Everything You Know About Money Is Wrong

everything you know about money is probably wrong and it's holding you back tune in today so we can straighten you all out it's Brian Preston the money guy we're gonna do some straightening today well here's the thing beau you have to guard what you let in your brain oh yeah I'll agree with that there's there's a reason I don't when I was look when I was a teenager this still because I see all these Saw movies I saw and late you know as creepy stowaway when I was a teenager horror movies we had Freddy Krueger and oz and I watched all that something but here's what I realized things I was letting in my brain I couldn't get out of my brain because of it I couldn't sleep so I'm not so sure this is the the true point with how to impact your wallet I'm not so sure all this information that we have out there everybody right now agrees we have access to more information than any other generation in America in the world any time that humans have been on this planet I'm not sure the 24-hour information cycle has made us better decision-makers if I'm hearing you ride the fact that stuff comes in but we can't get it out there's actually a chance that it's even made us worse decision-makers because of that sure now it's great when you get those those you know brain worms where we're trying to figure out the actor and that obscure movie from 15 years you pull out your phone and google it but does it help you overcome the following things does it help you from not selling your 401k just because the markets having some crazy volatility quite the opposite I bet on any given day you could go find an article it says now is the time to sell no matter what day it is because then we're going to talk about those blind spots don't you worry we'll let you know why those guys are telling you that stuff does it keep you from becoming depressed because you can get enough likes or you don't get enough interaction from people in social media or maybe somebody down the street you're like wow there's stuff there life just is so much better than mine is it keeping you protected for that how about the anger you have this is a big one from right now remember we don't talk about politics religion on this show because right we live in a time where one group of people hates a whole nother group of people and they've never met those people just because because of how they vote or some other crazy thing even though if you met these people in a bar and you didn't know how they voted or or you probably get along with him swimmingly well but all his information has got us just swimming and bad just bad thoughts and then how about the loss of sleep because of this week's news cycle and the conjured up crisis that they said that this has never happened and if we don't fix this oh my god because it's really just always on the horizon right now this is you have to build foundational knowledge and make sure you educate yourself so you can inoculate yourself from all the noises out there because I will tell you you need to know the difference between what is actionable and good information to have and what is the minutiae and the noise that's going to sidetrack you from making horrible decisions with your money with your relationships and just honestly make you a sourpuss where you're just not a fun person to be around so we want to kind of help you with that the big thing I want to share here's a few basic influencers or whisperers that are changing and shaping the type of person you are so let's kind of jump into this inner voice shapers that are out there the first one the media the media now I feel like we have to set the table how do they get paid both they don't get paid for sharing relevant information or even for sharing accurate information they get paid for getting eyeballs on the thing that is there when I was on because ultimately they want advertiser advertisers to pay them for showing their advertisements so advertising do you think it's inspirational no more eyes hit their sledgehammer is fear and anxiety yeah if they can scare the heebie-jeebies out of you it's going to get more eyeballs on their stories so you need to understand that the media does not care about you they care about your eyeballs that's right they want to know that you're looking at their stuff not worried about how well you're sleeping tonight sure you that you know the whole thing if it bleeds it leads there's a reason that is a term within news cycles I didn't make that up by the way I've never even heard that doesn't go google it and you'll see this is something news media uses if it bleeds it leads they want to put that scare the heck out of you that's their sledgehammer social media how do people on social media influencers and others how they get paid but they want clicks they want pageviews they want viewers they want readers they want subscribers that sounds a lot like the media so it's awesome social production at well it's we're on social media so we kind of I will tell you we resent we get paid based upon how many of you watch our YouTube channel yep so we get clicks from it so you know what makes us different is that hopefully you can tell we're just kind of wired a little different we could make more money and this is this is something I want to tell you have you ever noticed on YouTube why are a lot of the the thumbnails why is clothing optional you noticed how many thumbnails appeal to they have ladies and sometimes they have men that just clothes just didn't seem to be around when they were setting up those thumbnails what what happened I don't like what happened they try to get your click so one of the things we'd actually talked about we floated this out of the team is that we were gonna do some pictures of Brian and I you know just topless and swim trunks and make that our clipart to see if it went viral yeah baby the team voted it down it was ridiculous ought it was already likes McGee over here we'd actually like that oh mid 40 year old Brian who's just trying to keep the old flabbiness you know under control we'll we'll just I don't want to put any mental pictures in your head but just know that there's something going on and then your friends here's the the thing about social media I don't think people give you their true self on social media they give you the best version of themselves and you know just because you don't have as many clicks or how many friends that's not I don't think you should let that shape hear your social media is totally a highlight reel because we put the things up there that are the pretty things and the happy things and the good things it's not the real real that's the highlight reel if it's the highlight reel it's the airbrush how I roll yes my wife right out of college she came out of college with a digital animation degree but you know in Georgia there was not a lot of animation studios so her job right out College was making swimsuit models and underwear models look better by digitally taking off the things that we all see so everything you see out there in social media because my wife by the way she took a picture this weekend we had my mother-in-law's 80th birthday party and she took this picture and she goes mom was all stressed out because she didn't have makeup on when we took the picture she goes I just put it put some makeup on her in the B she is just right there on ourselves you had some app yeah this you nothing is real out there in social media so don't let that stuff influence you know this one next one is gonna break your heart cuz it broke mom another whisper in your ear that probably is wrong your parents oh I can't say that you can't say that and family all for a family on there too I grew up look I had a great childhood I had two loving parents stay married both gainfully employed you know pretty much my whole whole time is set for I will say my dad lost his job when I was in is the end of middle school first of high school and that kind of shaped me to where I wanted to be my own man and be self-employed because I watched a company fire him after he'd been there for like 23 years right devastating but here's something that I caught on is I've become more knowledgeable and understand my parents told several things to me that I've found out I've not been true financially they told me wealthy people don't pay taxes I did tax returns for 16 years as a tax preparer as a CPA and then sold my tax business and now as I've had more success I will tell you wealthy people pay lots of taxes now there is a difference I will tell you if you make your income from capital transactions meaning that you're doing like real estate if you're doing investing that's how the warm buffets out there can say that their tax rate is low than their receptionist is because capital investments that's after tax money already when it gets invested it is taxed differently but for all of us that are doing services are getting wages you are paying a lot of taxes if you have a big w2 or if you have big service income you pay lots of taxes the other thing that my parents you know they just they always it was kind of a whisper thing is that if somebody was super successful it was probably at somebody else's expense but they took advantage of someone to get there and I know now that I've gotten older I know that some of that look I'm not talking bad about because I think a lot of you guys probably resemble the childhood I had is that my parents were not bad people if they dish this was a coping mechanism it's the same reason we all watch people watch The Bachelorette or they watch The Bachelor they like to see dysfunction on somebody else so they feel better about who they are it's the same way with your finances if you know that you're not successful or wealthy and you see somebody over here it is usually it's not your fault it has to be some other yeah third you know some force that's working against you that's causing that so this is the stuff that you know and it's also your parents if you were raised in a household and if they're Republicans or if they're Democrats there's a good chance you probably see your worldview in there see - and it's all your childhood that influence these things so you have to be careful how much that stuff gets in your head and you know a lot of times it's not that I like you said your parents are bad people but a lot of times if your parents didn't know or have good financial habits or financial discipline how are they gonna teach something they didn't know cuz even some good habits can be less than ideal have it so what are your favorite stories that I hear you tell all the time Brian is that your parents were fantastic savers they did a great job of hi wads my parents had the tightwad if you ever see anybody that takes soap shards melt them down to make bars of soap tight wad I grew up in that type of household but so they got the hard part down the hard the defer gratification them down the part they didn't get down was how to employ that army of dollar bills to really work hard and so that my parents had the hardest part of becoming financially independent down they were great with the resource of money the problem was they never put that army of dollar bills to work my father-in-law I don't think my in-laws saved as well as my parents but my in-laws invested in mutual funds early and often and they had more money because of that so they were you you're exactly right my parents just did not know how to make the most of the money and that's a habit fortunately I can tell you when I went to college and I was in an accounting major I didn't know anything I had never done a tax return I was just like oh my gosh I'm in trouble here so you're right if you don't have somebody in the household modeling good financial behavior you don't know what you're missing thank goodness there's resources like this so let's let's fast-forward and let's kind of talk about what if we talk about these things that are whispering in your ear what's the biases and the and the blind spots that you're probably even unaware of that is influencing and if you can understand these things you will instantly become a better decision maker so here's some of the things that could influence your worldview as well as how you're making decisions the first one is what part of the country are you from yeah this one is just an easy one for me to graph so you know we're from the south right here's a really easy example that I think about I went to you and I went to Denver a couple months ago in the wintertime we went and spoke to a large organization and when we got off the plane we were like oh my goodness we're gonna be stuck there are snow and ice all over the roads we're not gonna get anywhere we called uber the uber driver showed up but he was just zipping around like you a father who's like you know this much snow on the ground and he's driving 85 miles per hour on the I'm like oh my God we're gonna die and we were recognized just because of where we grew up where we're from what we're used to we had a different world view on on what was appropriate driving and it was totally normal but because of that bias we were just off in that in that setting well I want to throw one out cuz I this is for all of my southern friends out there yeah want you to think about your your news programs when you watch your Nightly News the only people you will see on TV from the south is if they were like they're comedian or they were like a athlete that now has crossed over and is on Good Morning America or something right but it's never they never went to like journalism school and became like the lead anchor because there is a huge bias from a lot of the media towards people in the south they think because we talk a little slower have a little bit of draw I'll bless their heart those guys just must not be that smart down there that's just not the way it works but there's biases I don't even know if they know that they're discriminating but you will not see on the nightly news somebody from the south unless their person I think about like Dave Ramsey's from the South yep but did Dave Ramsey get his big break no he went out there and pushed that's right and I think you eventually they just can't ignore you anymore we're kind of hoping for that ourselves but it's not like somebody's choosing you and going man I like that draw that those boys have they just don't do that so I mentioned this one I'll mention it again how your parents voted growing up has a lot of influence on your blind spots and biases yeah you know I think it's even interesting even like I grew up in a house where they were not politically active at all and so what my parents did is they just knew which letter ticket to go ask for then after that ticket and then they would just vote down the line that led a vote a straight ticket they didn't know anything about what the candidates were or what they stood for and so I just assumed that was the way that you approach elections yeah and a lot of these things can by the way integrate which part of the country you're from how you vote those things might be in or integrated you just don't even realize these bias or blind spots are out there how much you know where did you go to college or how much education did you receive that stuff influences how much you think about things and your info you know and your blind spots and where did you go to college it's amazing you know versus if it's part of the country or if it's a small university versus a local Community College all that stuff is going to shape how you look at this world I think that one is so transformed because we've seen this thing happen to siblings who grow up in the exact same household exact same background exact same frame family exact same values go to two different universities two different types of universities and it's amazing how different those two individuals become because of that influence you have to know that those are the things that are worse when you're those are the things that are influencing well here's one this is point I don't think people think when did you graduate college yeah I made this point all the time I graduated in the mid nineties so rock n roll I mean the market was booming in the 90s I mean this was the years where like 96 97 98 I mean if if you weren't making forty to fifty percent in your investment you're doing it wrong I mean it was just crazy town on how much you could make so I still carry some of that optimism about what rates of return should be you came out in the mid 2000 that's right you think oh my goodness the sky is falling anytime now this thing's going to zero every year that we make it through a year we didn't lose 10 to 20 percent is like a good year right that's kind of what I was used to it here's some life things that happen I think influence you and I I'll tell you I've fallen to some of this is were you bullied jilted or is there some point your wife that you really had something that shook you up that stuff influences you more than you realize yeah that's it yeah this could be something where you had a big breakup you know that relationship that you just knew was gonna be the one that was gonna be the one and something changed and that made you change the way you looked at how you interact with people or how vulnerable made yourself or maybe you had career aspirations or athletic aspirations or whatever and it didn't happen that influences the way that you see the world the way that you interact with the world around you and then I thought this was this is one that guy Carrie were you the victim of a crime at some point in your life I mean I will tell you my parents when we were moving to the house they built when I was 5 and 6 years old we lived in an apartment for about six months it was not in a good part of town we were broken into I was beaten up I had my bike stolen from me it's not like I left the bike out right I had somebody come beat me up take the bike from me on the spot and then to add on that within the month we also had our place broken into a lot of my parents jewelry was stolen we had all the you know TVs which you back then that was actually yeah yeah oh that's so I still you know we had some some things happen where inappropriate stuff was going on with somebody's email was hacked that stuff you realize if you've ever been robbed or broken you carry some some yeah some steps some things that you didn't even realize you were carrying around in you that stuff shapes you and is a bias if you don't understand all these things that may q who you are you got to get this stuff under control you gotta know where your weaknesses are see to make sure it doesn't ruin your potential because we're all quirky I will go ahead I'm gonna ruin a portion of this show I've yet to meet a person then after you know him for at least two to three years they're not a weirdo every one of us is a weirdo you've known me for like Dec you're a weirdo too that's the weird of I mean everyone I'm not gonna say on-air what I know your weirdo habits are but we all have weirdo habits and you know my I mean oh yeah if you hang out with me everybody who I go on guy trips alright go on Gulfstream they know I have some weirdo habits I mean I do a good job of hiding my weirdo I'm a weirdo so it's just I'm telling you everybody out there and you and you become a weirdo because all the weird things that have happened to you and shaped you in your life so this is going to happen and everybody else that you think is brilliant awesome and is non weirdo is weirdo too because I meet people all the time and I have a good weirdo meter I can spy that we all have some weird stuff going on you just have to know what you can do to cope and function through that and overcome it so let's kind of talk about a few of those things as well seeing become that Empire Builder that we want you to be so step one it's recognizing understanding your bi biases step two is understanding how to pave a path forward that is exactly right so here's the first one now that you understand where your weirdo was or was it Miranda Lambert when she talks about Hydra crazies you're crazy yeah um once you understand these things you first have to work on that that that mind in your head I will tell you my wife and after we've been married seven eight years we started having some communication issues and we wouldn't saw somebody she'd go kill me thank God she doesn't listen to any of this stuff we wouldn't talk to somebody and the person fixed me a lot now she fixed her to it she fixed me in the fact that my biggest problem in the marriage is I had this thing called an inner voice yeah yeah sometimes he's a jerk he's negative he's negative and he doesn't say things right he doesn't think about things right he doesn't paint with a glass-half-full he paints with glass happy d this is the stuff that makes you a weirdo but I want to tell you if you can control that inner voice and the first thing you need to tell that inner voice is don't be a victim yeah I mean there is so many people I feel like it is now a game in society is that how is the system working against me and how can I blame the system for my shortcuts we all stink at something yeah there are we all have facet store life that we're not good at you can find a reason to blame it it's always someone else's right and you can also there's a lot of people out there that will use their own insecurities tell you why the system's working against you and you can hear their voice and be like and grab on to them but yeah that's right you know that whole group of people is working against this I'll never be able to success be successful because the system's working against me fine it is hooey it really is I mean I could say a lot more malarkey we could say things that are not cuss word so we keep our explicit lyric status clear but it's hooey to you to stay away from that and there's a great YouTube video because a lot of you are looking for your big break and I'm not going to disagree that what you know there is luck and talent meets and that's your big breaking your opportunity it really is at the intersection of you know your talents meeting up with that lucky moment now are that big break moment and you making the most out of it but the problem is you're never going to have your big break if you're sitting on the couch you've actually got to go walk down to the intersection where big break is hanging out so you too can actually cross paths a friend you can have that moment and there's a great YouTube video that's going to make you laugh your rear end off and it's Will Smith now it has some choice language so just kind of know that there's a little bit of salty language and he can't say that his doesn't have explicit lyrics in it Will Smith is not a customer now he has made a whole career off of rapping without a lot of cuss words in it so good for him for doing that but there are some cuss words in this one but it's it's the title if you go on YouTube and we might put a link I don't know if Morpheus will link to it or not but if you go and search for how I became The Fresh Prince of bel-air it's spectacular and essentially what it's walking through us what he actually did you might think that oh well Will Smith has always been Will Smith he's always been the Fresh Prince of bel-air that's not exactly the case there was actually fortuitous events that took place that allowed that to happen well if y'all remember I'm old enough that when Will Smith had his big break is that he did parents just don't understand and and that was a big success and then he had some other things that came out from it but then we'll made some horrible decisions he had a second album come out with DJ Jazzy jaw and it was a flop it was a dud it didn't go platinum he said a twin plastic and they essentially threw it away and the thing is he said that he didn't it's not like he tried to avoid paying his taxes but one day he got a notice from the IRS and he was like oh man they're gonna need their money yes they need their money he says in a much funnier what he's like y'all man I guess they need their money and you know and he tip with him right then and there I think Will Smith could have played the victim card and said that the man was working against him because he what I loved is he said being on being famous and broke his nice Labor word but it's crappy it's not a good situation to be in because he goes you're still famous people still recognize you the problem is they recognize you while they sitting next to you on the city bus and that that probably is a great mental thing thinking about that but then he said this is what got him his successful break because I think The Fresh Prince probably was the big break that got him back on where his recording career took off and he got the movie career and all the other great things that happened for Will Smith's awesomes career is if girlfriend told him you got to go hang out where the actions hang yeah get off the couch and go make something happen she told him she she must have known the money guy show us coming she said don't be a victim go out there and create some opportunities so Will Smith where his girlfriend told him to go hang out because he says where is opportunity right now and she goes the Arsenio Hall Show so will says he went down to the Arsenio Hall Show started hanging out down there and that's where he actually met Quincy Jones and Quincy Jones was his big break because big executive producer that worked behind the scenes make the Fresh Prince of bel-air happen and the rest is history but it's one of those things where people see Will Smith and they see somebody who's super successful married to a beautiful woman all the trappings of all the things being successful and they don't see that story of somebody who had some actual shortcomings other things and if he would have let his voice just say we're not going to be the success story he could have just been the victim played the victim and the rest of the story have been done and no way to blame him for it and even when you go watch the video it's fantastic because it talks about he's put in an uncomfortable position where he has to do something and and he has this thought were okay I can either not do this or I can just go through this uncomfortable thing that I have to do and the fact that he did that is what cement at his spot as The Fresh Prince and mean you talk about us right everyone every one of us no matter how successful probably at some point had to do something uncomfortable get out of our comfort zone to set us up for this I don't think it's probably I think everybody who's successful had to do something that something doesn't mean they go in and crook somebody it's easier for us all to cope it means they did something that put them outside their comfort zone I can tell you me two things two two big things that happen for me that I look back and go was crazy when I did that was I left a perfectly good paying job that I was making close to six figures at to go start my first company in 2002 with how many clients i won kind of not a well-thought executed plan and then the second thing was that I started a podcast in 2006 nobody you won't talk about weirdo who starts a podcast in 2006 is just weirdo you are the kid that people my wife if you want to know how weird it is my poor beautiful wife had to go talk to all my guy friends and say please don't bust him up too much I know it's weird but he's really excited about this don't bust him up too much because guys are mean to each other yeah god bless her for doing that because it was weird but I did something uncomfortable and it turned out to be really successful and life-changing I mean it really did it changed our entire life so that's one thing is you got to not be the victim so let's talk about next how do you turn that frown upside down and become an optimist if you're not an optimist you're probably betting against yourself and that is not where you need to be now here's something I'm always surprised when we talk about like there's a big correlations between losing weight and then building wealth it's because it's so simple we make it complicated human nature is we make these things complicated by trying to create systems create better mousetraps but they're not it's very simple you know to have more money as either you have to spend less save more it's the same thing with weight loss if you don't have a medical condition is you got to either exercise more are you better you got to eat less well and there's all these research sizes that come out from time Tom and say how much weight you lose while you're sleeping and people like huh I lose weight while I'm sleeping well of course you do because your your body still work it's still working well guess what there's another part of you that's working while you're sleeping it's your brain so if you can get your brain right on the front end that's why if you don't understand the biases if you can understand all the people that whispered in your over the years all the things you need to be doing and you don't even understand it if you can wake up that brain to understand I call it the invisible hand you know Adam Smith was not the only one with wealth of nations talking about the invisible hand your brain has an invisible hand - if you can recognize where you want to be and become that eternal optimist your brain will start making things happen it's all look I know it sounds really weird and kooky but I'm telling you at night your brain will be working to make that vision line up and here's what you need to do to make that happen I want you to write down your goals for this year your goals for the next three years and your goals for the long-term which are five years in greater now some of you guys are maybe you're watching this at work and you can't have us on one of your screens or maybe you're on the treadmill on the lawn mower you know okay I'm gonna think about those things no no no we didn't say think about those don't you write it down go get a pen and a piece of paper and actually for shorthand to write what your short intermediate and long term goals are that dream becomes a goal that's measurable once it's written down and then also wakes up that invisible hand is your brain and your mental capacity starting to figure out how we can make this thing happen you also have to establish some support structure some tools that will affirm and keep you focused and engaged on the personal side because this is not all about money I want you to be successful personally to make sure that you're you're figuring out what makes me happy what makes me fulfill my different than both yep it might be different than what a lot of the staff and employees here at abound wealth are like you have to it's individualize for everybody so you have to figure out very early what are the things that drive you for me I love I always want to be a schoolteacher this is my outlet this thing gives me so much rocket fuel so be deliberate figure it out and do what God put you on this earth I do and you will be much happier from a relationship standpoint go ahead and structure some support things so that you don't take relationships for granted you need to figure out date nights and this doesn't this isn't just like oh if you're a single guy go figure our singer girl forgot to have dance this is if you've been married for 25 years find a way to continue to date your spouse and be very intentional about setting those times aside where you can reconnect that relational set up some time to do some a date night or just a writing down a list of travel destinations have some discussions some goals have a goal for selfless acts of things you want to do for loved ones it doesn't have to just be your spouse it could be the kids it could be your parents siblings do something that lets you know and then I think for financial side you've got to have some accountability tools like an annual net worth statement if you're not tracking your annual net worth you're missing out on a huge opportunity to really push that invisible hand to wake up what's going on and out I also have a measurement tool to know how much is actually occurring for you yeah you know that made me think Brian one of our we have a one of our friends up here Michael hi you know he's in the office up here with us and he has this great thought around limiting beliefs and liberating true she's an inner voice in our head if you can start thinking about how to identify the limiting beliefs that you have and has turn those into actionable items it's amazing just like you said when you go to sleep at night your brain will begin believing those things and you'll wake up the next day you'll actually be actual moving in that direction and you said actionable things that leads to my next point just do it that's not only a great tagline and slogan for Nike there's a reason that Nike kept that around for so long is because there is a great condition within human nature is that we just let life happen yep it just happens I mean you just one day you wake up you go how long ten years older what did I accomplish over the last decade Nike came out with a slogan said just do it and I think you kind of have to grab that mantra and do that for your own financial life as well as because you got a look there's not a single goal that doesn't turn into a something big and fulfilling that you don't look back on go how the heck did I get here I will tell you if I look at us in this YouTube channel and I look at all the multiple cameras that we have going on here and all the other stuff like how do you do that it would never the guy in 2006 could have done it you have to start with baby little steps and so you don't avoid you avoid that analysis paralysis that will totally destroy what's going on in your financial life you can't do step number eight nine-ten unless you've done step 1 step 2 step 3 and you need to start somewhere what is there's like a saying that it's much easier to steer a ship that's in motion than a ship that still maybe that's not actually saying but that's a true thing it's hard to get something moving from a dead standstill if you can at least start moving in that direction it's amazing how much more so momentum definitely builds and that's why I can tell you I look back in my is one of the things about getting older is that you can look back on your life and try to glean some wisdom of what alright because one of our clients says one of the greatest things he says you'll never know when you've worked your best debt that's right and it's a true statement you don't know what one-act you'll do that's gonna change your life forever but I can when you get a little age under you and you start having a little success I can look and see three steps three little small actions I took that have had huge consequences in my life the first one I went from being a finance major at the University of Georgia to an accounting major okay there's a lot of reasons that I should have never done that I come I shared with you guys I don't come from a background with anybody who comes from a financial background my parents believed CDs were your best investment and when you get into an accounting program at Georgia by the way they had a wieder class where they kicked people out they also I will tell you this is this is the craziest thing the majority of the kids that were in the accounting program had parents or relatives that already worked in the funding yeah so it was a very intimidating when we got to like the tacks project where they're all just going to mom and dad's accounting firms and running it through the tax software and then bronze over there with his calculator and trying to I was like I am going to be a failure at this I could have played a victim berries in bed well I guess I just don't have the background this is for only those rich kids yeah they come from a financial background know I could have been a limiting belief that didn't let that happen so just changing from finance to accounting opened up some tremendous opportunities for me here's the other one when I'd went for my second interview because accounting firms started coming in University of Georgia and interviewing um had my first interview with an accounting firm out up in Marietta Georgia and the partner saw where I was from and he says hey we represent a hardware store that's in your hometown right oh I know that hardware store I immediately thought when I heard that I was like dad gummit why did I quit Boy Scouts because the guy who owned that hardware store was the Scoutmaster for the Boy Scouts locally and Brian being a wimpy weirdo as I've told you I don't like sleeping outside straight up one of the first things you'll find out if you want to go hiking or can't I like hiking if you want to go camping Brian's not your huckleberry I think it's called glamping is what you like to do I like to stay in a hotel room better yet I like staying in my own bed fair limit it's one of those things where it's it's it's just not me so I was worried well cuz I here's what I did I got my first job they told me this years after I started working in this firm the only reason they hired me is they were so impressed that went interviewed one of their closets and that a client was the hardware store owner I could have stayed away from him because I knew he didn't love me it back at that time because I was the kid that quit yeah Boy Scouts I was the wimpy kid that quit but I still got in my own comfortable zone when interviewed him that got me my first job at a public accounting firm because I wasn't the great I was a good student but I wasn't what I call a front-row Center so it was one of those things and then the third thing was was that podcast not caring what other just starting that podcast set in the chain reaction of all this other stuff where we now have a studio which is unbelievable and by the way when you started the podcast it wasn't like we have the hundreds of thousands of folks that listen now it was screaming into a void of nothing right it was with durable equipment horrible equipment this sound you can go still listen that 2006 episode if you got a money guy calm go check out our archives it's out there so that's that's some of the things you got just just do it get the process going let me go and give you some other tools that will help you just do it and keep the process going a budget now to full disclosure I hate budgeting mhm do the test trying to track every receipt of what I'm spending but I gotta go and tell you budgeting is practice and getting you ready for the big game yeah big break your big opportunity the more you do it the better you get at it and the more it becomes like muscle memories like a golf swing you've been managing finances for so long that you don't have to budget to know where your cash flow management plan is going once you've done it enough it becomes second nature yeah I mean you will get that 10,000 hours we you know Malcolm Gladwell we were talking about biases and you know he has great books out there on David versus Goliath he's also got outliers which talks about that 10,000 hour principle you do get better at things if you just put the time in and that leads to the next thing was after you get through budgeting and graduate from that you can have a better cash management system through for scarcity what all for scarcity is is you create a plan of action for every dollar and your army of dollar bills in the fact that they automatically just disappear like I have automatic forced savings automatic force things that get funding goals it just happens I've gotten so good at budgeting I don't have to think about it because when all this stuff just goes out of the account whatever's left over I spend however I warm because I've already funded paying debt I've given to the charities that I want to give to and I've funded all the retirement savings goals and the kids it's all happening through that good practice of budgeting that led to a better Mukesh management planning like for scarcity um you've put in here talking about crazy risk yeah I just thought that you know if you're gonna just do it what that means is go take steps towards doing the things you need to do what it doesn't mean is go out there and be irresponsible go out there and be negligent go out there and be a cowboy so we just kind of snowball some ideas that we think are just a little bit too risky maybe it's really risky investments maybe you think just do it hey I want to go be wealthy I'm gonna go buy that crazy option strategy or I'm gonna start day trading penny stocks that might not be the thing that you just need to do maybe you're someone who's out there and you don't haven't done the basics like having wills and life insurance in place you're focusing on all these things that you want to do and these things that you want to accomplish but you haven't done the foundational stuff to make sure that you and your family are taking care of maybe you're someone who just we've been in a really good economy for the last ten years the markets been conned maybe you're a little too lean on your cash reserves maybe one of the things that you just need to do it and get your cash in place where it needs to be and then maybe you're someone who's just done a little too much and you've accumulated some debt you have credit card debt or too much mortgage or you have consumer debt whatever that is that might not be what you need to be doing that might not be maybe just doing the right thing is just undoing some of the things that you've done previously so I mean we've covered a lot and this is not the normal money guy episode we are much more in the weeds I mean we got a CFA we're both CFPs I'm also a CPA you've heard me tell the accounting stories so we're analytical guys so this touchy-feely stuff but I felt like it was so important because I have recognized the older I get this invisible hand of what your biases or things that are working against you that inner voice you gotta have a plan of action so that's why the sooner you can get let's just quickly in summary understand your biases understand your blind spots the sooner you know what makes you a weirdo or things that are limiting your beliefs the sooner you can create accommodations is this going to be an a long drawn-out story of success is this gonna be are your negatives just going to be that quirky facet that makes you kind of that inspirational story because you have some some small weird things about you that you've overcome or is this going to be the thing that just destroys you and takes you down and I don't let you reach your maximum potential that's what we want you to do don't be a victim overcome these things control that inner voice and then by God just do it at the end of the day just make something happen that sound like the nerdiest statement ever did aids if I loved it but I just I tell you because I get so passionate about this is because guys neither one of us come from from legacy well that's right we come from pretty humble beginnings definitely bow comes from super humble beginnings there is an opportunity out there for you and I love it that's why I get so passionate about this is because I've seen what we can do you can do it too so go out there I felt like this is like my Tony Ryall try to go run through that run through some coals of fire but it is one of the things I want you to go to money guy calm I want you to give us your email address your zip code so when we take this thing on the road we can talk to you we can meet with you and then don't forget what our day job is is we're fee only financial advisors work with clients all over the country if you love what we say maybe this is your first episode this is not the normal episode go check out the archives go check out what we got going on on YouTube look at the other analytical stuff I think you'll be hooked and there's gonna come a point where you gonna realize we'll continue to love on you will grow you I want you to apply I want you to learn these concepts it's gonna come point you become so successful that you go say I have an empire now I need somebody to look over my shoulder and help me that's when you go pay us forward and you're gonna pay us back by going to abound welcome or money guy calm going to the contact us page and taking the relationship to the next level what did we leave off both I think you know at all so guys you know what you don't know when this show gets published this will be our third showed actually fifth show if you take the ask the money got seconds we crushed it because we love doing this this is what we were put on this planet for and we thank you guys for just being a part of it and starting this thing in 2006 it would have never happened without you guys emailing us writing us and letting us know that this was helping you because this is not some corporate venture where it's got some big fortune 500 company that's pushing us this is all grassroots you guys making it happen in helping us out so thank you so much I'm your host Brian Preston mr. beau handsome we'll be back soon

Channel: The Money Guy Show

Views: 14,841

Keywords: money guy show, debt, budget, cash, real estate, insurance, how to make money, save, credit card, compound interest, buying house, buy stock, success, personal finance, Everything You Know About Money Is Wrong, how to become rich, how to become a millionaire, how to get rich, money, millionaire, how to be a millionaire, how to be rich, rich, business, wealthy

Id: st6gILWNM7w

Length: 41min 54sec (2514 seconds)

Published: Fri Jun 14 2019