For Love & Money

 

Being in the markets and working with entrepreneurs, of course the conversation often centers around money. In this episode I share some of my philosophy and relationship with money, including different ways that in my experience, you may be able to earn more of it. Full audio and transcript below. Lmk your thoughts or questions!

 

 

 

For Love & Money

 

(0:01 - 3:48)

Okay, let's talk about money. Money is like this, you know, omnipresent element, right, in our life, our lives, in our world. And it's a topic that keeps coming up in conversation, business, and, you know, your day to day.

And it's, you know, it's a it's a question, it's a relationship, it's a challenge, that mastering is a real priority, right? For like, tons of people, so many of us in so many different ways, depending on what we do and what we're, what we're up to. And so let's just dive into this. Let's just like square up with it a bit and dive into this.

Because there are so many different, you know, interpretations of how to make money, there's so many different ways to make money, there's so many different like relationship, you know, elements, internal and external with respect to money, how money behaves, a whole bunch of things. So I'm going to try and, you know, get into all of them here. But let's flow on this topic for a bit.

And, you know, generally speaking, in the realm of making money. So making money, why are we making money in the first place? It seems elementary a little bit, but have you ever really considered that? Well, you know, money is the primary form of exchange for goods and services. So this is how people commonly exchange things as opposed to coming to you with a bag of apples and you trading them, you know, with me for a bag of oranges.

This is something that we have, you know, applied ingrained value into. And our collective acceptance of the value of that dollar that I hand you, which is even increasingly now a digital dollar I send you, is what facilitates the exchange between us to move things, to make things happen, you know, to facilitate, you know, the exchange of goods and services and help grow, you know, everything really in our world. So, you know, this is, this is a fact about how the world works.

So the first layer, I would suggest, we have to get over with respect to money, is that completely removing ourselves from the money system, from the monetary system. And, you know, purely protesting it in and of itself. And going and just, you know, hanging out in a tree and refusing to participate is pretty unrealistic in a balanced sense of the world, in its purest form, because all these things are connected.

(3:48 - 9:26)

And we are, you know, introduced to this system, when we're born, really, it's part of the social contract on how the world works, right? We can evolve and things can, can change and transform, but there still needs to be a medium for us that we all participate in and believe in to, to exchange, right, in a convenient or at least an efficient way for goods and services. So that's like, what it is at its core, if you've ever really thought about it, that's how I see it. And so it's there.

Now, within the system, there are, you know, certain elements, checks and balances, we'll say supposedly, or, you know, intending to be and, and various mechanisms in play to help support and, you know, keep stable generally, and, and protect the system, really, so that we can all continue to operate. And when there's major fluctuations or threats to that system, then certain policies or maneuvers need to be enabled to like rebalance that. So that this system continue to function.

Right? So I'm just super, like, I'm broad stroking this philosophically, like high level about, you know, how I see our monetary system. And within it, there can be things you like, there can be things you don't like, right, there can be policies or, or, or elements that you feel are, you know, fair or unfair, similar, that's all valid. And, you know, instead of painting it with a broad brush, my suggestion would be to get specific about what those elements are and be active with your voice in the ways that you agree or disagree.

Remember, as I've said, I think, in the past episodes, you know, raise your argument, not your voice, you know, with respect to your position on these things. But it's a huge, you know, political hot potato, the various political parties have different relationships with money and envision different ways to manage funds and lever resources to grow our communities, right, and advance our world. So, you know, considering these different perspectives, and your relationship with them and, and what you feel is, is, is best for you and your family and your world is part of this journey in considering money and accepting its place in your world, and then improving upon your relationship with it and your place in the world with it.

So, you know, my first definite suggestion is no matter where you're at in the world, it's embracing what it is, right, deepening your knowledge, and your financial literacy, your financial acumen with respect to how money works. And, you know, definitely losing this, I would suggest, reasonably idealistic concept of a world without money, because how would we do things? You know, um, it's a big question that could have lots of creative answers, of course, but complex. And there's different forms of money, right? Like there's fiat currency, there's, there's digital money, there's assets that, you know, that hold retain and, you know, are generally intending to act as a store of value, or could, um, you know, grow value.

Depending, you know, a lot of movement around the crypto world over the last several years is a concept of a decentralized asset class of, of money, of currency, of, um, you know, tools of exchange. And that is from a premise of those who do not feel that our system, which is centralized, is managed in a fair or equitable or honest way. And we can deep dive into that.

And you may or may not have your feelings about this, which are valid. Um, and that world is, you know, had the digital currency world has had big rallies. It's had a lot of investment capital, um, uh, you know, uh, moved into it.

(9:28 - 10:46)

And, um, and, you know, it's also been beaten up at different times, but it still has a pulse and it's still alive and there's still innovation occurring in that world. And it will continue to be interesting to see how that evolves as all things do. Um, and then for many within it, they are using it as a, as a means of exchange at the same time, increasing regulation has been, um, and scrutiny has tried to, you know, explore and examine this space and consider its various implications and characteristics and similar, um, you know, generally with an interest on, um, you know, protecting people who may be, you know, um, acquiring, um, these, these coins or using them is on one side on the other side is gauging it's, you know, potential, uh, threat or not with respect to the greater financial system and whether that is destabilizing or enhancing effect that this could have on the system.

(10:46 - 18:52)

And that philosophical, um, exploration continues. I don't feel that it's simple. Uh, some may feel they have the answers and, you know, good for you if you feel that you're, you know, you're very clear on your position with this, but I feel that, you know, beyond the first broad strokes, philosophically, it gets deeper and it gets complex.

So those conversations are ongoing as new things emerge and tools, you know, you know, platforms and similar, there've been some not to, uh, you know, uh, what's the best word to use? Not to, uh, you know, uh, healthy and not too impressive. Um, uh, uh, you know, moments along the journey of that type of an asset class, stuff like FTX and, and, uh, and similar where people have been hacked or they've lost their, their coin and platforms haven't been run very well. Um, you know, I first was experimenting with mining back when Bitcoin was a 300 bucks a coin as an example.

And since that time I've been hacked, uh, I believe it's been like four times now and cleaned out, uh, every time. I think the first time was the biggest time. I think I got a bit smarter since then, but I was doing okay with my money and then to lose it all.

It was just like, Oh my God. But it was a wild West when this all started. Right.

And of course, Bitcoin then, you know, in the, in the subsequent years has had some big rallies up into the tens of thousands of dollars per coin. So, you know, some lessons there and left some money on the table, definitely. But, uh, but, you know, lots to continue to explore with that.

So, so money involves and, um, and there are these, you know, systems and, and institutions and similar to evaluate that evolution and make adjustments to the policy. Right. So all that's going on and we can agree and disagree with the best ways to, you know, um, uh, manage money kind of collectively and monetary policy and we can get into all that.

But for today, the best, uh, kind of approach I feel to this conversation is more about personal relationship with money, you know, or an independent business relationship with money. It's the things we can control versus the things we can't control, which is, you know, a theme for me. Uh, it is certainly something that helps find peace, um, on our journey.

Um, you know, uh, looking at the world through that lens, because when we press upon things that we can't control or we concern ourselves with things that we can't control, I feel it can pull us away from the moment. It can pull us away from ourselves. It can pull us away from, um, from what actionable opportunity for us to affect change.

So, um, so let's look at it through this lens and, you know, it's interesting because even looking at it on a small scale like you have large financial, uh, financial institutions, right. That can act for like pools of, of access like banks and, and, uh, you know, where many people have their accounts or they hold their assets, there's funds and there's the intersective that with technology and, you know, so just kind of like quite like an industrialized financial component, uh, system, right. Where you're independent, you need to find your place in that, how to leverage those types of resources and tools and new tools and innovative ways to grow your own wealth and, um, you know, to, to protect your wealth, to grow your wealth, um, to, um, to navigate, to move money around as you need to.

And there's all these types of different ways to do it, right. So on the most personal level or the kind of, uh, you know, independent, uh, small business level, which many, many are, many are, um, that I, um, deal with, interact with. I mean, the personal obvious, but a small business level is what I'm referring to.

Um, we have to make those moves. And the, the, the strength of being a small business financially is that you can be, uh, you may have more limited resources than the larger companies, but you can be more versatile, flexible. You don't need to, you know, uh, you know, explore layers of approval to get things done and similar.

So I'm a champion of small business. Um, but then, you know, getting into different ways of making money. I mean, there's passive income and there's active income, of course.

Right. So how are you making money right now or not is a question to, uh, to, uh, to ask yourself and are you doing it in the active ways where like your physical presence is required where you're, you know, personally involved, um, or are you doing it in passive ways where, you know, an asset you've purchased, like maybe real estate, you're renting it out, um, you know, or you built an asset that's making money like a, maybe a digital asset, um, or, or similar and there's that kind of way. So maybe, you know, there's other ways also like other investments, um, you know, your, your portfolio, your stock holdings, right.

Are those, are those growing, um, uh, you know, are you making money that way? There's debate about around, uh, there's debate about debate around, um, homeownership, whether it's an asset or reliability. Some consider it an asset because you have, you know, wealth, uh, locked in it. And if that appreciates it grows, but others call it a liability because it comes with a great deal of expenses and similar, and it's not earning income.

Whereas if you were not living in the you own and you're renting it out and it is generating, uh, revenue in that respect, uh, people like, uh, uh, you know, uh, Kiyosaki is an example, um, suggest that if it's generating revenue, then it should slot into the asset column. So I'll let you, you know, decide for yourself whether that's the case or not, but owning real estate is not the only, um, you know, uh, way to, uh, to, um, grow wealth or protect wealth or similar. So it's just one of them, but obviously a popular one.

(18:54 - 19:56)

Um, so, you know, getting the basics, right. Exploring our relationship with money and the different things we can do. Uh, we can make money having a job.

So that is obviously this might sound elementary, but let's just like work through this kind of stuff. You can, you can get hired, you can go be an employee you're, you know, you're paid for your time. Um, you pay your taxes out of you, out of your check, your, um, benefits out of your check, you get the balance and your relationship is directly correlated to the time that you're doing a thing.

Okay. Then beyond that, you could have your own business and you could be a business owner. The difference there is, is as opposed to necessarily having a job, you're creating jobs.

(19:57 - 22:02)

There's an incentive to creating jobs, um, and, you know, and growing business, which does help grow the economy. Um, then there are incentives in some respects, there are also, uh, in some areas and there are also, you know, certain benefits, um, tax benefits to running your business. And in the running of your business, you know, you could write off, um, your office space, you could write off business related expenses, like, uh, you know, like tools or software.

Um, if you're using your vehicle, you could write off, you know, uh, your vehicle for work. Um, there's just different things that will then decrease the taxes you're paying. And these are, um, benefits that you would not, um, be able to, um, realize as an employee granted as an employee, you could also potentially have an expense account that they provide you.

It depends on the profession and the role, but generally speaking as a business owner, there's, there's this thing. And as a business, uh, business owner, you also create different ways or could create different ways to provide your service. You could also be a physical, um, uh, provider and other thing, right? You can go and do that, that task for your clients, or you could, um, you know, provide that role for your clients.

And it could be a portfolio of clients that are either stable or come or they go. The other thing is, you know, you'd be responsible for your own taxes and, um, you know, your own filings and similar. And so you, you know, you can grow your wealth and the ownership of a business.

(22:02 - 26:41)

I'm a big champion of the potential of, of growing wealth as an entrepreneur. And that can be private where it's just like owned by you or, um, no one else really, uh, or small teams or similar partners. And then there's a public, uh, business, which is owned basically as it sounds by the public, because you have a certain number of shareholders in your company.

And once you hit a certain threshold, then you go public because there are certain reporting requirements and there's, you know, um, uh, requests for, for various forms of liquidity for the shareholders, or at least the opportunity for your shareholders to make adjustments to their own investments based on how your business is performing. There are, uh, greater, uh, opportunities to, to access capital, depending on what the venture is, um, depending on what your business is about, depending what's going on in the world trends associated with sector you're in and similar, but those resources meant to help you grow your business in, in greater ways that again, could, um, help, uh, the economy and increase jobs and opportunity, you know, um, innovation generally, uh, you know, resource development, um, all kinds of different ways. And so those are ventures that, you know, require capital at scale to advance, but could also have impacts at scale.

So that's where that part of the system exists. And, you know, in that world, um, you know, you could be an employee of a company, you could be a consultant to the, to the, uh, the public company. Um, so that depends kind of on structural preferences with the various scenarios, teams, whatever, but there's different ways you can participate in, in those entities.

And, um, and those entities grow or not, right. Grow for the time, maybe things work, they don't work, but that's some of the realm of, you know, public venture capital, right. A different scale and size of companies that go public and are public and, you know, have businesses that are growing, gaining traction, increasing, you know, um, uh, revenue, um, reaching profitability, like the whole scale of that spectrum.

Um, and so there's that like kind of enormous side of, or enormous is maybe a big word, but like larger side of, um, entrepreneurship and business and, and, um, opportunity. And you can own equity in those companies if you're, um, in the mix, depending whether you're a founder or, and this is for private also, right. But you own equity in the business.

If you're a founder, if you're a part of management, potentially you own equity, potentially you've invested in the company, potentially, uh, you, um, uh, have been granted, you know, stock options or similar, which give you an opportunity to buy equity in the company, um, for a period of time at a certain locked in price. And so, um, and so these, uh, you know, opportunities exist in that, that realm, um, as an entrepreneur to make money and, um, grow wealth and similar in different ways. And then pulling it back to kind of private business and solopreneurship and similar, uh, for a moment, well, and actually maybe I'll touch on this also, like the, the, the tier beyond the public company, let's go here first, then we'll come back is, you know, investment income and primarily investment minded where, you know, you're doing work, but your money is working.

(26:43 - 33:43)

So, you know, there's to have a job, there's to have a business, right. And be a part of a business for a business. And then there's your money purely working, uh, and you're investing money and that money is growing ideally, of course.

And, um, in a perfect world, your investments are generating dividends or paying you back, uh, as they grow, or at least paying you something as they grow in a way that doesn't affect, ideally, I would suggest this ideally doesn't affect your principal investment, um, but helps you recover it while still keeping your equity in that investment. And, um, does so, you know, obviously the increasing rate in perpetuity would be great. Those are kind of the ideal scenarios, right? Um, so it's kind of, you know, a dividend, uh, growth scenario where the, you know, the enterprise value of the company you've invested in is growing.

So the principle you invested with is growing, but then also the, um, the income, the revenue, the, the, you know, the dividends, the payouts that you're receiving from your ownership of that entity without affecting that principle and, um, and that are being paid out as a function of the company success, ideally continue to grow. They don't necessarily have to grow. I mean, just receiving, you know, recurring, um, income from that investment is, is great.

But, uh, but for that number to be growing as the company grows is awesome. I would suggest that's like a perfect scenario, right? For money. Cause then you don't actually have to go and like, you know, physically do the thing, uh, manually do the thing.

Um, and your, you know, your investments are solid and your, and your, um, cashflow is, is growing. Your nest egg is growing and you can sustain yourself without affecting things. So that's on one end of the spectrum or without it'd be affecting things.

Isn't the right word either? You know, um, without having to change anything, we'll say it's sustainable. Ideally now markets will change. Circumstances can change.

The competitive positioning of a company can change. Like, you know, as they say, the only thing constant is changed. So it doesn't mean that, um, you know, something is guaranteed to continue the way it is.

Things fluctuate, but generally speaking, that's that end of the spectrum, right? Where, um, where that would be the ideal scenario is that your, um, cashflow is, uh, that's coming from these types of investments is paying for your expenses. And then ideally, like whatever else you want, uh, in your life and your principle is constant, constant, you know, in that it's, it's, it's, uh, it's not being touched and it is growing also. And you can see how that fountain generally, um, work, right.

And you can take those, um, profits and you can reinvest them elsewhere or what have you. So that's that end of, um, of a relationship with money. It's a goal to get to and achieve.

And you see the other end of the spectrum, which is, you know, going and just showing up and making a dollar and going home. So, you know, there's a full spectrum there. And now work is a source of pride working on things I'd suggest as a source of pride.

So it's not to, it's not to put like a, um, uh, you know, a, like a critical or judgmental lens on, um, that, uh, uh, you know, Oh, what's the best word for this? Um, on that, um, spectrum, right. There's some people love to go to work every day and, you know, do the thing they do and they connect with people and they love the people and it's all good. I mean, this is just teach your own, right.

I'm just suggesting here as it relates to money, the different, um, you know, areas and kind of, uh, spectrums, uh, or I should say layers of the spectrum, uh, of money in the world as I see it. And, and so it's all good. However you choose to make money, that is a choice.

The need is that, uh, to be, you know, effective and sustainable with however it is you're making money, you need to make more money than your expenses. And we've been talking about over the last while this, um, you know, upward pressures of inflation, which is, um, you know, when inflation is, is, uh, increasing, it is, um, suggestive of the diminishing strength of the purchasing power of every dollar. Okay.

So that's where like the cost of goods and services are increasing because, um, the purchasing power of every dollar is decreasing. So, you know, there's things that can impact, of course, uh, you know, our ability to, to do certain things and manage costs and, and expenses and similar. And those are also, um, challenged by what's going on in the economy, whether jobs are available and what sectors jobs are, where the demand is.

I mean, we have billions of people on this planet. So what are these people need, right? You're one of them. I'm one of them.

(33:43 - 39:06)

What does everybody want and need? And that changes. There are some core fundamental things, of course, within the realm of those core fundamental things, they're pretty established industries. And to get into those, then they're pretty established processes.

Whereas for new and emerging things, the opportunity to get involved in those things is a bit more open, which creates new opportunity to become a first mover in those areas, right. Which is a bit of a, of a tease of, um, you know, how I operate in the realm of entrepreneurship, um, where I find some of the greatest opportunities lie, you know, for, for me and, uh, for many that I do business with. And so, so bringing that all back around, because we want to talk about like things we can control again.

And, and as a function of making money is the question of how do we participate in the world? And so again, on an individual level, you could go and get a job and be an employee, or you could start your own, you know, uh, like independent small business, um, you know, sole proprietorship or similar, where, uh, it's you doing your thing and you have a pool of clients. So you're not working for one company exclusively. You're writing off those related expenses as you're doing your business and you're working with clients that you, um, connect with.

There is a need in both functions, I'd suggest there is an employee or as a, as an entrepreneur, as a, as a business owner, um, for self-discipline and, you know, um, you know, and persistence and, um, and, you know, growth and, and a whole bunch of things, you know, staying power to be able to, um, to continue to grow and to tune your business as you go, um, or to get better at your job and grow within the organization you're hired into both of those things are possible. Um, but in the, um, in the small business area, in the realm of, you know, uh, you know, sole proprietorship or solopreneurship, um, bit of a buzzword of the last X number of years here. Um, you know, in that realm, you can provide, I would suggest there's some flexibility in that you can provide services that are active, meaning, um, you personally doing the thing as well as passive.

And this has been a big theme and you've probably come across this a lot and you may or may not have any experience doing this, but you know, in this realm about making money, um, you could think about yourself with respect to like, what is my strength? What is my power? What is the thing that people ask me for already? Because you've probably established some of those things, or at least, um, discovered some of the things that people are seeking of you in the world, what makes you kind of special, unique, uh, you know, as people say, call it, you know, your superpower. Um, and so you can do that actively, but you can also build things around that. So if you have a small business or you're going to start one, it's, it's a realm that I champion for individuals for sure to start your own business.

And you can also do that on the side, you could have a job and you could also start a small business on the side, you know, your side hustle is everybody, uh, you know, calls it, um, and the side hustle can become your primary hustle once it, you know, reaches a certain level. So with that though, you could do the active work of, you know, here's my, um, task that I provide, but you could also other resources around that digital products, courses, memberships, uh, you know, um, you create community groups, uh, software, um, uh, hardware, you know, uh, patentable technology, um, you know, a special system or framework or, or, uh, all kinds of things. And I would suggest in, uh, this discussion with respect to money and the, you know, potential of making it is that no matter what you're doing, um, explore that as a potential to create things or at least start, uh, working with and participating with things, um, that provide that opportunity because those types of tools, while they require like some systems building and, um, you know, and some, some, uh, know-how and some, some kind of discipline to set those things up.

(39:06 - 40:46)

Once they're set up, you know, they could be making you money while you're doing the other work, you know, people can go and they can buy those, those products, um, while you're physically doing things. And you're starting to, once you get into that realm, starting to disconnect yourself from, um, from the time component of money. And if you're seeking more freedom in your life, which is a goal, uh, I would suggest, and I would agree with those who feel that it's not about more money, it's about more freedom, but the feeling and the general consensus for many is that more money can equal more freedom, right? Not only, but can, um, then that's a way to start kind of breaking that wheel in a way that could grow to grant you more freedom, right.

And start making money passively. And investing is a way to do that. Lots of people talking about, uh, you know, trading, major shifts in finance over the last several years with the, um, with the self-directed accounts and, you know, really DIY investing where years ago, everything had to go through a broker.

Now you can run your own accounts through your own desk and you can trade them, you know, accordingly. And, um, and so it's another avenue. It's not an easy avenue.

(40:47 - 43:50)

It requires a lot of study and, um, and work to understand how the markets work and mechanisms work in that realm. And we're not going to get into all that today, but that is another example of an opportunity, um, where you could have investments that are making money there that are growing while you're doing other things. And so it's another form of, I would suggest a passive type of income though, depending how you're, uh, potentially depending how you're participating, um, in and, and with it, because you, if you're a higher frequency trader, you may still need to be at the desk to do that work.

Um, you know, uh, a new feature in that world that's emerged in the last number of years is, um, algorithmic trading. So it's a, it's a deeper form of passive trading, but obviously depends how you program your tools, you know, um, lots of algorithmic trading in the crypto world, not as much in, in the, um, you know, traditional, um, exchange trading systems of, you know, um, stocks and similar for smaller people institutionally, large organizations, they're definitely trading with algos. Um, and they have the resources to really fine tune these things.

And that's absolutely a thing, but providing, you know, algorithmic solutions for traders on a retail level is not, uh, as accessible to date, but it's out there. So depending what you feel like doing, you could investigate that and, you know, you could, uh, work on that, but that's a whole realm also. And that's a lot of homework and, you know, that's your responsibility if you'd choose something like that.

I mean, all of these things are ultimately, but just to say that's, that's out there and that will probably continue to grow, um, as a space, I feel as well. Um, so, you know, it really, it really depends what you feel drawn to, what you feel most comfortable with, what your experience is. Um, but definitely from my desk, if you're not familiar with business and you don't have your own small business, I would suggest that it's worth exploring and getting, um, you know, deeper informed, getting savvier, getting, you know, uh, more experienced in creating something around who you are and what your magic is and, um, what you can do and, and offer the world.

(43:51 - 46:42)

And it doesn't have to be immediate, you know, these things take time to build and grow, but, um, you know, it's something you can do on the side. It's creatively open-minded. You can just start learning and there's tons of resources out there that, that'll help.

And the trends emerge, you know, in different ways, you know, creators and social influencers to, uh, you know, of course, you know, uh, providers, all kinds of stuff. And, and not just in the digital realm, but also in other realms too. Um, you know, on your journey of broadening your relationship with money, I would highly suggest that, um, entrepreneurship is a part of that journey and a good one.

Equally, if you don't have any experience in the markets or investing or similar, uh, highly suggest that if your intention is to grow and then, and, you know, increase, um, your wealth and grow over time, that that is another area where it is, um, quite valuable to learn, to study, to get more experienced in and, um, and increase your, your, you know, your knowledge of. And so those can compliment your work now, if you're an employee somewhere. And as I said, you could still be an employee somewhere making money and growing a business and investing in companies that you like.

But in those other two areas, there's a lot to study. There's a lot to consider. And, um, and though it's not, you know, unattainable, it's not, uh, you know, um, uh, unmanageable.

And I feel that those areas increase the potential opportunity for you to grow wealth and, and, um, and, uh, you know, um, expand your world. Right. And even if you're in real estate, I mean, real estate is another, um, a form of, you know, of investing, right.

And you can potentially invest in like reads or there's now fractional real estate ownership scenarios to invest in real estate at different, you know, um, levels where you don't need to buy necessarily the whole place or building yourself. There's all kinds of different, you know, um, products in that realm. Also they're literally just buying a place.

(46:43 - 49:02)

Um, but even still, you know, the fluctuations in real estate markets are, you know, are, um, there are new opportunities in different regions of real estate, not unlike other sectors and trends and, and, uh, similar. So, you know, in which areas and why and how this is all very similar to exploring other areas of, you know, the investing world and investing market. So, um, the small business arena and the equity markets are areas where I'm very active and I have been for nearly, you know, 20 years, uh, plus, and, um, these are areas that I'm passionate about and there are areas that, um, have, uh, provided me my greatest opportunities, my greatest successes, um, you know, and more.

So for me, if you join me on this journey from here and continue to follow me and connect with me in similar, you will pick up that vibe a lot. Um, it's tricky is talking about entrepreneurship is one thing talking about the markets is a dicey is a dicey thing because people don't like people just talking about the markets all over the place. Right.

Uh, you know, like anything to do with finance and stuff, uh, a big draw towards wanting people to speak with, you know, qualified financial advisors. I appreciate that. I highly recommend it.

This isn't financial advice. I'm just sharing my thoughts on money and, you know, my relationship with it and how I, uh, make it in which ways, um, generally speaking and, um, and, you know, equally with investments, you know, um, big push on disclosures. There've been all kinds of people on social media that, you know, that are just like spouting off about all kinds of things and, and, you know, touting all kinds of things without disclosing their relationships with them, um, uh, you know, ill-advised I'll just say.

(49:02 - 50:10)

And, uh, you know, I'm very careful about, um, what I talked about, um, investment wise and similar, um, without ticking all the boxes about my disclosures with respect to those, you know, comments and, and, uh, and, and ideas or, or, um, portfolio holdings that I share are similar. So there might be a day here and they're not too distant that I create a newsletter around that as people are always very interested and intrigued by what I'm working on. I've found and, um, and want to follow some of that realm and journey with me.

Um, but making sure that I'm, you know, dotting my I's and crossing my T's for sure. And, um, you know, and flowing from there, but generally speaking, you know, uh, if you are looking to improve your relationship with money, these are some of the takeaways that I would suggest. Accept it in your world.

(50:12 - 50:34)

Um, understand it's real, it's function for all of us to, uh, you know, to interact on this planet basically, and that can evolve into digital forms. Um, some argue that, you know, paper money is better. Some argue that hard assets and trading with hard assets is the way they want to work.

(50:34 - 52:00)

Uh, okay. I mean, it's up to everybody's interpretation. Um, but the general principle is money of money is make more than you spend.

So this is always the goal. And from there you can, you know, get creative with the things you want to do. Um, so one aspect is about how can you live, um, you know, in a way that's enjoyable and sustainable and, and similar in a, in a manageable realm as you're growing wealth and making money.

And then the other side is how can you make more money? Right. Uh, at least share that feel a couple of ideas, um, here in that far. And, um, and then deepen your knowledge of it, study money, study finance, study the markets, learn how to evaluate companies as potential investments, uh, learn how money works, how it grows.

Um, you know, how interest works, all kinds of these things, study money. Um, before I get on the next point, a couple of good books. Uh, but I guess the best book that was really, really good about personal finance and stuff was, uh, get good with money.

(52:00 - 52:59)

And I can't remember. Let me look it up. Do I have it who the author is? And I'll do that for you in a sec.

Hang on. Let me just pull up the author, uh, of this book, get good with money. Um, Tiffany, a leash, which is like a L I C H E, but get good with money.

It was a really great book and, um, really cuts through a lot of stuff and could be a very big help for you getting your financial circumstances, um, organized, um, and moving into then like entrepreneurship, if you're looking to get into entrepreneurship. So, um, Elon Musk's quote, which I like is probably one of the best you're, you're paid in proportion to the size of the problems you solve. Right.

(52:59 - 55:12)

And that is a good entrepreneurial consideration. So it doesn't mean you need to show up and say, I'm going to solve like world peace or something necessarily though. If you wanted to, I believe in you.

I'm just saying, um, you can think of it that way and you can solve small problems and you can solve big problems. Um, also, you know, what is the value of those problems to people? Like how important is it for people to solve things like essential things, um, versus, you know, um, optional things, right. Something to consider in that, um, respect, um, good people about, uh, entrepreneurship to follow, um, uh, Alex Ormozy, uh, Gary Vaynerchuk.

Um, and I'm going to, uh, plug Vanessa Lau in here, who I just thought she's done such a great job of the last several years of, um, creating a lot of, uh, content for like, um, coaches and online entrepreneurs and that she really powerhouse and just, you know, create a ton of content and, um, and great offerings around that realm that may be of interest to you, lots of different ways, but, um, you know, to, to embark on your entrepreneurial journey. But, um, those are a couple of people to, uh, to check out, um, on the investing side, um, who to check out. Well, um, oh, there's all kinds of good stuff out there.

Um, good finance books. Again, if you haven't read rich dad, poor dad, um, by Robert Kiyosaki, Kiyosaki, I should say, um, great, uh, book, um, the value investor, Benjamin Graham. That was another great book.

(55:13 - 57:52)

Um, I wrote a book about the world that I'm in, um, that I spend more time in, which is early stage public venture capital, but which isn't just early stage. You can have advanced stage stuff. It's generally like small caps.

These are smaller companies in the public realm that, uh, that are volatile for sure, but they can also grow exponentially. And there's just kind of a pocket of these companies that are like getting things going and taking shots and trying to make it. And if they're right, they can be really right.

And if they're wrong, well, they can be wrong, but there's certainly ways to, you know, um, work to maximize your upside and hedge your downside. And that's part of the mastery of that world. But, um, my books called the penny stocks Bible and penny stocks is just such like a, you know, almost like derogatory term depending on who you speak with about it, but it's an essential world because big companies do emerge from that world because people have the courage to take the shot and do things and try and advance visions.

Um, you know, early on with a lot of unknowns and start to eliminate the unknowns and, and work to try and de-risk those ventures and, and, you know, grow them, establish traction, um, take them to the next level. And if they do, you can do it. I've found you can do exceptionally well in this world when it works.

Um, if you're not careful, you can get your butt handed to you also, but that's the nature of that sandbox. So my book is called the penny stocks Bible, and I'll drop a link below this, uh, where you can find it. If you wanted to check that out, um, you know, below this episode, but, uh, otherwise there's lots, you know, there's lots more.

Um, but these are areas that I'd suggest if you want to improve your relationship with money, you want to attract more into your world, you want to, uh, to, you know, to grow your wealth in like tangible tactile ways, right? That you consider, um, the different ways that you can offer things to the world who you're offering them to and build ways to, um, leverage those. So it just doesn't require you to require your physical presence as well as explore other ways to make your money work for you while you're doing other things, which is generally that realm of investing. But as I said, this is not financial advice.

(57:53 - 59:01)

Talk to a financial advisor, do what's best for you. There's a few ideas about how I operate and some resources here in this episode. And, um, any questions or thoughts or anything, welcome to chat more about it, but just a bit of a teaser on what can be a massive topic, obviously with lots of areas to branch out into.

Um, but just getting some of that conversation flowing, welcome, any thoughts, questions, or whatever, follow the podcast for my next episode, check out my links below. If you're vibing on any of those, uh, where I help, um, entrepreneurs build business, where I help people, uh, and, and, you know, entrepreneurs build, build brands and online marketing strategies, um, where I help, uh, you know, people with balanced lives in, um, the, uh, execution of these types of things along the way. Um, so if any of those things resonate with you and, you know, let me know, and, uh, we'll catch you on the next one.

(59:01 - 59:07)

Until then, hope you're having a great day, wishing you a great day, and we'll chat with you later.