5 Ways To Build Wealth [MASTERCLASS] EP 1363

Today’s Masterclass episode is all about how you can start and continue to build your personal wealth. Five experts walk us through common misconceptions around money and why changing your mindset is step number 1 to building your wealth. In this episode,Tony Robbins, entrepreneur & best-selling author, shares his advice on how to strategize and invest in a looming bear market. Dave Ramsey, author and businessman, shows inspiring ways to answer the phone when the world is trying to give you a wake up call. Jaspreet Singh, investor, CEO of Market Briefs, explains the ways you can prepare yourself for a future financial crisis. Ray Dalio, billionaire investor and hedge fund manager, elaborated on the importance of diversifying your portfolio when starting to invest. Grant Cardone, entrepreneur and investor, illustrates the mindset you need to turn 1K into 100K. For more, go to lewishowes.com/1363Full Episodes:Tony Robbins: https://link.chtbl.com/109-podDave Ramsey: https://link.chtbl.com/938-podJaspreet Singh: https://link.chtbl.com/1327-podRay Dalio: https://link.chtbl.com/1266-podGrant Cardone: https://link.chtbl.com/1069-pod Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy! Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Tony Robbins?

  Why do people not invest? They're afraid of failing. Corrections happen all the time, but you need a strategy that when markets go up and down, you don't go up and down. So I teach people the rules of the game so they don't get screwed. But the most important thing is this.

• 0:12Lewis Howes?

  Welcome to the School of Greatness. My name is Lewis Howes, a former pro athlete turned lifestyle entrepreneur. And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness. Thanks for spending some time with me today. Now let the class begin.

• 0:36Lewis Howes?

  Welcome to this special masterclass. We brought some of the top experts in the world to help you unlock the power of your life through this specific theme today. It's going to be powerful, so let's go ahead and dive in.

• 0:54Tony Robbins?

  Why do people not invest? They're afraid of failing. They, you're a millennial, right? So you grew up witnessing 2008 when you were still relatively young. How old are you now?

• 1:04Lewis Howes?

  Thirty-three.

• 1:04Tony Robbins?

  Okay, so you were what, twenty-seven? What, what, what?

• 1:07Lewis Howes?

  Two thousand eight. Uh, yeah, twenty-seven, I guess.

• 1:10Tony Robbins?

  Yeah, twenty-seven, twenty-eight years old. So you're a young man and you're watching the world melting down in front of you. For most millennials, they are the first generation since the generation that went through the depression that is not investing at the ratio they need to even close.

• 1:25Lewis Howes?

  And they have more debt than everyone probably, right? With all the loans.

• 1:27Tony Robbins?

  They have more college debt than everyone. Absolutely true.

• 1:29Lewis Howes?

  I have a friend that has $400,000 in debt. Dental school.

• 1:33Tony Robbins?

  President Obama just paid off his debt five years ago while he was still president.

• 1:36Lewis Howes?

  What?

• 1:37Tony Robbins?

  I swear to God.

• 1:38Lewis Howes?

  Oh, my gosh.

• 1:39Tony Robbins?

  It's mind-boggling. And he had a bunch of scholarships, but the last bit, it took him that long. So what I tell them is, listen, debt, paying off your debt's not enough. You've got to become an owner or you're always going to be in that place. So yes, pay off your debt, but here's what you need to know. You've got to become an owner. You've got to get in the game, but you've got to understand the rules of the game. If you don't know the rules of the game, the old phrase is, you get, you know, when a person with experience meets a person with money, we know the phrase, the person with the money ends up with the experience. The person with experience ends up with your money, right? So I teach people the rules of the game so they don't get screwed. But the most important thing is this. Winter's coming, but people react. So let's take last year. Last January 2016, we had the worst stock market opening in the history of the stock market. Worst first thing was 10 days. Yeah.

• 2:23Tony Robbins?

  There was a drop of 2.3 trillion dollars with a T. Crazy. Everybody's freaking thinking the bear market's here, the market's over, the crash is here. I think the market dropped 800 points one day and on that day, all the richest people in the world were in Davos, Switzerland, you know, for the big conference that they do every year. And they went there, MSNBC went there and everybody's freaking, what's happening? What are we going to do? And they said, let's go ask Ray Dalio. Now, your listeners may or may not know who Ray Dalio is. If you're not in the financial business, probably never heard of him. You've probably heard of Warren Buffett, but Ray Dalio has been more. You had to have a $5 billion net worth and $100 million to give him where he wouldn't talk to you 10 years ago. Now, he doesn't give a shit how much money you have, he won't talk to you because he's got a closed fund. But they go and they put Dalio on television, CNBC, he's the king.

• 3:08Tony Robbins?

  What do we do? And he says, well, you don't need to panic. Corrections happen all the time. Yeah. But you need a strategy that when markets go up and down, you don't go up and down. And he said, I spent 15 years of my life to perfect such a strategy. All of my money's in that plan. And he said, it's called all seasons and I've never revealed it before, but I gave it to Tony Robbins. He extracted from me and it's his book. So you ought to go read his book. Somebody says on national television, the data markets are crashing. And that day, to give you an idea, which was the beginning of February, I think it was nine days into February. The market was down 9% in the first five weeks of the year. His strategy, which he gave me, which has made money 85% of the time for the last 75 years. Wow.

• 3:52Tony Robbins?

  It's averaged a 10% return, just under. And the average loss, when it 15% loss was 1.6. So if you go to Vegas and you could spend 85% of the time make money. And when you made money, it was 10% and your loss is 1.6, you'd go forever. His plan made 2% while the market was down nine. So it was up 11% difference. Now, I'm not suggesting that's the only strategy to do. There's many. His is the smoothest ride with the least risk. But what it did was a combination of that. And then right after that, I interviewed Fed Chair Alan Greenspan. He was the head of our economy, the most powerful man in finance for nineteen years. Four presidents, he was there running. I was just with President Clinton this last week. He was, he was the Fed Chair for him.

• 4:35Tony Robbins?

  And I interviewed him for like two hours, you know, or three hours offstage, two hours in front. And I asked him in the very beginning of this thing, I said to him, I said, "Look, if you could be, put the Fed today, what would you do?" And he looks at me and as I said, he leans forward and he says, "Resign." So I look at that and go, "Oh my God, I need to write a book that'll free people. So here's what'll free you." Everybody's afraid of the crash. So here's what you need to know, two terms you should understand. Correction versus crash. Anytime the market drops from its high by ten percent or more, up to twenty, it's called a correction. If it drops twenty percent or more, up to eighty percent, like in, you know, the, the Great Depression, then it's called a crash or called a bear market. Okay? So how often does a correction happen?

• 5:19Tony Robbins?

  How, how often do we have to be prepared for it? Since nineteen hundred, we've had a correction on average every year. Wow. For a hundred and sixteen years. So when is winter coming? This year on average. Every year. It's like, how often does winter come? You wouldn't be surprised if it stormed and rained. Now, some winters are long, some are short, some are harsh, some are light, but winter always comes. So I wasn't panicked when this happened last year. I'm not panicked whenever it happens because I know it's supposed to be. Yeah. How long does it last? Average, fifty-six days. Okay, so just under two months. What's the average drop during that time? Fourteen percent over the last thirty years, thirteen point five of the last hundred years. So I use the more recent one. Fourteen percent gets your attention, right? Fourteen percent, you get a little gut check.

• 6:04Tony Robbins?

  Yeah. But here's what you need to know. Eighty percent of all corrections never become a bear market. Eighty percent. So all this fear, and what people do is what you said you did, is they see it, it's freaking out, I'm losing money, I'm the hell out of here. And they get out. The stock market never took a dime from anybody, only you can take it from you. You sold, that's why you lost. Right. Right? So if you look back and say, "What was it like in two thousand and eight?", I can remember vividly. Being with my platinum partners and saying, you see these eighty dollar stocks? This is six months before the crash. I told them in April, I brought them to Dubai and I said, "These stocks are gonna go to eight and some are gonna go to a buck." Wow. And by October, and I told them what to do, so they were able to get out. October, I go on the Today Show in October of 2008 and they go,

• 6:49Tony Robbins?

  "Tony, there's been three trillion dollars meltdown. Pump the country up, you got four minutes."

• 6:56Tony Robbins?

  Ready, go. That's not what I do, first of all, and I said, "That'd be a lie, I'm not gonna bubble it." At that point, the eighty dollar stocks were eight. I said, "Some of those," I said, "I'm not a market forecaster, but I worked with Paul Tudor Jones, one of the greatest investors in the history of the world, in the biggest market crash in history, you know, 1987. He made 200%." Wow. When everybody else was losing their entire life. I've been coaching him continuously now for 24 years, every single day. So I said, "I've worked with the best in the world, and they're telling me, based on history in the 30s and history in the 70s, this eight dollar stock, some are gonna be a buck." And I remember the day in March of 2009, Citibank, which had been, I think, seventy dollars, sold for 97 cents. You could go and take your money out of the ATM,

• 7:41Tony Robbins?

  it cost you more to take your money out than to own the bank, right? And then I told people, "It'll jump from 99 cents to six, ten, twelve dollars in a month or two." And it's exactly what it did, right? So what you gotta know is corrections happen every year. You got another couple of months, gotta know it's 14% and you won't lose, because 80% of the time it doesn't go to a bear. Now, what about the bear? The bear market, it happens, to give you an idea, in the last 100 years, every three to five years. You've gone eight without one. We're way overdue. Yeah. Though, in modern years, last 30 years, it's about every five years. The average length of a bear is one year. The average drop is 33%. Wow. A third of those drops go 40% or above.

• 8:24Tony Robbins?

  That, I don't care how well-prepared you are, that's a scary thing. Yeah. But it is the greatest opportunity in your lifetime to go from wherever you are financially to where you wanna be. I hope your audience is listening right now. Hear me. If you wanna leapfrog and you're a millennial and you think there's no future, or you're, you know, a baby boomer and you think you're too old and it's too late, the greatest gift you have is coming. I know it doesn't sound like it, this is not positive-thinking bullshit, this is the truth. Wall Street, the stock market is the only place that when things go on sale, people freak out. If I said, "You like Ferraris?" Sure. If I said to you, "Ferraris go on sale for 50% off." Awesome. But when I tell you, "Apple's on sale for 50% off," you go, "Oh, what am I gonna do here?

• 9:09Tony Robbins?

  What's wrong? The world's coming to an end." If you think about it, how old are you? Thirty-three. Thirty-three. So, let's assume if you were 35 and you lived to 85, you got 50, 52 years ahead of you. That means you have 52 more corrections to live through. Right. That means you're probably, in those 50 years, gonna have 10 more bear markets to live through. If you're gonna have gut checks every time, or you're gonna leave out of it. Right. If you didn't participate because you thought, "Oh, the market's too volatile, I can't trust it, all that stuff," you missed 250% return in the last eight years. I mean, you've missed out on everything while you're waiting for things to be better. And if you won't do it when it's like this, when it crashes, you're not gonna get in. Sure. So, here's the good news about the bear.

• 9:51Tony Robbins?

  Good news about the bear, average ones a year, could be longer, but that's the average, could be shorter. But here's what's cool. Every single bear market in the history of the United States has led to a bull market. Meaning, right afterwards, so 2008, this plummeting, what happened in 2009, up 67% in a year. I can show you every single bear market, and the next year when it comes out, it's this explosion. Now, that's not true in every market in the world, it's true for two centuries in the United States. Wow. So, that's why Warren Buffett says, "I wanna be greedy when people are afraid." And I wanna be afraid when people are greedy. If you remember 2008, he was telling everybody, "Buy," he was having the time of his life. Buy, buy, buy, everything's on sale. So, what you have to do to become unshakable is turn, the metaphor I use is turn the snake into the rope.

• 10:36Tony Robbins?

  Meaning, we all know the story, it's the middle of the night, you're walking through the yard or someplace, and you see a snake, and you're freaked out, you pull back, you come in the morning, and it's a rope. Once you know it's a rope, you're never afraid again. Yeah. I wanna take for people investing and show them how to turn that snake into the rope it really is. And I'll tell you one final stat on all this. People always say, and you started bringing it up, "Timing." How do I time it? Like, right now, things are too expensive, I wanna wait. People have been saying that for eight years. Is there gonna be correction? Yes. But when it corrects, you wanna invest again, you'll get dollar-cost averaging. If you paid a little too much here, you'll be paying less here, it'll bring the average price to a reasonable place. It's gonna allow you to succeed. But here's what people need to know about timing.

• 11:20Tony Robbins?

  If you are not in the market, it's the most dangerous thing. This is so counterintuitive, I hope your audience is listening. Let me show you. There's two different research projects. One was done by JP Morgan. I just spoke for them the other day at their alternative investments conference. And to be in the room, there are 400 people. You have to have a billion dollar network to get in the room. Crazy. It was mind boggling, right? So JP Morgan did a study and also Schwab did a separate study. 20 year studies. In the last 20 years, to give you an idea, the average S and P 500, that index has produced 8.2%. Over 30 years, it was 10.28. But in the last 20 years, a little bit less. Still great. You double your money, you know, roughly you're in a position where you double the money a little more than every, you know,

• 12:03Tony Robbins?

  you know, what is it now, 7.2, so it'd be like a little more in 10 years. But here's what they found out. If you miss the 10 best trading days in 20 years, because you're trying to time the market and you're not in it during one of those days, you win from 8.2% return over that period per annum, per year. It dropped down almost half, 4.5. What are the chances of you knowing the past 10 days to trade in 20 years? None, right? Warren Buffett said, market timers and market forecasters are only there to make fortune tellers look good. Because no one can do it successfully. Even if they do it for a while, it doesn't last. It's luck. You know, Jack Bogle told me, he started Vanguard, you know, 3 trillion dollar company. He said, we took gorillas, 1,000 in a room and had them flip coins.

• 12:47Tony Robbins?

  And we did, we said, how many times a guy had heads, how many got tails? Just gorillas flipping them randomly. And he said, one gorilla in that set of those turns flipped heads 21 times in a row. Now, when you look at that and see all these gorillas doing it, you look at it and say, what a lucky gorilla. He said, but in the hedge fund industry and the mutual fund industry, when somebody does 10 in a row, you go, what a brilliant investor. Right, what a genius. And it's just, it's just averages and luck at that time. Yeah. In fact, he showed me that 96% of all mutual funds fail to match the market over a 10 year period of time. Only 4% make it, and they're constantly changing. So the statistic I want people to know is... If you missed the 20 best trading days in the last 20 years, just 20 days in 20 years,

• 13:30Tony Robbins?

  one day a year in 20 years and you're wrong, you're wrong on timing. Your 8.2 doesn't drop to 4.5, it drops to 2%, you might as well have been on a wing of bond, had no risk. If you missed the top 40 trading days, to give you an idea, you are minus 2%. So you gotta get in the market, and if you're saying, "What about my timing now?" Study was done by Schwab. If you got the perfect timing for the year, the right day, the best possible day to buy, some people the worst day, someone else dollar cost averages, just keeps spending the same amount every month regardless of prices, and somebody stays in cash. Who has the worst return?

• 14:06Lewis Howes?

  The guy trying to time, or no?

• 14:08Tony Robbins?

  Cash.

• 14:08Lewis Howes?

  The cash.

• 14:09Tony Robbins?

  You get nothing for cash.

• 14:10Lewis Howes?

  Gotcha.

• 14:11Tony Robbins?

  The guy who was the best had the best timing.

• 14:14Lewis Howes?

  Got it.

• 14:14Tony Robbins?

  The guy that was the worst, the guy that dollar cost averaged and the one that was on the worst day were almost identical, but after seven years, there was only a $20,000 difference in accumulated assets between the worst day and the best day. The worst was not being in the market.

• 14:31Lewis Howes?

  Right.

• 14:31Tony Robbins?

  So you gotta be there, and I'm not saying put everything in stocks, we teach in the book, all these different assets. But stocks in the last two centuries have provided the highest return, so you have to have significant exposure to that if you want to get the highest return.

• 14:43Lewis Howes?

  Got it, and what I love in the book, you say that 80% of financial success is psychological, 20% is mechanical, right? So it's not about timing and trying to like, figure all these things out and when's the best thing or the best fund or best whatever.

• 14:57Tony Robbins?

  This is not about trading, it's about investing. Trading is trying to do that, and most people lose money trading, even the guys that tell you make money, see it all, they're making money two or three years from now, they usually eat the dust, right?

• 15:06Lewis Howes?

  Exactly.

• 15:07Tony Robbins?

  So yes, you've gotta have the psychology, and my best way of psychology is not to pump you up, if you want to be unshakable, you want to be educated, and you want to know the facts, you want to know, "Look, every five years, I'm gonna get a bear, maybe three years, I'm gonna get a correction every year, but I'm gonna be in the market and make money." Do you know that six of the 10 best trading days in the 20 years happened within two weeks of the worst trading day? So when Trump was elected, the market dropped, I think it was 800 points that night, then at three or four in the morning, he made a speech where he was somewhat, you know, human and normal, and the market got all its money back, and since then, we're up 14% in November, December, January, three months, February, you know, three and a half months.

• 15:51Lewis Howes?

  What are you telling the people right now who are saying, you know what? I didn't follow your advice. I didn't do what I should, I should have done. I, I still love off credit cards. I overbought, paid for my house and I've got this expensive lifestyle and credit cards that I, I know I'm wrong. I made a mistake. I own it and now I'm screwed. And I just got 50% cut of my work. I might lose my job in two months. I've got all these bills. Like, how do you even, how do you even respond to something like that?

• 16:22Dave Ramsey?

  Yeah. Well, I certainly don't say I told you so. That's not, that's not the message because I've been there. I've done stupid stuff too, and that's not helpful. Uh, and it, it doesn't bring, it doesn't bring any healing. Uh, the thing is this, we all get wake up calls. We get wake up calls in our relationships, our spiritual walk, our leadership styles. We get wake up calls in our finances and some people, the phone's ringing off the hook right now. Uh, they're getting wake up calls on a bunch of things. Uh, they're at home with their family and it's, and they're starting to realize I was disconnected from my family. I haven't been plugged in my, they got a wake up call on their relationships at home.

• 17:02Dave Ramsey?

  They've gotten a wake up call on, you know, I, I don't have any savings and I've got, I'm deeply in debt. This isn't working. And so the, you know, the, the, the cool thing is when you get the call, then you have to make the choice. Are you going to answer the phone? If you pick the phone up, that means maybe it's time to change. And, uh, you can look back and you might be, uh, 27 years old right now, watching this and you're screwed. You lost your job. You got no money. You got no savings and you feel like it's all over. Uh, and I remember in 1970, I was 10 years old and I was in my grandpa's backyard. We were tearing down an old deck. And I pulled some nails out of those old boards as we were taking the boards off.

• 17:46Dave Ramsey?

  And he taught me to put them down and straighten them with a hammer and save those used nails in a coffee can. Now, my grandpa Ramsey was one of my favorite people on the planet. This is 1970 and he was still answering the phone that rang in the Great Depression. It changed his life. He was frugal and careful and wise with money the rest of his life. And so someday, 27 year old, you're going to be sitting on the back porch with your grandkid. And you're gonna remember back in Alt 20, there was the coronavirus. And it changed my life, you know, and that you're gonna be that guy.

• 18:30Dave Ramsey?

  You're gonna be giving dad jokes, you know, and grandpa jokes, right? Like I am now, and you're gonna get that opportunity. I was 28 years old when I lost everything. It was my fault. It was the SNL crisis, the banking climate changed. I'd built a house of cards. I was stupid.

• 18:48Dave Ramsey?

  And the phone rang and it was my wake up call. Are you gonna answer the phone? Are you gonna change your life to where you say, never again? I'm gonna control the controllables to where I'm the little pig in the brick house. Never again. That may be the only thing you get out of this crisis. And if it is, you got enough.

• 19:12Lewis Howes?

  Preach to me, Dave. Come on now, I love this. What's uh, what's the biggest wake up call for you that this has had? Maybe it's not the financial side of things or business because you guys are thriving. Is there something, you know, relationship, family, friendships, health? Is there anything that's woken you up now or in the near future and recently?

• 19:32Dave Ramsey?

  Well, I've spent the last 15 years pouring into our leadership team and into the Ramsey personalities, creating the succession plan of, and so um, it's not a wake up call. It's more of a source of pride as to how our leadership team and our Ramsey personalities are reacting in the moment here, uh, without me coaching them. They already knew what to do.

• 19:54Lewis Howes?

  They're leading.

• 19:55Dave Ramsey?

  They're out there doing it. They're doing it.

• 19:56Lewis Howes?

  They're not, they're not waiting for grandpa Dave to say, what do I do? Tell me the steps.

• 20:01Dave Ramsey?

  They're, they already did it. They already did it. And then I found out about it, you know, and that's, that's awesome. And so it's just a, a sense of, ah, this is starting to work, you know? I mean, when Rachel Cruz and Ken Hogan and these guys are doing, Ken Coleman are doing all these hits and Chris Hogan, all of these guys are doing all these hits. He's radio and TV and appearances and all this stuff everywhere. And the, the networks are calling and asking for them, uh, which is awesome. And so, um, you know, that Kind of thing is, uh, I don't know if it's a wake up call as much as it is, it's very satisfying to say, you know, all that work of the last decade and a half of getting everybody ready to win. Because we were winning in a winning environment, but then when you get the pressures on and you get squeezed,

• 20:46Dave Ramsey?

  you see what comes out and it's good stuff coming out.

• 20:49Lewis Howes?

  Hmm.

• 20:54Lewis Howes?

  Oh, I love that sound. The sound of yet another sale on Shopify. The all in one commerce platform to start, run and grow your business. And whether your thing is vintage teas or recipes for ghee, start selling with Shopify and join the platform. Simplifying commerce for millions of your favorite businesses worldwide. With Shopify, you'll create an online store with your vibe, discover new customers and grow the following that keeps them coming back. Shopify has all the sales channels sorted. So your business keeps growing from an in-person POS system to an all in one e-commerce platform, even across social media platforms like Tik Tok, Facebook and Instagram. And thanks to 24 seven support and free libraries full of educational content. Shopify has got you every step of the way. When you're ready to launch your thing into the spotlight,

• 21:39Lewis Howes?

  do it with Shopify, the commerce platform backing millions of businesses down the street and around the globe. Sign up for a free trial at Shopify.com slash greatness, all lowercase. Go to Shopify.com slash greatness to start selling online today. S H O P I F Y dot com slash greatness. What was the last, uh, I mean, what year would you say was the last big wake up call for you? Around, you know, one of the main areas of your life. Do you remember when that was where you're like, oh, you know, I'm eating a little too many,

• 22:12Lewis Howes?

  candy bars or, um, you know, my relationship or, you know, what? It sounds like you've had to finance it down for many years, but is there another?

• 22:18Dave Ramsey?

  Yeah, yeah.

• 22:19Lewis Howes?

  Where you're like, oh, you know what? I really didn't do as good as I should have done here.

• 22:24Dave Ramsey?

  I, I guess it's probably leadership and I probably get one of those calls every day.

• 22:29Dave Ramsey?

  There's some days I'm a world-class leader and some days I'm just a butt.

• 22:33Lewis Howes?

  In what way? Like, how are you?

• 22:38Dave Ramsey?

  So I mean, I sometimes I do a better job than other times as a leader. And I, uh, I own it. I'm, I get it, but you'd think as old as I am, I'd be doing better. So, uh, but I know what I'm supposed to do, but sometimes I just don't have the energy to do it. I don't care.

• 22:54Lewis Howes?

  Yeah.

• 22:54Dave Ramsey?

  And I, I should just care more. I really should. I shouldn't be such a grouch.

• 22:58Lewis Howes?

  Oh, no, you're, you care a lot about a lot of people. I'm curious, what's the best, uh, what's the best dad joke you share?

• 23:05Dave Ramsey?

  Oh, Lord, I can't, I have no idea. Oh, you've got me. I'm not a dad joke guy really. Other than just stupid stuff off the cuff that doesn't even make sense generationally. So, yeah.

• 23:17Lewis Howes?

  No good dad jokes. What, uh, what is the, the most common thing that you're hearing with your, your, the people that are calling in for you right now? What's the thing that you hear over and over again that they need the most support with?

• 23:30Dave Ramsey?

  I think there's a sense, I, I think when hope gets gut punched, the way it has for folks right now.

• 23:39Dave Ramsey?

  The, the, the answers fall, a lot of them fall in the category of this is not going to last forever. Uh, because there's this sense that, you know, stock market's down. Do I take my investments out? Well, only if you think it's going to stay down forever.

• 23:53Lewis Howes?

  Right.

• 23:54Dave Ramsey?

  Uh, cause you know, you're, you're 35, you're going to be investing for 30 more years. You don't think it's going to come up in 30 more years? I mean, really, you're predicting the end of America? I mean, that's, that's silly, but your emotions tell you lies when, when they're based in fear. And when they're based in anger and they tell you lies and, and they tell me lies. We believe those lies in situations like this. So, uh, you know, you, I lost my job. I know, but that's happened before and it probably happened again. Just get you another one. Well, there's, there's, yeah, there's a lot of people hiring right now.

• 24:28Lewis Howes?

  There are a lot of people hiring.

• 24:29Dave Ramsey?

  Amazon, Amazon's hiring a hundred thousand people right now.

• 24:31Lewis Howes?

  Yeah.

• 24:32Dave Ramsey?

  So, I mean, there's jobs. It may not be the one you want, but you can get some food.

• 24:36Lewis Howes?

  Yeah.

• 24:36Dave Ramsey?

  I mean, get you a leaf blower and rich people are afraid of leaves, you know? I mean, you can make some money. So there, there's some stuff to do out there, but the, uh, uh, so the thing that the sense that, that, that the... Thing you're afraid of is going to last longer than it is.

• 24:53Lewis Howes?

  Yeah.

• 24:54Dave Ramsey?

  Uh, whether it's the actual virus, whether it's the shutdowns, whether it's the economic repercussions of the shutdowns, whether it's the employment situation, uh, whether it's the quarantine, it feels like it's gonna last forever. But I mean, the chances of you being in the exact situation you're in, in a few months is almost zero. Your life is not a snapshot. You're not trapped in this moment. It's a film strip. The story's gonna continue to unfold.

• 25:21Lewis Howes?

  Yeah.

• 25:21Dave Ramsey?

  And so that, that, when hope takes a gut punch though, we, and we get down in that fear, or we're mad, or we're, whatever, however it is, we manifest that stuff, that those negative things, we, the emotions that we all have in these situations, that's where a lot of my questions are coming. They're all built in that. And I'm spending all my time going, uh, yeah, but it's not gonna last forever. Uh, yeah, but it's not gonna last forever. Uh, yeah, but let's visit this in May. I think you're gonna be okay. Uh, by June, are you even gonna remember this? It's the great toilet paper shortage of the spring. You know, I don't know. I mean, what is it? You know, it's, you know, some people are gonna have devastating horrible things that are gonna be life-changing. But that, that's a very small percentage compared to the number of, that are worried about it.

• 26:06Lewis Howes?

  Yeah.

• 26:06Dave Ramsey?

  And so, you know, you-

• 26:08Lewis Howes?

  And you're gonna get out of it. You're gonna get out of it.

• 26:11Dave Ramsey?

  You're gonna be okay. Most, I mean, you're, you're gonna be okay.

• 26:14Lewis Howes?

  I like, I like preacher Dave, man. This is a, this is just a preacher show, you know? I like this. What is the worst investment people should be making during this time? And what's the best investment they can make?

• 26:26Dave Ramsey?

  Um, in my life, when I have become desperate, right after that's when I become stupid.

• 26:37Lewis Howes?

  Yeah. Explain.

• 26:39Dave Ramsey?

  The other one is, the other one is when I get, well, when, you know, when you get scared and you go rushing towards something out of fear, that sense of desperation, this "ahhh" thing, when you do that, you're getting ready to screw up.

• 26:55Lewis Howes?

  Hmm.

• 26:56Dave Ramsey?

  I mean, just count on it. Uh, and the other time you do that is if you're greedy. If you think you, okay, I got this one. I can take advantage of this. And, uh, I mean, greedy as a lack of virtue greedy. I don't mean greedy in a, a positive way where I'm being ambitious. Okay. I mean, the negative sides of greed. And so if you're functioning in desperation or in this no holds barred, I've, I'm gonna just clean up on other people's pain thing. That's when you're getting ready to screw up and you're getting ready to make a major mistake. And, and so you're set up also for con artists when you do that.

• 27:36Lewis Howes?

  Hmm.

• 27:37Dave Ramsey?

  Um, and so if you're, if you're functioning in high emotion, your brain just doesn't work good. My friend Art Laffer says, well, people, when you're panicked and when you're drunk, you don't make good decisions. And so, you know, you, you're, when you're on high emotion, your brain is, it's your critical thinking skills shut down. And, and so that's when I've made the biggest mistakes in my life is when I was desperate. And the few times that I was greedy where I thought, oh, I'm gonna slip in there and that's gonna be easy money.

• 28:03Lewis Howes?

  What, what was that?

• 28:04Dave Ramsey?

  Easy money.

• 28:05Lewis Howes?

  Could you share a story of one of those greedy times where you tried to jump in?

• 28:08Dave Ramsey?

  Yeah, a buddy of mine, a buddy of mine, I was in my twenties and a buddy of mine was buying gold. And, uh, now this is in the eighties. Okay, it's a million years ago. And he's buying gold and he had this friend that was a gold, he was a gold bug. He was picking gold and this guy had picked the gold prices where they were going within the dollar, uh, like 14 times in a row. And so, uh, we both dropped five grand into this thing. And if we had hit, it was a, it was a margin deal. And so I would have made 50 grand. And I thought, I'm putting 5,000 bucks in here. I'm gonna make 50 grand. But it's a margin play, which means you're either gonna make 50 grand or you're gonna make zero.

• 28:48Lewis Howes?

  Hmm.

• 28:49Dave Ramsey?

  And so he picked it right 14 times. The time I got in, the 15th time, missed it. I got zero. Turned 5,000 bucks into zero instantly. Last time I bought gold, last time I played stuff on margin, last time I got greedy.

• 29:04Lewis Howes?

  Was it, is there ever a time where, so what's the difference between greed and a great opportunity of being ambitious?

• 29:13Lewis Howes?

  Can you make money, can you make money fast in certain things? Or is typically most things take a certain amount of time and energy and effort?

• 29:21Dave Ramsey?

  The vast majority of people who are successful financially and successful have done it incrementally. Uh, there's very few people whose you see a meteoric rise in their wealth or their success that's keep it. And I, I think because you build your character along the way to be able to hold on and be able to do it. I think that's, that's my theory on it. Uh, I mean, I got rich quick. I started with nothing and by the time I was 26, I had four million dollars worth of real estate. I built a house of cards, you know, and I had a million dollar net worth. I made $250,000 in 1984. I was making 20,000 bucks a month and in my twenties. So, I mean, but you thought I had it all figured out, meteoric rise to the top. But the very thing that caused me to be, the, the incredible overdrive of ambition

• 30:07Dave Ramsey?

  uh, caused me to go so fast, uh, that, that I missed the blind spots. I missed the detour signs. I missed the bridge out signs. And so I built this house of cards I thought was a stone house, but I was naive and didn't know. And along comes some regulations changes, a few shifts in the economy, uh, a little SNL crisis and

• 30:29Lewis Howes?

  It all comes down.

• 30:30Dave Ramsey?

  Uh, you know, all of a sudden Dave looks like an idiot instead of a genius. Uh, and so it turns out I was a little of both because you don't build something like that at 25. If you're not somewhat of a genius, but I was obviously an idiot in the way I built it. And so I get to do it again. Get the oppor- the wonderful opportunity to start over.

• 30:48Lewis Howes?

  And built it the right way, yeah.

• 30:50Dave Ramsey?

  Yeah, but I mean, in the midst of that, as I was falling of, it took two and a half years to lose everything they own. I had stuff presented to me. I almost got conned, serious con, like people just a real con artist type guy. There's not many of them out there. And most of the time you get screwed by well-meaning ignoramuses. But this, these were real con artists coming into my path and I was about to give them money because I so desperately needed to turn quick money into big money to save myself. I was desperate and right about the time you get desperate is when you get stupid.

• 31:23Lewis Howes?

  So don't, don't make those decisions. So there's not really, so what I'm hearing you say is the wealthy, wealthy people. It takes time and it's incremental. It's not an overnight thing. It's not a quick rise. There might be some spikes here and there, but it's typically over time.

• 31:37Dave Ramsey?

  It's okay to take a spike, but anytime I get a spike, I'm always a little suspicious of it.

• 31:43Lewis Howes?

  Really?

• 31:43Dave Ramsey?

  It makes me, it makes me even more careful. I draw back and I go, well, that's really cool. Is it okay?

• 31:51Lewis Howes?

  So what are you personally doing to prepare for the next, for when that happens with your own money and assets? And are you saving money, cash? Are you investing now?

• 32:01Jaspreet Singh?

  Yeah.

• 32:01Lewis Howes?

  Real estates, all that stuff. And what do you recommend someone um to do? Whether they're an employee or maybe they have some extra cash?

• 32:11Jaspreet Singh?

  Sure. So I would say, you know, this is a lot gonna depend on you because I'll be very personal with what I'm doing. Because I'm an entrepreneur, so I look for different types of opportunities than somebody else might. So if you are an employee, there's gonna be different opportunities for you. If you're a business owner, there's gonna be different opportunities for you. If you're an entrepreneur, there's different opportunities for you. So I invest my money in five places. Invest my money into my own business. I talked about market briefs. I invest my money into real estate. Invest my money into stocks. Invest my money into crypto. Then I invest my money into physical gold. This is the order that I invest my money into. This is my type of diversification. Now, I understand what's going on and I do have some cash.

• 32:53Jaspreet Singh?

  I always have some cash put aside for like, you know, things going wrong, investments. I always have some cash putting aside there. And what I've been doing is I passively invest my money. Meaning no matter what's happening in the markets, whether the market is up, whether the market's down, it's automatically.

• 33:09Lewis Howes?

  Every month you have a certain amount going in, yeah.

• 33:11Jaspreet Singh?

  And this is happening into stocks, into crypto and into physical gold. That does not change, that never changes. So I get paid, money is automatically invested no matter what. Then in the past, I've had my more. Active strategy where I would take money and actively go out and buy real estate, actively go and buy stocks. And in this situation, I'm looking for good deals, meaning a good price. So I haven't been doing that as much recently, not because of what's happening in the market, but because I see more opportunities for me in the entrepreneurial business side. So I've been investing money into market briefs like I talked about.

• 33:47Lewis Howes?

  Hiring more people on your team.

• 33:48Jaspreet Singh?

  Hiring more people, building infrastructure. And then I'm also working on a tax firm. So I'm going to talk about tax for one second, if that's okay, because this is a very interesting thing happening right now. Because going off of inflation, President Biden just signed something called the Inflation Reduction Act.

• 34:04Lewis Howes?

  Was it eighty billion or something?

• 34:05Jaspreet Singh?

  It was a huge, it was a huge, huge, I think it's even bigger than that. Eighty billion is just the IRS side. So the tax side.

• 34:13Lewis Howes?

  So they're hiring, they're investing eighty billion in the IRS to start auditing more people, essentially, right? To start trying to get more money from people.

• 34:20Jaspreet Singh?

  And that's only one part of the Inflation Reduction Act. So let's go big to go small. Because the Inflation Reduction Act is supposed to reduce inflation. That's what the name says. The fun is, I'm laughing because it's kind of silly, because how do you reduce inflation? You spend less money, because the government has spent so much money they didn't have, which caused money printing.

• 34:39Lewis Howes?

  And you tax more people, bro. You collect more.

• 34:41Jaspreet Singh?

  Exactly. So that's, how do you now pay off all this debt? Remember, the government doesn't make money. They tax you, they tax me, they collect taxes. And then that's what they use to pay off their expenses. Now, it's not surprising that the government is running into an issue because they have thirty-one, almost trillion dollars of national debt that they need to pay off. This is not fixed rate debt, so as interest rates go up, their payments on this debt go up as well. So we talked about what happened in the housing market. Imagine that on a thirty trillion dollar level now, so the payments are getting bigger. So what does that mean? Well, if they have this pool of money, either they're going to need to inject more money to the government, the Fed has to print more money, but they can't do that anymore because of inflation, or they're going to need more tax dollars.

• 35:24Jaspreet Singh?

  So that's one of the reasons why through this Inflation Reduction Act, one of the things they want to do, which is one of the most like financially interesting topics, is they want to invest very heavily, billions of dollars into the IRS to help them beef up and collect more tax dollars and past tax dollars. Now, I do want to clear up some of the false information out there. Because the act is working to hire eighty seven thousand more IRS workers.

• 35:51Lewis Howes?

  That's crazy.

• 35:52Jaspreet Singh?

  It is crazy, especially considering that today there are about eighty thousand IRS workers.

• 35:56Lewis Howes?

  They're a double.

• 35:58Jaspreet Singh?

  Yes, and no. So the eighty seven thousand people that they're hiring are not all IRS agents, and they're not all being hired today. They're gonna be hired over the course of ten years. And the whole idea is, this is what they say, again, this is what they're saying, what might happen is it could be a little bit different. So I wanna be just completely transparent, because I don't wanna mislead people. I want to make sure everyone's fully understanding what's happening. You have about, what's scheduled is about fifty thousand or so people in the IRS are scheduled to retire over the next ten years. So these eighty seven thousand people are supposed to replace them and beef up the agents that are actually gonna be doing the auditing

• 36:35Jaspreet Singh?

  to go and collect more money. Now, even if fifty thousand people retire, that's still adding almost fifty percent more people to the IRS. Who are they going after? Well, they say the wealthy, the super rich. And there's about a thousand billionaires in the United States. Do you need tens of thousands of people to go after them?

• 36:58Lewis Howes?

  No.

• 36:58Jaspreet Singh?

  So you go a little bit deeper. Now again, what do we look at? History. I look at history to answer the question. Because they keep saying that we're not going, saying, it's not in the bill, it's not written anywhere, this is what they say, that we're not gonna go after middle-income people or anything like that. Well, in twenty twenty one, fifty percent of IRS audits were on people earning less than seventy five thousand dollars a year.

• 37:21Lewis Howes?

  Come on.

• 37:22Jaspreet Singh?

  Fifty percent.

• 37:23Lewis Howes?

  Fifty percent.

• 37:23Jaspreet Singh?

  Fifty percent.

• 37:24Lewis Howes?

  How do they, how do they, is that public information?

• 37:27Jaspreet Singh?

  Go search it on Google. Google has a lot of information.

• 37:30Lewis Howes?

  Fifty percent of the audits were on people that were making less than seventy five thousand dollars a year.

• 37:35Jaspreet Singh?

  And.

• 37:36Lewis Howes?

  Why are they doing that?

• 37:37Jaspreet Singh?

  Well, probably because if you're making less money, you're not gonna have the resources to hire a good accountant and hire a good attorney to represent you, so it's a little bit easier. Less cost. I mean, it's just, it's just easier, right? I mean, you're maybe less financially savvy than somebody who's making half a million dollars a year, or two million dollars a year, because now you probably have more resources to defend yourself. So that's a bigger fight for the IRS, and you're probably. More protected because you have good advisors who've told you what to do. Because now let's say you're making.

• 38:08Lewis Howes?

  You're filing your taxes, you're doing all the right steps and maybe.

• 38:10Jaspreet Singh?

  If you make a million, once you start making a lot of money, like if you're making over a million dollars a year, you're not trying to play the game of trying to hide $10,000 because now you're already under scrutiny.

• 38:20Lewis Howes?

  Yes.

• 38:20Jaspreet Singh?

  The IRS is trying to see you do something wrong. And so if you try to get $10,000 under the table, it's a bad idea because you already know you're being watched.

• 38:28Lewis Howes?

  You're trying to, you do everything by the book.

• 38:29Jaspreet Singh?

  You try to and you have good advisors to guide you to do everything legal so you can pay the least amount of taxes as possible legally. Now, if you're making 50 grand a year and you have a side hustle making you a thousand dollars a year, you might take that in cash because you might say, this is a grand a year. It's just the reality, right? You're, you're taking pictures at people's weddings, you're, you're doing whatever, you're making some cash and you're, you're just doing it under the table. And.

• 38:53Lewis Howes?

  The IRS wants that thousand bucks.

• 38:55Jaspreet Singh?

  And this is one of those things where it's not surprising because if you look at what's been happening over the last couple of years, it's, this has almost like been a foreshadow of things to come because you remember over the last couple of years, we've seen this new rule on Venmo, right? On Venmo transactions where they want all Venmo transactions over $600 or something like that where now if you're, you know, let's say you're, you're a photographer and you're taking pictures at your friend's wedding and he pays you $700 and Venmo has to report that, they want to know that. They, they never said why, but now you're starting to see all these things start to add up where if you're doing these small things, you know, it's just like things starting to fall into place where, oh, no wonder they started wanting all these details for this. No wonder they started really going after cryptocurrency brokerages. No wonder they really started doing all of this stuff.

• 39:40Jaspreet Singh?

  Maybe creating a digital dollar because they want to be able to see every transaction, which means they want to be able to tax every transaction. Of course, I can't validate this, but I mean, it's just like puzzle pieces starting to come together. And so this is where the tax thing, why is it so important? Because of inflation, because of the national debt, the government needs more tax dollars to be able to go and fund their payments. And so what are they going to do? Well, they're going to try to find the easiest hanging fruit. Is it going after a billionaire? Probably not, because the billionaire is going to say, come after me. I have my resources, I have my army behind me.

• 40:13Lewis Howes?

  My accountants, they've done everything.

• 40:14Jaspreet Singh?

  We have, we have everything there, everything is documented because we want to play by the books because we know you're already watching.

• 40:20Lewis Howes?

  Right.

• 40:20Jaspreet Singh?

  Now, I'm not saying that everything always is right, right? There's of course, exceptions to this. But this is where you just have to understand, you know, they say that they're not going to go after anyone making middle income, whatever.

• 40:33Lewis Howes?

  But after you go, after you look at the thousand or so billionaires, okay, you gotta look at everyone else.

• 40:39Jaspreet Singh?

  I mean, so this is again, right? That's what we would have to.

• 40:42Lewis Howes?

  And you got eighty thousand people working on it. It's like, all right.

• 40:44Jaspreet Singh?

  It's just looking at history, right? I mean, this history is the best indicator for what's coming. I keep saying that. I'm sure your audience is getting very bored on the way to me saying this. But I mean, it's what the best indicator.

• 40:54Lewis Howes?

  Yeah.

• 40:54Jaspreet Singh?

  Because I can't look into the future and say what's going to happen, but I can look in the past and see what has happened. And I see that, hey, this is what happened in 2021. This is what's been happening because this is just the situation. And so for me, I've also seen a big difference between good tax advisors and bad tax advisors because.

• 41:14Lewis Howes?

  Is that why you're starting a tax?

• 41:15Jaspreet Singh?

  That's why, because I, you know, it's the entrepreneurial mind where when I get scammed, I get screwed over, I get, you know, these things happen. It makes me want to find a new solution. That's how I started Minority Mindset. I got scammed when I started Minority Mindset. I got screwed over when I started my event planning company. I got completely screwed over in my first real estate investment deal. Pretty much every part of me had to do with something really bad happening.

• 41:37Lewis Howes?

  Yes.

• 41:37Jaspreet Singh?

  So I had a really bad tax advisor. He was really just an accountant who filed my taxes and was never on time. And I got this call. It's horrible. It was just a mess.

• 41:46Lewis Howes?

  Yes.

• 41:47Jaspreet Singh?

  I got a call from my accountant one day. I'm in the office. This is right before my morning huddle. So we have a nine thirty a.m. morning huddle. Calls me, I think it was like eight forty five in the morning. I'm in the office. Says, hey, Jaspreet, how are you? I said, good, how you doing? He said, hey, listen, I need you to do me something. Uh, can you wire or send the IRS a hundred thousand dollars by the end of the day today? And can you also send about fifteen thousand dollars to the state government by the end of the day today? I was like, what? He says, sorry, we had some missed calculations. We did something wrong. We missed this and you need to send this by tonight. And I was like.

• 42:18Lewis Howes?

  Jeez.

• 42:18Jaspreet Singh?

  Are you serious? He's like, oh, yeah, one more thing. You're probably gonna have to pay a penalty on this as well. And this is a completely true story like. When was this? This is not, I mean, this is less than a year ago. Oh, my gosh. And so it's, I mean, it's. That's painful. It's very painful. And so I'm like, okay, like, I was very frustrated because I'm like, what did I do wrong? Like, what are you talking about? He's like, you didn't do anything wrong. And I was like, well, if I'm the one that has to pay this and I'm the one who has to pay the penalty, something's not right here. And so I paid it and then I fired him pretty quickly. Right. Because, you know, that's, that's not the way I like to do business. I like, I want, I want everything to be clean, but I also want people who care about what they do. And he was a, a cheaper accountant. Yeah.

• 43:02Jaspreet Singh?

  I got what I paid for. And so I went on the hunt. For a top accountant. Top of the line accountant. And I pay a lot more than what I used to. However, the situation scenario is extremely different because he has a very different personality, but a different persona. And the way it works now is one, he manages all my books on time and handles schedule. So every month he meets me and he shows me, hey, Justin, here's your profit. I'm sorry, we'll start from the top. Here's your revenue. Here's your expenses. Here's what your expenses look like. Here's how they changed. Here's your profit. Here's your tax liability. And here are the things that you can do to limit your tax liability. That's cool. Here are, you know, three recommendations or whatever that we believe based off of what's happening right now to legally limit your tax liability.

• 43:45Jaspreet Singh?

  And he has given me so many interesting ideas because the tax code is over 2,000 pages long. And you need, I'm an attorney. I studied a lot of tax. It takes a lot of knowledge and education to understand and read the tax code, but then things keep changing all the time. Like even this inflation reduction act is changing corporate tax structure. So you need somebody who literally eats, breathes, and all they care about is tax. And this is this guy, right? And I'm like, dude, like, this is amazing. Like, I love this because I don't have the time. I don't want to spend my time thinking about taxes and all the cash flow stuff. I want to build my business. And so I got to know him, got to build, see how we worked. I really liked it. And after a number of months of working with him and seeing him in action,

• 44:31Jaspreet Singh?

  I was like, hey, man, like, you have nothing on social media. Like, can we work together? Like, let's, like, he's very good at what he does, but I was like, let me work with you. Like, I think we can create a lot of. Things here because there's a lot of small businesses that need what you have to offer because there's a lot of small businesses who have bad accountants who all they do is file their taxes. And you need a tax advisor, especially now as we're gonna see a big change. You need an advisor who's gonna guide you on what to do with your money, how to document what you do, like just to make it completely seamless. That way you don't have to stress about it.

• 45:01Lewis Howes?

  Right.

• 45:01Jaspreet Singh?

  And he was like, I'm down. So over the last couple of months, we've been working to build this together. It's not launched yet. We're just talking about it because it came a conversation. But that's something that I've been really working on.

• 45:12Lewis Howes?

  That's cool.

• 45:13Jaspreet Singh?

  So if you're listening to this and you want a good tax advisor, just email me.

• 45:17Lewis Howes?

  There you go.

• 45:17Jaspreet Singh?

  [email protected] or send me a DM on Instagram, minority mindset, and I will connect you. But these are, I mean, this is where, what am I doing? I like entrepreneurship. I like this stuff because it gets me excited. It's the way that my brain works. It's the way that gets you, my purpose, right? And so I do that. I like investing in real estate. I like investing in stocks. I'm passively doing it in stocks. But right now I just see more opportunity for me to invest in things like market briefs, to invest in things like this tax firm because like I see the opportunity. It's fun. I have a blast doing it. I get to meet really cool people. So, you know, it's just, it's a matter of now what is that lifestyle? Now, if I didn't, if I wasn't an entrepreneur, what would I be doing?

• 46:00Jaspreet Singh?

  Yeah, I'd be stacking up cash to find good investments, either in the stock market or the real estate market, or to buy a startup because it's very accessible now, thanks to the internet, thanks to all the crowdfunding sites out there. And I'd be passively investing. Like, I would not change that. So, I mean, I think everybody should be doing this.

• 46:18Lewis Howes?

  You can put a hundred bucks a month away into stocks or into, into an automated account that is investing for you.

• 46:24Jaspreet Singh?

  Did you know if, if you're 21 and you start investing a hundred dollars a month and you never change that and you just get a 10% return on your money, which is the average stock market return, and you do that until you're 65, you will retire a millionaire.

• 46:38Lewis Howes?

  Come on.

• 46:39Jaspreet Singh?

  We're talking about less than $4 a day.

• 46:41Lewis Howes?

  Hundred bucks a month.

• 46:42Jaspreet Singh?

  Hundred bucks a month.

• 46:42Lewis Howes?

  Automatic.

• 46:43Jaspreet Singh?

  Automatic.

• 46:43Lewis Howes?

  Going into a index fund.

• 46:46Jaspreet Singh?

  And you just keep trying to match the market, right? Doesn't mean you're gonna get 10% returns every year.

• 46:50Lewis Howes?

  But over decades, you will, yeah.

• 46:52Jaspreet Singh?

  That's what the historical stock market return is. Now, you can just plug this into a calculator and you'll see that the hundred dollars a month for, from 21 to 65, 66, you will be a millionaire.

• 47:05Lewis Howes?

  Is now the time to start investing? Or is it more just save up some reserves for six months to have some cash to live your life before you start investing? Or is it important to build the discipline and the habit of investing 50 bucks a month, 100 bucks a month in a diversified portfolio, no matter how much you're making?

• 47:23Ray Dalio?

  I, I remember going through this because I, I didn't have any money.

• 47:28Lewis Howes?

  And I When was, when was this, right?

• 47:30Ray Dalio?

  Oh, um, this was, um, 1982, 83. Um, I didn't, I had to borrow $4,000 from my dad to help to take care of my family bills. Uh, so, um, but I, so I remember thinking, um, how many weeks could I live if I lost my income? And I started counting in weeks and I would try to go out because if I got hit, I, so I think, um, I think that's the way to do it. You know, you start to count, uh, how many weeks? Can it be a month? Can a year? Can I get up to a year? I didn't like that because of the fact that there's an obligation and it's like, oh,

• 48:15Ray Dalio?

  if I get, then I'm going to be drowning. I'm trying to keep my head against water. This is just my own bias. But anyway, count the, how many you can, um, and then assume that it's buying power over the next number of years can fall by three or 4% a year. Or, or if, or if you put it in a risky investment, like stocks or something, it can fall by more. So cut that number maybe in half and have twice as much because you have to understand that that's your freedom. That is your safety. So that first band you must take care of, that first band, take care of that.

• 49:00Ray Dalio?

  Once you get past that and you feel, okay, I could take care of my family and I could take care of mine in a worst case scenario, then you have the freedom to then take other kinds of risk. But when you're building that portfolio, um, it, it's the same thing as when you have a lot of portfolio past that, just you want to diversify well because you could see what happens to the, to the markets. Every market. Stock market, bond market, most markets have had times where they've gone down over an extended period sixty or seventy percent. So in buying power. So I think diversify,

• 49:42Ray Dalio?

  count that and build it and realize that's your, that's your saving. I, one thing I do for my, for my kids and grandkids and always did, as long as I could start to afford it, was for every holiday like Christmas or their birthday, I would give them a gold coin. And I said, I never want you to sell that gold coin until there's an emergency, a real emergency, never because you want to buy things. And the reason I did that, and

• 50:24Ray Dalio?

  they'll build over a period of time, that'll, that'll build something. And I said, don't even sell it. You pass it to your kids unless there's an emergency. Okay. And so you're building that savings. Because I think we so easily spend so much money on junk. You know, so anything that I would give them, whatever it would be, I don't know, a piece of clothing, a, a, a thing of a jig, a toy or something.

• 50:52Lewis Howes?

  Right, right.

• 50:52Ray Dalio?

  Will probably be gone in a year.

• 50:55Lewis Howes?

  Yeah.

• 50:56Ray Dalio?

  Okay. And so the power of saving and, you know, and that resource, the relief it gives you and the power it gives you is so great. So yes, save it, diversify it.

• 51:09Lewis Howes?

  I want, I'm gonna, I'm gonna continue to stay on this topic, but also go off a little bit because you mentioned how, I guess it was forty years ago, you, you lost your money and you had to borrow four thousand from your father to just kind of survive and, and pay your bills. How much money had you built before then, before losing it?

• 51:30Ray Dalio?

  I don't remember. It wasn't like it was a ton.

• 51:36Lewis Howes?

  Gotcha.

• 51:37Ray Dalio?

  You know, I was fairly early in my career.

• 51:40Lewis Howes?

  Uh huh.

• 51:40Ray Dalio?

  I had a small investment business. Um, I don't remember what it was exactly, but it wasn't a ton.

• 51:49Lewis Howes?

  I'm curious how you, from having some money to losing it, how you then went on a 40 year, four decade run of getting to where you're at now. Was there something in your mindset that allowed you to believe in yourself still?

• 52:05Ray Dalio?

  Yeah.

• 52:06Lewis Howes?

  That didn't say, oh, I've lost it all out. You know, I don't believe in myself anymore because I just ruined my finances.

• 52:12Ray Dalio?

  That extremely painful experience was probably the best experience of my life.

• 52:21Lewis Howes?

  Really?

• 52:21Ray Dalio?

  And it changed my way of thinking ways I'll describe. But let me, let me say before that I didn't have much money. My, um, my dad was a jazz musician and my mom was a stay at home mom. Um, and I felt of course rich. I had two parents who loved me. I went to public school, but, and then when I was a kid, I, I did odd jobs and I caddied. And so when I put in the stock market when I was 12 and I got hooked on the game. So I never had much money, uh, but then I built up some and then had that experience. And, and so that experience, which was also a very public experience,

• 53:01Ray Dalio?

  um, was very painful, but it, it, it changed my approach to decision making in really a profound way. Um, first, um, it gave me the humility and fear of being wrong that, um, balanced my audacity, um, to double check myself. And in fact, try to find the smartest people I could who disagreed with me to have them stress test my thinking. So I'm never sure if I'm right. Like my, my track record of being right is probably seventy or seventy-five percentish,

• 53:45Ray Dalio?

  somewhere in that seventy percent, let's say, something like that. And I'm, I'm used to being wrong sometimes and, and, and it's painful. So the stress testing of my opinions gave me an open mindedness to learn a lot.

• 54:04Ray Dalio?

  And also diversification. I learned how to diversify without reducing my risks. If I could take a lot of uncorrelated bets, the return will equal the average of those bets, but the risk can be up to eighty percent less. And it changed my, it, it really caused me to reflect because I remember thinking to myself, it felt like I was sitting next to a jungle and I could sit on the safe side. There's always risk in return. And, and what would I do? Would I have a less great upside and be safe?

• 54:48Ray Dalio?

  Or would I go through crossing this jungle and which things could kill me or whatever in an attempt to have a great upside, a great, a great life, a great upside? And so that puzzle led me to do the things I described, but also I knew that I had to go have the great upside and not be constrained by the risk. And so I did the two things that I described, but going into the puzzle, I found that it was great that to find people who could see things that I couldn't see and vice versa, so that we were on the mission together because people see things differently.

• 55:33Ray Dalio?

  I learned how people see things differently. Somebody will spot this or that. And then that back and forth helps you make better decisions. And if you're on the same mission with them. So one of the things I wanted was this meaningful work and meaningful relationships. And I found that that was so good. That when I, you know, sort of got to the other side, like, you know, I had enough money and upside or whatever, I still wanted to stay in the jungle and I still wanted to do this. Because the act of, of, of doing that with people that I was doing this meaningful work and meaningful relationships with was rewarding in and of itself as well as success.

• 56:15Ray Dalio?

  So one of the things that you can learn is that you can see through other people's eyes. That doesn't mean you accept what they say blindly. It's that you think about their reasoning and if you do that, that's good. It also gave me a principle, which is like one of my fundamental principles, which is pain plus reflection equals progress. Okay. We have this pain, whatever it is. And, okay. The reaction is a negative reaction and could almost be, why did that thing happen to me? And, and so on.

• 56:56Ray Dalio?

  If instead, when one calms down from the pain, there are, is a lesson there about how reality works. Okay. It happened. It, reality works that way. And then, um, there's a thought, how do I deal with it better? Right. To produce better, what's my lesson? And if you acquire that, I used to acquire, I would acquire that, I still acquire that. And then I wrote them down as principles in my books. That's why the collection of principles, it's like a journal. I wrote pain plus reflection equals that. And, and then you write down the principle like a, and that's what the collection of principles came from.

• 57:42Lewis Howes?

  What would be the steps they would take? How long do you think it would take them to go from a thousand or 10,000 to multiply? And would you say, put that all in your own personal investment? Would you put it, invest in the business that you're in? Would you invest it in other things that cash flow, appreciate and provide tax shelters? What would you do?

• 58:01Ray Dalio?

  If you've got a thousand dollars, I would like just keep.

• 58:04Grant Cardone?

  You know, keep investing in yourself until you got another thousand. Okay. And, and then invest in yourself, you know, now, now you got two thousand invested in you go, go, go. You, you should start making money faster. At some point, you should start like every time you make an investment in yourself, if I put fuel in my car, it's supposed to take me further. Right. Right, so if I invest in myself, then, and look, you know, there's things I bought that I didn't get a return on right away. But I didn't quit investing in a course or a workshop or training or education because it didn't work. Or your health or. I spent seventeen years going to school. None of it was any good for me. But it did teach me, it did teach me how to go to school. You know. How to study.

• 58:45Grant Cardone?

  How to study, how to go there, how to fin, how to complete a course. Like I, I completed college. I'm not proud of that, by the way. You're not proud you completed it? No, no, because it was stu, it was ridiculous. I should have dropped out. Like I, I knew it was a bad thing. What'd you major in? Uh, majored in accounting. It's a good degree. It's not like just some, you know, business degree. Right. But you should have dropped out of it. I should, one hundred percent, because I, I, I mean, I would still, I would still, I would, well, I'd have a five-year jump on my career. But the problem is I was on drugs, so, so, you know. Physical, actual drugs? If I wouldn't have been on drugs, I would have quit college. Because I would have had enough confidence in myself. When you're on drugs, you can't have confidence. Because you know, you, you know you're drugged. Right.

• 59:28Grant Cardone?

  So everything is second guess, because like my self-esteem was like, like through, through the basement. And so I'm like, I need to quit college. But everybody around me is, oh, no, you gotta finish college, you gotta finish college. I'm like, what do I know? I'm a drug addict. And if I drop out, I don't have a degree, and then I gotta hire me and yeah. I didn't really worry about any of that, because, you know, I, I didn't worry about that. I just didn't have the confidence to follow my intuition. You can't when you're. On drugs. When you're not yourself. So what, what do you do with a thousand bucks, right?

• 59:58Grant Cardone?

  You know, I think you've just got to keep investing in you until like, oh, now I'm making $3,000. Okay, boom, reinvest all that again. But what we do is we start taking it off the table, right? We say, but we don't invest it. So I think people just need to get on that, that cycle of like, okay, I'm gonna keep repeating this activity. I'm gonna reinvest some money in myself, go to the workshop or whatever. Monday, I gotta be hustling again. Until, okay, now I got $4,000. Okay, now I got $5,000. Now the income's starting to pick up. Income has to pick up. The income should be an indication that whatever you're learning is helping you. That's interesting. Until one day you're like, okay, I have more money here than I can actually. Invest in myself. I can't, like, there's nothing I can go to, to get rid of this money. You need to get rid of that money, though.

• 1:00:41Grant Cardone?

  All my free time is going to my workshops. I don't have more free time to invest in me. I'm developing skills, I'm working, I'm earning more. Now, what's the next step? Yeah. And now, now, now it would be, okay, I gotta spend money on marketing. I wouldn't go make, I wouldn't go look for an investment right now. I'm gonna spend money on marketing now. Now, now, now I'm gonna spend money on marketing to get me more leads. And I would, you know, a big mistake I made in my career was not spending more money on marketing. Cause you turned, what, 50 when you really started investing in? I was 50, I was 51 when we started playing the social media game. And, and I was probably 56, 55 or 56 when we started spending money on marketing. Wow. Yeah. 51 when you started doing social media? Yeah, yeah.

• 1:01:24Grant Cardone?

  And I should have been spending money, I should have been spending money when I was 25 years old. When I was selling cars, I should have spent money, been spending money on ads. But I was scared, man. So. So what made you not scared 25 years later, 26 years later, at 51? I started studying, hey, what do, what do all these successful people have in common? You know, whether it was the mattress dealer, the car dealer, the furniture dealer, or Elon Musk. They spend money, man. You know, they spend money. They spend a lot of money. And they don't worry about money the way I was worried about it. They use money. You know, they used it. They didn't save it. They didn't hoard money.

• 1:02:07Grant Cardone?

  And the greatest companies on this planet today, the ones that have just like, some of these companies have lost money for 25 years. Look at Amazon. Reinvest. 1.7 million employees. When I started, I remember I looked at Ernst Young, I said, I have a buddy that worked at Ernst Young. I said, how many employees you got? He's like, 240,000. Wow. And I'm worried about 10 people? What am I thinking? So, so when I quit studying individuals and started studying people, everything shifted for me. When I quit trying to be the, you know, when I quit worrying about what Bob was doing, or Pete, or whoever, and started saying, hey, man, what is this big company doing? Because that also relieved me of being competitive with this guy, Pete.

• 1:02:52Grant Cardone?

  And started saying, okay, I'm gonna go do what Coca-Cola does. That's when I bought the plane. Really? Yeah. How old were you when you bought the plane? I was 50, maybe 55, the first one. I bought it because, because I studied what Coca-Cola was doing. They bought planes. I said, why are they buying planes? Oh, then I learned how they write them off. And then I learned how they trade them every three years. That's crazy. So notice every three years, I'm trading a plane. I'm getting rid of it, replacing it with another one. But what are they using it for? They don't use it for pleasure. They're not using it for Instagram photos. They're using it to go and set up headquarters in other countries.

• 1:03:31Grant Cardone?

  You know, so, so that's when I wrote, If You're Not First, You're Last, because when I started studying these companies, I'm like, Coca-Cola's everywhere. You can't go anyplace and not see Coca-Cola.

• 1:03:41Grant Cardone?

  And, and I was, I was like this big. I was always thinking about what can I keep? And they were thinking about how many shells can we get on? How many eyeballs can we see? So that's when, that's when it all clicked for me, you know, and, and that goes back to that thing about the financial misinformation, right? It's like, who am I studying? And, and that's, that's when we started, you know, opened up the funds for, for, I was at, uh, went to New York City to go walk in Goldman Sachs and JP Morgan's offices. I wanted to walk in and see what it was like. These are a hundred, multi-hundred billion dollar companies. Crazy. You know? And I walked in, I was like, oh my God, man. I just, it just all hit me in a second. I've been doing everything wrong.

• 1:04:27Grant Cardone?

  What were they doing different? They owned the building. They weren't renting the building? They owned the building. Well, they don't care if they rent. They, they could rent it, but they owned it. The elevators were bigger than the studio. One elevator. And sixty people got on that elevator and went to the, went to the hundred and twentieth floor. And then there was six, six of these elevators, people going up and down. Everybody told me, don't take people's money. Do not let investors invest when you keep the whole deal for yourself. The second I walked into Goldman Sachs. Cause all they're doing is getting investor money. That's all they do. Okay? And the difference is, what I do is, I, I could go to Goldman Sachs, I was there, they would give me money. And I'm like, I'm not gonna get money from them. I'm gonna do what they do.

• 1:05:12Grant Cardone?

  From individuals? Exactly. From my friends, from people that follow me, from people that support me, okay? Goldman Sachs will give money to anybody. Right. Okay, they don't know how to go to these people. They're not on Instagram or Facebook or LinkedIn or TikTok. So I'm gonna create a fund where I can tell my audience, hey, Lewis, you can invest with me. I'm gonna kick Goldman out of the deal. Or JP, or whoever, there, there's a bunch of these, these guys, you know? It's not that they're doing a bad thing or, or anything. I'm not saying they're, they're, they're the devil. But they're close. Okay? Because they, they, they're, they're not gonna call you up and say, how you doing, man? You know, without saying, hey, you got any money to invest?

• 1:05:54Grant Cardone?

  It's just not, you know, that's not what they do. Their, their job is to make money, period. So anyway, when I saw that, I'm like, okay, these people are, these are the richest institutions on the planet. They fund everything that happens. The company BlackRock, BlackRock's gonna be, BlackRock and Vanguard, these are multi, you know, probably gonna be worth 20 trillion dollars each in the next handful of years. They'll own, they say they'll own 99% of all the assets on planet Earth, not just in America.

• 1:06:21Lewis Howes?

  How are they able to do that?

• 1:06:22Grant Cardone?

  Because, because they scale, right? Because they think, they think big, so they, you know, they're funding everything. Everything that happens on this planet from media to pharmaceutical is gonna be funded by those two companies. So, it just, when you're, when you're studying your rich uncle or the neighbor down the street, the think is only so big. And then when I started studying these other companies, I was like, okay, this is who, if you wanna create that kinda legacy wealth, and really help a lot of people, cuz they are in a position to help or hurt a lot of people. That's the scale you gotta think at.

• 1:06:58Lewis Howes?

  Yeah. But it took you really 25 years to get there, to start thinking that way, is that right? Cuz you weren't able to see yourself spending money for 25 years. You were just trying to earn more and more and more.

• 1:07:09Grant Cardone?

  Yeah, because I was just trying to, because I was, the grind, the grind, the grind was so, it was such a low-level grind.

• 1:07:17Lewis Howes?

  Let's say you had the right information at 25. Let's just say you had a rich uncle that did what these people did, and you got to witness this.

• 1:07:25Grant Cardone?

  Yeah.

• 1:07:25Lewis Howes?

  Do you think that you wouldn't have been able to get there faster?

• 1:07:31Grant Cardone?

  Yeah, 1,000%.

• 1:07:31Lewis Howes?

  Or do you feel like money only comes to you when you're ready for it?

• 1:07:34Grant Cardone?

  No.

• 1:07:35Lewis Howes?

  When you're ready to make it, and when you're ready to take on the risk or the responsibility?

• 1:07:39Grant Cardone?

  Sabrina will never make the mistakes I made, okay? Because she won't, she won't get in the wrong car. I got in the wrong vehicle. I didn't know. The vehicle I got in when I was 28 years old, I could actually make 100 grand a year doing this. My daughters will never get in that vehicle.

• 1:07:55Lewis Howes?

  What would they do?

• 1:07:56Grant Cardone?

  They'll be like, I'm not getting in a $100,000 ride. If they can't bring me, they're gonna be like, hey, if this doesn't have a billion-dollar possibility? They're gonna pick that this is the wealthy, they they put their kids, their kids see things differently. If they're not ruined.

• 1:08:13Lewis Howes?

  Right.

• 1:08:14Grant Cardone?

  You know, if they're not completely ruined and scathed by having whatever they want. Then they'll see, they'll see, they'll see opportunities different.

• 1:08:23Lewis Howes?

  Yeah.

• 1:08:23Grant Cardone?

  You know, and and but when when you see the possibility, then you're like, I'm not gonna get in that car, that car, that car. I'm gonna get, I'm gonna get, I'm gonna get in a spaceship. So if I was 28 again today, I mean, I would know what what industries to pick.

• 1:08:37Lewis Howes?

  Top three industries to pick.

• 1:08:39Grant Cardone?

  Uh, well, got hedge funds have to be one of them.

• 1:08:42Lewis Howes?

  Really?

• 1:08:42Grant Cardone?

  You, you, you, advertising and marketing's gotta be a space to be in.

• 1:08:48Grant Cardone?

  And probably, you know, something to do with healthcare. If I could scale healthcare. If I could scale, scale the organic, uh, um, alternative medicines. You know, so those are three massive spaces, maybe, maybe financial too. The, the financial world, you know, in the next 30 years, we're probably gonna have a

• 1:09:10Grant Cardone?

  a disruption of the dollar.

• 1:09:11Lewis Howes?

  Right.

• 1:09:12Grant Cardone?

  You know, and and the way money's, maybe we're a cryptocurrency, you know, environment in the future.

• 1:09:19Lewis Howes?

  Yeah.

• 1:09:20Grant Cardone?

  So any of that, any of that's gonna happen, you know, um, but, but there, the rea, the reason I would go there is like, like Jeff Bezos. When I, when I saw the first interview with Jeff, when he was saying he was studying algorithms. I think he was, he was at one of the big firms selling stocks.

• 1:09:36Lewis Howes?

  Before Amazon.

• 1:09:37Grant Cardone?

  Yeah, before Amazon. And then he saw some, he saw something came across his desk where there was a spike in internet activity. Eyeballs going to the internet. That's when he said, I'm gonna go do Amazon. And he followed traffic. I didn't ever follow traffic. He followed scale. He followed scaling possibilities. And then what did he do? He followed this traffic, the possibility, then he invested in the possibility. And then he went into debt on the possibility and then he was willing to not get paid any money.

• 1:10:09Grant Cardone?

  But what did I do? I need money today. I gotta have money this week. I need to have a little more money next week. And if I get a little more money after that, I'm gonna save it all. And then I'm gonna go do that again. And I'm gonna feed the bank. And I'm gonna keep feeding the bank. I don't, I don't even know how much money the bank's made off of me for 25 years. We don't know anybody that works harder than Grant Cardone. And as soon as he gets a, a bag, he brings it to us. What do they do? Hey, y'all wanna borrow this money? Now, repeat that 300 million times.

• 1:10:36Lewis Howes?

  Wow.

• 1:10:37Grant Cardone?

  And that's the American people.

• 1:10:38Lewis Howes?

  What about a family that's thinking, you know, I really feel comfortable having six months to a year of savings because I got kids, I got, you know, the rent, I got the, all the bills.

• 1:10:48Grant Cardone?

  Yeah.

• 1:10:48Lewis Howes?

  What do you, what do you say to someone who's like, you know what? I, I see where you're coming from, but maybe I don't feel that comfortable yet.

• 1:10:53Grant Cardone?

  Well, then, then keep, you know, money, if you think money's gonna save you, you, you know, you're just, again, they're stacking, they're stacking information on top of bad information, okay? You, you know, the money that you have saved in the last six months has probably dropped 11%. So the money that you have, you got 100 grand. I gotta have six months of savings. I need, you know, 4,000, my bills are four, 5,000 bucks. I gotta have 30 grand in the bank. Gotta have 30. But they really have 180. So first of all, I guarantee they have more than six months. And they don't even know it. Because they're living out of terror.

• 1:11:28Lewis Howes?

  Right.

• 1:11:28Grant Cardone?

  This is not logic.

• 1:11:29Lewis Howes?

  Right.

• 1:11:30Grant Cardone?

  You say it's logic. I need six months, but you got three times more than you need.

• 1:11:35Lewis Howes?

  Sure.

• 1:11:36Grant Cardone?

  Number one. Number two, you've never had an emergency that cost you 30 grand in your lifetime. Very few people ever had that emergency. Everybody hears about, oh yeah, my guy got in a bad, this happened, blah, blah, blah.

• 1:11:47Lewis Howes?

  Car accident or this.

• 1:11:48Grant Cardone?

  But if you had assets, if you'd been investing in assets, you can always go use those assets for collateral to solve your cancer surgery.

• 1:11:55Lewis Howes?

  You can get a loan out from the bank.

• 1:11:56Grant Cardone?

  100%. Or if you just took the money that you earned and keep reinvesting in assets that pay you, not assets that you wish one day will pay you, but assets that pay you every month. If you keep investing in that asset class, one day your cash flow will be your emergency account. My, my emergency account last month paid me a million six. My cash flow, my free cash flow.

• 1:12:22Lewis Howes?

  That's crazy.

• 1:12:23Grant Cardone?

  That's no work involved. That is not one second of one day. Okay, that was, and that happens every single month in my place. But that's, that's been because I made a bunch of investments for the last, you know, 25 years. Right. End of every year, I dump all my cash out every year. I'm like, you need to get as close to zero as you can. And replace it with assets that, that in January, if I dump out in December, January, I want a payment from that. It doesn't have to be a big payment, just needs to be a drip off that asset. Something, yeah. So I'm gonna go, I'm not gonna buy a cup because the cup won't pay me. So in December, I had a bunch of money, boom, I'm like, make a deal, you saw, you were in it, yes, a couple of days ago. Yeah, yeah.

• 1:13:09Grant Cardone?

  You bought that house. Take that cash, that garbage that you have, I already had a surplus of money. So if I can't buy two of these, I'm not gonna buy one of them. If I can't write off some portion of it, I'm not gonna buy it. If I can't do it out of passive income, I'm not gonna touch it. Interesting. So those are my, those are my criteria for making investments, right? And it needs the cash flow. So I took a bunch of this cash that was sitting here, just deteriorating, not providing me with safety, and took it and put it into this asset. And people are like, are you, you're ridiculous, you paid that much money for that thing. Okay, we'll see, you know? So I, I buy this thing, this thing will provide rental income, I think this year I'll make three million bucks on this deal. Wow. In cash flow. And how much do you have to put down, need to buy the whole thing? I paid cash for this asset.

• 1:13:54Grant Cardone?

  So, so, but the reason I did it is not because this is a great deal, but, but this is a terrible deal. Keeping the cash. Keeping the cash is garbage. This, this Malibu house is probably one of the worst investments I ever made. Why? But, but I had a bunch of surplus cash, I'd already bought, in December, we bought, uh, almost 2,000 apartments. If I could have got another apartment deal, I'd have bought another apartment deal with the 40 million, but I couldn't. You couldn't find one. I couldn't find another deal, okay, I still had this money left over, end of the year, it's just a thing that I do. End of the year dump out. Literally like flush the toilet on your savings. So every day I look at my savings accounts, okay? It's not because I'm worried about any more money anymore. I, I know for sure the money's going down in value. Everybody knows that this year.

• 1:14:38Grant Cardone?

  Your money is depreciating, right? It's dropping down in value. What you were told that is a hundred grand is not a hundred grand. The bank's not even telling you the truth. It's a hundred less eleven thousand. It's eleven percent right now? Could be thirty-four percent less. Some people think it's going down thirty-four percent. That's crazy. But you're gonna still see a hundred because this is invisible taxing, right? It's inflation. So I know that. I know it's not a hundred. So when you guys look at your, I got a hundred and eighty thousand. You're lying to yourself because you, because you're not, you're not doing all the math on money. This is why Mike Saylor went and took all that money he had and invested in Bitcoin. Bitcoin, yeah. Because he's done the research. So I would listen to him, and I'm not saying you guys should go buy Bitcoin,

• 1:15:21Grant Cardone?

  but I'm not buying Bitcoin at that, at those levels, okay? I'm buying assets that can provide you with more cash, with more income. Maybe I should be buying Bitcoin, I don't know. But anyway, so I dumped this out, I dumped this for now. I've been, I've been shopping this piece of real estate for nineteen months. I've been working this deal for nineteen months. So I'm not being like, okay, I just gotta go buy something. I'm not gonna do that. But I'm trying to get rid of this cash to go into an asset that has the potential to go up in value over time. I dump out in January, okay? I do three webinars. That's why everybody wants to know, man, what's the rush to make more money? Because I'm broke, man. And I got a new house. Right. You got, you got bills to pay now, you got expenses.

• 1:16:04Grant Cardone?

  So January first comes, I've done three webinars already to start filling this up again. Right now, if I, if I walked into January first with forty million bucks sitting in a bank account, dude, I'm You're not hungry. What's the rush, bro? You're not hungry. Yeah, let's plan, let's do some planning this year. But what I do is I dump out. So every year for the last 15 years, every January, I end up with more assets.

• 1:16:29Lewis Howes?

  I hope you enjoyed today's episode and it inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a full rundown of today's episode with all the important links. And if you want weekly exclusive bonus episodes with me personally, as well as ad free listening, then make sure to subscribe to our greatness plus channel exclusively on Apple Podcasts. Share this with a friend on social media and leave us a review on Apple Podcasts as well. Let me know what you enjoyed about this episode in that review. I really love hearing feedback from you and it helps us figure out how we can support and serve you moving forward. And I want to remind you if no one has told you lately that you are loved, you are worthy, and you matter. And

• 1:17:13Lewis Howes?

  now it's time to go out there and do something great.