The Journey with Morgan DeBaun: Episode Summary

Episode Title: Rich vs. Really Rich: Nicholas Crown on Entrepreneurship, Wealth Mindset & Smart Investing
Release Date: February 25, 2025
Host: Morgan DeBaun
Guest: Nicholas Crown

Introduction

In this compelling episode of The Journey with Morgan DeBaun, host Morgan DeBaun sits down with Nicholas Crown, the creative mind behind the popular Rich vs. Really Rich series and a seasoned entrepreneur and investor. The conversation delves into Nicholas's entrepreneurial journey, his unique approach to wealth management, and his insights on smart investing and retirement planning.

Nicholas Crown’s Entrepreneurial Beginnings

Timestamp: 00:27

Nicholas Crown opens up about his transition from Wall Street to entrepreneurship in 2016. Frustrated with his experiences and driven by necessity, he ventured into the tech space, initially focusing on resume writing. "I built a business around thinking about machines first and humans second," Nicholas explains, highlighting his innovative approach to leveraging technology in hiring processes.

He shares his struggles during the initial five years without income, emphasizing the importance of resilience and adaptability in the entrepreneurial journey. "Everyone in their entrepreneurial journey sets a timeline. Unfortunately, reality is extremely efficient, and it's not when you're ready, it's when the market's ready," he notes (04:10).

The Birth of Rich vs. Really Rich

Timestamp: 08:28

The conversation shifts to the creation of the Rich vs. Really Rich series. Nicholas recounts how personal dissatisfaction with his high-revenue digital agency led him to explore content creation as a new venture. Inspired by Naval Ravikant's insights on media as a form of leverage, Nicholas took a leap into making videos. "If it's compelling enough, people are going to learn about it via the viral reach of an algorithm," he states (12:02).

After initial setbacks with minimal engagement, Nicholas employed his iterative mindset to refine his content. "You got to start to define that because it's a lot easier than you think to make the hundred thousand dollars a month at all costs," he reflects on his early challenges (09:55).

The series resonates with audiences due to its authentic portrayal of financial realities. Morgan shares an example from TikTok where viewers misunderstood the premise of the series, highlighting how Nicholas’s authentic depiction aligns with real wealthy behaviors. "I'm not interested in that conversation. I'm interested in the conversation of the haves and the haps," Nicholas clarifies (13:57).

Managing Risk and Wealth Mindset

Timestamp: 16:13

Morgan probes into Nicholas’s expertise in managing risk and knowing when to pivot in business. Nicholas emphasizes the critical need for micro-iterations rather than sweeping changes. "If the market isn't responding, you've got to either get the market to respond or try to get in front of enough people, or you got to make a micro iteration," he advises (16:13).

He shares personal experiences of balancing high revenue with poor quality of life, underscoring the importance of defining success beyond financial metrics. "I pray that I'm 50 and not CEO of Blavity. I pray that I'm 40 and not CEO of Blavity," Nicholas admits, highlighting his pursuit of sustainable success (07:29).

Smart Investing and Retirement Planning

Timestamp: 25:18

Nicholas transitions to discussing his current venture, Revise, a retirement planning firm that focuses on annuities and risk management. He breaks down complex financial instruments into understandable terms: "An annuity is a contract with an insurance company where you pick an index and they'll hand you the returns of that index, most of the returns while hedging your risk" (29:19).

He critiques the traditional 401(k) system, pointing out its pitfalls like fragmented portfolios and hidden fees. "You’re going to have these five independent portfolios. Who knows what's in them, floating in the ether, getting eroded by fees," Nicholas states, advocating for consolidation and professional oversight (34:10).

Morgan adds to the discussion by emphasizing the generational shift in job stability and the increasing need for personal financial management. They agree on the overwhelming nature of retirement planning today and the necessity of proactive measures. "Make the time to consolidate your investments into one account. Make your time to actually understand the fee structures," Morgan advises (42:55).

The Rich vs. Really Rich Mindset

Timestamp: 39:47

Towards the episode's conclusion, Nicholas contrasts the mindsets of the "rich" versus the "really rich." He describes the "rich" as individuals who remain in denial about their financial situations, avoiding necessary introspection. In contrast, the "really rich" embrace transparency and continuous improvement. "The really rich guy wakes up every morning and he opens the windows and lets all the sun in and wants to see things as they are," Nicholas explains (39:47).

He encourages listeners to adopt an honest approach to their finances, emphasizing that small improvements can lead to significant long-term benefits. "You don't need to be an iterator like me in your finances for the rest of your life. But one or two notches of improvement might equal hundreds of thousands of dollars more in retirement," he advises (40:53).

Closing Thoughts and Call to Action

Timestamp: 44:23

In the final moments, Morgan and Nicholas reinforce the importance of taking actionable steps towards financial health. Morgan urges listeners to consolidate their 401(k)s and understand their investments, while Nicholas reiterates the value of professional guidance in optimizing financial strategies.

Nicholas shares ways to connect, inviting listeners to visit getrevise.com and follow his social media handles for more financial insights and entertaining content.

Key Takeaways

• Resilience in Entrepreneurship: Transitioning from a stable career to entrepreneurship requires adaptability and perseverance, especially when initial ventures fail.

• Authentic Content Creation: Building a genuine connection with audiences through honesty and relatable content can drive engagement and success.

• Smart Financial Management: Consolidating investments, understanding fee structures, and leveraging professional advice are crucial for effective retirement planning.

• Mindset Matters: Adopting a proactive and transparent approach to finances distinguishes the "really rich" from the merely "rich."

Notable Quotes

• "You get paid for doing boring stuff that you happen to like." – Nicholas Crown (00:27)

• "Reality is extremely efficient, and it's not when you're ready, it's when the market's ready." – Nicholas Crown (04:13)

• "If it's compelling enough, people are going to learn about it via the viral reach of an algorithm." – Nicholas Crown (12:02)

• "The really rich guy wakes up every morning and he opens the windows and lets all the sun in and wants to see things as they are." – Nicholas Crown (39:47)

Connect with Nicholas Crown

• Website: getrevise.com
• Instagram: Nicholas Crown
• TikTok: Nicholas Crown
• YouTube: Revise Channel

Thank you for tuning into this episode of The Journey with Morgan DeBaun. If you found value in this conversation, please leave a review on Spotify or Apple Podcasts and follow us on Instagram and YouTube for more insightful episodes. Embark on your own journey to success with the lessons shared today!