Investing: How the Rich Get Richer

What if we told you wealthy people do not utilize passive investing as a strategy? Would you believe us?

We disarm the idea that passive investing and passive income are the same thing. Because they aren't. These words and terms often get confused with one another. 

In this episode, we journey into the world of the affluent and learn about their mindful investing habits. We will show you how understanding your underlying investments can put you ahead of the curve and significantly reduce risk. This isn't about throwing your money into any investment, but understanding why you own an investment and how it can help you build wealth over time. It's about being strategic, doing your research, and making the most of your investments. If you're ready to break away from being average and step into a realm of wealth and prosperity, this episode is for you.

Lean in as we delve into the dangers of not comprehending what you're investing in and how this lack of knowledge can impact your retirement accounts. Learn how an investment manager can help mitigate these risks and how you can differentiate between a mutual fund and an actively managed advisor. Ready for a thought-provoking discussion that could change your financial trajectory? Let's get started!

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Looking for additional content that can help you get the most from your life? Check out Unleashing Leadership with Travis Maus, premium bonus content from Ditch the Suits Fans, at https://unleashingleadership.buzzsprout.com/

Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

Ditch the Suits is produced by NQR Media. NQR also produces the One Big Thing Podcast with Steve Campbell.

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Transcript

Speaker 1: 0:08

Welcome to Ditch the Suites, a movement awakening and opportunity for you to start getting more from your money in life. I'm Steve Campbell. With my amazing co-host, Travis Moss, we're going to share industry insights nobody wants you to know about, so buckle up and enjoy the episode. Hey guys, welcome to Ditch the Suites, steve Campbell here, one of the co-hosts. Before we kick off this episode today, I wanted to bring to you actually some exciting announcements. We're going to get into an awesome discussion, so don't tune out.

Speaker 1: 0:39

We had spent a couple of special episodes talking to you about some of the new shows at NQR, which is the company that produces Ditch the Suites was also producing. One of them was unleashing leadership with Travis Moss. At the time that we recorded the show, we were making this premium content only, meaning that you had to pay American dollars to become a subscriber to get premium content. Well, as we've gone through it, the content has been so incredible that we actually wanted to make it free to any of you that would like to listen. The special announcement today is that unleashing leadership with Travis Moss is now free on every major podcast platform. It is not only subjected to Apple or to Spotify. Wherever you listen, go look up unleashing leadership. We will make the link available in this show note, but you can now have a daily dose of inspired leadership to help you move the ball forward in your life, whether you're a leader or an aspiring one. We also want to let you know about our Cutthroat College Planning. If you have high school students at home, junior seniors that are potentially college-bound, you're going to want to listen to Cutthroat College Planning with Kayla Rekard and Hector Lopez. They were a special guest on one of our DTS episodes because it's really going to help you understand the college application process. Is college rights. Did you look at trade schools? Unleashing leadership is now free. Cutthroat College Planning is out and available. We're a couple episodes in. You're not going to want to miss these great shows produced by NQR Media. Again, thanks for being our guests on Ditch the Suits and enjoy this episode. Welcome back to Ditch the Suits podcast. Steve Campbell.

Speaker 1: 2:08

Here with Travis Moss, we're going to be continuing our series on passive investing and really looking and breaking that down. We want to welcome a lot of the new listeners. As we've been going through this series, I think we've chalked up four episodes already. Usually we do three episodes in a series, but this has been a little bit elongated because of the richness of this conversation, as we've been putting information out there about passive investing. Is there a better way? We've picked up a lot of new listeners to Ditch the Suits Travis and I just want to welcome you. We've been leading up to these conversations saying how do the rich keep getting richer and what do they invest in? Yes, I know that people are posing the question about passive investing here at the beginning. Well then, what are wealthy people doing or what do we need to understand that maybe we're missing out on?

Speaker 2: 2:53

Yeah, I think it's a whole. It's very loud in society today. Everybody's talking about the wealth gap and how it's increasing and how the rich seem to get richer, one of the reasons. Let's pretend that you don't have the ability to go out there and make seven figures of income. Just pretend that that's not you, because for most of us, that's the reality. Or you're not going to go out and just get a 10, 20, $30 million windfall that you can go invest in commercial real estate or something like that.

Speaker 2: 3:23

How are wealthy people? What are the techniques that they're using? I would say that one of the things that they're doing is that they are investing their money differently. We're going to get into that today. They're just fundamentally doing it different than the average person. I think about this from a perspective of because I'm a little bit of an antagonist, no surprise. I think of this from if I'm on the other side of the fence. I'm thinking about okay, I've got some money, I want to make really good decisions.

Speaker 2: 3:56

I Google what are wealthy people doing with their money? Where do they invest or what's the best investment? I actually went online. I did this. I said do wealthy people use passive investing? Because, of course, if you Google investing, you'll have the argument between passive and active investing, which I think we've covered pretty in depth. Now you say, okay, well, do wealthy people use passive investing? A funny thing happens when you put that group of words together you get 57 million results. But it's all in the detail, right. What happened when you actually started reading those results is that whatever it is inside of Google that changes things, it changed the question. Almost all the posts as you're reading down through them switch it from passive investing to passive income. It does this weird kind of shift. You as an investor or as a regular person would look at that and go, okay, passive investing, passive income same thing. It's probably the same thing because it looks very similar. Oh my gosh, it's overwhelming. Look at all these people saying passive is the way to go. Then you dig into more, and the more you dig into things, the more you find out there's more you don't know.

Speaker 2: 5:21

Think about passive investing, kind of like index investing. It is different from passive income. Passive income is getting a stream of income off your investments without having to do any work within the actual investment itself. So an example kind of like owning a rental property or being a silent investor in a small business. So passive investing Buy the very first business or, I'm sorry, the very first building. You come to Right so that you're gonna buy the building and that's gonna be your investment. But you come, you buy whatever when you like, the first one that crosses your path. You're not comparing it to all the other ones out there. You're not worried about the appraisal, it's just that one right there, first one that I come to. Basically, how men go grocery shopping, we buy the first thing. In that that we see right, it's like Passive income, though Slightly different. Passive income would be like I want to buy a really good building shop for the rate building, because what I want to do is I want to have somebody manage the building for me and collect the rent and send me the debt difference between what my tenants pay with the manager charges. So that's passive income. Passive income means I'm making a lot of decisions about what I'm buying and how I'm running it still, and then I'm getting some income at the end because I'm not actually there day to day doing the work. I'm paying somebody to do work for me. Passive investing is odd the hell that I give up on that just buy me that and just stick it in the portfolio and let's forget about it, because you know they say that if you Set it and forget it, that's the best way to do it right. So that's really the difference between what Google has done in jumping the terminology Between passive investing, the passive income, is that they are selling off passive investing.

Speaker 2: 7:14

Yes, all these rich people, all the wealthy people, invest in. You know they're into passive investing. Well, it actually says they're in the passive income, which is a completely different idea. See, wealthy people have figured out I could buy things that make me money that I don't have to work at. Right, I make good investment decisions. I maybe make really thorough. I dig in, find a good investment. Then I let a kick out income to me and I don't have to do anything to actually get that income. We need to pay a manager to get the income for me to run it, or something like that. Or you know it's got a. You know some kind of guaranteed type of income stream or some type of coupon or something like that that's coming out to me.

Speaker 2: 7:54

So you know a common maybe a little more common example and the discussion that we've been talking about dividend stocks or bonds. You put money in, you don't have to do anything. They're going to send you money, you know, periodically, depending on the schedule, based on the interest that you know, the dividends or the interest that you you've earned from holding that for so long. However, would you buy the very first stock that you come across Like do this go down the road today? In the very first business? You see, you would say, ok, I'm just going to buy that one Versus, would you say, hmm, I'm not really sure about that. And who's running the company? I'm? What's money today? What do they do there? What products do they have? Who's their competitors? Maybe I want to pass on that one. I want to find one that's got, you know, maybe a little bit of a better look to it, because you know, maybe they make a little bit more money and I could get a little bit more that income. I would have to worry about it less. So that's the difference.

Speaker 1: 8:54

Well, I think that's such a great point, right, because maybe you got lost in the last two, three episodes as you covered the various indexes and returns and it was a lot of numbers. We totally understand that, but we were trying to paint the picture, I think, between you are. You are at this show to get the most from your money in life and a massive component of that is how you invest your money. So the money that you're working hard for, like you said, if you don't have the ability to go out and just make hundreds of thousands of more dollars and millions, this money is precious to you. It fuels the opportunities that you and your family want to set out. So, if you have so much money set aside, what is the best way for you to invest? And then how are the wealthy people doing it?

Speaker 1: 9:32

I think what you just did is really debunk, demystify what we've done over the last two and a half, three years on the show, which is, take Google searches and headlines and just kind of like peel the onion back and say what does this actually mean? And if you don't understand financial literacy and what you just you know a lot of two, which is you type in passive. You might think investment and income are the same exact thing, but they are vastly different In understanding the really the minutiae that goes into that, so I think that that's a super helpful framework for helping under people you know understand that. I think the intent or what they're trying to do is a good place. Many times, though, as we say on the show, it's the execution of how you actually do that.

Speaker 1: 10:10

So that raises that question. Then, right, if we're saying that again, which you were, you were pretty outspoken about your feelings on passive investing. If, if, passive investing is what the you know is being shoved down our throats, whether we realize it or not, what? Why is that Like? Why is our industry shoving that to the everyday person? That path, path, passive investing has to be the best way.

Speaker 2: 10:34

Because it's the easiest thing to sell you if I make you feel like you're helpless and that you can't be better than average. So if you just buy the average, you're never going to go anywhere. You're already defeated. So all I have to do is get you to buy my thing first and if there is nothing else out there that's any better, you'll be like okay, realize this.

Speaker 2: 10:59

The wealthy people are the ones actually running those funds, not the people invested in the funds. It's the people running the funds who are, by the way, probably not putting much of their money in the funds. They're buying other things with their money because they understand diversification. But this is one of the big differences with the passive investing. And what people don't understand about wealthy people is that they think that, well, they just have stacks of $100 bills all over the place and they don't really care what they put their money in, because they can afford to lose it. And there's fools out there that are trying to be wealthy and they certainly waste their money. They're kind of throwing money at everything because they want to look the part. But then there's people out there who are actually building wealth and they absolutely 100% care about the underlying investment because it represents their principal. So when you take your money and you throw it into the S&P 500, that means that your principal is represented by all the companies that make up the S&P 500. All the good ones and all the bad ones.

Speaker 2: 12:01

The funny thing is somebody will say, well, if they look at a portfolio. When they actually see the individual stocks in a portfolio, they say, well, why would I invest in that stock? That's down 30%? It's like, well, you were invested in the S&P 500, and if you knew it was in there, you'd have a question about 200 or 300 of the stocks that you were actually invested in. Why, all of a sudden, are you interested in the one stock in your portfolio that's been down for the last quarter? And we're not aware of the fact that everything we put our money in from an investment standpoint is a business or a contract of some sort, and we should be extremely concerned about those underlying investments or contracts and therefore we would understand the risk and the potential of it.

Speaker 2: 12:50

And this gets to when we Google online on stuff a lot of times top investments, right, if you go on there, what are the top investments for 2024? I almost guarantee you that somebody will say 401k or Roth IRA right, those aren't investments, there's no underlying contract or underlying equity to those. Those are tax codes, right? So we don't even even a mutual fund. You say, well, buy an index fund. The index fund is not the investment, the index fund is the investment manager. They are taking your money and buying investments for you, so it just gets back to do you even understand what your money, where your principal is, not who it's with, not what the tax code it's under, but actually what you bought for it, which is just I mean, that is just so different.

Speaker 2: 13:45

So when wealthier people, when people are complaining about what wealthier people keep getting wealthier, part of the reason is that they're spending a lot of time learning about this or hiring people who understand that you don't get ahead by being average, which is exactly what the index represents.

Speaker 2: 14:03

If you wanna be average by the index, if you wanna complain for the rest of your life that somebody else is getting ahead of you by the index, because that is fundamentally what average is so you get higher income by making, for instance, investments that pay higher than average.

Speaker 2: 14:21

So let's say that you bought an index, whatever index it is. Let's just make up an index and say the index is paying you 2.5% in dividends a year. Right, that means that there are a lot of things in that index paying more than 2.5% and there are a lot of things probably paying less than 2.5%. So if you wanted to buy things for income purposes, if your big concern is income, why would you go into that index and say give me everything, even everything that's not paying very much? Or why wouldn't you go in and say you know what, give me the higher yielding stuff, give me the stuff that's paying between 2.5% and 5%. That brings that average actually up to 2.5% and leave all that other stuff behind? So we would look at what we're doing differently if we actually understood what was making up, where we're actually putting our principle. So you really need to know what you're doing and you can actually have less risk and more return.

Speaker 1: 15:24

Well, I was thinking about maybe two analogies, because investing is kind of something that they might be tracking along with you a little bit. But going Travis, I'm still not understanding what you're talking about. You got kids, right. If you got kids at home and they're in sports, you understand that there are certain leagues in your community that probably produce better athletes, right? Would you, as a parent, just sign your kid up for whatever first league? Comes to you and says you know, we just formed a new team, you want your kid to come play on it? You might say, well, hold on a little bit, let me do my research and find out, like, who really produces the best baseball players? Who really helps my kid understand the ins and outs of basketball?

Speaker 1: 16:01

You, as a parent, are probably very choosy about who you allow your kids to have authority over them as a coach, right? Or let's say, nonprofits organizations, charitable organizations, when it comes to your hard earned money, there's probably very few times that you just aren't selective about which organizations you put your money behind because you believe in what they're doing. You believe in their values. Maybe you've looked at their financial records and you know, man, when I give $1 to this organization, they turn it into so many dollars that produces a lot of good. What you're saying is think of passive investing as those nonprofits, instead of being selective about which nonprofits you choose. You just said I have X amount of money and give it to nonprofits in general and kind of wherever it goes is where it goes and you know, let's just hope that a lot of good is being done. You wouldn't do that.

Speaker 1: 16:52

So what we're trying to say is I think the wealthy the mindset is they're very intentional in about how their money is being used. It is not just a number far off in the future. That's not realizable today. It's you know they've probably purchased businesses, they've done things with their money, so they're used to seeing what a good investment is. What I think what you're trying to do is shift the narrative or the mindset of don't just throw your money to the wind and hope that it grows because you're contributing more than you were last year, which is a great thing. You know you've increased your contributions or you know you're just hoping the things Be very intentional about how the money you're putting into your IRAs, your Roth accounts, your 401Ks what is it actually being invested in and what would it look like if a few of our DTS listeners started to go. Okay, I think I'm starting to understand that I can actually be selective about how my money is being used in invest in companies that actually make money.

Speaker 2: 17:47

Yeah, and this is. This is part of the problem with social media and and all the other kind of stuff out there that so easily twists the way that we think about things. I can't tell you how many situations, because it's more than I'll put it this way. It's more than I can count on two hands, or at least more than I can count on one hand. So I'd have to maybe think backwards where I've had a prospective client come to me whether it's the kids or surviving spouse, sometimes a combination of both where the spouse had accumulated and run the investment program for the family, and normally it's just because of the generational nature of this it tends to be a male in this particular example but dad had been running the family investments himself, picking all his own stocks and everything like that, and it accumulated around a $10 million net worth. And you go in and you look at the portfolio it's all individual stocks Apple and Microsoft and Google and Facebook and GM and like just smattering Exxon, smattering of stocks and and and they have some real estate and some other stuff like that, but they've got a $10 million net worth. There's no mutual funds in anywhere, they don't exist in there and and this is what people even maybe you have a couple of million dollars. The difference between the couple of million dollars and the $10 million or the plus the amount of money that it takes you to get there the mutual fund route versus the amount of money that you can get there with really just understanding investments is different, is different. So I don't see a lot of people getting up into those $10 million ranges on the traditional version of investing, so just throwing tons and tons and tons of money into it.

Speaker 2: 19:34

But what happens is is the survivors come in and they say, well, this seems like it was awfully risky and we need to. We need to take all these individual stocks and get out of them as soon as possible, because online they say that you know we could lose everything and we need to buy index funds. And it's like you. Like you look at what they've accumulated in their life and you kind of look at where they are and you look at where their dad is and you go he must have known something you don't know because look at what he was able to accumulate and you know, you kind of you look at it and you say we're so quick to Google investments, we don't know much about them. So we Google more like, and everything says pass some investing, get the mutual funds, get out of. Individual stocks are too risky. Or you know, I look at the statement and for the last six months, one of the stocks is down 40%. So we think it's a loser. We need to get out of these things and we have no idea what they actually are. So and we're taking this online advice let's just get rid of everything and let's buy the generic average stuff because it makes our lives easier, right?

Speaker 2: 20:43

And the wealthy people are not over-relying on these mutual funds. They're not doing that. They may not even invest in them at all because they know that they're not real investments. They're portfolios of investments, so they're investment companies, like we said, running the index fund or running the actively managed fund. They take your money and they put it into stuff for you, basically, but they don't invest for you.

Speaker 2: 21:12

When you put your money into a mutual, you go to Vanguard, you go to BlackRock, you go to T RealPrice, wherever you go, and you stick your money at American funds. You stick your money in a fund. They don't say oh, travis Moss is investing for us, what are his needs? Let's invest just for Travis. They go some dude number $1,056 gave us $5,000. Great, throw it in the pot. And some dude number $7,058, he's taking out $10,000 today and let's sell something to send him some money. They're literally not looking at you as an individual, saying what's his time horizon, where is he going with stuff, what's his risk appetite? They're just saying thank you very much. We're going to group it up with everybody else and you get a little piece of what everybody else gets and that's it. And this is where it starts that there's a separation between the people who are getting ahead and the people who are staying average or below average. The people are going to have it figured out that they can get their own damn portfolio managers and they can customize everything regarding their investment portfolio around what they need. They do not have to rely on pooling their money with everybody else. Now, there are benefits sometimes for purchasing power and stuff, but that's taking something that's good and making it even better.

Speaker 2: 22:33

What I'm talking about here is that when you look at somebody who's really wealthy on top of their money they made their money because they're not average. They did something special in life and so now, all of a sudden, they got a bunch of money, and to talk about that too. I used to pick on YouTube people. I used to say I got a six-year-old in the basement making millions of dollars. Youtube's got to be easy. No, no, no. Somebody had to figure out how to make it all work. It is really complicated and sophisticated. There's very few people that have really made an exceptional amount of money that didn't have to put any time, effort or thought into it. So somebody had to do something that was beyond average to accumulate a pile of money.

Speaker 2: 23:17

Do you not think that once they have that money, they then look with the same perspective at what they do with their money? This is why they continue to get more and more money. They say look, I don't want what everybody else wants. I don't want what you tell me I have to do. That's not how I made what I have. I want to invest in a way that I actually understand. I want to buy things that I understand. I want to look for value that makes sense to me, that is going to be here long term, and not just oh, I'm defeated because I can't do any. I can't do better than anybody else. So here's your money, and have pity on me. They've already figured out they can do better than average. They don't need permission, so they're not going to get in line and follow everybody else. So it's a completely different perspective and the industry doesn't want you to know about that.

Speaker 1: 24:10

I think a big part is, too, if you're new to DTS. I was just looking it up here. If you go back to episode 60 of DTS, it's called how to Win in the Stock Market, episode 60, season five how to Win in the Stock Market. If you're looking for some context in terms of what you're talking about and again, we didn't really talk about this before the show, but I wonder if this has been your experience from just kind of what I've gone through what you talked about in that example was somebody had bought individual stocks of really well-known companies that produce great products or have great patterns, and they've just done well over time. What you find, though, is there are people that are like you know that's too risky, you can lose money in it. Or sometimes, many of the people that say, coming out of mutual funds their entire life. What do you think about crypto? I heard you can make a lot of money in crypto. Or they want to do things that are like almost so far the opposite extreme. Why? Because they've been sold the story of you can make a lot of money, which, when you look at how people have actually made money over time, it's the purchasing of high quality companies. But if you're like I don't know what that means, go back and listen to episode 60, because I think it helps shed some light on the fact that a lot of people, when it comes to their investments, just in meetings I've done over the years when they've come to us and said you know, I need help, I need to build a financial plan or I need to get my money working for me. What do I need to do? When you really ask people like so, tell me about your investment experience, what do you guys invested in?

Speaker 1: 25:33

Now, sheepishly, people almost laugh and are like yeah, I don't, I don't know. We brought statements with us, right? Do you want to do? You want to see those? And you're like sure you know, talk to me about these statements.

Speaker 1: 25:44

How did we pick these mutual funds? And it's like I really I don't know. And it's like do you know what's underneath these mutual funds? And they're like, no, I don't. So if I said what companies are these, are these mutual funds in? This is across the board Many people's experience. So it's almost like you're trying to help people understand that there really is a pathway to making money and becoming wealthy over time, but it takes ownership on your end to understand whether you're paying a financial advisor or doing this on your own. Just be aware of what you're actually putting your money into and do some research, do some due diligence, because you'd be surprised at how much risk you're actually taking by not understanding what you're invested in the powder keg that is actually being built up in your retirement accounts, because your mutual funds, which you think are safe, are actually all invested in the same thing.

Speaker 2: 26:33

Yeah, Well, steve, you got a couple of things there. There is equally so somebody could say I don't want to invest a certain way because one of the investments could go wrong and I'd lose all my money in that investment, which is exactly what happens in your index fund. The only difference is is you don't see it, so you just get an average return, which includes that, and in your portfolio you still get an average return, but you could see what actually lost the money and that pulled the average down. So people want to invest a certain way because they're like I don't want to take the risk of running out of, of having a bad portfolio, running out of money, and so the reverse to that is you're also taking the risk of not growing your money enough so that you don't run out of money. So it's like there's a risk on both sides of this as far as investing goes.

Speaker 2: 27:22

But when you are hiring a mutual fund, when you are putting your money in a mutual fund, all you are doing is hiring an investment manager. It is a registered investment company with the SEC. That's what a mutual fund is. All you are doing is hiring an investment manager. So somebody will come and talk to an active manager, like an RA, like somebody like C20 Group, and they'll say I only want to invest in mutual funds, and it's like a mutual fund is exactly what we are. The only difference is you can't really call them up and talk to them about what the hell they're doing with your money. You have no controller what they're doing with their money. They're not investing just for you, they're investing based on the mandate of the fund and then for, basically, the benefit of the fund managers. It's really not specific to the individual investors, and so, versus I can go and this is where we talked about the fact that the vast majority of fund managers out there, or investment managers out there, are not actual mutual funds, and so that you don't get an idea of what the actual performance is out there with actively managed advisors, because we don't publish it. In order to publish performance, it's a very, very cost of intensive process and it's very intensive actually, and so a lot of firms do not. Well, the vast majority of firms do not publish it, so you don't even know and they can't be even compared. But that's really all you're doing is you're hiring an investment manager. So whether you go and you hire an independent firm like Cedar, whether you go and you hire a firm across the street from us, or whether you go and you hire some guy at a wire house, or whether you hire a mutual fund company, all you're hiring is an investment manager and they are going to take your money and go make investment decisions for you. Period, that's all they're doing. And some of them are going to tell you we're not even going to make a decision for you, we're just going to throw it into the first house we see. And some of them are going to say you know what? We're going to really look hard and we're going to try to find the difference between the good ones and the bad ones. The other thing is is that you know back to kind of the the kind of wealthy people here. We're not saying that wealthy people are only buying stocks, right, we're going to talk in our next one about diversification, what I call endowment theory, and how wealthy people actually diversify.

Speaker 2: 29:37

But the first thing that you need to understand about wealthy people is they're not doing what you're doing. You're you're the average person is looking at this as which index fund is the best index fund or is index better than passive? Which target date fund is the better target date fund? What's the better? 10 year average return Right? Should I buy an ETF or a mutual fund? They are so far beyond that discussion that when you're trying to figure out why they're lapping you in this race, you're not. You're not even on the same track, you're not even aware of it's like a junior, it's like an eight, you know, a modified athlete leading against a varsity athlete. It's not even, it's not even fair competition. And it's because, once you know, the wealthy group has figured out how to make money and how to look at things regarding how will those things make me money, not just. Well, this is where the internet said I should throw my money because there's 57 million responses on this, even though the responses are actually about something different than I asked about.

Speaker 1: 30:45

Yeah, and I think I think what I appreciate about what we're trying to do is you can be lured into people that are trying to make money off of you by saying you know, buy this particular investment because you can make so much. We're not doing that with you. You know, travis and I are not here telling you to buy a particular security or do something as much as change the way you look at how you're doing something. And I think you can buy, you know, a fully advertised investment and make some money off of it for sure, but then you still haven't changed the mindset. You're just waiting for the next commercial or the next ad to come across your way. What we're trying to do you is teach you a methodology for how to look at your money differently, so that you know whatever you buy, does it serve a purpose and does it help you do the things, and I think that's a powerful thing if you're tracking with us.

Speaker 1: 31:29

But in this next episode, I think we want to break it down a little bit even more and actually start to talk to you about, well then, what are the wealthy actually do, and I think it's going to be a great conversation for many people to understand the nuances that go into this. So we're not talking about a get rich quick scheme. We're not talking about buying something that you don't need, as much as changing the paradigm for how you look at investments and how they can work in your favor. So, as always, we want to thank you stopping by. Ditch the suits. We got one more episode in the series. Don't turn out. We think it's really going to bring this home for you. So, as always, thanks for stopping by.