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So good, so good, so good. New spring arrivals are at Nordstrom Rack stores. Now get ready to save big with up to 60% off rag and bone. Marc Jacobs, free people and more. How did I not know Rack has Adidas? Cause there's always something new. Join the Norty club to unlock exclusive discounts. Shop new arrivals first and more. Plus buy online and pick up at your favorite Rack store for free. Great brands, great prices. That's why you rack. Well folks, as you may have noticed in the online space, there are a lot of people who don't seem to understand wealth creation. Where do you think wealth come from? Or how to save or you know, the basic building blocks of capitalism. And so they turn to communism and socialism and Zoram, Hamdaniism and all the rest. Socialism. Well, it turns out that actually building wealth in the United States, it is not only doable, it is very doable if you get the right advice. Now we're going to go through some of that Internet advice with you. I teach you something real quick. What? Have an emergency fund. You didn't know what it was? I didn't know what that I with her. She's known it forever, so that kind of pisses me off too. How much was it? It was 2000. 2000. Okay, so you didn't have an emergency fund. You had like the building blocks of an emergency fund. My parents taught me to have a thousand dollar emergency fund and. Oh, your parents are stupid though. Well, they have a thousand per person in their household. That's the stupidest thing I've ever heard in my life. And then I've like six months worth of your income. That's correct. Okay, what is anyone going to do? $1,000. It's enough to get new tires or fix a broken leg. Dude, medical things are everywhere. It's going to depend on your insurance and what hospital you go to. Are you in network? Are you out of network? That's not even close to true. Tire sure. Is that the only emergency that exists in this world? Obviously he is correct that if you're going to have an emergency fund, meaning some sort of cushion in case you lose your job or something, 1000 bucks are going to do it. That's going to pay for like a week and a half of groceries at this point. So yeah, it's going to need to be a little more than that. In investing, there's no called strikes. People can throw Microsoft at me and you know, you name it, Any, any stock, General Motors and I don't have to swing. I Only get a strike called if I swing at a pitch and miss. So I can wait there and look at thousands of companies day after day. And only when I see something I understand and when I like the price at which it's selling, then if I swing, if I. If I hit it, fine. If I miss it, it's a strike. But it's an enormously advantageous game. And it's a terrible mistake to think you have to have an opinion on everything. You only have to have an opinion on a few things. In fact, I've told students if when they got out of school, they got a punch card with 20 punches on it, and that's all the investment decisions they got to make in their entire life, they would get very rich because they would think very hard about each one. And you don't need 20 right decisions to get very rich. Four or five will probably do it over time. He is so right about this. This is such a great point. Now people look at the stock market and they see something soaring like, man, I missed out on Nvidia. What's the next Nvidia? And then somebody presents them a list of the 10 next Nvidia is like, well, I got to take out, like, three of these. And maybe one of them. Or maybe you don't. Maybe you just need to find the ones that you think are fundamentally sound with good leadership and excellent profit margins, and you think, hey, maybe that's the one I'm going to invest in. It's not about taking a lot of swings and then hitting some of them. This is his point. If you're going to be judged on how you hit in the financial markets. Yeah, there's sort of the aggregate. How many swings do you take, how many are strikes, how many are hits, and the rest of it. But his point is, you can really have a high on base percentage by simply waiting for your pitch. Just wait for your pitch. Poor people that are playing the lottery are stupid. You're stupid. That's the only way I'm getting out. Listen, if you walk from your house one mile to the market to buy a lottery ticket, you are 12 times more likely to be struck by lightning twice than to buy the ticket. That's the probability of you winning. That's a statistical fact. That is not going to occur in your life. But if you invest $35 instead of wasting it. Yes, this is. This is right. Of course this is right. One of the most incredible things about the lottery is that it is disproportionately people who do not have money who buy tickets for the lottery. Like actually there's studies showing that people who are very, very low income spend an extraordinary disproportionate part of their income on lottery tickets. And that's terrible. It truly is. You can't afford to do that. When people say, well, you have to play the lottery in order to win, your chances of winning are so low you have virtually flushed your dollar down the toilet. I can walk around with anybody for a day and show you that they're wasting 15% of their money, sometimes 20. Stupid stuff. You know, you go to work, you spend 15 bucks on a sandwich. What are you, an idiot? It costs you 99 cents to make a sandwich at home and bring it with you. Bring your own water if you have to, or your own drink, or bring your own coffee mug. You start to add that up every day. It's a ton of money. Most people, particularly working in metropolitan cities that are just starting out on their job, making their first 60,000 piss away about 15,000 a year on stupid stuff. This is definitely true that if you are really looking at the beginning of your, of your life at scrimping and saving and trying to make good, you of course have to look at your daily expenses and where you're spending too much money. The first rule about getting rich is don't get poor. And so if you're making decisions that are likely to make you significantly poorer, that's a problem. Now again, as you rise in the income ladder, you can use more of your money on discretionary income. My wife and I eat out a lot more than we used to when we didn't have nearly as much money. That's just something you can do when you make more money. But when you're first starting out, yeah, you're going to eat at home a lot, you're going to make a lot of home packed lunches. He's right about that. Of course. Poor people usually spend their money and invest what's left. That's the philosophy of the poor. Now here's the philosophy of the rich. Rich people invest their money and spend what's left. And here's the startling answer. It really doesn't matter what the amount is. What's most important is not the amount. What's really important is the philosophy. So I would ask you to adopt this philosophy of spending after you have invested. Invest first, then spend. The reason that he is saying this, and again, this is a good piece of advice is because if you think first about spending and then you think, okay, whatever is Left in the piggy bank after I've had my good time, I'm going to invest. You're going to overspend. If you take the investment portion and put it aside, Even if it's 10%, then what you're doing is you are making sure that money goes in. And once the money is in the investment pool, then it can grow. Whatever you think of as your first priority is where you're likely to spend more money than you thought you were going to. So if you spend it on investment, because that is a form of spending, then you are likely to have more investments. So do you make money off of. Of I was making like $3200 a month since like 2018, probably. Is it full ons? Yeah. You can never take that back. Do I look like I care about myself? Caleb, look at me in the eyes and tell me if it looks like I care about myself. Now, I have two men that I sell to and they're my primary source of income. There's no way they don't have an incredibly parasocial relationship. Oh, they do. They both think that I'm like their best friend. One of them is in the military, so there's already something wrong with him. Like that military kind of guy that's like, I need a wife and I need a baby. And does he think that's going to be you? Yes, but it's not. I don't know how to tell him that. Well, this seems pretty terrible, but the financial advice on as a piece of wife advice, she says, do I look like I respect myself? You should have some respect for yourself. God gave you a soul and you shouldn't sully it by disrespecting yourself as a human being. That's pretty terrible. And of course, disrespect of yourself does lead to disrespect of others. We'll get to more on this in a moment. First, breaking free from debt means reclaiming your financial future and keeping more of what you earn in your own pocket. Every dollar you put toward eliminating debt is a dollar that will soon work for you instead of your creditors. I have a lot of friends who've gotten into debt. It is life wrecking, like truly life destroying. If you're dealing with credit card debt, personal loans, medical bills, piling up, our sponsor PDS debt can actually help. What I like about them, they don't just look at the numbers. They take the time to understand your actual situation and build a plan that works for you. Specifically, no minimum credit score needed, which is A big one for a lot of people. Their goal is simple. Help you pay off debt faster so you can keep more of your hard earned money for the things that actually matter, like your family. Obviously if you're stuck in debt and most of your money is now going to the credit card companies, you're not going to have the money to do the things you want to do to make your life easier, to make it better for your kids. PBS has an A plus rating with the Better Business Bureau. Thousands of five star reviews on Google. They've helped hundreds of thousands of people get out of debt. Here's the thing. Every month you wait, you're paying more in interest and fees. I know life's busy. It's easy to put this stuff off. The sooner the better. Don't wait another month. Take back control. In 30 seconds, get your free personalized assessment. And the best option for you at PDS debt.com/shapiro. That's PDS debt.com/shapo. PDS that comm/shapiro. I have three investments. That's all I have my business paid for real estate with no mortgages and mutual funds. I don't play single stocks. I play. I don't screw around with gold, I don't mess with bitcoin and I don't need your stock. Tip from your broke golfing buddy with an opinion. You know you missed out on getting in on this deal. Ramsey didn't miss a thing. I'll set my net worth down beside yours while you mouth off. Not a bad strategy there. Now my investment portfolio is a little bit more varied. I own some shares of one particular company, an outsized share of a publicly traded NASDAQ company. I do have a stock portfolio that I really am not in charge of. I delegate it to my financial advisors. I have some real estate holdings, but his kind of model, which is okay. There's real estate that I've paid for, so I'm not shelling out a bunch of money on it right now. I invest in my business because that's the place where I make most of my money in terms of actual income and also where I could theoretically make money if I would sell my company. Please, please don't master. And then I've got my mutual funds, meaning I'm in the market and I'm basically going to make money when the market generally goes up. That's a pretty solid way to grow your wealth over a long period of time. What's the best piece of money advice you've ever gotten? You should just move to Puerto Rico, get a cash flow business, buy bitcoin, or you should hate your life for 10 years and sell a company. I think that those are pretty much the two routes. Either way, you're going to have to do an insane amount of volume. I think you should largely ignore other people's advice. ChatGPT usually has all the answers and all the ideas. If you're not Getting Alpha from ChatGPT, you just don't know how to prompt it. Every single piece of advice that you've heard on a podcast that you're like, oh, that's a gem. Chat GPT would have told it to you if you would have asked it to think outside of the box more. What? How would you prompt it to get to the gym? That's sort of the problem. If you knew the advice already, then you wouldn't need to prompt ChatGPT to get that advice. So that's sort of a problem. As far as moving to Puerto Rico, Well, I mean, all he's saying there is that there are no income taxes. So, yeah, that is a great way to make a lot of money. As far as hating your life, you know, building a company is not hating your life. It's actually quite wonderful. I've enjoyed virtually every aspect of building Daily Wire. It's been an incredible experience. If you really want to make money, you have to find a combination of the following three things. One, something you're good at to something you like to do, and three, something that people want from you. If you can even get all three of those things, then you're going to do great. You can do great, you're going to do great. People who have only two, you can, you know, get somewhat wealthy. But the people that I know who've gotten extraordinarily wealthy, I'm talking about, like, the richest people on Earth. I know those people all started off doing a thing that they truly loved and that they were good at and that the market wanted from them. That's where true wealth lies. All the stuff that you've done off the field, it's. It's rumored that you never spent a dollar of your NFL earnings. Is that true? Technically, Drew Rosenhaus actually gave me a $50,000 upfront, like, marketing budget at the beginning. And you got to pay them back over the time. The first 50 grand you made. So actually took that 50 grand, I bought me a car, you know, I paid for my spot up in New England, actually with it. I'm very frugal, you know, and live, you know, with a roommate. My first couple of years, I didn't know how long the NFL was going to last. I was a second round pick. So it was like a four year, $4 million deal. And I was like, if I play this contract out, I'll be set for life. I got $2 million in my bank, I can make 100, $200,000 of interest. I was like, if I only play three, four years, I'm good. Like if, hey, if I don't ball, if I'm not the player, you know, that I think I could be, whatever. I'm still set for life because 2 million in the bank is set for life to me, you know, I just always wanted to save it. And then I just used my money that I was getting off the field to just spend it on whatever I needed to spend it on. To this day, technically I have not spent any of my NFL money. Man, he only plays an idiot on TV. Not terrible advice there from Rob Gronkowski. 90% of us will spend everything that comes into our hands. So you want to find saving mechanisms that keep the dollar out of your hand. The smartest people on the planet aren't trying to put a person on Mars or solve world hunger. They're trying to figure out a way to use technology to hit you on a screen at the exact right mom when you're in the exact right move. So they can sell you a pair of bomba socks with your on running shoes at the exact right moment or get you to upgrade from economy to economy comfort. It is nearly impossible not to spend as much or more money than you have in this environment. So forced savings are a great way to build wealth. Housing or owning a home has been a great way to build wealth. Now is that because it outperforms other asset classes? No, if you include maintenance and taxes, it's probably underperformed the stock market. But people don't like to have their home foreclosed on, so they generally make that mortgage payment and slowly but surely the value in their house should grow. Tax deferred to kind of build wealth. Because of its forced savings mechanism that's built into it, you want to implement the same type of thing for you. Now this is a great piece of advice. Honestly, this is really good. So if you can automatically, for example, have your paycheck delivered to your financial advisor before it hits your inbox or whatever mechanism you have, you deliver 20% of your paycheck automatically to your bank for investment. That'd be a good thing. And what he's saying is that people pay their mortgage. And that's an automatic investment because the mortgage actually has worth. When you pay your mortgage, you're earning more of your house. He's saying. Listen, we're a consumption led environment. There's always something more to buy, something cool to get. But if you can put yourself in a position where you automatically are going to send the check to the right place, then that is a better position. By the way, this is the exact reason why the federal government literally does this to you. They force your employer to withhold your taxes in order so that you are not going to spend that money. Everybody just calm down. Alrighty. So it turns out that you can find some pretty decent financial advice in the online space. If you have any questions, leave them below and we'll see if we can get to them on this particular topic. Your next chapter in healthcare starts at Carrington College's School of Nursing in Portland. 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