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

0:00 The topics and opinions expressed in the following show are solely those of the hosts and their guests and not those of W FOURCY Radio. It's employees are affiliates. We make no recommendations or endorsements for radio show programs, services, or products mentioned on air or on our web. No liability explicit or implies shall be extended to W FOURCY Radio or it's employees are affiliates. Any questions or comments should be directed to those show hosts. Thank you for choosing W FOURCY Radio. Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday, six pm Eastern Time on W four CY Radio at w four cy dot com. This week and every week, we will reach for a higher purpose in money and life, as well as a focus on health and wellness. Now, let's join your hosts, Banita bel Anderson, as together we start with Asking Good Questions.

1:01 Hello, good day, and welcome to the Ask Good Questions Podcast. I am Benita Belle Anderson, your host, and we have a guest today that will be I think a very interesting guest with a lot of interesting things to talk about that some of you may be able to relate to. So with that, I'd like to welcome to the podcast stage, David. Is it nasif or Nassif Nasif Nassif? All right, welcome. David, Thank you, Anita. I'm excited to be here with you. Well, let me tell everyone a little bit about you, your real life financial turnaround experiences as much of a Rocky type story as it is a personal finance discussion.

1:48 He was fired at sixty three from an eighteen year corporate position with virtually no retirement savings, David, no Bob prospects, and the chilling realization that his career was effectively over. So out of desperation, he charted a completely new direction in both his career and personal finances. His unique and simple one page wealth compass, which he's going to talk about later, guided him to seven figure financial freedom in under six years, which is like really seriously, So we're going to talk about that now. In his book, he has a book called One Page Wealth Compass. He shares that exact compass, along with the hope and practical steps he wishes he had known decades earlier. So he's here to show us how it's never too late to navigate safely to financial freedom. Whatever that means right. So, David, is there anything else you'd like to add to that?

2:56 No, you said it pretty well. That was a day I'll never forget. I wouldn't wish it anybody like you said I when I did the math, I had about two years left of money, and so I was scheduled to be broke by age sixty five, happy retirement, And it was pretty terrifying, to be honest with you. Yeah, So what was the most dangerous thought that you had then in that first week? You know, it's just just like I can imagine, it was probably shock, this can't happen, can't be happening to me. What do you think was the first thing that you thought about? I tell you, I just well, driving when that happened, driving home was one of the worst things because I'm thinking, all I'm thinking about is how am I going to tell my wife Mary? We've been married for thirty years and she did not deserve the mess I just threw our life into. It was very it was very scared.

3:49 I remember when we when I first got fired. The first week, we went to a grocery store because she needed some help with some groceries. There's a big sales. She wanted to get them to conserve money, and I went whether it she asked. And then I remember standing at the checkout, like at the end of the checkout, waiting for her to check out. I'm looking at the store and it's all women and other children. I felt like I was the only man there. I felt like I had a sign on me called the biggest loser. I should have been working, I should have been earning on inland living for my family and Benita, you know what was the terrifying thing is the helplessness I felt. It was just like I wanted to escape. I wanted to just break out and do something productive and effective for my family, and I couldn't. It was just like one of the most helpless feelings in that moment in that grocery store that I can ever remember my life.

4:36 Feeling so helpless. Well, you've said that the mass said you should be broke, right, So those are assumptions, right, What assumptions did you have to face then? I mean, and because really so much everything is perspective, and so what did you say to yourself? Well? I knew. I remember waking up in the middle of the night one night and thinking to myself, we have all this money still going out, you know, we still had our electric bill and all the other bills we have, you know, and I have no money coming in. And literally I didn't If you want the breakdown, we had nine months of an emergency fund in terms of what we live, you know, what would take us to pay our bills. We had nine months of emergency fund.

5:22 And then we had fifteen months of a retirement fund, which I wasn't going to touch it under any circumstances because it was so underfunded it wasn't funny. And then then to drain that would so I really had a nine month runway, not not a two year one way like I say in the book, because I mean I wasn't going to touch and so I just and that was terrifying to me. Yeah. So so basically you're you're having to sit yourself down and go, okay, So what was the first decision you made that actually changed that trajectory? Sure, well, I remember I was about two months of dead end job searching. I had. My heart was not in going back into the corporate world. That's the last thing I wanted to do. And I'd interview with these people I think you're sixty three and you made this kind of money. I was making very good money. We could hire somebody half your age for a third of what you were making. Now, they didn't say that, but that was the I knew that was what they were thinking.

6:24 And it just was so fresh language. There's voice exactly exactly, and so I said to my and pause. They I think could tell my heart wasn't in this. The last thing I said I want to do is go back to the corporate. So after two months, I said to myself, this is it. I got to do something different, and so I took a huge risk and I went to work as an independent sales agent on straight commission, no salary, no safety net. The first months were brutal, cold calls, constant rejection, rookie mistakes. I mean, the rejection was like incredible. But you know, Benita, it's funny though, that rejection I continually got. I believe, looking back on it now, was the resistance I needed to build my mental muscles, because after ten months of grinding, and I'm talking of real grinding, we achieved something that was pretty incredible. I was suddenly, after ten months, making as much money as my good paying corporate salary, and for a very brief second, I thought we made it. But then I realized, wait a minute, we didn't make nothing, because we have still not saved anything or invest anything. I have to do more than make money. I made good money for forty years, would it get me. I need to learn how to invest.

7:34 I need how to learn how to build, and I didn't have much time. I couldn't waste time with a bunch of stupid investment theories and go off on tangents anymore because I did it for forty years and there's no more of that, Okay, So I buckle down. I read a total of twenty one books in that six year period. I thirteen financial podcasts I faith they listened to countless blogs and articles. Finally, I was able to steal it down onto one piece of paper and what I call a set it and forget it approach, because I had to run my business to survive, so I couldn't be tinkering with investment stuff I had. You know. Six years later, at the age of sixty nine, I achieved what I thought was impossible, from terrified of being broke to a seven figure portfolio and real financial freedom.

8:20 I now know, Benita, it is never too late to rewrite your story, because if I can pull that off starting as late as sixty three, anybody can, I believe with the right direction. What what would you say? I'm just wondering what was Mary thinking through all this? Was she supportive or was she freaking out? No? When I came home and told her, she was, first of all, extremely supportive. She believes in me more than I believe myself, and she really does. But you know, I've known her for thirty years and married for thirty years, and I could see in her eyes the fear or the concern. She did her best to hide it from me.

9:03 She really did, and she was nothing but supportive. But I knew she was afraid to And who wouldn't be in your sixties getting where most people were ready to retire, and we're like on the edge of a financial cliff, ready to get pushed over. I mean, I think that would make any money. Right. So what's interesting is at church we are studying the Old Testament this year, and I've just been reading about a Lot and the story of Sodom and Gomora and Lot and his wife that turned around and looked back, Yeah, you know, and I thought, do we look back and grieve over things that we used to have? I mean, did you what did you have to grieve over with a late career firing, like status or certainty or routine or ego? Yeah, what do you think?

9:58 Well, I'll be honest with you, and this one respect, I think I had a little advantage. I threw all that out the window really quickly, because I says, listen, we're on survival mode. We have a clock ticking, and I don't have time to worry about my status or my ego or my pride. I need to provide for my family. And I got real serious, real fast, And like I say, I did immediately start trying to get another job. But after two months, I says, this is not working. I'm going to start my own business. I have to. That's because no one else is going to hire me. This. It wasn't real like, oh, this dream's been true. It was like, that's my only option. There's no plan to be here. This is this one plan. So that's kind of the truth of it. Is.

10:39 What do you think sabotages people you know with you know, it could could be anything. It could be health It could be, you know, like your experience was getting fired. It could be like in my in my experience, my biggest shift in life was a mid forties getting divorced and not expecting that. And what emotions do you think typically sabotage people? Like panic or embarrassment or denial or anger. I mean, you know, when I think back about my biggest issues around having to restart again midlife, it was denial, anger and everything else. You know, what did you see in yourself?

11:23 You know, it's funny. I did not have I didn't blame my employer for firing me, even not at all, you know, And I didn't really. I just didn't feel like I had time for all though that. I mean, I know it sounds weird, but I just there was panic. I mean, there's definitely panic there. There was fear there. But in terms of looking back with anger or regret or mad at somebody else, and I'm a victim, I did. I just didn't have Tie says. I got to get this thing handled and I got to figure it out quickly. And I guess my reality or my practical side of me really kicked in fortunately early, and I just didn't I don't blame people who feel bad about getting fired. But I just didn't have that time, and I just didn't have that desire. Really, I just wanted to get this thing solved quickly if I could.

12:08 So, Really, what I'm thinking, you know, for those that are listening that maybe going through something that's an upheaval, it's really identity that you're talking about. It's adopting a whole new identity. What I'm seeing in you is you had to reframe who you are and what you were going to do. Now I do talk to me about that. Well, you know, I feel Benina, and I'm I'm sure most people, or a lot of people feel this way. I feel felt a sacred responsibility to provide for my family. This is not a game. This was not something that would be nice to do. And I just felt that way. And I guess that's what got me so serious so quickly, I says, you know, I just can't. I mean, it's one thing to be a failure in business, but to be a failure as a husband. And I know my wife would never say that I was that. I'm just saying I would feel that way. That was probably the more to being a failure as a husband and a father that was more fearful for me than in the business world and in the prestige and the status of my career in titl and al thing. And that's what really motivated me. I just had this. I felt this all my life. You know, it's my responsibility to provide for my family and I have to do it, and it's not an option. And whatever I have to do, I don't care how hard it is or how what it is. I just got to do that. And that I think really helped me just plug push myself ahead and not have a pity party for myself or whatever.

13:39 Well, when I started this podcast in late twenty twenty, you know, it's been a couple of years ago that I started this podcast, and I was asked, what do you want to call it? And so I said, oh, all of the big mistakes that I've made in my life have been because I didn't ask questions. So, what's the best advice you have for somebody who's maybe fifty five to seventy, you know, in that in that age range and they're stuck in I've completely blown this, you know, thinking what question should they ask themselves? First?

14:20 Well, where they're at now. And just to give you a little background here is when I was doing all this financial planning and you know, trying to figure it out. I did. When I got a good idea or when I got a great tip that I researched, I did the math on. It wasn't just something that I trusted somebody, and because there was no more trust anymore, and when it came to financial device, I had to prove it the math myself. I had to do the research myself, and I did. I put it on one piece of paper. And what that paper ended up doing is it gave me a pathway and I call them the nine trail markers, but to financial freedom on one half of it. And I think if I was somebody like you're explaining and they're waking up one day and their life's turned up, I down like minded, I would look at that because fortunately now it's made. I mean, it's it's it's on so I site, it's free. There's one I was to pay anything for it, and I would just say, Okay, where am I on this step and what is the next step? And that's what I think. It's really helpful to understand where you are and then where you want to go, and those nine trail markers, they just naturally push you in the direction that you want to go and to see your goal and and to get achieve the goal. And so I just that's what I would do.

15:28 I mean, and I wish, I wish when I got fired, I had that. I mean, I had to develop it, and it took me a little time to do that, but when I eventually did, I held on to it like like my security blanket. And to this day, Benita, I mean, my my financial situation is tremendously matter. I mean tremendously. I still use that. I still use that same compass, and it keeps me on track. It keeps me focused. And because I could easily get off track, I mean, that's what happens to a lot of people, and not not with this compass. Not if I review it, I review it and and I stay on track. And so what he's talking about is this, We're going to go into a little bit more depth right there.

16:09 So it's called a one page wealth compass. That will be it's on his website, but on my website, I have a place where I have all these information about guests. So there will be information about David there and about his website and about where to go get this wealth company. It's an invaluable it's in one page. There's all these great things that that that people, it's just bedrock information. So so what are the core components it's the one page wealth compass. What are the core components of that? Well, the first thing is, and this is what most Benina, I didn't want to First of all, when I did this compass my I had no thought of being an author.

16:53 I never thought I thought of this was for my survival. It wasn't for you know, being a famous offer or whatever it is it was. And so when I did the first thing is when I read these financial books, So one thing they all missed seemed like, I mean, maybe there's some out there that don't miss it, but when I read it's missed it. They missed the part about building your income. They already they all assume, right, you're making money, you're making good money. Now you just need some direction. No, no, no, that's not the case with everybody. Not everybody's making good money. Not everybody is on the right path fight, you know, in terms of their income. And so my first step was all about your career, And the first two chapters in the book are all about the hard lessons I learned and how it really helped me when I was in a real bind in sixty three to take those lessons and to apply it so I didn't stumble and didn't fail at this new company, because I had had a company twice before Benita in my forties. Both of them failed. One of them sunk me into deep deep debt, I mean deep depth, six figure debt.

17:49 Then they're done that too. Okay, yeah, but so but what I did beneath it is I says, wait a minute, what lessons did I learn from that failure? And one of the lessons I learned was i'm I'm My skill is not selling tangible products. It's selling intangible products, and if I really believe and I'm really good at Another thing is get out of debt and don't go into debt when you're doing the business. And another thing I figured out I just kept, you know, and I had about five things and I put them on my compass for me, and I put them in that I put them in the book so people can see, Hey, your everybody has talents. Everybody has skills. Everybody has a history. I don't care if in your twenty thirties forties, and you have some background, and you can draw from that, and I talk about in the book how you draw from that. So when you go forward, you're you're taking your income and your career and your fulfillment to a new level as opposed to it's getting a job and you're hoping you get a two percent raise every year, a three percent raise every year, and that that's not you know, some people want more. Get anywhere. No, that people want more, And that that's why I put that in.

18:49 And that's where I see so many books missing that i'mfic I see everyone I don't So anybody talks about building your income. It's all about building your investments. But what you gotta have the income before you can get the restmentes. Right, right. And one of the things that I've always done with financial education is talking about your purpose. What's your purpose for money, but really it's what's your purpose for life? And so what you're talking about is really those foundational things about why you're doing what you're doing. Ye, right, exactly, So let's see so career and income success, yep, the three percent protection fund and insurance. Check. What's that?

19:31 Yeah, see a lot of people they say you should have an X dollar amount initial emergency fund. I call it a protection fund. And the problem with an X dollar amount is one thousand dollars or two thousand dollars might be more than enough for some people at one income level, but it may not even be close to what people at a different income level of And so I say, let's turn it into a percentage, so we can adjust based on your income. Because somebody making five hundred thousand years there's more expensive emergencies typically than somebody making fifty thousands a year. And so that's why you got to do that. And then the insurance just for the big important stuff, okay, that you that's way to beyond an emergency. You need you need that, you know, for like just basic you know, insurance. Okay. But then the next thing is getting out of debt. I tell you that is such a burden. And every dollar you can free, every dollar you can free from paying interests can be immediately used to start earning interests. But you got to get out first, okay. And so that's the next step is I don't mean mortgage debt I'm talking I'm talking about like consumer debt, like credit cards.

20:34 And so easy to get into. Really, yes, it's so easy. And and and then I was talking to some of the other day and I tell you, when you have consumer debt, that is mathematical evidence you're living beyond your means. It's like you can say whatever you want, you can talk yourself into whatever, but if you have consumer debt, you are living beyond your means. And if you don't figure that out and how to get live with your means, I don't care what book you read, You're you're never going to make it. Matter of fact, you're going to just get behind. And so that's that's a critical step on on the other side of the compass. There's two sides of my compass. Once principles and the one steps, and that's on the other side. I guess right, but that that's very true. I remember being in debt, and I remember when I finally got out of debt, how it was like a burden lifted off my shoulder. And it's because I was also you know what I was doing to me because I'm in the financial world, It's like I should know better. And so I was beating myself up because it was like, you should know better. But I'm like, well, these are all the reasons why you have this debt and blah blah blah blah blah. So anyway, but yeah, I think you are right on with saying it's it's proof positive positive.

21:49 Yeah then. No, no, please, Well it's just that you got to get this turned around. Yeah, you do. And you know the thing about this is too. I read a lot of people's Steps to Wealth and other books sting like that, and I noticed some problems with them when they forgot the income part but two and then they wouldn't have a percentage. You'd have a five dollar round. But another one that was a big one. And this is subtle. It's very subtle, and it's this whole thing about an emergency fund. I'm talking about your full emergency fund the after you get out of debt. Here's what most of them say, and this is most gurus say this, first, get your three to six month emergency fund. Once you get that fully funded and you are safe now, then start retiring. And I don't know, I just questioned that. I says, wait a minute, So I did the math on it. And it would take most people about a year or more or more to get a three to six months emergency fund, which means they're out of the market. They're investing for three to six months, for a whole year. Now, I took that one year of money that's not getting invested in.

22:52 And if you had invested for the year, what would happen if you're from twenty five to sixty five, forty years later, what would happen? That would be worth a half million dollars? Just shy of a half million dollars, okay. And so what I say, and what the math tells me, is no, no, no, no, don't wait till your fully fund emergency fund. Do both at the same time. Fund your emergency fund and start funding your investments. Why you're out of debt now, you don't have all those debt payments, okay, So you have more cash flow and do them at the same time. Just that simple tweak that most gurus do not get, will put another quarter million dollars in your pocket when you retire. And that's effortless. I mean, if there's no real they just have the Some people get dogmatic about oh no, for decades we've said it this way, and it's got to be this way. Let's look at the math. Let's be objective here. Let's not just get because of decades we would do it. And that's why people take longer to get to their wealth goal than they should, because a lot of these rules are just yeah, they've been around since your grandma, but some of them are aren't that acurate. I have be honest with.

23:53 You, right right, Well, basically one of the things you're saying is the direction matters more than speed, right well, absolutely, So what's that mean? What does that mean in practical money terms? That direction? Is that kind of what you're talking about here? Yes? Yeah, clear direction beats misdirected speed. Every time. I was going real fast for forty years with you know, invested here and this shiny object here and oh the market's down, I got to pull it out. Oh the market apt I got to and I was just doing everything wrong. But I was going fast. I was speeding, speeding, speeding for forty years. I was going in circles. Basically what the deal was. Once I got clarity, Benita, I tell you, my speed really picked up in the right direction. I wasn't going in circles anymore.

24:41 And I tell you, I know, people think, oh that's crazy, how can somebody build, you know, from nothing to seven figures and six years. Well, when you have absolutely curR direction and you stop listening to all these little little things that are just off on the other ones, but no one wants to question. And because we've been saying it for years, it's amazing how much speed you can pick up with safety. That's the key, with safety. All of my investments are highly but can I can I just show tell your audience a little bit of how I'm investing because it might be helpful to them. I only have two investments, Pita, just too. I have one index fund for the total US market, which means I own every publicly traded stock and the entire US market a little tiny sliver, but okay. The second fund I have is I own every publicly traded stock outside the US, not the US. So bottom line is I own every publicly traded stock on the planet there is. You cannot be more diverse, fined. The only way I'm going to lose all my money is if the entire planet goes under.

25:40 And if that happens, we have a bunch bigger problems than what our balance is in our accounts. Okay, And so that's this doesn't have to be This is not risky. It's actually the opposite of risky. It's it's much much safer. Right. Yeah, we are kind of a little bit different, but we are basically doing the same thing and teaching people about what we call academically globally diversifying. And that's because of you know, not you know, the whole eggs in one basket type of thing. So yeah, I'm with you all on that. That is a good that's a good direction to explore. And so what do you think, So speaking a direction, what do you think is the single most common wrong direction you see people take in their fifties and sixties. What do you think?

26:32 Well, it's hard to say single, but let me let me just mention one or two real quick. Is watching cable TV financial channels. Oh my gosh, Jimmy Kramer. Jimmy Kramer is my favorite. Oh drives me crams. No, No, let me just say this. I gotta qualify this. I watch cable news financial channels, but it's strictly for entertainment purposes. I would never take any advice from I remember once I was laughing at a guy who was making a forecast. Always is honey, how come you're laughing at him? He goes, he don't know, He's just saying what he thinks, and he's got a fifty percent chance of being wrong and fifty percent tespread. He doesn't know anything. Warren Buffett. I love his quote by warm buff and he goes like this, forecasts tell you a lot about the forecaster, but nothing about the market. And that is so true. I'm telling you all these experts, I just I truly only watch them for entertainment, and I do not watch him ever. Would never take advice on that, because when you have a plan, you know, here's the deal.

27:33 When if you don't have a plan, you're part of somebody else's plan. And for forty years, Benita, I was part of somebody else's plan, and look at where it got me. Okay, it got me broke on the edge of a financial cliff. Now that I have my own plan, I don't even listen to them. It's just talk, talk, talking. I actually find I enjoyed listening about companies and it's kind of entertaining to me. But it's not a source of financial advice. So please turn off the cable news if you're gonna. I mean, I don't mean it's a good news, but I'm just saying, don't take financial advice. Throw you. That's one thing I know. No So well, so if if one of our listeners said I want to do one thing this weekend with his compass, what would it be, well result, what should they do? First?

28:18 Well, the thing is that answer is going to be different for different people. What I would say is I would take a look at the compass. I would look at the left side with the nine trail markers, and I say, okay, where am I at right now? Okay, okay, Or I'm in the middle of this step okay, So my next goal is to finish the steps so I can get to the next step, okay. And that's the first thing I would do. The second thing I do is look on the right side for the principles. So this way it stops you from getting off track or off on tangents or the new shiny object, or you hear this, or your neighbor or your brother or a father in law says this is something and just hey, how could I not make because fifty percent of the problem is we need people get off track and they start making mistakes because they don't have that big picture focus, you know, the thirty thousand foot focus. And so that's what I would do. I'd look a one side, look on the other side, and see where you're at and go from there. There is no standard answer. It's custom to the person, you know.

29:19 Right. So you've got this story, and I always like stories. I think stories teach us a lot. This one is the janitor versus the NBA star lesson. Oh yeah, yeah, so walk us through that. Well, okay, NBA the average NBA player makes over ten million dollars a year. But now I didn't say ten million dollars in their total career. I'm talking in a single year, they make ten over ten million dollars. Okay. Yeah, here's crazy, isn't it. It is written a book about prossing, So I did the research. Yeah, okay, O, good, so you know that. So anyways, but here's the reality of it, Okay. From from the NBA.

30:00 Five years after retirement, sixty percent of them, okay, are broke. According to the Netflix documentary Broke, and the NFL is worse in the NFL only two years after retirement. Two years after retirement, seventy eight percent of them are either bankrupt or in serious financial stress. And that's according to Sports Illustrated. Now, compare that to Ronald Reid, who was a janitor and before that he was a gas station attendant. So guess kind of money he was making very modest, very much, but he learned to live below his means and invests a difference. When he ended up in his life, he had an eight million dollar portfolio, that is more than most of the NBA and an NFL players making their tens of million dollars. And he made, you know, very modest income, probably below the average income of the average Americans significan. So it's not See, here's what everyone thinks.

30:57 It's it's all about making money, okay, But the thing is making money and building wealth are two tony separate sid The athletes were great at making money, terrible at building wealth. Round Reid not so good at making money, but tremendous, you know, at building wealth. And that's there's two separate skills, and people don't get that. What do you think I mean? I mean, I've done the research on this as well. What would you say are the hidden traps for people, no matter if they're an athlete or somebody who's just made a good living like you did. What are the hidden traps? Like, what I'm thinking is like lifestyle creep? What does that mean?

31:38 Over confidence, complexity? What do you think is the big thing that high earners get caught in? Well, definitely lifestyle creep, no question about it. Because that's the reason those athletes were doing so poorly on the wealth building is because they were spending more than they earned. And the reason Round Reid and Dale Schroeder, who was a carpenter, did something similar, The reason they did so well on a very modest income is because they understood the idea of living on less than you are in. But there's other issues too involved here, and one of them is is fees. And that's a lot of things A lot of people are. They start investing and they don't understand the fee issue. And let me just tell you about the fees for a may. Okay, most people are paying tiny termite size fees that are quietly inflicting termite like destruction on their portfolios. Let me explain what I'm talking about. You got two people they get person A and B, both twenty five, just out of college, graduated or whatever, make indecent okay, So they decide to invest each separately. They're investing one thousand dollars a month okay for their entire career. Okay. Person A chooses a low cost index fund with a point zero three percent annual management fee. Person B goes to a financial advisor who charges the standard one percent, and they put them in an actively managed with a two five point seventy five upfront load and a point sixty six percent ongoing management fee. Okay. At the end of the forty years,

33:09 person A has a portfolio based on historical market returns. Okay. Persons a portfolio worth eight point five million dollars. Person B is a portfolio worth four point two million dollars. That is a four point three million dollar difference. This isn't market timing, This isn't bad investment choices, this isn't like Rocky. This is strictly these tiny microscopic feats. And here's the thing. We're assuming they never got a raise. If you factor in normal raiss, that gap of what four points gonna be even bigger. And here's the saddest thing of it all. Person B probably feels like he got excellent care because this advisor was really a good person. A little did he realize he did the equivalent of giving someone else funding someone else's retirement with half of his own money, and that is a tragic I am not against advisors, Benita, I'm really not. But what I am against is products that enrich Wall Street at the expense of their client's portfolio. And I'm going to tell you something else. I'm going to embarrass myself by saying this.

34:12 For years, for forty years, I never questioned fees. I just assume that was a price of admission. That's the rules of the game. But what I later understand is the rules we don't question can cost us the most. And that person's case, Person B, it cost them four point three million dollars. So that I think is something that people need to be a lot more aware of. Right, Yeah, it's that was kind of what you're talking about, you know, being in the financial industry, I about fifteen years ago I found the differences between being independent advisor versus the what you were talking about is broker dealers and the fees that the advisors a lot of times don't even know you know, what's going on. So anyway, but yeah, so let's let's talk about another habit. What do you think is a simple habit that you consider? Yeah, you know, you might say it's un sexy, but undefeated for building wealth, especially late in life. What do you think?

35:17 What's this? What's this? What's a good habit there, David? I think consistency and in investing from from day one. Let me just let me just say you this. I doubled my portfolio three times in the six year period. I didn't do it by chasing crypto or timing the mark or their day trading. Okay. I did something so boring and put you asleep, okay. And the thing about it is I found a simple investment approach. And the crazy thing is Benita. When the market was down, I was thrilled when other people were panicing and selling. I was buying more shares of discount prices. But it wasn't the return that was really surprised me. But it was the math. There's a thing called the rule of sev Me two and it says, if you're getting a ten percent return on your money, your money will double every seven point two years, or roughly every eighty six months.

36:08 My first double once I started my compass occurred in just thirty months, my second double thirteen months, my third double twenty nine months, for an average of twenty four months, way less than half the eighty six months or eighty four months expected time returns. But it wasn't the returns. It was three things I was doing. One I was saving a good portion of my income every month. Two I was putting in the right kind of investments, like the Kanya and I are talking about. And three I was using market volatility to work for me instead of against me. Too many people are trapped in the thing of buying high and selling low. Okay, that will destroy your wealth. Okay. No, I built my wealth twice as fast with half the risk compared to how so many people are doing it by following a simple plath. So that's.

36:57 Well. You talk about the power of doing nothing. So is that what you're talking about here? Absolutely? I used to for forty years. But you know, I was tweaking everything. Every time I read something or heard something on the TV or rating, I would oh, I would do that, and I would change, and I wouldjust it and I would get out of this and I get into that, and at the end of the year, I had less money than I had the year before, you know. And it's like I was long saying, Now I. Don't market timing. That's right, market time, No. I now, I just every payday, every once a month, when I get hey, I just put it in the investment and I forget it. I don't even look at it. I just forget it. And if the market's going down, I'm having a little party because I'm buying it cheaper now. It's just funny. We get people that go in the department store and they'll they'll see a fifty percent off sign. They said, I don't want fifty percent off. I want to pay full retail.

37:45 But when's this going back up the retail no one does that, But yet in investments they do. The market goes down in half, Oh my gosh, I'm panic. I gotta got No, that's the time to be buying. And that's what I did. And that's how market filatility co works against you. Sorry, I get like here, but I just it's true. I know it's good. It's good. For someone who feels like they're it's too like what's the right balance between increasing income, cutting spending and investing Simply, I mean, I I can see, I can. Already hear people in my brain. I can't do that. I can't I can't do that. So what would you say the right balance is between your income and spending and investing.

38:29 First, I would find out where is your weakest link at Okay, maybe it's your income is just too low, or maybe it's you're just like you're a spender and you're just spending like crazy, or you're not investing great. Number one career and income. Well, that that's part of it. But but no, but not if if your career income is going good, then maybe it's a spending problem. Maybe it's then that's what you got to look at, okay. And if it's and if it's not a spending problem, then maybe it's an investment problem problem. And you were doing what I did for forty years. So it's going to be different for different people. That's why I say, when you look at the compash, you just figure out where you're at and where you're going to go next. So I would say, Anita, that those three choices you gave me, it's going to differ for different people, depending on Some people have no income problem, or some people have serious income problems. Some people have no spending problems. I have serious, you know, and it just to kind of then I would figure out where you're at, and then that's the one I would focus on first.

39:23 Okay, so looking back, our time is going really fast. I just tell you, so, looking back, why did getting fired at sixty three become the best thing that happened to your relationship with money? Well, so what as we. Start wrapping up, what do you want listeners to believe about their second act or about you know, I'm starting now and I'm going to go forward. What do you want people to know? Well, when I got fired, I guess said it was the worst day of my wife life until it became the best day of my life. And the reason it was a blessing to me. Really, it was a true blessing to me because media and this is embarrassing to me.

40:07 I didn't have the guts to quit. I should have quit that job eight years ago. It's a good job, good company. I'm not complain about the company and job. But I knew I that, Yeah, I knew, I knew I need to make a change. But I didn't have the guts. When you're in your late fifties, you just feel like, hey, this, I need to ride this thing out. Well, I was riding on the wrong horse. I was going over the cliff here. But I just didn't have the guts. So I felt I was blessed, and I think power is that being new. I didn't have this courage to do this. So I got a little nudge, and I am so grateful for that nudge. It was kind of a push over the cliff, but it seemed like and that's what really did it for me. I wish I could say I was confident. I just said, hey, you could take this job and job and I'm going to do that. Wasn't me. That was the opposite of me.

40:53 I was conservative. I would want to play it safe. I was a little nervous and scared. I knew we were having problems, and so I would just don't wait for the other person or outside force. When you know inside you need to change, Please start doing that. Don't wait, because I just think what if I had done that in my fifties. My doubles right now, Benita, are seven figure doubles. You know, and their averaging our duties. But what if I started out my fifties. I mean, can you imagine and people that fifties. But David, I'm going to push back at you because you wouldn't the whole mindset. I mean, part of the reason why you did this was because you had to.

41:35 Yep, you're right, You're right. I agree with you, Benita. If I I think the worst thing that would have happened to me in my life is that sixty three when I had when I got fired, If I had ten million dollars or five million dollars in retirement fund, that would have been the curse because I would have never figured this out my life. I have never been happier, I've never been more fulfilled, I've never been more excited. And I have my company, my son's trying me. It's really fun. I've helped people with a compass and help them get their path. Then none of that would happen. I've been telling me some retired guy doing nothing living off you know, is if that would have been a curse. I am so grateful that didn't happen. I know it sounds crazy, but but here's but on the flip side of that, you know, pushing back at you.

42:18 Okay, On the. Flip side, is there is somebody that's fifty out there, then maybe this is their wake up call. Yeah, that's right, don't wait please, And I did the work for you and it's free, so I'm not charging anything. Get the compass because why not? Why not figure it? Why not figure out something? Let somebody else figure out for it, and then you can you can look at it and see if it makes sense to you. I promise, I'm not trying to make you do anything, do whatever you want, but look at the compass. I think you'll find there's a lot of truth in that deal. Right right, Well, David, our time is up. Wow, And so. Time always flies. I mean I just tell you, you just it just goes fast, you know when you're having a great conversation. So I I think I really appreciate all the valuable things. I mean, you have laid down some incredibly important foundational things that everyone needs to do. And so it's like I always, you know, take advantage of the things that he has shared, take advantage of the things that he learned along the way, and you'll be that much further ahead. Any closing thoughts, David.

43:27 Yeah, I would just recommend to your audience to go to the website and get the free There's no charge and there's nothing to buy in the website. I'm not doing this for money. I have a very successful firm. I don't need to do this for money. I'm just doing to give back and to help other people who can struggle. So go on the website one page Wealthcomass dot com and download the free the free Wealth Compass for yourself and see if you want to buy a book. There is a link to Amazon, but I'm not saying you have to do that. Just look at the compass that there's no cost to it, and you'll be in the newsletter. You'll get tips along the way and help you out. It's all free, all freed, there's nothing say and that's why I recommend and just take a look at it for yourself and you be the judge. Do you be the judge what you think? So with that, thank you everyone for joining us today on the Ask Good Questions podcast. Thank you David for joining us, and we will see you next time. Thank you bye for.

44:18 Now today's episode is over, but we did Ask Good Questions again. Didn't. We don't miss out as we broadcast live every Wednesday, six pm Eastern Time on W four CY Radio at w four cy dot com. Joined Nina bellm'erson next week for more conversations with experts on finances, retirement, behavioral finance issues, health and wellness, and more. Until then, remember to ask good questions.