← Travis Makes Money
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This episode is brought to you by indeed. Stop waiting around for the perfect candidate. Instead, use Indeed sponsored Jobs to find the right people with the right skills fast. It's a simple way to make sure your listing is the first candidate. C. According to Indeed data, Sponsored Jobs have four times more applicants than non sponsored jobs. So go build your dream team today with Indeed. Get a $75 sponsored job credit@ Indeed.com podcast. Terms and conditions apply. You're listening to the Travis Makes Money podcast presented by gohighlevel. Com. For a free 30 day trial of the best all in one digital marketing software tool on the planet, just go to gohighlevel.com travis what's going on everybody? Welcome back to the show. Today it's just me, you and the mic and we're talking about some, the difference between or some of the differences between the people who are wealthiest and the people who are not wealthiest. I try to stay away from calling them polls poor because that seems negative. But I mean in reality that's exactly what it is. It's the wealthy versus the poor. And there's some stats from this five year study that was done on the daily habits that separate the wealthy people from poor people. And some of these are really interesting findings. So I wanted to share a few of them with you. The first one, 72% of the wealthy know their credit score versus 5% of the poor. 72% of the wealthy know their Credit Score versus 5% of the poor. Now if you're in the Ramsey Tribe, you should have a 0 credit score. But for us mortals out here in the real world who, who like to actually keep that in mind, you should know what your credit score is. And I've found it to be extremely helpful. This is one of the things that I disagree with the, the Ramsey Tribe on is that you that having a healthy credit score is actually a good thing and it provides you more opportunity to have leverage in scenarios where that be helpful and effective. Helps you get better rates on your house, on your cars. And I understand that they're saying like you should only, you should only have the house, you shouldn't have the, the payment on your cars and you shouldn't have to worry about interest on any of those other things and your credit score doesn't matter. And while I agree that it's annoying how many hoops you have to jump through in order to know even where your credit score is, of course now we have like stuff like credit karma and things like that, which is how I, how I track my credit score. But I. I do. I do agree that it's annoying and there are some just arbitrary rules that don't make any sense. Like the fact that. The fact that I. The fact that if somebody wants to look at my credit score to check it to see what rate I can get, the fact that that negatively affects my credit score is wild to me and it blows my mind. And I don't understand that at all. Like, oh, you can't. You can't actually check your credit score that often or it's going to harm your credit score to check it. I don't know. I don't know what that would even mean. Like, you try to play it out and play devil's advocate, but even in that sense, I don't get it. I don't understand why it does that. However, the more you learn about stuff like that, the more you can plan for those things in the future. There was this one time. This was when I bought my camry back in 2018. And what had happened was there's. There's a couple of things that happened during this time. The first thing that I didn't know about my credit was that if you utilize the full extent of the credit line that you're given, that negatively impacts your credit score. So I got this. This is like right when I first started my podcast. And I took out a credit card to basically put all expenses for this business on this credit card. It was a 0% credit card, and I was filling it up with basically like coaching, masterminds, travel events, hotels, just to get out and try to learn about this new world that I had recently discovered, which was podcasting. And by the time, you know, let's. Let's call it a year, I don't remember the exact timeline. Within about a year or so of pulling that credit card out, I maxed it out. It was like a $40,000 credit card. I maxed that baby out with. With all that stuff I just mentioned. Now, it is important to note that I wasn't buying new computers and toys and dumb stuff. I was almost a hundred percent of that was invested in directly into this new business venture, and most of it was. Was invested directly into myself on how I could learn how to take advantage of this new venture. So it wasn't even in, like, hard costs. It was like, I think maybe, you know, five to 10 stuff like a website and a microphone and random things like that. But for the most part, it was literally all into my knowledge, my network, just trying to invest more into myself. And my skill sets. And so by the time I, by the time I turned around, I'd filled up that credit card. Didn't realize that when you utilize 100% of the credit line that you're given that that negatively impacts your credit score. So I go in to buy this. I went in and bought this truck, and it was a used tundra. I think it was close to 40 grand or something like that. It was a stretch for me at the time, but I was like, man, I want to get this truck. Bought the truck. So when they ran my credit for the truck, they pulled it, you know, five times like they always do to try to shop the raid around. And so I left there. Two or three days later, I'm driving this truck. And, and by the way, I bought it from a Lexus dealership that it was, it was a used vehicle that obviously somebody had traded in. And so they were, it was like on the corner of their lot. I was, I was going there to the Toyota dealership across the street, saw the truck on the lot on the corner and was like, that's what I want. So pulled and made a right into the Lexus dealership instead of a left in the Toyota dealership and ended up buying that truck. So from a reputable place, this was not like some random, you know, Joe's Used Cars or something like that. And three days later, I'm driving the truck. I hear this weird noise when I go over a speed bump in a parking lot. And I was like, that sounded strange. I don't know what that creaking sound is, but let me, let me pull into a parking space and I'll check it out. So I pull over to the side and I'm pulling, I do a wide turn to pull into this parking space. And the front driver, driver's side tire, the wheel literally falls off. So the bolts basically were just shaved in half. And the wheel falls off. I sink down into the asphalt. Like the rotor or whatever the thing the wheel goes on, dug into the asphalt. To this day at Town Square in Las Vegas, on Las Vegas Boulevard, if you go to that parking lot to this day, there's still this two foot long scratch in the asphalt that's an inch or two deep. That's from my truck because the wheel literally fell off. And so for the next couple of days, I basically had to deal with the dealership and go back and be like, look, I. You have to take this truck back. You got to give me all my money back. They tried to be like, well, we're going to fix it for you. And don't worry, we'll run it through our inspection. And I was like, didn't you run. You're talking about the same inspection you ran it through before you gave it to me. And the wheel fell off. Because this is best case scenario here. They could have been dealing with an insane lawsuit on their hands. Had I been on the freeway and the wheel fell off and there was a, you know, 20 car pile up and a, and a tire, a giant truck tire just running free on the freeway could have been a terrible thing for them. So I think they were just kind of like, maybe we'll just cut our losses and hope this guy doesn't sue us. So they gave me all my money back. And then basically the day I got my money back, I go across the street to Toyota where I should have gone to begin with and I bought myself a Camry. So now within like a 30 day time frame, my credit utilization was at the 100% on that credit card for the podcasting business. And then I, and then I had five hard inquiries on my, on my credit getting the truck. So I go across the street to the Toyota dealership. Ended up, I think I ended up actually buying it from a different Toyota dealership. And I checked out a couple different ones. And so I went to a different Toyota dealership, got the car there. They of course ran my credit a bunch of times, but then they didn't finish the finance paperwork. And the guy that I was dealing with there was honest, frankly, he was just an a hole. He was a complete asshole. And I didn't really care to deal with them anymore anyway. And then they had messed something up on the paperwork and they're like, you got to come back in and finish this up or we can't, you know, do xyz. I was like, okay, well, I have time to come in in like two days, but it's across town. I'm not, I've got a bunch of other stuff I'm trying to do. So I ended up going into the dealership a couple days later. The finance guy that did all my paperwork wasn't there. So the other guy was very hesitant. You could tell that he was like. And it seemed based to me from my perspective, especially being in sales, I was like, I think what's happening is that when this guy finishes up the paperwork, this sale is actually going to count toward his commissions and not toward the guy who initially got me in. But again, I was like, I'm not going to, I'M not going to take, I'm not going to go back home, schedule another time to come back another three days later just to make sure that that guy gets the deal. Because frankly, I didn't like that guy. Anyway, just finish the paperwork, I'm here. So the guy was like, okay, great. So a couple days later I find out that they ran my credit again. So basically the initial guy wanted to run the credit again so he could put it back through and put everything in his name. So I call him. I'm very upset, basically. Long story short, I had never missed a payment on anything. My credit was always excellent. And then because I used the credit line that I was given and then because there was like literally 15 hard inquiries on my credit report in the 30 day period of time my credit score dropped down. It was literally like 585 or 590 or something like that. I remember being so furious because I was like, I have never missed a payment on anything. Like this is all semantics. It basically my credit got destroyed because I used the credit line that you gave me and because it was checked 15 times in a month, it blew my mind. It was so frustrating and it ruined my ability to borrow. We were trying to flip a house at the time and I was trying to get hard money going through some, some other sort of traditional lending process ended up having to get hard money. I had the interest rate that paid was a lot higher on, on that flip deal that we did. And it was really annoying because I felt like I didn't do anything to deserve my credit being that low. But I learned a couple of lessons and moved along, moved along the way. That's just a fun story for those of you who are listening. Basically know your credit score and know the ins and outs of how your credit works, at least to some degree. You have to have some sort of literacy around how your credit works because it is something that is effective and valuable in your life, at least in my opinion. Next one 6% of the wealthy play the lottery versus 77% of the poor. And this one makes a lot of sense to me because if you're somebody who comes from a poor family, you've kind of grown up in poverty. That's really all you know. Then you view the lottery as basically your only ticket out of that versus the wealthy. People understand that they can create wealth outside of it and the lottery is more just like, this is just a fun game I like to play with my friends versus like man, I, I hope that one day we're gonna get out of this bad situation because we're gonna hit the lottery. But yeah, and the the un thing is that as a total percentage of this person's income, the wealthy are paying, you know, 0.0001% of their total income that month on lottery tickets. Whereas the poor might be, you know, spending 10% of their income on lottery tickets. Which is not a good way to get rich. This episode of the show is brought to you by Chime. Chime is changing the way people bank. It's fee free and smarter banking built just for you. Not like old school banks that charge you overdraft fees and monthly fees and the like. It's built not the 1%. Chime is not just another banking app. They unlock smarter banking for everyday people with products like MyPay giving you access to up to $500 of your paycheck anytime and getting paid up to two days early with direct deposit. Some old banks still don't do this, so forget overdraft fees, minimum balance fees, monthly fees, all that stuff. Chime turns everyday spending into real rewards and progress. 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Get that stuff out of here. Meals that actually fit your goals and your schedule. Healthier eating, calorie management, more protein, etc. Etc. With over 100 rotating weekly meals to keep things fresh and delicious through the winter, your options include High protein Calorie, smart Mediterranean diet, GLP1 support and ready to eat salads, plus the new muscle Pro Collection Support, strength and recovery. And it's always fresh, it's never frozen, and it's ready in about two minutes. No prep, no stress, just delicious, nutritious food. So head over to FactorMeals.com TMM50OFF and use code TMM50OFF to get 50 off and free breakfast for a year. Eat like a pro this month with Factor New subscribers only. Varies by plan. One free breakfast item per box for one year while subscription is active. Next one 80% of the wealthy are focused on at least one goal versus 12 of the poor. 80 versus 12 are just focused on one goal. We're talking about one goal here. We're not talking about a laundry list of things that are itemized that you are working toward on a monthly basis on different sections of your life. We're talking about one goal. At least one goal. And only 12% of the poor are focused on that. Um, next one 62 this one's. This one's pretty crazy. 62% of the wealthy floss their teeth every day versus 16% of the poor. This kind of goes into, I think the how you do anything is how you do everything type of a thing where if you, if you just have it as a habit to constantly take care of yourself and do the things that you know you should be doing, even though you don't see the immediate effect of that thing in your life, which is absolutely what flossing is. Um, I think that that prob translates into the rest of your habits. Next one 21% of the wealthy are overweight by 30 pounds or more versus 66% of the poor. No surprises there. Obviously, health is wealth and there's a reason there's a Reason that, you know, the majority of Fortune 500 CEOs are also in really, really good shape because they understand that if you don't take care of your physical health, that it actually bleeds into your mental health, your ability to make decisions and lead a company and things like that. So. So yeah. 21% of the wealthy are overweight by 30 pounds or more. 66% of the poor. Next one. 63% of the wealthy spend less than one hour per day on recreational Internet use versus 26% of the poor. So 26% of the poor spend more or only 20. 26% of the poor only spend one hour or less on recreational Internet use versus 63% of the wealthy. Obviously. Again, this one makes a lot of sense. This is why you never will see a Lamborghini commercial. Commercial, you're never gonna see a Ferrari commercial because Lamborghini buyers aren't watching television. They're like working on businesses and projects that make them enough money so that they can go to Monaco, which is where you'll see Lamborghini host a bunch of parties and see their cars all over the track. So that one also. No surprises there on that one either. 83% of the wealthy attend or attended back to school night for their kids versus 13% of the poor. So an attention to their kids, which I think this, this one I think would surprise most people. I think this one would be something that, that people would not assume that they are, they're actually interested in being there for, for their kids stuff. 29 of the wealthy had one or more children who made the honor roll versus 4% of the poor. Again, how you do anything is how you do everything. If you demand excellence, then that's probably what you're going to get. 67% of the wealthy watch one hour or less of TV per day versus 23% of the poor. Kind of goes Internet usage thing. These ones are probably one in the same now to be honest, because, you know, they sort of have melded together, you know, people's recreational time has. Some people anyway that I know spend more time scrolling TikTok than they do watching TV. But the total recreational use of their time would still equate to more than an hour per day. 9% of the wealthy watch reality TV shows versus 78% of the poor. That's a pretty crazy one to me. Just because you would think that it's sort of just like an entertainment category, but I guess, I guess not. I guess it has something more, more to do with the type of entertainment that it might be so that one's more just like, hey, do what you want to do. But if you are using your recreational time to fill your mind with reality television versus using it to fill your mind even with like more interesting stories or, you know, really good films or something like that, there's apparently some sort of a correlation there. 73% of the wealthy were taught the 8020 rule versus 5% of the poor. This is the live off of 80% save 20% version of the 8020 rule. The 8020 rule is obviously much bigger than that. This is the, this is Pareto's principle as it's well known. This is broader than just live off 80%, save 20%. It applies to a bunch of random different data sets, which is why it's become, you know, Pareto's principle. Something that, something that is, is static across multiple arenas. 79% of the wealthy network five hours or more per month versus 16% of the poor. Interesting. Wow, that's crazy. It's crazy that building good quality relationships has some sort of effect on how much money you end up making. That's so weird. 8% of the wealthy believe wealth comes from random Good luck versus 79 of the poor. That's a really interesting one. Obviously, if you believe that it's a hundred, that it's all up to luck, then you're much less likely to take action to put yourself in a position to potentially get lucky versus if you do believe that you have some sort of an impact on your ability to create wealth, then you are much more likely to take action that will eventually compound into building something that's worth something. Now I have sort of a mixture of those two beliefs. I believe, I believe that luck is involved in every bit of success, especially when you look at outsized success. When you see people who are doing phenomenal things are building billion dollar businesses, $100 million companies, they have 10 million followers on social media, things like that. When people are doing like really big things, I think there's a mixture. Mixture. There's a mixture of luck, there's a mixture of timing, there's something, there's something alchemistic about the total mixture of things that went into that person's success. However, the more shots on goal you take, the more likely it is that you're going to hit one in. The more times you step up to hit that ball, the more likely you are to eventually hit a home run. The beautiful thing though about business and creating wealth versus something like sports is that I love the analogy, but the analogy kind of breaks down because hitting a home run, you know, the most points you can score. Hitting a home run in baseball is four. You hit a grand slam and bases are loaded, you count as one of them, you got four points. If you hit a grand slam in business or in wealth creation, this could be, you know, putting 10,000 points on the scoreboard versus putting four points on the scoreboard. So that's one of the cool things about the, the, the business world versus the sports world. 79% of the wealthy believe they are responsible for their financial condition versus 18% of the poor. This is the big one. This, to me, is where it starts. This is where it starts. You, your ability to create wealth for yourself will depend on your ability to take full responsibility for your situation. And I just had this conversation with somebody earlier. There's a difference between fault and responsibility. I'm not suggesting that everything in your life is your fault, because some things are just by definition, not your fault. They're just things. They happened. They're events, they're circumstances. You did nothing to control it. It just, just happened. And it is. And those are the ones that are difficult to stomach because you feel, you feel victimized. You feel like the victim of the situation because something happened that was wildly outside of your control. You had no ability to impact that thing. But the difference is everything is your responsibility. So while it may not be like the way that I like to frame it is that fault is irrelevant toward the next steps because whether it was 100% your fault or 0% your fault or somewhere in between, you are still the one that ultimately has to take the responsibility at some point. Now, if you're 100% at fault, obviously there's something that you can learn from and you can take away from that experience to then help prevent that from happening in the future versus zero percent your fault. You know, there's not, you know, something crazy like a kid gets cancer. Zero people wanted that. Nobody could control that. It was just a thing that is, that's terrible that happened. And so it may not. It may be 0% your fault, maybe 100% your fault, but either way, it's your responsibility. It's the hand that you got dealt, and it's your job to figure out a path forward. And that's where wealth creation starts, especially when we're talking in the context of money. So there's a few of the differences between the habits of the wealthy and the habits of the poor. And you can obviously see that there's some patterns here. You know, it's almost like. It's almost like success leaves clues or something like that. It's almost like you could look at the habits of the wealthy people and then start engineering your life to fit more in line with those things. And you might see that there is some sort of a result that comes from that. I don't know. I'm just throwing out ideas here. But there's. Those are some of this, some of the stats that I thought were pretty wild and interesting. So that's it for today's episode. Thanks for tuning in. Catch you in the next one. Peace. LifeLock. How can I help the IRS that I filed my return, but I haven't. One in four taxpaying Americans has paid the price of identity fraud. What do I do? My refund, though. I'm freaking out. 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