2021-01-25-Money_is_the_Ultimate_Renewable_Resource
00:00:00.000 | Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge,
00:00:03.880 | skills, insight, and encouragement you need to live a rich and meaningful life now while
00:00:08.160 | building a plan for financial freedom in 10 years or less.
00:00:11.080 | My name is Joshua.
00:00:12.080 | Today we're going to talk about philosophy, philosophy of time and money.
00:00:18.160 | Because I believe that if you have your philosophy right, and what I mean by right is right for
00:00:24.120 | you, then you'll be more empowered to make appropriate decisions with how you use your
00:00:31.280 | time and your money.
00:00:33.960 | So in today's show I'm going to give you a menu of ideas that will lodge themselves in
00:00:40.040 | your brain and you can use to analyze your actions and think about whether your actions
00:00:45.900 | align with your values and with your personal philosophy.
00:00:50.080 | I have found myself amplifying this topic more than almost any other topic in my private
00:01:01.400 | consulting work.
00:01:02.800 | I find myself talking about time and money.
00:01:07.200 | I've mentioned the statement I'm about to make publicly at various times, but I haven't
00:01:11.400 | really amplified it in the same way that I'm going to do now.
00:01:15.480 | But I believe it's important and will help you to think about things properly.
00:01:21.720 | Goes like this.
00:01:24.840 | Money is the ultimate renewable resource.
00:01:32.620 | Money is the ultimate renewable resource.
00:01:39.120 | There is no limit to the amount of money that is available.
00:01:46.320 | There's no limit to the amount of money that is available in the world at large.
00:01:51.500 | There are hundreds and hundreds of different currencies that have been developed throughout
00:01:56.520 | human history.
00:01:57.520 | Oh, thousands, I mean more than hundreds if we don't hit through all of history.
00:02:01.480 | But there are hundreds of currencies actively in use around the world today.
00:02:06.160 | There are many competing hundreds of new currencies being developed and lobbied for and participated
00:02:12.640 | in today.
00:02:14.560 | And most of these currencies have no literal end as to how much there can be.
00:02:20.160 | Anytime we need more money, we just make more of it, right?
00:02:22.200 | We just print more of it.
00:02:23.240 | We just lend some more money out and manufacture some more digits on a computer screen and
00:02:28.080 | we've got more money.
00:02:29.720 | There's no limit to the amount of money that is available in the world.
00:02:34.160 | And even if you want to talk about money not in terms of the number of digits, but simply
00:02:38.800 | in terms of a representation of value, there's no limit to the amount of value that can be
00:02:43.480 | created in the world.
00:02:45.160 | There's no objective limit to the size of an economy.
00:02:48.880 | You could have a country that has a $100 trillion economy and there's no reason in the world
00:02:54.460 | why a decade later that country can't have a $200 trillion economy.
00:03:00.000 | Money is unlimited.
00:03:02.760 | And even if we bring things down to a more personal level, the amount of money that is
00:03:07.240 | available to you is unlimited.
00:03:13.480 | You can always earn more money.
00:03:15.740 | You can always make more money.
00:03:17.680 | You can always gain more money.
00:03:20.000 | You bring more value to the marketplace and you can gain more money.
00:03:22.680 | And you can do this at any time in your life.
00:03:28.160 | The Motivational Speakers folders are full of stories about Colonel Sanders and Grandma
00:03:34.160 | Moses and many aged people who hit upon that idea, that thing that they all of a sudden
00:03:40.440 | developed to make them exceedingly wealthy.
00:03:43.960 | And they're all true.
00:03:46.320 | And I would argue that your own personal experience mirrors this.
00:03:52.200 | Throughout your lifetime, there have been many times where you haven't had enough money.
00:03:56.600 | And at every single one of those times, you've just gone out and figured out how to get more.
00:04:04.040 | That's what people do.
00:04:05.440 | When they don't have enough money, they go out and they figure out how to get more money.
00:04:12.140 | And so I argue that money is the ultimate renewable resource.
00:04:20.080 | Now let's contrast money with time.
00:04:24.340 | My argument is that time is the ultimate non-renewable resource, both on a macro scale and on a personal
00:04:34.480 | micro scale.
00:04:35.680 | Why?
00:04:36.680 | Well, time has an absolutely fixed quantity.
00:04:43.080 | There was a point in the history of this universe when history itself began because time began.
00:04:53.120 | There was a point when time began and there will be a point in the future at which time
00:04:57.480 | ends.
00:05:01.720 | That's on the broad scale.
00:05:06.000 | Our entire life's existence is governed by time.
00:05:11.360 | Everywhere in the world, we all have some system of a calendar through which we track
00:05:16.640 | the years, the months, the weeks, the days.
00:05:22.240 | And every single one of us has exactly the same amount of time on a daily basis.
00:05:28.800 | 24 hours and it's gone.
00:05:33.040 | And while there are different ways of marking the time, there are different calendars that
00:05:37.360 | we could look at to decide what year it is, the reality is that time is a fixed constant.
00:05:46.480 | More importantly, once time is gone, it is gone.
00:05:53.560 | You've now been listening to me for five minutes and 55 seconds.
00:05:57.080 | And in the last five minutes and 55 seconds, you've experienced something that you will
00:06:04.400 | never ever experience again in your life.
00:06:07.620 | You've experienced the passage of that specific set of five minutes and 55 seconds.
00:06:15.720 | That's why the most valuable thing that you give to me on a regular basis is your time.
00:06:20.240 | I don't worry much about money.
00:06:22.440 | I do my best to be a good provider of things for good amounts of money because I recognize
00:06:28.760 | that money represents something important.
00:06:32.520 | But I feel the pressure every single day to do a good job with your time, to give you
00:06:36.900 | something worth thinking about, because that's the most precious thing.
00:06:40.400 | You've got 24 hours in a day.
00:06:42.320 | And once these 24 hours are gone, they're never coming back.
00:06:48.040 | It gets even worse.
00:06:50.640 | That the number of years, months, weeks, days, hours, seconds of your life are absolutely
00:07:02.560 | limited.
00:07:05.920 | There was a day on which you let out your first cry and you were born.
00:07:12.760 | And that's the marker that we use to identify when time began for you.
00:07:20.680 | And there will come a day at which your friends all gather to celebrate your life and they'll
00:07:26.560 | all acknowledge you're dead.
00:07:29.800 | And that's the marker that we use to identify when time finished for you.
00:07:37.400 | Now the things that happen between those two dates are exceedingly important.
00:07:48.640 | And it's how you use the time between those dates that will govern the meaning of your
00:07:56.680 | life.
00:07:59.600 | For me, these concepts have become deeply important.
00:08:04.080 | Just to recognize that money is unlimited, time is limited.
00:08:11.120 | Now generally the direct application of this, the reason I find myself repeating this little
00:08:17.720 | truth again and again, usually in a slightly more abbreviated format than I've just done,
00:08:24.520 | is that there are times in life at which time and money change in importance.
00:08:33.240 | And this makes sense to me.
00:08:34.480 | First of all, we don't experience all units of time the same and we don't experience all
00:08:39.760 | units of money the same.
00:08:42.120 | Let me sketch that out for you with an example.
00:08:45.520 | I have children and one of the things that's fascinating about having young children is
00:08:49.120 | watching how important the days of their lives are to them.
00:08:53.960 | Most importantly, of course, their birthday.
00:08:56.880 | And I was recently reminded my five-year-old has been asking again and again and again,
00:09:04.800 | "Daddy, how much longer till my birthday?
00:09:07.080 | How much longer till my birthday?"
00:09:09.520 | And it's funny because this didn't begin a month before the actual birthday.
00:09:16.240 | Rather, it was more like a month after the previous birthday.
00:09:22.120 | We make a modest celebration of birthdays in my family.
00:09:26.080 | I like to acknowledge the day and fet the child on that day.
00:09:30.960 | But I wouldn't call it anything over the top.
00:09:33.600 | We don't do pony rides and clown shows.
00:09:36.080 | We just celebrate the person on that day.
00:09:39.300 | We have a modest party and we give a modest number of birthday presents.
00:09:44.100 | As an adult, you look at it and you say, "It's a birthday, right?
00:09:46.840 | We're happy to celebrate the child."
00:09:48.920 | But it's nothing over the top.
00:09:50.240 | It's nothing that is really worth looking forward to for an entire year.
00:09:53.920 | But for my children, their birthdays are very, very important.
00:09:58.520 | Those specific days are a big deal to them.
00:10:02.640 | And as I've watched that, I've reflected on why I think that is.
00:10:06.560 | And to me, it's simple.
00:10:08.880 | It's simply to acknowledge that for a child, the passage of one year, let's say you have
00:10:13.720 | a five-year-old child.
00:10:15.000 | For your five-year-old child, the passage of one year, 365 days, represents one-fifth
00:10:20.920 | of their lived experience.
00:10:23.680 | They don't have a lot of previous experience to compare it to.
00:10:26.760 | And so that year is a very significant chunk of time because it represents a large percentage
00:10:33.240 | of their total lived experience.
00:10:36.600 | Whereas perhaps you're 50 years old, that same year is now only one-fiftieth of your
00:10:43.080 | experience.
00:10:44.080 | Instead of it being 20% of your life experience, it's 2% of your life experience.
00:10:47.800 | So while that year is still important, it's a smaller percentage of your lived experience.
00:10:54.240 | So to me, it makes sense why children have different perspectives of time.
00:10:58.000 | But of course, it's also true that time, while fixed in objective reality, can change its
00:11:05.920 | nature dramatically depending on how we're experiencing it.
00:11:11.040 | The minutes flow very slowly when you're dancing up and down outside of a bathroom,
00:11:16.480 | desperately trying to make it in the door before everything lets loose.
00:11:21.520 | On the other hand, there are times when you're having a peak experience and the hours just
00:11:25.440 | disappear.
00:11:27.840 | So our experience of time is different.
00:11:29.520 | Now these arguments, I think, also apply to the field of money.
00:11:33.740 | For example, the experience of somebody going from totally broke, zero dollars of savings,
00:11:40.160 | to having a thousand dollars of savings, that's a very, very important event.
00:11:45.240 | It can help somebody to gain a significant level of personal freedom.
00:11:49.480 | Perhaps an adult-level version of that might be $10,000, right?
00:11:52.200 | To go from zero dollars of savings to $10,000 buys somebody a significant amount of freedom.
00:11:58.480 | That $10,000 means a lot more than going from $100,000 of savings to $110,000 of savings.
00:12:06.860 | The first million counts for a whole lot more than going from $30 million to $31 million
00:12:14.200 | of savings.
00:12:15.200 | And so our experience of money is different depending on where we are.
00:12:20.760 | But because our experience, because of the way that we acquire money, generally speaking,
00:12:27.540 | we always have to take into account the interaction, the interplay of time and money.
00:12:31.800 | This is most commonly understood just simply that when you're younger you have more time,
00:12:35.840 | but when you're older you usually have more money.
00:12:38.480 | And so when you're younger you might do certain things, do certain tasks that are very time
00:12:43.080 | intensive because you don't have money to solve them in some other way.
00:12:46.520 | But when you're older, all of a sudden you realize the shortness of the days and you
00:12:50.480 | don't want to spend your time doing that, but you probably have more money.
00:12:53.960 | And so you buy those tasks done for you by someone else.
00:12:58.080 | We're accustomed to thinking about that.
00:12:59.360 | We're also accustomed to thinking about money as a representation of time.
00:13:04.080 | When I was younger, my father taught me that time, sorry, money is simply stored up time.
00:13:09.680 | That when you take your time and you spend it to gain money, then you can save that money
00:13:15.380 | and now you have units of time saved that you can then use to pay other people to do
00:13:21.480 | other things for you, which saves you time.
00:13:23.440 | I think there's some usefulness in thinking about money as stored up time, as something
00:13:29.840 | that you can do for yourself.
00:13:31.380 | I think this is useful when you think about working and not working.
00:13:34.320 | If you have somebody who works to earn their living and they earn $100 and they spend $100,
00:13:40.440 | they need to keep working to earn their living.
00:13:42.900 | But if you think of somebody who works to earn $100 and saves $50 of that, they can
00:13:48.160 | now stop working for the same amount of time that it took them previously to earn the $100
00:13:53.080 | and spend the $50.
00:13:54.160 | And so having time, having money buys you time.
00:13:57.760 | It buys you freedom from work.
00:14:00.880 | Sometimes I think we miss the elegant simplicity of this concept by simply acknowledging if
00:14:05.920 | you'll save 50% of your money for every year that you work, you can afford to take a year
00:14:10.920 | off.
00:14:11.920 | That's a powerful concept, extremely powerful.
00:14:17.200 | But I want to go a little deeper because there are times in your life in which money is more
00:14:22.800 | valuable and there are times in which it is less valuable.
00:14:27.360 | And those times change, similar thing with time.
00:14:31.540 | Time is more valuable, time is less valuable.
00:14:34.160 | I don't have a perfect formula to teach you other than to simply point some of these things
00:14:37.640 | out.
00:14:38.640 | The first thing I would point out is a lot of times in the modern conception of financial
00:14:46.160 | planning, meaning the proper layout of a life, the proper ordering of a life, a life well
00:14:51.960 | lived involves going to school, going to college, getting a good job, building a good career,
00:15:00.960 | working at that good job, saving money, and then retiring when you're 65 in order for
00:15:07.040 | you to live out your golden years.
00:15:09.520 | That concept ignores certain things that are time bound, most importantly the raising of
00:15:14.600 | children.
00:15:15.600 | I'm very conscious of this, of course, because I have four children.
00:15:18.680 | And I think about this on a regular basis and I realize that just like I'll never get
00:15:25.440 | back the last five minutes in my life, I'll never get back the last year in my children's
00:15:32.320 | life.
00:15:34.200 | Once my eldest goes from five years old to six years old, he or she's never going to
00:15:42.160 | repeat that particular year.
00:15:47.640 | Once your first child graduates from high school, he or she is never going to graduate
00:15:51.800 | from high school again.
00:15:54.920 | Once your first child catches that first touchdown, he's never going to catch that first touchdown
00:16:00.160 | again.
00:16:01.840 | These moments come and then they're gone.
00:16:06.760 | And so one of the things I find myself reminding people is, "Listen, why are you saving money
00:16:11.480 | in the first place?
00:16:12.840 | Why are you actually stockpiling money?
00:16:15.360 | You're stockpiling money because you have these certain things in the future that you
00:16:19.320 | want to achieve.
00:16:20.320 | But what you need to realize is the things that are the hardest for you to ever get back
00:16:24.720 | are usually sitting in front of you."
00:16:27.480 | So my little speech often to parents is, I just look down and I say, "Recognize that
00:16:33.120 | you've got X number of years left with your child."
00:16:36.080 | Even if you use the age of 18, I usually don't.
00:16:39.240 | Because while certainly in the United States culture, the age of 18 is an age of legal
00:16:44.040 | majority, children change earlier than that.
00:16:49.040 | During adolescence, a child's attention tends to go from being focused on mom and dad and
00:16:54.880 | their personal family to focused on their own life, their friends, more outward focused.
00:16:59.280 | And so your relationship with a 10-year-old daughter is going to be very different in
00:17:03.720 | nature than your relationship with a 15-year-old daughter.
00:17:07.640 | Whereas your relationship with a 17-year-old daughter, I think, is in many ways going to
00:17:12.240 | be very similar to your relationship with your 19-year-old daughter.
00:17:15.200 | The age of 18 is not the age in which the changes happen the fastest.
00:17:19.240 | It's adolescence, it's puberty.
00:17:22.000 | So you got to be aware of that.
00:17:23.880 | In thinking about your family things, over the last weeks, I've been thinking a lot and
00:17:31.680 | talking with my wife.
00:17:32.680 | I'm thinking, "Okay, what are we going to do in the coming years?"
00:17:35.000 | I'm intensely conscious of the ages of my children, recognizing that there are these
00:17:40.600 | things that are happening due to time that I don't get to change.
00:17:45.000 | I don't get to change the passage of time.
00:17:47.880 | And so I need to make the money fit the time, not the time fit the money.
00:17:52.340 | In application, I think the time is often most valuable when you could be using that
00:18:02.200 | time to make money.
00:18:03.200 | I'll give you an example.
00:18:05.760 | I have thought through whether I regret not working more when I was younger.
00:18:15.680 | Sometimes I read accounts of very young people who come across the concepts of fire and extreme
00:18:21.760 | savings and such, and they're fabulously effective at it at a young age.
00:18:27.400 | And I've often thought, "Man, if only I had known then, if only I had known then, if only
00:18:36.000 | I had known what I could accomplish if I were 15 years old."
00:18:39.960 | I've taught and consulted with people and they teach you how to be financially independent
00:18:43.200 | when you're 25 or when you're 30.
00:18:45.400 | And I believe those things have value.
00:18:49.320 | The problem is this.
00:18:52.440 | How do you compare the value of being financially independent because you've worked a lot and
00:18:58.920 | saved a lot with other values?
00:19:06.160 | How do you compare those things?
00:19:09.280 | There's a man that I admire named Kevin Kelly.
00:19:12.560 | He is the former editor of Wired Magazine.
00:19:14.920 | And Kevin is just this eclectic person, really interesting guy, very eclectic, very well
00:19:22.200 | informed.
00:19:23.320 | But he writes and tells stories sometimes of his travels when he was younger.
00:19:28.080 | And he writes and talks about the years that he spent in Asia, back in the 1960s, I guess,
00:19:35.360 | '70s, when it was difficult to be there.
00:19:38.360 | And I always think about these stories when I hear people tell them of, "Oh, I spent three
00:19:42.820 | years in such and such a place, and I was totally broke the whole time, but the experiences
00:19:47.320 | that I had, the things that I learned from that."
00:19:49.960 | I personally never approached my life in that way.
00:19:52.200 | I was always kind of a goal-focused person.
00:19:54.560 | The idea of just going somewhere and hanging out was incompatible with my orderly life,
00:20:00.560 | with my structured life.
00:20:03.920 | And so I think about that contrast.
00:20:05.720 | And I think, "Well, do I regret not living more freeform like that person?"
00:20:13.400 | I remember one time I had a... when I was a financial advisor, I had a client, and he
00:20:18.680 | talked about... he was in his mid to late 50s, and we were talking about his finances.
00:20:22.120 | He said, "I chose to spend all my money when I was younger.
00:20:24.840 | And I realized that I was going to have more financial problems down the road if I didn't
00:20:30.200 | save money then, but I wanted to spend my money when I was younger.
00:20:34.620 | And I wanted to have those experiences.
00:20:36.720 | And I'm glad I did.
00:20:37.720 | And now I wonder if I did the right thing or not, because I don't have as much money
00:20:40.760 | saved as a lot of my peers do, but I'm glad I did."
00:20:44.160 | You think about that.
00:20:45.160 | You think, "Well, is one right or one wrong?"
00:20:46.960 | And of course the answer is, "Well, right or wrong for whom?
00:20:50.720 | For whom are we doing the analysis?"
00:20:54.080 | That's what you have to answer.
00:20:56.080 | I don't regret the decisions that I made, but I also acknowledge the fact that I may
00:21:02.440 | have missed out on certain experiences because I didn't engage in that more just exploration,
00:21:10.400 | as perhaps somebody might call it.
00:21:13.160 | So there's time that's valuable.
00:21:16.880 | Is it valuable to have a lot of money as a young person?
00:21:19.360 | Well, maybe, but then it's also valuable just to reflect on having time.
00:21:25.760 | And if you use all that time and you gain a bunch of money, you can't necessarily go
00:21:29.960 | back and have those same experiences.
00:21:33.240 | My experience now, even if I had all the money in the world, my experience now at a different
00:21:38.120 | phase of life of going to Asia and bumming around would be very different than if I had
00:21:43.160 | done it when I was 20.
00:21:47.640 | The most important application for me though, and for many of my listeners, perhaps even
00:21:53.600 | you, is how this stuff applies with our children.
00:21:59.600 | See those most productive financial years are somewhat peskily in our modern economy.
00:22:08.920 | They're somewhat peskily situated right in those most important years of parenting.
00:22:15.160 | I've often thought, "Man, wouldn't it be great if when I was young, I could have just worked
00:22:20.160 | when I was single, then got married, maybe worked a little bit more and then stopped
00:22:24.180 | working for a job while taking care of children and then I'll go start working again."
00:22:29.400 | I genuinely frequently find myself speaking to empty nester couples and saying, "What
00:22:35.040 | do you have to do other than work?"
00:22:38.400 | Working 40 hours a week or 30 hours a week or 50 hours a week, these are not bad things.
00:22:43.480 | An empty nester couple can move into a small apartment and love it.
00:22:49.560 | Small apartment right in the middle of the city, all the nightlife all around, working
00:22:53.240 | a job.
00:22:54.520 | It gives a structure to life, a sense of contribution, sense of enjoyment.
00:23:01.600 | So I don't want to elaborate too much on this, but just the point is when you think about
00:23:05.880 | when the money is important, I often find myself saying to people, "Recognize that you
00:23:10.520 | can always get more money, but you can't always get more time.
00:23:14.200 | You can always get more money, you can't always get more time."
00:23:19.720 | So don't trade those things you can't get more of unnecessarily or in an out of balanced
00:23:27.820 | way for those things you can always get more of.
00:23:33.080 | Why would you do that?
00:23:34.080 | It makes no sense.
00:23:36.140 | And yet we do it frequently.
00:23:38.140 | We trade time for more money.
00:23:40.880 | Now I think there is an appropriate element of balance in all these things.
00:23:46.160 | I'm sitting here at my desk working today.
00:23:49.640 | I could go downstairs and be with my children, but is it just time that matters?
00:23:56.200 | No, I don't think so.
00:23:57.480 | I don't think that my personal goals would be enhanced any more by saying, "I'm going
00:24:03.200 | to spend this particular hour with my children instead of working."
00:24:07.160 | Why?
00:24:08.160 | What am I going to do?
00:24:09.160 | What's the activity?
00:24:10.160 | What's the reason?
00:24:11.160 | What's the purpose?
00:24:12.160 | I'm happy to take more time to be with my children when there's purpose in it, but I
00:24:16.560 | also believe that what I'm doing right now is important and there's purpose in it.
00:24:21.520 | And there's purpose both in the simple practicalities of earning a living, but also in the grander
00:24:26.600 | scheme of things, the meaning of my life.
00:24:28.680 | And so it's important to be balanced.
00:24:31.040 | It's important to have an appropriate perspective.
00:24:36.520 | But that perspective needs to change at times.
00:24:42.560 | If you find yourself out of balance, out of whack in something, then that perspective
00:24:47.940 | needs to change.
00:24:51.200 | For example, if you find yourself working nonstop, 100 hours a week, never seeing your
00:24:58.720 | eight and 10-year-old children, you need a slap in the face to say, "Extra money isn't
00:25:06.400 | going to help anything."
00:25:09.160 | You need to take care of your eight and 10, assuming that you have money already.
00:25:13.440 | Now if you were totally broke, I would also, you're totally broke, you're sitting around
00:25:17.940 | living like a bum, but you're with your eight and your 10-year-old, I would want to also
00:25:21.120 | give you a slap in the face and say, "You need to go to work.
00:25:23.700 | There's a balance here that you need to pay attention to."
00:25:27.040 | But what about when it comes to living rich versus getting richer?
00:25:33.040 | Well, to apply this to some of the concepts I spoke about recently, where I talked about
00:25:40.400 | my ambition, which is to live less frugally and to live more richly, I think some of these
00:25:46.560 | things apply.
00:25:48.760 | Where sometimes we've gotten so focused on the money that we've lost track of the value
00:25:55.200 | of the time and the value of enjoying the time, gaining meaning of the time.
00:26:02.400 | I think we see this often tragically when we hear about somebody who dies right on the
00:26:06.160 | cusp of retirement.
00:26:07.160 | It hits us hard.
00:26:08.160 | I heard from a friend of mine, there was a guy who worked for the government, local government
00:26:13.680 | employee.
00:26:14.800 | He was very much looking forward to retirement.
00:26:16.840 | Of course, he'd worked for his 20 years to be enrolled in the government pension.
00:26:21.780 | He had just bought his new RV to celebrate his retirement years, and he was looking forward
00:26:27.840 | to it.
00:26:28.840 | And then he got sick.
00:26:29.840 | This particular guy was coronavirus, got COVID-19, and he died.
00:26:35.880 | And so now that pension goes back into the system to provide a bigger paycheck for somebody
00:26:40.520 | else and it goes back and his RV will go to someone else.
00:26:46.320 | It feels tragic oftentimes.
00:26:49.520 | But what feels to me tragic about that story, which again, I heard about a week ago, is
00:26:56.560 | a lot of times because of my perception of that kind of work.
00:27:00.800 | I have several friends of mine who work for governments, and they're often not brimming
00:27:06.360 | with enthusiasm about the great meaning and the grand scope of the impact that they have
00:27:11.080 | on a daily basis at their work.
00:27:13.600 | I don't believe that you always have to have some kind of sense of passion for, "Oh, I'm
00:27:18.120 | passionate about this work."
00:27:19.280 | I think that can be a false god.
00:27:23.240 | I think that you can be passionate about how you do work, and I honor anybody who is productive.
00:27:27.400 | I honor a man who goes to work at a job that he doesn't love on a daily basis and does
00:27:32.700 | it because that's how he gains his living.
00:27:34.520 | That's an honorable thing, and it's worthy of admiration.
00:27:37.280 | We shouldn't put someone down who engages in honest labor, even if it's working in a
00:27:42.600 | government job.
00:27:44.560 | But we also acknowledge sometimes that there are some people who work in a job like that
00:27:50.240 | who aren't there because they chose to be there, but they're there because that's where
00:27:53.880 | they ended up.
00:27:54.880 | I have a number of friends like this, where they work in these jobs, and they just, "It's
00:27:58.560 | what I do.
00:27:59.560 | It's just a job.
00:28:00.560 | It gives me good health insurance.
00:28:01.560 | I got a pension."
00:28:02.560 | And you get this sense that they're just looking forward to the day when they can get out.
00:28:07.360 | They're looking forward to the day when they can escape, when they can retire, when they
00:28:11.080 | can have the big retirement party.
00:28:12.560 | And for that reason, it feels particularly tragic when somebody who's right on the cusp
00:28:17.080 | of escaping dies.
00:28:21.000 | I think, "Oh man, I don't want that to be me."
00:28:24.000 | You think, "Here's this person that saved for years, and they scoped out this really
00:28:28.400 | exciting time of their life, and now they're not going to get to it."
00:28:30.920 | It feels really tragic.
00:28:34.120 | But it doesn't have to be that way.
00:28:36.680 | First, you don't have to defer to the future a sense of enjoyment today.
00:28:41.800 | I think this is where we often are, I'm too extreme in how I talk about it.
00:28:45.400 | It's not that it's a bad thing.
00:28:46.920 | You can enjoy your work, working for the local county government.
00:28:51.280 | You can enjoy it.
00:28:52.760 | You can enjoy the actual work.
00:28:54.000 | You can enjoy the fact that your job has meaning.
00:28:56.560 | You bring order and structure to your local community.
00:28:59.040 | You serve your local community.
00:29:01.320 | You can enjoy the daily nature of your work.
00:29:04.960 | You can find a sense of satisfaction from doing a job well, even if it's something that
00:29:09.720 | is not particularly fun.
00:29:10.720 | There's a sense of satisfaction of doing something well, of solving, of cleaning your little
00:29:14.840 | corner of the world, making something run smoothly, working hard, being effective in
00:29:19.240 | what you're doing.
00:29:20.280 | You can find a tremendous amount of fun.
00:29:22.420 | You go out on the boat with your family on Saturday.
00:29:25.840 | You gather with your friends at church on Sunday.
00:29:28.320 | It's a meaningful life.
00:29:30.240 | I want to not be one of those who dismisses the great sense of meaning and satisfaction
00:29:35.880 | in an ordinary everyday life.
00:29:38.940 | There is a lot of meaning in it.
00:29:42.000 | But then of course, it's also possible that the job could be changed.
00:29:46.180 | If somebody really didn't find a sense of meaning and satisfaction in the common ordinary
00:29:50.240 | things of life, then they can change those things of life and go in a different direction.
00:29:55.240 | That's always been where my focus has been for me, because I always thought that can
00:30:01.040 | be solved quicker.
00:30:02.820 | Why wait to retire to do that when you could do that at ... Why wait to retire to do that
00:30:07.240 | at 60 when you could do it at 40?
00:30:11.080 | When I see it, people who do things earlier are in a different order.
00:30:16.220 | To me, it seems really powerful, much more engaging.
00:30:21.400 | I'll use an example.
00:30:24.120 | There's an RVing channel that I enjoy called Keep Your Daydream.
00:30:27.780 | The hosts are Mark and Tricia Leach.
00:30:30.260 | They have this channel called Keep Your Daydream on YouTube.
00:30:33.340 | They started it something like three or four years ago.
00:30:35.360 | They had at the time a 16-year-old, I think a 14-year-old and a 12-year-old, something
00:30:39.480 | like that, three children.
00:30:41.520 | They didn't have a big RV.
00:30:44.160 | They just had a half-ton truck and they bought a travel trailer, but they decided they were
00:30:47.240 | going to go and RV the country with their children.
00:30:50.480 | They sold their stuff.
00:30:51.480 | They sold their house, put their stuff in storage, and they went out and started RVing
00:30:55.440 | the country with their children.
00:30:57.840 | A number of years later, their oldest daughter went to college, then they continued with
00:31:02.000 | their other two sons.
00:31:03.800 | Then their second son went to a boarding school to finish out his high school career, and
00:31:08.720 | so they're on the road still with their third child who's almost 16, who is probably going
00:31:15.280 | to transition out of that and do his own thing at some point here in the future.
00:31:19.960 | Now, along the way, they've been able to build a business that made them money in doing it,
00:31:27.640 | but I've often wondered, what if they didn't?
00:31:30.480 | What if they just took the money from their 401(k) and they said, "We're going to go RVing
00:31:34.640 | with our children, and we're going to spend our retirement on this anyway."
00:31:41.440 | You ask a financial advisor that question, and what are we financial advisors going to
00:31:45.240 | tell you?
00:31:46.240 | "Don't do it.
00:31:47.240 | That's just too risky.
00:31:49.640 | Too risky to do it.
00:31:50.960 | Too risky to take the money from your 401(k) and go and spend it on three years of RV travel
00:31:55.720 | with your children.
00:31:56.720 | Too risky.
00:31:57.720 | Don't do it.
00:31:59.680 | After all, don't you know that your children don't want to support you when you're old?
00:32:04.420 | After all, you can't be dependent on other people."
00:32:06.120 | Now, is there an element of truth to that?
00:32:09.840 | I think so, absolutely, but life is risky.
00:32:13.600 | The other guy that I just talked about, I don't know his name.
00:32:16.000 | It was a friend of mine.
00:32:17.320 | The friend was talking about his friend, but the other guy, we'll call him Tom, Tom died.
00:32:22.900 | He had all the money in his 401(k) and then he died.
00:32:26.440 | How would his children feel showing up at his funeral if all they had to say was, "Dad
00:32:31.080 | just worked and worked and worked and saved and saved and saved, looking forward to his
00:32:34.440 | retirement.
00:32:35.440 | Now he's dead."
00:32:36.440 | That's tragic.
00:32:37.920 | And yet, think about how Mark and Tricia Leach, the Keep Your Daydream family, what if they
00:32:43.600 | did spend all their money on that trip with their children?
00:32:48.480 | What if they didn't wind up creating a new business and a new career?
00:32:52.440 | What if they did spend all their money and then the children went off to college and
00:32:55.920 | they started over?
00:32:59.480 | Imagine you're a 50 year old parent, you're a 55 year old parent.
00:33:03.560 | Ask you a question, how quickly could you rebuild if you needed to or wanted to?
00:33:15.120 | If I were 55 years old and my children were all out of the house, I could probably do
00:33:20.400 | and I'm not there yet, but if I'm coaching a 55 year old, I bet I could coach a 55 year
00:33:25.280 | old to in 10 years replace what previously took them 30 years.
00:33:32.960 | And I often felt that to myself when I walked away from my financial planning business.
00:33:36.080 | I've thought, "Man, how long would it take me to rebuild?"
00:33:37.920 | Well, I did it for six years.
00:33:39.360 | Today, I could probably rebuild in two years what I did in six years.
00:33:43.080 | I could do it faster the second time around.
00:33:48.520 | So what makes more sense?
00:33:54.200 | Spend the 401k RVing with the children, build memories that they're going to treasure, build
00:33:57.760 | an actual genuine close relationship with your children or ignore the children to fund
00:34:03.320 | the 401k?
00:34:07.360 | Clearly that's a false choice.
00:34:09.000 | Doesn't have to be one or the other.
00:34:11.960 | Clearly it's a false choice.
00:34:13.600 | I simply want to show you and focus on the fact that when you prioritize, recognize what
00:34:28.400 | you're giving up and then plan appropriately.
00:34:32.080 | It's perfectly fine for you to look at your children and say, "I'm happy with what I'm
00:34:36.640 | doing and I don't need to go spend the 401k on RVing for three years."
00:34:42.040 | Perfectly fine.
00:34:43.880 | Not everyone should do those kinds of things.
00:34:46.800 | I simply personally happen to enjoy those kinds of ideas and think about what happens
00:34:52.920 | if you do them.
00:34:53.920 | And so those are the examples that I give, but it's perfectly fine not to do those things.
00:34:58.400 | My dad never did that with me and I don't feel like I suffered.
00:35:01.600 | So I don't wish that he did.
00:35:03.960 | That's not the point.
00:35:04.960 | The point is that in time between money, recognize that once your children are gone out of your
00:35:09.600 | house, they're gone out of your house.
00:35:11.920 | You can still have a relationship with them, but that relationship is going to be very
00:35:14.920 | different.
00:35:17.200 | So don't miss the things that cost money that are going to dramatically transform what
00:35:23.440 | you can do in favor of things that down the road will never be available to you again.
00:35:29.840 | That time will go.
00:35:30.840 | I want to give a few other examples because I feel like this is very practical and if
00:35:35.560 | I give you some examples, you'll be able to assess your own life in an appropriate way
00:35:41.040 | and make sure that you're living congruently with it.
00:35:47.200 | When I talked about extreme savings, I realized my epiphany that extreme savings is a very
00:35:54.240 | effective tool.
00:35:55.600 | Frugality, extreme frugality is a very effective tool of escape for people who don't like their
00:36:00.600 | job, but it's not necessary for those who do like their job.
00:36:05.920 | There's an example that for me was important that I recently was touching into.
00:36:10.440 | I've mentioned this particular individual before, not by name of course, but years ago
00:36:15.320 | when I was a financial advisor, there was a new young advisor who joined the firm that
00:36:23.000 | I was with.
00:36:25.720 | I thought this guy was going to be a total loser.
00:36:29.440 | I thought he was going to be a total loser.
00:36:30.840 | I looked at him and I dismissed him quickly.
00:36:33.500 | He was a kind of a preppy frat boy, not preppy, but like a frat boy kind of guy, big partier,
00:36:41.240 | very good looking, dressed sharp, the modern sharp dress, came from a wealthy family, had
00:36:49.280 | all his parents play things, had his dad's $1.5 million boat that he could take out on
00:36:54.040 | the weekend whenever.
00:36:55.540 | Parents were wealthy lawyers and didn't really have much to worry about.
00:36:59.000 | Here he comes in after college into my office and he's going to start as a new financial
00:37:08.420 | advisor.
00:37:09.420 | Here's Joshua Sheets, the financial nerd.
00:37:11.080 | I've nerded out about financial stuff for a long time.
00:37:14.180 | I thought this guy's not going to last.
00:37:16.320 | You ask him a question, here he is a financial advisor, you ask him a question about a Roth
00:37:20.160 | IRA, he can't explain a Roth IRA, has no clue how anything works.
00:37:23.760 | I thought this guy's not going to last.
00:37:25.200 | I pegged him as a total failure.
00:37:28.880 | I was completely wrong about him.
00:37:32.080 | I was completely wrong.
00:37:34.960 | And I've often thought, why did I get it so wrong?
00:37:37.040 | Where was I wrong?
00:37:38.720 | Was I jealous of him?
00:37:41.880 | Was I wrong about what made a good, a successful financial advisor?
00:37:48.220 | Was I jealous of the fact that he'd had everything handed to him or I was, and I wanted to justify
00:37:53.120 | my own perspective of, you know, pull yourself up by your bootstraps and work your way through,
00:37:57.520 | et cetera.
00:37:58.520 | I don't know.
00:37:59.520 | I don't know why I was wrong.
00:38:00.520 | All I know is that I was wrong, totally wrong.
00:38:03.200 | Fast forward today, this guy continues to be an extraordinarily successful and productive
00:38:08.320 | financial advisor.
00:38:10.080 | And he's in his early 30s.
00:38:11.880 | He makes a lot of money, drives a Bentley to work every day now, always drove fancy
00:38:17.040 | cars, right?
00:38:18.040 | Started in a BMW, but right now drives a Bentley to work every day, has been groomed to be
00:38:22.280 | one of the leaders in the financial advisory space.
00:38:25.600 | Very, very, very, very successful, makes a lot of money.
00:38:30.800 | And I've thought a lot about that over the years because it was just such a striking
00:38:35.000 | foil to me and to who I was.
00:38:37.800 | I was the guy who, when I was a financial advisor, I was uncomfortable with the image
00:38:42.140 | of being a shark, right?
00:38:44.360 | So I intentionally downplayed my image.
00:38:48.240 | I didn't dress like a shark.
00:38:49.440 | I didn't dress sharp with all of the, a sharp suit I would dress in khakis and a blazer,
00:38:54.800 | right?
00:38:55.800 | And kind of downplay the image.
00:38:57.440 | Right or wrong?
00:38:58.440 | I don't know, right?
00:38:59.440 | I don't know.
00:39:00.440 | I had reasons why that seemed to me to be the right thing at the time, but it was congruent
00:39:05.400 | with my personality.
00:39:06.800 | But I've often thought, maybe I got it totally wrong.
00:39:09.320 | Maybe I should have gone the other route.
00:39:13.840 | I drove conservative cars.
00:39:15.080 | I didn't want to pull up in front of somebody's house and then say, "Oh, look, you try the
00:39:20.080 | fancy car."
00:39:21.080 | Well, you know, my friend drives a Bentley.
00:39:22.800 | He can pull up anywhere and basically say, "I'm a financial advisor, man.
00:39:26.520 | I'm supposed to know what we're talking about with money.
00:39:28.080 | I'm not scared of you."
00:39:29.440 | It worked for him.
00:39:30.440 | It worked for him.
00:39:31.440 | There's no question about that.
00:39:32.440 | But I thought, like, why was I trying so hard to save?
00:39:36.860 | Why was I trying so hard to live modestly?
00:39:39.840 | Why was I trying so hard to be frugal and save money?
00:39:44.240 | It was unnecessary.
00:39:47.720 | Why not drive a Bentley when you're 30?
00:39:50.960 | Now the answer is that that particular job, at least the way I was doing it then, wasn't
00:39:56.640 | a good fit for me long-term.
00:39:57.640 | It was boring.
00:39:58.640 | I didn't like it.
00:39:59.720 | And so I wanted out of it.
00:40:02.000 | Once I got out of it, things could change.
00:40:03.880 | Whereas, as I understand it from my friend, this guy, it's a good fit for him.
00:40:08.040 | He likes it.
00:40:09.040 | It's a good lifestyle for him.
00:40:11.160 | And that is one of the images that has really stuck with me.
00:40:16.840 | If you're trying to get out of your life, if you're trying to get out of a job that
00:40:20.880 | you don't like or get out of a life that you don't like, then saving all the money in the
00:40:25.960 | world so you can change how you're using your time, it makes sense.
00:40:30.200 | But if you like how you're using your time, then saving all the money in the world doesn't
00:40:34.480 | make sense anymore.
00:40:37.200 | Why?
00:40:39.240 | Why go through years and years and years, scrimping and saving and scrimping and saving
00:40:45.520 | just so that you can leave a bigger estate when you die?
00:40:49.080 | What's the point?
00:40:50.840 | Again, let's be careful of our false dilemmas.
00:40:54.720 | Doesn't mean you may not leave a big estate when you die.
00:40:59.080 | That's fine.
00:41:00.080 | There are lots of people who are totally content with what they're doing, very productive financially,
00:41:03.760 | have no desire to spend more money, and yet are going to continue to accumulate money.
00:41:12.040 | I don't think it's morally superior to spend all your money.
00:41:15.200 | Just saying from a practical perspective, why the excess focus on getting rich if it
00:41:21.240 | costs you to be living today in a way that you don't like?
00:41:26.320 | Doesn't make sense.
00:41:29.680 | So my basic argument that I desire to advance is this, saving money has to have a purpose.
00:41:35.120 | There needs to be a purpose behind it.
00:41:39.960 | You get to choose the purpose, but there needs to be a purpose.
00:41:45.640 | When you're saving money and you're building up more and more money in the bank, get clear
00:41:53.120 | on what that purpose is and make sure that you've identified it and that it fits with
00:42:01.000 | what is important to you.
00:42:05.460 | Without question, there are many people in the world whose lives would be dramatically
00:42:09.520 | improved if they saved more money.
00:42:15.840 | In my listening audience, though, there aren't many of those people.
00:42:21.880 | In my listening audience, there are a lot of people's lives who would be dramatically
00:42:26.120 | improved if they spent more money.
00:42:30.720 | Don't let the blind collection and compounding of money keep you from doing something now
00:42:41.760 | that's important for you to do.
00:42:48.000 | Don't let just a little bit more keep you from living well today, living richly today.
00:42:56.840 | Up to you to decide what you want to buy with your money.
00:43:00.640 | You can buy the satisfaction of paying off your neighbor's mortgage or your mom's mortgage
00:43:05.460 | or your daughter's mortgage or whomever.
00:43:08.860 | You can also buy the satisfaction of a fancy new car or anything in between.
00:43:17.080 | But don't just think, "Oh, I just have to have a little more money for down the road."
00:43:20.960 | Recognize that time is the thing that you never get back, whereas money itself is completely
00:43:30.300 | and totally renewable.
00:43:39.680 | Don't let your personal habits of life be those that have been forced onto you by people
00:43:48.480 | who don't even know you.
00:43:51.680 | This is kind of what I've realized has happened to me.
00:43:54.240 | I've shared many times, and I'll share again, how shocking it was for me when I first started
00:43:59.360 | talking to people personally about their money.
00:44:01.960 | The question I always used in an initial interview with somebody was, "Is there a point in time
00:44:05.880 | at which you'd like to not to have to work if you didn't want to?"
00:44:08.480 | I didn't like to say retirement, but I would say, "Is there a point in time at which you'd
00:44:12.200 | like to not to have to work if you didn't want to?"
00:44:16.880 | Everyone would, the common answer about 50% of the time, "Well, absolutely.
00:44:21.320 | Sure.
00:44:22.320 | You're today, right?
00:44:23.320 | Or tomorrow."
00:44:24.320 | One of those two.
00:44:25.320 | We'd give a polite laugh.
00:44:26.320 | It's a polite laugh.
00:44:27.320 | Then, of course, I would say, "Okay.
00:44:28.320 | No, tell me.
00:44:29.320 | Really.
00:44:30.320 | What age?"
00:44:31.320 | A shocking number, I would guess, 75%, 70%, something like that.
00:44:35.120 | The majority of people would say 65 or 60, 60 or 65.
00:44:43.560 | I would go farther and I'd say, "Well, why 65?"
00:44:47.360 | The vast majority of the time, it was like, "I don't know.
00:44:49.880 | That's the Social Security retirement age, right?"
00:44:51.360 | I'd say, "No, it's 67.2 for you."
00:44:55.640 | I realized we're all kind of group creatures.
00:44:59.320 | This whole concept of retirement didn't ever exist in the context of human history.
00:45:04.860 | It didn't ever exist in the context of human history until the modern age.
00:45:09.040 | It was invented as a political experiment in the modern age.
00:45:14.320 | Then it has been successfully marketed, but now 75% of the people that I talk to say they
00:45:18.400 | want to retire at 65.
00:45:20.320 | There's something magical about 65.
00:45:22.240 | I can talk about the fact that the majority of people at that time, according to life
00:45:26.240 | expectancies tables, were scheduled to be dead by 65.
00:45:30.200 | That was where the age was invented.
00:45:33.400 | Then you start playing with it.
00:45:34.400 | You can say, "Why 65?
00:45:35.400 | Why not 55?"
00:45:36.400 | "Well, I guess so at 55."
00:45:39.880 | "Well, why not 45?"
00:45:41.440 | "Well, I guess so."
00:45:43.560 | You continue this forward and then you get the power of the modern fire movement.
00:45:49.800 | "Well, when would you like to be retired?"
00:45:52.080 | "Well, as soon as possible.
00:45:54.000 | Five years, 10 years, seven years, by age 30, free at 40."
00:45:59.680 | "Okay.
00:46:03.360 | That's awesome.
00:46:04.360 | Then what?"
00:46:08.400 | Some people have a good answer.
00:46:09.400 | I'm not here to dump on anybody.
00:46:10.920 | I believe that we should live well-examined lives to the extent that we're capable of
00:46:16.400 | it.
00:46:21.960 | There are some people for whom the plan of working hard for a number of years, engaging
00:46:26.760 | in extreme savings, and then living off of their investments, that seems to be a really
00:46:30.660 | good plan.
00:46:33.800 | Had lunch with somebody yesterday who did that and enjoyed it.
00:46:37.000 | I think that's great for those people.
00:46:41.120 | But I think there's some of us, like me, who kind of fall into that way of thinking without
00:46:46.280 | actually examining it.
00:46:48.440 | It's just as much a group herd impulse to say, "I want to be fi at 40," as it is to
00:46:56.840 | say, "I want to retire at 65."
00:46:58.600 | That's what I realized for me.
00:47:00.440 | "Wait a second, Joshua.
00:47:02.600 | That's not you.
00:47:03.600 | You're not going to stop working.
00:47:07.280 | That's not you.
00:47:08.280 | You don't want to do that."
00:47:09.280 | A lot of the lives of some early retirees to me sound dreadfully boring.
00:47:15.720 | Some people like it.
00:47:16.720 | Again, I'm not criticizing you if you like it.
00:47:18.840 | If you want to sit and work in your garden, if you want to do involved in your local charity,
00:47:24.120 | if you want to spend your time slow traveling the world, do it.
00:47:26.880 | Go for it.
00:47:28.200 | But that's not for me.
00:47:30.040 | Those things bore me.
00:47:33.560 | So each of us should pick our own path, and to the extent possible, we should do it in
00:47:40.080 | an examined way.
00:47:44.200 | Let's do our best to appreciate things from the examples of others, and then articulate
00:47:49.600 | our own personal philosophies of why we do what we do, why we're living the way that
00:47:57.520 | we're living.
00:47:59.240 | Recognize in that money is not the thing that's in shortage.
00:48:05.200 | Usually time is.
00:48:06.200 | If you don't have any money at all, money is probably the thing that's in shortage.
00:48:10.280 | I've continually found myself, I have friends and family members who, for reasons I can't
00:48:15.920 | comprehend, don't go and get jobs.
00:48:19.640 | They just, "Oh, I'm doing my thing, doing my business.
00:48:23.000 | I like being free.
00:48:24.280 | I don't want someone else to have control over my schedule."
00:48:26.440 | I look at them, I'm like, "Bro, you're broke."
00:48:29.560 | That sucks.
00:48:31.920 | To be broke, but to have all your time, to me, that stinks.
00:48:35.680 | That's just not fun.
00:48:37.960 | So going from zero to, I don't know, $10,000 in the bank, that would be a high priority.
00:48:42.560 | If I had zero dollars, I would go get a job.
00:48:46.040 | But then things change quickly.
00:48:50.200 | Going from $100,000 to a million dollars, is that the ticket?
00:48:55.080 | When are you going to start living?
00:48:56.080 | When you have $10 million?
00:48:57.080 | When you have $10 million, when?
00:48:58.080 | When?
00:48:59.080 | That's the question.
00:49:00.080 | I don't know that there's a right answer, but there's probably a right answer for you.
00:49:09.280 | Always begin with the end in mind.
00:49:11.080 | Recognize that at the end, your time is limited.
00:49:17.120 | Your feet will be in the casket just like mine.
00:49:20.200 | And so at that time, what's going to matter?
00:49:26.000 | Your money is going to have some importance at that point in time.
00:49:30.320 | Your money is going to have some importance to your wife, to your children.
00:49:33.840 | A friend of mine died of COVID.
00:49:36.240 | Was that a young man?
00:49:37.240 | Young, had children, they were teenagers.
00:49:38.240 | He was at his funeral last week.
00:49:41.720 | I should say funeral with air quotes, right?
00:49:45.720 | Funerals in the time of COVID.
00:49:46.720 | We all got together in a big field and there were little bubbles all around the field to
00:49:53.040 | try to remember his life.
00:49:54.680 | I just was thinking afresh about death, right?
00:49:57.280 | Money matters at that time.
00:49:59.840 | It matters.
00:50:01.840 | But the time in between, right?
00:50:10.200 | The dash, right?
00:50:11.200 | The dash between the two dates, that matters way more.
00:50:17.360 | And as I listened to the testimonies of the friends and loved ones who spoke at a friend's
00:50:22.320 | funeral and talked about how the impact that he'd had on them, there wasn't a whole lot
00:50:30.560 | of money involved, but there were a lot of activities.
00:50:34.720 | There was a lot of time.
00:50:36.840 | There was a lot of presence.
00:50:40.320 | The C, presence.
00:50:46.560 | Judge accordingly.
00:50:47.560 | I think I've said all I need to say.
00:50:49.200 | Thank you for listening to today's show.
00:50:50.880 | Remember, if you would like to invest in yourself with one of my courses, go to radicalpersonalfinance.com/store.
00:50:57.640 | If you'd like to invest in yourself with my personal advice, go to radicalpersonalfinance.com/consult.
00:51:04.120 | Radical personal finance.com/consult.
00:51:07.240 | Be with you soon.
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