The NXR Podcast - THE SPECIAL - What “Rich Dad Poor Dad” Gets Wrong (w⧸Joe Garrisi)

00:00:00.000 How do people move from the poor class to the middle class

00:00:03.140 and from the middle to the upper middle

00:00:04.800 and from the upper middle to the wealthy?

00:00:06.720 How does that actually happen?

00:00:08.960 How does that happen?

00:00:09.740 It's not through education.

00:00:12.300 Unfortunately, that's the message that we were sold, right?

00:00:15.240 Go get a college degree and now you will have the opportunity to make more money

00:00:20.740 because the average college degree graduate makes more

00:00:24.340 than the average high school graduate.

00:00:26.940 And therefore, you should study hard and become an A student.

00:00:29.440 I was a B student

00:00:30.960 and I make more money than the A students

00:00:33.620 Radical Christian Nationalist Pastor

00:00:37.740 Joel Webben

00:00:39.100 Joel Webben

00:00:39.940 I'm going to talk about Joel Webben

00:00:42.060 Joel Webben is an accident

00:00:59.440 all right we are back now with episode two this is a three-part series between myself

00:01:07.960 and joe garrisee who is a financial expert and just for the record i don't know if i made this

00:01:12.940 clear in the first episode i don't think i did but uh i'm personally working with joe garrisee not

00:01:18.140 just um our our company nxr you know studios but joel webbin the person for my family for my

00:01:25.860 children, wanting to build wealth generationally. So this is someone that I personally trust and

00:01:31.860 that I'm personally using to help build my finances and help counsel and instruct and coach me in this

00:01:39.280 arena. The first episode that we really focused on was focusing on the younger generation that

00:01:43.860 feels just exasperated, completely defeated. They feel like they don't have any financial hope or

00:01:49.400 future. And so we really focused on how can Gen Z buy a house and why Dave Ramsey, despite good 0.97

00:01:56.100 intentions and maybe even some good counsel for previous generations and getting out of debt

00:02:00.440 is not really great when it comes to counseling people on how to build wealth and especially

00:02:05.300 younger generations because the game has changed, right? So that's episode one. You definitely want

00:02:09.940 to go back and watch that. We put Dave Ramsey to task and we offer some hope and practical tools

00:02:16.080 for Gen Z, getting ahead financially, and how to own a home and build wealth. In this episode, 0.96

00:02:22.120 we're basically going to be covering this topic, why most conservatives are poor. Why most

00:02:28.720 conservatives, sadly, tragically, are poor. In other words, how people with good values often

00:02:35.260 sabotage wealth creation without realizing it. Good values, good principles, spiritual maturity

00:02:43.820 in a lot of different arenas and yet they often the same people that have good values are the

00:02:49.780 same people that often sabotage wealth creation without realizing it so i have a list of questions

00:02:55.360 we're going to go ahead and get started these are very practical but it'll be very helpful so joe

00:03:00.000 let's start here conservatives talk constantly about responsibility hard work and delayed

00:03:05.100 gratification why aren't those values producing more wealthy conservatives so let me back up just

00:03:12.780 a little bit so uh i went into the military i was an armor officer right out of college

00:03:18.880 jumped out of airplanes went through scout training did all kinds of various things

00:03:23.680 what the military taught me very well is that people follow leaders both good leaders and bad

00:03:32.820 leaders people follow their leaders one of the biggest problems we have in our christian culture

00:03:38.460 in our Reformed Calvinistic Christian culture

00:03:41.320 is our leaders are weak. 0.99

00:03:43.520 Our leaders are fat. 0.99

00:03:45.300 Our leaders are broke. 1.00

00:03:46.340 And they're happy being that way.

00:03:48.540 And their people will follow them.

00:03:51.140 And their theology that they teach is,

00:03:54.420 hey, I don't want to feel guilty

00:03:55.980 for being fat and broke myself.

00:03:58.160 So therefore, I'm going to teach about poverty gospel

00:04:01.580 that we should give all our money away to foreign countries.

00:04:04.640 We should not be helping our local people.

00:04:07.100 and therefore they make themselves not be challenged. People follow their leaders.

00:04:14.000 And so when I talk to most Christians, they are broke because they are missing the correct 0.98

00:04:20.540 theology of the gloriousness of growing wealth and helping other Christians. 0.98

00:04:27.560 So the major problem I put on today's culture is on our elders. And that's where I grew up in

00:04:34.920 the Reformed Church my entire life in the OPC and in the PCA, and the vast majority of them 0.99

00:04:41.980 are this way, and they don't want to be challenged or taught. Actually, not part of the notes, but 0.99

00:04:47.540 the worst category of clients are Reformed elders. Absolutely. Why? Because they don't want to grow 1.00

00:04:55.380 their wealth for their children, even though that's what the Bible tells them to do. We should

00:05:00.020 have an inheritance not just after we're dead for our kids but for our children's children

00:05:06.120 and today's culture is not receiving that or waiting until their parents die to receive it

00:05:12.800 and by then they're going to be in retirement time and hopefully they don't need the money

00:05:16.840 and if they well till they're retired to pass on to their kids that causes a perpetual starting

00:05:23.280 over from scratch rather than starting over with a benefit so part of it is our leaders are training

00:05:29.720 our older generation to withhold benefit until they're dead. And then also they don't want to

00:05:36.840 be challenged themselves to grow their wealth to help the next generation when they're young.

00:05:42.460 So we have a multi-domino effect that has affected the culture today on that. So there is not a glory

00:05:52.000 of being broke. It is not an extra honorable position to be broke. And in fact, I was having

00:06:00.780 a conversation with a young man named Clayton recently, and this was last week. And he said,

00:06:07.240 Joe, my business has blown up past what I can handle. What do I do? And I said, God has given

00:06:15.360 you the opportunity to bless another christian family with an income yeah and he needs to go 0.77

00:06:23.080 grab that that's risky that's correct because what if that christian family doesn't work hard 0.98

00:06:27.640 right correct what if they are a drag to the business correct there are risks in life in

00:06:33.340 the parable of the talons the honorable servants we are all servants to god the honorable servant

00:06:39.160 risked his master's money. We are called to take risks. We are not called to bury our money and

00:06:47.260 our abilities, our talents, and et cetera, in the ground. If God has given us to be a five-talent

00:06:53.160 man, we need to be hiring other men. If we're a 10-talent man, we need to be hiring other men.

00:06:58.960 It's not just growing, but growing the opportunity. In today's DEI world, we have many people being

00:07:05.480 canceled. I myself was attempted to be canceled just a few months ago. So we have at risk for

00:07:12.260 people that are willing to stand up for God's principles and tell their boss, no, I will not

00:07:18.380 do that. But where do they go? For those of us that have income, we should be hiring other

00:07:24.900 Christians. That is part of the problem is we don't have that mindset that J.D. Vance exploded

00:07:32.220 this onto what we should already know, the order of loves, right? We should be loving. What is

00:07:38.500 loving? Loving just like we're supposed to be commanded to love ourselves. Well, we should

00:07:42.760 want to love ourselves with income from our families, right? If you don't provide for your

00:07:46.620 own family, you're worse than a heathen, right? Okay, so, but we should give that opportunity

00:07:51.460 if we have it to other Christian families. What a glory it is to be able to look into your kingdom

00:07:57.940 that you grow and say, look at these families that I have given an opportunity to honor God

00:08:04.400 with glorious income. You pay them well. They're supposed to be one of the best workers in the

00:08:09.380 world. And if you're one of those workers, we are called to be the best employees we could ever be

00:08:15.040 for our boss. Pagan or Christian boss, we are called to be outstanding and prove our worth.

00:08:22.060 And then if we have a Christian boss and we act that way, they're going to gain more money and

00:08:27.540 have the opportunity to bless us with more income and then also bless others. So if you're a boss, 0.87

00:08:33.620 hire Christians and grow your wealth and take a risk. Right. So in a nutshell, there's a lot of 1.00

00:08:39.700 conservative Christians who basically believe that working hard and building wealth are the

00:08:44.280 same thing. Can you kind of explain what is the distinction? What are the differences between

00:08:50.740 simply working hard yeah right and somebody else who's also working hard but also building wealth

00:08:57.700 okay so a direct conversation i had last week uh was with a father with um a wife he had

00:09:08.020 two little kids under the age of five if i remember the ages correctly he's a school teacher

00:09:13.440 and in his problem was joe how do i help and his solution that he suggested to me was well his

00:09:21.900 church could start a school he could go be the headmaster his kids would then go to the school

00:09:27.840 for free and that would free his wife up to go get a full-time job and now the family has more

00:09:32.360 income and i'm like no that's not the answer you working harder is not creating more income

00:09:39.960 and creating opportunities for your wife to make a full-time income working for another man

00:09:44.380 that's not the answer his my question for him was what is the trajectory of your skill set in the

00:09:53.760 job that you have five years from now 10 years from now is it going to provide for the family

00:10:00.760 like you should be providing and if not then you need to retool and go get another job so it's not

00:10:06.940 just working hard it's what is the trajectory of the work you're doing going to provide

00:10:12.180 absolutely in that and we have a dynamic change in today's culture with ai going on with a whole

00:10:19.900 new skill set to learn and a whole new skill set being eliminated so being wise and where do you

00:10:28.560 go for counsel on what is your skill sets right what can you go grow and retool another conversation

00:10:34.720 I had with a gentleman who's making $200,000 a year and doesn't feel fulfilled. He wants to go

00:10:40.420 retool into another job. And my counsel to him was, well, what are you going to do in that job

00:10:47.300 that you're going to feel fulfilled? And what is the probable income in that job for your family?

00:10:53.260 It was actually more work and lower income in a job that was different. Is that the most

00:11:02.100 important thing is the feeling of fulfillment in the work you're doing, or is it taking care

00:11:08.780 of your family? Let me ask you a question. Does the person who's managing your money actually

00:11:13.680 share your values? For most Christians, the answer is probably no. Your retirement account 0.51

00:11:19.720 is likely sitting with firms like Vanguard or BlackRock, companies that don't share your

00:11:25.240 worldview, and certainly are not helping you build wealth with a distinctly Christian vision

00:11:31.360 for your family. That's why I want to tell you about my friend Joe Garracy and the team at

00:11:37.640 Backwards Planning Financial. Joe is one of us. He understands that financial planning is not

00:11:44.360 just about chasing returns. It's about stewarding what God has entrusted to you. Whether it's

00:11:50.800 investments, estate planning, tax strategy, insurance, debt structure, or protecting your

00:11:56.900 business and your family, they help Christians make wise financial decisions that actually align

00:12:03.340 with their convictions. You don't have to figure it all out on your own and you don't have to keep

00:12:09.400 swimming upstream with advisors who don't share your beliefs. So go to backwardsplanningfinancial.com

00:12:17.460 backwardsplanningfinancial.com and you can request a conversation with Joe and his team today.

00:12:23.680 again that's backwardsplanningfinancial.com okay so this is a guy he's a big name a lot of people

00:12:32.460 have followed him for years and years robert kiyosaki yes okay so he wrote uh the famous book

00:12:38.200 rich dad poor dad yes rich dad poor dad um in his book the poor dad had conservative values yes

00:12:46.260 right so he's writing this book hey you could be a rich dad you could be a poor dad the poor dad

00:12:50.460 actually has conservative values. He works hard. He gets a job, a good job, and seeks to be

00:12:56.240 responsible. And yet at the end of the day, he stayed poor. That seems to be, for me, that seems

00:13:02.940 to be most of the church. Most Christians today are that poor dad who it's not that he doesn't 0.99

00:13:08.880 have values. He works hard. He gets a good job. And he's seeking to be responsible, but he stays

00:13:14.660 poor, and that seems to be most people in the church today. So using this, and this is what

00:13:20.920 Kiyosaki uses in his book, but using his framework of the employee versus owner framing,

00:13:28.920 can you explain why virtue alone does not compound when it comes to building wealth?

00:13:35.140 you have to study how do the average joe get wealthy how do people move from the

00:13:45.400 the poor class to the middle class and from the middle to the upper middle and from the

00:13:49.620 upper middle to the wealthy how does that actually happen how does that happen it's it's not through

00:13:54.900 education unfortunately that's the message that we were sold right go get a college degree and

00:14:02.060 now you will have the opportunity to make more money because the average college degree graduate

00:14:07.520 makes more than the average high school graduate. And therefore you should study hard and become an

00:14:12.980 A student. Okay. I was a B student and I make more money than the A students. And this because

00:14:19.240 they're not thinking dynamically on the value of work, the value of that job. Another way to put

00:14:28.860 is the harder the problem you solve for work the more pay you will get for that problem

00:14:36.040 so if you're you know digging ditches is the bottom of the rung and i've done it if you're

00:14:43.400 at carl's jr i've been there uh working if that's the problem you're solving you can be the best

00:14:49.680 worker in the world but the problem you're solving is simple and so you're not going to get paid well

00:14:55.500 for it what are the problems that are difficult to solve what i do is i study the market i study

00:15:04.480 main street and wall street and tax code and estate planning and those are difficult problems

00:15:08.740 and so the average bear doesn't understand those and how they work together so i solve complex

00:15:15.120 problems so find how are the complex problems that you can solve and then help other people

00:15:21.260 and you will get paid more for it right that that is the framework for this um and then

00:15:27.400 who can you go to that has done this and get advice okay so if i go back to my own family

00:15:36.180 legacy we immigrated over from sicily my great grandfather immigrated over to chicago of all

00:15:42.580 places for a sicilian uh and my great grandfather had a music store and have a picture of it the

00:15:47.580 Gersey music store right there. And all his little kids. And my grandfather is a little tyke,

00:15:52.580 little Joe. I'm named after him. And he had a third grade education.

00:15:59.580 And he was the wealthy brother. His two brothers had college degrees and were poor.

00:16:06.820 And they came to him. This is a true story. They came to him and said, look, with our education

00:16:11.740 and your money, we can go places. And he said, with my education, you would have my money.

00:16:17.580 So it's not the amount of credentials that you have. 0.81

00:16:21.260 And yes, I have ridiculous credentials. 0.77

00:16:23.320 That's not what makes you wealthy. 0.90

00:16:25.200 It's the being willing to risk,

00:16:27.080 being willing to learn what's difficult for other people

00:16:30.040 and then helping other people do it.

00:16:31.800 That's what will make you money.

00:16:33.900 Right.

00:16:34.340 So it seems like not just poor people,

00:16:36.840 but middle-class, average people,

00:16:38.800 and many of them being, again,

00:16:40.080 conservative, virtuous Christians,

00:16:43.020 in terms of time, right?

00:16:45.140 The way that money works with time.

00:16:47.580 so many people think in terms of paychecks,

00:16:50.080 but the wealthy seemed to think in terms of generations.

00:16:53.640 Yes.

00:16:54.080 What is the difference in the,

00:16:56.860 you know, we talked about,

00:16:57.660 all right, so one way to build wealth is problem solving.

00:17:00.280 Find a problem that you can solve

00:17:02.180 that is a significant problem

00:17:04.800 and you have a viable solution, right?

00:17:07.780 Like there is the problem of we need to run,

00:17:12.320 you know, pipes in a trench.

00:17:15.340 Sure.

00:17:15.740 And we, in order to do that,

00:17:17.460 this dirt needs to be moved out. That is a problem. And there are guys who can solve that

00:17:24.440 problem with a backup. But that problem and that solution is not that valuable, right?

00:17:32.340 So one way to build wealth is finding a real problem that's a pressing problem for a lot of

00:17:39.020 people, not just for one person, but here's a problem. It's somewhat universal. A lot of people

00:17:44.560 have it. And there's not a lot of guys in terms of market, there's not a lot of guys who are

00:17:48.980 providing a solution. I've come up with a solution to a real universal problem, right? That's one way

00:17:55.000 to build wealth. But another way to build wealth is simply the mindset. And it seems like, I mean,

00:18:01.240 you can look at this with individuals and, you know, households, this guy's thinking in terms

00:18:05.100 of generations, this guy's thinking in terms of paychecks, but you can also look at this,

00:18:08.600 not just with households and individuals, but even nations, you know, part of our financial

00:18:14.480 system here in the West and especially in America is not paycheck to paycheck. If we're looking at

00:18:19.620 Fortune 500 companies, it's quarter to quarter, it's earnings, right? Just by virtue of our system

00:18:25.820 of IPO-ing and the stock market and these kinds of things, companies are incentivized and more

00:18:32.120 than just incentivized, they're virtually demanded, forced to do what is good for this quarter.

00:18:38.600 yes for their shareholders even if it's not actually going to be good for the company over

00:18:43.580 the next 20 years right so they can make a decision that that will set the course for

00:18:48.280 bankrupting the company and yet still have every reason to make that decision knowing it'll bankrupt

00:18:54.340 the company in 20 years because they can't afford for their stock to crash you know this quarter

00:19:00.640 and they have to say x y and z and and and pull these triggers and and do this and make that

00:19:07.340 decision this acquisition this liquidation that you know whatever for their shareholders in july

00:19:13.220 um even though 20 years from now this is detrimental right that's america talking

00:19:18.820 about nations here's another nation china america thinks in three-month increments

00:19:25.300 financially uh china thinks in like centuries yep and lo and behold right there was a time not

00:19:33.780 that long ago you go back just 30 40 years and the disparity between you know with with production

00:19:40.640 innovation and wealth between america and china was night and day yes right china was not a threat 0.97

00:19:46.980 correct they you know the ccp probably didn't like us probably you know with espionage and 0.98

00:19:52.700 spies and all this kind of thing i understand that they were trying to hurt us and if we were 0.92

00:19:56.680 negligent they could hurt us but in terms of like these two nations are they peers are they comparable

00:20:03.580 in terms of their wealth and what they're generating and their tech and all this kind

00:20:07.580 of stuff, you go back 40 years ago and the answer is a resounding no. China was a flea. 0.99

00:20:15.240 That is not the case anymore. So in like 50 years, half of a century, some major things

00:20:20.860 have changed. Part of it is them stealing our innovation and our tech. But aside from that,

00:20:28.140 i think part of it is also long-term mindset again we think in quarter uh earnings reports

00:20:35.900 yes and shareholder you know satisfaction and and immediate profits china thinks in centuries

00:20:42.720 so now applying that to households and individuals um we talked about you know generating wealth by

00:20:49.560 solving a problem um how can you generate wealth in terms of long-term mindsets do you like to

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00:22:20.160 you you hit on one of the three ways to grow wealth wealth is grown through leverage right

00:22:28.060 and on sunday in your sermon you were actually talking about you have to come over the cliff

00:22:32.500 and be able to have more income that's right then you're actually having surplus yes and then that

00:22:36.880 surplus can be used not just for a comfortable life or expanding your your normal daily expenses

00:22:41.720 but that 10 right so it's like it's not like you have to make three times no you're it's if if it

00:22:48.480 cost me and my family you know 150 to live uh annually uh if i can just make 300 450 no 160

00:22:56.420 165 yes right that that extra eight to 15 percent um instead of expanding my lifestyle

00:23:05.260 if i can reinvest that in the things that i'm doing or take off bite off new ventures yes right

00:23:11.160 so it's it's um you know you have 20 different farmers they all have 100 acres um and one of

00:23:17.620 them for three years works really really hard with his hands none of them have tools yeah he

00:23:23.660 works really really hard him and his family with their their hands to produce um to to increase

00:23:30.800 their production crop production by 10 for those three years but then he takes that extra 10 it's

00:23:38.440 not 2x 3x 4x just an extra 10 over the course of three years he takes that little bit of money

00:23:44.300 his family still lives in the same house the same living expenses the same diet the same food

00:23:48.780 but he takes that extra money aka a surplus and and uses it to buy tools and so now all the farmers

00:23:57.600 same amount of land yep but now year four he has a mule and a plow and now he actually does

00:24:06.360 2x 3x right is that and then three years later he has a tractor yep and over the course of not

00:24:13.260 just generations but over the course of his lifetime 10 20 30 years he's not 10 15 percent

00:24:20.280 richer than everyone else he is a hundred times richer than everybody else yes right so getting

00:24:27.080 here what's the cliff living expenses how can we live comfortably but not lavishly what do we need

00:24:33.460 necessities and then how can i do anything with my and at first it's not i'm going to invest half

00:24:39.600 a million dollars because you don't have it correct at first for the first two or three

00:24:42.660 years it's i'm going to pick up one extra shift every every two weeks right that's all it is

00:24:48.300 and i'm and i'm all i'm going for is a 10 to 15 percent bump without raising my expenses that 10

00:24:55.880 to 15 percent keeping it and then reinvesting that somehow yes right yes so time money and

00:25:05.760 resource or people, excuse me, time, money, and people are the three things that you can leverage

00:25:11.400 to grow wealth. So you're referring here to time. So I said tools. You're saying people,

00:25:17.820 and I would just say people are the greatest tool. We are lowercase C creators made in the

00:25:24.520 image of God. Nothing is more productive than people. So what you're referring to in the

00:25:33.260 beginning is time. Time is massive. When you have a backwards plan from three years, you make

00:25:40.260 different choices than if you have a plan for grandchildren. Real quick, because I got to plug

00:25:47.220 you. You want to do this. You're modest. You're a great guy. But as soon as you said a backwards

00:25:51.920 plan, what's the name? Backwards Planning Financial. Backwards Planning Financial. I

00:25:56.840 personally, as I already said, I'm using Joe Garrison. And we'll have this in the show notes.

00:26:01.100 So you can look on the episode under the description and find it.

00:26:05.040 But you should consider using Joe backwards.

00:26:07.720 Say it again.

00:26:08.480 Backwards planning financial.

00:26:10.340 Backwards planning financial.

00:26:11.440 All right, go ahead.

00:26:11.840 Yes, yes.

00:26:12.540 So if you're thinking forward into, okay, so when my grandchildren are even born yet,

00:26:19.740 they're going to get married.

00:26:21.400 What is the wedding present?

00:26:22.780 As an example, what is the wedding present you want to give to them when they get married?

00:26:26.560 A down payment on a house.

00:26:27.940 Glorious.

00:26:29.460 Yes.

00:26:29.900 that would that would change their lives dynamically you know when i was first married

00:26:34.340 we were fighting for food we actually had neighbors come give us food because sometimes

00:26:39.020 we didn't have food for meals okay imagine if we would had a down payment instead of renting

00:26:44.220 which we talked about in the last one we actually bought a house and we're able to start growing

00:26:50.000 wealth and not throwing money away from the very beginning what a glorious present and then

00:26:56.020 the lack of stress financially. It's not lack, but less. And then they can focus that energy on

00:27:03.000 growth for their kids and their kids. It is a domino effect when you teach the glory of how to

00:27:10.960 use money for God and you provide that domino to start it for your family. These younger

00:27:17.400 generations are having a hard time because we're not getting that domino, but yet we want to bring

00:27:22.000 it down forward how do we do that you have to make more money and live lower standard because

00:27:29.380 you didn't have the domino effect to you but you want to give it you got to make it up right that

00:27:34.420 that's with creative uh work creative wealth building and being extremely frugal it to be

00:27:41.640 more frugal than we want it's not enjoyable to be that way when lydia and i were first married

00:27:47.820 our furniture some of it in our apartment we found on the side of the road no joke why because

00:27:54.640 i was not willing to go onto a credit card to buy a piece of furniture and so we found someone's

00:28:00.200 throwaway and we brought it in it's because we wanted to start growing wealth for the next

00:28:05.500 generation so yes so that's growing time you can go and study uh albert einstein's eighth wonder

00:28:12.300 of the world compound interest compound interest is having an effect whether it's for you or

00:28:18.800 against you it's having an effect because inflation continues to compound what is inflation over

00:28:25.400 spending by our governments and banks okay that's what causes inflation so that is going to happen

00:28:31.360 because they don't want deflation why do they not want deflation because if if cost of goods are

00:28:37.380 getting cheaper people will wait to spend right because they can spend less in the future and

00:28:44.360 because we are in a consumer economy that then hurts what the economists like and so they would

00:28:50.220 rather have inflation yeah like cpi consumer price index yeah if if people stop spending

00:28:55.800 money stops moving yes everything crashes because our entire economy is built off of

00:29:00.880 consumers unfortunately we produce america produces a lot but more than that we are and

00:29:06.600 i'm not a huge fan of globalism and global markets you know there's there's some that's

00:29:11.180 a nuanced conversation but i'm not a huge fan we'll leave it there um america produces uh at

00:29:17.060 the same time america consumes yeah and on the global stage the biggest thing that we provide

00:29:22.440 is not what we produce it's uh it's actually our consumers correct like we are the consumers of

00:29:29.120 the world every nation is making things right made in china made in china made in china like

00:29:33.300 everything every nation is making things yes betting on the american market to buy it and so

00:29:39.900 if we stop buying because prices are too high inflation then everything tailspins for us for

00:29:46.920 everybody else the market collapses and in terms of inflation you're right it's the spending of

00:29:52.140 banks it's the spending of our government yes and other governments uh there is one more factor

00:29:57.120 though with inflation i this you know this gets into different economic theories but um but i i

00:30:02.220 think that this is i'm not saying it's the whole enchilada but i think it's irrefutable at least

00:30:06.420 as a contributing factor uh simply supply and demand um one thing that uh that causes inflation

00:30:13.500 is uh simply having uh inflation nationally for us here in america is simply having more people

00:30:20.320 right like like if we deported 100 million people sure house prices would go down absolutely right

00:30:26.120 So as we keep inflating the numbers of consumers, right, who are all vying for a similar amount of goods and services, prices then are able to compete and go up.

00:30:40.940 And so we have inflation, I think, for a number of reasons, because we have greedy banks, we have a greedy government, but also because we keep having more people.

00:30:49.960 Yeah. And not because we're actually being fruitful and multiplying, but because we're

00:30:53.620 importing people from all over the world here. And so we have that kind of inflation continuing

00:30:58.880 to happen. Let's go back. I have two more questions. I'm going to end it with this just

00:31:05.540 to go ahead and kind of foreshadow so you can be thinking about it in the back of your mind. But

00:31:10.020 what does a genuinely wealthy and successful Christian family look like? Well, I'm sorry, 1.00

00:31:16.900 not here i want to say um what is the key difference biggest difference if we were to

00:31:21.100 boil it down to one thing between a family that stays middle class and one that maybe not in

00:31:26.180 their lifetime but over the course of three generations becomes wealthy the family over

00:31:31.240 three generations that becomes wealthy versus the family that stays middle class what's the

00:31:35.680 biggest determining factor before that the other question that i want to hit is back to robert

00:31:40.060 kiyosaki uh rich dad poor dad um there's some good things in there yeah um but if there is

00:31:46.240 anything that you would push back on on his financial strategy for building wealth where

00:31:50.540 would you critique uh robert kiyosaki so i've read four of his books and unfortunately they're

00:31:57.560 big theory and they don't get very well do a good job in the practical application i was very

00:32:02.980 frustrated in the reading of his books on the lack of the application of that uh and he's he's 100

00:32:10.640 into real estate i have his book the cash flow or sorry his game the cash flow game we bought the

00:32:15.800 game to have fun and enjoy it um it's simpleton understanding of finance uh it's focused on

00:32:25.180 everyone should just be a bit not everyone should be a business owner um everyone should be a

00:32:30.300 business owner according to him and everyone should be in real estate which that's not correct

00:32:34.080 either he banks everything on real estate he does it's not right for everyone um real estate is

00:32:39.740 complex. It can be great if you have the right kind in the right place with the right renters,

00:32:47.380 with the right finance, buying at the right time. Then it can be wonderful. Okay. And there's

00:32:53.340 unique strategies you can do with short-term rental and cost segregation, accelerated

00:32:58.360 depreciation on stuff. And if you do this, you can actually have a nice large write-off

00:33:03.300 before you give houses to your family and kids. It's a really unique way to get an extra big

00:33:08.460 write-off if you're an income earner or a big income earner on that. There's a lot of strategy

00:33:13.660 to make sure that's done right, but there's some extra benefits on that. But real estate's not

00:33:18.360 right for everyone, okay? In close relatives and in my clients that have done real estate,

00:33:25.300 they've had roofs get destroyed. They've had tenants put smashing with a sledgehammer in the

00:33:31.780 inside of walls we they've seen animals destroy carpets because of their feces that like they

00:33:38.720 have had renters not just normal repairs but purposely caused damage to real estate and so

00:33:45.700 it's not right for everyone be careful on that um so i didn't like his book so those are the two

00:33:51.680 big things is assuming that everyone can own a business right when everyone's not built for that

00:33:57.280 correct um plus if everybody owned a business then like nobody would be an employee right like

00:34:03.300 so it's just it's just not going to happen so one yes um not everybody's going to own their own

00:34:07.920 business although if you're able to you should strive for that that's a great thing to aspire to

00:34:12.220 yes but leaving room for the reality that most people simply won't do it or can't do it um and

00:34:17.820 then the second piece is there are other ways to build wealth yes besides just real estate yes okay

00:34:22.640 so um that being covered now let's go back to the final question what is it there's obviously a

00:34:29.680 million different variables but if we're going to boil it down to uh you know the number one

00:34:34.680 distinctive difference between the family that maybe not in their lifetime so we're not just

00:34:38.980 talking five years 10 years 20 but the family that in three generations moves from middle class

00:34:43.800 to wealthy versus the family that remains middle class what is uh what is the number one decision

00:34:50.440 that the one family is making

00:34:52.840 that the other neglects?

00:34:56.240 Godly love.

00:34:57.940 Okay, explain.

00:34:59.360 So when you actually love your children,

00:35:03.320 you're going to teach them

00:35:05.180 on how to use money as a kid, as an example.

00:35:09.260 Let's say you have an eight-year-old

00:35:10.740 and you teach them to,

00:35:13.740 what I did when I was a kid,

00:35:14.840 my parents taught me how to make cookies, right?

00:35:17.300 I love cookies.

00:35:18.700 And so they taught me how to make them.

00:35:20.160 I made them myself.

00:35:21.740 I went and sold them door to door.

00:35:23.380 So they taught me to be aggressive and to go make money.

00:35:27.160 But that's where we stopped.

00:35:28.940 That's not where you should stop.

00:35:31.300 Have them take that income and then go invest it.

00:35:35.960 Even if you do something simple as the S&P 500 for a starting point.

00:35:39.700 Okay, right?

00:35:40.600 And they earn $100.

00:35:42.240 They earn $300.

00:35:43.580 Whatever it is, go open an investment account and purchase some type of investment for them

00:35:48.660 because then they can watch it with them

00:35:50.920 and teach them, look, dividends come in.

00:35:53.560 Okay, son or daughter, what are dividends?

00:35:56.660 What a glorious thing to learn as an eight and 10-year-old.

00:36:00.000 Okay, oh, the money went down in value.

00:36:02.640 You put in 300 and it's worth 250.

00:36:04.340 Why did it go down?

00:36:06.900 Okay, why did it go up?

00:36:08.660 Oh, you can teach them to tithe out of this.

00:36:11.740 Oh, what are you, when you actually buy this investment,

00:36:13.920 what are you buying?

00:36:15.500 You're investing in another business.

00:36:17.880 That other business has employees, right?

00:36:21.440 You're helping another employee have a job.

00:36:25.200 Yeah.

00:36:25.700 What a wonderful tool that you can expand that eight-year-old's knowledge.

00:36:30.460 And that eight-year-old will then grow.

00:36:32.800 And hey, you know what?

00:36:33.980 We're going to teach you.

00:36:34.980 See these dividends?

00:36:36.240 You can take these dividends and go spend it on fun toys and candy and et cetera, but

00:36:41.280 don't touch the core.

00:36:43.400 So yes, they can have some fruit and an immediate enjoyment.

00:36:46.740 but you can help them limit that kids don't know how to limit this limit that and because i want

00:36:52.940 you son or daughter to take this 300 they're not going to dynamically understand it put it into a 0.72

00:36:58.420 financial calculator add 50 years don't add an extra dollar and it gets stupid the amount of 0.83

00:37:03.940 zeros they're not going to comprehend but you will right and so if you teach them when they're young

00:37:10.180 That's what wealthy families are doing to their kids is loving them by allowing them to invest money and not allowing them to burn their money onto things inappropriate.

00:37:22.520 But also, how about when they're young and 10 or 12 and, you know what, son, you need to start mowing the neighbor's lawns.

00:37:31.160 Here's, you can use my lawnmower for the first 10 lawns and you need to save your money, buy your own lawnmower.

00:37:37.060 I'll help you put together the flyers

00:37:39.000 and teach you what it should be.

00:37:40.400 And you're gonna go door to door

00:37:41.880 and you're gonna get some no's.

00:37:43.580 No's are glorious to get because they're painful,

00:37:46.040 but they're good to develop a thick skin.

00:37:48.120 Yeah.

00:37:49.440 So you're teaching them to work hard.

00:37:53.160 You're teaching them to earn money.

00:37:55.240 You're teaching them how to spend it.

00:37:57.540 You're teaching them how to invest it.

00:37:59.760 That's what wealthy families do from the young age.

00:38:03.800 Allow them to fail.

00:38:05.100 oh please allow your kids to fail and get hard nose and then encourage them to stand up and be

00:38:12.500 positive and go get the next one and have that reward with a yes next is glorious yeah that's

00:38:18.620 really good that's what wealthy families do for little kids and you can do that for young adults

00:38:24.640 okay what about if you teach them to work hard and if you have a family business bring them into

00:38:31.100 the business? Or how about helping them, if they're entrepreneurial, helping them to start

00:38:36.640 or have the funding to start a young business? So we talked earlier about leverage. We talked

00:38:41.700 about time leverage. We're talking about education leverage here. People leverage. Let's go back to

00:38:47.720 that ditch digger that you were talking about. You can make a ton of money on ditches if you

00:38:53.160 own the company and hire 100 ditch diggers. So it's not that you can't make money there and

00:38:58.620 should avoid it. The trades are a glorious way. If you have the ambition, and this is one of the

00:39:04.520 things that we need to have. God calls us to have ambition, to go conquer to our ability, to maximize

00:39:10.860 our ability and not hold back. We should not limit our ambition and our talents to go conquer.

00:39:19.120 Go be an electrician or a plumber and then end up being so excellent and so much business that you

00:39:25.940 have to hire another one and another one and then you can grow absolute wealth in the trades it's a

00:39:31.100 glorious place today that's great thanks joe appreciate it thank you guys for tuning in we're

00:39:35.400 going to have one more episode on this topic of financial wealth building i understand that for

00:39:41.780 some of you guys it may feel like you're watching paint dry right this is not you know it's not a

00:39:46.000 conspiracy it's not you know it's it's not the latest greatest you know culture war or political

00:39:51.800 you know agenda but um if we're gonna win we've got a country to save things are way off the

00:39:58.700 rails and if we're gonna win we can't just be politically savvy we can't just be culturally

00:40:03.320 savvy we and sadly the reality is your pastor may have told you precisely the opposite but he's

00:40:09.240 wrong we can't just be spiritually mature you can be spiritually mature and still impotent

00:40:14.560 in your real world effects. We are going to need to be, as the children of God, as Christians

00:40:24.360 trying to expand and push forward the crown rights of King Jesus, we want to be wealthy.

00:40:29.640 The love of money is the root of all kinds of evil. But money itself is not inherently a vice,

00:40:36.340 nor is it a virtue. It is a tool. And if it's wielded by the righteous, wielded in a righteous

00:40:43.060 manner, then it can do immense good for the glory of God and for the good of his people. So stay

00:40:48.740 with us. If you haven't watched the first episode, you got to go back and watch it. Really focused

00:40:52.840 on Dave Ramsey, focused on Gen Z, focused on younger men, how can they get into the housing

00:40:57.940 market, practical ways, tricks of the trade in order to get in the housing market. Today's episode

00:41:05.200 is more so talking about investing strategies, going from middle class to wealthy, and then

00:41:11.160 we'll have one more episode next week. All right. Thanks for tuning in. Everything we do here at

00:41:15.900 NXR Studios is simply one part of a three-pronged approach to winning America for Christ. On the

00:41:22.960 ground, we have our local church where I preach the Bible and administer word and sacrament.

00:41:29.120 Here at NXR Studios, we focus on politics and culture. But we have a third organization that

00:41:35.880 I am the president of Right Response Ministries that sits between the church and NXR Studios.

00:41:43.000 Right Response Ministries puts out weekly written and audio content focused on theology,

00:41:49.500 discipleship, and the church at large. If you'd like to support what we do over there,

00:41:55.040 Right Response Ministries is a 501c3 charitable organization, and your donation of any amount

00:42:02.300 is tax deductible. If you'd like to donate, you can simply go to rightresponseministries.com

00:42:09.020 forward slash donate. Again, that's rightresponseministries.com forward slash donate.

00:42:16.140 Thank you very much.

The NXR Podcast - August 05, 2026

THE SPECIAL - What “Rich Dad Poor Dad” Gets Wrong (w⧸Joe Garrisi)

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