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Celebrities Go Broke Because They Don't Know This · Triple Da Money

• 0:00
  SPEAKER_00: I hired a great personal trainer.
• 0:01
  SPEAKER_00: It changed everything.
• 0:03
  SPEAKER_00: Better form, better results.
• 0:05
  SPEAKER_00: It was amazing.
• 0:06
  SPEAKER_01: I didn't hire anyone.
• 0:07
  SPEAKER_01: I watched YouTube, read the books, and did the research myself.
• 0:11
  SPEAKER_01: I'm good.
• 0:11
  SPEAKER_01: I hired a trainer too.
• 0:13
  SPEAKER_02: And we mostly ate pizza at Planet Fitness.
• 0:17
  SPEAKER_02: He called it a recovery meal.
• 0:21
  SPEAKER_02: This is triple the money.
• 0:22
  SPEAKER_02: And what we just told you about personal trainers is exactly how most people handle their money.
• 0:27
  SPEAKER_02: And it will cost some of you millions of dollars.
• 0:31
  SPEAKER_00: Okay, so here's how it works.
• 0:33
  SPEAKER_00: When it comes to getting financial advice, there are exactly three types of people.
• 0:37
  SPEAKER_00: You hire someone great, like Arnold Schwarzenegger, as your personal trainer.
• 0:40
  SPEAKER_00: He comes up with a perfect plan.
• 0:42
  SPEAKER_00: There's real accountability.
• 0:44
  SPEAKER_00: The results?
• 0:45
  SPEAKER_00: Exceptional.
• 0:47
  SPEAKER_01: That's not realistic.
• 0:48
  SPEAKER_00: It's an analogy.
• 0:49
  SPEAKER_00: Stay with me.
• 0:50
  SPEAKER_00: Type two, you do it yourself.
• 0:52
  SPEAKER_00: There's no trainer.
• 0:53
  SPEAKER_00: You watch YouTube videos, you read, you learn the fundamentals.
• 0:57
  SPEAKER_00: You make decent progress.
• 0:59
  SPEAKER_00: Slower, but you get there.
• 1:01
  SPEAKER_01: That's literally me.
• 1:02
  SPEAKER_00: We know.
• 1:03
  SPEAKER_00: Type three, you hire someone.
• 1:05
  SPEAKER_00: They look official.
• 1:06
  SPEAKER_00: They even have a website.
• 1:08
  SPEAKER_00: They sound confident.
• 1:10
  SPEAKER_00: And then they take you to Planet Fitness and tell you pizza's a good recovery meal.
• 1:18
  SPEAKER_00: We know.
• 1:19
  SPEAKER_01: So, which one wins?
• 1:21
  SPEAKER_00: Type 1 wins.
• 1:22
  SPEAKER_00: Type 2 wins.
• 1:24
  SPEAKER_00: Type 3 wins absolutely nothing.
• 1:28
  SPEAKER_00: They actually go backwards.
• 1:29
  SPEAKER_02: Wait, I went backwards?
• 1:32
  SPEAKER_00: Financially speaking, yes, backwards.
• 1:35
  SPEAKER_02: Wait, I ate so much pizza though.
• 1:37
  SPEAKER_00: Now, this isn't just a gym analogy.
• 1:39
  SPEAKER_00: This is happening with actual money to actual people.
• 1:42
  SPEAKER_02: Like who?
• 1:43
  SPEAKER_00: Nicholas Cage.
• 1:44
  SPEAKER_00: He had career earnings of$150 million.
• 1:48
  SPEAKER_00: He had a business manager managing his earnings.
• 1:50
  SPEAKER_01: $150 million?
• 1:52
  SPEAKER_01: That guy's set for life.
• 1:53
  SPEAKER_00: His manager made some terrible investments and he lost it all.
• 1:57
  SPEAKER_00: He had to sell his property and pay a lot of money to the IRS.
• 2:00
  SPEAKER_02: His properties like his apartments or his castles.
• 2:05
  SPEAKER_00: He owned multiple castles.
• 2:07
  SPEAKER_02: Castles?
• 2:08
  SPEAKER_00: And dinosaur bones.
• 2:09
  SPEAKER_02: I'm sorry.
• 2:10
  SPEAKER_02: What?
• 2:11
  SPEAKER_00: He had a collection of dinosaur bones.
• 2:14
  SPEAKER_00: Real ones.
• 2:15
  SPEAKER_02: He had dinosaur bones and he lost them?
• 2:18
  SPEAKER_02: That's genuinely upsetting.
• 2:20
  SPEAKER_00: 150 million dollars.
• 2:22
  SPEAKER_00: Castles, bones, all gone.
• 2:25
  SPEAKER_00: Just because he didn't vet his guy.
• 2:27
  SPEAKER_00: Do you guys remember The Wolf of Wall Street?
• 2:28
  SPEAKER_00: I'm sure you've seen it.
• 2:29
  SPEAKER_00: It's based off a real person.
• 2:31
  SPEAKER_01: Yeah, I love Leonardo DiCaprio.
• 2:34
  SPEAKER_01: That's genuinely the best movie ever.
• 2:36
  SPEAKER_00: They thought they had Arnold Schwarzenegger, but they had the pizza guy.
• 2:39
  SPEAKER_00: He stole millions of dollars from his clients.
• 2:42
  SPEAKER_01: Okay.
• 2:43
  SPEAKER_01: So how do you know who's who?
• 2:45
  SPEAKER_00: Here's what nobody teaches you.
• 2:46
  SPEAKER_00: Before you follow someone's financial advice, a YouTuber, a TikToker, or someone's uncle, here's what you have to know.
• 2:53
  SPEAKER_00: First question Are they making money from you or with you?
• 2:57
  SPEAKER_02: What's the difference?
• 2:58
  SPEAKER_00: A great personal trainer makes money because you get results and come back.
• 3:03
  SPEAKER_00: They need you to win.
• 3:04
  SPEAKER_00: The pizza trainer makes money whether you get results or not.
• 3:07
  SPEAKER_00: They don't need you to win.
• 3:09
  SPEAKER_00: They just need you to keep paying.
• 3:10
  SPEAKER_00: So in finance, that would be A fiduciary advisor is required to act in your interest and not their commission.
• 3:21
  SPEAKER_02: Fiduciary.
• 3:22
  SPEAKER_02: That's a word I need to know.
• 3:23
  SPEAKER_00: Write it down.
• 3:24
  SPEAKER_00: It's the most important word in personal finance.
• 3:27
  SPEAKER_00: Question two.
• 3:28
  SPEAKER_00: Are they showing real results or do they just sound smart?
• 3:31
  SPEAKER_02: How can you tell?
• 3:33
  SPEAKER_00: The pizza trainer will tell you all the right words.
• 3:35
  SPEAKER_00: Recovery, macros.
• 3:37
  SPEAKER_00: It sounds like he knows everything.
• 3:39
  SPEAKER_00: But Warren Buffett, the greatest investor alive, gives advice so simple that it sounds boring.
• 3:45
  SPEAKER_00: He tells you to do things like buy good companies, hold long term, and don't panic.
• 3:50
  SPEAKER_01: That's it.
• 3:51
  SPEAKER_00: That made him worth over a hundred billion dollars.
• 3:55
  SPEAKER_00: Boring works.
• 3:56
  SPEAKER_02: My trainer used big words and I ate pizza.
• 4:00
  SPEAKER_00: Mm-hmm.
• 4:01
  SPEAKER_00: Big words, bad results.
• 4:03
  SPEAKER_00: Simple words, great results.
• 4:06
  SPEAKER_00: That's the pattern.
• 4:07
  SPEAKER_00: Simple works.
• 4:08
  SPEAKER_00: Question three.
• 4:09
  SPEAKER_00: Would the GOAT approve of this?
• 4:11
  SPEAKER_02: The goat of what?
• 4:12
  SPEAKER_00: Whatever you're doing.
• 4:14
  SPEAKER_00: Would Arnold approve of pizza at Planet Fitness?
• 4:17
  SPEAKER_02: No.
• 4:18
  SPEAKER_00: Would Warren Buffett approve of a guy charging you 1% every year to put your money in the same fund that you could do yourself in three minutes?
• 4:25
  SPEAKER_01: No.
• 4:26
  SPEAKER_00: Ask yourself that question before you follow anyone's advice.
• 4:29
  SPEAKER_00: Now let's talk about why this matters so much.
• 4:32
  SPEAKER_00: Austin, you do your thing.
• 4:33
  SPEAKER_00: What would that look like?
• 4:34
  SPEAKER_01: I put my money in an index fund.
• 4:36
  SPEAKER_01: Low fee?
• 4:37
  SPEAKER_01: I don't touch it.
• 4:39
  SPEAKER_00: Good.
• 4:39
  SPEAKER_00: That's type two, the self-taught guy.
• 4:41
  SPEAKER_00: Let's do the math on that.
• 4:42
  SPEAKER_00: You start at 17,$500 a month.
• 4:45
  SPEAKER_00: A simple low-fee index fund, 10% annual return, no advisor.
• 4:50
  SPEAKER_02: For how long?
• 4:51
  SPEAKER_00: 40 years, and guess what?
• 4:53
  SPEAKER_00: By that time, you'll have$3 million.
• 4:56
  SPEAKER_02: $3 million?
• 4:58
  SPEAKER_02: Did it all myself.
• 5:00
  SPEAKER_00: Now what if instead of doing it all yourself, you hire someone and they charge 1% a year?
• 5:06
  SPEAKER_01: It's 1%.
• 5:07
  SPEAKER_01: It can't be that different.
• 5:08
  SPEAKER_00: Same input for 40 years,$500 a month at a 1% fee.
• 5:14
  SPEAKER_00: That's gonna be just over$2 million.
• 5:17
  SPEAKER_02: Wait.
• 5:18
  SPEAKER_02: You paid$760,000 in fees?
• 5:26
  SPEAKER_01: Did the guy that put me in the same index fund I was already in?
• 5:29
  SPEAKER_00: Most of the time, yes.
• 5:31
  SPEAKER_00: Over 30 years, 90% of fund managers fail to beat the index fund.
• 5:36
  SPEAKER_02: They charge you more and they do worse than what you could have done yourself.
• 5:41
  SPEAKER_00: For most people starting out, yes.
• 5:44
  SPEAKER_00: That's the math.
• 5:45
  SPEAKER_02: So what is the move?
• 5:46
  SPEAKER_00: The crockpot move.
• 5:48
  SPEAKER_00: You pick a low-fee index fund, something like the Vanguard Target Date Fund.
• 5:52
  SPEAKER_00: Annual fee, 0.08%.
• 5:55
  SPEAKER_01: How much is that actually?
• 5:57
  SPEAKER_00: 1% of a million dollars is$10,000 a year.
• 6:01
  SPEAKER_00: 0.08% of a million dollars?
• 6:04
  SPEAKER_00: That's about$800 a year.
• 6:06
  SPEAKER_02: 800 versus$10,000 to do the same thing?
• 6:09
  SPEAKER_00: The fund diversifies automatically and rebalances itself.
• 6:13
  SPEAKER_00: It gets more and more conservative as you get older.
• 6:15
  SPEAKER_00: You don't call anyone, you don't pay anyone 1%.
• 6:18
  SPEAKER_01: You just said it?
• 6:20
  SPEAKER_00: You said it.
• 6:20
  SPEAKER_01: Like a crock pot.
• 6:22
  SPEAKER_01: Okay, what if you find a great financial advisor?
• 6:25
  SPEAKER_01: Like genuinely great.
• 6:27
  SPEAKER_00: If you find the Arnold, yeah, it's worth it.
• 6:31
  SPEAKER_02: Wait, you're agreeing with him?
• 6:33
  SPEAKER_00: A truly great advisor, one who's a real fiduciary, is fee-only, and has a truly great track record, is worth every penny.
• 6:40
  SPEAKER_00: They keep you from panic selling when the market crashes.
• 6:43
  SPEAKER_00: They optimize your taxes, they have a real strategy with genuine value.
• 6:47
  SPEAKER_01: That's what I've been saying.
• 6:49
  SPEAKER_00: The problem is, the pizza guy wears the same outfit as Arnold.
• 6:52
  SPEAKER_02: Well, do I need one right now?
• 6:54
  SPEAKER_00: You don't need to find an Arnold right now.
• 6:56
  SPEAKER_00: Just make sure you don't hire the pizza guy.
• 6:58
  SPEAKER_00: The crookpot works, so just do that right now.
• 7:01
  SPEAKER_02: You can do this yourself, starting right now at 17, and you don't need anyone.
• 7:06
  SPEAKER_02: And if you do hire someone, make sure they're a fiduciary.
• 7:10
  SPEAKER_02: Or you'll lose your dinosaur bones.
• 7:12
  SPEAKER_00: Here's the thing: Nicolas Cage had$150 million and lost all of it.
• 7:17
  SPEAKER_00: Castles, dinosaur bones, everything.
• 7:20
  SPEAKER_00: Just because he didn't properly vet his guy.
• 7:22
  SPEAKER_02: Oh, the dinosaur bones.
• 7:24
  SPEAKER_00: The wolf on Wall Street stole millions of dollars from his clients.
• 7:28
  SPEAKER_00: He sounded like Arnold, but he was the pizza guy.
• 7:31
  SPEAKER_01: So how do you protect yourself?
• 7:33
  SPEAKER_00: Three questions.
• 7:34
  SPEAKER_00: Always.
• 7:34
  SPEAKER_00: Is this person making money from me or with me?
• 7:38
  SPEAKER_00: Are they showing me real results or do they just sound smart?
• 7:41
  SPEAKER_00: And would the goat of this field approve?
• 7:44
  SPEAKER_00: And if you're 17 with no financial advisor in your life yet, that's fine.
• 7:48
  SPEAKER_00: You're actually in a great position.
• 7:50
  SPEAKER_00: The crock pot move.
• 7:51
  SPEAKER_00: Low fee index fund, couple hundred dollars a month.
• 7:54
  SPEAKER_00: Don't touch it, and just wait 40 years.
• 7:56
  SPEAKER_02: We're triple the money.
• 7:57
  SPEAKER_02: We know more than your financial advisor.
• 8:00
  SPEAKER_01: Don't get wolf on Wall Street.
• 8:02
  SPEAKER_00: Vet your people, find fiduciaries, get your crock pot if you want to.
• 8:06
  SPEAKER_02: And don't lose the dinosaur bones.
• 8:09
  SPEAKER_02: Subscribe.