From Comfort to Chaos: Why Your Financial Choices Matter More Now
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So today we have an interesting conversation. You know, we are gna talk about why they actually want you. I'm to start over there.

Same about interesting conversation.

because the government kind of wants you to be poor, beneficial to them if you don't really have money. And there are are certain things that we see with people that they do that kills their wealth as well.

And I don't know if the government really wants people poor, but they have to inflate the money supply in order to make IT a consumer economy. So I think if you understand the rules, then you can play them. But what happens is a lot of end.

And this is, I felt this way when I was a kid. I don't know about you. I grew up with my parents say, you know, save money, save money, save money.

And i'm not saying that you should IT, but because there are things you've got to save money for. But if you save money for the long term, then it's gonna get inflated away because even the feds own website says that their targets two percent inflation. So so you can save money and know it's going to value over time.

So the real problem now is that when people acquire this money and they either save IT or they spend IT, right? So like part of the problem is that they're saving IT and it's losing value and part of the problem is they're spending IT, but what not doing as they're not investing IT. And I think a lot of times, you know, this is like for people's ego, the person or cars or whatever, they need to feel Better.

That's true. There's four things here that we ve outline that will definitely kill your wealth and they're not big things. That the interesting thing is, is most the education, right? It's like like when you're on a diet, you know that sugars bad for you, but you either, slater, you don't. And so you know you have to know that if you're saving money, it's GTA buy you last next year period if you just can wrap your head around that.

But I actually like the ones that we packed because you are saying that they should just know. But I actually would argue that I would argue our culture has made certain things expected or just part of getting older and going through life and making more money and that people just do them because that's what their parents did and that's what their girl parents did and that's what their friends are doing. So they just feel like this is the next step for me.

I've watched IT evolved because i'm obviously quite a bit older. But why I will tell you this, i've watched, you know, people used to work there is be one working spouse in the home and one at home. Kay, that's how I grew up.

Then, of course, my mom had a start working. You know, he became a hair dresser. And but, you know, they needed to do that in order to keep up my dad.

And then I start working more. So, you know, you go from forty hours to fifty hours, and my mom was work apart time to full time. And that all happened while I was a Young man.

And and the reason is not be that we I, by the way, my mom saw us the same house I grew up and I was born in this home. Okay, so we didn't jump around. We didn't have like, you know bigger houses and bigger cars and more stuff.

There was things for going up. And so what what's happened before our eyes is now people is expected to I have two people working full time. Yes, okay, that's not the way what so I watch this you know, over my life and and that's actually where we are.

And so if you work forty hours and you work fifty and then you work sixty and then of course, you're fine for overtime and all that stuff. Now we're talking outside hostel, you know. So it's gone all this way. And and I think if people just it's hard to realize. I if you're twenty years old or thirty years old, you don't see this.

You know you've see your parents have always work two jobs right in most cases, right not all cases um and so now of course, we're starting to see these handout from the government and all these other other things and you know people are get reparations and all these things are starting to come out. The the end result of all of IT is that they don't have enough, right? You know and they're struggling.

They're struggling with rent. Their struggling with mortar payments, are strugling with food, strugling with gas. They can new cars like that's what this is all about IT. You guys, if you back away from IT and you understand why, then you can start to make really good choices.

What I think that's interesting, right? Because if you go back to, you know part of fifties or summer around there, you know one income could get you a house. You could get you one car. You only really need one car, and one person working IT could get you. It's just a nice middle life style.

And then kind of the era that I grew up in, if you had two people working, you could have a nice medal class light down, right? You could have, you know, a decent house, the car, all two cars, all those things. Now you are having two people working, but they're struggling to even maintain a middle class list yle like they can't buy a house, they are probably have car payments or they are releasing their car. So it's very, jeff, every generation it's been very different right from from the previous number.

right. And then so so why is that guys? Like there is a reason. So if you look at the common thread here, it's because things i've gone up and i've told this story before. Well, when my dad passed away, which was a horrible time for me, I had to dig in to their finances.

You know, as a child, you just don't talk your parents about that stuff, right? So now i'm OK mom, how much savings do you have a, do you have insurance and all those kinds of things? That's not a Normal thing for a kid to ask her parents.

Well, I dug in. So my dad used to talk about this insurance policy that he had for my mom, and he bought IT years ago. And he's like, your mom covered, you know, he was thinking about this, what was cool? what? Guess what? The insurance policy was ten grand, and and he didn't adjust with inflation.

And so so he bought an insurance policy he and his mind thought, we find to take care. My mom, I just wrote my mom a chat today, you know, to for her expenses for the year. I'm happy to do IT.

They got him in a position for that. But the reality is that's horrible because the financial industry, the financial services industry, know is praying on people with these financial products. You ve got to really understand that everything's tied inflation.

If that would have been tied to inflation, IT would would have been in the hundreds of thousands of dollars, right? IT would have been a serious difference, you know. And but I was IT the same thing with ten thousand hours in cash.

If you have ten thousand dollars in cash ten years ago and you have ten thousand dollars in cash today is buying you less. That's all you have to know is your money is getting a rode over time through through inflation. Sometimes it's worse, sometimes it's under control, sometimes it's not.

And of course, it's confusing like you to and a lot of people just look at the gas pop, but that thought all you should look at like even even your groceries denials. One of these people where he pretends like she's got all these choices when he goes to this grocery stark as as of these choices but what he does is he walks up a down the eye with her car. I've been with her plenty tips and he looks around as if she's gonna something new.

But no, SHE buys the exact safe thing every time. He goes at the exact safe card every time. And so the interesting thing about that is that we also know from week to week monto moths what's going on with groceries, right?

That's why I talk .

about grocery, talk about still .

going up and they tell you that inflation and resolving IT. But you know, obviously doing like that twenty twenty to twenty twenty two period at one up, a lot like I would say IT over doubled um personally for my groceries but even still like it's still increasing. Like I still order groceries twice a week and you obviously it's little different each time, but overall it's still going up.

And I and I know this is affecting everybody because everybody has to buy grocery. So when you have like a family of five, I don't even know how you do IT because, you know, it's going up, but so significantly for just the two of us, let alone like five people, you know. So I definitely noticed that.

And I noticed that just in food is like the number one thing guess is tending to be fluctuating, and it's been a little bit down. But I do think that this might be from the election and africa be recorded the monday before the election. So I feel like you when the next few months that might go up because I feel like, you know, they would like to do that. They like to suppress the Price gas before .

the elections. Like sport. You, me, you took your car for service, by the way.

Yeah first time in a year. Yeah right. Brought IT in and you text me how .

much thirteen dollars?

right? She's like, is this right? You like a stick.

Er shock. I did not a sika shocks. I was like, wow, that was expensive. And I really my thought thought was, did I really need this service? I think what I have postponed IT o because if I postponed for six months or whatever, and i'm sure people all around the country are doing this, if I could point up for six months, that is less time for eto bring. And again.

you got so this is exactly why I brought this up up, because you could afford this. But what about the people that can do? And obviously, he got a new car after a long time.

I've haven't beat up on your car, right? So it's cool that you have a new car. But SHE brought in in in in Better way.

Guess what? It's new. So it's filters, it's oil changes, is rotating the tires. It's so basic. Fourteen yeah i'm like SHE SHE text me by by the way, I was at the gym so I didn't have time to chat with her. But um so that's being done right now. And so the question she's like work and I get IT done for less, right? And this is the this is what you guys or can I kick this down the road?

Kk, the road. And I think a lot. People you know we're seeing this in florida with the home insurance. We talked about that, right? People not having insurance and interesting ly enough. You know a friend of mine, uh that's up in present her parents house just burned down this week and unfortunately, but they didn't have any home insurance. They but it's because people cutting back, they needed to cut back and they thought.

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Probably going to happen with my house, just like I was kind of thinking with my car, if I wait six months, is anything really gonna happen with that? You know what I mean? And because things are so tight right now that it's just as discretionary spending, you're kind of looking at where can I cut because you can't stop eating, you need gas like there's anything you can cut out and then there's other things that you can kick down the road. And i've seen a tonic cars with damage.

like I have to point that out so many .

years looking .

around you're gna start to see dense I am too. Yeah like there are people that have like vender vendors and they are driving these cars around now because guess what, it's exception.

sensitive people, including me.

Guess let's fight about that. The nail was like a river necking SHE. She's pulling into our neighborhood and she's looking to the right while she's turning left.

First of all, I just like you to stop and understand that she's looking to the right. She's putting ruts IT to like this rock. So he was .

listen at wall that they put up in fright of the other thing to get into the neighbor.

So they put IT up because of the neel. So they would SHE book a black on IT like, I like. So anyway, both SHE has IT, and I look at IT like .

all no well, no girl out, I was like, I hope they didn't do any damage.

just like .

backing away before I get to something like IT does not meanwhile.

so anyway, but to your point, SHE, he said, just turned over insurance company, so he did then he called them, say, no, i'm going to do IT myself. And so this has been an interesting thing for me to watch because now she's all over the map and now she's got some mobile car repair person cover the house. I could, what are they doing? What I don't know, I like, okay, how much is that? Okay.

that he was five fifty.

We will do know once the last time you guys still so ready, come over with five fifty, but you don't actually know what they are going to do. So this whole things been interesting. But I guess back to the point, the point is the deals got a little vender b buff as a vender damage.

Yeah vender damage from you from turning left while he was looking right. And and she's actually thinking she's going to keep IT as is. She's like I am just going to driver out like this. I would like, no, you've got ta get IT fixed.

But see, this is where my frugal ness comes in. And I don't know, like fixed s expensive, but I do think that this five, fifty options .

will see. But at the point is this, there are people that have stuff, they, they need tires, they have injure repairs, they have engine lights on, they have damage. You know, this is when people are going to start, not buy new cars, right? So you gotta wonder the new car businesses really get in club er right now for not only that reason, but also mortgage rates.

You know, I was talking to with my friend tarleigh b, he came in this weekend because he's my partner limits, and I was really nice of them to fly in from Austin. And we spent all day friday, all this saturday gone over limit less for next year and kind of a download ad for last year. But he's in the single family business and he said this is this there the home builders and um people are trying to sell homes are actually spending thirty, forty, fifty thousand dollars to bite down interest strates.

okay. So I I want you to rap your head around this. Now I know going off topic a little bit, but that means that a if you build a home and there's one hundred thousand hours of profit, which is really high, I don't of that time the builder might have to spend thirty or forty grant to bite down that rate so that the homework or will be that they'll have a rate in the fives. And so that's the cost of the home builder um and you know maybe they're pushing that back through somehow, who knows? But at the end of the day, so this is an interesting time because things are going up, Prices are going up.

When I was just looking, you know the car sales that you were just mentioning are down fifteen to twenty five percent depending .

on the dealership OK. So you guys let's say you're the use car business or the or the car business and you now have fifteen to twenty five percent less sales. That means we have fifteen to twenty five percent less income.

That means that printed you should have fifteen to twenty five percent less overhead, which is people, right? Because you're not going to reduce your your property taxes. You're not to reduce your utilities. You're gna have to reduce people. So that's why you're also starting to see service business problems, right?

So when you call, you can get hold of somebody or you walk in somewhere, there's nobody to help you or the restaurant people stressed out because you know that someone is trying to jugg all these tables because they got one person working. This is the result, and this is what people starting to see. So the employers have to cut back, right? They have to. So it's not only affecting the individual, but it's affecting the employers because employers there there's no reason to run a business for free, right? The the whole point of running a business stem is, is to make IT a profitable business.

But there's also, you know, no need for that many people if your sales are down. I mean, if you have less sales, you need less service people. You need less sales people, less you know, customer service people because you don't have as many people coming in.

But I love what they are, how they're doing, the unemployment numbers there, they're reporting up and then they adJusting A A later like other of everyone is caught out of that. But after all, you guys just got a luck. Go look at the and eighteen thousand eight hundred and eighteen thousand person employee adjustment, eight hundred and eighty thousand people downloaded by the way.

of course think yeah of course down right yeah, yeah. It's crazy. And I think you know the question is, you know whether not we're going in a recession, right? And it's debated and some of IT definitely has to do with who wins the election this week.

But either way, you guys should prepare that. We might be right. You should be prepare with your mindset, your job, what you're spending money on that we might be moving in that direction.

But I think you know are some real basic things that we can all do. The one thing that I just plead with you guys is buy things that move with inflation. Yeah, all right.

That's IT like IT doesn't have to be real estate. Just buy things that move with inflation alright. Uh, you guys just take a look at what's going on with gold and silver, right? You used to able to buy gold in the twice.

Now is in the thirties. You spell to buy gold in the five hundred two thousand. yeah. Well, silver, sorry. So you spell to buy silver in the two thousand and now in the thirties summer, saying that could go into the forties, who knows? Same thing with gold you could buy in the fifteen hundreds.

I mean, I know Robert kiss og buying away before that, but I started buying and that you know what was the teams let's say or one hundred twelve hundred thirteen um in in that area. Now it's in the twenty seven twenty eight hundred. And now why is that okay? Because you can't print gold, you can't print silver, you can't print number, you can't print oil like you have to take a look at things that hard .

I can you have a coin.

Yeah I don't know that dici one um yeah why is pit going going up? It's because I know there's lots of reasons, but I I would argue that it's because of the uh you know people um don't trust a dollar yeah and and and you know and so they're trying to be invest in alternative things and to be honest but coins been great that way. We know we know people. What is the seventy now? right?

So think this morning.

I think here's a thing, like if you are sitting on savings and you know that you know they're printing away and funding wars and funding all these different things and funding the middle class, funding the immigration and funding all these things, you know they're spending money on that in your dogs are get erode IT. Well, you should be looking you should be looking for ways. And that's why there's that's why servers going up. That's why goals going up. That's why bit code is going up because people don't trust the government.

They don't trust the U. S. dollar. yeah. That's why those things are going up.

And then but then the reason that real estates going up is because they just moves with inflation. great. So IT rents with with inflation, home Prices with with inflation. It's just can you explain why?

Yes, ridiculous. Like i've been i've been buying real, say, forever, as you guys know. So there was a time where we we were building apartments for in the hundred thousands per unit rain, right? And then we're like, oh my god, oh eis pushing up to two hundred, right?

So for really nice brand new apartment, so went the ones and then now it's and they went to the now it's in the trees. You cannot build an apartment of building for less than three hundred thousand, by the way. Same land shops too, by force, are more drivers, more labour's, more plumbing quipsome, more facts or more sinks or more washes drives? Are more everything more okay.

So as all those little things that affect all of you, um it's pushing the Prices up. And so when those those commodities get pushed up, then of course, that that everything goes up. So so what you should be looking at, at some of the best real state deals right now are the ones where you can buy a lower placement cost.

So if you're going to build a house similar next door um and it's, let's say three hundred thousand, you can buy one in the neighbor od for two hundred. You're Better up by the two hundred. So that's the thing.

And so so you're that's always been that way though, even when was back at a hotter to two hundred. So you know but in in real state does traditionally move with inflation. Now I can be the pricing go up and down based on new population growth, employment growth and of course um how many know what the supplies in the area? If you drop A H bunch of homes in the area, you know the Prices is are going to drop. But I do feel like.

you know everyone says that we need affordable housing and we need affordable housing, but we can't really have. And quite affordable housing because we can't build housing affordability.

you know. And that's why the government needs to step in. And that's why we've been doing these videos on zoning and and all these things. So the waist ony works is there's a zoning maps typically for neighborhoods or some markets or you know areas, let's say.

And so that's why you're you'll see an industrial area or all the downtown buildings be like in a doubt, town, you know and you'll see you know neighborhoods. There are all kind of cookie color and that's because of zoned. And so um the most neighbor ods don't want a part of building across the street.

Let's say, okay, because that's different kinds of zen that's call high density residential zoning. You have low density residential, then you have farm land and all those are all zoning. And so at the governments, relaxed zones and allowed people to build a formal housing because lands a huge piece of the cost, right? Ah what's not going to change the cost of a two by four, my cost of the wall.

But what you know if if you can if you can make IT easier to build or you can build more in one location and you start to see these in cities where things become unaffordable, right? So when you start to see cities go up as as opposed to sideways, so you call a vertical versus horizon onto um you know that's when you search es, think of new york. Think of some of these downtowns and you know course new york ave, manhattan, an island which most people probably know when I reached the edges, IT was a certain Price and then he has to go up.

And in new york, what you want and what people battled for are what to call the air rights. So you could buy an eight story part of building, but you might be able to go thirty, forty stories. So what you do, you buy the air ride of the above IT.

So that's what happens when when you start to see um and affordability, right, and they start to go up. And we've seen that before. Our eyes we see that in in a lot of markets.

So the reason that we wanted to bring up inflation and and kind of explain to you what is going on is because there are certain things that the past generation did because you can look at the boomer generation and you know they're holding most of the wealthy right now like they're holding they own their own houses. They own runs. They don't have much debt compared to you.

Jen ax, millennial and gene, right in every generation. That kind of gets worse with millennial s and genee being at the bottom of that. And so you might look at your parents and you might say, well, they did a whole bunch of things and then now they're retired, they're good, they're live in the good life, so i'm gona follow their exact trajectory.

And the problem with that is they didn't have the situation that we have now. Their wages kept up Better with inflation. They did have some inflation in the seventies, but they were able to overcome IT because there was a strong job growth.

Uh, like I said, their way just kept up. They were to buy house. They are able to do all of these things. So we're gna kind of be real with you on decisions that you shouldn't make now or that your kid should I make now even if you made those same decisions because it's not a good decision anymore based .

on the current situation yeah like things like a new car versus use car.

right? Yeah I mean, of the average new car payment is seven hundred and fifty dollars .

month average and .

the youth cat now is five fifty year.

I remember when that used to be like an exotic like, I don't know, I want spent seven hundred and fifty dollars a month for a for a series, say, guys, as you guys, even I owe for us. I will tell you, I know that is a lot of money for the average person of ago.

I was my and he was like, it's five hundred dollars and I am five hundred dollars like I was like one seventy five or something, right? And yes, we just have went up. They have not went up and a half times the amount, you know at me. And so the fact that, you know, people are paying seven fifty for a car plus the downpayment, right, and then five fifty for a used car, like you really got a value with your card decision.

Yeah not know. We talked about madness like you are the routine .

stuff .

for filters, oil change for you guys. And you know we tapped insurance or insurance get in club or right?

Well, that's the thing. You get a nice r car. You have nicer repairs and more expensive repairs.

You have more expensive insurance. You have more expensive everything. And in fact, I was Sunny because I wish just talking to my girlfriend today.

And he used to have an expensive car, and he goes, that was the the worst mistake I ever made. SHE was, I was trying to think I could afford this car, and I kind of stretch for IT. SHE was then all the service and all of the repairs.

And he had eleven s or SHE had a bunch of stuff SHE was I sold that thing and I was so relieved and he saw IT for a loss, right? But it's that ego coming in of like how I wanna really nice car even though i'm stretching for IT. But to your point, you have to factor in the entire cost of that car.

Yes, let, let me tell you up. Nobody's watching. Nobody cares. Nobody cares what you're driving, only you projecting out seriously. And if they do gotta lose them anyway.

Well, and so this was going to say, certain people do care. Okay, like when I was driving in around my beat of hana, I talk about this eye is making pretty good money. I did not sound like car. I was this literally this big panda. But I um I just didn't care because I knew that I was I was saving up for was condo and my car was still working IT worked fine IT was great hunger great IT just was as the exterior was really beat up by people, you know you if you want to ever retire and you ever want to get out of the rattle researcher in, if you buy a new car, you can afford to do that or you have other saving schools, it's a huge waste, your money. Now if you're get to the point where you you know SAT, you'd goals everything else and you afford a new car, you are talking about where about people that are stretching themselves because that they feel like it's gonna their ego and they don't want to be driving around a car that they are not proud of. But you have to realize how much this is going to set you back.

But the thing is, guys, if you are in visioning that this little hand, that the nail head was in really good condition, please listen up. Okay, you had at least seventy death in that thing I do.

I had a lot of density. I would never took IT to this car wash, which I like, never washed. I don't even know what I was .

doing so that he was like.

how we could partly get these dense out. And I actually was debating, I know if I care that in there, but I said, sure, see what you can do. And he actually was able to get a few of the dense out you through the scuff out. But you know, IT was less trustful that way because I want to ran.

And to a wall, just another way. That's just a mal IT. So guys, what we made, I was like, this is straight out of a demolition.

but you know, but I have that car for a long time. And I think that's the important part, is that everyone, as soon as you start making a little bit of money, the the first thing that people tell you to do is buy a new car. Like the first thing people tell you to do, you should get a nice a car.

Why drive around that piece of craft car? You need to get a Better car. But if then today you are you taking your race, that you just got your new position you just got and then spending the difference on a car.

that's that's a really, really good point. So so just be cog. I'm boston on the deal, but I did the same thing when I was Younger. I had a vox wages sharq. I'd thrown the wheels off of that thing and you know and I was great and I didn't have a car payment for the longest time when I was sucking money away was know I was I was putting money in in my savings account and back then when I thought I need say he's account what you do but you don't right in our stand inflation all that up during that period of time. And so the point is um you why why give up several hundred more dollars a month that in some cases even more than that because you want the newest grades car solo so and the next one let's talk about college dad you .

I guess .

suppose be forgiven and not forgiven that supposed be forgiven and not forgiven and who knows like we got election yeah never been .

on the government.

We will see what you know what what's going to happen with that. But I think but beyond the dead, let's let's go back before that, let's talk about the value, you know, like thirty seven percent of millennia .

were regret going to come before. But let's start at generation. what?

okay? Well, I went to a school for rustling. So for me, um that's probably the order is I went to college, but even that college was kind of expensive.

I remember a IT IT was a private college. IT was the state college. Es were less. But of course, I also I my my school ship didn't include everything, so I did have to get some student loads. But I also remember those were low.

I have to I have to pull us for you. So I don't know the exact are you into college when my guess is around eighty eighty one?

There was yeah eighties.

Okay so the tuition was with room and board a pacific ally thread with three thousand and .

thirty five hundred years A I do remember her like does that all is this is a truth my little sharq about um there's an lower campus in upper campus I ran out a gasp on upper campus that's how that's how tight I was right and I I looked in my he's throw all your change in the in the astray I I grab I had like three dollars a change in the astray and that I had to go get a gas cat for gas. That's as how tide was so three thousand dollars or four thousand or water was. And that's all well.

and if you just look at that today, today without remembred, so that you three thousand and thirty five hundred is also for a room of all. Now it's twenty five thousand a year without roman born.

okay.

So so that's part of this .

conversation. So ahead yeah so anyway but I will tell you also um for me college bate sense right like I probably we've gone to work in a um for bowing or for warehouse or Scott paper which was in my town right a lot lot a lot of friends from high school go straight into into those not to those are bad places but I probably would a bit on some assembly line or something that who knows you know who knows what I would have done but though the reality was as I would have probably not moved and I probably would have got gobble up and to you know just the blue colour scene and but thankfully psychologic give me a shift of perspective.

But I will tell you, it's change a little bit now。 It's got a lot more productive and and those you know, people there, these kids are just sign off on these really expensive student loans. They have three or four hundred thousand dollars in debt, you know and then they they will understand money. So they're trying to figure out how do I pay this back.

right? absolutely. And I I think that's what you have to look for if you you're debating going into college or because I know with my generation, so I am a millennial and two kinds, twenty thirty seven percent of millennial were going to college.

That's almost two out of five. And i'll tell you that i'm in the thirty seven percent. So for me, you know, I had fun in college. I don't regret those memories that I made, but the money that I spent.

and here's what I didn't here. I was educated in court. You had fun and college, okay?

I and I did learn. I and I A good .

is that my degree was .

a lot cheaper than even a degree. Now I want to say that we paid about forty thousand dollars total for my college.

but I all four years .

for all four years, but I was a teacher. So I only was going to be making thirty thousand dollars a year in arizona out of school. So the mouth just, does that make any sense, right?

I was in, I couldn't worked a Normal job without a degree and probably made about the same amount of money. So I think if you're going to decide that you're going to go to college, you're not going to go to college. IT has to be two things.

One mainly what your degree like or you you're going to be an engineer because that's going to pay a lot more money, that's going to make a lot more sense. Or you going to be a doctor, you're gna be an attorney or you're going to be a teacher because that probably does that make sense? And even arizona, now, I think you can even teach without a teaching degree because they're so desperate for teachers because they don't make any money, you know so you're going to be a social worker, right? Like my girlfriend got her social work degree with only person I knew making less than me and you know he was hired with people that didn't .

have degrees yeah and here's the thing I was going to bring that up because we know plenty of people that i've gone into that got blood IT, by the way because that is good need but IT doesn't pay that great right? Um so I was talking to one Young person. They're like, i'm going to be a social worker and I started nonprofit, right? I love that.

I love the fact that that's where their head is. But meanwhile their parents have dropped over two hundred grand on their on their G S, on their called education. So you know so so you're spending this kind of money.

Where's yours? Where is your financing? Where's your parents? Obviously, it's much easier if you have rich parents to be will pay for this. But the reality is you have to look at the return, right?

yeah. And if you have kids, it's up to you to make them understand this because this is what we hear when we talked about kids is that you know they can't buy a house because they have college debt.

You know I mean, like their debt income is off and they can't even purchase their own home or like we have people even in in this office that stressed out about their their payments for school and they were so thankful and relieved when those were pause, but they just started back up again yes. And you we've had people in this office crying about IT, right? I mean, it's these are real loans that are really expensive.

A lot of them were variable. And so you really have to think with your kid, does this make sense for my kid? I'm not saying we're not saying nobody should go to college, but you kit for my generation IT was like, if you didn't go to college, your kind of a loser.

Mean, that was kind of the sentiment around the school. I mean, the guy's council were talked to you like, I mean, I was like A C student in high school, so like probably not even to went to college. But now I think people are being more student because college has got somewhat more expensive.

Or does this actually even make sense? And if you're going to pay for college for your kids and there might not be make any sense and you have the money, is there something different you can do with that money? And I help them sort of business, help them buy a home. Maybe there is some kind of tech program or you know um what do they call like like a blue color program that might be Better for them? I mean, don't just don't just do something has has always been done like really think about .

and I I want to be clear here. I'm not against education. In fact, I mean, I hopeful of you guys I read every morning, I watch youtube videos, I got a conference.

Obviously i'm doing everything I can to educate myself. You, we study to hack out of markets, and you, i'm continually being educated. The question is, is a two hundred thousand hour investment with a thirty thousand hour annual payoff worth IT, right? That's the question.

And you and care that money, i'm not saying not even spend IT. I'm saying can that money be reallocated a way that you actually are Better educated? So this is a is not whether or not you go to college. This is about what do you learn there and is IT applicable out in society. And the world is going to tell you very quickly once your mommy and daddy, your god.

well, that's the thing is, you know, can I um well actually say, can I but like my family feels very differently than I do in this with this whole debt forgiveness and everything else um I think if they were going to lower the Price of school and make IT affordable, that they should forgive everybody's dead. But the problem is, are not. So if they forgive IT, then kids at eighteen years old do not understand the real life.

So they have no concept of the money that they're taking on in debt. And you can try to tell them, but they just don't understand IT. Like we were talking to member, we had asked the kids um what salary they thought they were gonna when they graduated and then how much tax that they thought they were gonna and literally they thought they were gonna like eighty thousand dollars out of the gate and they thought their tax will would be right around five hundred dollars for the year. And they really thought that because is a kid you have even as an eighteen europe, you really don't know you don't know what rent is, you don't know how to allocate ate your expenses, you just don't under stand IT. So that's why it's up to you to educate your kids before they take on this a large.

long the other thing that I just would want to wrap up on this issue with, who are your teachers? Let me say that again, who are your teachers? So when you when you drop into a school, who are your teachers, you know, if you're trying to learn a trade, do you want to learn somebody who understands and has done the trade? Or do you want to learn from somebody who's just reading out of a book? You've got you gotten really take a hard look at that, right? Like if you're gotta learn something, you want to learn IT from people they're actually doing IT.

That's why mental ships and coaching and some of this you know associations in these network groups and these other things are super important. Like you if if you want to learn how to play golf, you you got to actually play golf. If you want to learn from somebody knowns how to play golf, you actually want to listen to somebody who has play golf, not somebody who's reading IT out of a book.

And so who are your teachers? And this is an important piece. So you don't have to go to college in order to find these things right, especially now with youtube about there, there are so many ways to learn.

I mean, it's it's actually leveling the playing field, which is awesome. There's no excuse right now for you guys have to at least find some some people out there that that you can listen to and and you can build your business on. You know are um one of our Young kids joh shoes.

What is he twenty two now? Um you know he dropped out a high school and he's now like doing these travel youtube videos all learn from youtube and he's got to a nice little business that he's creating and now he's trying to figure how to scale IT, how to manage IT. You know what he sucks at but he's learning and he's asking me questions and he's looking online and he's trying to figure this out. But is one thing is really good at is youtube.

And guess what? He's in demand people wanted because he understands IT. And so you know, he now has a great skill and he's getting Better and Better, Better.

And you know, I tell what, this Young kid, he's he's going to very well financially in his lifetime. He's in the right rooms and he's asking the right questions and he knows he's like great to everything. The point is though, he completely by the I absolutely.

And then I think the next thing we wanted touch on is just expensive items, right? And I see this generation. So it's interesting with this generation like they're really into that stuff because of instagram and all the media. But then at the same time, I think that they're also probably a little bit Better of they don't have the money to spend .

on IT to be on yeah, there's one role time here. Don't put IT on a create card and if you do, there's nothing wrong with getting points or something but just paid IT off every month. Create card baLances will kill you.

And no, you know now we're well into the over over a trillion um of in credit card debt. So we've seen personal savings go down to all time lows and we've seen create card dead go up to all time highs. Now there's all kinds of reasons for that.

But you close watches, persons, juries, vacations, all that kind of stop. I just had dinner with a good friend of mine who was on a three week vacation and and he saved all year. You know, he has a low bucket.

When this friend is not a friend, I mean, he is an average middle class guy.

Cork, right? Like good. And he had, he had a, he had a number in mind. He preplanned three weeks through europe, right? And he saved all year.

And so he had like a travel account and that's the money he used to go travel. And so he he he never put her on a credit or anything like that. He didn't go backwards.

And so no, and we're a society right now where people window shop, you know they they go online and they all stuff and that's not what he does and that's that's the right thing to do. You know he and I asked him, he's like, he wants to invest in one of our projects. Oh, IT.

And I was like, oh, and by the way, he does not make a ton, you know but he's super diligent on the way he's management his money and he's putting into the right place as money is working for him. And so he's not being freely and he's not are also cutting away back on his lifestyle. He's doing the things he wants.

So the last thing, and this is a big one, I think, too, is your home, right? So we always want people to buy a home, and we always say you should own a home. But right now, more than half of home buyers in the last four years have buyers remorse.

Think about IT.

but it's very similar to a car, right? So you talk to your real atter and you figure out what you can afford and then maybe you stretch a little more because you can kind of like afford that is just going to be tight. But the problem with doing that is you have insurance, you have whole repairs.

You have whole maintenance like ever. It's just like a car, a cost more than you think it's gna cost. And you know, this is kind of a newer thing, is like your parent generation, you know, they bought a home and like I know my parents bought three houses, like we bought a home live in for a few years, upgraded, then the same thing and upgraded, but now they were on tighter budget.

You have to think, does that make sense to upgrade your home once you have buy one? And if you're looking to buy a home, does that makes sense to, you know, max, max out your budget? Or do you want to buy something so that you're not house poor and you have additional money and just stay there and instead upgrading your house, just be able to afford, save, invest in other runners?

Yeah, that's one strategy. And then I also know people that are that are actually going into internal and just renting, right? And of course, I saw building wealth, but you have a friend that was shown a condo they got to force and SHE just signed at least, and awesome got two months free.

SHE did. And he got a pretty good rate on on the apartment. I just think that because like so my brother's kind of in this position, right, like he owns his home, it's paid off.

It's tight though because he has a three bedroom. They have four kids. It's like, you know, it's it's tight and they've lifted upgrading their house. But the problem is they would be taking on such a bigger mortgage payment to do that.

Use car.

new car that they've you taking such such a big jump and IT IT affect their lifestyle. Because right now they're very comfortable in four kids. Why doesn't work? They're very comfortable. But if they take on this new payment, things all is a good tight. So there at the moment kind of remodeling their current house, making a so but let's .

talk about real quick before we go down that road. If they take on a new payment, things get tight. What will your brother do? He'll try to help and he'll work more and .

i'll work more OK.

That's actually the issue, yes. And he'll probably .

have to take a potentially take a job that he like less ah that pays Better.

his lifestyle will change and he won't be around families much. And so that's actually what that's why I wanted to bring that up because that's where a lot of people are at right now.

Well, I think it's you know, rogan talks about listening and a rogan, he he said, you know, he upgraded his house when he was Younger. He sort of making all this money in holleywood. So he upgraded his house and then he goes, and after a couple months, like I just didn't care, was just a house to the place for me to sleep and hang out and leave.

And so like that, that fresh feeling, just like buying a new car, can kind of a wear off, right? So you have to think about, is IT worth IT. Is IT worth doing that? Like what are you sacrificing, whether it's working more or not being able to retire early because you are buying a new house instead of investing in rural properties? Like what are you giving up to have this house?

Don't be house, poor guys. Like that's the thing you know you it's not first to you're not posed to have stress on your card payment unself stress on your mortgage payment unself stress with your credit card payment. And you will if you continue to, if you can adjust, adjust your lifestyle just a bit. I'm not saying compromise, but you know why you know think through what you're spending money on the and and you know do what's right you solve to comfort solve because .

you like we always say, it's when you're wealthy, it's not the stuff you have, right? Like like some people might be like, oh, i'm so jealous of you, really nice car. But really, what people aspire is aspire to have time and freedom and flexibility and the ability to not work or the ability to work a job that they love, that maybe doesn't pay as much as another job, right? So what you wanted aspire to.

So you have to look at all these decisions and say, is this moving me in the direction that I am going to have finding until freedom? Or is this with me in the direction that is going to make me not be historial and i'm going to have to keep doing what i'm doing right now. Right now, if you're in your twenties authorities, you're probably work in your bet off you're public paycheck to paycheck.

You're probably super tight. It's it's a fun time of life in certain ways by finances. It's a stressful time for most people.

Do you want to continue doing that in your forties, fifties and sixties? Or do you want to start getting some relief from that? And I think that kind of correlates back to that financial freedom.

I you know, i'm forty one and I have friends now on both sides of that equation. Some of my friends are in a very good position. They're comfortable.

They're not working or maybe they're just working part time. I have other friends that are riding away working three jobs. You know, these are all decisions that they made in their twenties and thirties.

We all started at the same spot. Yeah, I will tell you guys, time is not your friend. You actually have to really think this through.

What is that you want? What are you spending your money on? And is your money working for you? Or are you using credit to a road where you stand, right? That's that's what you have to look at and you you want to here if they're moving forward or you're moving back.

And most people right now, especially with inflation and with the Prices that we're starting to see things. And um i'm telling you this is this is the time where you really, really need to take note. Dry line in the sand is something to make these decisions and and stick with them, be disciplined because if you do that, you'll come out on the right side.

I somewhat to see you next week.