Ever found yourself scrutinizing a receipt, wondering where your paycheck vanished? Join me as we unravel the art of penny-pinching and the necessity of distinguishing between assets and liabilities—a financial literacy journey inspired by personal stories and the wisdom of "Rich Dad, Poor Dad." From energy drinks to the enticing allure of the latest tech, we dissect the subtleties of everyday spending and its profound impact on our wallets. Alongside our vibrant community, we delve into the realities of living off savings, the importance of a robust financial plan, and the surprising ways our circle of family and friends can shape our fiscal future.
We ignite a fiery debate on what truly constitutes an asset and how self-help books often miss the mark in providing concrete financial guidance. As we navigate through tales of real estate investments and the perplexing world of cryptocurrencies, our conversation also casts a critical gaze on the industries that profit from our quest for financial knowledge. The potency of collective financial goals takes center stage, reminding us of the collective journey we embark upon in pursuit of economic empowerment and the responsibility we bear in educating ourselves beyond the traditional classroom.
As we close this episode, we reflect on the emotional rollercoaster that accompanies our financial endeavors, the role passion plays in our career choices, and the life lessons that mold our approach to money. We celebrate the camaraderie within our book club, share heartfelt tributes, and invite you to join us in exploring the pursuit of dreams, understanding the power of financial intelligence, and the transformative effect it has on our lives. Together, we commit to turning the pages of our financial story, learning to invest wisely and live joyfully.
FYI OUTRO
Ever found yourself scrutinizing a receipt, wondering where your paycheck vanished? Join me as we unravel the art of penny-pinching and the necessity of distinguishing between assets and liabilities—a financial literacy journey inspired by personal stories and the wisdom of "Rich Dad, Poor Dad." From energy drinks to the enticing allure of the latest tech, we dissect the subtleties of everyday spending and its profound impact on our wallets. Alongside our vibrant community, we delve into the realities of living off savings, the importance of a robust financial plan, and the surprising ways our circle of family and friends can shape our fiscal future.
We ignite a fiery debate on what truly constitutes an asset and how self-help books often miss the mark in providing concrete financial guidance. As we navigate through tales of real estate investments and the perplexing world of cryptocurrencies, our conversation also casts a critical gaze on the industries that profit from our quest for financial knowledge. The potency of collective financial goals takes center stage, reminding us of the collective journey we embark upon in pursuit of economic empowerment and the responsibility we bear in educating ourselves beyond the traditional classroom.
As we close this episode, we reflect on the emotional rollercoaster that accompanies our financial endeavors, the role passion plays in our career choices, and the life lessons that mold our approach to money. We celebrate the camaraderie within our book club, share heartfelt tributes, and invite you to join us in exploring the pursuit of dreams, understanding the power of financial intelligence, and the transformative effect it has on our lives. Together, we commit to turning the pages of our financial story, learning to invest wisely and live joyfully.
FYI OUTRO
You, you, you, you, you, you, I. Vitality, first class traveling section. I think I need to live. Just Don't take as much as my part. Money, so they say, is the fruit of all evil today. But if you ask the very right, no surprise. If they give it down the way Away away away, away away away, away away away. I certainly wasn't right. I was just crazy. I was just crazy.
Speaker 3:I didn't realize how long the song wasn't my chosen.
Speaker 4:So long.
Speaker 3:I apologize for that Round two fight. We're here for chapter two of this rich dad, poor dad craziness. Welcome to Band Mood Book Time.
Speaker 5:Welcome. Welcome, I greatly appreciate it. The long instrumental you know, the old art of the guitar solo has been a little lost to the younger generations. I don't know if it's pre-tik-tok, but you know, just getting up on stage and busting out a guitar solo, that was a dream of kids once upon a time. I love a good jam session. That was great. I love that song. Thank you for that. I was actually playing before you put yours on. I didn't want to make it too obvious, but I was playing the instrumental to a parody rap song called Save Dat Money. So I had a little bit of a subliminal message to my music before Sparky put his on as well.
Speaker 5:So this chapter was pretty straight to the point. I think you guys, I think this one's gonna be kind of a pretty. I don't know where we'll go with this, because I feel like this chapter. I guess there's a couple things that we could dive into some controversy, maybe the definition of the asset versus liability and stuff. But really this chapter, for me I come away with it. I was kind of pumped up just to not spend as much. I know we can think about saving and get into all the nitty gritty and even the high level shapes and diagrams that they were taught. I even think it's more basic for me. I came away with this just like stop spending so much money. I don't even need to save money. Just stop spending so much money and I can look in all the little nooks and crannies of my spending habits and just be like, oh, $4 on an energy drink at the hospital that was probably a pretty dumb money choice. You know on the daily like Hospitals are the worst for them.
Speaker 5:Oh man, yeah, they really got me three times bro, and I kept doing it too. I was just like oh, there's no other options, I need it.
Speaker 5:So like there's just and it was like, right before I read this chapter I was like, oh yeah, okay, I don't even need to save money, I just need to stop spending on stupid stuff. There's really great habits that I've been in at certain points and I can really get back to that With just not being a penny pincher not making it stress me out, but just being a little smarter with the pennies. And the pennies add up and you know I got off my game with the Acorns app, for example. That's how I paid off. All my credit cards was with pennies. Literally. The Acorns app it just takes the extra, it rounds up like every purchase you make and then puts that money into a little account. And so really, that's how my mind thinks anyways is like, oh, $25.67, that's $26, and I do that anyways mentally, why not take those extra cents that I disregard and like put them into an account that at the end of the month I can be like, holy shit, $300 of that. Well, okay, I got my credit card payment and I got myself out of a couple of different rounds of credit card debt with just that simple strategy Of the extra pennies that you disregard and then, because you disregard them, you disregard a lot of other things, and so there's just really, I think, day to day, little habits and habits with my kids.
Speaker 5:My kids catch me with bad spending habits and things. I was like I'm not going to spend money on that anymore. And then I do it again and they're like dad, didn't you say? And there's like health goals mixed in there. Also bring up the energy drink. But I liked this chapter. I didn't really get too deep with it so I'm wondering if anyone else did. I literally kept my mind pretty surface level, just to like I wanted to come out of this with like a goal for me, because this can get into some pretty big goals. We're talking cash flow, balance sheet, assets, income. I mean, I really took it even way higher level and I was just like stop spending on stupid stuff. That adds up. You know it, stop it. And like thinking about web three Sparky's always, always like yo homie, do you ever plan when you spend? Because you seem to like spend at high gas moments. It's like that's what I'm talking about here. It's like, yes, there's so many little tiny ways where you can save little money here and there and it really adds up. So I'm excited to see if anyone went further with this, but that's kind of. I guess I'll get my take out of the way real quick.
Speaker 5:I was pumped up to stop spending so much and on the way home from Karate tonight we did some groundwork and my elbow was really sore and I was like, oh, I got some work to do tonight. I got some meetings in the morning. I'm going to get an energy drink and I picked up my girls and they reminded me like, oh, dad, we got water at home. Like it's nice to have people in your corner too when you have these goals. That's my other take tonight Is like share these little goals with people in your life, whether it's a buddy or a friend or a son or a daughter or an aunt or uncle, whoever it might be. Just be like, hey, I'm kind of working on spending less money on this and this and you want to kind of keep me in check and people are happy to do it and make it fun and make it lighthearted. And that's kind of my take with chipping away at things and I can certainly, man, do better at practicing better practices and teaching my kids better practices. And I listened to my kids talk and they were like oh yeah, I was looking at the price tag and we could have saved, and I was just like man, where are you guys getting this? I don't teach you to think like that, thank you. Oh man, I can really do better at just shopping smarter.
Speaker 5:Every little purchase. I guess I'm in such a rush that I can take a little bit more time just to save some cents and dollars here and there. And literally my first goal is to get my Acorns app back up and, like blasting I have, I'm going to put every single card on there, every single purchase, just round up the cents. That's a really cool little tip that I personally have really benefited from. I'm sure there's other apps out there, but really think, in your life do you account for things at like $67? Do you round it up to $70? Even I do my math, I overshoot things and so it's nice to like have some money left over of that, instead of like in my bank account. If I have $50, I'm going to spend it, but if I have $50 that's in an account that mentally I put some work into to kind of save it, I'm going to keep growing it. I don't know, it's mentally kind of a little mental trick for me that I need to get back on, because I loved watching that grow and I got to the point where I was like I don't need to spend this on anything. Now this can be kind of a treat that we can spend on a vacation. It goes towards actual fun money.
Speaker 5:At that point I'm getting way off topic, guys here. Let me read what I thought were some good questions at the end of this chapter and then we can kind of discuss additional questions. And if you have the new version of this, I do really enjoy the study session. Again, I said this last time you could just read the study session at the end and get a good summary of the actual chapter. But then the questions, the definitions, the takeaways, everything about it, it kind of I think they were really smart. I don't know if Robert did this himself, or obviously probably has some people in his corner helping him out. I think it's a really good way to learn. You drill it, you kind of drill it again and then you look at it from different angles, you think about it, you talk about it. It's providing a really good little roadmap to getting the most out of this book, I think so, beyond just the content, I think they're laying it out in a pretty beneficial way to actually get stuff from this. So additional questions, and then I want to hear what you guys have to say.
Speaker 5:Now it's time to take the stories in this chapter, along with the understanding of what Robert was saying, and apply them to you and your life. Ask yourself the questions below and discuss them with your study partner. That's us be honest with yourself and your partner. If you do not like some of the answers you are giving, ask yourself if you are willing to change and accept the challenge to change your thoughts and mindset. That whole sentence. If you reread that, I love, I love, love, love, that I prefer to be educated like this, where I'm giving a challenge, just that phrase. If you do not like some of the answers you are giving, I don't know. That's really challenging you already, before they talk about challenging you, it's challenging you to think a little bit different. So I like that.
Speaker 5:Number one when did your financial education begin? Was it with this book or from another source? Number two how did you react when you first read Robert's definition of assets and liabilities? Number three how did you react when he stated that a home is not an asset. Had you viewed yours as one After he fully laid out his argument, did he change your mind? Number four with cash flow situation, which cash flow situation looks most like your life? Number five other than your home, is there something that you thought was an asset that later revealed itself to be a liability? Six would you agree with this statement? What is missing from most people's education is not how to make money, but how to manage money. Why or why not? Seven Rich Dad told the boys that it's not the numbers that matter in accounting, but what the numbers are telling you.
Speaker 5:What story do the numbers in your life tell? Eight when was a time in your life that a seemingly positive accomplishment, such as a promotion or raise, didn't lead to the balance sheet result you expected? Nine how many days forward could you survive if you stopped working today? Does that number surprise or frighten you? And I really liked earlier in that chapter. I guess I'll give one more. Take one more thought that I had. I liked how he expressed wealth. Wealth can mean so many different things to so many different people, but really that's a good question. How long can you go if you stopped working today before your money ran out, and I've actually lived that once. I did really well with the video. I had a couple of good projects.
Speaker 5:We broke up. It was a good breakup. It was all amicable and nice. There were three partners.
Speaker 5:We broke up and I lived off my savings for about a year. I thought it would last not that long, but at the same time I was just surprised. I was like man. That lasted quite a long time. But then I was like man that came pretty quick and I had a pretty good stack. And it's just like living is so expensive it goes real quick.
Speaker 5:I think that's a good practice to ask yourself that question and then to do the accounting, do the budgeting and see how long it would help. Yeah, see where you're at, and I can tell you this much that lifestyle is fun for a second until the clock starts ticking down and you start to see the numbers and then you're right back at square one and you realize, damn, why did I take some time off? I should have been stacking while I. It's really hard to take time off when you have that time, so I don't know. It was a good learning lesson for me to really see and visualize and feel how quickly some savings can go away and to always have something in the wheelhouse that you can be working on. And I like also that he talked about retirement and how some people will handle that differently and for some people it's relaxing, for other people it's not necessarily not working anymore. So I don't know. Those are a few of my thoughts. I know I don't have any concrete anything, but I'll have maybe some responses to what you guys are thinking and everything. But I kept my pretty high level.
Speaker 5:For me personally, honestly, it would be fun to think about assets.
Speaker 5:Even just this week some partners and I were talking about.
Speaker 5:We were using those words and stuff and it's like for me I get really excited about the low hanging fruit and it's like spend less stupid money. It's just like a slap across the face for me every single time and I am my father's son and my father he'd go to the best mechanic in town and just take their price for what it was and trust people and I can be better. Do a little shopping and get a deal here and there. You'd be surprised that you don't have to be a cheapskate or whatever other word and you can still be smart with getting deals and saving money here and there and again, not even saving, that's what I came away with, just spending less stupid money. So I'm excited to hear what you guys have to say about this chapter and if anyone took it any further than that, because there's a whole fun discussion that you had with the other content in this chapter as well there's no hands still Dap, ryan Sparky, how are you guys? Who wants to go first?
Speaker 4:I'm good.
Speaker 5:You're good like you're doing well or you're good like you're passing. You don't have a take.
Speaker 4:Oh, you know, that's my jam.
Speaker 5:Yeah, I'm excited to hear your take.
Speaker 4:Yeah, so Jacqueline also has a take, but she's asleep. She's actually been listening to the audio book while at work and she wanted to participate, but she keeps falling asleep.
Speaker 5:Wake her up. We might have to think about an earlier time. A few people had mentioned it's getting late, so, yeah, we might have to move it back.
Speaker 4:But yeah, so really like it so far. I like that. It's. It's starting to wake me up. It's starting to bring out that that old me that has gotten comfortable, I guess I don't want to be comfortable anymore. I want to want to be thirsty, I want to be hungry, I want to, you know, I want to feel that, feel again like I used to. And yeah, so it's making me think about how I like how you define certain things.
Speaker 4:I mean, obviously, from an accountant perspective, you know the asset. Liability is something like you're bringing up. I mean raw definition. You know asset is, you know, something that has value to it, whereas liability is something that is taking money away from you or something that you owe, like a debt or or you know. So I mean technically, like accounts receivable would be a liability in a way too, because I mean it's money that you haven't gotten yet. So, but but still, I think you even mentioned that. You know that. I don't remember I think it was in the last time that we read. It said something about you know, accounts receivable, like you know, if you don't have the money from the people, you don't have the money at all. So something to.
Speaker 4:But the book is getting more and more entrepreneurial to me than it is about people wanting to just, you know, handle their money better. In a way, it's almost like it's implying entrepreneurialism is the way of the rich as well. I don't know if I 100% agree with that, but then again I'm not rich, so I wouldn't know. So I'm torn on that part Again. This, this section of the book. It was short and sweet and it went over just a little bit. There were some different diagrams and whatnot to look at. I mean, they were pretty watered down and simple and he talked about how his, his friend, was rich now and it was in the very beginning and there wasn't really like, took his dad's empire, made it even better, that's yeah.
Speaker 5:I love that. I'm so glad that happened, instead of like, yeah, my buddy kind of screwed it all up. Yeah, that's so great.
Speaker 4:Yeah, it went to Panama and he went to. He lost all of it to a casino that was offshore, yeah, something like that. Yeah, that didn't happen, so that's cool, but I mean it's got me wanting, it's got me missing my storage unit actually, because that was like. You know, hey, here it is and stuff. But the passive incomes I mean there's different types of passive incomes and you know, out here in the Wild West a Web three that's what a lot of people were trying to chase was that thing called passive income. You know, hey, those are here. That makes this much by staking it or whatever and this much by that and everything. But a lot of that stuff didn't pan out, a lot of it.
Speaker 2:The majority of it not.
Speaker 4:And when you look at the real world and everything I mean there's, there's a handful of things. I had a professor in college, so I actually people that don't know I have a master's degree in entrepreneurship. So when I went to college and everything it was for doing, you know, like just have like a template for like business, on what all the doing stuff. But it doesn't. That does not imply success whatsoever, so just means I have like a framework and you know the knowledge and I want to teach it to people I could. But the thing is you know, like he's saying that the education I liked how he used that. You know it's almost like you go to school and you're on an assembly line for the government is essentially what he's saying. You're set up to be a, a peg on the cog and you're not set up to be the actual machine with all the cogs in it. So when you see that, you know you're, you're going there and like you know he says you make good grades, good grades make good employees is what he was saying.
Speaker 4:And I mean you know all my life and upbringing, like I got in trouble if I got to be in school and stuff like that. And it just goes to show that you know that's that's not, it's not everything. So I mean there's plenty of people that did not complete high school. I mean there's some people that didn't complete middle school, probably during the Great Depression stuff, and I mean you think about Rockefeller and all the Carnegie and all them stuff. I mean what was their maximum education? I don't know, but you know those are men that built America. But still, I mean just it's very insightful for what was there.
Speaker 4:And it helped me think a lot more in a different way than I normally do, because I have to like defeat that grind inside of my head that my parents have instilled in me Since I was born, with this book. You know, go to school, get a good job, make good grades, and then you know everything else. I mean I know people that have college degrees that don't even use them, and I've even people like Sly Jacklin's cousins and stuff. They're just now graduating and they're like, well, should I go for it? I'm like I don't know if you should go, honestly because there's. So I mean it's a great experience to like open up your mind, you know, with a See Robotic for anybody else, that's after I'm Robotic, am I better?
Speaker 5:still still stay on it sounding okay for me really Okay, I'll keep going.
Speaker 4:So. So, people that the do go, I mean like the big one of the big time. Yeah, I got knowledge, but one of the big things was, you know, open up my mind. So, like a lot more, it helped me to be a better learner in a way with just with just everything. So that's what you know. I recommend people to go if they do go is for that Just. It just helps a lot more with you understanding the world and whatnot. But I mean, the more people that go, the less of a degree is worth and the there's competition for all of that. And then there you go and you end up you know I'm working somewhere that you didn't even want to go, you know and work anyways. So but yeah, that that's a little bit of a tangent, but it's still kind of relevant.
Speaker 5:But what do you think it was about this chapter that got you fired up? Because it was kind of the same for me and really simple stuff Like I got the acorns out back. I was saying I was just kind of like yeah fired up.
Speaker 5:I, it didn't quite do that in the first chapter and then, I think you're right, it switched a little bit. There was less storytelling, less less little kid adventurer and got right to Some thoughts from him. But yeah, I was, I was pretty fired up and it, yeah, can't quite put a finger on it other than just simple like hey, new year, new, new, new eye on things, keep keep a better touch on your ex, you know, money going out and just be smarter with your, your purchases. I don't know, I got kind of fired up, just did stop spending so much. So what was it specifically? Yeah, I think bigger than that, did you think?
Speaker 4:Yeah, yeah, oh yeah. So so sounds like you took more from this as like a money management sort of aspect, whereas I thought of it more of like a what's my next endeavor sort of thing what's the next thing I need to do? So I Mean the passive, how you talked about passive income in a way I don't know if I don't remember if he actually said passive income, but they're Essentially your money needs to be making money while you're asleep. But a lot of people are thinking, oh, I need to go put that in a CD or I need to go put in high yielding savings account, if they're even thinking about that at all. And that's actually not what he's talking about. He's talking about you need to be, you know, taking that and acquiring assets that generate money. So the only thing that I can think of when he talks about that is either some sort of business endeavor or, you know, real estate, where you're generating a rental income or you're generating I mean this only thing really in real income.
Speaker 4:I know that. You know it's like storage units are good for that, I mean if you're doing house rentals, duplexes, apartments, but I mean all that stuff takes money, and the car washes they always talk about. I actually have a client that owns a car wash and my professor was telling me how a car wash was passive income. But I mean, this guy, oh my god, he literally hates it. It's for sale right now. He absolutely hates it. We were snowed in for like a week and the roads were horrible. I can't imagine that guy you know having pipes bust and stuff right now over that. Oh my god, I just you know that, that sort of stuff, but that's part of it, you know and then.
Speaker 4:I Mean those are the sort of things that it got me. You know, thinking about was you know what's. What's the next thing? And then it, like Jacqueline's texted me from work. She's like this book is telling me to quit my job. I was like, well, well, don't do that. But she's like, so what are we gonna do so that I can make, so that we can make six K a month and I don't have to work again? I was like, well, we have to talk and we have to communicate and come up with a plan of what to do, and you can't quit, you know so. So she's there, she's the one that's getting thirsty too now. So you know, it's just you know.
Speaker 4:And then she started looking up stuff for sale on like the local real estate site, and then she was like there's 104 duplex units for sale right now. I was like I know who's those are. And then she's like we can't afford all those came in. I was like, no, well, I only think we need to forward like three, or even that. It's like, well, imagine if they took a million dollars for all. I was like they'd be dumbasses to do that. So I was like you know, it's down with the price of everything is right now. It's just ridiculous, so. So we had talked about that, you know. We're just, you know, trying to go on to the next thing and and all the other thing.
Speaker 4:How he talked about the house, that was the other thing. Talked about how your house was a liability makes a lot of sense, because it is something that I Don't necessarily agree with him saying that it would depreciate. Yes, it can, but but usually a house goes up by like 3% per year and Since we bought our house in 2018, it's actually doubled in its value, and that has happened to a lot of stuff. Cars have been ridiculous. This is like the one time where you may have like bought a car a few years ago, it's actually worth more right now than what you paid for it. So that was the whole thing that happened with COVID and the semiconductor shortage that we had with Taiwan, so we weren't able to manufacture the, the Computers that go inside of them, the vehicles, so cause supply chain issues and I mean we're still seeing that up to today on certain models of cars and trucks and whatnot being made. So I mean it's just I Mean it's made me think a lot, but, but it's made me think of my house in a different way too, and I understand what he's talking about.
Speaker 4:He's talking about the opportunity costs of you know if you have, if you do go ahead and pay your house off, and Then you know what do you have. You have all your money tied up into it, and a lot of people defeat that by getting a key lock, a home equity line of credit where they're able to Write checks or take money out from the value of their home that includes the equity of it as well. So that's that's how they do that. But right now rates are pretty high, but I don't think that Robert would really care about interest rates so much. I think that he would probably just consume as much as many as it, acquire as many assets as he possibly could, and, and with the amount over time, it probably really doesn't matter.
Speaker 4:Because if the things are paying for themselves, like, like, if you, if you go and buy a rental property for, you know, 250,000, 300,000 or whatever, and then the mortgage payment on it is, say, it's like $1,500, and you, you know, charge $1,800 a month for its rent, then there you go.
Speaker 4:You're, you know, covering that Plus a little, and then what does it really matter? See, if that's all my dad that he would go. But, but you're in debt to someone and he can't get over that fear of owing someone else money. I go, but you're going in your sign-in papers and you're essentially getting an Asset for for nothing, because someone else is paying for it. Someone that needs it is paying for that. So they want to live there, they pay for it, and all you did is you're just signing over that you're responsible for the debt of the thing. All you gotta do is make sure that it does state rent and the condition to be deemed livable in. So yeah, so I went on a little tangent there. Sparky says hands up, or hand up just one of them.
Speaker 3:I can wait till you're done. I just had my take and figured I'd get in line.
Speaker 4:Oh, You're in line, okay. Well, your hand didn't say that, it just said hand here it is yeah, okay. Yeah, I'm gonna keep renting on, okay, oh, anything else Lane. I got any questions for me.
Speaker 5:I love that both of you and Jack are reading it, yeah. Oh yeah, we are hyped and really that's I don't know why. Chapter one didn't quite do it, but chapter two did, and maybe it's on purpose and maybe maybe it's. Maybe it's written to kind of you know Luri in a little bit and then get serious in chapter two. But I was just like, oh boy, it's money, sees. Yeah, I took it. I kind of hopped up out of my seat with this one a little bit. I don't know why.
Speaker 4:So I think it was meant to take us back to our childhood and realize how much we didn't know. And Then we're comparing it, because at nine years old I was probably just sitting on a couch playing video games majority time.
Speaker 5:Sounds like these two were Building up businesses and he had yeah, when he was 16, than his parents.
Speaker 4:Oh yeah, and he talked. They talked about those like you really talked about how they were in school and they had just kind of like roll their eyes whenever a teacher would talk about certain things, Because what rich dad was talking about kind of went against it.
Speaker 5:Yeah, yeah, I think It'll. It'll be interesting to get the specifics, but I kind of liked how this chapter also was like don't get into the numbers yet, just understand the diagrams, understand the concepts. And so I, I think I took that advice, maybe Subliminally. I was just like all right, and keep it simple, stupid. I mean he brought that up in this chapter also. So I really yeah, I I'm glad and I knew this that other people would kind of take it into entrepreneurial, you know ignition and get excited with that, and I, I think maybe I'm I've got my plate full with with Projects at the moment, so I need to like Simplify and start, you know, chipping away. I love that we're all in different camps and we can all take it the same chapter and be inspired for something completely different. I love that.
Speaker 4:Yeah, I thought it was interesting mentioned kiss, because that's normally a managerial term that's used for, like SOPs, which we've talked about before, and those those have to deal with, you know, making sure that your SOPs are kiss, because the more kiss something is, the the it just it works better. You know, instead of having like all these different like if this, then that and that, then this and that, then that, instead if you just make it where, okay, someone buys that, offer them this here and that's it, instead of having like all these tears of stuff or whatever, it's easier on your employees, it's easier on your books, it's easier on everything. So that's what they were just talking about with that. I thought it was really cool that he brought that up.
Speaker 5:That's good stuff. I like that, dad. Good, take my friend and thanks for passing on Jack's thoughts to tell her thanks as well. And, sparky, I think you're up, my man, I'm excited.
Speaker 3:I Don't know the more. The more I'm reading this book, the more I find issues with it, which tends to be my MO with any time we're reading books like this.
Speaker 5:I love it. I love I was missing a little bit from chapter one. Actually, bro, I was like you, you kind of a, you didn't. You were kind of agreeable and I was waiting for a little bit of pushback on some stuff. I think that's so healthy and good and so I'm ready for it.
Speaker 3:Well, the one from from the first chapter that I forgot to mention, which I scrolled back through because I remembered it like earlier today, was the concept of, you know, staying to yourself I can't afford that Will keep you in debt. And I think that's absolute BS, because there's nothing wrong with rooting yourself. In reality, if you physically can't afford something, there's nothing wrong with you saying I can't afford that, because then you don't go and try and figure out ways to get yourself Into debt to buy the thing that you can't afford. We have many people out there right now. I mean, he says that in the first chapter and then he goes into the second chapter and talks about Assets versus liabilities and people going into debt. Well, a lot of people go into debt because they they say to themselves I can't afford that, so how can I afford that? And then they take out a loan or credit card or whatever and then they buy it. So I don't like that mentality of saying, like you know, I can't afford that, how can I afford that, and then I go and buy it thing, this, this, this idea that you know, just having positive Mindset can get you whatever you want. And I know I've never agreed with that mentality, but it does lead into the whole assets and liabilities conversation and how there's.
Speaker 3:There's some controversy in my mind about, like you know, he talks about assets and he talks about liabilities, but if you look at the entirety of the chapter, not once does he mention what an asset is. I don't know if he's going to mention it later on in the book, but he tells you all the liabilities and says these are all liabilities, don't buy these things. But not once does he mention what an asset is. And I think, just from my perspective and my opinion, I don't think there really is such a thing as an asset. I think assets are just fabricated to make you think this stuff. Because at the end of the day, even if you are buying an asset, like in terms of what Daph's talking about with his storage units, that's a liability as well, because it costs money to run it and you can get to a point with anything like that that you buy as an asset that potentially will cost you more than it makes. Take, for instance, stocks people. He's talking about stocks to some degree and buying assets that make you money. If you're not selling the stocks when they're up, it's costing you money because you're not actually like cashing in on it. You spent money on it but you're not taking those profits and if they come down and drop, then you're losing money because what you paid for them isn't what they're worth now and the only way to really make money off of it is, let's say, dividends and that sort of stuff. But even then it's not a lot of money that's coming in and that's periodically, once a month, and you need a lot of stocks to make a lot of money on the dividends. So it ends up being a lot more liabilities out there than real assets. There's nothing out there in my mind that you can purchase that 100%. You own this thing and it'll make you infinite money and never lose money. It's just not in existence.
Speaker 3:For example, jay Leno bought a car 20 years ago. The car was worth $800,000. And today it's worth $20 million. So basically every year he's held that car, it's increased in value. But he's got to pay to keep that car in storage. He's got to pay to insure it. He's paying all this money to keep this thing as an asset whatever you want to call that but he hasn't made any money off of it because he hasn't sold it. If he sold it for 20 million, sure, he's made the money and it's made it back, but it's not an asset, it's a liability, and most people would probably classify that as a liability. But the same could be said about anything that you hold or that you buy into or whatever. I mean even putting money into a tax-free savings account or a high interest savings account or something like that. That's a little safer as an asset, but it's not really an asset because you're still tying your money up in the bank and there's a lot of conversations going on, especially with Web3 and things like that. But I saw a post or a video on Twitter not that long ago I think it was Twitter where this guy talked about what is so good about crypto in terms of money, and this is more in relation to the banks in that sort of sense.
Speaker 3:But it was like if you were to go from like I'm in Canada. So if you were to go from Canada to say, europe, anywhere in Europe, if I want to take money let's say I want to take $100,000 out of the bank the bank's going to ask me why they're not going to let me take it. There's going to be a hold period. There's going to be this whole rigmarole because they won't have the $100,000 on hand. Like the bank is, it's your money, rightfully so, but they're not letting you take it. They're not like and then if you were to take it on the plane, the customs agents are going to be like well, why do you have $100,000? That's illegal. You could be doing it for like you didn't declare this or whatever, or you could go over there and you could try and take it out of the bank over there, and there's a whole issue with that.
Speaker 3:Whereas with crypto, you could just have your wallet and you go from here to over there and it's just trade the money. Like here's $100,000 worth of ETH or whatever. Like it's instantaneous, you don't have to worry about all that other bullshit from the middlemen. So that's why, like, even banks in that sense I don't think are assets, even housing, land purchases, anything like that. We look at someone who bought a house in 2006, 2007 for top price and 2008,. It was worth a fraction of the cost Even right now. Like the house that I own or I'm mortgaging, it's like we paid like 300 and a half roughly for it, 350 or so, whatever, and it's probably worth like $600,000, $700,000 now, but if I were to sell it tomorrow, the only thing I would be able to afford is the same size house. So we're not really upgrading and where are you really going to move to?
Speaker 3:So, like thinking of all the stuff that's out there in my mind there's really no assets and he makes that pretty evident by the fact that he doesn't ever list any. He doesn't specify what an asset is. Again, I don't know if he's going to specify later on in the book what an asset actually is, but it just if you're talking about that in the chapter and you're like bashing on everything that everyone thinks is an asset, which is really a liability, why wouldn't you say what an asset is? It just feels like you've cheapened the message that you're trying to send. So I don't know, even in the world that we live in with Web 3 that most of us are tapped into.
Speaker 3:I don't even classify any of the Web 3 stuff as assets. Most people would, but how many of them? You bought in even when it wasn't at peak. You bought in and it's now worth less than what you put into it. The only way it really becomes an asset is if you're gifted something or if you somehow get it for super cheap and it's been inflated for years to come. People might say Pudgy Penguins are an asset because they're pumping or board Ape or whatever, but at the end of the day, those could fail tomorrow. Any of them could fail tomorrow. So the argument that I'm making is that I don't see anything out there in the world as truly an asset. I feel like it comes down to what it is that you're trying to accomplish that makes it an asset to you. Even money itself isn't an asset because it fluctuates on a regular basis. So I don't know.
Speaker 3:I was very torn with this chapter because every sentence that I read and everything that I was reading, I just kept coming back to that that he's not specifying what assets are. You're sitting here telling people buy assets, don't do this, and be financially literate. Well, how are we going to get financially literate if you're not teaching the literacy aspect? I don't know. It's just very frustrating trying to read something or trying to learn something from a book and the book's not specifying things or being straightforward. It's a very annoying sort of thing. It's like the guru or the teachers or the videos online that are basically like clickbait where it goes through the entire article of rigor moral. You got to read 50 paragraphs and then get to the bottom. The answer is like oh, it's this simple thing. You could have said this at the fucking beginning and we wouldn't have needed 90% of the message that you just rambled on about nothing. It's my frustration when I read this Just don't buy liabilities only by assets.
Speaker 3:It's frustrating this mentality that he's trying to perpetuate in this. This is coming from somebody who also is in a billion dollars worth of debt right now. Where are his assets? Where is his liabilities? Even if you wanted to, let's say again going back to examples, let's say you wanted to buy an income property and Daph is talking about buying these duplexes and whatever and you wanted to rent them out. Well, that's great and it can make you steady income. But then you have to think about well, what if something breaks? What if the stove breaks and you have to purchase a new stove for your tenants? Or what if a pipe burst, like he's talking about with the car wash thing, any issue that happens? Sometimes, sure, insurance can cover it, but other times you have to fork out the money to fix it. It ends up being a liability in that if you're spending more than what it's making you.
Speaker 3:Again, I would make the argument that everything has the potential to be a liability. There's no such thing as real assets. Even if, at the time that you're purchasing it, it only has enough side to it, it still has the potential to be just an asset and falter. Anybody who purchases a business that is quote passive income. I don't know how many times I've seen people buy a business and exit it because it's not doing what it's supposed to for them or it's not making the money that it's supposed to. I have worked for many franchises where we had franchisee turnovers where the person who's supposed to be in charge sells it or gets out. We have five or six by the end of the time that you work there. It's ridiculous to me that we're classifying stuff as assets. I don't know. I feel like the reality of it is. There really isn't anything. You just have to make do with what's there to try and make the best of the situation.
Speaker 3:The better message is what lane you took away from this with the debt and needless spending? There was another video I watched about someone. I forget who it was, but it was someone who was really wealthy. They basically said that they don't go and get coffee. They don't go to for us Tim Hortons, dunkin Donuts, starbucks being the worst McDonald's they don't go and buy coffee because going back to what I said in the last space about me wanting to get back to the bare ingredients of things and make things myself same thing with coffee.
Speaker 3:Sure, if you got one of those curings and you get the pods and you put the pod in whatever, even that's expensive in itself, even if it's like 25 cents a pod or whatever, that's like 25 cents a pod versus if you were to make a pot of coffee or even a cup of coffee with ground stuff or even just regular beans that you ground out yourself. At the end of the day, it's cheaper to do that because if you buying the bulk bean, you're crushing it up into its powder form yourself. You're then putting it through the process and sure, it might take a little bit more effort, but that's passive effort if you're not having to focus on it when you're doing other things. Then, when the coffee's ready, you pour your coffee and you go. Some people set that stuff up the night before and it's on a timer and it just brews in the morning. It's like stuff that you could sleep doing. It saves you money because you're sure you're not getting this fancy drink from Starbucks that costs you $7 but most of that's just shitty sugar anyways and you shouldn't really be consuming it. If you're really truly looking for the coffee and you want the coffee, and that's the gist of it, you don't need to go through that whole process and spend $7 when you can spend, like I don't know, five cents, 10 cents for a cup if you really think about the price difference. That's like getting back to what I was saying last week about wanting to make my own bread and wanting to make my own cookies and things like that.
Speaker 3:Just around the house I had a cousin for the Christmas meal. I wasn't there for the Christmas meal because my son was sick and we had to take him to the hospital. My cousin he married into a rich family. Luckily enough, he's got a rich wife. She's some high lawyer or whatever. He's basically a stay at home dad and he homemade pasta. I made fun of him at that time because he's Mr Mom, he's stay at home, he doesn't work and he can do this sort of stuff. He has the time to do it. For a year I've had that time myself and I haven't done it like an idiot. Then take stock of it and look at it and it's like he makes homemade pasta and yeah, sure he has the time to do it, but he also has the money to do it. He doesn't have to work. But at the end of the day, even if I'm not working, I still should be doing that sort of stuff because I'm saving money doing it. It's not about the fact that he's rich and can do it and doesn't have to stay at home. Boy, I would say rich. But whatever, I think you get the point I'm saying.
Speaker 3:It's just like we've spent so much time processing everything in our lives that it ends up being really expensive when we start breaking things down to their bare essentials. Buying a bulk is great, but buying the basis ingredients is great. Less processing also costs less money. We went to Costco a while back. Usually we get these steaks that. I don't eat steaks a lot, but when I cook steaks I don't buy the best meat, let's say. But we don't mind this cut of meat.
Speaker 3:I looked at the package of four steaks and it was like 35 bucks. Then I look at the big, huge chunk of beef that's just sitting there as a whole thing. It's the same cut, exact same cut, just not cut up. I think one of the bigger packages was like 69 bucks. It was about double what that other weight was. It was a little over double what the other package was Actually. No, it was triple. It was a little over triple in weight and it was about double the price. I was looking at it and they also had it on sale for $8 off. I was like, well, this makes way more sense, just bring it home. I could have been doing this all along and I thought about it a while back, but it just never pulled the trigger on it. I did it, brought it home. It said it was good till this date, let it sit in the fridge for a couple of days before I got around to cutting it up, chopped it up, put it into vacuum sealed bags because got one of those food saver things years and years and years ago, vacuum sealed it and saved money on steaks. That way it cost me less than it would have if I bought five or six packs of those steaks and it just bought a huge hunk of steak.
Speaker 3:I think that's the financial literacy that we need more of is people understanding the cost of things and how to stretch your money, as opposed to buying assets versus liabilities, because there's some things that we need that are classified as a liability, but you need it. He even said so in the book. You need a home, you need a car. Sometimes you need a car to get you to your job and it ends up being a liability to not get you to your job. It becomes an asset in the terms of that car, even though it may cost you money over the time frame. It's an asset because it's now helping you make money doing the job that you're doing.
Speaker 3:I don't think it's wrong for people to work a career, especially if it's a good career. Jacqueline has an engineer. She's very intelligent, she's got a good job that pays decent money. I don't think there's anything wrong with her working that career. I don't see that as a job. I think there's something to be said about wanting to upgrade. Sure, but nobody wants to work at McDonald's for the rest of their life and be that as their quote career, because that's not going to make you a living.
Speaker 3:I think a big problem I have with this book is him dogging on people wanting to work. There are people out there who work a day job, a nine to five type job, and they're making ridiculous money doing it and they're wealthier than some rich people that are out there. I don't know. This is kind of my biggest gripe about this book so far, is it's kind of like Daph said, it seems like it's trying to glorify entrepreneurship and, as someone who's been sort of an entrepreneur like I've been self-employed for the last 13 years and it's gone nowhere. It's not improved my life in any way. My wife had done the same job for like 16 years. She got out of it and her starting her first year doing her new career, which is like claims adjuster for insurance, she's making more money than her end salary at the previous job. I think it's kind of bullshit to dog on people who are doing these kinds of jobs, especially when we went through COVID and we saw that we have specific jobs that are classified as essential and they were the ones that we were having people work but we aren't paying them the amount that they should be getting paid. I think the structure is more the problem is, but I do agree that we need to have more literacy across the board for our youth, for even adults.
Speaker 3:One of the first instances of me being quote taught about finances was my mom trying to explain to me if you put $20 a day or a month or a week or whatever down into an account and just let the interest grow in the bank account. She taught me this when I was 17 or 18. By the time you were 30, you'd have $2 million If you didn't touch it. You just kept putting and that was just compounding interest and that was assuming that interest stayed the same and whatever. But that was the first instance of someone opening my eyes up to your money, making money for you, sort of thing.
Speaker 3:If that sort of stuff was taught to more people, emphasize more because, like I didn't think too much of it as a young kid, I was being stupid and you know spending money where I shouldn't spend money, buying. You give cards that you know you know they may be worth something today. They weren't making me money back then and not spending it on things that I'm you know should be spending on. I could have been putting certain amount of way However often and it would have grown and you know I would have had a decent nest egg, but I wasn't smart enough and it wasn't. It wasn't reinforced enough, as, in my opinion, from a parent, parental perspective and even from a societal perspective, I feel like that stuff is something that needs to be worked upon, but I think it's across the board as far as education goes, because, like there's one thing that he said about the mirror and just education in general, there was that one part where he talked about thinking you know everything but you don't really know everything, sort of mentality.
Speaker 3:I think one of you guys talked about it earlier and I think that the majority of society tends to have that problem where they, like they think they know something on a subject but the reality is they don't, and they end up sounding like a bigger idiot. Like even for myself, I'm sitting up here talking about stuff and I'm not, you know, saying that this stuff is 100% to the truth and I know full well that I don't have the answers to everything. I'm always learning, but I don't feel like a lot of people out there in today's society have that same mindset. They're so closed off that I know the answer to this because this is what I was taught. It goes across the board for any subject matter, it's not just finances, I don't know. I've been rambling on for like 20 minutes or so. It was good.
Speaker 5:It was really good and I think I'll agree with you. I saw the missing assets and I had the exact same question. I did give Robert here the benefit of the doubt that it was like a tactic that he's wanting us to know what those are and we want to keep reading further. But I'll agree with you. I wish he would have told me like hey, just like at the end of the chapter he told us hey, keep an eye out for the next chapter. We're going to be talking about the McDonald's dude or something I think it was. It would have been nice to get a little bit of that for the assets talk. I completely agree with you there.
Speaker 5:I love, just in general, bro, you follow. I think the principle that I really want my kids to understand with life is to read everything and question everything you read. I think that's really healthy. I think it's really good to talk it out like this and I think even Robert and with the study material they're encouraging this. They're encouraging us to talk like this and to question whether or not it is effective. I think that's kind of a bit of this book, with the marketing too. Is that he's like hey, 20 years later we're still proving people wrong. So I think even he is under the impression of like yo, we're still. We're still testing this out. But I really appreciate that you're sticking up for people that do work. I think there are people that man.
Speaker 5:If one of my kids came to me and they're like dad I know you've been telling me about, like, the power of Businesses and entrepreneurship and how you busted your ass 24 seven to get where you are and it paid off, but like I got an offer for 500 K a year. You want me to turn that down. I'd be like whoa hold up and what kind of? What kind of health benefits? What kind? You know I am definitely.
Speaker 5:There's a part of me that loves and you know that's my dad. My dad worked for the federal government at the end of his career and set my mom up so sweetly and I mean there's a big part of me that loves poor dad and the principles that he learned from his poor dad and it's like who doesn't want a big shoe box full of cash lying around somewhere. There's part of me that loves savings and loves to have, even if it lost value. If I'm digging into savings, I'm probably at rock bottom, so I need that money, no matter how much it is anyway, even if some of it got moldy from the rain in the backyard that I dug a hole and put it back there. You know, I don't know.
Speaker 5:I think there's A lot of different aspects of pros and cons and I really think you're absolutely right with the assets. I'd like to know what those are. I guess here's my question for you, my rambling after after you said you were rambling. My question for you Do you think if he proposed in the chapter like hey, I'm keeping you in the dark on the assets right now on purpose, I'll get to those later Do you think you would have appreciated that and then do you think he will get to the assets?
Speaker 3:I don't know. I don't know if I would have appreciated that, because it's still it's. It's. It's one of those things that it's what we talked about with, like the hook from what are those? The other books, the science fiction, whatever the fictional books? You know, when they try and hook you to keep you reading to the next chapter, but if it doesn't come like even just reading through the different chapter titles, it doesn't sound like he's going to ever discuss them. So it's one of those things that like, maybe he will, maybe he'll talk about what they actually are, but and if he does, great, if he doesn't, it's, it's, it's bullshit. But it's part of the gimmick.
Speaker 3:I think with a lot of these books and a lot of the, the mentality is I see it, I see it more of a scam than anything because, like, he's talking about assets, right, what's his asset right now? This book? He has an asset with this book that people are buying on a semi regular basis and it's making him passive income. He doesn't have to do a damn thing. So there's an asset. It could have been a liability, it could have cost him too much money to to put into it, but at the end of the day. It's it's quote teaching you something but, at the end of the day, not really teaching you anything like. Like I find a lot of these, these self help books, billions of them out there that are trying to teach you how to be successful. If it really was something that was cookie cutter or there was like a, an answer to you know, success and to be rich and to be wealthy and all that stuff, like these guys wouldn't need to sell a book or sell you a course on it. They wouldn't need to sell you anything because they've already made enough money, right, they wouldn't need to charge. I think, like Tony Robbins or whatever his name is, charges like 300 grand for like some of his courses, why the fuck he needed to charge you 300 grand so that he can make more money. Like sure it might teach you something, but I've talked to people who have taken those courses and they've actually been like I didn't feel like I came out of it with anything. So like I just any time I come across something that is deemed as like self help and that sort of stuff or, you know, not necessarily self help, because there's some self help books that are, I find, like for psychology and mental issues and things like that. That could help in terms of, you know, trying to talk you off a ledge sort of thing. But when you're dealing with finances and things like that, I see it more of I'm making money off of you wanting to learn to make money, and I don't. I don't agree with that mentality, I don't like it one bit, and so you know I'm ranting about this a bit to some degree, but like I feel like if he doesn't, you know, ever talk about the assets and doesn't ever talk about anything really substantial and again, I haven't read the whole book and I know that hasn't he completely correct me if I'm wrong in this, but I feel like it's just, it's just more of a kind of fuck you thing where he's just like teasing you with the carrot but not actually giving you the carrot, and if he doesn't give you the carrot, then I think the whole book was just absolute bullshit. So we'll see.
Speaker 3:There was something that I wanted to touch on, going back to like the literacy aspect of things. There's many instances in our society of people who do make a lot of money doing shit jobs or jobs that are high risk, or whatever you want to call it and then make boatloads of money but what ends up coming from that is a lot of mishandled money. So I don't know if anybody's ever watched the show. Deadly as catch but crab fisherman that are out in the Bering Sea they can make like like hundreds of thousands of dollars a year. And a lot of the guys that are on those boats I wouldn't say all of them, but like even just from watching the show for a few years my wife was really into it, so we watched it a fair bit A lot of the guys on the show would get it hard into drugs and spend money on things like houses and ATVs and cars and stuff like that and they would lose all their money like they'd have nothing left to show for it.
Speaker 3:If you're making that kind of money per year, you would think that you would have a decent sort of setup for the rest of your life, but a lot of these guys don't because, again, the literacy aspect of things they don't know how to manage their money properly. And that's not to say they're. If they had, let's say, investments or whatever that's managing it, but just spending it on frivolous things that they don't need, spending it on things that are toxic. I'm mentioning drugs like heroin and cocaine, but Lane talked about his energy drinks, which I think are also toxic stuff that you shouldn't be spending money on. And the same thing goes for like oil field workers my wife's ex.
Speaker 3:He worked up in the oil fields in Alberta and you know, I've seen from some of the paperwork, I've seen some of his yearly income statements and we're talking like 200 K plus a year and he has nothing to show for it, like nothing, literally zero in his bank account because he gambles it all away. He goes and goes to the casinos and loses it all. And again, it's like financial literacy, like the guy is making a killing, literally making a killing doing. I'm pretty sure he wasn't doing anything stupidly rigorous like he was. He was, he had a pretty cushy job making over 200 K a year and he's got nothing to show for it. And you don't really have to do anything. Like you could, you could, he could play, you live the life that I'm living. You play video games and talk to people on the Internet and it's his money, would be safe, it'd be secure, he wouldn't be blowing it, but instead like go out and do frivolous things with it.
Speaker 3:And that's not to say don't spend your money. Just don't spend your money wisely, in my opinion. And that's again coming to where the literacy comes from. If you have hobbies, do your hobbies, there's nothing wrong with that. But also have limits. If you want to go fishing, go fishing, but don't buy the the five thousand dollar boat, not five thousand, the fucking fifty thousand dollar boat by the you know thousand dollar boat. Don't don't go by the five thousand dollar fishing rod, because some of them are fucking crazy expensive, by the two hundred fifty dollar one or the three hundred dollar one like there's, there's rods out there that are cheaper. That'll get the same job done. If you like video gaming, you don't have to spend like twenty grand on a game computer. You can spend you know three thousand dollars and have a decent gaming computer. I say twenty grand because you could spend like a ridiculous amount on you know stupid stuff, to get it to a point where it's ridiculously expensive.
Speaker 3:But it's it's again, it's coming down to the literacy aspect of things. If you know kind of the ins and outs of things, I mean how many people go to a store and they they need to buy something. Let's say your computer does die and you need to buy a computer. You go to a store and a salesperson sells you on something because it's the top of line or whatever, but you haven't educated yourself on what the projects products are. Nine times out of ten. If I go to a store to buy something, I've researched the shit out of it to figure out you know what, what I will like, what's going to work for the needs that I have. But I also go in with that mindset of play dumb and ask them questions and see what they try to sell you on and ask questions about it, because I want to see what they're trying to sell and why they're trying to sell it. You know I've I've had a pretty good knowledge of computers. I wouldn't say I'm on DAPS level by any means, but I've had a pretty good knowledge of computers for like the majority of my life. And every time I've gone into a computer store I act like I know fucking nothing, because I want to see what they're trying to sell me and what and what they're trying to say. And it's also funny to see the look on their face when you start coming up with with like well, what about this? And start like feeding and they're like oh shit, this guy actually knows what he's talking about. So it's.
Speaker 3:I think part of our part of our job as, as quote consumers is to be literate and actually do research on stuff, not just buy like. Like, why are you buying that new iPhone? Well, because it just came out and brand new. Ok, but is it? Is it the the exact same or is it different than the one that fucking just came out a year ago? If there's minor tweaks, you don't really need a new one, but it's brand new. So what, like? If it's going to last you six years, let it last you six years. You shouldn't be buying something just because and it's again keeping up with the Joneses and I think we talked about this. Maybe it was a different space I talked about it on, I can't remember, but I've never had that mentality of trying to keep up with the Joneses.
Speaker 3:I've had the mentality of I want, I want to buy something and I want it to be the best that it can be for the lifespan that it's it's intended to have in my mind. So if I want my car to last me 12 years, I'm going to go for the best model and I can find that's going to last me 12 years. If I'm looking at a phone I want to get whatever one I think, based off of my parameters, is going to last me however long I need to last me six years or seven years or whatever. So I look at, like you know, higher storage capacity, higher RAM, better quality, whatever to so that you know in six years it's still keeping up with the current technology and it doesn't need to be upgraded. And then you start to have, you know, software issues or hardware issues, like right now my phone is having battery problems and it's not lasting long enough. But it's not enough for me to go upgrade a new phone. I mean I could just get the battery replaced. Same thing with, like, computers and things like that.
Speaker 3:I don't know, I'm going on a tangent and a rant again, but I just I just feel like this is the sort of stuff that that we need to be more educated on is where we're spending our money and how we're spending our money. Are we spending our money on things that we don't need, or are we spending it on things that we we want versus need, and are we spending it on things that will? I know the money doesn't make us happy. But if you're happy doing your hobbies, then it does. So spending money on things that make you happy, as long as it's not putting you into debt Again, I don't think it's it's that big of a deal.
Speaker 3:But again, I've also I mean, from last week, I've also lived a life virtually debt free until recent years. So I've been relatively good with managing my money to some degree. And, you know, being jobless has been the biggest downfall, and it goes to what Lane was saying about you know, taking time off and figuring how long you could stretch it for Shit for us, like, I've been off work for a year and a month and so 13 months, and we've been stretching our money as much as we can, but we're getting to a point where we can't stretch it anymore. So yeah, it's definitely an eye opener, but I definitely think that there's other ways to stretch money and I think it just takes a little bit more education. Again, I apologize for ranting so much.
Speaker 5:No apologies needed. Good sir, that was great. And I do have to say you should come up with a YouTube concept where you play the dumb customer and you do like the full review before you go in. You're like, let's see what this guy tries to serve. Yeah, great content, no great thoughts.
Speaker 5:My friend, I love how everyone is taking this in different directions and really I started this out with saying, you know, I kept it kind of surface level, but I think I went through that whole process that you kind of explained, sparky, of like taking it real deep and then coming back out and like saying, oh, I just need to spend less stupid money. That's kind of the process I went through and I'm not saying that that was the exact same that you did, but I love where you took that and it's, I think, a success in terms of a book club If we can do that. We come away from the content asking ourselves questions how do I really feel about this? Taking this new information? How do I feel about it now? And I would say even Robert Kiyosaki would probably listen to your take and say, great take, sparky. Those are good questions and I'm still trying to figure it out and I'm also hoping that that we're both kind of surprised in a good way, with him talking about some specific assets, because I tend to agree with you a little bit there.
Speaker 5:So great take, and Ryan, I'm going to assume that you're you're also the gentlemanly type. I don't know if we need to go down the road of calling ourselves chivalrous, but hey, this is big, big news. Sassy is back here with us for another round of bamboo book time. I would I would love to see what she has to say, and then, ryan, I'm going to, and then I'm going to go to you ladies. First here. Sassy, thank you so much for coming up on stage again. I can't wait to hear what you have to say.
Speaker 2:Good evening, good to see you guys again. I really like hearing the other side of that, because it is really important to question everything. Basically, you shouldn't trust everything that you see or hear at all. It goes across many different things. I'm trying to remember because I did listen to the audio book a while back and I'm not sure if he actually gets into the specifics, but I think the assets change with opportunities and the opportunities change. So maybe that's why he defines what an asset is rather than identifying it.
Speaker 2:So think about this. It's a 25 year old book and he used to talk about, you know, by real estate, by real estate. Now he's buying gold and Bitcoin, like he's a Bitcoin Maxi now, because things have changed a lot and markets have changed a lot and a lot of people are talking about the housing market might crash and you know everything's going to go downhill and you know when everything goes down you buy right. So I mean, everything is in its season. So you know, if the markets are doing good, maybe you're not buying from the stock market. If the market is going to be very bankrupt, those booming maybe you're waiting for that crash, you know, and or waiting for the housing market to go down because he's not buying housing market right now. Gold's always been stable and Bitcoin is promising. I think that's why he is leaning in that direction. And as for his absolutely astronomical debt, he doesn't seem to be too worried about it, and maybe that's because he's not paying taxes on it. I don't know. So we'll have to wait another 25 years to see how that plays out, I think.
Speaker 2:So this chapter we're talking about financial literacy and I think everyone in the rat race right now seems to think you know, if I just made a little bit more money, I'd be fine. And you know, you're living paycheck to paycheck and you just think that money would be the answer and they kind of. I'm going to kind of circle back to chapter one a little bit and all of the things and in my ramblings, and I like how he points out the story in the beginning about the meeting of all the richest businessmen in 1920s and like they had it all. They were the richest, they were, you know, the brightest of their generation, and then, like you, fast forward 25 years and not a single one of them died rich or happy. They were all terrible Endings, right. So you have, I think it was nine or 10 businessmen and they all owned companies and had wealth and things like that and they all went to jail or died penniless or, you know, died in another country all alone and there wasn't anything good about that and that kind of circles.
Speaker 2:Back to financial literacy. Because you look at, in contrast, when we fast forward 30 years into the lives of him and his friend and you guys talked about how you know his friends doing great and him and his wife are rich beyond belief and rich, rich and his Sorry, robin is his wife, or you know we're tiring and that doesn't mean we don't work, but it means our assets grow and keep up with inflation and you know they're just going to kind of we can coast if we want kind of retirement. So you know, in when we look at the contrast between all these big, rich businessman and then what happens when you really know what you're doing, and that also goes back to look for the opportunities and watch for the change and what that change means, and when they show all the charts of the cash flow and you're trying to look at that and you're going, okay, he's telling you to look at the story of the cash flow because it's different for everyone and then they kind of break it down for the poor, middle class, for the rich, and and what that all means. And he defines the asset. He doesn't say it's a house. He doesn't say it's a car Well, obviously it's not house or a car, because that's a liability, sorry. He doesn't say that it's Specifically buying gold. Or he doesn't say you know this stock or anything like that, because that opportunity changes as things boom and bust and through the generations. All of that seems to be just staying on the wave of Looking ahead and seeing what is going to be big. So build your assets, build the things that will put things back in your wallet, not things that will take them out and Growing up.
Speaker 2:Like I mentioned last last time, I was always told you know like, buy a house, don't rent, because if you buy a house, you put money into it and then when you're done with it, you get to sell. If you rent, you rent a house and when you're done with it you hand the key back and you have nothing. I mean, we're that's kind of what we were always taught. I really don't think that you know. Working a job, especially if it makes you happy, would be a bad thing. So you know you can't really trash that. I absolutely, absolutely have to agree. And you have to start somewhere. I think the biggest jumping point for Almost everybody is going to be where you start. You know you build a snowball and then you're hoping that it's snowballs. Right, you might be able to scrape up a little bit of money, but how do you start that Building? Where's a small place? I'm not gonna go buy a bar of gold, I'm not gonna go buy the goldmine like he does. It's obviously Outrageous.
Speaker 2:And the other thing, back to chapter one, when he says Basically I think someone was talking about Kind of losing my spot here try to remember a point that someone made about him Saying you know, don't say I can't afford this, say how can I afford that and and that comes back to just trying to wake us up, make us look Where's the opportunity? Where can I make it? How can I Buy it? Because if you're creative you might find a way. Where I come from, we call this girl math, you know like I Couldn't really afford it. So I bought six and I sold five. That's we joke about that, some of the girls at work, you know we're like how can I afford that as girl? That maybe you guys don't understand, but Just trying to be creative to find a way to do it instead of using it as the excuse for not trying.
Speaker 2:He wants you. He kind of touches on you know, taking that Risk because it can, if, even if you're not successful, it's a lesson, taking the lessons, and that helps you grow. And then you take a risk and Eventually they should start to pay off. If you've read into it properly, I Look at some of the things. When he says the financial you can. You know, going to school isn't really a big thing. It is. If you want to be a doctor or, you know, a lawyer, you're gonna have to go to school. But he puts out the Financial education because it doesn't matter how much money you have, it's how much money you keep. And just because your book smart doesn't mean that you have a good financial Education.
Speaker 2:And I know we've been kind of hearing the name Gary Vee kind of circle around our group and I was thinking, you know if, for those of you who follow him, he's very successful, he's an entrepreneur, he's and he's a public speaker. People, a lot of people, look up to him, some people look at him and go, oh he's crazy and just his Jersey energy kind of put some people off. But one thing he likes to do is show his report card Because he didn't do great in school. He doesn't hide that. He's very upfront. He says you know, I didn't like school, it was boring, I knew I had something in me that didn't have to do with school and his teachers. Some of his teachers were even Telling him that he would go nowhere in school and I really hope that they see how successful he is, because not everybody learns the same way and not everybody wants to go to school to learn how to be a good worker. Right, because there are people that really have that entrepreneurial spirit and and Hopefully that helps them to give them a different way to learn.
Speaker 2:Maybe look at things a little different and and it might help the outcome of some people that are struggling as a student, because it doesn't mean you're stupid. It just might mean that you're meant for bigger things and you might learn in a different way. Instead of sitting down in a chair looking to the front, being quiet, there's the whole new way of looking at it, so reframing your mind and thinking how can I keep it? How can I afford it? Things like that Might might help you open up some doors.
Speaker 2:I just I'm not sure. I don't remember if we have that jumping point In the book that says hey, you know, when you find an asset and you start building them, you know, this is where this is where you start. So I'm hoping because I honestly have terrible memory and I don't remember and the book didn't make me rich the first time around but maybe Discussing it with you guys and showing me the opposite of what the book says, because just being Critical of it actually makes a whole lot of sense in so many ways. But I can see why he didn't tell you what an asset was. So anyway, I'll try and keep it kind of brief, losing my voice again.
Speaker 5:I Love that sassy that was. That was such a great way to to Give someone an answer kindly and like agree and disagree and not disagree and just give your take. And I really appreciate that you clarified the Kind of his definition of what an asset is or might be or where he's kind of that. That that makes sense if he's open to that idea of that definition kind of Evolving and changing and going with the markets and that that seems like it is On purpose that he would. He would be a little vague, does he? And maybe maybe you don't remember Specifically, but does he kind of explain that what you just explained, or is that kind of Taking information from his, his tweets and an Instagram post that are recent and stuff like that?
Speaker 2:I just started. Someone mentioned something about him being in massive debt. I don't remember the number, but it's just, I mean, makes your Head hurt when you think of it. I think it was in the billions or something and that he wasn't upset about it. I'm thinking how could you not be upset when you think you were a failure? And after Talking for 25 years and being the rich dad, poor dad is still selling. And then you think he mentions a few times he has a podcast and he frequently speaks on other people's podcasts and things like that. So it's about the last couple days just listening At high speed to some of his recent things and just I'm realizing, okay, well, he, he mentions at one point he says People tell me, you know, oh well, I told you, you told me to buy real estate and it's a bad time to buy real estate.
Speaker 2:This is no, you know, I used to tell people to buy real estate. And he says you know that you're looking for the opportunities for the assets. You have to use your head, you have to be, you have to read the Numbers, your numbers and the stock market. You have to see what the story is telling. And then he's he talks a lot about buying gold, and he had someone on that talked about Bitcoin and things like that, because they're talking about the dollar being absolutely Wrecked from inflation. So your dollar is going to be worthless, is what he's saying, and it well, we can already see that. But he says it's gonna compound and get much, much worse. So he's saying you know, get your money into something else that is a little bit more stable. And gold has held its own, and For a very long time it's, you know, long before any of us walked the earth. Gold has been a staple in Alternative money, or actually the main money, because I'm Canadian, but the US dollar used to be Tied to gold. So when they walked away from that and started printing money, it starts to Devalue everybody's money. So the rich get richer, the poor get poorer. So it just seems to be a problem that's compounding over time and some of the poor decisions by our leaders have really made this problem worse since COVID.
Speaker 2:And we're really starting to see that when you look at the price of everything and the Canadians, you know we have major taxes on everything and they keep raising. You know gas prices. I happen to live in a border city, so if you go across the border, you're gonna fill up your tank or you know things like that because it's it's cheaper over there. We have our own. We're an energy rich country, but they don't want to use it. We have some of the cleanest, cleanest coal, cleanest oil in the world, but when we're having alerts about the energy grid, please use only essential things. If you can delay charging your electric vehicle, please do. We're like wait. I thought you wanted us to buy electric vehicles. So, like people in Alberta got an energy grid alert this week because of the cold and you know, I'm not sure what we're doing, but we're not heading in a very good direction right now. So it's.
Speaker 2:I don't think it's a bad idea to look at where the safe opportunities are, because the Assets are changing. You know, if you bought a million dollar home Thinking it was an asset, you might not think that in another year. So we'll see. Time will tell, but I Think that for all of us here, most of us are here because of crypto, so that means you're at least learning and educating yourself on alternative money sources and Assets, whether you call it an asset or not.
Speaker 2:I'm here, I'm learning. Almost all my favorite projects are community projects and ones that have some sort of Learning, income or community aspect to it. I'm not a big Investor so I don't. You know I don't buy all the apes and things like that, but a lot of the. I'm into AI. So if you noticed here's new panda friend who's in training I haven't had a lot of time to train him, but that's one of the things, like you know, when people use it you can earn. It's not a lot of money, but you can earn some money back or credits back Doing that. I look into some of the other things, learning about Affiliate marketing a little bit, so I'm trying to think of ways to generate a little bit of money to start my snowball and I'm looking for those red cars. So I'll let someone else give their take, and I Love hearing all the different sides, because I do like to hear the critical sides and See everything from different angles. So, thank you. I.
Speaker 5:Love it. Oh, sassy, and hey, you actually Remembered the red car. I was gonna end our little back and forth together with the red car through. I've spotted so many red cars this week Well, since Wednesday it's not even a full week it's so easy to spot them if it's on your mind. I loved that. Thank you for bringing that back up and honestly, I really think Having questions and just chatting like this this is so inspirational just to hear that another person is amped up and questioning and setting goals and learning and educating. Like I love this. This is such a a Snowball effect in and of itself. You know what I mean. This might be the start of your snowball effect, just just the inspiration to to get moving.
Speaker 5:And really there is a lot with this book where it's like man, I can't even worry about assets and liabilities. I need an income first. I need something to get the ball rolling, to be able to afford something, to be able to afford something else like there is there you know it's not so cut and dry. There's there's business partnerships that go wrong. There's 25 percent down to 19 percent and all of a sudden you lose your, your management Voting rights and you get your company stolen from you. Like there's so many nitty gritty ouch Burns here left and right that that it's not talking about, and there's busted pipes during the winter and there's Car washes that get snowed in. I mean, there's, there's really a lot of variables that go into assets versus liabilities. And you know, then you have your, your home, and it's like, oh, I finally afford my home, I, and it's less than rent. But then you have property taxes and then you have the busted main line in the front that isn't covered by insurance and, oh, the garage went out at the same time. You know, there's there's so many little Expenses that it's like, oh yeah, this is an asset. And then again, two months later, the, the liability, sets in because of things that you didn't, you didn't account for and you didn't foresee coming. So I love this.
Speaker 5:Good thoughts everybody. Great, great conversation. We still got Ryan and dem Reese's up here. I'd love to hear your guys's thoughts. Ryan, sorry for keeping you waiting. My friend and I, I feel so bad about your Twitter account. I know these damn Twitter accounts are so, so Fragile and I I just wonder how we can help with that situation. I'm sorry about that, my friend, but great to have you here. How are you?
Speaker 6:I'm excited to take yeah, no, no, it's all good man and it's just out of the blue and Apparently I do violated their terms of agreements, whatever, with no description. I've had accounts since 2019 and I am a shit poster and I've never, ever, ever have had a problem and I've been really good the last three months, like I've been nice on the timeline. I've just been like okay. So I don't I'm confused of what it is like. I just to this point, I'm like you know, maybe this is better. It's just gonna Make my algorithm a little different. I'm seeing a lot more Different projects. I'm seeing, like different people I haven't seen in almost like two, three years. Like, oh, you're still here. Oh, wow, I was falling but never seen you post. So it's kind of like new. It's like oh, neat, but at the same time, I feel like I miss it out on my my things, that I had all stacked up my Bookmarks and my little stuff. I can still go back to it, check it out, but anyways, enough of that. And then this book man. This is interesting.
Speaker 6:I like this topic today. It's kind of on the levels of those assets and liabilities and I think Everybody's given a really good description of how they feel they interpret it and the readings here today, and I would have to agree with everybody honestly the way that they interpret it, because I felt like that throughout the whole chapter and Then went with my thoughts on things as well, you know, especially when the sparky was bringing up. But how's he like, sitting there, like you know, not saying about his assets when it he's got assets, like so, and then you'll say you did mention his book was written a while ago too. So I was like, oh, that's right, yeah, we've got a kid, but but that never mind a little bit. So put that mentality behind him. And when he was writing towards the audience. So, but I do agree with a lot of things you know with like what you said with the acorn, that's been my best best friends since COVID man, I Love it.
Speaker 6:I, you know, every month have a little, whatever 20 dollars it goes into there and then After I think it's like it gets up to like like five bucks of change, it does another deposit. So it's like you know, it's like every month it's like anywhere from like 20 or 40 to 50 bucks, right, but shoot, I've been doing that for four years now and I don't even look at it and I actually just looked at her yesterday I'm like, oh cool, when I'm 72 I'm gonna have a nice little chunk sitting aside, cool. Oh so, and that's where my kind of when I was reading, I was like, oh, this is exactly what he's talking about, those hidden little things and Everybody's pointed it out where if you're needing something or looking for something and Like I need, I need that, I need that five bucks for for that energy drink. Where's that five bucks? I need it. You know. Well, you know that five bucks. Do we really need it as a desire? Is it a want? You know? And, and boiling down to things you know, it's all about your lifestyle as well, what type of lifestyle you want to live to.
Speaker 6:And, um, I feel like when we get into the mix of this world that we live in, it's so high-paced, so fast that People kind of lose sight of that and I don't feel like their educational system really does a good job of delivering financial assistance prior to graduation, of Managing, you know, your assets and liabilities, or whatever it may be. So I feel like we, as the Americans, you know, trying to teach your kids, have not done a great job at doing that and just left it up to individuals to learn by themselves. Like you know, if you you Dapp said it like we go out and get these apartments, like to me, afford, it's like okay, well, you know, we're working, we're saving and we got the money set aside, now, um, this is our, our comfort, for a comfort zone, right Now we're gonna take and try to go to make more money, so we have a lower cushion for the comfortness and and those are those, like you know, I, with the residual incomes, and that's what I've like, kind of like always sought after, um, kind of when I was like younger, I was into amway and that's what I kind of visualized. When people talk about the passive incomes, it's like that residual type of income that you're either monetizing with yourself or having others that you hire to monetize that for you. But at the same time, you know it's, it's like you you either go with A company that does that and that's that's a hefty little price as well to have them monetize your assets and and To make sure that they're investing wisely as well. Um, so, like you know, it's when you have it that way, you, you're, you're almost like there's a different comfort zone for people that are able to do that, versed, like I'll just use them just as a poster child here, adapt and as wife, like trying to, you know, do that little mission that he was talking about, like it's a different comfort zone for them.
Speaker 6:Like that, you know, like so there's mentality, is a lifestyle, and I think, um, we as all, um, individuals, we always have to find that, that fine line, and and that's where I like to agree with Sparky a lot with the realistic about it, like, is it really a realistic? I mean it, is that something that's needed or is that something that could be pushed? Or, like you know, something you can work towards? But at the same time, if you're working towards it, then is it something that you truly, truly need? I mean, about up to your own individual self. So some of the things that I've always found myself kind of leaning towards is, you know, out of sight, out of mind, and especially when it comes to, like, trying to save for other generations with assets like you know, just like, for an instance, like baseball cards that have been handed down to me that I, you know handing down to my children and you know the way that I have it within the laws that they are not able to technically sell them because of the way that I have it written up.
Speaker 6:You know those are little assets that I feel that could be something that could be of value or they could utilize it, and you can sometimes hedge against those assets. Like you know, people say you pull out the mortgage or a line of credit on your mortgage, right? Well, there's other. You know what other assets could you pull out on? And well, we're really moving into this new age world. So it's really neat to see, with this type of mentality too, because it's we're all we see it. That's what we see in the crypto sphere is that you know residual, the monetization of having that. You know you throw 10 grand in and you're getting that 20% APY. You know, even if you throw $200,000 or $1 million into liquidity pools or or farm it, you can generate enough passive income which goes into your pocket versus the banks doing exactly what you would be doing and taking your million dollars. And then you know loaning it out and making their money off of their fees to the other people that are buying stuff.
Speaker 6:So it's like those are the things that I have in my mind when I'm sitting there thinking about and reading these books as well and I'm at the point where I've I don't, I feel like I know everything, or because I don't, I want to know more of like ways to have comfort within those high risk managements. And that's where I always think about the emotions that go into it, because that when you're like, say, you got a mission to make that $100,000 and you bust it out, you go and you do it and it took you a duration of your time and the sacrifices that you may have and may have not had to have done if you didn't do that. So those levels of I don't know. I want to say, is that something that is needed or is it something that is just more or less your desire, wanting and for you to maybe do that? Is that what? Is it taken away from right?
Speaker 6:So, and then, at the same time, like cause, I feel like money always takes people away from stuff like which, meaning what's behind us that we're also responsible for, and whether, if we're walking on the scene, put steps as our partners or our children's and our households.
Speaker 6:Sometimes it's really hard too and it's really neat to when you can have some of those goals as a group or a collective within your own family or if you're a part of a group, saying, hey, this is what we're working towards and we're working towards it together and these are the outcomes.
Speaker 6:And those are those comfort zones because when you're doing those high kind of emotional, kind of financial things to go and do, it's sometimes it's having a confident to think or converse with and even conversing with your if it's your teenage kids and to teaching them about the lessons that you're still learning as an adult, which, right there, you're teaching your children, one of the most successful lessons right there that we can always learn, no matter how old we are.
Speaker 6:And then when you do that together, you're filling those finances and the dependence of, hey, we can just go out and you know, go spin whatever on just anything. Is that necessary for that abundance for them or is the abundance for them to feel comfortable within it? So the comfortability, knowing that it's not taken away from the needed outline of you know what you're going towards and that's kind of where I've visualized within kind of the savings, the assets and those types of kind of topics within my household as well, and especially with my kids getting older and you know adults and 21 and ready to go out there and you know head the world. So it's like just kind of like so many little things like trying to find those worlds Can I save like my?
Speaker 1:little ones. They don't like it Like.
Speaker 6:I want these cookies. I was like, no, we're getting these ones. You can pick from these ones or this ones. And then you know they don't know in their minds but this ones are dollar fricking cheaper. I want to save that dollar, cause if I save $5, that means I can get an extra. You know a couple of things within the store, meaning, you know, not going to spy those hokey donuts, I'm going to get the off-rand, you know. So, just kind of like, just kind of outlining those types of lessons as well. And I liked that one comment I think Laney made that comment about your dad and always getting the nice bells and whistles and just paying the price, right.
Speaker 6:You know, my dad is like that and it honestly he kind of annoyed me sometimes, like growing up and it doesn't annoy me now, I don't, it doesn't bother me one bit but I always was like God, why does he always have to get the best of the best? Why, like, what's the problem with just going to this guy over here? Why can't we just get this little mitt? That's perfect, that's, it works better, but it's, you know, like. So those are little things in my mind. I never understood. And then, because it's within his own, his own, you know identifying of his comfort if he's feeling that comfort of that successful moment and achieving it and delivering. So there's a whole always a different side of the fence of how we look and think about this, because of how many different lifestyles we have within our reality, around us, you know, and it's it's, sometimes it's everybody was talking throughout the course today.
Speaker 6:My mind kept going to this crypto area that we're in, about abundance of money and how it just like flows so fast and it's just like it kind of saddens me and kind of disgusts me a little bit too, because it's like I can watch, you know, in a blink of 30 minutes it's $3 million get pumped into one wallet and then it's like dude, holy cow, there was 4,000 people that just put out however much money. Now could you think about how much good we, as just this, like crypto people, could do within the world if we actually utilize it towards the real life assets? So it's like God man, I wish there was a way to make it like better, you know, elsewhere, for more abundance for everybody. But it's like God. We're here in this little sphere of crypto world. That's like there's so much abundance within this crypto and it's just. I would like to see you get out there into a much happier way of help give that abundance to the civilization the way it was intended for.
Speaker 6:So you know, I'm Ranton and Raven and I hope I addressed the questions and the things I was wanting to say. Thank you, lane.
Speaker 5:I loved that rant, my friend. That was not a rant at all, by the way, and that's where Pandemania the whole idea came from was seeing the money and saying, man, some good could be done with that. And it is really true. There's a lot of money going in and out and it is a little mind blowing to think of just the recklessness of so much money going in and out and it can be a little disheartening, but it can also be really exciting too to make that a goal to harness some of that for good, and there is some there to take from. So I really love that you brought up crypto with this conversation. I love that you brought up family conversations.
Speaker 5:You know, sometimes our money is not just our money, depending on your lifestyle, who you have partnered up with and care for, and I know that not everyone has just cut and drive relationships and that money can really bleed into every relationship in your household and can be stressful and, man, it can really be an emotional thing. So my heart goes out to all of us working on this money adventure. It's a trip and I really like how this chapter did touch on it a little bit, where it's like, well, hold on. If I make more money, it will fix my problems. Don't tell me that, robert, that more money causes more problems. That's just in the rap songs. It's like.
Speaker 5:No, like your tax bracket literally changes the more money you make, you might get screwed over on that tax bracket. You might have to pay more taxes. You might have more property taxes, depending on the house you get into. You will, regardless of how strong you think you are, start to spend a little bit more. Like it just. It is really, I think, so good to think about these things, talk about them out loud, and it's really marvelous, in my opinion, that we have a group of us that are willing to think these things out loud and not be afraid to question and even question our own practices and the practices of others. I think it's a really good, healthy conversation. Demerice, my friend, I'm excited to hear your thoughts. How are things in Jamaica, my friend?
Speaker 7:What's up guys? Good night. All people are doing good. What's in here is okay so far. They're trying to get up crying for no reason. But yeah, soon, put him back to his bed and probably chill with him once in a while now with a shampoo then before he goes to sleep. But yeah, the book, bro. Honestly, I actually listened to this chapter the other day before, but let me tell you Sparky and Sassy, you guys ate it on point. Sparky was like these questions need to be asked, and absolutely for sure and for why. I agree with Sparky out here.
Speaker 7:The main thing they already said to me is that the oath is a main asset and nobody explained actually what is an asset and what is a liability. Because right now, if I should say anyone that my phone is my asset, they would be like yo, that makes no sense, that makes no sense. But it's what I am doing with my phone, why I consider it my asset. You get what I mean. A lot of people out here would say a car is not an asset, it's a liability. Ask any taxi man. What is it mean asset? I'm going to tell you I'm a car Because I'm getting up every morning four o'clock, sometime five AM, even earlier than that, out on the road. Pick up customers then and I can finish work at any time if you like. And if you're still there, relax If somebody else want to pick up them calling, and that's his main asset. So it leads to the question when asset can become a liability.
Speaker 7:Because there is this artist out here, vibes Cartel. A lot of people know him, vibes Cartel, very popular right now in prison or not, nonsense. But when he's just back in 2000, just getting in a business making the money and thing, he bought an awesome pork more and he was paying his water bill was like four thousand five thousand Jamaican dollars. Then the dude bought a awesome NAR book uptown. First month water rate 48,000 dollars, the same water he might use. When he's working more. I'm highly at least in the house uptown. He's most likely going to do a music video. Then dead here. I might keep a party then dead here.
Speaker 7:Coming back upon an interview I believe it was on stage with Winfred Williams and he was talking about it. I was like yo, them some of the real, I'm for real, but it proved to me yes, it happened and your house can actually become a liability at any point, given in time, as anything can happen and you don't have the phone to sort all that. So what do you want to do? Sell it? Might have to rent somewhere for a while before it can actually get back on your feet and buy something back for yourself. So it rather than have a lot to explain honestly cause we already said, if you think that house is a main asset, you need a dream and basically you need to wake up. It need to tell you what is the main asset then.
Speaker 7:What is an asset? What is a liability? What does E consider asset and what does E consider a liability? And allow Israelers to actually pick sense from nonsense. They are not just go wild and say, all right, my old son, my main asset. So what is the asset? No, there is cryptocurrency. Everyone is jumping in that Almost everyone cause a lot of people don't know shit about cryptocurrency, so they will consider the asset NFTs. They will consider those an asset until the project get rocked and signed is a liability to that. So yeah, so it has a lot to answer. Our question asks, for sure, and Sparky asks the right questions, bro, and even though I'm still asking those questions what is asset? What is a liability Cause.
Speaker 7:Growing up out here, the teaching that we get and then life lessons is totally different. Let's look back and say, basically my parents didn't learn anything from their parents, then cause, what they taught me it's a total different thing. It's just like I would say, four years now since my mom. I'm a sister of Bataos and let me tell you it's it rough for them because they are paying mortgage, they are paying internet bill like bill, water bill. Sometimes they can't even find food. No, my mom is thinking, all right, what can I do to make these extra funds? So retire me on stage, so upstairs.
Speaker 7:Sister is going to move out very soon because she's married. They have their own place in Ocherias, so she's thinking what can I do now to make some extra funds or so to say, passive income and all the things could come to? Red is for upstairs and probably rent out downstairs or rent out upstairs Because she's what? 65 or so, so she's open age and right now she's going to consider it as it. So there's all of the questions to need to be asked and this is the right space. For sure, sparky has some very quality questions, honestly, and we need to get down to that. We should. We should rather rub it right now to drill it For sure. So, yeah, that's that's what, that's what I get from it for sure, I'm actually going to take the time out and listen out of the entire six hour audiobook. Yeah, but yeah, bro, honestly, love, love the questions, love what Sasi said. I didn't know that he was in that much debt either, or one billion, but yeah, love it, love it. Love it for sure.
Speaker 5:I found I love it. Demi is bringing the, bringing the questions as well. He wants the. What are the assets? Give us the assets, raps. No, I think. I think they are good questions and I'm excited to see if, if he kind of dips into that. But you know what? I'll be honest, just this, this conversation and the chapter, it is getting my mind shifting towards, you know. Ok, maybe I don't need to save it, maybe I just need to spend less and are my, you know, are my spendings fruitful? Are they? I said, am I just tossing money into the wind or is it doing anything for me? Like it is starting to shift and back to kind of what DAP said, bringing that, that hunger.
Speaker 5:I'll tell you right now my partnership with compliance. We're all old men in the industry. We, you know, one year in compliance is a lot like one year in Web three. It's, it's no, it's no easy feat. It's. You know what you're signing up for and you got to be ready for it and it's competitive. It's crazy and there's a. There's a lot of people out there trying to take you down and I am not in the position, with the energy level, to be the boots on the ground guy anymore. It's really really defeating and energy sucking, and it's like who I really have to get mentally prepared if I have to go in and run the office. That was something that we graduated from my partners and I. We hired a CEO and we kept ourselves safe from ourselves and kept ourselves out of the office, and we are thinking about doing new ventures, and the idea of me being the boots on the ground guy in compliance is really really exhausting just to think about, and so it's like that whole idea that DAP is talking about of like, oh, I've got this refreshed energy. I don't know if I'll ever have that refreshed energy again with compliance. I will always have that refreshed energy with things that I'm passionate about, though, and that are like a part of me and that are more than money to me, and I think that's what I'm shifting towards also is like the lifestyle change and the mentality change behind what money is to me and what money represents.
Speaker 5:And for me, it's time with my kids. I'm going through this phase of seeing my kids turn from little babies to little humans, and it's blowing my mind how fast it's happening, and I just I want to soak it up. I want that time, and it's almost like, oh man, if I worry too much about making money right now and that's my main purpose then I'll lose out on this time with my kids. And it's like, nah, bullshit, I figured I could make it work, I could make money. That was a goal of mine when I when I decided to have kids. It's like, okay, I've got to get to a point where I can enjoy my time with my kids. That was such a huge goal for me. So I don't know.
Speaker 5:That's where, like, everything comes back full circle for me is like is this money allowing me to do what I want to do? And like do I have Sundays available to coach basketball? Do I have? So I don't know. I think that's that's a really important part of the whole conversation to me. Also is like do I enjoy this? Because I tell you what I got into NFTs? Because I enjoy compliance, but I enjoy the life that it's giving me. I enjoy the, the opportunities that it's giving me. I enjoy. I don't enjoy the work, I don't enjoy the atmosphere. There's not a lot of it that I enjoy. That's why I got into this, is why I started this. This was like my creative outlet to escape like boredom and forever like this is my life, and so I really think that's my.
Speaker 5:My final take of the night is I'll go back to two experiences, two quick memories. I promise I'll make this short. The first one I think I was about five to seven years old. I walked in on my dad paying the bills. He'd do it once a month the same time of the month, and he was furious, just pissed off every time. He hated it and I just sat up like from from. We had this where my room was. It was on the upstairs and I could kind of peek over the balcony and watch him. And I got such a kick out of watching my dad get so furious over bills because it was so predictable too. It was like oh here we go Grab the popcorn.
Speaker 5:And I remember going down and finally asked him like, dad, white, if you know what you're doing, yet you know you're paying these like why don't you, just why don't you just not pay your bills if it's, if it's causing you so much stress? And he's like, well, lane, I mean you sign up for bills, you got to pay him, otherwise you get in trouble and you get into more money troubles. And I'm like, well, dad, the answer is simple, like just don't sign up for him. It made so much sense to me as a kid. I'm just like didn't quite sign enough for these bills if they're causing you so much stress. And of course it's not that simple. It's like sewer and trash and water and not all the bills we pay are just fun things like I thought as a kid. But the other story I wanted to tell is completely leaving my mind, damn it. So I forgot the second story I was going to tell. But oh no, I just remembered it, enjoying what you do, what you do.
Speaker 5:I had a professor when I was at college. He was for an extracurricular class and I think I've even told this story, but he had to start every class singing man of La Mancha from the musical Don Quixote, and we would all have the lyrics out in front of us and we'd sing it at the top of our lungs. And he was just this amazing man from Peru that didn't have a lot of money, he was very open about that, but he loved coming in and teaching people about doing what they loved and the class was career exploration. It was like a couple of credits class that I just it was a bullshit class that ended up kind of changing my mindset on things and kind of pivoted a little bit of what I wanted to do at that time, because he would stress it so much, just like, please, you guys, do something that you enjoy, if at all possible. It's not everyone has that luxury, but he really inspired me to think about that. If it's possible, do what you love. And if you don't do what you love, like, do it in a way that you can love it and see if you can shift that. If that's not possible, I would say, like, do whatever you can to get there, because it's just shitty to mix money with like things you don't even like doing and like I don't know, like life is really short and I think if we can all get to where we are smart with our money and actually enjoying the whole process, like that's the goal and I think that's where we want to be.
Speaker 5:So there's my rambling for the end of the night, you guys, I'm sorry, just a few thoughts. After hearing your guys' thoughts and it gets my mind going and I'm just really thankful. I feel inspired to be smarter with money tomorrow. So, however, all of that information got into my brain, I'm going to put a plan of action into place and get to some specifics, but I'm with a couple of you guys. This next chapter, chapter three, I'm hoping we start to dive into some specifics of assets. But if not, sassy, thank you for bringing some additional info to the table tonight from some current Robert Kiyosaki stuff going on on the socials, and so I really appreciate that you go the extra mile and bring us a little bit of current information to the book club, and I'm probably going to start doing that myself.
Speaker 5:I'm interested enough in this guy that I'm going to start checking him out and see what he's up to. I know he wrote a book with Donald Trump Also. I think they're buddy buddies. I mean, this guy is a hustler. He's out there making them big deals. So if you can get a billion dollars in debt, you've got to have some kind of credibility behind you.
Speaker 5:So I am fascinated and interested in this guy and so, for what it's worth, his book so far is motivating me and inspiring me, and I'll agree that it's not perfect or lining up quite 100%, but it's interesting me enough to want to keep reading, and so I can't wait to kind of see what my final takeaway is at the end of the book. If I give it two thumbs up or like, hey, it's worth a read and hey, even if you disagree, it's a good motivator. I can't wait to see what all of our takes are. So, my friends, any last few thoughts before we get into a little wrap up giveaway time here. All right, okay, who's got the number tonight? I've got a will of names here and, if you're not familiar, we run some giveaways and we have a giveaway in the Discord. You're going to want to get one of these VIP listener NFTs. After 10 spaces with us, you'll be able to get that NFT. I airdrop it to you and then you're in for the giveaway 42.
Speaker 5:42. That's a good one, nice. Okay, I'm going to shuffle it up. 420. Yeah, that's what. That's immediately what I thought. It was a shortened 420. So I thought that was a very loving number. Thank you for the choice.
Speaker 5:Okay, here we go. Volume up, baby, I'm recording this. We've got a few names. I hope I have all of you. I try to get you all on here.
Speaker 5:I'm not too strict with the timing or anything, and I can't wait to get a few of you, a few more of you, on here. I know there's a few of you in the crowd even right now. Or, if you're not on the list, let's look at your stats and get you an NFT if we need to. You're well on your way. That number 10 comes fast. Oh boy, dave, I think you got robbed tonight. It snuck right by you and I think our winner tonight is Avi, unless it keeps going. No, avi, I think you're safe. Avi takes home the 10 bucks. Congratulations. I know that's not a huge prize, but it's 10 bucks and I wish I could give it to all of you. But that's just a fun little giveaway and really, if you look at the monthly giveaway in the Discord, it's also like I wish it was bigger. I don't ever want that to be like the main incentive though of like the VIP listener NFT. I just want that to be like yeah, I did a book club. Of course I want it to mean wins and I want it to be a win for you and mean fun stuff, but it's like a trophy, like you went to school and you got a degree. No, I'm just joking, this is just our book club, but it's a token of hard work and commitment to talk about books. That's not an everyday thing in the Web3 space or the NFT space. So I'm looking at it as like, hey, we're doing something a little bit different over here. We're trying to grow and educate ourselves and be grownups. Thank you guys, so much for participating.
Speaker 5:Next week, chapter three, lesson three that's right, they're not chapters. No, they are chapters, but they are lessons. So, chapter three, lesson three mind your own business. The rich focus on their asset columns while everyone else focuses on their income statements. So if I have any guess, it's probably much different than what I immediately assess that chapter to be. When I read that mind your own business, I immediately think, like yo, work on your dream. Don't give a fuck what they all say Stay in your lane and just stay committed to your goal. I might be way off, so I'm excited for this one. I am excited to meet on Wednesday, same time and come prepared.
Speaker 5:This chapter doesn't look as long as the other ones, but the first two, I think, covered almost like halfway through the book. So you guys were kind of flying through this one. I appreciate all of you guys being here for these ones because I appreciate your thoughts and your insight and I like pushing back against this stuff. So, sparky, please don't ever hold back again. My friend, I have a feeling that first week was just you were trying to be nice, you didn't want to scare Sassy off, but now you've seen you can really let loose with your thoughts and she appreciates it. So I'm always loving the kickback and devil's advocate and the whole thing. I appreciate you guys for just being sincere and honest and being who you are. I love you guys. With that being said, sparky, you want to wrap us up, my friend.
Speaker 3:Have a different song for tonight. It's not money related. So, bear with me, but our fearless leader here, lane, had his dog get sick and he had to put him, put him down, basically. So lost the lost, the dog, and I figured I'd play this song for him.
Speaker 5:Thank you, Sparky.
Speaker 1:I will remember you. Will you remember me? Don't let your life pass you by. Weep, not for all the memories. Remember the good times that we had. Lift and slip away from us when things got bad. Clearly, I first saw you smiling in the sun. I want to feel your warmth upon me. I want to be the one I will remember you. Will you remember me? Don't let your life pass you by? Weep, not for all the memories. I'm so tired that I can't see Standing on the edge of something much too deep. It's funny how we feel so much but we cannot say a word. We are screaming inside but we can't be heard. I will remember you, will you remember me? Oh, don't let your life pass you by. Weep, not for all the memories. Weep, not for all the memories.
Speaker 3:It's never easy losing a loved one. It's just as difficult losing a pet. I just wanted to throw that out for you.
Speaker 5:That means a lot, sparky. Thank you, I got tears and a big smile. That made my night. I wasn't expecting that. Thanks a lot, man. That means a lot. He's one of my best buds. I love him. We miss him a lot. The whole house is a little quieter. Everyone's missing him. We're a little worried about the other pets. He was a big teddy bear lover. That means so much. Thank you so much, sparky. I'm going to go cry on the way to the gym now.
Speaker 6:Enjoy your workout.
Speaker 5:Much love everyone. Thank you, sparky.