Joshua_Sheats_on_Everything_Financial_Radio_interview_With_Dennis_Tubbergen
00:00:00.000 | (upbeat music)
00:00:02.580 | This is the Everything Financial Radio Podcast.
00:00:07.800 | I am your host, Dennis Tubergen.
00:00:09.540 | Glad you're listening in this week.
00:00:12.560 | And if you're a regular listener,
00:00:14.760 | thank you and welcome back.
00:00:16.980 | If you're a new listener,
00:00:17.920 | this is where we talk about what's going on in the economy,
00:00:21.480 | what's going on politically,
00:00:23.880 | and what it might mean for you and your money.
00:00:27.200 | Each week, I interview typically a couple of guest experts
00:00:32.160 | and share their perspectives with you.
00:00:34.440 | This past week, I caught up with Mr. Gerald Salente.
00:00:38.120 | Gerald is the publisher of Trends Journal.
00:00:42.000 | Certainly always enjoy my conversation
00:00:44.480 | with Gerald and his perspective.
00:00:47.000 | I also caught up with the host
00:00:48.560 | of the Radical Personal Finance Podcast this past week,
00:00:51.440 | Mr. Joshua Sheets.
00:00:53.480 | That conversation I will be sharing with you as well
00:00:56.600 | on this week's podcast.
00:00:58.840 | If you're not yet a subscriber
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00:01:21.720 | and give you some ideas to consider
00:01:23.860 | in your own investment portfolio.
00:01:26.880 | The website, if you'd like to become a subscriber,
00:01:29.040 | is yourportfoliowatch.com.
00:01:31.600 | That's Y-O-U-R, yourportfoliowatch.com.
00:01:35.680 | Joining me once again
00:01:36.960 | on the Everything Financial radio program
00:01:39.900 | is the founder and director of the Trends Research Institute
00:01:44.400 | and the publisher of Trends Journal, Mr. Gerald Salente.
00:01:48.320 | Gerald has been one of my favorite guests over the years.
00:01:51.380 | And Gerald, thank you for taking time out
00:01:53.160 | to join us again today.
00:01:54.520 | - Oh, always great being out with you.
00:01:55.880 | Thanks for asking that.
00:01:57.680 | - Gerald, let's talk about the economy.
00:02:00.700 | The talking heads, the mainstream media say
00:02:04.960 | we have a recovery going,
00:02:06.840 | although the recovery is a bit anemic.
00:02:09.840 | But when you look at the jobs numbers
00:02:11.600 | and you look at some of the underlying data,
00:02:13.320 | it just seems that that doesn't add up.
00:02:14.960 | What's your take?
00:02:16.340 | - Well, you know, first of all,
00:02:17.960 | the world is bigger than the United States.
00:02:21.240 | And although it's the largest economy in the world,
00:02:24.560 | there's a lot more going on out there.
00:02:26.200 | So let's take a trip to China.
00:02:28.680 | And remember, China's growth
00:02:32.020 | and all of the stimulus that they pumped into the place
00:02:35.040 | following the panic of '08
00:02:37.880 | is one of the reasons why you saw commodity prices go so high
00:02:41.680 | and also a recovery from that terrible hit
00:02:46.600 | that happened back then.
00:02:48.560 | So take a look at what's going on in China.
00:02:51.720 | They just came out with their import-export numbers.
00:02:56.440 | They're dismal.
00:02:57.400 | They're negative, both of them.
00:03:01.160 | And you take a trip to Japan,
00:03:03.580 | despite two rounds of Abe-nomics,
00:03:05.920 | trillions of yen pumped into the market,
00:03:09.600 | they fluctuate between recession and stagnation.
00:03:13.800 | Matter of fact, since Abe's been in government
00:03:17.160 | since 2012, the entire GDP of Japan's
00:03:21.560 | only grown about 2.4%.
00:03:25.200 | You have a global slowdown.
00:03:26.960 | Look what's going on in Europe.
00:03:28.840 | Look at the banking problems they have.
00:03:31.400 | Look at the real numbers coming out,
00:03:33.820 | the declines in bank shares,
00:03:36.400 | whether it's Deutsche Bank, Royal Bank of Scotland,
00:03:40.880 | Paribus, one after another.
00:03:43.600 | So there's no recovery.
00:03:45.160 | It's a global recession.
00:03:46.480 | It's bigger than America.
00:03:48.240 | Take a trip to Brazil.
00:03:50.160 | Wanna have some fun?
00:03:51.220 | Go to Venezuela.
00:03:52.620 | You look around, whether it's Nigeria, Angola, Congo,
00:03:58.000 | when these commodity prices collapsed,
00:03:59.920 | so too did a lot of the world economies.
00:04:04.120 | So there's no recovery.
00:04:06.360 | And when you look at the jobs numbers
00:04:07.960 | in the United States that they're touting, it's a sham.
00:04:12.120 | For example, we've lost five million jobs
00:04:15.280 | in manufacturing in the USSA since about 2000.
00:04:20.280 | The five million jobs that are replaced
00:04:24.800 | are in the hospitality sector.
00:04:26.560 | Isn't that a nice proper word?
00:04:28.480 | Hospitality sector.
00:04:30.320 | Bartenders, waitresses, waiters, making beds in hotels.
00:04:34.520 | Not that those are demeaning jobs.
00:04:36.640 | I don't mean that in any way.
00:04:38.520 | What I mean to say is that the fact is
00:04:41.580 | they don't pay a lot of money.
00:04:43.960 | Healthcare, health aides, ambulatory services.
00:04:48.680 | So when you look at real wages
00:04:51.880 | and median household income in the United States,
00:04:55.240 | median household income is below 1999 levels.
00:04:58.980 | 95% of the wealth created since the stock market boom
00:05:05.040 | that began with all of the quantitative easing
00:05:08.500 | and all of the zero interest rate policy,
00:05:12.440 | and this effect has gone to the 1%.
00:05:15.160 | 95% of the wealth created in the US has gone to the 1%.
00:05:18.600 | Worldwide, 62 people have more money
00:05:22.840 | than half the world's population combined.
00:05:25.120 | Recovery, how about calling it a coverup?
00:05:27.600 | - You know, we're chatting today with Gerald Salente,
00:05:31.560 | founder and director of the Trends Research Institute,
00:05:33.920 | also publisher of the Trends Journal.
00:05:36.400 | I would encourage you to check out his work
00:05:38.160 | at trendsresearch.com.
00:05:40.480 | And Gerald, as you were talking about this wealth gap,
00:05:43.440 | although you didn't really use that term,
00:05:45.160 | it just strikes me that with all the quantitative
00:05:48.200 | easing programs we've seen really worldwide,
00:05:50.560 | it really seems to have proven that if you're close
00:05:54.720 | to the printing press, you benefit.
00:05:56.000 | And the further you are away,
00:05:58.080 | these policies actually harm Main Street America.
00:06:00.800 | Would you agree?
00:06:01.760 | - Well, they do, because look at the facts again.
00:06:04.560 | Negative interest rates, zero interest rate policy,
00:06:07.220 | who does it help?
00:06:08.340 | The facts are there.
00:06:09.640 | You're looking at stock buybacks in the first three months
00:06:13.600 | of the year, it's about $160 billion in the United States.
00:06:18.600 | So they're borrowing the money for nothing,
00:06:20.920 | going back, buying back their own stock
00:06:22.680 | and driving up the equity prices.
00:06:24.560 | Mergers and acquisition activity,
00:06:26.200 | borrowing the dough for nothing,
00:06:27.680 | and they're buying up other companies.
00:06:30.640 | And it's a war against the savers,
00:06:33.080 | because we have no place to put our money.
00:06:35.560 | You don't put in the bank anymore and get,
00:06:38.040 | you don't even get a toaster anymore.
00:06:39.940 | (laughing)
00:06:41.000 | You put it in the bank, you get nothing back for it.
00:06:43.680 | People used to retire on their savings.
00:06:46.400 | So that's gone.
00:06:47.960 | And again, all it's done is benefited the,
00:06:51.520 | you know, the equity markets, the gamblers.
00:06:55.720 | By the way, you look at what's going on
00:06:57.520 | with what happened with the Brexit vote in the UK.
00:07:01.440 | What was it about?
00:07:02.440 | Read the facts.
00:07:03.760 | They're there for everybody that wants to open their eyes
00:07:05.960 | and look at them.
00:07:07.760 | One of the major issues is anti-globalization
00:07:12.080 | and a reaction against the elites
00:07:17.080 | running and owning everything
00:07:19.640 | and the rest of the people working in slavelandia.
00:07:22.140 | - So, Joe, when you look at the Brexit vote,
00:07:25.200 | I mean, I look at that and it's a move
00:07:27.240 | towards protectionism and nationalism.
00:07:29.600 | And we saw the same thing when the world economy slowed
00:07:33.120 | in the early '30s.
00:07:34.700 | In your view as a trends forecaster,
00:07:37.100 | is the Brexit vote the first of many such votes
00:07:40.680 | around the world?
00:07:41.800 | - Oh, absolutely.
00:07:42.960 | It's a matter of fact,
00:07:44.160 | we're coming out with a new trends journal shortly.
00:07:47.000 | And what we're writing about is people power.
00:07:50.200 | And that's what this really, you know, like it or not,
00:07:53.480 | you know, that's what it was.
00:07:54.600 | And it's a reaction against, again, the mobs,
00:07:58.640 | the people like to call them in the States,
00:08:00.240 | the Republicans and the Democrats, for example.
00:08:02.960 | How about the bloods in the crypts?
00:08:05.200 | You know, I don't say that sarcastically.
00:08:06.960 | How many more people do the Republicans and Democrats
00:08:09.720 | have to murder around the world
00:08:11.680 | in the name of freedom and democracy
00:08:15.120 | before anybody calls a murderer a murderer?
00:08:17.360 | How many more drone strikes?
00:08:18.760 | What is 4,000 innocent people killed
00:08:21.060 | by that Nobel Peace Prize winner Obama
00:08:24.800 | on his terror Tuesdays when he's quoted as saying,
00:08:27.880 | I'll quote, "I'm really good at killing people."
00:08:29.720 | In the book "Double Down."
00:08:31.600 | Thieves, they rob our money in the name of too big to fail,
00:08:34.640 | loan guarantees, and bailouts to their friends.
00:08:37.240 | I mean, let's call it what it is.
00:08:40.320 | And when you see the Brexit vote is a reaction against that.
00:08:43.700 | It's going on globally
00:08:45.440 | in all the Western so-called democracies.
00:08:48.280 | These are not democracies.
00:08:49.640 | These are neo-feudal societies.
00:08:52.200 | We've taken away from the kings, the queens, and nobility,
00:08:56.240 | and we gave it to a small club.
00:08:58.840 | The Oxford, the Eaton boys,
00:09:02.400 | the Harvard, Princeton, Yale gang,
00:09:04.760 | the White Shoe Boys on Wall Street of the city of London.
00:09:08.320 | When are people gonna grow up and call it what it is?
00:09:11.040 | And that's what the reaction is.
00:09:12.800 | The anger out there is real.
00:09:14.960 | The people are being shafted.
00:09:16.480 | They feel it in their lives, in their pocketbooks.
00:09:19.800 | Look what's going on in the United States.
00:09:22.240 | Do you know that the millennial age people,
00:09:25.880 | their amount of home buying is at a record low?
00:09:31.200 | They're left getting out of college
00:09:32.800 | with $100,000 worth of debt
00:09:35.240 | and getting jobs as baristas at Starbucks.
00:09:40.120 | Yeah, I used to be a soda jerk when I was a kid.
00:09:43.160 | You know, they're now adults,
00:09:44.920 | soda jerks pouring out coffee
00:09:47.040 | as what is, with Starbucks owns, what, nearly 8,000 outlets.
00:09:53.080 | And that puts out a business
00:09:55.380 | of all the people that used to want to compete,
00:09:58.160 | whether it's in that or fast food or multinationals.
00:10:01.080 | That's what the Brexit vote is about.
00:10:03.120 | It's a reaction against a few owning everything.
00:10:05.920 | It's a reaction against the 62 people, according to Oxfam,
00:10:10.000 | that owned more dough
00:10:12.160 | than half the world's population combined.
00:10:15.020 | - Well, we are chatting today with the founder
00:10:18.360 | and director of the Trends Research Institute,
00:10:21.400 | publisher of Trends Journal, Mr. Gerald Celente.
00:10:24.360 | I would encourage you to check out his work
00:10:26.280 | at trendsresearch.com.
00:10:28.040 | It's one of my favorite publications to read.
00:10:30.320 | Again, I'd encourage you to check it out.
00:10:32.480 | We'll be back and continue our conversation with Gerald
00:10:34.960 | when Everything Financial Radio returns.
00:10:37.080 | Stay with us.
00:10:37.920 | ♪ Come on, come on ♪
00:10:39.560 | ♪ Listen to the money talk ♪
00:10:43.800 | ♪ That's the way you do it ♪
00:10:45.760 | ♪ Money for nothing and you chase the breeze ♪
00:10:48.920 | - Well, I certainly hope you're enjoying the conversation
00:10:51.540 | that I had with Mr. Gerald Celente this past week.
00:10:54.920 | I'll get right back to that conversation now.
00:10:58.080 | I'm joined on the Everything Financial Radio program
00:11:00.280 | today by the founder and director
00:11:02.920 | of the Trends Research Institute
00:11:04.620 | and publisher of the Trends Journal, Mr. Gerald Celente.
00:11:08.440 | The website to check out his work is trendsresearch.com.
00:11:12.480 | And Gerald, in the last segment,
00:11:13.760 | we were talking a bit about,
00:11:16.080 | or alluded anyway to,
00:11:18.660 | you'd mentioned the too big to fail banks.
00:11:20.760 | And to talk about banking again,
00:11:23.020 | I mean, it seems that these too big to fail banks
00:11:25.720 | are essentially in worse condition
00:11:27.920 | than they were prior to the bailout.
00:11:29.200 | The derivative exposure is greater.
00:11:31.880 | The return of the no money down mortgage is back.
00:11:35.480 | And are we just ready to see a repeat performance
00:11:38.240 | of what we saw back in 2007 and 2008 in your view?
00:11:41.280 | - I think it's going to be much worse
00:11:42.840 | because the bubble that is built up by this equity boom
00:11:46.680 | that's not based on price earning ratios,
00:11:49.000 | it's based on speculation.
00:11:50.860 | It's based, again, on stock buybacks
00:11:53.400 | and merger and acquisition activity.
00:11:55.680 | And stock buyback levels are returning to records.
00:11:59.160 | So there's no real price discovery.
00:12:02.280 | It's been inflated with zero interest rate,
00:12:05.720 | negative interest rate policy.
00:12:07.620 | I mean, you know, Dennis, you're a nice guy.
00:12:09.720 | You know, I've been on your show a number of times.
00:12:11.200 | I got a deal for you.
00:12:12.480 | I have some bonds to sell.
00:12:15.280 | We're going to call them negative yields.
00:12:18.440 | That's right.
00:12:19.440 | In 20 years, when you cash in this, or 10 years,
00:12:23.600 | you're going to get less back
00:12:24.780 | than what you bought the bond for
00:12:26.340 | because I like you so much.
00:12:28.900 | You can't make this stuff up.
00:12:30.920 | This has never been done in the history of the world.
00:12:33.560 | So what they've done is they've created
00:12:37.040 | an artificial bubble that's bigger
00:12:39.320 | than anything we've ever seen.
00:12:41.200 | Look what's going on.
00:12:42.040 | Look why the market's going up.
00:12:43.640 | I want the good news, for example,
00:12:45.460 | that over in Japan, you know, Abe's party over there,
00:12:49.840 | Shinzo Abe, they won an election last week,
00:12:52.560 | and now they could do more.
00:12:55.120 | Abe-nomics.
00:12:56.560 | Well, round one and two failed, miserably.
00:13:00.840 | So now they're going to go for round three.
00:13:03.380 | Oh, and by the way, what is their debt to GDP ratio?
00:13:07.620 | Oh, 245.
00:13:09.100 | Oh, and what do they have?
00:13:11.160 | $11 trillion in debt.
00:13:13.300 | And now they're going to take on more.
00:13:15.540 | And the markets go up on that news.
00:13:17.220 | You know why?
00:13:18.560 | More stimulus.
00:13:20.340 | They keep the Ponzi scheme going.
00:13:23.100 | It's not Abe-nomics, it's Ponzi-nomics.
00:13:26.460 | And it's in Europe.
00:13:27.620 | It's in the United States.
00:13:29.100 | It's in China.
00:13:31.060 | It's global.
00:13:32.200 | Look at the banking problems.
00:13:33.660 | Listen to what the IMF said.
00:13:35.620 | They're worried about Deutsche Bank.
00:13:38.160 | Deutsche Bank, you look at their stocks,
00:13:41.700 | look at the stocks values of Societe Generale.
00:13:46.000 | Look at Royal Bank of Scotland, not so royal.
00:13:49.340 | They're down 40, 50% year to date.
00:13:53.620 | Why?
00:13:55.880 | Because of exactly what you said, their exposure.
00:13:58.460 | Look what's going on in Italy.
00:14:00.260 | Look at the bank stocks have crashed over there.
00:14:04.380 | And they're facing another crisis.
00:14:07.220 | And now they're looking to get out of the EU deal
00:14:10.580 | in terms of bailing out the banks by the state.
00:14:13.640 | Because they have the bail-ins.
00:14:17.000 | The people are exposed, mostly,
00:14:18.740 | but a majority of the bonds being bought
00:14:22.740 | in the Italian banks are owned by individuals.
00:14:26.640 | They suckered the people into buying them.
00:14:29.440 | So that means they're going to lose their money.
00:14:31.840 | So they're trying to save the Italian banks.
00:14:35.360 | The banking crisis is in front of us.
00:14:37.360 | And these negative interest rates don't help, by the way,
00:14:40.080 | because they can't loan money out
00:14:41.760 | and get much of a return on it back
00:14:43.760 | because the rates are so low.
00:14:45.560 | So in the United States,
00:14:46.680 | you have a little boost in the banking profits,
00:14:48.960 | but worldwide, it's a crisis.
00:14:52.520 | - So, Joe, you used the term stimulus.
00:14:54.560 | And essentially, when you use the term stimulus,
00:14:57.000 | we've got central banks that are literally
00:14:59.800 | printing money out of thin air.
00:15:01.400 | And I think it was the economist Herbert Stein who said,
00:15:03.800 | "If something cannot go on forever, it will stop."
00:15:06.480 | And that's a commonsensical way to look at this.
00:15:09.280 | When does it stop?
00:15:10.400 | - It stops when they stop propping up the equity markets.
00:15:15.220 | When the equity markets crash, that'll be the end of it.
00:15:18.360 | Look what happened with the Brexit vote.
00:15:20.760 | You saw the turbulence in the equity markets.
00:15:23.000 | And you heard all the central bankers,
00:15:25.220 | all the governments came out and saying
00:15:27.280 | they were gonna do everything they could
00:15:28.540 | to protect the equity markets.
00:15:30.760 | How about rigging the casino?
00:15:34.120 | What am I, six years old?
00:15:35.640 | Take your plunge protection team and stick it.
00:15:39.420 | That's not capitalism.
00:15:41.040 | That's rigging the market.
00:15:42.480 | And they got one over there in China.
00:15:44.240 | They called it a national team.
00:15:45.720 | They have one all over.
00:15:47.160 | So what I'm saying to you, Dennis,
00:15:48.840 | is when these things go out of control,
00:15:50.920 | the governments come in and they bail out the two bigs.
00:15:55.720 | They're buddies that don't,
00:15:56.680 | they don't wanna lose a lot of money,
00:15:58.000 | are gonna lose themselves.
00:15:59.440 | And they wanna keep the facade going
00:16:01.480 | that everything is okay as it's collapsing.
00:16:04.240 | You mentioned about stimulus.
00:16:05.880 | Four words have killed capitalism.
00:16:10.960 | This is not a capitalistic system.
00:16:13.600 | As I said, they rigged the markets
00:16:16.080 | and we know it with rigging LIBOR rates,
00:16:18.200 | 4X markets, convicted of felonies.
00:16:20.760 | It's not speculation.
00:16:22.080 | Gold markets, rigged.
00:16:23.760 | And as I said, they rigged,
00:16:25.440 | when the markets go down too low,
00:16:27.360 | plunge protection team comes in and they save the day.
00:16:30.740 | With stimulus, what are they buying?
00:16:33.640 | Government bonds and now in Europe, corporate bonds.
00:16:39.780 | Could anybody call it the merger
00:16:43.000 | of state and corporate powers, fascism?
00:16:46.640 | 'Cause that's what's happened.
00:16:48.200 | And so this isn't capitalism anymore.
00:16:52.840 | By the deeds you shall know them
00:16:54.760 | and the deeds prove there are not free markets,
00:16:57.600 | there's not free price discovery, it's a rig game.
00:17:00.640 | - So Gerald, in the time we have left,
00:17:03.720 | I'd like to get your opinion
00:17:05.080 | on the trends we're seeing politically.
00:17:07.300 | We just finished in the United States,
00:17:09.640 | a primary season that saw Donald Trump
00:17:13.040 | get the Republican nomination.
00:17:14.380 | I guess that's not official as we're talking here,
00:17:16.160 | but assuming it will be soon.
00:17:19.200 | Bernie Sanders, an admitted socialist.
00:17:21.880 | We see these fringe political candidates
00:17:23.840 | that probably wouldn't have gotten traction
00:17:25.400 | a couple election cycles ago,
00:17:26.760 | and we're seeing this worldwide.
00:17:28.040 | Is this going to intensify?
00:17:29.240 | Is this a new trend in your view?
00:17:31.520 | - Yes, it absolutely is.
00:17:32.840 | As I said, it's the people power trend
00:17:35.040 | that we're writing about now.
00:17:38.080 | And it'll be out in the New Trends Journal
00:17:39.600 | in about two weeks.
00:17:40.920 | And that is you're seeing this strong anti-establishment,
00:17:44.360 | anti-status quo, anti-globalization movement.
00:17:47.880 | When all else, when people lose everything
00:17:53.560 | and have nothing left to lose, they lose it.
00:17:56.000 | And they're losing tolerance
00:17:57.680 | with the control parties by the elites.
00:18:01.120 | And that's what all these populist movements are about.
00:18:03.560 | And they're real, and they're not going to stop.
00:18:06.080 | The Brexit proved it.
00:18:07.680 | And remember, the push against it,
00:18:10.680 | you even had Obama going over there
00:18:12.800 | telling the English people
00:18:14.400 | that they'd be at the back of the queue
00:18:16.160 | if they voted for Brexit.
00:18:18.320 | You had Abe going over.
00:18:19.720 | They had world leaders going over the UK
00:18:22.480 | telling the people to stay in.
00:18:23.840 | You had the brightest and best on Wall Street
00:18:26.560 | warning of great dangers, and the people left anyway.
00:18:29.640 | This is just the beginning.
00:18:30.920 | It's the five-star movement in Italy.
00:18:32.880 | It's part of the Podemos movement,
00:18:34.360 | but that's not really it in Spain.
00:18:36.360 | It's the alternative for Deutschland in Germany.
00:18:39.400 | It's the Freedom Party in Austria.
00:18:44.160 | It's one after another.
00:18:46.320 | It's the new people power movement.
00:18:49.080 | They're tired of the ruling elite ruling them.
00:18:52.760 | - Well, our guest today has been Mr. Gerald Cilente,
00:18:56.360 | the founder and director of the Trends Research Journal,
00:18:59.160 | also a publisher of Trends Journal.
00:19:01.400 | I would encourage you to check out his work
00:19:02.840 | at trendsresearch.com.
00:19:04.880 | Gerald, always a pleasure to have you on the program.
00:19:06.800 | Thanks so much for joining us today.
00:19:08.600 | - Always a pleasure being on.
00:19:09.680 | Thank you, Dennis.
00:19:10.520 | - Give me your money.
00:19:11.800 | Just give me money.
00:19:13.160 | (upbeat music)
00:19:15.740 | ♪ Monday, Monday, Monday ♪
00:19:20.080 | ♪ Always Sunday ♪
00:19:22.080 | ♪ In the Rich Man's World ♪
00:19:23.960 | - Well, thank you to Mr. Gerald Cilente
00:19:25.760 | for joining me on this week's podcast.
00:19:28.720 | As I mentioned at the outset of the podcast this past week,
00:19:32.200 | I also caught up with the host
00:19:34.520 | of the Radical Personal Finance podcast,
00:19:37.480 | Mr. Joshua Sheets.
00:19:39.340 | I'm pleased to have joining me
00:19:40.840 | on the Everything Financial radio program,
00:19:43.680 | returning guest, Joshua Sheets.
00:19:47.240 | Joshua is the host of the very popular podcast,
00:19:51.720 | Radical Personal Finance.
00:19:53.920 | And Joshua, welcome back to the program.
00:19:56.780 | - Awesome to be back with you, Dennis.
00:19:59.140 | - Well, Joshua, let's start by talking a bit
00:20:03.560 | about a topic that you discussed on your podcast
00:20:07.200 | of late, which caught my interest,
00:20:09.720 | and it's how to live a rich life now.
00:20:12.760 | And the subhead was most material riches
00:20:16.620 | are easily accessible to you today.
00:20:18.640 | Now, that's a very compelling and provocative topic.
00:20:22.260 | So let's spend a little time discussing it.
00:20:24.600 | And maybe to get started, define, if you would, rich life.
00:20:29.440 | I think that maybe has a little bit different definition
00:20:32.200 | for just about anybody that hears it.
00:20:34.180 | - Yeah, it definitely does.
00:20:36.440 | And that's actually one of the major points
00:20:38.600 | that I try to bring out in my podcast
00:20:41.360 | is to get people to define it for themselves.
00:20:44.160 | So I have some definitions that are important to me,
00:20:46.920 | and I have some definitions that I think
00:20:48.360 | are worth other people considering.
00:20:50.160 | But I want people to think,
00:20:51.200 | what does a rich life mean to me?
00:20:52.880 | And what I'm confronting is, especially for you and me,
00:20:55.880 | is in the mainstream financial planning culture,
00:20:59.040 | we have this tendency to talk about riches
00:21:03.760 | and living a rich life as something that happens
00:21:05.880 | a long time in the future,
00:21:07.440 | when we're old and gray and retired,
00:21:08.960 | and when we have millions of dollars.
00:21:10.640 | But I look around and I recognize
00:21:12.540 | that it's a lot easier to get there now
00:21:15.240 | than it is to wait until we're old and retired.
00:21:17.560 | And I think oftentimes we miss the aspects of riches.
00:21:22.560 | One of the things that many of my listeners
00:21:24.440 | and many of my clients when I was working
00:21:25.800 | as a financial advisor would talk about
00:21:27.320 | was the aspect of financial freedom.
00:21:29.780 | And one of the things that I learned
00:21:32.040 | was that financial freedom to most people
00:21:33.960 | isn't best represented by a brand new Mercedes
00:21:37.160 | in the driveway or a big, fancy luxury home on the water.
00:21:40.440 | Financial freedom is usually represented by choices.
00:21:43.280 | And I came to the conclusion that you could get there,
00:21:45.940 | meaning you could get to a place
00:21:47.400 | of having control over your choices,
00:21:49.400 | much faster than you could get to the position
00:21:51.280 | of being a multimillionaire.
00:21:52.680 | You just make different life choices.
00:21:54.480 | So I break living a rich life down
00:21:56.400 | into material aspects and immaterial aspects.
00:22:00.760 | But just as an example, I think most listeners
00:22:03.120 | of your radio show or my podcast
00:22:06.080 | are already living a richer life today
00:22:09.880 | than the richest person in the world 75 years ago.
00:22:13.320 | Just think about it.
00:22:14.240 | Number one, climate controlled.
00:22:16.480 | Almost all of our listeners right now
00:22:18.320 | are listening to us in a climate
00:22:20.000 | that's perfectly suited to their ideal body temperature.
00:22:22.960 | Whether it's cooled or heated,
00:22:24.880 | they're already enjoying that.
00:22:26.320 | Think about how hot it would have been
00:22:28.840 | for the richest person in the world 75 years ago
00:22:32.240 | or how cold it would have been in some places
00:22:34.480 | and how much easier we have it.
00:22:36.040 | And yet when's the last time you heard somebody
00:22:38.120 | express appreciation for the simple comfort
00:22:41.640 | and convenience of a climate controlled environment?
00:22:44.080 | Or think about the access to information
00:22:46.160 | and education and entertainment.
00:22:48.380 | Today, every one of our listeners
00:22:49.600 | has a smartphone in their pocket
00:22:50.920 | or sitting on their car dashboard
00:22:52.880 | that has access to entertainment,
00:22:55.480 | unlimited amounts of entertainment
00:22:57.420 | for essentially free right on YouTube
00:23:00.300 | from all around the world.
00:23:01.980 | That's a luxury that the richest person in the world
00:23:05.120 | didn't have access to even 50 years ago.
00:23:07.600 | And yet today we take it for granted
00:23:09.200 | and we grumble about the fact that our car isn't brand new
00:23:12.020 | while we have access to some of the riches
00:23:14.340 | that you couldn't even achieve 50 years ago.
00:23:17.140 | - So when you mention financial freedom
00:23:23.400 | and define that by saying control over choices,
00:23:28.280 | could you expand on that a bit?
00:23:30.840 | - Sure, I think that, and on my show I've done,
00:23:34.640 | I did the immaterial aspects of riches
00:23:37.000 | and the material aspects.
00:23:38.240 | And I like to disconnect them
00:23:39.720 | because we are so suckered in to a losing game
00:23:44.200 | by the advertising media on all sides
00:23:46.720 | that causes us to think that we somehow need
00:23:49.360 | a lot of material things to be rich.
00:23:52.520 | But if you actually think about it,
00:23:54.400 | you can, the feelings of richness
00:23:56.760 | are often evoked by your choice.
00:23:59.260 | I can live a rich life by having an afternoon free
00:24:01.760 | from work that I don't wanna do
00:24:03.040 | to sit and read a book or watch a movie
00:24:04.720 | or do something that I do wanna do.
00:24:06.960 | And so what I think people want from being rich is control.
00:24:11.960 | They want control over their day.
00:24:14.040 | They want control over their time.
00:24:16.060 | They want control over the choice of their activities.
00:24:19.160 | Well, that can be achieved
00:24:20.800 | without yet becoming a multimillionaire.
00:24:23.440 | If you want control over your day,
00:24:25.480 | then transition from a job or a career
00:24:28.120 | that doesn't allow you that control
00:24:29.900 | to something that does allow you that control.
00:24:32.220 | I'm 31 years old and my birthday
00:24:33.700 | was just a couple weeks ago.
00:24:34.980 | And I consider myself at this point in time,
00:24:37.700 | financially free.
00:24:39.020 | Why?
00:24:39.860 | Because I'm a multimillionaire?
00:24:40.680 | No, I'm not there yet.
00:24:41.520 | I'm working towards it, but I'm not there yet.
00:24:43.340 | But I consider myself financially free
00:24:45.460 | because I left a career and job
00:24:47.740 | that had a tremendous amount of control
00:24:49.820 | and I started my own business
00:24:51.160 | that gives me full control over my day.
00:24:54.180 | I can start my day at any time that I want.
00:24:56.540 | I can do the work that I've chosen to do.
00:24:58.960 | I don't accept a lot of external calendar appointments
00:25:02.160 | on my schedule, so I have control over when I do my work.
00:25:06.480 | And that gives me a tremendous amount of freedom.
00:25:09.000 | Now, it's not the freedom that's ultimately best enjoyed
00:25:11.580 | by having a stream of dividend income
00:25:13.960 | from publicly traded companies
00:25:15.640 | that's much higher than my expenses
00:25:17.480 | that I can just sit back and do nothing.
00:25:19.640 | I still need to work.
00:25:20.800 | But having that control to choose work that's meaningful
00:25:24.040 | makes me feel financially free.
00:25:26.440 | At the end of the day, we all know
00:25:28.100 | that life is composed primarily of our experiences
00:25:31.900 | and not so much our things.
00:25:33.720 | When we're dead and gone,
00:25:34.640 | our things are gonna stay here with us.
00:25:37.780 | We can't use them anymore.
00:25:39.220 | And most people, when they get to the end of their life,
00:25:41.100 | they're gonna be much more concerned
00:25:42.520 | with their experiences,
00:25:44.080 | the richness of their relationships,
00:25:46.140 | the diversity of their experience,
00:25:47.920 | the richness of life
00:25:49.700 | that's not just measured by material things.
00:25:54.240 | - So essentially, Joshua,
00:25:56.160 | financial freedom is somewhat time freedom.
00:26:00.040 | And in your case, as I was listening to you explain
00:26:03.720 | or describe your personal transition
00:26:06.720 | going from a job to a business,
00:26:09.140 | that's probably something that many of our listeners
00:26:11.800 | envy very much.
00:26:13.040 | Can you talk about how you would go about
00:26:15.840 | planning such a transition?
00:26:18.360 | - Absolutely.
00:26:19.580 | The key thing is to first recognize
00:26:21.560 | that it's something that you actually want.
00:26:24.220 | Many people have ideas and dreams
00:26:26.900 | about how great running their own business is.
00:26:30.400 | And then those ideas and dreams
00:26:32.160 | can be shattered by actual experience.
00:26:35.320 | I think every business owner has had the opportunity,
00:26:38.600 | has had the thought at some point
00:26:40.720 | in their entrepreneurship game,
00:26:42.760 | "Man, I wish I could just go back
00:26:44.120 | "to the world of employment."
00:26:45.780 | I don't recommend that everybody become an entrepreneur.
00:26:48.600 | It's tough, it's challenging.
00:26:50.240 | So be sure that it's something that you want.
00:26:52.640 | The next thing is to recognize
00:26:54.140 | that there are gonna be some benefits from it
00:26:55.600 | and there are going to be some costs and some drawbacks.
00:26:58.720 | So you need to list those benefits out
00:27:01.160 | and you need to recognize what you're giving up.
00:27:04.480 | But the transition to entrepreneurship is relatively simple.
00:27:07.100 | You find something that the marketplace is going to value
00:27:10.600 | that you want to provide
00:27:12.560 | and then you build a business model behind it
00:27:14.600 | that'll work.
00:27:15.660 | You can also and should also pay very careful attention
00:27:18.760 | to some of the formal technical financial planning techniques
00:27:21.240 | that we teach in order to make it a good transition.
00:27:25.440 | You can go out and start a business
00:27:26.920 | when you're completely broke and deeply in debt.
00:27:29.400 | It's really stressful.
00:27:30.880 | Now, if you're in that situation,
00:27:32.400 | I recommend you still consider doing it,
00:27:34.440 | but it's also very wise
00:27:36.120 | to get yourself on a solid foundation.
00:27:38.440 | I think the best way for most people
00:27:40.080 | to approach transition is to do it on a part-time basis.
00:27:43.000 | Work a full-time job,
00:27:44.360 | start a business on the side on a part-time basis.
00:27:46.820 | That way you're not putting too much risk on the side gig.
00:27:49.800 | And then when you get to the point in time
00:27:51.760 | where you can see some clear and measurable things
00:27:54.080 | that you could do to increase the business
00:27:56.160 | to a point where it's able to support yourself,
00:27:58.080 | then go ahead and start pursuing that transition
00:28:00.320 | to a full-time business.
00:28:01.520 | >> So when we talk about entrepreneurship, Joshua,
00:28:08.880 | this becomes a pretty important topic
00:28:11.760 | given where the economy is today.
00:28:14.960 | I interviewed Mr. Gerald Salente of Trends Research Institute
00:28:18.640 | and during our interview,
00:28:20.560 | he pointed out that actual real income is down
00:28:25.360 | for the average American over the last 18 years.
00:28:28.160 | And even according to the US Department of Labor
00:28:32.480 | and the Bureau of Economic Analysis,
00:28:35.780 | median household income is down over the last five years.
00:28:38.680 | So this is becoming really almost a necessity
00:28:43.680 | for some people.
00:28:44.700 | So if someone has this as an idea,
00:28:47.240 | but they don't really have any skills
00:28:49.240 | in the area of becoming an entrepreneur,
00:28:52.320 | what advice would you give them to go acquire those skills?
00:28:55.220 | >> The key advice that people in that situation need
00:28:59.480 | is a change of mindset.
00:29:01.560 | You're right about the trends in our economy
00:29:03.800 | and it's only going to get worse in the future.
00:29:06.600 | We've been done a disservice as a society
00:29:10.080 | wherein we've primarily been taught the concept
00:29:12.600 | that if you just get a good job, everything will be fine.
00:29:15.980 | But there are a number of pressures and stresses
00:29:18.440 | that are collaborating to make that no longer the case.
00:29:21.760 | If you notice how many of the unemployment rolls,
00:29:24.040 | or how many of the employment,
00:29:25.840 | the jobs, many of them disappeared
00:29:27.840 | after the 2008 recession.
00:29:29.560 | Many of those jobs have not come back
00:29:31.320 | and will not come back.
00:29:32.280 | And the pressure is only going to get more and more intense.
00:29:34.880 | I pay a lot of attention to the developments of automation.
00:29:38.640 | And frankly, I feel very, very bad.
00:29:42.120 | I feel bad for many of the people who are working hard.
00:29:45.080 | For example, the fast food industry,
00:29:46.620 | striking and trying to pressure for
00:29:49.140 | what they call a living wage,
00:29:50.340 | increases in the minimum wage.
00:29:51.900 | The problem with that type of approach,
00:29:53.660 | the problem with striking for more money
00:29:55.740 | is that employers are consistently looking
00:29:58.020 | to remove your job and to transfer that
00:30:00.380 | to some sort of automated system.
00:30:02.380 | And I would guess within about five years,
00:30:04.980 | most of us will be completely accustomed
00:30:06.700 | and comfortable with ordering our food
00:30:08.620 | through a computer instead of through a person.
00:30:11.140 | So the key mindset is not looking to say,
00:30:14.500 | "What can I get?"
00:30:15.520 | That's the mindset that leads to me striking
00:30:17.540 | and advocating and trying to get people
00:30:19.520 | to give me more money.
00:30:20.500 | I'm looking for what I can get.
00:30:21.900 | The mindset of an entrepreneur is looking to,
00:30:23.500 | "What can I give?
00:30:24.460 | "What service can I provide?"
00:30:26.100 | And so the first thing to do is to look around
00:30:27.900 | where you are and try to see,
00:30:29.620 | what is something that I have the capability
00:30:31.700 | to offer to somebody else
00:30:33.380 | that they might be willing to pay me for?
00:30:35.540 | That's the fundamental transformation of entrepreneurship.
00:30:38.060 | Now, if you don't know, just look around
00:30:39.820 | and see what other people are doing.
00:30:41.340 | And ask yourself, "Can I do what other people do?"
00:30:43.540 | And you can do this at any level.
00:30:45.220 | For example, a couple of neighborhood kids
00:30:46.780 | in my neighborhood, they've been off on summer vacation
00:30:50.460 | over the last few months,
00:30:51.580 | and they started a car washing business.
00:30:53.300 | And there's three young men, eight years old,
00:30:55.300 | one nine years old, the other, and 10 years old, the third.
00:30:58.020 | And they came by my house, knocked on my door,
00:30:59.900 | and asked me if I wanted my car washed.
00:31:01.940 | They had a bucket, ready to go.
00:31:03.440 | They're using my hose, their bucket, their soap,
00:31:05.740 | and they're washing my car for me.
00:31:08.000 | Well, they've gone and they've created
00:31:09.740 | a little tiny business simply based on going around
00:31:12.860 | and asking people, "Would you like me to wash your car?"
00:31:15.940 | That's the fundamental basis of entrepreneurship
00:31:18.940 | of every kind.
00:31:20.140 | You're just looking for something
00:31:21.260 | that people might be willing to pay you for,
00:31:23.140 | and then asking them, "Would you be willing to pay me?"
00:31:25.980 | Now, the good way to start is with something
00:31:28.360 | that you have the skills and capabilities of doing.
00:31:30.880 | An eight-year-old young man is probably not going
00:31:33.340 | to have the capacity to do comprehensive financial planning
00:31:36.380 | like I do, but his business is no different than mine.
00:31:39.940 | And if you find an area where you think
00:31:41.980 | you might have a product or a service
00:31:44.180 | that somebody might be willing to buy,
00:31:45.820 | you offer that, you put that out in the marketplace,
00:31:47.860 | and you see if there's any interest.
00:31:49.680 | Then you go back and you try to develop
00:31:51.460 | additional businesses and services behind it.
00:31:53.760 | Car washing business, I've kind of took these young guys
00:31:56.380 | under my wing, and I'm trying to counsel them
00:31:57.940 | and give them some additional ideas.
00:31:59.580 | Okay, here are some additional products that you can offer.
00:32:02.600 | You're offering a basic wash,
00:32:04.060 | but what about a basic wash and a vacuum?
00:32:06.780 | Well, we don't have a vacuum.
00:32:07.940 | Okay, so you need to go out and get a vacuum,
00:32:10.160 | acquire the tools, build the skills.
00:32:12.200 | That skill is pretty simple.
00:32:13.520 | What about some other skills you can offer?
00:32:15.760 | Can you wax cars?
00:32:16.720 | Well, we don't know how to do that.
00:32:17.600 | All right, well, go learn the skills.
00:32:19.280 | Now, I'm using a simple example
00:32:20.960 | because I think it's something that we can all relate to.
00:32:23.400 | And today, if I lost all of my money,
00:32:25.560 | if I lost all of my business,
00:32:27.080 | I would go now and consider starting a car washing business
00:32:30.360 | 'cause that's something that I can go and I can sell.
00:32:32.880 | I can go door to door.
00:32:33.880 | I can ask people if they'd like their car washed,
00:32:35.900 | and I could build a business on it.
00:32:37.680 | There are tons and tons and tons of these,
00:32:39.840 | all throughout our society.
00:32:42.160 | And if you just start paying attention
00:32:43.520 | to what's something I can provide to the marketplace,
00:32:46.080 | then your mindset will open up the opportunities to you.
00:32:48.880 | - Well, we are chatting today with Joshua Sheets.
00:32:53.320 | Joshua is the host of the popular podcast,
00:32:56.760 | Radical Personal Finance.
00:32:58.600 | I'll continue my conversation with Joshua
00:33:00.920 | when everything financial radio continues.
00:33:03.240 | Stay with us.
00:33:04.420 | ♪ I said money ♪
00:33:07.040 | ♪ Money take me there baby ♪
00:33:12.040 | ♪ Money, money, money, money ♪
00:33:16.260 | ♪ Money ♪
00:33:17.480 | ♪ Money, money, money, money ♪
00:33:21.080 | ♪ Money ♪
00:33:22.080 | - I always enjoy the perspective of Joshua Sheets.
00:33:26.240 | And I'm gonna get back to the conversation I had with him
00:33:28.360 | this past week right now.
00:33:30.560 | I have the pleasure of chatting today with Joshua Sheets.
00:33:34.200 | Joshua is the host of the podcast,
00:33:36.680 | Radical Personal Finance.
00:33:38.380 | I would encourage you to check it out.
00:33:40.280 | And we're chatting today with Joshua
00:33:42.840 | about how to live a rich life now.
00:33:45.880 | And on your podcast, Joshua,
00:33:48.920 | you talked about the fact that it's possible
00:33:52.100 | to build a plan to achieve financial freedom in 10 years.
00:33:56.520 | So the floor is yours.
00:33:59.120 | Our listeners, I'm sure, would love to hear that.
00:34:02.600 | - This show, I just finished this series of three shows
00:34:05.160 | on Radical Personal Finance.
00:34:06.240 | And it came because I've done over 350 episodes
00:34:08.760 | of the podcast.
00:34:09.600 | And the tagline of my show is how to live a rich life now
00:34:13.360 | while building a plan for financial freedom
00:34:15.200 | in 10 years or less.
00:34:16.040 | And I've done hundreds of shows.
00:34:17.240 | I never had fully explained that.
00:34:19.160 | So that was where I came into this series.
00:34:21.640 | But I'm convinced that you don't have to wait
00:34:23.880 | for a 40-year retirement plan
00:34:26.180 | in order to live a lifestyle of financial freedom.
00:34:29.680 | And that there are many paths to financial freedom.
00:34:32.760 | Now notice I'm being careful with my words.
00:34:34.840 | I'm using the word freedom.
00:34:37.160 | I didn't say 10 years, how to be a multimillionaire
00:34:40.460 | in 10 years or less,
00:34:41.400 | although I believe that it's possible for many people.
00:34:44.320 | I didn't necessarily even say
00:34:45.840 | how to be financially independent,
00:34:48.080 | free, independent of the need to work in 10 years or less,
00:34:50.560 | although I believe that is possible for many people.
00:34:53.920 | I talked about financial freedom.
00:34:55.480 | And the reason is that in my work as a financial planner,
00:34:57.680 | I noticed that so many people get so focused
00:35:00.760 | on only being financially free when they're 65 years old
00:35:04.040 | and have a million and a half dollars.
00:35:05.820 | But guess what?
00:35:07.080 | That you don't have to wait until then
00:35:09.040 | to experience financial freedom.
00:35:10.880 | And if you put all of your focus and hope
00:35:12.900 | on that future experience,
00:35:15.320 | you miss out on some of the aspects
00:35:17.160 | of financial freedom today.
00:35:18.680 | So I cover the basic aspect of financial freedom.
00:35:22.240 | For example, having your income higher than your expenses.
00:35:26.360 | If you have your income higher than your expenses,
00:35:29.440 | then to a great degree, you are financially free,
00:35:33.260 | just simply because you have more money coming in
00:35:34.800 | than you need to spend.
00:35:35.900 | Now, even better, if you could have that income coming in
00:35:39.740 | in a way that's ideally suited for you
00:35:42.560 | through a job that's appropriate to you
00:35:44.720 | or through a business that's appropriate to you,
00:35:46.800 | now you've got an even higher degree of freedom.
00:35:49.320 | If you look at the wealthy,
00:35:51.080 | notice the fact that the mega rich don't ever retire.
00:35:55.280 | Donald Trump's running for president.
00:35:56.680 | He wants the hardest and worst job in the world,
00:35:58.360 | even though he doesn't need it.
00:35:59.720 | He wants it.
00:36:00.680 | Well, why is he trying to get one of the hardest jobs
00:36:03.320 | in the world when he doesn't need it?
00:36:05.000 | Because it's something more than money.
00:36:06.960 | And if you look at all of the wealthy,
00:36:08.200 | you almost never see that they retire.
00:36:09.720 | Why?
00:36:10.560 | Because they've found an occupation that fits them
00:36:12.800 | and they're financially free,
00:36:14.100 | even though they're still working.
00:36:15.520 | Well, don't wait to be a billionaire.
00:36:17.340 | Just find that occupation now.
00:36:19.280 | Another aspect, being debt-free.
00:36:20.840 | If you're debt-free, that gives you a huge degree
00:36:23.360 | of financial freedom.
00:36:24.480 | Gives you choices over your life.
00:36:26.040 | And then I also go in and I explain
00:36:27.520 | that in 10 years or less,
00:36:28.920 | you probably can build a plan for financial freedom,
00:36:31.480 | complete financial freedom.
00:36:32.920 | It's as simple as if you're an employee,
00:36:34.880 | if you live on about 30% of your income
00:36:37.520 | and save 70% of your income,
00:36:39.840 | you can be financially independent in about a decade.
00:36:43.060 | Well, that's easy?
00:36:44.680 | No.
00:36:45.520 | But many people can do that and are doing that.
00:36:48.200 | And you can make a plan in a decade
00:36:49.760 | to dramatically increase your income,
00:36:51.640 | to decrease your expenses and save a lot of money.
00:36:54.240 | There are thousands of people all around the US
00:36:56.120 | that are doing that.
00:36:57.240 | If you don't believe me, I'll send you to the forums
00:36:58.920 | where they're all interacting.
00:37:00.160 | Or you can build a plan to build a business.
00:37:02.280 | If you need to have that multimillion dollar approach,
00:37:05.660 | you can build a plan to build a business
00:37:08.040 | and sell it out in under a decade.
00:37:09.860 | Now, is that guaranteed?
00:37:12.060 | No, that's difficult.
00:37:14.000 | Most businesses fail.
00:37:15.660 | But is it possible?
00:37:16.500 | It sure is.
00:37:17.320 | And so, depending on your financial plan,
00:37:19.480 | you'll set out different goals,
00:37:21.100 | depending on what you're trying to accomplish,
00:37:22.440 | and you'll be able to accomplish them.
00:37:24.600 | But I don't believe you have to wait
00:37:26.040 | until you're 65 years old and have $2 million
00:37:28.720 | in your 401(k) to enjoy the fruit
00:37:31.560 | of a rich life now or financial freedom.
00:37:34.100 | You can achieve it far faster.
00:37:35.700 | - And Joshua, you made just a very basic point.
00:37:40.440 | In fact, I wrote a book called "Finding Financial Freedom,"
00:37:42.840 | and I made the same point in that book.
00:37:45.360 | The first thing you have to do is get to a point
00:37:46.840 | that your income is higher than your expenses.
00:37:49.880 | And it might be interesting to talk about the fact
00:37:51.840 | that sometimes it's easier to increase income
00:37:54.640 | than it is to reduce expenses.
00:37:56.280 | - Absolutely.
00:37:58.400 | I think they both have their place.
00:38:00.280 | Expenses, for many people, are so loose and sloppy
00:38:03.920 | that that's easier to cut.
00:38:05.220 | But for many people, they're already being very careful,
00:38:07.480 | and all they need to do is adjust their income.
00:38:10.240 | I remember years ago, I heard,
00:38:11.740 | I think it was Zig Ziglar tell a story.
00:38:13.880 | And Zig told the story about how they had done a test,
00:38:16.760 | and they put a newspaper ad for a job
00:38:20.760 | in two different newspapers
00:38:22.040 | in two different major metropolitan areas.
00:38:24.920 | The ad was identical, qualifications,
00:38:28.640 | description of the job.
00:38:29.600 | The only thing that was different was that in one ad,
00:38:31.960 | they offered something like $40,000 a year.
00:38:34.500 | In the other ad, they offered some six-figure numbers,
00:38:36.840 | say $120,000 per year.
00:38:39.040 | And they got five times the respondents
00:38:42.800 | for the $40,000-a-year job than the $120,000-a-year job.
00:38:46.760 | Why?
00:38:47.600 | Was there any difference in qualifications?
00:38:49.040 | No, the ad was the same.
00:38:50.880 | It was just the number.
00:38:52.040 | And so many people have not investigated
00:38:53.980 | how to earn more income,
00:38:55.600 | and thus they're walking away
00:38:56.920 | from all kinds of opportunities that are available to them
00:38:59.960 | in their current job or transitioning to a different job
00:39:02.920 | or starting a different business.
00:39:04.640 | And there's so many opportunities
00:39:06.200 | for people to increase their income.
00:39:08.560 | - Well, we're gonna have to leave it there.
00:39:09.480 | Our guest today has been Mr. Joshua Sheets.
00:39:11.960 | He's host of the podcast, "Radical Personal Finance."
00:39:15.400 | And Joshua, thank you for joining us today.
00:39:17.120 | We hope you'll come back.
00:39:18.920 | - I'd love to.
00:39:19.760 | - Well, that concludes this week's
00:39:21.320 | Everything Financial Radio Podcast.
00:39:24.280 | Glad you decided to listen in.
00:39:26.720 | I'll be back again next week with some new perspectives
00:39:29.740 | from some new guest experts.
00:39:31.960 | Talk to you then.
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