← Success Story with Scott D. Clary
Success Story with Scott D. Clary
Lessons - The STRIP Framework for Wealth | Vivian Tu - Financial Expert
00:12:43
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- [00:00]
Scott
I have to take a second and thank Northwest Registered Agent for supporting today's episode. Now listen. I know a lot of entrepreneurs listen to this show. If you're an entrepreneur, if you're building a business, you have to listen if you want to get more. When you're launching your next big idea, Northwest Registered Agent lets you establish your entire business identity in just 10 clicks and 10 minutes. For nearly 30 years, they've been the secret weapon for entrepreneurs who want to move fast while getting expert guidance. For just $39 plus state fees, they'll handle your formation, create a custom website and establish your local presence wherever your business takes you. As an entrepreneur myself, what I value most is their one stop business solution. You get everything from formation paperwork to custom domains to trademark registration all in one easy to use account. No more juggling all these multiple services or wasting time figuring out the legal stuff. So don't wait. Protect your privacy, build your brand and set up your business in just 10 clicks and and 10 minutes. Visit northwestregisteredagent.com success and start building something amazing. Get more with Northwest registered agent@northwestregisteredagent.com Success Prolon is a success story partner now. Long weeks and busy weekends, they can leave everybody feeling depleted and tired. We work nonstop and that's why I love Prolon's five day fasting mimicking diet. I love this company. Let me explain how it works. Basically, they have a fasting mimicking diet that rejuvenates you from the inside and out. They deliver plant based soups, snacks and drinks that keep your body in a fasting state while giving you nutrition. And when your body's in a fasting state, this triggers cellular renewal and it actually works. This is why I loved intermittent fasting for so many years. This is the magic of Prolon. And the exciting news is that they just launched a new next gen five day program. So it has all the benefits that they had before, but now they have 100% organic ingredients in their food, better taste and ready to eat meals that make the whole process easier. I've tried the original Prolon program. I felt fantastic whenever I do it. I personally cannot wait to try this new and improved version. And if you've never tried them before, you're in for a treat because the old one was great. I can't even imagine how good this new Prolon five day program is going to be. And for a limited time, Prolon is offering success story listeners, all you guys 15% off site wide plus a $40 bonus gift when you subscribe to their five day program, just go to prolonlife.com Clary that's P R O L O N l I f e.com Clary to get your 15% discount and your bonus gift. Prolonlife.com Clary in this lessons episode, uncover.
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Guest
Why financial stress keeps people stuck and.
- [02:50]
Scott
How simple steps can kickstart your wealth journey. Learn how the Strip method simplifies personal finance through savings, debt strategy, retirement planning, investing and goal setting. Learn why finding credible financial advice online is essential. And learn how to calculate your own FU number to build lasting financial freedom.
- [03:17]
Guest
People have a hard time focusing on all the other versions of rich when they're not even making enough money because they're so stressed out about paying next month rent. I'm. I mean, it's interesting why financial content does so well because like, I know why it does well. People are stressed out, they're not making enough money. They feel like they can't afford to live. Cost of living improves, cost of living increases. But even with all the financial content, I feel like people aren't taking that financial content and actually implementing it into their lives. I mean, for example, your first piece of content, what it got, it got like how many followers did it get you? That first piece of like a hundred thousand followers.
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Scott
One hundred thousand followers.
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Guest
So obviously there's a niche for it. Yeah, but when you, because now you have a whole bunch of fans and I'm sure you talk to some of them and some of them give feedback and I'm sure some of them have taken the advice and ran with it, but there's a whole bunch that have not taken the advice and not done anything and they just consume. Why do you think that is?
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Financial Expert
I think comfort with the status quo and fear of change is a big one. Like it's easier to be slightly uncomfortable always feeling like you're living paycheck to paycheck than it is to put yourself in a place of discomfort for six months to pick up a side hustle. It requires you to do something new or different and people don't like change. But I will challenge and say that it depends on the piece of content. I think people are in my audience at least very, very willing to try something. I think certain pieces of content still feel a little out of reach. So if I'm talking about, you know, these are ways that you can save on when you're buying a home. Some people, that's just out of reach for some people right now. And that's okay. Not every piece of content has to be for every bff. But for the simple stuff, I do think people take huge advantage and they're trying to implement and implement it in their daily life. I think something that people also struggle with is actually being able to discern who on the Internet is qualified and has the credentials to be talking about this versus who's just selling snake oil. Because there are a lot of financial gurus out there who don't actually have any qualifications. They don't have a finance background. They're just good marketers. They just know how to make a hook on Instagram.
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Scott
Welcome to the Internet.
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Financial Expert
Welcome to the Internet. But like, so if I'm. My content is literally slotted directly after that person's. They're looking at that video and then they watch mine. They may be fearful of taking action on the helpful tip that I've shared because they don't know if they can trust what I'm saying. Because maybe the person before me was unscrupulous.
- [06:06]
Guest
I agree that, I mean, like, finance education through traditional means is lacking. I mean, you don't get financial education in high school and university and college.
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Scott
The way that you should.
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Guest
So the answer is independent content creators. But I truly do believe, and this is something that I just feel I would probably have to pull an audience to really get some feedback on it. But I feel like we are in this era of people trying to just consume, consume, consume, and not take action. And I think that that's what I'm trying to actively fight against. But to your point, it's how do you discern who's legit, who's not, what information is credible, what information is not? So when somebody's going on this finance journey, that's a great, that's a great question that they would be asking, like, how do I figure out where to start? How do I figure out where to start getting rich, building wealth? Who do I listen to outside of. Outside of you?
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Scott
Like, what are the first steps that.
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Guest
I should take that. That aren't too risky, that at least sort of get me going in the right direction because there's so many concepts around wealth building and making more money. Again, it could seem like drinking from the fire hose. And then there's a compounded problem of not being even able to trust the person that you're listening to. So where does that person start if they want to get rich and be wealthy?
- [07:22]
Scott
Lingoda is a partner of success story. Look, I'll be real with you. My French used to be solid. I learned it in school. I even had decent pronunciation but when I booked a trip to France last year, it was a total blank. I could barely order a croissant without sounding like a tourist. So I jumped into the Lingoda Sprint challenge, and, man, it changed everything. I'd take live classes late at night after podcasting. Only five students, max. Real teachers, real conversations. And in just two months, I went from bonjour to holding full conversations at a Paris cafe. Confidence unlocked. Now, here's the play 30 or 60 classes in 60 days, and if you finish them all, you get 50% cash back. That's basically €4 or $5 per class. That's insane value. Go to try.lingoda.com successsprint and then use my COD Scott Sprint for an extra €20 off on top of their current deal. Registration closes May 5th. Classes start May 12th. Let's get fluent. Hey everyone. Scott here. I just want to take a second and say thanks for listening to the podcast over the past couple years. Obviously, this wouldn't be possible without each and every one of you. I have a favor to ask, so I would love to get some more information about you and why you listen to the podcast and why you listen to the show and why you tune in every week. And I have put together a short survey and we are using this to help us sort of inform what type of content we want to create and the direction of the podcast going forward. This information is not shared with anyone else, so this is just for us internally and I put together a link so scottdclary.com survey where you can go and you can fill in some information so we can know what kind of content you love. Also, for the first 100 people that respond to the survey, you will be entered into a draw for a hundred dollars Amazon gift card. So we'll be giving out one of those to the first people that respond. It should not take more than two minutes of your time to fill out the whole survey. It's really not that long, and it will help you shape the future of the podcast. So I really appreciate each and every one of you and thank you for listening. This podcast is brought to you in part by Stash. Are you still putting off saving and investing because you'll get to it someday? Stash turns someday into today. Stash isn't just an investing app. It's a registered investment advisor that combines automated investing with dependable financial strategies to help you reach your goals faster. They'll provide you with personalized advice on what to invest in based on your goals, or if you just want to sit Back and watch your money go to work. You can opt into their award winning expert managed portfolio that picks stocks for you. Stash has helped millions of Americans reach their financial goals and and starts at just $3 per month. Don't let your savings sit around, make it work harder for you. Go to get.stash.comsuccess story and see how you can receive $25 towards your first stock purchase. And to view important disclosures, that's get.stash.comsuccess Story paid non client endorsement, not representative of all clients and not a guarantee. Investment advisory services offered by Stash Investments llc, an SEC registered investment advisor. Investing involves risks and investments may lose value. Offers subject to T's and C's.
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Financial Expert
Yeah, I always tell people that if people want to get rich, they should strip. And then they're like, oh, didn't realize it was this kind of a podcast. Um, but strip is an acronym. It's just kind of a really easy five step method of like how to get yourself into a really like stable place that you can really start making some impacts in your life. So first and foremost S is savings. You want to have an emergency fund in your savings. I would put it into a high yield savings account. So you want three to six months of living expenses set aside for this rainy day fund, this emergency fund and this is going to help prevent you from going into further financial duress in case something happens. You break your leg, the wheel rolls off your car, your roof caves in, something bad happens. Then once you have that emergency fund set up in a high yield savings account where you're earning more interest, you move on to T total debt. And the reason it's a T is because people who pay down their debt will just pay it down willy nilly. And that is mathematically not the right way to do it. So what you actually want to do is rank your total debt from highest to lowest interest rate, make the minimum payment across everything to keep your credit score in good standing and then any additional pay down funds you're actually going to put towards the debt with the highest interest rate, typically credit cards. So this is going to help you pay your debt off faster while paying less in fees. And this is the mathematically correct way to pay down debt r retirement. We talked about this earlier. You got to have a plan for future you. And so I encourage people to take advantage of tax benefits. Legislators write the tax code and the IRS enforces it. And the way that the tax code is written incentivizes us to do things that they want us to do and disincentivizes us to do things that they don't want us to do. So an incentive they want is for us to save for retirement and invest for retirement. Because the government does not want to take care of you in your old age, they want you to take care of you. So you're going to get tax benefits by tapping into an employer sponsored retirement plan like a 401k, 403b tsp if you're in Canada, RRSP, um, so many letters and they all totally make sense, right? But also tapping into things like a traditional IRA or a Roth ira. Those stand for Individual Retirement Account. You want to be able to leverage tax advantaged accounts like a 5 to 9 if you want to help save for your kiddos education, there's lots of options. But it's not enough to just open these accounts. You actually have to fund it with cash. And then I invest. So people always say, what's the perfect investment? There's no such thing. Okay? When I worked on Wall street, hedge funds would call us regularly and being like, yo, we made a couple bad calls, we gotta unwind all of our trades, we're blowing up. If these people who have very literally billions of dollars of technology and research at their fingertips can't seem to get it right, what makes you think 15 minutes on Yahoo. Finance is going to help you get there? You're not. What I say is invest in a diversified portfolio of index funds that track the broader market. So instead of buying an entire bag of Almond Joy candy bars, you're getting the Halloween bag, which is Kit Kats, Twix, Almond Joy, Snickers, you know, what have you. So you're getting a little bit of everything that's going to really help diversify your portfolio. And if you're listening to this and you're like, well, that was still gibberish, just utilize something called a Robo Advisor. You sign up for the account and you take a quick quiz about your money goals. So what you have, what you earn, how old you are, what your family looks like, where you live, when you want to retire, yada yada yada. And then it spits out a diversified portfolio that makes sense based on your financial situation. And then they email you once or twice, I would say probably once every one year or two years to retake the quiz. So then if you've made a lot more money or something has happened or.
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Guest
You gotten divorced, risk tolerance changes all that.
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Financial Expert
It'll rebalance your portfolio for you. And then last but not least is P. Everybody's favorite plan. You have to have a plan of what your happily ever after looks like. Some people's happily ever after is, I retire at 35. I live in an Airstream. I never wear shoes again. Not me. Not me. I would rather retire at a more traditional age. 60, 65. But I better have a vacation home. I better still be able to go on vacation. I better still be able to go and travel. I better be able to take care of pickles, my fat English bulldogs, like heartworm medication. Like, I want to be able to have certain things in my life, and I don't want to have to worry about money. And if that's the case, like, you need to know, what's that. What's that going to cost? Because retirement number one in the Airstream and retirement in your vacation home look very, very different.
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Guest
So I know you have a number. So your number's 25 million.
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Financial Expert
Yeah, that's my FU number.
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Guest
That's your FU number. Okay. So obviously that's for. And you know what, though? I've thought about this, because I was. Again, I listened to the podcast that you've been on before, and I was thinking about that number, and it's an FU number if you had it now, because there's ways you can make that money last. But when you're like, 65, that's like. It's an FU number then. But ultimately, I mean, if you made that over years and you were taxed on it and then you invested, like, it's.
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Scott
It's.
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Guest
It's a lot of money, but it's still. The cost of living is going to increase, too.
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Financial Expert
Yeah.
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Guest
So that 25 million at 65 may afford you a very comfortable last few years of your life, but, I mean, you still have to understand how to invest it strategically. So you don't just blow through it either, because you can still F that up. I mean, people F that up all the time. And the best examples that we see are athletes who get these huge sums of money, then they're going bankrupt by the time they're 30. So it's really easy to fuck this up if you don't know what you're doing. So, first of all, why is 25 million your number? Because I know that you're very strategic and you've done some math around why that's your number. And also, how should someone else calculate their number? Like, what's the mechanics? Obviously, you don't know someone else's life, but what's the thought process that you went through? That somebody else can use.
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Financial Expert
Yeah. So my fu number is $25 million. Because $25 million invested, earning a very conservative 4% return every single year would give me about a million bucks in returns. And even after paying capital gains taxes on that, I would still be able to fund my lifestyle, fund my homes, fund my travel, fund any sort of expenses, and frankly, probably still be able to even help out my kid if I needed to. That's what it would take for me to have a very comfortable, very comfortable average life. This does not get you the private jet. This does not get you the yacht. This does not get you living in.
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Guest
Is a million a year, Monaco million a year. And then if you, if you took out four, you'd still have to pay capital gains on that. So, yeah, okay, so you pay capital gains on that.
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Financial Expert
You pay capital gain. So you're roughly ending up with about 858 50.
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Scott
And then, I mean, if you had.
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Guest
A two person in the household and you had like three or four kids going to private school, like, I'm not.
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Financial Expert
Saying three or four. Are you crazy? One to two. Don't put that juju on me.
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Guest
I'm just saying.
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Scott
Yeah, that money goes quick.
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Financial Expert
It does.
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Guest
Money goes very, very quick. So you can have an FU number like 25 million, but you still have to have a very.
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Financial Expert
But that's also my baseline. Yes, my baseline. F you obviously, frankly, I haven't even really thought too much about, like, what's my top, top end of it. But like, I would say $100 million. Like, I would not work anymore.
- [18:29]
Guest
Thanks for tuning in. If you found this valuable, don't forget to hit that subscribe button so you.
- [18:33]
Scott
Never miss an episode.
- [18:34]
Guest
And if you want to dive deeper into this conversation, check out the links.
- [18:38]
Scott
In the description to watch the full episode. See you in the next. I just want to take a second and thank Cornbread Hemp for supporting today's episode. Now, Cornbread Hemp CBD gummies have been this really nice addition to my wellness toolkit. I don't use them every day, just when I want to unwind after those extra busy weeks, but they're perfect for those moments when you want to take the edge off and just find your balance. Really just shut off from work. And what makes them special is how Cornbread Hemp crafts them. They only use a flower of USDA organic hemp plants. That's the best part. For the purest, most potent experience. No fillers, no artificial fluff, just clean, full spectrum goodness in delicious watermelon berry and peach flavor. I keep them in my nightstand for those moments when I just need a little extra help relaxing. And I love how transparent they are too. Every batch is third party lab tested so you know exactly what you're getting. And they put together a special offer for all Success Story podcast listeners. All listeners can save 30% off their first order. Just head to cornbread hemp.com success and use code success at checkout. That's cornbreadhemp.com success code success for 30% off your first order of these amazing gummies.