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If there's one thing that has driven me nuts, it's heartbreaking in this business.

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As we can meet with people, we can show them mathematically how they can change
everything, improve everything, completely change their lives, and they don't do it.

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Hey guys, welcome back to another show.

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I love that I'm wrapping up our Thursdays.

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do the virtuals.

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sit in our studio media studio and on Thursdays, this is going to be a fun conversation
with great energy.

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have incredible weather here in the Midwest today, 80 degrees baseball seasons opening for
those people that don't know the Cincinnati Reds were the first professional baseball team

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ever.

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And so this city lights up on a day like today.

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So 80 degrees and I get a guy on to have such a positive, great conversation.

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And so.

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Most entrepreneurs spend years building income, but never actually build wealth.

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And at some point you start asking a bigger question.

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How do I get my money working for me instead of constantly working for it?

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So today we're going to dive into that.

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I'm joined by Kenneth Hemler, co-founder of One Wealth Map and author of Live Rich, Stay
Wealthy.

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He focuses on helping people move beyond just earning money and actually design a path to
total financial freedom.

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In this conversation, we're going to talk about where entrepreneurs get stuck financially,
how to think differently about retirement and what it really takes to turn income into

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long-term wealth.

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So Kenneth, welcome to the show.

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Thanks, Mark.

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Thanks for having me on.

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Appreciate it.

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Yeah man.

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Alright, the big question.

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Why does building wealth even matter?

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Well, you know, it depends if you're religious or not religious.

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you, you know, are religious, you can look at it and say, you know, in every single
religion, building wealth is your purpose.

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That is why you're here, because by building wealth, you can give back and you can help
other people.

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If you're not religious, then you got to find a passion to build that wealth, to transfer
that legacy throughout your family.

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It depends on where you come from.

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If you grew up poor, if you grew up rich, there's a very different dynamic mental status
of how you think about building wealth.

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If you grew up poor, you never want to be poor again.

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If you grow up rich, what I found is that the wealth is handed down.

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People are not nearly as passionate as those first-time founders, those first-time
builders.

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So why, answer your question, why is building wealth important?

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What else are going to do?

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Sit and watch video games?

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lot of people think so.

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Well, it all depends on how you value your time.

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know, if you, and you know, I will tell you this, I've had just the honor of being in a
business where we work with a lot of wealthy people and they're usually older and I'm able

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to gain a lot of insight and experience by, know, when I'm sitting in a hospital bed, next
to a hospital bed of a client that's ready to pass, they never talk about their wealth.

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They never talk about all the wins.

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They regret the time that they didn't spend with family.

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So if you think about it, what does wealth have to do with spending time with family?

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Because if you build your business the right way, if you build it with balance, and I'm
not all in for this whole hundred hour a week craziness.

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To me, smart people are lazy.

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meaning they figured out systems and processes where they don't have to spend their entire
life building a business, because that can be taken away in a second.

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Smart people that build businesses have balance and they can spend time with family.

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They have great marriages.

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They have great relationships with their kids.

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They have great relationships with their community.

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And you can only do that if you're wealthy.

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If you're a 100 hour guy entrepreneur, you're an 80 hour guy working at work, you don't
have any kind of texture in life.

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And sadly, I've seen these people die.

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because I've been doing this 42 years and I've seen thousands of thousands of people.

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When you sit next to that guy, start and you see a pattern, right?

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You see pattern, pattern, pattern, pattern, over and over again of older people, they tell
you every one of the regrets.

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So smart people look at it go, why should I be stupid and try to try it again, try it on
my own?

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know, experience is a terrible teacher, terrible.

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But other people's experience is a great teacher.

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So by listening to them, wealth is there to give you balance,

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and security.

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And let's face it, look at it.

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If you're an entrepreneur and you sit there and go, yeah, but I take two weeks of vacation
with my family.

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Okay.

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Are you on your phone?

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Are you tethered to your phone?

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Are you tethered to emails or people calling you?

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That's not a vacation.

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That's just a different work location.

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So wealth is important so that you can live life to the fullest.

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And that's why I titled that one book.

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That was a third of my four books, live rich, stay wealthy.

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So living rich.

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is having that balance, being able to travel when you want to travel with who you want to
travel with, spending quality time with people, and then staying wealthy so that you can

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continue to leverage.

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What do you, how can we, can we define wealth easy down to one metric, regardless of where
you started, what type of income you have?

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Can we establish for the rest of this conversation for everybody listening, when we mean
wealth, cause they're thinking, is this me?

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What does this look like for me?

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So

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Yeah, I think today it's harder to define that because you have Instagram and you have
this comparative mentality where people are going online and they're comparing themselves

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and they're getting depressed and they're looking at people.

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You know, I'll give you great example of this.

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I'm not a billionaire, but I watched an interview and I won't name the name of the guy,
but he said, yeah, I'm worth $5.6 billion right now, but I'm on my third marriage and I

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don't have a relationship with my kids.

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And I looked at that and initially my reaction was why haven't I done something to build
$5.6 billion?

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That's my first, that's my human reaction and comparative.

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And that goes back to caveman psychology, right?

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But then I sat and go and thought, you know, I spend every night with my family.

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I spend every weekend with my family.

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I take three to four months of vacation a time a year.

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I'm okay with not having 5.6 billion.

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If that's what that would have meant.

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Now then you sit back and go, well, wait a minute, if I was smart.

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could I have done 5.6 billion and still had that.

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So that's what I'm striving for every day.

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So to define wealth, I'll put it in mathematical terms.

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Wealth is not how much you have.

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Wealth is being able to do what you wanna do, when you wanna do it, with who you wanna do
it, and not worrying about it.

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If you think you're doing it, but you're worrying about it, you're not wealthy.

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I have people worth 50, 100 million plus, they're just nervous wrecks.

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on everything, the economy, the war, the interest rates, they're always, to me, that's not
wealthy.

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That means you got a lot of money, a lot of zeros, but you really wanna get to that last
minute in life and look back and go, hmm, did I really enjoy every day?

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So to me, wealthy is not just the money, but it's also how you think on a daily basis.

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So it's not just the money, but I want to ask a money question.

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Is there enough wealth in let's just take being an American citizen.

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Is there enough wealth in our system that every single person of working age could be
wealthy throughout their experience of life?

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The answer mathematically is yes, but the answer, the fact is no.

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And I, know, just to be clear, I'm not going to, I'm not a real religious guy, right?

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So, but there is a lot of lessons in all the types of books and I've read just about every
religious book and I'm not promoting anything religious here.

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I just want to clear the air on that.

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But Jesus said something once and he said, there will always be the rich and there will...

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always be the poor.

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That's a great lesson.

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And it's not because we don't have the opportunities in this country.

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We have so many opportunities more than any other country.

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It's not because there's only so many slices in the pie.

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It comes down to two things mindset and work ethic.

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That's it.

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And not everybody has the mindset.

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And not everybody has the work ethic.

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They make choices to not

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be wealthy.

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People who are wealthy made a choice to be wealthy.

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So the answer is yes, everybody could do it.

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But the answer is no, everybody won't do it.

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So take that person listening right now, who their wife right now has fit into the
category of, no, they're not wealthy and they're not gonna be.

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You said two things, the way you think mindset and then work ethic.

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Do you think there's a simple algorithm for the people that fit into the category, they're
not wealthy now, they don't have the vision maybe they ever could be wealthy, that's part

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of the mindset thing, but they haven't been around people.

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They didn't hit the lottery of the DNA.

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They truly didn't have the environment.

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This isn't about where I came from or people who are poor and turn their life around and
become a billionaire.

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I'm talking about 60 or 70 % of the people in our country that I would say still get to
live a great life because the wealth of this country that they get to be in the

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environment is way better than living in another country.

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But what's a mindset change?

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Just one, that if someone's listening to this and say, I always hear these people talking
about wealth because we didn't say rich yet.

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Right?

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They keep talking about this and it's a mindset and feeling like you're, you you can go
where you want to and travel in it.

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And you're not just going on vacation for once or twice a year.

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What's one actionable step mindset change that everyone that fits into that category could
start right now to change things over the next three to five years.

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That's a really good question.

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And I'm just going to go back to the hundreds of millionaires and some of them are now
have grown into billionaire status that I've learned from.

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What's one mindset?

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I would say it is ego and confidence and that ego and confidence translates into tenacity.

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If you don't have tenacity, it's because you don't, you don't, have a weak ego and you
also have weak confidence.

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If you have a strong ego and a strong confidence, you can be tenacious.

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Tenacious people are the only ones who win.

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Where do you think a person, and I'm not trying to do, there's a bunch of stuff we're
going to talk about your experience and wealth and all that today and about entrepreneurs

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and business, but so confidence and ego.

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Where do you think someone, you know, that person that walks in the room and doesn't make
eye contact, that doesn't feel like they belong, that looks down at the ground, that has

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negative body energy, they don't believe in themselves.

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What do you think is a starting point?

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Is it as simple as maybe finding the right book?

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going and listening to the one of, what do you think could be the beginning for these
folks?

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Well, that's a really good question.

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I'll just tell you a story about my history.

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So when I was 16 years old, I lived in Delaware and I got an invite to try out for a
hockey team in Toronto.

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My parents were not supportive at all.

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So I literally packed up my Jeep and I drove from Delaware to Toronto, had no idea where I
was going, had no money, had to sleep in my Jeep with a soft top in Toronto in the winter,

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which is very interesting.

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and struggled.

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Man, did I struggle?

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I would go three to four days without eating.

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And my confidence was really not there because that was tough.

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I was basically homeless.

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And what ended up happening was the team traded me down to Niagara Falls.

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And during that little stint, that was a brand new semi-pro team that opened up and they
were supposed to pay us.

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And then four weeks went by, six weeks went by, eight weeks went by, no paycheck.

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They kept promising us this paycheck and I'm starving.

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Had nowhere to live.

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I had a nice family that was willing to foster me and they brought me in and it was
fantastic.

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And I'm, you know, endowed to them forever.

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But what ended up happening was I ran out of money.

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The team manager fraudulently stole all the money in the team and they had to close the
team.

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So there we are eight weeks.

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You know, I'm sitting there waiting for paychecks, no money.

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So what I did was I went and sold Kirby vacuum cleaners door to door out in the country
and we're talking crazy stories.

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But there was a guy and his name was John Ferlini and I've tried to look him up to thank
him.

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And what they would do in this Kirby world is, know, here I am 16 years old, right?

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You literally meet at the Kirby office, you jump in this van and they call the van master.

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It's like,

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Darth Vader, right?

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The guy that drives the van is the van master.

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And then there's all these guys in the back and they open up the door and they all pour
out.

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And then they go out and try to sell these vacuum cleaners.

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Well, John Farlini felt really sorry for me.

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And he's like, man, this kid's struggling.

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He gave me a book and that book, yeah.

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That book was Think and Grow Rich.

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Sorry, that was a tough time.

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And...

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That changed my life.

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See, that's wild.

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That's what triggered your mind to go back and think about that experience.

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Cause I said, what one book?

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And your brain went, man, I lived it.

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But it just, but it just wasn't the book.

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was someone who showed up and cared.

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Yes, he did.

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There's a lot of people that during that period of time that stepped up.

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uh People gave me food, people gave me shelter.

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People tried to support me.

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There's a lot of people that tried to steal from me because they, you know, they knew I
was vulnerable at that time.

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And you kind of learn your way very young.

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But I will tell you if there's one book, and it is, it's timeless, right?

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And I don't know if everybody knows the story behind that, but the story behind that book
and how it got written is in of itself a survival story.

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So I don't, have you ever heard the story behind that?

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Yeah, but go there for people who haven't.

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You read the book, it made such an impact in your life.

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Tell the story.

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Yeah, so Napoleon Hill was a writer and he was very poor.

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He lived in New York City, had a wife and some kids, and he was struggling.

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00:15:08,649 --> 00:15:18,331
And at that time, Andrew Carnegie, or Carnegie, depending on who you ask, he knew that he
had just sold his company for $400 million.

216
00:15:18,331 --> 00:15:25,673
Today, he'd be close to Tesla, oh Elon Musk, but not quite there, but he was really the
richest man in the world at that time.

217
00:15:26,014 --> 00:15:27,916
He felt like he owed

218
00:15:27,916 --> 00:15:33,468
the world a compendium of how he succeeded in what he did.

219
00:15:33,588 --> 00:15:41,902
So he sent a message to Napoleon Hill in New York City and said, Hey, I want you to jump
on a train and come visit me.

220
00:15:41,902 --> 00:15:43,802
Now, Napoleon Hill was really excited.

221
00:15:43,802 --> 00:15:47,714
He thought, okay, man, I am going to interview the richest man in the world.

222
00:15:47,714 --> 00:15:53,876
So he shows up in his office and Carnegie says, I'm not here for an interview.

223
00:15:53,897 --> 00:15:57,998
What I want you to do is I want you to be my writer.

224
00:15:58,030 --> 00:16:03,450
And I want to endow in you all of the secrets which made me so wealthy.

225
00:16:04,810 --> 00:16:09,090
So Napoleon Hill got really excited and said, well, that's fantastic.

226
00:16:09,190 --> 00:16:10,750
How much are you going to pay me?

227
00:16:10,750 --> 00:16:12,310
He says, absolutely nothing.

228
00:16:13,010 --> 00:16:14,730
And he said, what do mean nothing?

229
00:16:14,730 --> 00:16:15,970
I have a wife and I have kids.

230
00:16:15,970 --> 00:16:21,050
He says, what I'm going to do is I'm going to get you in touch with some of the richest
people in the world.

231
00:16:21,050 --> 00:16:23,350
I'm going to set those interviews up with you.

232
00:16:23,350 --> 00:16:28,050
And through that, you yourself will become extremely wealthy.

233
00:16:28,494 --> 00:16:31,874
So Napoleon Hill originally said, I'm not going to do it.

234
00:16:31,874 --> 00:16:32,854
I refused to do that.

235
00:16:32,854 --> 00:16:33,634
I need a paycheck.

236
00:16:33,634 --> 00:16:39,374
See, that's where people's in there, like secure into that paycheck and they can't see the
other side of the forest.

237
00:16:39,374 --> 00:16:40,234
Right.

238
00:16:40,554 --> 00:16:45,654
And so Napoleon Hill basically said, I can't do it.

239
00:16:45,654 --> 00:16:49,554
Andrew Carnegie says, okay, all I want you to do is one thing.

240
00:16:49,874 --> 00:16:52,034
And he said, well, wait a minute, how am going to get home?

241
00:16:52,034 --> 00:16:55,374
Because I don't have enough money to even get the train ride home.

242
00:16:55,374 --> 00:16:58,254
He goes, okay, I'll tell you what I'll do is I'll give you the train ride money.

243
00:16:58,254 --> 00:17:06,257
But want you to make me a promise with your solemn word as a man that what you're going to
do is you're going to look in that mirror every single day.

244
00:17:06,597 --> 00:17:10,218
As soon as you get up tomorrow and you're going to say, I can do this.

245
00:17:11,339 --> 00:17:19,922
And so Napoleon Hill in an interview on a tape, an audio tape talked about the experience
of looking in the mirror.

246
00:17:20,142 --> 00:17:25,684
He said the first day he did it, he thought, this is ridiculous, but I'm a man of my word
and I'm going to do it.

247
00:17:25,684 --> 00:17:27,756
So he kept looking in the mirror and said, I'm going to do it.

248
00:17:27,756 --> 00:17:28,507
I'm going to do this.

249
00:17:28,507 --> 00:17:29,327
I can do this.

250
00:17:29,327 --> 00:17:33,420
I can write this." He goes, the first day he goes, I thought I was just a liar.

251
00:17:33,420 --> 00:17:34,448
I'm lying to myself.

252
00:17:34,448 --> 00:17:35,352
I'm looking in the mirror.

253
00:17:35,352 --> 00:17:36,852
You can't do this.

254
00:17:36,853 --> 00:17:45,218
You have no right or credentials to talk to Henry Ford or Thomas Edison or all of these
people that he's going to connect me with.

255
00:17:45,799 --> 00:17:49,002
He says by about the fifth, the seventh day, something changed.

256
00:17:49,002 --> 00:17:50,223
He says, he's looking at himself.

257
00:17:50,223 --> 00:17:52,404
He goes, maybe I could do this.

258
00:17:53,125 --> 00:17:55,212
Maybe there is something there.

259
00:17:55,212 --> 00:17:58,503
He says, by about the 14th day, he goes, darn it.

260
00:17:58,684 --> 00:18:01,405
Now I know why Andrew Carnegie is so wealthy.

261
00:18:01,405 --> 00:18:03,506
He says, I believe in myself.

262
00:18:04,227 --> 00:18:07,749
He went on to write Think and Grow Rich.

263
00:18:07,849 --> 00:18:18,375
the part, the other part of the story, which is very interesting is right before he went
to his publisher back in the 1920s, when he had this written, his entire apartment burned

264
00:18:18,375 --> 00:18:20,456
down and he only had one manuscript.

265
00:18:20,616 --> 00:18:22,357
He had to redo the whole thing.

266
00:18:23,478 --> 00:18:24,558
But it is

267
00:18:24,558 --> 00:18:38,098
hands down, the most widely read book over history that in my experience in meeting with
millionaires and very, very wealthy people, they've all read the book, every one of them.

268
00:18:38,618 --> 00:18:41,998
So if you ask me if there's one step, read the book.

269
00:18:42,178 --> 00:18:43,478
Read every version of it.

270
00:18:43,478 --> 00:18:49,058
There's 30,000 versions of it now, you know, because it's out of copyright status.

271
00:18:49,058 --> 00:18:51,399
So people use a lot of

272
00:18:51,399 --> 00:18:54,946
variations of it and it's really good to see those variations.

273
00:18:55,062 --> 00:18:55,542
Yeah.

274
00:18:55,542 --> 00:18:57,102
Thank you for sharing that.

275
00:18:57,143 --> 00:18:57,553
All right.

276
00:18:57,553 --> 00:19:05,665
So now onto the rest of the story as one of the best, as one of the best, um, media people
back in the day, man, that guy was so good.

277
00:19:05,665 --> 00:19:08,506
And now for the rest of this story, that guy was quality.

278
00:19:08,506 --> 00:19:15,528
so let's talk about entrepreneurs since that's the world that we're in and you're around
so many of them.

279
00:19:15,528 --> 00:19:23,220
I bet what percentage of your clients are entrepreneurs versus employees inside an already
established entity?

280
00:19:24,270 --> 00:19:35,250
Oh, I would say it shifted over time, but right now probably of our clients, 60 to 70 % of
them are or have been business owners, 20 to 30 % were employees.

281
00:19:35,438 --> 00:19:35,838
Okay.

282
00:19:35,838 --> 00:19:36,038
All right.

283
00:19:36,038 --> 00:19:37,818
So this is perfect conversation.

284
00:19:39,138 --> 00:19:49,618
What's the difference between somebody who makes say a half million dollars a year, which
that'll put you in the top, not even the top 1%, probably the top quarter of a percent in

285
00:19:49,618 --> 00:19:50,718
this country.

286
00:19:51,657 --> 00:19:59,878
So difference in that person who makes $500,000 a year on earned income versus someone
who's wealthy.

287
00:20:01,302 --> 00:20:06,162
Usually the guy that's making $500,000 as an income thinks he's the smartest guy in the
room.

288
00:20:06,302 --> 00:20:10,682
The guy that's making millions and millions of dollars knows he's not the smartest guy in
the room.

289
00:20:10,682 --> 00:20:12,998
He surrounds himself with the smartest people.

290
00:20:15,970 --> 00:20:21,501
Did that person who have millions, most of your clients, how many are self-made?

291
00:20:21,764 --> 00:20:25,140
First generation versus second or third.

292
00:20:26,370 --> 00:20:28,311
Very few second or thirds.

293
00:20:28,311 --> 00:20:33,634
And I can tell you that most second or thirds never make it.

294
00:20:34,234 --> 00:20:39,797
And it's very much the same psychological makeup as lottery winners after five years.

295
00:20:39,810 --> 00:20:42,404
90 % of them have lost all their money.

296
00:20:42,404 --> 00:20:44,540
70 % of them need psychological help.

297
00:20:44,540 --> 00:20:46,441
They're destroyed.

298
00:20:46,481 --> 00:20:51,834
Anytime you're handed something without building it yourself, it's just universal.

299
00:20:51,834 --> 00:20:55,808
You didn't know how it got there and you're not gonna know how to build it.

300
00:20:55,808 --> 00:20:59,020
It's, you know, there's a lot of business owners that do it right.

301
00:20:59,020 --> 00:21:06,044
And what they'll do is they'll bring their, they'll say before you as a kid, before you
can work in my business, you got to go to work for three or four other businesses.

302
00:21:06,044 --> 00:21:07,804
And then I'll let you work here.

303
00:21:08,225 --> 00:21:15,989
And the mistake a lot of business owners make is they bring their kids in and they think
that just because they brought them in, they're going to be able to transfer their wealth

304
00:21:15,989 --> 00:21:17,670
and experience and it doesn't happen.

305
00:21:19,342 --> 00:21:25,172
When you wrote the book, one of your four books, live rich and stay wealthy, what's the
underlying premise of the book?

306
00:21:25,496 --> 00:21:39,122
The last one is in the 42 years I've been doing this, I will tell you there's been a big
change in the way that financial services have been deployed to retired people or people

307
00:21:39,122 --> 00:21:41,773
that are transitioning from business to retirement.

308
00:21:42,013 --> 00:21:48,716
I love my industry, but sometimes I'm quite frankly embarrassed by my industry.

309
00:21:48,736 --> 00:21:53,058
There are these giant financial organizations

310
00:21:53,058 --> 00:21:55,629
They could care less about people's financial success.

311
00:21:55,629 --> 00:21:57,720
It's about stockholder profit.

312
00:21:57,780 --> 00:22:01,902
It's about selling products, manage money, annuities.

313
00:22:02,382 --> 00:22:06,914
And even though they're supposed to be fiduciaries, they're not.

314
00:22:06,914 --> 00:22:09,145
It's disgusting.

315
00:22:09,265 --> 00:22:17,529
And so I wrote that book and the theme of that book really is how to use technology to
make sure you're getting the right advice.

316
00:22:17,529 --> 00:22:20,300
How to find and evaluate the financial team.

317
00:22:20,300 --> 00:22:20,760
Look.

318
00:22:20,760 --> 00:22:26,923
The people that sit there and try to do it themselves, I've kind of categorized that as to
why did people try to do things themselves?

319
00:22:26,923 --> 00:22:29,804
Because I don't want to do anything myself, right?

320
00:22:29,804 --> 00:22:33,496
I just want to organize people to do the things that they're good at doing.

321
00:22:33,496 --> 00:22:42,299
But there's so many people, engineers, you know, we had a large following from Boeing and
every time a Boeing engineer would call us, I'd say, I don't know if I want to work with

322
00:22:42,299 --> 00:22:42,720
this guy.

323
00:22:42,720 --> 00:22:44,700
He thinks he knows more than anybody else.

324
00:22:44,820 --> 00:22:48,952
Because smart people usually are not the wealthiest people.

325
00:22:48,952 --> 00:22:55,064
So the underlying theme of that book is if you're a do it yourself for fine, I'm not, no
one's can help you.

326
00:22:55,164 --> 00:23:05,067
You're there's too much ego, but if you're open minded, then the question is how do I
assemble a financial team of advisors, money managers, CPAs, insurance agents?

327
00:23:05,067 --> 00:23:06,147
How do I assemble them?

328
00:23:06,147 --> 00:23:07,297
How do I find them?

329
00:23:07,297 --> 00:23:09,328
How do I evaluate them?

330
00:23:09,328 --> 00:23:11,328
How do I oversee them?

331
00:23:11,328 --> 00:23:17,800
Like an employee, like you have normal evaluations and you should have a plan.

332
00:23:17,878 --> 00:23:27,715
I find these sometimes retired people, we've gone to some people there and we've said, you
know, your financial advice, well, you use financial advisor, your CPA, your CPA is

333
00:23:27,715 --> 00:23:28,065
terrible.

334
00:23:28,065 --> 00:23:33,679
He's been missing all these expense, all these deductions, all these strategies for years,
but I like them.

335
00:23:33,679 --> 00:23:35,180
I've been with them 20 years.

336
00:23:35,180 --> 00:23:37,261
He's a nice guy or my financial advisor.

337
00:23:37,261 --> 00:23:38,812
He's overcharging and fees.

338
00:23:38,812 --> 00:23:41,034
He has too much risk to return ratio.

339
00:23:41,034 --> 00:23:45,357
And we'll point these things out and people say, I know, but I'm just comfortable.

340
00:23:45,357 --> 00:23:46,438
I know them.

341
00:23:46,438 --> 00:23:47,638
I like them.

342
00:23:47,638 --> 00:23:55,884
I've actually had a guy where we showed the guy that we could save him a couple hundred
thousand dollars in excessive fees that the financial, the bank and brokerage company was

343
00:23:55,884 --> 00:23:56,964
charging him.

344
00:23:56,964 --> 00:23:58,706
It was like triple charge.

345
00:23:58,706 --> 00:24:00,297
He goes, yeah, but I go off with this guy.

346
00:24:00,297 --> 00:24:02,128
I'd have to face him if I fire him.

347
00:24:02,128 --> 00:24:04,329
Well, that's business, man.

348
00:24:04,470 --> 00:24:10,724
Like you gotta, you gotta separate the business from the friendship.

349
00:24:10,724 --> 00:24:17,210
And if they're not doing what they got to do to get you ahead, then they're not a good
employee, not a good partner, not a good

350
00:24:17,210 --> 00:24:25,398
So the theme of that book really is kind of try to help save some people from themselves
making the right decisions.

351
00:24:26,860 --> 00:24:37,127
So if Warren Buffett and Charlie for years, we held these guys up, people who aren't in
the financial system as Berkshire Hathaway and billions of dollars, and we held them up as

352
00:24:37,127 --> 00:24:39,179
the people to listen to and follow.

353
00:24:39,279 --> 00:24:48,496
If they say the average person, it's as simple as this, go buy an index fund, let your
money sit there, reinvest the profits every year and get to retirement.

354
00:24:48,496 --> 00:24:53,309
If they say it's that simple, and what if we look at the market, the S &P over the past,
what?

355
00:24:53,309 --> 00:24:54,638
uh

356
00:24:54,638 --> 00:24:55,583
30, 40 years?

357
00:24:55,583 --> 00:24:56,893
What's an average compound?

358
00:24:56,893 --> 00:24:57,716
8 %?

359
00:24:57,716 --> 00:24:58,739
Is that an average return?

360
00:24:58,739 --> 00:24:59,782
ah

361
00:25:00,242 --> 00:25:01,822
last 20 years.

362
00:25:03,054 --> 00:25:17,134
So there's not any average human being, and I'll say average, like the bottom 90 % of us
that are going to take enough time to beat that or even come close to it.

363
00:25:17,134 --> 00:25:24,834
And so I'm going to combine that with, I don't know if the old 4 % still applies or if
it's going to for the future, right?

364
00:25:24,834 --> 00:25:28,254
Live on 4 % as long as you can make the interest, build up the account.

365
00:25:28,254 --> 00:25:32,438
So 4 % of the account every year is enough for your living lifestyle.

366
00:25:32,438 --> 00:25:45,223
I don't know if that's the same rule, but if it's as simple as invest in an index fund
over 20 or 30 and 40 years, reinvest the profits, get to a point where the fund where your

367
00:25:45,223 --> 00:25:53,045
account becomes valuable enough so 4 % of that account every year sustains the lifestyle
you want.

368
00:25:53,305 --> 00:25:54,906
Is it that simple?

369
00:25:55,886 --> 00:25:57,066
It's not.

370
00:25:57,066 --> 00:26:00,666
Got to remember, there's a lot of what I call lazy sound bites.

371
00:26:00,666 --> 00:26:01,906
I'll give you an example.

372
00:26:01,906 --> 00:26:03,386
The 4 % rule.

373
00:26:03,386 --> 00:26:04,486
Does it work?

374
00:26:04,486 --> 00:26:05,766
Absolutely not.

375
00:26:06,146 --> 00:26:08,826
It doesn't account for taxes, Roth conversions.

376
00:26:08,826 --> 00:26:19,366
It doesn't count for, you take a look at any period of time, 1986 Tax Reform Act, crashed
the market, sent the SNLs into spirals.

377
00:26:19,366 --> 00:26:24,606
People didn't get a return to their base value for 10 years.

378
00:26:24,606 --> 00:26:25,806
Take a look at Volcker.

379
00:26:25,806 --> 00:26:29,026
in the 70s, 15 years the market was down.

380
00:26:29,026 --> 00:26:40,526
You take a look at 1999 in the NASDAQ, it dropped 40 some percent and it took 15 years to
just return to zero, right, to where it was before.

381
00:26:40,966 --> 00:26:51,346
So these general rules, I've heard the other rules, take your age minus 100 and that's how
much you should have in bonds.

382
00:26:51,406 --> 00:26:53,726
That's the most ridiculous rule.

383
00:26:53,794 --> 00:26:55,375
But it's great for sound bites.

384
00:26:55,375 --> 00:27:00,820
It's great to get attention because people don't want to put any mental effort into it.

385
00:27:00,820 --> 00:27:06,514
They want a shortcut, fast rule that somebody tells them it's going to work.

386
00:27:06,514 --> 00:27:10,648
And then when it doesn't, then they say everybody in this industry is a ripoff.

387
00:27:10,648 --> 00:27:17,033
Bottom line is, when you have your own money, I call it U Inc.

388
00:27:17,033 --> 00:27:20,876
You have a company and the company is investment management.

389
00:27:20,876 --> 00:27:23,630
Your job is to hire good people to manage it.

390
00:27:23,630 --> 00:27:28,149
Your job is to put the effort into run your company.

391
00:27:28,330 --> 00:27:33,970
And those companies that fail is generally because the business owner is not paying
attention.

392
00:27:34,370 --> 00:27:38,030
The reason people's retirement fail, they're not paying attention.

393
00:27:38,030 --> 00:27:40,050
They want that quick, easy rule.

394
00:27:40,050 --> 00:27:41,390
It's like junk food.

395
00:27:41,610 --> 00:27:44,570
But the fact of the matter is no, those rules don't work.

396
00:27:44,570 --> 00:27:45,490
Here's why.

397
00:27:45,490 --> 00:27:47,250
There's three stages in life.

398
00:27:47,250 --> 00:27:49,810
Accumulation, bridge, distribution.

399
00:27:50,150 --> 00:27:53,302
If you're in the accumulation stage, absolutely.

400
00:27:53,302 --> 00:27:53,522
Right?

401
00:27:53,522 --> 00:28:01,089
If I'm 25 years old and I want to put 50 % NASDAQ, 50 % S uh &P, not a problem.

402
00:28:01,089 --> 00:28:02,489
Totally agree with that.

403
00:28:02,510 --> 00:28:03,661
Then you get the bridge stage.

404
00:28:03,661 --> 00:28:05,512
This is where things get a little bit more complicated.

405
00:28:05,512 --> 00:28:17,042
And by the way, the entire financial industry is geared to teach their financial advisors,
just work with accumulation people, never teach them how to distribute money.

406
00:28:17,042 --> 00:28:17,982
Why?

407
00:28:17,983 --> 00:28:22,156
If you're an advisor and you tell a client how to take out more money,

408
00:28:22,454 --> 00:28:26,886
Your boss is going to come to you and go, hey, man, you just lost assets under management,
which lost the company fees.

409
00:28:26,886 --> 00:28:28,037
What are you doing?

410
00:28:28,037 --> 00:28:32,979
So there's this direct conflict with the entire financial advisory field.

411
00:28:33,259 --> 00:28:35,120
They don't want to teach you how to take it out.

412
00:28:35,120 --> 00:28:41,663
But in that accumulation phase, yes, that basic just index aggressive growth works.

413
00:28:41,663 --> 00:28:44,785
When you get to the bridge phase, that's five years before retirement.

414
00:28:44,785 --> 00:28:47,936
It gets a little bit more complicated because imagine.

415
00:28:48,342 --> 00:28:55,027
Let's say three years before retirement, you go into that NASDAQ, you drop 40%, your
entire retirement plan's in the garbage can.

416
00:28:55,388 --> 00:29:06,276
Then as you segue from the accumulation to the bridge to the distribution phase, that
should be putting you into a position where it's a completely different allocation.

417
00:29:06,617 --> 00:29:16,585
Because you cannot, here's a rule, do not try to pay a fixed expense with a variable
investment.

418
00:29:17,066 --> 00:29:18,216
It doesn't work.

419
00:29:19,214 --> 00:29:28,519
And that's why you see so many people, they retire, they lose their money in market
crashes, and then they gotta go back and work at a grocery store, bagging groceries.

420
00:29:29,260 --> 00:29:33,562
So the answer is categorically, no.

421
00:29:33,822 --> 00:29:41,657
If you're Warren Buffett and you're buying companies, people will say, Warren Buffett
would, this is his philosophy.

422
00:29:41,657 --> 00:29:44,869
Look, Warren never bought stock.

423
00:29:44,869 --> 00:29:47,202
That's what most people misunderstand.

424
00:29:47,202 --> 00:29:49,483
He was not a stock manager.

425
00:29:49,483 --> 00:29:51,624
He was a business owner.

426
00:29:51,624 --> 00:29:57,247
He would go in and buy enough shares, and he still does, buy enough shares he can control
the company.

427
00:29:57,287 --> 00:29:59,638
He's a business owner, not an investor.

428
00:29:59,638 --> 00:30:03,819
That's a completely different philosophy than how you invest.

429
00:30:07,552 --> 00:30:15,146
Is there the same strategy or is it completely different based upon the bank account that
someone could invest what they're working with?

430
00:30:15,146 --> 00:30:21,130
So starting today, if you would segment into, we do a lot of things in threes, but let's
say it's four or five.

431
00:30:21,130 --> 00:30:22,811
Someone has $25,000.

432
00:30:22,811 --> 00:30:25,773
Someone has a hundred thousand dollars.

433
00:30:25,773 --> 00:30:29,474
Someone has two 50, someone has a million, someone has 10 million.

434
00:30:29,495 --> 00:30:33,847
I'm sure you're going to say, it's based upon the strategy, what you're trying to
accomplish, where you're at in your life.

435
00:30:33,847 --> 00:30:35,668
There's probably a lot of factors, but.

436
00:30:36,950 --> 00:30:43,796
Is it so complicated that wherever the place we're at, there's a different strategy for
the amount of money you have, the place you're at in your life?

437
00:30:43,796 --> 00:30:45,780
it, is it that complicated?

438
00:30:46,102 --> 00:30:47,362
Yeah, look at it like a business.

439
00:30:47,362 --> 00:30:51,924
Like if you try to create general rules for businesses, it doesn't work.

440
00:30:51,924 --> 00:31:00,226
If I go to an HVAC company versus a software company versus a medical company, you cannot
use the same rules for every single company.

441
00:31:00,226 --> 00:31:03,247
There's no just, hey, this is how everybody does it.

442
00:31:03,247 --> 00:31:05,527
An HVAC company has different regulations.

443
00:31:05,527 --> 00:31:10,169
They have different employee stacks, tech stack, everything compared to a healthcare
company.

444
00:31:10,669 --> 00:31:12,469
So you got to do the hard work.

445
00:31:12,630 --> 00:31:14,810
You got to figure out your

446
00:31:15,296 --> 00:31:22,051
investment business needs to have its own plan and every single plan is different.

447
00:31:22,051 --> 00:31:32,419
I've probably in 42 years, probably produce 10 to 15,000 different tax and investment
plans.

448
00:31:32,680 --> 00:31:33,820
And what keeps it exciting?

449
00:31:33,820 --> 00:31:35,542
Not one of them is the same.

450
00:31:35,542 --> 00:31:36,382
Never.

451
00:31:39,008 --> 00:31:40,379
Is there, I'm going to use this term.

452
00:31:40,379 --> 00:31:46,823
I don't know if it applies to the question I'm going to ask, but it applies in a lot of
different industries to a certain spectrum of where somebody is.

453
00:31:46,823 --> 00:31:56,267
I'm going to call the gold, the Goldilocks zone of, take away what your brain does when I
say that I'm going to say the Goldilocks zone of an oven of a wealth.

454
00:31:57,248 --> 00:32:05,793
Cash access to cash access to investments that someone has to work with that you're like,
man, they really got something working.

455
00:32:05,793 --> 00:32:07,374
it $3 million?

456
00:32:07,374 --> 00:32:12,514
Is it 750 grand where you just know quietly you have that conversation with that new
client.

457
00:32:12,514 --> 00:32:14,234
You're like, wow, they're legit.

458
00:32:14,234 --> 00:32:17,234
They have this amount mainly can really change their life.

459
00:32:17,234 --> 00:32:18,994
It doesn't have to be 10 or 20 million.

460
00:32:18,994 --> 00:32:20,994
What is there a Goldilocks zone?

461
00:32:21,044 --> 00:32:23,816
No, it's I don't really look at it like that.

462
00:32:23,816 --> 00:32:31,321
I know probably a lot of people that are selling assets under management say my target is
three million dollars, right?

463
00:32:31,321 --> 00:32:35,544
I look at it more as what's the cost to benefit ratio?

464
00:32:35,544 --> 00:32:44,410
So, you know, if I get a guy that's got 50 million and I look and say, you know, my fee is
going to be 50 grand, but I can save you 60 grand.

465
00:32:44,410 --> 00:32:46,171
It's a waste of everybody's time.

466
00:32:46,552 --> 00:32:47,872
What's the point?

467
00:32:47,993 --> 00:32:50,274
Even though he has 50 million dollars.

468
00:32:50,274 --> 00:32:58,481
Now, if I get a guy that's got five million and I go through and say, my fee is going to
be five grand, but I'm going to save you 50 grand a year in tax.

469
00:32:58,642 --> 00:33:07,750
So it's more of the ratio of what a person can help another person with to what their fee
is versus a dollar amount.

470
00:33:09,646 --> 00:33:11,187
So I did something last night.

471
00:33:11,187 --> 00:33:19,794
I didn't even know that because on our Thursdays, whatever day is coming out, we have
anywhere from three to five podcast conversations for 45 minutes to an hour.

472
00:33:19,794 --> 00:33:23,697
But last night I was doing some strategy and not even just financial planning.

473
00:33:23,697 --> 00:33:28,081
I'm 47 and I still act like I'm 25 on growing and scaling my businesses.

474
00:33:28,081 --> 00:33:32,044
And my risk tolerance is higher than it's ever been.

475
00:33:32,044 --> 00:33:37,749
But I can say that because I'm pretty safe in my personal life when it comes to finances,
right?

476
00:33:37,749 --> 00:33:39,246
The debt piece.

477
00:33:39,246 --> 00:33:42,466
If everything blew up, I still have this here.

478
00:33:42,466 --> 00:33:44,286
Um, businesses goes away.

479
00:33:44,286 --> 00:33:46,266
I wouldn't have to pay myself for a year.

480
00:33:46,266 --> 00:33:51,686
So I'm there, but I just said, if I took $10 million right now, I'm not saying I have it
for everyone out there.

481
00:33:51,686 --> 00:33:53,446
Don't come put a target on my back.

482
00:33:53,446 --> 00:33:56,886
Don't try, don't, don't, don't try to like come and sell me something.

483
00:33:56,886 --> 00:33:59,186
Don't come in like kidnap me or some shit.

484
00:33:59,186 --> 00:34:01,186
Cause nobody's going to give you any money for me.

485
00:34:01,186 --> 00:34:01,726
Right.

486
00:34:01,726 --> 00:34:03,646
But I just took $10 million.

487
00:34:03,646 --> 00:34:08,046
And I said, of all this strategy and all this real estate I buy and companies I build.

488
00:34:08,078 --> 00:34:16,218
If I just invested it in an index fund and just let it roll for 20 years, it would
compound like $66 million.

489
00:34:17,336 --> 00:34:18,126
Yeah.

490
00:34:18,366 --> 00:34:19,247
Yeah.

491
00:34:19,466 --> 00:34:27,050
You know, I look at some of the businesses that I've started, owned and sold and RORs on
those businesses.

492
00:34:27,070 --> 00:34:31,812
And then I look at the ROR on just how we manage assets.

493
00:34:32,352 --> 00:34:43,757
And by far, there's been some knock them out of the park businesses that we, that I've
started or co-founded and we've sold and they've done really, really well.

494
00:34:43,757 --> 00:34:46,978
I've had some, they're goose eggs, zeros.

495
00:34:47,190 --> 00:34:54,802
If you averaged it all out and you then input the time cost that I put into it.

496
00:34:56,615 --> 00:34:58,135
if I would have had the capital.

497
00:34:58,135 --> 00:35:05,166
See, there's the catch because you can say the S &P 500 does better, but that's assuming
you have the capital.

498
00:35:05,447 --> 00:35:09,107
People saving a hundred bucks a month, they're never going to develop the capital.

499
00:35:09,107 --> 00:35:14,888
So you have to take that risk in a business to develop the capital.

500
00:35:14,888 --> 00:35:17,029
And then you have to make a decision.

501
00:35:17,029 --> 00:35:24,180
Do I want to just do try that again and take the roll the dice or the time cost of money
is do I just

502
00:35:24,266 --> 00:35:29,308
set up the right structured portfolio and let that do the work for me.

503
00:35:29,308 --> 00:35:32,330
So it's either people at work or money at work.

504
00:35:32,910 --> 00:35:40,694
And if I look back, I would have never been able to develop the capital that I have if I
wouldn't have done the people at work.

505
00:35:40,694 --> 00:35:49,778
But now that I've done that, I look and say, well, the money at work is a lot more secure
way to do it than starting a business at this point.

506
00:35:50,178 --> 00:35:51,951
But it makes me my response.

507
00:35:51,951 --> 00:35:53,781
My response is both.

508
00:35:54,552 --> 00:35:55,342
Yeah.

509
00:35:56,223 --> 00:36:03,206
Yeah, because you, while you're building the business, I think a big mistake is there's so
much conflicting information out there, right?

510
00:36:03,487 --> 00:36:08,089
You hear all this, uh don't wait to make a decision, but be patient to make a decision,
right?

511
00:36:08,089 --> 00:36:11,511
It's all this confusing advice out there.

512
00:36:11,511 --> 00:36:17,715
And then when you look at a business, people will say, well, start a business and that's
the way to get wealthy or get a good job.

513
00:36:17,715 --> 00:36:18,795
And that's the way to get wealthy.

514
00:36:18,795 --> 00:36:21,767
I hands down will say, start a business.

515
00:36:21,767 --> 00:36:23,078
You get to control it.

516
00:36:23,078 --> 00:36:23,822
Now that

517
00:36:23,822 --> 00:36:32,319
It doesn't discount all the millionaires and billionaires that come out of Facebook and
Google and their employees and they have stock options and they've just knocked it out of

518
00:36:32,319 --> 00:36:34,591
the park and they're wealthy.

519
00:36:34,591 --> 00:36:41,057
Doesn't mean that they're going to solve or save that wealth and preserve that wealth, but
they can get wealthy depending upon who you work for.

520
00:36:41,057 --> 00:36:44,700
But I think a majority of people, they're going to get wealthy by building a business.

521
00:36:44,700 --> 00:36:51,566
The mistake that they make, and this is where the conflicting information comes in, you'll
hear one business advisor that says,

522
00:36:51,566 --> 00:36:56,206
Go all in, go all focus, 100 % in, don't lose any focus.

523
00:36:56,206 --> 00:37:00,086
And then you get other people, they'll say, no, you should really take some money out.

524
00:37:00,086 --> 00:37:03,066
Well, you have to look at your ROR and your risk.

525
00:37:03,066 --> 00:37:12,486
If you're making $100,000 net after expenses in your business and after you've paid
yourself, then you look at what is the risk of the rate of return on my business.

526
00:37:12,486 --> 00:37:19,006
If I get 5X on my business in 12 months, why would I put it into an S &P 500 fund?

527
00:37:19,006 --> 00:37:21,304
I'm gonna get the 5X, right?

528
00:37:21,304 --> 00:37:28,098
But the other, I think, missing piece business owners have is that they don't understand
how to monetize their business.

529
00:37:28,098 --> 00:37:39,004
And when they're doing, when they're spending money, you shift from a, hey, this is where
I should invest money to what does it do to my multiple on my EBITDA for valuation?

530
00:37:39,004 --> 00:37:45,827
So now every dollar that's spent is focused not on what will it X me in 12 months.

531
00:37:46,187 --> 00:37:49,369
It's what will X me on EBITDA multiples.

532
00:37:50,450 --> 00:37:51,106
So.

533
00:37:51,106 --> 00:37:55,530
The answer is both because you still need to have some financial reserves.

534
00:37:55,530 --> 00:37:57,401
But the answer is you got to do the hard work.

535
00:37:57,401 --> 00:37:58,833
Again, there's just no general rule.

536
00:37:58,833 --> 00:38:08,120
Do the hard work, figure out where the rate of return is, figure out what the 12 month,
you know, multiple X is, but then figure out what the EBITDA valuation X is, and then make

537
00:38:08,120 --> 00:38:10,812
a mathematical decision that's reasonable.

538
00:38:11,298 --> 00:38:11,448
Yeah.

539
00:38:11,448 --> 00:38:12,778
Here's another piece to both.

540
00:38:12,778 --> 00:38:15,419
Uh, and both is still being in the business.

541
00:38:15,419 --> 00:38:17,399
was listening to a podcast.

542
00:38:18,780 --> 00:38:20,951
I try to, I'm always trying to learn.

543
00:38:20,951 --> 00:38:27,422
was always in books, but now you can listen to great experts on podcasts on the fly,
driving, working out something.

544
00:38:27,422 --> 00:38:38,205
I still read, but, cause now you can listen to all the books everywhere, but I was hearing
them talk about the fed chair and this big debate about the president doesn't like them.

545
00:38:38,205 --> 00:38:40,898
And are they going to step aside and hand it over to somebody else?

546
00:38:40,898 --> 00:38:48,442
And they were talking about philosophies and, they were even talking, somebody said, you
know, I wish back, this just isn't about reducing the fed rate right now.

547
00:38:48,442 --> 00:38:54,542
I wish the same person, the chair that we're saying, Hey, are we going to take another
reduction this year?

548
00:38:54,542 --> 00:38:55,376
We're going to have two or three.

549
00:38:55,376 --> 00:38:57,127
Hey, say it's not just about that.

550
00:38:57,127 --> 00:39:08,233
I want somebody with good fed policy because in 21 and 22, when people on the ground felt
like inflation was coming left and right, they should have been raising the rate then.

551
00:39:08,233 --> 00:39:10,030
And I thought about this and I went.

552
00:39:10,030 --> 00:39:10,690
uh 100%.

553
00:39:10,690 --> 00:39:14,451
This person was a professional on one of the elite podcast.

554
00:39:14,451 --> 00:39:16,492
And what they were saying was, I knew it was true.

555
00:39:16,492 --> 00:39:17,822
I'm in the real estate business.

556
00:39:17,822 --> 00:39:19,013
I'm touching mortgages.

557
00:39:19,013 --> 00:39:22,414
I'm actually helping employees work through moments in their life.

558
00:39:22,414 --> 00:39:23,554
I'm making investments.

559
00:39:23,554 --> 00:39:25,794
And I saw all that happening.

560
00:39:25,855 --> 00:39:28,896
I saw it happening like, damn, why are they not raising rates right now?

561
00:39:28,896 --> 00:39:30,416
The economy is on fire.

562
00:39:30,416 --> 00:39:32,427
Inflation is getting out of control price.

563
00:39:32,427 --> 00:39:33,677
And they waited.

564
00:39:33,677 --> 00:39:37,454
And then they should have been more aggressive 12 or 18 months ago.

565
00:39:37,454 --> 00:39:40,834
When things were slowing down, housing markets not great.

566
00:39:40,874 --> 00:39:43,554
We're talking about 30 year mortgage rates at seven, half 8%.

567
00:39:43,554 --> 00:39:47,214
The market was locked up and they're sitting back here looking at something.

568
00:39:47,214 --> 00:39:51,394
The only thing these people at a Fed chair sitting around, they're looking at data that
people handle them.

569
00:39:51,394 --> 00:39:52,974
I'm on the ground.

570
00:39:52,974 --> 00:39:54,154
I'm in the marketplace.

571
00:39:54,154 --> 00:39:56,094
I'm actually not just talking to consumers.

572
00:39:56,094 --> 00:39:57,434
I'm helping them work through it.

573
00:39:57,434 --> 00:40:00,154
And I, here's what I thought to myself from listening to that.

574
00:40:00,154 --> 00:40:05,034
That is why I have to stay in the game as long as I can, regardless of this conversation
about retirement.

575
00:40:07,180 --> 00:40:07,830
I would agree.

576
00:40:07,830 --> 00:40:14,554
You look at all the failed fed chairs, Volcker, Bernanke, Greenspan, Powell.

577
00:40:15,014 --> 00:40:17,335
You know, there's an old joke in our business.

578
00:40:18,076 --> 00:40:23,018
What does a weatherman, what does a failure of a weatherman do after he gets fired?

579
00:40:23,599 --> 00:40:25,300
He becomes an economist.

580
00:40:25,840 --> 00:40:28,441
They're about as accurate as the weatherman.

581
00:40:28,862 --> 00:40:33,444
Weatherman might actually have a higher accuracy with new technology.

582
00:40:33,564 --> 00:40:36,736
They try to control things, but they don't.

583
00:40:36,736 --> 00:40:46,834
So if you know that they're not going to be controlled, the only thing that you can do is
try to anticipate their moves based upon how inefficient they do make decisions.

584
00:40:47,034 --> 00:40:57,803
If people look at general uh geopolitical and macroeconomics and you try to make a
decision based upon what you think they're going to do based upon that, it's incorrect.

585
00:40:57,803 --> 00:41:00,625
You got to look at how they're looking at it.

586
00:41:00,766 --> 00:41:03,147
And they're looking at it to me inaccurately.

587
00:41:03,147 --> 00:41:06,286
And they have, since I started in this profession.

588
00:41:06,286 --> 00:41:08,648
Is this right analogy from what you've seen or metaphor?

589
00:41:08,648 --> 00:41:15,144
It seems like they're looking in the rear view when what they should be doing is looking
right here and in front of them.

590
00:41:15,904 --> 00:41:23,701
It totally, but I think that they, they, well, first off, when we look at inflation, we
already know that the government skews inflation, right?

591
00:41:23,701 --> 00:41:26,963
There's multiple S levels of inflation.

592
00:41:26,963 --> 00:41:30,086
And we also know that there's replacement inflation.

593
00:41:30,086 --> 00:41:38,432
So if the government doesn't like that filet mignon went up by four times, they'll flip it
to hamburgers.

594
00:41:38,493 --> 00:41:40,704
So they get to maneuver how they want.

595
00:41:40,704 --> 00:41:45,408
And remember the bias is inflation determines

596
00:41:45,408 --> 00:41:52,782
increases in social security, federal pensions, federal wages, all kinds of things are
tied into that inflation.

597
00:41:52,782 --> 00:41:58,345
So there's a conflict of interest on what real true inflation really is.

598
00:41:58,345 --> 00:42:02,507
And what's really funny is a lot of the core inflation leaves out energy and food.

599
00:42:02,507 --> 00:42:06,189
Like, okay, so nobody's going to drive, nobody's going to heat their house, and nobody's
going to eat.

600
00:42:06,189 --> 00:42:08,010
So why count that stuff?

601
00:42:08,050 --> 00:42:15,246
So it's an inaccurate system, and it's grossly understated, even if it's at 3%.

602
00:42:15,246 --> 00:42:26,126
What we see in our numbers from our clients and their spends is closer to five, which puts
even more precedence on the fact that people need to look at their money.

603
00:42:26,126 --> 00:42:35,806
Because look at it, if you're making 6 % in a CD and you're paying one and a half to tax
and you're netting, know, three, a four and a half, you're still going backwards to

604
00:42:35,806 --> 00:42:36,366
inflation.

605
00:42:36,366 --> 00:42:39,466
love it when people say, well, I'll ask them, why did you do that?

606
00:42:39,466 --> 00:42:40,746
Why didn't want to lose any money?

607
00:42:40,746 --> 00:42:44,800
Oh, so you'd prefer a guaranteed loss versus

608
00:42:44,800 --> 00:42:46,030
a potential loss.

609
00:42:46,030 --> 00:42:46,711
Well, what do you mean?

610
00:42:46,711 --> 00:42:47,311
It's guaranteed.

611
00:42:47,311 --> 00:42:48,351
I see my statement.

612
00:42:48,351 --> 00:42:51,932
You see the number, but you don't see what you can buy with it.

613
00:42:51,932 --> 00:43:01,435
And every year that's going to go backwards versus you have to invest in something that
has very variable volatility in order to beat the inflation.

614
00:43:01,555 --> 00:43:11,218
So it's that education of the consumer and it's, you know, our, school system completely
fails our kids in financial aptitude.

615
00:43:11,218 --> 00:43:12,886
Absolutely ridiculous.

616
00:43:12,886 --> 00:43:19,872
China, Taiwan, Hong Kong, these countries teach financial dynamics at the grade level.

617
00:43:19,872 --> 00:43:21,493
We don't teach any of that stuff.

618
00:43:21,493 --> 00:43:22,994
It's embarrassing.

619
00:43:23,014 --> 00:43:25,135
We'd rather have them know how to complete.

620
00:43:25,156 --> 00:43:28,519
I could not probably complete a sentence, right?

621
00:43:28,519 --> 00:43:37,125
If I didn't have uh editors for that book, you would have thought a third grader wrote it
because I can't put together a correct sentence, but I don't care.

622
00:43:37,726 --> 00:43:43,828
Yeah, the first one of my friends, know how you build these networks and the business
people become friends.

623
00:43:43,828 --> 00:43:45,407
And he reached out to me and said, man, I have this idea.

624
00:43:45,407 --> 00:43:46,209
I'm writing this book.

625
00:43:46,209 --> 00:43:47,179
Will you write a chapter?

626
00:43:47,179 --> 00:43:49,650
And I'm like, dude, I don't even know why you're asking me to write a chapter.

627
00:43:49,650 --> 00:43:55,292
Cause I don't, my brilliance and my ability doesn't, isn't anywhere near right.

628
00:43:55,292 --> 00:43:56,892
And he said, will you write it?

629
00:43:56,892 --> 00:43:58,823
And I just didn't put it on my priority list.

630
00:43:58,823 --> 00:44:02,954
And he texts me one day and say, dude, I have to have that tomorrow.

631
00:44:03,584 --> 00:44:04,854
And I just wrote it out.

632
00:44:04,854 --> 00:44:07,264
Didn't use chat, chat, JBG, didn't use AI.

633
00:44:07,264 --> 00:44:08,755
I'd use it more now.

634
00:44:08,916 --> 00:44:18,578
And it quite possibly could be the worst chapter, not in that book in the vast majority of
like mortgage, real estate and financial books.

635
00:44:18,578 --> 00:44:19,488
It's so bad.

636
00:44:19,488 --> 00:44:20,919
won't even read it.

637
00:44:21,979 --> 00:44:27,151
However, however, there's 42 chapters that were written from 42 different people.

638
00:44:27,151 --> 00:44:28,341
This thing is on fire.

639
00:44:28,341 --> 00:44:31,402
This book and he's reading, he's now writing other books.

640
00:44:31,470 --> 00:44:42,620
Um, that are similar about other industries, but someone then a huge mortgage company
reached out to me the next year and said, Hey, we're picking three people from this book

641
00:44:42,620 --> 00:44:45,173
that we're going to, we're going to pay you to come speak at our event.

642
00:44:45,173 --> 00:44:46,094
Would you come and do it?

643
00:44:46,094 --> 00:44:48,265
And I went, what?

644
00:44:48,626 --> 00:44:49,507
Wow.

645
00:44:49,507 --> 00:44:53,751
But, but here's the thing, but when I told people they laughed and they're like, what?

646
00:44:53,751 --> 00:44:57,484
I said, well, there must be something in there about

647
00:44:57,484 --> 00:45:03,036
the things that I do that triggered for that person even though the grammar and the
writing is terrible.

648
00:45:04,302 --> 00:45:05,422
Probably so.

649
00:45:05,482 --> 00:45:13,842
I I've gotten a lot of criticism on the books from some academics and they'll say, well,
you should have structured it this way.

650
00:45:13,842 --> 00:45:14,882
You should have structured it that way.

651
00:45:14,882 --> 00:45:25,582
And then I get really a lot of accolades from some super wealthy people that just overlook
what the structure should have been and they can understand the message.

652
00:45:26,282 --> 00:45:31,142
yeah, I don't think that going back to really what is the root.

653
00:45:31,234 --> 00:45:32,576
It's the education on money.

654
00:45:32,576 --> 00:45:36,762
And that's the sad part is people are just not getting the education.

655
00:45:36,762 --> 00:45:39,165
And that sad part is who is educating them?

656
00:45:39,165 --> 00:45:43,520
It's the financial advisors and CPAs from these big companies that have an agenda.

657
00:45:43,520 --> 00:45:46,674
And that's why so much misinformation is happening.

658
00:45:48,890 --> 00:45:54,833
Yeah, there's only a few college courses that I really learned anything from very few.

659
00:45:54,973 --> 00:46:01,426
And yeah, I remember some things about elasticity and economics and opportunity cost.

660
00:46:01,426 --> 00:46:09,239
And every once in while, those things pop in my brain about decisions I'm making, but the
vast majority, like I don't do my own accounting for my business.

661
00:46:09,879 --> 00:46:11,960
I have accountants, right?

662
00:46:11,960 --> 00:46:13,801
I don't do my own legal work.

663
00:46:13,801 --> 00:46:17,342
I'm well versed enough in it, but I hire the experts to do that.

664
00:46:18,781 --> 00:46:24,402
So something triggered in my head, I'm gonna jump to another place here in my brain that
I've never thought of before.

665
00:46:24,402 --> 00:46:31,822
As we were talking about investments and about if the 4 % rule, let me throw something out
and you critique it and poke holes in it.

666
00:46:31,822 --> 00:46:40,322
Cause I've never even, it never occurred to me, but if volatility, if we can't time the
market on downturns and down cycles.

667
00:46:40,322 --> 00:46:43,554
So if the market takes a 50 % drop,

668
00:46:43,554 --> 00:46:53,441
within a certain period of time and my investment portfolio is in the trash and I can't
retire and I'm back working at Walmart to sustain my, if that happens to me, poke holes

669
00:46:53,441 --> 00:47:05,348
in, wouldn't the right approach to have 15 or 20 % in cash all the time in a CD, even if
I'm trying to break even, so I can maintain my lifestyle on that while I just let the

670
00:47:05,348 --> 00:47:08,150
portfolio come back because it always does.

671
00:47:08,438 --> 00:47:09,799
Mark, you are right on point.

672
00:47:09,799 --> 00:47:16,402
And that's actually the way that I planned for four decades and I can't take any credit
for it.

673
00:47:16,843 --> 00:47:17,813
I was really lucky.

674
00:47:17,813 --> 00:47:21,305
I fell into one of the first financial planning firms in the country.

675
00:47:21,385 --> 00:47:22,306
I didn't know any different.

676
00:47:22,306 --> 00:47:23,766
I was 18 years old.

677
00:47:24,247 --> 00:47:28,549
And back then there was insurance agents and stock brokers.

678
00:47:28,549 --> 00:47:34,432
And I got to be in one of the first three financial planning firms in the country in the
early eighties.

679
00:47:34,853 --> 00:47:36,974
And the gentleman I work for

680
00:47:37,344 --> 00:47:38,604
owe everything in the world to.

681
00:47:38,604 --> 00:47:42,045
His name was Bill Moore, and he had a photographic memory.

682
00:47:42,045 --> 00:47:47,755
You'd walk down the hall, he'd stop you and say, hey, Himmler, uh cite section 4.15 of the
IRS tax code.

683
00:47:47,755 --> 00:47:48,665
I'm like, I don't know.

684
00:47:48,665 --> 00:47:50,878
And he could recite the whole thing from beginning to end.

685
00:47:50,878 --> 00:47:55,859
So it was a great teacher, but he also taught what's called volatility metrics.

686
00:47:55,859 --> 00:47:57,660
And you're right on cue.

687
00:47:58,280 --> 00:48:04,702
Now we can get into all kinds of complicated and confusing vernacular that relates to
portfolio management, but I'll put it simply.

688
00:48:04,702 --> 00:48:05,536
There's

689
00:48:05,536 --> 00:48:18,100
three buckets and bucket one has volatility of less than five percent and it would include
things like money markets, short-term cds, short-term bonds, maybe short-term annuities,

690
00:48:18,100 --> 00:48:23,591
sometimes not a fan of those, but anything that has less than five to six percent
volatility.

691
00:48:23,652 --> 00:48:32,384
Bucket two holds things like convertibles, preferreds, could have blue chips with
dividends, the dividend will offset some of the volatility.

692
00:48:32,396 --> 00:48:36,018
And then bucket three is anything that has greater than 10 % volatility.

693
00:48:36,018 --> 00:48:41,011
And the way you manage a retirement plan is you just reverse engineer your cashflow.

694
00:48:41,051 --> 00:48:46,694
So you add up pension, rental income, social security, subtract expenses.

695
00:48:46,694 --> 00:48:48,555
What's your negative cashflow?

696
00:48:48,555 --> 00:48:51,737
Whatever that negative cashflow is, multiply it by five.

697
00:48:51,837 --> 00:48:53,818
And that's how much you put in bucket one.

698
00:48:54,479 --> 00:49:00,962
And then for bucket two, discount it with inflation because you're not going to touch it
for five years.

699
00:49:01,484 --> 00:49:03,255
then that will run you for five years.

700
00:49:03,255 --> 00:49:08,614
And then all of your volatility investments greater than 10 % go on bucket three.

701
00:49:08,614 --> 00:49:19,944
If you look at the statistics, if you invest in the stock market with a one year time
horizon, you have a 90 % chance, this is Dow Bar study, you can look up online, 90 %

702
00:49:19,944 --> 00:49:21,785
chance of losing money in one year.

703
00:49:22,045 --> 00:49:25,987
You go to five years and it's 20%.

704
00:49:25,987 --> 00:49:28,959
You go to 10 years and it's less than five.

705
00:49:28,959 --> 00:49:31,400
You go to 20 years, it's less than one.

706
00:49:31,896 --> 00:49:37,087
The volatility metrics work themselves out, but you need the time to smooth out the
volatility.

707
00:49:37,087 --> 00:49:40,868
So you're right on target with the proper way to structure it.

708
00:49:40,868 --> 00:49:48,631
What cracks me up is these financial advisors, and I don't know, this is like a big
business, it's like McDonald's, they have to systematize everything.

709
00:49:48,631 --> 00:49:55,072
People will come to me, and I've heard this from people we've hired that have worked for
all these big companies, and they'll say, this is completely different, I've never seen

710
00:49:55,072 --> 00:49:55,623
anything like this.

711
00:49:55,623 --> 00:49:56,803
Well, tell me how you used to do it.

712
00:49:56,803 --> 00:50:01,504
Well, we were instructed to just ask, do you want conservative, moderate, or aggressive?

713
00:50:01,848 --> 00:50:07,260
And I'd say, well, who would determine what determines moderate, what determines
aggressive?

714
00:50:07,260 --> 00:50:15,644
So I tell the story about my 16 year old kid who, when we were living in Vegas at the
time, I get up four, 430, I get to the gym, I drive home from the gym.

715
00:50:15,644 --> 00:50:18,305
I'm driving home and all of sudden this car buzzes me.

716
00:50:18,305 --> 00:50:23,627
I mean, you don't ever have that car go by you so fast, it scares the heck out of you,
almost drive off the road.

717
00:50:23,627 --> 00:50:25,338
So now I'm pretty upset.

718
00:50:25,338 --> 00:50:30,090
I follow this car and I was like, hmm, he's turning the same way into my development.

719
00:50:30,090 --> 00:50:30,900
Wait.

720
00:50:31,342 --> 00:50:33,142
That's my son.

721
00:50:33,902 --> 00:50:35,842
Oh, so I get out.

722
00:50:35,842 --> 00:50:37,042
Let me tell you, I wasn't happy.

723
00:50:37,042 --> 00:50:38,362
I wasn't a happy dad.

724
00:50:38,362 --> 00:50:39,942
And here's what he says to me.

725
00:50:39,942 --> 00:50:42,062
Well, I thought I was driving conservative.

726
00:50:42,822 --> 00:50:43,082
Yeah.

727
00:50:43,082 --> 00:50:47,382
So a 16 year old kid that views how he drove is conservative.

728
00:50:47,382 --> 00:50:55,762
So you get somebody that's retired and you're meeting with somebody without life
experience, without really volatility experience, or their company is telling them to only

729
00:50:55,762 --> 00:50:58,574
tell them this or go, would you like conservative, moderate, or.

730
00:50:58,574 --> 00:51:00,205
uh It's like going to McDonald's.

731
00:51:00,205 --> 00:51:02,936
You want a small, medium, or large drink?

732
00:51:02,936 --> 00:51:03,757
I want moderate.

733
00:51:03,757 --> 00:51:11,981
Did you know, this is interesting statistic, did you know 90 % of people when asked
conservative, moderate, aggressive, 90 % choose what?

734
00:51:11,981 --> 00:51:13,061
Moderate.

735
00:51:13,662 --> 00:51:18,465
It's the same psychological trigger why McDonald's used the upsize.

736
00:51:18,465 --> 00:51:22,957
McDonald's figured out when there was three, people didn't want to order a small because
they wouldn't have enough.

737
00:51:22,957 --> 00:51:25,248
They didn't want to order a large because they thought they'd have too much.

738
00:51:25,248 --> 00:51:28,514
So everybody ordered uh a medium, right?

739
00:51:28,514 --> 00:51:29,615
because it's right in the middle.

740
00:51:29,615 --> 00:51:34,318
And then what McDonald's did smartly is they said, well, how about I upsize it for 50
cents?

741
00:51:34,318 --> 00:51:35,379
Oh yeah, 50%.

742
00:51:35,379 --> 00:51:42,264
And they were selling billions of dollars in upsize just because they help people make a
psychological decision.

743
00:51:42,264 --> 00:51:45,246
That falls back into the same thing of the financial advisors.

744
00:51:45,246 --> 00:51:49,871
They're sitting there trying to tell people you can have conservative, moderate, or
aggressive.

745
00:51:49,871 --> 00:51:51,270
It doesn't work like that.

746
00:51:51,270 --> 00:51:53,792
And so that's where the education is coming from.

747
00:51:53,792 --> 00:51:57,346
People are programmed by the financial propaganda

748
00:51:57,346 --> 00:52:00,032
the financial media, the financial institutions.

749
00:52:00,032 --> 00:52:05,482
And so they just follow along like lemmings until they go off the cliff.

750
00:52:05,602 --> 00:52:17,346
Have you been, have you found yourself able to change people's mindset about spending less
now to live for the future?

751
00:52:17,346 --> 00:52:19,828
Have you been able to really change people?

752
00:52:20,172 --> 00:52:28,885
You know, um Albert Einstein said, the only thing that's harder to split than an atom is a
belief.

753
00:52:30,146 --> 00:52:36,309
And if there's one thing that has driven me nuts, it's heartbreaking in this business.

754
00:52:36,309 --> 00:52:46,072
We can meet with people, we can show them mathematically how they can change everything,
improve everything, completely change their lives, and they don't do it.

755
00:52:46,933 --> 00:52:49,410
That is, it is heartbreaking.

756
00:52:49,410 --> 00:52:50,831
to see that happen.

757
00:52:50,831 --> 00:52:54,112
So the answer is, do I think I've been successful?

758
00:52:54,153 --> 00:53:01,156
I guess in a certain percentage, but not nearly where I'd want to be.

759
00:53:01,156 --> 00:53:02,627
We were watching a show last night.

760
00:53:02,627 --> 00:53:03,498
It was out in 2002.

761
00:53:03,498 --> 00:53:06,119
had Treat Williams in it, Everwood.

762
00:53:06,119 --> 00:53:07,260
He's a doctor.

763
00:53:07,260 --> 00:53:12,272
He goes into a guy who needs all this surgery and he's trying to convince them to get this
surgery.

764
00:53:12,272 --> 00:53:14,453
And the guy just is like, yes, I'm good, man.

765
00:53:14,453 --> 00:53:14,854
I'm good.

766
00:53:14,854 --> 00:53:15,404
I'm good.

767
00:53:15,404 --> 00:53:19,626
I said, I looked at my wife and I said, that's what I go through every day.

768
00:53:19,884 --> 00:53:29,805
Like the depression of the doctor, Treat Williams, great actor, sorry we lost him, but you
saw his face just like, wanna help you, just let me help you.

769
00:53:29,805 --> 00:53:31,647
And the patient's like, no.

770
00:53:32,589 --> 00:53:37,294
And that's the plight of a good financial person.

771
00:53:37,294 --> 00:53:41,458
They really, really wanna help and when clients don't let them, it's heartbreaking.

772
00:53:42,254 --> 00:53:43,203
So what do do?

773
00:53:43,992 --> 00:53:44,862
You got to move on.

774
00:53:44,862 --> 00:53:49,203
think younger in my career, I'd sit there and try to convince them, convince them,
convince them.

775
00:53:49,304 --> 00:53:58,416
And I think I've just learned that either somebody is going to be open-minded and we can
get to work and help them, or we just have to move on because we could spend all our time

776
00:53:58,416 --> 00:53:59,406
trying to convince these people.

777
00:53:59,406 --> 00:54:01,127
And what we found is they go back to the norm.

778
00:54:01,127 --> 00:54:07,419
They revert to the mean, just like with dieting, you know, people get on a diet, they lose
weight, and then they junk food.

779
00:54:07,419 --> 00:54:09,559
They get on a diet, they lose weight, they junk food.

780
00:54:09,559 --> 00:54:12,376
We found least younger in my career and that's

781
00:54:12,376 --> 00:54:14,247
You know, originally, this is my third company.

782
00:54:14,247 --> 00:54:19,950
sold my bigger company in 2014 to a private equity company.

783
00:54:19,950 --> 00:54:24,412
And one of the reasons I sold was it was just so heartbreaking.

784
00:54:24,412 --> 00:54:32,276
don't, I just needed like six month break from trying to help people because when they
don't let you help them and you walk away, you're like, their family's going to be

785
00:54:32,276 --> 00:54:32,646
destroyed.

786
00:54:32,646 --> 00:54:33,776
They won't be able to retire.

787
00:54:33,776 --> 00:54:37,898
They could be on the street and you're like, it's, it's hurtful if you care.

788
00:54:39,694 --> 00:54:42,357
em Who's your, this conversation has been great.

789
00:54:42,357 --> 00:54:43,899
We're wrapping up our hour here.

790
00:54:43,899 --> 00:54:45,470
Who's your ideal client?

791
00:54:45,470 --> 00:54:50,225
Like in your quiet moment when you looked at your wife, when you were watching Everword
and you're like, this is what I go through every day.

792
00:54:50,225 --> 00:54:55,271
But then also if you're having that honest conversation, none of the for the market,
politically correct.

793
00:54:55,271 --> 00:54:58,454
We help everyone know like who do you get excited for?

794
00:54:58,454 --> 00:55:02,754
Like who is your like ideal client that you're like jumping up and down, like let's get to
work.

795
00:55:02,754 --> 00:55:06,875
You know, to be honest with you, when I sold to the private equity company, I didn't need
money anymore.

796
00:55:06,875 --> 00:55:08,796
I had more money than I ever needed.

797
00:55:08,877 --> 00:55:13,819
And so when we started this company in 2014, I said, I'm going to do a little different.

798
00:55:13,819 --> 00:55:16,450
I'm only going to accept people under a certain criteria.

799
00:55:16,450 --> 00:55:18,320
It doesn't matter how much money they have.

800
00:55:18,320 --> 00:55:20,901
They get a 500,000 or 500 million.

801
00:55:20,901 --> 00:55:22,682
It is about a couple criteria.

802
00:55:22,682 --> 00:55:24,863
One, they're nice to my staff.

803
00:55:24,983 --> 00:55:26,343
That's number one.

804
00:55:26,444 --> 00:55:29,625
Number two is they're open-minded and they collaborate.

805
00:55:29,625 --> 00:55:32,564
They don't come across as egotistical, meaning

806
00:55:32,564 --> 00:55:35,176
I know that I'm going to do it myself.

807
00:55:35,176 --> 00:55:40,498
I know better than you because why would they want to even have us as a partner if they
know so much?

808
00:55:40,599 --> 00:55:43,780
So the number one is they're nice to my team.

809
00:55:43,780 --> 00:55:46,542
Number two is they're collaborative with us.

810
00:55:46,542 --> 00:55:49,404
And then number three, it's just a cost benefit analysis.

811
00:55:49,404 --> 00:55:58,389
I would much rather work with a guy with 5 million that is fun to work with and you can
see results and you could like as a practitioner, what do we want to see?

812
00:55:58,389 --> 00:55:59,229
We're like architects.

813
00:55:59,229 --> 00:56:01,430
We want to see this beautiful building built.

814
00:56:01,522 --> 00:56:07,728
We want to design it, we want to see it built, we can look at it and go, God, that was my
work.

815
00:56:07,728 --> 00:56:11,312
And when clients don't let you do that, it's depressing.

816
00:56:11,312 --> 00:56:15,997
Now, for those guys that are in this business for the money, yeah, they're going to accept
anybody.

817
00:56:15,997 --> 00:56:17,928
For us, it's more about that.

818
00:56:19,724 --> 00:56:20,114
All right.

819
00:56:20,114 --> 00:56:21,375
So let me try to wrap this up.

820
00:56:21,375 --> 00:56:28,141
It's always like, man, how can I have a final wrap up question when there's just so many
out here, but what do you think our aim should be?

821
00:56:28,141 --> 00:56:32,105
So take people that are your blood that you care about that level of care.

822
00:56:32,105 --> 00:56:37,168
I'm not talking about care of clients, but I should say love the people that you love.

823
00:56:37,870 --> 00:56:39,371
What should they aim for?

824
00:56:39,371 --> 00:56:41,353
I'll just pull three things out.

825
00:56:41,353 --> 00:56:45,876
Um, income independence, let's say.

826
00:56:46,757 --> 00:56:48,118
Optional work.

827
00:56:48,684 --> 00:56:51,388
or just control over time of everything.

828
00:56:52,846 --> 00:56:56,028
I think all three, they shouldn't be prioritized.

829
00:56:56,028 --> 00:56:59,331
think you have to look at life in a balance.

830
00:56:59,331 --> 00:57:02,073
It's not a pie that you eat one slice at a time.

831
00:57:02,073 --> 00:57:05,586
You eat one bite from each slice all at once, right?

832
00:57:05,586 --> 00:57:09,759
So you gotta have the balance in your life, which means you gotta have the sustainable
income.

833
00:57:09,759 --> 00:57:13,021
If you don't have the sustainable income, you don't have the free time with your family.

834
00:57:13,021 --> 00:57:17,525
And when I say free time, you're tethered to something that you're worried about.

835
00:57:17,525 --> 00:57:19,596
And you need to have a...

836
00:57:19,596 --> 00:57:21,918
either a business or some kind of financial security.

837
00:57:21,918 --> 00:57:25,011
Let's face it, if you work for somebody, you have no financial security.

838
00:57:25,011 --> 00:57:31,997
But if you work for yourself, you still may not have as much of perfect financial
security, but you at least control your decisions.

839
00:57:31,997 --> 00:57:35,620
But the problem is entrepreneurs get into that thinking they know more than they know.

840
00:57:35,620 --> 00:57:38,883
And then they find out they have less financial security than they work for somebody.

841
00:57:38,883 --> 00:57:41,004
So the answer is you need a little bit of each.

842
00:57:41,004 --> 00:57:48,210
There's not one uh quip or quick answer to say, do this, this and this and you're good.

843
00:57:49,774 --> 00:57:51,014
All right guys.

844
00:57:51,454 --> 00:57:54,854
two things, two takeaways from today with Ken Hemworth.

845
00:57:54,854 --> 00:57:56,674
Thank you for spending time with us.

846
00:57:56,674 --> 00:58:04,634
Um, number one, if you're wondering how you can create an environment for yourself, that
you feel like you have wealth.

847
00:58:04,634 --> 00:58:09,494
Cause I think I found that the wealthy mentality was there for me before I became wealthy.

848
00:58:09,834 --> 00:58:11,534
Um, it was very important for me.

849
00:58:11,534 --> 00:58:12,854
I knew it was possible for me.

850
00:58:12,854 --> 00:58:14,534
Like I, I saw what I understood.

851
00:58:14,534 --> 00:58:15,754
I looked at the rest of the world.

852
00:58:15,754 --> 00:58:17,974
I, I read some books, I followed some of the lessons.

853
00:58:17,974 --> 00:58:19,014
And so

854
00:58:19,272 --> 00:58:28,006
A know that the vast majority of us have it in us to be able to create wealth, but he
mentioned something today and told about, talked about his own story.

855
00:58:28,186 --> 00:58:31,107
Go pick up the book, think and grow rich by Napoleon Hill.

856
00:58:31,467 --> 00:58:32,348
Go pick up the book.

857
00:58:32,348 --> 00:58:32,918
That's the thing.

858
00:58:32,918 --> 00:58:39,711
If you haven't built the thing that we've been talking about today about where to make
investments, about what strategy looks like.

859
00:58:39,711 --> 00:58:47,094
If that isn't anywhere in the vocabulary of your life, go pick up the book because you got
to start thinking that way first.

860
00:58:47,094 --> 00:58:50,884
And then the second part, that's the altruistic stuff that came out of Ken today.

861
00:58:50,884 --> 00:58:56,497
The part of making money is if you've got a lot of money to invest, call Ken Hemler.

862
00:58:57,835 --> 00:58:59,055
Well, I appreciate that.

863
00:58:59,055 --> 00:59:01,226
I'd like to plug one other book before we wrap it up.

864
00:59:01,226 --> 00:59:01,436
T.

865
00:59:01,436 --> 00:59:06,757
Harv Elker and Money Mind is one of the best books to get your mindset right.

866
00:59:07,938 --> 00:59:14,360
So while I think Think and Grow Rich talks about, you know, the different strategies, the
12 different strategies, T.

867
00:59:14,360 --> 00:59:16,700
Harv Eker's book is amazing.

868
00:59:16,700 --> 00:59:18,721
changed my life 20 years ago.

869
00:59:18,721 --> 00:59:21,972
Just how I think on a daily basis about money.

870
00:59:22,254 --> 00:59:23,294
Awesome.

871
00:59:23,294 --> 00:59:26,474
Hey, a lot of times we say, what's the place that people can come and find and connect
with you?

872
00:59:26,474 --> 00:59:29,354
We'll put it in all the stuff we put out, but what's the one place?

873
00:59:29,354 --> 00:59:30,954
LinkedIn, a website.

874
00:59:31,446 --> 00:59:39,595
Yeah, I'd say there's YouTube channel, there's Wiser Wealth, then there's also Wiser
Wealth is more of an academy for teaching wealth principles.

875
00:59:39,595 --> 00:59:43,418
And then One Wealth Map is where we post a lot of content.

876
00:59:43,539 --> 00:59:47,222
And you know, the website is One Wealth Map spelled out O-N-E.

877
00:59:47,502 --> 00:59:52,749
All right, Kenneth Hemler, for coming on the show and sharing the brilliance.

878
00:59:52,749 --> 00:59:56,793
I think talking about this subject where it wasn't so intimidating.

879
00:59:59,197 --> 00:59:59,648
Absolutely.

880
00:59:59,648 --> 01:00:00,468
Thank you.