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42. Why Your Money Mindset Is Costing You Six Figures with Joel Salomon · Scrappy but Successful [Consultant's Personalities When No One's Watching]

• 0:03
  What's happening, everybody? Welcome to Scrappy But Successful, the show where I sit down with
• 0:07
  your favorite consultants and we find out if they're successful today because they're sophisticated or
• 0:11
  because they're a little bit scrappy. I'm your host, Jack Tompkins, CEO of Pineapple Analyst
• 0:16
  AI, always helping small businesses become more data-driven. Fun fact of the day: we got
• 0:20
  a New York City guy who got a New York City fun fact here. Central
• 0:24
  Park is larger than the country of Monaco. I mean, they may have the Grand
• 0:29
  Prix, but we got dollar slices in a big park, all right? That's neither here
• 0:33
  nor there. Today I'm joined by my friend, Joel Solomon. He's the founder of Solomore.
• 0:37
  He's a prosperity coach. He's an international speaker. He's a former hedge fund manager. He's
• 0:42
  got a CFA, he's got an FSA, he's a three time best selling author. He's
• 0:46
  managed hundreds of millions of dollars, been on two hundred podcasts, and are honored, Joel,
• 0:50
  that you've joined us here today. We know that you are successful, Joel. The question
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  we have for you today, do you think you fall more on the sophisticated side,
• 0:59
  more on the scrappy side? Definitely more scrappy. for me, sophisticated. I see like somebody
• 1:06
  who's like in the suit and and and somebody who's has it all down, has
• 1:14
  all has all the the steps, and I'm more like playing it by ear, you
• 1:22
  know, let's you know skip, you know, go go but with the flow. and and
• 1:31
  you know get the wins any way you can. There you go, playing it a
• 1:38
  little fast and loose, but you know, rolling with the punches. where did you grow
• 1:43
  up? Did you have entrepreneurs in the family? I guess officially, yes. My father and
• 1:50
  grandfather were optometrists. And so they had, you know, my grandfather started the business, and
• 1:56
  my father, even though my dad said to me, get good grades, go to a
• 2:02
  college, get a good job, and then stay there the rest of your life. He
• 2:09
  was an entrepreneur as well and worked for his dad until his dad passed and
• 2:15
  then he had the business and and to be open with you guys, I didn't
• 2:22
  get any pressure to become a co an optometrist at all. It was, you know,
• 2:28
  do whatever you want to do. But if you're the but don't don't become an
• 2:35
  entrepreneur. Get a job at a company. It's safe and secure. Do as I say,
• 2:40
  not as I do. You don't want this life, Joel. You you gotta make something
• 2:42
  Right. Yeah. of yourself something better. Right, so and and I have a lot of
• 2:50
  memories of money being an argument. And and because of the fact that earnings were
• 2:58
  volatile, especially after my grandfather passed in in the late 80s. And so 90s sometimes.
• 3:06
  There were times when there wasn't a lot of income coming in. And I do
• 3:14
  remember sometime in the late 80s, my dad was very was celebrating with my mom.
• 3:22
  it was on or about April 15th, and he'd just been with the accountant and
• 3:30
  heard that he made more money that year than any other year before, which was
• 3:37
  $90,000. And so he and so that was an interesting statistic for me because That
• 3:45
  that was in my head as ooh, that's a lot of money. If you're making
• 3:53
  $90,000, but that was like 1990, right? But and so when I started working a
• 4:01
  few years later, when I got above 90,000, I was actually making 110. I did
• 4:09
  some self-sabotage to get back to 75. Ha ha ha. And then got above it
• 4:15
  a little bit again a few years later and then self-sabotage to get back to
• 4:20
  ninety-five. And so it took me until you know mid to late nineties to realize
• 4:25
  what was going on and then completely blew through that. But I think a lot
• 4:30
  of people don't talk about the money thermostat. And and from what they've heard growing
• 4:36
  up, their parents, whatever it is. And I I literally just was talking with a
• 4:41
  a new client. Told me that she's making a hundred thousand dollars in a as
• 4:46
  a teacher. She's never made more than a hundred thousand dollars and in her life.
• 4:51
  And so she wants to start a business. And I asked, What's her goal? And
• 4:56
  she said, $100,000. And I said, Why? She said, Well, that's what I was making.
• 5:01
  And I want to replace the, but what about making double that or triple that?
• 5:06
  Why not have a more significant goal? Well, that's her money mindset. It's it's right
• 5:11
  here at a hundred thousand and and my god, how could anybody make two hundred
• 5:16
  or three hundred thousand? Right. Do you I mean do you do a lot of
• 5:21
  that sort of like mindset like kind of sort of frame breaking type coaching of,
• 5:25
  hey like that's that's a good number, but what if it was 3x? Like how
• 5:30
  do you how do you actually coach somebody through and and do they feel guilty
• 5:34
  about making more money? There there is guilt sometimes, but I think the biggest limiting
• 5:40
  belief, and I I do coach money mindset first, because you have to have a
• 5:46
  strong foundation in order to be successful in business or be successful in investing, and
• 5:52
  I teach both. And so the biggest limiting belief I found with clients or potential
• 5:58
  clients is they don't value themselves. So there's limiting beliefs about their own value. And
• 6:04
  I I tell them and I've said it pro I've had a lot of calls
• 6:10
  this week in particular because I spoke five times this month. And so I've had
• 6:16
  a lot of incoming potential clients and I've said the story a few times this
• 6:22
  week already, and it's it's a really important analogy. So it's going back like three
• 6:28
  thousand years ago, and you're a cow farmer. And you want a chicken. So you
• 6:34
  go to the chicken farmer, and the chicken farmer gives you a chicken and you
• 6:40
  give him back 12 12 cows. And that's what's happening with a lot of my
• 6:46
  potential clients or existing clients when they come to me is it's in it's an
• 6:52
  inequitable exchange of energy. And money is just energy. And what they're doing is, and
• 6:58
  a lot of my clients, they are changing lives. Right. They are making a massive
• 7:05
  difference in their clients' lives. They may be healing them. They may be changing mindset,
• 7:11
  general mindset, not money mindset, but general mindset stuff. And and it it's it's priceless
• 7:17
  what they're doing. I I literally have a woman who I'm coaching who's an energy
• 7:23
  healer who and not to get religious, but she has this ability to heal people.
• 7:29
  Kind of like maybe Jesus did, you know, a couple thousand years ago. And she's
• 7:35
  charging fifty dollars an hour. And and and you know, when I when she first
• 7:41
  came in, she told me, but you know, this is a God given talent. So
• 7:47
  I, you know, I shouldn't it shouldn't be that I should really be charging for
• 7:53
  this. And I said, Well, I have a God-given talent to pick stocks and people
• 7:59
  pay me a lot of money to give them Yeah. How to do that. So
• 8:05
  we all have God given talents, right? So stop with this inequitable exchange of energy.
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  and and that is nothing to do, I don't believe it it has anything to
• 8:15
  do with God. It has something to do with her valuing herself. Her self-worth is
• 8:20
  not where it should be, which is up here, right? And so that that's where
• 8:24
  that's coming from. And if you dig deeper, you find that out, and then you
• 8:29
  work on the self-worth issues. And then she can charge the appropriate amount, which which
• 8:34
  is priceless, but she doesn't charge that either. But you know what I'm saying? Like
• 8:39
  she'll charge. Right. When do you learn the value of money? Like do have a
• 8:43
  do you have a lemonade sand as a kid? Are you selling are you selling
• 8:47
  candy at school? Anything like that? So my story is, and this is in my
• 8:52
  last book, Infinite Love and Money, although my my fourth one is coming out soon.
• 8:58
  this is in Infinite Love and Money. I talk about how my first money memory
• 9:04
  is when my uncle came back from his European and Middle East trip. And this
• 9:11
  was probably Early 70s, late 60s. And I was at my grandmother's house and he
• 9:17
  had all these coins, all these different currencies. Like back then there wasn't one euro.
• 9:23
  So you had Turkish lira and Italian lira and German D marks and French francs
• 9:29
  and English pounds, which you still have now, Swiss francs, you still have now. But
• 9:35
  he had all these different currencies and all these different coins, and I was just
• 9:41
  fascinated that there were different types of money from around the world. And and and
• 9:47
  so I and I was like, my God, I want to visit all these countries.
• 9:54
  I I want to experience what you just had. That was, that's amazing. And so
• 10:00
  my first money memory is about exploration and adventure and and and diversity. And I
• 10:06
  I, you know, I again I told you about my dad being an entrepreneur. didn't
• 10:12
  really like it didn't connect with me until many years later that he had a
• 10:18
  he was a business person because it was basically his dad's business, I guess. And
• 10:24
  so I didn't really think of it that way. I did have lots of jobs
• 10:30
  growing up. My first job was delivering the penny saver, which was like a local
• 10:37
  newspaper where there were inserts, so you get excited. So you got paid a penny
• 10:43
  per house. So if there were a hundred houses, like I paid a dollar. Did
• 10:49
  you have to find those houses on your own? No, they gave so they gave
• 10:52
  you a a group of like usually you started with a hundred, but then there
• 10:56
  were inserts. And the more inserts you had, the more advertisements you had, you got
• 11:01
  a a half or a quarter of a penny for each one. So you got
• 11:05
  really excited when the when the it was really thick and they were like three
• 11:09
  cents per house, right? And then you can make three dollars. Right. And Yeah. you
• 11:15
  know, I was probably ten or so, and so if you inflation adjust that. you
• 11:24
  know, it's probably you know, twenty-five dollars. Okay. I mean still getting the handed a
• 11:30
  twenty dollar bill today or ten dollar bill then, like kinda nice. Okay. Yeah, yeah.
• 11:34
  So I that was the first thing I did and then I had I had
• 11:42
  a job as a little league umpire in my late teens. I had a job
• 11:49
  at Nathan's famous, which is for those of you not in New York, it's a
• 11:56
  hot dog place that that diversified into other types of foods over the years, but
• 12:03
  it was originally at Coney Island. And so I worked there initially sweeping floors. And
• 12:10
  what did you work your way up? so so I worked at yeah, I worked
• 12:11
  my way up to to flipping the burgers and actually being the hot dog guy
• 12:15
  because that was the number one, the the highest paid thing in the place. Right.
• 12:18
  So high profile, yeah. So I worked, so th High profile. those were kind of
• 12:26
  odd jobs. I didn't really have my own business per se. growing up. I I
• 12:32
  worked for other, you know, organizations. Did you guys do anything with like garage sales
• 12:38
  or yard sales growing up? yeah, we had those every few years to just, you
• 12:44
  know, unclutter, I would say. So I remember that in the you know, in the
• 12:50
  driveway, my parents' house doing that probably every two or three years. What were the
• 12:57
  family vacations like growing up? So my dad was a child of the Great Depression.
• 13:05
  And so his money mindset was we can't afford that. Money doesn't grow on trees.
• 13:12
  That's too expensive. Inflation's really high. And my mom was more of the let's live
• 13:19
  life and and enjoy. But my And my mom worked. She was she was a
• 13:26
  reading teacher when I was growing up. And but my dad made, you know, maybe
• 13:33
  three quarters of the monies. And what she made, the way they organized it, what
• 13:40
  she made, she's she was able to spend. Right. Nice. So it was kind of
• 13:47
  like that. Anyway, so to answer your question, it was very much a limiting mindset.
• 13:53
  And so the vacations growing up were to the Jersey shore, right? Right. Like, you
• 14:00
  know, you drive somewhere. It wasn't like we flew to California. Right. This was the,
• 14:06
  you know, late sixties, seventies. so mostly 70s. And so everything was a drive until
• 14:13
  my grandparents, my mom's parents, moved to Florida. And so once a year we got
• 14:19
  to visit them. That's that was probably seventy-eight, seventy-nine. So like late, you know, teenager.
• 14:26
  so we got to visit our grandparents, but it was it wasn't like a Florida
• 14:32
  trip, it was see your grandparents. And then I think year two or three was
• 14:39
  like, Okay, let's go to Disney World as well. There it is. That was the
• 14:44
  next question is where does Disney fit into the fli because we had that we
• 14:47
  were we were a wild wood family on one side of the family and then
• 14:50
  visit the grandparents in Florida on the other side of the family. We were in
• 14:53
  Connecticut, so it was it's the same thing. Some yeah. do you have any magicians
• 15:00
  in the family? Not that I know of, but Okay. maybe they've disappeared, you don't
• 15:06
  know. Right. Any single location car lot owners in the family? That I And then
• 15:17
  last one, any Amazon resellers in the family. Alright, okay, okay. Alright, take me to
• 15:24
  let's jump right to like s to 2008. So you're are you at city at
• 15:31
  this time? Yeah, I just January two thousand eight got my dream job. Getting paid
• 15:40
  to manage money. What could be better? Nineteen ninety three, if you asked me what
• 15:45
  my dream was, I would have said hedge fund manager, money manager, manag 'cause I
• 15:50
  was analyzing and I analyzing stocks in the evenings and weekends and and using the
• 15:54
  analysis to invest during the week. Right. And so and I was working as an
• 15:59
  actuary. And Jack, you probably know the difference between an actuary and accountant. An account
• 16:04
  an actuary looks at his feet when he talks to you. An accountant looks at
• 16:08
  your Ha ha ha feet when they talk to you. Yeah. they say an accountant
• 16:14
  is an actuary with charisma. There you go. There you go. Edit. So that was
• 16:19
  my background, right? I I was I was the guy behind the scenes coding and
• 16:24
  but I had this dream and I teach my clients now to hashtag doubt the
• 16:30
  doubt. Have faith in the dream. Don't doubt your dreams. Doubt the doubt. And so
• 16:35
  but I didn't know that back then. And so I talked to a ton of
• 16:41
  people, including my parents, who told me Don't do that. You got a secure job.
• 16:46
  In fact, in 1993, on the cover of Forbes magazine, it said the actuary. It
• 16:52
  was it was the best job in the country in 1993. Less Wow. stress, you
• 16:58
  know, high pay. So why leave it? So when I talked to actuaries on Wall
• 17:03
  Street or other friends and family, they were like, What are you doing? But I
• 17:09
  had the dream. And so because of that doubt. And circuitous routes, it took me
• 17:14
  15 years. But yes, January 2008. I'm working my dream job. Now you're really young,
• 17:19
  Jack, so you don't remember, but 2008 was not the best year in the stock
• 17:24
  market. It was Yeah. down 40%. So Yeah. I was trial by fire. Like, okay,
• 17:33
  the first time managing money. You know, I was analyzing stocks for other people. for
• 17:40
  years before that. But this is the first time that I'm responsible for the monies.
• 17:48
  And they gave me three hundred million dollars to manage. Right. And I tiptoed in,
• 17:55
  you know, I I invested a few million here, a few million there. and So
• 18:03
  yeah, the market was down forty percent, financial stocks were down fifty seven percent. And
• 18:10
  my former colleagues tell me wherever I am for the rest of my life, I
• 18:18
  have to pat myself on the shoulder and say, In two thousand eight, I made
• 18:25
  money. That's crazy. Nobody made money. Nobody made money. In fact, out of the ten
• 18:31
  portfolio managers, actually there was one other guy, me and him were the best portfolio
• 18:35
  managers. We were all both we were neck and neck until the end of the
• 18:39
  year. We were both up about three or four percent, which was heroic Which given
• 18:44
  the decline in the market. Even if you lost three or four percent, that's still
• 18:49
  borderline heroic. But making three to four and this is your first year doing this?
• 18:53
  First year, yeah. my goodness. And there's no beginner's luck there. That's that's you had
• 18:57
  a strategy. No, I I had a process which I continue to teach and use
• 19:03
  to this day. And it's it's very fundamental. It's based on my analysis of income
• 19:10
  statements and balance sheets of the companies. It's very unemotional and so it worked. And
• 19:17
  and so that helped me a lot in two thousand eight. And It also helped
• 19:24
  me a lot in 2009 when things started to turn and we were up over
• 19:31
  20% in 2009. very few people made money in 2008 and 2009 because 2009 the
• 19:37
  market turned. actually the CEO of Citigroup started the turn on March sixth of 2009.
• 19:44
  He said, We're gonna make money this quarter. He was lying actually. The bottom line
• 19:51
  number that City City lost Citigroup lost money. The bottom line, the net income number,
• 19:58
  was negative. What he meant was before provisions for loan loss reserves, they were gonna
• 20:04
  make money. And they did. It was the first time in like four quarters they
• 20:11
  had made money that line. But you look at the bottom line, they still lost
• 20:18
  money, but it was enough to turn this whole stock market. cause Citigroup on March
• 20:25
  sixth was so when I joined Citigroup was fifty dollars on January twentieth of two
• 20:32
  thousand eight. On March sixth of two thousand nine it was ninety-eight cents. my goodness.
• 20:38
  I mean banks are failing left and right at the time, Lean Brother, all the
• 20:43
  good stuff, right? But holy crap, that's not a fifty-seven percent swing, that's a ninety-nine
• 20:48
  percent swing. Exactly. You lost ninety-nine percent of your money if you invested the day
• 20:53
  I started. thankfully there was no correlation between my performance and the stock performance. But
• 20:57
  yeah, so that was interesting times and we made money. We had to get the
• 21:02
  turn. I I didn't get the turn right, to be open with you. It took
• 21:07
  for me to get positive, it was probably so I lost money in March, lost
• 21:11
  money in April because I was still negative. I was still worried. And then I
• 21:16
  think the first month in two thousand well, I made money in January and February,
• 21:21
  because the market was still going down. Lost money in March and April. So I
• 21:25
  was flattish for the first four months. And then May, I started looking at the
• 21:30
  fixed income credit markets and things were turning. And then we got, you know, we
• 21:35
  we made a bet to go long and made a lot of money the last
• 21:39
  eight months of year. Does that become your billboard for when you start your own
• 21:45
  fund? Is it hey we made money in eight and nine? Yes. Love it. I
• 21:51
  love it. tell us about starting your own fund. So obviously you have to leave
• 21:56
  Citigroup to do this, the place that has quote unquote sort of raised you in
• 22:00
  this money management. Tell us about starting your firm. So actually what happened to be
• 22:05
  open, Jack, was there was a law that was passed that said banks can't own
• 22:11
  hedge funds. So they legally had to let us all go. And so our whole
• 22:17
  group was let go in February of 2012. And to be open with you, this
• 22:24
  is in my book, The Nine Money Rolls Millionaires Use. I looked for a job.
• 22:30
  I still my self-worth, talking about self-worth earlier, was not up here. I had just
• 22:36
  gotten laid off, even though it wasn't of my doing. I just didn't have the
• 22:42
  kahunas to like go for it. And so I started looking, and what was crazy
• 22:49
  is I had a hard time finding a job. And so with all that. knowledge
• 22:55
  and experience and performance. And then it hit me, you've been wanting to do this,
• 23:01
  you know, your whole life. Just go for it already. You have the funds. Just
• 23:07
  launch. And so I reached out to legal counsel, reached out to insurance companies to
• 23:13
  see if they were interested in giving me money to manage. And they were. So
• 23:20
  I had two companies who had orally agreed to give me money, one 50 million,
• 23:26
  one 250 million. I was like, okay, let's go. so hired the lawyer, the accountant,
• 23:32
  the fund administrator, the brokerage, the prime broker let me lease space on fifty fourth
• 23:38
  and Madison Avenue. Felt like I'd arrived. I was like, I could see Madison Avenue,
• 23:45
  Made it. right? glass window. and then I reached out to both of those companies
• 23:52
  who had orally so I moved into the real estate space, in December of twenty
• 23:59
  twelve, alone, 'cause I figured, okay, I'll my employees I'll bring in once we have
• 24:05
  the money. 'cause we got we were betting getting charged per seat. So it was
• 24:12
  like two thousand dollars per seat. So if I had four people in there it
• 24:19
  was eight thousand dollars to pay for real estate space. So let's wait until we
• 24:25
  get the money working for us. And I reached out to both companies, it was
• 24:32
  December sixteenth, seventeenth, and both of them backed out. I had no pipeline. I had
• 24:38
  just a lot of cash flow out. Yeah. One directional cash flow. And I could
• 24:47
  have given up. Right. I could have been like, okay, this is not meant to
• 24:52
  be. But I was this close. I had everything set up and organized. Except for
• 24:57
  the money. Yeah. So what did I do? I acted as if we did have
• 25:06
  the money. I started having morning calls with my analyst, Sean Ryan, and I said,
• 25:12
  Sean, how'd we do today? And we so what we did was we got on
• 25:18
  calls with companies as if we had were invested. We went to conferences as if
• 25:25
  we were already invested, asked the tough questions as if we were already invested. And
• 25:31
  we talked to the investment banks and said, Hey, we're really close. Money's about to
• 25:38
  come in any day now. They didn't know. We Sure. didn't know for sure either.
• 25:43
  It could have been. And then I did This is very scrappy, I love it.
• 25:47
  And then we did something more crazy as I put together a spreadsheet of all
• 25:52
  the stocks we thought we were gonna buy and all the stocks we were gonna
• 25:57
  bet that were gonna go down. And we calculated every day the performance. Hey Sean,
• 26:03
  bad day today. We lost a million bucks. Hey Sean, good day. We lost we
• 26:08
  made a million. Keep it going. And we acted as if we were, you know,
• 26:14
  re-jiggering the portfolio, moving stuff around. celebrating or being sad on the performance. And of
• 26:19
  course I did the physical reality things too, which was banging the phones, calling everybody
• 26:25
  I knew, go restarting my, you know, capital raising for the insurance companies and every
• 26:30
  other type of company, talking to the the brokerage firm and the the prime broker
• 26:36
  we had to see if they could help us. And like third week in January,
• 26:41
  January 20th, we have a great meeting with a different insurance company. A month later
• 26:47
  we have a signed agreement for them to give us money. And three months later
• 26:52
  we're up and running. And I truly believe by acting as if we had the
• 26:57
  money, we got Fake it till you make it. Absolutely. It's the scrappy way. I'm
• 27:03
  a big fan. so one of the questions I'll ask a lot is do you
• 27:08
  do you say like, yeah, we've done this a hundred times, we could totally do
• 27:14
  this, or yeah, sure, let's, you know, we're just totally confident, never done it, but
• 27:19
  totally confident. Very similar of a hustle story of like, hey, like, we're doing this,
• 27:24
  we're doing this, and money's money's here tomorrow. We gotta start prepping because we're and
• 27:30
  then three months. So you go from this, you get money, you run the fund
• 27:35
  for four years, and in today's world, you're teaching and helping yoga teachers, healers about
• 27:40
  PLs. Give me give me the compare contrast of looking for a hundred million dollar
• 27:46
  investment from an insurance company to coaching the healer who's trying to raise her rates
• 27:51
  from fifty to fifty-five dollars an hour. Yeah, it's very different. There's just no stress.
• 27:58
  Okay. Right. It, you know, I mean, imagine managing hundreds of millions of dollars a
• 28:04
  city at the peak 700 million and seeing the portfolio move up and down by
• 28:10
  millions of dollars every day. And and and it's not my money. Like I'm not
• 28:15
  like my PLs, it's it's their shareholder, you know, it's that, but I'm getting a
• 28:21
  percentage of that. And so I I remember when I first started managing my own
• 28:27
  fund, and also it happened when I first started managing at City that I saw
• 28:33
  the PL as my money, the loss or the gain. And and definitely the loss
• 28:39
  felt painful. So, like the first few weeks, I only had maybe five million dollars
• 28:44
  on that I was managing, but they it was moving like 250,000. And I was
• 28:50
  like, my God, I just lost two hundred and fifty down. my God, I just
• 28:56
  lost a half a million. It wasn't my money, but I I felt it. Right.
• 29:02
  Like even though it was investors my and the same thing happened when I managed
• 29:07
  my own fund and I saw the P and O moving like that. I'm like,
• 29:13
  my God, my investors just lost, you know, like I felt it, like I lost
• 29:19
  that money myself. Now I did have money invested in my fund too, but it
• 29:25
  wasn't a hundred percent. And so, so it was It's just a completely different level
• 29:30
  of stress. now th it's no stress actually. You know, I'm I I love helping
• 29:36
  my clients and you know, they have a lot of money mindset issues to deal
• 29:42
  with and I give them the techniques and the success stories we've had are just,
• 29:48
  you know, even my com incredibly mind blowing. And So the first step, what I
• 29:54
  do with anyone who comes in, any of these heart centered entrepreneurs, spiritual entrepreneurs, is
• 29:59
  we work on mindset. Even the people who have the best money mindsets can raise
• 30:05
  it a bit. Right? Even I can raise it to, you know, a little bit
• 30:11
  more, a little bit higher. And so we we set a strong foundation first before
• 30:17
  we get into any, you know, business strategy, business planning, changing pricing, working on sales
• 30:22
  and marketing, working on strategy. And because if they don't Have that strong foundation. What
• 30:28
  I say is if you can have the best strategy in the world, but if
• 30:34
  your mindset's down here, it can work for a few weeks or months, but it's
• 30:40
  gonna it's not gonna work long term. And you can have the best mindset in
• 30:45
  the world, but if you don't have any strategy, it's not gonna work either. So
• 30:51
  you need both. and I I still teach investing as well. A lot of these
• 30:57
  spiritual heart-centered entrepreneurs. Come to me and say, I don't know anything about money investing.
• 31:03
  That that they mean investing, or they may be budgeting too. I didn't really do
• 31:09
  budgeting. But because I'm all about prosperity and abundance up here, I want you to
• 31:14
  grow your top line, not cut your expense line. Right? That's that's more of a
• 31:20
  poverty conscious mindset. Let's grow, let's, let's become more prosperous by growing the revenues. So
• 31:26
  I also teach investing. And then recently in the last few months, I created the
• 31:32
  Invest Smart Engine for people who don't want to learn it, those people who just
• 31:37
  want the results. And so we're able to now automate that so that I can
• 31:43
  send the results of my five-step stock screen with the price targets to people who
• 31:49
  want to get much higher returns than the overall stock market's getting. Okay. This so
• 31:54
  give me give me some scrappy stories from some of the clients that you work
• 31:58
  with today. Several of them, presumably you and I have talked a little bit too,
• 32:02
  like they're not even tracking their profit and loss when you start with them, right?
• 32:07
  Yeah. And I I I mean, literally just got on calls this week and one
• 32:11
  of the things I do before I have people work with me is okay, so
• 32:16
  how much money are you making your business? How much did you make the last
• 32:20
  month? The last three months, the last six months, last year, and a number of
• 32:25
  people this month I gotta I gotta find those numbers. I don't really know. And
• 32:29
  it just, I mean, I got my numbers right here. So it's just like, Right.
• 32:35
  you know, it's just boggles my mind that you don't know, they don't know. and
• 32:41
  so that's something I can help them track at least. So because if you fail
• 32:47
  to plan, you plan to fail. There you go. And I I also say, like,
• 32:53
  how do you how can you know what your financial freedom number is if you
• 32:58
  don't know your revenues and expenses? Right. Because your financial freedom number is just how
• 33:03
  do I, you know, it's the amount of money you need to cover your expenses
• 33:09
  so you don't have to work. But if you don't know what your expenses are,
• 33:14
  then you don't know your financial freedom number. And if you don't know your investments,
• 33:19
  you definitely know what your financial freedom number is. So it's and that they are
• 33:24
  limiting beliefs that. Are causing you to not keep track. So in my last say
• 33:30
  again. Yeah, that's the money mindset. But it And that's the money mindset. That's the
• 33:36
  money mindset, the limiting factor. Okay. flows from that. So think about it. So in
• 33:42
  Infinite Love and Money, the book I wrote with Molly Singh a few years ago,
• 33:47
  we came up with seven money personality types. And one of them, so the acronym
• 33:53
  is Shigapai. So the U in Shigapai is unconscious. And a lot of people who
• 33:58
  come to me are the unconscious money personality type. They're not looking at their accounts.
• 34:03
  They have no idea how much money they're making. And there's a reason why they're
• 34:09
  unconscious, because they are fearful if they look, they're gonna find something they don't wanna
• 34:14
  see. Yep. Right. So it's a fear-based, it's a poverty conscious way of going about
• 34:20
  life. I mean, I look at my accounts now. There's there's an a there's a
• 34:25
  happy medium too. I look at my accounts once a day, probably on average. I
• 34:30
  had a client who looked three or four times a day. Now That's trust. it
• 34:36
  can be stressful if the numbers you're seeing are not helpful. Right. And for him,
• 34:43
  they weren't. And so he Came to me new knowing that he needed money mindset
• 34:49
  help. So so I advised him to do once a week. To start, you know,
• 34:56
  do once or twice a week, not three or four times a day, because when
• 35:02
  he did look, he went, his emotion went to sadness, worry, fear. Now, if you're
• 35:09
  down here in worry, fear, and sadness three or four or five times a day,
• 35:16
  that's not helpful because the vibration of abundance prosperity is up here with gratitude, appreciation,
• 35:22
  love and joy. But you're down here most of the day, worry and fear. You
• 35:29
  you can't get here from here. You're limiting yourself. Right. So a lot of people
• 35:36
  come to me with the unconscious money personality type. Another one that's common is the
• 35:42
  splurge, the the S, the splurger. so they're not really mindful of the money they're
• 35:49
  spending, how they're spending it. And and there can be like there's the shopaholic who
• 35:55
  makes who is this this was actually my mom, by the way. My mom was
• 36:01
  sad or depressed, she would go shop. And there's it's it's an addiction, actually. It's
• 36:08
  it's they're using that to feel better. So I I know it sounds strange, but
• 36:14
  I rule number three in my book, The Nine Money Rules Millionaires Use, is can
• 36:20
  happiness buy you money? Not can money buy you happiness, can happiness Right. buy you
• 36:26
  money? And the point is if you can create happy habits that are not shopping,
• 36:32
  right, to get you happy, then you're shopping less, then you're probably saving more money.
• 36:39
  Yeah, okay. I this is interesting. So I do at the end of every day,
• 36:44
  I write down something in I have a life and a business, they're they're tabs
• 36:49
  on a spreadsheet, and one is on the life side, it's something that either made
• 36:54
  me happy that day or something I could have done better. And then same on
• 36:59
  business too. And it's been this tiny little thing that I do every night to
• 37:04
  kinda like close out the day, and it's so helpful. It's so helpful. Do you
• 37:10
  have tips and tricks similar to that to to help that sort of happiness leading
• 37:15
  to money? Yes. So and it's so first of all, what you're doing is a
• 37:21
  bit of gratitude journaling, it's which is rule number five in the nine money rules
• 37:27
  millionaires use. So I recommend getting a journal. Writing, by the way, is more powerful
• 37:33
  than typing into a computer. You're the this ten thousand points of connection versus like
• 37:39
  a hundred to a thousand when you're typing. So much better to write. And write
• 37:45
  down at least three things you're grateful for and why. So this is related to
• 37:52
  your question. Martin Seligman did this study over 25 years ago. Professor Martin Seligman out
• 37:58
  of the University of Pennsylvania. And he did this study with his students. He connected
• 38:04
  electrodes to the brain synapses of his students at the beginning of the 30 days.
• 38:10
  He had them write down at least three things they were great for each day
• 38:16
  and why. And then at the end of the 30 days, he collected. connected the
• 38:22
  electrodes to the brain synapses and the brain synapses had expanded in the areas of
• 38:28
  happiness. So by the way, if people who are watching don't know this, there's something
• 38:35
  called brain elasticity. Up until I don't know, a few dozen years ago, people didn't
• 38:41
  think the brain was elastic. And so, like, whatever happens, you know, your brain synapses
• 38:47
  were the same size. But no, it there's brain elasticity and you can change at
• 38:53
  any time in your life. And so why not become happier by using a gratitude
• 38:59
  technique? But there are many other things. So I tell a story in this chapter
• 39:05
  about how I found inspiring, uplifting songs. So I listen to six every morning. Right.
• 39:11
  And then for me, other happy habits, going for a jog, you know, doing some
• 39:18
  exercise, reading, meditating, visualizing, or visualizing, by the way, is rule number four in the
• 39:24
  nine money rules millionaires use giving. can make you happy, believe it or not, like
• 39:30
  if you're really worried about your money situation, give. Because you're telling your subconscious I
• 39:36
  got plenty to spare and share. So, you know, but it could be gardening, it
• 39:42
  could be playing with your children, it could be playing with, you know, your dog
• 39:48
  or cat, right? Whatever and you know, going for a walk on the beach, dancing
• 39:54
  home alone, naked, or just dancing. I'm not gonna judge. Yeah. Okay, I like it.
• 40:01
  Let's do let's do some scrappy verse sophisticated lightning round here. take me inside the
• 40:09
  inbox. How many emails unread is too many? So in my professional email box, I
• 40:18
  clean it out every night. Okay. I am unusual. Okay. Yeah. We've had guests that
• 40:27
  do that. if you had My personal email box is hundreds of thousands. And it's
• 40:33
  There it is. There it is. just because you get so much junk and I
• 40:41
  it's not just worth my time to manage that. But in my business, it's important
• 40:48
  to manage. Okay, okay. have you had to play the credit card timing game? Will
• 40:53
  you wait till tomorrow to charge something because that's next month's statement? Don't even know
• 40:59
  what that means. No, I know what that means. I mean, my I I've had
• 41:05
  clients do have that issue. In fact, I had a recent client who, when she
• 41:11
  started working with me, she didn't have the money for the three months. But she
• 41:17
  believed that she was gonna be able to manifest the monies generated through her business
• 41:23
  or surprise monies coming in. She got surprise monies of $23,021. And so she was
• 41:29
  able to pay me through those, but I will tell you that each time the
• 41:35
  automatic payment came up, it wasn't there. So each month it was she was late.
• 41:41
  But I believed and she believed that the money was gonna come in in days,
• 41:47
  and it did each time. But yeah, she was definitely managing the day to day,
• 41:53
  and I I don't know how that looks, but yeah. You gotta keep the plates
• 41:58
  spinning. Yeah, right. do you all right, so back to the inbox. Do you thank
• 42:06
  people for quick replies? Yes. And Okay. if you in fact, what's so my mentor
• 42:13
  Mike Dooley, who's wrote the book Infinite Possibilities and is a New York Times bestselling
• 42:18
  author, he has an email that goes out to one point six million people globally
• 42:23
  called Note from the Universe. Right? So he's got a lot of followers, a lot
• 42:28
  of people. And I went on a trip with him in twenty eighteen. certified Infinite
• 42:33
  Possibilities trainer, one of three thousand. I've you know, kept in contact with him in
• 42:38
  the last eight years, but when I send him an email and he responds within
• 42:43
  forty eight hours, I'm blown away. And so I wanna I operate like Mike. If
• 42:48
  he can do that with all of that, then I can too. Okay, all right,
• 42:54
  fair enough. if you're on Chrome or whatever your favorite browser is and you have
• 43:00
  bookmarks, are those individual links or are you grouping them into folders? I'm not that
• 43:07
  guy, so neither. Neither. my goodness. how do you organize your calendar? Do you have
• 43:12
  calendar blocks for dedicated work time, thinking time, or just, hey, here's a link and
• 43:18
  book whatever works. Yes, I so I have a three and a half hour morning
• 43:24
  routine. And so that is blocked off. There's no one that can get access to
• 43:30
  that. I I've I've adjusted that for some podcast hosts once in a while, but
• 43:36
  generally that time until you know nine thirty, ten in the morning is is self-care
• 43:42
  time. And then I do block off time for outreach. to potential clients and that's
• 43:48
  an hour every day and then the rest of the day is open. Okay, okay.
• 43:54
  do you do you have do you use just your laptop or just your phone
• 44:00
  or do you have monitors on a desk? Laptop and phone. But no additional like
• 44:08
  second screen at a desk or anything like that. Okay. Okay. All right. Maybe last
• 44:14
  one here. what's the first time of the day that you allow yourself to look
• 44:21
  at emails? So it depends on waking time, but it's first thing I do is
• 44:27
  I meditate. It's usually 15 to 20 minutes. Then while I'm listening to my first
• 44:34
  uplifting song, which is When You Believe by Mariah Carey, Whitney Houston, that's when I'm
• 44:41
  checking. But I will tell you when I was a hedge fund manager, it was
• 44:48
  before I meditated. Pour you out of bed, I'm sure. Okay. This is I mean,
• 44:53
  you got it you got a bit of sophistication, but I I got a rule
• 44:58
  a hundred percent scrappy. I love it. Joel, thank you so much for coming on,
• 45:03
  man. This is this is an absolute pleasure to talk with you. what do you
• 45:07
  want the folks out there to know? I know you got a new book coming
• 45:12
  up. What else do you want to promote? Well, yeah, your path to purpose and
• 45:17
  prosperity is my next book with Jackie Roberts. And it's really important because I truly
• 45:23
  believe if you're on purpose, you're doing what you love, you will be more prosperous.
• 45:29
  And I like to end with the quote I said earlier, and I think it's
• 45:35
  important. It's a mindset quote, hashtag doubt to doubt. Throughout the day, throughout the week,
• 45:40
  month, year, if you're a business person watching this, you're gonna doubts are gonna come
• 45:46
  up. But you started your business because you had a purpose, you had passion. So
• 45:52
  doubt the doubt. Have faith in the dream. Don't have faith in your doubt. There
• 45:58
  you go. Fantastic way to end, Joel. Thank you so much. Doubt the doubt, everybody,
• 46:04
  and stay data driven.