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What to Do With Your Next $200 (Even If You're Behind) · The Table with Anthony ONeal

0:00
[SPEAKER_01]: The Federal Reserve, the Federal Reserve, most recent survey of consumer finances, found that the median American family has less than $8,000 of savings.
0:11
[SPEAKER_01]: So this is less than $8,000.
0:14
[SPEAKER_01]: But here's what I believe makes that number devastating.
0:19
[SPEAKER_01]: It's not just people making minimum wage.
0:21
[SPEAKER_01]: It's people making $6,000, $8,000, even up to $100,000 a more a year.
0:27
[SPEAKER_01]: So the income went up, but the wealth did not follow, and that kind of bothers me a little bit.
0:34
[SPEAKER_01]: And so I had to ask myself why, and then do my research is because income is not the problem, the code is the problem.
0:41
[SPEAKER_01]: And what I mean about the code is I call it the broke code.
0:44
[SPEAKER_01]: You see the broke code is a set of unwritten financial rules.
0:48
[SPEAKER_01]: These are your behaviors, your beliefs, and habits that specifically get passed down from parents to child generation to generation to generation, disguised as what we call normal.
1:00
[SPEAKER_01]: Disguised as wisdom is sometimes even disguised.
1:03
[SPEAKER_01]: I'm sorry to say this, Chris and folks, as faith.
1:06
[SPEAKER_01]: And because nobody even ever named them,
1:11
[SPEAKER_01]: nobody even or ever challenged them until today.
1:15
[SPEAKER_01]: Today I really want to challenge these unspoken rules that I believe keeps our people in poverty that keeps us living paycheck to paycheck, can't to my new book, stop living paycheck to paycheck, make sure you get your copy of that
1:33
[SPEAKER_01]: If you really want to practice what we're going to be preaching today, but how do I say this?
1:40
[SPEAKER_01]: I'm going to be giving you seven of them today, seven codes that have just become so normal within our community.
1:51
[SPEAKER_01]: And I'm going to need you to be honest with yourself as we go through each one.
1:57
[SPEAKER_01]: Because the moment you recognize the rule you've been following, that's the moment, what's this, you get to choose something different for your life, for your family life.
2:07
[SPEAKER_01]: That's the moment your family tree starts to change specifically with you.
2:14
[SPEAKER_01]: So I don't wanna waste no more time.
2:15
[SPEAKER_01]: I wanna get straight into it.
2:17
[SPEAKER_01]: Here is commandment number one.
2:19
[SPEAKER_01]: date whoever impresses you and Mary, whoever excites you.
2:26
[SPEAKER_00]: Uh-oh, I'm coming in hot like um, woo!
2:32
[SPEAKER_01]: Rule number one is date whoever impresses you and Mary, whoever excites you.
2:38
[SPEAKER_01]: Let's go even deeper, Mary, who you love.
2:41
[SPEAKER_01]: And then wonder why you can never get ahead financially.
2:47
[SPEAKER_01]: Now I'm going to be very clear before I go any further.
2:51
[SPEAKER_01]: I am not a relationship coach.
2:53
[SPEAKER_01]: I am not a marriage counselor.
2:55
[SPEAKER_01]: I am not even qualified to tell you who to love, how to love, and how to even date and get married.
3:02
[SPEAKER_01]: But I am in the financial space.
3:04
[SPEAKER_01]: I have degrees and credentials on that.
3:07
[SPEAKER_01]: And what I can tell you with complete confidence is this.
3:12
[SPEAKER_01]: The person you choose to build a life with is the single most important financial decision you'll ever make.
3:20
[SPEAKER_01]: More than your career, more than your investments, more than even your budget inside the end of the black app.
3:35
[SPEAKER_01]: Who you pick, husband, man, who you pick, woman, who you allow to pick you matters.
3:42
[SPEAKER_00]: I don't know how you have a good marriage if you make a bad pick.
3:44
[SPEAKER_00]: The pick matters.
3:45
[SPEAKER_00]: Yeah.
3:46
[SPEAKER_00]: The picks matter, man.
3:48
[SPEAKER_00]: The picks matter.
3:53
[SPEAKER_01]: When he said that, I was an oh my goodness.
3:55
[SPEAKER_01]: Three works.
3:57
[SPEAKER_01]: And when I started to think about it, through a financial lens, it hit completely.
4:06
[SPEAKER_01]: Here's a data that most people never talk about.
4:09
[SPEAKER_01]: Studies consistently show that approximately 70% of wealthy individuals are married.
4:15
[SPEAKER_01]: Now here's what gets interesting.
4:18
[SPEAKER_01]: Of that group, a significant portion are specifically on their second marriage.
4:23
[SPEAKER_01]: I wanna be honest about that.
4:25
[SPEAKER_01]: Now, I'm not telling you to get a divorce.
4:28
[SPEAKER_01]: That is not what I'm saying.
4:30
[SPEAKER_01]: What I am saying is this, the research is showing us that who you partner with has a direct, and measurable impact on your ability to build wealth and keep wealth, not a small impact, a defining impact.
4:50
[SPEAKER_01]: So who you date?
4:54
[SPEAKER_01]: now let's go there.
4:55
[SPEAKER_01]: Let me talk to single people just for a quick minute to my brothers and sisters in the same season as me because this is where the decision is made before the ring before the wedding before the joint account.
5:10
[SPEAKER_01]: If you are dating someone right now who requires a performance of wealth just to keep their attention that is a preview of your financial
5:23
[SPEAKER_01]: Let me make that very practical.
5:24
[SPEAKER_01]: If the person you're dating brothers expects $500 dinners, we can treat trips, design or gifts, and constant financial gestures, just to feel valued while you're dating, what in the hell do you think is gonna happen when you get married?
5:41
[SPEAKER_01]: I'm only speaking from a financial perspective.
5:45
[SPEAKER_01]: because that pattern is not going to disappear at the altar.
5:50
[SPEAKER_01]: Honestly, I believe in correct me if I'm wrong, a marriage experts, it could possibly escalate.
5:59
[SPEAKER_01]: And brothers, I'm talking directly to you right now because I'm speaking from my in as a man.
6:05
[SPEAKER_01]: If you are spending money, you don't have to impress someone who has never once asked you about your financial goals, about your savings or your vision for your future, you are auditioning for a role in a lifestyle that you cannot afford.
6:22
[SPEAKER_01]: We simply can't do it.
6:25
[SPEAKER_01]: So why?
6:29
[SPEAKER_01]: and ladies, I see you too, let me go there with you because this honestly goes both ways.
6:35
[SPEAKER_01]: If you're dating a man who will spend $500 taking you out on a Saturday night but cannot show you, he got $1,000 in his savings account and $1,000 in his Roth IRA or retirement account.
6:48
[SPEAKER_01]: or any investment whatsoever, if he drives a car.
6:51
[SPEAKER_01]: And he can barely afford lives in an apartment that's maxed out his budget and it's entire financial presentation is built around impressing you and others.
7:05
[SPEAKER_01]: I'm sorry, I'm gonna keep it a buck with you.
7:07
[SPEAKER_01]: That is not a provider, that is a performer.
7:12
[SPEAKER_01]: And performers are exhausting to be married to.
7:16
[SPEAKER_01]: Don't ask me, I'm just telling you what I have experienced from coaching couples, coaching, married couples.
7:24
[SPEAKER_01]: And what I had to do is tell my girl, I don't think I can help you all, because I don't know if this can work.
7:31
[SPEAKER_01]: So I was sent a lot of couples to counselors and to relationship experts who are married because I just don't know that you all started off in the right grounds, specifically when it comes to the money.
7:44
[SPEAKER_00]: This is family.
7:45
[SPEAKER_01]: If your savings account is earning less than 1%, you're literally donating money back to the bank.
7:51
[SPEAKER_01]: You see, traditional savings accounts are paying pennies.
7:54
[SPEAKER_01]: While high-yield savings accounts are paying dollars, and the gap is costing you real well every single year.
8:03
[SPEAKER_01]: I want to get real with you here real quick.
8:05
[SPEAKER_01]: When $10,000 a regular bank might pay you $40 a year, but a top high yield savings account that's $400 to $500 a year just for moving your money.
8:15
[SPEAKER_01]: That's hundreds of extra dollars in your pocket.
8:19
[SPEAKER_01]: No extra work, no risk, and your money stay safe and FDIC ensure.
8:24
[SPEAKER_01]: Nearly one in four Americans have zero emergency savings, and most who do are missing out on free money.
8:32
[SPEAKER_01]: By leaving their cash and lazy accounts, the highest savings account is the fastest, simplest upgrade you can make to hit your emergency fund and short-term goals faster.
8:44
[SPEAKER_01]: So, listen, stop letting your heart earn dollars stay lazy.
8:47
[SPEAKER_01]: Visit anthonyonil.com for SaaS savings, compare the best high-year savings accounts and open yours in literally two minutes.
8:55
[SPEAKER_01]: Every extra dollar interest gets you closer to financial freedom, so please do not wait.
9:01
[SPEAKER_01]: Don't let another year go by earning pennies.
9:05
[SPEAKER_01]: Go to anthonyonil.com for SaaS savings.
9:08
[SPEAKER_01]: Let your money start working for you today.
9:11
[SPEAKER_00]: All right, let's get back to the show.
9:14
[SPEAKER_01]: So, here's what financial alignment in a relationship should actually look like, again, I'm speaking from a finance perspective.
9:22
[SPEAKER_01]: It's not about finding someone who already has money.
9:25
[SPEAKER_01]: No, it's about finding someone who has the same relationship with money or desires the same relationship with money that you do.
9:34
[SPEAKER_01]: You know, for example, me, I'm a budget guy, right?
9:37
[SPEAKER_01]: So, do they desire or have a budget?
9:40
[SPEAKER_01]: Or do they think budgets are for people who don't trust themselves?
9:45
[SPEAKER_01]: Do they talk about the future?
9:47
[SPEAKER_01]: Or do they only talk about the right now?
9:50
[SPEAKER_01]: Do they have financial goals?
9:51
[SPEAKER_01]: Or do they have financial excuses?
9:54
[SPEAKER_01]: are they building something or are they performing for people, for Instagram, for you call it social media?
10:03
[SPEAKER_01]: You should be dating someone who is as serious about their financial future as you are about yours.
10:10
[SPEAKER_01]: Not identical, not perfect, but the key word here is aligned because here's what I
10:23
[SPEAKER_01]: in the same direction.
10:25
[SPEAKER_01]: When you're pulling in opposite directions, you will spend the best years of your financial life fighting over money instead of working together to build.
10:42
[SPEAKER_01]: But four, I don't say it's A, yeah.
10:45
[SPEAKER_01]: Before you evaluate someone's attractiveness, evaluate their accountability.
10:49
[SPEAKER_01]: Before you fall in love with the personality, understand their financial philosophy.
10:53
[SPEAKER_01]: Before you say yes to forever, have the money conversation with a financial coach or even with your relationship coach just to make sure that you're alive.
11:02
[SPEAKER_01]: Because like my big brother said, the pick matters, the pick.
11:09
[SPEAKER_01]: Matters.
11:10
[SPEAKER_01]: I'm going to say one more time.
11:11
[SPEAKER_01]: The pick matters.
11:14
[SPEAKER_01]: It matters for your children.
11:15
[SPEAKER_01]: It matters for your peace of mind at two a.m. in the morning.
11:20
[SPEAKER_01]: The pick matters.
11:24
[SPEAKER_01]: Let me know in the comment section if you agree with this one.
11:26
[SPEAKER_01]: If you agree with number one.
11:29
[SPEAKER_01]: Command number one.
11:31
[SPEAKER_01]: Do you agree with it?
11:33
[SPEAKER_01]: Here's row number two.
11:35
[SPEAKER_01]: Spin every raise before it clears.
11:39
[SPEAKER_01]: Now, nobody actually says that out loud, let's, let's be honest, nobody sits there, kid down and says, baby, when you get your raise, go ahead and upgrade your apartment, get a new car and buy some new clothes.
11:53
[SPEAKER_01]: Nobody says it out loud, but you know what?
11:56
[SPEAKER_01]: Almost, almost, almost, almost the majority of people do it.
11:59
[SPEAKER_01]: We have a name for you in personal finance and we call that the lifestyle inflation.
12:04
[SPEAKER_01]: But I want to call it what it really is, spending your future to feel better about your present.
12:13
[SPEAKER_01]: They call it life's out of inflation.
12:15
[SPEAKER_01]: I'm saying we're spending our future to feel better about today.
12:20
[SPEAKER_01]: Here's how it typically happens.
12:23
[SPEAKER_01]: You're making $45,000, right?
12:26
[SPEAKER_01]: You get a pay raise.
12:27
[SPEAKER_01]: Now you make it $58,000.
12:28
[SPEAKER_01]: And almost immediately, almost automatically your expenses rise to meet that new number, new apartment, new car payment, new subscriptions, new wardrobe, better dates.
12:39
[SPEAKER_01]: better vacations, and 12 months later, you're making more money than you ever made in your life, and you're just as broke as you were before.
12:50
[SPEAKER_01]: A study from the National Endowment, I believe, for financial education found that nearly 70% of people who receive a significant income increase report no meaningful improvement in their financial security within two years.
13:04
[SPEAKER_01]: 70% of people
13:10
[SPEAKER_01]: So, other people felt it, who you borrowed money from, but you didn't.
13:18
[SPEAKER_01]: If I'm being honest with you, I did this.
13:21
[SPEAKER_01]: When I started making some real money, man, for the first time, and I upgraded everything.
13:25
[SPEAKER_01]: Because that's what I thought success looked like.
13:28
[SPEAKER_01]: I got to pay raise.
13:29
[SPEAKER_01]: I'm a great my apartment.
13:31
[SPEAKER_01]: I got to pay raise.
13:32
[SPEAKER_01]: I went from a 1987 song, Maximum, to an acroteal.
13:36
[SPEAKER_01]: If I got to pay raise, I wanted the people to see it.
13:41
[SPEAKER_01]: Here's my coaching moment for this one.
13:45
[SPEAKER_01]: Every raise you receive, I don't want you to change your life for the next 12 to 24 months.
13:51
[SPEAKER_01]: Minimum 12 months, if you can go 20 for months, do it.
13:55
[SPEAKER_01]: Take all of that in the difference and I want you to invest that and put it three specific ways, one way into your debt.
14:03
[SPEAKER_01]: Number two,
14:05
[SPEAKER_01]: into your savings.
14:06
[SPEAKER_01]: And then three, spend a little bit in a joy a little bit of it.
14:10
[SPEAKER_01]: I'm talking about maybe like 20%, so 40% should really be going towards getting rid of your debt.
14:19
[SPEAKER_01]: The next 40%, I would even say maybe 90% or 40% let me give you the right numbers.
14:25
[SPEAKER_01]: The majority of that should be going towards you eliminating a consumer debt.
14:29
[SPEAKER_01]: Then if you have a match on your job, whatever that percentage is, that should be going inside of your 401k match.
14:38
[SPEAKER_01]: Then take a third, a small piece of that third, may yeah, go treat yourself out to something, maybe go get, you know, a new couch for your house, something so you can celebrate it.
14:49
[SPEAKER_01]: But remember this, I remember this.
14:51
[SPEAKER_01]: I want you to really, come closer, I wish
14:58
[SPEAKER_01]: The next time your income increases, for any reason.
15:02
[SPEAKER_01]: write down where every single dollar is going inside of the end of black app.
15:06
[SPEAKER_01]: If you don't have the end of black app, I want you to go to anantanil.com for slash app.
15:11
[SPEAKER_01]: Ask the questions honestly, in truthfully, it'll take you two minutes to do.
15:16
[SPEAKER_01]: And that app is going to help you out because we're going to give you a plan on paper.
15:20
[SPEAKER_01]: That's going to beat the filling in every moment that you feel like you need to do something.
15:24
[SPEAKER_01]: We're going to give it a strategy.
15:25
[SPEAKER_01]: We're going to show you what they do.
15:26
[SPEAKER_01]: All right.
15:27
[SPEAKER_01]: We're going to say, hey, this is your bonus.
15:29
[SPEAKER_01]: Put your money here.
15:31
[SPEAKER_01]: because I want you to know where your money is going because here's the truth.
15:37
[SPEAKER_01]: The race didn't make you wealthy.
15:42
[SPEAKER_01]: What you do with the race is what's going to make you wealthy.
15:48
[SPEAKER_00]: What happens to your family if something happened to you?
15:52
[SPEAKER_01]: I'm gonna ask out again.
15:53
[SPEAKER_01]: What happens to your family?
15:55
[SPEAKER_01]: When something happens to you, you see, life insurance feels scary, it feels complicated, and even expensive.
16:02
[SPEAKER_01]: But here's the thing, it doesn't have to be anymore.
16:06
[SPEAKER_01]: Most of us are walking around with no life insurance policy, but we have a name brand item.
16:13
[SPEAKER_01]: Thinking, I'm young, I'm healthy, I got time.
16:17
[SPEAKER_01]: I'm now going to be honest with you, I'm so sorry.
16:19
[SPEAKER_01]: That's not fate,
16:24
[SPEAKER_01]: Here's what I love about my friends already, those.
16:26
[SPEAKER_01]: They've made getting term life insurance 100% simple.
16:30
[SPEAKER_01]: No medical exams, no waiting weeks for approval.
16:33
[SPEAKER_01]: You can get a quote online in literally 10 minutes like myself and get approved the exact same day.
16:39
[SPEAKER_01]: We're talking coverage from $100,000 up to $2 million with absolutely no blood work for way less than what you actually think.
16:48
[SPEAKER_01]: The term life insurance is pure protection at a fraction of the cost of whole life insurance.
16:54
[SPEAKER_01]: Look, I healthy 30-year-old can get a 500,000 policy for about $25 a month.
17:00
[SPEAKER_00]: That's less than your Netflix and Spotify combined.
17:04
[SPEAKER_01]: Listen, your family deserves to be protected.
17:09
[SPEAKER_01]: Don't leave them struggling at pay bills and funeral costs because you kept putting this off.
17:15
[SPEAKER_01]: While you're in heaven, smiling,
17:18
[SPEAKER_01]: Your family's down here stressed because of your poor decisions.
17:21
[SPEAKER_01]: Let's stop playing games with your family's future.
17:24
[SPEAKER_01]: Get your free quote today in 10 minutes by going to AnthonyoNeo.com for Sashihos.
17:30
[SPEAKER_01]: Again, go to AnthonyoNeo.com for Sashihos.
17:35
[SPEAKER_01]: And our promise you, you will feel way better and sleep better at night.
17:42
[SPEAKER_00]: All right, let's get back to today's show.
17:44
[SPEAKER_01]: rule number three, that every emergency be a surprise.
17:51
[SPEAKER_01]: I want you to think about.
17:53
[SPEAKER_01]: I want you to think about the last financial emergency you had, car broke down, medical bill.
17:58
[SPEAKER_01]: We've started leaking, job got cut unfortunately, like 300,000 jobs that cut last year for African-American ladies, something happened that you didn't see coming and it wrecked you financially.
18:10
[SPEAKER_01]: Now, let me ask you something, was it really a surprise?
18:15
[SPEAKER_01]: You've had a car break down before.
18:17
[SPEAKER_01]: You knew cars break down.
18:19
[SPEAKER_01]: You've had a body, your whole life.
18:23
[SPEAKER_01]: You knew medical stuff could happen.
18:24
[SPEAKER_01]: You've been alive long enough to know that life is unpredictable.
18:29
[SPEAKER_01]: The emergency wasn't a surprise.
18:31
[SPEAKER_01]: Watch this, you liked preparation for it.
18:37
[SPEAKER_01]: Bank rates annual emergency savings report found that 57% of Americans cannot cover a $1,000 emergency expense without going into debt.
18:49
[SPEAKER_01]: 57%.
18:50
[SPEAKER_01]: That means more than half of people watching this video right now.
18:54
[SPEAKER_01]: are one car repair away from a credit card balance, one medical bill away from a payment plan, one unexpected expense away from a financial drama situation.
19:06
[SPEAKER_01]: And here's what that does to a family over time.
19:10
[SPEAKER_01]: It keeps you in a permanent state of recovery.
19:13
[SPEAKER_01]: You never get ahead because every time you start to build momentum and emergency knocks at your front door and it knocks you back down to zero.
19:22
[SPEAKER_01]: And so the broke coat says, deal with it when it comes.
19:26
[SPEAKER_01]: The wealth coat says, prepare for what you know is coming.
19:31
[SPEAKER_01]: Grandma gave me the best advice ever.
19:33
[SPEAKER_01]: Her advice was this.
19:35
[SPEAKER_01]: Baby is not a matter of if it's going to rain, just a matter of when it is going to rain.
19:40
[SPEAKER_01]: So please bring the umbrella.
19:45
[SPEAKER_01]: If I had nothing, and I was building from scratch, the very first thing I would do before I invested a single dollar or paid off any more debt, I would put one month of my net pay inside of an emergency savings account, specifically a high yield savings account.
20:01
[SPEAKER_01]: So this way, when the emergency comes, I have one month to operate, or I have a good balance to go towards that emergency, and it doesn't throw me off from building my momentum.
20:14
[SPEAKER_01]: And so you do this by open a high yield savings account today, not tomorrow.
20:19
[SPEAKER_01]: Simply go to www.amthonyoneel.com for SaaS savings.
20:21
[SPEAKER_01]: I have a list of about five banks there.
20:24
[SPEAKER_01]: You'll be able to pick one, open one up today, put money into that account, get to that one month of net pay, right?
20:32
[SPEAKER_01]: Even if you've got to open up today with just $25, I need you to open up that account because I need the account to exist before an emergency does.
20:40
[SPEAKER_01]: Listen.
20:42
[SPEAKER_01]: No, I don't believe you're bad with money.
20:45
[SPEAKER_01]: You're just always in recovery mode, and you'll stay there until you build a wall between you and the next emergency.
20:54
[SPEAKER_01]: Please, hear me clearly on this one.
20:58
[SPEAKER_01]: Here's where it is.
20:59
[SPEAKER_01]: I would say commandment says rule number four.
21:03
[SPEAKER_01]: And this one,
21:05
[SPEAKER_01]: This one right here might be the most dangerous one on the entire list, taking financial advice from people who are also broke.
21:15
[SPEAKER_01]: Now, before you get defensive, I'm not talking about strangers.
21:18
[SPEAKER_01]: I'm talking about the people who you love.
21:20
[SPEAKER_01]: Yeah, I'm talking about your mommy dad, your siblings, your best friend, your co-workers, your boss.
21:28
[SPEAKER_01]: Heck, I'm not even going there.
21:30
[SPEAKER_01]: You're a lover, the person who you kiss every day, and person who you have kids with.
21:37
[SPEAKER_01]: Here's the thing about bad financial advice.
21:40
[SPEAKER_01]: It almost never comes from bad intentions.
21:44
[SPEAKER_01]: The people giving it usually love you.
21:47
[SPEAKER_01]: They want the best for you.
21:48
[SPEAKER_01]: They're speaking from their own experience.
21:51
[SPEAKER_01]: And the problem with that is, their experience produces the results you're trying to escape.
21:59
[SPEAKER_01]: You cannot hear me clearly.
22:02
[SPEAKER_01]: You cannot get to a destination that someone has never been to by following directions
22:12
[SPEAKER_01]: Say them again, I'm saying it again.
22:14
[SPEAKER_01]: You can never get to a destination.
22:16
[SPEAKER_01]: Someone has never been to by following directions from someone who has never laughed.
22:24
[SPEAKER_01]: There was a study that was published in the journal of Financial Planning that found that the single greatest predictor of an individual's financial behavior is the financial behavior modeled by their parents.
22:39
[SPEAKER_01]: regardless of the income level.
22:41
[SPEAKER_01]: So that means that the patterns your parents had with money, the way they talked about it, the way they avoided it, the way they feared it, the way they spent it, those patterns are running in the background of your financial decision making right now.
22:58
[SPEAKER_01]: It's almost like it is software inside of your mental that you were not even aware of,
23:11
[SPEAKER_01]: If I'm being honest, I grew up hearing things like we don't talk about money.
23:18
[SPEAKER_01]: Rich people are greedy.
23:20
[SPEAKER_01]: Do as I say, not as what I do.
23:23
[SPEAKER_01]: Just be grateful for what you have.
23:25
[SPEAKER_01]: Don't get too big for your family, A.O.
23:29
[SPEAKER_01]: And I love the people who said those things to me, but those beliefs, beliefs, if I had to keep any of them, I will be broke today.
23:42
[SPEAKER_00]: Here's the.
23:44
[SPEAKER_01]: You need to build a financial border that records around you.
23:47
[SPEAKER_01]: At minimum four people, CPA, who does or taxes, the correct way.
23:54
[SPEAKER_01]: A financial coach who understands how to coach you in where you are.
24:00
[SPEAKER_01]: And then a mentor who actually built the kind of wealth you want to build, and then a homeboy, a home girl, someone who's on the same journey as you, and they'll hold you accountable.
24:13
[SPEAKER_01]: That's your cabinet, and I'll be honest with you, y'all, those four sit and not be any of your family members.
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[SPEAKER_01]: Those other forces that speak into your life when it comes to finances.
24:27
[SPEAKER_01]: Here's a specific action step I want to give you for this one.
24:31
[SPEAKER_01]: I need to break it.
24:32
[SPEAKER_01]: Write down the names of the five people who's financial advice you listen to the most.
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[SPEAKER_01]: The next to each name I want you to write down their net worth.
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[SPEAKER_01]: or guess it, right?
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[SPEAKER_01]: If the list doesn't inspire you, then the list needs to change.
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[SPEAKER_01]: The most expensive advice you'll ever take is free advice from someone who can't afford to get it.
25:00
[SPEAKER_01]: Want that to sit right there?
25:02
[SPEAKER_01]: Just for a little bit.
25:04
[SPEAKER_00]: Just for a little bit.
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[SPEAKER_01]: Here's rule number five.
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[SPEAKER_01]: Treat your job like it will never leave you.
25:14
[SPEAKER_01]: Retire from Neja.
25:16
[SPEAKER_01]: I want to ask you something, and I need you just to really sit with it.
25:20
[SPEAKER_01]: Paul's this video if you need to.
25:23
[SPEAKER_01]: If you're employer, called you tomorrow morning, I said, we are restructuring.
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[SPEAKER_01]: Your position has been eliminated, and unfortunately today is your last day.
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[SPEAKER_01]: How long could you survive?
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[SPEAKER_01]: Not how long until you found another job, but how long could you actually survive on what you have right now?
25:46
[SPEAKER_01]: According to the Bureau Labor Statistics, the average American changes jobs 12 times in their career, and the average job surge after a layoff takes anywhere between five to six months, but the average American has less than $1,000 saved.
26:03
[SPEAKER_01]: So do you see the problem we have here?
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[SPEAKER_01]: So it's going to take you five to six months of potential unemployment.
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[SPEAKER_01]: And you only have about a thousand hours in your account and less.
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[SPEAKER_01]: So the gap right there is where financial devastation lives if you're not prepared for the situation.
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[SPEAKER_01]: Here's what the broke code taught us.
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[SPEAKER_01]: Get a good job, keep a good job, and that job will take care of you.
26:26
[SPEAKER_01]: You retire with a 401k plan of some pension.
26:28
[SPEAKER_01]: And for a generation, maybe two, I would say, that felt true.
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[SPEAKER_01]: You worked for the company for 30 years.
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[SPEAKER_01]: They gave you pension, they gave you a good retirement situation,
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[SPEAKER_01]: But honestly, those days and times are gone.
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[SPEAKER_01]: Your employer is not your financial partner.
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[SPEAKER_01]: They are your customer.
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[SPEAKER_01]: You sell them your time, your skills, and your energy, and that is a transaction.
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[SPEAKER_01]: And like any customer, they can take their business somewhere else.
27:00
[SPEAKER_01]: And the moment you understand that your job is your largest client, not your only client every single thing changes.
27:14
[SPEAKER_01]: everything changes.
27:17
[SPEAKER_01]: I literally tell this to my team members now and they all listen to me.
27:21
[SPEAKER_01]: Listen, I appreciate you performing with me, but I own this company.
27:25
[SPEAKER_01]: You know, go build something when you're not working with me, not for me, but when you're not working with me, go build something that you can own and partner with others to help build your vision.
27:36
[SPEAKER_01]: Because yes, today I'm here, but we don't know what the future holds and I don't want your family solely depending on me
27:44
[SPEAKER_00]: And here's the truth, they all listen.
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[SPEAKER_01]: And I support the fact that they give me good hours to help build this and impact you all.
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[SPEAKER_01]: They're aligned with my vision, but then when they go home, I went on to have something there, cells.
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[SPEAKER_01]: Because I am their customer.
28:04
[SPEAKER_01]: I am.
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[SPEAKER_01]: I need them to go get customers to build something that is powerful for them.
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[SPEAKER_01]: Remember, your job is your biggest client.
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[SPEAKER_01]: Stop acting like it's your only one and go get some other clients.
28:22
[SPEAKER_01]: Here's rule number six, rule number six.
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[SPEAKER_01]: Quit the moment it gets hard.
28:26
[SPEAKER_01]: I'm not going to let it too long when this one.
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[SPEAKER_01]: But building wealth is not complicated, but it is hard as heck.
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[SPEAKER_01]: And there is a difference.
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[SPEAKER_01]: The steps are not complicated, spend less than what you make, eliminate your consumer debt, build savings, invest consistently, create multiple streams of income, and protect what you build.
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[SPEAKER_01]: That is not complicated.
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[SPEAKER_01]: A tenth grader can understand that concept.
28:51
[SPEAKER_01]: But doing it consistently with determination over years through job losses and medical bills and relationship stress and economic downturns and administrations
29:06
[SPEAKER_01]: When that's up to end the happens when you tend to give up for this hard.
29:10
[SPEAKER_01]: And the broke code has a very specific response to hard things.
29:15
[SPEAKER_01]: Stop, reset, start something new, run pretty much.
29:18
[SPEAKER_01]: Have I seen it all the time?
29:20
[SPEAKER_01]: Sometimes, and I would say this, someone starts a budget in January by February 15th, they had one bag we blew the budget, and now they've abandoned the whole budgeting plan.
29:32
[SPEAKER_01]: They'll start again in March, or maybe in April, or maybe in August, right?
29:36
[SPEAKER_01]: And someone starts that side hustle, three months in, not making any money, they quit.
29:47
[SPEAKER_01]: How many of you all have quit something that was hard and difficult?
29:51
[SPEAKER_01]: You invested into the stock market, you saw the stock market go down, you saw a dip in the stock market because you're used to stop resetting and running, you pull the money out and you're hurt yourself even more.
30:03
[SPEAKER_01]: How many of you all honestly quit when it gets hard?
30:08
[SPEAKER_01]: How many of us in a Christian space says, oh, because it gets hard, that might be a sign from God that I shouldn't be doing this.
30:16
[SPEAKER_01]: And I want to tell you something that nobody told me when I was in the middle of my financial journey.
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[SPEAKER_01]: The hardest moment, the moment when everything you want to quit, it's almost always the moment right before you're about to have a breakthrough.
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[SPEAKER_01]: Nehemiah was building a wall and the Bible says when he was halfway done, not at the beginning, at not at the end, but halfway done, that's when the opposition came the hardest.
30:45
[SPEAKER_01]: That's when they told him to come down.
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[SPEAKER_01]: That's when the pressure was the greatest.
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[SPEAKER_01]: And he said, I am doing great work.
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[SPEAKER_01]: I cannot come down.
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[SPEAKER_01]: And I'm here to tell you, you're doing great work.
31:03
[SPEAKER_01]: Because what I've learned is you don't need more motivation.
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[SPEAKER_01]: You just need a system, a better system.
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[SPEAKER_01]: When motivation runs out, your system keeps you running.
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[SPEAKER_01]: So if you've ever quit a financial plan before, and most of you have, I want you to start again this week.
31:23
[SPEAKER_01]: Not a new plan, start the same one, but because the problem was never to plan, the problem was the moment you decided that this comfort meant to stop instead of pushing.
31:36
[SPEAKER_01]: You didn't fail the budget.
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[SPEAKER_01]: You quit the budget.
31:39
[SPEAKER_01]: Those are two different things and only one of them you can fix Get back to that app Get back on that budget Here's the last commandment.
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[SPEAKER_01]: I will say rule number seven and the last one and I think I've saved this one For last because I believe It is it is honestly the most important out of all seven
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[SPEAKER_01]: Go 7, leave your children your debt, and then call that their inheritance.
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[SPEAKER_01]: Won't you think about that?
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[SPEAKER_01]: What are you building right now?
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[SPEAKER_01]: Not what are you earning?
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[SPEAKER_01]: Not what are you spending?
32:22
[SPEAKER_01]: What are you building?
32:26
[SPEAKER_01]: Because here's the reality from most American families.
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[SPEAKER_01]: When parents pass away, they don't leave their children with wealth.
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[SPEAKER_01]: They leave them with debt.
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[SPEAKER_01]: They leave them with medical bills.
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[SPEAKER_01]: They leave them with the house, with no equity and a car, with repayments, that they leave them with financial stress of a funeral that they can't even afford.
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[SPEAKER_01]: And the children who are already struggling now have to absorb the weight of a generation that never broke the cold.
33:07
[SPEAKER_01]: And according to a study, by wealth x70% of wealthy families lose their wealth by the second generation, and 90% lose it by the third.
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[SPEAKER_01]: But here's what's even more sobering for the families watching this video.
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[SPEAKER_01]: most of us aren't even starting with wealth.
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[SPEAKER_01]: We're starting from zero or sometimes negative, which means if we don't break the code, our children don't just start from zero, they start from the negative, they start from the red.
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[SPEAKER_01]: So I need you to understand something.
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[SPEAKER_01]: The decisions you make with your money today are not just about you.
33:47
[SPEAKER_01]: They are about to chowd the loved ones who was watching how you handle a financial crisis.
33:55
[SPEAKER_01]: They are about the teenager who is learning what money means by watching what you do with it.
34:01
[SPEAKER_01]: They are about the grand child who will either start life with their foundation or in the negative.
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[SPEAKER_01]: Generational wealth is not built in one generation, but it is to be started in one and the generation is you right now.
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[SPEAKER_01]: If I have the opportunity of raising kids, man, and I think one day I will be able to, the greatest financial gift, I could give them is not a trust fund.
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[SPEAKER_01]: It's financial education.
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[SPEAKER_01]: It's a financial system, it's strategy to follow.
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[SPEAKER_01]: It's watching me make intentional decisions with my money.
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[SPEAKER_01]: It's seeing me invest.
34:40
[SPEAKER_01]: It's understanding that money is a tool, not a trophy, because you can leave your child money and they spend it.
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[SPEAKER_01]: But if you leave them wisdom,
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[SPEAKER_01]: with money the multiply.
34:56
[SPEAKER_01]: The broke code, the living page at the paycheck code ends with you.
35:01
[SPEAKER_01]: But the wealth code is going to start with you.
35:07
[SPEAKER_01]: How to start with you?
35:11
[SPEAKER_01]: These are the seven, there's the seven ways to keep living page at the paycheck.
35:17
[SPEAKER_01]: These are the seven ways to
35:19
[SPEAKER_01]: Stay in poverty.
35:20
[SPEAKER_01]: These are the seven commandments to keep you broke.
35:29
[SPEAKER_01]: I want you to comment below which seven, which one are you working on?
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[SPEAKER_01]: Which one do you want to change and which one do you need to change?
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[SPEAKER_01]: And I want to say one more thing about your child.
35:44
[SPEAKER_01]: Your children are not watching your bank account.
35:47
[SPEAKER_01]: They're watching your behavior.
35:50
[SPEAKER_01]: So make sure that their learning is worth inheriting our overlays.
35:56
[SPEAKER_01]: But students say this again, make sure what their learning is worth inheriting.
36:08
[SPEAKER_01]: Listen, we didn't create these rules, let's be honest, we just inherited them.
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[SPEAKER_01]: They were handed down to us by people who it was handed down to them.
36:18
[SPEAKER_01]: It was given to us by people I believe who love us, parents, grandparents, whoever raised us.
36:23
[SPEAKER_01]: So this is honestly out of about guilt, this is about this responsibility and acknowledging that hey, we need to change some unspoken things, you know the code.
36:33
[SPEAKER_01]: Now let's change the code and let's write a new one for our loved ones.
36:38
[SPEAKER_01]: We have to do it.
36:39
[SPEAKER_01]: So for the next 90 days, when we work on these three things and I will see you on the next show, step number one or number one, I will say, identify which of these seven rules you've been following and be honest, write them down.
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[SPEAKER_01]: The number two, pick the one that cost you the most, just one.
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[SPEAKER_01]: I make one decision in these next 90 days to break it.
36:59
[SPEAKER_01]: Instead of three, share this video with the one person in your family or someone who you love, who you know needs to hear it.
37:06
[SPEAKER_01]: Not to call them out, but to call them up and to help them out.
37:10
[SPEAKER_01]: Because the broke code only survives in silence.
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[SPEAKER_01]: The moment you name it and claim it, the moment you say it out loud, it loses its power over you and whoever says it.
37:22
[SPEAKER_01]: I believe today, your financial store is going to be rewritten.
37:25
[SPEAKER_01]: I'll see you in the next show, peace out.