Order of Man - The Rules of Wealth ｜ FRIDAY FIELD NOTES

00:00:00.000 You're a man of action. You live life to the fullest. Embrace your fears and boldly chart

00:00:05.000 your own path. When life knocks you down, you get back up one more time. Every time.

00:00:10.440 You are not easily deterred or defeated. Rugged. Resilient. Strong. This is your life. This is

00:00:17.080 who you are. This is who you will become. At the end of the day, and after all is said and done,

00:00:22.800 you can call yourself a man. Gentlemen, what is going on today? My name is Ryan Michler,

00:00:27.440 and I am the host and the founder of this podcast and the movement, The Order of Man. I want to

00:00:31.860 welcome you to this podcast. We're growing, guys. We are growing each and every week. I'm excited to

00:00:36.680 see the growth. It means that hopefully we're doing some of the right things and the word is

00:00:40.920 getting out there. And the word of reclaiming and restoring masculinity is something that is much,

00:00:46.060 much needed in society. I see it in my own life. I see it in the lives of my sons and

00:00:50.560 the boys in the community. And of course, I hear stories from you guys who are excelling as fathers

00:00:55.580 and husbands and business owners and community leaders. And you're implementing the advice from

00:00:59.500 me and my guests and improving your lives and your capacity to step up into those roles and

00:01:04.820 those callings. And I couldn't be more honored to be a small part of your progress and your journey

00:01:10.300 and your growth. Guys, I've got an interesting one lined up for you today. This is your Friday

00:01:14.480 field notes. If you don't know what this is all about, this is me talking for the next,

00:01:17.820 I don't know, 20 or 30 minutes about some things that have been bouncing around in my brain,

00:01:22.260 but we've got, we've got our, um, our interview show as well, which is released every Tuesday.

00:01:26.560 And I'm interviewing warriors, scholars, athletes, New York times, bestselling authors,

00:01:32.300 you name it. If he's a guy and he's got an interesting story to share, uh, it's my goal

00:01:36.460 to extract some of that wisdom and that hard fought knowledge, and then distill it down into

00:01:41.100 a conversation and bring that to you and me and everybody else who might be listening.

00:01:44.700 Uh, and then we've got our, ask me anything, which is me and my co-host Kip Sorenson,

00:01:50.220 where we answer and field questions from you guys in the Facebook group, uh, from Patreon and also

00:01:55.980 from our exclusive brotherhood, the iron council. And we're fielding those questions each and every

00:01:59.920 week as well. So you can see, we've got a lot going on. Uh, it continues to grow. And that's

00:02:03.160 a testament to the fact that you guys are listening in and the word is, is much needed. So guys,

00:02:08.980 I want to get right into this one today. Uh, I wanted to talk with you about the rules of wealth.

00:02:15.000 I should probably say some rules of wealth because this isn't everything. If you follow these,

00:02:20.540 I think I've got 12 here. If you follow these 12 rules, I believe you're going to be wealthier,

00:02:25.100 but these aren't the only 12 rules that you need to know. But I posed this question because I asked

00:02:29.540 the guys in our Facebook group, which by the way, if you're interested, you can head to

00:02:32.640 facebook.com slash groups slash order of man. We've got, I think 54,000 men over there. Anyways,

00:02:39.740 I asked what they wanted to talk about and three or four or five of the comments were about wealth

00:02:44.400 building and how to budget and manage your money and investing. And I thought we would just lump

00:02:49.260 this all into one category. And it's actually pretty timely because we're talking about this

00:02:52.400 inside of our exclusive brotherhood, the iron council as well. This month, we're talking about

00:02:56.420 investing in the mindset of money and building wealth and how to pay off debt most effectively and

00:03:01.640 all the things that we need to address regarding building wealth. So if you're interested in that,

00:03:05.520 make sure you check that out as well. Order of man.com slash iron council. Yeah. So with that said,

00:03:12.660 I wanted to talk with you about these rules. Honestly, before I get into it, I truly believe

00:03:18.760 that you are more capable of being a better, maybe not better, but more effective, a more effective man.

00:03:27.720 If you understand how money works, you have a solid relationship with money. You are wealthy.

00:03:34.240 You have the financial capacity and means to step more fully into the roles and the things that you

00:03:40.160 are doing. I believe that having more money helps in just about every way possible. Now I'm going to

00:03:46.060 have guys push back on that and they're going to say, you can be a good man and not be financially

00:03:51.460 independent or wealthy. And I believe that you can, I believe that you can be a good human being,

00:03:55.800 a good person, but I believe that it takes a little bit more in order for you to step fully

00:04:00.820 into the role and the calling of man. That's not something that you just get to have male we've

00:04:06.300 heard is, is given to you by birth, but being a man is just take something more. And part of our job

00:04:12.400 is to be able to provide financially, not only for ourselves, but for our family, for our loved ones,

00:04:18.500 to be able to provide resources in the community and potentially give to charities. These are things

00:04:23.460 that I believe that we, as men have an obligation and responsibility to do. And in order to do those

00:04:28.680 things, we have to build wealth in our lives, more wealth than we could necessarily handle on our

00:04:34.740 own. This is how we're able to give back. This is how we're able to add value to our family and to

00:04:41.000 our neighborhoods and communities and all of the interactions that we have by building abundance

00:04:45.480 in our life, in this case, financial abundance, and then being able to share it with employees and

00:04:51.960 friends and the community and your neighbors and charities and all of those things that are important to

00:04:57.160 you. The fact of the matter is you just can't do that. If you're broke, you can't do that. If

00:05:03.080 you're living paycheck to paycheck. And I know from experience, there has been times in my life where I

00:05:07.420 was, I remember literally pacing around the backyard of our house, wondering how I was going to make the

00:05:12.900 mortgage payment. These are the things that are going to consume you to the point where you can't

00:05:18.580 step fully into other things that are more meaningful, like coaching your kids as games and taking your

00:05:23.180 wife on a date and all of the things saving for retirement and having experiences, all of the

00:05:28.560 things that are critical to you. So I hope that you tune in to this podcast. I hope you listen in.

00:05:33.560 I hope you incorporate this stuff in your life. Like I said, I've got 12 rules that I want to go

00:05:37.180 through. It's not an exhaustive list. These are 12 principles that you can incorporate that I think

00:05:42.840 will help you become more wealthy. And I know from experience that when people implement this stuff

00:05:48.200 into their lives, they have success. I know because I was a financial advisor for about 10 years and

00:05:54.160 just, I'd say about six months ago, I sold my financial planning practice so I could be fully

00:05:59.780 vested in what we're doing here with order of man. But I've seen the good. I've seen the bad. I've seen

00:06:04.040 the ugly. I've seen where people are successful. I've seen where they've fallen behind. And these 12

00:06:08.100 rules illustrate perfectly how somebody will begin to get ahead or regardless of where they're at.

00:06:13.580 You know, if they're, if they're broke right now, these 12 rules will work. If they're financially

00:06:17.360 independent and they want to build more abundance and wealth in their lives, these 12 rules will

00:06:21.140 work. And I also wanted to share that the reason that we follow rules is because they're guidelines,

00:06:26.820 they're, they're ideas that other people have used in the past. They're scripts that we can

00:06:32.280 incorporate into our lives that inevitably produce desired outcomes. That's the beauty of having rules,

00:06:37.080 whether those rules are the 12 rules of wealth I'm going to share with you today or rules for

00:06:42.560 morality and how we choose to live our lives rules. When it comes to the way we conduct

00:06:47.000 ourselves at work codes of conduct that we've created. I know, for example, the military,

00:06:52.460 every branch of the military has a code of conduct in which they'll operate. They have standard

00:06:57.380 operating procedures and the way they'll do things. The reason we have rules is because they've proven

00:07:02.840 to produce desired results. If they didn't produce desired results, then it wouldn't be a rule.

00:07:10.020 So I think a lot of times what we as men believe sometimes is that by having these rules in place,

00:07:17.740 that somehow it's being restrictive, that somehow it's keeping us from doing what we want to do.

00:07:23.700 But it's the adage that discipline equals freedom or just through discipline comes freedom. That's the

00:07:30.180 point that we're making here. So with regards to building wealth in your life, if you have the

00:07:35.020 framework, and if you have the foundation and you have the rules in place and you're robotic and

00:07:40.100 fanatical, if you will, about following these rules, you are going to produce desired results.

00:07:46.780 It's only when we deviate from proven principles, do we see the less desirable results that we're after.

00:07:54.140 So take these to heart, share with me on Instagram and Twitter, both at Ryan Mickler,

00:08:00.480 what you think about these rules. Maybe you agree with all of them. Maybe you don't agree with any of

00:08:04.300 them. Maybe you agree with part of them. Maybe you have additional rules. I'm very, very active

00:08:08.760 on Twitter and Instagram. I engage with everybody that I possibly can. So if you have some additional

00:08:13.840 insight, share it with me again, it's at Ryan Mickler. My last name is spelled M-I-C-H-L-E-R.

00:08:19.620 So check it out over there, connect with me and we'll, we'll further the conversation. All right,

00:08:24.120 let's get into this. Number one, and these aren't in any order by the way, guys, but number one

00:08:28.180 is know your wealth purpose. This isn't something that's talked about a whole lot. You know,

00:08:33.440 I can get into the nitty gritty and all the details and save more than you spend and all

00:08:37.560 that kind of stuff. And we'll address some of that. But at the end of the day, like if you don't know

00:08:41.540 what your purpose is, you don't know what your reason is. You don't know why you want to build

00:08:46.320 wealth in the first place. I think all of these other rules and principles and strategies that I'm

00:08:51.020 going to share with you aren't really going to be as effective as they could be. If you knew what

00:08:55.820 your purpose for wealth was, I mean, I've talked with people who are independently wealthy and they have

00:09:00.720 no purpose for their wealth. And rather than actually spending their money and enjoying it and

00:09:05.280 building wealth in a meaningful and significant way and giving to charities and having experiences,

00:09:09.400 they simply hoarded. They just hoarded because they don't want to run out of wealth. I've talked

00:09:14.320 with very, very financially successful people who are so concerned about losing it that they can't

00:09:21.560 actually go out and enjoy it. So I think first and foremost, you've got to understand why is it that

00:09:27.000 I want to build wealth in my life? I'll give you some scenarios with me. I want to build wealth so

00:09:32.740 that I can have experiences. So I'm okay with spending money on experiences. I like to spend

00:09:39.480 money on experiences because I believe that that trade-off my dollars for the experience is a

00:09:44.400 valuable thing. It's a memory created. It's an opportunity to connect with my kids and my wife

00:09:48.640 and my friends and everybody else I'm engaging in these experiences with. So I believe that experiences

00:09:53.860 are very, very important. I also believe that I have the capacity to build wealth,

00:09:58.700 maybe a little bit more so than other people, whether that's because they haven't learned these

00:10:03.560 rules or not, they're not applying these rules, or it could be some sort of incapacity, whether it's

00:10:09.700 medical illness or a mental illness where they literally cannot do this for themselves. Now I have

00:10:15.940 the opportunity to serve those individuals, to give back into the community, to donate my time and

00:10:21.500 money and attention and resources because I do have this money side locked down. That's also

00:10:26.240 very, very important to me is to give to charity and to be generous with what I have because I have

00:10:32.900 the capacity to do it. These are two small examples of my money or wealth purpose. The reason that I

00:10:41.400 build wealth in my life is to create abundance, is to create opportunities, is to create experiences,

00:10:46.540 and then it's to add value in the lives of me, my family, my community, my neighbors, my friends,

00:10:54.160 my loved ones. That's part of my wealth purpose. But what is your wealth purpose? Why do you want

00:10:59.340 the money and drill down as deep as you possibly can? Because once you get connected to that, why

00:11:04.000 that powerful, why that's emotionally charged and driven, it's going to be easier for you to follow

00:11:09.640 these other 12 rules, because let's be honest, following some of these rules, just like anything,

00:11:14.000 whether it's money or working out or trying to get a promotion, any facet of life, following these

00:11:20.700 rules can be a little bit boring at times. It can be a little monotonous. It just, it just gets old

00:11:27.840 and we lose focus. But if you're tied into your why, your wealth purpose, you're going to have more

00:11:32.920 success in that. So number one, again, know your wealth purpose. Number two, don't villainize money.

00:11:39.800 I see so many people who villainize money. They villainize the wealthy. They make up these weird

00:11:46.520 little stories in their mind, like, you know, that, that, that rich people are greedy, greedy,

00:11:51.880 or they're thieves or they're a-holes, or they've stolen all their wealth, or they've done this at 0.80

00:11:56.560 the expense of other people. And look, I'm not going to say that doesn't happen. Obviously that happens.

00:12:01.460 There's people who prey upon the weak and they, at, at, at, at those people's expense. Yes,

00:12:07.060 that happens. But overwhelmingly, the majority of people who have built wealth in their lives is

00:12:12.680 because they've added value. They've implemented these money rules. They've enhanced a business or

00:12:18.560 an organization and in turn advanced and, and helped and assisted the communities in which they live and

00:12:24.100 the employees that they have. Again, overall, those who build wealth in their lives do it with a level

00:12:32.000 of morality. They do it with a level of adding value. They're, they're contributors. They're,

00:12:38.380 they're not taking from society. They're adding by their very definition to society by being able to

00:12:44.040 build wealth. And if you're saying things like the rich get richer and the rich people are greedy,

00:12:49.360 and we need to tax these individuals at 70% because they don't deserve that much money. And nobody needs

00:12:55.940 that much money. And nobody needs that kind of car. Nobody needs that big a house. Subconsciously,

00:13:01.520 what you're doing is you're setting yourself up for failure because you don't want to be an a-hole.

00:13:07.480 You don't want to be greedy. You don't want to be looked at as these things. And so what are you

00:13:11.100 going to do? You're going to sabotage yourself, maybe even subconsciously from building wealth in

00:13:15.400 your life because you don't want to be that type of individual. But what if instead you decided to

00:13:20.660 see fully that the overwhelming majority of those who have built significant levels of wealth in their

00:13:26.880 lives are charitable, are innovative, are able to add value in their lives and their employees and

00:13:34.460 their families. And you started looking at it from a perspective that these wealthy individuals

00:13:38.760 are actually pretty impressive. They're innovative. They build, they grow, they expand,

00:13:44.720 they take risk. They provide jobs, they provide taxes, they give to charity. That's the type of

00:13:50.580 individual that I want to be. And because I want to be that type of individual,

00:13:54.200 I realized that what it's going to take me to get to that level is to build a significant amount of

00:13:59.760 wealth in my life. And we have a lot of people that misinterpret the scriptures that say, for

00:14:03.780 example, that money is the root of all evil. Well, if money, if that's what you believe,

00:14:08.520 that's not the scripture, by the way, but let's just, just take that. For example,

00:14:12.160 if you believe that money is the root of all evil, it's probably safe to assume that you don't

00:14:18.040 want to be an evil person. So what are you going to do? You're going to naturally repel wealth.

00:14:23.980 And when you start to build up any level of wealth, you're going to sabotage yourself

00:14:27.340 by making dumb decisions or getting into poor spending habits or getting yourself into debt,

00:14:32.900 because heaven forbid you'd be a rich individual because that makes you evil if that's what you

00:14:37.880 believe. So be very careful of the things that you're putting into your mind, the ideas and the

00:14:42.640 thoughts and the words and the stories and the books and the information that you are consuming

00:14:47.040 is literally going to dictate how you are behaving, how you are interacting and how you're engaging

00:14:53.220 with life. But in this case with money, and if you're putting poison, poisonous thoughts,

00:14:58.580 damaging, destructive thoughts about wealth into your brain, the natural result is, is going to be

00:15:05.920 catastrophic. You're going to be way into debt. You're not going to have any wealth. You're not

00:15:12.260 going to create any experiences. You're going to be pacing around the backyard for the rest of your

00:15:15.560 life. Like I used to do, because I was worried about making the mortgage payment. And you're going

00:15:19.400 to live a life less than you're capable of because you are setting yourself up for failure. The

00:15:24.040 beautiful thing about the mind among other things is that we get to program it. You get to program

00:15:29.560 your mind every single day. In fact, what you're doing right now is part of the programming process.

00:15:34.860 You're listening to me talk with you about wealth building in this case, and it is influencing your

00:15:39.780 behaviors. It's influencing what you think and they're in turn influencing how you act. So are you

00:15:46.440 listening to or reading or hearing or putting solid, positive, uplifting, constructive information in

00:15:53.660 your mind, or is it destructive? Consider that. And again, point number two is don't villainize money.

00:16:00.520 Number three, and again, no order here, but number three is track everything that you make and track

00:16:07.340 everything that you spend. It's been said that if what gets measured gets improved, I wholeheartedly

00:16:13.860 agree with that. In fact, over the past, I'd say 45 days or so, I've been tracking my weight and my

00:16:19.440 fat percentage. And I've been tracking how much money that we've built up in this side account,

00:16:24.260 because we're considering making an investment in a property. And just through tracking it,

00:16:30.040 I have met, I shouldn't say just through tracking it, but because I'm tracking it, I'm doing actions

00:16:36.040 and implementing things in my life, like going to the gym and eating right. And when I'm faced with a

00:16:40.160 choice of whether to eat junk food or not eat junk food, I remember I'm tracking it. I've got to

00:16:44.740 eat right. I've got to make good decisions and to make better decisions. And therefore the results

00:16:48.720 improve. Same thing with my money is like, I have choices every single day. Do I spend money on this

00:16:53.940 or do I, do I spend money on that? Or do I not spend it all? What's my goal? Oh yeah, I'm tracking

00:16:58.240 it. I've got this money in this side account. I'm not going to make that expense right now because

00:17:01.860 I'm saving it. And surprise, surprise, I've been able to improve my level of wealth over the past 45

00:17:06.740 days, significantly over the past 45 days, because I've got the idea of what I want.

00:17:12.660 And then I'm actually tracking that. So some people say, well, you should do a budget every

00:17:17.360 month. I mean, that's a good start, but I would say that you need to look at your money situation

00:17:22.160 every day. And I'm not saying you need to do a complex budget every day. I would say weekly,

00:17:26.760 you ought to do that. And if you're married, you ought to do that with your spouse.

00:17:30.200 But at a minimum, you should be pulling up your bank accounts every single day, looking at them,

00:17:35.800 figuring out where you're at, figuring out how much money you have in the accounts,

00:17:39.940 figuring out what expenses are coming up and what debt you have to service and all of these other

00:17:43.740 things. But the more that you look at it and the more that you're aware of it, and the more that

00:17:48.120 you analyze it and pour over the data, I promise you, you're going to start doing the actions in

00:17:52.360 your life that are going to produce more results. So budgeting should be done weekly with your spouse,

00:17:56.960 if you're married, and you should be looking at it daily. Find a time every morning. Maybe it's part of

00:18:02.700 your morning routine. I'm going to take five or 10 minutes, pull up my bank account, figure out

00:18:06.500 where I'm at. I actually write it down in a, in a field notes, a little notebook. And I write down

00:18:13.040 again, my, my level of wealth in the site account. I literally write it out because it's important for

00:18:18.080 me to write it rather than just look at it. And then I also track, like I was telling you earlier,

00:18:22.360 my weight and my body fat percentage. So track everything that you spend. Number four,

00:18:27.580 save 20% of your income. And when I say save, I'm actually talking about investing here too.

00:18:33.040 Those are two different things, but in this context, based on where you are, and I can't

00:18:36.820 really get into the specifics because I don't know your specific search situation, but you want to

00:18:41.200 save slash invest 20% of your income. The rule that a lot of people hear is, oh, you need to save 10%,

00:18:48.680 maybe 12, maybe 15 on the high side. I'm just telling you, I've seen it from experience that the cost of

00:18:56.160 goods and services going up. We have inflation, we have planned obsolescence, which is that,

00:19:01.120 that are things that we buy, whether it's vehicles or electronics, those things are designed to fail.

00:19:06.240 And we're going to have to buy the newest and latest and greatest. And coincidentally enough,

00:19:09.680 the more expensive thing. So having saved 20% is going to set you up for success. If you save less

00:19:18.260 than 20%, you could make it, it could work, but I'm telling you, there's a significantly greater

00:19:23.880 chance of you not being successful long-term. If you're not saving at least, at least 20% of your

00:19:32.060 income. We'll get into that a little bit more about how to do that, but that's, that's where

00:19:35.880 you need to be 20%. Uh, number five, don't get into debt. Don't get yourself into debt. It's crazy.

00:19:43.720 It's crazy. Just understand. And here's, here's one of the things that I've thought about

00:19:47.960 that has actually served me pretty well is that everybody else in every organization

00:19:53.360 is trying to get a little piece of my wealth. Again, let me say that every person that I interact

00:20:00.120 with and every organization is trying to get a little bit of my wealth. Now, some of that is

00:20:04.640 monetary and some of that is my time or attention or energy, but somebody's always trying to get,

00:20:09.200 and I'm not even saying they're doing it deviously or, or underhanded or criminally.

00:20:13.580 I'm just saying they want a little piece of my wealth. And when I look at marketing companies

00:20:18.200 and I look at businesses and I look at the grocery store and I look at everywhere I'm spending my

00:20:22.960 money, if I keep my eye on the fact or, or my thoughts on the fact that this company or organization

00:20:28.680 is trying to get their hands on my wealth, it allows me to make greater decisions about where

00:20:33.980 I choose to spend my money and where I choose not to spend my money. And I am not, not interested

00:20:40.040 in going into debt for somebody else, for some organization. That's not something I'm interested

00:20:46.460 in doing. And so we stay out of debt. We have our, we have two homes. Uh, and that's the only debt

00:20:52.100 that we have right now. No car payments, no medical bills, no personal loans. That's it because I

00:21:00.380 despise debt. Uh, it's been said that those who understand interest make it. And those who don't

00:21:06.760 pay it. I am not interested in paying extra money for a product, a good or a service to some other

00:21:13.940 individual so they can build wealth at my expense. Now, do I buy things? Yes. I have a vehicle. I have

00:21:20.800 a Traeger grill. I'm looking at outside of my window. I have this technology that I'm using right

00:21:25.420 now. So yes, I do purchase things of course, but I'm deliberate and I'm intentional. And I understand

00:21:31.380 that for example, when I paid Traeger to buy that grill, they did exactly what they wanted to do was

00:21:36.620 to get their hands on a little bit of my wealth. And now I have the idea that, okay, is this worth

00:21:41.200 it? Is this worth it to me? In this case, it was, otherwise I wouldn't have made the purchase,

00:21:45.940 but it's amazing to me how many people are oblivious spend, spend, spend, spend, spend,

00:21:51.040 spend. We, I mean, look at the government, for example, I don't even know the government debt

00:21:54.560 trillions and trillions of dollars in government debt, because we just believe that somehow we can

00:21:58.780 just keep spending, spend, spend, spend, spend, spend, everything will work out. No, there will be a

00:22:02.580 day of reckoning. And that day of reckoning, if you're up to your eyeballs in debt, maybe it's

00:22:06.520 already come. Maybe it hasn't yet, but I'm going to assure you that it will come. So get your debt

00:22:11.640 paid off, get it eliminated, use the debt snowball, which is what I use paying off the smallest debt

00:22:17.140 first, uh, and, and crank that out. And then don't get yourself back into debt. When you free up two,

00:22:23.100 three, four, $500 in payments, don't go out and buy the snowmobile unless you can pay cash for it.

00:22:28.700 Don't go out and buy the four-wheeler. Don't go out and buy the boat. Don't go out and buy the car.

00:22:32.460 Don't go out and get a bigger house because you can afford the payment. There's a difference

00:22:36.260 between affording the payment and affording the actual purchase itself. Lots of people can afford

00:22:41.280 lots of payments, but they have no business buying themselves a 40, 50, 60, $70,000 boat. And yet we

00:22:47.440 see it all the time. So don't get yourself into debt. It will enslave you. I promise you, you probably

00:22:54.240 understand that you might be in the midst of it right now. If you want to unshackle yourself from

00:22:59.320 being in this enslaved state, then you need to get rid of the debt as soon as you possibly can. 0.89

00:23:05.600 That's number five. Number six is, and I figured out, I was trying to figure out how to word this.

00:23:11.920 I put in here, hire professionals. And I'm also going to put that you shouldn't take advice

00:23:16.940 from broke people. That's why hiring professionals is important. And that's why you don't want to take

00:23:22.620 advice from broke people. And yet I say that and people are like, well, yeah, obviously,

00:23:26.480 except for it's not obvious. I talked to so many people who, who want to know what their parents

00:23:32.980 are doing financially or their siblings or their cousin or this person or that person. And when I

00:23:36.860 ask how they're doing financially, they say, oh, they're not really in that great a position

00:23:40.460 financially, but I still want to ask for their advice. Guys, don't ask for advice from broke people.

00:23:45.800 They don't know how to build wealth because if they did know how to build wealth,

00:23:50.840 they wouldn't be broke. And it doesn't say anything about their worth or who they are as

00:23:56.460 individuals. You can still be friends and they're still your family and you can still love them and

00:24:01.480 everything else, but you're not going to take advice from them. Just like you wouldn't take

00:24:05.520 fitness advice from a fat person. That doesn't mean that that fat person isn't a good human being or

00:24:11.420 somebody you can be friends with. It just means that you're not qualified to give me that advice.

00:24:15.980 So, so I'm not going to consume information that has got you to somewhere other than where I want

00:24:22.680 to go. I don't want to be broke. So I'm not going to take advice from broke people. I'm going to take

00:24:27.000 advice from rich people because I want to be rich. I want to be wealthy. When it comes to other contexts,

00:24:32.720 like being a good father, I'm not going to take advice from deadbeat dads on how to be a good father.

00:24:38.360 I'm going to take advice from those who have engaged with their kids and they have a loving,

00:24:43.600 powerful relationship. I want to know how that individual does it. And this is why hiring

00:24:48.320 professionals is valuable because they're going to help you do the things that you need to do in

00:24:55.160 order to achieve the desired result and outcome. They're professionals. They've been doing it.

00:24:59.380 They're qualified to give that advice. Now you have to qualify that yourself. Sure. You have to see,

00:25:04.200 is this person really a professional? Do they have my best interest at heart? But having a professional

00:25:09.220 will yield dividends, you might have to pay money for a CPA or for an accountant or a lawyer or a

00:25:16.320 financial advisor or a insurance agent. Yes. You're going to have to pay for that probably,

00:25:22.220 but that will yield dividends because these are professionals and they are trained,

00:25:28.580 trained to give you the advice that you need in order to achieve the outcome. So some people say,

00:25:34.160 Oh, it just costs too much. Hiring a professional costs too much. Well,

00:25:37.220 what's the cost of not hiring a professional? What's the cost of taking advice from broke people?

00:25:41.960 Nobody ever takes that into consideration, but I'll tell you who does take it into consideration.

00:25:46.340 Wealthy people, they understand to qualify their sources, to qualify their information,

00:25:51.580 to pay individuals who are better at it than they are and to implement what it is they say to implement

00:25:58.160 and surprise, surprise, they yield the results that they're after. So number six,

00:26:02.580 hire professionals and also don't take advice from broke people. Number seven, diversify your

00:26:10.800 portfolio. Diversify your portfolio. Once you're out of debt and you're saving money and you want to

00:26:15.220 start investing, diversify your portfolio. And I don't mean that you should just buy different mutual

00:26:20.740 funds. Although you should, you shouldn't own one fund or one stock, uh, or just a few handful of,

00:26:28.280 of shares and companies that are very similar. Like you, you, you want to diversify your stock

00:26:33.740 portfolio, but you also want to diversify between businesses. You want to diversify between potentially

00:26:39.300 real estate holdings. The more that you can diversify different asset classes within your, uh,

00:26:44.900 mutual funds, the more that you can diversify your portfolio, the more that you can protect yourself

00:26:49.740 from downside loss. And at the same time, maximize upside potential, diversify your portfolio. If all

00:26:57.040 of your money is in real estate, you probably ought to consider another Avenue for some of your,

00:27:02.420 your wealth. If all you are is in the stock market, you probably ought to consider other avenues for your

00:27:07.580 wealth. Uh, I own, owned, I own now one business, but I owned two businesses. Uh, but I want to do a

00:27:14.100 diversify. So I'm not going to put it into a business I own. I'm going to put it into other businesses

00:27:17.840 through the stock market. And I've got real estate property. It's important. You've got to diversify

00:27:22.840 your portfolios. I think everybody kind of understands this or has heard this before. Uh,

00:27:27.620 and yet I see a bunch of people who have all of their money in one place. It's all in real estate

00:27:34.100 where it's all in their business, or it's all in the stock market. And this is a mistake. You're

00:27:39.480 setting yourself up for failure down the road. So diversify your portfolio. Number eight,

00:27:44.220 hedge your bets, hedge your bets. And what I'm talking about here is I'm talking about insurance.

00:27:48.620 Guys, insurance is so important. You don't need to buy insurance for everything. When I say hedge

00:27:54.420 your bets, let me explain what insurance is. Basically, you're asking an organization to cover

00:28:00.740 a potential loss on your part for a nominal fee. So for example, if you have a $30,000 vehicle,

00:28:08.880 you're asking an insurance company to cover that $30,000 vehicle. And in exchange, you will pay them

00:28:16.020 whatever, $80 a month, whatever it is. Okay. So what you're doing is you're hedging. In that case,

00:28:21.940 you're hedging your losses, right? You want to make sure that if you lose this $30,000 vehicle

00:28:27.280 that you, that it will be taken care of. And in order to do that, you're paying a little bit right

00:28:31.800 now. Same thing with life insurance, same thing with health insurance, same thing with homeowners

00:28:35.160 insurance, but you don't need all these little crazy things. These little crazy insurances,

00:28:39.640 like pet insurance is one I see a lot. Like you don't need that stuff because you can pay for a

00:28:46.500 medical procedure for your animal. If something like that arises, you don't need to pay for that.

00:28:53.820 High deductibles on your health insurance is critical if you have money set aside, because why

00:28:59.100 are you going to pay for, uh, this insurance coverage? If you have the money over here to

00:29:06.220 cover it, if something should happen, because what if nothing happens, then you pay this insurance

00:29:11.000 company tons of money over the course of 20, 30, 40, 50, 80 years. And then you never actually get

00:29:17.640 any of that back. So hedge your bets and hedge your losses, the losses that you can't afford right

00:29:25.040 now. We hedge your bets by diversifying and we hedge our losses by picking up insurances for the

00:29:30.900 things that we can't afford a loss on. All right. Number nine, invest in yourself. Now a financial

00:29:38.900 advisor is going to tell you to invest in the stock market or in real estate or business. And that's all

00:29:46.020 great. And there's a place where you should definitely do that. But I have yet to have met a

00:29:50.680 financial advisor that talks about investing in yourself. Guys, when you invest in yourself,

00:29:56.700 that is the biggest paying highest yielding investment that you could ever make. How do

00:30:02.780 you invest in yourself? A couple of different ways directly was it relates to money is invest

00:30:07.000 in designations and courses and credentials and degrees that will help you make more money

00:30:12.940 that will help you start a business or get a promotion or get an advancement in your career.

00:30:18.940 All of these things are investing in yourself so that you can get promoted and in turn make more

00:30:23.460 money. But another way that you invest in yourself is you invest in the right kind of food,

00:30:28.660 invest in the right kind of food. That might sound silly when it talks about when I'm talking about

00:30:32.100 wealth, but if you're healthier, you're going to be more likely to be able to have the energy needed

00:30:36.820 to go out into the world and provide value and in turn, make money. Same thing with the gym.

00:30:41.860 I invest in a gym. I also invest in equipment here at my house because I realized that when I'm

00:30:47.620 healthier and I've been out of shape before, severely out of shape when I'm healthier,

00:30:52.400 I am more capable of building wealth in my life. I'm more capable of showing up. I have more energy.

00:30:59.900 I have more ideas. I'm more clear and level-headed. I work harder. I'm more efficient. There's so many

00:31:04.560 ways that I work more effectively when I'm healthier. So the more that you can invest in yourself,

00:31:09.320 in your nutrition, in your sleep, in your environment, in knowledge and books and podcasts and

00:31:16.040 everything else and credentials and degrees and advancements and courses, the more that you can

00:31:21.160 invest in yourself and then apply that information, the more you are capable of building wealth in

00:31:27.100 your life. And it's something a lot of people don't talk about because they're talking about

00:31:29.880 investing in the stock market. That's a great idea. Invest in real estate. Another great idea.

00:31:33.960 Invest in your business. Another great idea. But very few people are actually talking about

00:31:38.380 investing in yourself. So invest in yourself.

00:31:41.480 Number 10, calculate the cost of items. And I say the cost, I'm talking about the true cost.

00:31:48.020 I'll go back to that Traeger grill. And I don't even know what it costs because my wife picked it

00:31:51.640 up for us. But let's just say it was, I don't know, $500. Okay. So we bought this Traeger grill.

00:31:58.140 It's $500. And, but that's not the true cost. That is not the total cost. Because if I would have kept

00:32:04.740 that $500 in an investment fund or in an account, and I would have let that were paid off debt with

00:32:11.600 it. And I would have used that money to advance myself financially, that Traeger grill probably

00:32:18.460 could actually cost me $750 or a thousand dollars or $2,000 because I could have put that money to

00:32:26.040 use somewhere else. So I'm not saying don't buy the Traeger. I'm just saying know what you're getting

00:32:30.720 yourself into and know what you're sacrificing to have the Traeger grill. That's what you have to

00:32:36.400 understand. You don't want to make decisions in ignorance. And by calculating the true cost of

00:32:41.460 what it is you're, you're purchasing and utilizing, then, then, you know, is this something I actually

00:32:46.520 want to make a purchase on? Vehicles is a great example. I am not a car guy. I'm not a vehicle guy.

00:32:52.660 Frankly, I could care less. I know a lot of you guys who listen probably are. That's just not for me

00:32:57.540 because I don't see any value at all by pouring 20, 30, 40, 50 grand into a vehicle that's going to be

00:33:05.900 worth half that or even lower in a matter of a few years. That sounds absurd to me. Absurd. And yet

00:33:13.460 there's people in my life who go out and they buy cars every six months or every year, and they're not

00:33:19.480 building wealth over here. It's like you're buying depreciating assets. And not only are you buying

00:33:24.280 depreciating assets, you're, you're tying money up in something where the alternative is that it

00:33:30.980 could be over here, building wealth or paying off debt or doing these other things that I'm talking

00:33:35.400 about in these principles. So calculate the true cost of items. Let me give you one more scenario.

00:33:40.000 So you can kind of understand what I'm talking about here. I'm in front of my computer. I've got

00:33:43.680 this work computer. I've got the, a Mac book pro sitting down here doing my work and I invested,

00:33:50.100 I don't know what, whatever it was a thousand or 1500 into this computer. Now,

00:33:53.360 what is the true cost of this computer? Actually, the cost of the computer is nothing.

00:33:58.320 See, there's a price tag on it, right? That's a thousand or 1500, whatever it is I paid for it.

00:34:02.940 That's the price tag, but the cost is nothing. Why? Because it's an investment. I have this

00:34:08.440 computer that's allowed me to make this podcast and allowed me to do the blog posts and allowed me to

00:34:12.760 create other courses and allowed me to do our exclusive brotherhood. And because I have this tool

00:34:18.420 and that's what a computer is, it's a tool, I'm able to leverage the tool to build and create wealth

00:34:26.160 in my life. So I'm all about purchasing items that don't have a cost. In fact, they're, if anything,

00:34:32.500 they, they're going to, they're going to build me wealth. So look at the true cost of items. I think

00:34:36.540 that was number, uh, 10. All right. Number 11. And this kind of might go hand in hand here, but, uh,

00:34:42.960 wait on impulse purchases. Just wait. All right. If you feel like you're going to need it,

00:34:47.020 you need it. You have to have it. It's this thing. I have to have it. I have to have it right

00:34:49.960 now. If you really feel like that, that you'll have the same feeling in 24 to 48 hours. So just

00:34:56.540 wait 24 to 48 hours. Because what I found is that the things that I tell myself, I need to have this.

00:35:02.300 I need it. I need it. I can't function or live without it. I need to have this thing. If I give

00:35:08.040 it a cooling period of 48 hours, I come back 40 hours later. I'm like, yeah, I don't know what I was

00:35:13.860 thinking. Cause I actually don't need that. So give yourself some time and don't make these

00:35:19.160 impulse purchases. Give yourself time, cool off, disengage from the situation. We talk about

00:35:24.680 emotions a lot here, like get emotionally unattached to the thing, get yourself in a

00:35:30.660 different environment. And then if in 24 or 48 hours or whatever your limit is, you come back and

00:35:35.360 you're like, no, I actually still need that thing. Okay. I get it. Now you're making a rational

00:35:40.520 decision. But the last thing you want to do with your spending is to make irrational decisions based

00:35:44.920 on things that you think in the moment you have to have that you can't live without. Because I can

00:35:48.940 assure you that 95 to 98 to 99% of the time you can live just fine without it. Just like you've been

00:35:56.220 living the last 35 to 40 years of your life without it. What's one or two more days, give yourself a

00:36:03.200 cooling off period on impulse purchases. And so that was 11 and number 12. And I saved this one for the

00:36:10.140 last one because I think it's very, very impactful. I think you've really, really need to understand

00:36:15.260 this. I think a lot of people fall guilty or prey of not doing this. And number 12, my final rule of

00:36:22.760 wealth is that you don't want to delegate your responsibility of your finances. Do not delegate

00:36:30.540 the responsibility of your finances. So I told you for about 10 years, I was a financial advisor

00:36:35.680 and I met all kinds of people, all kinds of people from broke people to, to some somewhat wealthy to

00:36:42.460 extremely, extremely wealthy who wanted to pawn off the responsibilities of their finances.

00:36:48.420 They wanted to hand it over to me as a financial advisor and say, I don't really care. You just do

00:36:53.060 it. And when I'd call them, they'd say, I don't know what's going on with my, what you tell me,

00:36:56.520 I don't really know what's going on. That is a horrible, horrible way to approach your finances

00:37:01.680 because I don't care who it is, whether it's me or some other advice. I don't care. I do not care

00:37:06.560 who it is. Nobody should care about your wealth more than you. Now that doesn't mean that you can't

00:37:12.120 hire professionals. Like I talked about in 0.6, I think you should hire professionals. You should ask

00:37:18.720 for advice from qualified sources. You should seek after that knowledge and that information and that

00:37:23.800 education. But at the end of the day, the responsibility, the burden of building wealth in

00:37:28.480 your life and taking on that responsibility is yours. You cannot responsive or delegate

00:37:33.820 responsibility for wealth building. You cannot delegate responsibility for health. It's not

00:37:38.760 like you can have somebody else do your pushups for you. You can't delegate responsibility with

00:37:43.320 relationships. You can't ask somebody to take your wife on a date and expect that that's actually 0.70

00:37:47.560 going to connect you to. It's the same thing with your finances. So if you have a financial advisor,

00:37:52.860 you have professionals, you have people you're working with. It's not still not. They have some

00:37:57.500 responsibility. Yes, because they've agreed to do that. But ultimately it is still your

00:38:02.760 responsibility. So you need to have checks in place. Are you following up with this advisor?

00:38:07.200 Are they contacting you regularly? Are you receiving correspondence? Do you know what's going on? Are you

00:38:12.400 asking questions of this individual? If things aren't going right, are you ignoring it and hope that

00:38:16.840 they'll take care of it? Or are you actually getting involved in the situation? Don't delegate the

00:38:21.440 responsibility of your wealth and don't also delegate responsibility of wealth to your spouse.

00:38:27.360 I ran into that all the time. And a lot of the times the husband takes care of it more than the

00:38:32.260 wife. That's been my experience anyways. And so I would have these wives who their husbands would pass 0.99

00:38:36.300 away. My clients would pass away and they'd come to me. And not only were they broken because

00:38:40.420 husband's no longer in the picture, but they didn't know anything about how the money was handled,

00:38:44.940 where the accounts were, where the trust was, or the will was, who the CPA and the financial advisor

00:38:51.860 and how to access and what the passwords were, because the husband did all of the financial

00:38:56.660 planning and handled all the day-to-day operations as it came to money. And the wife is now here

00:39:02.460 completely lost and oblivious to what's going on because she delegated the entire responsibility

00:39:09.360 over to her husband. And you know, most of the time that that works out, but there's situations 0.98

00:39:14.380 where it doesn't. And then we have these widows who are left not knowing anything about how their 1.00

00:39:21.080 financial situation is handled. And they end up making some really poor decisions because they've

00:39:25.940 never done it before. So guys don't delegate the responsibility and don't allow your wife to 0.95

00:39:30.660 delegate that responsibility to you. You guys do it together, handle it together. If you have

00:39:35.280 professionals work with them, correspond with them, talk with them, ask them questions. If things

00:39:39.280 aren't right, or you don't understand, it's your responsibility and obligation to reach out to

00:39:42.980 that individual and say, explain this to me. So that's it guys. There's my 12 rules. Again,

00:39:47.420 not an exhaustive list, but I hope that gets you on the right track. If you have a notepad,

00:39:51.260 get it out right now. I'm going to go through these 12 rules with you real quick and incorporate

00:39:54.960 these things. And I would say incorporate these over the next 30 to 90 days. And just let me know,

00:40:00.740 is it working? Is it not working? How is your wealth improved? What do you see in your life?

00:40:04.940 What changes have been made? What's your attitude like? What purchases have you made? How much debt have you

00:40:08.620 paid off? How much savings? What, what investment investments you've made? I want to hear all of

00:40:13.460 this stuff. Uh, and you can share that stuff with me on Instagram or Twitter, both at Ryan Michler.

00:40:19.140 My last name is spelled M I C H L E R. So let's go through these again. All right. Number one,

00:40:23.540 know your wealth purpose. Number two, do not villainize money. Number three, track everything

00:40:29.360 that you make and spend. Number four, save 20% of your income. Uh, at least number five,

00:40:36.540 don't get into debt. Number six, hire professionals and don't take advice from broke people. Number

00:40:43.220 seven, diversify your portfolio. Number eight, hedge your losses and hedge your bets. Uh, number nine,

00:40:50.600 invest in yourself. Number 10, calculate the true cost of purchases. Number 11, wait on impulse

00:40:58.540 purchases. And number 12, don't delegate responsibility of your finances. That's it guys.

00:41:04.880 That's all I've got for you today. I hope that helps. I hope that serves you well. I know a lot

00:41:08.540 of you guys are, are very well off financially. I hope this helps, uh, push you in the right

00:41:12.800 direction even further. I know a lot of you guys who are struggling and trying to make ends meet or

00:41:16.960 trying to pay off debt and really wondering how you're going to make those payments. Use this stuff

00:41:21.120 in your life, incorporate these rules and these principles in your life. Like I said,

00:41:24.940 over the next 30 to 90 days, and let me know. I mean, you'll, you'll see improvement,

00:41:28.620 no doubt. And I would love to hear what those improvements are. Now, if you are interested in

00:41:32.320 diving deeper into this, some of you may be, then I would encourage you to head over to

00:41:37.520 order of man.com slash iron council. Uh, that's our exclusive brotherhood. And we're talking about

00:41:42.260 this and we've got eight challenges throughout the month. And we've got eight calls, uh, that you'll

00:41:47.180 be able to jump on throughout the month. Uh, what else we've got an assignment. We've got a book club.

00:41:52.140 I mean, we've got it all over there. And if you want to learn more and really delve deeply into what

00:41:56.540 we're talking about with regards to wealth building, uh, this is the month for you.

00:41:59.780 Order of man.com slash iron council. All right, guys, that's all I've got for you today. I hope

00:42:03.800 you enjoyed that one. And it serves you to some capacity and serves you well share this. If there's

00:42:07.820 somebody, you know, that, that needs to hear this, if there's a man in your life, whether it's a

00:42:11.600 brother or a father or a friend, colleague, coworker, somebody, you have an obligation to maybe even

00:42:16.540 potentially lead a son or a young man in the community, share this stuff with them. This is

00:42:21.340 powerful. This is important information. And I think we make ourselves more capable men when we learn

00:42:26.900 how to, uh, build massive and extreme levels of wealth in our lives. Money is not evil. Money is

00:42:33.560 not a bad thing. It's simply a, uh, a metric of value. And the more value that you provide in life,

00:42:40.520 the more capacity you have to build wealth. And of course, utilizing these rules will help you do the

00:42:44.800 same. All right, guys, we'll call it a day. We'll call it a weekend. Go out there, take action and

00:42:49.240 become the man you are meant to be. Thank you for listening to the order of man podcast.

00:42:54.220 You're ready to take charge of your life and be more of the man you were meant to be.

00:42:58.360 We invite you to join the order at order of man.com.

Order of Man - February 15, 2019

The Rules of Wealth ｜ FRIDAY FIELD NOTES

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