0:00

You have to understand that you have to leave

0:02

this poor mentality. You know, I used

0:04

to tell people that I've been broke and poor

0:06

and they would ask, well, what's the difference? And I would always

0:09

tell them, I said, poor is a state

0:11

of mind. Broke means you

0:13

made a bad decision financially

0:16

and you lost a lot of money and you're

0:18

currently money poor. Broke is something

0:20

I can bounce back from. Welcome

0:25

to the Bedros Koolian show.

0:30

Hey friends,

0:41

welcome to the Bedros

0:43

Koolian show. Today we're going to talk about a topic

0:46

that seems to be plaguing a lot of people and

0:48

that is y'all going broke. So

0:50

I want to talk about how to stop being broke because

0:53

well, listen, we all know that

0:55

things got very expensive very quickly

0:57

since the pandemic, since 2020 between

0:59

the inflation and between prices

1:02

going up on everything and between interest

1:04

rates are through the roof. Um, housing,

1:06

transportation, food, utilities,

1:09

like everything's expensive, right?

1:11

And you find yourself

1:13

making money, but at the end of the month,

1:15

you're like, where the fuck did my money go? And

1:18

so today I want to help you guys who are

1:20

kind of in this position of you're broke

1:22

and you don't know how to be broke. And this doesn't

1:24

mean that you're working at, you know, fucking Taco

1:26

Bell for 15 bucks an hour. You could very well

1:28

be making a hundred thousand, 200,000 a year

1:30

and be broke. And

1:34

the reason I know this is because, well,

1:36

many of you slide into my DMS and go, Hey, I'm making good

1:38

money, but I'm broke. And typically

1:41

it's a by-product of how you're spending

1:43

your money, right? How you're spending

1:45

your money and how you're not investing your

1:48

money. Um, the truth is this, like

1:50

you could be making millions. And

1:52

I actually know several people who make

1:56

millions and millions of dollars but

1:58

they're constantly chasing the money.

1:59

because their expense out is

2:03

like just a

2:05

little bit less than their money coming in,

2:07

right? And so when that happens, like

2:10

when you're making a lot of money, you typically have a lot of employees,

2:13

you're paying a lot of taxes, and

2:15

if you're buying, you know, this car

2:18

and that yacht and multiple cars and stuff, before

2:20

you know it, your spending can get out of hand.

2:23

And so oftentimes it's not about that. So let's get

2:25

into this, and I think you're going to see that there

2:27

is something you can do to stop being broke, and

2:30

then actually get yourself to a place where you're right

2:32

side up, and then get yourself to a place

2:34

where you're actually creating wealth. And wealth

2:36

is multiple income streams, wealth is having

2:39

income that's passive or maybe more like

2:41

semi-passive, I'm not really sure if there's any passive

2:44

income streams out there, but you can certainly have, you

2:46

know, semi-passive income streams. And

2:49

so, and then income streams that are scalable, not

2:51

with just you trading time for dollars, but income

2:53

streams where maybe you've got other people

2:56

trading time for dollars on your behalf.

2:59

At the end of the day, if you have a job,

3:00

you are that other people. You are trading

3:03

your life's time for dollars

3:05

to grow someone else's company, right?

3:07

That's not a bad thing if you're happy

3:09

with your workplace, if they pay you fairly, and

3:12

your learning skills and you have opportunities to

3:15

grow, that's not a bad thing, but you should also

3:17

consider creating a side

3:19

income. In fact, we're just talking

3:21

right here before the camera started rolling, Ed,

3:23

who's always behind the cameras, he's really good at buying

3:26

cars and building it up and flipping

3:28

it, right? Well, so he works with

3:31

me here. He also has his own business

3:33

where he's a DJ photographer and

3:35

he also buys cars and flips them.

3:37

And so think about how many ways

3:39

you can create income opportunity,

3:42

but income opportunity alone is not

3:44

enough because again, if your expenses

3:47

are constantly chasing your income,

3:49

you're going to find yourself always borrowing

3:51

from Peter to pay to Paul. So let's dive

3:54

into it. Here's the thing with being broke. It sucks.

3:56

It sucks because your human experience is lessened.

3:59

Like you just have a.

3:59

less of a human experience. If we all have

4:02

whatever 80 to 100 years on this planet,

4:05

do you really want to have a lower quality human

4:07

experience like in terms of travel,

4:09

in terms of lifestyle, in terms

4:11

of housing, in terms of places

4:14

you get to visit? Do you always want to have to be in a position

4:16

where you have to negotiate and compromise things? You

4:18

know, fly weird flights, multiple

4:21

connections, never seeing first-class,

4:23

living in you know whatever crappy hotels,

4:25

staying at crappy hotels, staying going

4:27

in the off-seasons to a resort

4:29

or whatever,

4:29

right? Fuck that shit. And

4:32

even beyond that, like let's say it's not vacation,

4:34

so say just your human experience at home, like

4:37

don't you want to have a better place, don't you want to live in a

4:39

better part of the community, don't you want to have a more reliable

4:41

vehicle, don't you want to have some financial

4:44

cushion, right? Of course you do. And

4:46

the reality is the last couple of years have

4:49

really accelerated the erosion

4:53

of people's bank accounts, because

4:55

while your pay may have gone up by 2, 3, 4, 5 percent,

4:58

cost of living has

5:00

gone up by 9, 10, 11, 12, 13, 14, 15 percent,

5:02

maybe even higher in some cities. And

5:07

so there's no way your pay is catching

5:09

up. So what do you do to

5:12

do that? Because now that you know

5:14

that you could still make good money and be broke, well what

5:16

can you do? One, you have to understand that a job

5:19

puts you in a position where you're trading time for

5:22

dollars. And that's a good place

5:24

to start, but that is not a good place to

5:26

live. Once you have a job,

5:28

you have to figure out what can I do, either in

5:30

that job, can I manage people

5:33

so that I can maybe

5:34

start leveraging myself and

5:37

maybe getting some revenue share, because

5:39

if I'm a manager or a leader at this job

5:41

and not just a cog in the wheel,

5:44

maybe I can make more money, right? And

5:46

if I'm making more money, can I do this next

5:48

thing? Thing number two is obviously,

5:51

can I carve out 10, 15, 20 percent of my income

5:58

and actually save it?

5:59

And when I say save it, I don't want you

6:02

to just save it in a savings account because

6:04

if you do savings accounts are probably right

6:06

now paying half a percent, quarter of a percent, maybe 1%

6:09

if it's some credit union. Well, guess what

6:11

the bank does when you save money in a bank?

6:14

They take your money from that

6:17

savings account. It's not just sitting there and involved

6:19

in a bank with your name on it. When

6:21

you deposit a money, a

6:23

sum of money in the bank and it's digitally

6:26

there for you to see it, it is actually

6:29

being used in different investments,

6:31

right? Maybe they're investing in

6:33

annuities. Maybe they're investing in

6:35

tax liens. Maybe banks are

6:37

investing in insurance

6:40

policies. Maybe banks are investing in

6:42

the S&P 500. Maybe

6:45

they're buying real estate with

6:47

it, right? Developing real estate with

6:49

it. These are all things that you could be doing as well. And

6:51

you're thinking like, dude, how can I do this?

6:53

I don't make enough money to be able to buy real

6:56

estate. Well, you can't. I'm

6:58

not talking about buying a 200 unit

7:00

apartment complex by yourself. I'm talking

7:02

about maybe joining a syndicate. Like,

7:04

for example, if you were going to get into investing

7:07

in real estate, you might join a syndicate.

7:10

A syndicate like Grant Cardone has

7:12

a syndicate. One of my coaching

7:14

clients, Robert Martinez, if

7:16

you look him up on Instagram, has a syndicate. In

7:18

other words, what Grant Cardone does, what Robert Martinez

7:20

does, Tony Steffen, my coaching client,

7:23

has a syndicate. They will go

7:25

out and they will buy an apartment complex

7:27

and they will say, hey, you can

7:30

actually pitch in money

7:31

to buy this apartment complex and

7:34

you can pitch

7:35

in $3,000, $5,000, $10,000, $20,000. $20,000, $100,000, right?

7:41

And we'll give you a

7:43

guaranteed interest rate on it, right? 8, 9, 10,

7:46

11, 12, 13% interest rate. And

7:50

so

7:51

if you are in a position where you can

7:53

build up money in a savings account

7:56

where then you can deploy it to

7:59

actually have it.

7:59

it generate money for you, interest,

8:02

you're in a good spot. But that's not all you can do.

8:04

There's other things I'm going to share that with you. But one, we

8:07

need to understand that we can't go trading time for

8:09

dollars. We have to elevate ourselves

8:11

from trading time for dollars to

8:13

a place of either managing people,

8:16

leading people, where we can actually get

8:18

paid more. And what I want you to do is when

8:20

you go from one pay, let's say you

8:22

are a

8:24

person working in a cubicle somewhere

8:27

and you're getting paid $55,000, $60,000 a year.

8:33

Think about this. You could

8:36

now elevate by asking

8:38

for more training or developing your skill

8:40

sets and traits that they're looking for to

8:42

get into management. If you're making $65,000 per year,

8:44

now let's say you move up into management

8:46

and you're

8:48

making $75,000 a

8:50

year, that extra 10 grand a year

8:52

that you're making,

8:54

instead of adjusting your lifestyle to it

8:56

to now live a better life and

8:58

use up that extra 10 grand, you're going

9:01

to still live off that $65,000 and that

9:03

extra 10 grand is going to go into savings. And

9:08

then what I want you to do is I want you to commit

9:11

to actually reducing your

9:13

cost of living

9:15

by 10 to 20%. 20% is

9:18

pretty aggressive. 10% is very

9:20

realistic. You can kind of meet the

9:22

sweet spot at 15%. How do

9:24

you do that? Well,

9:26

how many times are you eating out? How

9:28

many times are you ordering food through those

9:30

food delivery services that charge you in

9:32

a premium for the delivery

9:35

service? How many different subscriptions

9:38

do you have to Netflix, to Prime,

9:40

to Hulu, to whatever? How many

9:42

different music platforms

9:45

are you subscribed to? How many different

9:48

outgoing income streams are there

9:50

on your credit card statement? Maybe look

9:52

at your bank or your credit card statement and

9:54

see all the different outgoing income streams

9:57

for $4 a month, $9 a month, $19 a month.

9:59

and start chopping away at

10:02

those things, right? Because if

10:04

you are constantly flowing

10:07

money out of your bathtub, if your

10:09

bathtub has 100 holes in it, you

10:11

are really gonna have to work extra hard to

10:14

fill up that bathtub with water for it

10:16

to sustain anything. Your job,

10:18

first of all, is to plug up as many

10:20

of those holes as possible. So

10:22

by reducing your cost of

10:25

living, your expense, right?

10:27

So food delivery services, going

10:30

out.

10:31

Do you need a gym membership

10:34

to four different gyms? I don't know, maybe you

10:36

do. Do you need a Prime and

10:38

a Hulu and a Netflix account? Maybe you do,

10:40

you probably don't, right? When you cut all

10:42

that out, what you're looking

10:44

to do is cut out as little as 10%, as much as 20% of your

10:48

income.

10:50

And

10:53

now you're gonna put that into a savings account, and

10:55

then you're gonna also develop skills

10:58

where you are higher value

11:00

at your workplace. And if you are higher

11:03

value at your workplace, you're gonna now

11:05

apply for that position and

11:07

take that new position that might pay you 10, 15, $20,000 more per year

11:09

for managing leaderships or

11:13

another skill that you can bring

11:15

to the table. So now that you're saving, let's say, 15% on

11:18

your current cost of living, right? You've

11:20

reduced your cost of living, your expenses, by 15%.

11:23

Now, let's say, six months from now, you've

11:26

developed better traits and skills to lead and manage

11:28

or to add value to that company in a different

11:31

way, and you're getting 10 grand more because you're now

11:33

doing something different, more high value for that company.

11:36

Now you're accelerating your savings process.

11:39

So you've cut out expenses. Like when was the last

11:41

time you called your car insurance,

11:43

right, and said, hey, look, I haven't

11:45

gotten to a car accident, I haven't gotten any tickets.

11:47

What can you guys do to lower my car insurance?

11:50

Did you know that you can do that?

11:51

Did you know that you can consolidate your bills

11:53

and pay off your credit card debts? Like

11:56

right off the bat, if you're paying any credit card debts

11:59

right now, you probably have...

11:59

the interest rate somewhere between 10, 11, 12% on

12:03

the low side to as much as 20, 20, 23, 24, 25% on

12:08

the high side.

12:09

Like if you have credit card debt, pay that off first

12:12

by going

12:13

through that saving strategy that I just taught

12:15

you, right? And then using that

12:17

money, instead of putting into a savings account, use that

12:19

money, the 10, 15, 20% that you dropped

12:22

reduced or cost of living, you're gonna use

12:24

that to pay off

12:25

those credit cards first because there that

12:28

interest rate is killing you. So bring

12:30

down your credit card debt to zero,

12:33

lower your cost of living by

12:36

minimum 10%,

12:37

ideally 50, 15%, aggressively 20%, increase

12:42

your income at your workplace by adding more value.

12:45

All of that now goes towards a savings account.

12:48

As now you have a savings account, ask

12:50

yourself this, what can I do to deploy

12:53

this money that I have in my savings account? Once you

12:55

have about 10 grand saved in the savings

12:57

account, you can actually deploy

12:59

that money. So now you're debt free, you have

13:01

a lower cost of living for yourself, right?

13:04

You're managing your expenses, you're

13:06

eating in more, you're making your own food.

13:08

If you really wanna treat yourself, you're going out

13:11

and buying the food instead of using a delivery service,

13:13

you're not using all these different subscriptions for your iPhone

13:16

or your Android or your TV services. Now

13:19

you're in a position where it's like, shit man, I just saved 10 grand

13:22

in a matter of a few months.

13:23

Guess what that allows you to do?

13:26

That puts you in a position where now you could

13:28

use that 10 grand one of two ways. You

13:30

can find places that you can invest in, right?

13:32

Because remember, when we have a lot of money saved

13:34

up in a bank account, a savings account, you're

13:37

earning half a percent, right? It's probably

13:39

you're losing money, it's eroding. Inflation,

13:42

if you have $100,000 saved in a bank,

13:46

each month you're losing 9% roughly,

13:48

which is the cost of inflation. So

13:51

imagine that in a year,

13:53

like that $100,000 that you had instead

13:56

of gaining value is now worth

13:58

less. It's not like there's actual.

14:01

90 grand left in there or 80 grand

14:03

left in there. It's just the stuff, life

14:06

costs more. So that money now

14:08

is not worth as much. And so instead

14:10

of having that money sitting there in a bank

14:12

account or under your mattress, you

14:15

are going to put it

14:16

into a place

14:18

where you're gonna be able to generate more revenue.

14:20

And I am not a stockbroker. I am not an investment

14:23

expert, but you can simply go

14:26

and Google what

14:28

has the S&P 500 been averaging

14:30

for the last 20 years, 30 years, 40

14:32

years. You'll see that it averages

14:35

north of 10%, right? And

14:37

there's something called dollar cost averaging. So

14:40

you might put, let's say five grand of that $10,000 into

14:43

the S&P 500 and let it sit there.

14:45

Even if it goes

14:47

down, crashes, whatever, let it sit. And

14:50

then you start doing dollar cost averaging. Dollar

14:52

cost averaging means every month, because

14:54

you're gonna be disciplined, you're gonna put an additional $500

14:57

into the, let's say the S&P 500, right? Well,

15:00

by doing that every month, you're

15:03

growing it. Some months, the S&P 500 might be high. Some

15:06

months, it might be really low. Over

15:08

time, that is growing and

15:10

compounding with that average of 10%, 11%, 12% interest.

15:14

Interest might go down really low during

15:16

seasons like we're in right now in mid 2023.

15:20

And then interest rates might go really high when

15:22

the economy is thriving. But if you're

15:24

doing dollar cost averaging, you're

15:26

putting money in, that money is growing

15:28

through compounding interest, right?

15:30

So now you have, what did

15:32

I say? A semi passive income

15:34

stream or you're growing wealth.

15:37

How are you growing that wealth? Because you're

15:39

putting money in to

15:41

the S&P 500

15:42

and then it is growing by way of

15:44

interest so long as you don't take it out and you routinely

15:47

through a disciplined habit

15:50

keep depositing every month, say 500 bucks

15:52

or a thousand bucks, right? Again, I'm not a financial

15:55

services person so do not take any financial

15:57

advice from me. I'm just giving you an example.

16:00

example of something you might do but

16:02

then you might take that other five thousand dollars of the ten

16:04

grand that you had and you Might say alright, is there a

16:06

course that I could buy online that

16:09

I could learn to create a side hustle,

16:11

right? What I don't want to do what

16:13

I don't want to do if I'm you is I don't

16:16

want to go into another position Where I'm trading time

16:18

for dollars. So what you're

16:20

not gonna do is you're not gonna go well, I work 40 hours a week

16:22

here I'm also gonna go drive uber,

16:24

you know for five hours a night and

16:27

then on the weekends I'm gonna work as

16:29

a bartender

16:29

somewhere like all of that is

16:32

still trading time for dollars. Yes You're

16:34

making more money, but you're literally

16:36

giving up more of your life, right? And

16:39

I don't want you to do that so if you were able to

16:41

bring together ten grand under your mattress

16:43

or into a savings account five grand of it went

16:45

to a modest investment like the S&P 500

16:49

the other five grand now what you're doing with

16:51

this is you're literally creating a opportunity

16:55

to create a side hustle

16:57

What I want you to do is go from a

16:59

employee mindset to

17:01

an entrepreneur mindset What

17:03

I'm really proud of is like probably more than half

17:06

of our employees team members here in this

17:08

building

17:09

Have the entrepreneurial mindset have

17:11

a another income stream or two

17:13

or three that they are bringing in for themselves

17:16

I like knowing that I want

17:19

them to be able to benefit from the stuff

17:21

that I'm teaching I don't have this fear

17:23

that I might lose them. Of course at

17:25

some point

17:27

all employees at some point you're going

17:29

to lose hopefully you're going to lose because

17:32

they are

17:33

In a new phase of life and they've

17:35

outgrown your organization and

17:37

they are doing something better Sometimes

17:40

as a leader you lose people because you have to part

17:42

ways with them. You have to fire them, right? It's

17:44

pretty rare that we have to fire anyone in

17:47

this building But I digress the

17:49

point I'm trying to make here is you ought to put

17:51

yourself in a position where you might have a

17:53

career

17:54

But you also want to create that side

17:56

income. So use that other five grand to buy a course.

17:59

Maybe it's Amazon

17:59

drop shipping. Maybe it's, you

18:02

know, how to buy shit for cheaper from Alibaba

18:04

and then sell it on eBay

18:07

for more, right? Maybe

18:11

there's some affiliate marketing course. In fact, if

18:13

you look up my friend Robbie Blanchard,

18:16

he was a former coaching client and still

18:18

a friend of mine, great guy. Robbie Blanchard

18:20

has a great course and in

18:22

that course he teaches you how to become an affiliate.

18:25

An affiliate is using Facebook

18:28

and social media

18:29

ads to sell

18:33

other people's products and

18:35

services for commission,

18:38

right? That's an affiliate.

18:39

So if you learn the skills that he

18:41

teaches, and by the way, I don't get a penny from Robbie

18:43

Blanchard for talking about this.

18:46

I know his course works. I've actually

18:48

met lots of people who use his course

18:51

and have added another

18:52

income stream into their life. If

18:55

you have the work ethic, you go through his course.

18:57

I imagine you would get similar results, right?

19:01

And so what I want you

19:03

to do is adopt this mindset

19:05

that I don't have to be broke anymore. So first

19:07

it starts with the mindset of not accepting

19:09

a lower quality of life, not

19:12

accepting a lower standard of life. And

19:14

that means understanding that you're going

19:16

to have to do the second thing, which is to cut

19:18

expenses as much as you can. Ideally 15,

19:21

20% start saving. Then of course, you

19:24

want to increase your worth to

19:27

whatever organization you work for so that you

19:29

can demand and command more money

19:31

by managing people

19:33

or bringing in more value. Whatever

19:35

you work, if they have a sales

19:38

position, that sales position

19:40

probably makes more money than you're making right now,

19:42

assuming that you can learn

19:45

to sell. Now, if you're like, well, I'm not a good salesperson.

19:47

Guess what? Humans are very adaptable.

19:50

We are very capable of learning new skills

19:52

and traits. And if you want to learn

19:54

the skill of sales, you can

19:56

start making more money from your organization. That's

19:59

how you become more valuable.

19:59

valuable to your organization. You

20:02

can't just go to your boss by the way and go,

20:04

hey boss, I decided to

20:06

move out. I'm not gonna live with my roommate

20:09

anymore. I'm gonna live by myself. So

20:11

my expenses are going up by three grand a

20:13

month. Can you pay me more? See

20:17

that boss is not your mom. That boss

20:19

is not your dad. So your boss

20:21

does not owe you more money simply

20:23

because you decided to adjust your lifestyle.

20:26

Instead you must go to your boss and

20:28

and

20:29

demonstrate how you can add more value

20:32

to the organization. You have to demonstrate

20:34

how you can bring in a hundred dollars more

20:36

a day

20:38

so that you can get ten dollars more

20:40

per day from that workplace,

20:43

right? And so whether it's a sales position,

20:45

whether it's a leadership or management position, whether

20:47

it's a position that's that involves

20:49

more skills.

20:51

Therefore you are

20:53

in higher demand. You make more money

20:55

and now that you've saved more money, you

20:58

are deploying that into like I said

21:00

a real estate syndicate and I gave you three

21:02

people to look at. Look at Tony Stephan.

21:04

Look up Robert Martinez on

21:07

social media. Look up Grant Cardone and

21:09

again I'm not here to endorse any of these

21:11

guys, but I am here to tell you that they have real

21:14

estate syndicates where you can

21:16

input money and

21:17

let them make their investments and

21:19

if they didn't make those investments right, you're

21:22

gonna get back more in interest than

21:24

the current inflation rate, which

21:26

is what you want. You always want more money

21:29

to grow faster

21:31

than

21:31

the rate of inflation because inflation is

21:34

eating up our money. We want to counter

21:36

inflation by making more. So if inflation

21:39

is at 9%,

21:40

right, and you are

21:43

getting 11% interest,

21:46

you're making 2%

21:48

increase in your money, in your $100. Let's

21:51

say if you deposited a hundred bucks into a syndicate

21:53

or the S&P 500. So

21:56

now you understand how that works. What else can

21:58

you do? Well, you have to understand. that

22:00

you have to leave this poor

22:02

mentality. You know, I used to tell people

22:05

that I've been broke and poor and

22:07

they would ask, well, what's the difference? And I

22:09

would always tell them, I said, poor

22:11

is a state of mind.

22:14

Like you could be in a very poor state

22:17

of mind, which is this poverty state of mind.

22:20

Broke means you made a bad

22:22

decision financially and you

22:25

lost a lot of money and you're currently

22:27

money poor, but

22:29

broke is something I can bounce back from.

22:31

Broke is a temporary state. I made a

22:33

bad decision in investments and

22:36

a business deal and whatever. And by the way, when

22:38

you start a business, just so you know,

22:40

not a lot of gurus, experts, whoever

22:42

talk about this, but when you do start a business, you

22:45

are gonna make some bad decisions and you are probably

22:47

gonna lose some money. In the

22:49

process, you're gonna figure out how to make

22:52

that money back or how to make that money back

22:54

from somewhere else. And that's another

22:56

lesson, another feather in your cap as an entrepreneur,

22:58

right? So don't for a moment think that as an entrepreneur,

23:01

when you start a business, like you have to be perfect

23:03

at it and you can't make any mistakes. You won't make mistakes.

23:05

Those mistakes will cost you. And that is the

23:08

price that we pay as entrepreneurs to become

23:10

really good at what we do. In fact, a

23:12

lot of my successes in building seven

23:15

big giant companies and selling some

23:17

of those companies and experiencing

23:20

mistakes, financial mistakes and losses in those companies

23:23

is why people pay me to become a business coach

23:26

for them, to coach, to mentor them so that they can avoid

23:28

those mistakes and they could see

23:30

the success faster. So don't

23:32

for a moment think that, you know, you're supposed to have

23:34

a perfectly successful business. You

23:37

will have peaks and valleys,

23:39

you will have ebbs and flows and you will lose

23:41

money, but you will gain lessons from that process.

23:44

But you've got to completely break away

23:47

from the poor and the poverty mindset.

23:50

Don't for a moment take

23:52

pride in being poor, being ghetto,

23:55

being blue collar, right? Like

23:57

I have so much respect for those blue

23:59

collar.

23:59

workers, man contractors, construction workers,

24:02

cops, firefighters, very blue collar.

24:05

Cool. But also go start making some white

24:07

collar money on the side, right? Find

24:10

ways. My friend Chanta, he has those

24:12

sprinter vans. Big shout out to Chanta

24:14

because I know you listen to this. And if you don't know who

24:16

Chanta is, by the way, Chanta, I've known

24:18

this guy for going on 26 years now. We

24:21

were busboys at Disneyland together

24:23

and we got into a shit ton of trouble

24:26

together in Disneyland.

24:29

And we'll have to share some more stories about

24:31

Chanta and the Disneyland

24:34

shenanigans some other time. But Chanta

24:36

buys these sprinter vans that he loans

24:39

out to people, rents out to people through that

24:41

there's an app out there called Turo, I believe.

24:43

Like you could, he buys these beat

24:46

up sprinter vans, old ones for 4,000, 5,000 bucks,

24:50

makes them functional and running again, puts

24:53

in a whole bed and tiny little kitchenette does

24:55

it himself, right? He's figured out by watching

24:57

YouTube videos how to build a whole little four

25:00

wheeled

25:02

hotel. And then he'll rent

25:05

it out on Turo for people that come to Southern California

25:07

and want to go glamping. In fact,

25:10

he now has four of these vans in

25:12

circulation and then he'll randomly buy

25:14

vans, build them out like that and

25:17

then sell them just like Ed for a profit. He

25:19

might buy a van for, you know, five grand,

25:22

spend another four or five grand

25:24

and building it out and making it

25:26

reliable and also building out a bed

25:28

and a kitchen and little shower area, whatever.

25:31

Right. Perfect for overlanding.

25:33

And then he'll sell it for 15, 18, $20,000.

25:37

And

25:39

so these are things you can do while still having

25:41

a job. And you could also get a course

25:44

and learn to become an affiliate and sell

25:46

other people's products and make commission by selling other

25:48

people's products. You don't have to deal with the customers.

25:50

You don't have to deal with the product delivery. You don't have to deal

25:53

with making the products, the product

25:55

itself. You don't have to deal with actually even making

25:57

a website to sell the goddamn thing.

25:59

You just literally learn how to promote. And I told you,

26:02

follow Robbie Blanchard, get his course, and

26:04

you learn how to do that. There's syndicates for

26:06

real estate investment where you can make partial investments

26:08

and you can say, hey, you know, I'm getting a

26:11

return on investment from that real

26:13

estate deal that that guy is running.

26:16

Yes, that guy is using your money and his

26:18

money and his money and his money. He pulls it up as a syndicate

26:20

to buy that apartment complex.

26:23

But he's also guaranteeing you

26:26

money

26:28

plus interest back, your money plus

26:30

interest back that you wouldn't be able to

26:32

do on your own, right? So he's doing all the

26:34

hard work, putting into the money, taking

26:37

the risk, putting his name on the line, but then he's

26:39

giving you interest for it. So think of all

26:41

these ways that you could do this and understand

26:43

that the more value you add, the more money

26:46

you will make. And if you could scale yourself

26:48

through technology or through other people, then

26:51

you can make even more money. And if you can have multiple

26:54

income streams,

26:55

you know, semi passive income

26:57

streams and have interest

26:59

rate working in your favor by investing in things

27:02

like the S&P 500.

27:04

Now you really put yourself in a position where

27:07

as you continue to have more cashflow

27:09

coming in than going out,

27:11

you might want to go, hey, I might start

27:14

a bigger business now because I've got bigger

27:16

cashflow and I'm going to make the number one investment

27:18

that I know is always going to work, which

27:20

is me.

27:21

I'm always going to invest in me. Right?

27:24

So imagine just by saving that initial $10,000 over

27:27

the next six months, by cutting your expenses,

27:30

by increasing your worth and value to an organization

27:32

and getting more pay, that $10,000 you can parlay

27:36

into starting a business like

27:38

as early as a year and a half, two years from

27:40

now that

27:41

can really hockey stick

27:43

and make you

27:45

multiple six figures, seven figures

27:47

and beyond. And that is how you stop being

27:49

broke. But you must also adopt the mindset

27:52

of I cannot

27:53

outspend what I make. And

27:55

this is how there are millionaires that I know that

27:58

outspend what they make and therefore

27:59

or are actually broke and struggling

28:02

and stressed and not sleeping well and out of shape

28:04

and angry and having fucking heart attacks.

28:06

Like you don't wanna do that. I remember one

28:08

time,

28:09

I think I was at Grant Cardone's

28:11

office in Miami when I went to go

28:13

on his show, me and Ed flew out to Miami. And

28:16

he said, man, I can't understand why people always

28:18

have these competitions, like guys in our circles.

28:20

There's some guys that I know and I'm not talking bad

28:23

on them, but I will tell you this, that

28:24

this guy has a jet.

28:26

That guy has a jet with two engines and not just one engine

28:29

on the tail. He has two engines on one on either side

28:31

of the tail. So this guy's like, hey, I'm gonna get a two

28:33

engine jet. I'm gonna get a bigger jet. And

28:35

I remember Grant Cardone saying to me, we're just shooting

28:38

a shit. He's like, man, there's always someone with a bigger jet or

28:40

more jets than you. I go exactly right. So

28:42

you can always

28:44

outspend what you make. So you

28:46

have to develop the habit and the discipline to

28:48

not do that, to live within your means, to

28:51

live below your means. This way

28:54

you multiply your income, you

28:57

grow your wealth, you create

28:59

several different income streams and

29:02

you become the guy that

29:03

lives a better lifestyle, has more

29:05

freedom and doesn't have to stress out every

29:07

time the bills are due. Guys, thanks for

29:09

watching and listening to this episode of the Bedros

29:12

Coolian Show. Always remember that average

29:14

is the enemy, that success

29:16

is your responsibility and change can

29:18

take place in an instant when you decide

29:21

to flip the switch. I'll see you guys later. What's

29:24

the difference between me and you? Me and you? Me

29:26

and you? Back with Q,

29:29

was rolling with Lorenzo and a Benzo, I was

29:31

banging with a gang of instrumental.