Wealthy? But All You Have is Money! (The FIVE Types of Wealth) SB1548

How do we build true wealth? We’re diving into a piece that outlines the 5 types of wealth we can achieve. Alissa Maize from Amplify My Wealth, David Stein from Money for the Rest of Us, and Doc G from Earn & Invest join us.

How do we achieve balance in all aspects of our lives? Wealth isn’t only about Benjamin stacking! While money is a tool that enables us to have more freedom in life, there are so many more aspects that make up a wealthy life.

In the second half of the show, sponsored by DepositAccounts.com, we dive into more on the list of different types of wealth.

Be sure to stick around for Doug’s epic trivia question!

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.StackingBenjamins.com/201

Enjoy!

Watch on YouTube:

Our Topic:

The Five Types of Wealth (The Retirement Manifesto)

During our conversation, you’ll hear us mention:

The trap of earning more
Finding balance in different types of wealth
Keeping track of your progress
Social wealth
Surrounding ourselves with the right people
Money Mindset
How to have conversations about money
Defining your purpose and aligning your actions
The importance of personal relationships in your life’s legacy
Building lasting, meaningful relationships
Maintaining relationships in retirement
Time wealth
Being able to do what drives you
What you do with your free time
Using your time in alignment with your purpose
Prioritizing what you do with your free time
Time wasting activities
Scheduling activities vs. free-flowing time usage
Physical wealth
Health is wealth
If you don’t have good health, you can’t enjoy the financial wealth you’ve accumulated
Finding a system and building habits
Walking is healthy – physically and mentally
Effects that exercise has on your happiness
Eternal wealth
Spiritual wholeness
Listening to yourself
Doing the right thing
Value gained from helping others
How to connect the types of wealth
What will your legacy be?
Estate planning
Making an impact in the world
Generational growth

Our Contributors

A big thanks to our contributors! You can check out more links for our guests below.

David Stein

Another thanks to David Stein for joining our contributors this week! Hear more from David on his show, Money for the Rest of Us at Money For the Rest of Us on Apple Podcasts.

Alissa Maizes

Another thanks to Alissa Maizes for joining us today. To learn more about Alissa and how her financial planning firm can help you reach your financial goals, visit Fiduciary Fee-only financial Planning.

Hear more from Alissa on her show, The Get Ready Money Podcast at The Get Ready Money Podcast: The Get Ready Money Podcast with Alissa Maizes: Amplify My Wealth on Apple Podcasts.

Doc G

Another thanks to Doc G for joining our contributors this week! Hear more from Doc G on his show, Earn & Invest podcast at Earn & Invest on Apple Podcasts.

Check out his book Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life.

Doug’s Game Show Trivia

What is the total distance of this year’s Tour de France?

DepositAccounts

Thanks to DepositAccounts.com for sponsoring Stacking Benjamins. DepositsAccounts.com is the #1 place to go when you’re looking to see if your rate is the BEST rate on savings, CDs, money markets, and even checking accounts! Check out ALL of the rates ranked from best to worst (and see the national averages) at DepositAccounts.com.

Mentioned in today’s show

Join Us on Monday!

Tune in on Monday when we talk about why people fall out of love with their jobs with psychologist and NYU professor Tessa West.

Miss our last show? Check it out here: Savings Bonds, “Coast FI,” and Do I Need a Trust? (Your Questions) SB1547.

Written by: Kevin Bailey

Episode transcript

[00:00:00] bit: He got me invested in some kind of root company and so then I got a call from him saying, we don’t have to worry about money no more. And I said, that’s good. One less thing.

[00:00:17] Doug: Live from the basement of the YouTube headquarters. It’s the Stacking Benjamin Show.

[00:00:32] I’m Joe’s mom’s neighbor, Doug. On today’s round table, we’re talking about investing and the five types of wealth with the host of the Money For the rest of Us podcast, David Stein. Also joining us is the woman who lives to help you invest in yourself from Amplify my Wealth, its financial planner Alyssa Maes, and finally, the guy who could sell stock and kindness from Earn and Invest.

[00:00:57] It’s Doc G. But that’s not all. Halfway through the show, I’ll share my winding trivia question. And now the guy who’s going for the Golden Podcasting, it’s Joe, oh Saul C.

[00:01:13] Joe: Hey everybody, happy Friday. Glad you’re here with us. And thank you Doug for the great introduction. We are gonna have some fun today because we’ve got a great cast who are all gold medal worthy when it comes to we’re, we’re a week away from the opening ceremonies of the Olympics.

[00:01:30] Can you believe that’s coming up already? Let’s say hi to the guy who orchestrates our brother podcast. Uh, doc G is here. How are you man? I’m doing well. And I like that brother podcast. I never called it that before. Well, I think when Crystal’s here, we’re gonna talk about her having the sister podcast, so you might as well have the brother podcast.

[00:01:47] Right.

[00:01:48] Dog G: Very exciting and very excited to be part of the Stacking Benjamins network in general.

[00:01:53] Joe: Yeah. And here are two people who we consider part of our outer network. First of all, from Amplify My Wealth, Alyssa Mays, this is Back. How are you?

[00:02:02] Alissa: Hi, how are you? So glad to be here.

[00:02:04] Joe: I know. So it is hotter than hell right now.

[00:02:07] Alyssa in, uh, Texas. It’s gotta be in southern Florida. I can’t believe you’re wearing clothes. Like it’s gotta be all humidity all the time now.

[00:02:16] Alissa: Well, there is a video and it’s live, so I thought I’d be family friendly. But yes, it is so hot in Florida, but it’s even hotter everywhere else. So we actually have relatively good weather in Texas and Florida now.

[00:02:31] Joe: Oh it Well, yeah. True. Uh, good, good point. I mean, I saw people frying an egg. On the, uh, sidewalk outside of Las Vegas, so I know exactly what you’re talking about. Tell everybody by the way, a little bit about your practice, uh, to amplify my wealth. And you’re all over social media too, especially Instagram.

[00:02:46] Alissa: Yes. I love sharing all different tips on financial literacy, and I just think it’s so important to make the conversation normal amongst as many people as possible because increases the chance that people feel comfortable with their finances. So I. Bringing that into my practice where I help women and their families as well as young adults who are just getting started on their financial journey.

[00:03:12] So I help them with a plan and advice, and I just love doing it because I also work on removing the mindset barrier that a lot of people have going into trying to amplify their wealth. So for me, it’s really personal. I just love being able to provide the tools for as many people as possible, whether it’s on Instagram or with my clients.

[00:03:35] Joe: Speaking of that, I’ve seen videos of you and your own kids, Alyssa, you, it looks like you have fun talking money with your kids. Your kids good with money.

[00:03:42] Alissa: You know, they are, I’m lucky one just turned 23 last week, and another one will be 21 in a few weeks. I am grateful that my kids are great with money, but I have to say my 23 year olds who’s a year out of college blows my mind because he has already put together spreadsheets that are coded and everything.

[00:04:03] Wow. So he, yeah, he can figure out his own finances for retirement and he’s discussed the concern even though he has a great job and he saves as much as he can and enjoys his life. But the concern amongst a lot of younger people of being able to save enough so they can have a place that they own and live in.

[00:04:21] So I just find it mind blowing. So he’s in that stage. My other son has one more year of college, but he’s a serial entrepreneur, so I’m grateful that they’re both mindful about their money.

[00:04:34] Joe: That is spoken like a true mom and rightfully so. If I was thinking about any of that stuff, Alyssa at 23 or heck, maybe even at 33, I would’ve been, I would’ve been been much better off a guy who, well, let’s see if he was thinking about this at 23 or at 33, David Stein is here.

[00:04:49] David, Stu. David, were you thinking about money management at 23 years old?

[00:04:54] David: Oh yeah. Yeah. That’s why I studied finance. I was thinking about money in 12. You know, when you come out of poverty, you think about money a lot. And so I wanted to figure out how not to be poor. So yes, I thought about it,

[00:05:07] Joe: David. So the, maybe I needed to know you sooner and then maybe I would’ve thought about it by the time I was 23, or heck, at least by 33.

[00:05:17] But you’ve been up to something, not just money with the rest of us, money for the rest of us rather, but also you. You have an app that, when I saw you at FinCon last year, you had a new app coming out. Tell me about that.

[00:05:28] David: Yeah, sure. So we just completed 10 years of money for the rest of us. But one of the things we’ve found is, you know, we’ve always run a membership community, but we couldn’t even share with our members a graph showing the valuations, like the PE ratio of emerging market stocks or all these tools that are locked behind Wall Street or where you’re, we were paying a hundred thousand dollars a year for data, and so we decided, you know what, we’re gonna democratize investing tools and, and create an asset camp, which is a, basically, it gives individuals an understanding of index funds and ETFs, you know, what’s under the hood, what are their earnings, what is the dividend yield, you know, what drove performance, and it’s been about a year.

[00:06:10] You can continue to iterate, but that’s what we’re working on, is how can we better help individual investors analyze index funds and ETFs, as well as the bond market

[00:06:19] Joe: that’s in the bond market, which is always been very opaque.

[00:06:24] David: Well, yeah, I mean it would’ve been partly because, you know, even as an institutional advisor, we couldn’t get good bond data.

[00:06:31] We have to beg for it from, from bond managers. And so we have a, a licensing agreement with Bloomberg. We have licensing agreements with MSCI and then we built the tools from there. Education is the mission, and this is just a better way to, I kind of liken it to ikea. You know, with ikea you buy a piece of furniture and you put it together and it feels like, Hey, I made furniture.

[00:06:50] We’re doing the same thing. We’re giving people the tools, but then we do monthly webinars, show them how to use them. You know, what are these Wait minute,

[00:06:56] Joe: wait, wait. David, do I just put this app together myself?

[00:06:59] David: No, no, no. You don’t. No, but we’ll help you. You can look, it’s like having data. I mean, it’s like to be able to see what drove the stock market.

[00:07:08] You know why, for example, international stocks have underperformed for 10 years. The US market. Why? Well, we like to put numbers to it, you know, how much was currency, the strengthening dollar, how much was the fact that you non-US stocks got cheaper while US stocks. Got more expensive. And so to be able to quantify that, to give us kind of the comfort to say, oh, well maybe I shouldn’t fire my international stock ETF, maybe I should keep it in there because it has a higher expected return and I can see what, what contributes to that return.

[00:07:37] Joe: God, we need that evidence right now. I get so tired online and people saying, I’m dumping my international, I’m like, oh, that’s gonna end Well, that is exactly. Yeah. Uh, what’s the website, David? Where can people find it or find it on the app store?

[00:07:48] David: Yeah, it’s asset camp.com. A-S-S-E-T-C-A-M p.com. It’s not actually on the app store, so it it’s a web based platform.

[00:07:57] It is mobile optimized, but that’s URL asset camp.com.

[00:08:01] Joe: Yeah. We’ll look to all three of our amazing contributors wonderful projects at Stacking Benjamins dot com in the show notes. And the piece that we’re talking about today, we’re talking about five different types of wealth. And you know what, this is already exciting, Alyssa, but you know what makes it even more exciting?

[00:08:16] Tell me the fact, the fact that this episode is brought to you by State Farm. That’s what makes it even more exciting in the market for small business insurance. State Farm knows your business is your life. State Farm agents are small business owners too, so they know what it takes. They can help you create and personalize your insurance plan.

[00:08:36] One that will fit your small business needs and budget. Small business insurance from State Farm like a good neighbor State Farm is there. Talk to your local agent today. State Farm always is our, uh, sponsor of these Friday Round Table episodes. We have other fantastic sponsors that keep this free for everyone.

[00:08:53] We need to hear from another one right now and then we’ll get started. Alyssa Maes is here. David Stein, doc G. Let’s get, uh, this show on the road.

[00:09:07] Our piece today comes to us from our buddy Fritz’s site, the Retirement Manifesto, a fantastic blog. Fritz has been doing this now for quite a long time, and he is, uh, talking here about the five types of wealth. And this actually wasn’t his idea at first. He got this originally from, uh, reading James Clear’s newsletter.

[00:09:31] James Clear, by the way, let me, let me brag a little bit. James Clear for his, uh, little book, atomic Habits, had the same editor as my amazing book, um, uh, stacked. I’m like, what the hell’s the name of my book? Stacked? Uh, anyway, James Clear and I have a lot in common. Same editor, same publisher, but you know, people think of us together all the time.

[00:09:48] James Clear and Joe, but one of us had to get all the accolades, so I went ahead and gave it to James, but he talked about four different types of wealth. Uh, Fritz adds a fifth one. We’ll talk about that in a second. Alyssa, let’s start with you because you know the number one type of wealth, anybody that listens to this channel is thinking about one type of wealth, right?

[00:10:07] How do I have more money? We think about financial wealth. Heck, when we look at our, our New Year’s resolutions, one of the biggest New Year’s resolutions we always have is ways to earn more. Right? Is that a trap? Just thinking only about financial wealth.

[00:10:22] Alissa: It definitely can be. Although I do see that a lot of people don’t focus on accumulating wealth as much as they should for their future.

[00:10:30] So I’m thinking maybe it’s not as much of a trap, but I do think the importance is that people really balance and use their wealth, their financial wealth, so they can also have the other types of wealth that we’re going to speak about and really balance that based upon your values. And that’s something I always focus on is, and we’ve discussed before, Joe, is what do you value most?

[00:10:54] Because when you start thinking about your values, that’s when you see the different types of wealth that we’re gonna.

[00:11:02] Joe: Well, maybe then, doc, this is, if you agree with Alyssa, the, the trap of financial wealth is only something that our biggest money nerds suffer from. Right. But you and I know a bunch of these people that all we think about is, man, if I just have more money, if I just have a little more money,

[00:11:16] Dog G: yeah.

[00:11:16] I mean, I think money is a tool and not a goal, and therefore it’s one of the tools in your toolbox and as we’ll talk about today, there are all sorts of other tools in your toolbox. What I like to tell people, especially when they’re at the beginning of this road and they’re feeling like they don’t have a lot of that tool, which is money.

[00:11:32] Thankfully, there are all these other tools that we can utilize so that we can feel like we’re living a rich and wealthy life, even when maybe our net worth isn’t exactly where we want it to be.

[00:11:41] Joe: David, being a, not only a finance major, but to use your words, thinking about this from the time you were 12 years old.

[00:11:47] Have you found that to be too much of a focus for you over your lifetime? Like, I need to think less about money and maybe more about other pieces of my life?

[00:11:56] David: No, because when I was 12 or 13, I sort of OD’ed on, on making money and, you know, reading Dale Carnegie and thinking Grow Rich and all that stuff.

[00:12:06] So by the time I got to college and grew up I realized, you know what, these other forms of wealth are incredibly important. And we give up those types of wealth. We give up time, we give up potentially our social life. In some cases people give up their health trying to get money. And so the key is the balance.

[00:12:24] And, and that’s what I’ve tried to maintain even early in my career. I remember I was in my twenties starting my first job and I’d see these guys going up in the elevator and you could tell they could, they hated your job. Yeah. And I promised myself I am not going to be 45 or 50 going to some job up in some high rise in the elevator that I hated.

[00:12:44] And, and, and these were all tend to be bank employees, which, you know, it’s a tough environment if, if you’re a banker. And so it’s always, in my mind, been been a focus focused on the other elements of wealth and the money will come.

[00:12:56] Joe: I remember seeing that David, when I was at American Express. I remember one guy telling me who his late in his career as I was beginning, he said, you know what?

[00:13:03] I always thought my family would, uh, thank me for all the hours that I put in. He goes, what’s funny is they grew without me and I didn’t grow with him, which is why he’s divorced. He’s estranged from his kids and he worked a ton of time and for, for what? At the end.

[00:13:16] David: Well, right. Yeah. No, you have to be proactive in thinking about it and how you’re using your time.

[00:13:21] Joe: Alyssa, or Doc, if either of you guys found you falling into this trap as well, that uh, may be overly focusing on money.

[00:13:28] Alissa: Well, I definitely feel that I have a vigilant mindset as far as money goes, so it definitely is something, whatever your money mind says, you likely have something you could work on to improve upon it.

[00:13:40] So you enjoy different aspects of wealth. And so I’m definitely that person who, once I realized I was on track to reach the goals that I wanted to reach, I finally realized, wait, if I’m on track, then I need to make sure I’m enjoying the life that I have and enjoying the things that I do. So yes, you saw those videos with myself and my kids.

[00:14:02] I make sure that I have time with my family. I also make sure that I have those intentional splurges, and it’s definitely a little bit more challenging for someone who’s vigilant with their money, but I’ve learned to work on that and make sure that I don’t hold back on the things I really wanna.

[00:14:20] Dog G: You.

[00:14:21] Yeah, I mean, admittedly, one of the hardest times in my life from a mental health standpoint was actually when I realized I was financially independent. And the reason why was I had been letting this mirage of wealth pretty much take up all my time. And so I hadn’t put a lot of time into thinking about who I wanna be or what I wanna do with my life, or what does living look like outside of making money.

[00:14:42] And so for a certain percentage of my life, I certainly did. Now it’s not that I, it’s not that I didn’t build relationships or have kids or do all those kind of family things ’cause I did all of that, but I didn’t spend a lot of time thinking about who do I wanna be and what feels really purposeful in my life.

[00:14:56] And so for me it was definitely a moment of both enlightenment and anxiety. And it took a while to really figure out, well, who am I outside of this kind of mirage of wealth when money doesn’t define me and when my job in this case, ’cause I burnt out at being a doctor, what does then define me? So it was a difficult time.

[00:15:14] I.

[00:15:14] Joe: Well, the opposite side of though, I think for a lot of people, doc, is that they never get there. Like it’s not even on their radar that they’re financially independent. And listen, I guess I go back to you because you brought up that for the vast majority of Americans, we’re not saving enough, right?

[00:15:27] We’re not doing enough. So I guess financial wealth building that pillar first might be the first place to start. But why? I guess, I guess why I don’t, I don’t even know how to ask this. Why don’t more people think about financial? I feel like everybody thinks about financial wealth. Everybody always, I, I mean, on Instagram, all I do is see rich people, right?

[00:15:47] More car, more house, more stuff. And I think most of us think that equates to more wealth. So on one hand we’re obsessed with it. I’m not even asking you a question. I’m pontificating, but I don’t know how to. Do you know what I’m trying to ask you? Like, like where are we getting this wrong with financial wealth if we’re not saving enough and yet it’s around us all the time?

[00:16:03] Alissa: Well, I think part of it is who we surround ourselves with. You know, one of the areas of wealth being social, it’s definitely important to have a social life. It’s important part of our life, but it’s also who are we surrounding ourselves with? Are we surrounding ourselves with people who are trying to lift us up so we can do both?

[00:16:23] We can have, you know, the social and the time and we can have enough money? Or are we surrounding ourselves with people that are. Spending and that equates to your happiness. And then in that case you wanna be with those people. But how do you change that pattern? Because there are people that I have spoken to and that’s a real challenge, once they realize they want to start accumulating wealth and make that change.

[00:16:49] And you know, to what you were saying, it’s usually because of your money mindset. It always goes back to that. So how to make those changes when you really like your friends, but your friends are part of your challenge to accumulate wealth.

[00:17:04] Joe: Yeah. What do you do then?

[00:17:06] Alissa: I mean, I suggest, do I say to people, I listen, I,

[00:17:09] Joe: I can’t hang out with you anymore because I think you’re a loser now, and I, I need some new

[00:17:14] Alissa: friends.

[00:17:16] Um, you could do that. You could just ghost me. They’re all different ways, but what I would choose to do, and what I ask people to consider doing is if these are your friends and you know, you really care about them, and you want them in your life to either have the conversation with them in a way that’s comfortable.

[00:17:33] So for instance, maybe Joe, you keep on saying, we need to go to that expensive restaurant. And I say, you know something? I have an idea. I know you love playing games. Why don’t you come to my house with your wife and we’ll all play games and order and pizza, because now I’ve taken control over the financial part and I know you like games, so you’re not, I’m not gonna feel uncomfortable.

[00:17:56] Maybe you won’t want pizza because you’re training for a marathon. But other than that. I’d feel comfortable starting with that conversation. But sometimes having those open and honest conversations about money, you actually realize your friends are grateful because chances are they’re going through the same thing you’re going through and they should be saving more money too.

[00:18:16] So maybe you share your journey with them that you are trying to prioritize your retirement. It doesn’t mean you can’t afford it, or you say you don’t have to make it be about shame. Instead, you could just be honest and say, I’m really trying to prioritize saving for retirement, so I’m just trying to spend differently.

[00:18:35] I love our time together. Yeah, let’s think about some things to do.

[00:18:39] Joe: The games I feel seen, heck, the pizza, I feel seen too. And even though I am trading right now, I’m not a quitter Alyssa. So I do the pizza. I would promise myself that I’m just gonna run it off tomorrow. Yeah. Doc, you had something on this as well.

[00:18:51] Dog G: Yeah. Let me try to give a succinct answer to why we’re both surrounded by these messages about money, and yet most people aren’t financially savvy. Listen, we’re surrounded by these messages about money because we have influencers who are trying to make money off of you, and we have marketing and business people who are trying to sell you something and they’re all trying to sell you purpose, whether that’s being a billionaire or traveling or having six pack abs.

[00:19:15] They wanna sell you something. And so what they’re doing is they’re giving you this sense of purpose and they’re putting it on a plate and they’re saying, go after this, but secretly they know it’s enriching them. Now a lot of us see these things and most of us really just don’t have the ability to become billionaires or travel all the time or get six pack abs.

[00:19:33] So we’re going after this thing that we don’t have agency. To actually achieve. We’re trying to take on someone else’s version of purpose and make it our own because we’re being sold this lot of goods. The problem is a lot of us have no idea what actually looks like purpose to us. Whether that’s something like playing games with friends or skateboarding or collecting baseball cards, a lot of us aren’t clear at what that is.

[00:19:55] Now, if we turn that around and actually get clear about what purpose looks like in our life, it’s much more likely we can then build a financial life around that. If your version of purpose, and what really lights you up is playing board games with friends, guess what? You don’t have to save 50% every year.

[00:20:11] You can save 10% every year. You can do a job that is mediocre to you and you can spend every night and weekend playing board games with friends. And if you put purpose first, it actually makes the finances a lot more clear. The lot of goods were being sold by all these external forces is really clouding our judgment, and so what we get is people who talk about money a lot.

[00:20:32] But no one’s

[00:20:33] Joe: really listening. Yeah, but Doc, I can hear, uh, stacker Jane right now yelling into her device, and I’m only picking on Jane because she said, what I think a lot of people are thinking, thinking about purpose Doc freaks you out. It freaks you out. Like you’re looking into the void and you’ve got this, I need to leave a legacy.

[00:20:49] I’ve got all this big stuff I’m supposed to do, and yet I’m messing around playing board, playing board games, my purpose, are you kidding me? Where do we begin that journey? So Jane is not freaking out. So,

[00:21:00] Dog G: uh, my book, the Purpose Code comes out in January of 20, 20, 25. But, but you guys think about it, it for the next six months and I’ll get back to you.

[00:21:08] Is that what you’re saying? So what I’m saying is that the studies show that having a sense of purpose in life increases your health, longevity and happiness. And yet 90% of people have a sense of purpose and anxiety at some point in your life. So the truth of the matter is, it is this paradox, and I believe it’s partially ’cause we look at purpose wrong.

[00:21:26] We think purpose has to be this big audacious thing where we change the world. The truth of the matter is most of where purpose really lies are in those little things we love to do. It’s abundant and not scare. So if your purpose is to become a billionaire or have six pack abs, or spend all your time traveling the world, most likely you don’t actually have agency to achieve those things.

[00:21:46] You might not have enough money, you might not have enough time. You might not have the right genetics in order to plan that out, and you might not be lucky. And so if we go for these big things, which we have very little agency to achieve, we’re setting ourselves up for disappointment. On the other hand, if we decide that, Hey, guess what?

[00:22:01] Playing game board games with friends lights me up. And then you start doing that authentically. Guess what? You’re gonna hang out with people on a regular basis. When you hang out with people on a regular basis, you end up making projects like you become teacher and mentor, mentor, mentee, you start doing bigger things.

[00:22:17] So maybe it starts as I’m playing board games with friends, but maybe Joe Saul-Sehy, he was also a financial expert, decides one day to make a game with his friend that teaches finances. And maybe that game becomes sold at all the big stores and people buy it and they play this game with their kids, and then their kids become financially savvy.

[00:22:35] And all of a sudden, this little purpose, this thing that seemed unimportant, actually changes the world. So I think the legacy argument is a weak one, and most people who actually think they have to have a big legacy actually never achieve the thing they wanna do. Mm. And therefore, they have no legacy anyway.

[00:22:51] If you wanna be Mickey Mantle and you put your whole life to playing baseball, guess what? Most people fail at that. If that’s your version of purpose, instead of leaving a legacy, you’re gonna die in disappointment.

[00:23:02] Joe: Why your analogy? Do you take my hobby and turn into a job where all of a sudden I’m making board games and working with shippers and target and don’t do that to me?

[00:23:11] Dog G: Well, here’s the beautiful thing. You don’t necessarily have to make it in a job. We know in, uh, Fritz talks about this, I believe in his article. The Harvard Adult Health study shows that it’s actually personal relationships that change the world and that make us happy. Even if you don’t create a game and ship it, et cetera, most likely you’re gonna connect to another human being and that human being at some point is gonna need you and you’re gonna be there for them.

[00:23:33] And that’s the beginning of legacy. By you being there for them, you create some stability. Maybe you help them, maybe you create a model for your own children or your spouse or their children, and that’s where legacy really occurs because that’s how you have an impact. Generations ahead is when you do those little things that change people around you and they go live their lives and bring about positive change.

[00:23:55] Joe: Well, let’s dive into this ’cause number two on Fritz’s List is you just mentioned is social wealth. David, uh, back to you for a second. You, you agree with this, that social wealth, like that’s a currency. Social wealth,

[00:24:07] David: not a currency. I think social wealth is the point of life. I just been reading the Dao is text.

[00:24:13] The last couple years I talked about a little bit on the podcast, Dao ing. So Anji, the key learning from that is connection is the key, you know, documention connection, it’s the ability to connect with others, not use people, or look through people to get what we want. It’s just the simple act of being with them and that’s how we use our time.

[00:24:32] The time is to, is to be connected with people and stop rushing off to the next thing. That’s the purpose of life. And you know, money will come, you’ll get opportunities. We just did an episode on Seven Steps to Living a Long Life and one of them is, is eat good food and eat it with other people. We referred to an article in the Financial Times where a guy mentioned that in France, I.

[00:24:55] Lunches take a long time. Dinners take a long time and you don’t talk business at your lunch or dinner. The whole point is to have connection and then maybe that earns you the right to have a phone call about business. But if the whole point is, is to be there with people, feel their humanity, show empathy, and that’s what life’s about.

[00:25:14] Joe: David, this is kind of my, I dunno if it’s my pedestal lately or my annoyance lately. As I get older, I see people retiring, right? Not going on to the next thing, but retiring and moving away from all their friends, moving away from the community. I just, I don’t know. The older I get, the more I think, David, that that’s a colossal mistake.

[00:25:34] If this is what life is all about, why am I retiring and all of a sudden I leave my whole support system?

[00:25:41] David: Well, I know, I agree. And, and that’s where it takes a long time to make friends. It takes time to spend with them. And part of the things you have to do is stop waiting around for people to invite you to something.

[00:25:53] We, la LeBron and I invite people all the time and sometimes they can come, sometimes they’re not. But yeah, you don’t wanna lose your connection. But you know what, mine must’ve

[00:26:00] Joe: gotten lost in the mail. I’m sorry. If you

[00:26:01] David: move away, plan on coming back so you can hang out with your friends. We travel a lot, but we have friends in Idaho.

[00:26:08] We have a friend in Arizona, friends in Ohio, and we, you know, we visited you in Texas on one of our trips, Joe, and so that was fantastic. I’d rather see somebody over dinner than go to a conference just because they’re not running onto the next thing. They, they’re actually there with you. You can take your time, but it does take an investment to make that connection and it, it requires inviting people.

[00:26:29] Joe: And after joking about that, then I must have got lost in the mail. My trip way out to visit you, I realized that you came to my town and visited me, so I need to shut my mouth, David.

[00:26:37] David: Well, exactly. But you’re welcome. Anytime you, you just reach out, we’re around. You were just in Boise. You weren’t even, you were four hours from us and, and you weren’t over here where the prettier side of the state.

[00:26:47] Joe: It was a great conference though. But yes, I should have made my way over there since I was only four hours away. Relatively close at that point. Alyssa, I think that this is important enough, this idea of social wealth. ’cause I’m completely on board with what David said. I know you well enough to know you’re completely on board with this, that maybe it deserves, you know, for finances, we have systems.

[00:27:08] David talked about his app and how he is helping people dig under the hood. You as a financial planner, help people build systems right around their money so that they can enjoy their life. What are some systems that you’ve done in your life to help you continue to build social wealth with the people around you?

[00:27:25] Alissa: First of all, I’m thinking about that financial part because that’s the balance. Again, if you need to travel to stay in touch with those friends, I think that’s important too. So I just wanted to address that. So some of the things that I discuss with people to help them, if I notice that they don’t have money set aside for social things, I always ask them about that because I think it’s important.

[00:27:46] So even though they’re trying to pay off their debt and they’re trying to cut back expenses, I think it’s important as part of anyone’s plan, financial or otherwise, is to figure out what it takes to be in touch with those people that are important to you to be social. Certainly if they’re nearby, it’s a lot less expensive, but for myself, everyone’s in the northeast and my family, so I need to be able to fly back and forth so I could go see them.

[00:28:14] Or if I. City where my family doesn’t have room for me to stay or it’s more comfortable to stay elsewhere, I have to include that too. So look at what it takes to have the social connections that are important to you and make sure that you balance having enough money for that. Because certainly if you don’t work a lot, let’s say the work life balance, you wanna have more free time, but you don’t have enough money to do the things you want to do to stay socially connected, that isn’t ideal either.

[00:28:45] So to try and figure those things out, and one of the things I think about what you had mentioned, Joe. About retirement. Some people don’t retire because they really like what they do. So I think ideally, if as people are getting older, they could think of things, whether it’s a volunteer thing that keeps them connected to people to create new friendships or it’s something else that they could continue doing, that they choose, that they could continue to do, could really make a difference and maybe could make some money in the meanwhile or not have to spend a lot of money such as volunteering.

[00:29:20] You could go and be social with people and not spend a penny. You could volunteer in a food pantry or a soup kitchen. People who are retired, they treat that like a job. They’re there the same days every week and it’s like having a job except when you wanna go visit your family or friends. Yeah, everyone is so understanding, right?

[00:29:40] So I like to think of those ideas to really balance things so you could carry through what’s most important to you in your life throughout your life.

[00:29:50] Joe: It’s funny you mentioned that because I am definitely not retired and I think a lot of our stackers are not. But tonight I’m going to a meeting for, and, and I’m definitely not a poster child for, you know, being well-rounded.

[00:30:02] But I do think that getting involved in my community and going to this nonprofit meeting tonight and taking part with these people is fantastic in that face-to-face time with people in your community is so important. By the way, there’s a book that I just finished. I, it took me a long time because I had a lot going on, but this woman, Catherine Price, talked about, uh, the power of fun.

[00:30:22] And I’ve mentioned her several times, but the first couple chapters Alyssa, are all about, you know, the way to have more fun in your life is to put down this thing for people not watching us on YouTube. Put down your phone because this is the thief of fun. And she goes through all of the scientific problems, which doc you might have seen with all the, you know, it, it steals dopamine from everything else that you do ’cause you get your dopamine hit from the phone.

[00:30:45] But what’s funny is. At the end of the book, after she talks about all these different ways to have fun, she goes into what we’re talking about now, this social idea. And she said, I’m putting this at the end of the book because I wanna make sure that you heard correctly, that you should put your phone down.

[00:31:01] But she goes, you know what’s crazy? We have one device that can help us get closer to people. And if we used it systematically would be great. It’s your phone. And the fun thing is, is you can actually turn your phone on, and believe it or not, you can put nine digits in and it will call, or 10 digits, it will call people.

[00:31:19] And so she says, forget about the apps, forget about texting, forget about all this stuff. That doesn’t bring us together. But if we actually hear each other’s voice and talk to each other, and then she goes through all the positive pieces of that and building, building powerful stuff. So absolutely recommend that.

[00:31:34] But my sister-in-Law does that really well, by the way. I. I realized a few weeks ago, I get a call from her every Sunday around between 11 and 12. She just sets the time aside and calls the people that are important to her to make sure that they stay. Do you answer

[00:31:47] David: Joe?

[00:31:49] Joe: Oh my goodness. It’s her. No, no, no, no.

[00:31:51] It’s really fun to talk to her. What’s fun about it, David, is that, uh, well, actually what’s not fun about it, what’s embarrassing about it is I don’t think enough about returning that, about that and about how important that, that system she has is and how I should implement that in my life. If I took an hour a week and just call people, I feel like, you know, professionally, like having a CRM for my, for my friends to, any of you guys have like a CRM for your friends that you go through and think about?

[00:32:16] Like, I don’t doc shaking his head, Alyssa.

[00:32:20] Alissa: No, but it’s interesting ’cause in that Harvard study there was some TED talks that are part of the article that you shared with us, and in that he suggested taking the time and reaching out to people. So I definitely think that’s a great system. You know, I know you’re a big goal setter.

[00:32:37] I like setting goals too. So maybe it’s how to stay in touch with those people and whether it’s to make a phone call, make plans, whatever it is, even send a text is better than not being connected at all.

[00:32:49] Dog G: Doug to you. And then we’re going to the break. Oh, I was gonna say, you know, I’d like to actually be a little counterintuitive here.

[00:32:56] The studies, as I was talking about, say that having a sense of purpose in life leads to more happiness, longevity, and health. And yet the Harvard study says that basically people have more connections. Are the ones that are happiest. So I would take those two together and say, actually purpose is the way to bring you to connections.

[00:33:16] So as opposed to calling people because it’s the weekly time or ’cause they’re a family member. Let’s take a page out of Fritz’s handbook. Fritz has found a great sense of purpose in his life by this charity, him and his wife set up, and where they build fences for dogs so that dogs don’t have to be chained anymore to like a link.

[00:33:34] If they build a fence then the dog can run free. This has become a huge sense of purpose in his life and because of that, they now have hundreds of volunteers and not only do they go build these fences, they end up going to the bar afterwards and having a drink. These are the people they call to socialize now with to, as well as to do their job as well, to just to do this purposeful thing.

[00:33:52] So I would say. Don’t schedule a call every two weeks. Don’t do that kind of stuff. What you wanna do is you wanna develop this really abundant sense of purpose around things you love, and that’s what’s going to give you those connections. Again, if Joe’s the example, Joe wants to do a lot of playing board games with people because that’s where he’s really gonna create those connections that are deeply meaningful as opposed to just either Lio or someone you feel like you have to call on a regular basis.

[00:34:21] Joe: I think there’s a longer conversation there, but I don’t think it has to be either or. I really wanna get to the break because I don’t think there’s anything wrong with what my sister-in-law Laura is doing. I think it’s great. You’re right though. It could be even more, and if I find, like to David’s point that I’m not accepting, nobody’s accepting my call, well then maybe my time’s not that well spent.

[00:34:41] Hey, at the halfway point of every Friday episode, we have a fight to the death, a year long fight, not to the death, but you know, to, to the end of the year, uh, with our three longtime contributors, which are og. And today we’ll have Doc g play for OG to keep the Gs the same, pull a pant from a anything, and Alyssa will just keep gender the same there.

[00:35:03] Make it easy for me to remember who’s who. So you’ll be on team Paula, and then David. That means that you’re playing for my mom, who never likes to negotiate the stairs, so she’s not gonna come down and play. So you’re playing for her. But that means, David, there is some good news and some bad news about, uh, today’s competition.

[00:35:21] You want the good news or the bad news first?

[00:35:23] David: Good news.

[00:35:24] Joe: Well, the good news is, is that, uh, mom’s in second place. She’s not in last, which means. You’ll be guessing Second doc, you are guessing first because OG has 10 points. He’s got a massive lead. Mom has seven points. And Alyssa, the, the best news is I’m gonna make this the best news, not the worst news.

[00:35:43] The best news is you get to guess last because Paula has six. So can Paula, a k, a, Alyssa, get it back into a tie with mom and make things closer. We need Doug to give us a question so you guys can provide the answers. Doug, what do we got going on today?

[00:36:04] Doug: Hey there, stackers. I’m Joe’s mom’s neighbor, Doug. The tour to France is currently underway with 176 riders competing to win a giant gold goblet that’s filled to the brim with gas station champagne. You don’t, you hate it when people say frost. I mean, even French people sound all bougie when they say it like that.

[00:36:25] You know, I think I’ll start a tour to Texas this winter. If I know anything about the French, it’s that Texans can do anything bigger and better. A race, like our Bucky’s gas stations will be bigger, of course, which automatically makes it superior. With all the land out here, we can have way more people competing, maybe even thousands, like, uh, like a marathon.

[00:36:45] And since we’ve got the space center here in Houston, I bet I could work something out with NASA where the winner gets like a, uh, a chicken fried steak dinner with all fixings in space. As far as a trophy goes, maybe it should be an even bigger goblet, like a, a 10 gallon hat filled with a true champagne of beer.

[00:37:04] Nene Miller High Life, you’re so 1990. It’ll be filled with Shiner Bach. This is gonna be incredibly eat my dry, flaky croissant France. But for now, some cyclists are Stacking, the French version of Benjamin’s over there this month. So how about this for today’s trivia question, what is the total distance of this year’s tour defrost?

[00:37:30] See, it’s as annoying as they are when I say it like that. I’ll be back right after I map out a route from Austin through Joe’s mom’s backyard. And you know, back to Austin

[00:37:42] Joe: Distance Doc, you get the pleasure of, uh, going first. Do you, do you watch the Tour de France at all?

[00:37:50] Dog G: I don’t, but I did, I think watch, uh, one of those documentaries like the, like the F1 documentary.

[00:37:56] There was one on the Tour de France and I think I watched an episode or two.

[00:38:00] Joe: Cheryl and I watch almost every day while this is going on, and we don’t do it, by the way, to really watch the cycling is fun, but you really gotta get into it. I’ll tell you what is fun. It’s like the travel channel. You see these beautiful French countryside I get’s just, it’s very, very relaxing.

[00:38:15] But anyway, I, I wanted to tell you that so you could start adding together how long you think this Tour de France is?

[00:38:23] Dog G: Well, as usual, Joe, I have a great answer for almost every question you ask except the trivia question. I’m guessing. I have no idea. No idea at all. And I’m gonna help you guys out by telling you my reasoning.

[00:38:34] So then maybe you can jump off it and get closer. I’m gonna guess the Tour de France is 20 days. I have no idea. I have no idea how long it goes on. I’m gonna guess it’s 20 days and I’m gonna guess maybe they travel, let’s say 80 miles a day. So 20 days, 80 miles a day. What is that? 1,600

[00:38:49] Joe: miles? That’s my guess.

[00:38:52] 1,600 miles. And even though they probably do it in kilometers. Because this is an American podcast. We’re American doing, dammit. We do to admire Damn the French. David’s 1600 miles. You think he’s high or low? Oh, he’s high. He’s

[00:39:05] David: low. He’s low. I trying to remember how many stages it is. Seems like it’s somewhere between 20 and 30 stages.

[00:39:12] They’re biking at 25, 30 miles an hour. A typical stage, four to five hours. I’m, I’m saying they’re doing at least a hundred to 120 miles a day. So let, I’ll go with 2,500 miles.

[00:39:25] Joe: 2,500 miles. Well, Alyssa, that gives you the over under here doc 1600. David at, uh, 2,500. What do you think

[00:39:36] Alissa: I’ll say? Ooh, that’s a hard one.

[00:39:40] I’ll say 1800. I have no idea.

[00:39:45] Joe: I was gonna ask you for the math behind that. ’cause these two guys did math. You’re just putting it through the uprights.

[00:39:51] Alissa: Yeah, I mean, I kind of won, you know, I think it’s probably higher than the highest number, but I have no idea, so I’m just throwing it out. 1800, going

[00:40:02] Joe: in the middle.

[00:40:02] Do you ever watch the Tour de France? No. Well, fantastic. All right. We got Doc Kia 1600 miles. David at 2,500 miles. Alyssa at 1800 miles. We’ll tell you who’s going to win this thing in a minute. We’ll be right back. Doc, you started off at 1600 miles after Alyssa came in, only 200 above you and David using some math way above you.

[00:40:28] What are you thinking? I think David’s

[00:40:30] Dog G: closest. I think his reasoning was better. Well, David, you feel good? Yeah. Yeah. I feel, yeah,

[00:40:36] David: but I don’t know. You know, I mean, I watched the tour front sometime, but I not enough to remember how many stages there are. I know it’s most of July, but they do take, they have rest days.

[00:40:45] It is fun. You find it fun too. Yeah. I mean, I, I’m a cyclist so I mean, I bike a couple days a week. Yeah. I bike a couple days a year. Well, you know, that’s ’cause you’re a runner. That’s right. I mean, I Biking is better than running because you don’t bounce so much. Yeah, it’s smoother. I.

[00:41:00] Joe: I am going to switch.

[00:41:01] I’ve got one more marathon in me and then I’m switching to the bike for that very reason. Yeah, and save

[00:41:06] David: your knees too.

[00:41:06] Joe: Oh, my lower back is just pulverized, but Alyssa, 1800, you’re right in the middle. Feeling good? No.

[00:41:16] Well, it looks like most people, it sounds like the team thinks David has it, but does he Doug? What’s our answer?

[00:41:26] Doug: Hey there, stackers. I’m cycling expert and large scale event planner. Joe’s mom’s neighbor, Doug. The first tour to France was held in 1903 and lasted 19 days. Was started by the French cyclist and journalist. Re derange. Yeah. You were annoyed right there when I just said it like that, weren’t you? Anyway, he did it to help boost sales of his newspaper.

[00:41:48] Talk about Stacking Benjamins, or I guess Stacking Franks, and then maybe Euros. Since then, the race has been held every year except in times of war. Today’s trivia question is what is the total distance of this year’s tour to France? Beginning this year in Florence, Italy? Did I even know that’s not in France?

[00:42:07] I can guarantee you the tour to Texas won’t pull a stunt like that and start in Arkansas. The tour to France is a 21 stage journey with 29 stage towns mapped out along the route. Most cyclists are assigned a variety of accommodations along the way so that any one team doesn’t end up with all the best rooms.

[00:42:26] Even so some teams go the extra mile or kilometer to make their cyclists as comfortable as possible going so far as to outfit their rooms with their own bedding and even mattresses from home, maybe even some boudoir shots of Lance Armstrong to get ’em all fired up. I don’t know. But how many miles is the route exactly?

[00:42:46] The total distance is 2,170 miles. David wins. Is

[00:42:55] David: David

[00:42:55] Doug: really?

[00:42:56] David: Oh, there’s Alyssa. I think Alyssa one. What? What I think

[00:42:58] Alissa: Alyssa,

[00:42:59] David: it was

[00:43:00] Joe: 1800.

[00:43:00] Alissa: I it, I get some good news. She’s

[00:43:02] Joe: 370 away and David is 330 away. David wins. Oh, closed.

[00:43:10] Alissa: Wow. Wow. That was a closed one.

[00:43:13] David: Unless you’re disqualified if you’re over. In which case I would’ve lost.

[00:43:16] Joe: Yes. Uh, we got rid of that rule sometime ago. So y you are your gain, David. Congratulations. You need to make a victory speech now.

[00:43:24] David: No, I’m just, I’m proud for mom’s sake.

[00:43:27] Joe: Absolutely. Time for the second half of this discussion, which is brought to you by deposit accounts.com. Doc, do you know what happens when you go to deposit accounts.com?

[00:43:36] I don’t, but I’m sure you’re gonna tell us. You. You do.

[00:43:39] Dog G: You’ve heard this a million times. Something about brick and mortar, that’s all you love. Brick and mortar, we’re always talking about how, how the brick and mortar, I don’t you get a brick and mortar financial institutions do not

[00:43:50] Joe: stack up. That’s right.

[00:43:52] At deposit accounts.com, you can compare more than 275,000 deposit rates from over 11,000 banks of credit use for free. I just pulled up deposit accounts.com by the way, and you’ll wanna look this up because we’re recording this a few days early. But savings accounts, the national average savings account rate.

[00:44:07] Anybody want to guess? National average on a savings account.

[00:44:11] David: 0.7%,

[00:44:13] Joe: 0.51. Nice job, David. And you’re optimistic though, if you’re in the top 1%, which is hundreds of banks, 4.95%. Huge difference between the two savings account, CDs, checking money markets. They compare the top 1% with the national average. You can see, which are open to your state and your area.

[00:44:30] If you just go to deposit accounts.com by LendingTree, get that savings account moving or at least staying stagnant with inflation. Don’t get killed by inflation. Let’s dive into the second half of this. So we ended talking about social wealth, but next up is time wealth and uh, doc, I know you’ve got a hot take here to kick off the second half about Time Wealth, you think, we think about time incorrectly.

[00:44:56] Dog G: I think we do. The Bureau of Labor Statistics every year does a time use survey and what they actually find is that at the average person has five hours of free time a day. But what’s really interesting is people who are more wealthy have less free time. So if you wanna have more free time, all you have to do is be poor.

[00:45:14] And they’ve done this study over and over and over again. It’s not about how much free time we have because you can’t commoditize front time. It it, you can’t buy it, you can’t sell it, you can’t trade it. It passes no matter what you do. It’s more about what you do during those time periods. And so it’s really more of a perception, like I am happier and busier than I’ve ever been in my life.

[00:45:36] I have much less free time. But that time is being used in much more purposeful ways, which feels a lot more fulfilling. So I don’t think any of us in the US don’t have time, wealth, at least the average person, whether rich or poor, has plenty of time wealth. The problem is we’re not using that time in a way, or we’re not filling that time in a way that actually fulfills us as people.

[00:45:57] And so it doesn’t feel like we’re doing a good job with it.

[00:46:01] Joe: But he doesn’t say in this piece, and I know our stackers doc have not. Read this piece, but he doesn’t say, have more free time. He says Prioritize accordingly. Which sounds like what you’re saying.

[00:46:13] Dog G: Yeah. I mean, we have plenty of time to prioritize accordingly.

[00:46:17] Everybody does because everyone has about five or six extra hours a day. It’s just we have no interest in trying to figure out what we truly wanna do in that time and then pursuing it. And so it’s not a matter of time, wealth, there’s no such thing. We all have just the same amount of time, depending on how many years we live.

[00:46:36] It’s that we’re really bad at trying to figure out what activities we wanna be engaged in in that time. And so I think we might have a problem with purpose wealth. We might have a problem with trying to figure out what fulfills us, but the time actually isn’t the issue at all. And I think by labeling it a time problem, we’re really sending people in the wrong direction.

[00:46:55] I

[00:46:56] David: dunno, David. I agree. I we have to, but people don’t use their time wisely. In fact, you know, we’ve seen this in the podcasting space. People are not consuming podcasts, which, you know, I think is fairly good use of time because the average person spends over an hour a day on TikTok, Instagram reels, YouTube.

[00:47:18] So we’re, we have to be purposeful with our time is what we have to do, as opposed to just let it flow and do the lowest common denominator, which basically is to be entertained in ten second, 15 second slices and be excited about what’s gonna show up next. And so time can be used purposefully, and I think that’s the trick.

[00:47:41] Joe: Do you agree then with Doc is what I’m, what I’m dreaming of as I heard doc talk, was maybe taking out the calendar at the start of the week and filling up my day, like filling it up.

[00:47:51] David: No, I, that I don’t agree with. I hate having things on my calendar because I, I want the flexibility to do what is most intuitive to do, be that connection, help people learn something.

[00:48:06] But that’s how I approach time. I’m not a list maker. I don’t check things off my list. I don’t do a list because what’s most important will make itself known in the moment. You know, this thing on Stacking Benjamin is the only thing on my schedule all week that I had to write down, except I did go to a funeral today.

[00:48:25] But that was unexpected. And so I think there’s different ways to approach time. Some people like to have it scheduled and they feel satisfied checking it off, and I think that’s fine. Other people are more zen-like in their approach to time. But I think it’s being aware of how we use time and not just default to watching TikTok or watching YouTube.

[00:48:46] ’cause it’s way easier to have that chatter in our head rather than face. What doc’s talking about is, is coming up with a purpose or at least being curious about something that could lead to purpose. It’s easier just to, to sit and be entertained, Alyssa.

[00:49:01] Alissa: I would say I’m more of a hybrid where I do love setting goals and I don’t want them to slip through the cracks.

[00:49:09] So there are some things that I feel if I don’t do them with intention, they might slip through the cracks, or maybe I realize I don’t reach that goal that I really want to reach. So there’s certain things that I definitely create a post-it, or put in my calendar. I agree with David. There’s certain things I have to put in my calendar.

[00:49:28] I don’t wanna accidentally miss them. But then there are the other things, the steps I take along the way to reach the goals. So I would say a hybrid, because you definitely wanna have time for those other things, things that come along throughout your day that you can do and not think, oh my gosh, I, I can’t pick up the phone and speak to that person, or I can’t take a break because it’s not on my calendar, so I’m gonna just keep on pushing along on the stuff.

[00:49:53] There are days like that. I think we all have days where we just have to get stuff done. But generally speaking, with everything with finances, you know, social time, I think having some intention with some purpose is really a great way to make sure you don’t have regrets.

[00:50:10] Joe: Man, I, it’s funny how we’re a continuum, guys, so maybe this is know yourself because if it isn’t on my calendar while David, I may know the perfect thing to do and you go do it.

[00:50:20] I will never do it in a million years. I, I, I just don’t, I will waste that time if I don’t have it on my calendar. And I, and I can’t tell you why, but I do know that if I fence off time and say this is what I’m going to do at this particular time and I don’t let myself choose in the moment, I will choose correctly and at a time when I am fully awake and thinking about my goals.

[00:50:42] So it’s funny how we’re exact opposites on this way. So you think it’s no yourself?

[00:50:47] David: Well, I do, but I also, like in our case, I think it’s important to have rhythms and routines. So it’s not that you’re completely open, like I don’t have a lot on my calendar, but I mean, I know I have to do a podcast. ’cause we sold sponsorships.

[00:50:58] I, I know, you know, I wanna work on my book. I know we have these things, these goals. I just don’t want the goals to be so domineering that it, you give up the optionality and the flexibility in the moment what’s most important. So yeah, it’s probably a hybrid.

[00:51:14] Dog G: Yeah. And I, I would throw in, it’s one of the beauties of financial independence and financial independence.

[00:51:18] A lot of people can do exactly what David is saying, which is you put two or three things on your calendar that don’t take up the whole day, but a few little marks to separate out your day. And then the rest of it can be completely fluid for these longer term projects, like writing a book, like doing a podcast, like whatever it is that’s important to you.

[00:51:36] Joe: Yeah. But it’s funny because I’m financially independent and still I, I prefer to fill up my calendar. It’s just I get stuff done and it has nothing to do with money. It has to do with my feeling of purpose.

[00:51:45] Dog G: Yeah, yeah. Of

[00:51:45] Joe: fulfilling all these other things that I, that I wanna do. Fourth on this list is physical wealth.

[00:51:51] Alyssa, where do you come down on this idea of physical wealth?

[00:51:55] Alissa: I think it goes to health, right? And the importance of taking care of ourselves. So if we live a long time and we have lots of time and we have the money, and we have the social ability, do we take care of ourself enough so then we can enjoy all of that?

[00:52:12] Because one of the things that that article also discussed was you could end up having enough money and all the other things, but if you’re not healthy, you might not be able to enjoy all those other things that you have available to yourself. So I think it’s really important. I will just be totally frank on this.

[00:52:30] I think that sometimes, for myself at least, it’s hard to balance it all. There’s certain things that I feel, certainly financially, I feel I. Pretty good at balancing that. And I like David at an early age that I was sort of obsessed with finances. That’s one of my strengths. I do like the way I feel when I exercise, but sometimes there’s just so many things that we’re juggling and it’s hard to balance.

[00:52:57] So I think most importantly is balancing all of these things. We can know it. We could be intentional or purposeful, but finding a system, like you were saying, Joe, whatever system works for you, that is the right system, right? I mean, I feel it’s hybrid, but I have some post-Its for what I’m doing this week, each day, and it makes a difference for me because I have something to check in on.

[00:53:20] But whatever it is, find a way to make it work for you so you don’t miss out on taking advantage of all these things.

[00:53:28] Joe: That system worked great for me when I was younger, by the way, I took at the start of on a Sunday evening when I was planning my week, I just put a bunch of priorities up on post-Its on the wall of my office, and then I took ’em down as the week went on.

[00:53:40] That was a fun way, ’cause then I could be purposeful, but at the same time, I wasn’t fencing it off. David, physical wealth, get out and walk.

[00:53:48] David: It’s important. And I think the, the best way that, you know, what we’ve learned over millennia is walking is healthy. It’s what we’re designed to do. You know, if you don’t have time to go to a gym, just, just get out and walk.

[00:54:00] Clear your head, maybe listen to a podcast, maybe you don’t. I used to walk once a day when the pandemic hit. I found myself with panic attacks and found myself at one time. I had three in the morning in bear country walking because I couldn’t stand to be in the house. And I was so freaked out. And from that day on, I walked twice a day.

[00:54:20] ’cause that’s what I need to do from a mental health standpoint, just to get out in the nature. And I think that goes a long way to physical health and, and the studies support that just, we did one on our show. We, we referred to, I think as Sardinia or Spain. Spain or have high life expectancy. They tend to walk more, they average 5,000 steps a day, Spaniards with other people in, in the plazas or whatever.

[00:54:43] They also get the social connection with the walking. I think that’s the key to physical health

[00:54:49] Joe: Doc, I went to you last ’cause we, we always go for health. We go to the medical doctor last, we ask our friends first.

[00:54:55] Dog G: So let me again give you a non-doctor answer. Let’s drop the issue of longevity. So yes, if you exercise, you’re gonna live longer, but let’s say you don’t like exercise.

[00:55:04] You’re like, I could live less time but I’d be happier versus I could exercise and live longer. It’s quality, not quantity. Right. Right, but let me add to that. We talked about dopamine before. You’re talking about the phone and dopamine. Dopamine is like the cocaine of neuro hormones. What happens is it gives you a fast high and it gives you a horrible comedown and it generally doesn’t make you happy long-term, but you know, it does make you happy.

[00:55:26] Other neuro hormones, things like oxytocin and endorphins and exercise increases those, and so I think exercise makes you happier. Yes. It also makes you live longer. I think it makes you more healthy. I think you manage stress and other things better, but ultimately, instead of going for those dopamine hits, which we get from spending money, or for some of us from saving money and from a lot of us from our phones, if we can start getting more oxytocin and endorphins from things like exercise, I think we’ll generally be happier.

[00:55:54] Joe: Oh my God. Half an hour after a good, solid run. I get on some days the biggest, the biggest runner’s high, and it is just a fantastic feeling. All of a sudden I just feel just fantastic and what a great place to be. He ends this with eternal wealth, which he says that James Clear has four, but for him it’s spiritual wealth.

[00:56:15] He talks about, he’s got stuff from the Bible in here, but when we talk about eternal wealth, where do you guys come down on this type of wealth? David? Uh, something maybe beyond, I don’t know, beyond ourself or beyond just today, maybe even beyond, like he’s talking about this life.

[00:56:31] David: Well, one of the things Fritz mentioned is to listen to, you know, call the spirit, call it, you know, intuition or inner voice, but to realize there is more beyond what we’re experiencing every day.

[00:56:45] And you know, there’s different ways. Some people religious view, you have a Buddhist view, but the point is, I. There’s something else, right? And so it pays to listen to whatever that something else is, and that can help guide our sense of purpose. And so I, I think that is a type of wealth. If it’s just the physical, what’s there in front of us, we’re missing out on a lot of what’s out there spiritually, depending on whatever one’s beliefs is.

[00:57:13] But they’ve documented there, there’s something else they just can’t explain. And that’s the beauty of it. It’s unexplainable, but it’s something real. And I think that’s what Fritz is tapping into.

[00:57:23] Joe: I, I think it is interesting how, you know, physical wealth time, wealth and social wealth, all really kind of, you know, we talk about purpose, this idea that there’s something bigger than us.

[00:57:34] For me, that’s, that’s a lot of it. Alyssa, what’d you think when you read this piece?

[00:57:38] Alissa: I, I definitely think if you feel connected to religion, that there are also ways to make that a part of your life and think about those other aspects of wealth and really connect them together, such as the social, how you spend your time, whether you, with purpose, you volunteer at an organization.

[00:57:56] That’s important. But I also think about it when I read it about what are you leaving when you’re no longer here? What are people going to think about when they think about you, especially your loved ones. Something that’s always been important to me since my kids were babies and I first did an estate plan when the attorney asked me.

[00:58:17] So what are you guys gonna do with everything if something happens to all of you? And I remember thinking, what an awful thing to ask, even though I knew that that makes sense. Sure. And as an attorney, I, I wasn’t surprised, but I had babies, like, why? Why do I have to think about this now? It’s hard enough doing your state plan, but I think anyone who is listening to this to think about your estate plan and what you want to leave behind, what you want your family to know that was important to you, and whatever size gift it might be to put that as part of your estate plan, because that’s your legacy too.

[00:58:54] The reality is most money that is left to people is dissipated within, they say two to three generations. And some people have spent the money before they actually even get it. So it’s okay if there’s something that’s important to you. I think that you should leave your legacy to the causes that are most important to you.

[00:59:12] And it’s also a great way for other generations to see what was important to you.

[00:59:17] Dog G: Doc, since I’m not amazingly religious person. When I think about eternal wealth, I also think legacy and impact. But unlike Alyssa, I don’t think about financial legacy and impact. I think about our legacy and impact as people.

[00:59:31] And so I believe there’s this thing called generational growth. We know what generational trauma is. We’ve all talked about things like money scripts, right? This idea that we hand down from generation to generation, these stories or these narratives about things that don’t serve the next generations, and we talk especially about this with money, right?

[00:59:48] When we see our parents have financial trauma, the kids end up playing that out in their lives. I think there’s this thing called generational growth where when we live these deeply purposeful lives, the people around us see us living those purposeful lives, and we model that kind of behavior, and that’s a legacy that we hand down that actually has a huge amount of impact.

[01:00:06] I’ll give you a really quick story. My grandfather from my mother’s side, I never met him, but this guy loved math. It was like a big part of his purpose. And he was an accountant. And when my mom was little, he used to sit there in the 1950s and he had his big spreadsheets and he would sit my mom on his lap and he would show her what he was filling in, in each box, and he would talk about the finances, et cetera.

[01:00:28] So my mom saw him modeling that deeply joyful behavior, not to make money, but because he liked it. She tried on that identity, the same thing he was, and she decided she liked math and she became a CPA. Now I was born and I had a major learning disability. I actually was really bad at reading. I was well behind the people in my grade.

[01:00:46] But the thing was, I had connected just like my mom and her grandfather. I connected to this idea that I was good at math because my mom was good at math and she shared that with me when I was a little kid. So even though I couldn’t read, I was well ahead in math. Not only did that give me the confidence to move forward, but I eventually became a doctor, which was a very mathematical field.

[01:01:05] And one day I was taking care of a patient in the hospital who had a problem. He kept on getting admitted over and over again, very dehydrated, almost near death. And I noticed a mathematical connection between two of his lab tests. And we diagnosed him with a very rare disease. And actually there was a simple medication to give him, and it probably saved his life.

[01:01:23] Now, this guy, he was a pastor and he had a church, and they brought in homeless children, runaways and fed them and gave them a place to sleep. So if you think about it, my grandfather, who died before I was even born, who taught my mom about math because of the pure love and joy of it. His impact is still being felt today by some runaway kid who has a place to sleep and eat.

[01:01:49] That’s generational growth. No one knows my grandfather’s name. He’s not written in any history book, but him doing things that were really important to him, things that he loved actually changed the world. It left a legacy, it left an impact. And 80 years later, it’s still changing the world today. So when we talk about this article, we’re talking about our monetary wealth, we’re talking about our social wealth, we’re talking about our time, wealth.

[01:02:14] All of that actually is what we wanna use as fodder to change the world. And I think we do that through purpose, and I think we do that by doing things we deeply enjoy. Tell us how you really feel, man.

[01:02:26] Joe: As you can tell, I’ve thought a lot about these kind of things. Like Stop, yeah, stop covering it up. This idea.

[01:02:30] I think there’s something to do with purpose that you’re trying to get across. I don’t, maybe I don’t get it. Maybe. You’re not passionate about it at all.

[01:02:36] Dog G: No. No.

[01:02:37] Joe: I think that’s a fantastic place. Leave it. What a lovely testament to your grandfather and just a, um, something for us to all think about. Yeah. I never met, never met him, died before I was born.

[01:02:46] These, these little things that we do every day can be so impactful, not just to us and building wealth, but the wealth of the community around us. Let’s talk about your communities. ’cause the reason we have you all here is because you’re community leaders. I love the work that all of you do. Alyssa, thank you so much for hanging out with us again.

[01:03:03] It’s been too long like it has been for David. Been way too long. What’s going on right now at Amplify My Wealth? What do you got, uh, on the calendar coming up?

[01:03:10] Alissa: I’ve just been trying to be as consistent as possible about increasing my content on Instagram. So for anyone who’s looking for financial literacy content to help amplify their wealth, definitely Instagram is the place to go.

[01:03:25] Also, on LinkedIn, I’m doing that too. That’s really my focus outside of my clients as far as amplify my wealth goes right now because I want to make sure whether people are getting financial advice or not, that they have tools that they can rely on.

[01:03:43] Joe: Yeah, LinkedIn is someplace I need to be more and I’m, and I’m not.

[01:03:46] I’m just like, where am I gonna, speaking about time, about time, time wealth, I’m like, yeah, I should, but apparently it’s not a priority for me. But I look at, uh, what goes on there every time I’m on LinkedIn and it seems like such a great platform. David, thank you so much for hanging out. Speaking of too long, man, it’s been, geez, maybe since the pandemic or.

[01:04:08] Maybe even before. I

[01:04:09] David: think Prior, yeah. Prior. Yeah.

[01:04:11] Joe: What, what’s coming up? Give us some preview of what’s coming up soon here. Uh, money for the rest of us,

[01:04:16] David: uh, we just, uh, recorded an episode this morning on how retail traders are losing big and, and enriching Wall Street, you know, with all the zero days to expire options and, and how that impacts the overall market.

[01:04:30] So we’re covering that. We recently covered buffer ETFs. We took a look close look at the crippling home insurance crisis. The people facing 30%, 50% increases in our case, 70% increase in home insurance premium. Wow. And so, uh, what do we do about that? What’s causing that? So those are some of the topics.

[01:04:47] There’s, you know, we’re approaching episode 500, uh, after 10 years. So, uh. We just keep turning ’em out time. I can’t believe we’ve doing it this

[01:04:56] Joe: long, man.

[01:04:57] David: I know it, I know we doesn’t, doesn’t seem like we’ve been doing it this long. Still fun though. I was telling the pro like, you know, I had a great time pulling together this morning’s episode.

[01:05:05] That’s how you learn it is,

[01:05:06] Joe: it’s you learn by

[01:05:07] David: teaching.

[01:05:07] Joe: There’s definitely few things I’d rather do than be hanging out with you guys right now. We will link to, by the way, amplify my wealth and money for the rest of us on our show notes at Stacky Benjamins, and of course the amazing Earn and Invest podcast.

[01:05:20] Uh, doc, I’m gonna ask you, I know you got some cool stuff coming up ’cause you and I have chatted about it before, but all of our stackers don’t know what’s, uh, on the agenda.

[01:05:28] Dog G: So this week, our Monday episode was Garrett G, who wrote a book called The Hacker Mindset. This guy was pulled out of high school at 15 to go work for the government.

[01:05:37] He is a white hat hacker and he tells us how to use the hacker mindset to live a better life, a win at Money and life. And then the Thursday episode is Milosh Meic. He started something called the Altruist League. He uses AI to help people do philanthropy better, but what we talk about is what he learned through philanthropy about what makes us happy.

[01:05:59] So two really interesting conversations.

[01:06:02] Joe: And that’s at, uh, earn and Invest where finer podcasts are distributed, like money for the rest of us. All right, that’s gonna do it for today, Doug. Um, man, what should be on our to-do list today?

[01:06:16] Doug: So, what’s stacked up on our to-do list for today? First, take some advice from David Stein.

[01:06:22] Hey, David, what was the big takeaway today?

[01:06:25] David: My big takeaway was, uh, Josh’s story about his grandfather, how generational wealth, the, the small things we do, it’s like the butterfly effect can affect generations ahead, and so it’s important to. Use the type of wealth that’s available, time, physical, monetary, to do all our small part, and that flywheel can grow and it can have unknown impacts decades, if not centuries ahead.

[01:06:54] Doug: And if you want another one, maybe better one. Just kidding. David, that was awesome, but if you want another one, how about this big takeaway from Alyssa Maes?

[01:07:03] Alissa: In order to do exactly what David was talking about, it’s really important to realize that we all do things differently. And just because we see that someone does something a certain way, it might not be the right way for us.

[01:07:16] So figure out what’s best for you and then work on achieving the goals around the different things that we talked about today. The financial, social time, and physical wealth, as well as the eternal to create a plan that makes you feel good and get the most outta your life.

[01:07:35] Doug: Those were great. Sure, but you wanna know what the biggest to do is?

[01:07:39] I might need to get a new bike before the tour to Texarkana kicks off. The banana seed on mine isn’t great for long distances, and I think these cards in the spokes might create some drag.

[01:07:54] Thanks to David Stein for joining us today. You’ll find his awesome podcast Money for the rest of us wherever you are listening to me right now. And thanks to Alyssa Maes for hanging out with us today. Find out more about her@amplifymywealth.com. And thanks also to Doc G for joining us. Wanna hear more from the nicest guy in podcasting?

[01:08:14] Yeah, sorry Joe. Tune in to earn and invest wherever the finest podcasts are found. This show is the property of SB podcasts, LLC, copyright 2024, and is created by Joe Saul-Sehy. Joe gets help from a few of our neighborhood friends. You’ll find out about our awesome team at Stacking Benjamins dot com, along with the show notes and how you can find us on YouTube and all the usual social media spots.

[01:08:41] Come say hello. Oh yeah, and before I go, not only should you not take advice from these nerds, don’t take advice from people you don’t know. This show is for entertainment purposes only. Before making any financial decisions, speak with a real financial advisor. I’m Joe’s Mom’s Neighbor, Duggan. We’ll see you next time back here at the Stacking Benjamin Show.

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