00:00:00:00 - 00:00:31:05
Unknown
Because we plan to. Ellen was planning to use these. Turn these these into shorts on the social media snippets and then leading to coaching seminars and all that stuff. Yeah. So really, this is a marketing piece for where we're building a lot of a bunch of footage so we can turn them into marketing, thinking, Cool. You kind of saw your own.
00:00:31:07 - 00:01:25:20
Unknown
Okay, you need to test testing. So yeah, the framework where we ask some questions and then later on when you go in, see it will be a bit intro, I know doing a bit different. So because the reason is yeah, just I know it's recording, it's so the podcast is about obviously wealth mastery like, you know, business finance mindset, but it's more like relevance in terms of what you guys want to know, right?
00:01:26:00 - 00:01:47:07
Unknown
So I think it's from the first day you might be going, She's here for graduate, like, you know, just experiences like my God, this, this podcast really stuff, right? So yeah, you write down a few questions like, Yeah, yeah. Okay, cool. We're going to go yeah, yeah, cool, Go for it. Do you want to ask some questions today?
00:01:47:08 - 00:02:11:04
Unknown
So I think of yeah, a bit of context before we start. I reckon in business it's not the strongest or the smartest that is going to dominate in the industry. So in business it's the people that are most adapted to change. One thing I'm really proud of is that we have in our business it's energy especially. We have people that are as young as 20 something, as old as 60 something.
00:02:11:04 - 00:02:37:15
Unknown
So it's a world diverse, and I believe it's about listening to their voices. And now we have you today because, yeah, you're kind of getting a bit of work experience, but you know, you're very young and building your career and so forth. I want to know, like, what are some of the questions that you may have and hopefully like, you know, I wish I had a mentor or a teacher or a coach is answer some of these questions that I had when I was in my twenties or thirties right.
00:02:37:17 - 00:03:02:15
Unknown
So over to you. What's your first question that you wanted to know? So my first question that every youth want to know is what is in them and how can we find them? So pay them. Sure. Okay. So we're talking about finances a bit before I think firstly, you know, if I was certified, financial freedom is basically it's a state of mind, to be honest.
00:03:02:15 - 00:03:31:08
Unknown
Like, I mean, they could be a number that you achieve, right? It needs to be clear and will define right. Often they in our clients when we ask them, hey, you know, what's that magic number my you want to retire on. Right. And if I was to ask you today, you may or may not know. So if asked that question to you, what is financial freedom in terms of number on a monthly basis, would you not hire in my business?
00:03:31:10 - 00:03:52:10
Unknown
So that's a timeframe you want to retire, but what's the amount of income that you need for financial freedom is a number might not for you, but yeah, so exactly. So this is probably the first step having that absolute clarity in terms of what financial freedom means. In terms of a number terms, it may be very different to me because I have a family with two kids.
00:03:52:10 - 00:04:12:22
Unknown
For yourself, it may be very, very simple or less, right? So what's that magic number? So my my magic number is 50,000 a month in passive income, right? So generated from my investments. I'm not there yet, but obviously I'm aspiring towards that. But I know exactly what I need to do to get there. So is that a five year journey?
00:04:12:22 - 00:04:41:22
Unknown
Is a ten years, a 15 year journey, Right? So that's financial freedom, right? There is another stages, right? So you need to define. Right. Let's not start with that big because sometimes what is a simple words in terms of financial, probably security, right? So there is a number, financial security. So what does it mean for us? Financial security means that if you're investments or the passive income generate, it covers your basic necessities like rent or mortgage, right?
00:04:41:22 - 00:05:09:18
Unknown
Your food, your insurances, your your transport. Right. That would be considered your financial security. Right. It was interesting because not long ago we were participating an event with my mentor, Tony Robbins, and we were just sharing that, learning with some of the kids and younger people. I mean, I know you're renting and because you're in here, you know, studying, but there are some young people that are living from home.
00:05:09:18 - 00:05:29:02
Unknown
And I said, What's your financial security? They put it on the calculator and they show me zero. So they already financial secured, right? Because they don't have to pay anything. Right. So that's a great stage to be in because the parents are paying for the rates and utilities and food and so forth. Right. Which is great. But then there's actually five different levels.
00:05:29:02 - 00:05:50:17
Unknown
So if you don't mind, I'll share that. So financial security is one take. One is your financial vitality. So what does it mean? So it's exactly the five items or the items I've talked about before, covering your brand, utilities and so forth. Transportation, food, right. Insurances. But then now it covers half of your luxury life, things like your clothes, right.
00:05:50:19 - 00:06:17:17
Unknown
Or luxury light traveling right, Entertainment, right. And then. Yeah, so clothes, entertainment and luxury, right? So if it covers half of that, then you're financially, you know, financially vitality, Right? Financial vitality. So and then if it's financial independence, that means it covers all the five that I mentioned before, plus all these luxuries, entertainment and, and yet the dreams.
00:06:17:17 - 00:06:38:22
Unknown
Right? So therefore, you're financially independent, right? So you need to be clear on that number. I'm clear on that number. But, you know, that's probably the first exercise because people go, I want to be millionaire, I want to be a billionaire. But do we need a million, $1,000,000,000 to cover just your basic financial security, financial vitality or financial independence?
00:06:38:22 - 00:06:58:14
Unknown
The answer is no. Even I'm saying like, you know, if I'm a billionaire, of course, it covers, you know, my financial freedom or absolute financial freedom, which are the later stages. But you're sometimes we're imagining too big and it's something not reachable. And that's why we don't do it. Right. So I think if I was to recommend any young person, right.
00:06:58:15 - 00:07:17:20
Unknown
The funny thing, a financial security force. Are you guys living at home is zero. That's great. Let's look at financial vitality. I want to go on a trip, let's say to Korea, like to to Asia. I was listening to a podcast or YouTube. If you get it so clear into the what what class it my flying in my flying economy business or first class.
00:07:17:20 - 00:07:40:14
Unknown
Right. What seat you're going in, how long you're staying, what sort of hotels like you can come up with that number. Right. Is it 10,000, Is it 25,000 for that trip. That's your kind of luxury cost, right? And then you can work backwards to get your financial vitality in financial independence. Does that help? Okay, great. Okay. Next question.
00:07:40:16 - 00:08:10:17
Unknown
So thank you. Thank about the passive passive income, tell us some like ideas to generate the passive income. Sure. Excellent. Yeah. So there's a difference between active and passive income. So I kind of like read a book and an analogy from Robert Kiyosaki Rich, that product, right? So it's kind of like active income, right? I just imagine I'm using Philippines Village because we're there or just village in general, and I'm just there to get water, right?
00:08:10:19 - 00:08:47:22
Unknown
Active income means heading to the pump, right? Maybe one or two kilometers away. Right. Pumping that water and bring that water back right in a bamboo stick. Right. And that's active income. It's not right or wrong. Correct or wrong. Right. It's just what you need to do. So it's working. Right. But if it's a passive income, right, it's going to the water pump and then start thinking about designing like, you know, the pipes in the beginning is hard because not only there's no water to your village, you still have to do the normal active income to pump the pump the water and carry it back and forth right through.
00:08:47:24 - 00:09:07:05
Unknown
So therefore, sometimes, you know, there was a story as to villages, right. One needs the one building, the pipe lines, the one active income, and they're looking at the one with the pipe light. Very silly. Why are you carrying water and still building that pipe? And he said, just wait, be patient, because that took a long time. It wasn't one month, it wasn't two months, it was a year.
00:09:07:10 - 00:09:24:19
Unknown
But the story goes, of course, he built the pipe and guess what? Now he's got a tap. We've running water. Now know this simple analogy, something that we enjoy water on a you know, a daily basis. And some of the blessings, to be honest, some some places are still without order, but I use that in terms of income.
00:09:24:19 - 00:09:47:10
Unknown
So you need to build your kind of passive income streams or your pipe. So therefore, one of the types right. So yes, given we're in finance, right, we invest in property. So what sort of property, residential property or commercial property. So the key analogy in and to create passive income is finding an asset. Right. And you might be going to story comes up.
00:09:47:15 - 00:10:11:03
Unknown
it's hard who do you think you are and the story and the limiting beliefs that are coming up. But there are deals out there that the income generated from the rain, there's residential or commercial pays off the expenses. Right. In terms of your cancer rate, whatever costs associated with the property. And then the difference is what we call passive income, a positive income.
00:10:11:05 - 00:10:34:20
Unknown
Right? So we we talked about with another gentleman, one of my staff took we said, it's 20 grand in terms of rent your expenses of ten grand a year. Then the passive income is ten grand a year, right? T.K. had a dream or financial whatever level, but one of them was 60 grand. So he had one property.
00:10:34:20 - 00:10:54:20
Unknown
Now 20 grand, minus ten is ten grand. Passive income. How many properties may do it? Does he need to retire or achieve his financial freedom? Six right now. That's why when you're talking about financial freedom and you paint a number, I don't even have a number. It's not even realistic for you to achieve. We can't even break it down.
00:10:54:21 - 00:11:19:07
Unknown
We'll talk about an elephant, how to eat the elephant. And it's not about, hey, eating it straight away. We need to break it into bite sized pieces. So that's one way commercial. Same idea. The rental. There's benefits in investing in commercial property and residential. I won't go into it just means that the net income right from that particular business pays for the expenses and this time maybe 15 grand.
00:11:19:07 - 00:11:47:04
Unknown
20 grand, right. So again, if it's 20 grand passive income, 60 grand's the target. You need three commercial properties, right? That is the simple analogy. Now, no doubt, you know, property is one vehicle by maybe a business investor. Fortunate enough, I think some businesses, some may not be in that passive income state, but it's again, the operating income from the business minus the wages or the expenses, everything, right.
00:11:47:04 - 00:12:08:04
Unknown
There's a profit and you're a shareholder. So if it had 100 K net profit and you own 10%, then you'll get 10%, 10,000 inches a passive income. So that's from a business, right? Some years, maybe good, some years, maybe bad, Right. We're not sure. Same as rental, right? Some may not be rented. Right. Because it's vacant. Right. Commercial may be more vacant.
00:12:08:07 - 00:12:36:16
Unknown
Who knows? Right. But there's a risk in investing. But the secret of building that passive income is not to have just going back to that water analogy is not one pipe, maybe another pipe to another well, another pipe to a different world. So therefore, if you've got multiple pipes right and millionaires, to be honest, I've not billionaires and many streams are positive or passive income numerous right could be from real estate, could be from businesses, could be from shares, could be for royalties and stuff.
00:12:36:16 - 00:12:59:22
Unknown
Right. But if you're a millionaire, you at least should be having at least 3 to 4 different types of passive income coming through. So I'm working on that. So definitely I don't have just one business. I have different businesses in shares and investments right in through the right structure because we talk to unto and to him, it's not how much you make is how much you keep.
00:12:59:24 - 00:13:19:19
Unknown
So the taxation environment, it's not even how much you keep is what you do with the money. Right. So he, he talked about Uncle T.K. talked about something. You learned a little bit about that in your first day here, right? Working with me. Right. It's very advanced. And you're saying, my gosh, I never encountered that in my master's degree, but this is a real life example.
00:13:19:22 - 00:13:53:08
Unknown
And the school kids remember I talked about the three that really need to measure. Do you remember what was the first fiscal cut? We need to look at profit and yet profit loss. You're very quiet. Second. What is that? Yeah. yeah. That's the income expenses, the balance. yeah. Balance sheet. And lastly, the stifle as they segment right there, the free so good that you take it away that because that's the message that I want to get across doesn't matter you're a business owner or a p g you need to come up with those scorecards or report cuts.
00:13:53:10 - 00:14:26:07
Unknown
Hope that answers your second questions. And then what's your third one? So I would like to go back again to the finance. So for you, what is financial literacy and why should one have this finance and replacing the life? Yeah, sure. Right. Because financial literacy is different to mathematics, right? Mathematics is doing your fractions. Algebra is an important skill to have, but financial literacy is going back to that.
00:14:26:07 - 00:14:48:04
Unknown
Three cuts I'm talking about. If you were to ask someone and I've seen many clients because I work with different professionals, right? They may be an engineer, they've graduated, they got they're fantastic in math. I graduated mathematics. In finance. You learn about the show's formula, you learn about the black sholes, right? Or some financial like or E equals M.C. Square.
00:14:48:06 - 00:15:11:01
Unknown
But that's not financial literacy. True, right? It's not about managing money. So I see these clients, right, that are so smart. Right? They're really good at mathematics. But then the financial literacy, when it comes to doing the simple income and expenses balance sheet, right, just the two, they couldn't even do it. So financial literacy is reading like balance sheet is what you own.
00:15:11:04 - 00:15:34:17
Unknown
Write what you think in stuff, what you owe and what's you know, you inject it in terms of equity, as simple as that. Right. But you know if say that engineer I'm just using that I'm not being on any just a professional. Right. They come out and usually I mean I love my cars and assets right. So cars but you know, we tend to say, hey, it's an asset on the balance sheet.
00:15:34:19 - 00:15:51:19
Unknown
True. Even I was teaching that to girls now. Right. It's an asset on the balance sheet, but is it an appreciating asset or deep reshaping asset? Right. I think I share that with you. What do you think? A car generally, right, because they are some cars that are vintage or the TTR, Right. You guys were really laughing, right.
00:15:51:19 - 00:16:11:13
Unknown
And this is like a special edition that can go up in value. I'm not talking about those. But generally, what do a cars on an asset, is it an appreciating or depreciating? What do you think? Yeah, so it's understanding it's an asset on your balance sheet, but it's not creating value versus a house. And I'm generalizing here over the long term, right?
00:16:11:13 - 00:16:32:15
Unknown
You bought in the 1980s any house in Sydney, right. Is it an appreciating asset or depreciate depreciating asset, which one. Yeah. So it's understanding and mapping out the sort of asset items and then the liabilities. What you. right. And often like what happens to a professional, not any agency or anything since they come out, what do they do.
00:16:32:17 - 00:16:55:06
Unknown
I'm working now. Let's get a credit card. Right. So you're building your liability. I want to have that car which is not depreciating asset in general, and they get a car loan and then they they they look at their income and expenses. They're racking up all these liabilities and they're not enough, you know, savings. Therefore, they don't build a good financial literacy.
00:16:55:12 - 00:17:14:20
Unknown
And they wonder why, because no one's taught them. You don't teach that and learn that at school, right? Accounting is taught. I'm telling you in university, right, in, you know, university. And it's simple accounting. What I've just explained to you in the last 2 minutes, right? The accounting that I'm doing now, running a business is really looking at cash flow.
00:17:14:22 - 00:17:35:22
Unknown
Right. What's the money in? What's the taxes, what's the GST buy when you need to pay that? Well, some of you that a business owner, you know exactly what I mean. And then when you first start in your business, it's like, where's my cash gone? Right? It's all gone because you haven't planned to keep some money for Texas to because we take all the money being business owners.
00:17:35:24 - 00:18:02:22
Unknown
So therefore this financial literacy, managing the assets is so critical now, right? Because now why? I was talking to my wife on the way here. We no longer count money right? When's the last time you used $100 and got change? Remember? Because now you're tapping everything, right? When's the last time that you pulled up your expenses statement or had a look at how much you spent in the last month?
00:18:02:23 - 00:18:22:11
Unknown
Well, what's the like? Asked you to the nearest dollar? Would you know how much you spent last month? Last month? I you're just saying like I paid five K in the dollar is five 3 to 1 or 5391. Right. You know the exact number. Exactly right. So I'm trying to get at is because it's so easy and convenient.
00:18:22:11 - 00:18:42:01
Unknown
We lose sight. What's the most important measure that we need to have? Right. Just like driving a car, right. If you don't hold the steering wheel, you're going to crash right? And you accelerate. But now we've got all these levers and you don't even know like what? What's happening with your expenses. That's why financial literacy is forever more important.
00:18:42:03 - 00:18:59:21
Unknown
And yeah, even in my maths and finance degree, like I only know simple accounting, it's only when I start a business not even working. When I was working in one of the Big Fours, I'm aware what the statements are but didn't put it in practice until like, you know, Uncle Tony Robbins and different mentors that I really have to.
00:18:59:23 - 00:19:21:19
Unknown
And when you're running a business, you have to pay your taxes, you have to pay your salary. Then you realize, I really need to master this skill, right? So I'm teaching the two girls, right? Exactly what I'm teaching you. Right. The balance sheets that they they may like it or not like it, and then going back to profit and loss anyone, even if it's p G, you're working a job, you should know how much salary you're getting.
00:19:21:21 - 00:19:43:15
Unknown
It doesn't change unless you're having another business or more, you know, overtime or more income above or whatever it is, minus your expenses. Right? And if you don't keep track on it, right, what happens? You spend more than you earn. And to be honest, if it's any thing with financial literacy or building, well, if you spend more than you earn, you cannot create wealth.
00:19:43:17 - 00:20:05:20
Unknown
You cannot create like you cannot buy an investment property. The bank will look at you, Hey, man, you're spending more than you earn. How can I lend you money? How can I trust you? Right? So therefore, look, number one, profit loss, income minus expenses. And if it's a positive number, congratulate yourself. Right? That means, you know, you have savings, right?
00:20:05:22 - 00:20:24:13
Unknown
And I teach the girls that force things with money. Do you know what the four things are? Right? You can do with money? Number one is you spin, right? Like I said, don't please the pain. Don't spend more than you earn. Right? You can still spend right? A proportion of it. It shouldn't be no more than if it's mortgages and stuff like that.
00:20:24:13 - 00:20:48:24
Unknown
Like, come on, if you're like 100 ks, 100%, don't spend 110,000 lays right, Spend 50 and 60 and I simple mathematics. Now, if you don't even track, just like when you're asking me what's the number for financial freedom, you don't even know, you don't know where you're at least know what you're at. Number two, right? Yeah. You can invest the money, right?
00:20:48:24 - 00:21:09:21
Unknown
Or even before that, save your money, right? So you know your income minus you expenses a 100 K a year, and then you're spending like 70. You got 30 grand. Fantastic. You should celebrate. That's your savings right now. Out of that 30, you might have a percentage say then in a security bucket that no one touches. And it's like a safe return, like a term deposit.
00:21:09:21 - 00:21:42:05
Unknown
Right. Or online savings account. I think around 5% or something. Right. That's no one touches it. Or like if you have out of that 30, 15,000, it's in savings, 15,000, you need to invest it, right? Invested in what? very good. Now you learning right is that property is is a businesses is a shares is other vehicles. Now I'm not going to teach you I'm not advising you what but you need to do something to invest because it's not requiring is it requiring any of your time when you invest?
00:21:42:07 - 00:22:12:05
Unknown
You know, that's why it's passive income or semi passive. You still need to track it in terms of, you know, what's my share statement, what's my property statement? A little bit of work, but it's kind of like pretty passive, right? And also your savings. And lastly, give back, right the tidings. Right. So because why you need to give back, it trains your brain like, why do I go back to the Philippines or why do I, you know, in church you type it's training your brain that you have more than enough to give.
00:22:12:07 - 00:22:30:01
Unknown
And if you don't have that, maybe give something else your time. Right. But something you need to. If it's money, I prefer you give. Right. So there the four things you spend, right. And I'm not saying you can't spend on your toys or your dream holidays, right? That's part of your expenses. But don't go over the 110. 120.
00:22:30:03 - 00:22:48:24
Unknown
Right. Have a percentage. Right. It's a must that you say We said that 30%, 30,000 we mentioned. And half of that is in security bucket savings or half of that is in investment, which is growth assets. Right. Don't put all your eggs in one basket is a saying. It's just that we shouldn't put everything in Bitcoin. Do you love bitcoin?
00:22:48:24 - 00:23:13:00
Unknown
I'm not advising to you. It may be a percentage. That's cool, right? What's your tolerance or risk and strategy? Because some people did do very well, but no one knows the market. So therefore you still need to have some savings, a security bucket. And lastly, is the giving back, right. So what's the percentage right now? I like to work in percentages because it's not a set amount because your income may vary.
00:23:13:02 - 00:23:31:20
Unknown
Yeah, right. Because you're very capable. I know. Like, you know, once you finish your master's you may be earning 150 200 K Right. But if you have a set percentage then a set amount goes into your buckets and then starts compounding and you know, reinvest. Does that help you? Okay, that's a good question. I love it. You got it.
00:23:31:20 - 00:24:08:06
Unknown
Right. So I do talk about all. So how can I be happy? And personally how do you manage your income? Like how, how, how much do you like separate as a savings or investment. How do you. Yeah. So I think the key thing is without tracking your expenses like the income and expenses for the last three months, six months, three months is a good start because if it's someone with a household, let's face it, like if you've tracking monthly, like your bills come quarterly, your electricity bill and so forth.
00:24:08:06 - 00:24:26:12
Unknown
Right. So quarterly is a good measure. Half a half a month, half a year or a six months. And then also, yeah, do you need to go back and see what your truly like income and expenses Because then you can see what the percentage. But you know, we haven't talked about I mean this is the strategy I think it's listening to our first session.
00:24:26:12 - 00:24:46:09
Unknown
It's about the mindset, right? It's the most important because what's the reason in preventing us, you know, in in saving? It's our psychology and a belief in money. Now, my I'm just I'm just asking you what what has been your belief about money, if there was any Is there been a story that you told yourself about money or you be very good at saving?
00:24:46:14 - 00:25:16:15
Unknown
I'm just curious like, I also something like, I have. Since my family, I have developed a habit of saving for like I haven't yet investments. Yeah, that's great habit of savings so that I could do this someday in the future if they split into assets or something like that. Sure. I'm just accumulating my own. And who was that?
00:25:16:16 - 00:25:34:14
Unknown
Is that follow from your mom or your dad? Like, what did you learn those savings from the mother? Mother? Your mom, right? Yeah. She's been saving since a young age as well. Right. So you see her keeping money was a cash or the credit card or with cash, really, right? Yes. Just putting it somewhere else. Right. So she doesn't touch it.
00:25:34:14 - 00:25:57:24
Unknown
Right. So you learned that belief, right? So which is great. Now, if I was to ask you a percentage, if you did, you know what your saving percentage you like every normally I save like 30 to 20%. So 20 to 30%. Right. It's not it's a must for you is 20 right minimum yet so therefore you set that number and you committed to it and you have the mindset because of that and believe your mom's doing it.
00:25:57:24 - 00:26:17:00
Unknown
So I'm doing it as well. Right? So you need to have that like what we call non-negotiable number that you have as a must. Right. But again, I think you're tracking your income and your expenses, no doubt. Right. You're working. So you know how much you're earning per mom and how much you're spending. And then out of what's left, 20% goes into savings.
00:26:17:06 - 00:26:40:12
Unknown
Is that 20% of the net or 20% of your income? I'm just curious. it's actually the make the net. All right. And then the 80% year after year and then that's your dream means and so your expenses. So I'm just clarifying. So for the listeners, so let's say I'm just using 100 case, 100 K then 80 80% is the expenses and then 20%.
00:26:40:12 - 00:27:00:18
Unknown
So 20,000 will go to savings as a mass and then 80 is for expenses, rent and all that stuff. Food. Great. So you've got a plan right? And you know, it's, it's having that non-negotiable like success in life. Right. If I was to say is never about going to the gym that Mike and I talk about and just saving a lot of money, a lot of the saver, everything.
00:27:00:18 - 00:27:26:19
Unknown
No, it's about every single month your paycheck locking it away and setting it forget. And that's how you build that discipline, consistency, resilience. Right. And also persistency y because this thing's going to happen, right? This emergency funds. Right. But at least you got some savings, right? So that's the mindset that you need to have, the non-negotiable mindset and the belief about money.
00:27:26:22 - 00:27:46:01
Unknown
Now it's great that you have those habits because some people may be like, Hey, I'll be really look really nice if I spend that all on that LV bag, right? So, you know, it's that kind of like mindset you need to, hey man, I don't believe in tomorrow, right? So I have clients. It's like, why do I have to save?
00:27:46:06 - 00:28:06:09
Unknown
Let's live the moment, right? And especially I came from a migrant background. I came from, you know, Asia. It's like we worked so hard. We should live it right? Live it up. See, with that mentality, will happens. They tend to overspend, right? They don't track. They may record on the credit card. I'll just live it. Right. Enjoy the most right.
00:28:06:09 - 00:28:36:13
Unknown
And then they spend 110,000 over 100 K because they track it. But you can see the mindset. What prevents you in doing so If you have a good belief, empowering a belief, it's going to help you with your savings goal is that answer your question and I have a question for you. So how do you define the money and the happiness and the relationship money and real.
00:28:36:15 - 00:29:00:22
Unknown
Okay. Right. And happiness. Right. I think that's separate, right? Because money, I feel when we first define creates of more of who you are. Right. So sometimes my friend even says, hey, you been like you know, going and spending on this ride, going to restaurants and so forth. Right now, money doesn't solve all challenges, but I believe you have choice, right?
00:29:00:22 - 00:29:21:23
Unknown
I can have McDonald's with my wife and KFC is is a fine dining restaurant, but I have a choice. But I like to arrive in style. Right. It's a bit cool, right? You know, it's a bit quieter. Yes, they do have to. Candlelight dinner is just the experience. So me and my wife about experience. Right. So you can use very little money and great.
00:29:21:24 - 00:29:41:16
Unknown
And like, you know, we go to charity and I share with most of you guys I have a fantastic experience, but also I couldn't use money to have a fantastic experience, too, if that's what you enjoy. For example, we like to travel sometimes it's not like, hey, we do like traveling business class, right? Because you get your luggage first, you get better service.
00:29:41:22 - 00:30:04:00
Unknown
That's what we appreciate. Value, right? Does that mean we travel business class all the time? No, we we, we kids of other people. I've we've been asked to like not every time we want to, but, you know, that was my financial freedom. Number two right? Incorporates traveling business all the time. So that's the 50,000 a month that I need from not now, later on, but I've got that goal that I'm sparring towards.
00:30:04:02 - 00:30:28:02
Unknown
Is that making sense now? Happiness is what you That's why Tony talks about. It's not money mastery, right? He's got a book of money Mastery. That's the science he talks about wolf mastery. So what money can bring, right. So if you have more money, right. Like the multiple pipes in this, you know, from the water. Well, Right. You can buy your parents a car, right?
00:30:28:04 - 00:30:45:12
Unknown
I mean, what would they look like if you bought them a brand new car? I mean, imagine that here and then they have then have to pay for it. What would be the expression? Would they be happy or less happy or sad? What is the obvious to happy? Happy. Right. But sad that says, hey, where did you get this money?
00:30:45:14 - 00:31:06:03
Unknown
That's better on cars. It's just buy business or something, right? Because that something what Maybe not what they value at the moment. True. Right. So I think money creates more of you, who you are, and then happiness is what you defy. Right? So that's why another session we talked about, it's the art of fulfillment and fulfillment. It's not just happiness is part of it.
00:31:06:05 - 00:31:26:14
Unknown
What do you feel fulfilled with, Right? What are you at peace? I know you do yoga like you don't need money to be like, you know, at peace. After doing yoga, you just stretched and did some breathing exercises and you feel fulfilled, Right? And peaceful. And that's not like, you know, that's part of it. And happiness is part of fulfillment.
00:31:26:16 - 00:31:46:19
Unknown
It's also understanding what your partner I mean, if you're talking about relationship or what is it that you feel happy, right? Because for me, like, I may like to buy toys for Christmas for everyone in the village, and then seeing that happiness on their faces. Right. And they may not be just a toy guy. They could be whatever I simple things, right?
00:31:46:19 - 00:32:15:24
Unknown
So that's what I define happiness. And if I have money, I can do it straight away. Yeah. If I don't have money, I could still arrive in style, but it takes me a bit longer. Yeah. Does that help answer your question. Yeah. So my next question would be regarding reimbursement. would you rather people buying a home or invest that money somewhere else which one would be like and then two years or.
00:32:16:01 - 00:32:47:16
Unknown
Yeah. Yeah. So there's a talk in town called investing or owning your own home. Right. I feel it's really understanding your life stage as in, in, in finances as a person. So because I'm, I'm married with kids, right? My wife and I decided it's better to buy owner occupied home now is that the best way may not be because you can rent, but what my wife really needs is certainty and security and a place to nurture the kids.
00:32:47:16 - 00:33:10:14
Unknown
So there's not like, Hey, if we were renting, what could be the possible uncertainty with renting? What do you think the landlord might ask you to move? Right? The landlord will, like my wife really appreciates decorating her home right? So, you know, she can hang the paint paintings. You can, but you just have to do all these gap fillers afterwords.
00:33:10:15 - 00:33:28:23
Unknown
And maybe it costs right, because we've rented before. So it's not that we haven't rented. We've done the best of two worlds, but it's identifying what is it that you really want and need right now. Right. Because I'm just happy wife, happy life, right? You need to make sure that it's you know, your investments is meeting their needs as well.
00:33:28:23 - 00:33:47:01
Unknown
Right. So in answering a question we bought a unoccupied home is a better may be because of your renting your more cash flow not renting now because Sydney so expensive because I'm glad I bought ten years ago because my mortgage repayments is much lower than what if I was to rent at the same place renting. Is that making sense?
00:33:47:01 - 00:34:11:22
Unknown
Right. There's certain tax advantages in doing both. And also capital gains. But we talked about decision making, right? A be you never going to get a B at the same time and don't be upset with yourself. I did a I wish I did. B Right. You chose A right. So therefore you deal with a not you sell A or stop that and go to the B decision right?
00:34:12:00 - 00:34:29:19
Unknown
Otherwise you kind of regret all these things happening. So I have an answer. Your question is as such, but you need to define just like financial freedom. What is it that you want that exact number saying, Yeah, what are you trying to achieve? Are you are you happy with that uncertainty of renting and investing at the same time or your family?
00:34:29:19 - 00:34:48:00
Unknown
You can't handle that. Like you need to buy a home. And in fact, if your first time buyer, there's so many incentives form a government using very little money or leverage you would talk about to get into your first home. But it is 50 years because that's what you want. You want that security, but you have choice Once you have an asset, why you can sell.
00:34:48:02 - 00:35:27:04
Unknown
But if you're renting and you didn't buy an asset, you have no asset in terms of your portfolio as that. Answer your question. Cool. So what are the other investments I give that one can invest, whether the investment sectors are okay. So you're going back to investments on that side. Okay. What are the potential investments? So okay, so investments, obviously the common ones, we know iShares manage funds, property, commercial property, residential property, could be businesses, right?
00:35:27:05 - 00:35:49:23
Unknown
So there's a lot of different variety of, you know, investment vehicle. But I think the key thing is understanding what return you're going to get. Right? This deposit is on life savings, right? The lower the risks, right, the lower the return. Right. Usually right, The higher the risk, the higher the return. Right. So you need to understand what your risk appetite on that side.
00:35:49:23 - 00:36:08:11
Unknown
Right. And that's why you have the buckets right? I don't know what the percentage is, what you define as a percentage. And for those that are couples, right. I was fortunate enough to be coach and put my hand one time with Tony Robbins and he picked me and I was like, you know, the aggressive one trying to like, put everything in growth.
00:36:08:13 - 00:36:30:23
Unknown
But I didn't realize that one of my decisions really impacted my wife because into certainty and security, as I just mentioned, and it wasn't about not well, the whole thing about this money management or relationships was like everyone being happy or fulfilled, right? So you can't be all security or be or extreme. It's about understanding your partner meeting in the middle.
00:36:31:00 - 00:36:54:17
Unknown
So therefore now when we make decisions, it's not like, Hey man, as aggressive when five years or ten years before and you know, I had that story that I'm just doing it for the family. But with that story, my head doing it for the family, guess what? I may be running into a lot of risk or, you know, risk or or potential activities that I'm not aware of that could put the whole family in jeopardy.
00:36:54:17 - 00:37:25:06
Unknown
Right. So that's why it's understanding the two. Is that making sense? Understanding yourself, Right. So, yes, while making an investment, not like investing like properties or a stock market or what things that be considered the most. Yes, good question. I think I lost a lot of money when I was young and the guys were no know because all I was doing it for the family and other reason, but not knowing the risks and the return, not knowing that particular investment.
00:37:25:08 - 00:37:44:19
Unknown
I'm not saying you're going to a property. You know everything. So make sure you ask or consult some trusted experts. What are the things like you talked about buying your first property. What are the things to consider? You need to look for a solicitor. You need to do a pre-approval. Find out as much information, read up, not tick tock or it's a marketing tool.
00:37:44:21 - 00:38:03:21
Unknown
You can learn some tips, but to learn the whole buying journey may take a bit of research, reading different articles, talking to different people, right, And then collating, Hey, this is what I know so far. This is a buying investment is what I understand. This is what I don't understand. Right. Because even in a business like, Yeah, I want to buy a business, great.
00:38:03:21 - 00:38:24:23
Unknown
Go. Right. But what sort of structure in my buying is it? Is it a share? Is it a ownership in my buying, in a trust? Is it myself? And all these questions arise. I know it's like opening a can of worms, but you need to know if you don't know right, then you try and error. Then you may make mistakes.
00:38:24:23 - 00:38:46:12
Unknown
And it's okay when you're young, right? When you're getting more mature, like you think you want to make more mistakes or less less because you want to enjoy the investments that you built up, Right? So if you're young, right, it is okay to be a bit more bold and aggressive because you've got like time. I'm 40. I may not have as much time, but you're much younger than me, I'm sure.
00:38:46:14 - 00:39:12:22
Unknown
Right. So research, research, right. US experts and doing it right. I'm thinking for myself, as I said, I'm trying hard, but try smart, because if you try hard and it doesn't work, you need to be smart and smarter next time. Is that helping the next one? So do you think all having money and having money is enough for the investment or do you need something else as well?
00:39:12:24 - 00:39:39:10
Unknown
Say that again. Repeat again. Using having money only is enough, but the investment or you need something else as well. What sort of investments specifically life like in property or the stock market? It doesn't matter to invest. That is money only enough. But that's all you need. Like all your you should have certain level of mindset or you should have such a level of skills.
00:39:39:12 - 00:40:01:16
Unknown
Yeah. What kind of skills do you need for an investment property? Yeah, sure. So let's, let's understand a bit more. There's a few questions to that. So investing, of course, if you want to like Ray Dalio way, some of you guys know he's, you know, championing his own investing and fortunate enough to not meet in person. I think Tony had a seminar and he talked to us right, is an audience.
00:40:01:18 - 00:40:21:20
Unknown
And what he said was and he can attest well there's so many on on social anyway is diversification. Right? So not all your eggs in one basket, right. So having like I said, different pipes creating that passive income to generate that number. So in my mind, 50,000. Yeah, I'm very happy right now. What happens is 50,000. I don't need to work.
00:40:21:22 - 00:40:45:05
Unknown
I'll be doing more podcasts and doing things that I want and choose to do. Right. Well, having more impact with the community, right? Like I'm semi day. Like I can choose like, you know, I know I have a team and I'm very thankful that running the team while we're still talking. Otherwise I need to be sorting out some stuff in fact like you know that urgent case yesterday right 3 minutes they will settle but manage to solve it because the mindset.
00:40:45:05 - 00:41:03:11
Unknown
Right So manage to resolve it and fix that issue. You know and we talked about critical thinking and overcoming challenges right. It's when challenges come what you need to do. Right. An investment. If it doesn't make money, what do you do right? You cry about it and or you sell it and learn the lesson and you continue on.
00:41:03:11 - 00:41:30:04
Unknown
Right. But it's a skill you have to constantly, you know, increase that, but then you get the money, right? So, yes, whatever number that you said or for myself today was 60,000, my want 50,000 a month. And then you go, okay, what are the other areas that you need to focus on? Well, firstly, wealth mastery. It's not just because you can't take it to your grave, so therefore you better be healthy and having the energy to spend it right.
00:41:30:06 - 00:41:46:08
Unknown
How often do you see people? I seen it with my dad. Is that you work hot, hot, hot, hot, hot. And then you lose your health and then therefore you need to spend money to get your health back, right? You got to spend your wealth to get your money back, right? I mean, so spend your money to get your health back.
00:41:46:08 - 00:42:12:21
Unknown
Right. What what what's the point? Right. So therefore, at the same time, you should be healthy, energetic and right mindset, right. While you're creating this wealth because then you have the energy and the time to spend it makes is probably the emotional meaning, right? Or the mindset right. Even if you have money, if every day said, I don't really deserve this, it's what you want to have any you spend it all right.
00:42:12:24 - 00:42:29:09
Unknown
Do I deserve it right? If you don't believe that, hey, money makes more of who you are and you believe that money's root of all evil, then you won't deserve any. And you won't have any more. And then they will blame. Hey, you know, like they're just lucky, right where it's common thing. Lucky, right? Because they did something right?
00:42:29:09 - 00:42:49:24
Unknown
They've learned the lessons right? I've shared a lot of journey and lessons because I tried. I made a lot of mistakes or learnings. Right. So therefore, I think emotional meaning, Right. There's other areas I feel like all the way to like, you know, do we often celebrate, Right. I mean, Mike and I were talking about, hey, you have all the money, but you don't really live it.
00:42:50:01 - 00:43:05:19
Unknown
What's the point? What? So what I mean by living it? Do we celebrate with the kids? Do they really know who you are? Right. Are you really attending their school stuff? Right. I'm not saying, Hey, you don't attend. It's not a good or bad person. Are you making trips? Are you making magic experiences with the money that you have?
00:43:05:21 - 00:43:27:09
Unknown
Yeah. You got 50 grand, so. Well, who cares? No one cares how much you had. It's what you do with your money. True, Right. So, yeah, there's other areas like Mission Korea. Like, are you really loving what you do? Right? I mean, most people that do create that passive income, the reason is to serve more communities. For me, I'll be, you know, volunteering more, talking more inspiring, more right.
00:43:27:09 - 00:43:45:21
Unknown
So therefore, my growth and contribution is in that area. That's why I'm doing this podcast. That's why I'm having you, because I don't know what a young person's thinking, but at least you're young. And then the youngest, right? My two girls who you see, I really want them to have some sort of a template and tools, right? Whether they listen to it and apply it.
00:43:45:21 - 00:44:14:16
Unknown
Different story. At least I got the materials right and why is it that we need to talk about this today is because there's so much noise out there, right? If you're like looking, how do I invest? How many TikTok videos would you have before you even find the right one? And is that the right one? Like, you know, is it a coach that is pushing me to do something or selling me something, or is it a mentor that's walk the road and really, hey, really excited for you to and understand what the pitfalls or potential challenges as we move through?
00:44:14:21 - 00:44:39:13
Unknown
Is that making sense? All right. What question are we up to? So it's related to the investment. So how do you think of how to build the lasting well lasting? Well, yeah. Okay. How do you build lasting Well well, constantly checking. Right. So I don't know if you know right. If you flew in a plane. I know you're from Nepal, right?
00:44:39:13 - 00:45:14:05
Unknown
So the autopilot is never at one direction, right? The instrument always what happens. Right. You're a bit of internet agile and a bit savvy and adjust. Right? It's always adjusting, right? So you creating like long lasting. Well, firstly, the thinking needs to be like for for right. Because if you're like the mindset of buying a property and selling straight away in a short period of time, then you're not really looking at ways or strategies or even the holding entity to look at a long lasting like, you know well, right?
00:45:14:11 - 00:45:35:19
Unknown
So the mindset needs to be from the beginning. So how do we have that long lasting mindset? Well, what's the reason in creating that long lasting? Well, right. I mean, for me, I always say, hey, if I have property, I can pass it on to hopefully, definitely the second generation by my two daughters. But what's next? I'm not sure because I can't control.
00:45:35:19 - 00:45:58:22
Unknown
I may not be here, but at least I've done everything that I can within the power to allow them to do that. Race business is still very person orientated, right, and control. So you know, it may change your right, so therefore may not be as long lasting as if it's a good commercial or good residential property. But then going back to why Autopilot is checking in, how am I doing right?
00:45:58:22 - 00:46:16:08
Unknown
Is this still according to the goals, if not, change it, right? How can I change it to back to that sustainable thing? Right. Because I think if we've real estate, if you bought very early stage. Right. What did that. Well from an equity perspective now is it the right cash flow? Is it getting older. Right. Do I need to keep it?
00:46:16:08 - 00:46:37:10
Unknown
Do I need to sell it? Those questions need to be answered at a different stage. I kind of answer all of them too. But if you focus on too many, you may get a bit overwhelmed, right? Because I think these have to look at your assets, because I remember there's times where it's it's not easy, right? Like servicing the debt in terms of or the leverage for those particular properties.
00:46:37:12 - 00:47:04:19
Unknown
But now looking in hindsight, I it's good that I haven't sold or something a hassle because I've used that money for better use, whether it's for business education and so forth. Right. So you need to always constantly realign and recalibrate. True makes so you it your own business. So what do you think helps in the world of business?
00:47:04:21 - 00:47:31:03
Unknown
What? Say it again? Yeah, I'm in business. And then yeah. Since you are in your one business. Yeah. So what things helps in this world of business? So firstly, I think it's your psychology of the business leader and the owner, because if you believe in certain things, you will do or you will not do certain stuff. I know it sounds a bit silly.
00:47:31:05 - 00:47:50:13
Unknown
So what do I mean by that? Right. If you have the right mindset, Well, firstly everyone gets excited, they start the business, right? They're like, my God, this is new, this is great, right? But then, I mean, I'm sure it and am I can taste always like literally, my God, I've got to do this. I've got to do this and I've got to sell to.
00:47:50:13 - 00:48:12:18
Unknown
Right. You've got to do everything right because you're kind of like the artist, right? The business operator, right. But in terms of the growth, when you're saying what's the reasoning growth, people think growth is good, right? But growth requires effort and edgy capital. Mental, right, everything involved. So you need to have the right reason because it will get tough, right The first five years.
00:48:12:18 - 00:48:32:12
Unknown
I can't tell you how many arguments I have moved lie how many like sleepless nights when when a client when it's not stable in terms of foundation, you think this is the only client that you can deal with, right? So you're pleasing them rather than standing on your own values when it comes to your business because you don't know what you don't know in the beginning.
00:48:32:14 - 00:48:54:12
Unknown
So therefore, I feel the psychology and the mindset is super important. Critical, right? And building your personal development right and acquiring more skills, which later on we'll be covering we call it the Seven Business forces. I don't mind if I'm like talking Tony stuff, but like, what does it mean to us? Right? So I think I shared some of you with yourself, right.
00:48:54:12 - 00:49:17:18
Unknown
Some of the forces, because that's kind of like that, you know, autopilot, right. You may be off track with the business and seven forces asking the right questions at different life stages. Right. Will help you recalibrate, align back to what your goals and your mission and your growth mindset. Because I know there's businesses that are more successful than myself and then businesses that want to aspire to where we want to get to, right?
00:49:17:23 - 00:49:45:00
Unknown
So therefore, it's always that learning journey, even for you. So there's a reason why you took master's, right? You want more like, you know, not just certificates, but knowledge, you know, ability to apply, right? Strategies, right. So I hope that answers your question. Yeah. in the same scenario, like how do I valuing the company. The value in the company and in our self as well.
00:49:45:00 - 00:50:11:05
Unknown
Like yeah. That being the person and you've got yeah, sure, sure. So firstly adding value is the most important thing. That's what businesses do really well right now to be honest. I always say to the girls like, Hey, if working for a job, you don't get paid just by doing nothing in the hour, right? You get paid in an accountancy in a brokerage for the value that you bring in.
00:50:11:07 - 00:50:37:14
Unknown
So whether it's bookkeeping, whether it's a reconciliation, whether it's lending, whatever it is. Right. So as a value, like no doubt you're going to Master's degree to have more more skills and more experiences and accreditation so you can actually get that value right. But you need to add value, of course. Well, firstly, what is missing, right? I know I was talking to Ahmed like, yeah, you know, his wife was a roadside coffee, right?
00:50:37:16 - 00:51:01:17
Unknown
But there was a gap in the market so I identify there's not good cafes around so therefore they open a business. Right. But it's become a success or because there's a need, people are wanting good coffee so it's you know, adding value. Starbucks it wasn't that America didn't have coffee, they had coffee. It was either America know or what like certain types of coffee.
00:51:01:19 - 00:51:23:15
Unknown
But Starbucks, when it's brought to America, just change the way that it's delivered. But more importantly, it's a place where people before work could go into and just relax or catch up with their friends. So they're selling something different, not just the coffee besides with frappuccinos and chinos that they have right. And I feel the key thing is you need to identify patterns, right?
00:51:23:20 - 00:51:45:21
Unknown
Tony talks about patterns that are working well or patterns that are missing. Right. And then, you know, identify these patterns or gaps. Then you can look at adding value. So in a business, they may be, Hey, I noticed that, you know, they don't do lunches with the team, Right? Let's go As a large right. That's adding value from the culture perspective, Right?
00:51:45:23 - 00:52:12:11
Unknown
From a work perspective, I notice this process is missing. Right. They don't do a checklist, right? Well, it's up to this final finalization. If they had a checklist of this document, how well would they run their processes? Right. That's how you add value, right? So you need to look at gaps. And how do you learn? Well, firstly, you've traveled when you go to a new place, like I'm sure like, you know, you add value when you go back to your home country, right?
00:52:12:13 - 00:52:38:10
Unknown
Because my gosh, you do it now like this in Nepal, like Australia does it differently, right? You just mentioned, my God, I would just tap. Right. And you get the goods. Really? Yeah. We're still using cash, right? It'd be like Philippines too, right? So therefore, like when you identify gaps and then you implement it and add value, maybe business idea or you may add a lot of value to that particular organization because you're doing things differently.
00:52:38:12 - 00:53:08:02
Unknown
Does that help? Yeah, right. Okay, So now let's move back to the world. So what are the common mistakes when it comes to wealth or money? Shop? Wealth and money make mistakes. Is this limiting beliefs that controlled us? Like I said, right? I feel right If you don't do it right and then start experiencing, you'll never get a hit.
00:53:08:04 - 00:53:30:11
Unknown
But you might be going, There's so much information out there and overwhelming right? Then you need to refine it to one strategy and then go ABCD at the same time. Just because a lot of it doesn't work, you change your approach, right? Like I said, right. But I feel like often they may have a bad experience and they associate enough pain and then they don't do it again, right?
00:53:30:11 - 00:53:44:22
Unknown
What's the two regrets? Are the pain. Pain of regret. Right? So I'm talking to you. I'm not saying, Hey, you should go out there and just buy a property straight away because you need to determine how you are able to sustain it. All these questions need to be answered. We don't know. It's good that you're sitting with me.
00:53:44:22 - 00:54:00:10
Unknown
I can ask you those questions. Can you afford it? Can you meet the repayments? And if it's not, it's okay. You're just at that baby stage that you're not ready to get into a property and it's fine. Does that mean you're not going to get into a property in the future? No. Is this the or not in the right light stage?
00:54:00:12 - 00:54:21:03
Unknown
But what happens is that they did something and have bad experience and then they go on, This is bad, I reckon, into the investing wealth creation is that if you make a mistake, reflect what is the learning there, right? If you don't reflect right, sometimes it's your self right? But we love to point at no, it's the market.
00:54:21:09 - 00:54:41:20
Unknown
Is this right? But they are successful people that invest in shares, in property, in business. You need to find out those patterns and learn and copy them. Right. It's cool you're not allowed to copy, but I think in business it ticked off, so you copy them, right? It's a mentor. You copy? Exactly right, Tony. I paid a lot of money.
00:54:41:22 - 00:55:01:21
Unknown
I copy every word because hopefully, like, you know, I can apply it, right? They copy it. And then again, you reflect that, you know, autopilot and reassess because if you don't check in. Right. What happens? Right. Just like, you know, a piece of bread. Right. I take it what's going to happen? It's going to mold. It's going to go off.
00:55:01:23 - 00:55:26:15
Unknown
How often do we not do that in our finances? We let it mold because without checking in the right, recalibrating. So, yeah, bad experiences, good experiences is your thoughts and your beliefs and your blueprint preventing you in achieving it. But I think if you can overcome that and how do you overcome that? Well, hang around with people that have done it right or, you know, ask better questions like what you're doing now.
00:55:26:17 - 00:55:48:16
Unknown
I'm sure you learn a lot through this experience, Am I right? Yeah, true. But if you don't ask because you're, you know, he's the boss or we're in a corporate environment, right? You know, then you never learn, Right? Okay, cool. Mix a few more. Yeah, just a few more. So, since we talk about the money and finance and investment.
00:55:48:18 - 00:56:15:15
Unknown
So, what do you think of the relationship between the economy and finance? Okay, so, like, your own personal finances? Yeah, like your own finance of money, your and the economy. Sure. Okay, So economy, like, yes, you can read so much about it. Is it going up, interest rate and stuff that the reality and I know at the moment which is hitting everyone's bottom pocket is inflation.
00:56:15:15 - 00:56:36:15
Unknown
Right. You know, if you're traveling, it's petrol. Right. Unless you're driving a heavy car. Right. If it's food, it's going up. Right. I feel if with the economy firstly, like you can't control and the more you focus on things that you can't control, you may feel sad in and way, right? Whether upset, happy, indifferent. Right. So I'm not saying not to read it.
00:56:36:15 - 00:56:55:15
Unknown
It's just. Just what's the facts? The facts is at the moment your expenses, your income expenses, expenses going higher. Right. That's a fact. Right. So therefore, you know, in order to still achieve what you mentioned, like the 20% savings, like some make you right. I may not eat out as much. Right. And certain things that you can control.
00:56:55:15 - 00:57:17:03
Unknown
Right. So I think like the economy does impact us, but I want it to control us right. So Tony talks about like we're business owners, right? in terms of certain businesses, I started in what we're called the financial winters, right. So what do I mean by that? So it may be at recession that they started the business.
00:57:17:05 - 00:57:34:14
Unknown
I don't know if, you know, Disney was actually started in recession, Right. Forbes magazine. Right. A few other major brands have you to look up. Right. There's a lot. So what's the difference? Why is it that they may make money? Because they can focus. They can only focus on what they can control, Right. Not saying, hey, the economy's down.
00:57:34:14 - 00:57:55:02
Unknown
I'm not going to start a business now. You've got to be smart about it. Do a bit of research. But if that's absolutely what you want to do, you'll find a way, right? So therefore, going back. Yes, the inflation and cost of living his his hit us all was two ways, right? You either reduce or keep your expenses or you increase income and build other passive investments and so forth.
00:57:55:04 - 00:58:12:05
Unknown
Ask yourself a better question. There's no secret, right? I can't cheat that system. You can't cheat that system. No one did. But by not knowing about it and playing it hates the economy. It's the interest rate, right? You have a choice. If you have an asset you can choose to sell. It is is the key, but you can choose to leverage it.
00:58:12:05 - 00:58:34:07
Unknown
You can you have choice. But it's not the right choice or wrong choice. It's just that you have options, which again, your psychology preventing you or empowering you to do something. And then you make a decision because massive action is the biggest killer. But why we don't do it? It's the organ between our two E's, right? But our mind is there to protect us.
00:58:34:09 - 00:58:56:16
Unknown
You know, ever since in the beginning, right? I don't know if you know, like where we were in Stone Age or Bronze Age, Right? This this thing again, to protect us from getting eaten by dinosaurs and saber tooth tiger. Right. Even in relationships. Right. It's scared of getting hurt. Right. That's the whole idea behind that. But if you go beyond that, then there's things you can control through, right?
00:58:56:16 - 00:59:18:13
Unknown
You can control. Hey, you know, you're saying, hey, you're doing yoga and you can control. We like being grateful. You can control your emotions. I'll manage your emotions or manage about your wealth. Right. It doesn't have to be money, right? I can give back, right? Well, I can pledge, Right. So hopefully that answers is not economy, it's not the external factors is what we see the world and interpret.
00:59:18:13 - 00:59:50:07
Unknown
The meeting is the most important. I think it's so moving back to like what inspires you to do stuff. This is, yes, sure. I think I say I mean, I don't know how much I could share, but they said in the pain and stuff that I and I don't mind sharing. So yeah, there was reasons because of the charity trip, but I was building up my accreditations and I was working with another bank.
00:59:50:07 - 01:00:10:12
Unknown
I won't how I mentioned, but in fact, yeah, because I was doing too many businesses and stuff like that that the bank had to kick me out because I was running a business and stuff. And it kind of like was a conflict of interest, right? So that's the real reason. And then I remember that day and again, like, you know, what happens can happen to anyone.
01:00:10:14 - 01:00:31:02
Unknown
So I was unemployed, I was married and unemployed. And then I remember I was at the company's bottom phone. I rang my wife. I still remember that moment. Hey, I got fired at that. You guys okay? Well, you always wanted to do brokering, right? Okay, Farai, you know I'm here to support you, right? And you know, that's where his energy started right now.
01:00:31:02 - 01:00:53:18
Unknown
I didn't. I'd set up the company and all that stuff, but also I learned a few things. I didn't follow the right mentors, right? So it was a mentor, just really into money where I wasn't really providing client experience. So I had to kind of move from one business to another. So I had a lot of learnings in the beginning, but I found the right home a good mentor, and that's where I built my business.
01:00:53:20 - 01:01:16:23
Unknown
Definitely, you know, a lot more holidays if I was to run a business because it's flexible, right? That's a reason. And also that unlimited potential income, right? So it's based on yourself. Also, I had to do a bit of training, so I did a business with Tony Robbins in 2023, 2003, 13, sorry, in February. So I learned everything.
01:01:16:23 - 01:01:36:12
Unknown
I had nothing. So I learned certain skills. So he talked about in business is two things is that marketing how you market yourself and innovation, the way that you deliver that, that marketing, right? So tick tock, we have marketing is easier than ever and it is very assessable. But now you have so much competition, so how do you stand out?
01:01:36:14 - 01:01:55:20
Unknown
So it's how you delivered the service. So even when I was really good at, I mean, okay, not really good like in lending, but you were I care how good like, you know, you're facilitating credit, which I could have helped him and, and help him build his portfolio. It doesn't matter how good you are in, in packing the application.
01:01:56:01 - 01:02:18:07
Unknown
The key thing is the marketing, right? So if it's you attract attention, they'll go to you, but then it's up to you to deliver a good experience or fast the way not always fast and always cheapest way, right, efficient way, way that makes them feel important. Then the clients will come back. So therefore they always talk about clients.
01:02:18:09 - 01:02:38:07
Unknown
Once they do go raving, fans will stay. Is that making sense? Right. So yeah, so that's the way I started and grow from one and asked myself better questions and kept learning, right? So the first few years, like I said, I was doing a lot of pushing myself because I was young, right? I was like deejaying right here.
01:02:38:07 - 01:02:57:00
Unknown
Re Running businesses, right? It wasn't like, you know, a few hours sleep and going again. But you know, at times it maybe a bit too late. Is this all there is, right? Is is forever. But then obviously it's not because you ask yourself a better question. Can I do this a bit differently? Can I have people can I do the leverage.
01:02:57:02 - 01:03:19:02
Unknown
And it's overcoming certain limiting beliefs and then giving it a shot and blessing and people coming in and and there's a lot of stories and a little learnings even yesterday Right. Is managing that and then taking it to the next level. So yes, still learning and growing. That's what's happening. Yes. So you still in the process of exploring yourself and the business?
01:03:19:06 - 01:03:42:17
Unknown
Yeah, because I'm like, you know, like I say, I don't run just one business and run multiple businesses. I'm an investor myself. I'm accumulated a few properties. I mean, my wife and we just bought one today. So just like, you know, so we're constantly practicing. So learning never stops. And I think like if you want to be the best like karate expert or whatever sport or discipline, you need to continue to practice, right?
01:03:42:19 - 01:04:07:12
Unknown
But you may do it in a more intense, a different way to be more effective. So yeah, I'm constantly learning, right? Learning from you right there. Great questions. Yeah. Yeah. Going back to you. So you're like the greatest influencer and influencer supporter. So I've got to say, because I invest a lot with Uncle Tony, right? Robbins Right.
01:04:07:14 - 01:04:27:00
Unknown
But because I started it when I was 20 something. So yeah, I know some of you guys don't know, but yeah, so I kind of like wrote down everything and every word and I didn't have a lot of money. No, I had just a young guy, right, to sort of be ambitious or I wanted to dream, right. But then realized like, hey, there's a lot of learnings.
01:04:27:00 - 01:04:43:04
Unknown
And I did his course. I was counting with one of my staff. Like, how many courses have you been? I think this time it's my 23rd time listening to Tony. Right? But some might be the same, some might be different. But why am I going back? Is because the different life stage of your business. When you asked the same question, you may.
01:04:43:06 - 01:05:07:13
Unknown
And if you play full out, it will give you a different learning and solution. And and at the moment, like I had times where business is that, hey, you achieve the money life, you're saying hey business earning over a million Yeah great done that right Building properties to X I've done that but what's next? It's now like giving back and I serve more people I want to share with my daughters, like, Hey, have that financial literacy.
01:05:07:15 - 01:05:26:08
Unknown
Because one thing with her was like, Hey man, you don't even know how to calculate percentages, right? So I'm like, Hey, man, the family trusts, right? you got to manage and control that, right? So I realize there's a gap into the skills. I'm not saying, Hey, I said, if you don't learn these skills, to be honest, I'm just going to give my wealth away.
01:05:26:10 - 01:05:54:21
Unknown
I'm going to donate it to charity. So some people that can have more impact, right? So that's the reasoning. Yeah. no, this is my final question. So what is your advice to the young ones like to improve their finances, to improve their finances? Yeah. Well, I think the key thing is take massive action, right? But massive in action, a sense, is a bit of like thinking.
01:05:54:21 - 01:06:14:09
Unknown
There's a bit of research, right? You may feel like that stuff that I talk about is so great and then it's not. It's start with something, right? It's not. What did I say? Do you have your profit and loss right or not with one concept. Do I know my financial freedom? Number two, I know what it is that I'm aiming for, right?
01:06:14:11 - 01:06:35:12
Unknown
Because sometimes you just start with that and then you break it down and you keep researching and finding out. Right. That curiosity, right? I mean, you don't go, Hey, the first module in accounting and it just give up. Just use chatter about it's all good or solve the world's problems. No, you need to be curious and find out why is it that you want your master's degree?
01:06:35:12 - 01:06:58:21
Unknown
We talked about that, right? Why is it that you want financial literacy, Wolf mastery and stuff? Is it because you want a better life? Is it because you want to avoid pain? Is it you want to gain pleasure? Write it down. Even now, I'm capturing like all the stuff I captured right in when I was 21. I mean, Tony Robbins, I was writing down like a crazy magnet because I wanted it so bad, Right?
01:06:58:23 - 01:07:22:09
Unknown
And when you want it and you, like, find out the methods, like why people, like, they're not lucky, right? They just start out like a recipe by baking a cake. They kind of like, don't do YouTube. One day they read it, they follow the instructions, they fucked it up, they made a bad cake and they make it again and again.
01:07:22:11 - 01:07:46:08
Unknown
And then they go, well, this is a recipe for success. So hopefully you learn like even today where investing doesn't stop, but you got to start somewhere. Start small, right? The elephant when you're chopping down, Hey, I've eaten the fingernails of that elephant. Yeah. So because it helps your mind to create that momentum for success. Right? I've done this one.
01:07:46:17 - 01:08:04:08
Unknown
it's easy now. All right. It's the balance sheet. I know it's the cause and assets and liabilities, the whole. It's getting tough, right? I've done that one. it's going to cash flow now. Now we're talking about property. I can't do it all at once. If you do it all at once, like you told. Like how many years?
01:08:04:08 - 01:08:28:24
Unknown
12 years. Right. But one thing is, don't underestimate that People overestimate what they can do in a year, right? Because they fit everything in. Right. Let me do this. But they underestimate what they can in a decade. Right? If you look at ten years ago where you were, you would have thought something in your hit, right? It was a four right?
01:08:29:01 - 01:08:49:19
Unknown
You didn't know how. You didn't have the money or you didn't know you were going to do masses and counting. Right? You didn't know you're going to be in a podcast, right? Yeah. So that's why I started from somewhere. So hopefully, like for those young people don't don't feel like it's so hard. Start with something small, right? Write it down and then you know it'll build on, right?
01:08:49:19 - 01:09:07:07
Unknown
So hopefully the listeners out there, if you want to find out more, we've got other ways for you to plug it because hopefully I had a really good session just talking and answering some of your question. I hope you learned a lot too. Yeah, I learned a lot. Is it? Yeah. And is there any questions from the audience as well?
01:09:07:07 - 01:09:16:08
Unknown
Well, anything? No. Okay, let's do up. Right. All right. Thank you. Yeah. Hi.
