0:01

anchor

0:03

so, you know, the average

0:05

bear market last about a year and

0:07

is a 35% draw down so

0:09

what you can do to frontrunner recession is

0:11

to look

0:12

at your positions in stockbridge zeppelin and

0:15

it's cut off 35% and then just

0:17

reflects how you feel and how you'll change your lifestyle

0:19

or whatever okay, that's a realistic

0:22

downside scenario, hope it doesn't happen, but if

0:24

it it doesn't happen, then you're happy if

0:26

it does happen, you expected it, right? and

0:28

you just adjust your life according know, stuff

0:30

from me i am i blocked off 30%

0:33

my my net worth cinerator

0:37

into thin air how will i change

0:39

the way i live i decided i'm not going

0:41

to spend more money because that pisses me off that

0:43

i'm losing all that money in there i'm to, i'm going to

0:45

try to it on my experiences and things

0:48

side i dollars into the market as much if

0:50

everybody's different but he said anchors

0:52

you said goals you plan according

0:57

what did every sixty bastards it your boy godzilla

0:59

aka rebecca lose a noting

1:02

cities episode i talk to my good buddy cm

1:04

dogan who runs one of my favorite financial

1:06

sites the financial samurai many

1:09

people sam lost his job

1:11

and last ton of money in the two thousand and eight market

1:13

class but secret is that with

1:15

him being super successful and team in

1:17

the but which he started his blog which

1:19

has led him on an amazing journey that i am so

1:21

excited to share with you as receives that a day job

1:23

and noise there's always gotta something more out

1:25

there same literally has one of my

1:27

favorite blogs ever on personal finance if

1:29

you're interested personal finance image everyone

1:32

else i think i really enjoy this episode

1:34

he also has new book coming out dogen

1:37

dogen dogen dogen one sam

1:39

sam one dogen sam sam dogen

1:41

one one dogen one dogen

1:43

one sam sam dogen dogen

1:46

dogen they want one about

1:48

making and see more money and living a life you

1:50

truly want then you're gonna love this episode

1:52

the conversation here's three gigantic things number

1:54

one how to remove your bias in decision

1:57

making those had little rental property

1:59

portfolio that papier retirement and how many

2:01

do you actually need single to your his number and

2:03

three nothing is scary as it is in your

2:05

head and why you can recover from most mistakes

2:07

and or those three things plus bunch more iran gets

2:09

along the way sam

2:11

one dogen one sam one dogen sam sam

2:14

one one one one one

2:16

, dogen one one sam

2:19

dogen one one one one sam

2:21

one dogen sam sam one sam

2:24

one one one one sam

2:26

sam one one one sam one one

2:28

one sam one one one one dogen sam

2:33

other social pressure shuttle to listener knicks you

2:35

for a two hundred habitual the numbers

2:37

feel interview thing amazing content a must

2:39

for listening and implementing know what

2:41

content throughout the five podcast is essential

2:43

their golden nugget for everyone in any circumstance

2:46

it's a must for listening unique

2:48

every other when he got his listeners if you want to set it

2:50

in future episodes you know what to do leave route

2:52

wherever listener show i checked every single one

2:54

the

2:58

sam i'm to survive and

3:00

know got to two young kids at home

3:02

ah spent two more than two years

3:04

writing the book by this not that finally

3:06

coming out july nineteen so i'm really thrilled

3:09

about bad it's kind of like earning a child

3:11

maybe maybe harder or maybe the equivalent

3:13

for male birth of child and

3:15

i'm happy to take break after

3:18

august and take back again i was curious

3:20

to ten years ago you were in finance and york

3:22

was it about ten years nineteen ninety ninety

3:24

two thousand and one i was in new york city up

3:26

to about twenty years ago i mean that's crazy right

3:28

twenty one year yet more than twenty years ago

3:31

i think i'm curious three to reflect on that because

3:33

like what an interesting journey you had very traditional

3:35

what everyone expected of your life like you're going to

3:37

go finance do stocks do some and then

3:39

you you're like i'm gonna blog and an avid

3:42

this kind of alternative approach that that

3:44

seems like it's working out like other for up to hear your

3:46

your reflection that i mean yeah now that

3:48

bring about the topic topic twenty

3:50

plus years it's crazy how quickly it's

3:52

gone and yeah i mean i got lucky getting

3:54

a job at goldman sachs in york city

3:56

was seven rounds fifty five interviews

3:59

and i had a [unk] go to ah

4:01

schengen which is southern china to

4:03

work at a father's friends

4:05

eyeglass factory and of all places

4:07

and my kind of manage that operation and

4:09

was just you know china's opening up and

4:12

i thought and i studied chinese in

4:14

college as minor and thought man what great

4:16

opportunity to go there because i've always want

4:18

to do something entrepreneurial and jump off d

4:20

plan then when i got this job

4:22

that took seven months you

4:24

like seven months and seven rounds then

4:26

you know can't pass up his job he

4:28

notes that this the stable path to riches

4:31

are you majoring com or that yeah yeah

4:33

that and so i didn't the

4:36

and it worked fine i immediately

4:38

didn't like it because i'd get into the office at

4:40

five thirty am and another to leave like

4:42

a pm just ridiculous right the

4:44

i get in way before the your senior

4:47

seal traitors come in before the market

4:49

and and yet to stay late because asia

4:51

opened up and had correspond with my colleagues in

4:53

asia the really quickly i realized

4:55

couldn't last so that's a good thing about

4:57

having terrible job is it makes you want

4:59

save and invest aggressively to get

5:01

hell out right granted out for thirteen

5:04

years and said you know odd i gotta do something

5:06

else and during the financial crisis i started

5:08

financial semi two thousand and nine exactly

5:10

at the bottom of the market july two thousand nine

5:13

then started growing in it just became such a

5:15

passion project and was so fun but

5:17

as i get on this could something good after

5:20

finance i think what what i'd like to providing

5:22

people is kind of the time frames sometimes

5:24

is helpful sometimes not been like how long did it take

5:26

to finally make that real thing into that that kabir

5:29

national income and full time yeah so

5:32

down and in i started financial samurai then

5:35

by a twenty twelve i left my

5:37

banking job which paid well i'm in paid

5:40

half a million dollars more of an upright

5:42

in big risk obviously but my parents

5:45

supported the the yeah okay you'll find

5:47

something do and you like what you doing like right

5:49

and by then mean find a samurai was

5:51

something i really enjoy doing would do it for fried

5:53

and really matters so fun connect it

5:55

was probably making seventy

5:57

eighty grand a year from advertising

6:00

but then i have had passive or investment

6:02

income rifle real estate rental rental

6:04

properties and dividend stocks so

6:06

had probably another seventy eighty

6:08

thousand dollars there so i knew

6:10

that no matter what i would be

6:12

okay if i left and then

6:14

i also negotiate severance so the severance

6:16

was key tatler to escape banking

6:19

because when you work banking as you work

6:21

tech you get deferred compensation and

6:23

this more senior you get more deferred

6:25

compensation you get the by the time

6:27

want leave and twenty twelve i had three

6:30

years a deferred compensation plus this toxic

6:32

as an investment they force us to buy

6:35

back in two thousand and nine and ten

6:38

that how much a seven year vest so it was

6:40

coming out and twenty seventeen and

6:42

if i quit would have lost three

6:44

years of worth of deferred compensation which was

6:46

a lot of money and then i would have missed

6:48

out on this so this toxic

6:51

as an investment that actually turn out quite well because

6:53

it bought like all these mortgage backed

6:55

securities in tokyo goes your

6:57

seventies was like wow like mighty

6:59

took it as a okay if don't leave

7:01

now to do something that i want to do

7:03

that i'm never going to leave at thirty four how

7:05

was that i'm is great it scary

7:08

as you do a lot of hesitation in

7:10

what you doing walking away from multiple

7:12

six figure income the be to stay the course

7:15

until you're forty you'll have x

7:17

amount money the time it know

7:19

just realized a finance was

7:21

no longer fun the financial crisis

7:23

made it you know where everything

7:25

was very scrutinised you became

7:27

public enemy number one if you work in finance

7:30

the no more money wasn't motivator and

7:32

saw my bosses you know them a more

7:34

money but like they weren't really happy

7:37

so i don't want to go down that

7:39

path and just be like them so i

7:41

want do my thing even though it meant like making

7:43

eighty plus percent less at

7:45

least for the first year would think people

7:47

in their twenties or people and and people

7:49

inner cities can learn from that i think your

7:51

twenties you don't want yolo it too

7:53

hard because i

7:56

mean it's just yeah i think we're

7:58

all the specially now your influenced

8:00

by social media and everything but think

8:03

that's the time where you want learn the most

8:05

and work your hardest because

8:08

you have the most amount energy and the least amount

8:10

responsibility

8:11

you can take crazy amount risks

8:13

start your business start your side also

8:15

apply these jobs wire on world we

8:18

job whatever of take more risks is

8:20

what i'm saying because you have so much time and energy

8:22

to make up any losses the

8:24

people in their fifties and above

8:26

i would say take more risks

8:29

and just don't waste their time to

8:31

time as most precious commodity absolutely

8:34

the man the korean forty

8:36

discern forty have resorted to thank you or

8:39

a made me realize it's like the literally

8:41

this week that i probably thirty years

8:43

of thirty usable years like i can live

8:45

till nine years one twenty but realistically like

8:47

i'm gonna be a chair watching wheel of fortune

8:50

eating like wave dinners like you know collector

8:52

doing much to like my body will be goods

8:54

or eighty and some like i know like was debating

8:56

getting a i just bought fifteen thousand or by and

8:59

i know postman few months thinking about it and

9:01

that you know in the business will spend twenty

9:03

thousand on add the day but did think like

9:05

what i bike lot this is an important

9:07

to me and like a dandy like

9:09

after two years left when i enjoy the thing if

9:12

i give when i can't not just a indulgent

9:14

going death but i can afford to there

9:16

was good reminder for myself absolutely

9:18

i mean older we get the faster time

9:20

goes literally because each year

9:23

last they got greater percentage

9:25

of your remaining years right the

9:27

letter you live to eighty you the first

9:29

year as one alias but then you're forty

9:31

first years like one fortieth so literally

9:34

double the value and time

9:36

so i mean we've got thing about accumulation

9:38

mode and i'm thinking about accumulation mode at

9:40

age forty five which is spend down

9:42

your wealth seat on diet with so much

9:45

and think lot of us were so focused

9:47

on saving investing building business

9:50

that we just makes so much more

9:52

money than we need and then we'd

9:54

end up dying with all this money this like what what

9:56

like instead of spending five hundred

9:58

thousand dollars extending out in our lives

10:01

by six months towards the end we could have

10:03

spent less time not making that five

10:05

hundred thousand dollars or million dollars

10:07

while we're in our thirties forties and fifties

10:09

right one i love effort garlic bill perkins

10:11

not that i was zero one exactly yeah

10:13

which is great i guess how have you change

10:16

behavior and how you d humiliating so

10:18

i'm going be forty five this

10:20

june twenty twenty two and

10:22

i haven't accumulation plan

10:24

and it's going start small and it's gonna

10:26

work it's way up selling i like every like

10:29

big financial decision you want to start

10:31

small see how you feel you know and

10:33

then go from there so my plan i'm

10:35

i'm very done a lot of the calculations and perform

10:37

analysis of what my neck with will be you

10:40

know and five ten thirty forty years

10:42

right there's some different return scenarios

10:44

and saving scenarios what is start small

10:46

first you know

10:47

no you go to get goober eats a new instead

10:49

of ordering like kentucky fried chicken he

10:51

orders and toros assuming you know instead

10:54

of spending twenty bucks you sound like hundred bucks

10:56

and start with food right and

10:58

then you eat your food don't have to stand

11:00

up in hundred dollars on dinner and and you're like okay

11:02

how did feel spending that and facilitate

11:05

and to continue spending more the we're

11:07

gonna try to conquer food we've already

11:09

conquered twisted and we're spending lot money on

11:11

our kids and

11:13

maybe we'll conquer housing next maybe we'll

11:15

live it up and try to buy a house we don't

11:17

new need i don't know and then after that

11:20

will try to do more philanthropies that's

11:22

just giving money away to friends and family

11:25

which is actually the easiest is the give

11:27

money away to good causes beyond

11:29

your friends unfair there is a process

11:31

that i'm gonna try to implement over the next forty

11:34

years of live for years and the sail

11:36

goes this is very and talked about

11:38

because it's it's a small percentage of population

11:40

but i i do think there's some issue that

11:42

people don't know to spend money oh yeah my parents

11:44

worked twenty five years hard

11:46

years ago i don't work hard to i'm like hanging out with

11:48

you talking about financing this is find catholic

11:50

like this like career sorts the

11:53

art my parents like hated their jobs

11:55

and always been a lot of time made all this money

11:57

not a ton but it at a good amount your and

11:59

they're like we're gonna go seven eleven by

12:01

an extra large coffee and encino

12:03

divvied up for the week or a catholic

12:05

not just like the amount of frugality

12:07

and and it's funny that they should look whatever

12:09

make them happy but think there's ways that they can

12:11

save time or they can do a little

12:13

bit more luxurious so i'm i spend my money

12:16

to do that for them like

12:18

bought a first class tickets monolithic now just adjusting

12:21

coach and then i'll come visit you and they were

12:23

after him first class to

12:25

liquid doesn't give me the food on my mom others

12:27

get offended so i think it

12:29

is actually challenging for them and lot people

12:31

even if you don't make a lot to africa

12:33

how to enjoy and yeah to despite

12:36

being we talked about earlier and it seems like with you that accumulation

12:39

i bet in three to five years

12:41

you gonna look back and say the sitting

12:43

down dollar bike bought it was like the best

12:45

fitting thousand dollars you spent and you will

12:47

have know you will not miss the fifteen

12:50

thousand dollars at all the

12:52

all so then you're

12:54

good either think i mean your company's doing

12:56

well something goes gilded so

12:59

that's why every part of that is like spending

13:01

like think like things you spend time on

13:03

are things are in in you heard this is my new be like

13:05

your bed like activity just and

13:07

lot of time on like and i do lot tennis you

13:09

know like go get the nice thing where you're already spending

13:11

that kind time absolutely it

13:14

is hard once you're in accumulation

13:16

mode for and twenty thirty

13:18

years to then flip the switch you

13:20

know you gotta practice convincing

13:23

someone to date you are

13:24

hire you you've got to practice

13:26

convincing someone to let you go the

13:29

break up with you that negotiate

13:31

sorenson let you be free is

13:33

just a practice in in reverse effect

13:35

my brother has like i have five hundred dollar

13:37

geo tracker okay with the dragon

13:39

know geo tracker like car and

13:42

in know what you call it piece crap what it

13:44

is it that the category okay i think what

13:46

you said i really liked to is that using don't know

13:48

how many rid of it i'm like are using is no

13:50

but i just like maybe one day and

13:52

and i was a kid maybe think it is not much like

13:54

us analogy but as practice like you

13:56

don't want it you don't you that you're spending a lot of cycles

13:59

on you have one forty if left to live

14:01

like practice medina go a practice

14:03

indulging a bit like i practice getting a nice

14:05

current like at little he does zero from am

14:08

got nicer bike i'm pretty sure going

14:10

be stopped i spent just went like fifteen thousand

14:12

on art and i'm like so felder

14:15

as year like others are please come in here have

14:17

like have few other ones and ones don't have to be

14:19

worth it might appreciate your best the

14:21

addiction so you but if we if you can buy it and

14:23

but when you appreciate that old the

14:25

appreciate in value i mean that's a double

14:28

when which is why gonna real

14:30

estate has been such that addiction for me

14:32

because you enjoy it you make memories

14:34

and then hey you wake up five ten years when ends

14:36

up fifty percent and value like i should

14:38

i am them for free that making

14:40

money i

14:41

mean to do things on that is like i did as you tube

14:43

videos when outs gone viral about i'm asking

14:46

super car owners like how to make money

14:48

the make million and damn lot

14:50

of them like oh yes investment like these these

14:52

cars go up there on the other part of that i will

14:54

say same as i always was an accumulation mode and so

14:57

private to date when coded can

14:59

hit a little bit before in a

15:01

family got a nice houses like a multimillion

15:03

dollar house and you don't need multimillion there

15:05

has been like a never had anything nice even

15:07

as gonna it it made my baseline

15:09

happiness like ten times happy the

15:11

your point of house

15:13

the earth and love people coming i

15:15

love people staying here like i've a friend coming today

15:17

and and like an hour he's gonna sleep over and

15:19

light on i'll have sharing it with our

15:21

noses interesting the things that we can buy

15:23

that give us a baseline happiness you know

15:25

increments on a on the x axis of waxes

15:27

absolutely and then maybe go there are no

15:30

i really care that night or whatever when it's felt

15:32

as if us or did you ever get your house

15:34

in hawaii you you need to add you talk

15:36

about it so much it's annoying every time i

15:38

try to lose poorly

15:40

back in the san francisco know

15:42

i never got my house and why but it's interesting

15:45

there's a house that i wanted buy and hawaiians likes

15:47

sweet house and it's was

15:49

on the ocean front is

15:51

where are my favorite beach really secluded beach

15:54

and i really want to buy it but in a coffin

15:56

cropped out money then i saw

15:59

it five years later fifteen

16:02

feet of it's beachfront had eroded

16:04

away into the beach and so

16:06

what used to be like fifteen foot buffer to

16:08

the gate to the sandy beach became

16:10

like a two foot buffer where pool

16:12

is and anymore for the poor for

16:14

hello to the beach fla

16:16

, was a are maybe or maybe a good that the

16:18

by beachfront property and hoy i

16:21

guess of answers would have been some your best purchases

16:24

and then what some your irrational spending

16:27

things like things you to you don't spend don't the irrationally

16:30

when irrationally mean by that is sometimes

16:32

you know at the airport i still can't buy the water

16:34

or like you know you buy some effort like had to double

16:36

bloody mary the like thirty dollars on like the

16:39

school police manning something at

16:41

such huge margins profit margins

16:44

ah man it's so the principal

16:46

a i guess i'm just richer see some your best purchases

16:48

that your give you joy or that worked

16:50

out and then maybe some irrational spending

16:53

habits will my best purchase

16:55

is also curiously equivalent to

16:57

the price your bike fifteen thousand dollars

16:59

and it

17:02

was my hot tub that i bought

17:04

years ago like six seven

17:06

years ago when you know how to create us cement

17:08

platform a flat cement platform with rebar

17:11

i'd wire extra wires years

17:13

ago thirteen thousand six hundred dollar hot tub

17:16

and it's like what the san francisco giants use in the

17:18

club room just like six people

17:20

and it is absolutely the best purchase

17:23

especially during covert the walked over to

17:25

the hard was only like couple blocks away in a rental house

17:27

i took my son there three four

17:29

times a week would hang out we have fun

17:31

and i don't know if remember when you're kid everything

17:34

looks huge was huge

17:36

when you're a kid then withdraw the you like

17:38

all that said the sick so small but i think it's

17:40

like is provided the best memories

17:42

the best relaxation time the best

17:44

time to think about new ideas

17:46

new posts on a good stuff

17:48

so hot tub was is number one

17:50

and fifteen thousand dollars in terms of

17:52

bad purchases made terrible

17:55

investment in two thousand and seven and bought a vacation

17:58

property and that was you're

18:00

obviously one year before the finest crisis

18:02

i thought was getting good deal down fifteen percent

18:04

but it went down another forty percent spells

18:07

a terrible a terrible ah

18:09

but bought it kind of others nostalgia

18:11

biggest dusty place and like tower i

18:13

took my girlfriend at time

18:16

and then where i propose then

18:18

thought i would be nice to bite us to bet m

18:20

to cut back and condo and bring our

18:22

future kids one day kitten com or

18:24

ten years old like really miss

18:26

time purchase i also was kind

18:28

of delusional and twenty seven to think

18:30

that my income and my my

18:32

growth at my from would continue go higher

18:34

and i would extrapolate that income and growth

18:36

for like five ten years out and said no

18:39

problem by a vacation property that the

18:41

counter for like thirty five percent of my network then

18:43

of course everything went to hell couple years

18:46

later i am yours what other any other

18:48

decisions like as you you do

18:50

put out amazing stuff on financial semi

18:52

your that probably you're the only financial news are still

18:54

read and i you know your book coming

18:56

out deathly recommend amity buying it by

18:58

this not that i think what i'm curious about

19:00

those that have you been wrong or

19:02

what have been wrong about recovered until

19:04

today so from in twenty twenty twenty eight units

19:06

were out like are how's your mindset shifted

19:08

somebody cumulation motors is one them

19:10

as anything that you've changed your mind on

19:13

i'm in a different change my mind on continuing

19:15

to grind to

19:17

try to make more money

19:19

which would endless amount of money and think

19:21

i'm so burned out and i'm so tired

19:23

and twenty twenty i'm writing

19:25

boxing care of two little kids running

19:28

on finances m i want to break and

19:30

think lot of people are burned out as

19:32

well so my mindset is

19:34

definitely shifting towards accumulation

19:37

in terms of errors i'm gonna have many years

19:39

i have well you know besides a vacation

19:41

property losing forty plus per cent of it's value

19:44

since i bought it if i could do it over again

19:46

i might not have quote they retired

19:49

twenty twelve it it's thirty four we'll

19:52

probably grind it out like maybe one more

19:54

year two more years really gotta live

19:56

it up because what happened was i decided

19:59

you know what january twenty twelve

20:01

i'm gonna i'm gonna get outta here and then by april

20:04

and of april i was outta there right

20:06

and i was not lotta time to sink

20:08

in and to enjoy the give you remember back

20:10

when you're in high school and a some kids

20:12

like smart kids senior year

20:14

like fall senior year they would already

20:17

know where they're going to college though

20:19

like for the remain of senior the have so much

20:21

fun any care about grades they're just stupid

20:23

enough like with an upright and

20:25

so for me if me if planned even

20:27

better would have planned my ex

20:29

maybe twenty thirteen or twenty fourteen

20:31

a one or two years later then i would

20:33

tried to really enjoy the time

20:36

they're build better relationships plan the

20:38

transition better with financial samurai maybe

20:40

relocate to the hong kong officer

20:42

the london office and gone on added censure more

20:44

images make a living on a lot of

20:46

adventures in since twenty seventeen

20:49

now since my son was born yeah take

20:51

more risks i is just nothing is

20:53

scary as in your head

20:56

know his usually recover from from

20:58

com any mistakes unless

21:00

their fatal think the the to things their

21:02

for me was i did have know my similar

21:04

to you i think everyone should not quit their day job

21:06

until their side hustle his working or

21:08

if you like both do both i do know steve

21:10

chew for my wife quit job that com you

21:13

i love steve he was making lot

21:15

money in his ecommerce business in his blog and he

21:17

didnt quit his day job for like five years you like i do i like

21:19

my friend their and its fun then eventually

21:21

like i its other two much in a but

21:23

really admired that think the other thing

21:25

for me was i mistrust you like

21:28

when i went solo you don't have structure

21:30

like when i'm in like mount up sooner com it's like we

21:32

have a team meeting here and then we thursday thing here

21:34

and i check in here and there to do this thing here and

21:36

it's like it's good it makes measures

21:38

different were when you're solo or small individually

21:41

you have kind of create your own schedule it would sure

21:44

i found little harder yeah i

21:46

mean you'll figure it all right everybody kind of figures out

21:48

what works for them like right now what works

21:50

for me as i gotta wake up likes six

21:53

try to write and do stuff until eight thirty

21:55

and i take my son school because can't can't

21:57

focus there's like noise and then

21:59

it's just the are like i'm pm and

22:01

i'll start doing some stuff actually i'm

22:03

truce for apps uma what was

22:05

the company that sold from mega billions

22:07

dollars your space oh mail

22:10

chimp sober the mail chimp the

22:12

eight or twelve billion twelve billion

22:14

okay though the when you're

22:16

in that space then you guys are private

22:19

and he was doing well going crush

22:21

him and so how do you see

22:23

that remember this

22:25

wealth creation and how does

22:27

make you feel and how does it change your minds

22:29

the a doesn't really add a new i tweeted

22:31

about mail chimp today just like that their

22:33

lifestyle business and i was actually kind

22:35

of surprised they sold because i i believe

22:38

what from what i've heard they were making billion dollars

22:40

a year profits really

22:42

i some some insane number right some

22:44

insane or of but founders of a three worth

22:46

billions dollars cash like renner

22:49

the doing i don't have their profit with that but they're very

22:51

very high in so that doesn't really

22:53

make me jealous or inspire me the

22:56

i you know we talked about team think question is what really

22:58

what are really think about you wake up know like

23:00

today it soon i think i'll share of

23:02

like roughly we helped partners

23:04

and be promoted things like today we did two hundred thousand

23:06

dollars in revenue we gave out

23:08

half that almost to partners promoting

23:10

the different products and wiki after season or thing we

23:12

kept in a little less than half and

23:15

i don't really care

23:16

that's cool i were if it goes down i'm definitely like

23:18

mindful but goes up it doesn't change my

23:20

level of happiness like i've much more excited about

23:22

like what products to we promote

23:24

my where he would call people are we launching new products

23:27

like now i think with reality for me and

23:29

in this a masters feel like i have more

23:31

than enough yeah and so that their motivation

23:33

have billion it's like will do have to do a lot more work

23:35

to get because don't want to deal with other

23:37

i don't to work out of like okay well what

23:39

is required what's the sacrifice like this than i

23:41

thought about for was creation of like what is

23:43

sacrifice required for that the

23:45

i really wanted outcome willing to do sacrifice

23:48

and think most people want the outcome without

23:50

sacrifice and i've done a lot in my twenties to

23:52

get to where i am

23:53

but i don't i'm not his motive him and i'm motivated

23:55

by more by progress like idea

23:57

of like we can progress and he noise

24:00

enough said it's also sort of someone came in offered

24:02

billing for epsomite i would serve as

24:04

day where we can worth that amount like i think we're doing

24:06

lot interesting things from owning software products and

24:08

helping launch companies and hub you'll find good deals

24:10

tools think we can get there isn't there

24:12

true north star from i think we all

24:14

have to be with listen to ourselves

24:16

like when you said try it out like aren't going to make billion

24:19

dollars like i'm barely spending as

24:21

much as and then what is it you know this this

24:23

pursuit of more as think as call that is yours

24:25

is a very misguided thing lucky will but

24:27

here's a here's some and was in that same thing that i'm curious

24:29

about how you think about i see real estate

24:31

my cousin austin i'm in austin

24:33

i saw this place another guy should bought this place

24:36

shit about this that actually drives more jealousy

24:38

yeah and then i try to mindful

24:41

okay liked are you jealous of the money

24:43

or would you really jealous of because if it's really about money

24:46

you should just do apps uma

24:47

your opportunity cost of up to missouri and seventy

24:50

eight figures like minus house you make like

24:52

at most two thousand dollars a month

24:54

profit ago and ah

24:56

maybe appreciation to and so

24:58

that's where find jozy but i have to remind

25:00

myself like well how do you really like how much do you

25:02

want to live how much you want to have to live and how

25:04

do you want to spend your time now because that's where i

25:06

had this internal struggle were like i

25:08

will or property because like was go urban

25:11

been stay there he did you have to own and on

25:13

so that's something i'd i have little bit more

25:15

a struggle with them how much money

25:17

or company can be making like of want to be out of get paid

25:19

well i'm here to well and mixture partners or well

25:21

and that stuff with and really tickled on a

25:23

political on his realists a sophomore one

25:25

the thing with real estate is the easiest way to feel

25:28

poor is to look in real estate

25:30

listings because unlike buying

25:32

a car like you can probably buy ninety

25:34

nine percent and cars out there so that's

25:36

why you don't have car formal you

25:38

can buy ninety nine point nine percent of

25:40

all the bikes out there which why don't have fights

25:42

former for was real estate there's

25:45

limit to how much you can buy and

25:47

the price real as it is almost unlimited

25:49

right that goes into the hundreds of millions

25:51

dollars in like muchas obama your

25:54

weather in the mumbai as a billion

25:56

dollar property to so it could go to billion

25:58

the real if it is the one thing

26:00

where we imagine ourselves

26:02

owning it throwing parties

26:05

raising family living life of our dreams

26:07

and if we keep on looking will

26:10

eventually find that property that we cannot

26:12

easily a comparably attain which

26:14

is what drives us half

26:17

and which was is what drives us to feel

26:19

the way we feel of where we're just now i got

26:21

were would feel a little bit of envy

26:23

and jealousy and we wanna like strive for

26:25

more to make that to to buy that but

26:27

everything else everything is affordable is asked

26:29

affordable friend of mine and he's probably

26:32

worth half billion we

26:34

try to figure what was what does the net

26:36

worth amount where the marginal

26:38

joy there's just no

26:40

more like zero doesn't really matter

26:43

then we came out to conclusion that was that number

26:45

was like fifty million image

26:47

thirty million but it was a fifty million for sure

26:49

so at fifty million dollars you can still buy

26:52

ten fifteen million dollar home in

26:54

fly private everywhere

26:56

in send your kids to private school corals

26:59

issue me every single day and

27:01

you can get trainers personal chefs you

27:03

look good feel good you're good

27:05

at thirty to fifty million that's like equipment

27:08

and ninety nine percent

27:11

of i think doing realized for half

27:13

a billion realized and what your thoughts

27:15

that i think they'd take away for me there

27:17

how much do we actually need to live the life we want yeah

27:20

it's different for everyone right i think the biggest surprises

27:22

it's much i think people don't get this but it's so

27:24

much lower than we think than we realize

27:26

people like i need big this money like how do

27:28

want live like and could you can have this us

27:31

public it's actually low

27:32

i think people work at like it we should accumulation

27:35

like you're working so much harder maybe

27:37

and it's okay you were hunted with you like it but if you're

27:39

doing so you don't like like that's know

27:41

that i'm have i mean and for think like my

27:43

network doesn't need segars i don't

27:45

like private and southwest you know

27:47

want to get away tickets in

27:49

, upper i have added

27:52

have pretty damn happy i wouldn't mind playing private the time

27:54

as if it's little to save ten thousand

27:56

dollars hour you can do it and gonna

27:58

have had don't like when i've lifted six six

28:01

to ten thousand and our i was just trying to think like

28:03

if i could sell up similar to make fifty million today would

28:05

i make that call the interest probably know

28:07

that him what i get a do for work in who i go

28:09

to work with honestly like right now is now

28:11

is highly valuable what are you really

28:13

lucky would say most people don't

28:15

enjoy their work or just checked out

28:17

or that there's some thorn in their side

28:19

some colleague your boss to just drive him crazy

28:21

the disavows with me in two thousand and twelve

28:24

it out you know i don't barring like

28:26

sixty seventy percent call is pre core by

28:28

like twenty thirty percent gonna drive me

28:30

to be unhappy i saw the ceiling

28:33

of the i don't want do this anymore the slightly

28:35

shorter or five days

28:37

and misery for two days of freedom right

28:40

you want to flip that equation did you can flip that equation

28:42

i think that's pretty good work today is raymond

28:44

too hard the issues maybe three days and then

28:46

is really does have oftentimes

28:49

the rest the way

28:50

pretty good yeah i'm in i think it's like crazy

28:52

that people don't realize they can like and think people

28:55

wanting at richard a job we had a lot

28:57

of not lot of good amount people mean million

28:59

dollars recap zuma which i'm like that's crazy

29:01

in our partners or maybe you can get rich

29:03

have a day job that you actually like

29:05

i think that it's a little bit of a fallacy that you have

29:07

be in a founder yeah i mean that's the

29:09

best combination of you like job you can still

29:11

make bank awesome i just

29:13

don't think that most people have found that was

29:16

scary it's scary in an inert adding my

29:18

twenties i i live so cheap that i was able

29:20

to eventually find it in took me to let the gotta

29:22

thirty i think other thing that you're saying that i really

29:24

think is inspiring for me and seven authors just

29:26

like you may not make as much money but if can find

29:29

the thing it might even make more when david

29:31

just find thing that years like do this fun

29:33

i'm enjoying this like i like showing up every single

29:35

day for better least two you twice yeah

29:37

i mean is if you stay consistent work

29:40

with any prop passion project you do

29:42

sooner later something good gonna happen

29:44

sooner or later you're going attract someone

29:47

was going to help you are some

29:49

recognition and some bigger publication or whatever

29:51

sooner later you can for tested but he

29:53

stick with it and you like it'll show a

29:55

d c can people tell your phoning

29:58

it in like ilan said in terms work that

30:00

debate camp and people who

30:02

actually just really put everything they have into their

30:04

project the mean i started the you tube thing

30:07

for free again in march

30:09

twenty twenty and now june of twenty

30:11

two and finally it's making like you know

30:13

fifteen twenty thirty care month wasn't

30:15

a goal islamic money was just regular the

30:18

bad and so mean team costs i think our team

30:20

all a and plus expenses maybe like twenty

30:22

km on oh that looks like a little bit profit but we're

30:24

trying investments in on like but it wasn't to make

30:26

money was like i just beautiful and make videos

30:28

and that you know the on how we get the upper productions

30:31

yeah what financially are you jealous

30:33

of his or things like you like you some

30:35

foul stuff austin and your car shit about a lake

30:38

house the guy i'm little i don't really regret it but

30:40

my gosh isn't that isn't jealousy it's

30:42

are missing out on all

30:44

the lifestyle i could live and so real estate

30:46

i'm a roasted addict than

30:48

recently with the interest rates go up i

30:51

thought a let's go take a look more aggressively cause

30:53

i bought my are temporary forever

30:55

home and twenty twenty in mid twenty twenty

30:57

as a temporary firearm and

31:00

i love it but any again

31:02

real estate just look at a higher price for

31:04

you see what else is out there new down the

31:06

back yard as you don't like those

31:08

amenities are massive a great and

31:10

so i recently experienced that with is

31:12

amazing house in as it's

31:14

just like dreaming i just dream about

31:17

a better life and that's dangerous

31:19

right it's it's actually disappointing because

31:21

i'm satisfied with my life would

31:23

you start dreaming about better better than you'd become

31:25

dissatisfied with what you have any just never ends right

31:28

and to really for me assist assist

31:31

real estate and maybe and maybe sites

31:33

i had a friend in high school he didn't work out but

31:35

he was always does fit you know

31:37

that many look good am i

31:39

was never that kind of her body type or

31:41

metabolism whatever maybe that

31:43

maybe fitness and fucked other states

31:46

are two things and would be nice to have

31:48

more of that i'm partially

31:50

true actually battle real estate addiction

31:53

and i'm doing a good job battling

31:55

being sit by not access

31:57

to the editor

31:59

seen in earnest

32:00

the triggers of and not to say we have to change

32:02

and but just be mindful of on and how he how do want

32:04

react to him and i it's funny with this i

32:06

live in the south austin i'm so

32:08

content like don't i don't even look the

32:10

i found my wife this is my wife house yeah

32:14

i do every saturday morning my favorite thing

32:16

to do is read wall street journal real estate section

32:18

you ever read that there was was labor

32:20

does evolved are so sick it's always like the craziest

32:22

like ron burkle bought neverland and you

32:24

know of march as i i think the one thing

32:26

you said that i i really did resonate with as well though

32:28

that it's not bad not bad good and the costs

32:31

from wars never ending like the classroom a followers

32:33

are subs are money yeah but

32:35

do think what is what is actually helpful

32:37

as to know what levels are out there like

32:39

if you actually can dream like

32:41

you can see a tenant our house and you

32:44

go in the house i are being beat a nice house two

32:46

years ago and that's with only made me realize like shit

32:48

like you're over alleged better so i

32:50

think it be able to experience the dream or have

32:52

big dreams or see them you could

32:54

be great inspiration like a drive ferrari

32:56

on tuesday this guy came by for

32:59

an interview want to do sanders and fries and

33:01

driven for another do the stresses me out like

33:03

i really miss my miata know what each

33:05

from you have to be learn of meat for i

33:07

like dude i'm gonna work hard one day and and get strong

33:10

yeah i think that's just me or two years

33:12

like the door dang there you go through a pothole

33:14

a booth blow the actual a

33:16

something out of my brother was stressing

33:18

about a hoardings in his minivan like is two

33:20

thousand fifteen minivan and compiler

33:24

what i'll get to rent get around for

33:26

around relic weekend the for our in the center

33:29

with nice yes the

33:31

how could someone who doesn't have doesn't have of money

33:33

get into real estate can i can i own few

33:35

properties and it it it's fun when you could share

33:37

it people can use it you can you make

33:39

this money on it in for thing i will say to sink

33:42

in a as an investor would in stocks

33:44

so if you are renter

33:47

actually short the real estate market because

33:49

your praise take it right your price take

33:52

her to and and at mercy to inflation

33:54

and rising rents you're only really neutral

33:56

real estate when you own your primary residence

33:59

your the up and down with the real estate

34:01

market but you're not benefiting

34:03

so much because you have to live somewhere right

34:06

you're only really long real estate if your own more

34:08

than one property or least if you're

34:10

you know renting out many of your rooms and center

34:12

make it as business terms of getting

34:14

long real estate is not easy

34:17

because prices have gone up and mortgage rates have gone

34:19

up it's simple framework where

34:21

you look at the property that he could conceivably

34:23

by take twenty percent of that maybe

34:25

ten percent for the down paint with the to

34:27

twenty percent look that target number

34:30

then calculate how long it'll take for you

34:32

just get their based on you're saving rate

34:34

and how long you're working so it has to

34:36

be really methodical that way you can dream or

34:38

you want but unless you start crunching the numbers

34:40

and looking at the math and and what is

34:43

it you exactly could be

34:45

happy buying ah you're not going

34:47

to get really anywhere but for me it was

34:49

a mission to try to get neutral real estate

34:51

as soon as possible because i knew that

34:53

dub if i could get neutral real said life

34:55

is much easier if you can control

34:58

costs living you can take more risks whether

35:00

it's their business or your job

35:02

or whatnot and i wanted to build

35:04

that property ladder where every

35:06

three to five years i'd buy peace will say that i

35:08

would live in and then i would rent it out

35:10

for passive income and then would buy a new

35:12

property and then if can do that over

35:14

twenty thirty year period you could easily build

35:17

a organic three to five rental

35:19

property portfolio and have them hey

35:21

for your retirement when your fifties

35:23

or sixties would you say that your real estate

35:25

playbook it's the easiest playbook

35:27

that i found in terms of saving

35:30

for the down payment buying property the you

35:32

light because if you like it other people didn't like

35:34

it you know the probably more than anybody

35:36

and then you rented out by now the ones i've done that

35:39

i'm four times already so do

35:41

have a for rental properties the

35:43

for half of my passive investment

35:45

income it's been great but i

35:47

reached limit recently because

35:49

don't want to deal with tenants are made and issues anymore

35:52

so i i reached the limit of for so

35:54

three and services for one in lake tahoe and

35:56

decided every casual dollar

35:59

allocated real estate after we'd

36:01

go into public real estate funds

36:03

or private real estate for like

36:05

reach for example so it's hundred

36:07

percent passive or private funds

36:09

which invest in the sun belt resemble fund

36:11

rise has funds that do that a lesson single

36:13

family homes in the heartland to sunbelt

36:16

and that's way to diversify my over

36:18

exposure to expensive san francisco real safe

36:20

recap rates are low and i'd rather

36:23

take advantage of higher capra

36:25

lower evaluations the sun

36:27

belt right and one hundred percent passes user

36:29

the vacation property total the new

36:31

but not as much as i want but

36:34

it's coming because of my daughter's

36:36

two and half hi so

36:38

we'll start going to more often the

36:40

funny thing about a vacation property is

36:42

that i bought it in two thousand seven

36:44

right that's fifteen years ago when my financial

36:47

profile was different so what imagined

36:49

then turn out be different than

36:51

the reality right so that's another

36:53

caviar if you're thing about buying a vacation

36:55

property your tastes are

36:57

your family situation might change in future

37:00

though it's pretty hard to port

37:02

as schooling now it's really

37:04

it's i as a two bedroom two bath canner right and it's much

37:07

smaller than my existing house

37:09

right now so like when we got

37:11

occasion we're going to going from our house

37:14

to a seventy percent smaller property

37:16

and as kind of like a mismatch right so

37:18

it it's kind interesting winter sisters

37:21

how life turns out i think the other thing that you've done

37:23

really well that i admire his i also think you

37:25

are looking at some properties based on really

37:27

seen attributes just never three articles really articles bought

37:29

this place because as close the ocean has view in there

37:31

was there was attributes i thought other people didn't

37:34

appreciate you know if you go to any

37:36

international city in the world any property

37:38

with view ocean view lakeview

37:41

river do what kind of water view treated

37:43

premier

37:44

superintendent cisco our biggest

37:46

the ocean is to the west side san francisco

37:48

and downtown is on the side

37:50

so during the west or your farther away from downtown

37:53

and also in your website it's cooler temperature

37:55

because you're close to the ocean so there's the saw

37:58

this bias against or and leave

38:00

that it's always fog year on the west side though

38:02

i'm in l like wanna clear

38:05

arbitrage opportunities that i saw and i still

38:07

see today listen services goods

38:09

a potion be properties you should buy

38:11

that all day long because they're

38:13

going out and besley trade at par as not

38:15

at premium to the median home price and

38:17

so they're like these little arbitrage

38:20

i to i would say opportunities in any city you

38:22

go to you such kind of recognize what

38:24

could be the next opportunity you're gonna forecasts

38:27

were you think demographics will

38:29

go in were tasteful chef and so obviously

38:31

the pandemic really accelerated at least

38:33

desire to buy properties on the west

38:35

side of san cisco near the ocean with use

38:38

because people don't have to go downtown and more

38:40

right but also luck as or any other opportunities

38:42

you sing in real estate or in financing

38:44

business today this a very small audience

38:47

like normally you'd charged for this this is free for

38:49

them i mean for for six years i believe

38:51

the heartland and sunbelt were no

38:53

brainer opportunities to buy right

38:55

at why san francisco new york city

38:57

have to have monopoly on you

38:59

know being the tech hub or whatever i say you seen as tech

39:01

hub spread out like austin right now

39:03

i'm awesome has done a great but since the

39:05

pandemics this the thing is so your

39:07

city and other some are you know heartland

39:10

cities they didn't phenomenally well right

39:12

twenty thirty forty percent annual

39:14

increases whereas the big cities manhattan

39:16

seven disco seattle to less

39:18

than you they've actually done they underperform

39:20

rights are only have five fifteen

39:23

percent year and so it

39:25

to me seems like there's been a back to normalization

39:28

little bit where i think there's

39:30

lot more opportunity back in

39:32

san francisco and new york city again

39:34

tissues one thing that actually people don't

39:36

realize what one the income

39:39

is very high in places

39:41

like sam just right leg you got like thirty five

39:43

year old techies making three unaffected foreign

39:45

fifty thousand dollars thousand year a shack

39:47

up with someone out there making seven hundred eight hundred thousand

39:49

dollars yeah right like dime dozen engineers

39:51

who are manager level or what so the

39:54

income supports these valuations

39:56

but one thing people don't talk about i've

39:58

not heard anybody talk this that

40:01

or the past two years the pandemic

40:03

has throttled foreign

40:05

investor demand of us realistic

40:08

and before the pandemic right foreigners

40:10

were boring like a hundred billion dollars

40:13

plus of us real estate every single year

40:15

but during the panelling you couldn't come shiny the

40:17

russian the couldn't come we couldn't kick the sheet

40:19

rock they couldn't buy the property right

40:21

so if you think about it over

40:24

the past two a half years there's pent

40:26

up demand of over two hundred billion dollars

40:28

in foreign demand for you as assets

40:30

real estate and so at the pandemic ever

40:32

subsides which it seemed like it subsiding

40:34

even though the case counter really high and

40:37

of borders reopen you could

40:39

see a massive flood of capital

40:41

come to united states to buy at first

40:43

cause the city real estate and then slowly

40:45

go inward in i think this is gonna

40:47

happen because usa

40:50

we allow performed the world during the pandemic

40:52

our stock market are performed the ability

40:54

to acquire vaccines outperform

40:57

so rich people or anybody

40:59

overseas on you what maybe we should plan

41:01

some assets in america is there any

41:03

way you can take advantage of that yeah so

41:05

the way you take advantage of that his first

41:07

by looking at underperforming

41:10

coastal city real estate markets and

41:13

they've ended performed the heartland cities because

41:15

i think there's a normalization here like heartland

41:17

has gotten very expensive incomes have gone

41:19

up but the coastal cities which were used

41:21

to be very expensive are relatively less

41:23

expensive especially khmer two incomes

41:26

and see you want to position yourself to one these properties

41:29

before the foreigners sop up

41:31

all the coastal city real estate again

41:34

we have any ups i gotta go gotta go until

41:36

or unless i

41:38

have been the funny thing is like is like i've loved away

41:40

from the bears similar to you and you know

41:43

i'm from northern california then i went to so com

41:45

u ten years ago like this is so much cheaper than

41:47

san francisco so much cheaper than but like that

41:49

not up to even been higher now but

41:51

the i think that's a real into the inside is that the

41:53

california real estate is not

41:55

that much more like now the housing you know in austin

41:58

like were up the area minutes about of thousand two hundred

42:00

square foot that's california some california

42:02

primary not california i'm not big city california

42:04

thousand and twelve hundred so there's

42:07

relative value on the coasts right now so

42:09

if you by san francisco to l a

42:11

real estate you're basically trying to buy ahead

42:13

of is your money coming to

42:16

west coast rights you buy new

42:18

york boston the remaining

42:20

real see you're you're trying to front run the

42:22

european and russian money trying

42:24

buy east coast it just takes time

42:27

it's just money so fungible just flows to

42:29

where there's the best option in the best returns

42:31

and i think system slowly go inwards in the

42:33

country because we we were have had started america

42:36

we we know america better than foreigners foreigners

42:38

know the coast then a disconnect slowly

42:41

go to the center that's my

42:43

belief in long term trend and if if you look the

42:45

property in hong kong paris london

42:47

so expensive compared

42:49

to most big city

42:52

cities in america it's just nine and

42:54

we have like some the best income

42:56

opportunities best wealth creation opportunities

42:59

this also like a thing that i've really learned about two

43:01

months ago my property tax bill as

43:03

thirteen last year which it's higher this year masters

43:05

thirty nine thousand as lot don't

43:07

get of cap in austin where it's like there's

43:09

a homestead exemption that limits of some exotic

43:12

if it's your haunted been not it's rental property but

43:14

my homestead it's now it's hamster to have will

43:16

be lower in california the

43:18

property taxes are much lower so it

43:20

actually is going to retire in california when your

43:22

income goes down boy you know why

43:24

income is high theoretically you want be

43:26

not the no income tax state so yeah like

43:28

don't point out to ah the outcome interesting

43:30

arb on years location with

43:32

age yeah i mean let's

43:35

not kid ourselves california taxes overall or or

43:37

hi i'm in your property tax rate like

43:39

one point two four percent in his prop

43:41

thirteen which keeps the property

43:43

tax from rising no more than more than

43:46

like two three percent a year so that's good

43:48

but and acid property values

43:50

are high so

43:53

yeah i would love to pay no income specific

43:55

of dogs and the in taxes than another

43:57

relocate to texas which is fine but it's such

43:59

pain now with family should have done things

44:02

younger so that as another things like

44:04

if you're unencumbered move

44:06

travel optimized take uris

44:09

but once you get older

44:11

your family gets to care your elders

44:13

and the young kids man it's it's tough

44:16

it's tough how you find good rental property

44:18

because looking for one in l a i mean love

44:20

looking for properties that still fish listings

44:23

it's all like listings because that

44:25

they they price too high because

44:27

they were thinking that they're going to get january

44:29

twenty twenty all time or whatever it is

44:31

rights they just mispriced it and so what

44:33

happens is when you price too high you miss price

44:36

is sits on the market and then what happens

44:38

is people start circling like vultures

44:41

like or the start wondering what's wrong

44:43

why doesn't anybody else by right it's like

44:45

a it's a game of them as a mental

44:47

game and so what happens is then

44:49

you can actually underbid the

44:51

law market because it's so much

44:53

stain on the property and so basically

44:56

i try to look for properties that are have been listed

44:58

for over thirty days and stolen market like

45:00

longer the better try to understand what's

45:02

wrong with it is a really something round and or the

45:04

just you know just the heard to

45:06

suddenly striking against it and then

45:08

you go in and you underbid if

45:10

think market is one hundred you go ninety

45:12

and you see what happened i'm each or be vulture

45:14

because right now we got doc he signed now and you

45:16

just click some buttons it takes like one two

45:18

minutes so been an offer a and so use

45:21

you can spray and pray on these stale

45:23

fish listings is kind of like numbers game

45:26

sooner or later someone's gonna bite

45:28

and be like okay this is interesting

45:30

and because you know the market so well i think

45:33

you can find a good deal that way i still think one

45:35

of the craziest things that

45:37

are real estate is that be

45:39

submitting an offer cost us a solo the

45:41

fact you can submit offers for like a d

45:43

there's not really discouragement from had just

45:45

make stupid offers it's like dating

45:48

like if you don't ask like

45:50

if you don't ask anybody on new never gonna go out

45:52

road so you should look at

45:54

one hundred potential partners and ask

45:56

one hundred of them out even if even one percent chance yeah

45:59

the hundred the get one of those you knocking

46:01

and any so sprained right i'd

46:03

love this i think where i come back to his

46:05

like id one another thing to deal with am

46:08

i do you really go to l a enough or do got like

46:10

utah colorado some these places where you're

46:12

not going again enough to justify

46:14

the cost power it'll just by

46:16

of it's a raging bull market goes up another ten

46:18

templars percent year for years but you

46:21

know that's when you gotta i think go light

46:23

and and just rents and enjoy a

46:25

scanner yeah the by this not bad

46:27

just like your book them times are things are easier just

46:29

to at not by it i did when i ask

46:31

you about recession if there's one who's

46:33

it's happening for a happy have really care and on

46:35

of i really believe in recession like people

46:37

still eat people what you're getting toro

46:40

people still drink people so sweet she's

46:42

but what i'm curious about is how

46:44

do you think people can play offensively like in

46:47

some things that could do offensively and defensively

46:49

you know if the markets and things are tightening up because

46:52

like wanting someone said to me recently the like you

46:54

know interprets going up which means everyone's the gods

46:56

becoming more sense you get house and

46:58

like was less you are buying houses i'm gonna go

47:00

and see i could buy more houses nothing that's kind of

47:02

like a little counterintuitive offensive

47:04

thing to do during a potential pullbacks during

47:06

just need you deftly and financial experts

47:08

me that financial love your your suggestions

47:10

or thoughts or the army the ideal caused

47:12

outperform on way up and lose less on the

47:14

way down right so during

47:17

a recession cast becomes more viable

47:19

even though inflation as eating with the cost

47:22

of your true buying parva cash but

47:24

in recession you cash out there

47:27

will be buying opportunities you going to take stock

47:29

of cash understand you

47:31

know what you can liquid aid to raise cash

47:33

if necessary because if things

47:35

get really bad mean because we can actually

47:38

be in recession right now we had negative quarter

47:40

in the first quarter of twenty two and to i believe

47:42

so another quarter that's technically recession and

47:44

this is it right down twenty percent stocks percent

47:46

ten percent of bonds real estate of front of

47:48

the last man standing it's up

47:50

right up up when every other as class including

47:53

crypto down so in that

47:55

sense i don't these be chasing real estate

47:57

now as the last man standing it's

48:00

men are fully outperform instead

48:02

you should be really i think looking

48:04

cash schumlin cash and just being

48:06

that and adopting a vulture mentality

48:08

and waiting to see if there's gonna be great

48:11

great buying opportunities and should

48:13

always be doing that actually in bull market

48:15

or bear market i was looking at

48:17

you know real estate listings because rates

48:19

have gone up right and if you have cash you

48:21

can be more competitive in your

48:23

offers to get better price but

48:26

the key here is if you have cash

48:28

you're you're going to outperform and wait for

48:30

those opportunities had known threat opportunity

48:33

it's hard job he also one

48:35

of the key pieces a thesis

48:37

he is that right in my book is think

48:39

in probabilities not absolutes

48:42

because if you think and probabilities you'll take

48:44

more calculated risks i have

48:46

like a seventy thirty to be decision making framework

48:49

that's as if you believe there's a seventy percent chance

48:51

greater going to make right decision go ahead

48:53

and make that decision with the humility and understanding

48:56

you're gonna make the wrong decision thirty percent time

48:58

and you're gonna learn from your mistakes too many

49:00

people wait until they have ninety one

49:02

hundred percent certainty before starting that business

49:05

find that real estate doing whatever and

49:07

then as result they never do anything

49:09

right and then they look back on their lives with

49:11

regret and so mad i wish i did this

49:13

and i wish it did that and whatever and

49:15

so you will never one hundred percent

49:17

know when it's the right time but you have

49:19

to create a decision making frame or

49:21

were you believe at least with seventy percent

49:24

or greater chance probably you will when you

49:26

gotta continue to make those decisions as

49:28

positive expected by decisions because over

49:30

course your lifetime you're gonna win if

49:32

you really truly are accurate

49:34

those decisionmaking forecasts and your beliefs

49:37

to deliver any defensive things that you've done

49:39

like i'll tell you one thing i up straight up i love

49:41

looking my credit card bill moyer i love

49:43

can my credit card bill of the editor just like

49:46

adolescence it doesn't like as are cancelling

49:48

but now at up sumo in his will

49:50

and for so we made a list of everything we have a subscription

49:52

to and every person is an adviser contractor

49:55

that's not full time just as review

49:57

and it's ago what we can consolidate was not

49:59

using the amount of random stuff that we

50:01

signed up for you know it's like in

50:03

small hole think big ships that is

50:05

good good business with this thing i

50:07

haven't looked at credit card bill i

50:09

mean go beyond isn't many years

50:11

because i'm on automatic

50:14

pilot were in terms of saving and investing

50:16

is that i save invest person that i'd spend

50:18

whatever it is thus left over such as

50:20

canon thing about it that way but that's

50:22

good to should remind to go through your

50:24

credit card bill our household and business credit

50:26

card bill and see what kind the recession

50:28

does come if it does doesn't listen the

50:30

thing though you gotta i think people change

50:32

their mindset if the recession com people

50:34

think are bad know less earnings whatever

50:37

the way you are outperforming recession is

50:39

to continue to live your best life you

50:41

continue to do whatever the hell you want

50:43

and makes you happy and then that is you

50:45

really be the recession you like pay recession

50:48

stock market down twenty percent stop biting

50:51

your one hundred miles asked hurts

50:53

are you know you're drinking a beer at the top of mountain

50:55

with your friends will buddies it's good like who

50:57

cares about resistance will exceed sit

50:59

in recession is making sure you're financially secure

51:01

enough to do what you want to be

51:04

doing what you are you gonna be doesn't have

51:06

you made any changes based on things are

51:08

are turning or not i mean my main st is

51:10

that gonna spend more money because i'm going use my

51:12

money to try to improve

51:15

quality my life in the things that i on

51:17

to counteract a recession the

51:19

i also plan to use my money because

51:22

hey the market are going take away my

51:24

money i better try to spend my money before the market

51:26

takes it was assessed it's like a

51:28

race to see you can spend adaptive ah

51:30

you know sometimes that's how you feel marched down

51:32

lot right sizing change my mindset

51:34

live your best live use your money actually

51:37

to counteract negativity others

51:40

and i like that because think recession is lot about

51:42

plan and could be as a it's plan what

51:44

is your plan like what's plan on defense

51:46

with keeping your money in cash i'm like to your

51:48

point what's your office of plane were wonders a

51:50

lot whistle have a great lifestyle automate with once

51:52

you buy the bike it doesn't cost me money to drive by

51:55

maybe for tire or two girls

51:57

i think is a lot of really affordable fun way to to keep

51:59

live in a great life the recession thing is just

52:01

like what what's your plan to do stuff about i think

52:03

people kind of are waiting for someone to tell

52:05

them are like our in a whole fleet so little

52:07

get work out and they it's not florida

52:10

but you have to make work out you to make a plan

52:12

on a subset anchors so

52:14

the average bear market last about a year

52:17

and as a thirty five percent drawdown though

52:20

what you can do to front runner recession is too

52:22

what your positions and stocks for zap

52:24

on and as cut off thirty five percent and

52:27

then does reflect how you feel and how

52:29

you'll change your lifestyle whatever and said okay

52:31

that's a realistic downside scenario hope

52:33

it doesn't happen but if it doesn't happen

52:35

then you're happy to does happen you expected it

52:37

right and just adjust your life quarterly

52:40

loss of for me i've i've laughed

52:42

off thirty percent of my network okay

52:44

dirty was oh no it's done gone incinerated

52:47

into thin air how

52:48

will i changed the way i live and i decided

52:51

i'm actually gonna spend more money because that pisses me

52:53

off and i'm losing all that money determinant i'm

52:55

gonna try to spend it on my experiences and things

52:58

side i dollars into the market as much

53:00

it's everybody's different but said anchors

53:02

said goals you plan accordingly like

53:04

the better the anchors thing we can have similar you're

53:06

talking about revenue growth yesterday was like you

53:08

have revenue growth for you to have we have revenue

53:10

goal and it's like what we do need anchors

53:12

on profits can always revenue in your profit

53:14

or negative profit he campaign you know

53:17

as you need to have some much counterbalancing

53:19

mattress i guess is what people are conte because the colonists

53:23

i won't cure some roughly

53:25

how much money comes from financial samurai

53:27

versus the you know passive income

53:29

stuff on side like real estate and whatever

53:31

your comfortable sharing the have never

53:34

revealed financial samurai as part of myself

53:36

wealth mantra well enough to take care

53:38

of family for san francisco and then

53:40

so have my path of investment

53:42

income is estimated to be bought

53:44

three hundred forty thousand and twenty

53:46

twenty two said this would be like a third year

53:49

of investments generating over

53:51

three hundred thousand and that's been my goal my original

53:53

goal was hundred thousand so i left in thousand

53:55

twelve of eighty thousand just means

53:57

who cares totally live of eighty thousand

54:00

anybody can and then when my life left

54:02

also at thirty four thirty four and half

54:04

forty five and twenty fifteen our

54:06

goal is do one fifty i can make

54:08

sense or a kind of dublin

54:10

then once we had kid and twenty seventeen our goal

54:12

to go to two hundred and wants we had our

54:14

second and twenty nine chinos go to

54:16

two fifty three hundred sauce that's it

54:18

dot because we're not having any more kids three

54:20

hundred thousand is good enough for

54:22

a these are my style with family

54:24

for in san francisco and so that's

54:26

about it so right now i see fine if samurai's total

54:28

gravy which is why you know you see my

54:30

writing or just writing about whatever my

54:33

i'm experiencing not trying to optimize

54:35

first search engine i'm not trying to like about

54:37

on the products i'm just writing about life and maybe

54:39

what some people were you don't feel

54:41

my the experiencing and so i see

54:44

as gravy and good thing about seeing funny

54:46

samurai's gravy is because i reinvest

54:48

everything or most of it and some more

54:50

investments right then because it's

54:52

gravy i'm not home

54:54

and for money right i don't have to

54:56

do anything with the hire anybody or

54:58

do this whatever there's rocket

55:01

and have some fun talk about real life is

55:04

think that's a differentiating factor right like i'm

55:06

running a real life i'm not writing about the

55:08

latest product review or something right a part

55:10

of with what said i think lot people can learn from as

55:12

yet goal like i've never my passive income goal

55:14

was like ten thousand a month or hundred twenty

55:16

thousand year and it was ok cool i something

55:18

to work toward yeah it feels

55:21

good to worked have that goal even if like

55:23

it's are super stretch school even if you feel

55:25

you're gonna do lot of things to make yourself

55:28

achieve that goal was as if you had no go

55:30

right you'll go much farther if you have

55:32

that goal one thing i realized

55:34

is that oh there's saying have kids

55:36

and money will come and the reason why is

55:38

because you end up loving your kid more than anything else in

55:40

the world's you're not gonna mess it up you're

55:42

going to try harder right to be a good

55:45

parent and you're probably going try

55:47

harder to eat better try harder to exercise

55:49

more seat on waste away and then

55:51

died too young that's something and single

55:53

out clearly learn twenty seventeen

55:55

people tell me about that but you gotta experience

55:58

with herself on though those

56:00

goals but man you

56:02

gotta figure when is enough like i'm so

56:04

happy i wrote this book in the pandemics

56:07

biggest kick my ass and i've had

56:09

enough i don't want do anything anymore after

56:11

august first twenty twenty two i want to

56:13

live your life or noisy pretty busy but

56:15

i want to have them nice by i

56:18

want go ride around you know and i

56:20

can do by to the beach though you notice

56:22

on suntan my cheeks and just relax and

56:24

working more than probably ever have

56:26

and i'm enjoying life more than ever have that's

56:28

great i was not working for past years

56:31

and was doing projects and

56:33

podcasting cuban not like hardcore like know

56:35

focusing on and will say there's definite correlation

56:37

of putting in work showing up yeah

56:40

laughing about the free showing up lot and

56:42

like v for someone that has come with come yeah

56:44

that mean it's great this fellow

56:47

entrepreneurs this feels great to create

56:50

reporting from nothing and so and test on an

56:52

idea and see if it works on us and pivot

56:54

and entering that's fun side such as

56:56

you get rewards get all like if it

56:58

goes well good but not you're enjoying it and if it

57:00

if it goes great article medicaid elite

57:02

you do what you like like you're afraid

57:04

so same if it it's great to create you should i

57:07

trade tax credits to together naturals

57:09

and radical it's great great whatever

57:11

the final say on tuesday with by this not that

57:13

would put the show was coming july

57:15

mid july july nineteen seventy

57:17

two what is your hope for the

57:20

by the sniper my hopes the

57:22

to provide people more courage

57:25

the do what they want the thing about

57:27

all the stresses in your life as

57:29

big as people people not enabling

57:31

you are allow you to do what you want

57:33

whether your boss your business your client

57:36

the side he i think there's more people need

57:38

the courage and you gain that heard

57:40

you game that purge my understanding

57:42

your finances by building those finances

57:45

to level that can provide enough

57:47

livable passive investments

57:49

so you can do what you want and book

57:51

is not just about achieving

57:53

financial freedom sooner rather than later

57:56

it's really about tackling some have lice

57:58

biggest decisions the dilemmas

58:00

that we face so someone dilemmas

58:03

might be marrying for love

58:05

or marrying for money or

58:07

having kids later are having kids

58:10

earlier joining start a war working

58:12

in an established from lot of these

58:14

dilemmas i think many us will go through

58:16

and i'm trying to provide a framework

58:18

so that a lot people think if i knew then

58:20

what i know now things would be better rights

58:23

to the key to never saying

58:25

that again is to listen

58:27

or learn from someone who's been there or who's

58:29

gone through that experience before and

58:32

, listening and being open to other

58:34

perspectives so i'm really excited about

58:37

the practicality of by this not that is

58:39

just not about making money passive

58:41

income building or not worth but it's been making

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better optimal decisions can live your best

58:46

life or pickers for two thirds

58:48

like being afraid and and doing it anyway yes

58:51

doing think about how many people muzzle

58:53

their beliefs because they don't have they courage

58:55

to speak up because they just

58:58

they're afraid of losing their job are afraid of losing

59:00

their raised promotion whatever it is

59:02

you know and so you can just that

59:04

first say and do you on added might

59:06

a sandwich that mm sir

59:09

the girl gets in your face brother karma now

59:11

if you intend to the but none a fire brigade

59:16

one one one dogen

59:18

sam one sam sam dogen dogen

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sam one one sam sam sam one

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dogen sam sam dogen

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one that partner formula

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your dog let's go grocery shopping together the

59:30

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y'all do finally shut tous les our

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senior designer it up sumo for making me start your

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podcast collection home page an app what

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i have a whimsical day a

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well what's your favorite sparkling

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, water

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qur'an gotcha we

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love it