Latest / The Personal Finance Club Show / Compound Growth, Tariffs, and How Jeremy became a Millionaire | Ep 8

Transcript

Compound Growth, Tariffs, and How Jeremy became a Millionaire | Ep 8 · The Personal Finance Club Show

0:00
How does compound growth work? Welcome back to the Personal
0:14
Finance Club show. Hey, Jen.
0:16
Hi, Jeremy, How are you? Great.
0:18
Do you know what this is in my hand?
0:20
Is that a McDonald's coffee cup? No, it's a better buzz coffee
0:26
cup. How dare you.
0:29
But it's also the I feel like. That's McDonald's I.
0:31
Don't know, but it's also the second ever coffee I've ever
0:34
drank. Interestingly up until like a
0:37
week ago. One fun fact about me was I've
0:39
never had a cup of coffee in my entire life.
0:42
But my wife Andrea keeps going and getting these like really
0:46
fancy sugar and milk filled drinks.
0:49
Every once while I take a taste of them and it doesn't really
0:52
even taste like coffee. And so I ordered my first one
0:56
ever like a week ago and this is my second one so.
0:58
So your hooks. I'm on the path to addiction and
1:01
my first one was like with her and this one I did by myself and
1:03
so. So you're drinking in secret?
1:06
Yeah, exactly. It's.
1:07
Like and now I haven't. Sneaking, you know, it's the
1:10
sneaking them hiding the cups later, it's it's getting bad
1:16
already. All right, well, what's your?
1:18
It's a very social are you? Doing like a caramel latte or
1:21
something? Yeah, no, it's a black, which is
1:25
what I call a pumpkin spice latte.
1:29
I'm screaming, can I have my black coffee?
1:33
And then I slide her a note that says Pumpkin Spice Latte like
1:36
I'm a bank robber. I'm.
1:39
OK, well speak of pumpkin spice lattes, it's officially fall and
1:43
as of this episode, we're post Halloween so you can talk all
1:45
about your Halloween costume. Finally, cat's out of the bag.
1:50
That's right. If you don't know about this, I
1:53
feel like half of my Internet fame has come from Halloween
1:56
costumes and the other half has come from boring personal
1:59
finance advice. And the, you know, maybe people
2:02
are aware of the intersection. But it all started like I think
2:07
nine years ago in 2016 where I really needed a costume.
2:11
And I, I saw a really funny picture of a costume the year
2:15
before of a guy who dressed up as ACVS receipt.
2:18
And it was like huge, right? And it was funny because these
2:21
stupid CVS receipts are so long. And so I was like, I don't have
2:23
an idea. Like maybe I'll just copy his
2:25
idea. And so I did and I went to work
2:27
back when I had a job and my Co workers were all egging me on
2:32
like, oh, you got to go to you got to go to ACVS.
2:35
Everyone would think it's so funny.
2:36
And so then I was like, Nah, that's dumb.
2:38
But I actually didn't need to get Halloween candy because
2:40
there's Halloween that day. And so I was like, well, I guess
2:42
I'll stop at CVS. And then just to prove to my Co
2:45
workers that I did it, I like took a video of me walking to
2:48
the CVS wearing the costume. Literally, I wasn't an
2:52
influencer. I was a computer programmer.
2:53
I this was pre TikTok. This was pre reels.
2:57
I took the video I like watched when I got home.
2:59
I was like, that's kind of funny.
3:00
Like, maybe I'll upload it to YouTube and, you know, post it
3:04
to Reddit and see if what happens.
3:05
And so I do, I post it to Reddit.
3:07
And then like the first 30 minutes I got like 3 or 4
3:11
upvotes. I was like, I was like, OK,
3:12
good's doing all right for early Reddit feedback of the day.
3:17
Go to go to sleep. I wake up the next morning and
3:19
my phone is like smoking from the notifications.
3:22
Like, you know, like all the, you know, Mashable, BuzzFeed,
3:26
like all these, like, you know, conglomerate.
3:28
Oh, you like actually went viral back when it like, mattered?
3:31
This was like real old school viral Good Morning America, like
3:35
all the local news shows, like everyone's offering to buy the
3:38
rights, like, you know, and I was like, Oh my, it's like
3:40
literally I'm like getting these like cash offers to buy the
3:43
rights to this video. I was like, I don't even know
3:46
like what like is a is a good price?
3:48
Am I supposed to sell? Am I supposed to keep it?
3:50
I don't know. And so that was like my first
3:53
taste of like, you know, going really viral.
3:57
And so then I've like, you know, then personal finance clip
4:00
started. So I started making like,
4:01
finance theme costumes. Like one year I made a credit
4:06
card reader. I think, I think the CVS receipt
4:09
tickled people's fancies because it's like this little tiny
4:12
annoyance that is really relatable that we all share.
4:16
Because I was like, yeah, why are those so long?
4:18
Ha, ha, ha. And just like just funny enough
4:21
that like the two seconds you need to catch someone's
4:23
attention on the Internet, it like worked, right?
4:26
And like the credit card reader kind of was like the same thing.
4:28
We're like, do I tap? Do I swipe?
4:29
Do I use a chip? It was like in the era where
4:31
there's all transitioning and not everyone had the chip or the
4:34
swipe or whatever. And so, yeah, I've been doing it
4:38
every year. I I did a a working gas pump one
4:40
year where I had beer in a gas pump with like a reader.
4:44
On it. OK.
4:45
Thank you for clarifying that it wasn't gasoline because I was.
4:48
You said that the other week and I was like, did he have
4:50
gasoline? Just spraying people with gasps.
4:54
I hope no one's a smoker, because watch out.
4:58
OK, it was beer. Got it.
4:59
And then yeah, or it could be water, but it, you know, when I
5:02
went to the parties was beer. And then what else did I do?
5:05
I did, oh, I did a home for sale, like a modest home for
5:08
sale with like a live Zillow listing out that showed like the
5:11
the interest rates and price. And then this year I was looking
5:14
for another really relatable kind of annoyance among, you
5:18
know, people. And I went as a automatic sink
5:22
that you might find like a, an airport or something where you
5:24
put your hands under and never starts and you pull your hands
5:27
away. And so I literally spent like 2
5:30
full days working on the plumbing of this thing to make
5:32
it actually flow. And, and despite having, you
5:36
know, no water source and no electrical, I can walk around
5:39
wearing this automatic sink. And for me, it was like one of
5:42
my most impressive ones because it's like some real actual
5:44
plumbing going on to make it work.
5:46
But it doesn't seem to be performing very well.
5:50
I just posted this morning, this is, you know, this is airing
5:52
like a week later and it did you know it is not going viral like
5:56
you know some of the others. It's not as easy to go viral
5:58
nine years later, is it? Yeah, you know, that might be
6:01
true. I'm watching because I was
6:02
looking at your creation of all these crazy Halloween costumes.
6:06
My Twitter feed is full of really ridiculous Halloween
6:09
costumes. Like I can't even think of any
6:11
of them now. But I think that you have like
6:13
some stiff competition, like it's really hard to shock
6:17
people. Brave.
6:18
I know it's true. Like you'd think a a sink would
6:20
be shocking, but now you have to just, I don't know, go as like a
6:24
gigantic skyscraper that's 30 feet tall or something.
6:28
I don't know, send send in your ideas for next year.
6:32
Everyone always I always have people guess my ideas and I
6:34
always guess it's like really obvious to me ideas like, oh,
6:37
it's a tariff. I'm like, of course I can.
6:39
It's like finance. And I was talking about tariffs.
6:42
I goes but like, you know what what you know that's not that
6:44
interesting. They're like, stay in your lane,
6:46
Jeremy. Exactly.
6:48
I was like, what does this thing have to do with Halloween?
6:50
Or what does this thing have to do with personal finance?
6:52
I was like nothing. I don't know, live a little
6:54
nerds. It was a nice touch that it
6:58
didn't really work. It was the opposite effect,
7:01
right? But that was the joke is when
7:02
you put your hands under it stopped.
7:04
Yeah. All controlled, by the way, by a
7:06
little switch in my pocket. Oh, so you?
7:09
Oh, I don't, I don't. Did we post the video yet?
7:12
I haven't watched it. No, there's a how to video
7:14
that's coming out in 2 days, but when you listen to this, it's
7:16
already been posted. But yeah, there's no actual
7:19
sense in there. It's just a little USB such in
7:22
my pocket, turning it on and off the little pump that circulates
7:26
the water through the. Wow, clever.
7:29
Yeah, very clever, but you don't get any points for cleverness, I
7:33
guess. Just shock value.
7:34
Next year, we'll go. Sorry to hear it.
7:37
Well, happy Halloween, hope you guys had a great.
7:40
I hope that your costume got more positive feedback than
7:42
Jeremy's. That being said, let's get into
7:47
our segments. Explain it like I'm 5.
7:54
All right, Jen, the world of finance is complicated.
7:58
I think this one I can kind of explain like you're 5, or at
8:01
least I have a metaphor. So what's what's the question?
8:03
OK, So what is compound growth? How does it work?
8:08
Explain it like I'm 5. I like this question because the
8:11
Dumber the question, well, the Dumber the question sounds, I
8:14
think the more people appreciate the answer because everyone just
8:18
oh, compound growth, blah, blah, blah, blah, blah.
8:20
But I think there's always this little uncertainty like, oh, how
8:23
does that actually work? What's really happening there?
8:26
And so I'm going to explain it using a board game analogy.
8:31
You know, the game of Risk, it's a, it's like a world map and
8:35
every country is a little, is a little colored territory.
8:38
And you can put little armies in each country.
8:40
And like, let's just imagine you're playing Risk and let's
8:42
say you start with one country. And the way Risk works is every
8:46
time you have a country, you get a bonus each term.
8:50
And so if you control 1 country, this isn't the exact rules, but
8:54
just for the sake of this analogy, we'll say for every
8:56
country you control, you get a one army bonus.
8:58
So your first journey of 1 country, you get a bonus.
9:02
And then maybe you need to wait until you have 3 or 4 armies in
9:05
that country before you could take over a second country.
9:08
And so, you know, turn 1 you have one country, turn 2 you
9:10
have one country. Turn three you have one country,
9:12
but you're getting more armies built up on that country.
9:15
Then by turn 4, you might be able to attack a neighboring
9:18
country and take that one over. And so now in turn 4, you have
9:21
two countries at the end of turn 4.
9:23
So then then the next turn starts, but now you get 2
9:26
bonuses, right? And so you're like, OK, now I
9:28
have two countries, I get 2 bonuses.
9:30
And then things go a little faster because now I might need
9:33
only to wait two more turns before I can take over a third
9:36
country, and now I'm getting 3 bonuses.
9:39
Fast forward a few more turns, maybe you have 10 countries, and
9:43
on that one turn you get 10 armies.
9:45
And then you can take over 2 entire countries just in one
9:48
turn, and it gets you to 12. And so while on your first when
9:52
you started the game, you need to wait four turns just to take
9:55
over 1 country. Now in turn 10, because all of
9:59
these countries are now producing new armies for you,
10:03
you can take over 2 new countries just in one turn.
10:08
Fast forward some more turns. Let's say you have 100
10:09
countries. Now you're getting 100 armies in
10:13
one turn and you can take over 20 countries in one turn.
10:16
And so you went from, you know, build waiting four turns to get
10:22
your second country, just one country to in one turn, you're
10:26
getting 20 countries in one turn.
10:28
That's literally compound growth there because the bigger you
10:31
know, the bigger it gets, the faster it goes.
10:34
And the faster it goes is because each of these countries
10:37
is basically army producing. And, and that's really how risk
10:43
feels at the beginning. It's slow, it's like a slog.
10:46
You're really trying just to like get through 1 country, but
10:48
then by the end if you're winning, you're just, you got
10:52
like packs of like 60 armies. It's like ravaging and running
10:55
through the, you know, that's, that's the feeling of how I'm
10:57
going to grow. And it's true with money too.
10:59
At the beginning, if you're starting your investing journey,
11:02
your first few bucks is going to be a slog.
11:04
In fact, your money's not going to make much money for you.
11:08
You're not going to really get much from all these countries
11:11
producing armies. You're going to get much more
11:12
from like your job from savings. So I'm going to run through a
11:15
quick math example. This is going from explain like
11:18
maybe 7 to now I'm explained like you're 13 or something.
11:22
But buckle up. If you save, buckle up.
11:25
Buckle up. 8 years old, 8 year old, because this is going to be
11:28
over your head and going to be able to multiply numbers.
11:30
So let's say you save $500 per month over the course of a year,
11:35
you saved 6000 dollars. 500 * 12 is 6000.
11:39
And let's say you put that into investment, getting a 10%
11:41
return, 10% of 6000 is 600 bucks.
11:45
And so in year 1, you've saved 6000 and your investment has
11:50
returned 600. Not bad, you know, and, and I
11:54
think a lot of people who listen to me and watch my content,
11:56
they're like 600 bucks, man. Like I can't even buy anything.
12:00
I, I thought you were talking about millions.
12:02
I'm like, OK, we'll get there in year #2.
12:05
You're still saving 500 bucks a month.
12:08
So you save your $6000, and then that $6000 you save gives you
12:15
10% return, which is another 600 bucks.
12:17
But two magical things happened in year #2.
12:20
First, your first year's savings.
12:23
That $6000 you saved in year #1 because you saved $6000 in your
12:27
number one, that pays you again because the return, it's kind of
12:32
like your second turn in risk, right?
12:33
You get another army from it every single turn, even though
12:36
you already control it. So that 6000 bucks you already
12:39
saved pays you again. So I paid you $600.00 last year.
12:42
It pays you another $600.00 this year.
12:43
So even though you're only saving it once, it's paying you
12:46
every single year, which is part of the magic then.
12:49
So that's, that's magical thing. Number one that happens.
12:52
Magical thing #2 that happens is the interest from the previous
12:55
year. You know how you made 600 bucks
12:57
in interest the first year that that now is part of your, you
13:02
know, part of your, part of your country's, part of your armies.
13:05
That's 600 bucks pays you interest.
13:08
So you get $600.00 from this year's savings, $600.00 from
13:12
last year's savings, plus 60 bucks from last year's growth,
13:18
meaning you get a total return of 12160 bucks.
13:22
So in your number one, you got $600 in growth and you're #2 you
13:27
get more than double that 1260. And so that's the beginning of
13:31
compound growth where the growth turns into more growth right
13:34
fast for the year #10 when you add up all those years of
13:37
previous savings app all, all that math I just did.
13:40
Now the growth in your, your number 10 is $9562.00.
13:46
That means 10 years in the growth of your investments is
13:50
actually more than you're even saving, which is crazy, right?
13:54
And 10 years, you know, it's a long time.
13:56
If I said you're going to jail for 10 years, you'd probably be
13:58
very sad. But if I said, Jen, you're
14:01
younger than me, but not a lot younger than me.
14:03
And if I said, you know, 10 years ago, how like, what were
14:07
you doing? How long ago?
14:08
Like, how, how long does that feel to you?
14:10
Like your age, 10 years ago, what you were.
14:11
Doing 10 years ago 29 Where was she?
14:14
Oh my God, New York City, living on a dream and a prayer.
14:20
Does it feel like a long time ago do?
14:22
You, I guess perspective is everything, but maybe not, yeah.
14:28
I'm the same way like in one hand I feel like high school was
14:30
2 minutes ago and the other hand I was like that's like 6 lives
14:33
ago. But for sure, you know, 10 years
14:36
can go quick. And you know, if you start when
14:39
you're 29, when you're 39, your investments will be growing
14:43
faster than you're even saving, right?
14:45
So you can even stop saving all together.
14:46
And there was just now you're on this trajectory, right?
14:49
That's your, your 10. Fast forward even further and
14:53
you're 40 now instead of, you know, in year 1 you made 600
14:57
bucks. In your 10 you made 9000 bucks
15:00
and you're 40. You make $265,000 a year just in
15:04
growth. And so that's the magic of
15:06
compound growth, which is you're still just saving that 500
15:09
bucks, but the growth gets bigger and bigger and bigger,
15:12
just like your armies get bigger and bigger and goes faster and
15:14
faster and faster and it feels very slow.
15:16
One of the most common pieces of feedback I hear from early stage
15:21
investors is why is this going so slow?
15:24
Jeremy, you know, I, I've saved $10,000 a year for the last two
15:28
years and I, I only have $25,000.
15:31
I said, whoa, that's going incredibly well.
15:33
You've saved 20,000, you have $5000 of growth and that's the
15:38
very early stage. Most of your money in the early
15:40
stages comes from your savings. But it started the snowball.
15:43
It's good. It's bigger and bigger and goes
15:45
faster and faster. And so it feels slow at the
15:47
beginning because most of your money is from the savings.
15:50
That $6000 you're saving, you know, you know, in our example
15:53
is used the $12,000 you saved in the first two years is much more
15:57
than the, you know, the 18160 bucks in growth.
16:01
But it's the beginning of the snowball that goes faster and
16:04
faster. And eventually after 40 years in
16:07
this example, you've saved $240,000, which is obviously a
16:11
lot of money, but your total investment is $2.9 million.
16:16
So over 90% of your investment isn't what you put in, it's the
16:21
growth and the growth of the growth.
16:23
And so that's what compound growth is.
16:24
It's just starting small. The snowball your money.
16:28
You know, all your armies grow, the armies get more countries,
16:30
the countries get more armies get more countries.
16:33
And that's almost an exact parallel to, you know, you buy
16:35
more shares of stock, the stock produces more growth in
16:37
dividends, you buy more, more stocks and dividends.
16:40
And that's, you know, the stocks are like the countries, except,
16:44
you know, countries and armies kill people and stocks.
16:48
I don't know numbers on the website.
16:52
Yeah, I'd say the actual process, much like a lot of
16:55
personal finance of saving and taking the time and just letting
16:58
your money grow is quite boring. But watching your money grow and
17:02
like retiring a millionaire is very exciting.
17:05
So I think that. That's pretty cool.
17:07
These are very hard lessons to learn because I think we think
17:11
this should be exciting. I should be like, you know,
17:14
looking at charts on a screen and, you know, doing all this
17:17
fancy stuff. And really the most important
17:19
part of building wealth is just the waiting.
17:22
You set it up, you do it and you wait.
17:24
And it's a tough pill to swallow, but that's that's
17:25
what's going to make you the most rich.
17:27
Messing with it more is going to make you less rich.
17:30
Preach. OK, that's compound growth.
17:33
Hope you enjoyed. Let's move on to our next
17:35
segment, Money. Money.
17:38
Can I ask a dumb one? Are you asking a dumb person?
17:41
Are you asking a dumb question? No, Tevin's not dumb.
17:44
I'm going to go ahead and speak on his behalf.
17:47
This question comes from tevinandheemailedpodcast@personalfinanceclub.com.
17:52
And so can you. And Tevin actually said that he
17:55
used ChatGPT to make his question shorter.
17:58
So shout out to you because it's very short.
18:00
And I picked this question specifically because it's one
18:03
that I actually kind of had for you.
18:04
Like I don't know how many people I don't think we've
18:06
actually talked about on this podcast, but I don't know how
18:08
many people know your story and how you became a millionaire,
18:12
why you're a millionaire and how you've maintained that.
18:14
And Tevin actually did a really great job of asking the
18:17
question. So maybe you can go a little bit
18:19
into your back story and then answer Tevins question.
18:21
But he asks, I get that building wealth can sound simple, just
18:26
keep investing in index funds, right?
18:28
But what are you actually doing all that time?
18:30
How did you get rich spending all your time exploring and
18:33
building this hobby of wealth and investment?
18:35
And from what I know about you, you are very transparent about
18:38
how you made your money and how you continue to make more money.
18:41
So but for people who don't know you, how did you get here?
18:44
And what, and I specifically asked last week, what were you
18:47
doing before? You know the big unless you get
18:50
into it, But yeah, what were you doing beforehand?
18:52
Yeah, I, I'm really a big fan of transparency with money because
18:55
I think there's all this like secrecy and shame around it.
18:59
And people don't want to talk about how much debt they have or
19:02
what their investments are or, you know, how much money they
19:06
make. And when, you know, wealthy
19:08
people, especially on social media, like, Oh yeah, I, you
19:12
know, bought this private flight or I'm, I'm a millionaire, I do
19:16
this. And, you know, it just feels
19:18
like there's this, like what's behind the curtain, what's
19:20
really going on? And I try to constantly, you
19:23
know, in my mind, the curtain was wide open and you can come
19:26
poke your head and you can look in my bank account and you can
19:28
see everything. But for sure, you know, I know
19:31
that I'm much more aware of all the content I've created on all
19:34
the different platforms and someone who's coming for the
19:36
first time. So I'll try to lay it out here.
19:39
I went to college, got a good degree from the University of
19:43
Michigan in computer science. I got a job offer from
19:45
Microsoft. I turned it down.
19:47
I was computer science major. I'm a computer programmer by
19:52
trade. And instead I started a company.
19:56
And even that is probably sounds very abstract to a lot of
20:01
people. It did to me.
20:02
I had no idea what I was doing. I googled how to start company.
20:05
I did not, you know, have my hands in the Silicon Valley
20:08
world. In fact, that company, we never
20:11
raised a single dollar of funding.
20:13
I was a little just a dude with a laptop Googling how to start
20:17
company. And trying to get people to give
20:19
me money and, you know, maybe not go to jail by the IRS for
20:23
breaking some sort of tax law. I wasn't aware of it, that
20:26
that's really what it was. And over the course of the next
20:30
12 years, I was trying to grow that company.
20:32
It was an Internet company. We sold basically apartment
20:34
advertising. So landlords would, you know,
20:38
use our website to advertise their rental properties on
20:41
dozens of different websites. And throughout that time, my Max
20:47
take home pay was $36,000 a year.
20:51
I was the lowest paid employee at my company we hired.
20:54
We end up growing to a team of seven, Not a huge company, still
20:57
a very small company of course. But just in order to grow the
21:00
company, I was paying myself as little as I could essentially
21:03
live on in San Diego. That went up until 2015.
21:06
So for sure $2015.00 to 2025 dollars are different, but not
21:10
that different. I was living in San Diego, so
21:12
maybe it's equivalent of making 40 or $45,000 these days in San
21:16
Diego. It's, you know, it's living
21:18
lean. It's not poverty, but it's
21:19
living lean. And during that time, I
21:23
basically just lived on less than I made.
21:25
So if I was making $3000 a month, I'd live on $2600 a month
21:30
or something. My rent was 1000 because I had
21:33
roommates. My car was like 200.
21:36
I drove a used car. I just ate very inexpensively
21:39
from the grocery store. I was, you know, I had no kids
21:41
at the time and I played beach volleyball, which is free, you
21:44
know, short of buying a couple of volleyballs each year or
21:46
whatever it was. And the day before I sold my
21:51
company, my net worth had grown to about $110,000, which is, you
21:56
know, not a ton of money. But living on 36,000 bucks a
22:01
year, living below your means, putting away, it's kind of
22:04
almost exactly like that $500 a month example I gave in the
22:09
compound growth Section 3 minutes ago where I was saving
22:12
my few 100 bucks a month. It wasn't always 500, but over
22:16
the course of ten years, like maybe it was $5000 a year, $5000
22:20
a year times 10 years is 50,000 bucks.
22:22
I saved at all the compound growth in there and you double
22:26
it and that's like the 100,000 bucks.
22:28
And that's where I was. And I was certainly on pace to
22:30
become a millionaire by traditional retirement age.
22:33
But then I sold my company for just over $5 million in cash,
22:39
which was very nice. At the time I owned 70% of the
22:42
company, my mom owned 30%, and all the employees also had a
22:45
stake. And so my share after taxes was
22:48
about $2,000,000. I mean, all sorts of mistakes.
22:50
I paid like $1,000,000 in taxes, which I maybe wouldn't have
22:53
needed to if I knew about certain tax laws when I was
22:56
starting the company. But that's, you know, that's
22:59
life, I guess. And so my net worth went from
23:02
like .1 million which is 100,000 to 2.1 million with literally
23:07
the click of a refresh button. And there's a video of me
23:10
clicking refresh on my bank account website and going from
23:13
100,000 to 2.1 million. Oh, I want to see that.
23:17
Yeah, I posted, I posted it on YouTube.
23:19
It's on Instagram. Maybe we'll repost it.
23:21
And so like I said, it's transparency a little.
23:23
It was just a wire. It went to my bank account.
23:26
That's what happened. That's funny.
23:27
And then, you know, and so when people hear that, they're like,
23:31
oh, you're a tall, rich white guy who sold a tech company.
23:35
How inspiring, how relatable. Yeah, I certainly get that
23:38
that's not just like a very repeatable thing.
23:40
But I will say, you know, before I sold my company, I was living
23:44
below my means of investing. 2,000,000 bucks in Southern
23:46
California isn't a, you know, guaranteed lifetime of wealth
23:50
and riches. If I bought $1,000,000 home,
23:53
right, then half of it's gone. Plus I picked up a $10,000 a
23:57
year tax bill. You know, you add in a fancy
24:00
car, some fancy trips, like, you know, you can burn through that
24:03
2,000,000 bucks in a couple of years and I can be back to oh, I
24:07
better get a high paying job just to afford the tax bill on
24:10
this home, right. But that's not what I did.
24:13
I kept living below my means. I kept driving the 99 Ford
24:16
Explorer I was driving. I did eventually buy a Mazda.
24:20
I know I'm just I'm another Mazda name dropper and I got a a
24:23
Mazda chasing wife now. Mazda Chaser.
24:27
That's what they call them. Yeah, exactly.
24:31
Another Mazda chaser. Just so obvious.
24:35
But yeah, that that was. So, you know, while that was my
24:38
story, the real the lesson there is, yeah, if you can start a
24:41
company, I'd go and sell it, do it.
24:42
I'm a huge fan of entrepreneurship.
24:44
But the real story is I could have gone broke at any of these
24:46
stages. But before, during and after the
24:49
company acquisition, I was living below my means and
24:51
investing. And now today, my net worth is
24:53
north of $6 million. So that 2 million has become
24:56
6,000,000. And now, you know, 6,000,000 is
24:58
a little bit more comfortable in the in the fire world.
25:01
Financial independence, retire early.
25:03
And so, you know, Tevin's question is like, what were you
25:06
doing all that time? I was working growing companies,
25:10
working at the company that acquired my company and
25:12
eventually I quit. And after about 2017, I haven't
25:16
really had a serious income. I've been primarily living off
25:19
of the growth of my investments. But I'm still living frugally
25:23
enough these days, a little bit less with two kids and a wife,
25:26
if you know what I mean. But these days I'm living
25:28
frugally enough that my, my wealth is continuing to grow.
25:33
And you know, it's been a good run in the stock market and
25:35
yadda, yadda, yadda. But you know, it hasn't been
25:37
that atypical. The market has returned about
25:39
10% a year over any, you know, 10 or 15 year period, you know,
25:44
historically. And so that's what I'm doing and
25:45
that's what I'm going to keep doing and just going to try to
25:47
not, you know, live on small enough amount of my growth of my
25:51
investments that I'll never need to not never need to work again
25:55
to, you know, rebuild up my investments.
25:57
Nice. I I love Tevin's question.
25:59
It's obviously a question that I had myself because we know
26:02
Jeremy the millionaire, but we don't necessarily know Jeremy
26:04
who lived off of 40,000 or even 100,000 a year.
26:07
And what I love about what you post and what you encourage in
26:11
your courses is that you show people who are pretty much at
26:15
any phase what they can do to improve their financial
26:18
situation. You don't obviously need to be a
26:20
billionaire to take this good, good financial advice.
26:23
So I'm sure that's why Tevin loves your content and why he
26:27
asked this question. So I hope that answers it.
26:30
And I, yeah, I find you to be somebody who's very transparent.
26:33
So that was great. And people, a little refresher
26:35
for people who may not know your back story.
26:37
Thanks. Yeah, ask me those tough
26:39
questions. I encourage you to ask me the
26:41
only. The only thing I can't really be
26:42
transparent about as much now is like things that involve my
26:45
wife's finances because she doesn't share my show your bank
26:49
account to the world mentality, which is reasonable because most
26:53
people don't. Most people don't.
26:55
Yeah, But yeah, I, I really just, you know, in the future
27:00
episode, let's talk about the actual selling of the company
27:02
because that's always something that's been so abstract to me,
27:05
which is like, what do you mean you sold the company?
27:07
And like, how'd you decide the price and who'd you sell to and
27:10
how'd you negotiate all this stuff?
27:12
And I'll tell the story. Amazing.
27:16
OK, let's get into our next segment, Scroll Patrol.
27:23
Scroll Patrol. Let's do it, OK?
27:25
This is a video that Jeremy has not seen.
27:28
I have sourced it from the Internet.
27:30
This is a short 1 and I feel like it kind of scratches the
27:33
itch of a question like that is big in the financial personal
27:37
finance world. So, Jeremy.
27:40
All right, here's my real authentic reaction.
27:42
Jen Salt. Jen has seen this.
27:43
I never have. I'm clicking.
27:45
I'm opening up. Stop buying coffee for $5.50.
27:49
You know, you go to work, you spend 15 bucks on a sandwich.
27:51
What are you, an idiot? It cost you $0.99 to make a
27:54
sandwich at home and bring it with you.
27:55
You start to add that up every day.
27:57
It's a ton of money. Most people, particularly
28:00
working in metropolitan cities that are just starting on their
28:02
job making their first 60,000 piss away about 15,000 a year on
28:06
stupid stuff. And that's what they should stop
28:08
doing. Oh man, Jen did not know that I
28:12
was drinking my second ever coffee.
28:13
I had no idea when when she when she hit me with a don't waste $5
28:19
on your lattes video. So, yeah, that's Kevin O'Leary
28:25
of Shark take fame, the multimillionaire.
28:29
Maybe he's a billionaire, I don't know, telling people not
28:31
to drink $5 coffee. You know, this $5 coffee advice
28:35
was very popular 10 years ago. But then there's this is like my
28:42
opinion about the pulse of the personal finance world.
28:46
Then there's this, like, reactionary push back to that
28:49
saying, hey, $5 coffee ain't your prom.
28:53
We're in this much more difficult world with like,
28:55
record high home prices and inflation and stagnant wage
28:59
growth in yada, yada, yada. And that's true too.
29:03
And so my opinion is, you know, everything he's saying is
29:06
actually technically correct. Yeah.
29:08
If you're doing a, like, let's say you go to work every day and
29:12
you order a DoorDash for 20 bucks and order, by the way, in
29:15
Southern California, this coffee was $7.00.
29:17
And I mean, five, Yeah, easily spend $20 on a lunch and not
29:22
even really be splurging. And then $7.00 on a coffee, you
29:25
know, multiply it together. That's $810 a month if you can,
29:30
you know, if you can get your coffee and your food for $300 a
29:34
month instead of 810, that's 500 bucks a month.
29:37
That's the $3,000,000 was talked on the compound growth.
29:40
And so mathematically, he's exactly right that if you don't
29:44
have these like little leaks in your personal finances then and
29:48
you're directing a mind to investing instead, that could be
29:50
$1,000,000 decision right there. That said, I think most people's
29:54
problem isn't the occasional Starbucks.
29:56
You know, the example I just gave is like $20 every day,
29:59
$7.00 every day. That's not really what most
30:02
people do. It's usually more of a treat for
30:04
most people. But if you do do it every day,
30:06
that math is very real for you. I think for most people, it's
30:10
the bigger items that are the real problem.
30:13
You know when I was talking about my pre, you know,
30:17
millionaire housing and car costs?
30:21
I found in San Diego a really cheap 2 bedroom apartment.
30:24
I went to it with a friend. It was 1400 bucks a month.
30:27
We split it so my San Diego rent was $700.00 a month.
30:31
Wow. It would have been very very
30:32
easy to go walk into an apartment complex, sign up for a
30:36
one bedroom apartment and pay 1400 bucks for myself.
30:40
Very easy, right? And my car was a 99 Ford
30:45
Explorer that I paid $500. That's sorry that I paid $3000
30:49
in cash for. I sold it six years later for
30:53
$1500. Depreciation, maintenance, all
30:57
the added expenses. You averaged it out.
30:59
I was probably paying 200 bucks a month for my car.
31:02
So $700.00 a month for rent, $2.00 for car.
31:06
That allowed me to live on $3000 a month and still save money.
31:10
It would have been very, very easy for me to go walk into a
31:13
car dealership showing my pay stubs and and walk out out of
31:16
there with a $500 car payment. And so I could have had a $1400
31:20
apartment and a $500 car payment for 1900 bucks a month.
31:24
That'd be very, very easy. It'd be very normal.
31:27
It'd be very regular. It's what everyone does.
31:28
It's what your friends do it what it's what everyone does as
31:31
1900 bucks a month. What I was actually doing was
31:34
900 bucks a month, right? Yeah, $700.00 for rent, $2.00
31:38
for car. And like, my life looked
31:41
identical to the $1900 life people.
31:45
They lived in some apartment complex.
31:46
I lived in a small duplex that I was rented by some property
31:50
management company. They drove a Toyota that was a,
31:54
you know, year old. I drove a Ford that was nine
31:58
years old. Like no one gave a shit when
32:00
they saw me or what came over to my apartment or whatever, right?
32:04
But there's $1000 a month difference.
32:05
And so while, you know, I think Kevin is right here, that little
32:09
stuff can add up. I don't think that's really most
32:11
people's problems. I think it's the big things.
32:13
It's you bought too much house, you're renting too much
32:16
apartment, you're buying too much car, these huge payments or
32:18
you're not switching jobs. You should be switching these
32:21
days. If you just switch jobs, you,
32:22
you can get a 20% pay jump because one company is more
32:27
competitive than the other company.
32:28
That right there could be a multi million dollar decision.
32:31
And so, you know, I, you know, don't endorse everything that
32:36
this guy says for sure, but I think this message is fine.
32:39
But I don't think this is like the core most correct message of
32:43
building wealth. I think the core correct message
32:45
is live below your means. But do the big things right
32:48
first. Housing, transportation, job,
32:50
those are the big things that are going to really move the
32:52
needle. Don't kill yourself over buying
32:54
the occasional. You know, if you buy 2 coffees
32:57
every 45 years like I've done, that's fine.
33:02
And he said all this y'all just because he bought a coffee and
33:04
want to make himself feel better so.
33:05
Don't fall for it. I know now that I'm on the
33:08
coffee train, all my advice has changed.
33:11
Yeah, you became a coffee addict real quick.
33:13
It only took 2. Exactly.
33:15
I need to go get a second one today.
33:16
I'm getting one on the way home. But anyway, I got to give it a
33:18
grade. I would give this AB plus, you
33:20
know, like, yeah, it's technically true.
33:22
I think it's a little bit on like the shame side of personal
33:24
finance and I don't think it's the most impactful thing.
33:28
But you know, I do think we should be aware of those little
33:31
leaks. And yeah, it's not the best
33:33
advice I've ever heard, but it's it's fine.
33:35
OK, B plus not bad. Good job, Kevin.
33:39
He'll be so happy when he never hears this.
33:41
I for exactly this is this is going to be the post that goes
33:44
viral, not your Halloween costume.
33:47
All right, let's get into our last segment of the episode.
33:52
Jeremy had time today. I did.
33:56
And we're going to get spicy. I dug back just a little bit.
33:59
You know, I thought that we might wait for this topic to
34:02
cool down a little bit, but apparently not.
34:04
You know, we're the lots, lots of ups and downs going on it.
34:07
Keeps coming up. It keeps coming up.
34:09
So I pulled from a post from April about why tariffs suck.
34:18
And so you made a beautiful emoji post, as you are want to
34:21
do about why you don't like tariffs.
34:25
So eloquently posted by you. And we had a lot of hot
34:29
comments. So we had one commenter who said
34:33
people act like tariffs are always bad, but why is it fine
34:35
for other countries to charge US tariffs yet it's a problem when
34:38
we do the same? We're not sending money
34:40
overseas. We're also sending jobs.
34:43
Sure, prices may go up a bit in the short term, but that creates
34:46
an opportunity for American companies to compete without
34:49
overcharging like Ford is doing with the US made cars.
34:53
So if you look through this tariff issue through a political
34:58
lens, which we are all probably somewhat guilty of doing today,
35:02
you get a litmus test to say, OK, what side of the aisle is
35:06
this guy on? And if he's not on my side, then
35:08
I'm going to think of every reason that he's wrong.
35:11
And tariffs are very politically charged topic right now because
35:15
we have a President Donald Trump who is using them in kind of
35:19
very erratic ways, it seems. And people who love Donald Trump
35:26
think that he's a genius businessman who's using them
35:31
very strategically to advance American interests.
35:34
And people who don't like Donald Trump think he's a crazy person
35:38
who's just frantically doing random stuff.
35:41
If you look at through a political lens, none of the
35:43
words that come out of my mouth are going to mean anything to
35:45
you because you're going to continue to think what you
35:47
think. And I'm not going to say it's
35:50
fine. It's not fine.
35:50
It kind of sucks. It makes me sad about the world,
35:53
but it is what it is. That said, I'm going to try to
35:57
break down the topic of tariffs just kind of really simply and
36:02
factually and give the pros and cons.
36:05
So what is a tariff? It's pretty simple.
36:06
It's a tax. This is the American centric
36:10
view of the tariffs. By the way.
36:11
You can translate this to your own country if you're not in the
36:13
US, but tariff is a tax charge to Americans, either American
36:17
citizens or American companies when they import foreign stuff.
36:21
So you might actually personally see this if you, like, buy
36:24
something on eBay for another country and you have to go pick
36:26
it up at the post office, you actually have to pay a tariff on
36:29
that because the post office is going to say, oh, this is a
36:32
foreign imported product based on the declared value of it.
36:37
And you know, the tariff law to pick it up, we're going to have
36:41
to pay if to pay a cost. Most of us don't experience that
36:44
because most of us aren't really directly ordering foreign
36:47
imports these days. What really happens is we'll go
36:49
to Walmart to buy something that was made in China.
36:54
And then the US company, whether it be Walmart directly or
36:57
whatever the importing company is, when they get a shipment of
37:01
stuff coming off of a, you know, freighter that's landing in San
37:04
Diego or whenever you get, whenever these guys get these
37:07
big imports, then they pay a tariff on it.
37:10
But then in order to keep their business solvent, they have to
37:12
raise the prices, right? And so that's what tariff is.
37:14
I think there's kind of been some misinformation like, oh,
37:16
we're charging the tariff to China.
37:18
No, like the US government can't charge a tariff to China.
37:21
That's doesn't make sense. We would send them a bill and
37:22
they'd give us the middle finger and be like we're our own
37:25
government, we're not going to pay you any money.
37:27
So that says so here's some pros about tariffs 1 incentives
37:31
incentivizes consumers to buy American.
37:34
So when all these like, let's say these, you know, Walmart's
37:40
importing a bunch of T-shirts and China sells T-shirts for 10
37:43
bucks, American sells, you know, American made companies sell
37:47
T-shirts for 20 bucks because American made labor and housing
37:50
and everything's more expensive here.
37:51
Walmart's just going to buy all their stuff from China and then
37:56
that makes more sense. And so American T-shirt
37:57
companies are kind of like, oh, darn, it's hard to compete with
38:00
Chinese labor, which is true. But now if you know, Donald
38:03
Trump imposes 100% tariff on Chinese imports, suddenly the
38:07
Chinese made company or so Chinese made T-shirt cost to
38:11
Walmart is now $10 paid to China, $10 and a tariff paid to
38:16
the US government. It's now the cost becomes the
38:19
same. the US company T-shirt with no tariff is 20 bucks.
38:24
The Chinese net cost is 20 bucks.
38:27
And now the US companies can actually compete.
38:29
So it incentivizes consumers to buy American.
38:33
It also protects newer strategic industries.
38:36
So, for example, this T-shirt industry now is more protected.
38:41
We can actually foster American T-shirt companies here because
38:45
they can compete on more equal footing with the lower cost of
38:48
Labor in China. And sometimes there is very
38:52
strategic thing. So for example, if we have a
38:56
medical or computer chip industry in the US and these
39:01
things get priced out of American manufacturing because
39:05
of low cost of Labor in other countries and all of our
39:08
medicine and all of our computer chips are coming from overseas.
39:12
And then we get into a war with that country.
39:15
And then the like, let's say we can do a war with China and
39:17
China says, hey, I have an idea, let's stop signing medicine and
39:21
computer ships. That's going to really be good
39:23
for our war interests. Then, you know, America as the
39:26
like foreign adversary, adversary to China is at a
39:29
disadvantage. Another benefit of tariffs and
39:32
another benefit is it provides tax revenue.
39:34
And so all this money that's getting charged to these, you
39:38
know, for these imports goes to U.S. government.
39:40
And we can use that money to, you know, do whatever the
39:43
government does, pay for roads and wars and healthcare
39:47
somewhat, and whatever we spend money on.
39:50
So I suppose here's the cons, cons.
39:52
And make stuff more expensive for consumers.
39:54
This is already a long episode, and it's supposed to get longer
39:57
because you could kind of just through the soft tariffs for me.
40:00
I'm going to do my best, Jen. We got to talk about it.
40:02
We can't just pretend that happening.
40:04
All right, so cons. It makes stuff more expensive
40:07
for consumers. So I used to be able to buy AT
40:10
shirt from Walmart for like 12 bucks.
40:12
You know, 10 bucks cost to China, 2 bucks at Walmart,
40:14
profit, 12 bucks. Now I'm probably paying 2223
40:19
bucks for AT shirt. In the example I gave earlier,
40:21
that's inflation. When stuff becomes more
40:23
expensive, it's inflation. And so when we talk about, you
40:26
know, housing, grocery store, everything costing more money,
40:29
this is part of it. When things go up and cost well,
40:33
you just have to go up. Housing has to go up, food has
40:36
to go up. It's all kind of interlinked.
40:37
And all is a result in this one big number that we can track
40:40
called inflation. No one likes inflation.
40:42
So while everything I said sounds really good, like, yeah,
40:45
go American companies, when everything costs more money,
40:47
that's actually bad for workers, right?
40:49
And as I said in this post, it's it's kind of a regressive tax
40:52
because while billionaires, if they're paying, you know, the
40:56
billionaires spend very little their money.
40:58
So like, you know, Elon Musk has $500 billion, he spends a
41:02
thousandth of a percent of his money in a year, if that, right,
41:05
a millionth of a percent, like a tiny amount, because, you know,
41:08
if he spends $100 million a year as a thousandth of a percent or
41:11
something. And so he's not spending much of
41:13
his money, so he's not taxing much of his money.
41:16
Whereas if you're making 40,000 bucks a year, you're probably
41:18
spending all 40,000. And so if costs go up, that's a
41:23
tax on almost your entire pay. Whereas to Elon Musk, it's a tax
41:27
on none of his pay essentially, right?
41:29
So it's a very regressive tax. Two, it can make U.S. companies
41:34
lazy if they don't have to compete.
41:35
And so the T the T-shirt thing, maybe the American T-shirt
41:41
company had to make their T-shirts softer, better,
41:44
whatever, in order to have a Walmart prefer to buy the
41:49
American T-shirt. But now if China's taxed so
41:53
heavily now, now America doesn't have to make better T-shirt,
41:57
just it just has to continue to exist because it's kind of being
42:00
unfairly benefited. And the, you know, the amazing
42:05
part of the free market is it lets the best companies win.
42:08
And so the the softest T-shirt, the sweat wicking, the the
42:12
coolest, the you know, T-shirts may be a bad example because
42:14
they're so simple, but imagine cars or microchips.
42:18
Like if if a foreign made car was three times more money, then
42:23
a crappy American car would win just because it has to.
42:26
And so American companies would not innovate as much.
42:30
And that would be bad for American companies the long run
42:33
because they would start to fail and they couldn't compete
42:34
globally. And then finally, a trade is a
42:38
colonist can lead to a trade war, as we've been kind of
42:41
seeing in the news over this past year where when we put
42:45
tariffs on China, China doesn't like that because all their all
42:49
their companies now don't it's not as easy to sell to
42:53
Americans. And so China and in, you know,
42:56
in retaliation says, OK, we're not going to buy as much of your
43:00
stuff. We're doing a reverse tariff and
43:02
then the cost go for everyone. It's kind of like cutting off
43:05
your nose to spite your face instead of free trade and both
43:08
countries really benefiting. China's buying our microchips
43:12
and our services and our, you know, whatever this like all of
43:16
our iPhones, all the stuff we're exporting and we're buying their
43:19
T-shirts and their toys, all the stuff they're exporting.
43:21
Now that kind of grinds to a halt, hurts both countries.
43:25
Oh, no reverse tariff, got it. Exactly.
43:27
And that's the that's the trade war.
43:29
OK, so I'm going to tell a story about how tariffs have been used
43:33
very effectively. So in South Korea in the 60s,
43:38
South Korea had no car companies and there was like BMW, there's
43:43
four, there's General Motors and and South Korea want to be a
43:48
modern Western world with, you know, automotives in the 60s was
43:51
kind of like tech as today as like the, you know, the big
43:54
industry. And I'm from Detroit, you know,
43:56
Motor City back in the 60s was like, you know, the whole thing.
43:59
I was like a big American industry and South Korea want to
44:04
compete. And so they basically said, hey,
44:06
we're going to insulate our country and our South Korean
44:13
companies from foreign competition for cars.
44:16
And basically they made it essentially illegal or very,
44:20
very difficult to import cars at all.
44:23
It's like the ultimate tariff. It's like 100, you know,
44:25
infinite percent tariff. You can't even buy a foreign
44:28
car. And then therefore S Koreans had
44:31
to buy cars from their companies like Kia, Hyundai and Daewoo,
44:36
right? And those these are not, maybe
44:38
not Daewoo, but these are now like how some things were the
44:41
time they were like not they were just starting, right?
44:45
And so then it kind of gave these car companies, these South
44:48
Korean car camps, a very unfair advantage.
44:51
Their own country had to buy them.
44:53
And so they started selling cars.
44:55
And then over the decades, they started loosening these
44:58
restrictions, OK, instead of a ban.
45:01
And of course, it's just a very high tariff.
45:03
And then it became a low tariff and then over the, you know, and
45:06
it forced the South Korean companies to basically get
45:10
better. They couldn't rely on just
45:13
becoming complacent. Say, OK, they, you know, our,
45:17
our citizens are forced to buy our cars.
45:20
And so we can just keep doing the status quo.
45:22
They're saying, oh, next year the tariffs are dropping.
45:25
We have to make better cars in order to compete, right?
45:28
It benefits the companies by getting better and then
45:30
eventually South Korea remove the tariffs.
45:34
And why did they remove the tariffs if tariffs have all
45:36
these benefits like, oh, and it's an incentivize, it's good
45:39
for the companies. It protects the industries.
45:43
It you know, you know, it protects those industries from
45:46
being competed out from the foreign countries.
45:49
But once the industry is kind of more mature, now you want to
45:57
sell your South Korean cars to other countries, and you want to
46:01
benefit your citizens by importing cheaper parts.
46:04
And so this Kia car, which used to cost $40,000, maybe it can
46:09
cost $30,000 now because South Korea is not that good at making
46:14
catalytic converters. Thailand really is.
46:16
And so we're going to buy cheap. I'm making this up, by the way.
46:18
I don't know anything about, like, which countries make which
46:20
parts, but for example. Yeah, Thailand makes better
46:24
catalytic converters, so we can buy them cheaper and then we can
46:26
sell entirely made Kias back to Thailand, thus making our
46:31
company even bigger, selling cars cheaper to South Korean
46:36
citizens and thus benefiting even more.
46:38
And so their tariffs are just kind of very strategically in
46:40
this one area to say, OK, we want to, you know, we want to
46:43
insight our industry to get them started.
46:47
But then once they're mature, we want to remove them to benefit
46:50
from the free, the all the benefits of free trade, like
46:52
lower prices, more trade, you know, lower prices, you know,
46:55
and more, more ability to sell outside of the country.
46:58
That's what's that's what's done.
46:59
And so, you know, going back to my post and the guy who's like,
47:03
you're not giving tariffs the benefit of the doubt.
47:05
That's kind of the the pros and cons of it.
47:08
Then you can take what I'm just explaining, apply it to the
47:12
current American situation, say, OK, is that what you know this
47:15
current administration is doing? Are they using it to
47:18
strategically protect certain industries to foster the growth
47:21
and then remove it when you know free trade is the benefit?
47:25
You know, it doesn't feel like that to me a lot.
47:27
It feels like someone is tweeting when someone offends
47:31
him. And you know, there's even been
47:34
accusations. I honestly condone this, but
47:36
accusations of trying to take the market temporarily and then,
47:40
you know, saying he's going to have these huge tariffs and
47:42
taking it back just to have this like big lever.
47:44
He's like pushing back and forth, like scare everyone to,
47:47
you know, get the market to do certain things it.
47:50
Doesn't feel like South Korean strategy requires a certain
47:53
amount of time, a certain amount of bipartisanship, but also a
47:56
certain amount of time where we all can agree that this is the
47:59
strategy. And with the US government
48:01
specifically elections that would be so hard to do with
48:05
especially four year terms, like Max 8 year terms, you know?
48:09
100%, yeah. That South Korean story I told
48:12
spans A decade from the 60s to the 2000s as they were slowly
48:16
letting these, this industry become mature.
48:19
You know, these are these tariff policy seems to span, you know,
48:22
sometimes days at a time, right? And so it doesn't seem like it's
48:26
going to have that effect of, you know, protecting industries
48:29
because when, you know, tariffs are changing week by week, it's
48:32
not like we can suddenly manufacturers semiconductors at
48:36
home. You know, that takes decades to
48:39
build manufacturing plants, not days.
48:42
So is it going to be effective? Who knows?
48:47
Well, there it is. We talked about tariffs.
48:51
I think we set a record for longest episode ever.
48:53
I've been very long winded. Apologies.
48:56
Unless you like it, then you're welcome.
48:58
As one person commented on Instagram recently, Jeremy had
49:01
time today. The folks are listening.
49:03
OK, we're getting. Yeah, I know.
49:06
Thank you fellow podcast listeners out there.
49:10
I think we just recently passed 10,000 downloads I believe.
49:14
We did. Is that good?
49:15
I don't know. Hey, I never thought 10,000
49:18
people were listening to me. We're going to be in the.
49:21
Millions, Jen. We just have to get much better.
49:23
No, but you got to start somewhere, just like with your
49:25
Instagram. I I, I watched your first
49:27
Instagram post. It was bad, Jeremy.
49:29
You know, like you. So it was terrible.
49:31
We're doing better than that. I agree.
49:34
All right, on that note, that's all.
49:36
We have time for you today on the Personal Finance Club show.
49:38
Thank you for listening and we'll see you back next week.
49:41
And don't forget to follow the 2 rules of Personal Finance Club.
49:45
Rule #1 live below your means and rule #2 invest early and
49:49
often. The personal finance club show
49:51
is produced by Jeremy Schneider and Jen Mundia, music by Esabalu
49:55
and Homie. Send your questions to
49:57
podcasts@personalfinanceclub.com. The Personal Finance Club show
50:01
is Co hosted by Jeremy Schneider who is a co-owner of Nectarine
50:04
and SEC Registered Investment Advisor.
50:07
The views expressed on this show are those of the hosts and
50:09
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50:13
Please refer to hellonectarine.com for all
50:15
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50:18
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50:21
construed as personalized investment advice or a
50:23
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50:26
Listeners should consult their own financial, legal or tax
50:29
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