← Travis Makes Money
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Host
I was recently on whatnot the other day, just shopping around, looking frankly, because
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Travis
I was just blown away that this
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Host
is something that people are doing with their time. And so I was like, I got to go see if this thing is real before I talk about it on the show. And so I'm browsing whatnot, looking around, finding things, and it's crazy to see the volume of people that are just having fun in the chat. They're watching people do live shopping. It's like, it's like, you know, QVC directly on your phone. It's something you need to try, I'm telling you. Not just buying, but the selling piece too, where these people are just starting up pop up shops and businesses, selling whatever product, finding their people, building community, getting repeat customers that come back to see your face as the seller. Not just a logo or a brand, anyone can sell. Whether your business is big, small, or yet to exist, people selling on whatnot sell 10 times more than on any other major marketplaces. And that's because you're not just listing products, you're building real connections with buyers across whatnot. The number of sellers making over $1 million a year has now doubled. The consistency pays off for those sellers. It's not just side hustle, it's a real path to building something that lasts. Because whatnot buyers spend more than an hour a day in the app, they're not just browsing around, they're engaged, they're buying, they're coming back. You go live, show off your products in real time and turn what you love into real income. So search whatnot whnot in the app store, download it today and get started selling right away.
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Travis
You're listening to the Travis Makes Money
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Host
podcast presented by GoHighLevel.com for a free
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Travis
30 day trial of the best all in one digital marketing software tool on
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Host
the planet, just go to gohighlevel.com travis.
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Travis
What's going on, everybody? Welcome back to the show. On this episode, it's just me, you and the mic. And today we're talking about one of our recurring themes that we've had here on the podcast over the last almost decade now of doing the show. Almost 2,000 episodes. And this is basically just a compilation of all of the different lessons, insights, thoughts, commonalities of all the amazing guests that I've had here. And no, I did not do this. I had perplexity computer fed it like 100, 150 transcripts from some of my top rated episodes and said give me the core themes. The Commonalities. What are the things that all these great people have in common? And so we've been working through these the last few days. Today's episode is all about money. Money is a tool is the theme of today's episode. Multiple guests engage with money as a psychological and practical subject, not as status signal. The pattern is that most people are either held hostage by the fear of not having money, seduced by the appearance of having money, or confused about what it's for. And, and then what most people do is that they just vilify it because they don't understand it. And then they were told that the love of money is the root of all evil. And so they just go, ah, well, if you have money, that means you're a bad person. That means you're willing to do something at some point that was detrimental to somebody else, and you're just a taker and you're willing to step on people's hands while you climb the ladder of success. And that's just not gonna be me. So I'll just never have money. And in reality, it is quite the opposite. At least with the successful people that I've talked to, is that those people wanna be helpful. They want to see other people succeed because they understand that it doesn't mean that they will be less successful. So it's clear to me that these people see it as a tool. The ones who get it right treat money as something that just buys freedom of choice. It's not their. Not where they draw their identity. It's not even the most important thing in their life. But to pretend like it isn't an important thing for life is just choosing ignorance. It's. It's choosing to live incorrectly. You're just. You're just dead wrong. Matter. Money does matter. And even in situations in life that you don't want it to matter in, it still matters. Which is sort of the. The strife of anybody running a nonprofit is that they get into it wanting to help a particular person solve a particular problem. They want to just be helpful and they want to be altruistic. And they get in and realize that all of the stuff that they're wanting to do requires money. And then they got to go court all these people who have money to beg them for money so they could go help take care of this problem. It's just that all of these things come back to having something to trade for something else. And we as a society have termed that as money. We have decided that this is the thing that we're going to use as the basis for all of our standard trade. So to pretend like it doesn't matter is just silly. But to, to, to glorify it and pretend like it's the only thing that matters is foolishness. Because then you have the other side of it where you have these people who value money so much that they're willing to then violate their own values, their own morals, their own ethics in order to go get money because they've deluded themselves into believing that money is the only thing that matters because it gives them that status symbol, because it lets them buy the car that they want to buy or something similar to that. So they, they forego their desire to treat people well because they've deluded themselves in believing that money is the ultimate thing that matters. So my take on this, and it's not that hot of a take and something that a lot of people agree on that I've had here on the show is that money, it's just it's tool and it will either and it tends to amplify who you already are on the inside. So if you are a terrible, shitty, selfish person, you're just going to be worse if you have a bunch of money. But if you're a generous, good person, then everything's probably going to be better if you have money and including the lives of all the people around you who you really love. So you can't just not think about it, you can't just not talk about it. And again, it does not have to like, you don't have to sacrifice your entire life and all of your time and, and try to become a billionaire. Okay? I'm not suggesting you have to be Jeff Bezos or Elon Musk in order to value money. What I am suggesting is that if you do not value money, then you'll find that you always have less of it. Money is energy, it's a flow. And if you are treating it improperly, then it's going to leave you like an abusive relationship. So yeah, a few people who this pulled from on this episode. Josh Peck, who's from Drake and Josh George Camel, who's a personal finance expert from the Ramsey team. Grant Cardone, real estate investor Gary Cusin, who is the CEO and co founder of GameStop as well as the CEO of not FedEx of Kinkos and led the acquisition to FedEx. Brennan Carter is a fitness influencer and online coach. Jeff Fenster is the founder of Everbowl, which is the Acai bowl franchise that my wife and I actually own one of the and Dan Martell, who's an online entrepreneur as well. So first direct quote comes from Josh Peck himself. If you don't know who Josh Peck is, you clearly are not a millennial. Because I grew up on Drake and Josh, it was sort of like my foray into sitcoms and probably what made me really enjoy all the sitcoms that I like now. But it was probably my favorite show growing up, at least for a certain stage of my life. And so it was really cool to be able to have a conversation with him. And we talked a little bit about money and sort of his reinvention of his career because you look at somebody like that and you they were really famous for a long time, that they're just taken care of, that they don't have to worry about money at all ever again. And that's just not the case. He was barely making six figures as the co star of Drake and Josh when he was younger. And he tried to like, phrase it, frame it in a way that he's like, look, I know that that's a good amount of money for most people, but for what people think that I was making, it's not even a drop in the bucket. And the fact that it was him supporting his family in Los Angeles in Hollyw like that, it just is not enough money to do what you got to do. And so he had to kind of reinvent his whole career and learn a lot about money in the meantime because he was trying to figure out how he was going to make money after the stint that he had with Drake and Josh without leaving that show already. You know, a multi millionaire, like some people do, like for, you know, for grown adults who make the Office or Parks and Rec or something. A lot of those people never have to work again because they make a ton. Like the contracts are structured differently. They make a ton of money on licensing deals, they make reruns, they get residuals in the mail. Josh, Drake and Josh didn't get any of that. So he had to go learn a lot about money, which is not something that he was planning on learning about. And he said in our interview, money is a great servant, but a terrible master.
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Travis
Jobs and sort of furthers this idea about money being a tool that as long as your money is serving you and you're in control and you haven't sacrificed your morals or your ethics to go get more of it, then it's probably a good idea to have more of it rather than less of it. It just gives you options. It gives you the ability to make decisions without the constraint of not having enough money. If you're only ever making decisions from that constraint, then you'll find that money comes up a lot. And that's I think the misconception here is that if you choose to not think about money, that it won't matter. When in reality, if you choose to not think about money, you'll be forced to think about money later. So people with a lot of money think about money all the time. People without money think about money all the time. People in the middle think about money all the time. There's no way around it. You have to engage that conversation and learn how to treat the money that you have so that you can go get more of it, so you can steward it wisely so that you have a good relationship with money. Because even from the opposite perspective, like some people have a bad relationship money with money because they spend all their money on vices and they spend all their money on sports, gambling and things like that. Or they're overspenders and they're buying. They're they're shopping addicts, or they're gambling addicts, or they're drug addicts or they're alcoholics or something. And all this vice takes all their money and they struggle with money because they can't hold onto it. Then you have this other crowd who struggle with money because they can't let go of it. They're hoarding money. They're they're miserly with their money. They're not just frugal, they're cheap. And both of those people are still going to struggle with money in the Long run is the punchline. So if you don't build some sort of a good relationship with money, where you start realizing that, like, okay, money is not everything, a tool, and I can use it to make my life and my, and more importantly, the lives of those around me, the lives, the lives of the people that I love the most on this planet. I can make their lives easier and better if I have more money. So the sooner you engage with that conversation, the sooner you take personal responsibility and learn the rules of money, the better your life is going to be next direct quote comes from George Camel, who is a Ramsey personality over in the Ramsey Network. He talks ad nauseam about money. If you want to hear him talk more about money, you can go follow his show on the Ramsey Network. But he said abundance really means having margin, the gap between your income and your expenses. And you simply can't do that when you're riddled with debt. So he was talking about this from the perspective of not having debt. And I, because the question that I posed to him is that does it not put you in more of a scarcity mentality if you are always thinking about just cutting, cutting, cutting, saving, saving, saving, budget, budget, budget, does it not just make you start being more miserly and start having a tight grip on your money? And can you have an abundance mindset doing that? And so he sort of just rephrased, reframed the concept of abundance and instead of having it be this sort of abstract concept of thinking with an abundance mentality, he turned it into something that is actually defined, which is having margin. In his perspective, the definition of abundance is having margin, then having a gap between what you make and what you spend. And he was just like, you can't control that if you have a bunch of debt. So again, go listen to George's podcast. He's got a great book, I think it's called Break Free From Broke is the name of the book. And you can learn a little bit more about his money principles there. It's honestly, if you've never done anything, if you've never studied money or had any sort of relationship with money that's good or positive, and you were handed down, maybe bad money habits from your parents, whether it's being too miserly or not being frugal enough, then anybody from the Ramsey Network, I'd recommend go checking out their, their stuff. And George, if you're in the younger crowd, they call George Baby Dave because he's just sort of the millennial version of Dave Ramsey. So if you're in the younger crowd, go pick up George Campbell's book if you want to learn a little bit more about money. Then this last direct quote comes from Brandon Carter. He said, if you lack discipline when you get the money, you have more opportunities to ruin your life because now you have leverage. So this sort of just talks about that amplification piece that I talked about earlier is that his point was saying that if you, if you are not disciplined, if you haven't learned how to discipline yourself when you don have the money in terms of your spending habits, your budgeting and your discipline, then you're not going to magically have that when you just get a windfall of cash. Which is why there's stats around lottery winners, professional athletes, and some of these people who never had to learn anything about money and then all of a sudden got a lot of money. Now it's, now it's like only fans, performers, you know, like any, any of these people who, who sort of came into a windfall of cash in, you know, quote unquote, overnight lottery, literally overnight. But some of these are a little bit more than overnight. But they step, they never learned exactly how to deal with it. That's why there's like, it's close to 80% of lottery winners end up going broke. Same with professional athletes end up going broke because they never learned how to use that money. And so the important part about this is that when you come into a little bit of money, do your best to keep your lifestyle creep as low as you possibly can and you'll maintain some flexibility and, and some discipline there. And the bottom line is life will always demand more money from you than you think that it will. So what I always tell people is do the math. Figure out what type of life you want to live, what type of lifestyle you want to live. Do you want to go on vacations? How many vacations do you want to go on? Where do you want to go on those vacations? Do you want to fly first class or business class on those vacations? Are you a cool flying coach? Do you want to stay at the Ritz Carlton or are you fine with staying in a hostel when you travel? Do you want to drive a Lexus or a Lamborghin or Honda? You know, like, what are the things that you want out of your ideal version of life? Then do the math and figure out how much money it's going to take in order to be able to have that type of lifestyle and then double it because life's always going to demand more money. Than you think that it's going to demand. Just in the last like year or so. I don't know what it is, but we just had a myriad of things happen where it was like, oh, A.C. in the house went out. Oh, A.C. in my truck went out. Oh, had this issue with our, with our other car. Oh, we gotta get a rental car for a couple of days. Oh, we have this unexpected medical expense that got sent in the mail a year and a half after our son was in the emergency room and had to get stitches for something like, it's just, you're, you're gonna. There's money just tends to bleed out is sort of my point. So if you don't, if you don't, maybe it's not double, maybe it's not double the number, but it is maybe increase it by 50% or 30% or something like that. It's definitely going to be more than you think it's going to be because there's always going to be things that are going to draw money out of your bank account rather than allow you to steward it.
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Host
This episode of the show is brought to you by AG1. I don't know about you, but I feel like I've been traveling quite a bit this summer and I'm leaving again next week. But you know, one thing that has made it into my bag every single time is a little bit of ag1. Summer vacation means a different bed, different schedule, healthy habits put on pause waiting for the fall. Except for the 30 seconds that it takes to mix AG1. One scoop plus 8 ounces of water every morning. AG1 helps maintain energy, support gut health and support immune health. And it's clinically shown to support gut health and fill in common nutrient gaps. It's a daily health drink with multivitamin, pre and probiotics, superfoods and antioxidants. So one scoop 8 ounces of water. That's all you need. Even though summers your license to chill with all the late nights, long weekends, spontaneous plans. AG1 helps you keep at least one thing consistent with high quality nutritional support every single day, no matter where you start your morning. I use this and you should too. Visit drink ag1.comTMM to get a free AG1 travel case with seven free AG1 travel packs in your welcome kit with your first AG1 subscription order while supplies last. That's drink ag1.comTMM scaling a business takes the right expertise at the right time. And upwork helps growing teams quickly bring in specialized freelancers so that you can move faster and take the business to the next level. Upwork is a one stop platform to find, hire and pay expert freelancers across web and software development, data and analytics, marketing, business operations and more. Plus with business plus you can access the top 1% of talent on Upwork. And with AI powered shortlisting you'll get matched to the right freelancer in under six hours. It's free to sign up and posting a job is super, super simple guys. I have probably I don't know how much money I've spent on upwork over the years but it's not small number because they are very very efficient. Quick they get you to the right talent, the people that you need with no long term commitment. You can try things out. You can get individual projects done. I highly highly recommend going and posting a job over on Upwork. It's completely free to sign up, visit Upwork.com right now and post your job for free. That's Upwork.com to connect with top talent ready to help your business grow. That's up. W o r k.com upwork.com wisely so
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Travis
the guests Instinct what the re what the research says about this guest instinct that debt is corrosive is well supported. A longitudinal AD Health study found that high debt relative to assets was associated with higher perceived stress, depression and an even higher diastolic blood pressure independent of prior socioeconomic status. A long running Australian panel found that stable savings habits and timely credit card payment payments casually improved mental health. And studies show how perceived financial control matters more than the raw dollar amount of debt, which is exactly the servant not master framing that Josh Peck was talking about. So it's the perceived financial control. Do you perceive that you have control over your finances or are you left to the whims of culture or the events that happen in your life? Or again, an unexpected medical bill or a family member that that needs to borrow five grand because they're out of money for this certain time period. There's always ways that your money is going to leave your bank account, so figure out a way to keep more of it than you spend. A great example of somebody who figured this out early on is John D. Rockefeller. At age 16, started working as an assistant bookkeeper at 50 cents a day and began something he called ledger a quote unquote ledger a recording every transaction down to pocket change with what his biographer called preternatural exactitude. Preternatural exactitude and maintained this habit for the rest of his life even as the world's first billionaire because it meant he always knew his exact cast cash position. Money was a tool, and he refused to let money run him. So before he built everything that he built with Standard Oil company, he learned something really important, which was tracking every single dollar that came in and every single dollar that went out. And in this case, it was every cent that went in and then went out. Because he was making 50 cents today. And pennies were, pennies were more important back back then, then they are today. So try to define what money means to you, what your money is going to be used for, and then come up with that number, man. What's, what's that number? And it's not necessarily a total number in general, in my opinion. It's more what's the total. What's the total amount of money that I need to have invested so that my dividends could cover my lifestyle? That's really what you're shooting for here. So the numbers I talked about earlier, like, you know, you want to travel, you know you want this type of car, you know you want this type of house, you know you want to live in this type of neighborhood, kids to these types of schools, whatever it is. It's like, okay, well, that monthly nut. Figure out what that monthly is and then figure out how much money you need invested in the stock market or real estate or some other asset class that returns a dollar amount to you on a monthly basis that is greater than the lifestyle that you want to live. And then work as much as you can to start hammering that out. And then when you put that money in the investment, it's gone. Don't look at it as like, okay, well, I have my Robinhood hooked up to my bank account, and now when the stock market's going well and I'm up 30%, I'm going to cash that out and go spend it on this tv. Don't do stuff like that. Discipline yourself as much as you can to only spend the money that is being produced by the money that you have invested so that you don't touch that nest egg as much as you can. So lots of different things about money that we could talk about here, but I'll leave it at this and just say you, you're always going to need more money than you expect. So learn how to build a better relationship with money sooner rather than later. And you will notice a significant change in your, in your lifestyle, in your stress level, in your anxiety. And money is a tool and it's going to amplify who you are on the inside. So stop being scared of it. If you're like me when I first started, I was scared of it. I not necessarily scared of it. I just was scared of what it could do to me because I'd always heard that it was like, you know, sooner or later it becomes about the money. And if you only pursue money, it's going to be bad and whatever. And it's like, well, yeah, of course that's true. But it doesn't have to change you. It doesn't mean that it. That the only choice is to allow it to change you into a bad person. That is not the case. And I have anecdotally experienced this just from talking to as many people as I have who have a ton of money. And they're still really good people, really helpful people, family people doing right by others. They just get to do more right by others because they have a ton of money. So learn the money game so that money doesn't have a negative hold in your life. That's it for this episode of the show. Thanks so much for tuning in. Catch you guys on the next one. Peace. Close your eyes. Exhale. Feel your body relax and let go of whatever you're carrying today.
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Travis
And breathe.
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Travis
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