsible spending happening from the government. 15 00:01:09,520 --> 00:01:13,560 Speaker 1: At the same time, we have tax revenue for the 16 00:01:13,600 --> 00:01:17,200 Speaker 1: government is dropping like a rock because inflation is crushing 17 00:01:17,959 --> 00:01:22,880 Speaker 1: UM the American consumer, and we have UH, we have 18 00:01:23,319 --> 00:01:27,680 Speaker 1: the Federal reserve again. At the same time, they are 19 00:01:28,040 --> 00:01:31,160 Speaker 1: selling assets off their balance sheets. So what are they selling. 20 00:01:31,160 --> 00:01:34,679 Speaker 1: They're selling United States government debt, which means that borrowing 21 00:01:34,720 --> 00:01:37,000 Speaker 1: costs for the government are going up. Because of the FED, 22 00:01:37,120 --> 00:01:39,880 Speaker 1: but they're also going up because they're just borrowing too 23 00:01:39,959 --> 00:01:43,920 Speaker 1: much to spend more than than they need to be spending. 24 00:01:44,480 --> 00:01:47,440 Speaker 1: And so from all angles of the top, we are 25 00:01:47,520 --> 00:01:52,240 Speaker 1: seeing a lot of signs pointing to UH an economically 26 00:01:52,680 --> 00:01:57,840 Speaker 1: challenging year ahead of us in UM. On top of that, 27 00:01:57,960 --> 00:02:02,400 Speaker 1: we are seeing inflation, We are seeing UH potential issues 28 00:02:02,520 --> 00:02:07,960 Speaker 1: with unemployment and jobs start up. UH. They're they're starting 29 00:02:07,960 --> 00:02:11,520 Speaker 1: to increase here going into the new year, and so 30 00:02:11,840 --> 00:02:14,880 Speaker 1: people need a plan. I talk a lot about how 31 00:02:14,919 --> 00:02:18,000 Speaker 1: the system works in this episode. We are talking about 32 00:02:18,000 --> 00:02:21,880 Speaker 1: a plan action steps, things you can actually do to 33 00:02:22,000 --> 00:02:25,560 Speaker 1: prepare for this year. UM. Some of these are going 34 00:02:25,600 --> 00:02:27,839 Speaker 1: to be basic when we start off, and as they 35 00:02:27,880 --> 00:02:30,840 Speaker 1: go they'll get a little bit more and more advanced. 36 00:02:31,800 --> 00:02:34,160 Speaker 1: And so we're gonna talk about steps because at the 37 00:02:34,240 --> 00:02:37,040 Speaker 1: end of the day, UM, we have to learn how 38 00:02:37,040 --> 00:02:40,400 Speaker 1: money works so that we can make more UM. But 39 00:02:40,680 --> 00:02:46,240 Speaker 1: making more doesn't help if you don't keep any of it. UH. 40 00:02:46,560 --> 00:02:50,480 Speaker 1: The way you create wealth is by creating a the 41 00:02:50,520 --> 00:02:54,519 Speaker 1: bigger and as big of a difference as possible between 42 00:02:55,440 --> 00:02:59,680 Speaker 1: what you make your income and what you spend your expenses, 43 00:03:00,160 --> 00:03:03,359 Speaker 1: and then what you do with the difference investing it 44 00:03:03,560 --> 00:03:05,560 Speaker 1: and then ultimately, as I always say, at the end 45 00:03:05,560 --> 00:03:08,000 Speaker 1: of the day, we create wealth in order to give 46 00:03:08,040 --> 00:03:10,600 Speaker 1: it um. Sometimes that's giving it to those who we 47 00:03:10,639 --> 00:03:14,840 Speaker 1: are responsible for caring for um and then uh um 48 00:03:15,160 --> 00:03:18,760 Speaker 1: for those uh those of us who are even more fortunate. 49 00:03:18,800 --> 00:03:21,600 Speaker 1: And I've uh focused more and built more wealth, we 50 00:03:21,639 --> 00:03:24,440 Speaker 1: can take care of more and more people and build 51 00:03:24,520 --> 00:03:27,119 Speaker 1: up a larger and larger responsibility for ourselves of those 52 00:03:27,160 --> 00:03:29,920 Speaker 1: that we can look after and take care of financially speaking. 53 00:03:30,880 --> 00:03:36,080 Speaker 1: So uh, without further intro let let us dive into 54 00:03:36,280 --> 00:03:40,280 Speaker 1: these steps to prepare for this challenging year and not 55 00:03:40,440 --> 00:03:44,320 Speaker 1: just protect ourselves but actually grow our wealth this year. UM. 56 00:03:44,480 --> 00:03:49,000 Speaker 1: Number one, you have to get an emergency fund. Now, 57 00:03:49,040 --> 00:03:53,440 Speaker 1: this is like literally economic or find find personal finances 58 00:03:53,480 --> 00:03:56,160 Speaker 1: one oh one. So most not all of you have 59 00:03:56,280 --> 00:04:01,720 Speaker 1: probably already done this, but it needs to be said, um, 60 00:04:01,760 --> 00:04:05,280 Speaker 1: because most Americans don't have this. Most Americans have a 61 00:04:05,320 --> 00:04:09,160 Speaker 1: negative net worth. They've got no savings. Uh. If they 62 00:04:09,200 --> 00:04:13,360 Speaker 1: don't get their next paycheck, they will uh you know, 63 00:04:13,480 --> 00:04:16,360 Speaker 1: bounce their their their their account will bounce. They'll have 64 00:04:16,520 --> 00:04:20,640 Speaker 1: bills that can't get paid um. Because they literally have 65 00:04:20,839 --> 00:04:24,000 Speaker 1: no buffer. So the first step is you have to 66 00:04:24,040 --> 00:04:29,240 Speaker 1: get a buffer. Now, this this starter emergency buffer is 67 00:04:29,279 --> 00:04:32,479 Speaker 1: something that just needs to be, in my opinion, enough 68 00:04:32,520 --> 00:04:37,240 Speaker 1: to cover one month's worth of expenses and that's it. Um. 69 00:04:37,520 --> 00:04:40,400 Speaker 1: For a lot of people, you'll be able to accomplish 70 00:04:40,480 --> 00:04:43,000 Speaker 1: this within the first few months of the year. Like 71 00:04:43,279 --> 00:04:46,359 Speaker 1: literally look around your house and sell some things that 72 00:04:46,400 --> 00:04:49,360 Speaker 1: you haven't touched in six months, and you can get 73 00:04:49,360 --> 00:04:53,760 Speaker 1: there to one month's worth of expenses. Um. Most people 74 00:04:53,920 --> 00:04:57,000 Speaker 1: have some sort of skill that they have at their job. 75 00:04:57,800 --> 00:05:02,799 Speaker 1: UH post up U, contracting work, go on up work, 76 00:05:02,880 --> 00:05:05,880 Speaker 1: go on some of these websites where you can get 77 00:05:05,920 --> 00:05:10,240 Speaker 1: a single, one time job to do something that you 78 00:05:10,320 --> 00:05:12,440 Speaker 1: know how to do, and do that a couple of 79 00:05:12,440 --> 00:05:15,720 Speaker 1: times and just put that money in a separate savings account. Um. 80 00:05:15,800 --> 00:05:18,440 Speaker 1: So you've got to build up a buffer. Uh. Take 81 00:05:18,600 --> 00:05:22,000 Speaker 1: you know, a month, take two months, and get yourself 82 00:05:22,080 --> 00:05:24,560 Speaker 1: to the place where you have one month's worth of 83 00:05:24,600 --> 00:05:28,839 Speaker 1: expenses as an emergency fund. That way, if something happens, 84 00:05:29,400 --> 00:05:34,160 Speaker 1: you you have some sort of a buffer. UM. So 85 00:05:34,240 --> 00:05:37,280 Speaker 1: that's that's fairly straightforward, and most people can understand why 86 00:05:37,279 --> 00:05:42,640 Speaker 1: that would be necessary. UM. Step number two is UH 87 00:05:43,160 --> 00:05:50,119 Speaker 1: is getting rid of all adjustable rate debt. UM. Now, 88 00:05:50,360 --> 00:05:53,960 Speaker 1: some people will say that you need to get rid 89 00:05:53,960 --> 00:05:58,040 Speaker 1: of all debt. Some people say all debt except the house. 90 00:05:58,520 --> 00:06:02,560 Speaker 1: Some people will say, I'll expect pensive debt. Um. Adjustable 91 00:06:02,680 --> 00:06:07,040 Speaker 1: rate debt is the dangerous debt. Why is that Because 92 00:06:07,600 --> 00:06:12,840 Speaker 1: the interest rate on new debt is determined by the 93 00:06:12,880 --> 00:06:17,280 Speaker 1: inflation rate. Basically UM, it's somewhat determined by the FED, 94 00:06:17,320 --> 00:06:20,440 Speaker 1: but they still are somewhat tied to inflation, and so 95 00:06:21,000 --> 00:06:24,240 Speaker 1: UM if if the FED doesn't follow what inflation is 96 00:06:24,279 --> 00:06:26,320 Speaker 1: telling them to do, then at the end of the day, 97 00:06:26,320 --> 00:06:30,960 Speaker 1: then private lenders will still react accordingly to inflation, because 98 00:06:31,160 --> 00:06:33,279 Speaker 1: why would you lend out your money at one percent 99 00:06:33,880 --> 00:06:39,200 Speaker 1: if the inflation rate is thirty you wouldn't UM, And 100 00:06:39,279 --> 00:06:43,119 Speaker 1: so you are going to see inflation drive interest rates 101 00:06:43,160 --> 00:06:47,600 Speaker 1: to the point where new debt when inflation is high, 102 00:06:47,600 --> 00:06:50,920 Speaker 1: we'll start getting more and more expensive. Well, that's the 103 00:06:51,120 --> 00:06:56,360 Speaker 1: same thing that happens to adjustable rate debt. So, if 104 00:06:56,480 --> 00:06:59,920 Speaker 1: you have a credit card and you've been getting your statement, 105 00:07:00,480 --> 00:07:03,320 Speaker 1: even if you don't carry a balance, if you've looked 106 00:07:03,360 --> 00:07:07,760 Speaker 1: at the interest rate over the last six months, twelve months, 107 00:07:08,120 --> 00:07:11,680 Speaker 1: you've probably noticed that it's been increasing. If you've been 108 00:07:11,680 --> 00:07:13,600 Speaker 1: in the market to buy or sell a home in 109 00:07:13,640 --> 00:07:18,000 Speaker 1: the last year, you've probably noticed interest rates have been increasing, 110 00:07:18,680 --> 00:07:22,440 Speaker 1: and so adjustable rate debt you, let's say you've got 111 00:07:22,480 --> 00:07:26,640 Speaker 1: ten thousand dollars that you owe, gets more and more 112 00:07:26,640 --> 00:07:30,960 Speaker 1: expensive for you as interest rates go up, and so 113 00:07:31,320 --> 00:07:34,160 Speaker 1: it could very well get to a point. This happens 114 00:07:34,200 --> 00:07:37,680 Speaker 1: in periods of time where there's high inflation, where you 115 00:07:37,840 --> 00:07:42,840 Speaker 1: cannot afford to make your minimum payment anymore because interest 116 00:07:42,920 --> 00:07:47,600 Speaker 1: rates go up to thirty percent. Suddenly you you you 117 00:07:47,920 --> 00:07:51,440 Speaker 1: it's impossible for people to get out of their debt 118 00:07:51,640 --> 00:07:54,080 Speaker 1: because the minimum payments gope so high because the interest 119 00:07:54,200 --> 00:07:58,880 Speaker 1: rates went up so high. Adjustable rate debt is extremely 120 00:07:59,000 --> 00:08:03,840 Speaker 1: dangerous for this reason. Now, fixed rate debt is a 121 00:08:03,920 --> 00:08:08,720 Speaker 1: different story. If you have a mortgage, I personally would 122 00:08:08,800 --> 00:08:12,720 Speaker 1: never recommend trying to pay that mortgage off early if 123 00:08:12,720 --> 00:08:15,400 Speaker 1: it's a fixed rate mortgage that you know it's a 124 00:08:16,760 --> 00:08:21,040 Speaker 1: year mortgage. Why is that Well, because the odds are 125 00:08:21,480 --> 00:08:25,440 Speaker 1: that the average inflation rate over that time will be 126 00:08:25,720 --> 00:08:29,880 Speaker 1: much higher than your interest rate, and so you are 127 00:08:30,320 --> 00:08:33,679 Speaker 1: using leverage. Basically, what you're doing is shorting the dollar 128 00:08:34,080 --> 00:08:37,640 Speaker 1: because you've borrowed dollars in exchange for that, you've gotten 129 00:08:37,640 --> 00:08:41,880 Speaker 1: a house, and because of the inflation rate, that house 130 00:08:42,040 --> 00:08:46,120 Speaker 1: price will go up over the next fifty thirty years 131 00:08:46,760 --> 00:08:50,559 Speaker 1: and it will become easier to get dollars to pay 132 00:08:50,679 --> 00:08:53,880 Speaker 1: back that debt because there'll be more abundant, which means 133 00:08:53,920 --> 00:08:57,520 Speaker 1: they'll be worth less. And so you are borrowing something 134 00:08:57,559 --> 00:09:01,200 Speaker 1: that is worth more now, which is dollars, using them 135 00:09:01,200 --> 00:09:04,120 Speaker 1: to get something which will go up in value over time, 136 00:09:04,280 --> 00:09:07,880 Speaker 1: the house, and then you are paying those dollars back 137 00:09:07,920 --> 00:09:11,200 Speaker 1: over time as they're worth less. And so just like 138 00:09:11,240 --> 00:09:14,040 Speaker 1: when you short of stock, you want to sell it first, 139 00:09:14,080 --> 00:09:15,920 Speaker 1: when you short it at a higher value than it 140 00:09:15,960 --> 00:09:18,000 Speaker 1: will be worth in the future. That's what you do 141 00:09:18,120 --> 00:09:21,240 Speaker 1: to dollars when you get fixed right debt on something 142 00:09:21,440 --> 00:09:24,920 Speaker 1: like a house. UM. Even cars with the some of 143 00:09:25,000 --> 00:09:29,120 Speaker 1: the low supply issues UM and some of the future 144 00:09:29,880 --> 00:09:36,320 Speaker 1: fleet issues with the durability of new government regulations on 145 00:09:36,440 --> 00:09:39,520 Speaker 1: gas mileage, with new hybrids and things like that coming 146 00:09:39,559 --> 00:09:42,840 Speaker 1: on too coming onto the market. UM. The United States 147 00:09:42,840 --> 00:09:46,240 Speaker 1: has a fleet size issue with cars. That's why car 148 00:09:46,520 --> 00:09:49,360 Speaker 1: prices have gone up so dramatically, not yes, over the 149 00:09:49,440 --> 00:09:53,480 Speaker 1: last two years. But they were going up before that. UM. 150 00:09:53,559 --> 00:09:56,839 Speaker 1: So this is something that when you have fixed rate debt, 151 00:09:57,160 --> 00:10:02,960 Speaker 1: it's not necessarily a dangerous thing when you have UH 152 00:10:03,000 --> 00:10:10,160 Speaker 1: an economic policy that is driven towards inflation, even if 153 00:10:10,200 --> 00:10:14,520 Speaker 1: it's mild inflation. UM. Now, certainly it's possible to have 154 00:10:14,600 --> 00:10:16,840 Speaker 1: too much fixed rate debt, in which case, if you 155 00:10:16,880 --> 00:10:18,760 Speaker 1: can't afford it, then by all means you need to 156 00:10:18,800 --> 00:10:22,400 Speaker 1: get rid of some of it. Um. But especially if 157 00:10:22,440 --> 00:10:25,320 Speaker 1: you use fixed rate debt to buy yourself assets that 158 00:10:25,400 --> 00:10:29,160 Speaker 1: go up over time, or even better to buy cash 159 00:10:29,160 --> 00:10:33,280 Speaker 1: flowing assets that pay for the debt, fixed rate debt 160 00:10:33,320 --> 00:10:37,160 Speaker 1: can be an extremely useful tool to capitalize on the 161 00:10:37,240 --> 00:10:41,319 Speaker 1: dollar going down in value. Now, all that being said, 162 00:10:41,840 --> 00:10:45,320 Speaker 1: adjustable rate debt, I'm basically focusing on credit cards here 163 00:10:45,679 --> 00:10:48,360 Speaker 1: is probably the number one priority if you have it, 164 00:10:48,440 --> 00:10:50,480 Speaker 1: that you need to get rid of it as soon 165 00:10:50,640 --> 00:10:54,360 Speaker 1: as fast as possible. UM. Look, I've been there before, 166 00:10:54,400 --> 00:10:58,199 Speaker 1: so I'm not uh at all coming at this from 167 00:10:58,840 --> 00:11:02,800 Speaker 1: a standpoint of, you know, looking down or judgmental at all, 168 00:11:03,520 --> 00:11:08,599 Speaker 1: because I've literally been there. I understand the I understand 169 00:11:08,840 --> 00:11:12,320 Speaker 1: laying laying at night in bed not being able to 170 00:11:12,360 --> 00:11:14,960 Speaker 1: fall asleep because you're not sure if you're gonna be 171 00:11:14,960 --> 00:11:19,360 Speaker 1: able to make your minimum credit card payment the next month, 172 00:11:19,720 --> 00:11:23,760 Speaker 1: not knowing where enough money may come from for that UM. 173 00:11:23,880 --> 00:11:26,800 Speaker 1: And so look, look, I get the stress that that 174 00:11:26,880 --> 00:11:30,480 Speaker 1: plays places on you and your family, UM, looking at 175 00:11:30,480 --> 00:11:35,280 Speaker 1: your finances, looking at your budget. UM. And so the 176 00:11:35,280 --> 00:11:38,440 Speaker 1: the uh, the shift will happen. The change will happen 177 00:11:38,480 --> 00:11:41,320 Speaker 1: when you decide to make a change. UM. It's not 178 00:11:41,440 --> 00:11:45,079 Speaker 1: about attempting. It's not looking at your credit card UH 179 00:11:45,240 --> 00:11:48,360 Speaker 1: load and saying this year, I'm going to try to 180 00:11:48,400 --> 00:11:51,959 Speaker 1: get out of debt, credit card debt. That's not going 181 00:11:52,000 --> 00:11:58,920 Speaker 1: to cut it. There is a fundamental qualitative difference between 182 00:11:59,559 --> 00:12:04,600 Speaker 1: a empting to do something and deciding to do it. 183 00:12:06,040 --> 00:12:08,160 Speaker 1: When you attempt to do something and you say I'm 184 00:12:08,160 --> 00:12:10,080 Speaker 1: going to try and get out of credit card det 185 00:12:10,160 --> 00:12:15,400 Speaker 1: this year, you're saying the actions are going to be 186 00:12:15,640 --> 00:12:20,800 Speaker 1: the attempt and the result could be whatever. The result 187 00:12:20,880 --> 00:12:24,520 Speaker 1: might be success, the result might be failure. But I'm 188 00:12:24,559 --> 00:12:29,080 Speaker 1: committing to to trying regardless of whatever the outcome is. 189 00:12:30,120 --> 00:12:32,960 Speaker 1: That is qualitatively different. That's not just a different degree 190 00:12:32,960 --> 00:12:36,760 Speaker 1: of severity than committing to the outcome. It is qualitatively, 191 00:12:36,840 --> 00:12:40,240 Speaker 1: categorically different. Than committing to an outcome, because when you 192 00:12:40,280 --> 00:12:43,880 Speaker 1: commit to an outcome, what you're really doing is you're saying, 193 00:12:44,280 --> 00:12:49,280 Speaker 1: regardless of the actions that it takes, regardless of the 194 00:12:49,400 --> 00:12:53,000 Speaker 1: number of attempts that it takes, regardless of the methods 195 00:12:53,080 --> 00:12:58,040 Speaker 1: that it takes, this goal will be accomplished no matter 196 00:12:58,120 --> 00:13:02,800 Speaker 1: what you're committing to the end result. And so that 197 00:13:02,960 --> 00:13:05,520 Speaker 1: is that is what needs to be done. If you 198 00:13:05,600 --> 00:13:09,440 Speaker 1: have any amount of credit card balance that you're not 199 00:13:09,480 --> 00:13:13,760 Speaker 1: able to pay off right now, that's priority Numero uno 200 00:13:13,960 --> 00:13:18,920 Speaker 1: going into because it's very possible that within a year 201 00:13:19,559 --> 00:13:24,360 Speaker 1: you can't make the minimum payments because inflation pushes interest 202 00:13:24,440 --> 00:13:28,600 Speaker 1: rates sky high. That is the most dangerous financial bomb 203 00:13:28,640 --> 00:13:32,480 Speaker 1: facing most American households today. Commit to the outcome as 204 00:13:32,520 --> 00:13:38,000 Speaker 1: fast as possible, get that revolving debt balance for the 205 00:13:38,000 --> 00:13:41,240 Speaker 1: adjustable rate debt like credit cards down to zero. It's 206 00:13:41,520 --> 00:13:46,120 Speaker 1: absolutely toxic to your financial success over time. I've been there. 207 00:13:46,280 --> 00:13:50,280 Speaker 1: I understand what it takes, and it takes budgeting. It 208 00:13:50,360 --> 00:13:55,880 Speaker 1: takes literally going into your finances before the year starts, 209 00:13:56,120 --> 00:13:59,080 Speaker 1: I'm sorry, before the month starts and saying this is 210 00:13:59,200 --> 00:14:01,640 Speaker 1: exactly the money that I know is going to be 211 00:14:01,679 --> 00:14:05,320 Speaker 1: coming in and this is exactly how it's going to 212 00:14:05,360 --> 00:14:08,440 Speaker 1: be spent. You have to decide how you're going to 213 00:14:08,480 --> 00:14:12,160 Speaker 1: spend your money before it happens, and then you allocate 214 00:14:12,240 --> 00:14:15,880 Speaker 1: it up accordingly as the month goes on. And if 215 00:14:15,880 --> 00:14:19,800 Speaker 1: you have a surplus, great, If you don't, then you're 216 00:14:19,840 --> 00:14:23,280 Speaker 1: borrowing from somewhere, so you're either pulling from savings or 217 00:14:23,440 --> 00:14:28,080 Speaker 1: you are borrowing more on credit card. So you're trying 218 00:14:28,080 --> 00:14:30,440 Speaker 1: to get that as close to zero as possible. When 219 00:14:30,440 --> 00:14:32,480 Speaker 1: you're getting out of debts, so that you don't have 220 00:14:32,520 --> 00:14:36,880 Speaker 1: a surplus, you're just crushing that debt load. And so it's, uh, 221 00:14:37,080 --> 00:14:39,360 Speaker 1: it's it requires a lot of requires a lot of 222 00:14:39,400 --> 00:14:44,080 Speaker 1: sacrifice as well. But guess what, filing for bankruptcy is 223 00:14:44,120 --> 00:14:47,200 Speaker 1: going to force a lot of sacrifices on you as well, 224 00:14:47,520 --> 00:14:50,240 Speaker 1: And so there's always going to be a sacrifice. It's 225 00:14:50,320 --> 00:14:54,240 Speaker 1: just whether you sacrifice what you want or sacrifice for 226 00:14:54,480 --> 00:14:58,240 Speaker 1: what you want. And so personally, I would rather sacrifice 227 00:14:58,320 --> 00:15:00,880 Speaker 1: for what I want rather than sac or fice what 228 00:15:01,000 --> 00:15:03,440 Speaker 1: I want. And so when I was getting out of 229 00:15:03,440 --> 00:15:06,960 Speaker 1: credit card debt with my wife, we were uh eating 230 00:15:07,360 --> 00:15:12,400 Speaker 1: beans and rice and didn't have Netflix, and went to 231 00:15:12,480 --> 00:15:16,760 Speaker 1: the library for books instead of audible or kindle. And 232 00:15:16,920 --> 00:15:21,240 Speaker 1: like literally every single tiny little area you can find 233 00:15:21,280 --> 00:15:25,160 Speaker 1: ways to save money and find things to sell, increase 234 00:15:25,160 --> 00:15:28,640 Speaker 1: your income a little bit, crush that debt. For most Americans, 235 00:15:28,640 --> 00:15:31,560 Speaker 1: that's going to be number one priority is getting rid 236 00:15:31,560 --> 00:15:36,360 Speaker 1: of that adjustable rate debt. Now, after this, we're on 237 00:15:36,880 --> 00:15:41,640 Speaker 1: we're on step number three. Um, step number three, I 238 00:15:41,640 --> 00:15:46,080 Speaker 1: would say, uh, is is to increase your income as 239 00:15:46,160 --> 00:15:51,160 Speaker 1: much as possible. Now that sounds like like uh, I 240 00:15:51,240 --> 00:15:55,360 Speaker 1: understand that can very easily sound like a privilege pie 241 00:15:55,400 --> 00:15:58,640 Speaker 1: in the sky, like easy for you to say type 242 00:15:58,640 --> 00:16:04,880 Speaker 1: of statement. Um. But everybody has a skill. Um. Like 243 00:16:04,920 --> 00:16:06,800 Speaker 1: when I started off in my career when I was 244 00:16:06,880 --> 00:16:09,280 Speaker 1: very young, I didn't have a technical skill, but I 245 00:16:09,360 --> 00:16:11,880 Speaker 1: knew that I was a quick learner. Um. And so 246 00:16:12,200 --> 00:16:15,280 Speaker 1: that wasn't proven to anybody else. But I could go 247 00:16:15,360 --> 00:16:17,400 Speaker 1: to an employer and I could say, hey, give me 248 00:16:17,440 --> 00:16:19,400 Speaker 1: a job, and if I could convince them to give 249 00:16:19,400 --> 00:16:22,320 Speaker 1: me the job, now I had proved to them once 250 00:16:22,360 --> 00:16:24,080 Speaker 1: I got the job, that I was going to be 251 00:16:24,120 --> 00:16:25,520 Speaker 1: the best in you know, a couple of months, and 252 00:16:25,560 --> 00:16:27,800 Speaker 1: then I would do it. And because you know I 253 00:16:27,800 --> 00:16:29,280 Speaker 1: I could be a quick learner and so I knew 254 00:16:29,280 --> 00:16:32,720 Speaker 1: I had that asset, that skill in my back pocket. UM. 255 00:16:32,760 --> 00:16:35,560 Speaker 1: And so even if you're starting off, you can find 256 00:16:35,800 --> 00:16:41,040 Speaker 1: something that gives you an advantage over nine of the 257 00:16:41,080 --> 00:16:45,240 Speaker 1: people that you're competing against to try and increase your income. 258 00:16:45,560 --> 00:16:48,040 Speaker 1: Sometimes that comes from a bonus. Sometimes that comes from 259 00:16:48,040 --> 00:16:50,720 Speaker 1: a promotion, Sometimes it comes from a raise, Sometimes it 260 00:16:50,720 --> 00:16:52,680 Speaker 1: comes from getting a different job in the same industry. 261 00:16:53,000 --> 00:16:56,840 Speaker 1: But sometimes it comes from recognizing, Hey, I've been doing 262 00:16:56,880 --> 00:16:59,960 Speaker 1: this exact same thing for ten years and I'm really 263 00:17:00,000 --> 00:17:03,080 Speaker 1: really good at this part of it. So on the side, 264 00:17:03,600 --> 00:17:06,840 Speaker 1: I'm gonna go do some side gig stuff with this 265 00:17:07,080 --> 00:17:11,680 Speaker 1: and become a contractor and increase my income that way. 266 00:17:11,760 --> 00:17:14,320 Speaker 1: Sometimes it's getting creative and thinking outside of the box 267 00:17:14,400 --> 00:17:17,760 Speaker 1: that way. UM, if you've got a skill, even with 268 00:17:18,160 --> 00:17:22,320 Speaker 1: very very simple things, you can turn those into digital 269 00:17:22,359 --> 00:17:25,160 Speaker 1: products and you can sell those online, and you can 270 00:17:25,840 --> 00:17:29,480 Speaker 1: get get your own clients, and you can do consulting 271 00:17:29,520 --> 00:17:33,320 Speaker 1: and things that you might not think are possible because 272 00:17:33,400 --> 00:17:38,720 Speaker 1: you've never tried. UM and who knows what if it worked. 273 00:17:39,200 --> 00:17:41,880 Speaker 1: And so if your goal is to, hey, I need 274 00:17:41,920 --> 00:17:46,360 Speaker 1: to increase my income this year by fi because inflation 275 00:17:46,600 --> 00:17:50,760 Speaker 1: has taken away all of my rays UM, and uh, 276 00:17:50,960 --> 00:17:53,840 Speaker 1: my expenses are going up. I've got some debt I 277 00:17:53,840 --> 00:17:56,040 Speaker 1: need to crush. So I need to increase my income, 278 00:17:56,080 --> 00:17:57,879 Speaker 1: but there's no way it's going to happen in my 279 00:17:57,960 --> 00:18:02,639 Speaker 1: current job. You use your current skill set to increase 280 00:18:02,880 --> 00:18:08,080 Speaker 1: your income. UM. Now that's also possible that there is 281 00:18:08,240 --> 00:18:10,720 Speaker 1: no way for you with your current skill set to 282 00:18:10,880 --> 00:18:15,159 Speaker 1: increase your income, and in that case it requires learning 283 00:18:15,160 --> 00:18:17,680 Speaker 1: a new skill. So I've gone through this this part 284 00:18:17,760 --> 00:18:21,560 Speaker 1: before myself as well. Where I got to the point 285 00:18:21,640 --> 00:18:24,920 Speaker 1: in my career where I was I was tapped out. 286 00:18:25,040 --> 00:18:27,639 Speaker 1: I was making the most I could possibly make. The 287 00:18:27,680 --> 00:18:30,840 Speaker 1: only way I could make more in in my kind 288 00:18:30,840 --> 00:18:36,440 Speaker 1: of official industry would be moving out of state, starting 289 00:18:36,480 --> 00:18:39,679 Speaker 1: over from the bottom um and learning some new skills 290 00:18:39,720 --> 00:18:42,040 Speaker 1: to work my way up a different ladder. But I 291 00:18:42,080 --> 00:18:44,479 Speaker 1: was at the top of my own ladder, and so 292 00:18:44,600 --> 00:18:46,920 Speaker 1: I was saying, hey, look, if I have to start 293 00:18:46,960 --> 00:18:49,840 Speaker 1: over anyway, I'm going to start over with a skill 294 00:18:50,119 --> 00:18:53,720 Speaker 1: that if I master it, I can leverage into much 295 00:18:53,880 --> 00:18:56,359 Speaker 1: much more income where I'm not capped out by somebody 296 00:18:56,359 --> 00:18:59,439 Speaker 1: else's ladder. But I'm kind of building my own ladder 297 00:18:59,480 --> 00:19:03,920 Speaker 1: in an infinitely scalable system, playing an infinitely scalable game 298 00:19:04,240 --> 00:19:07,520 Speaker 1: instead of somebody else's game, and so uh and so 299 00:19:07,560 --> 00:19:10,960 Speaker 1: that's what I did, and that's when I ultimately decided 300 00:19:11,000 --> 00:19:14,760 Speaker 1: to uh quit and go work for myself. But at 301 00:19:14,800 --> 00:19:17,160 Speaker 1: the end of the day, sometimes you are maxed out 302 00:19:17,160 --> 00:19:19,840 Speaker 1: on your income. So it requires building a new skill 303 00:19:19,880 --> 00:19:23,719 Speaker 1: for yourself. And I didn't pay for any courses. I 304 00:19:23,720 --> 00:19:27,439 Speaker 1: didn't buy any uh you know masterminds or go to 305 00:19:27,520 --> 00:19:32,040 Speaker 1: any expensive seminars to learn some of these skills. It's 306 00:19:32,200 --> 00:19:36,119 Speaker 1: it's all free. Um. So you can pay somebody to 307 00:19:36,200 --> 00:19:38,639 Speaker 1: teach you the stuff you need to know, uh to 308 00:19:39,280 --> 00:19:43,280 Speaker 1: increase a skill that will increase your income. And if 309 00:19:43,280 --> 00:19:46,320 Speaker 1: you pay for it, then that shortens the amount of 310 00:19:46,359 --> 00:19:49,080 Speaker 1: time that it takes to learn that scale. I didn't 311 00:19:49,119 --> 00:19:50,640 Speaker 1: want to spend the money on it, so I said, 312 00:19:50,680 --> 00:19:53,480 Speaker 1: I'll spend the time to do it free. And so 313 00:19:53,640 --> 00:19:56,439 Speaker 1: all the information is all out there. The information you 314 00:19:56,520 --> 00:20:00,520 Speaker 1: pay for you learn faster, you get it faster. But 315 00:20:00,680 --> 00:20:03,480 Speaker 1: if you don't have the money to spend to gain 316 00:20:03,520 --> 00:20:05,720 Speaker 1: a skill, then you get it for free and it 317 00:20:05,800 --> 00:20:09,560 Speaker 1: just takes longer. So YouTube podcast books that you went 318 00:20:09,640 --> 00:20:12,479 Speaker 1: from the library, all that you can learn things like 319 00:20:12,520 --> 00:20:16,840 Speaker 1: digital marketing and content creation and communication. You can get 320 00:20:16,960 --> 00:20:21,800 Speaker 1: very skilled at it enough to to significantly increase your 321 00:20:21,840 --> 00:20:25,000 Speaker 1: income um. And then the last piece I'll say about 322 00:20:25,040 --> 00:20:28,840 Speaker 1: increasing your income is pairing skills together. And so if 323 00:20:28,960 --> 00:20:34,160 Speaker 1: you have the ability to communicate, well, that could by 324 00:20:34,200 --> 00:20:37,920 Speaker 1: itself be a low level of income. Like you might 325 00:20:37,960 --> 00:20:41,360 Speaker 1: be able to be a good teacher, or maybe you're 326 00:20:41,960 --> 00:20:44,840 Speaker 1: even able to teach other teachers how to be a 327 00:20:44,880 --> 00:20:47,480 Speaker 1: good teacher. If you're good at communicating, or you can 328 00:20:47,560 --> 00:20:51,600 Speaker 1: run a little uh communicate like a speech uh an 329 00:20:51,680 --> 00:20:54,560 Speaker 1: improv speech business where you teach other people how to 330 00:20:54,600 --> 00:20:59,480 Speaker 1: communicate to groups of people. But if you can pair 331 00:21:00,200 --> 00:21:07,719 Speaker 1: communication with another skill, let's say, uh running running paid 332 00:21:07,720 --> 00:21:13,880 Speaker 1: ads on Facebook, well, suddenly those two skills paired together, 333 00:21:14,280 --> 00:21:19,359 Speaker 1: you're speaking at massive conferences to c e o s 334 00:21:19,440 --> 00:21:23,800 Speaker 1: and cmos and CFOs a big conferences to teach people 335 00:21:24,240 --> 00:21:27,159 Speaker 1: how to run ads for their businesses. Because number one, 336 00:21:27,160 --> 00:21:29,280 Speaker 1: you can communicate, a number two you have a skill 337 00:21:29,320 --> 00:21:34,520 Speaker 1: about running ads on Facebook. Those two together uh exponentially 338 00:21:35,000 --> 00:21:38,720 Speaker 1: increase the income that either one of those skills by 339 00:21:38,760 --> 00:21:42,960 Speaker 1: themselves could do. Now let's say you add onto that 340 00:21:43,080 --> 00:21:47,639 Speaker 1: a third skill, which is computer programming, and sky's limit. 341 00:21:47,720 --> 00:21:51,560 Speaker 1: You're you're creating an empire for yourself because you know, 342 00:21:51,760 --> 00:21:53,959 Speaker 1: you can create your own websites, you can create your 343 00:21:53,960 --> 00:21:56,959 Speaker 1: own tools, you can create your own uh systems. And 344 00:21:57,000 --> 00:22:01,440 Speaker 1: so when you learn skills and you're looking to increase 345 00:22:01,440 --> 00:22:06,919 Speaker 1: your income, look for complementary skills that will magnify each 346 00:22:06,960 --> 00:22:11,960 Speaker 1: other's ability to earn income that by themselves might not 347 00:22:12,160 --> 00:22:16,480 Speaker 1: be all that great, might just be uh, you know, decent, 348 00:22:16,960 --> 00:22:22,639 Speaker 1: but together um have scalability that is, you know, many 349 00:22:22,680 --> 00:22:26,800 Speaker 1: many many times more than what you currently have UM. 350 00:22:26,840 --> 00:22:30,560 Speaker 1: And so, so increase your income this year after you've 351 00:22:30,680 --> 00:22:34,520 Speaker 1: crushed your debt, or maybe even while you're crushing your debt. 352 00:22:35,080 --> 00:22:41,040 Speaker 1: Step number three, increase your income. Now, Step number four 353 00:22:41,560 --> 00:22:46,640 Speaker 1: is going to be training yourself to save. And there's 354 00:22:46,640 --> 00:22:49,439 Speaker 1: a purpose for this that we'll get into next. But 355 00:22:49,560 --> 00:22:53,600 Speaker 1: step number four is training yourself to save so as 356 00:22:53,760 --> 00:22:56,639 Speaker 1: your income goes up again. This is all I'm speaking 357 00:22:56,640 --> 00:23:01,280 Speaker 1: from experience here, so no no judgment at all, Like 358 00:23:01,320 --> 00:23:03,760 Speaker 1: this is a trap that I fall into, like all 359 00:23:03,800 --> 00:23:08,480 Speaker 1: the time. It's very easy to increase your expenses. It's 360 00:23:08,880 --> 00:23:13,640 Speaker 1: very very very easy. As your income goes up, your 361 00:23:13,680 --> 00:23:18,520 Speaker 1: expenses go up as well because it feels good and personally, 362 00:23:18,640 --> 00:23:21,760 Speaker 1: you know, this is different for everybody, but personally, it's 363 00:23:21,920 --> 00:23:26,560 Speaker 1: really fun for me to buy things. It's just fun. 364 00:23:26,720 --> 00:23:29,640 Speaker 1: I enjoy it. I like buying things. I like buying 365 00:23:29,680 --> 00:23:32,840 Speaker 1: things for other people as gifts. I like buying things 366 00:23:32,920 --> 00:23:35,399 Speaker 1: that I've been you know, looking at myself for a while. 367 00:23:35,440 --> 00:23:38,960 Speaker 1: And so as my income goes up, it's like, well, 368 00:23:39,040 --> 00:23:44,240 Speaker 1: now those things that used to look expensive, I can 369 00:23:44,359 --> 00:23:47,120 Speaker 1: easily get that now and it provides me some joy, 370 00:23:47,160 --> 00:23:49,919 Speaker 1: and so it's very, very easy to just continue to 371 00:23:49,960 --> 00:23:53,400 Speaker 1: do that. And then it's if you do that, if 372 00:23:53,400 --> 00:23:56,960 Speaker 1: you allow yourself to you you've given yourself all this 373 00:23:57,080 --> 00:23:59,800 Speaker 1: discipline and training and skills to increase your income, and 374 00:23:59,840 --> 00:24:02,359 Speaker 1: you don't do anything to the other side of the coin, 375 00:24:02,440 --> 00:24:08,440 Speaker 1: which is uh, controlling your expenses, then everything you've just 376 00:24:08,600 --> 00:24:12,040 Speaker 1: worked towards kind of goes out the window because you've 377 00:24:12,080 --> 00:24:16,520 Speaker 1: increased your income, You've doubled or tripled or quadrupled your income, 378 00:24:17,440 --> 00:24:20,920 Speaker 1: you've crushed your debt, and then you just spend all 379 00:24:20,920 --> 00:24:24,159 Speaker 1: your money on on things and you're in the same 380 00:24:24,200 --> 00:24:28,040 Speaker 1: position you were before because you have no assets, you 381 00:24:28,080 --> 00:24:31,760 Speaker 1: have no uh you have no savings, You're in the 382 00:24:31,800 --> 00:24:35,680 Speaker 1: same position. You're you're not better off than you were before. UM. 383 00:24:35,760 --> 00:24:38,439 Speaker 1: And I've been there, and it's UH, it's eye opening, 384 00:24:38,440 --> 00:24:41,600 Speaker 1: and you you realize, Man, if I would have just 385 00:24:41,960 --> 00:24:44,960 Speaker 1: saved a little bit of this, then I could afford 386 00:24:45,000 --> 00:24:47,280 Speaker 1: this asset that I'm looking at right now, that this 387 00:24:47,359 --> 00:24:51,720 Speaker 1: investment that now I can't participate in that cash flow 388 00:24:51,880 --> 00:24:56,040 Speaker 1: or that potential appreciation because you know, I wasted it 389 00:24:56,080 --> 00:24:58,600 Speaker 1: on this car or all these electronics or these clothes 390 00:24:58,680 --> 00:25:03,680 Speaker 1: or whatever it is. So UM Number four is UH 391 00:25:03,880 --> 00:25:09,320 Speaker 1: to control your expenses. UM. And this for some people 392 00:25:09,440 --> 00:25:13,320 Speaker 1: might be the most difficult part about the whole plan 393 00:25:13,520 --> 00:25:18,919 Speaker 1: for getting ahead in three because nobody wants to be 394 00:25:19,080 --> 00:25:25,720 Speaker 1: eating ground beef and rice when when you can afford 395 00:25:26,119 --> 00:25:31,880 Speaker 1: to eat filet mignon and uh and and truffle potatoes, right, 396 00:25:32,359 --> 00:25:36,600 Speaker 1: um And so it's very very difficult to control your expenses. 397 00:25:36,800 --> 00:25:42,120 Speaker 1: But the thing is retraining your brain here. So UH 398 00:25:42,119 --> 00:25:45,880 Speaker 1: an example, when I UH, at the end of twenty 399 00:25:46,040 --> 00:25:50,240 Speaker 1: I weighed two hundred thirty pounds. I was I had 400 00:25:50,280 --> 00:25:54,760 Speaker 1: gotten very out of shape. Um, and so I made 401 00:25:54,760 --> 00:25:57,320 Speaker 1: a decision, I said, I'm committing to the outcome, I 402 00:25:57,359 --> 00:26:00,560 Speaker 1: will weigh one pounds regard the so of how long 403 00:26:00,600 --> 00:26:02,440 Speaker 1: it takes. I don't know how long it'll it'll take 404 00:26:02,440 --> 00:26:04,560 Speaker 1: me to get there. I'm hoping it will take less 405 00:26:04,600 --> 00:26:07,960 Speaker 1: than a year. Um. But I'm going to try to 406 00:26:08,080 --> 00:26:10,240 Speaker 1: do it this way first, and if that way doesn't work, 407 00:26:10,280 --> 00:26:13,440 Speaker 1: then I'll try different methods um. And so I said, 408 00:26:13,480 --> 00:26:16,000 Speaker 1: I'm gonna commit to an outcome of being of weighing 409 00:26:16,000 --> 00:26:20,600 Speaker 1: on pounds. And the first method that I tried ended 410 00:26:20,680 --> 00:26:23,760 Speaker 1: up working, which was carnivore, and so all I eight 411 00:26:23,880 --> 00:26:30,359 Speaker 1: was uh, you know, beef, chicken, um, some bacon, some sausage, 412 00:26:30,720 --> 00:26:35,040 Speaker 1: eggs and water. For six months it took, and I 413 00:26:35,119 --> 00:26:37,960 Speaker 1: dropped down to one eight um. And I've kept I've 414 00:26:38,000 --> 00:26:39,600 Speaker 1: kept the weight off. I've gained a little bit more 415 00:26:39,600 --> 00:26:42,320 Speaker 1: weight since then. I'm about one ninety right now. UM. 416 00:26:42,359 --> 00:26:45,360 Speaker 1: So it's been basically two years now, because I'm recording 417 00:26:45,359 --> 00:26:50,000 Speaker 1: this at the very end of two and I work 418 00:26:50,040 --> 00:26:52,000 Speaker 1: out every day now. I lift weights, and so a 419 00:26:52,000 --> 00:26:53,960 Speaker 1: lot of the weight that I've gained those ten pounds 420 00:26:54,160 --> 00:26:57,640 Speaker 1: is largely muscle. Um, not all of it, but most 421 00:26:57,720 --> 00:27:01,040 Speaker 1: of it. And so I committed the outcome of losing 422 00:27:01,080 --> 00:27:04,920 Speaker 1: weight and in the beginning Listen, it was one of 423 00:27:04,960 --> 00:27:07,360 Speaker 1: the most difficult things I've ever done in my life 424 00:27:07,480 --> 00:27:11,720 Speaker 1: because I was really addicted to junk food. Um. I 425 00:27:12,080 --> 00:27:14,800 Speaker 1: could sit down and eat a whole family size bag 426 00:27:14,880 --> 00:27:17,280 Speaker 1: of Doritos in one sitting. I could eat a whole 427 00:27:17,280 --> 00:27:20,720 Speaker 1: pack of Oreos in one sitting. And I regularly did 428 00:27:20,800 --> 00:27:24,919 Speaker 1: things like that. And so I was very addicted to 429 00:27:25,119 --> 00:27:30,000 Speaker 1: all the seed oils, the chemicals, the artificial flavorings that 430 00:27:30,040 --> 00:27:33,240 Speaker 1: they pump into all this junk food. Literally addicted to it. 431 00:27:33,280 --> 00:27:36,560 Speaker 1: So I remember on the second day of being carnivore, 432 00:27:37,080 --> 00:27:43,159 Speaker 1: literally like I found myself fantasizing about dumping skittles and 433 00:27:43,200 --> 00:27:46,960 Speaker 1: starbursts into my mouth because I was just craving sugar 434 00:27:47,160 --> 00:27:50,920 Speaker 1: and junk food so bad. Um now, And it was 435 00:27:50,960 --> 00:27:53,360 Speaker 1: like a drug withdrawal honestly, Like, I mean, I've never 436 00:27:53,400 --> 00:27:57,200 Speaker 1: been hooked on drugs, um, but I imagine that it's 437 00:27:57,720 --> 00:28:00,040 Speaker 1: like a little glimpse of what it feels like to 438 00:28:00,080 --> 00:28:03,040 Speaker 1: come off of something like heroin or something. Um. It 439 00:28:03,200 --> 00:28:06,280 Speaker 1: really felt it was. It was. It was very very 440 00:28:06,280 --> 00:28:09,800 Speaker 1: difficult for me. Um. But the thing is I had 441 00:28:09,880 --> 00:28:13,280 Speaker 1: to retrain myself to have new habits and new ideas 442 00:28:13,320 --> 00:28:16,879 Speaker 1: about things. Before, when I saw a cupcake, I would 443 00:28:16,880 --> 00:28:19,000 Speaker 1: think I need to eat that, or else I'm missing 444 00:28:19,080 --> 00:28:21,920 Speaker 1: out on that pleasure. Before, when I saw chips, I 445 00:28:21,920 --> 00:28:23,480 Speaker 1: would think I need to eat as many of those 446 00:28:23,520 --> 00:28:26,400 Speaker 1: as possible, or else I'm missing out on that pleasure. Before, 447 00:28:26,440 --> 00:28:28,359 Speaker 1: when I was at some place and there were some 448 00:28:28,440 --> 00:28:32,400 Speaker 1: free food, some pizza, some doughnuts, bagels, whatever, my mentality 449 00:28:32,440 --> 00:28:34,320 Speaker 1: would be, I need to eat as much of that 450 00:28:34,359 --> 00:28:38,160 Speaker 1: as possible, or else I'm missing out on that pleasure. 451 00:28:39,040 --> 00:28:42,440 Speaker 1: And so I had to retrain my mental habits. And 452 00:28:42,520 --> 00:28:46,480 Speaker 1: so what I did was I brainwashed myself really and 453 00:28:46,920 --> 00:28:51,880 Speaker 1: I repeated the word in my mind poison every time 454 00:28:52,000 --> 00:28:54,520 Speaker 1: I saw something like that. So I see a bagel, 455 00:28:54,680 --> 00:28:57,760 Speaker 1: I say to myself, that's poison. I see a muffin, 456 00:28:57,840 --> 00:29:00,680 Speaker 1: I say to myself, that's poison. I see candy, I'd 457 00:29:00,720 --> 00:29:04,920 Speaker 1: say poison, poison, poison. And literally, it's at the point 458 00:29:04,960 --> 00:29:10,960 Speaker 1: now where it's it's an automatic response. Every single time 459 00:29:11,120 --> 00:29:15,440 Speaker 1: I see one of these things, I think the word poison. Um, 460 00:29:15,480 --> 00:29:18,520 Speaker 1: it's just an automatic response now. And so instead of 461 00:29:18,600 --> 00:29:22,000 Speaker 1: seeking pleasure when I see those things, now, I'm avoiding 462 00:29:22,120 --> 00:29:25,320 Speaker 1: pain when I see those things. Okay, So I flipped 463 00:29:25,440 --> 00:29:29,400 Speaker 1: that habit and that that response. Then the other one 464 00:29:29,440 --> 00:29:32,280 Speaker 1: was the pleasure that I actually got from meeting those 465 00:29:32,320 --> 00:29:34,440 Speaker 1: things I'm missing out on now, so I need to 466 00:29:34,480 --> 00:29:37,960 Speaker 1: replace that pleasure with something. So for me losing weight, 467 00:29:38,000 --> 00:29:41,480 Speaker 1: that was um, looking at myself in the mirror, when 468 00:29:41,480 --> 00:29:44,120 Speaker 1: I would notice that I had, you know, I could 469 00:29:44,120 --> 00:29:47,280 Speaker 1: see a little bit more muscle, uh toneage now and 470 00:29:47,560 --> 00:29:50,040 Speaker 1: maybe I could see one more vein in my arm 471 00:29:50,120 --> 00:29:51,840 Speaker 1: now than I used to be able to see when 472 00:29:51,840 --> 00:29:54,160 Speaker 1: I work out, and things like that. Things I could 473 00:29:54,200 --> 00:29:59,080 Speaker 1: notice visually as I was losing weight that uh that 474 00:29:59,280 --> 00:30:02,520 Speaker 1: U you know, we're part of my goals, and so 475 00:30:02,800 --> 00:30:07,040 Speaker 1: that became the pleasure. Then that drove me towards my goals. 476 00:30:07,480 --> 00:30:12,200 Speaker 1: So instead of seeking the pleasure of of eating starbursts 477 00:30:12,200 --> 00:30:15,960 Speaker 1: and doritos, now I'm seeking the pleasure of actually liking 478 00:30:16,080 --> 00:30:19,200 Speaker 1: the way that I look in the mirror. And now 479 00:30:19,240 --> 00:30:25,040 Speaker 1: instead of avoiding the pain, um, I'm now I'm avoiding 480 00:30:25,080 --> 00:30:28,880 Speaker 1: the pain of poison and uh. And so I had 481 00:30:28,920 --> 00:30:33,800 Speaker 1: to flip these plane and pleasure habits in my mind. 482 00:30:34,280 --> 00:30:37,760 Speaker 1: And that's exactly what you have to do with uh, 483 00:30:38,160 --> 00:30:43,360 Speaker 1: with controlling your expenses for whatever reason, it may be 484 00:30:43,480 --> 00:30:46,960 Speaker 1: fun for you to see money leave your account, whether 485 00:30:46,960 --> 00:30:50,600 Speaker 1: it's for buying things, whether it's for you know, doing whatever. Um. 486 00:30:50,640 --> 00:30:53,040 Speaker 1: But you have to retrain yourself and it's difficult, but 487 00:30:53,120 --> 00:30:55,640 Speaker 1: it's doable if you commit to the outcome. And so 488 00:30:55,720 --> 00:30:58,880 Speaker 1: instead of getting pleasure from buying things, you get pleasure 489 00:30:58,920 --> 00:31:02,800 Speaker 1: from watching your ink account balance go up when you 490 00:31:02,960 --> 00:31:06,800 Speaker 1: think about buying things. Instead of saying I'm missing out 491 00:31:06,840 --> 00:31:10,480 Speaker 1: on the pleasure of buying this, you train yourself and 492 00:31:10,520 --> 00:31:15,800 Speaker 1: say I am I am. Now I get to participate 493 00:31:16,200 --> 00:31:19,959 Speaker 1: in feeling the pleasure of seeing my wealth increase. And 494 00:31:20,040 --> 00:31:25,240 Speaker 1: so it's about flipping your habits, your mental your automatic responses, UH, 495 00:31:25,600 --> 00:31:29,120 Speaker 1: creating a new pain and a new pleasure to replace 496 00:31:29,200 --> 00:31:34,360 Speaker 1: the old pleasure and the old pain. UM. So that's savings. 497 00:31:34,400 --> 00:31:39,040 Speaker 1: So we've talked about UH increasing your income. Now what 498 00:31:39,160 --> 00:31:41,080 Speaker 1: to do with that is to not spend it on 499 00:31:41,160 --> 00:31:43,280 Speaker 1: things that don't make you more wealthy, so that you're 500 00:31:43,360 --> 00:31:47,360 Speaker 1: actually getting ahead. But you know, if you've been around 501 00:31:47,440 --> 00:31:49,880 Speaker 1: here for long that I don't want you just keeping 502 00:31:49,880 --> 00:31:52,600 Speaker 1: that money into savings account because that is just like 503 00:31:52,720 --> 00:31:55,600 Speaker 1: lighting money on fire. You're slowly watching that burn away 504 00:31:55,640 --> 00:32:00,880 Speaker 1: to inflation. So step number five is in investing it. 505 00:32:01,440 --> 00:32:04,959 Speaker 1: And uh, you have to invest your money if you 506 00:32:05,000 --> 00:32:09,000 Speaker 1: want to create wealth. That's just that's just uh the 507 00:32:09,080 --> 00:32:12,200 Speaker 1: reality of how it works. Now everybody's going to have 508 00:32:12,240 --> 00:32:15,120 Speaker 1: a different way of doing this. Some people are gonna say, 509 00:32:15,400 --> 00:32:17,720 Speaker 1: save up a hundred thousand, two hundred thousand in cash 510 00:32:17,800 --> 00:32:20,520 Speaker 1: before you ever invest in anything. And then when you invest, 511 00:32:20,760 --> 00:32:23,520 Speaker 1: you're buying a cash flowing asset like uh, you know, 512 00:32:24,200 --> 00:32:26,600 Speaker 1: a four plux a quad plex, or maybe you're buying 513 00:32:27,000 --> 00:32:29,800 Speaker 1: a small business and you're taking it over and you're 514 00:32:29,840 --> 00:32:32,480 Speaker 1: making a cash flow, you're putting some technology into it, 515 00:32:32,800 --> 00:32:35,960 Speaker 1: you're doing whatever. So you're saving up a bunch of money. 516 00:32:36,080 --> 00:32:38,240 Speaker 1: Maybe you have access because you've got a friend or 517 00:32:38,280 --> 00:32:41,200 Speaker 1: somebody that you know that you can buy uh shares 518 00:32:41,360 --> 00:32:44,840 Speaker 1: of an investment at a you know, a precede um. 519 00:32:44,840 --> 00:32:47,640 Speaker 1: Maybe you're buying something at an I P O. And 520 00:32:47,680 --> 00:32:49,520 Speaker 1: so you know that you know of and that you 521 00:32:49,560 --> 00:32:51,400 Speaker 1: really believe in, and so you can dump a bunch 522 00:32:51,400 --> 00:32:53,760 Speaker 1: of money in and someday it'll be worth a lot. 523 00:32:53,840 --> 00:32:56,959 Speaker 1: Like this is how people create large amounts of wealth. 524 00:32:57,480 --> 00:33:01,640 Speaker 1: Um For others, You're not going to just keep your 525 00:33:01,680 --> 00:33:04,200 Speaker 1: money in cash. You're gonna invest it in things along 526 00:33:04,200 --> 00:33:07,720 Speaker 1: the way that are safe, uh, that will slowly but 527 00:33:07,920 --> 00:33:11,200 Speaker 1: surely grow your wealth, and then from there you can 528 00:33:11,240 --> 00:33:15,040 Speaker 1: parlay that into some of these other investments that require 529 00:33:15,160 --> 00:33:18,960 Speaker 1: larger sums. That's my personal preference. I don't like to 530 00:33:19,000 --> 00:33:23,160 Speaker 1: watch my purchasing power burn away while my cash sits 531 00:33:23,280 --> 00:33:27,560 Speaker 1: in a bank account. UM. I'd rather have it invested 532 00:33:27,600 --> 00:33:31,440 Speaker 1: in something, and then if I need to take from 533 00:33:31,480 --> 00:33:34,920 Speaker 1: that to invest in something else, that's always a possibility. 534 00:33:35,000 --> 00:33:38,880 Speaker 1: And so personally for investing, I like to keep about 535 00:33:39,080 --> 00:33:44,120 Speaker 1: one third in UH in gold, about a third in 536 00:33:44,720 --> 00:33:49,400 Speaker 1: UH real estate, and about a third in business. UM. 537 00:33:49,440 --> 00:33:52,640 Speaker 1: Now there's some wiggle rooms. So let's saycent in gold 538 00:33:52,680 --> 00:33:56,800 Speaker 1: you got five percent in bitcoincent in real estate you 539 00:33:56,880 --> 00:34:01,760 Speaker 1: got five percent For speculation and hedging you got cent 540 00:34:02,360 --> 00:34:08,680 Speaker 1: in UH real estate, You've got u in stocks, um. 541 00:34:08,920 --> 00:34:12,040 Speaker 1: And so there's there's ways to kind of uh massage 542 00:34:12,080 --> 00:34:16,320 Speaker 1: that around. I've got a uh my course, my portfolio 543 00:34:16,400 --> 00:34:21,480 Speaker 1: allocation course, UM, I talk about how to speculate with 544 00:34:21,600 --> 00:34:24,719 Speaker 1: a small percentage of it, how to rebalance it, how 545 00:34:24,760 --> 00:34:29,120 Speaker 1: to use options to hedge your gold position, your real estate, 546 00:34:29,160 --> 00:34:31,880 Speaker 1: your stocks, and things like that. For some people instead 547 00:34:31,920 --> 00:34:34,280 Speaker 1: of public stocks, they like to invest in a small 548 00:34:34,320 --> 00:34:37,040 Speaker 1: business that they're you know, a part of UM and 549 00:34:37,080 --> 00:34:42,200 Speaker 1: so there's different ways of doing this absolutely, um. But 550 00:34:42,200 --> 00:34:44,080 Speaker 1: but at the end of the day, you have to 551 00:34:44,160 --> 00:34:46,279 Speaker 1: invest if you want to be able to create wealth 552 00:34:46,360 --> 00:34:50,080 Speaker 1: long term. That's how you get those compounding uh compounding 553 00:34:50,160 --> 00:34:55,880 Speaker 1: results UM is is by investing, is investing over time. 554 00:34:57,040 --> 00:35:00,440 Speaker 1: So um we uh there, So I guess I'll give 555 00:35:00,480 --> 00:35:03,120 Speaker 1: a breakdown of why why that kind of a breakdown. 556 00:35:03,200 --> 00:35:08,200 Speaker 1: So the typical investing vehicles for Americans are going to 557 00:35:08,239 --> 00:35:11,040 Speaker 1: be just stocks and bonds. So you're basically going to 558 00:35:11,080 --> 00:35:13,399 Speaker 1: be looking at a mutual fund inside of your four 559 00:35:13,480 --> 00:35:16,680 Speaker 1: one k um through work and they're gonna put you in. 560 00:35:16,760 --> 00:35:23,320 Speaker 1: Like stocks and bonds, bonds are return free risk. Today, 561 00:35:23,480 --> 00:35:27,279 Speaker 1: the interest rate they pay is not anywhere near the 562 00:35:27,320 --> 00:35:32,080 Speaker 1: inflation rate. So best case scenario, you are losing a 563 00:35:32,120 --> 00:35:35,879 Speaker 1: little bit of purchasing power to inflation. So you put 564 00:35:35,920 --> 00:35:39,520 Speaker 1: a hundred in, you get a hundred five back, and 565 00:35:39,600 --> 00:35:42,080 Speaker 1: now the things that used to cost a hundred cost 566 00:35:42,200 --> 00:35:48,000 Speaker 1: one hundred seven, and so the you're you're losing purchasing 567 00:35:48,040 --> 00:35:51,239 Speaker 1: power to inflation. Well, it's a bond, which is debt. 568 00:35:51,520 --> 00:35:55,200 Speaker 1: And so worst case scenario, what happens is the person 569 00:35:55,320 --> 00:35:57,400 Speaker 1: or the company or the government that owes you that 570 00:35:57,440 --> 00:36:01,080 Speaker 1: money can't pay you that money. So case scenario, you 571 00:36:01,160 --> 00:36:04,000 Speaker 1: lose a little bit. Worse case scenario, you lose everything. 572 00:36:04,440 --> 00:36:08,600 Speaker 1: So right off the bat, I I personally stay away 573 00:36:08,640 --> 00:36:11,920 Speaker 1: from bonds at all costs because it's just not worth it. 574 00:36:12,040 --> 00:36:15,560 Speaker 1: The the return isn't hot there and the risk is 575 00:36:15,680 --> 00:36:19,400 Speaker 1: there now. Um. The rest they'll put you in something 576 00:36:19,440 --> 00:36:22,600 Speaker 1: like stocks, and typically it will be large American stocks, 577 00:36:22,960 --> 00:36:27,640 Speaker 1: which is fine for a smaller portion of your stock portfolio, 578 00:36:27,680 --> 00:36:31,120 Speaker 1: but it shouldn't be everything. You're missing out on small 579 00:36:31,160 --> 00:36:34,080 Speaker 1: American companies, which are more agile and more able to 580 00:36:34,120 --> 00:36:37,080 Speaker 1: adapt to changing times, and uh the ones that have 581 00:36:37,160 --> 00:36:41,240 Speaker 1: the most potential for growth. Because the chance that a 582 00:36:41,239 --> 00:36:45,319 Speaker 1: trillion dollar company becomes a ten trillion dollar company is 583 00:36:45,520 --> 00:36:50,200 Speaker 1: very low, but the chance that a hundred billion dollar 584 00:36:50,280 --> 00:36:55,120 Speaker 1: company becomes a trillion dollar company is a lot higher, um, 585 00:36:55,160 --> 00:36:58,480 Speaker 1: And so you're missing out there. Not only that, but 586 00:36:58,680 --> 00:37:03,480 Speaker 1: what about international what about emerging markets? What about commodity stocks? 587 00:37:03,480 --> 00:37:07,719 Speaker 1: What about mining stocks? What about real estate companies? Like 588 00:37:07,760 --> 00:37:11,360 Speaker 1: these are things that are excluded from most people's business 589 00:37:11,400 --> 00:37:16,920 Speaker 1: portfolios their stock portfolios. And so uh all right, and 590 00:37:16,960 --> 00:37:21,720 Speaker 1: then number six here on the step for three steps 591 00:37:21,760 --> 00:37:27,319 Speaker 1: to financial uh getting in shape financially. It is going 592 00:37:27,360 --> 00:37:29,920 Speaker 1: to be the legal stuff, the tax stuff if you 593 00:37:29,960 --> 00:37:32,520 Speaker 1: do any business work outside of a job, which I 594 00:37:32,600 --> 00:37:34,680 Speaker 1: highly recommend, like the more you can get to the 595 00:37:34,680 --> 00:37:38,040 Speaker 1: business side of things, the better. UM. You need to 596 00:37:38,080 --> 00:37:40,600 Speaker 1: get your l c s filed, You need to get 597 00:37:40,600 --> 00:37:42,920 Speaker 1: a c p A in line. You need to get 598 00:37:43,000 --> 00:37:46,680 Speaker 1: your life insurance figured out, like if you've got dependence, 599 00:37:46,760 --> 00:37:51,480 Speaker 1: you need term life insurance until your youngest kid turns eighteen. 600 00:37:52,440 --> 00:37:56,240 Speaker 1: After that, do not pay for life insurance at all, anybody, 601 00:37:56,239 --> 00:37:59,400 Speaker 1: no matter who you are, unless you have dependence. UM. 602 00:37:59,640 --> 00:38:04,600 Speaker 1: Life insurance is to replace your income um for your 603 00:38:04,640 --> 00:38:08,000 Speaker 1: dependence while they need it. So if you've got kids 604 00:38:08,000 --> 00:38:10,919 Speaker 1: and your youngest kid is let's say five years old. 605 00:38:11,160 --> 00:38:14,520 Speaker 1: My youngest kid is five years old. When she turns 606 00:38:14,880 --> 00:38:20,799 Speaker 1: uh twenty, um, the my term life insurance will no 607 00:38:20,880 --> 00:38:23,759 Speaker 1: longer be So if she died or I'm sorry if 608 00:38:23,800 --> 00:38:27,600 Speaker 1: I die when she's twenty one, there's no life insurance there. 609 00:38:27,640 --> 00:38:30,960 Speaker 1: It's unneeded. She can get a job and also that 610 00:38:31,040 --> 00:38:35,040 Speaker 1: you know she'll have the inheritance. But the point of 611 00:38:35,120 --> 00:38:38,799 Speaker 1: life insurance is to replace your income for dependence. And 612 00:38:38,880 --> 00:38:42,360 Speaker 1: so if you don't have dependence, you don't need life insurance. 613 00:38:42,880 --> 00:38:44,759 Speaker 1: That that's what it's there for. And that way it 614 00:38:44,760 --> 00:38:46,719 Speaker 1: will be very very cheap for you. If you only 615 00:38:46,800 --> 00:38:50,040 Speaker 1: need a five year or a ten year term um, 616 00:38:50,080 --> 00:38:53,360 Speaker 1: because your kids are ten years old or maybe fifteen 617 00:38:53,440 --> 00:38:56,960 Speaker 1: years old, UM, You're you're gonna have a very cheap, 618 00:38:58,280 --> 00:39:01,719 Speaker 1: very very cheap amount of life insure UM. And then uh, 619 00:39:01,760 --> 00:39:04,440 Speaker 1: and then by the time that they're able to work, 620 00:39:04,480 --> 00:39:08,279 Speaker 1: then they don't need your income to be replaced if 621 00:39:08,360 --> 00:39:11,959 Speaker 1: you should pass away. Um. And so that is what 622 00:39:12,239 --> 00:39:14,920 Speaker 1: that is what life insurance is for. And so you 623 00:39:14,960 --> 00:39:16,960 Speaker 1: gotta get that handled. You gotta get that squared away. 624 00:39:16,960 --> 00:39:18,680 Speaker 1: You gotta get your life insurance. You gotta get your 625 00:39:19,560 --> 00:39:21,880 Speaker 1: all of your finances in order. You gotta get your 626 00:39:21,880 --> 00:39:26,160 Speaker 1: taxes in order. Uh. Start moving towards doing things as 627 00:39:26,200 --> 00:39:29,800 Speaker 1: a business. Become a contractor, open up an LLC. Start 628 00:39:30,440 --> 00:39:33,719 Speaker 1: if you can quit your job and then have your 629 00:39:33,760 --> 00:39:35,960 Speaker 1: company hire you to do the same thing as an 630 00:39:36,000 --> 00:39:39,080 Speaker 1: outside contractor, it's better for you for tax purposes. You 631 00:39:39,120 --> 00:39:42,480 Speaker 1: can write more things off. The US tax code is 632 00:39:42,640 --> 00:39:47,759 Speaker 1: heavily geared towards businesses, not employees, and so if you 633 00:39:47,840 --> 00:39:51,160 Speaker 1: want to be favored by the tax code, be a business. 634 00:39:51,480 --> 00:39:53,520 Speaker 1: Do that instead, you can do the same thing most 635 00:39:53,560 --> 00:39:56,279 Speaker 1: of the time, make a lot more running yourself as 636 00:39:56,280 --> 00:39:59,800 Speaker 1: a business rather than as an employee, and so you 637 00:39:59,840 --> 00:40:03,120 Speaker 1: can and start taking advantage of all those tax deductions. UH. 638 00:40:03,280 --> 00:40:08,440 Speaker 1: One example of this is that employees, they make their money, 639 00:40:08,600 --> 00:40:10,920 Speaker 1: they pay taxes on their money, and then they get 640 00:40:10,920 --> 00:40:13,440 Speaker 1: to spend what's left over. So you make a hundred grand, 641 00:40:13,640 --> 00:40:16,200 Speaker 1: you pay your taxes, You've got fifty grand left over. 642 00:40:16,600 --> 00:40:19,560 Speaker 1: Now you can go spend that fifty grand. A business 643 00:40:19,800 --> 00:40:23,279 Speaker 1: is the opposite. The tax code for businesses says you 644 00:40:23,400 --> 00:40:27,520 Speaker 1: make your money, you spend it all, and then whatever's 645 00:40:27,560 --> 00:40:31,480 Speaker 1: left over you pay taxes on. It is great. So 646 00:40:31,800 --> 00:40:34,640 Speaker 1: you make a hundred grand in your business, and you 647 00:40:34,719 --> 00:40:38,040 Speaker 1: spend fifty of it, and you got fifty left over. 648 00:40:38,320 --> 00:40:42,160 Speaker 1: You only pay taxes on fifty thousand, not the whole hundred. 649 00:40:42,480 --> 00:40:46,200 Speaker 1: You pay taxes on profits, not revenue. Employees pay taxes 650 00:40:46,200 --> 00:40:50,240 Speaker 1: on revenue, not profits, and so UH, as much as possible, 651 00:40:50,400 --> 00:40:53,920 Speaker 1: become a business and spend your things on, spend your 652 00:40:53,920 --> 00:40:57,520 Speaker 1: money on business things, and design your life around your 653 00:40:57,560 --> 00:41:00,800 Speaker 1: business and your business expenses so they you can write 654 00:41:00,800 --> 00:41:03,560 Speaker 1: off more and more things as possible. Do it all 655 00:41:03,560 --> 00:41:06,040 Speaker 1: above board. I'm not saying cheat the tax system. I'm 656 00:41:06,040 --> 00:41:09,200 Speaker 1: not saying don't don't do things legally because it's not 657 00:41:09,280 --> 00:41:11,080 Speaker 1: worth it to spend your life in prison, even if 658 00:41:11,120 --> 00:41:15,719 Speaker 1: it's morally correct, uh, to not give the government as 659 00:41:15,840 --> 00:41:18,560 Speaker 1: much of your money as possible. I'm saying, do it 660 00:41:18,600 --> 00:41:21,239 Speaker 1: all above board, and play by their rules and use 661 00:41:21,320 --> 00:41:25,280 Speaker 1: their tax code, and so get these things in line, 662 00:41:25,320 --> 00:41:27,879 Speaker 1: because the longer you wait, the harder it will get 663 00:41:28,120 --> 00:41:30,480 Speaker 1: to go back and fix things. The longer you wait 664 00:41:30,520 --> 00:41:33,600 Speaker 1: to get the right LCS filed, the right bank accounts 665 00:41:33,640 --> 00:41:36,719 Speaker 1: opened up, the right uh C p A taking care 666 00:41:36,760 --> 00:41:41,440 Speaker 1: of your taxes, UH, the right entity is created, the 667 00:41:41,520 --> 00:41:43,880 Speaker 1: right life insurance in place. You could get to a 668 00:41:43,920 --> 00:41:45,520 Speaker 1: point where, oh, shoot, well I was going to do 669 00:41:45,560 --> 00:41:48,440 Speaker 1: life insurance next week and I accidentally got into a 670 00:41:48,480 --> 00:41:53,920 Speaker 1: car accident. And now and then finally step number seven 671 00:41:54,800 --> 00:41:59,560 Speaker 1: is to start giving UM. I think this is a 672 00:41:59,800 --> 00:42:03,080 Speaker 1: more oral obligation. I don't think that it should be 673 00:42:03,120 --> 00:42:06,000 Speaker 1: a legal obligation. Because then that takes away the fact 674 00:42:06,000 --> 00:42:08,640 Speaker 1: that it's you know, people choosing to do a good thing. 675 00:42:09,480 --> 00:42:14,200 Speaker 1: But I think it is a moral obligation to give 676 00:42:14,640 --> 00:42:17,440 Speaker 1: to those who are in need, to take care of 677 00:42:17,480 --> 00:42:23,040 Speaker 1: those who cannot take care of themselves. Uh, widows, orphans, 678 00:42:23,400 --> 00:42:29,680 Speaker 1: the homeless people. Um I children that are in in 679 00:42:29,760 --> 00:42:33,960 Speaker 1: the foster care system. UM. I mean the the the 680 00:42:34,080 --> 00:42:38,360 Speaker 1: number of kids that are in the foster care system 681 00:42:39,200 --> 00:42:43,120 Speaker 1: M versus the number of couples that say they are 682 00:42:43,320 --> 00:42:47,560 Speaker 1: open to adopting. It's not even close. Like if if 683 00:42:48,160 --> 00:42:51,880 Speaker 1: a fraction of couples who said yeah, we're um, we 684 00:42:52,280 --> 00:42:54,880 Speaker 1: think we might adopt some day, if they just decided 685 00:42:54,960 --> 00:42:57,840 Speaker 1: to do it, the foster care system would be drained, 686 00:42:58,120 --> 00:43:03,360 Speaker 1: it would be empty. It's like it's a completely solvable problem. Um. 687 00:43:03,400 --> 00:43:09,080 Speaker 1: The number of homeless people there are that go hungry. Thankfully, Uh, 688 00:43:09,120 --> 00:43:11,800 Speaker 1: we don't have that many people in America that go hungry. 689 00:43:11,800 --> 00:43:16,920 Speaker 1: But it's because we have lots of small local kitchens 690 00:43:16,960 --> 00:43:21,120 Speaker 1: and food pantries and food shelters that people donate money to. 691 00:43:22,080 --> 00:43:24,160 Speaker 1: This is something they do. Food drives a lot. Just 692 00:43:24,239 --> 00:43:27,920 Speaker 1: as a pro tip, never give food to a food 693 00:43:27,920 --> 00:43:30,680 Speaker 1: shelter or food pantry because it costs you. Let's say, 694 00:43:30,760 --> 00:43:33,480 Speaker 1: you know, ten bucks to get a loaf of bread 695 00:43:33,600 --> 00:43:35,520 Speaker 1: and some peanut butter and jelly, and you give that 696 00:43:35,560 --> 00:43:38,480 Speaker 1: to them. But if you give them the ten dollars, 697 00:43:38,880 --> 00:43:41,640 Speaker 1: they'll be able to they source their food at discounts 698 00:43:42,000 --> 00:43:45,760 Speaker 1: through a lot of different sources, and that ten dollars 699 00:43:45,840 --> 00:43:49,080 Speaker 1: would be able to feed twenty people full meals. And 700 00:43:49,120 --> 00:43:52,879 Speaker 1: so it's just crazy how efficient these food pantries are 701 00:43:53,200 --> 00:43:55,320 Speaker 1: at making that money go a lot farther and getting 702 00:43:55,320 --> 00:43:57,400 Speaker 1: a lot more food and a lot more meals for people. 703 00:43:57,760 --> 00:44:01,160 Speaker 1: And so never give food to a food shelter food pantry. 704 00:44:01,400 --> 00:44:04,560 Speaker 1: Always give them money because they spend that money on 705 00:44:04,640 --> 00:44:08,600 Speaker 1: sourcing food in bulk. And uh, it's way way, way 706 00:44:08,719 --> 00:44:11,040 Speaker 1: cheaper for them than it is possibly ever going to 707 00:44:11,120 --> 00:44:14,120 Speaker 1: be for you. And so you'll feed uh, you know, 708 00:44:14,239 --> 00:44:17,680 Speaker 1: if you give them ten dollars for you know, bread 709 00:44:17,719 --> 00:44:20,640 Speaker 1: and peanut butter and jelly, you'll feed you know, three 710 00:44:20,680 --> 00:44:25,319 Speaker 1: people a very very low low nutrition meal. But if 711 00:44:25,320 --> 00:44:27,680 Speaker 1: you give them the ten dollars, you'll feed twenty people 712 00:44:27,800 --> 00:44:32,360 Speaker 1: a huge nutritious meal. Um. And those aren't the exact numbers, 713 00:44:32,360 --> 00:44:35,799 Speaker 1: but you get the points. So um, it's when you're 714 00:44:35,840 --> 00:44:40,000 Speaker 1: building wealth. Uh. The reason why there is a lot 715 00:44:40,120 --> 00:44:45,120 Speaker 1: of resentment and contempt and hatred for the wealthy is 716 00:44:45,160 --> 00:44:50,239 Speaker 1: because many of the wealthy have abdicated their responsibilities to 717 00:44:50,360 --> 00:44:55,080 Speaker 1: care for the poor. I don't think that's everybody, but 718 00:44:55,360 --> 00:45:00,239 Speaker 1: it has definitely happened, and that is one of the 719 00:45:00,360 --> 00:45:04,960 Speaker 1: reasons why there's so much contempt and hatred for the rich. 720 00:45:05,800 --> 00:45:09,359 Speaker 1: Don't be like that. You have been given a set 721 00:45:09,400 --> 00:45:15,120 Speaker 1: of skills, a mind, a set of character, traits with 722 00:45:15,200 --> 00:45:19,400 Speaker 1: integrity that have allowed you to create a massive amount 723 00:45:19,400 --> 00:45:22,280 Speaker 1: of wealth. I don't care if you don't think you're wealthy. 724 00:45:22,640 --> 00:45:27,719 Speaker 1: You are wealthy. You are in the top percent in 725 00:45:27,760 --> 00:45:32,959 Speaker 1: the entire world for sure. Many of you are, most likely, 726 00:45:33,040 --> 00:45:37,040 Speaker 1: just considering the demographics of of the show, are in 727 00:45:37,120 --> 00:45:40,520 Speaker 1: the top five percent at least in the United States 728 00:45:40,520 --> 00:45:44,160 Speaker 1: in terms of both wealth and income. It's you don't 729 00:45:44,200 --> 00:45:46,560 Speaker 1: need that much to be in the top uh, the 730 00:45:46,600 --> 00:45:51,640 Speaker 1: top ten percent absolutely, um and uh. And historically speaking 731 00:45:51,680 --> 00:45:54,600 Speaker 1: as well, especially if we go back in history, you 732 00:45:54,640 --> 00:45:59,240 Speaker 1: are extremely well off, and the reality is most people 733 00:45:59,360 --> 00:46:02,839 Speaker 1: are not. And so it is a moral obligation for 734 00:46:02,880 --> 00:46:06,120 Speaker 1: those of us who can to take care of those 735 00:46:07,120 --> 00:46:10,480 Speaker 1: who can't take care of themselves, who are the vulnerable 736 00:46:10,520 --> 00:46:14,839 Speaker 1: among us, the people who are actually in need. Regardless 737 00:46:14,880 --> 00:46:17,040 Speaker 1: of how much the government takes away from us to 738 00:46:17,120 --> 00:46:20,920 Speaker 1: try and do the same thing, they will never accomplish 739 00:46:21,040 --> 00:46:24,399 Speaker 1: the goal that we can take care of ourselves if 740 00:46:24,440 --> 00:46:28,359 Speaker 1: we do it directly. And here's the best part. If 741 00:46:28,440 --> 00:46:32,080 Speaker 1: we solve the homeless problem, if we solve the foster 742 00:46:32,200 --> 00:46:37,520 Speaker 1: kid problem, if we solve the poverty problem, guess what, 743 00:46:38,280 --> 00:46:42,960 Speaker 1: the government won't have anything left to do, so they 744 00:46:43,000 --> 00:46:47,000 Speaker 1: can stop trying to get their dirty, grubby little fingers 745 00:46:47,040 --> 00:46:50,160 Speaker 1: into that and just making the problem worse. If we 746 00:46:50,200 --> 00:46:53,680 Speaker 1: can take care of that ourselves. So as you increase 747 00:46:53,719 --> 00:46:57,600 Speaker 1: your means, increase your giving, because the number one antidote 748 00:46:57,920 --> 00:47:02,480 Speaker 1: to greed is not to spies money. The number one 749 00:47:02,480 --> 00:47:07,799 Speaker 1: antidote to greed is generosity is giving it away. Because 750 00:47:07,840 --> 00:47:12,000 Speaker 1: if you despise money, it will leave you and you 751 00:47:12,040 --> 00:47:15,520 Speaker 1: will have none of it. That which you despise will 752 00:47:15,840 --> 00:47:20,239 Speaker 1: escape um. So the antidote to greed is not to 753 00:47:20,360 --> 00:47:23,959 Speaker 1: despise money, because then you will become a bitter, resentful, contemptuous, 754 00:47:23,960 --> 00:47:27,560 Speaker 1: hateful person and all of your resources will be will 755 00:47:27,600 --> 00:47:30,759 Speaker 1: be taken away from you will be gone. The antidote 756 00:47:30,760 --> 00:47:33,520 Speaker 1: to greed is generosity. That will crush your grade more 757 00:47:33,520 --> 00:47:35,480 Speaker 1: than anything else, and it will give you the drive 758 00:47:36,000 --> 00:47:39,520 Speaker 1: to make even more and create even more wealth because 759 00:47:39,560 --> 00:47:43,560 Speaker 1: the joy of giving and being generous, whether it's you know, 760 00:47:44,000 --> 00:47:48,840 Speaker 1: a hundred dollar to crush this year financially speaking, Number 761 00:47:48,920 --> 00:47:52,399 Speaker 1: one is going to be get one months of expenses 762 00:47:52,640 --> 00:47:56,400 Speaker 1: as an emergency account. UH. Number two is going to 763 00:47:56,480 --> 00:48:01,520 Speaker 1: get be get rid of all adjustable ray. Number three 764 00:48:01,680 --> 00:48:05,600 Speaker 1: is going to be increase your income as much as possible. 765 00:48:06,040 --> 00:48:09,279 Speaker 1: Number four is going to be control and minimize your 766 00:48:09,320 --> 00:48:12,520 Speaker 1: expenses as much as possible. Number five is going to 767 00:48:12,600 --> 00:48:17,279 Speaker 1: be start investing that money that you're saving, uh in 768 00:48:17,320 --> 00:48:19,799 Speaker 1: a way that I prefer, kind of the three by 769 00:48:19,800 --> 00:48:25,360 Speaker 1: three by three in stocks savings and uh realistic. Number 770 00:48:25,400 --> 00:48:29,040 Speaker 1: six is going to be get your financial house in order, 771 00:48:29,160 --> 00:48:35,680 Speaker 1: with all of your entities, your insurances, your tax situation, 772 00:48:35,800 --> 00:48:39,279 Speaker 1: get all of that inline in order. Because there's no 773 00:48:40,320 --> 00:48:44,560 Speaker 1: and the number number seven is I might have said five, 774 00:48:44,640 --> 00:48:47,279 Speaker 1: that was six. Uh. So number seven is going to 775 00:48:47,360 --> 00:48:50,239 Speaker 1: be give and give generously and give as much as 776 00:48:50,280 --> 00:48:54,840 Speaker 1: possible as as you increase your wealth. UH, give generously 777 00:48:54,920 --> 00:48:59,400 Speaker 1: as much as possible. UM, thank you so much for 778 00:49:00,040 --> 00:49:04,240 Speaker 1: listening again for another episode. We'll be back again next 779 00:49:04,440 --> 00:49:07,640 Speaker 1: week and I look forward to seeing all of you 780 00:49:07,680 --> 00:49:13,400 Speaker 1: just absolutely crush it in three as you increase your wealth, 781 00:49:13,480 --> 00:49:15,239 Speaker 1: because this is going to be a rough year and 782 00:49:15,320 --> 00:49:18,239 Speaker 1: most people around you will not, So it's your job 783 00:49:18,520 --> 00:49:20,920 Speaker 1: to become as wealthy as possible, to take care of 784 00:49:20,960 --> 00:49:22,960 Speaker 1: as many other people as possible, as