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Forget Jobs — This Is How You Actually Get Rich in the AI Era · Earn Your Leisure

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  Speaker 1: First, we started off with you know, the Millionaire Blueprint,
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  Speaker 1: and I want to talk to college students, and that's
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  Speaker 1: just the college maybe people that just got out of college,
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  Speaker 1: because I know, you know, you talk about what a
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  Speaker 1: broke college student mindset really means, right, and why it's
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  Speaker 1: important to keep that even keep that level of hunger.
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  Speaker 1: So what is what is a broke college student mindset?
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  Speaker 1: What does that mean? And and talk about that.
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  Speaker 2: You know, when you go to college and you got
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  Speaker 2: to eat Ramen noodles because you ain't got no money.
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  Speaker 2: You know, it's like that mindset, that frugal mindset is
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  Speaker 2: so valuable when you first came out of college because
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  Speaker 2: it allows you to practice.
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  Speaker 3: Living below your means.
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  Speaker 2: And so, you know, one of the things that you know,
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  Speaker 2: when we go to college, we come out, we're excited
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  Speaker 2: about not being a broke college student, so we can
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  Speaker 2: think of all the things that we can buy. But
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  Speaker 2: to be honest with you, that is the mindset that
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  Speaker 2: young college students need to have graduating. That's exactly the
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  Speaker 2: mindset I had when I came out of college. I
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  Speaker 2: was living at a very very tight budget. I was
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  Speaker 2: saving everything I could, I wasn't investing my in the
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  Speaker 2: stock market at the time, because I.
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  Speaker 3: Didn't start until a little bit later.
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  Speaker 2: But the point is I was saving like crazy because
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  Speaker 2: I wanted to, you know, I wanted to kind of
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  Speaker 2: build wealth. I wanted to follow the footsteps of my
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  Speaker 2: millionaire mentors, and I was saving money. I got married
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  Speaker 2: right out of college, and I was saving. My ex
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  Speaker 2: wife was, you know, saving like crazy. That's probably why
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  Speaker 2: I didn't stay married, is because I was too intense
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  Speaker 2: about living on this budget and not spending much much money.
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  Speaker 2: And I buy a condo right out of college. So
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  Speaker 2: that was That's really that mindset that's just so key
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  Speaker 2: to young people. If they could start that way man,
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  Speaker 2: when they come out of college, continue that knowing that
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  Speaker 2: they're going to be rich sometime, that's going to put
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  Speaker 2: them on the road way ahead of everybody else.
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  Speaker 4: So part of what we're seeing and said I want
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  Speaker 4: to get your opinion is if we look at the
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  Speaker 4: overall market right, we talk about AI, We talk about
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  Speaker 4: a lot here on the show. We talk about how
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  Speaker 4: disruptive it's going to be. Obviously, you're an entrepreneur, you've
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  Speaker 4: navigated thirty years of business. How should people be looking
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  Speaker 4: at this market right? Like first, it's having the mindset
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  Speaker 4: of being frugal like that college that broke college student.
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  Speaker 4: But now going into a space where you might be
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  Speaker 4: walking out into the career faield and there's nothing there
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  Speaker 4: for you. How should we be preparing our young adults,
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  Speaker 4: our young students, our children, right like you have children
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  Speaker 4: who are in the space to walk into this new
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  Speaker 4: job market.
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  Speaker 2: Yep, that's a great question. I think the you know,
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  Speaker 2: AI is going to change. You guys have been reporting
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  Speaker 2: on this for years. It's going to shift, you know,
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  Speaker 2: the job landscape significantly. But the one thing that we
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  Speaker 2: all know that AI can't do is that it can't
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  Speaker 2: verify that the results are one hundred percent right. So
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  Speaker 2: it's going to require people that have you know, analytics
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  Speaker 2: skills and data science skills and really industry knowledge. You know,
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  Speaker 2: for example, there are people who work in the medical field,
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  Speaker 2: so to speak, and they have industry they know what
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  Speaker 2: the data means, you know. So you know, AI and
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  Speaker 2: computers are just basically machines that process information based on
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  Speaker 2: how they're programmed. But they can't you know, to this point,
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  Speaker 2: create meaning around that, and that's where the real opportunities
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  Speaker 2: are going to be. You know, my degree is in
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  Speaker 2: computer science and I took AI back in you know,
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  Speaker 2: the early eighties on a program called Lisp, but you know,
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  Speaker 2: there wasn't processing speed, there wasn't enough data to basically
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  Speaker 2: leveraging it.
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  Speaker 3: Now, you know, you know, I have a buddy.
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  Speaker 2: Whose son that wants to go to Howard and he's
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  Speaker 2: looking at major in computer science. He got accepted there,
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  Speaker 2: and I says, you know, you might want to shift
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  Speaker 2: that really more to data science, more to you know,
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  Speaker 2: something related around analytics, because AI is programming better than
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  Speaker 2: the best coders out there, right, so there's no purpose
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  Speaker 2: in really having coders any people that can dissiminate the data.
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  Speaker 3: In fact, that's exactly what my son is doing.
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  Speaker 2: He's going into medical informatics and getting a master's in
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  Speaker 2: that area. The other areas, like I said, is healthcare
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  Speaker 2: is going to be strong. AI is going to enable
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  Speaker 2: you know, healthcare to another level, but you still need nurses,
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  Speaker 2: you seed still need caregivers people in that space as well.
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  Speaker 2: Another thing that people don't think about as construction management.
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  Speaker 2: There's still going to be a need to construct and
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  Speaker 2: build things. AI is going to help in terms of
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  Speaker 2: you know, project management and being able to predict when
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  Speaker 2: you can get things done. And also, you guys talk
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  Speaker 2: a lot about real estate. You know, AI's got going
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  Speaker 2: to really you know, it's not going to buy an
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  Speaker 2: apartment building, so it's still going to take owners and
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  Speaker 2: people are going to still need a place to live.
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  Speaker 2: So there's a few things that people should kind of
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  Speaker 2: focus or or look into, but they should really focus
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  Speaker 2: on the data side of things.
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  Speaker 5: One of the things I get a lot of pushback
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  Speaker 5: on is when I tell people you got to take
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  Speaker 5: twenty five percent of fifty percent of your money and
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  Speaker 5: put it away into the market. It's one thing we
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  Speaker 5: really have always connected on. Can you talk to demand
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  Speaker 5: about why that's important, maybe taking a half a decade
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  Speaker 5: or decade to do so.
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  Speaker 2: Yeah, it's so huge that you know that twenty five percent.
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  Speaker 2: I mean, here's the best best way to describe it.
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  Speaker 2: And if you put ten percent of your income in
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  Speaker 2: the market, and you you put ten percent of your
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  Speaker 2: market for a forty three year career right now, you
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  Speaker 2: basically have you know, ten percent times uh, you know
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  Speaker 2: times a career of forty three years would probably have
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  Speaker 2: you at about four years in retirement. Four point three
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  Speaker 2: years are retire now you add compounding to it. Now,
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  Speaker 2: maybe you got eight to ten years, that's just not enough.
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  Speaker 2: You need about twenty five times your desired salary to
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  Speaker 2: have enough money to retire, assuming you're going to use
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  Speaker 2: the four percent rule.
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  Speaker 5: So okay, can you give that math again for those
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  Speaker 5: who didn't catch it.
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  Speaker 3: So, yeah, twenty five times your desired salary.
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  Speaker 1: Right.
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  Speaker 2: So, for example, if you want to make two hundred
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  Speaker 2: thousand dollars a year, you're going to need about five
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  Speaker 2: million dollars put away because you take four percent of
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  Speaker 2: five million, that gets you two hundred thousand.
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  Speaker 3: The interesting thing about that in is that's today.
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  Speaker 2: So if you're going to retire right twenty years from now, right,
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  Speaker 2: the future value of five million dollars today could be
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  Speaker 2: closer to seven seven and a half million. Now, a
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  Speaker 2: lot of people get afraid of those numbers. I know
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  Speaker 2: you guys have shared these numbers and people like, oh,
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  Speaker 2: it doesn't take all that. Yeah, you could back out
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  Speaker 2: some money. If social security is going to be there,
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  Speaker 2: you can back out some money. If you have multifamily properties,
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  Speaker 2: you could back out some money. If you have a pension,
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  Speaker 2: which you are quickly going away. The reality is we're
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  Speaker 2: going to need real money to retire, and so putting
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  Speaker 2: twenty five percent of your income away is just to start.
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  Speaker 2: For these college grads, you could do it and not
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  Speaker 2: even feel it coming out of college. But when you
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  Speaker 2: talk to college grads, they're like, well, when I make
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  Speaker 2: more money, I'll save more money. But what happens when
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  Speaker 2: you make more money you end up having more bills
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  Speaker 2: and you're not able to put that kind of money away.
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  Speaker 2: You really need to put that kind of money away.
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  Speaker 2: It's a serious thing.
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  Speaker 1: So I want to ask you a question about real estate,
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  Speaker 1: but before, can you just list this is important? You
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  Speaker 1: said the degrees that people need to be getting. Now, yes,
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  Speaker 1: just reiterate that, right, I.
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  Speaker 2: Would reiterate it's analytics and data science, right, So that's
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  Speaker 2: the study of data and how to process and manage
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  Speaker 2: and understand data. I think anything related to healthcare healthcare system.
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  Speaker 2: People are getting older. My dad is ninety four years
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  Speaker 2: old on May first, on Friday, turns ninety four years old.
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  Speaker 2: He's in great health, he's still driving. So people are
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  Speaker 2: living longer, and healthcare workers are in great demand. Something
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  Speaker 2: that a I can't do. You know, construction management and
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  Speaker 2: working in construction. These are people that help manage the
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  Speaker 2: construction of buildings, whether not they're homes or whether or
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  Speaker 2: not they are new office buildings. You know, that's something
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  Speaker 2: that has a difficult time. And then real estate in
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  Speaker 2: general in terms of real estate property management or real
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  Speaker 2: estate ownership or you know, syndications along those lines. Those
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  Speaker 2: are just a few