Feb. 25, 2026

From Setback to Seven Figures: Rebuilding After a Late-Career Knockout

From Setback to Seven Figures: Rebuilding After a Late-Career Knockout
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Season 2

Getting downsized late in your career can rattle your identity, your confidence, and your plan—David Nassief lived it. He shares how he stripped away the jargon, changed his behavior, and used a one-page direction map to build a seven-figure portfolio without high-risk gambles. You’ll walk away with a calmer mindset, clearer next steps, and proof it’s not too late to rewrite your money story.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

Ask Good Questions Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicit or implies shall be extended to W FOURCY

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Radio or it's employees are affiliates. Any questions or comments

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should be directed to those show hosts. Thank you for

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choosing W FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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w four cy dot com. This week and every week,

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we will reach for a higher purpose in money and life,

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as well as a focus on health and wellness. Now,

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let's join your hosts, Banita bel Anderson, as together we

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start with Asking Good Questions.

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Hello, good day, and welcome to the Ask Good Questions Podcast.

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I am Benita Belle Anderson, your host, and we have

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a guest today that will be I think a very

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interesting guest with a lot of interesting things to talk

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about that some of you may be able to relate to.

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So with that, I'd like to welcome to the podcast stage, David.

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Is it nasif or Nassif Nasif Nassif? All right, welcome.

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David, Thank you, Anita. I'm excited to be here with you.

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Well, let me tell everyone a little bit about you,

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your real life financial turnaround experiences as much of a

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Rocky type story as it is a personal finance discussion.

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He was fired at sixty three from an eighteen year

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corporate position with virtually no retirement savings, David, no Bob prospects,

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and the chilling realization that his career was effectively over.

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So out of desperation, he charted a completely new direction

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in both his career and personal finances. His unique and

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simple one page wealth compass, which he's going to talk

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about later, guided him to seven figure financial freedom in

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under six years, which is like really seriously, So we're

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going to talk about that now. In his book, he

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has a book called One Page Wealth Compass. He shares

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that exact compass, along with the hope and practical steps

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he wishes he had known decades earlier. So he's here

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to show us how it's never too late to navigate

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safely to financial freedom. Whatever that means right. So, David,

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is there anything else you'd like to add to that?

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No, you said it pretty well. That was a day

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I'll never forget. I wouldn't wish it anybody like you

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said I when I did the math, I had about

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two years left of money, and so I was scheduled

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to be broke by age sixty five, happy retirement, And

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it was pretty terrifying, to be honest with you.

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Yeah, So what was the most dangerous thought that you

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had then in that first week? You know, it's just

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just like I can imagine, it was probably shock, this

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can't happen, can't be happening to me. What do you

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think was the first thing that you thought about?

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I tell you, I just well, driving when that happened,

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driving home was one of the worst things because I'm thinking,

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all I'm thinking about is how am I going to

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tell my wife Mary? We've been married for thirty years

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and she did not deserve the mess I just threw

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our life into. It was very it was very scared.

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I remember when we when I first got fired. The

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first week, we went to a grocery store because she

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needed some help with some groceries. There's a big sales.

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She wanted to get them to conserve money, and I

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went whether it she asked. And then I remember standing

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at the checkout, like at the end of the checkout,

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waiting for her to check out. I'm looking at the

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store and it's all women and other children. I felt

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like I was the only man there. I felt like

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I had a sign on me called the biggest loser.

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I should have been working, I should have been earning

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on inland living for my family and Benita, you know

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what was the terrifying thing is the helplessness I felt.

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It was just like I wanted to escape. I wanted

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to just break out and do something productive and effective

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for my family, and I couldn't. It was just like

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one of the most helpless feelings in that moment in

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that grocery store that I can ever remember my life.

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Feeling so helpless.

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Well, you've said that the mass said you should be broke, right,

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So those are assumptions, right, What assumptions did you have

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to face then? I mean, and because really so much

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everything is perspective, and so what did you say to yourself?

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Well? I knew. I remember waking up in the middle

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of the night one night and thinking to myself, we

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have all this money still going out, you know, we

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still had our electric bill and all the other bills

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we have, you know, and I have no money coming in.

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And literally I didn't If you want the breakdown, we

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had nine months of an emergency fund in terms of

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what we live, you know, what would take us to

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pay our bills. We had nine months of emergency fund.

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And then we had fifteen months of a retirement fund,

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which I wasn't going to touch it under any circumstances

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because it was so underfunded it wasn't funny. And then

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then to drain that would so I really had a

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nine month runway, not not a two year one way

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like I say in the book, because I mean I

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wasn't going to touch and so I just and that

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was terrifying to me.

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Yeah. So so basically you're you're having to sit yourself

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down and go, okay, So what was the first decision

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you made that actually changed that trajectory?

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Sure, well, I remember I was about two months of

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dead end job searching. I had. My heart was not

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in going back into the corporate world. That's the last

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thing I wanted to do. And I'd interview with these

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people I think you're sixty three and you made this

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kind of money. I was making very good money. We

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could hire somebody half your age for a third of

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what you were making. Now, they didn't say that, but

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that was the I knew that was what they were thinking.

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And it just was so fresh language. There's voice exactly exactly,

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and so I said to my and pause. They I

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think could tell my heart wasn't in this. The last

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thing I said I want to do is go back

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to the corporate. So after two months, I said to myself,

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this is it. I got to do something different, and

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so I took a huge risk and I went to

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work as an independent sales agent on straight commission, no salary,

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no safety net. The first months were brutal, cold calls,

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constant rejection, rookie mistakes. I mean, the rejection was like incredible.

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But you know, Benita, it's funny though, that rejection I

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continually got. I believe, looking back on it now, was

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the resistance I needed to build my mental muscles, because

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after ten months of grinding, and I'm talking of real grinding,

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we achieved something that was pretty incredible. I was suddenly,

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after ten months, making as much money as my good

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paying corporate salary, and for a very brief second, I

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thought we made it. But then I realized, wait a minute,

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we didn't make nothing, because we have still not saved

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anything or invest anything. I have to do more than

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make money. I made good money for forty years, would

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it get me. I need to learn how to invest.

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I need how to learn how to build, and I

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didn't have much time. I couldn't waste time with a

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bunch of stupid investment theories and go off on tangents

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anymore because I did it for forty years and there's

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no more of that, Okay, So I buckle down. I

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read a total of twenty one books in that six

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year period. I thirteen financial podcasts I faith they listened

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to countless blogs and articles. Finally, I was able to

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steal it down onto one piece of paper and what

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I call a set it and forget it approach, because

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I had to run my business to survive, so I

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couldn't be tinkering with investment stuff I had.

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You know. Six years later, at the age of sixty nine,

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I achieved what I thought was impossible, from terrified of

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being broke to a seven figure portfolio and real financial freedom.

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I now know, Benita, it is never too late to

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rewrite your story, because if I can pull that off

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starting as late as sixty three, anybody can, I believe

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with the right direction.

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What what would you say? I'm just wondering what was

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Mary thinking through all this? Was she supportive or was

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she freaking out? No?

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When I came home and told her, she was, first

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of all, extremely supportive. She believes in me more than

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I believe myself, and she really does. But you know,

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I've known her for thirty years and married for thirty years,

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and I could see in her eyes the fear or

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the concern. She did her best to hide it from me.

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She really did, and she was nothing but supportive. But

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I knew she was afraid to And who wouldn't be

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in your sixties getting where most people were ready to retire,

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and we're like on the edge of a financial cliff,

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ready to get pushed over. I mean, I think that

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would make any money.

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Right. So what's interesting is at church we are studying

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the Old Testament this year, and I've just been reading

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about a Lot and the story of Sodom and Gomora

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and Lot and his wife that turned around and looked back, Yeah,

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you know, and I thought, do we look back and

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grieve over things that we used to have? I mean,

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did you what did you have to grieve over with

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a late career firing, like status or certainty or routine

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or ego? Yeah, what do you think?

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Well, I'll be honest with you, and this one respect,

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I think I had a little advantage. I threw all

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that out the window really quickly, because I says, listen,

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we're on survival mode. We have a clock ticking, and

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I don't have time to worry about my status or

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my ego or my pride. I need to provide for

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my family. And I got real serious, real fast, And

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like I say, I did immediately start trying to get

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another job. But after two months, I says, this is

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not working. I'm going to start my own business. I

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have to. That's because no one else is going to

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hire me.

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This.

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It wasn't real like, oh, this dream's been true. It

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was like, that's my only option. There's no plan to

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be here. This is this one plan. So that's kind

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of the truth of it. Is.

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What do you think sabotages people you know with you know,

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it could could be anything. It could be health It

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could be, you know, like your experience was getting fired.

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It could be like in my in my experience, my

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biggest shift in life was a mid forties getting divorced

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and not expecting that. And what emotions do you think

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typically sabotage people? Like panic or embarrassment or denial or anger.

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I mean, you know, when I think back about my

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biggest issues around having to restart again midlife, it was denial,

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anger and everything else. You know, what did you see

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in yourself?

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You know, it's funny. I did not have I didn't

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blame my employer for firing me, even not at all,

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you know, And I didn't really. I just didn't feel

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like I had time for all though that. I mean,

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I know it sounds weird, but I just there was panic.

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I mean, there's definitely panic there. There was fear there.

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But in terms of looking back with anger or regret

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or mad at somebody else, and I'm a victim, I did.

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I just didn't have Tie says. I got to get

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this thing handled and I got to figure it out quickly.

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And I guess my reality or my practical side of

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me really kicked in fortunately early, and I just didn't

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I don't blame people who feel bad about getting fired.

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But I just didn't have that time, and I just

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didn't have that desire. Really, I just wanted to get

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this thing solved quickly if I could.

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So, Really, what I'm thinking, you know, for those that

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are listening that maybe going through something that's an upheaval,

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it's really identity that you're talking about. It's adopting a

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whole new identity. What I'm seeing in you is you

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had to reframe who you are and what you were

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going to do. Now I do talk to me about that.

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Well, you know, I feel Benina, and I'm I'm sure

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most people, or a lot of people feel this way.

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I feel felt a sacred responsibility to provide for my family.

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This is not a game. This was not something that

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would be nice to do. And I just felt that way.

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And I guess that's what got me so serious so quickly,

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I says, you know, I just can't. I mean, it's

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one thing to be a failure in business, but to

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be a failure as a husband. And I know my

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wife would never say that I was that. I'm just

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saying I would feel that way. That was probably the

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more to being a failure as a husband and a

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father that was more fearful for me than in the

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business world and in the prestige and the status of

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my career in titl and al thing. And that's what

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really motivated me. I just had this. I felt this

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all my life. You know, it's my responsibility to provide

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for my family and I have to do it, and

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it's not an option. And whatever I have to do,

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I don't care how hard it is or how what

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it is. I just got to do that. And that

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I think really helped me just plug push myself ahead

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and not have a pity party for myself or whatever.

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Well, when I started this podcast in late twenty twenty,

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you know, it's been a couple of years ago that

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I started this podcast, and I was asked, what do

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you want to call it? And so I said, oh,

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all of the big mistakes that I've made in my

255
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life have been because I didn't ask questions. So, what's

256
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the best advice you have for somebody who's maybe fifty

257
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five to seventy, you know, in that in that age

258
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range and they're stuck in I've completely blown this, you know,

259
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thinking what question should they ask themselves? First?

260
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Well, where they're at now. And just to give you

261
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a little background here is when I was doing all

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this financial planning and you know, trying to figure it out.

263
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I did. When I got a good idea or when

264
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I got a great tip that I researched, I did

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the math on. It wasn't just something that I trusted somebody,

266
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and because there was no more trust anymore, and when

267
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it came to financial device, I had to prove it

268
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the math myself. I had to do the research myself,

269
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and I did. I put it on one piece of paper.

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And what that paper ended up doing is it gave

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me a pathway and I call them the nine trail markers,

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but to financial freedom on one half of it. And

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I think if I was somebody like you're explaining and

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they're waking up one day and their life's turned up,

275
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I down like minded, I would look at that because

276
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fortunately now it's made. I mean, it's it's it's on

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so I site, it's free. There's one I was to

278
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pay anything for it, and I would just say, Okay,

279
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where am I on this step and what is the

280
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next step? And that's what I think. It's really helpful

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to understand where you are and then where you want

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to go, and those nine trail markers, they just naturally

283
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push you in the direction that you want to go

284
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and to see your goal and and to get achieve

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the goal. And so I just that's what I would do.

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I mean, and I wish, I wish when I got fired,

287
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I had that. I mean, I had to develop it,

288
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and it took me a little time to do that,

289
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but when I eventually did, I held on to it

290
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like like my security blanket. And to this day, Benita,

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I mean, my my financial situation is tremendously matter. I

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mean tremendously. I still use that. I still use that

293
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same compass, and it keeps me on track. It keeps

294
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me focused. And because I could easily get off track,

295
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I mean, that's what happens to a lot of people, and

296
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not not with this compass. Not if I review it,

297
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I review it and and I stay on track.

298
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And so what he's talking about is this, We're going

299
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to go into a little bit more depth right there.

300
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So it's called a one page wealth compass. That will

301
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be it's on his website, but on my website, I

302
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have a place where I have all these information about guests.

303
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So there will be information about David there and about

304
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his website and about where to go get this wealth company.

305
00:16:26.000 --> 00:16:32.159
It's an invaluable it's in one page. There's all these

306
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great things that that that people, it's just bedrock information.

307
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So so what are the core components it's the one

308
00:16:42.799 --> 00:16:45.200
page wealth compass. What are the core components of that?

309
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Well, the first thing is, and this is what most Benina,

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I didn't want to First of all, when I did

311
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this compass my I had no thought of being an author.

312
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I never thought I thought of this was for my survival.

313
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It wasn't for you know, being a famous offer or

314
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whatever it is it was. And so when I did

315
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the first thing is when I read these financial books,

316
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So one thing they all missed seemed like, I mean,

317
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maybe there's some out there that don't miss it, but

318
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when I read it's missed it. They missed the part

319
00:17:08.759 --> 00:17:12.079
about building your income. They already they all assume, right,

320
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you're making money, you're making good money. Now you just

321
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need some direction. No, no, no, that's not the case

322
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with everybody. Not everybody's making good money. Not everybody is

323
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on the right path fight, you know, in terms of

324
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their income. And so my first step was all about

325
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your career, And the first two chapters in the book

326
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are all about the hard lessons I learned and how

327
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it really helped me when I was in a real

328
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bind in sixty three to take those lessons and to

329
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apply it so I didn't stumble and didn't fail at

330
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this new company, because I had had a company twice

331
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before Benita in my forties. Both of them failed. One

332
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of them sunk me into deep deep debt, I mean

333
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deep depth, six figure debt.

334
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Then they're done that too.

335
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Okay, yeah, but so but what I did beneath it

336
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is I says, wait a minute, what lessons did I

337
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learn from that failure? And one of the lessons I

338
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learned was i'm I'm My skill is not selling tangible products.

339
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It's selling intangible products, and if I really believe and

340
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I'm really good at Another thing is get out of

341
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debt and don't go into debt when you're doing the business.

342
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And another thing I figured out I just kept, you know,

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and I had about five things and I put them

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on my compass for me, and I put them in

345
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that I put them in the book so people can see, Hey,

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your everybody has talents. Everybody has skills. Everybody has a history.

347
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I don't care if in your twenty thirties forties, and

348
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you have some background, and you can draw from that,

349
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and I talk about in the book how you draw

350
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from that. So when you go forward, you're you're taking

351
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your income and your career and your fulfillment to a

352
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new level as opposed to it's getting a job and

353
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you're hoping you get a two percent raise every year,

354
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a three percent raise every year, and that that's not

355
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you know, some people want more. Get anywhere. No, that

356
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people want more, And that that's why I put that in.

357
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And that's where I see so many books missing that

358
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i'mfic I see everyone I don't So anybody talks about

359
00:18:54.359 --> 00:18:57.160
building your income. It's all about building your investments. But

360
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what you gotta have the income before you can get

361
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the restmentes.

362
00:19:00.559 --> 00:19:02.799
Right, right. And one of the things that I've always

363
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done with financial education is talking about your purpose. What's

364
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your purpose for money, but really it's what's your purpose

365
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for life? And so what you're talking about is really

366
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those foundational things about why you're doing what you're doing. Ye, right, exactly,

367
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So let's see so career and income success, yep, the

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three percent protection fund and insurance. Check. What's that?

369
00:19:31.920 --> 00:19:34.319
Yeah, see a lot of people they say you should

370
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have an X dollar amount initial emergency fund. I call

371
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it a protection fund. And the problem with an X

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dollar amount is one thousand dollars or two thousand dollars

373
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might be more than enough for some people at one

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income level, but it may not even be close to

375
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what people at a different income level of And so

376
00:19:52.839 --> 00:19:55.319
I say, let's turn it into a percentage, so we

377
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can adjust based on your income. Because somebody making five

378
00:19:58.839 --> 00:20:02.480
hundred thousand years there's more expensive emergencies typically than somebody

379
00:20:02.519 --> 00:20:05.359
making fifty thousands a year. And so that's why you

380
00:20:05.400 --> 00:20:07.200
got to do that. And then the insurance just for

381
00:20:07.240 --> 00:20:09.839
the big important stuff, okay, that you that's way to

382
00:20:09.839 --> 00:20:12.319
beyond an emergency. You need you need that, you know,

383
00:20:12.440 --> 00:20:15.640
for like just basic you know, insurance. Okay. But then

384
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the next thing is getting out of debt. I tell

385
00:20:18.039 --> 00:20:20.839
you that is such a burden. And every dollar you

386
00:20:20.839 --> 00:20:24.359
can free, every dollar you can free from paying interests

387
00:20:24.480 --> 00:20:27.279
can be immediately used to start earning interests. But you

388
00:20:27.359 --> 00:20:29.359
got to get out first, okay. And so that's the

389
00:20:29.400 --> 00:20:31.599
next step is I don't mean mortgage debt I'm talking

390
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I'm talking about like consumer debt, like credit cards.

391
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And so easy to get into.

392
00:20:38.039 --> 00:20:40.960
Really, yes, it's so easy. And and and then I

393
00:20:41.000 --> 00:20:42.400
was talking to some of the other day and I

394
00:20:42.519 --> 00:20:47.599
tell you, when you have consumer debt, that is mathematical

395
00:20:47.799 --> 00:20:50.920
evidence you're living beyond your means. It's like you can

396
00:20:50.960 --> 00:20:52.880
say whatever you want, you can talk yourself into whatever,

397
00:20:53.079 --> 00:20:56.240
but if you have consumer debt, you are living beyond

398
00:20:56.279 --> 00:20:58.480
your means. And if you don't figure that out and

399
00:20:58.519 --> 00:21:00.839
how to get live with your means, I don't care

400
00:21:00.920 --> 00:21:03.319
what book you read, You're you're never going to make it.

401
00:21:03.400 --> 00:21:04.880
Matter of fact, you're going to just get behind. And

402
00:21:04.880 --> 00:21:08.240
so that's that's a critical step on on the other

403
00:21:08.279 --> 00:21:09.880
side of the compass. There's two sides of my compass.

404
00:21:09.880 --> 00:21:11.839
Once principles and the one steps, and that's on the

405
00:21:11.839 --> 00:21:12.200
other side.

406
00:21:12.240 --> 00:21:16.559
I guess right, but that that's very true. I remember

407
00:21:17.359 --> 00:21:20.640
being in debt, and I remember when I finally got

408
00:21:20.680 --> 00:21:26.319
out of debt, how it was like a burden lifted

409
00:21:26.359 --> 00:21:29.440
off my shoulder. And it's because I was also you

410
00:21:29.440 --> 00:21:31.599
know what I was doing to me because I'm in

411
00:21:31.640 --> 00:21:34.680
the financial world, It's like I should know better. And

412
00:21:34.720 --> 00:21:37.039
so I was beating myself up because it was like,

413
00:21:37.119 --> 00:21:38.799
you should know better. But I'm like, well, these are

414
00:21:38.839 --> 00:21:40.759
all the reasons why you have this debt and blah

415
00:21:40.759 --> 00:21:44.519
blah blah blah blah. So anyway, but yeah, I think

416
00:21:44.839 --> 00:21:49.200
you are right on with saying it's it's proof positive positive.

417
00:21:49.799 --> 00:21:50.640
Yeah then.

418
00:21:52.640 --> 00:21:54.240
No, no, please, Well it's just that you got to

419
00:21:54.279 --> 00:21:55.240
get this turned around.

420
00:21:55.480 --> 00:21:57.640
Yeah, you do. And you know the thing about this

421
00:21:57.759 --> 00:22:00.160
is too. I read a lot of people's Steps to

422
00:22:00.240 --> 00:22:02.720
Wealth and other books sting like that, and I noticed

423
00:22:02.759 --> 00:22:05.319
some problems with them when they forgot the income part

424
00:22:05.559 --> 00:22:08.119
but two and then they wouldn't have a percentage. You'd

425
00:22:08.119 --> 00:22:09.680
have a five dollar round. But another one that was

426
00:22:09.720 --> 00:22:12.160
a big one. And this is subtle. It's very subtle,

427
00:22:12.359 --> 00:22:16.160
and it's this whole thing about an emergency fund. I'm

428
00:22:16.160 --> 00:22:19.599
talking about your full emergency fund the after you get

429
00:22:19.599 --> 00:22:21.880
out of debt. Here's what most of them say, and

430
00:22:21.920 --> 00:22:24.960
this is most gurus say this, first, get your three

431
00:22:25.359 --> 00:22:28.559
to six month emergency fund. Once you get that fully

432
00:22:28.559 --> 00:22:33.559
funded and you are safe now, then start retiring. And

433
00:22:33.720 --> 00:22:35.880
I don't know, I just questioned that. I says, wait

434
00:22:35.920 --> 00:22:38.200
a minute, So I did the math on it. And

435
00:22:38.279 --> 00:22:40.680
it would take most people about a year or more

436
00:22:40.960 --> 00:22:43.839
or more to get a three to six months emergency fund,

437
00:22:44.039 --> 00:22:46.960
which means they're out of the market. They're investing for

438
00:22:47.240 --> 00:22:49.279
three to six months, for a whole year. Now, I

439
00:22:49.319 --> 00:22:52.279
took that one year of money that's not getting invested in.

440
00:22:52.279 --> 00:22:55.680
And if you had invested for the year, what would

441
00:22:55.680 --> 00:22:58.079
happen if you're from twenty five to sixty five, forty

442
00:22:58.160 --> 00:23:00.880
years later, what would happen? That would be worth a

443
00:23:00.920 --> 00:23:03.559
half million dollars? Just shy of a half million dollars, okay.

444
00:23:03.960 --> 00:23:06.960
And so what I say, and what the math tells me,

445
00:23:07.119 --> 00:23:09.559
is no, no, no, no, don't wait till your fully fund

446
00:23:09.559 --> 00:23:12.640
emergency fund. Do both at the same time. Fund your

447
00:23:12.640 --> 00:23:16.440
emergency fund and start funding your investments. Why you're out

448
00:23:16.480 --> 00:23:18.440
of debt now, you don't have all those debt payments, okay,

449
00:23:18.599 --> 00:23:20.920
So you have more cash flow and do them at

450
00:23:20.960 --> 00:23:25.359
the same time. Just that simple tweak that most gurus

451
00:23:25.400 --> 00:23:28.039
do not get, will put another quarter million dollars in

452
00:23:28.119 --> 00:23:30.759
your pocket when you retire. And that's effortless. I mean,

453
00:23:30.839 --> 00:23:33.240
if there's no real they just have the Some people

454
00:23:33.279 --> 00:23:35.920
get dogmatic about oh no, for decades we've said it

455
00:23:35.960 --> 00:23:37.920
this way, and it's got to be this way. Let's

456
00:23:37.920 --> 00:23:39.680
look at the math. Let's be objective here. Let's not

457
00:23:39.720 --> 00:23:41.400
just get because of decades we would do it. And

458
00:23:41.440 --> 00:23:44.279
that's why people take longer to get to their wealth

459
00:23:44.839 --> 00:23:48.279
goal than they should, because a lot of these rules

460
00:23:48.319 --> 00:23:50.640
are just yeah, they've been around since your grandma, but

461
00:23:51.000 --> 00:23:53.000
some of them are aren't that acurate. I have be

462
00:23:53.000 --> 00:23:53.440
honest with.

463
00:23:53.400 --> 00:23:57.960
You, right right, Well, basically one of the things you're

464
00:23:58.000 --> 00:24:03.039
saying is the direction matters more than speed, right well, absolutely,

465
00:24:03.079 --> 00:24:06.000
So what's that mean? What does that mean in practical

466
00:24:06.039 --> 00:24:09.079
money terms? That direction? Is that kind of what you're

467
00:24:09.119 --> 00:24:09.880
talking about here?

468
00:24:10.519 --> 00:24:16.720
Yes? Yeah, clear direction beats misdirected speed. Every time. I

469
00:24:16.759 --> 00:24:20.680
was going real fast for forty years with you know,

470
00:24:21.039 --> 00:24:24.319
invested here and this shiny object here and oh the

471
00:24:24.359 --> 00:24:25.839
market's down, I got to pull it out. Oh the

472
00:24:25.839 --> 00:24:27.480
market apt I got to and I was just doing

473
00:24:27.519 --> 00:24:28.240
everything wrong.

474
00:24:28.680 --> 00:24:29.480
But I was going fast.

475
00:24:29.519 --> 00:24:31.400
I was speeding, speeding, speeding for forty years. I was

476
00:24:31.440 --> 00:24:34.640
going in circles. Basically what the deal was. Once I

477
00:24:34.680 --> 00:24:39.240
got clarity, Benita, I tell you, my speed really picked

478
00:24:39.319 --> 00:24:41.880
up in the right direction. I wasn't going in circles anymore.

479
00:24:41.880 --> 00:24:44.400
And I tell you, I know, people think, oh that's crazy,

480
00:24:44.440 --> 00:24:49.279
how can somebody build, you know, from nothing to seven

481
00:24:49.319 --> 00:24:52.519
figures and six years. Well, when you have absolutely curR

482
00:24:52.599 --> 00:24:55.480
direction and you stop listening to all these little little

483
00:24:55.559 --> 00:24:57.359
things that are just off on the other ones, but

484
00:24:57.400 --> 00:24:58.880
no one wants to question. And because we've been saying

485
00:24:58.920 --> 00:25:01.359
it for years, it's amazing how much speed you can

486
00:25:01.400 --> 00:25:05.079
pick up with safety. That's the key, with safety. All

487
00:25:05.119 --> 00:25:07.599
of my investments are highly but can I can I

488
00:25:07.680 --> 00:25:09.200
just show tell your audience a little bit of how

489
00:25:09.240 --> 00:25:11.799
I'm investing because it might be helpful to them. I

490
00:25:11.839 --> 00:25:14.880
only have two investments, Pita, just too. I have one

491
00:25:15.000 --> 00:25:18.200
index fund for the total US market, which means I

492
00:25:18.240 --> 00:25:21.200
own every publicly traded stock and the entire US market

493
00:25:21.559 --> 00:25:24.839
a little tiny sliver, but okay. The second fund I

494
00:25:24.880 --> 00:25:29.240
have is I own every publicly traded stock outside the US,

495
00:25:29.359 --> 00:25:32.640
not the US. So bottom line is I own every

496
00:25:32.720 --> 00:25:36.200
publicly traded stock on the planet there is. You cannot

497
00:25:36.240 --> 00:25:38.039
be more diverse, fined. The only way I'm going to

498
00:25:38.079 --> 00:25:40.480
lose all my money is if the entire planet goes under.

499
00:25:40.519 --> 00:25:42.319
And if that happens, we have a bunch bigger problems

500
00:25:42.319 --> 00:25:44.599
than what our balance is in our accounts. Okay, And

501
00:25:44.640 --> 00:25:48.960
so that's this doesn't have to be This is not risky.

502
00:25:49.039 --> 00:25:52.720
It's actually the opposite of risky. It's it's much much safer.

503
00:25:54.880 --> 00:25:59.000
Right. Yeah, we are kind of a little bit different,

504
00:25:59.079 --> 00:26:01.519
but we are basically doing the same thing and teaching

505
00:26:01.559 --> 00:26:08.039
people about what we call academically globally diversifying. And that's

506
00:26:08.119 --> 00:26:11.720
because of you know, not you know, the whole eggs

507
00:26:11.720 --> 00:26:15.839
in one basket type of thing. So yeah, I'm with

508
00:26:15.920 --> 00:26:17.759
you all on that. That is a good that's a

509
00:26:17.759 --> 00:26:21.839
good direction to explore. And so what do you think,

510
00:26:22.000 --> 00:26:25.079
So speaking a direction, what do you think is the

511
00:26:25.119 --> 00:26:28.960
single most common wrong direction you see people take in

512
00:26:29.000 --> 00:26:31.319
their fifties and sixties. What do you think?

513
00:26:32.480 --> 00:26:34.559
Well, it's hard to say single, but let me let

514
00:26:34.559 --> 00:26:37.640
me just mention one or two real quick. Is watching

515
00:26:38.119 --> 00:26:42.880
cable TV financial channels. Oh my gosh, Jimmy Kramer.

516
00:26:43.079 --> 00:26:47.200
Jimmy Kramer is my favorite. Oh drives me crams.

517
00:26:48.359 --> 00:26:50.200
No, No, let me just say this. I gotta qualify this.

518
00:26:50.559 --> 00:26:54.319
I watch cable news financial channels, but it's strictly for

519
00:26:54.480 --> 00:26:58.200
entertainment purposes. I would never take any advice from I

520
00:26:58.200 --> 00:26:59.799
remember once I was laughing at a guy who was

521
00:26:59.839 --> 00:27:02.240
making a forecast. Always is honey, how come you're laughing

522
00:27:02.240 --> 00:27:05.119
at him? He goes, he don't know, He's just saying

523
00:27:05.160 --> 00:27:07.599
what he thinks, and he's got a fifty percent chance

524
00:27:07.599 --> 00:27:10.079
of being wrong and fifty percent tespread. He doesn't know anything.

525
00:27:10.200 --> 00:27:11.920
Warren Buffett. I love his quote by warm buff and

526
00:27:11.960 --> 00:27:15.400
he goes like this, forecasts tell you a lot about

527
00:27:15.400 --> 00:27:19.039
the forecaster, but nothing about the market. And that is

528
00:27:19.119 --> 00:27:24.160
so true. I'm telling you all these experts, I just

529
00:27:24.480 --> 00:27:28.039
I truly only watch them for entertainment, and I do

530
00:27:28.160 --> 00:27:30.279
not watch him ever. Would never take advice on that,

531
00:27:30.319 --> 00:27:33.200
because when you have a plan, you know, here's the deal.

532
00:27:33.599 --> 00:27:36.519
When if you don't have a plan, you're part of

533
00:27:36.559 --> 00:27:39.720
somebody else's plan. And for forty years, Benita, I was

534
00:27:39.759 --> 00:27:41.680
part of somebody else's plan, and look at where it

535
00:27:41.720 --> 00:27:44.119
got me. Okay, it got me broke on the edge

536
00:27:44.119 --> 00:27:46.440
of a financial cliff. Now that I have my own plan,

537
00:27:46.599 --> 00:27:50.000
I don't even listen to them. It's just talk, talk, talking.

538
00:27:50.480 --> 00:27:52.839
I actually find I enjoyed listening about companies and it's

539
00:27:52.880 --> 00:27:54.960
kind of entertaining to me. But it's not a source

540
00:27:54.960 --> 00:27:58.200
of financial advice. So please turn off the cable news

541
00:27:58.319 --> 00:27:59.799
if you're gonna. I mean, I don't mean it's a

542
00:27:59.799 --> 00:28:02.519
good news, but I'm just saying, don't take financial advice.

543
00:28:02.559 --> 00:28:04.799
Throw you. That's one thing I know.

544
00:28:05.200 --> 00:28:08.880
No So well, so if if one of our listeners

545
00:28:09.880 --> 00:28:12.559
said I want to do one thing this weekend with

546
00:28:12.720 --> 00:28:17.319
his compass, what would it be, well result, what should

547
00:28:17.400 --> 00:28:18.160
they do? First?

548
00:28:18.519 --> 00:28:21.039
Well, the thing is that answer is going to be

549
00:28:21.079 --> 00:28:23.559
different for different people. What I would say is I

550
00:28:23.599 --> 00:28:25.559
would take a look at the compass. I would look

551
00:28:25.559 --> 00:28:28.240
at the left side with the nine trail markers, and

552
00:28:28.279 --> 00:28:31.920
I say, okay, where am I at right now? Okay, okay,

553
00:28:32.039 --> 00:28:34.359
Or I'm in the middle of this step okay, So

554
00:28:34.599 --> 00:28:36.920
my next goal is to finish the steps so I

555
00:28:36.920 --> 00:28:38.960
can get to the next step, okay. And that's the

556
00:28:39.000 --> 00:28:40.880
first thing I would do. The second thing I do

557
00:28:40.920 --> 00:28:43.880
is look on the right side for the principles. So

558
00:28:43.960 --> 00:28:48.279
this way it stops you from getting off track or

559
00:28:48.279 --> 00:28:50.880
off on tangents or the new shiny object, or you

560
00:28:50.920 --> 00:28:53.480
hear this, or your neighbor or your brother or a

561
00:28:53.599 --> 00:28:57.000
father in law says this is something and just hey,

562
00:28:57.000 --> 00:28:59.200
how could I not make because fifty percent of the

563
00:28:59.240 --> 00:29:02.160
problem is we need people get off track and they

564
00:29:02.440 --> 00:29:07.079
start making mistakes because they don't have that big picture focus,

565
00:29:07.160 --> 00:29:09.599
you know, the thirty thousand foot focus. And so that's

566
00:29:09.599 --> 00:29:11.240
what I would do. I'd look a one side, look

567
00:29:11.240 --> 00:29:13.680
on the other side, and see where you're at and

568
00:29:13.720 --> 00:29:16.079
go from there. There is no standard answer. It's custom

569
00:29:16.119 --> 00:29:17.039
to the person, you know.

570
00:29:19.160 --> 00:29:24.200
Right. So you've got this story, and I always like stories.

571
00:29:24.319 --> 00:29:28.400
I think stories teach us a lot. This one is

572
00:29:28.440 --> 00:29:31.559
the janitor versus the NBA star lesson.

573
00:29:31.599 --> 00:29:34.720
Oh yeah, yeah, so walk us through that. Well, okay,

574
00:29:35.279 --> 00:29:42.039
NBA the average NBA player makes over ten million dollars

575
00:29:42.079 --> 00:29:44.519
a year. But now I didn't say ten million dollars

576
00:29:44.519 --> 00:29:46.799
in their total career. I'm talking in a single year,

577
00:29:46.839 --> 00:29:48.720
they make ten over ten million dollars. Okay.

578
00:29:48.799 --> 00:29:52.279
Yeah, here's crazy, isn't it. It is written a book about prossing,

579
00:29:52.400 --> 00:29:53.720
So I did the research.

580
00:29:53.759 --> 00:29:56.079
Yeah, okay, O, good, so you know that. So anyways,

581
00:29:56.079 --> 00:29:59.759
but here's the reality of it, Okay. From from the NBA.

582
00:30:00.119 --> 00:30:06.359
Five years after retirement, sixty percent of them, okay, are broke.

583
00:30:06.599 --> 00:30:09.839
According to the Netflix documentary Broke, and the NFL is

584
00:30:09.960 --> 00:30:14.240
worse in the NFL only two years after retirement. Two

585
00:30:14.319 --> 00:30:18.200
years after retirement, seventy eight percent of them are either

586
00:30:18.359 --> 00:30:21.640
bankrupt or in serious financial stress. And that's according to

587
00:30:21.759 --> 00:30:26.839
Sports Illustrated. Now, compare that to Ronald Reid, who was

588
00:30:26.920 --> 00:30:29.960
a janitor and before that he was a gas station attendant.

589
00:30:30.000 --> 00:30:32.640
So guess kind of money he was making very modest,

590
00:30:32.759 --> 00:30:35.960
very much, but he learned to live below his means

591
00:30:36.200 --> 00:30:40.759
and invests a difference. When he ended up in his life,

592
00:30:40.799 --> 00:30:45.319
he had an eight million dollar portfolio, that is more

593
00:30:45.640 --> 00:30:48.480
than most of the NBA and an NFL players making

594
00:30:48.519 --> 00:30:50.960
their tens of million dollars. And he made, you know,

595
00:30:51.440 --> 00:30:54.000
very modest income, probably below the average income of the

596
00:30:54.039 --> 00:30:57.599
average Americans significan. So it's not See, here's what everyone thinks.

597
00:30:57.640 --> 00:31:00.920
It's it's all about making money, okay, But the thing

598
00:31:01.000 --> 00:31:05.519
is making money and building wealth are two tony separate

599
00:31:05.519 --> 00:31:10.079
sid The athletes were great at making money, terrible at

600
00:31:10.119 --> 00:31:13.400
building wealth. Round Reid not so good at making money,

601
00:31:13.559 --> 00:31:16.839
but tremendous, you know, at building wealth. And that's there's

602
00:31:16.880 --> 00:31:18.519
two separate skills, and people don't get that.

603
00:31:20.240 --> 00:31:22.599
What do you think I mean? I mean, I've done

604
00:31:22.599 --> 00:31:25.359
the research on this as well. What would you say

605
00:31:25.359 --> 00:31:27.920
are the hidden traps for people, no matter if they're

606
00:31:28.200 --> 00:31:30.960
an athlete or somebody who's just made a good living

607
00:31:31.079 --> 00:31:34.519
like you did. What are the hidden traps? Like, what

608
00:31:34.599 --> 00:31:37.519
I'm thinking is like lifestyle creep? What does that mean?

609
00:31:38.119 --> 00:31:41.920
Over confidence, complexity? What do you think is the big

610
00:31:41.960 --> 00:31:43.839
thing that high earners get caught in?

611
00:31:44.640 --> 00:31:47.599
Well, definitely lifestyle creep, no question about it. Because that's

612
00:31:47.880 --> 00:31:51.839
the reason those athletes were doing so poorly on the

613
00:31:51.880 --> 00:31:54.839
wealth building is because they were spending more than they earned.

614
00:31:55.039 --> 00:31:57.960
And the reason Round Reid and Dale Schroeder, who was

615
00:31:57.960 --> 00:32:00.480
a carpenter, did something similar, The reason they did so

616
00:32:00.559 --> 00:32:03.839
well on a very modest income is because they understood

617
00:32:03.880 --> 00:32:06.039
the idea of living on less than you are in.

618
00:32:06.319 --> 00:32:08.839
But there's other issues too involved here, and one of

619
00:32:08.839 --> 00:32:12.599
them is is fees. And that's a lot of things

620
00:32:12.599 --> 00:32:14.839
A lot of people are. They start investing and they

621
00:32:14.839 --> 00:32:17.640
don't understand the fee issue. And let me just tell

622
00:32:17.680 --> 00:32:20.720
you about the fees for a may. Okay, most people

623
00:32:20.759 --> 00:32:27.039
are paying tiny termite size fees that are quietly inflicting

624
00:32:27.240 --> 00:32:30.359
termite like destruction on their portfolios. Let me explain what

625
00:32:30.400 --> 00:32:32.920
I'm talking about. You got two people they get person

626
00:32:32.960 --> 00:32:35.519
A and B, both twenty five, just out of college,

627
00:32:35.599 --> 00:32:38.880
graduated or whatever, make indecent okay, So they decide to

628
00:32:39.000 --> 00:32:42.559
invest each separately. They're investing one thousand dollars a month

629
00:32:42.720 --> 00:32:47.440
okay for their entire career. Okay. Person A chooses a

630
00:32:47.480 --> 00:32:51.440
low cost index fund with a point zero three percent

631
00:32:51.599 --> 00:32:55.799
annual management fee. Person B goes to a financial advisor

632
00:32:56.000 --> 00:32:58.720
who charges the standard one percent, and they put them

633
00:32:58.720 --> 00:33:02.519
in an actively managed with a two five point seventy

634
00:33:02.599 --> 00:33:05.680
five upfront load and a point sixty six percent ongoing

635
00:33:05.720 --> 00:33:08.960
management fee. Okay. At the end of the forty years,

636
00:33:09.359 --> 00:33:13.000
person A has a portfolio based on historical market returns. Okay.

637
00:33:13.240 --> 00:33:17.319
Persons a portfolio worth eight point five million dollars. Person

638
00:33:17.400 --> 00:33:20.839
B is a portfolio worth four point two million dollars.

639
00:33:21.039 --> 00:33:25.160
That is a four point three million dollar difference. This

640
00:33:25.200 --> 00:33:28.440
isn't market timing, This isn't bad investment choices, this isn't

641
00:33:28.480 --> 00:33:33.680
like Rocky. This is strictly these tiny microscopic feats. And

642
00:33:33.759 --> 00:33:36.599
here's the thing. We're assuming they never got a raise.

643
00:33:37.039 --> 00:33:39.480
If you factor in normal raiss, that gap of what

644
00:33:39.559 --> 00:33:41.759
four points gonna be even bigger. And here's the saddest

645
00:33:41.799 --> 00:33:44.759
thing of it all. Person B probably feels like he

646
00:33:44.799 --> 00:33:47.599
got excellent care because this advisor was really a good person.

647
00:33:47.920 --> 00:33:50.759
A little did he realize he did the equivalent of

648
00:33:50.799 --> 00:33:54.640
giving someone else funding someone else's retirement with half of

649
00:33:54.680 --> 00:33:57.759
his own money, and that is a tragic I am

650
00:33:57.759 --> 00:34:00.720
not against advisors, Benita, I'm really not. But what I

651
00:34:00.799 --> 00:34:04.880
am against is products that enrich Wall Street at the

652
00:34:04.920 --> 00:34:08.119
expense of their client's portfolio. And I'm going to tell

653
00:34:08.119 --> 00:34:12.119
you something else. I'm going to embarrass myself by saying this.

654
00:34:12.440 --> 00:34:16.079
For years, for forty years, I never questioned fees. I

655
00:34:16.199 --> 00:34:18.440
just assume that was a price of admission. That's the

656
00:34:18.519 --> 00:34:21.000
rules of the game. But what I later understand is

657
00:34:21.199 --> 00:34:24.599
the rules we don't question can cost us the most.

658
00:34:24.639 --> 00:34:27.320
And that person's case, Person B, it cost them four

659
00:34:27.440 --> 00:34:30.760
point three million dollars. So that I think is something

660
00:34:30.800 --> 00:34:32.400
that people need to be a lot more aware of.

661
00:34:33.840 --> 00:34:38.800
Right, Yeah, it's that was kind of what you're talking about,

662
00:34:38.840 --> 00:34:42.880
you know, being in the financial industry, I about fifteen

663
00:34:42.920 --> 00:34:46.239
years ago I found the differences between being independent advisor

664
00:34:46.400 --> 00:34:49.519
versus the what you were talking about is broker dealers

665
00:34:50.079 --> 00:34:54.960
and the fees that the advisors a lot of times

666
00:34:55.000 --> 00:35:00.800
don't even know you know, what's going on. So anyway,

667
00:35:00.920 --> 00:35:05.239
but yeah, so let's let's talk about another habit. What

668
00:35:05.320 --> 00:35:08.960
do you think is a simple habit that you consider? Yeah,

669
00:35:09.199 --> 00:35:13.480
you know, you might say it's un sexy, but undefeated

670
00:35:14.519 --> 00:35:17.800
for building wealth, especially late in life. What do you think?

671
00:35:17.880 --> 00:35:20.519
What's this? What's this? What's a good habit there, David?

672
00:35:21.639 --> 00:35:27.559
I think consistency and in investing from from day one.

673
00:35:27.760 --> 00:35:29.599
Let me just let me just say you this. I

674
00:35:30.239 --> 00:35:33.400
doubled my portfolio three times in the six year period.

675
00:35:33.440 --> 00:35:37.119
I didn't do it by chasing crypto or timing the

676
00:35:37.159 --> 00:35:39.320
mark or their day trading. Okay. I did something so

677
00:35:39.400 --> 00:35:42.280
boring and put you asleep, okay. And the thing about

678
00:35:42.280 --> 00:35:45.159
it is I found a simple investment approach. And the

679
00:35:45.239 --> 00:35:49.239
crazy thing is Benita. When the market was down, I

680
00:35:49.400 --> 00:35:52.800
was thrilled when other people were panicing and selling. I

681
00:35:52.920 --> 00:35:55.840
was buying more shares of discount prices. But it wasn't

682
00:35:55.840 --> 00:35:58.280
the return that was really surprised me. But it was

683
00:35:58.320 --> 00:36:00.800
the math. There's a thing called the rule of sev

684
00:36:00.880 --> 00:36:02.480
Me two and it says, if you're getting a ten

685
00:36:02.519 --> 00:36:05.599
percent return on your money, your money will double every

686
00:36:05.639 --> 00:36:08.559
seven point two years, or roughly every eighty six months.

687
00:36:08.920 --> 00:36:12.760
My first double once I started my compass occurred in

688
00:36:12.920 --> 00:36:16.880
just thirty months, my second double thirteen months, my third

689
00:36:16.920 --> 00:36:20.679
double twenty nine months, for an average of twenty four months,

690
00:36:20.960 --> 00:36:23.880
way less than half the eighty six months or eighty

691
00:36:23.920 --> 00:36:26.639
four months expected time returns. But it wasn't the returns.

692
00:36:26.639 --> 00:36:28.760
It was three things I was doing. One I was

693
00:36:28.800 --> 00:36:31.320
saving a good portion of my income every month. Two

694
00:36:31.519 --> 00:36:33.599
I was putting in the right kind of investments, like

695
00:36:33.639 --> 00:36:36.000
the Kanya and I are talking about. And three I

696
00:36:36.119 --> 00:36:39.360
was using market volatility to work for me instead of

697
00:36:39.440 --> 00:36:41.639
against me. Too many people are trapped in the thing

698
00:36:41.679 --> 00:36:45.079
of buying high and selling low. Okay, that will destroy

699
00:36:45.119 --> 00:36:48.199
your wealth. Okay. No, I built my wealth twice as

700
00:36:48.280 --> 00:36:51.679
fast with half the risk compared to how so many

701
00:36:51.719 --> 00:36:55.440
people are doing it by following a simple plath. So that's.

702
00:36:57.079 --> 00:37:00.400
Well. You talk about the power of doing nothing. So

703
00:37:00.480 --> 00:37:02.039
is that what you're talking about here?

704
00:37:02.079 --> 00:37:04.360
Absolutely? I used to for forty years. But you know,

705
00:37:04.400 --> 00:37:07.719
I was tweaking everything. Every time I read something or

706
00:37:07.760 --> 00:37:09.719
heard something on the TV or rating, I would oh,

707
00:37:09.760 --> 00:37:11.199
I would do that, and I would change, and I

708
00:37:11.199 --> 00:37:12.920
wouldjust it and I would get out of this and

709
00:37:12.960 --> 00:37:14.519
I get into that, and at the end of the year,

710
00:37:14.559 --> 00:37:16.159
I had less money than I had the year before,

711
00:37:16.199 --> 00:37:19.360
you know. And it's like I was long saying, Now I.

712
00:37:19.239 --> 00:37:21.079
Don't market timing.

713
00:37:21.280 --> 00:37:25.599
That's right, market time, No. I now, I just every payday,

714
00:37:25.679 --> 00:37:27.719
every once a month, when I get hey, I just

715
00:37:27.840 --> 00:37:30.039
put it in the investment and I forget it. I

716
00:37:30.079 --> 00:37:32.320
don't even look at it. I just forget it. And

717
00:37:32.360 --> 00:37:34.840
if the market's going down, I'm having a little party

718
00:37:34.880 --> 00:37:37.639
because I'm buying it cheaper now. It's just funny. We

719
00:37:37.800 --> 00:37:40.079
get people that go in the department store and they'll

720
00:37:40.239 --> 00:37:42.840
they'll see a fifty percent off sign. They said, I

721
00:37:42.880 --> 00:37:45.119
don't want fifty percent off. I want to pay full retail.

722
00:37:45.320 --> 00:37:47.079
But when's this going back up the retail no one

723
00:37:47.119 --> 00:37:50.079
does that, But yet in investments they do. The market

724
00:37:50.159 --> 00:37:52.320
goes down in half, Oh my gosh, I'm panic. I

725
00:37:52.360 --> 00:37:54.119
gotta got No, that's the time to be buying. And

726
00:37:54.119 --> 00:37:56.519
that's what I did. And that's how market filatility co

727
00:37:56.519 --> 00:38:00.760
works against you. Sorry, I get like here, but I

728
00:38:00.880 --> 00:38:01.599
just it's true.

729
00:38:01.880 --> 00:38:03.920
I know it's good. It's good.

730
00:38:05.880 --> 00:38:09.559
For someone who feels like they're it's too like what's

731
00:38:09.599 --> 00:38:15.360
the right balance between increasing income, cutting spending and investing Simply,

732
00:38:15.639 --> 00:38:17.880
I mean, I I can see, I can.

733
00:38:17.719 --> 00:38:21.199
Already hear people in my brain. I can't do that.

734
00:38:21.440 --> 00:38:23.559
I can't I can't do that. So what would you

735
00:38:23.599 --> 00:38:28.239
say the right balance is between your income and spending

736
00:38:28.400 --> 00:38:29.159
and investing.

737
00:38:29.559 --> 00:38:31.639
First, I would find out where is your weakest link

738
00:38:31.679 --> 00:38:35.039
at Okay, maybe it's your income is just too low,

739
00:38:35.320 --> 00:38:37.559
or maybe it's you're just like you're a spender and

740
00:38:37.599 --> 00:38:40.639
you're just spending like crazy, or you're not investing great.

741
00:38:41.360 --> 00:38:43.199
Number one career and income.

742
00:38:43.440 --> 00:38:45.360
Well, that that's part of it. But but no, but

743
00:38:45.440 --> 00:38:48.480
not if if your career income is going good, then

744
00:38:48.519 --> 00:38:50.960
maybe it's a spending problem. Maybe it's then that's what

745
00:38:51.000 --> 00:38:52.840
you got to look at, okay. And if it's and

746
00:38:52.880 --> 00:38:54.639
if it's not a spending problem, then maybe it's an

747
00:38:54.719 --> 00:38:56.719
investment problem problem. And you were doing what I did

748
00:38:56.719 --> 00:38:58.559
for forty years. So it's going to be different for

749
00:38:58.719 --> 00:39:01.039
different people. That's why I say, when you look at

750
00:39:01.039 --> 00:39:02.800
the compash, you just figure out where you're at and

751
00:39:02.800 --> 00:39:05.679
where you're going to go next. So I would say, Anita,

752
00:39:06.480 --> 00:39:09.000
that those three choices you gave me, it's going to

753
00:39:09.159 --> 00:39:12.119
differ for different people, depending on Some people have no

754
00:39:12.199 --> 00:39:14.239
income problem, or some people have serious income problems. Some

755
00:39:14.239 --> 00:39:16.039
people have no spending problems. I have serious, you know,

756
00:39:16.280 --> 00:39:18.360
and it just to kind of then I would figure

757
00:39:18.400 --> 00:39:19.800
out where you're at, and then that's the one I

758
00:39:19.840 --> 00:39:21.000
would focus on first.

759
00:39:23.400 --> 00:39:29.840
Okay, so looking back, our time is going really fast.

760
00:39:29.400 --> 00:39:33.320
I just tell you, so, looking back, why did getting

761
00:39:33.440 --> 00:39:38.480
fired at sixty three become the best thing that happened

762
00:39:38.519 --> 00:39:39.960
to your relationship with money?

763
00:39:40.880 --> 00:39:43.079
Well, so what as we.

764
00:39:43.039 --> 00:39:46.280
Start wrapping up, what do you want listeners to believe

765
00:39:46.320 --> 00:39:50.400
about their second act or about you know, I'm starting

766
00:39:50.480 --> 00:39:52.119
now and I'm going to go forward. What do you

767
00:39:52.159 --> 00:39:53.000
want people to know?

768
00:39:54.079 --> 00:39:56.960
Well, when I got fired, I guess said it was

769
00:39:57.000 --> 00:39:59.079
the worst day of my wife life until it became

770
00:39:59.119 --> 00:40:02.960
the best day of my life. And the reason it

771
00:40:03.039 --> 00:40:04.760
was a blessing to me. Really, it was a true

772
00:40:04.800 --> 00:40:07.199
blessing to me because media and this is embarrassing to me.

773
00:40:07.719 --> 00:40:10.840
I didn't have the guts to quit. I should have

774
00:40:10.920 --> 00:40:12.840
quit that job eight years ago. It's a good job,

775
00:40:12.840 --> 00:40:14.519
good company. I'm not complain about the company and job.

776
00:40:14.760 --> 00:40:19.280
But I knew I that, Yeah, I knew, I knew

777
00:40:19.280 --> 00:40:21.119
I need to make a change. But I didn't have

778
00:40:21.159 --> 00:40:23.679
the guts. When you're in your late fifties, you just

779
00:40:23.719 --> 00:40:25.880
feel like, hey, this, I need to ride this thing out. Well,

780
00:40:25.880 --> 00:40:27.920
I was riding on the wrong horse. I was going

781
00:40:28.039 --> 00:40:30.920
over the cliff here. But I just didn't have the guts.

782
00:40:31.119 --> 00:40:35.639
So I felt I was blessed, and I think power

783
00:40:35.679 --> 00:40:38.000
is that being new. I didn't have this courage to

784
00:40:38.000 --> 00:40:40.000
do this. So I got a little nudge, and I

785
00:40:40.039 --> 00:40:41.840
am so grateful for that nudge. It was kind of

786
00:40:41.840 --> 00:40:44.320
a push over the cliff, but it seemed like and

787
00:40:44.360 --> 00:40:46.880
that's what really did it for me. I wish I

788
00:40:46.920 --> 00:40:49.239
could say I was confident. I just said, hey, you

789
00:40:49.280 --> 00:40:50.599
could take this job and job and I'm going to

790
00:40:50.679 --> 00:40:53.159
do that. Wasn't me. That was the opposite of me.

791
00:40:53.280 --> 00:40:56.079
I was conservative. I would want to play it safe.

792
00:40:56.159 --> 00:40:58.079
I was a little nervous and scared. I knew we

793
00:40:58.079 --> 00:41:01.159
were having problems, and so I would just don't wait

794
00:41:01.280 --> 00:41:04.360
for the other person or outside force. When you know

795
00:41:04.480 --> 00:41:10.000
inside you need to change, Please start doing that. Don't wait,

796
00:41:10.239 --> 00:41:11.960
because I just think what if I had done that

797
00:41:12.000 --> 00:41:15.320
in my fifties. My doubles right now, Benita, are seven

798
00:41:15.360 --> 00:41:17.800
figure doubles. You know, and their averaging our duties. But

799
00:41:17.880 --> 00:41:20.239
what if I started out my fifties. I mean, can

800
00:41:20.280 --> 00:41:22.159
you imagine and people that fifties.

801
00:41:22.800 --> 00:41:25.400
But David, I'm going to push back at you because

802
00:41:26.079 --> 00:41:31.599
you wouldn't the whole mindset. I mean, part of the

803
00:41:31.679 --> 00:41:34.800
reason why you did this was because you had to.

804
00:41:35.239 --> 00:41:38.880
Yep, you're right, You're right. I agree with you, Benita.

805
00:41:39.079 --> 00:41:41.400
If I I think the worst thing that would have

806
00:41:41.400 --> 00:41:43.559
happened to me in my life is that sixty three

807
00:41:43.920 --> 00:41:46.840
when I had when I got fired, If I had

808
00:41:47.159 --> 00:41:50.119
ten million dollars or five million dollars in retirement fund,

809
00:41:50.440 --> 00:41:52.760
that would have been the curse because I would have

810
00:41:52.840 --> 00:41:55.719
never figured this out my life. I have never been happier,

811
00:41:55.760 --> 00:41:58.159
I've never been more fulfilled, I've never been more excited.

812
00:41:58.480 --> 00:42:00.719
And I have my company, my son's trying me. It's

813
00:42:00.760 --> 00:42:02.599
really fun. I've helped people with a compass and help

814
00:42:02.679 --> 00:42:04.719
them get their path. Then none of that would happen.

815
00:42:04.840 --> 00:42:08.559
I've been telling me some retired guy doing nothing living

816
00:42:08.559 --> 00:42:10.679
off you know, is if that would have been a curse.

817
00:42:10.800 --> 00:42:12.440
I am so grateful that didn't happen.

818
00:42:12.599 --> 00:42:15.079
I know it sounds crazy, but but here's but on

819
00:42:15.119 --> 00:42:17.599
the flip side of that, you know, pushing back at you.

820
00:42:18.079 --> 00:42:19.480
Okay, On the.

821
00:42:19.039 --> 00:42:22.000
Flip side, is there is somebody that's fifty out there,

822
00:42:22.800 --> 00:42:24.599
then maybe this is their wake up call.

823
00:42:25.000 --> 00:42:28.239
Yeah, that's right, don't wait please, And I did the

824
00:42:28.239 --> 00:42:30.440
work for you and it's free, so I'm not charging anything.

825
00:42:30.559 --> 00:42:33.159
Get the compass because why not? Why not figure it?

826
00:42:33.239 --> 00:42:35.320
Why not figure out something? Let somebody else figure out

827
00:42:35.320 --> 00:42:37.119
for it, and then you can you can look at

828
00:42:37.119 --> 00:42:38.679
it and see if it makes sense to you. I promise,

829
00:42:38.679 --> 00:42:40.280
I'm not trying to make you do anything, do whatever

830
00:42:40.280 --> 00:42:41.599
you want, but look at the compass. I think you'll

831
00:42:41.599 --> 00:42:43.360
find there's a lot of truth in that deal.

832
00:42:44.519 --> 00:42:48.639
Right right, Well, David, our time is up.

833
00:42:49.159 --> 00:42:50.639
Wow, And so.

834
00:42:52.880 --> 00:42:55.480
Time always flies. I mean I just tell you, you just

835
00:42:55.599 --> 00:42:58.119
it just goes fast, you know when you're having a

836
00:42:58.119 --> 00:43:01.920
great conversation. So I I think I really appreciate all

837
00:43:01.920 --> 00:43:05.360
the valuable things. I mean, you have laid down some

838
00:43:05.519 --> 00:43:12.039
incredibly important foundational things that everyone needs to do. And

839
00:43:12.159 --> 00:43:15.679
so it's like I always, you know, take advantage of

840
00:43:16.480 --> 00:43:19.679
the things that he has shared, take advantage of the

841
00:43:19.719 --> 00:43:23.239
things that he learned along the way, and you'll be

842
00:43:23.320 --> 00:43:27.840
that much further ahead. Any closing thoughts, David.

843
00:43:27.960 --> 00:43:31.440
Yeah, I would just recommend to your audience to go

844
00:43:31.480 --> 00:43:33.559
to the website and get the free There's no charge

845
00:43:33.559 --> 00:43:35.679
and there's nothing to buy in the website. I'm not

846
00:43:35.719 --> 00:43:38.159
doing this for money. I have a very successful firm.

847
00:43:38.199 --> 00:43:39.639
I don't need to do this for money. I'm just

848
00:43:39.679 --> 00:43:41.639
doing to give back and to help other people who

849
00:43:41.719 --> 00:43:44.800
can struggle. So go on the website one page Wealthcomass

850
00:43:44.800 --> 00:43:48.320
dot com and download the free the free Wealth Compass

851
00:43:48.360 --> 00:43:50.280
for yourself and see if you want to buy a book.

852
00:43:50.320 --> 00:43:52.440
There is a link to Amazon, but I'm not saying

853
00:43:52.440 --> 00:43:54.119
you have to do that. Just look at the compass

854
00:43:54.119 --> 00:43:55.679
that there's no cost to it, and you'll be in

855
00:43:55.719 --> 00:43:57.800
the newsletter. You'll get tips along the way and help

856
00:43:57.800 --> 00:44:00.280
you out. It's all free, all freed, there's nothing say

857
00:44:00.280 --> 00:44:03.000
and that's why I recommend and just take a look

858
00:44:03.000 --> 00:44:04.400
at it for yourself and you be the judge. Do you

859
00:44:04.480 --> 00:44:05.400
be the judge what you think?

860
00:44:07.199 --> 00:44:11.079
So with that, thank you everyone for joining us today

861
00:44:11.119 --> 00:44:14.280
on the Ask Good Questions podcast. Thank you David for

862
00:44:14.360 --> 00:44:18.239
joining us, and we will see you next time. Thank

863
00:44:18.280 --> 00:44:18.960
you bye for.

864
00:44:18.880 --> 00:44:25.920
Now today's episode is over, but we did Ask Good

865
00:44:26.000 --> 00:44:29.360
Questions again. Didn't. We don't miss out as we broadcast

866
00:44:29.639 --> 00:44:33.679
live every Wednesday, six pm Eastern Time on W four

867
00:44:33.679 --> 00:44:37.760
CY Radio at w four cy dot com. Joined Nina

868
00:44:37.800 --> 00:44:43.400
bellm'erson next week for more conversations with experts on finances, retirement,

869
00:44:43.519 --> 00:44:48.000
behavioral finance issues, health and wellness, and more. Until then,

870
00:44:48.480 --> 00:44:54.119
remember to ask good questions.