We’re in a consumeristic society where our idea of wealth lies in the physical things we get to have. So we consume and consume thinking that it is the only way we can quench that thirst. Garret Gunderson is back in this second part of the series to redefine the game. He shares his unique insights on wealth and what people are after with their goals. He also taps into the power of intuition, allowing it to guide him to achieve the things he wants and make a better impact.
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Wealth In A Consumeristic Society With Garrett Gunderson, Part 2
There is a saying that embodies the idea of absolute and unwavering commitment. That saying is, “Burn your boats,” which is to say when you make a decision or a commitment, there’s no plan B, no escape clause, no way to back out of the commitment. My good friend, Garrett Gunderson has made a pretty bold commitment. He’s made one of the riskiest moves that I’ve seen in a long time. He spent what most people would consider a fortune on training, coaching Hollywood-level film producers, production crews and other consultants to create this one-hour comedy special, primarily focused around the topic of money and personal finance.
In June of 2021, I was fortunate to be invited to live taping. It is seriously a level ten. It met all expectations and exceeded them. It’s honestly hilarious. Before this film is made available, Garrett is going to be doing a multicity tour and it may be coming to a city near you. Why did he do it? Why comedy? I would say the taboo topics of politics and religion have a stepchild, which is money and personal finance. The stack of cognitive biases that prevent the mind from rationally evaluating financial strategy is pretty thick. The exception is someone having an open mind. However, the rule is that what’s familiar with the status quo, it’s to stay on that course.
Garrett hypothesizes that humor is a catalyst to breaking through these filters but he’s written three books. One of them is a New York Times Bestseller. He’s been in the space for years. Despite what most would consider a success, his mission is to breakthrough what keeps holding people back from living a life that they truly want. He’s spoken on videos. He has a pretty broad social media audience. He’s taken this message, he believes as far as he can go. In this three-part video show series, you’re going to learn a few things about what he’s doing and why he’s doing it.
Number one is how powerful ideas have made their way into our belief systems, with any betting scrutiny or evaluation, how difficult it is to go back and objectively understand these beliefs without shortcuts such as humor. Number two is the unique perspective on wealth and what people are after with their goals like retirement or financial freedom. In the third episode, we’re going to talk about Garrett’s journey, where he’s put his essentially successful career and reputation at risk, why he’s done it and everything that has led up to this point in time and this decision. You are going to love these episodes. I can’t wait for you to experience this new content from Garrett, to learn more about his tour. If it’s coming to a city near you, go ahead over to FreeFlow.group. Enjoy.
I don’t know if we’re designed to sit still. He’s certainly not the type to sit still.
It’s cool to look back. I was a miser when I was first married. I was all about the game of preservation, cutting and budgeting. My kids are fascinated when they hear these stories because they don’t know that version of me. I remember my youngest. She goes, “I thought it would be the best thing for our family at the time.” I was like, “That was so healing.” In our first year of marriage, I felt like my wife was going, “What did I get into?” I’m like, “We need to balance this checkbook. Why are you spending so much on your classroom? You’re supposed to get paid as a teacher, not that you’re paying out. Why is this electrical bill so high?” It’s ridiculous.
She was patient. She keeps holding a mirror up and saying, “Is this what you want? Is this who you want to be?” She creates that powerful listening for me where I’d be like, “I could probably do better.” You’ll love that version but I appreciate this version even more. We can probably go on. We should totally do another one of these. This is what I get that we’re not talking finance because people can learn finance from your book or my book and all this stuff. This is the stuff that’s underneath it that captures wealth.
Consumeristic Society: Intuition is the source. It is the divine path or divine wheel.
That’s where I want it to go. I believe, maybe it’s not direct but there is a total correlation between your enjoyment of life, who you are, your understanding of wealth and your experience of wealth. We all live in a society that we should be in amazement 24/7 because of how we get to live compared to the past, yet there are still people that are miserable. You then have people with lots of money. There is this insatiable thing where they think that physical things are going to quench that thirst. I look at my experience with things. I would love to get your thoughts. Your levels of impact have improved. With impact, I mean ways in which you create wealth. It’s improved because of your internal improvement. I’m not sure if there’s a direct correlation but I know that there is a tie, at least that’s my experience.
We’re in a consumeristic society where the eternal quest is for more.
The limbic part of our brain is like that monkey brain, all it knows is to consume as much as possible.
In redefining the game, it changed everything for me. What if more peace and less worry? What if more leisure and less sacrifice? What if more meditation, recreation and less frustration? In my twenties, I had so much ambition of more revenue, even more employees so I could tell people how many employees I have. Do you remember my office back then? It was way extravagant for I was out at that point in my career. It was about more shows and less personal growth because I didn’t have time for it. The work was being at work versus the work is working on myself. I had enough of it because there was a care of what if I do this work.
I can remember one of our mutual friends, Vince. He’s like, “Go to Myanmar.” I thought it was going to make me a better financial advisor. It did but not for the reason I thought it would. In my twenties, I did a lot of talking in this show but now I’m focusing on listening more. Not just listening to people but listening to intuition because I felt like intuition is the source. It is the knowledge that it is the divine path or divine wheel. I can have free will but that could detour a lot of times than listening to that intuition. I still have a choice, whether to pay attention to it or not. That might be a little bit deeper on a philosophical level but I’ve found that to be true.
I don’t know if it was listening to my intuition. I was in LA and walking. I saw this kid looked like he was in pain, in angst and mental pain. He didn’t look like he’d been homeless or if he had been homeless like, “Don’t talk to him, just walk by.” It was inconvenient because there were two other people. I’m walking to the airport and I see this girl. She’s a little bit heavier but she was beautiful. I’m like, “Go tell her she’s beautiful.” He’s like, “I’m married. That might be weird.” My intuition was like maybe she’s needed to hear that at that moment. I start rationalizing and justifying out of safety, protection, convenience, inconvenience or hustler. When I’m listening to my intuitions, I had a dream to write a one-man show. It was a dream. I woke up. I’m like, “I’m doing it.” You’ve seen it. You’ve seen the impact it has. It’s not even officially out yet but that’s intuition.
I am the author of the New York Times and Wall Street Journal bestselling personal finance book Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity.
Founder and Chief Wealth Architect of the Inc. 500 firm, Wealth Factory. A regular on ABC’s Good Money, he has been on Fox, CNBC, as well as hundreds of radio interviews, and I contributor for Forbes. I also am a frequent speaker at workshops and conferences and live in Salt Lake City.
I have also been interviewed by some of the greats in the personal development space like Hal Elrod, Robert Kiyosaki, Ryan Moran at the Capitalism Conference, Dan Sullivan from Strategic Coach, the Mindvalley Podcast, Project Life Mastery with Stefan James, Joe Polish of Genius Network, Entrepreneur on Fire with John Lee Dumas, The Science of Flipping with Justin Colby, The How of Business, and many more!
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According to science, our brain does not have the capacity to process the information that bombards us daily. That is why it creates these shortcuts or cognitive biases. Our cognitive biases rule our behavior, especially towards our finances. On today’s show, Patrick Donohoe speaks about these biases from a financial perspective, foremost of which is the notion of retirement and why it is so appealing to so many. Get out of what you have been conditioned on so you can gain that financial independence as soon as possible and not have to wait 20, 30, or 40 years. Tune in to this episode to learn how.
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The Framework For Financial Independence
I’m grateful for this episode. We had to be reminded about the principles of freedom and independence. I thought I’d use this show to speak to that from a financial perspective. I’m going to be talking about a mental model or framework for financial independence. It’s changed my life and I believe it could change yours. At the end of the episode, I’m going to give you a tool. It’s a calculator that will help you quantify these ideas. I’m going to explain the different pieces of it.
First, I want to create some context. It’s fascinating to think about how science has made us all aware that our brain simply does not have the capacity to process the information that bombards us on a daily basis. It’s not able to keep up with how innovative society has become. As a response, the brain creates these shortcuts or cognitive biases. There are over 100 proven cognitive biases. The Visual Capitalist has an amazing infographic. It gives you an idea of how all of these cognitive biases are connected. What this tells me is that even if we want to be objective and assess a situation, scenario, opportunity or inner working with absolute objectivity, it’s not possible. Our mind has prevented that. Being aware of these cognitive biases is vital. The primary ones are, first, cognitive dissonance. It is what happens when we hear our exposed information is contrary to what we believe. We go to this carnal state. We come up with why our opinions are right and why theirs is wrong. At first, it feels unnatural.
The second is confirmation bias. It is looking for groups or friends that all essentially believe what we believe, think how we think, have the same opinions. The other is the halo effect. It is when a political figure, a sports figure, celebrity, gives an opinion about something that is not within their expertise, yet we still take it as if it were. Our cognitive biases, if you think about it, we all have them. It’s part of our survival mechanism. We don’t choose. It’s unintentionally created because we’re wired to survive. We are looking for things constantly that could prevent our survival. Look at 2020, we all went primal to some degree, at least I did a few times where things were chaotic, unknown, and whether it’s toilet paper, water or whatever, you still want a primal.
Financial Independence: Even if we want to be objective and assess a situation with absolute objectivity, it’s not possible because our mind is preventing that.
Our mind creates these unintentional frameworks, biases, perspectives. It results in what we think about the most. There’s a very strong set of perspectives and biases around the personal finance world. I’ve been in this world for decades. I’ve written a book. I’ve done hundreds of podcasts and concluded something. First off, there’s a biased toward this notion of retirement that’s what you should be doing. It’s where all financial behavior originates to some extent. Pursuing something for 40, 50 years as a career and not having to do that anymore. There’s a whole industry, trillions of dollars around reinforcing this idea. Whether it’s asset management, insurance, brokerages and you can point to all different advertisements that continually speak to this idea of retirement. For years, I criticized the qualified plans, mutual funds, perspective until I realized something. I finally considered why retirement was appealing. It’s appealing not because people want to retire. The definition of retirement is to be taken out of service, essentially become useless. Nobody wants to become useless.
The motivation and what creates the framework is people have this urge, natural desire to be free to not have to do things any longer. That driving force compels people to act. That is the path at least they believe is going to help them achieve that. I believe there’s a much simpler way. I know you were thinking, “I’ve saved for twenty years. I have all this money in the market. I’ve been successful. I’ve been successful in my career. I’m going to work another ten years and I’m done.” Some of you may be saying that and I get it. First off, I’m genuinely inspired by the dedication, energy, commitment and fortitude to achieve these ends because many people just don’t ever retire. It’s incredibly a frustrating series of events for people. There are those that do that ended up realizing it’s not what they thought it would be and ended up going back to work.
My discovery in this profession and ultimately become my mission is to inspire and motivate people to gain financial independence as soon as possible. Not wait 20, 30 or 40 years because we’re not promised that we’re going to survive or it’s going to be the same circumstances we believe we’re going to be in at that point in the future. There are lots of different perspectives and biases around this idea of retirement. I want you to step back and start to realize that we have these cognitive biases. They’re reinforced and unintentionally created. We operate our vibes based on those belief systems. This is why this tool that I was referring to before is important because it quantifies it. It puts something into math or something that’s more objective than an opinion.
You can access the calculator at TheWealthStandard.com/Calculator. You can complete it in less than one minute. What the calculator does is it gives you an outcome. That outcome is a date that you could be potentially financially independent. I’ve come to realize that financial independence is not a dollar amount, it’s more of a mindset. The mindset is most often created based on a couple of factors. Number one, you have investment cashflow. You have passive income coming in every single month. That pays either half or the majority of your living expenses. When you establish that, there’s still a gap. I believe that gap as far as from the outcome of independence and freedom, it’s filled by a profession, a career or meaning full work.
Work that aligns with who you are. It’s something that you love doing and you connect what you do with how you benefit others that are very high level. You come to this conclusion that you are meant to do this. It’s that type of meaningful work. I believe we’re all unique. We may not be operating or doing what that type of work is right now. That is where you start to pursue that type of work and find opportunities to do it, where you don’t necessarily have to work full-time but you work because you love it. You recognize it because you have cashflow and passive income coming in. You are not living to work. You are working and doing meaningful work in order to live. This engages these feelings of independence and freedom what I believe everyone’s after.
You don’t have to wait 20, 30 or 40 years. Many of the people I work with are able to do it right now. The fact that they know they can do it right now gives them this sense of freedom and independence that they don’t necessarily have to be doing what they’re doing. It is now a choice. What I encourage is to be open to these ideas. I know what you’re saying, it’s contrary to many of your belief systems as they stand right now. If you connect with the outcome of retirement, it’s freedom and independence. Consider the possibility that it is possible. That feeling can be achieved sooner than 20, 30 or 40 years into the future.
Financial Independence: The notion of retirement is so appealing not because people want to retire but because of this natural desire to be free and not have to do things any longer.
The parts of this calculator that are most important are you enter in your income or what you make on an annual basis, the investible assets that you currently have and then you use a couple of factors. The rate of return you’re getting from your assets. Also, it’s the establishing of a reasonable rate of return to gain passive income. When you have that number, usually we look at 50% of your current income as this freedom income which is doing meaningful work on your terms at 50% of what your current income is. When you look at the growth of your assets and the cashflow that would come from that plus 50% of your current income, that is going to equate to whatever dollar amount you have to earn on your investments and gives you a specific date at which you could potentially be financially independent. This calculator opens eyes.
By no means does it get down to every single detail of how things work but it gives you an idea of what is possible. When you realize that, you start to look at investments and work differently, what you’re doing for a career. That is the point of the calculator. It gets you out of what has been conditioned, what cognitive biases rule your behavior especially your financial behavior. It puts you into this position of, “There could be another way. Here is potentially a path that gets me what I want sooner.” I believe we live in an amazing era. There’s a lot of chaos. There is a lot that is going wrong and news, websites, social media point all of these negative factors out. That comes from this natural carnal state of wanting to survive. We’re always looking for what can hurt, harm and kill us because our brains are wired to survive thousands of years ago, not in our era. I believe, there are miracles are happening all around us if we’re aware whether it’s the innovation with healthcare, food, energy. There are some amazing things happening.
I believe that meaningful work, being able to connect who we are, we’re naturally gifted with the value creation for others in receipt of an exchange with monetary exchange. This is a level of living that is possible for more people now than ever before. At the same time, it is first the recognition that you have to make certain changes and do things that snap you out of what and why you’re doing it in to look at another way. TheWealthStandard.com/Calculator is a link to download this specific tool so you can see where you stand and how far off you are from financial independence. There are some other resources there as well. I hope you can take advantage of that offer. It’s free. No cost. Hopefully, you’ll gain a better understanding of what’s possible for you. I wish you a great week of celebrating and being aware of the principles of independence and freedom. I hope you get to spend it with people that you love. Have a blast. Until the next episode.
The road to financial freedom has always been dictated by financial norms, a lot of which don’t really seem like freedom at all. Editor and the Founder of Future Money Trends, Daniel Ameduri, talks about financial freedom and what it looks like for the Millennials. Walking us through the concepts of his book,Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom, Daniel notes that the Baby Boomer generation has inculcated in most Millennials the idea of saving for their retirement and putting their money on retirement funds which has given the younger generation more pressure. Breaking the shackles that are forcing us to commit to that tradition, Dan teaches Millennials how to deviate efficiently from investment and embrace the gifts brought by their time.
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Financial Freedom For Millennials with Daniel Ameduri
On this episode, I have my good friend. He’s become a great friend, but he’s also the Editor and Founder of Future Money Trends, which is a publication business. He has come out with a book, Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom. I know he has been working on this for a while. I had him on the show many years ago. Daniel has been front-running the cryptocurrency, the cannabis, the precious metals and other alternative investment world for quite some time on his YouTube channel and very popular website, FutureMoneyTrends.com. You are going to get to love his perspective on life and I think you’re going to get a lot out of reading his book and hearing the story firsthand. Daniel is an amazing writer and entrepreneur. If you’re reading about him for the first time, then it is going to be a treat. Without further ado, welcome, Daniel Ameduri.
Daniel, thank you for spending the time, it’s awesome having you back on. You were on several months ago. It’s a pleasure and I’m super excited about your book.
Thank you for having me on. I should let the audience know that I have seventeen policies, dividend-paying, cashflowing, gushing, safe. I’m dual compounding them too, but I’m sure we don’t want to go down that rabbit hole but they need to learn from Paradigm Life for that.
Daniel, I’ve gotten to know you over the years and you’ve done some incredible work. It was awesome to hear more about your story. I never got into that with you even though we’ve had some discussions over the years. Your book is well-written and I like how it opens up your life. How people come to this opinion or perspective of life, there’s a backstory to it. Without that backstory, sometimes it’s hard to buy into a person’s perspective, especially if it’s different than the status quo. Looking at the title of your book, it’s totally against what most people believe. Telling your story and opening yourself up that way awesome. Would you mind maybe talking through what was the book about? What was the purpose of it? What message do you want to send? Who is it intended for? Maybe start there.
The book is called Don’t Save for Retirement. For your audience, we’ve set up a special page at FutureMoneyTrends.com/save. They can read the intro in the first chapter. If they like it, they can buy it. There’s a link. This book started when I was in an attorney’s office setting up my trust, my will and I turned to my wife like, “We know where the kids are going to go. We know where the money’s going to go. What about teaching the kids? What if they get this bad conventional wisdom conditioned into them without mom and dad there who is a fairly strong presence and force against that stuff.” We started brainstorming what we could do. I was like, “How about we write a book? It will be great for the business. It will be great for other people who can read it.” It started with no initial audience in the sense that it was teaching my children, but also keeping in mind Millennials and other people who might be saving the conventional means of retirement and what they could do with their money.
I wanted to bring in what my wife and I did because I didn’t want people to think that, “This guy has got an economic sense on his shoulders and all this stuff.” The intro starts in a bankruptcy attorney’s office. We were messed up after 2008. I got a job making $10 an hour. My wife was a school teacher. We were about to have a baby. Things were wrecked. That’s where the book starts. It starts off how I dug myself out, what it took not just financially, but a change in my mindset and my change in what is even acceptable. The book, Don’t Save for Retirement, I would say almost is a cross between my personal story and personal finance. That’s an alternative way.
It’s not Robert Kiyosaki where it’s all getting leverage. It’s definitely not Dave Ramsey where it’s like, “No debt.” It’s like, “This was my story. This is how I did it. This is all the things I learned along the way.” One thing that rings true with what I’ve learned from Robert Kiyosaki is the poor and middle-class speculate, they just do, no matter what they’re in. Their retirement vehicles, they’re always speculating. The rich preserve and focus on income, which is one of the reasons why I’m so attracted to your company, Paradigm Life, that preservation and income mindset. The advantage of the rich is they’re already rich. However, I learned that if the middle class apply those same principles, they can also be very wealthy.
Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom
You use some very strategic words in the book. The one that comes to mind is the idea of control and I thought a lot lately about group psychology, a group narrative. I look at our school system. I look at the workplace. I think it’s programmed into our mind the being told what to do mentality, “You’ve got to do this. I am superior, therefore do what I say.” These days, people are speculating, but they’re not even thinking. They’re doing what everybody else is doing and they’re assuming that whoever’s telling them to do it is going to give them the results that they want, which of course there are many different examples of that not being the case. It was cool as taking control and using your mind to figure out what you want financially is where it starts. Unfortunately, there are these traumatic events, difficult events that cause us to have those paradigm shifts. When you’re writing the book specifically for your kids, if they read the book, what did you want them to get? What was that message? They close the 196-page and it’s like, “What is that next thought?”
That they choose their destiny, that there is no right way or wrong way. Whether they have a job and become great passive income investors or they have a business and they’re investors as well or they’re a stay-at-home-mom or a stay-at-home-dad. I don’t care what they do. I want them to know that they can do whatever they want to do. It is their life and many of us, exactly in line with your question, do what everyone else does and follow the crowd. Everyone else is going to college. Everyone else is saving for retirement. Everyone else is financing their house for a few decades. Everyone else is financing their cars for a few years. Everyone else is buying term because your whole life’s a scheme.
It’s nonstop no critical thinking and I want them to let them know like, “You can do whatever you want and if you want freedom, you have to buy your freedom. It’s not going to be free. It will require sacrifice and it will require good decision-making that will compound. You’re not going to be eighteen and financially-free, but you could be 25 to 40 years old and be financially free as opposed to the alternative plan which is, ‘Give all your money to Wall Street and we promise you in 30 to 40 years, even though you have no idea what your tax withdrawal rate will be or what the funds will even be at, you’ll be able to retire at this magic number that some German politician wanted to win an election.’ He upped the other guy by instead of running on 70, he said 65.” I want people to know that ultimately you choose your destiny and a lot of us have to be woken up and slapped in the face like, “What are you doing? You’re on autopilot.”
I’d love to hear your opinion on what are the events that would cause a person to read this information and not necessarily have it discarded but actually implemented and used. We’re in this period of time where debt is an all-time high, student loan debt, consumer debt. If you look at household income, it’s been stagnant for many decades. You look at people who are not getting ahead and I know that there’s frustration. There are polls. There are headlines that come out all the time about the frustration that exists in America with people not growing, not getting ahead, which essentially is the anti-life because people are naturally compelled to grow. Where do you think the pain threshold is until people snap out of it?
I hope their pain threshold is not bankruptcy or like me, where I was in a bankruptcy attorney’s office with my wife crying. I certainly hope their pain threshold doesn’t go to a point where they get so angry at their job that maybe they do something that gets them fired or damages their resume for the future. Ultimately, that frustration Americans are feeling is because they have subscribed to a middle-class lifestyle that is not sustainable. Much like the national story of what our government is doing, our citizens are doing. I can’t fix the government, but we can all fix ourselves by making some changes in our own lives. In the book, I talk about what my wife and I did. We drastically cut spending.
Did we do it forever? No, but we did it for a year-and-a-half, two years. Even when we weren’t drastically in cutting spending mode, we still live very frugally. I always tell people it took many years. When I achieved that financial independence, net worth millionaire status, not even liquid, but net worth. I was driving a 2003 Nissan Altima. It was a ten-year-old car. I was living in a house, at the time when I purchased it, it was about one time our annual income. By the time I was financially independent, the thing was one-third of our annual income, but I was still doing that and not permanent. Now, I live in a very nice house and I get to enjoy all the luxuries of those sacrifices that I made.
You have to, at some point in time, say stop. For most of us, unfortunately, we’ve subscribed to the unsustainable lifestyle. You might have a car that’s equal to your annual income spread out over a few years. You might have a house that’s ten times your annual income. You might have done a lot of things that have messed you up. That’s where I love the Dave Ramsey personal finance part like, “Start the cutting spending.” Stop doing all this stupid stuff that’s excessive. What I like to do is after I cut the spending is shift the savings of the spending into buying income and training that brain that everything I buy, I want to see a check either quarterly, annually, monthly. I want money coming in from everything I do. One of the things I have in my house in the children’s schoolroom is only to buy assets that cashflow.
We’re all going to get involved with speculation. I’m the worst. I love microcap investing and venture capitalism, especially here in California. Ultimately, 90% of my efforts and my focus is focused on buying income. Anyone who’s frustrated and who is in that lifestyle of trying to keep up with the Joneses realizes that financing everything in your life and spending every last bit of your paycheck, it is not normal. It may be perceived as normal because that’s what everybody else was doing, but it’s not. You have to say no. If you’re reading and that resonates with you, it can be done. It’s going to take a few years to mop this thing up, but you can be financially independent and either quit your job or work part-time or full-time because you love what you do.
These are all amazing points. In the book, what direction are you giving to people? What are the steps that they can take? Starting with whomever that person you were writing to when you were typing out the words of the book and getting them to take that first step then the next step. What are some steps that people can take to go from where they’re at and start to circumvent better or build a bridge over the gap to where they want to be?
The first chapter starts with, “What is wealth?” A lot of people don’t even know what they want. They’re just going through the motions of life. They’re killing time while they’re here on earth, which is very sad. For me, wealth is the ability to be able to do what I want with my time, to wake up when I’m done sleeping, to be free. I think that’s the first step is defining what you want. I always tell people, I learned this from James Altucher. He talked about the three things you want people to say at your funeral. What do you want people to say who you are and then embrace those things? Remind yourself, write it down on a piece of paper and see it every day when you get up. I have daily statements for every single of my kids and my wife and I. I like to remind myself that. Steve Jobs talked about that, ask yourself every day, “Am I happy with what I’m about to do right now?”
The next step is if you decide to become financially free, you need to see what the gap is? What do I need? How much income do I need to pay for my expenses, my monthly lifestyle? Ultimately, becoming financially independent, in my opinion and in the book, is to be able to have multiple sources of income. Instead of having a one or two-household income, think about having how do you get to a 21-household income? Maybe it doesn’t pay all the bills, maybe it just pays the utilities. How good will that feel? It pays all your utilities, maybe it pays the mortgage. However, you want to look at it, how would you like it if every month you went to work and you realize that all your utilities and your mortgage were being paid by passive income?
Financial Freedom For Millennials: The Millennials may have been conditioned to believe that they want socialism, but they love the efficiency of capitalism.
It starts small. The book talks about the biggest first step is work where you can cut. For a lot of people, that’s moving, that’s one of the biggest expenses. Whether you’re moving to a further area in your county or you’re moving to another state. My wife and I moved to a desert community in California. The next area is retraining their brain. Instead of dumping all this money into a 401(k), start using these whole life policies to dual compound. Start using different investments that pay an actual dividend that bring a check into your life. That’s the biggest thing I can tell people to have that mindset of start buying things that make you money.
It’s interesting and I’ll be somewhat open here because the first thing you said resonated. Most people don’t know what they want. I think it goes back to the mindset that we’ve been programmed or highly influenced to understand, which is being told what we want or being told what to do instead of us recognize. It sounds trivial but us recognizing that we have a choice of what we want. I had one of my business coaches, I had this meltdown. I didn’t even anticipate it, but it was the rocking chair test. They essentially get you into this state where you’re 95 years old, you’re sitting in a rocking chair and you’re describing what life was about. It was powerful for me and I connected with what was important to me. I connected with what I wanted.
It wasn’t necessarily a dollar amount. It was more about my relationships. It was about the people that I loved as opposed to anything material. At the same time, those material things allow a magnification of the experiences with the people that you love. The second piece is interesting too that you talked about, which is the idea of understanding where you are financially and where you want to be. I look at what most people obsessed with, which is weight and money because it’s measurable. At the same time, how people measure money is fascinating because it usually has to do with either their income or their bank account and that’s it. The true measurement of money, which Robert Kiyosaki heavily emphasizes in all of his books, is a financial statement.
He has a whole book at how to create a financial statement, which is ultimately the scorecard for where you’re currently at but can also help you objectively measure what you need to do in order to get to where you want. Ultimately, the wealth side of things is fascinating, Daniel, because in the end, why are financially successful people so miserable end up committing suicide or getting multiple divorces or alienating children? It’s interesting where people have connected wealth with money but yet, in the end, people would trade all of their money for what is truly valuable to them if they opened up and were vulnerable. That’s where I look at where we’re at in our day and age with society and what’s available to us with technology.
It’s more possible than ever to live that type of life, but yet the comfort that people have with what society has told them is a success is still bought into. Even though people are starting to see that there’s a different way of doing things and there’s a different lifestyle. “Look at this guy, look at this friend,” but yet they’re still programmed to do what’s safe and comfortable. How did you break out of that? Where have you may be talked about in the book how you have written whether it’s your newsletter or your YouTube channel, like getting people to snap out of it and believe in what is possible.
I would say that what you just touched on, the first thing I thought of was the Millennials. The Millennials are trying to apply the Baby Boomer life plan to a totally different economy. They are suffering and complaining about it. I got rid of my car because I Uber everywhere and I go for nice long walks or I jump on a Lime scooter and I go as far as I want. I don’t have to go back to a parking lot. I flip out my phone and five minutes later, I’m back at the house. You can start a website for $10 if you’re a Millennial, a business for $10. You can freelance anything, sell your skills, you’re going to work from home and you can monetize your own job. There are many things you can do as a Millennial if you embrace all these gifts and these things that the world has given us.
I ordered lunch and I wanted to order some Thai food, so I went onto Grubhub. A lot of people are trying to do the same thing with their investments and their investment mind setting. The Baby Boomers had the best bond market, best real estate market and the best stock market. According to Vanguard, the median account for 65 and older is only $58,000. If that experiment didn’t work for them, and by the way for most people, 401(k)s have only been around since the ‘80s. They passed them in the ‘70s but ‘80s for all intents, purposes and implementation. A lot of people think the 401(k) was with Adam and Eve, and they came out and they had their employer match.
Financial Freedom For Millennials: Trying to keep up with the Joneses financing everything in your life and spending every last bit of your paycheck is not normal.
A lot of this stuff is new. It didn’t work and that’s okay. Some of the intentions were probably good. What does work? What’s been around for hundreds of years, thousands of years when it comes to passive income and the way the rich invest? I look at the frustrations of people that it’s a lot of times it’s because they’re adopting and applying these rituals. I was in Africa and I was with the Maasai. I was asking the guy, “What’s your goal in life?” He was like, “I need more cows.” I was like, “You guys cleaned our rooms and you see the bathrooms and the match them. You don’t want a mattress in your house? The houses are made of cow crap. You don’t want a toilet?” He’s like, “No, the elders say that’s not the Maasai way.” I’m like, “Tradition can kill,” like it’s doing to the Maasai, it’s doing to the Millennials here in America and all around the world because they are in the tradition of something that hasn’t even been around that long, especially when you apply the way conventional finance has been applied to for people.
Here’s what’s fascinating. What you said is that the root of the word capital, like capitalism, comes from cattle. The nature of capitalism isn’t the cattle itself. That’s not capital. The capital comes from the derivative use of cattle, how people figured out to use a cow for not just milk, not just meat, but leather for instance. I look at the world of immense resources and people look at the value in a piece of land or the property. That’s not where the value is. The value is our ability to take our mind and make use of that in a variety of different ways. Look at what we live amongst every single day, whether it’s Grubhub, uh, whether it’s the Lime scooters. These are essentially resources that people figured out how to look at some friction or some frustration and to get a solution to it. That’s all around us, but yet not understanding the fundamentals and subscribing to the status quo doesn’t open your mind up to what those possibilities are. That’s why the Millennials don’t like capitalism. It’s because everybody else is coming up with ideas and they’re not.
They may have been conditioned to believe that they want socialism, but look at every aspect of their life, they love the efficiency of capitalism.
It’s an amazing world we live in and it’s evolving so quickly. It’s awesome that there are more books like this coming out. They are reinforcing not just talking points, but they’re reinforcing principles that have been around for a long time, but also ways in which you can capitalize on the current environment to achieve the outcome that I would assume most people want.
In the book, I provided the links of the different companies I invest with. Obviously, your company is mentioned in there when it comes to my whole life policies. I didn’t hold anything back. I put it out there and the same thing goes with my letter at FutureMoneyTrends.com. If I’m investing in it or writing a check, it’s in there. If not, it’s not in there at all.
Daniel, what are some other ways in which they can follow you, learn about what you’re up to, learn about Future Money Trends, some of the video stuff that you’re doing online. Why don’t you throw those out there?
I would love for them to go to FutureMoneyTrends.com/save. They get the Weekly Wall Digest free. It shares a lot of the different stories and things that my wife and I went through and did to become financially independent as well as some stuff that I teach my children, as well as any investment, passive income or speculative that I’m actively involved in. They get to also read the first chapter of the book.
Daniel, it’s a pleasure talking to you. Thank you so much for taking the time. Hopefully, we get to do a follow-up soon.
Daniel Ameduri is a self-made multi-millionaire, a full-time skeptic of conventional thought, and a proud father of three. He is the co-founder of FutureMoney-trends.com, which, with nearly 150,000 subscribers, it’s the most widely recognized online authority in investment ideas and economic advice. He’s been featured in The Wall Street Journal, on ABC World News Tonight, and on Russia Today TV. Daniel correctly predicted the collapse of Lehman Brothers, AIG, and Washington Mutual on “Vision Victory,” the YouTube channel he launched in 2007 and which now has had more than thirteen million views.
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Patrick Donohoe welcomes Micheal Blank as his special guest for Property, Episode-4!
Michael is an entrepreneur, investor and personal development coach. Originally, Michael made a large amount of money developing software during the dot com boom, and after diversifying is career, he found a passion for investing in multi-family properties. His company Nighthawk Equity currently controls over $65 million in performing multi-family assets all over the United States and he dedicates tons of his time helping others become financially free in 3 to 5 years by investing in apartments buildings with a special focus on raising money.
Patrick Donohoe talks about entrepreneurship and Real Estate with Nick Vertucci!
Nick is and educator and the founder of NV Real Estate. He came from a very humble background. His life is “that” story. The “rags to riches”, American underdog type story that many of us love to hear about, but wouldn’t wish on their worst enemy!
Nick hailed from a humble family, which could hardly make ends meet. His situation got much worse and more difficult when his father died when he was only 10-years old. He’s been running his own businesses since we was 18 and he’s been through pretty much everything an entrepreneur can go through!
Fast forward several years and his company NV Real Estate is doing fantastic and it’s for this reason and so many more that we’re honored to have Nick on this episode of The Wealth Standard.
Patrick is the President and CEO and started Paradigm Life in 2007 after learning from his mentor Kim Butler about financial strategies outside of Wall Street.
With a background in economics and marketing, Patrick immediately realized the opportunity to teach investors, business owners, professionals and families on a large scale using modern digital media and communication technology. Since 2007 Paradigm Life has worked with thousands of individuals in all 50 states.
Run-of-the-mill advice is everywhere. But in order to achieve different results, your strategy has to be different.
In this book, you're going to learn about a hundred year old strategy that's tried and proven to give results. Are you ready to
shift the way you think about investing?
WHAT THE PROS ARE SAYING...
Once in a great while, a person comes along who can explain financial concepts so clearlu that all of a sudden,
what had been a mystery becomes obvious. For many people, Robert Kiyosaki was that person when he wrote Rich Dad Poor Dad. For me,
that person was Patrick Donohoe when he first explained what you're about to learn in this book.
Tom Wheelright, CPA
Author of Tax-Free Wealth, of the Rich Dad Advisor Series
"Patrick's book explains why every American is experiencing worry, fear, and uncertainty with thier finances.
'Heads I Win, Tails You Lose' outlines a better way to take back control and live a life you love."
"Storyteller, man of honor, humble seeker of truth - these are the words I think about when Patrick comes to mind.
I've been looking forward to this book for quite a while and am pleased to tell you, the reader, it is worth the wait."
CEO, Partners for Prosperity
"Patrick is someone that I call upon to learn the strategies of the world's richest people. 'Heads I Win, Tails You Lose' provides
a creative approach for managing wealth outside of the old and tired methods used by everyone else."
Founder of Capitalism.com
Book Nailed it
A should-read for anyone looking to be smart with thier money, and smart enough not to just follow the herd.
Robert K. Cunningham
Very enlightening and actionable!!
If you want a real path to Economic Independance and not a theory this book is for you.
Wise if I read this years ago.
Great book, made me change my thinking on my investment situation.
Take back control of your money
The truth about money. You will be surprised with the information. WOW!
A must read
Outstanding book. Details information most people are not aware of in creating a sound financial programs.
...a critical financial strategy
I simply couldn't put this book down, I read it cover to cover in 1.5 days! #VeryEngagingRead
ABOUT THE AUTHOR
Patrick Donohoe is the Founder and CEO of Paradigm Life and PL Wealth Advisors. Patrick and his team teach thousands how
to build wealth, create lifetime cash flow, and leave a meaningful legacy.
Patrick was recently honored by Investopedia as one of the Nation's Top 100 Most Financial Advisors. He is a highly sought
after presenter and speaker at financial-based events around the country and is the host of The Wealth Standard podcast.
Patrick grew up in West Hartford, Connecticut, and attended the University of Utah, where he received his bachelor's degree in economics.
He lives in Salt Lake city with his wife and three children.
WHAT'S INSIDE THE BOOK?
THE CHAPTER LIST:
1. ORIGINS OF THE AMERICAN DREAM
2. THE PERPETUAL WEALTH STRATEGY™
3. QUESTION EVERYTHING
4. BREAK AWAY FROM WALL STREET
5. AVOIDING THE INVESTING AND LENDING TRAP
6. THINK FOR YOURSELF
7. A SOLID FOUNDATION
8. B ELIKE THE WEALTHY
9. MYTHS AND TRUTHS OF INSURANCE
10. SAVE, BORROW, INVEST, AND BUILD WEALTH
11. START, BUILD, AND PROSPER YOUR BUSINESS
12. YOUR FINANCIAL FUTURE
13. MAKE THE SHIFT
14. TAKE BACK CONTROL