REAL AF with Andy Frisella - August 01, 2017


How To Manage Money To Get and Stay Rich, with Andy Frisella - MFCEO162


Episode Stats


Length

59 minutes

Words per minute

212.85971

Word count

12,592

Sentence count

8

Harmful content

Misogyny

8

sentences flagged

Hate speech

157

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode of The MFCEO Project, we talk about how to become the CEO of your own company or organization. We talk about what it takes to be a successful CEO and why it s important to have an entrepreneurial mindset.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 what is up guys you're listening to the MFCEO project I'm Andy I'm your host and I am the
00:00:10.700 motherfucking CEO guys real quick before we get started I want to remind you guys that we are
00:00:16.180 doing a review contest we're going to extend that contest for a couple more weeks the contest is
00:00:21.640 we're going to pick five people who go on iTunes leave a review to do a live Skype with me for 20
00:00:27.980 30 minutes where I can answer all your questions get in you know help you with anything you need
00:00:32.080 help with so guys if you find value in the podcast if you want to do a live Skype please go on leave
00:00:40.240 a review on iTunes let us know what you think and we'll pick five people who have left a review
00:00:46.620 about the about the show now I said we're going to extend the contest originally we were going to
00:00:52.620 call the contest today it's been going very well I think what we'll do is we'll go ahead and end
00:00:57.780 the contest on August 8th so we're going to do it two more weeks so guys if you haven't left a
00:01:04.800 review please go leave a review and subscribe to the podcast because that's how we get our podcast
00:01:11.080 ranked a lot of these guys go out and they interview all these other people and they they they leverage
00:01:19.000 other people's followings to get the podcast following built and ranked and all that guys we
00:01:25.760 just do what we know how to do we share the information we know how to share occasionally
00:01:30.200 we'll bring a guest on but we're not constantly trying to throw these worthless guests that don't
00:01:34.800 know shit and have you know x amount of followers on social but haven't really done anything your way 0.82
00:01:40.720 okay when we have people on the show there are people who have done things in real life who have
00:01:45.760 made real businesses who have sold real fucking products and made real fucking money and guys that's what 0.94
00:01:51.640 the show's about okay it's not about just being an entrepreneur all right yes it's an entrepreneurial
00:01:57.300 podcast but the entrepreneurial mindset is what is important to take away because the entrepreneurial
00:02:03.640 mindset is what is going to get you from where you are to where you want to be no matter if you're the
00:02:08.960 guy at the lowest level inside of a company or if you're the CEO you know not everybody's cut out to own
00:02:15.320 their own business it's a statistical fact that seven to eight percent of people in the general
00:02:20.440 population are entrepreneurs that means most of you aren't but having the entrepreneurial mindset
00:02:27.180 okay living every day like an entrepreneur and treating yourself and becoming the CEO of yourself
00:02:35.460 is what is going to get you to become successful it's what's going to create the value in yourself
00:02:41.580 within an organization now Vaughn where can these people go to subscribe and also leave the review
00:02:49.620 well for clear instructions they can go to the mfco.com forward slash review or the mfco.com
00:02:57.300 forward slash subscribe but as far as um you know screenshotting their their reviews and emailing it
00:03:04.280 i assume we just send them to what uh vaughn at the mfceo.com or something like that yeah send
00:03:09.560 them to me guys vaughn at the mfceo.com v-a-u-g-h-n i think that's where most of them have been coming 0.99
00:03:16.720 anyway so um but yeah if you need instructions we give pretty clear instructions so i think you can
00:03:23.840 figure it out yeah so guys if you're new to the show that's the co-host vaughn the impaler the pastor
00:03:29.300 of disaster and then we've got the producer uh tyler mc salmon but today he's wearing white so
00:03:35.480 we'll call him mc white i guess i don't know you're such a racist mc cod yeah mc mc uh mc powderpuff 0.85
00:03:46.280 that's that's more appropriate all right guys so vaughn let's talk about what we're going to talk
00:03:53.640 about today what are we going to talk about today well first can i say i'm grateful that we're actually
00:03:59.020 recording it's been too long it has yeah yeah so well you know we are busy in the summer man
00:04:03.720 yeah right now is the time of year where we're trying to plan for next year in our company
00:04:07.600 um you know we're getting everything done so the schedule gets kind of screwed up right so and we've
00:04:12.820 got other projects going on yeah a lot of other projects yeah so man we're talking about obviously
00:04:17.200 most of the people that listen here on this podcast are either already engaged in somewhat of a wealthy
00:04:24.880 lifestyle or it's it's a lifestyle that they're wanting to pursue you know they want money right
00:04:29.680 they want lots of it so i thought you know we were talking earlier which by the way is a great thing
00:04:33.860 yeah and anybody who tells you differently doesn't have any or hasn't ever been around any or has no
00:04:38.960 fucking clue you know anybody who tells you oh money is such a bad thing and it ruins people and this
00:04:44.380 and that no it doesn't money i made a post yesterday on uh on instagram with matthew mcconaughey's video
00:04:52.460 did you see that it was awesome yeah dude it was awesome and the what frustrates me so much is you
00:04:58.840 have these two groups of people right you have and we're getting off track but that's okay you have
00:05:03.820 this group of people who aspire to have money and they like they think like you know having a fucking 0.93
00:05:11.000 lambo and a rolls and a big house and a plane and all this shit is what life's about all right and then 1.00
00:05:17.640 you have the people who say you don't fucking need money to be happy you don't need money blah blah blah 0.86
00:05:23.280 money's money's evil and bad blah blah blah you know what both groups are fucking wrong like both 0.95
00:05:29.260 groups are wrong like money's a great thing because it allows you to add to the experiences of life
00:05:35.460 it's not about owning a car okay and people are but andy you own fucking 16 cars you know what 0.96
00:05:41.380 yeah and every single one of those cars it's not about owning the car it's that it adds to my life
00:05:46.980 experience and that's what people don't understand about money it can accelerate and create
00:05:52.520 awesome things that you wouldn't otherwise be able to do that add to your life experience
00:05:57.880 it's not about the house it's not about the car it's about the experience and if you can use money
00:06:03.880 to create a better experience and make a better impact on the people around you how can you say
00:06:09.340 that's a bad thing and it's just so ignorant that people fucking either a only want the fucking 0.98
00:06:15.960 shiny object or b think it's the worst thing in the world and and the funny thing is is all the
00:06:22.780 people with the money the real money they don't think either of those things they're thinking the
00:06:26.740 way i'm telling telling you you know that we think it's not about the money per se it's about adding to
00:06:34.060 the life experience and you guys have to understand that if you just chase the next shiny object and the
00:06:39.360 next car and the next house and the next plane you know what you might make some money you might be able
00:06:43.820 to do that but dude you always feel fucking empty inside you always feel like there's something 0.91
00:06:47.340 missing you're always going to feel like you did something wrong you're always going to regret
00:06:50.440 you know the way you're living your life because dude there's never going to be enough you know what i
00:06:56.900 mean it's never going to be enough and and i think it's important to recognize that especially with
00:07:01.720 young people because i know when i was young and and and don't get me wrong dude chasing the shiny
00:07:06.200 object is really good motivation because when i was young that was a big huge motivation for me
00:07:10.260 but i'm just saying you know recognize that that owning that thing is still just an experience it's
00:07:17.380 not actual ownership does it make sense right i think if you replace the word money with the word
00:07:22.860 resource and you said to somebody well if you could have a bunch of resources to impact the world would
00:07:29.080 you want it they say yeah exactly but then you say well that's what money is money is a resource to
00:07:33.980 impact the world you can impact it positively or you can impact it negatively but it's it's a morally
00:07:38.220 neutral thing that you either use for good or evil i agree 100 so so we were talking you know
00:07:43.440 earlier about obviously people wanting money and you have a good amount of money probably not as much
00:07:49.940 as you will eventually but um i thought it would be really helpful to talk to people just about
00:07:55.400 i mean practical nuts and bolts on how to think about your money how to think about it and how to
00:08:02.580 how to manage it in a way that you can get wealthy and stay wealthy and that andy i think the first
00:08:08.100 thing this is like common sense to anybody so it's not going to surprise anybody but everybody says
00:08:13.980 you know the gurus say you got to stay on a budget is that true when you make 40 000 is it as true when
00:08:22.060 you make 400 000 i think that you know people most people don't even understand what the fuck that 0.81
00:08:30.660 means i think most people have a spending problem and they also have an earning problem they don't
00:08:35.640 earn enough and they spend too much and i think that people whenever they look at their spending
00:08:40.980 habits if you're one of these people who spends too much and doesn't earn enough when you're earning
00:08:45.620 40 grand and you're doing that it's going to be the same when you're when you're earning 400 grand
00:08:49.880 or when you're earning 4 million you're going to spend way more than you have and you're not going
00:08:54.200 to fucking be earning enough and that is a problem you know it's a problem no matter how much you earn 0.96
00:08:59.960 if you're spending more than you earn and it sounds like common sense but but i guarantee you most of
00:09:04.200 you are shaking your head yeah that's me on if not on the outside especially on the inside you can't
00:09:09.060 live beyond your means you've got to live below your means you know and people will look at they'll look
00:09:13.280 at me and they'll say oh well you look like you're living beyond how the fuck do you know that 0.80
00:09:16.940 i spend less than 10 of the money i make 10 that means i'm saving 90 fucking percent of the money 0.88
00:09:22.940 i make right you know what i mean so your thought is if you overspend when you're poor you're going
00:09:26.540 to overspend when you're rich always yeah and and it has to do with you know your habits so this is a
00:09:31.580 habit that you could correct now you could correct now by you know laying it out on a spreadsheet
00:09:36.640 it's as simple as laying it out on an excel spreadsheet i earn this much i spend this much
00:09:42.000 okay i'm if i'm earning five grand a month and i'm spending six how can i cut it out to where i'm
00:09:46.920 spending three you know what i mean and you've got to make those cuts that's the biggest reason most
00:09:51.640 people get trapped in a regular job because they can't cut back their lifestyle because of you know
00:09:57.360 ego or pride or whatever it is to actually become uh cash flow positive in their life so that they can
00:10:05.140 actually go out and take that money and spend it on starting some sort of business or whatever it is
00:10:10.860 they truly want to do you know what i mean they get caught up into keeping up with the joint with
00:10:15.080 the joneses and that's that's something that sticks with you it doesn't matter how much money you make
00:10:19.820 it reminds me of that podcast the where you talk about are your goals really your goals right
00:10:23.740 exactly right it's easy to say oh my goals are to my goals are to become financially independent
00:10:28.780 and save all this money and do all this but dude if you're not willing to make the cuts and live
00:10:32.380 below your means then that's not really what the fuck you want your weekends are telling you 0.52
00:10:35.600 different exactly car you're driving look man when your actions are saying different than what your
00:10:40.080 mouth says what your mouth says is inaccurate right and the biggest proof i think of what you're
00:10:44.300 saying is is everybody knows it's it's become cliche of the of the guy who came from a you know
00:10:51.260 low-income background he goes and signs you know millions of dollars to become a professional
00:10:56.540 athlete and 10 years later he's broke right right but but the reason that is is because no one's
00:11:01.220 ever sat him down and talked to him to a point where he's those i could go on about that for hours
00:11:07.000 right because the major league sports uh organizations do not do a good enough job
00:11:11.640 to help these people understand personal finance the reason those guys get paid the amount of money
00:11:16.240 they get paid is they're getting paid a lifetime of salary within a number within like six seven
00:11:21.360 years right that money's supposed to last for a lifetime but they go out and they do exactly what
00:11:26.080 i'm saying now they not only do they spend their three four million dollars a year they leverage it
00:11:32.660 on credit and try to live like they're making 10 million dollars a year and then they do that
00:11:37.620 until all their money's gone and then they're fucking 15 million dollars in debt or 20 or 50 0.87
00:11:42.480 million dollars in debt like floyd mayweather is right and they they never learn to say no to their
00:11:46.940 family either exactly right i mean there's all or to anybody yeah and the thing is is like dude i just
00:11:51.980 got a call from a good friend who just recently started making really good money uh about two weeks
00:11:57.200 ago and she was asking me about you know her friend who was asking her borrow five thousand
00:12:01.900 dollars and what should i do i said don't fucking give it to her and she's like well she's gonna be 1.00
00:12:05.620 mad at me i'm like she'd be mad at you either way because you're either gonna give it to her now
00:12:09.220 and she's gonna be happy and then when you want it back she'll be mad at you and she's gonna say oh
00:12:13.420 you don't need it back why are you trying to hassle me back or she'd be mad at you now and i would
00:12:17.460 just make it a policy now you don't do that i just don't do it i don't fucking do it right 0.97
00:12:21.120 you know what i mean right um but the point is is that you know you have to understand that
00:12:26.860 the only way you're ever gonna you're ever gonna be financially independent for your life
00:12:31.920 is to to spend far less than what the fuck you make and most people just aren't willing to do that
00:12:37.820 you know they see they see their neighbor pull up in their driveway with their new fucking 0.95
00:12:41.280 $75,000 escalade or uh you know gmc fucking denali and they think they're a baller so they go 0.83
00:12:48.560 out and leverage all their money on that and you know for what well for you know what i mean you
00:12:53.840 go out spend 20 grand on a fucking 1971 k fucking 20 blazer which looks 10 times cooler and gets 10 0.97
00:13:01.540 times as much attention and be fucking way better off financially but they want to keep up with the
00:13:07.020 fucking i mean dude come on you know what i'm saying oh i know totally what you're saying when 0.98
00:13:11.040 my wife was in residency she had seminars that actually told them most doctors live paycheck to 1.00
00:13:17.500 paycheck and they do and it's crazy because they make good money but they feel like they need to
00:13:22.500 keep up with other people i've said it i don't know how many times in this podcast their doctors are the
00:13:27.940 worst fucking business people the worst they are they are the worst and they act like they're the 0.99
00:13:32.600 biggest fucking ballers too you know oh i went to school for 12 years so i know everything they're 0.93
00:13:37.360 so fucking arrogant they don't know anything outside of their bubble but they think they know 0.85
00:13:41.080 everything and they fucking are all of them are basically broke right that's why they work till 0.95
00:13:45.140 they're 70 fucking years old right because they have to and it's insane because because there are 0.97
00:13:50.300 people in kasha's class that i'm sure are like well why do vaughn and kasha live in a middle income
00:13:56.720 house and and drive used cars why because we're paying off all that debt and using our money wisely
00:14:02.180 so that in the long term we're going to have a lot more money than anybody else but meanwhile they
00:14:06.160 haven't dented their debt that has a huge huge interest level they're too fucking busy 0.93
00:14:12.360 drinking their fucking uh their fucking sonoma fucking valley chardonnay i remember the fuck 0.99
00:14:18.360 people drink right their fucking pinkies up acting like they're better than everybody right 0.95
00:14:22.640 you know exactly so if you're a doctor and you're listening this is you you're a fucking idiot 0.97
00:14:27.140 so uh so live within your means obviously budget regardless of what your income is right yeah
00:14:33.260 um so so speaking of budgets you know i was i was researching this a little bit and it seems
00:14:39.200 like a lot of these um different entrepreneurial sites they have things like what are the 10
00:14:43.560 greatest habits of wealthy people and uh and one of them is you know one of them that i thought just
00:14:49.860 really did not sound accurate is wealthy people don't make impulsive purchases come on everybody
00:14:56.160 makes impulsive purchases i mean let's be real dude like their shit i mean have you ever gotten on 0.83
00:15:01.280 fucking amazon and all this i mean everybody does it like they're going to fucking target everybody's 0.94
00:15:06.440 done this you go to target you're like oh i need this one thing right you walk out with 300 400
00:15:10.740 dollars worth of shit right everybody does that dude impulsive purchases are the fucking killer right 0.97
00:15:15.880 it's just when you make a lot of money they're a lot more expensive right like dude i've bought
00:15:19.300 fucking cars on ebay impulsively like hey like when i've been drinking i've been laying on the 0.86
00:15:23.720 fucking couch and i'm like hey there's fucking this truck looks awesome you know what i did saturday 0.99
00:15:29.480 the motherfucker shows up like three days later you know what well we were we were billy cheese and 0.73
00:15:36.540 uh andy and i were drinking a little bit got back home and uh yeah bought some bought some new yeezys
00:15:42.140 that night yeah they're probably what 800 bucks i didn't even remember till the next day how much
00:15:46.240 were they no they were 300 i'm waiting for the uh what do they call those i'm waiting for those
00:15:50.400 drones the amazon to use the drones so that the drones are just like constantly converging in your house 0.99
00:15:54.980 everybody does the impulsive purchases so then what's the answer the answer is to fucking plan 0.90
00:15:59.260 for the impulsive purchases okay you know what i'm saying take a part of your budget and say hey
00:16:02.780 i got you know 500 this month or maybe you don't have 500 maybe it's 200 or maybe it's fucking 5 000 0.95
00:16:10.220 depending on how much you make but say hey i'm budgeting x amount of dollars for impulsive my
00:16:16.560 impulsive purchase purchase and know that number in your head and like track it you know what i'm saying
00:16:21.700 like like if it's 500 bucks and you spend uh 170 bucks on a pair of oakley's on amazon
00:16:27.860 know that you've only got like 300 bucks left right you know what i'm saying and for the rest
00:16:31.780 of the month you just you just got to plan it out and work it into your budget and that's what people
00:16:36.580 don't people never plan for those impulsive purchases which is which the impulsive purchases
00:16:41.400 are what bury people whenever it comes to financial you know independence it's kind of paradoxical
00:16:46.360 because it's like planning spontaneity but it makes it makes total sense if you do that
00:16:50.040 then you don't have to feel guilty about it right you know dude i think that's one of the most
00:16:53.660 important things that people can do is just plan for the impulsiveness you know plan plan you're
00:16:58.180 going to spend a night out with your fellas drinking it's going to cost you 150 bucks or whatever you
00:17:03.920 know what i'm saying right those things and stick to it you know what i mean if you're if you're at if
00:17:10.220 you're at your 500 limit for the month and you're at uh you know it's the 19th go on a fucking diet and 0.94
00:17:17.080 say hey i'm not leaving the house for fucking the rest of the month you know what i'm saying 0.99
00:17:20.320 like dude figure it out but that's that's how you do it man i mean that's it's just you've got to plan
00:17:27.800 for those things so across the board the chronic problem that i think most people have when they
00:17:32.340 start acquiring wealth is that they basically say okay the rules are one way for me when i'm poor or
00:17:39.760 middle income but then the rules change when i'm when i'm really wealthy what would be an example of
00:17:46.120 something that where that because i know that i can think of a lot of them but no you know no it's
00:17:50.560 like if people fucking especially when you start making money people think that you that you change 0.88
00:17:56.280 your standards right like like if i go out right now and like dude this just fucking pisses me off 0.99
00:18:01.240 too every time but like when i take uh when i take people to dinner all right like i've got to take a
00:18:06.980 lot of people to dinner a lot a lot of times and that's fine it comes with the territory i just i had to
00:18:11.700 spend six thousand dollars on a fucking dinner two weeks ago okay first of all what you'll find is 0.89
00:18:19.940 that people don't thank you because they expect it they expect you to pay which is really fucking 0.98
00:18:25.100 irritating yeah okay because like six grand for fucking dinner is ridiculous so at least say fucking
00:18:32.360 thank you second of all six grand is still fucking six grand right you know what i'm saying it's it's 0.94
00:18:38.520 like people people look at you and they say oh well there ain't nothing to you it's not much of a
00:18:42.100 sacrifice fuck dude yeah you know i don't like spending that money that is not fun for me you 0.99
00:18:47.360 know do i mind if people are appreciative no i don't but the point is is that i still think of that
00:18:53.300 that much money as what i thought of it whenever i was you know not making any money and like dude it's
00:19:00.000 just like you know when people get pulled over for a fucking speeding ticket when they're making 0.93
00:19:04.340 fucking 20 grand a year and it's 300 they freak the fuck out right well dude i still freak the fuck 0.96
00:19:10.380 out over that 300 you know i'm not like oh fuck that i don't care i'm like dude that sucks it pisses 0.99
00:19:16.120 me off and i think that's reflective of people's mentality right like people start making some
00:19:21.720 money and they're like oh i don't fucking care i don't care about the six grand because you know i 0.94
00:19:25.740 got fucking x amount my bank account doesn't fucking matter or or i don't care about that 300 bucks 0.98
00:19:30.340 because i'm making i'm making four million dollars this year like they don't fucking get like that 0.91
00:19:36.140 you you can't think like that it should you know your habits and the thing your standards that you
00:19:40.960 have should stick with you with the amount of money that you make but people don't do that you know like
00:19:46.180 they they just they adjust their their perception of what's expensive and what's not and that ends up
00:19:52.560 hurting them real bad because like dude when money's coming in most people assume that it's always
00:19:57.880 going to be coming in like that and it's not the case you know there's been times in business where
00:20:02.960 we haven't made anything there's been times in business where i've made obscene amounts of money
00:20:06.720 and then i've gone back to not making anything for fuck dude fucking two years ago i went two years 0.99
00:20:12.740 without getting a paycheck you know what i mean but the three years before that i was making obscene
00:20:17.000 amount of money but i had to take the money that i was making and put it in the business for it to grow
00:20:20.800 i had to hire a bunch of new people i had to pay for a bunch of new marketing i had to build a new
00:20:24.700 building i had to do all kinds of shit and it took basically two years of my fucking paycheck away 0.97
00:20:29.480 so like dude had i had those bad habits you know of spending all my money i would have been in real
00:20:35.120 deep shit because a i wouldn't have been able to live the lifestyle i was living and b i wouldn't 0.73
00:20:39.720 have been able to grow the company so you have to think ahead of time you know which is another
00:20:43.980 point we'll get to in a minute that that makes total sense and i think it is funny i mean people just
00:20:49.220 think that if if they have the money then they can waste it and i think i'm always i've said this
00:20:54.900 before even on the podcast but i'm always really really impressed that you know here you got your
00:20:59.760 wife she's doing all these entrepreneurial things she's got fit home and health she's got the cookbook
00:21:03.900 she's killing it right she still goes to aldi and she goes to aldi fucking clips coupons dude and she 1.00
00:21:09.400 goes to aldi to get fruit that you could get i'm not going to say it but there's another local store
00:21:14.360 in town it's a local family store it is so freaking overpriced emily could pay it yeah she could pay it
00:21:19.580 but she doesn't but dude if you go in there every motherfucker in there is is earning 30 to 50 grand 1.00
00:21:25.220 a year and they're fucking buying it right because it's convenient right because it's convenient but 0.89
00:21:28.980 it's it's it is crazy but i it is a huge principle that's the perception of people that are people who
00:21:34.140 are earning an average income of people who are earning a high income they think that the people
00:21:39.940 who earn a high income don't care about that shit right that because they don't care about it now 0.57
00:21:44.580 so why would they care about it then but the reason they're not earning a high income or have a bunch
00:21:48.760 of money in the bank is because they don't care about it now right that that's that's the fucking 0.95
00:21:53.320 paradox right you know what i'm saying yeah like they think oh dude you spent you know like dude we
00:21:58.800 had a couple parties like we had a first form party and we probably spent fucking i don't know 15 0.89
00:22:03.120 grand on the party because we had a bunch of shit like we had a bartender and all kinds of stuff and
00:22:08.160 it was done right right but you know what like dude i that's that's a rare occasion for us that's
00:22:14.840 not something we do every fucking weekend or every we do that once a year it's a big deal for the 0.94
00:22:19.620 company you know you know what i'm saying right but it also has a business purpose right but people
00:22:24.580 but people think but people see that and they think that's your lifestyle all the time right you
00:22:29.640 know or they like for example they see my cars and they're like oh well you got all these cars dude
00:22:34.040 i've accumulated those cars over amounts of you know over time i think i'll buy them at once
00:22:40.420 and most of my cars go up in value not down you know what i mean right and a really good point that
00:22:45.800 you've made before is even even as much as those cars cost they still represent a smaller portion of
00:22:51.800 your overall income right than somebody who goes and buys a brand new toyota corolla or something
00:22:57.280 exactly and they can't even afford that right you know plus he's not stupid about the cars that he buys
00:23:01.300 like you rarely lose money on a car right exactly but like dude people people assume when they see
00:23:07.220 those cars that you're outspending your income because of how much those cars cost what they
00:23:11.600 don't realize is that we have six other companies that fucking are bringing in we're gonna talk about 0.89
00:23:15.560 that too but you know that i've built over the course of almost 20 years now and they don't
00:23:20.840 understand that they just it's it's like pure nonsense thinking like you're just not even
00:23:27.560 comprehending what the fuck is going on my plan and life has been going step by step by step by step 0.68
00:23:32.940 by step over the course of the last 18 years and the shit that we're talking about today is all shit 0.77
00:23:39.000 that i've done over 18 years now have i gotten myself in trouble yeah but that's why i'm talking
00:23:44.140 to you about this right so you know i like to put things in little pithy ways so uh so the way i
00:23:49.580 would just kind of summarize what you've said so far is don't adjust your tolerance level for wasting
00:23:54.260 money right don't adjust your tolerance level for wasting money more money does not mean that you
00:23:59.220 can have more waste so um okay so i you know there's so many opinions about credit cards obviously
00:24:05.820 credit cards are abused right that's what well that's what i was just talking about a minute ago
00:24:09.300 when i said i've got myself in trouble okay you know what i'm saying yeah like but at the end of
00:24:14.660 the day it paid off for me you know because i financed our whole business on credit cards so when i've
00:24:20.040 you know three or four years into our company dude i owed almost six around 60 grand worth of
00:24:26.340 fucking credit card debt but i that was all shit that i had bought and used for inventory or the 0.93
00:24:32.180 company or this and that and luckily i was in i was in a position where i couldn't pay it off but i
00:24:38.400 could at least maintain the debt and then over the course of the next three or four years i was able
00:24:42.400 to pay that debt off but the point of it is is that you know most people don't use credit cards that way
00:24:49.480 they use credit cards to go out and fucking buy lewitt baton red bottoms for the fucking instagram 0.90
00:24:54.640 account you know i'm saying or they go out and buy a fucking uh you know a rolex so they can pretend 0.97
00:24:59.720 like they're fucking balling on the internet and it's like bro you don't want to do that because you 0.94
00:25:05.140 don't you don't know when or if that money is gonna you're gonna need that money so a good way to
00:25:12.280 have credit i am a huge endorser of having credit huge it's a super important and it's super important
00:25:18.800 to carry a small balance if you have a thousand dollar limit or a ten thousand dollar limit
00:25:22.980 carry a two hundred dollar balance and pay the minimum because that builds your credit but don't
00:25:28.360 fucking use credit cards to live your life you know what i'm saying right don't go out and fucking 0.97
00:25:33.020 finance uh dude i know a guy who bought a fucking car on a credit card i know you know what i'm saying 0.98
00:25:38.380 i've known people who pay tuition with dude that's what i'm saying insane right you're yeah no
00:25:42.420 you're paying you're paying the oh yeah don't even get me started but i know it is crazy right
00:25:46.540 so so i you know i know people who fucking took out student loans spent the student loans on 0.92
00:25:52.120 fucking fun shit and life shit then finance their tuition on credit cards so they're paying double 0.81
00:25:57.060 interest like and the motherfuckers were finance majors there's not even a word for how stupid that 0.74
00:26:03.800 is dude but you know what that you know what nobody in the world really teaches this a it's not a sexy
00:26:11.180 subject because people have a hard time understanding it's not fun to talk about because it really usually
00:26:15.680 involves you having to cut your lifestyle back and b the other thing is is that the society wants you
00:26:23.060 to do that society is designed for you to do that school wants you to go out and spend as much student
00:26:29.020 loan money as you can and credit card companies want you to do the fucking same and dude and your 0.97
00:26:35.560 your boss at work probably and the people around you they probably want you to do that too because you
00:26:40.860 know what when you're chained up to a fucking debt guess what you have to do you have to fucking work 0.92
00:26:46.240 and dude it's it's the total opposite mentality of what it should be what you should be is in an
00:26:53.540 organization that wants you to be free and focused on the job at hand so that you can actually improve
00:26:59.400 and create value but the problem is is that we get so wrapped up in credit debt student loan debt and
00:27:05.380 all the shit that society has designed for us to get wrapped into to get chained to a job that we
00:27:11.980 never are able to focus on improving ourselves improving our ability to create value and improving
00:27:18.320 our personal situation out of our hearts instead of being forced to and that's a big deal that's why
00:27:25.000 most people can never break the hamster wheel mentality right you know that's exactly the image that i was
00:27:29.980 thinking the hamster way right yeah and and dude you know nobody teaches us this shit nobody teaches us 0.89
00:27:35.140 how to how to fucking manage this shit because dude most of the people that would be the guys who
00:27:39.560 were quote unquote teaching this they don't want you to fucking be out of debt right they need you to 0.96
00:27:44.760 be in debt they need you to be chained up absolutely right and so dude what i'm talking about here like
00:27:50.800 dude how good of a job can you do if you go to work every day and you're constantly stressed out about
00:27:55.340 your credit cards being overdue and you're not making enough money at work like dude the mentality of
00:28:01.180 most corporations is fucking outdated like dude you want if you're a ceo you want your people to
00:28:06.520 be financially healthy and you want them to be in a situation where they spend their money wisely
00:28:10.900 because then they could come to work and with a free open mind to contribute and that goes for their
00:28:17.240 personal relationships that goes for their kids that goes for everything and that's why as a ceo or
00:28:22.780 manager your job shouldn't be just to manage their tasks at work it should be to be a mentor to their
00:28:29.100 lives help them solve these problems they're having problems with their wife they're having
00:28:33.820 problems with their girlfriends be a person who can offer advice or listen to them or you know help
00:28:39.060 them talk them through it's really about being a good fucking friend right you know what i mean but 0.87
00:28:43.400 you you can't have employees that are going through all these major life things and finance is the
00:28:48.920 biggest one it's the number one thing and expect them to be these awesome contributing creative
00:28:54.440 linchpins of your company it's just not going to fucking happen you know what i mean so that's why 0.96
00:28:59.940 like dude if you're the ceo if you're a manager pulling your team aside and talking to them about
00:29:04.460 finance about how to manage their salary how to budget and all that shit is extremely important
00:29:09.240 this is kind of an application of another thing you've always talked about which is the
00:29:13.480 whole concept of being the guy so in the so in a sales context you've talked about being a resource
00:29:19.140 for people who you know your customers and now here i hear you saying as a leader as a ceo you
00:29:24.480 can't just manage your people when it comes to business you have to be the guy in their life
00:29:28.660 who can be a resource for a lot of different aspects of their life and also think about that
00:29:32.860 think about think about if you took the opportunity to do that with people and spent your time doing
00:29:38.300 that how healthy of a relationship you would have with your team think what it does for culture
00:29:42.660 think about what it does for loyalty exactly that's amazing like dude yeah you know and it's the right
00:29:47.220 thing to do yeah so much of what we talk about is just the right thing to do it's yeah fucking 0.92
00:29:51.300 it's really not that hard you know what i'm saying yeah like if it's if it feels right if it's the
00:29:55.780 right thing morally right that's probably what you should do and it's usually going to be a thing that
00:29:59.680 pays the most too in the long run yeah absolutely so i mean about a year or so ago i had a great
00:30:05.440 conversation with your business partner chris and he was telling me just certain practical things
00:30:09.840 about how to use credit cards that people don't you know always think about but he said these are
00:30:14.700 things that it seems like wealthy people have figured out one is just a little thing he said
00:30:18.760 and i'd be curious but he said use a credit card over a debit card always because well for one reason
00:30:24.100 there's there's greater security you know in terms of fraud and that sort of thing you'd agree with
00:30:27.960 that yeah yeah and then and then he also if you're we're talking about a business context right well
00:30:33.460 we're talking both okay so in a business context i yes and i've talked about this before and i've got a
00:30:39.420 lot of emails on this we always use a credit card to purchase our inventory because we can earn
00:30:44.180 literally one and a half to two points back percentage points back in cash which actually
00:30:50.420 creates a situation where a like i said we pay our whole creative team off of off of that money that
00:30:55.860 we make off our inventory right okay it's free money but let's say you don't have a creative team
00:31:00.040 and let's say you just have you all right would you not like one and one to two extra margin points
00:31:05.320 on your fucking product i mean dude it's a huge deal over the course of a year depending on the 0.98
00:31:10.060 size of your company i mean it could be millions of dollars it could be fucking a thousand dollars 0.87
00:31:14.140 but dude what a small business a thousand dollars is a huge fucking deal you know i've been that size 0.94
00:31:19.700 business i know what a thousand dollars can do when you don't have it you know and so you have to
00:31:24.240 be strategic about how you utilize you know your your credit cards and if you're a business owner
00:31:30.540 you know you want to encourage people to fucking use their debit cards because there is no fucking
00:31:37.740 fee for the you have to pay the the the credit card company out of your merchant account which takes
00:31:43.180 away those one to two points that's that's an interesting point from a business standpoint yeah
00:31:47.880 so if you're if you're at the business and you're running the cash register it's a good idea
00:31:51.260 to encourage people to use a debit card yeah you know so uh well from a personal standpoint what
00:31:57.700 chris was telling me and it's it's worked great and this obviously requires discipline but what we
00:32:03.700 do in our household is we literally put every household thing on our credit card and we pay it
00:32:08.380 off because what it does is it earns points it earns travel rewards it earns cash back he and so it
00:32:13.880 works really well for us but we pay it off dude that's the discipline yeah right like you have to a
00:32:20.740 have the discipline to research for the credit cards what's going to be the most beneficial because
00:32:26.140 there are credit cards out there that have really good benefits for your particular situation whether
00:32:32.440 you travel a lot uh you want cash back i mean dude they're getting pretty pretty good at creating an
00:32:39.300 incentive to use their car um which you know why they do that right because they want you to use it
00:32:47.620 yeah because they get the fee that i just talked about right right at the point of sale so like
00:32:51.440 the thing that you have to understand is that you know you've got to be willing to do the research
00:32:57.540 you've got to be disciplined in paying it off right and like i said you always want to carry a small
00:33:01.920 balance on your car if you have a thousand dollar car carry a hundred bucks on it you know what i mean
00:33:06.200 because dude that's going to build your credit um i'm a big proponent of having multiple credit cards
00:33:12.640 because the amount of credit that you're issued also affects your credit score in a positive way
00:33:16.440 uh so there's lots of things that can that can you can do or not do that can hurt or or or help
00:33:23.960 we'd actually do a whole episode on credit but i think that the the biggest thing is is to fucking 0.90
00:33:29.580 a be disciplined to pay it and b be disciplined how you use it and c be disciplined to use the
00:33:35.260 right card that's going to affect your life the best way yeah and i'm probably slow to the party but
00:33:40.180 just i'd like to share a mistake i made which is i thought i was being really responsible by paying
00:33:45.200 things every every month but what what my wife and i were doing wrong was we were we were actually
00:33:50.720 using too much of our credit limit within the credit card in other words utilization yeah
00:33:56.000 utilization so a lot of people don't realize that you could be very very faithful to uh to pay off
00:34:01.200 your credit card every week or excuse me every month but if you're using too much of the credit
00:34:05.640 card what you want to do is you want to you want to call them and you want to ask them to increase
00:34:09.160 the limit right um because then then your credit score goes up right or it stabilizes i should say and we
00:34:14.280 we had to learn that lesson so yeah that's that's that's not that hard of a lesson though really
00:34:19.680 no it isn't but i'm hard lesson is like getting 100 grand in credit card debt and trying to figure
00:34:23.680 out how the fuck you're paid off when you when you make 40 no i agree i agree but but you know it's 0.84
00:34:28.380 still i mean if you're conscientious when you get some email saying you know you here you're doing
00:34:33.180 your best to pay off all your debts and do that and you get this email that says your credit score
00:34:37.140 went down you're like no a big mistake people make too and it's worth what's worth uh talking about
00:34:42.060 real quick is that they want to get out of debt so bad they pay their cards off and then they close
00:34:46.140 their cards oh yeah and that'll kill your fucking credit score yeah no that's a good point yeah
00:34:50.500 that's a good point so so uh i mean just in general uh credit card take a fucking a weekend and study up 0.76
00:34:58.320 on credit yeah it'll help my fico.com is that the one you like best source ever i spent a year
00:35:03.400 fucking learning about credit yeah when i lived in florida yeah well and credit karma does it credit 0.79
00:35:07.620 yeah but my fico's got the message boards and there's tons of they do it all it's all there's
00:35:12.260 tons of free yeah let's just do some research but bottom line for me is that credit cards are like
00:35:16.520 alcohol i mean most of the time you should be responsible every now and then you can have a
00:35:20.540 little fun but if you're irresponsible consistently right it's gonna fuck you up yeah and i actually 0.84
00:35:24.960 have a way of blending those two having fun and being responsible i only take a vacation now when i
00:35:29.300 can pay for 90 with credit card rewards that's what we do so agreed if you if you really want to be
00:35:36.120 responsible drink a whole lot and use all your credit cards boom because those things happen to
00:35:40.240 go together yeah exactly so we i mean i know you wanted to talk about credit we we've already done
00:35:46.060 that in terms of or were you we specifically talked about credit cards but i don't know if you wanted to
00:35:51.100 talk about credit in general or leave that no i think we could do a whole podcast on that actually
00:35:54.940 i think that'd be i've got a couple friends who actually do credit repair for a living that'd be kind
00:35:58.900 of a cool yeah cool uh podcast to do i think yeah whatever you don't do credit consolidation
00:36:04.740 because those are you generally generally scams right because that just kills your credit or debt
00:36:10.040 consolidation excuse me debt consolidation doesn't that usually it's just it's a hack it's not a real
00:36:14.500 solution yeah yeah yeah yeah exactly so let me uh let me read i was jotting down uh your points here
00:36:19.980 so number one hold yourself to a buzz excuse me number one hold yourself to a budget even if you have
00:36:25.640 millions number two have a budget category for your impulsive purchases number three don't adjust your
00:36:32.320 tolerance level for wasting money number four care about credit use credit cards strategically okay
00:36:38.740 what else um i think you know you've got to know your financial priorities uh you know a lot like we
00:36:46.480 talked about a minute ago about impulsive spending a lot of people don't understand that like they don't
00:36:53.760 even know when they're spending aimless stupid shit right they get paid they get some money in their 0.68
00:36:59.580 account and they're like oh i'm rich and they go out and they spend a hundred bucks on fucking 0.97
00:37:05.560 fishing equipment because they decide they're going to get into fishing but they're really not getting
00:37:10.040 into fishing they fucking saw a post on instagram that was like oh yeah fishing's cool and and it's 0.90
00:37:15.280 some pointless bullshit that you're never going to follow through on that you spend money on and a lot
00:37:21.320 of people do this i fucking do this but i also count it as my impulsive shit right right like uh 0.95
00:37:27.720 you know we tell ourselves all kinds of things that we're going to do or that we're going to get
00:37:32.480 into this is especially true with hobbies uh or you know a lot of people do this with supplements
00:37:37.800 they fucking they go out and they buy three or four hundred dollars worth of supplements or vitamins or 0.91
00:37:43.780 and they're like okay i'm gonna do it and they never do it you know and you have to catch yourself
00:37:48.440 um you have to catch your catch yourself when you're feeling that way like dude am i is this
00:37:55.140 pointless or is this something i'm really going to do and you have to be able to ask yourself at
00:37:59.560 the point of sale when that happens you know what i'm saying what about priorities you were
00:38:04.200 mentioned priorities in terms of financial priorities what you wanted to do you know retirement
00:38:08.220 that sort of thing what about priorities i mean obviously wealthy people get hit up a lot for money
00:38:12.780 for charity right what about how does like knowing your priorities help you deal with those
00:38:17.440 conversations yeah you know what i'm saying big deal dude because like especially because i know we do
00:38:22.900 have a lot of listeners that make a lot of money and you guys all will know exactly what i'm talking
00:38:26.660 about here but like dude when you start making money and people know you make money you're gonna
00:38:30.560 get hit up by fucking everybody you know and their fucking brothers and sisters to donate to their 0.97
00:38:37.020 gofundme their charity their this their that and they're gonna use guilt to try to make you feel
00:38:42.640 like you are obligated to give okay and you know getting getting your priorities especially
00:38:52.120 charitable priorities uh identified and known as important um i used to be really scared to let
00:39:00.840 people know like where i gave money to but what i learned is that you know i because i thought people
00:39:07.460 would be like oh you're bragging about where how you give money well when you make a lot of fucking 0.92
00:39:11.240 money and everybody knows it you almost have to do that because if you don't do that people assume
00:39:15.360 that you fucking don't give any money to anybody and then they judge you for that so it's better just 0.80
00:39:19.800 let people know i found where you donate to and make it known and let that be the way it is so
00:39:26.780 like dude you know i give to my high school like i'm not chris and i both do we are we were very
00:39:33.000 fortunate to be able to attend an amazing high school who was very very big part of where we are today
00:39:38.520 a lot of our friends we do business with or went to that school um a lot of the teachers are still
00:39:43.460 mentors to us and friends of ours now and we feel like that we need to give back because it's our
00:39:49.720 obligation to help those kids just like there was people because they're not publicly funded it's a
00:39:54.540 private school right so there was men who gave to our school when we were there that allowed us to
00:39:59.960 have those opportunities and we feel obligated to give those back and do we give a lot of money to
00:40:03.700 them it's seven figures not fucking a little bit of money you know what i mean and uh so when people 0.79
00:40:08.580 come up and they say hey you know you need to donate to this or that now if it's a special
00:40:12.340 situation you know uh obviously there's always exceptions you know what i mean but generally i
00:40:18.000 just say hey look man you know we have our our charity budget and it's all you know it's all
00:40:23.720 allocated for this year uh we give to this this organization this is where we always give
00:40:29.300 you know um this is just isn't for us and you know what people do get upset with you but
00:40:34.640 there's really nothing you can do to stop yeah i mean just because you have money does it doesn't
00:40:39.240 obligate you to give everybody like that's something that people don't understand is like
00:40:43.140 like dude i'll post pictures of like because like uh you know we're big into bulldogs so i'll post
00:40:50.300 pictures or share posts of bulldogs that need help and they might need a thousand dollars or something
00:40:55.040 you know because they're rescue bulldogs and i have people comment why don't you just give them a
00:40:58.820 thousand dollars well dude i can't give a thousand dollars every fucking bulldog needs help i mean dude this is 0.97
00:41:03.400 like something we can all contribute to and people just don't they don't understand and i don't
00:41:09.620 really give a fuck they understand or not but i'm just saying like when you have a lot of money
00:41:12.680 be prepared for that like people just aren't going to fucking get it and the first couple times they 0.91
00:41:16.860 say shit to you you are going to feel guilty you're going to feel bad and and you feel guilty 0.92
00:41:20.460 because you're a decent person i mean that's what i would tell people and i always used to say when
00:41:24.020 i was a pastor to people i said listen every need you're presented is not a cause you have to
00:41:28.320 commit to right i mean there's just a lot of need in the world right and you just have to decide
00:41:31.880 there's nothing wrong with sharing those needs right and not being the guy that fucking gives 0.92
00:41:36.380 all the money to it yeah you could still share it and make it known and be aware of it and not be
00:41:41.000 the one who's writing the check absolutely you know what i mean it's just you have but i mean if you're
00:41:45.820 the guy who never writes a check and you're making a lot of money i don't know i feel like you have an
00:41:49.860 obligation to give back somewhere yeah you know what i mean yeah that's my personal opinion good
00:41:53.800 thoughts but uh and a lot of people don't man you know there's a lot of wealthy people that don't
00:41:58.660 and i would say to you guys if you're one of those people that says oh well fuck nobody fucking 0.97
00:42:03.040 helped me when i'm coming up no there's a lot of motherfuckers that helped you you're just not 0.80
00:42:06.580 taking accurate fucking inventory of who they were nobody got here nobody got here alone there was a 0.97
00:42:12.520 teacher there was a mentor there was somebody there was somebody somewhere somehow that allowed you and
00:42:18.580 you may not have ever even met them that allowed you the opportunity to succeed that's the beautiful
00:42:22.860 part of living in this country is that there's a lot of selfless people that create
00:42:27.660 opportunities that you'll never know who the fuck they were and it creates an obligation for 0.70
00:42:31.620 you to give back and a lot of people ignore that obligation they don't give back whenever they you
00:42:36.740 know and i would say the majority of people who have a lot of money give a lot of money but there
00:42:40.520 is people that don't and i would say to those people dude karma's a fucking bitch man and if you 0.99
00:42:45.340 don't do some kind of good with what with what you've been fortunate enough to have or blessed with
00:42:49.520 or however you want to say it don't be surprised if it goes away right well you were earlier talking
00:42:54.700 about the two extreme groups in with regard to money i feel like the two extreme groups are the
00:42:59.160 people who think that rugged individualism like american rugged individualism means that you didn't
00:43:05.600 get help for anything you literally did everything by yourself such a bullshit it is like the opposite 0.87
00:43:12.080 extreme of course is that is equally you know equally yeah it's like what obama said to everybody
00:43:17.080 like you didn't build that right motherfucker i built this right you know what i'm saying 0.96
00:43:21.300 right but i'd be very ignorant to say that i built it alone right you know what i mean right
00:43:27.040 and so like you you have to understand that anybody that's successful out there the guy at the head of
00:43:36.140 the table who's making all the money he definitely didn't do that by himself there's just no fucking 0.97
00:43:42.800 way to do it but at the same time that's probably the guy that did all the shit when nobody was around
00:43:48.760 came up with the ideas laid the framework created the opportunity and and became a good enough
00:43:54.900 manager of people to create the situation that it was able to fucking accelerate greatly but you know 0.90
00:44:01.620 to sit there and say oh nobody fucking did anything for me i did this all on my own dude you're so full 0.97
00:44:06.520 of shit you don't even fucking recognize it right your ego needs to get checked of course we're gonna 0.94
00:44:10.560 have aster coals who listened to early early episodes saying hey andy i thought you defended obama when
00:44:15.280 he said that well i i do kind of because obama i think people took it really wrong i think people
00:44:21.400 took it out of context yeah i think he's saying what i'm saying he's saying like hey you didn't
00:44:26.600 build that alone that would be a much better way to say it because that's accurate right but saying
00:44:31.760 you didn't fucking build that is absolutely wrong to somebody like me who's put fucking 16 hours a day 0.98
00:44:37.740 in for 20 fucking years is insulting and anybody who's at the head of a fucking table who has built 0.99
00:44:43.500 something like that is going to be upset about hearing that they just don't absolutely absolutely
00:44:48.140 you just could have said it better i also think most of the people that would be upset with that
00:44:51.540 if you were to say you didn't build that alone you had amazing people that helped you along the way
00:44:57.280 you had these people create opportunities for you they would agree with that too you know what i mean
00:45:01.900 absolutely but to say it like so polarizing it's just fucking stupid absolutely so we're obviously 0.97
00:45:07.700 talking about priorities financial priorities which has to do with kind of long term one of the things
00:45:12.320 that i know you've talked about is the importance over time of cultivating multiple revenue streams
00:45:18.080 right exactly you know um i think like i mentioned people don't understand we have multiple companies
00:45:27.660 right they think all they think is first form that's all they see uh they don't understand that
00:45:33.380 we've taken the cash that we've been able to accumulate and created multiple income streams across
00:45:38.780 the board and we're continuing to create multiple ones i mean we have two or three companies in the
00:45:43.500 works right now that haven't even been talked about ever before um but the thing is is that
00:45:50.840 people get in a hurry to do that right they start making a little bit of money and then all of a sudden
00:45:56.680 they're like like oh i'm gonna be a fucking real estate guru now or i'm gonna be now i'm gonna be this 0.99
00:46:02.100 kind of guy now now i'm gonna do this and i'm gonna do that and they get what i call the midas touch
00:46:07.140 uh disease they think that because they were able to do something a little bit in one area
00:46:12.440 that they everything they touch is going to work equally as well instead of taking their time and
00:46:17.100 saying hey this might be a good opportunity let me learn this from the beginning as a beginner
00:46:22.040 because something that successful entrepreneurs generally have a hard time doing is remembering that
00:46:27.800 they're only proven in one area right like you're proven in this one area and very few entrepreneurs
00:46:35.860 are able to take their skills from this one area and put it in this other area and make it work just
00:46:44.260 as well those are true entrepreneurs there's very few people that can do that i can fucking do that 0.84
00:46:49.640 and i have done that i've proven myself to do that but very few people i would say are able to do that
00:46:56.680 most people need to stick inside their realm and they need to focus on that realm and accelerate on
00:47:03.400 that realm as far as far as they can fucking go now let's say you do want to let's say okay like i've 0.89
00:47:10.700 got a couple guys here in the office that do real estate on the side they buy homes rehab homes they buy
00:47:15.640 multifamily units they're taking the money they earn here and they're turning it into a fucking business 0.90
00:47:21.720 which will probably ultimately become their main business all right and they'll probably become
00:47:26.620 multi-millionaires from that business but they're not going out and trying to fucking you know
00:47:32.240 leverage every amount ounce of credit they have to buy 10 houses they're buying one fucking house 0.95
00:47:37.000 they're learning how to rehab that one house they're buying one unit they're learning how to manage that
00:47:41.680 one unit you know they're taking their money they're going to real estate seminars they're they're learning
00:47:46.500 from people who have proven to do it and you know what that's how you do shit you take your time and so if 0.84
00:47:51.560 you're a successful guy and you've got some money coming in be humble enough to know that you're a
00:47:56.520 beginner over here whatever other business you're trying to start up and that you're going to have
00:48:00.800 to go back to square one and learn from the beginning and take your time open one new fucking store or one 0.93
00:48:07.340 new business one new website not 20 not 10 just because you had the money because that's how you're
00:48:12.860 going to fucking get ruined dude i've seen people who i know that made lots of money dude i saw somebody who 0.98
00:48:17.680 made um who's making a hundred million dollars a year of their core business and go out and start
00:48:23.860 a real estate company and buy up all this fucking real estate the market crashed they went fucking 0.98
00:48:28.120 broke they lost both businesses now they're broke i now mean broke not not kind of broke i mean broke
00:48:34.480 you know what i'm saying i've seen that and uh you know so rushing into um you know multiple streams
00:48:41.720 of income just because you see a bunch of memes on in the internet the average millionaire has seven
00:48:46.320 fucking streams of income okay you know what i'm saying so let me go out and create seven things
00:48:52.140 today like that's what people think right like no dude you're talking that's what they want them to
00:48:56.140 think so that they buy their course exactly right right yeah so you know take your time find the right
00:49:02.020 projects find the right investments uh educate yourself on those areas before you go jumping into
00:49:07.440 them and normally i say go all in but this is a case where i say take your fucking time because you 0.99
00:49:12.440 went all in on on your area number one to get that point where it's cash flowing to the point where
00:49:17.600 you're even looking at something else you know what i mean and dude the the thing is is that people
00:49:22.320 people tend to jump from their one their main gig uh too quickly right like they they let's say they
00:49:30.760 own a business and they're making 200 grand a year or 300 grand a year and they're like fuck you know 0.75
00:49:36.980 i could take this and i could buy these multi-families and do this this and this but what they're what
00:49:41.300 they're neglecting to see is how far wide their current business that they're already clearly
00:49:47.140 somewhat of an expert in could be they could take that business in five or six seven more years
00:49:52.240 and that 200 000 could be fucking 15 million but instead they they take that 200 grand and they go 0.87
00:49:58.860 start doing these other things and they lose focus on their main thing and that you know if you talk
00:50:04.060 about what that they they look at it like oh i'm making all this extra money over here but no really
00:50:08.980 you're fucking losing a lot of money because you don't even you're leaving so much on the table 0.93
00:50:12.620 you're diluting your effort right and so that's something you need to be aware of you know i'm a
00:50:17.460 big proponent of exhausting your current business to the point where you can't make any more money or
00:50:23.240 it's a operating at an 80 uh autonomy where you're you're only running 10 or putting 10 of your time
00:50:30.260 into it to where you go to something else you know and that's where people fuck up man they it's the 0.87
00:50:35.860 midas touch thing they think they can do everything and they want to do everything because they want
00:50:39.300 to walk into a meeting and they want to say oh yeah i'm the fucking ceo of abc heating and cooling but 0.95
00:50:45.000 yeah i own uh abc asphalt and abc fucking uh holdings and abc this and you know and they want to talk 0.95
00:50:53.860 about themselves yeah it's an ego thing it's not a money thing right and like dude i don't know about
00:50:58.320 you but i'd rather have the fucking money you know what i'm saying yeah so so i want you to wrap up 0.98
00:51:04.760 with your whatever final point that you're going to make in just a second but i can i can i do two
00:51:08.860 things real quick number one guys uh you know that in 160 episodes we hardly ever push anything in
00:51:15.900 terms of of product and i you also know that the mfco project is not just a podcast it's a movement
00:51:21.480 one of the ways that you expand a movement and make it really powerful is you capture the hearts of
00:51:27.460 the youth and andy has written a book otis and charlie he's actually creating a series of books
00:51:33.440 for kids otis and charlie's hard-working tales the first book uh charlie the bulldog's fantastic
00:51:39.500 fruit stand has been super popular i just want to throw that out there you guys one way to really
00:51:44.320 support the podcast is to buy the kid in your life that book and get the second book coming out
00:51:49.620 real soon which we're not going to tell you about but the theme is awesome so all you need to do
00:51:53.980 is go to amazon.com google andy frisella you'll find uh you'll find the book but that that would
00:51:59.360 be a great way for you to support the podcast secondly on the subject of books people are
00:52:04.360 constantly asking you what your favorite books are we do have a pdf you can download of andy's
00:52:09.240 favorite books it's themfceo.com forward slash badass books and uh if you want to see a list of his
00:52:15.700 of his book uh favorite books you can get that well while we're at it before you go back why don't
00:52:20.420 you just throw out a couple books you've read lately or one or ones that sort of classic for
00:52:24.600 you that that you recommend because people are literally always asking you that the book the
00:52:29.580 books if you've been listening to the podcast that i always go to for people who are not really into
00:52:33.520 reading which by the way if you're not into reading you're costing yourself tons of opportunity
00:52:38.540 but uh the magic of thinking big by david schwartz is probably my all-time favorite book i think it's
00:52:44.180 super important for anybody to read that's goal-oriented oriented um i like relentless by tim grover i think
00:52:49.840 that's probably my top three favorites um anything by seth godin is relevant uh it really teaches you
00:52:58.240 how to think differently um i can't really name one book the purple cow was the first book i read by him
00:53:04.580 and that's what got me hooked on all of his stuff the guy's a fucking genius um sometimes he can be hard 0.73
00:53:10.520 to read because the guy's so smart and you know he's going to be smarter than you if you're listening to
00:53:15.460 this and just is uh um wooden on leadership is an amazing book um lombardi rules lombardi rules
00:53:25.420 that's a quick easy read yeah 10x yeah 10x by grant cardone is a fucking amazing book um you know 0.75
00:53:32.960 anything by tony robbins is a great read uh again he's he can be hard to read he sometimes he's easier
00:53:39.720 to listen to um you know i mean oh the third circle theory pj yeah um that's a great book i mean
00:53:51.480 those are all those are all books that i would recommend to anybody to read i mean i could i
00:53:54.740 have hundreds of books that i've read but those books uh stand above and uh above everybody else's
00:54:01.840 content i think um but back to the the summary of the podcast i think really the problem here
00:54:10.200 guys is it's the same problem why people can't be successful is that it's instant gratification right
00:54:16.640 and an instant gratification really fucks things up it fucks up your relationships it fucks up your 0.93
00:54:21.900 business it fucks up your finances and your ability to plan for the future and i think the biggest thing 0.74
00:54:27.400 that you need to take away from this podcast is this you need to always be thinking long term
00:54:31.620 and people you know they have this fucking stupid sayings like yolo and this and that like whenever 0.96
00:54:38.500 they think about spending money and all this shit but the problem is is that you know by by letting 0.73
00:54:44.380 the short-term things getting the short-term purchases the short-term impulsive buys the short-term
00:54:50.440 lack of planning that you do when it comes to your finances that means you're always going to be a slave to
00:54:56.300 the system okay you're always going to be the guy who has to have this job that you fucking hate 0.89
00:55:00.760 in order to survive so you've got to you know when you're young and you're under 30 or even under 40
00:55:06.360 you know it's a good idea to live below your means it's a good idea to do your homework it's a good
00:55:11.460 idea to read up on investments and take the money you do have the little money you've been able to save
00:55:16.040 and and pursue those investments on the side it's a good idea to not try to become get rich quick
00:55:22.420 overnight okay that shit doesn't exist it's it's it's it is the ultimate bait and hook of people 0.53
00:55:30.200 who want to take your money out of your pocket and put it in their fucking pocket um you know you need 0.99
00:55:35.640 to look like a big thing now is like day trading and fucking trading stocks and shit or uh currencies 0.93
00:55:41.440 and bitcoin and this and that and everybody wants they're hearing the glory stories you know i made
00:55:45.900 fucking 70 grand in six months and this and that dude you need to look for the businesses that are 0.68
00:55:51.980 going to be here when you're fucking you know if you're 20 when you're 40 look at the companies that 0.94
00:55:57.100 you think are going to be here and invest in those companies you know what i mean warren buffett doesn't
00:56:01.140 go for get get rich quick he took his time he did his homework he understood that you know industries
00:56:07.760 are going to change and the ones that are going to make you the money are the companies that are going
00:56:10.760 to withstand that change you know um don't be investing in the fucking sexy overnight fly-by-night 0.98
00:56:16.980 businesses you know you need to think really hard about not just how you're making your money which
00:56:21.620 is normally what we focus on here but how you're investing your money and how you're spending your
00:56:25.600 money a big part of becoming wealthy long term is not what you bring in it's how much you let go out
00:56:31.820 and a lot of people forget that you know they see all these people and dude you know what if you
00:56:36.240 follow me you you know i'm probably guilty of it too you see me posting my cars or you post when i
00:56:41.600 fly in a jet when you post this and that you need to keep in mind that that's a very small percentage
00:56:46.260 of my income and those things are planned for and budgeted for it's not me doing this you know like
00:56:53.720 these motherfuckers that post stacks of money on the internet or like they throw fucking hundred 1.00
00:56:57.920 they're at the club and they throw a thousand dollars or ten thousand dollars in the fucking air 0.98
00:57:01.720 and let it go to you know like dude that's not real life that's not how wealthy people operate
00:57:07.380 that's not what they do they make smart decisions they plan their decisions and they budget those
00:57:12.300 decisions over the long haul they don't just go fucking crazy and dude so many of you young guys 0.95
00:57:17.760 are trying to live that baller lifestyle trying to fucking keep up with somebody who isn't going to 0.93
00:57:24.520 fucking matter to you in five years or even a year you know you're watching these motherfuckers on the 0.94
00:57:29.500 internet or these people on tv and you're making decisions about your future the next 10 years who
00:57:35.720 you're going to be 10 years from now or 15 years from now based on what some dumb fuck celebrity is
00:57:40.600 doing or what car he's driving or what fucking you know this or that he's doing and guys you got to be 0.98
00:57:46.320 smarter than that quit buying into the fucking bait you know and start thinking about what realistically 0.92
00:57:51.080 it's going to take for you to get where you want to go and i think you know so to sum it up
00:57:55.400 you know quit thinking about today or tomorrow or next month and start thinking about where you're
00:58:00.660 going to be in 10 fucking years and usually we talk offense usually we talk make a lot of money 0.95
00:58:05.000 usually we talk how much money you're going to make in this case let's talk about how much money
00:58:08.940 you're going to fucking keep because that is what's going to ultimately determine your lifestyle
00:58:13.060 for the rest of your life because once you get to a critical mass where you have a lot of assets
00:58:19.240 and they're they're bringing you money and they're bringing you income you're going to get to a
00:58:23.060 situation where a you're comfortable where you are and b you're making a lot more money than what's
00:58:27.660 creating the comfort in your life and dude when you get that situation that's a good situation to
00:58:32.500 be in so i would say guys you know take your time do your homework think long term don't buy into the
00:58:39.100 fucking hype all right you got plenty of time you can do a lot of good shit right now be fucking smart 0.86
00:58:44.780 about it
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