Do you want to be a great investor? We’re going to dive into a few ways…including how rich people view investing and money in a much different light than non-wealthy people. To kick things off, during today’s headline we’ll share a list of mistakes that new investors make all of the time. We’ve made these mistakes ourselves and lived to tell about them. Now we’re going to help YOU avoid those mistakes as well, so you can build wealth more quickly. We’ll discuss overtrading your positions, gambling like the stock market is a casino and more.
That’s all a big lead-in to a woman who’s helped literally MILLIONS of people on TikTok become better investors and think much more like a wealthy person. Your Rich BFF Vivian Tu joins us for a great discussion on the importance of mentors, focusing on the fundamentals, and more, if you’re hoping to join the wealthy class. Vivian has been both poor and wealthy, and is going to help us mentor you to invest better as well. More than anything, she’s going to help you focus on your mindset to not just invest better but to make better money decisions across the board.
Of course, we’ll also take a call from a Stacker who wants to be a better investor, AND we’ll even help you hone your trivia-solving skills with Doug’s trivia question. …and to top it all off, we JUST might share a holiday special TikTok minute.
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
Big thanks to Vivian Tu for joining us today. To learn more about Vivian, visit Your Rich BFF. Grab yourself a copy of the book Rich AF: The Winning Money Mindset That Will Change Your Life.
- When deciding whether to buy something now or in the future, it’s important to factor in the time, money, and what?
Stacking Benjamins Lifeline
- Stacker Zach has a question about whether it makes sense to pay off a zero-percent interest car loan now, or invest the money.
Have a question for the show?
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- Check out The 201, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurance to investing, we’ll tackle all of these. Head to StackingBenjamins.com/the201 to sign up (it’s free and we will never give away your email to others).
Join Us Friday!
Tune in on Friday for a very special episode where we’ll ask the question: is the idea of retirement dying? We’ll chat about whether we should gear up to work forever with the host of the Personal Finance Podcast, Andrew Giancola. He joins the magnificent Paula Pant and OG to discuss.
Written by: Kevin Bailey
Miss our last show? Listen here: Launch Your Money Rocket (SB1447).
podcast players. 11 horrible segues. 10 puns of Punning. Nine. Coleslaw’s Eating. Yeah. Not funny anymore. Eight Lifelines throwing seven interviews
Six people whining about fees. Five. Amazing
Hey, wait a minute, Richie five should be just one amazing neighbor. Think you got another typo, man.
I. Four trips to
Bavaria. Did we tell you Joe
went to Bavaria? Three trips to the Canadian Rockies? Joe told you he came to the Rockies,
trips to Asia. I’m
sure Joe told you all the Southeast Asia trips, right? Wow. He’s gotta
Live from Joe’s mom’s basement. It’s the Stacking Benjamin Show.
I’m Joe’s mom’s neighbor, Doug. Today we’ll share lessons to make you richer with your rich. BFF. TikTok star, Vivian two. In our headlines, we’ll shine a light on one piece showing the biggest mistakes Gen Z investors are making. What are they? We’ll share. Plus, we’ll throw out the lifeline to stacker Zach, who wants to know whether it’s more beneficial to pay off his car or put that money toward investments.
And then I’ll share some valuable trivia. And now two guys who spend all day watching our TikTok channel, it’s Joe and o.
That’s right. Stackers. If you didn’t know, we joined the Fray for the last, uh, couple months. Uh, Kate Youngin and I have been on TikTok every day. And you know what, og, we haven’t even asked you to dance yet. We’ve had some videos with you, uh, giving your sage advice, but not yet dancing. You ready to start doing that next week?
already. You are TikTok fa Well again. Yes. All I think 350 people have discovered us there so far. So Rome wasn’t built in today, bro. Both of our TikTok fans love us. Speaking of TikTok og, we got a, we got a great show. You ever watch the year Rich BFF videos? You don’t, you’re not online at all.
I’m asking the wrong guy. You got
halfway through the question. You’re like, what am I doing? I’m wasting my breath here.
I watch airplane videos on
YouTube. Well, you’re about to meet Vivian too, OG who is, uh, I talked about how, uh, Jamila on Monday is a force in nature. Vivian the same energy last week. We taught you leadership this week we’re helping you get rich with your rich BFF, which is, uh, she’s got a phenomenal story, but that I think is one that a lot of our stackers can mimic.
But speaking of Rich, BFF, we’ve got probably here a tool that will make you really rich. Listen to this. That might be the best ad spot beginning, like lead in I’ve ever done. What do you guys think?
All I heard was you say something about Doug being a tool.
Well, that was, that was during, that was during the ad break.
Uh, no. It was about being rich. Well, if that didn’t make you rich, which it probably did, we, we gotta give you an alternate. How about this one? How about that one? og?
I can’t think very much. I’m high on DayQuil and Earl Gray
Tea. Let a concoction. OG ISS kind of here. Doug is here. Vivian too. Waiting upstairs.
We’ve got a headline. So let’s move.
Hello doling. And
now it’s time for your favorite part of the show, our Stacking Benjamins headlines. Our headline today comes to us from MarketWatch, came out last Wednesday, uh, Barbara Meyer wrote this, crypto Equity Options and More Rookie Mistakes by Millennial and Gen Z investors, crypto Crappo.
That’s right. Barbara Wrights. What are young investors getting wrong these days? Our call of the day, she wrote from Co-Founder, data Provider Data Trek, Jessica Rae, flag seven Rookie. Investing mistakes and RA says, well, just 29. Uh, RA has already spent a decade writing about and analyzing capital markets.
So here is, uh, Jessica Rae’s. Top ones number one, OG on the list. Trying to pick single stocks. Yes.
Yes. That the DayQuil says correct. Agree. Bad
concur. I was gonna say, when you talk about individual stocks, you have to be right twice, and that’s too hard. It’s hard to be right once. That can
be right twice.
I remember talking to, uh, a guy that wrote a series of books that I just absolutely love, the Stock Market Wizard series. Jack Schwager, Jack, by the way, was on the show talking about this. We’ll link to him when he is there. He talks about og some of these wizards that have beaten the s and p over time.
And yet when I asked Jack, Hey, is this stuff most people can, can, uh, emulate and do the same? His answer, the dude that wrote these books was, yeah, don’t even try. Don’t even try. The amount of time these people spend versus the marginal upside many of them get might not be cong. Sounds
like he’s good at writing the books, not just good at selling the books.
Maybe not. I gotta tell you, Jack, we gotta have Jack back on because, uh, just hearing the stories about what these people do, these are some. Crazy in investment strategies. They use that, that historically have worked. What’s funny is they work until they don’t, right? I mean, they work, they work, they work, and then that algorithm goes away and now it doesn’t work anymore.
Second, treating, investing, like gambling. This is, I’m not hearing as much from the Robinhood camp I did a couple years ago, og, but that’s a, that’s still a big one with young investors. And the
major problem with this is you don’t get to see the value of staying the course and compounding until the very end.
You know, it’s like, it’s like you put money in you, you’re fresh outta college or something, and you, and you’re starting your 401k and you put in your 5% and at the end of the year you’ve got $5,052 or something. You’re like, huh, all that. And at the end of the second year, you have maybe $11,000 and it’s like, oh my gosh, this is gonna take forever.
It’s not until those years 20 through 30 or 30 through 40, where you’re starting to finally get the momentum going, of the value of all of that compounding. And it’s very hard to stay motivated with that. And it’s very hard to stay the course when it doesn’t seem like it’s paying off, but you just have to trust the math.
Yeah, trust the maths.
We, we had a slightly, I’ll say a microcosm, a smaller version of that, not for retirement, but when we were saving for. The fin turn’s college expenses and his brother, I mean, you start, we started saving right when they were born and they get to like freshman year in high school and we’re like, oh my God, we’re not gonna make it.
And then all of a sudden, in those last four years, part of it’s, well what happened with the market in those four years? But it really did start to compound on itself and we were fine. But man, the first eight years of that was pretty tough to stay the course and trust. Yeah,
just gotta keep the sale out.
Win. That’s right. The keep the sale in the win, keep the sale out like that. Brian Aldi, who’s been on the show, uh, uh, at least twice. Uh, Brian talks about buying individual stocks. og that’s what he does. And he even pointed to a list he made in 2021. Of a list of stocks that he thought were stocks that could way outperform.
So in other words, if you don’t wanna invest, which is what Brian recommends people do, if you wanna gamble, these are his best gambles. And he just had a Twitter stream recently talking about just how effing badly every, each one of those is done. One of the stocks was, he picked 10, one was delisted nice.
And he talked about the s and b 500. This year is up, you know, X. But if you bet on some of these little companies, and we all know how bad small companies have, have, uh, fared over that timeframe. In general, uh, the average stock OG might’ve been down 25%. Like at the, at the very least, you probably lost 25% of your money with this list.
That a guy, Brian does this all the time and he’s like, see what gambling gets you. Maybe what Gambling gets you gambling results, right. I. If you’re
gonna go gambling, go gambling. Like that’s fun. Right? Playing blackjacks, sitting at the table for hours at Caesars, drinking, you know, free beer.
Right. But betting on Rivian and holding it too long Yeah.
Is not like, that’s not, you don’t get the same high. No, it
sucks. Not fun for you. Do you enjoy that? Even
on a, like a heater on the
roulette wheel? Throwing it. Oh, was I looking at you? I didn’t even know you were caught in that, uh, collateral damage. Doug.
I’m just waiting for Doug to double down. Like lower the cost basis, bro.
all in. I love a discussion that we had off, uh, uh, off mic. I’m gonna put that discussion on Mike between the two of you and OG giving Doug the, the advice to double down. But Doug, it wasn’t to make money. It was so you might break even, right? That’s a
funny phrase for let’s throw good money after bad.
maybe, maybe, or you break
even and the end result was, either way it won’t. I mean, one, you might break even or you’ll just lose more. I mean, hey, right number three on that list, thinking you don’t have enough to invest. Oh gee, this is a big one. Especially with our younger listeners or heck, even people in their forties, they should be started on retirement.
They’re like, I haven’t started yet ’cause I can only invest a little bit at a time, man.
Slide that away. It’s the little bit
that counts. Next
is only investing in companies. You quote believe in the iShares global clean energy ET F1 that I think a lot of us can get behind. Down 26. Yeah, down 26.5% year to date.
Barbara makes a great point here and Jessica as well, that a lot of these ETFs that are quote ones you believe in the hoops og, they’re jumping through and the amount that they are putting into one or two companies that you might not believe in as much as the others, like these companies that don’t make great money, they have a great story.
It’s frustrating if you’re trying to do the right thing. I
think you have to look at this a couple of different ways. Um, one is to avoid the things that you definitely don’t wanna participate in. That’s probably a lot easier saying like, I don’t want to participate in companies that are, uh. Tobacco manufacturers or whatever.
The reality is, is that from a broad-based index fund standpoint, it’s very hard to remove those, right? You have to, you’d have to basically create your own index fund and then some of the newer up and coming, let’s take energy for example. A lot of it is subsidized so much by the government to make it kind of a viable source of, of interest for people to use and, and to get some traction.
That’s the idea behind it anyway, so that it can be self-sustaining, but from an investing standpoint, you gotta kind of wear two different hats there. Mm-Hmm. Right. You may, you may love the fact that this organization or this company is doing it this way and you wanna support them, but as an investor, you go, but they’re not making any money, and investing is about a return on capital.
I like to think about the fact that. If we just invest broadly, recognize that there’s gonna be some areas of the, of the market that are gonna be investments that you might not otherwise go out and buy on your own. But you know, there’s just part of that diversification, it’s part of the index. It just kind of is what it is.
If you do that long enough, you’ll have a ton of money and then you can take the money that you’ve made and use that to directly contribute to the things that are really important to you as opposed to trying to do it as you go along with some unproven organizations or unproven capital
Well, and you also find that over time if companies are doing bad things that investors catch onto that companies then, then go out of favor. You get public sentiment against them. That affects the bottom line. They wash outta the s and p. Like the thing I like about s and p 500 investing or broad-based index investing, it’s it’s self-cleaning.
If a company falls out of favor, it goes by by. And I don’t have to be watching the news every day to see what happened with that index.
I mean, that’s basically capitalism. Yeah.
Right. Next is letting big gains cloud your judgment. Uh, Jessica says, risk management should also be a priority. I don’t think that’s the case.
When it comes to broad-based investing, we should expect gains upon gains, upon gains. That should be our goal. But if, if I have an individual stock, I mean, you and I, I think were both in the room when, uh, grant Sier was talking about, you know, he had all this money that he made in Amazon. He bought a bunch of Amazon stock.
He didn’t look at it as if it was a gamble. He invested in it. He knew he was under Diversified og, and then he made a bunch of money. I think sometimes people at Big Gains Cloud everything. And, and, uh, let’s say, let’s say that you were up as an example, OG on Rivian and you got this big gain. You’re like, I, I sold out.
I think I could make more. And so you just hold on too long.
Thanks. Get fed, I’ll get slaughtered. No, I mean, the thing with individual stock positions, I think when it comes to, you know, young people investing, uh, this’ll be largely around their company stock, right? Because you might get some stock options, the employee stock purchase plan, you might have the opportunity to buy stock in your 401k.
And if you don’t have a plan in place for how you’re gonna liquidate those shares as they come due, as they’re vested, as they have reached different hurdles in terms of exercise ability, you know, if you’ve got non-qualified options or something like that, it doesn’t seem like a big deal when you’re 25.
We talk to people all the time that, that have worked at the same company for 15 years using Amazon as an example. Go, oh my gosh, every year I got a little bit of these stock awards. I didn’t really think too much about it. And now I look at my balance sheet and I’ve got 90% of my net worth is in this one company.
That wasn’t my intent, but now I have this big problem to get rid of it, or at least this perceived problem of like, but now I have to write a check for a hundred thousand dollars to the IRS or, you know, whatever the tax bill is, instead of saying through, you know, this is part of my compensation. I’m going to every year have a plan for keeping this percentage of my portfolio, you know, a reasonable amount of my net worth.
The last two, uh, that I wanna end with. It’s great that Vivian too from, uh, TikTok fame is here today because these are two we see often on social media fear missing out. Social media’s full of young investors making killing on cryptocurrencies during the pandemic. Uh, Barbara Wrights also, it was also social media that really fed a lot of the, uh, GameStop a MC stuff that happened, this fear of missing out when you see people OG on TikTok spewing stuff.
Hey, how this is easy and you need to jump in, which is, by the way, the last one on here, options investing is people on, on TikTok going, oh, buy options and use this company. Like they might have ulterior motives.
Well, I mean, at the end of the day, there’s gonna be people that make money on different things, but you shouldn’t believe everything you read on the internet.
In fact, Joe, the reason OG isn’t on TikTok is because of all of those people who are spewing.
Yeah. Right, right. So he doesn’t see any of the spewing, he can only eye roll two so many times before you’re like, I’m out. Yeah. And I’m gone. I. We’re gonna dive more into these mistakes on our newsletter called the 2 0 1.
Every Tuesday, Thursday, we release the 2 0 1, and now we always release it half an hour before our Instagram live so you know who’s gonna be coming up. If you want to hop over on Instagram and join our live discussions, we have all kinds of great chats throughout the week. Uh, stacky Benjamins dot com slash 2 0 1 gets you the, the newsletter, which is always free and always dives deeper into the topics we talk about, not just in our headline, but with our featured guest, which we’re gonna be learning from Vivian too in just a moment.
But you know what, guys? I’m gonna call an audible time for our TikTok minute, and I know what you’re saying. Whoa, whoa, whoa, Joe. Easy TikTok minutes on Monday. Yes it is. Person I just made up for this, uh, discussion. TikTok Minute today is a very special one as we’re right in the middle of the holiday season.
And, uh, I got a great one that has to do with the holidays. Oh, gee, you think I’m about to share some brilliance or air quotes, brilliance on this very special holiday edition of the TikTok Minute. I think
you’re gonna go, uh, some great holiday. Some great holiday magic. So yes, it’s gonna be fantastic.
This is definitely Holiday Magic.
This was originally sent to me by, uh, stacker Dustin. Uh, and then I had 50 other people send this to me afterwards. But, uh, a little song here, OG for your holiday Enjoyment. Christmas
day I run downstairs, but it feels like a nightmare. Nothing’s the same. I know who to blame. Dave Ramsey ruined Christmas this year.
Last year we had all the decoration. And the brightest light display in town. This year, we had to be more creative. Our tree is just a bush rip from the ground. I just made
house that I can’t eat until it’s paid off. That’s not in the yard. It’s cut up. Credit cards. Dave Ramsey Ruined Christmas this year.
right. Uh, that was fabulous. Big thanks to comedian, uh, Jaron Meyers, not just for, uh, giving us permission to play that, uh, off of his YouTube channel, but also for creating that genius. Just a bush rip from the
yard. Isn’t that all we’re really doing with Christmas trees When you can cut it yourself?
We’re just leaving the roots intact. We’re taking the easy way out. But that’s really, I. Just go out in your front yard down, that’s all you’re doing, coming down your neighbor’s yard. So here, here’s the thing. You guys don’t let me listen to Dave Ramsey. So I don’t really know his whole thing. It’s in my contract that I’m not allowed to, but it seems like lately he’s catching all kinds of grief, like in the last three to six months, I’m hearing a lot of people making fun of him because of his extreme cost cutting measures.
Is that his whole shtick? Does he have anything else in his
bag? I don’t know. I don’t know.
mean, if you’re trying to get outta debt, I think the Ramsey plan is a great behavioral way to go. I think the, uh, the surround sound is also very helpful of the fact that, you know, that this is work for so many different people.
I don’t know. I don’t have any malice in those areas, og.
No. I mean, from a debt payoff standpoint and having a process that I think that a lot of people can follow, I think that’s, I think that’s great. He just says some weird stuff from time to time that the nerds at the Nerdery. Have issue
with yes and rightfully so, but I think you kind of gotta be an Uber nerd who understands even what a withdrawal rate is, to understand what the hell, what the, where the hell the problem is, uh, coming up.
Vivian too is uh, also making magic on TikTok. She’s your rich. BFF. She is a monster following on TikTok in the millions of people who have seen her videos. She’s somebody that we like on TikTok because her advice is responsible spot on, and is often. Entertaining. Vivian coming downstairs, but uh, while she’s getting seated at the microphone, Doug, maybe you could share today’s trivia question.
can. Joe. Hey there, stackers. I’m Joe’s mom’s neighbor, Doug. I’ve been spending the week pricing my old collectible so I can put ’em on eBay over the holiday break. Got tons of cool stuff from baseball cards to autographed pictures of celebrities and a lot of stuff that just says collectible. Right on.
I mean, if it says it right there in the package, you gotta be in high demand. Am I right? I bet once I sell all of it, I’ll have enough money to go on a vacation or maybe even pay off my house. I mean, now that KISS is officially done touring, you can’t get their T-shirts at concerts anymore. I bet all my old Concerta, theirs are worth the fortress, especially the ones with nacho cheese smeared right across the belt.
I mean, they’re so authentic. It’s like you’re there. Some people have made a decent living selling stuff on eBay. I know a roadie who sold one of Eddie Vedder’s dirty socks for eight grand. Oh my God. Yeah. Then of course there was, uh, the famous grilled cheese sandwich that had the face of the Virgin Mary on it.
That Dorito that looked like the Pope’s hat. Wait a minute, don’t they all look like the Pope? Anyway, same buyer for both of those. I assume it was a Catholic priest who was planning to lead the tastiest mass of all time after finding out about sales. Like those, it’s pretty tempting to buy even more stuff to resell online.
Maybe I’ll hit some yard sales this weekend. I wanna make sure I don’t end up buying a bunch of old stuff that isn’t worth much yet. So I think I’ll bring Joe’s mom with me to help me find bargains. She is much, much older than me, so she knows. What all the stuff is that they don’t make anymore. Plus, whenever I take her out, she offers to buy me lunch and I let her.
Yeah, because I’m a gentleman. Gentleman, today’s trivia question is when deciding whether to buy something now or in the future, it’s important to factor in the time, money, and what else? I’ll be back right after I see how much I can get for this hockey stick signed by Wayne Gretzky’s nephew, Chad. It’s gotta be pretty rare, right?
I bet he’s only signed one.
there, stackers. I’m sports memorabilia collector and sports memorabilia seller Joe’s mom’s neighbor, Doug. Today’s trivia question is, when deciding whether to buy something now or in the future, it’s important to factor in the time, the money, and what else? The answer if you know you wanna buy something but don’t know if it’s better to get it now or in the future, it’s best to factor in the time, the money, and the value in financial textbooks.
The time value of money is a concept where you decide whether it makes sense to buy something today with your dollars, wait until tomorrow, or not buy it at all the time. Value of money speaks to how much your dollar will afford you based on the investment you make and the relative value of what you’ll do with it among other factors.
And now as if that isn’t enough here to teach you how to make your best financial life a reality, it’s our mentor, Vivian, too.
I’m super happy she’s here with us, our rich BFF Vivian’s here. How are you?
Good. Thank you so much for having me, and I’m so glad we have our matching headphones on. I
I feel like
know you and this is the first time we’ve ever met, but I’ve watched so many of your videos of like it’s, it is my rich BFF. What got you started making videos?
It was totally an accident. When I left Wall Street, I moved to the tech media world and at Buzzfeed, all of my new friends and colleagues, well, I was just desperate for friendship by the way.
They would ask me like, Hey, can you help me rebalance my 401k, help me pick a good health insurance plan, all of these little tasks. And I would be like, of course, let me help you. Do you wanna be my friend? And I would then go forth, help him with this. But it. It got to the point where so many people were asking that I just couldn’t keep up with the demand.
So I was like, you know what, you guys, I’m gonna just put this on the internet and you can learn a little bit more there. I’ll make a TikTok channel just for you. Turns out more people than just like my seven friends at work needed this information. Isn’t it
wild though? Like, you know, I haven’t been a financial planner in a long time, but back when I was Vivian, everybody would preface their question with, this is a stupid question, and everybody’s asking the same question, like we’re all asking the same
It’s the only question that is stupid is a question that you ask twice, is my opinion.
Because you didn’t learn it the first time because
you didn’t listen the first time. Ah, yeah. It’s okay to ask a clarifying question, a follow-up question, but if you ask the exact same question to the same person for a second time, that drives me up the wall because I’m like, well, I’ve already spent the time to explain it once.
You should take information from that and ask a different one.
You know, it’s funny, you’re a mentor to so many people, and I know reading the introduction to this project that you had great mentorship and you talk about that you C, you come from Wall Street. Tell me about your rich BFF and what her role was in your life.
Yeah. When I showed up to the trading desk day one, I looked around and I’m so sorry. There were a bunch of old, rich, white guys.
Sure. Welcome to Wall Street, right? Yeah.
Welcome to Wall Street. And the only other person who looked even slightly out of the norm was luckily my manager, my mentor, and she was a rich, young Asian woman.
And for the first time I could see myself in that world. It felt like I could belong. I deserve to be here. Because she had made it, it meant that there was a path, some sort of way for me to get there too. She gave me so much life advice as well as money advice. The more traditional stuff, like, Hey Vivian, like are you putting money in your 401k?
Of course, but also things like, don’t get Botox off of Groupon, and
the words discount and sushi don’t go together. Correct.
And she just gave me so many gems of wisdom that I didn’t have growing up because my parents were immigrants and they were very much focused on just surviving, getting by, not making waves, not upsetting anybody, just making good living, keeping their head down, working hard.
Whereas for the first time, you know, watching her negotiate with someone, watching her voice, her concerns, when the food at the restaurant we were at that we paid big bucks for, didn’t come out right. It, it just felt like she deserved and was going to take her place in this world. And it taught me that I could do the same thing.
I think that’s really cool because, well, you know, over time, so I grew up in a community in West Michigan that was 99% white. Mm-Hmm. 99% Christian. Very homogenous culture. And I’ve learned over time that our differences are what makes us kick ass. And it’s so fun to learn people’s different experiences, but I think a lot of people come from cultures where it is fairly monochromatic.
Yeah. I look at this certified financial planner world, and even the CFP board has said for a long time, there’s a problem. It’s been mostly men, it’s been mostly white men. Luckily, over the past decade I’ve seen a flood of women. That’s great. Mm-Hmm. But we still have a huge problem. Vivian, we’ve, we have a lot of people of color in the United States.
We don’t have hardly any CFPs that are people of color. Like I feel like. Part of the problem as I read this was just having somebody that looks like you, that you can get advice from is a much easier entry into this whole world of money than trying to get, you know, even though I think our differences are kinda what make us great, it makes it so much effing harder for so many people.
And I just think that sometimes it’s not even about comfort, but it’s about actual access and the quality of guidance that someone can provide. So like, I’ll give myself as an example, I’m comfortable working with, you know, A CFP who might be a white man because I’m a native English speaker. I live a certain lifestyle that is, yeah, frankly, I’m surrounded by a lot of white people.
But my parents, when they want to go talk to professionals, whether that’s an accountant, a lawyer, anybody, they’re like, well, are they Chinese? Right? Can they speak Mandarin? Are they going to be able to understand our language barrier? ’cause English is not their first language and they wanna ask questions about like, Hey, if your grandma comes and lives with us, are there things that we can do to optimize the cost of her care?
Multi-generational families, or multi-generational homes aren’t necessarily traditional in American culture. That’s something that’s very, very, you know, immigranty. Yeah. And some CFPs or some lawyers or some accountants who don’t deal in that space daily, probably can’t answer that question as well as someone who’s probably gone through it themselves or has seen many examples of it.
So I just think having some of those. Identifiable similarities actually makes people better at those jobs for certain populations.
It totally does. There’s such a thirst for it, and I wish I, and I don’t know what the answer is, probably Vivian above my pay grade, but I would just love to see this, that people, uh, who have those backgrounds getting into the world of certified financial planning.
totally. I mean, it also has a lot to do with incentivizing and making the barriers of entry to go into those fields easier. Again, when you see an entire industry looks a certain way and you don’t look that way, you think, maybe I don’t belong here. Yeah. But it’s important to say, Hey, yes, there are some incredible CFPs who are white men.
Why don’t we have those guys mentor the next generation of young women. CFPs, yeah. Of people of color CFPs, of CFPs that identify as part of the GTQ community like. Uh, sometimes I think people think, when I talk about old, rich white guys, it’s that I hate old, rich, white guys. I don’t, the vast majority, aside from my, you know, specific mentor I.
Old, rich white guys were the ones who were helping me elevate my career. Like they were the ones calling me rockstar at work. They were the ones supporting me. I just think that you have to find the right people who are willing to give, you know, a helping hand to these communities.
No, there’s it, it’s great to see the, uh, CFP board working on initiatives like that.
Yeah, and I think it’s way overdue. It is super overdue, but it’s exciting to see, even though it’s maybe for people not watching our video. I’ve got my fingers very close together. It’s maybe this big, the initiative and it maybe should be this big or this big. I feel like we’re, we’re on audio mostly podcast talking about a phish this big Vivian, so maybe I’ll stop.
Let’s, let’s do this. I love this. You talk about how frugal your parents were, how frugal your family was, you know, that makes me go, uh, how frugal was it? So, so tell, tell me a story about growing up, about your family. How frugal was your family? Oh my gosh.
Oh. The best examples I can think of are just like my mom washing Ziploc bags that had been used.
I’m like, that is disgusting, mom. Like, it wasn’t even like, oh, this Ziploc bag held pretzels. It was like this Ziploc bag held like ground beef. And I’m like, that’s gross,
mom. You’re not gonna wash that out, mom,
mom. Like there’s like, we can’t get that clean, you know, like always the tub of country crock in our fridge that you would open up and inside would be like rice.
I’m like, why? Why? Or the cookie tin that was in fact a sewing kit. You know, these are very like traditional like tropey immigrant things, but like it was more so just their perspective on money. Just because my family didn’t grow up with a lot of, it didn’t mean I wasn’t a kid. I was still the person who would be like tugging on my mom’s sleeve when we were in the grocery store, being like, can I get a candy bar?
Can I get a bag of chips? And there were times where. She would have to look at me. And it wasn’t just like, no, you can’t have that. But it’s like we literally can’t afford that. Mm-Hmm. I think I knew pretty early on, like especially when I was younger, that like my family was different. I grew up in a, I would say upper middle class neighborhood, and we lived in one of the smaller homes.
We lived in a town home, not a standalone single family home. There were people in the neighborhood who drove fancy luxury cars. My parents were Toyota Camry, Toyota Corolla, Honda Accord people and other people’s families. Their moms were able to come and be what we called PTA moms because their dads were the breadwinner and that was enough to sustain their family.
Whereas for me, both of my parents had to work. Chose to work, had to work for us to make the math happen in our family’s personal finances, and that meant they didn’t attend my fourth grade play. They weren’t always there for the swim meets. My mom actually didn’t even attend my high school graduation because she was consulting out in California and couldn’t afford to come back because at that time my family’s financial situation had improved quite a bit, but they just needed to save as much money as they could so that they could help me pay for college.
So to have your parents miss out on some of those major milestones and moments and things that you as a young kid thought were so consequential and important, it sucks. That’s the thing that I want to make sure that my kids never, ever miss out on. It’s not being able to buy them the newest gift or, you know, have them have their fancy, tricked out bedroom.
It’s about. Not missing soccer practices. It’s about taking them to ballet recitals. It’s making sure that they get to go to art class and I’m there cheering them on or whatever. It’s, it’s about that time spent because my parents had a very big shortage of time.
And a lot of this you write is about flipping your thought process.
Yeah. And really changing your whole thoughts and your expectations. You start off with a great, I love board games where, you know, it’s December, it’s the time when you play board games, right? You get together with your family. Everybody gets mad at each other. ’cause of Monopoly. And Monopoly. A monopoly game really.
I find, Vivian, your story about Monopoly does a great job of setting this up. So let’s talk about how rich people think differently. And your monopoly story you’re on a vacation with to the Hamptons. That sounds like it. What a dump by the way. What a dump.
We were staying at the guy who won that monopoly night, uh, his parents’ rental home for the summer.
It wasn’t like a fancy luxury thing. Like me and my fiance were sleeping in two separate twin beds. Like it was, you know, we were definitely like taking advantage of like his parents’ rental. Yeah. Like it definitely wasn’t anything like super nice, but you know, it was a situation that was pretty eye-opening for me.
Just because, like, I hate to say this out loud, but I think I’m pretty smart. I think I’m pretty strategic. I am certainly better at Monopoly than the average player. I would, I would think. But we play this Monopoly game and you know, most of us are above average smart monopoly players. We’re not making any stupid choices, but.
One guy had read the entire pamphlet, like the instruction manual that comes with the
board that everybody just takes Vivian and they throw out. Right. It goes in the trash because you how to play Monopoly.
Yeah. Like your babysitter taught you, your dad taught you, your cousin taught you when you were like eight.
And we all think that that’s all there is because that’s what we were taught. Obviously no one read the pamphlet. ’cause that looked really boring and nobody wanted to do that. He read the whole pamphlet. What a dork. Right? What a loser. Um, I he’s gonna hear this and be like, that’s so rude. But you
know, just go ahead and call him by name then.
I’ll, I’ll like at, you know, tag him. But, uh, you know, he owned us ’cause he was doing stuff that we were like, that’s literally not allowed. And he was like, by definition it is in fact allowed. Look at the pamphlet. And we were like, OB, we didn’t read the pamphlet. And he’s like, yeah, that’s your problem.
Like, I’ve read it, I know the rules and now I’m gonna play with a strategy that takes into account all of these rules. That I am going to crush all of you at Monopoly. We’re friends, obviously. We get into a massive fight. We’re like, you didn’t tell us this. Like, you can’t just do that. And he’s like, you guys had the exact same opportunity to read this pamphlet as I did.
You chose not to do it. And that was a learning lesson for me. Not necessarily for Monopoly because as soon as I found that out I read the pamphlet and now I have never lost again.
But, well, let me say this. I have read the pamphlet ’cause I am that board game dork. Yeah. And it’s funny because you described what he was doing.
I still don’t know what the hell he was doing. There was a different thing that I have done to win the game that I’ll share with everybody. Never upgrade to a hotel, by the way. And I know this
off, off, don’t upgrade be because there’s only so many houses in the game. And if you go to three houses, you can choke the supply of houses.
Nobody else can get houses as long as you keep yours. So you choke the supply. Everybody else is furious with you because you won’t upgrade to a hotel to put the houses back in. But you were talking about some lever I gotta go back and read because what you were talking about is a whole different level of, uh, genius.
But anyway. This is a big point about how, you know, there’s this guy John Hope Bryant, and this echoes John. Hope Bryant’s one, one of my favorite guests. Second favorite guest to you, Vivian. He talks about how some people just didn’t get the memo. Yeah, the memo’s been there for everybody. And yet of course, we’re born into a certain situation.
We’ve got surround sound that’s different and like your, your friends say with Monopoly, it’s out there. You just don’t have the same access to it. Mm-Hmm. Uh, initially, like everybody else has, you
know, I like that phrase like, you didn’t get the memo. It’s like we were all sent the memo, but some of us didn’t have wifi.
Some of us don’t have access to email, some of us can’t read. And so sure the information is out there and available on Google. Like we all, you know, can in theory just go search it up. But like we all start life in a different place. Some people are born on third base, some people aren’t even in the ballpark yet.
Depending on that, your ability to access the rules and then actually formulate a strategy are very different. It just goes to show that like rich people love talking about money. They pass it down from generation to generation. Rich dads to rich sons. But if you don’t have a family that already talks about money or a friend group that already talks about money and is constantly trying to level up or discuss what things can be done to optimize, like you just don’t have the network of knowledge that you need to really get ahead.
And so it’s really important to build that financial literacy in yourself sooner rather than later. Not just so that you can be smart, but to help level up the people in your life that you care about most too. Let’s
flip some of those switches I want to go through. You’ve got, uh, seven kick-ass points about how rich people think differently.
Let’s just take a second on each of these, if you don’t mind. Vivian? Yeah. First one is you say, rich people are lazy. What’s one trip that we could use to get a little more lazy and still be better off?
Yeah. Um, rich people are super lazy. They want their money to make the money, not their labor. So a easy trick is instead of having a standard savings account, open up a high yield savings account.
You aren’t doing anything special. You aren’t doing anything different. It’s still gonna be FDIC insured, but you’re gonna earn way more interest on the money that’s just sitting around waiting to be spent.
I love that tip. I mean, you look at just the difference between the top 1% of high yield savings accounts and the average savings account, like average savings account as we record this is somewhere around half a percent.
Yeah. Versus like 5% if you’re in the top 1%.
Yeah. Like, you don’t like making 10 times more interest, you wanna make 10 times less. Right.
And you know what, what is that? That’s a 15 minute move. Maybe 20 minutes. Yeah. If, if you struggle with, it’s your first time doing this, guys. You know what? It’s a half hour move maybe.
Yeah. If you struggle with it, you know what I like too? You talk about your labor, not worrying about your labor, making you money. Your money makes you money. It also makes me think, you know, we’re in this side hustle culture and people driving for Uber. It’s the same reason Vivian, I think driving for Uber’s like a great short-term situation.
Yeah. But really building a business is a better long-term solution because if, if you drive for Uber, you just bought yourself another job.
Yeah. And we have to remember that there’s a difference between active income and passive income. Good point. Like active income is you have to go and do something to make money.
So like you sign up for Uber, if you stop driving for them, you stop making money. Whereas if you have. An Etsy shop where you sell, you know, your digital prints, you draw the design once, but you can sell infinite numbers of those prints, and so it is a little bit more passive. You just have to think about like the scalability of some of these side hustles and potentially
It’s fabulous. I mean, if it’s a short-term, debt drive Uber, but if it’s a longer term, totally. Yeah. Number two, you say rich people don’t just have higher paying jobs.
Mm-Hmm. Everyone thinks to be rich or to retire early, they need to be a doctor, lawyer, engineer, making multi-six figures. Absolutely not. It is about figuring out what is important to you, how much money it’s gonna take to get there, and then figuring out a plan on how to do it on your income.
Sure. It’s important to try and maximize your income, but you can do that while being a teacher. Like you’ve seen the headlines. 30-year-old teachers retire like instantaneously after they hit 30 and they live out of an airstream, right? Sure. That is their dream. And you know what they did? They took their income, they tried to minimize, minimize, minimize their needs, and wants, maximized all of their savings, investing debt, pay down any of stuff of that.
But that’s why two teachers were able to retire at 30. I’m 29, I can’t retire next year. It’s really about focusing on what you want and how to get there. Not just getting a high paying job. ’cause that’s not necessarily true. And people who have high paying jobs, if they’re spending a ton, they’re in the same position as if you make lessons, spend less.
I love this point. When I was reading it, I like had my hands in the air. I was like, yes. Because I think the biggest lie, and when I sucked with money through the nineties, this was my biggest problem. I was living this lie that I thought, if I just make a little more money, my life will get better. And it’s not about that.
It’s about exactly, Vivian, what you just said. The third one, rich people don’t care about impressing you. Mm-Hmm. You know, Charlie Munger died a couple weeks ago as this airs. Yeah. And he talked about envy and how horrible envy is. Like one of my favorite Charlie Munger quotes was, we spend way too much time looking at other people’s stuff and thinking, man, if I was living with their stuff,
I’d be happy.
Yeah. My line that I love. That I always say about my early twenties is that I was buying stuff I didn’t need with money. I didn’t have to impress people. I didn’t even like, yeah, I think there’s something, we imagine when we close our eyes and think of a rich person, we imagine them driving a lime green Bugatti and you know, carrying a Chanel bag and wearing their Gucci loafers and you know, whatever.
But that’s not true wealth. That’s just an ostentatious show of what rich people like people think rich people are. It’s a dramatization. Rich people are people who don’t just wanna get rich. They wanna stay rich, they invest, they buy assets, not liabilities. They’re really, really smart about how they spend their money and they don’t feel the need to constantly emblazon a designer logo on their forehead to try and what build clout with you.
They would rather go and buy a $300 cashmere sweater that feels great on their skin for them, even if there’s no logo and you don’t know how much it costs because they have no desire to impress you. What does that do for them? Nothing
So funny. I di I think about like some of the big brands, like, would you rather, would you rather go to Disney or would you rather own Disney?
Mm-Hmm. You know, and I think Rich people want to oppress upon you that you should go to Disney while they buy Disney. Yeah. You know?
Yeah. And listen, there’s nothing wrong with wanting to spend money and enjoy your life because you work hard for it. But I do think there’s a balance to be had between making smart money decisions and spending your money in a way to live for other people.
Spend what makes you happy. Do what makes you happy. Make sure there’s value and purpose and thought behind all of your purchases. Whether it’s a good or a service. Don’t just do it to try and. Impress somebody else.
I wanna go through a couple more of these. Rich people have an abundance mindset. Hmm. And when I read this, I remember switching at a certain point when I went from struggling to being okay.
Part of that was the mindset that I had to get out of the now culture. Yeah. But I also had to try to catch, I, I had to work on my foundation instead of just doing what was gonna be good today. But I got to a point that Vivian, where it wasn’t money with my name anymore, it was time. Like all of a sudden I had so many opportunities around me and I realized my mindset had changed from scarcity to abundance.
Talk a little bit about that. ’cause that was, it’s huge and it’s not gonna be overnight.
Yeah. The difference between the two is like with a scarcity mindset, you’re always worried about where your next X, y, Z is coming from. You always think that the other shoe’s going to drop, whereas with an abundance mindset, it’s like, you know, there’s more where that came from, but it’s not enough to just like click your heels and like, wish that’s happened.
Like I, I, people talk about like manifestation and like mindset and stuff like that. I don’t mean it in that sense of the word, I mean it in that you are able to change how your decision making impacts your actual finances. So with a scarcity mindset, it’s things like, oh, I shouldn’t take that new job because it’s risky and I could get laid off because it’s at a startup, an abundance mindset is I should take that job because it one pays more.
I have an opportunity at equity and worst case, if the startup shuts down and closes down, at least I’ll have amazing experience and my network is still going to be able to help me get another job. Because sometimes when we have opportunities presented to us and we have that scarce mindset and we aren’t thinking like, oh, I should invest this money, or, oh, I should set this aside for later.
We miss those swings at bat. And you only get a certain number of swings in a lifetime and you don’t wanna say no to all of
them. I’m thinking about one of your videos that I loved where you’re playing, of course. Like you do most of your videos, both people, and somebody offers a candidate for a job, a hundred thousand dollars.
And in your head you’re like a hundred thousand dollars. That’s phenomenal. And you go, wait, wait, wait, wait, wait. Hold on. You’re only gonna get so many at bats. Uh, I love that. I wanna end with this one. ’cause this was kind of, you know, the role of your mentor at work when you got to Wall Street. I could hear it in your voice.
I could read it in your writing, how important that was. You say, rich people share, swap and scratch each other’s back, like having this network and community. Talk about that, building that community for a moment.
It is so critically important to surround yourself with the best people possible. I did not get my job in media and tech because I was the most qualified candidate.
I got my job in that space. Frankly, through networking. I was unhappy. Once there was a management shift at my wa, my Wall Street trading job, I went and talked to my first manager and I told her, I was like, I’m gonna quit this job. I’m so unhappy. You know, my new manager is a racist, sexist piece of shit.
Oh great. And you know, he was just abusing me at work. I told her that and she was like, don’t be an idiot. Do not quit your job today. You need to have this until you find your next gig. Do you wanna talk to my friend? She worked in our industry and now she’s in the tech media world. And I had a call with my mentor’s best friend after a couple more rounds of interviews, uh, you know, a sales like meeting, a pitch, whatever.
I had the job like four weeks later. And frankly, I did not know what media was, what an impression was, what a view was, how to sell anything, how to price anything, what products. There were nothing. I didn’t know anything, but her friend took a flyer on me because I said that I could learn very quickly. My mentor vouched for me, and she felt like she could teach me the ropes.
And in two years time, I became one of the top sellers of the company. So it’s not about what you know, it’s about who you know and who’s willing to give you a shot.
So much more that all. Everything we just talked about guys is in chapter one. This book is called, this book is called Rich Af, the Winning Mindset That Will Change Your Life and, and I think this might be available in time for the holidays.
People could give it to their friends.
It is actually coming out December 26th. But your mileage may vary when it comes to shipping times. From what we’ve heard, some people might be able to get these in time for the holidays. Some people might get them a couple days later. If you are interested in giving these for the holidays, one of the easiest things you can do is write a really thoughtful card and just print out the cover and share like, Hey, this is gonna be in your mail in the next day, just so that they have something fun to open on the day of.
But I really do think that this book is going to help change people’s lives and you’ll be perfectly set up for New Year, new Money, new Me.
It is a great time for your 2024 Money Makeover. And by the way, what a great stocking stuffers. A little thing. Guess what you’re getting tomorrow? Yeah, you’re getting, you’re getting Vivian’s book, Vivian.
So great spending time with you. Thanks for being our rich BF.
Thank you so much for having me. And you guys can find the email@example.com because I wanted to make the website a manifestation. And I’m your rich BFF across all social media. Thank you so much for having me. This is Aaron from Colorado Springs, and when I’m not teaching three boys how to patch hockey, stick holes and drywall, I’m
Hey guys, let’s throw out the lifeline to a stacker. Help them make better money decisions. If you would like OG to take a dive at your question, head to Stacking Benjamins dot com slash voicemail. And you know what today’s lucky stacker is gonna get, not just og but OG hooked up on DayQuil and t to use his phrase.
like a, this seems like OG to take a dive, sent you more gold medicine.
A special edition of OG answers your question. But first we need a question. Uh, let’s, let’s go with Zach’s question. Hey Zach. Hi Joe
OG and Doug. I purchased a car back in 2020 at 72 months, 0% interest. I have the cash to pay it off now, uh, but I’m wondering if it’s beneficial when I’m putting that extra into investments.
I appreciate, uh, all your feedback and not learning anything. T-shirt size is extra medium and I’d appreciate so I could post it to the basement. Thanks.
Thank you for the Brian Regan joke. Extra medium. We haven’t heard that one in a while. And of course you’re learning something. Of course you are. Yeah.
Where do these people get this? Just tons, tons of learning happening here. But og, he’s got the money sitting there, but it, the loan’s at 0%. Where’s it going? Assuming
that the money’s just sitting in your savings account and you’re able to earn some interest on your savings account? I don’t think I would do it.
I think I would keep on making the payments. Yeah, me too. For the 0% deal. Now, if it causes you some sleepless nights, if you’re thinking like, uh, I just wanna be debt free, or you have other things coming up that require the use of credit, you’re gonna buy a house and you know, you need to make sure your debt to income is really strong or.
Qualify for a loan of some kind, then that kind of changes the, the metrics a little bit. But especially nowadays, interest rates are so good on savings and you have such a great rate on your, on your car payment, which is zero. I don’t see how you would, why it would make sense, I should say to so if he’s like this, unless you’ve got like a,
so if he’s like me mental block there me and he thinks any day he could get fired, then he might wanna pay it off.
Just so he knows he is not gonna have his car repossessed. But if he doesn’t think he’s gonna get fired, well, no,
actually no, I, I definitely wouldn’t do it then. That’s doubly the reason to keep the money sitting in cash because he may need the cash.
Yeah. Okay. Thanks. That was just my way of getting my own financial advice since I think I’m gonna get fired.
You’re gonna get fired if you keep interrupting. og. Yeah,
yeah. No, I mean I thought he was done. Especially if you have some uncertainty, I think you’d wanna have the cash on hand because you can always sell the car. Right. Just go sell it and get up from underneath it. But, um. I think in this case, hang onto your cash.
Keep it in a, in a nice, uh, savings account. And if it makes you feel better, just automate the payments. Just have that lump sum of cash that’s sitting there and say, all right, I’m gonna automate, you know, this payment for the next, you know, whatever x number of years until it’s paid off coming out of this bucket.
That I could, that at any moment I could jump online and just transfer one lump sum two and be done. So keep you honest.
So OG if he can nudge that interest rate up without risking principle, that might be a decent move.
Yeah, I mean, you’ve gotta be making some money on your cash if it’s gonna sit there.
Yeah. And there you go. You got og uh, hopped up on DayQuil and, and, uh, somewhat. Earl Grady. Is that Earl Gray? Yeah. Congratulations Zach. And you know what, we’re gonna send you a code, Gertrude mom’s friend. Gertrude is gonna send you a code that will help you. I. Pick out your Shmedium shirt. I don’t know if he has Scheds left.
He might be running outta those, but, uh, Brad at Flying Pork Apparel in Cincinnati. Makes those for us. You can check out all the different shirts at stacky Benjamins dot com slash shirts. Time for us to transition to the back porch. And actually before we do that, if you’re not here because you’re wondering about just the car and whether you should pay that off or if you should just keep making payments at 0%, if you’re worried that you just don’t have a great strategy, well, you know what?
OG and his team are taking clients. You can meet with them to see what it would be like to have his team in your corner helping you make better decisions in 2024. So to do that, go to stacky Benjamins dot com slash og and that’s how you dive into. Better decision making. Well at least a first meeting to see if that’s a fit.
Alright, time for us to go to the back porch. Doug, I know you’ve been raring to talk about the back porch.
Couple of things. We got a lot of big announcements today, but I don’t wanna interrupt. og, is it okay if I just go into this or is there anything that he wants to chime in on this and have long pauses and make me think he’s done, but I interrupt actually.
Passive aggressive. Much good to go, or just aggressive? Just aggressive. Uh, tomorrow afternoon, evening. What’s five o’clock? That’s right on the cusp, isn’t it five o’clock or Instagram
Live? That’s, and that’s Eastern Time Doug. So it would be afternoon in Los Angeles. Well, wherever you are. What
do you think five o’clock is, is five o’clock evening or, I mean, it’s, a lot of people are eating dinner.
Yeah. You eat dinner in the
afternoon. It was, uh, depends on how old. As I get older, the answer is increasingly yes. Yeah.
That’s, that’s bedtime. Well on, on Instagram. Live tomorrow, five o’clock in the afternoon. Eastern time. Pretty big deal. Melissa Washington from Stellar Fi is joining us and she’s got a huge announcement.
I know what the, the announcement is. It’s under embargo. Uh, Doug, you and I know what the announcement is. My NDA precludes me. But when you say it’s big, is it big? Huge. Yes.
Huge. Yeah. And it’s so cool that they’re choosing to make that announcement with Stacking Benjamins. It’s pretty sweet.
And I gotta tell you that, uh, you’re probably thinking, okay, it’s a big announcement.
Big deal. How does this affect me? If you have debt, this, this definitely could affect you. Yes. Well, there’s a good chance,
pretty high likelihood. Another big thing that’s happening tomorrow night. Definitely night. This one I don’t need to ask questions about. Uh, in Madison, Wisconsin at seven 30 and 10 o’clock, our favorite writer, Lisa Curry, is filming her standup special at the Comedy on State in Madison, Wisconsin.
Uh, so she’s taping for a special that she is angling to get into one of the big streaming services, knock wood, Netflix, but could be any of ’em. But that’s, uh, that would be a great thing to do if you’re anywhere within like a six state radius of Wisconsin, just zip on
over to Madison. It’s always fun just to be in the room and that stuff’s being made.
Have you ever been in the room and they were when they were recording? Uh, for a
concert, not a comedy, but if I have been for a concert, it is pretty great. Uh,
yeah. Uh, which band?
Oh man. Who? Oh, uh, big Head Todd and
the Monsters. Oh yeah. I was, I was at the Pontiac Silver Dome. The no longer around Pontiac Silverdome and YouTube.
YouTube, YouTube. YouTube was, uh, was filming. They were actually live on the MTV Music awards were the same night, and they would cue the entire audience. They were going live on the music awards. Wow. And it was pretty cool. That would’ve been cool. Yeah. But Lisa Curry her special way cooler than you two.
Or you can right ahead of you two. Yeah. Okay. Right. Speaking of Lisa Curry. And, funny, you know what, OG remember, remember we had the joke, the joke off the joke competition? I’m sorry. The what? It’s been a it’s been a while. Yeah. I’ll, I’ll stick with competition.
I don’t think we wanna talk about the joke off.
That was a little awkward. I think I remember. Yeah. It was a little awkward when that happened. Yeah. So I told you some jokes. You told me some jokes I heard a couple just recently, and it made me think we, we gotta do this again, but we gotta do this in the nerdiest way possible. Like, we are all just math money nerds.
Let’s prove to people that this can be fun. So, as an example, og. So this, uh, uh, sheep dog comes in and tells the rancher, Hey man, I rounded up your 40 sheep. So the rancher goes out, counts the sheep, and says, wait a minute. There’s only 37 sheep. Dog. Lman goes, yeah, I rounded him up. Nope. Oh, come
on. Sticking with the agrarian theme.
How does a pro mathematician plow his fields?
I don’t know. With a protractor.
See? Hmm. That’s so good. Hey, Doug, I’m not gonna talk to OG ’cause there’s no way we’re gonna, we’re getting Well, he’s, well look at that. Look
than usual. Yeah.
Mikayla’s not impressed. Yeah.
about this one? Uh, I knew this mathematician once who was so afraid of negative numbers. He would stop at nothing to stay away from them.
Come on. You guys
are just Googling the worst jokes imaginable,
huh? No, those are phenomenal. So send us yours. We’re gonna do a, we’re not gonna do a Joe versus og ’cause you see what you get, you get this, uh, Doug. We got a, we, we got crickets. Does anybody got crickets? The man
is humorless to begin with.
There it is. Thanks. og. Yes. That’s what we get. So, uh, instead I think what we’ll do is we’ll set up, uh, some brackets. We’ll begin it in maybe mid-January and have it finish, uh, where we take joke versus joke and see who wins the joke championship. Have a basement vote on it or something. Yeah, yeah. Let’s get that going.
So send them to me, jo Stacking Benjamins dot com. Just put joke competition in the subject line and uh, we’ll find some big prize to give away. You don’t want ’em
to write joke off? I don’t. The subject line, none of them will get through. They’re all gonna go to the spam folder.
I could see somebody looking over their, what are you writing?
What are you? Oh no, honey, it’s for, for, for comedy. It’s comedy. Well, we do think it’s comedy. All right. That’s Joe at stacky Benjamins dot com. Right. Joke. Competition. And I know a bunch of people are gonna write joke off now. I know they’re totally going to. Uh, that’s it for today. Thank you so
much for Not quite though.
Hold on. Oh, I wanna share this. We got a great note from Matthew Tar, who’s new to the Stacking community, new to our basement group.
Said, welcome Matthew.
Yeah. And he said, I’ve already selected a nice green shirt to start sporting the basement swag around in front of my soon to be jealous. You know what’s weird?
I didn’t think we made the Doug 2024 shirts in green. Huh? Maybe we did. ’cause I mean, he said he got a, anyway, uh, he says he looks forward to the active finance discussions with the group. I’m definitely a money nerd, so it looks like I found my people all the best. Matthew Tar. It’s a pretty nice
note. Oh, that is a nice way to finish, you know, uh, Matthew, thanks for joining us and we’re gonna give you the stacker salute, which OG you know, is this.
Welcome to the Party man. Welcome to the party with the rest of us. On that note, we’re Stacking a bunch of lessons on this one. Oopsie, don’t learn anything. There’s a bunch of to-do’s here. Doug, what are our top three? Well,
Joe first, take some advice from Vivian too and find yourself a great mentor. If it weren’t for Vivian’s boss who helped her switch careers, we might not have a rich BFF after all.
Second, add this to your to-Do list. Make yourself a list of criteria that make up how you’ll invest before you push the button. Is this a FOMO move? Is it an individual stock trade and a company you love, but that doesn’t have great fundamentals? By using that list, like a pre-flight checklist, your portfolio will thank you.
But what’s on my to-do list? Since none of my stuff’s selling on eBay, I came up with a way simpler plan. I’m just gonna rent a storage unit, throw all my crap in it, never pay the bill, and have it show up on that. Show Storage Wars. Talk about a win-win free junk removal, and I get even more famous. Thanks to Vivian too for joining us today.
You can find her book, rich af the Winning Money Mindset That Will Change Your Life. I. Wherever books are sold. We’ll also include links in our show notes. Ah, you know where? Just go over to Stacking Benjamins dot com and edit the show notes and you’ll get all the good stuff. This show is the Property of SSB Podcasts, LLC, copyright 2023, and is created by Joe Saul-Sehy High.
Our producer is Karen Repine. This show is written by Lisa Curry, who’s also the host of the Long Story Long podcast. With help from me, Joe, and Doc G from the Earn and Invest podcast, Kevin Bailey helps us take a deeper dive into all the topics covered on each episode in our newsletter called the 2 0 1.
You’ll find the 4 1 1 on All Things Money at the 2 0 1. Just visit Stacking Benjamins dot com slash 2 0 1. Wonder how beautiful we all are. Of course, you’ll never know if you don’t. Check out our YouTube version of this show Engineered by Tina Eichenberg. Then you’ll see once and for all that I’m the best thing going for this podcast.
Once we bottle up all this goodness, we ship it to our engineer, the amazing Steve Stewart. Steve helps the rest of our team sound nearly as good as I do right now. Want a chat with friends about the show later? Mom’s friend Gertrude and Kate Youngen are our social media coordinators. And Gertrude is the room mother in our Facebook group called The Basement.
Say hello. When you see us posting online to join all the basement fun with other stackers, type Stacking Benjamins dot com slash basement. 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, Doug, and we’ll see you next time back here at the Stacking Benjamin Show.
This place reminds me of Santa’s workshop,
except it smells like mushrooms and everyone looks like they want to hurt me.