0:00 [music] And where are you going? What do you want? [music] [music] Hello and welcome to Business Lessons from the Military. I'm your host Kevin Bemel and I'm here every uh Wednesday at 10 10 o'clock 10 a.m. Pacific time to talk about job hunting, starting and running a business and building wealth. So, the whole financial side of life and
0:35 this morning I feel a little bit like uh um shoot the the UBS's chief economist whose name I'm going up on Paul Donovan lately he's I think he's had laryngitis or something but he's still doing his podcasts and my voice sounds a little laryngitisy. Is that a word? So um today I'm going to be talking about an issue from the wealthb buildinging side of people making money and [snorts] uh I I call it the the anti-checklist. So [snorts] people are
1:12 I think very fond of um talking about um you know advice that they hear from you know people who have become very wealthy or um you know these you know different books they read or whatever. And and while it's it's it's fine, even good to uh read and listen and watch these sources, I think one has to be careful about just
1:48 adopting them for one's own life without giving it some pretty considered thought. Uh each of us has our our individual goals. Um, what looks like success for me probably is different than what success looks like for you. I I was in a meeting last week and I I think I talked about this incident perhaps it was yesterday um but I was in a meeting with someone who's a um a registered
2:23 investment advisor and I've known this person as kind of an acquaintance for a long long time and uh at at one point he was in a business and you know it did reasonably well but it it it wasn't a business that was probably going to make a lot of money and so he made a professional switch. Good for him. [snorts] And now he's he's an RA RAI and he's doing quite well. And you know, he was suggesting certain things that uh my colleague who who set up the meeting
2:58 and I should do uh in order to build our businesses. And it was interesting because there was an underlying assumption that we had the same goals as he did. Now I know I know my colleague who set up the meeting very well. His and my goals are very similar. Um but they're not at all aligned. Well, I was just that they're not they're not nearly as similar as they were with the RA RAIA. [snorts] And it it is interesting that
3:34 someone who is in the business of figuring out what people's investment goals are made that assumption about me. And and so I think there's kind of a blind spot that many of us perhaps most of us have where we make an assumption that everybody is like us, everybody shares our values, everybody has similar goals. That is that is not the case. For sure it's not the case. And
4:11 there's evidence of it all around us, whether it's in the geopolitical sphere or whether it's just in, you know, talking to professional colleagues. Uh, look, there are people like Elon Musk who are driven to be the wealthiest person in the world.
4:32 >> [snorts]
4:32 >> Uh and there are people like me who I I have no desire to be the wealthiest person in the world largely because I'm not interested in making the kind of sacrifices that one needs to make in order to accumulate that kind of wealth. So my interest has always been to live, you know, a better life as an adult than I did as a child. um to do work that's meaningful that helps other people and to do well enough at that financially
5:08 that I don't have a lot of financial worries on the one hand and can engage in doing the things that I like to do whether it's you know wine and spirits like you see on Jiggers's place or um you know buy nice clothing travel um while at the same time building sufficient wealth for me to sustain that that lifestyle. Uh when I decide to um reduce the amount of time I spend working, I don't think I'll ever stop working. That's not really anything in
5:44 which I'm interested because I get a lot of meaning from life. I get a lot of meaning in life from my work. So, and and I'm I'm under no illusion that other people share [snorts] uh you know my perspective on this and there's nothing magical about my perspective. It's mine. It works for me. Uh but there's no reason why it should work for you or for anybody else in the world. It really depends on the type of life they want to
6:20 live. Right? So, um, there there are some, uh, wealthb buildinging ideas that are out there and and I'm going to challenge six of those ideas in today's show. Uh, [snorts] and and and perhaps give you some food for thought about your own situation as you plot your course, whether you're at the beginning, middle, or, you know, more of my age and are, you know, a much farther along. Okay? So, I call this the anti- uh checklist wealth habits, you know, [laughter]
6:57 right? What what a rebel am I? So, um you'll you'll hear this num the first one you'll hear about uh specifically retirement accounts, 401ks, IRAs, etc. Always max out every account no matter what. In other words, put the maximum amounts allowed by law in your retirement accounts. Now, for some people that may be true, but [snorts] for others it is certainly not
7:34 the case. So, for example, if you do not already have a so-called rainy day fund, there is no point in your maxing out your retirement accounts because what is going to happen if there's an emergency and you need money to deal with that emergency? Well, you're going to put it on your credit cards and then pay it off uh probably at interest rates that are higher than what you're earning on your retirement account even after or potent
8:10 not even after but potentially taking into account the tax savings you may be getting [snorts] by um you know having funds in a retirement account. uh are you going to pull the money out of the retirement account and pay a penalty then? Typically 10% plus having to pay income tax on the funds withdrawn uh depending of course depending on the type of requirement retirement account but um you know potentially paying income taxes. So, while in some cases it
8:45 may be smart to max out your retirement accounts if you already have uh you know an emergency fund set up if you have sufficient savings nonretirement savings that will allow you to make other investments and take advantage of other opportunities.
9:06 >> [snorts]
9:06 >> So then at that point, maxing out your retirement accounts may very well make good sense. Okay? But if you're over if if overfunding your retirement accounts [snorts] prevents you from taking advantage of other wealth building opportunities. So what you're really doing is you're slowing your wealth building uh rather than looking at your finances uh holistically and making decisions on that basis. So
9:43 um having flexibility oftentimes is more important than maximizing your your tax savings. Okay. So, it's it's again it's it's an issue to wrestle with. [snorts] You you you see you see this in kind this is not one of the ones I have on my list here that I that I made last week, but you see the same thing when when talking about paying off debt. People will say, you know, pay off, you know, use every cent you have to pay off debt. Well,
10:18 I mean, in general, okay, yes, but if you have no savings, what's going to happen when the inevitable emergency comes around? You're just going to build up the debt again. And you'll hear the other thing you'll hear is, "Well, pay off the highest interest rate debt first." No, not not necessarily a good strategy. Pay off the smallest debt first. Okay? Because what you want to do is create momentum in paying off your debts. So if you have a smaller debt, even if it's at a lower interest rate, pay it off and
10:53 get rid of it and and and gain a little bit of a feeling of relief and know what that feels like as a motivation for you to pay off ever more debt. Okay? So always max out every account no matter what. Not not a good strategy. It depends on your specific situation, your financial goals. Okay. [snorts] Number two, diversify at all costs. So, diversification certainly is a good
11:29 investment strategy. However, okay, over diversification can basically guarantee that all you're ever going to get is average returns. So often times real wealth is built more through concentration than diversification. Okay? So if you look at anyone who's made a lot of money in real estate, what you'll find is their wealth is concentrated in real estate. Okay? Now,
12:04 they will typically have more than one property. And so you might say, well, that's a form of diversification. And I I would agree with that. Okay. [snorts] But what you're not going to see is someone who is building their wealth through real estate heavily invested in commodities and stocks and bonds. I mean, they may have some investments in those areas, probably do as as they've built up their wealth in real estate, they will start to diversify away. Okay? But in the early stages of wealth building, they tend to be concentrated.
12:39 The same is true for someone who's building his wealth through starting and building a business. Most of their wealth is going to be concentrated in that business. So to diversify during a business building phase is going to detract from one's ability to build that business. Okay. So in general concentration is how wealth is built while diversification is how it's preserved. So once you've built wealth
13:15 then you want to start diversifying it away or not diversifying it away diversifying where it's held. So you will see this in in founders of companies once their company has grown and has hit a certain level of stability. So then at that point they may for example sell some stock in the business okay or sell some ownership interests in the business typically maintaining control themselves. But by selling a partial interest of the business, they can take that those funds
13:51 and put them in other types of investments and gain some diversification. But notice that the business has to be worth a significant amount of money and present an an investment opportunity to outsiders in order to be able to execute that strategy. Okay. So, so again, concentration is typically how wealth is built. Diversification is how it's preserved. So, know the difference between being in a the building phase
14:27 and the protecting phase. Those are two different times in our lives and they do overlap of course but we don't want to the building phase by moving into the protecting phase too early. Okay. Next, buy assets never liabilities or uh you know another way people put it is never borrow money, never take on debt. Okay, [snorts] that is not
15:03 a good strategy at all. There are some excellent reasons to take on debt. Let's start with the reasons not to take it on. Okay, don't take on debt to buy the basics of life. I mean, unless you have to. Okay, you're unemployed. [snorts] You're working on getting another job. you you you know unemployment insurance is not you know paying enough for you to pay your rent and your food and your insurance you know car expenses or whatever. Okay,
15:38 of course then you're you're going to use your credit cards to to buy those kind of things. But if you're working, okay, or you you have an income, you have a business and it's generating income, you should not be using your credit cards to buy food, pay for your housing, pay for your car expense. Now, you can use the credit card, but pay it off every month. Don't I should say don't build up a credit card balance to buy those things. Don't use credit cards to buy clothing. Okay? Uh,
16:15 in general, credit card credit cards are a great tool, but when they're paid off at the end of each month or at the end of each, you know, period. Okay? So, you don't want to accumulate credit card debt in general. Now, there are even some times when incurring credit card debt can be a good idea. Let's say you have an investment opportunity that that has the potential for a very high yield. So in that case, it may make sense to use money drawn from a credit card to
16:50 make that investment and you can leverage what that's what what using debt is. When you buy an investment, you're leveraging the person of that in the the purchase of that investment. I I I did a show on leverage um probably about a year or more ago. So I I invite you to go to my YouTube channel and search out the the show on leverage. I talk about neutral leverage, positive leverage and negative leverage. Okay? So leverage as a term simply meanings simply means borrowing money to buy something.
17:26 You want the leverage to be positive, meaning that the return on the investment is higher than the cost of the borrowed money. If you can do that, borrowing money typically will be a sensible thing to do because by borrowing money, you can get a larger investment and a and the leverage gives you a higher return on the cash portion that you put in to obtain to buy that investment. Okay, that's the essence of leverage. Okay. So, we we can talk about
18:05 but we can also talk about incurring debt for other reasons. So, maybe you're building a business. That can be a that can be a perfectly good reason to take on debt, especially if it means that you can own the entire business. You don't have to give up an e a share of the equity in the business. Okay? So if you can borrow in a way that will still allow you to build the business and build it to a strong position, by all means borrow to to you know start and run that business. Okay. Um a a more a
18:41 more difficult topic is should you borrow to uh build your education? So the sort of common wisdom used to be borrowing for an education is a smart thing to do. I don't think that's the case anymore. First of all, so often more let me so um these days so many companies do not require a college education. And I'm not talking about the Lowe's and and those
19:16 kind of businesses. I'm talking about companies like ENY, uh, Alphabet, um, um, I mean other there are a number of large companies and ever more large companies that do not require people to necessarily have a college degree. One of my closest friends who it does extremely well in the technology sector does not have a college degree. Okay? He just he wasn't interested in going to college. He's self-taught and he's done very well over his career. Okay. And he
19:52 was doing very well but at a time before a lot of companies were realizing we don't really nec need people to have degrees. Okay. So um even to like to borrow money to become a lawyer. Well, you know, economic times for lawyers are not what what they are are not today what they were, you know, 20 years ago. Same thing for doctors. Medicine is not nearly the lucrative um opportunity that it was 20 or 30 years ago. The whole business of
20:27 medicine has changed. So, I think we have to be very careful about borrowing money to enhance our education. So people think, "Oh, if I get an MBA, that's really going to help me." Well, maybe. It depends what you want to do. Okay. So again, there are good reasons to borrow money. If you want to buy a house, that's a fine reason to borrow money. Okay? You're you're probably not going to be in be able to save up the money to pay for a house in cash in any
21:02 event. Okay? And at least right now, the tax laws are favorable for borrowing money to buy a house. So, by all means, get a mortgage when you buy a house. Okay. Now, [snorts] should you borrow money when you buy a car? Well, maybe if you can't otherwise afford a car, then you're probably going to have to borrow money to buy a car. Okay. Should you put money down? Should you borrow a 100% of it? Should you lease a car, which is just another form of borrowing money to own a car or well in in this case, you don't really own a car, but you have use
21:37 of a car in a under a car lease. Well, those are all options that you should investigate and figure out which one works best for you and your financial situation and your financial goals. Okay. So, uh, when we talk about, uh, borrowing money, one of the reasons why so many financial gurus are opposed to borrowing money is because they're opposed to negative cash flow. But I can tell you as someone who has been in the real estate business for a long, long time,
22:13 there are properties that are worth buying that have a negative cash flow. Okay? uh and and you know if it's something that you're going to be able to buy the property and and and when you close on the purchase of that property, you have a negative cash flow, but you're going to be able to renovate the property. Maybe it's a an apartment building. You're going to fix up the units and that will allow you to raise the rents. And so the negative cash flow is going to be somewhat temporary while you spend whatever it takes 3 6 9 12 months to
22:50 refurbish the building and reent the units. And now once you've done that maybe you'll have a great positive cash flow. Okay. So even a negative cash flow that may come because you've borrowed money to buy a property that itself isn't necessarily a bad thing. It depends on the specific investment, the opportunity with that investment and your ability to see a plan through to enhance the vest investment and make it a non negative cash flow investment. Right? This is why
23:27 owning vacant land generally speaking is a poor investment unless you've got a plan to very to you know in the short term develop that land and make it income producing or let's say you're going to develop houses on it and turn around and sell the houses. owning vacant land for long periods of time. You know, the value of the land has to increase enough each year not only to cover your costs of holding that land, which may be uh property taxes,
24:03 insurance, there may be some maintenance costs. Okay. Um it it must also increase fast enough to give you a return on your investment. Okay. and and and if you've borrowed money to buy that vacant land, so it's got to cover the cost of making those loan payments as well. Now, again, it may be a perfectly good investment. You may buy a parcel of land and your plan is over the next two years, you're going to subdivide that land into individual lots on which developers can build houses. and you can buy the land
24:39 so cheaply that two years later when you sell the lots despite the negative cash flow you've had for the last two years you may still make a very nice profit. Well, so then there you go. So that the negative cash flow isn't a downside. So the idea that you should never b buy li never buy liabilities isn't a good strategy in that case. Okay. So context matters more than habits. Okay, let's take a quick break and we'll come back for some more.
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25:52 or visit magnumprops.com. Okay. So next you hear this uh again typically from uh financial advisors um [clears throat] not so much raas they tend to be more sophisticated but for the the sort of entrylevel financial advisors they'll say look set up a plan where every week I mean not every week every month or every paycheck some money
26:27 is automatically deducted from your paycheck to go into some kind of um ETF or mutual fund. Just set it and forget it. You've probably heard that before. Set it and forget it. So, pardon me. The problem with that is that it's substituting what amounts to passive neglect for passive investing. Okay? So, e ETFs and mutual funds, they can be fine investments, okay? You can do very
27:03 well with those. They they may make a lot of sense, for example, for your retirement accounts, but they should be reviewed periodically. I would say at least a minimum of once a year, maybe more often depending on how much money you have and and what's going on in your life, what's, you know, kind of happening uh in in in the economy, okay? You don't need to be obsessing on them and checking them every day. That doesn't make any sense either. But the idea that you should just set it and forget it and and and 20 years later,
27:40 you know, you'll look at it and and and you know, this nest egg will have blossomed. No, that that is not a good plan either. So part of a smart investing strategy is to set up periodic times when you will review how that strategy is working. Okay? And like I said, you know, once a year may be enough. However, maybe you got married, so maybe you need to review your investment strategy. Or maybe you and your spouse need to look at how are
28:17 we going to combine our our investing strategy so that we're working together as a couple as opposed to two individuals. Maybe you just had a child. How is that going to impact your investment strategy? Okay. Now, maybe you need to be thinking about, I don't know, putting money aside so the child can go to college or maybe they're they're going to want to go to a technical school, culinary school, something like that. Or maybe you're going to set aside some money so that when they get done with high school, maybe they don't want to go to college,
28:52 but they're going to want to start a business and you want to be able to uh give them a little nest egg that will give them some capital with which to start that business. All of those necessitate keeping an eye on your investments periodically and at you know crucial times in your life to make sure that your investing goals are on track with what's actually happening with your money. Okay. So, uh, tax law changes. That's another reason to review your
29:28 investments. Even if you are just doing automatic monthly or or every paycheck investments or something like that, okay? Because tax laws do change and tax taxation has an impact on investment growth. This is true, by the way, not just for your uh non-retirement investments, but for your retirement investments as well. Okay? Over time, while you may start out with your retirement investments in in a much more aggressive posture, as time goes by,
30:03 okay, you you may want to change that posture to something more neutral so that you you shift from a growth mode to more of a maintenance mode. Okay? Okay. And then as you're getting very much closer to retirement or retirement is, you know, maybe a few years away. Okay. Again, that may necessitate a change in your investment posture as well. Okay. So, you you know, you can't just set investments and forget them. They they need to be periodically reviewed.
30:38 Probably best with your investment advisor. Now, maybe you have enough knowledge on your own, so you don't need advice. Okay, fine. Uh but but if if you're not taking the time to be well-versed in the financial markets and different types of investments and and how the economy is going and all of that, you you'd be well advised to have an investment advisor who can help you out with those periodic reviews. Okay, that was number four. Number five, live like you're broke forever. So, a
31:13 lot of people take this message from uh Warren Buffett who who given the size the amount of his wealth lived a a fairly uh modest life um compared to other people with similar wealth and and they they you know they look and they go, "Well, so you should you should do what Warren Buffett does." Well, first of all, Warren Buffett flies um chartered uh jet flights whenever he travels. Evidently, that's his one perk. So, you know, I think we have to be a little bit careful about how we exactly
31:50 look at, you know, living the life of of of someone like a Warren Buffett. Okay. But more importantly, we shouldn't uh pattern our life off of the lives of other people who have different experiences, different wants, different needs, different goals. Okay. Now, you may say, "Well, but my goals are exactly like Warren Buffett's." Oh, okay. All right. Well, then maybe you should attempt to rep replicate exactly what Warren Buffett did. The challenge you
32:25 have is the the uh economy when Warren Buffett started is very different than it is now. Okay. First of all, the rapidity at which change happens is much greater today than it was, you know, half a century ago. Okay. There weren't there weren't anything like the variety of investment types of investment opportunities then as there are now. For example, there was no such thing as ETFs. There was no such things as
33:02 crypto. Um there was private credit, but private credit today is a much more robust uh market than it was half a century ago. Okay. F 50 years ago, we still talked about stock brokers. You almost never hear that term today because what stock brokers did is they looked for kind of the next hot stock and then they tried to convince people to invest in that stock. You you you don't really see that anymore. what you have stock brokers have become investment advisors or raas where
33:40 they're really focused on helping people build wealth as opposed to making a killing on a particular stock. So the whole and and they're you know the the the industry sectors today are much different than they were a half a century ago. Okay. and and what the future bodess with new technologies be it the internet which again 50 years ago didn't exist with um artificial intelligence large language models automation and such what is that going to mean so it's not that the economy wasn't changing and dynamic a half a
34:17 century ago it was but again the rapidity today is greater and the volume of information today is greater. And so what it takes to stay on top of things is much more demanding. And so to to suggest that we should live the kind of life that someone decided to live 50 years ago may not make any sense. What we do want to do is live the life that we want within
34:52 the means that we have. Okay, that's different than living broke all the time. Now, if we're broke, we should be living like we're broke because we are [laughter] right. Uh, however, as our income increases and as our wealth increases, so our lifestyle can grow as well. Now, I did I did an episode a few few months ago, I think, on lifestyle creep. And again on this topic, I I recommend you go take a look at that episode because it talks about
35:28 some of these issues, but we don't need to live like monks. So deprivation oftenimes will lead to burnout and bad decisions. It can make us angry like what am I working so hard for? Those kinds of things. So what we want to do is strategically employ our resources with an eye toward the long term. Okay? So it may be perfectly appropriate to take a nice vacation. It affords you
36:03 relaxation, gives you a a change of perspective. All of that can be very vary beneficial so that when you go back to work you do so with a a fresh mind, a fresh outlook and you're more productive. So that time off can actually be the most productive time that you spend. So there was a uh a real estate uh sales expert by the name of uh Tommy Hop Hopkins and his philosophy was do the most productive thing at any
36:40 moment. And when you you hear that you think I should be working all the time but uh I I was fortunate enough to uh uh go to one of Tommy Hopkins's trainings. So I I I feel I can call him Tommy. So Tommy followed that up by saying sometimes the most productive thing you can do is not work, right? Take that downtime. So to use some of your income to take some downtime, which someone who's broke may not really be able to do, can be
37:16 perfectly appropriate and in fact may be the best decision because it will allow you to go on and reach, you know, higher uh larger financial goals, a higher level of wealth. Okay? So quality of life spending can increase your earning capacity. All right? So let's say that you know you don't enjoy cleaning your house. Okay? And not only does cleaning your house take time, but it makes you grumpy. Well, so you may be better off paying someone to clean your
37:52 house. And that way you can feel like you're you're treating yourself, giving yourself a little bit of a quality of life on the one hand. And on the other hand, you've freed up time maybe that you could spend working on your business or maybe work, you know, doing spending more time at your job or developing some kind of side hustle, something like that. All of those are options to consider rather than trying to maximize your wealth by living broke all the time. Okay. Finally, and and and this is
38:29 I' I've sort of alluded to this throughout today's show. Follow what worked for millionaires. Well, the problem with that is there's a a certain survivorship bias that distorts most success stories. So, as much as a number of these people who have become very wealthy and they turn around, they're going to explain to you how they got wealthy, oftentimes it appears much more linear in how they're explaining it than it was when they were going through it. That's
39:04 number one. Number two, the context in which they built their wealth is very different. Right? So I I I mentioned Tommy Hopkins a minute ago. So Tommy Hopkins was very successful in the real estate business in the 1970s. Now in the 19 and here in California, I believe it was in Orange County if memory serves. So here's the thing. When Tommy Hopkins was active in real estate, the California Association of Realtors contract for buying a home was two to
39:42 four pa two to four letter size pages long. The contract today for the for buying a house is I think something like 20 to 30 legalsiz pages long. That's how much more complex things are today. How much more highly regulated things are today. That's not to say that becoming a real estate agent isn't a good way to, you know, build a a large income and build wealth. It is, but it's
40:18 not the same as it was for Tommy Hopkins when he did it. Now I I will say that he he keeps I I don't I don't know if he's still doing training but certainly when I took his training he was aware of the kind of changes that had happened in the real estate market. Okay. So so I I this is not to knock any particular trainer. The good ones recognize how things have changed and and they help people identify what are the core issues with which they're going to have to deal in
40:53 order to follow a path similar to the one that they followed. Okay? But we shouldn't be we shouldn't fool ourselves into thinking that we can do exactly what this person did and get the same result. that it just doesn't work that way. Okay? There are too many variables including the very basic one of we are not that person building wealth at the time that that person was building wealth. Okay? So be careful in listening to how other
41:29 people built wealth and being seduced into what the the sort of seeming linear linearness
41:38 >> [laughter]
41:39 >> lineality of of their stories. Um the the the sort of sense of certainty that that that they may project it's very likely they it was not linear and they were probably not nearly as certain about the outcome as they are now having achieved that outcome. Okay. And um the second thing is um their path may not be compatible with your skills, your timeline, your risk tolerance. Okay, again those are individual issues and
42:14 they do not necessarily align and so then what that millionaire may be explaining or teaching won't necessarily fit with your perspective. So the fact of the matter is and this is kind of the concluding uh idea I want to share with you is wealth habits have to fit the person not the headlines not the the the sort of you know checklist of wealth habits okay it needs to be an individual plan certainly
42:51 watch watch shows like mine of course right uh watch other podcasts, listen to them, read books, listen to the business and economic news and and and learn and grow in your ability in this regard. But be wary of any kind of advice that says always do this or never do this. Rarely is that the case. There are almost always exceptions. And the wealth habits
43:26 that will work the best for you are the ones that come from your having an honest discussion with yourself. If you have a spouse, your spouse and your wealth advisor or advisors about the kind of life you want to have, the kind of risk you're willing to take, the sacrifices you're willing to make, and then build a plan specific to you, tailored to you. So, those are my thoughts today on the anti-checklist wealth habits. And if you have any
44:03 thoughts, comments, questions, concerns, my links to my social media will be in the show notes after this episode posts on YouTube. If you're watching this on Spotify or Apple Podcast and you liked it, please leave a review. I would really appreciate that. And if you're not a subscriber to my YouTube channel, uh again, would really appreciate um you know, having you be a subscriber and that way you'll know anytime that a new show uh um is is is going live andor posts um on my channel. So you'll be able to know about all the various way
44:40 to wow uh shows um that I'm doing. So, I thank you very much for joining me today. And uh let's see. Um tomorrow is uh my every other Thursday show, Jiggers's Place. We'll have a cocktail in a smoo. So, one more chance to be together this week and then full slate of shows next week. Again, thank you very much for joining me. Wishing you a wonderful rest of the day and signing off as I always do. Marie darling, you are my bell. Courage at all times, my