Feb. 26, 2025

Killing Sacred Cows: Overcome Financial Myths that Destroy Prosperity

Killing Sacred Cows: Overcome Financial Myths that Destroy Prosperity

“The vast majority of people plan & organize their economic lives with faulty & counterproductive ideas, attitudes, & strategies. Garrett Gunderson throws out all of the bad stuff & supplies rules and methods that bring substantial and...

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Season 1

“The vast majority of people plan & organize their economic lives with faulty & counterproductive ideas, attitudes, & strategies. Garrett Gunderson throws out all of the bad stuff & supplies rules and methods that bring substantial and satisfying progress over a lifetime.” We may not be able to control what the government or the economy does. But we can choose to increase our knowledge & focus on our ingenuity, character, & integrity. Control your relationship with money- better outcomes!

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).

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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 explicitor implies shall be extended to W FOURCY Radio

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

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to the 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 host, Anita Bell Anderson, as together we

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start with Asking Good Questions.

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Hello, and welcome to the podcast, to the Ask Good

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Questions podcast. We are delighted that you're here with us today,

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and we have a special guest today with Garrett Gunderson,

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who i'd like to invite to be on now. And

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Garrett is joining us here sometime soon there he comes. Hello, Hello,

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Hello Garrett. Well, first, before we get into it, let

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me give everyone a little you know, I'm sure there's

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going to be quite a few that are going to

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know who you are, but let's give those that are

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meeting you for the first time a little bit of

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information about you. You are the author of ten books,

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including multiple Wall Street Journal bestsellers, and Killing Sacred Cows,

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which we're going to take a lot of our content

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from today, is something that you've just been updating recently,

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and it was original. Book was originally called What Would

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the Rockefellers Do, And it's been consistently among the top

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five titles in Amazon's Wealth management category. He is a speaker.

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But the thing that is most interesting about Garrett is

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that he's been a financial advisor, but he has become

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a stand up comedian. And how long have you been

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doing that, Garrett?

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So as a hobby.

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I started in August of twenty seventeen, just because I

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do a lot of speaking, and I just thought adding

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some humor and it was just like something from the

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time I was five. My mom had a big laugh,

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my uncles were super funny, my dad's got an amazing

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dry sense, of humor, so it always felt like family

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and love. And then I actually filmed the comedy special

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in twenty twenty one that's on Amazon Prime now. So

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it's still kind of a hobby because I'm still mostly

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in this world and game of finance. But if we

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can make you a little bit of fun, we maybe

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get a little bit of laughter along the way. I

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don't think that hurts.

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All the better. So you also said that you enjoy

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time at your cabin. Roughly where's your cabin.

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So it's close to Camas, Utah, which is about thirty

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minutes east of Park City, Utah about the Upper Promo River.

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This is a beautiful, beautiful log cabin on the aspen

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trees everywhere.

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You can also follow him in his blog. I'm going

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to give you some more information about that later and

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so one of the things that you'll be able to

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do is to interact with him on Instagram. So all right, Garrett,

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I've been looking forward to this because this is this

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was a really good book for me about probably I've

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been in the industry for about twenty five years. It

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was probably about halfway through that time that I really

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started going this is not what I thought it was

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going to be. In fact, it was two thousand and

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eight when I went, I don't know what I should

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know to help clients, and so I would love to

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find out where I'd use as a basis of our

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conversation killing sacred cows. But where did the idea come

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from of killing sacred cows? And where where did that

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whole idea of doing that type of book come from?

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Well, I was nineteen ninety eight.

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I started in financial services, and I kind of bought

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into these myths myself the first few years. And it

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was when I was at this event getting this award

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for being like a rookie of the Year in the

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financial services industry, and there's this woman, her name is Nancy,

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and she was actually part of Robert Kiyosaki's advisors. And

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I had just read rich Dad portad and so I'd

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gotten the conversation with her in the hallway and she's like,

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I can't wait till you get to the next level

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of this business, because you're going to find out people

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view money differently, Like, well, what do you mean view

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money differently? And she's like, well, you open to having

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a conversation me asking you some questions. So she asked

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me these questions, and that all my answers were about

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where what I learned growing up, which was I just

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held on to every dollar I had. I was kind

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of a miser, you know. My great grandfather came over

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from Italy and he didn't have enough money to put

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food on the table, became a goatherd and eventually a

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coal miner, and was separated from his family for seven years.

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And so I just thought you had to hold on

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to what you got. And so I'd say, oh, when

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we've saved up this amount of money, we can consider

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having kids. And when we've got this amount of money,

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then we can.

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Start doing this.

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And she's like, after a minute, she goes, I wonder

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what it's like living in the financial prison that you

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built for your wife.

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And I was like, oh, wait, I'm kind of an

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a hole. This is meat like.

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And I just that question really was a trigger to

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start questioning my beliefs, and so I started to really

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everything that I had learned. I just started questioning how

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a business partner lesson. We'd sit down and say, well,

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what does this really mean and what are the potential

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outcomes of it? And what have we been taught and

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what would make it not work and work? And so

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we really just started identifying nine main myths. I'd write

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down everything I thought was a myth, and then I

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would just dissect it, and I took the top nine

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and said, hey, if people could understand these, they would

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just be more prosperous, they'd feel better about money, they

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would they would avoid missteps and mistakes. And so it

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was really this you know, process of we had a

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radio show and we were hosting events, and we were

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just kind of investigating. We were just super curious and

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we were more committed to like what's right? Then who's right?

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Like I was okay, saying maybe I've got this wrong.

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And I just started to find people. I would travel

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in New York and I would interview people that were

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really good at what they did in the world of finance,

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and I just started to recognize, like, wait, I don't

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think that my philosophy is the best one for prosperity.

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So it's almost like a book of a guilty admission

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at first, like oh, this is how I used to

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think it was, and then this is how I think

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it might be. But more importantly, the book was about

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giving people better questions to to like to create their

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own philosophy rather than just.

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Maybe they should ask better questions.

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Huh, that's the thing, ask good questions, right. So it

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really came through that questioning process and curiosity. And it

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was nice because I was young. I didn't have a

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lot of like financial obligations, and I didn't have a

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lot of bills or a bunch of debts, so I

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was able to really adjust things and do things differently.

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And I think it really happened through two factors after that. One,

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I met this guy, Steve Harrip was my professor. He

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managed five billion dollars in municipal bond funds and I

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was in his class. He donated a quarter of a

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million dollars for us to manage, and he just said

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one day, yeah, I'd like to be in better shape.

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So I was like, well, there's my rackuball partner. I'm

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taking him to the gym because then I can spend

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some time with him and learn. And that was like

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truly instrumental. And then I met these three other young

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guys that were just always questioning things as well. So

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we just started forming study groups and we started inviting

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other financial people to our study groups, and they grew

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to be over one hundred and fifty people, And here

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we were. I was in my early twenties, they were

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in their early thirties, and people just started like I

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would debate accounts and I would debate other people on

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my radio show, which helped me to really refine the

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thought processes and get to like the bottom of things

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sort of. I learned what the principles were, not just

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the strategies.

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Well, you were. One of the things that I found

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interesting was the whole idea of the finite pie. Why

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do you think there's so much scarcity thinking out there?

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Because I think that we're trained in scarcity. I think

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that our brain becomes addicted to it from the news

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that we get that shows up with negativity, and that

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people think that it's a competitive zero sum game world.

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One person gets something, the next doesn't, and it's reinforced

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through a lot of negative beliefs that come from childhood

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and from family.

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You know, Oh, that person's.

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Think about what we call money, dirty, filthy, stinking.

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You know, there's just all these phrases.

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I actually wrote an entire five and a half minute

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wrap that I opened my comedy special with about all

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the negative phrases of money that we kind of buy into, right,

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And so I just think it's part of the culture.

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And I think words cast spells, and when we believe

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these things, we look for the evidence of those.

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Yeah, it's powerful. Language is so powerful.

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Yeah, wealth is built or destroyed through language. We speak

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wealth into existence when we're committed to what we say,

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and people that are visionary they don't have evidence of

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what they say sometimes, but it moves people into action

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to a more prosperous thing. But most people are kind

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of governed and limited by three factors. How much time

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do they have, how much money do they have, and

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how much of their owner they have, And so they

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get really caught up in this isolated world of what

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do I know now and what can I accomplish today?

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Versus thinking and co creation, thinking and collaboration, thinking in

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ways to rally people around to do something that would

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be seemingly impossible, but it becomes possible because it's not

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just our skill set, it's others people's skills set. It's

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not just our time, it's other people's time. And if

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it's a good enough, you know, project, if it's a

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good enough idea, the money will follow. Because dollars follow value,

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so you become more about a value creator versus a hoarder.

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I was kind of a hoarder of money. I was

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so miserly.

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I played the game of preservation, saving, sacrificing, delaying, deferring,

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And there's so much in the world to reinforce that.

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We're just taught that budgeting is the key to wealth. Well,

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for things other than budgeting, it could be helpful, and

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it's more about, you know, if it live within your

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means is a good term. But there's three ways to

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do it. One you can budget and cut back, that's one,

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But two you could just be more efficient legally, pay

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less in tax, find out how to pay lesson interest,

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find out whether there's non performing fees or hidden commissions

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that create drag on investments, or design insurances so that

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you don't waste money. There's a lot of waste when

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it comes to the insurance world. So you can be

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more efficient or the game changers to expand your means,

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serve more people, solve bigger problems, add more value.

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Well. One of the things that I learned early on

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when I got into the industry. It was two thousand

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and I had just gone through a terrible divorce that

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was I lost everything, was just completely having to rewrite

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my life, and I joined Northwestern Mutual and so I

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started out midlife as a brand new insurance agent, and

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all I learned was accumulate, accumulate, to accumulate, and then distribute, distribute, distribute.

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So I know you have an alternative to the whole

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accumulation theory.

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Yes, it's acceleration, it's velocity, it's cash flow. I mean,

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entrepreneurs are pretty intimately familiar with cash flow, but not

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everybody is. That's a term that should be just common language,

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even though it's not. And so I like to see

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people create financial independence where they have enough cash flow

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from their assets to cover their expenses. What happens then,

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is every active doll you learn can build more assets

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because it doesn't have to pay for your lifestyle. And

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that's a big advantage instead of waiting for thirty years

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hoping it works out. Not quite sure, I mean, it's

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just a completely different kind of methodology and thought process.

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Well, okay, so just I want to jump right into

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because I feel like this is going to be like

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a big mind shift for a lot of people. Where

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do you think we really find true financial security.

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I actually think that it's it's a mindset. I think

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that financial freedom is when money is not the primary

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reason or excuse we would do or not do something.

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It's a consideration, it's just not the consideration. So I

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can break it down like this, there's three measures of worth.

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The first is the price, and a lot of people

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get stuck on price. How do I reduce the price,

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how do I spend less? How do I get this

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cheaper or on sell or go without? And that's helpful

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to a degree, But there's also the cost. The cost

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is the economic consequence. The cost is I might pay

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more for an amazing tax attorney, but they save me

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a lot more than I pay them, So it's a

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high price, low cost.

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And then we have to look at value.

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Values are feeling of satisfaction or fulfillment or enjoyment. And

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most of us are taught wait till you retire, then

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you can enjoy life, and we neglect value. But there's

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certain things I call it value based spending, where you

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consider is it valuable first, what's the economic cost?

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Second?

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And then the price and if you can't afford it,

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then instead of saying I can't afford it, Say what

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would it take to afford it? What would be required?

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You ask yourself questions versus have defeating statements, which goes

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along with the show.

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So here's a question for you. Is the term money

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is power? Is it?

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So?

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If money was power, just in an isolated vacuum, why

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is it Right now? We spend more in the United

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States than any other country on health and education, but

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we're number forty on education even though we put the

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money behind it, and we're not even in the top

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forty for health. So if money were power, money is potential.

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Money is a store of value, and if we use

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it unwisely, it's not powerful at all.

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It becomes wasteful.

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So you know, as if I help you and you go, oh,

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I want to I want to reward you for that help.

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You can give me money and I can store that

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value of my help and I can use it somewhere else.

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And that could be very efficient because exchange is what

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creates wealth, and the more we exchange with one another,

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the more wealth is created. But if we hoard our

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money or store it like I did as a miser,

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it's unrealized potential. It's not actually being productive at all.

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And and so I think that people get confused and

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think money is power because we hear about, you know,

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corrupt politicians, or we hear about, you know, funding things

292
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that aren't necessarily good, and we're like, oh, well, if

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you have money, then you have the power. But guess

294
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what what really is power is your ability. It's service,

295
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it's your how you have critical thinking, it's your skill sets.

296
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And money becomes a useful tool to enhance that. But

297
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it really comes down to the individual's ability to provide

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that value. And look, if you give, we can look

299
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at it. People that win the lottery typically end up

300
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not only bankrupt, but often in jail because they It's

301
00:14:49.240 --> 00:14:50.759
like if I will go into a gym today and

302
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I've never lifted weights, and I put four hundred pounds

303
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on the bar and I try to bench presslet ter squat,

304
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it just crushes me because I'm not ready for that.

305
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I don't have the strength.

306
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So we have to have personal strength through our ability

307
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that allows us to be stewards of the money. And

308
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the people that are stewards of the money not only

309
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know how to make it, but they know how to

310
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keep it. They know how to utilize it. To be effective,

311
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but again, you give it. It's one of those things

312
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where if you don't know what you're doing with it,

313
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you're going to find a way.

314
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To destroy it, exactly.

315
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And that's what I found out when I was going

316
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through all of that change in my life, and I

317
00:15:27.159 --> 00:15:30.440
did I self sabotaged. And the other thing I'm thinking

318
00:15:30.440 --> 00:15:35.000
about is the stories you hear of millionaires. In fact,

319
00:15:35.039 --> 00:15:39.679
I saw panel once of like five millionaires. The horrific

320
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stories that they tell about loss and losing everything and

321
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bankruptcy and everything, but every single one of them wasn't

322
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anything about the money. They all came back because they

323
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had the tools and they had the mindset.

324
00:15:54.480 --> 00:15:58.039
Yeah, it is. It's a money mindset. You either can

325
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handle the money and utilize it, or the money handles

326
00:16:01.039 --> 00:16:04.879
you and you're kind of enslaved to it. And that's

327
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why I would never buy a lottery ticket personally. You know,

328
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I like when I've actually added the value and the

329
00:16:10.600 --> 00:16:13.960
money comes from the value instead of just being handed

330
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to me or hoping it's luck or marrying the right

331
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person or you know, inheriting it. Like you know, even

332
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if someone inherits money, if they're not prepared for that inheritance,

333
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it goes away.

334
00:16:26.120 --> 00:16:27.799
It just isn't going to last. Yeah.

335
00:16:28.080 --> 00:16:30.360
So you know there's a saying shirt sleeves, the shirt

336
00:16:30.399 --> 00:16:33.080
sleeves in three generations. It's because most money is destroyed

337
00:16:33.120 --> 00:16:35.960
by the third generation, right, because you know I wrote

338
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a book and talks about the Vanderbilts. Well, the Vanderbilts

339
00:16:38.240 --> 00:16:40.200
had more money than the US Treasury at one time,

340
00:16:40.600 --> 00:16:44.000
but they didn't really have a process other than you know,

341
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Cornelius helped his eldest son and in nine years he

342
00:16:47.799 --> 00:16:50.679
doubled the estate. After Cornelius's death, but then it was

343
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the last time that of state grew because they became

344
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wealthy socialites that knew how to spend money, but not

345
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how to grow money. And they lost all ten mansions

346
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they had in Manhattan. They lost the breakers in uh,

347
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I think that's in Rhode Island. The Biltmore estate that

348
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was in the Carolinas. They don't have any of that

349
00:17:06.480 --> 00:17:10.000
anymore because they didn't have the skill set. They weren't trained,

350
00:17:10.039 --> 00:17:13.480
they weren't taught, and so that inheritance actually corrupted them

351
00:17:13.880 --> 00:17:15.319
versus catapult to them.

352
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Yeah. Well, I can hear somebody saying, well, that's all

353
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well and good but what are the best and safest

354
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investments then? And how do you manage that? I mean,

355
00:17:26.400 --> 00:17:28.880
I see that a lot where people go, I don't

356
00:17:28.880 --> 00:17:31.920
know what to invest in? Well, what's your what is

357
00:17:32.039 --> 00:17:35.599
your idea of the best and safest types of investments?

358
00:17:36.000 --> 00:17:37.920
Well, people ask that question a lot, like where should

359
00:17:37.920 --> 00:17:39.680
I invest? And I'm like, that's that's not a great

360
00:17:39.799 --> 00:17:43.680
question because what happens is they're asking what I know,

361
00:17:44.559 --> 00:17:46.640
and then they try to replicate what I'm doing. But

362
00:17:46.680 --> 00:17:49.559
I might have a depth of knowledge in business or

363
00:17:49.559 --> 00:17:52.079
in writing books, I might have a depth. Like some

364
00:17:52.119 --> 00:17:53.960
people have a depth of knowledge in the stock market,

365
00:17:54.000 --> 00:17:56.200
most don't. Some people are really good with real estate,

366
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others aren't. So the key is risk is in the investor,

367
00:17:59.599 --> 00:18:02.599
not the investment. So are you risky investor? And how

368
00:18:02.599 --> 00:18:04.759
do you become a better investor? So to me, if

369
00:18:04.759 --> 00:18:07.160
you're asking that question, it's always the same answer.

370
00:18:07.240 --> 00:18:08.640
You've got to invest in yourself.

371
00:18:08.960 --> 00:18:11.319
You've got to develop the skill sets, and if you don't,

372
00:18:11.720 --> 00:18:14.200
then you're going to chase a return. Is bitcoin good

373
00:18:14.240 --> 00:18:16.559
or bad? It depends is it part of your investor DNA?

374
00:18:16.839 --> 00:18:18.640
Is real estate good or bad? It depends? What's your

375
00:18:18.640 --> 00:18:21.240
investor DNA. You know, it comes down to that. And

376
00:18:21.279 --> 00:18:24.839
so we've been kind of indoctrinated as society to skip

377
00:18:25.279 --> 00:18:28.559
learning and just trust Wall Street. Now, look, Wall Street

378
00:18:28.880 --> 00:18:31.640
isn't a place I would really trust with anything. I'm

379
00:18:31.680 --> 00:18:33.799
not getting on of Wall Street airlines because it's probably

380
00:18:33.799 --> 00:18:36.119
going to crash. I'm not going to Wall Street surgery

381
00:18:36.160 --> 00:18:38.640
center because they'll probably sell my kidney. I'm not going

382
00:18:38.720 --> 00:18:40.759
to take my kids to Wall Street daycare because they'll

383
00:18:40.799 --> 00:18:42.240
probably lose part of their body.

384
00:18:42.400 --> 00:18:44.200
Be like, oh, we lost their toes, but it's okay,

385
00:18:44.240 --> 00:18:45.079
let's grow back right.

386
00:18:45.119 --> 00:18:48.279
Like, Yet, we think somehow that other people are supposed

387
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to care more about our money than we do. And

388
00:18:49.880 --> 00:18:52.880
that's the danger if we don't learn the skills. And

389
00:18:52.960 --> 00:18:55.039
the good news is we don't need to know everything

390
00:18:55.079 --> 00:18:56.599
there is to know. I don't have to know about

391
00:18:56.680 --> 00:18:59.039
tax leans. I don't have to know about hard money lending.

392
00:18:59.079 --> 00:19:02.880
I don't have to know about you know, commercial property.

393
00:19:03.160 --> 00:19:04.759
I just need to know, like where am I going

394
00:19:04.799 --> 00:19:06.640
to allocate my money in a place that I have

395
00:19:06.720 --> 00:19:08.599
an understanding of when it makes sense to be in

396
00:19:08.759 --> 00:19:10.920
or out? What my exit strategy is, and if we

397
00:19:11.039 --> 00:19:13.599
just narrow it down to a few select things we

398
00:19:13.720 --> 00:19:16.039
actually could find the time to do it. Now, that

399
00:19:16.079 --> 00:19:19.480
doesn't mean we don't utilize experts. That's still important. We

400
00:19:19.559 --> 00:19:22.200
just don't overrely on those experts at the expense of

401
00:19:22.200 --> 00:19:22.880
our knowledge.

402
00:19:24.319 --> 00:19:29.559
Awesome. There is a lot of debt in the country.

403
00:19:29.599 --> 00:19:32.400
There's a lot of people in debt. Yeah, what is

404
00:19:32.440 --> 00:19:33.640
your definition of debt?

405
00:19:34.720 --> 00:19:37.000
So it's funny because I get some people that really

406
00:19:37.119 --> 00:19:39.480
argue with me on this, but I'm looking at the

407
00:19:39.839 --> 00:19:43.039
generally accepted accounting principles definition of debt. Now we have

408
00:19:43.079 --> 00:19:45.279
to look at as a balance sheet, and a balance

409
00:19:45.319 --> 00:19:48.680
sheet it just measures our assets versus our liabilities. If

410
00:19:48.680 --> 00:19:51.799
we have more assets than liabilities, even though we have

411
00:19:51.839 --> 00:19:54.720
a liability that could be alone, we can be in equity,

412
00:19:54.960 --> 00:19:57.640
which is the opposite of debt. So if I found

413
00:19:57.680 --> 00:20:01.039
a property today that I know worth five hundred thousand,

414
00:20:01.079 --> 00:20:03.000
but there's a distressed seller that's going to lose the

415
00:20:03.039 --> 00:20:05.000
property and they're willing to let it go for two

416
00:20:05.039 --> 00:20:06.720
hundred and fifty thousand dollars, and I get a loan,

417
00:20:07.400 --> 00:20:10.240
I'm not two fifty in debt. I'm two fifty inequity.

418
00:20:10.599 --> 00:20:12.279
But most people go, no, no, you're in debt because

419
00:20:12.319 --> 00:20:15.440
you owe money. Well, look where debt really occurs is

420
00:20:15.440 --> 00:20:17.599
when we borrow to consume. If I go on a trip,

421
00:20:17.599 --> 00:20:18.799
I don't have the money for it, put on a

422
00:20:18.799 --> 00:20:21.400
credit card, that's debt because I have memories, but I

423
00:20:21.400 --> 00:20:24.119
don't have an asset to create cash flow. So a

424
00:20:24.119 --> 00:20:26.599
lot of people just have a wrong definition. They figure

425
00:20:26.640 --> 00:20:29.160
any loan we have is debt. But if that loan

426
00:20:29.279 --> 00:20:31.920
gets you an asset that is either cash flowing or

427
00:20:31.960 --> 00:20:32.799
you can manage it.

428
00:20:33.039 --> 00:20:33.880
See, it would be debt.

429
00:20:33.880 --> 00:20:35.960
For someone that knows nothing about real estate, they might

430
00:20:36.079 --> 00:20:39.000
go borrow, but they don't have an exit strategy, they

431
00:20:39.000 --> 00:20:41.519
don't have a team, and so that might be debt

432
00:20:41.519 --> 00:20:44.920
in that situation. So when we have more liabilities and assets,

433
00:20:44.960 --> 00:20:47.720
that's debt. And I definitely think people should avoid debt.

434
00:20:48.119 --> 00:20:49.920
But we have to even be careful because I know

435
00:20:49.960 --> 00:20:53.079
there's like a helpful context with some people that say

436
00:20:53.079 --> 00:20:55.839
there's good debt and bad debt, and what they're saying,

437
00:20:56.119 --> 00:20:58.960
what they really mean is there's loans that get you

438
00:20:59.079 --> 00:21:02.000
access to assets, and there's loans that just give you

439
00:21:02.160 --> 00:21:06.240
access to consumer items that depreciate or go away. And

440
00:21:06.279 --> 00:21:09.240
they're saying, use loans for things that actually are productive,

441
00:21:09.880 --> 00:21:10.720
not destructive.

442
00:21:11.119 --> 00:21:11.920
And we have to look.

443
00:21:12.000 --> 00:21:15.200
Some people just don't have a mindset to ever borrow money,

444
00:21:15.599 --> 00:21:18.160
and so maybe they should never borrow a single dollar

445
00:21:18.279 --> 00:21:20.119
even if it gets them an asset, because they would

446
00:21:20.119 --> 00:21:21.759
lose sleep at night. It comes down to who they

447
00:21:21.759 --> 00:21:24.960
are individually. Whereas I'm sitting in a house right now,

448
00:21:25.039 --> 00:21:28.039
finance at two point seventy five percent, I can put

449
00:21:28.079 --> 00:21:30.200
money in treasuries and do better than two point seventy

450
00:21:30.200 --> 00:21:31.880
five percent. I can put money in my whole life

451
00:21:31.920 --> 00:21:34.039
cash value do better than two point seventy five percent.

452
00:21:34.759 --> 00:21:38.559
Very stable, very secure, without much risk. But I know

453
00:21:38.680 --> 00:21:42.119
people that in the two thousands they pulled all the

454
00:21:42.119 --> 00:21:43.519
equity out of their home and put it in the

455
00:21:43.519 --> 00:21:46.119
stock market, and then two thousand and eight, two thousand

456
00:21:46.119 --> 00:21:48.240
and nine, and twenty ten had three down years, and

457
00:21:48.279 --> 00:21:50.240
now they still have the loan, but they don't have

458
00:21:50.240 --> 00:21:53.119
the value in the home anymore. And so that actually

459
00:21:53.119 --> 00:21:55.839
created debt because it was risky based on who they are.

460
00:21:55.839 --> 00:21:58.880
But I know other people that have hundreds of millions

461
00:21:58.920 --> 00:22:04.319
of dollars in loans, but they have even more in assets. Yeah,

462
00:22:04.359 --> 00:22:06.319
and so it really comes down to who you are.

463
00:22:06.359 --> 00:22:08.440
But I think that's an imperative chapter of the book

464
00:22:08.640 --> 00:22:11.279
just to understand, because I get a lot of people

465
00:22:11.319 --> 00:22:13.720
that say, once I don't have debt, I'll be financially free,

466
00:22:13.759 --> 00:22:15.720
and I'm like, Okay, I guess it depends on your

467
00:22:15.720 --> 00:22:18.119
definition of financial freedom. If it's a mindset, you don't

468
00:22:18.119 --> 00:22:21.200
even have to wait. But if you're talk of financial independence,

469
00:22:21.240 --> 00:22:24.440
you're actually not there yet. Yes, you've reduced the outgoing,

470
00:22:24.880 --> 00:22:28.240
but if you have a home that has no mortgage,

471
00:22:28.240 --> 00:22:31.079
you sell property taxes, you sell, have utilities, and if

472
00:22:31.119 --> 00:22:32.759
you don't pay your property taxes, you don't get to

473
00:22:32.759 --> 00:22:34.240
have that home. And if it means you have to

474
00:22:34.240 --> 00:22:35.640
go to work the next day to pay that, I

475
00:22:35.640 --> 00:22:39.039
wouldn't call that financial independence. I would just say for

476
00:22:39.119 --> 00:22:40.960
that person, maybe it makes them feel a sense of

477
00:22:41.039 --> 00:22:43.640
peace of mind and some level of satisfaction. But I

478
00:22:43.640 --> 00:22:45.799
do think that there's a lot of people out there

479
00:22:46.039 --> 00:22:48.400
that just push that narrative as a one size fits

480
00:22:48.440 --> 00:22:50.920
all versus understanding the individual and who they are.

481
00:22:52.599 --> 00:22:56.319
Well, I want to get into your formula, but let

482
00:22:56.319 --> 00:23:00.359
me ask you one last question on this. That's the

483
00:23:00.400 --> 00:23:03.599
thing that is way more important than price to you.

484
00:23:04.319 --> 00:23:07.720
Yeah, more important than price is value because I just

485
00:23:07.759 --> 00:23:10.720
want to, like, do I value it. There's some things

486
00:23:10.720 --> 00:23:13.920
that might be cheap, but like this is the best example.

487
00:23:15.279 --> 00:23:17.160
We were having a cash flow crunch in two thousand

488
00:23:17.160 --> 00:23:20.559
and eight and my wife was like, Okay, I want

489
00:23:20.559 --> 00:23:23.200
to be really mindful of what we're spending. Let's go

490
00:23:23.240 --> 00:23:26.240
to Black Friday to handle Christmas. So we go to

491
00:23:26.279 --> 00:23:29.039
Black Friday. I've never been Black Friday before or since.

492
00:23:29.640 --> 00:23:32.799
We lined up at three am. That's not fun. I

493
00:23:32.839 --> 00:23:34.200
bought a it was way back in the day, so

494
00:23:34.240 --> 00:23:37.240
I bought a CD player for twenty dollars. It worked

495
00:23:37.240 --> 00:23:40.160
for two weeks, maybe maybe two and a half weeks.

496
00:23:40.200 --> 00:23:42.079
Then it broke, So it was a really low price,

497
00:23:42.119 --> 00:23:45.200
but there's not much value there. So I think if

498
00:23:45.240 --> 00:23:48.279
we put value first, then it really is a different

499
00:23:48.319 --> 00:23:51.359
context and go in the things that you really value.

500
00:23:51.559 --> 00:23:54.000
There's certain things I just don't value like other people,

501
00:23:54.039 --> 00:23:56.079
and there's other things that I have friends that are

502
00:23:56.079 --> 00:23:59.319
Like I decided to get a new wardrobe last year,

503
00:23:59.359 --> 00:24:02.160
and I hired a person shopper, and I spent what

504
00:24:02.200 --> 00:24:04.119
they thought was a crazy amount of money until they

505
00:24:04.119 --> 00:24:05.599
tried on some of the coats and clothes and I

506
00:24:05.680 --> 00:24:08.119
just feel better because I'm willing to go all in

507
00:24:08.559 --> 00:24:10.799
on that. It makes me feel good. I enjoy it.

508
00:24:10.799 --> 00:24:12.720
It's part of my value. But on the other side,

509
00:24:12.720 --> 00:24:16.039
I have friends that they'll go to these dinners that

510
00:24:16.079 --> 00:24:19.519
are super extravagant and expensive and like maybe once a year,

511
00:24:19.559 --> 00:24:21.960
but it doesn't it doesn't do enough for me to

512
00:24:22.079 --> 00:24:24.440
spend one thousand dollars on a dinner. It's like, well,

513
00:24:24.480 --> 00:24:28.039
that's so expensive, but you know there's foodies where that's

514
00:24:28.039 --> 00:24:29.079
where they want to go all in.

515
00:24:29.200 --> 00:24:30.480
So it's it's.

516
00:24:30.880 --> 00:24:34.279
Values perspective, and we all get to choose what that

517
00:24:34.359 --> 00:24:37.960
perspective is. But the key is what don't you value

518
00:24:38.039 --> 00:24:40.240
enough to actually pay the extra money? Go ahead and

519
00:24:40.319 --> 00:24:42.480
save that and then consider the things You're like, wow,

520
00:24:42.480 --> 00:24:45.160
this is really valuable. It's worth it to me. And

521
00:24:45.240 --> 00:24:47.319
if you could pay cash for those things, then pay cash.

522
00:24:47.359 --> 00:24:49.559
If you can't, then find a way that you can

523
00:24:49.680 --> 00:24:51.240
before you go and spend it.

524
00:24:52.880 --> 00:24:54.960
Austin, this is kind of like a fire hose of

525
00:24:55.400 --> 00:24:58.720
I mean, I'm hoping that this is going to mortibid

526
00:24:58.799 --> 00:25:03.039
people to get this new updated version of Killing Sacred Cows.

527
00:25:03.160 --> 00:25:06.160
Also they get the audiobook. It's that's true, it's got

528
00:25:06.200 --> 00:25:09.920
all my comedy in it. So every chapter I do

529
00:25:10.079 --> 00:25:13.960
the content, but then I have a comedy segment to

530
00:25:14.279 --> 00:25:17.480
laugh about that chapter that are between three and ten

531
00:25:17.519 --> 00:25:18.119
minutes long.

532
00:25:18.279 --> 00:25:19.960
Okay, you sold me. I'm going to have to go

533
00:25:20.000 --> 00:25:20.319
find that.

534
00:25:20.680 --> 00:25:23.039
So I think it's you know, it's yeah, and it's

535
00:25:23.119 --> 00:25:26.200
it's cool because it's Killing Sacred Cows two point zero

536
00:25:26.279 --> 00:25:28.480
if you get the audiobook for Killing Sacred Cows. One

537
00:25:29.039 --> 00:25:31.680
I sucked at reading. People made fun of how fast

538
00:25:31.720 --> 00:25:33.920
I read, and maybe I don't know how to read,

539
00:25:34.119 --> 00:25:35.960
and so I really took my time with this other one.

540
00:25:36.200 --> 00:25:37.039
I hired a coach.

541
00:25:37.200 --> 00:25:39.920
I spent months to to make sure I was present,

542
00:25:39.960 --> 00:25:41.240
and I didn't want it to sound like it was

543
00:25:41.240 --> 00:25:42.680
a book that was being read, but I wanted my

544
00:25:42.759 --> 00:25:43.640
voice to be part of it.

545
00:25:43.720 --> 00:25:45.440
So I'm pretty proud of it.

546
00:25:45.519 --> 00:25:48.119
Like this one, the book rating and the performance is

547
00:25:48.160 --> 00:25:49.920
the same on Audible. On the other one, the book

548
00:25:49.960 --> 00:25:52.640
rating is higher than the performance. And for good reason.

549
00:25:52.759 --> 00:25:53.160
I wasn't.

550
00:25:53.279 --> 00:25:55.880
I didn't understand the difficulty of recording an audiobook.

551
00:25:56.200 --> 00:26:03.519
Right. Well, okay, so let's raise awareness. Let's just in

552
00:26:03.640 --> 00:26:06.920
the time remaining, let's have an overview of the formula.

553
00:26:06.880 --> 00:26:12.519
Okay, So part of the book is just let's identify myths,

554
00:26:12.640 --> 00:26:16.319
because they're always the elusive obvious. It's hard to see

555
00:26:16.319 --> 00:26:18.799
them when you're in the myth. You know, Edward de

556
00:26:18.880 --> 00:26:21.079
Bono said, it's hard to get through a myth because

557
00:26:21.119 --> 00:26:23.440
when looked at the lens through the myth, it seems

558
00:26:23.480 --> 00:26:27.279
like reality. So what's helpful is if you go through

559
00:26:27.279 --> 00:26:30.440
the nine myths, you'll now be empowered to be like, oh,

560
00:26:30.559 --> 00:26:34.240
I now see what didn't serve me, so I can

561
00:26:34.240 --> 00:26:35.160
make better choices.

562
00:26:35.640 --> 00:26:37.000
So that's that's the first thing.

563
00:26:37.680 --> 00:26:40.039
The second thing is I want people to get in

564
00:26:40.039 --> 00:26:42.079
the habit of paying themselves first so they don't have

565
00:26:42.119 --> 00:26:44.640
to budget. You just pay yourself first by doing a

566
00:26:44.640 --> 00:26:49.880
sweep account sweep wherever you're banking, automatically have a percentage,

567
00:26:49.920 --> 00:26:51.519
go to a separate account. I call that the wealth

568
00:26:51.559 --> 00:26:54.400
capture account. I also call it a piece of mind funds.

569
00:26:54.519 --> 00:26:56.480
It doesn't matter what return it gets, it's just that

570
00:26:56.559 --> 00:26:59.880
it's separated from your personal account. Then you use my

571
00:27:00.000 --> 00:27:03.680
painful cash management what expenses you have the destructive get

572
00:27:03.759 --> 00:27:06.039
rid of those the things that you're not using and

573
00:27:06.079 --> 00:27:08.720
you're paying for or something that's avice that you can't handle.

574
00:27:09.240 --> 00:27:11.599
Then you look at your lifestyle expenses, pay cash for those,

575
00:27:12.200 --> 00:27:15.640
then address your protective expenses. Too many people have exposure

576
00:27:15.640 --> 00:27:18.759
because they don't have asset protection. They didn't set up

577
00:27:18.799 --> 00:27:21.079
a proper corporation. You have a four hundred percent higher

578
00:27:21.160 --> 00:27:23.559
chance of being audited as a business owner by not

579
00:27:23.599 --> 00:27:25.480
being incorporated if it's all on schedule.

580
00:27:25.519 --> 00:27:26.759
See so that's really helpful.

581
00:27:26.839 --> 00:27:30.240
And if you ever sued, you're only liable in the company,

582
00:27:30.319 --> 00:27:31.240
not on everything.

583
00:27:32.400 --> 00:27:33.680
Insurance transfer risk.

584
00:27:34.039 --> 00:27:36.440
I like to use companies worth billions of dollars to

585
00:27:36.920 --> 00:27:38.920
pay pennies on the dollar for my insurance rather than

586
00:27:39.000 --> 00:27:41.000
use my own money, which means I pay at least

587
00:27:41.039 --> 00:27:43.640
a dollar for that dollar of insurance. So transfer the

588
00:27:43.720 --> 00:27:46.799
risk that way and then have some liquidity. Most important

589
00:27:46.799 --> 00:27:50.440
with protective expenses is your education. Learn more so that

590
00:27:50.480 --> 00:27:52.640
you're a better steward of your money. And then the

591
00:27:52.720 --> 00:27:55.240
last expense relates to the third way, to live within

592
00:27:55.279 --> 00:27:59.279
your means productive expenses. You know, right now we run

593
00:27:59.319 --> 00:28:02.559
ads to sell what would the rock Fellers do? And

594
00:28:02.599 --> 00:28:04.279
for every dollar we've been spending on our ads the

595
00:28:04.359 --> 00:28:07.079
last seven days, we make more than a dollar, So

596
00:28:07.160 --> 00:28:09.279
we up it and tell that's no longer the case,

597
00:28:09.400 --> 00:28:11.559
or until we can't handle the customer service. We don't

598
00:28:11.559 --> 00:28:14.400
have a budget for it. We have a how productive

599
00:28:14.480 --> 00:28:16.079
is it? And that's not a good thing to budget.

600
00:28:16.079 --> 00:28:19.359
If people budget productive expenses, they limit their upside. So

601
00:28:20.119 --> 00:28:23.880
really that mindful cash management eliminate your destructive, increase your productive.

602
00:28:24.359 --> 00:28:27.359
And then when you've got enough liquidity, which I recommend

603
00:28:27.480 --> 00:28:29.920
six months minimum, when people say three to six months,

604
00:28:30.000 --> 00:28:32.720
that's a big difference. Three months not enough time. Six

605
00:28:32.759 --> 00:28:35.079
months maybe not even enough time, but much better, it's

606
00:28:35.119 --> 00:28:38.759
one hundred percent better. Then you start automatic saving like

607
00:28:38.839 --> 00:28:41.240
you are, and then you can deliberately invest with the

608
00:28:41.240 --> 00:28:44.319
money that's there. But that comes down to your investor DNA.

609
00:28:44.799 --> 00:28:47.799
What are your competencies, what are the drivers that you're

610
00:28:47.839 --> 00:28:49.599
interested in, what do you want to pay attention to?

611
00:28:50.279 --> 00:28:53.680
And then really where you get the competencies, you got

612
00:28:53.720 --> 00:28:56.160
the drivers, and then your values what matters to you,

613
00:28:56.200 --> 00:28:57.640
What do you want to learn about, what are you

614
00:28:57.680 --> 00:29:01.200
engaged in? And start looking at those those types of investments,

615
00:29:01.680 --> 00:29:04.680
and then once you've really figured out your investor DNA,

616
00:29:05.279 --> 00:29:08.799
it's about building your foundation. At the same time, foundation

617
00:29:09.160 --> 00:29:11.799
is really all those protective expenses and liquidity that I

618
00:29:11.839 --> 00:29:15.559
mentioned before, and then go all in and focus on

619
00:29:15.599 --> 00:29:18.319
the things that you're best at and protect them before

620
00:29:18.359 --> 00:29:22.359
you start diversifying too early. If we diversify too much,

621
00:29:22.640 --> 00:29:24.279
it can be risky because now we're in too many

622
00:29:24.319 --> 00:29:26.480
things to handle. We don't know what's working, what's not working.

623
00:29:26.680 --> 00:29:29.640
We're not related to our money, and I guess I

624
00:29:29.680 --> 00:29:30.880
skipped one step, which is.

625
00:29:30.839 --> 00:29:31.880
Knowing your money persona.

626
00:29:32.200 --> 00:29:34.640
If you know your money persona and you live from abundance,

627
00:29:34.720 --> 00:29:37.839
it'll help you to accelerate wealth. And that's in my

628
00:29:37.880 --> 00:29:38.839
book Money I'm Masked.

629
00:29:43.839 --> 00:29:48.440
Let's talk a little bit more about value proposition. Yeah,

630
00:29:48.680 --> 00:29:51.880
when you say understand what the value proposition is, you're

631
00:29:51.920 --> 00:29:54.839
looking at expand on that a little bit.

632
00:29:55.920 --> 00:29:57.519
So a lot of people lose money because they don't

633
00:29:57.559 --> 00:29:59.759
know the value proposition. The value proposition is if I'm

634
00:29:59.759 --> 00:30:03.759
giving someone money, why would I earn more? Why are

635
00:30:03.759 --> 00:30:07.440
they paying me? And what do they get? How does

636
00:30:07.480 --> 00:30:10.640
it benefit them? But the third piece is what's the

637
00:30:10.720 --> 00:30:14.079
impact in the marketplace. So I personally don't do options

638
00:30:14.119 --> 00:30:16.960
trading because it's a win low zero sum game. One

639
00:30:16.960 --> 00:30:19.200
person bets one way, one person bets the other way,

640
00:30:19.240 --> 00:30:20.920
one person gets all the money. The other person gets

641
00:30:20.920 --> 00:30:24.079
none of the money. I like win win scenarios, you know,

642
00:30:24.359 --> 00:30:27.039
And so for me, when I invest in creating a book,

643
00:30:27.599 --> 00:30:30.799
I take like killing sacret Cows was millions of dollars

644
00:30:30.799 --> 00:30:34.079
of really painful lessons in my life that someone can

645
00:30:34.319 --> 00:30:37.400
buy for less than twenty dollars. Yeah, and I don't

646
00:30:37.400 --> 00:30:39.839
need the book I wrote it, So the twenty dollars

647
00:30:40.000 --> 00:30:41.799
that they give me is worth more than the book.

648
00:30:42.000 --> 00:30:43.799
But hopefully the book's worth a lot more than twenty

649
00:30:43.799 --> 00:30:46.359
dollars to them, which means we can both end up wealthier.

650
00:30:47.079 --> 00:30:50.599
That's an example of a value proposition. So when I'm investing,

651
00:30:51.079 --> 00:30:52.960
you know, a lot of people invest in crypto without

652
00:30:53.039 --> 00:30:55.000
understanding it. They just think, oh, it's going to go

653
00:30:55.079 --> 00:30:58.359
up to value. But most crypto won't exist in the future.

654
00:30:58.480 --> 00:31:01.680
There will be It'll be like the nineteen nineties. There's

655
00:31:01.720 --> 00:31:03.960
a lot of internet stocks that don't exist today. There's

656
00:31:04.000 --> 00:31:05.920
a lot of Internet companies that don't exist, but there

657
00:31:05.920 --> 00:31:08.000
were some big ones that made it through. You know,

658
00:31:08.319 --> 00:31:11.319
Amazon is a behemoth, and they started out as a

659
00:31:11.319 --> 00:31:13.880
book retailler for three percent of the population that had

660
00:31:14.200 --> 00:31:18.079
a good internet, you know, and then they expanded, So

661
00:31:18.079 --> 00:31:22.000
you understood the value proposition because it actually improved the market.

662
00:31:22.200 --> 00:31:24.240
But if it's something that you can't explain in a

663
00:31:24.279 --> 00:31:26.920
paragraph or less why it would work, it's not a

664
00:31:26.920 --> 00:31:29.480
good investment for you. Anything that takes longer than a

665
00:31:29.519 --> 00:31:33.799
paragraph either has deceit or is confused. You're a confused investor.

666
00:31:34.160 --> 00:31:36.880
So that's my test, and it's how do I win

667
00:31:37.160 --> 00:31:39.319
as a person that brought this to me? When and

668
00:31:39.319 --> 00:31:41.880
how does the marketplace win? That's the value proposition. It

669
00:31:41.920 --> 00:31:45.000
really helps you become a better investor knowing that, well.

670
00:31:45.279 --> 00:31:51.799
You're basically tying everything that you began with here in

671
00:31:51.960 --> 00:31:55.279
talking about what does this mean to you? What's your purpose?

672
00:31:56.960 --> 00:31:59.240
Has nothing to do with the money. It has everything

673
00:31:59.240 --> 00:32:02.680
to do with your mindset and where you're coming at

674
00:32:02.720 --> 00:32:04.319
this whole area of life.

675
00:32:04.920 --> 00:32:09.279
To me, I really feel like what good is money

676
00:32:09.279 --> 00:32:12.319
if we don't have any plan to utilize it? You know,

677
00:32:12.359 --> 00:32:14.359
there's when I was taught, and I think you were

678
00:32:14.359 --> 00:32:17.480
taught the accumulation mindset. It was always about one day someday,

679
00:32:17.519 --> 00:32:20.200
Well that day never comes, yeah, And I think.

680
00:32:20.359 --> 00:32:23.359
All I was, look at my parents, they were going

681
00:32:23.400 --> 00:32:25.400
to do all this stuff when they retired and then

682
00:32:25.480 --> 00:32:27.720
they dad started getting sick and.

683
00:32:27.920 --> 00:32:32.160
Yeah, yeah, we ridiculous Italy in twenty seventeen for a

684
00:32:32.200 --> 00:32:34.519
whole summer, and it was just I had built my

685
00:32:34.559 --> 00:32:36.880
business where it was sustainable enough that I could do that.

686
00:32:37.240 --> 00:32:38.240
I built these memories.

687
00:32:38.279 --> 00:32:41.200
It was like sixty three straight days with my wife,

688
00:32:41.240 --> 00:32:43.440
which we had never done since we were married, because

689
00:32:43.480 --> 00:32:46.440
I was on the road speaking, Yeah, going to a conference,

690
00:32:46.480 --> 00:32:48.839
and so that was really cool. And it's like memories

691
00:32:48.880 --> 00:32:51.240
that we still think about so fondly. And it changed

692
00:32:51.240 --> 00:32:53.480
our life because it was about living wealthy along the way.

693
00:32:53.960 --> 00:32:56.440
It wasn't just about I don't know that.

694
00:32:56.839 --> 00:32:59.480
Nobody's guaranteed to make it to sixty five and nobody's

695
00:32:59.480 --> 00:33:02.240
guaranteed to be healthy at sixty five, and you know,

696
00:33:02.599 --> 00:33:04.480
I think it's really a travesty. A lot of people

697
00:33:04.519 --> 00:33:07.960
retire and then interest rates go down. Like imagine people

698
00:33:08.000 --> 00:33:11.880
that retire in twenty twenty two. Interest rates tank, so

699
00:33:12.160 --> 00:33:16.240
their their accounts lose value on their fixed income, but

700
00:33:16.319 --> 00:33:20.000
then inflation kicks in and their purchasing power suffers for

701
00:33:20.039 --> 00:33:22.480
the next several years. That was kind of a perfect storm.

702
00:33:22.519 --> 00:33:24.960
And if they waited thirty years to get to that point,

703
00:33:25.480 --> 00:33:27.920
they weren't actually getting to enjoy it like they thought

704
00:33:28.319 --> 00:33:31.920
because if taxes changed, their income changes, If instrates change,

705
00:33:31.960 --> 00:33:35.200
their income changes, and if inflation's high, it hurts them.

706
00:33:35.319 --> 00:33:37.079
And they don't have a lot of control over those things.

707
00:33:37.119 --> 00:33:39.000
So why not take a few trips along the way,

708
00:33:39.400 --> 00:33:41.920
enjoy life along the way, still be prepared for the future,

709
00:33:42.200 --> 00:33:43.880
but not at the expense of today. I think of

710
00:33:43.960 --> 00:33:47.640
wealth is an emotion. It's an emotion of happiness and fulfillment.

711
00:33:48.039 --> 00:33:50.880
And if everything we're taught about money is that that

712
00:33:51.000 --> 00:33:54.359
has to come way down the road, we actually lose

713
00:33:54.400 --> 00:33:56.839
wealth along the way, even if our accounts grow, because

714
00:33:56.839 --> 00:33:59.119
what if we have millions in an account that we

715
00:33:59.160 --> 00:34:00.880
don't know how to tap in to because we're afraid

716
00:34:00.880 --> 00:34:03.839
of paying tax on it. Yes, that's not real.

717
00:34:03.920 --> 00:34:05.720
Well no, because one.

718
00:34:05.640 --> 00:34:08.039
Of the things you talk about is applying the concept

719
00:34:08.079 --> 00:34:10.519
in other areas of life to see if it holds truth.

720
00:34:11.159 --> 00:34:16.639
Yeah wow, I mean, so you're you're basically stepping back

721
00:34:16.719 --> 00:34:19.719
and having a purpose for everything. I mean, this is

722
00:34:19.760 --> 00:34:23.360
something that I teach clients as well, is just what

723
00:34:23.480 --> 00:34:26.800
is your purpose for the money? What's bigger? What's bigger

724
00:34:26.840 --> 00:34:31.519
than that tool that resource. I think that kind of

725
00:34:31.960 --> 00:34:33.800
So we're going to have to wrap up here. I'm

726
00:34:33.840 --> 00:34:35.960
thinking I want you to talk about committing to a

727
00:34:36.000 --> 00:34:39.559
lifelong process of education, which is something I'm all about.

728
00:34:40.000 --> 00:34:44.679
But I also can you think of something from your

729
00:34:44.719 --> 00:34:49.519
comedy routine about the whole financial world. So I want

730
00:34:49.559 --> 00:34:51.880
to end there, so talk to so just say something

731
00:34:51.920 --> 00:34:55.639
about committing to a lifelong process of education and then

732
00:34:55.679 --> 00:34:56.320
wrap it up.

733
00:34:56.719 --> 00:35:00.679
Well, Look, I spent more in October last year for

734
00:35:00.760 --> 00:35:04.360
a six month education with one mentor, I've spent two

735
00:35:04.440 --> 00:35:06.400
hundred thousand dollars. I don't see it as spending. I

736
00:35:06.400 --> 00:35:09.079
see as investing, which is more than I paid for

737
00:35:09.159 --> 00:35:12.199
room and board. I was on scholarship, but my college

738
00:35:12.239 --> 00:35:14.400
experience wasn't even close to that over the four years.

739
00:35:14.760 --> 00:35:17.480
But I've gotten more from this than I got from

740
00:35:17.559 --> 00:35:19.679
college in a lot of ways. And I spent more

741
00:35:19.719 --> 00:35:22.480
my first year out of college than you know on

742
00:35:22.519 --> 00:35:25.000
my education I did the four years as well. There's

743
00:35:25.039 --> 00:35:27.239
never been a year I've invested less than forty thousand

744
00:35:27.280 --> 00:35:31.199
dollars in my education with mentors and courses and masterminds,

745
00:35:31.559 --> 00:35:34.000
and I built so much relationship capital through that, in

746
00:35:34.039 --> 00:35:38.239
mental capital, and I think that mental capital our ideas, knowledge, wisdom, insights,

747
00:35:38.239 --> 00:35:45.159
strategies and tools, multiplied by a relationship capital, mentors, family, friends, organizations,

748
00:35:45.280 --> 00:35:48.679
you know, people, networks. That's what it terms our financial capital.

749
00:35:49.159 --> 00:35:51.440
It's how effective do we take our mental capital to

750
00:35:51.480 --> 00:35:53.920
serve others and solve problems and add value. And then

751
00:35:54.000 --> 00:35:56.639
money is the byproduct of that, because money follows value.

752
00:35:56.719 --> 00:35:59.960
So if we stop that lifelong learning process, we become stick.

753
00:36:00.679 --> 00:36:03.639
And this is where people get stuck hoping things won't change,

754
00:36:04.199 --> 00:36:06.960
working in a career that might become obsolete because of

755
00:36:07.000 --> 00:36:09.400
AI and technology, and all of a sudden, they just

756
00:36:09.440 --> 00:36:11.239
don't want that to happen, and they live in fear

757
00:36:11.599 --> 00:36:16.719
versus living in investing, living in growth, living in insight.

758
00:36:17.199 --> 00:36:20.440
And so I think that we've been kind of lied

759
00:36:20.480 --> 00:36:23.079
to by saying that, you know, and I think everybody

760
00:36:23.159 --> 00:36:24.840
kind of sees past this for the most part now.

761
00:36:24.880 --> 00:36:26.920
But I remember it was go to school, get.

762
00:36:26.840 --> 00:36:28.840
Good grades, get a degree, get a job it get

763
00:36:28.840 --> 00:36:31.159
to pay really well. And you know that's back when

764
00:36:31.159 --> 00:36:34.199
people worked and had a pension, and then those things imploded.

765
00:36:34.239 --> 00:36:37.719
And so really, if you want security, instability, you've got

766
00:36:37.760 --> 00:36:39.760
to invest in yourself. You've got to add more value.

767
00:36:39.760 --> 00:36:42.280
You've got to grow your value, and it's a fun process.

768
00:36:42.320 --> 00:36:44.760
Find the things that you enjoy. I've been to so

769
00:36:44.800 --> 00:36:47.199
many writing courses. I love them. I've been to so

770
00:36:47.199 --> 00:36:50.320
many speaking courses. I enjoy that. I like learning new

771
00:36:50.320 --> 00:36:53.079
skills on how can I do better in creating video

772
00:36:53.159 --> 00:36:54.039
that reaches people?

773
00:36:54.119 --> 00:36:55.719
Like those are the things that.

774
00:36:55.719 --> 00:36:58.079
Really, I guess I kind of look at I don't

775
00:36:58.119 --> 00:36:59.960
know how this sounds, but I look at myself like

776
00:37:00.119 --> 00:37:02.679
an artist more than an entrepreneur. I look at my

777
00:37:02.760 --> 00:37:06.159
business as a canvas that I that I create art with,

778
00:37:06.559 --> 00:37:09.679
and that art if it helps people, then I feel fulfilled.

779
00:37:10.079 --> 00:37:12.480
But I love the process of creating the art, even

780
00:37:12.639 --> 00:37:15.159
like before the book comes out, even.

781
00:37:14.960 --> 00:37:17.320
Before I go on stage. I like the rehearsals.

782
00:37:17.360 --> 00:37:20.000
I like the writing process, and so fall in love

783
00:37:20.000 --> 00:37:22.960
with the process, and then the wins in the work,

784
00:37:23.559 --> 00:37:25.000
and then you create a life you don't want to

785
00:37:25.039 --> 00:37:30.039
retire from exactly. Yeah, but my dad was a Chris

786
00:37:30.920 --> 00:37:32.400
was a good idea for him to retire. I think

787
00:37:32.440 --> 00:37:34.199
coal miners you definitely want to retire.

788
00:37:34.599 --> 00:37:34.920
Yeah.

789
00:37:35.000 --> 00:37:36.760
If you're out of the industrial age and more in

790
00:37:36.800 --> 00:37:39.639
the information and transformational age, you can work and I

791
00:37:39.639 --> 00:37:41.239
think the older you get, the more wisdom you have

792
00:37:41.320 --> 00:37:42.199
and the more you can share.

793
00:37:43.559 --> 00:37:45.599
So what will be your closing thoughts?

794
00:37:46.360 --> 00:37:48.440
So you know it's funny because when I wrote Killing

795
00:37:48.440 --> 00:37:52.519
Sigared CAUs, the first podcast I ever did for ninety minutes,

796
00:37:53.239 --> 00:37:57.360
the host called the killing Scared Crows. I would say

797
00:37:57.440 --> 00:37:59.440
killing sacred CAUs. You'd say killing scared crows. I don't

798
00:37:59.440 --> 00:38:01.280
know if it was like about murdering birds. I don't

799
00:38:01.280 --> 00:38:03.639
know what that book would be about. And so finally

800
00:38:03.679 --> 00:38:05.079
at the end, he goes, what do you think I

801
00:38:05.079 --> 00:38:10.039
should invest in? I'm like, literacy is a new career.

802
00:38:10.480 --> 00:38:13.079
So that was my first joke I ever told from stage.

803
00:38:13.280 --> 00:38:14.719
That made me think I want to be a comedian

804
00:38:14.760 --> 00:38:16.719
because one of my buddies said, oh, our next speaker

805
00:38:16.800 --> 00:38:18.599
is hilarious, and I was like, wait, I'm giving a

806
00:38:18.639 --> 00:38:22.199
financial talk and people laughed, and then my wife said

807
00:38:22.199 --> 00:38:24.679
I was kind of funny, which I translated to comedic. God,

808
00:38:24.960 --> 00:38:26.599
he made the mistake of saying I was kind of funny,

809
00:38:26.599 --> 00:38:28.960
so I was doing comedy within it a few days.

810
00:38:30.480 --> 00:38:33.239
Awesome. Well, I think it's a gift and I know

811
00:38:33.360 --> 00:38:40.440
you've completely inspired me, and I hope that well, I

812
00:38:40.480 --> 00:38:42.840
hope this is just a jumping off point for people

813
00:38:42.880 --> 00:38:45.400
to delve more into all the materials that are out there.

814
00:38:45.599 --> 00:38:48.239
I'm definitely going to be getting that audiobook because I

815
00:38:48.280 --> 00:38:50.519
want to hear more of the comedy part of it

816
00:38:50.559 --> 00:38:51.079
as well.

817
00:38:51.159 --> 00:38:52.000
I'll hook people up.

818
00:38:52.079 --> 00:38:55.199
They just go to Garrett be Gunners on Instagram and

819
00:38:55.280 --> 00:38:58.920
if they ask a good questions in the DM, I'll

820
00:38:58.920 --> 00:39:01.920
give them the audio books. So ask good Questions in

821
00:39:01.960 --> 00:39:04.079
the DM on Garrett by Gunterson, give me a follow

822
00:39:04.480 --> 00:39:07.039
and give a little daily doses of financial insight.

823
00:39:07.039 --> 00:39:08.000
We'll hook them up with the book.

824
00:39:08.360 --> 00:39:12.239
All right, awesome, Well, thank you so much for joining

825
00:39:12.320 --> 00:39:14.800
us today and we've gotten a lot out of this

826
00:39:15.039 --> 00:39:19.559
and thank you everyone for joining us on Ask Good Questions.

827
00:39:20.239 --> 00:39:21.280
We'll see you next time.

828
00:39:24.719 --> 00:39:26.039
Today's episode is over.

829
00:39:26.239 --> 00:39:29.480
But we did ask Good Questions again, didn't We don't

830
00:39:29.519 --> 00:39:33.280
miss out as we broadcast live every Wednesday six pm

831
00:39:33.400 --> 00:39:38.519
Eastern Time on W FOURCY Radio at W fourcy dot com.

832
00:39:38.639 --> 00:39:42.360
Joined Benina Bell Anderson next week for more conversations with

833
00:39:42.519 --> 00:39:47.760
experts on finances, retirement, behavioral finance issues, health and wellness,

834
00:39:47.800 --> 00:39:52.880
and more. Until then, remember to ask good questions.