EP #33 - Watch This If You're Tired of Being Broke (7 Money Mistakes)

n this episode, we dive into the seven critical money mistakes that are preventing you from achieving financial freedom. From living paycheck to paycheck to ignoring investing, we break down common financial pitfalls and offer actionable tips to help you get ahead. Learn why having an emergency fund, a financial plan, and multiple income sources are essential for financial security. Plus, discover the importance of understanding your spending habits and having a clear goal. Tune in for practical advice on how to correct these mistakes and start your journey toward financial independence.

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Transcript

Nancy: 0:00

This is the Financial Freedom Fighters Podcast

jacob: 0:13

Welcome everybody to the Financial Freedom Fighters Podcast, back with another episode today. I'm your host, Jacob Sandoval, AKA Cash Flo Saga. I have with me my co-host, my partner in crime. He's the best realtor in Cleveland, realtor Michael Magno. Mike, how you doing today?

mike: 0:31

Ah, Jacob. Doing well, doing well. It's, um, you know, spring springtime in Cleveland, so it's always a good time of year. And, uh, yeah, ready to, ready to get, uh, rolling here through another episode. So.

jacob: 0:43

Yeah, absolutely. We have a great episode queued up for you today, and the episode is the Seven Money Mistakes that are keeping You Poor. we have a problem, you know, in this, in this country where it is really tough for people to get ahead. We have a shrinking middle class, you know, the rich continued to get richer, the poor continued to get poorer and. The whole reason why we started the Financial Freedom Fighters was to help people, To help people get to financial freedom. To get to financial security. So in order to do that, you have to be aware of the mistakes that you are likely making, and Mike and I have also made many of the mistakes and continue to make some of the mistakes that are on this list today. So I'm excited. To jump into this episode today, because I think it's gonna be really tactical. I think it's gonna be really eye-opening, and so we'll just roll in to mistake number one, living paycheck to paycheck. I have a chilling stat here, Mike, and we've talked about this in the past, but 60% of Americans live paycheck to paycheck. And I wanna, and I wanna be clear here, it's not just. It's not just people that are lower income, that are living paycheck to paycheck. I know plenty of people that make six figures or more that still live paycheck to paycheck. So this is not a problem. This is not a mistake that is just pervasive to lower income. And I get it. You know, some people, they're living paycheck to paycheck, and that's outta necessity. You know, they're, they're still struggling to get by, but what we're trying to illuminate here. That you're never going to get ahead if you cannot break this cycle, If you were just spending everything you earn, you are never going to get ahead. So you have to try to break the cycle as much as humanly possible. And it really starts with just understanding, you know how much you're spending, and you have to kind of reverse engineer that aspect of it. Financial freedom's not complicated. You spend less than you earn and you invest the difference, but the prerequisite of that is that you understand how much you're spending and most people do not even know that. Mike, anything to kind of touch on here when it comes to living paycheck to paycheck?

mike: 2:49

Yeah. It's certainly something that, you know, I know I've, I've dealt with in the past, uh, when I was a younger man and didn't understand, uh, what I was doing and didn't have a good budget. You have to really understand where all your money's going. Right. Um, I know you, you mentioned it previously, I dunno if it was an episode we, uh, recorded or just you and I in conversation, but you mentioned to me the one time that you can spread out your payments on a, on a DoorDash now or something through one of the apps.

jacob: 3:18

It's terrible. It's terrible.

mike: 3:20

Um, and I know he is a polarizing figure that you and I often reference, but, uh, there's a quote that Dave Ramsey has that I, I love to share with people, especially when they want to get out of that cycle. Uh, he says, you need to live like no one so you can live like no one right. Live like no one. So you can live like no one. And, and like I said, I know he is a very polarizing individual that you and I like some of his stuff, don't like some of his stuff, but you know, that's one that's always resonated with me. And when it comes to living paycheck to paycheck.

jacob: 3:53

A hundred percent. Um, a couple more tactical things here, folks. One thing that really helped me on my journey, is automating my savings, You have to take yourself out of the equation because let's be honest, you know, we are. Naturally going to spend the money that we have. If it's in my bank account, it might get spent, it's probably gonna get spent. So you have to take yourself out of the equation by automating your savings. So what do I mean by that? Right? If you get your paychecks from your employer, it hits your bank account every two weeks, you should have some rules set up that, hey, a portion of that paycheck is gonna go to my high yield savings account. A portion of my paycheck is gonna go to my brokerage account. So you're kind of just automatically that money is spoken for and then you could spend the rest, you know, take yourself out of the equation, guarantee that you're saving with this automated feature. Another thing that you could also do. Is, you just have to take a look at your expenses. What can you reduce? Right? And there's only so much you can cut, but A, you'd be surprised at how much you can cut if you are focused and diligent about looking at that. Can, can you cut your housing expense maybe through a house hack, Can you actually cut your transportation expenses in your food expenses? all this to say, we'll kind of move on to the next one, Mike, but you have to break the cycle of living paycheck to paycheck. And you can only do that if you understand how much you're spending. You understand how much you're making, and you force yourself to save. And eventually you'll be able to invest your way out of this cycle. But you have to be aware of the cycle that you're in. 60% of people, are in the cycle. You need to get out of it. So moving on to money mistake number two, Mike is not having a financial plan, so maybe you're not living paycheck to paycheck anymore, you still have to have a plan because if you don't have a plan, then you're never gonna get to where you want to go. So what are your thoughts here, Mike, on building out a financial plan?

mike: 5:37

Yeah, it's, it's very important and you can start as simply as just a, a notebook, right? I mean, there's a. There's a ton of financial tools out there nowadays. I'm a little bit old school. I like, I still use a paper notebook when I'm taking notes, when we're talking and when I'm doing consultations with, with, uh, potential clients and stuff. I still like to take written notes, but you, you can start very simply with, with a notepad, right? And write down everything you spend. Uh, write down all, you know, all your income. You know, that's how I did it when I first started getting outta debt 15 years ago. Um, you can use a, you know, you can create a Google sheet. I mean, I'm, and I'm sure there's plenty of apps and stuff out there that you can download onto your phone to kind of track this stuff, um, that you can, you know, probably sync to your bank account, sync to your credit cards.

jacob: 6:21

Exactly. look, folks, this doesn't have to be complicated. You don't necessarily need to hire a financial advisor or anything like that. Um, and it doesn't need to be this, this really, this grandiose master plan. A lot of people, I. Let me ask you this. Um, if you're listening to this or if you're watching this on YouTube, do you know what your net worth is? Very simply, do you know what your net worth is? If you take everything you own, minus everything you owe? What's left over is your net worth. Do you know what that number is? I know what that number is for myself, right? I track that through an app. The app I use is Empower, But there are a lot of different apps that have this. You link up all your accounts, it's very easy and it tracks all of your accounts, your investment accounts, your checking accounts. You can even add your real estate to there if you want, but if you don't know what that is, And even if that number is negative and, and for some people that likely might be if you have student debt, if you don't own a lot of stuff, but. What gets measured gets managed. Financial freedom. Mike, it doesn't just happen on accident. I'm sure for some people it does. You know, you win the lotto or you, you hit it big on some crazy, uh, crypto meme coins or penny stocks or what have you. But financial freedom doesn't just happen on accident for most people. It takes a plan. Okay, you, you need to have a plan to get to financial freedom. You need to have milestones that you're measuring to get there. And so start tracking your net worth. Download the Empower App today. That's a tactical thing that you can do today to just start tracking where everything is and start measuring it. And I, I guarantee you, you start to get addicted to measuring certain things. What are some other tactical tips, Mike, that we can, you know, give people so that they, you know, start to to be a little bit more planful with their finances?

mike: 7:59

Yeah. Um, you know, there's some, there's some rules you could use to maybe dividing up your, you know, what, what you bring in and where it goes. the, uh, 50, 30, 20 rule that you've, uh, you know, that we've talked about in the past, right? Um, 50% goes to needs. You know, 30% kind of goes to wants, and, you know, 20% is the savings, uh, savings and investing vehicle. Um, now of course you can tweak those numbers. If you make, if you make more, you might be able to invest and save more. If you make less, I, I, you really wouldn't want to, but, you know, you could potentially, while you're starting out, save a little bit less. you really want to pay yourself first. and I know it sounds hard for people that haven't done it, you know, maybe they don't have that muscle developed yet for saving and stuff, but really you need to, you know, and, and when you've mentioned it is reverse engineer what you're doing, and hey, if I wanna save, let's say, you know, you're just getting started and you wanted to save$5,000 for your, um, emergency fund. Well, how am I gonna do that? And you're gonna commit to saving, say,$500 a month, but yet you've, you know, the, the previous three months you've spent, every dollar you've made, well, obviously you're gonna have to find that$500 from somewhere. So, you know, you're gonna need to look at where you're spending and see where, where can you cut, you know, did you door dash four times a week, all month and you know, it's an easy fix? Or is it something where, you know, you need to, you know, figure it out from somewhere else. Cut out the, cut out the coffees or, or whatever. So, um, that's one that I like. to your point too, with the automations, I love that, right? I automatically have money going into retirement accounts. I automatically have money going into my HHSA account. I have money automatically going to this and that. So it, once you get used to that, you just forget about it. And it's like automated. It's just automated.

jacob: 9:46

Absolutely. Absolutely. Um, taking yourself outta the equation again is huge Another thing, another exercise to do today, Sit down and download all your bank statements or credit card statements for the past three months, You know, sometimes some people need a sobering look at what they're spending. Um, another stat is, you know, most people, I think the stat was something like, you know, 70% of people can't tell you exactly how much they spent last month. They have no idea. that's terrible. You know, you gotta have an idea. And when you have a general idea, I'm not saying you have to be religiously tracking this every single month, but you should have an idea, right, of where of all these buckets of spending. So sit down with yourself, or if you have a spouse, sit down with your spouse. Go through over the last three months of bank statements and just start to get a. Pulse, check on how much you're spending. You might be surprised at what you're spending because, you know, we're living our lives, we're busy, we're going day to day, and you know, it's easy to, to lose track or lose sight of these things. So that's kind of what I wanna say. And, and, and last thing is just have a goal, Have a goal because. One of the things that was most eyeopening to me on this journey, Mike, was we talked about the lot in episodes in the past, but it's the 4% rule, It's just the idea that you can have an FU number, a financial freedom number, and that number's very simple, right? Take the average American salary, Let's say$60,000 a year. If you divide$60,000 by 4% or multiply by 25, that's$1.5 million. So the average person. To replace an average salary needs roughly$1.5 million. Now, that might scare you. That might feel, oh, I'm never gonna get to that number. But you have to admit that knowing that number is pretty illuminating. At least it was for me, right? And so that number's gonna be different for everyone, but it gives you a target Mike to shoot for and for me that was really empowering. So again. You gotta have a financial plan, you gotta have a budget. You gotta have a target that you're going for. So we'll move on to the next one. Mike, why don't you take us on to money? Mistake number three.

mike: 11:39

carrying bad debt, you know, so what we're talking about when, when it comes to bad debt, right there, you know, you and I both believe in good debt and bad debt. So, you know, bad debt are things like high interest rate credit cards. Uh, personal loans, payday loans, uh, even like title, title car, you know, car title loans, things like that. Um, even, I mean, I don't wanna say student loans, but it can be, you know, depending on the amount of student loans that you've taken out, you know, if you only have to take out a small amount of student loans and maybe not, uh, not as bad, but, um, you know, those things. And then even two car loans, um, can be, especially if, if you're in that living paycheck to paycheck. Um. Category. Right. Um, I was reading a statistic the other day. The average new car payment in this country is like$740 or

jacob: 12:25

It's wild.

mike: 12:26

That's crazy. Um, and just to give you an idea of the effects of that, right. While you were talking on the other topic, I, I brought up an investment calculator, right? Let's say you want to buy that, that, BMW, right? If you had$5,000, which you know that's a pretty small down payment, right? On a lease or a, you know, a new car loan and you took that five grand and you took the$700 a month your payment is, and you just invested it every month for 30 years, you would have one, almost$1.3 million. And that's, you know, assuming a 9% rate of return over 30 years. And, uh, you've, and you've spent$250,000 to get 1.3 million. So just something to think about when you're having that$800 a month car payment.

jacob: 13:12

Yeah. And, uh, we can, we can double click into this mic because I think for a lot of people, the concepts of good debt and bad debt are, are gonna be pretty foreign to them. so when we say bad debt, we're really talking about high interest debt, And high interest debt. That's not tied to any income producing or appreciating asset, for example, right? Your credit card debt, which you're using to buy whatever, and the fact that you can actually finance your pad tie through DoorDash now is quite insane, but it's, it's high interest, right? So most credit cards are gonna be in the 16 high teens, 20% ish range. And so the way you should think about that is if you're making like 10% of the stock market. That's half of the rate of return that these credit card companies are making on you, the individual who's taking out that bad debt. So you're never gonna be able to get out of this bad debt unless you're you. You've paid it off. Okay? And so the financial industry. Exist because of suckers that don't understand that this bad debt is toxic. those people are, are making billions and billions of dollars for these financial institutions by not paying off their bad debt. Now, contrast that Mike, with good debt. Debt, for example, to secure real estate. Why is that good debt? Well, one. It's lower interest, generally speaking. I mean, it's high interest right now, but we're still talking about, you know, 7% interest, Mike versus credit cards that are 20% interest. It secures an asset that one generates income and two appreciates in value. So sure you're borrowing money, but you have tenants paying the rent that covers the mortgage payment, and then you have an asset that's appreciating in value, so that is good debt. When you're borrowing money to buy a car, for example, as soon as you drive the car off the light lot, Mike. It loses value, So that's a depreciating asset in terms of value. So anyway, that's a little bit more of why we talk about good debt versus bad debt, but you gotta get out of the debt, And I know we talk about this a lot, but Mike, you know, you swear by Dave Ramsey Total Money Makeover, and there are a lot of strategies there, but this should be your number one priority if you have bad debt. You gotta get out of it, um, because you can't get ahead financially with bad debt. Um, so I think we've sufficiently kind of talked about this, Mike. Um, so let's roll on to number mistake money, mistake number four, Mike, ignoring investing.

mike: 15:30

So, you know, you've said it a lot. I, and I've stolen it from you a little bit, but you can't save your way to retirement, right? Um, you, you gotta invest in, in things that are gonna go up in value, right? Because inflation is going to erode away any money that you've saved in just a sa, you know, your basic savings account getting 2%, right? Two, 3%, 4%. Um, so yeah, you gotta, you gotta, you have to invest. And it goes back to. You know, the, like that example I used in the previous step when we're talking about the, the car loan, right? The$700 a month compounded for 30 years. Turns into one, 1.2, almost$1.3 million. You know, looking at the math, that's, that's crazy. Crazy. If you're, if you're 20, if you're 25 years old and listening to this and you're not thinking, okay, I gotta listen to Mike and, and, and Jacob on this one. And here's what's really crazy, Jacob. If you change the, the lever on this, this one to 40 years, it doubles. It doubles, it goes from one, uh, actually almost triples. It goes from. 1.3 million to just over 3 million with that additional 10 years. And that's, um, you often hear people talk about the hockey stick, you know, in, in entrepreneurship. Like you're, you're puddling along and then all of a sudden it just goes up like the shape of a hockey stick. And that's, that's where the compounding in, in investing can get really, really powerful. Right. I saw something the other day that said Warren Buffett. 99% of his wealth has been acquired after the age of like 65.

jacob: 17:13

it's wild. It's wild. Folks, this one, this one really gets under my skin because I deal with a lot of people, um, obviously in terms of their different appetites for investing. And, and, and I know a lot of people, people near and dear to my heart that they think that, you know, just saving a bunch of money in their savings accounts. Um, is, is the safest thing to do, uh, when in fact, in my opinion, that's the absolute riskiest thing that you can do. There is a thing called inflation, right? We, we, we know that quite well. That means that your dollar is getting weaker every single year. That dollar can buy less and less stuff because inflation exists. So holding dollars or holding too many dollars is bad. I'm gonna see how this lands, Mike. I'm gonna go through an example here. Okay? 50 years ago.$100, right? 50 years ago could probably buy you like, I don't know, a hundred Big Macs at McDonald's, Today, a hundred dollars can buy you, I don't know, maybe, maybe 12 Big Max, Significantly fewer Big Max, the same amount of money can buy. That's just a very simple example of inflation over the time period of 50 years. Now let's move on to something like gold. 50 years ago, a gold bar. I don't know how much a gold bar weighs, but a gold bar, Visualize it could buy you a house. One gold bar could buy you a house. 50 years ago today, Mike, one gold bar could still buy you a house. Okay? That means that, that, that's just illuminating, that gold is a better store of value than dollars, And then you go on to things like the stock market and crypto example. Bottom line, if you're just holding your dollars, you're getting poorer. Okay? So if you're that person that thinks investing is risky, I think it's much riskier to not invest. And so that's the biggest thing a lot, Mike. A lot of people think that becoming a millionaire is really, really hard, or that it is about making a ton of money when actually becoming a millionaire is a lot more about getting started earlier. Giving yourself that time, and we can run through a very simple example of, very similar to what you said, Mike. Let's say that you just graduated from college. You're 21, 22, okay? You have a decent job. I mean, when I graduated from college, I was making 60 grand a year. Let's say that you're able to invest a thousand dollars a month. Your paycheck is what? 5,000 a month. That's 20% of your paycheck. Let's say you're able to do that. You have discipline. You're able to do that. You invest in s and p 500 by the time you're 40. doing nothing extraordinary. Just investing a thousand bucks a month, never increasing that amount. Actually, by the time you're 40, you're a millionaire. Most likely you're a millionaire, That's not that complicated. It's not that hard to become a millionaire. Um, and I know some people might get mad at me saying that, but it's just not that complicated. It is a lot more about having the discipline and starting earlier enough, and so do not, maybe you can't invest a thousand dollars a month. That's not the point. Start with$50. I don't care. You can invest a little amount. It's more about the habit. And then once you see the results of that habit building and building, you start to increase that a little bit more over time and that's when things start to get powerful. But the point of this, Mike, is you cannot get ahead if you do not invest. And I'll round it out with some very tactical things. I think everyone should have a few accounts. Okay. Everyone should have a few accounts. We'll round this out tactically.'cause I get this question a lot. You should have some cash, To spend money, You have to have that. So everyone's gonna have a normal checking account to do their day-to-day spending. You should have a high yield savings account because you do want to have some liquid cash that potentially is getting protected a little bit more from inflation with the high yield interest. You should have a taxable brokerage account where you're doing your stock market investing, and then you should have a set of retirement accounts, your 401k for your employer, where you're doing the match. And then potentially a Roth or traditional IRA in individual retirement accounts. And then that's pretty much it. We can talk about crypto at some other time, but that's it. You know, you gotta have those accounts and if you have those accounts, you're funding each of those accounts a little by little every single month and you're gonna be set up for success. So we'll move on to the next one, Mike. now that people understand they have to invest, they also have to understand that they also need an emergency fund, So talk a little bit about the emergency fund.

mike: 21:38

Yeah. Emergency fund. And once again, this is gonna be different for everybody because everyone's gonna have different tolerances. But you know, you should probably have. Uh, three to six months of living expenses set aside just for the what if, if you get into a car accident, you can't work or you lose your job and can't find a new one. Um, you know, the other thing too, uh, which is kind of a scary statistic that you got here in our notes, is that 57% of Americans can't cover a$1,000 emergency. Right? Think about it nowadays, right? With the cost of cars and the cost of parts and repairs like. That's like one trip to the shop. Right. You know, you need, uh, you need four new tires, a thousand bucks. You need front and back brakes on your car. That's probably$800. Right. That's, uh, that's pretty crazy. So yeah, not having emergency fund obviously is gonna be a very, very. Poor, uh, money decision. Um, you know, so, you know, like I said, setting up yourself to get, you know, I, I mentioned it, you know, I talked about it earlier. You know, even if it's just starting out and you have zero, you know, say you want the end of the month, I'm gonna, I'm gonna come hell or high water. I'm gonna come to, I'm gonna get 500 bucks saved. Whether you need to spend more or make less, right? Those are the two levers that you can pull individually. You know, you can make more money. So you can work more or you can spend less or do both, and you can really probably amplify it up. So.

jacob: 23:02

Yeah, absolutely. And I'll, I'll take a different angle here. Having a good emergency fund means that you're not going to have to panic, sell your investments, right? Let's say you have some stuff in the stock market. Let's say you have some crypto, let's say you, you know, whatever, If you. Run into an expense and you don't have that emergency fund, what's, what's gonna have to happen? Oh, you're gonna have to sell that. you know, your stock mar your stock market investments, you're gonna have to sell that crypto to pay that expense. And that's not a good position to be in because investing also has some volatility. And you wanna be able to ride the waves of the volatility without having to sell. Um, because that's what actually becomes really powerful, is not selling and just holding for a long time. And in order to do that, you need to have a emergency fund, so you have that security. And so just to be a little bit more tactical, like Mike was saying, you know, for me, I have appreciated liquidity a lot more. The older I have gotten. I used to be the type of person that was like, you know what? I don't need any liquidity. Rolled everything forward, invested in the next rental property, invested in the stock market, invested in crypto. But as I've gotten older, I've appreciated having the security of a little bit liquidity. Um, and so now I, I implement the six month rule. I spend roughly$5,000 a month. And so for me, I have roughly$30,000 in cash sitting in my account in my high yield savings account at any time. And that's just for peace of mind. I'm not trying to optimize that money. I'm just trying to say like, look, whatever happens, I have that money. So emergency fund is really, really important. and so that is money mistake number five. So let's move on to money. Mistake number six, Mike.

mike: 24:29

Yeah. Number six. Uh, relying on one source of income, and this is really important for people to hear nowadays, right? The, the days of working for one employer for 30 or 40 years, they're long gone, right? I hate to be the bear or bad news, but companies don't give a shit about you when it comes to, um, you know, the job security. Yeah, sure. Some, some of the really, you know, maybe tech highly technical fields will be a little bit more insulated, but let's be honest, by and large job security's certainly, uh, a, a myth. Um. You know, so where this comes in is, you know, maybe you have a side hustle while you're, you know, young in your career. Whereas as you get older, like you and I, that have, you know, we have rental property income. Um, you and I invest in stocks that pay dividends, right? Um, we invest in. You know, ETFs that pay dividends, uh, different, different vehicles, um, that, you know, pay us money every single month. Um, because at the end of the day, that's what this whole show's about, right? Creating the financial independence in the FU number so that, you know, you don't have to listen to the guy, you don't have to listen to that boss anymore. So.

jacob: 25:40

Yeah, totally. And, and look folks, Mike nailed this one right on the head in the age of ai. In the age of this technological boom. Um, and Mike, you said, you know, technical jobs might be safe, and I, I don't necessarily agree. You know, I, I, I cha BT can write code better than I can, uh, can write code better than most engineers. So maybe the technical roles are not safe either. Um, but that's kind of besides the point. You cannot be financially free fully if you're reliant on your employer. So the ability to have an income source that's not tied to your day-to-day job. Is paramount to achieving financial freedom. And a lot of people that's gonna look very different. Maybe you do have a side hustle, an online business, maybe you do have a rental property portfolio, Airbnbs, uh, maybe you do have dividend stocks that are, are starting to pay. But the idea that you have an income source that's not tied to your nine to five is, in my opinion, absolutely essential in this day and age. And if more people prioritize building that secondary income source, more people. Would feel more secure, feel like they could take more risks. And that is, you know, ultimately what we want to give you is that security, um, and that peace of mind knowing I do not need this job. If you, if you can walk around your life knowing I do not need this job, then you have a lot of power. And that's what we want for you to have, is to have that power. So you cannot rely on one income source today. Absolutely not. So whether that's rental properties, side hustles, whatever, you need to build up that secondary income source that is paramount. Mike, I'm gonna take us home for the last money mistake. This one's a little bit different, but the last money mistake is thinking more money will solve everything. I love this one, Mike. I love this one because you know, you and I think about money constantly and we're thinking about how to make more money and you know how to get to the FU number and all that, but I think there's a trap there. You know, I, I, I really try to check myself on as well, is that at a certain point, you gotta know what is enough. If you do not have a sense of what is enough, then you're just gonna continue to chase, oh, maybe the goal is$3 million. Oh, up. And then you get, you get close to that goal, and then you're like, oh, maybe it's 10 million. And then you just never stops. You know, that hedonistic treadmill, the goalpost always keeps moving. And then what? And then you, you die of a heart attack at 54, you know, because, and you never got to like experience your life. Because all you're worried about is just building more and more wealth. And so the reason why I love this one is because look, money is not everything. It's just a tool, right? It's a very important tool and it can definitely unlock a lot for you. But if it can't just be accumulating money for money's sake, you have to have an end goal. You have to have a why. You have to have a purpose. And if you don't have a sense of enough, then you're always, then you're always just gonna be chasing more. So, Mike, what do you, what do you think about, about this one?

mike: 28:24

Yeah, I, I think, um, you know, very much the same that you do in this, in this particular topic. Um, for so long everybody out there was like, oh, I gotta get to a thousand doors, or I gotta get to 3000 doors. And it's, um, I. It was a, you know, I read that book by uh, uh, Chad Carson a couple, you know, maybe 18 months ago, and that's, it was just, it was like this light bulb moment for me

jacob: 28:47

Small and mighty real estate investor.

mike: 28:50

mighty real estate investor, he talks about when is enough enough, right. And. So for you and I, I know that's very, it hits close to home for both of us, um, because we just don't need to be sailing on a yacht in the Mediterranean, you know what I mean? To be happy. So, uh, you know, so that's where it's, you know, it's, it's, it hits for me, it hits for me. Um, you know, I don't. I don't rock a Rolex. I rock an an Apple watch. Like hell, I got paint on this thing, right? Like I was, I was touching up paint at a property, you know, and I got paint on my, on my Apple watch, you know what I mean? So, I don't know, you know, I don't, I don't drive fancy cars. I don't, you know, for me, I just, you know, want to do what I want to do when I want to do it.

jacob: 29:32

Absolutely, absolutely, folks. So look, we went over a lot of mistakes today and, you know, you might be making some of these mistakes. Hell, you might be making all these mistakes, but we wanted to have this episode today to, you know, to challenge you. If there, if you're making multiple of these mistakes, why don't you this week? Why don't you pick one of these mistakes and correct that mistake? Okay. And then move on to the next one. Just take it one mistake at a time so that eventually you can get to the point, you know, where you're not worried about money anymore, you're actually worried about, I. You know how you're gonna live your life because you have solved the money problem. And look, we're all on this journey together. we hope that you found the episode helpful for today. if you have, please consider giving us a five star rating and review wherever you listen to podcasts. Um, if you wanna reach out to me, you can find me on all socials at Cashflow Saga. You can find Mike on all socials at realtor Michael Magno. We will see you guys in the next episode. Po.

mike: 30:30

See ya.

Nancy: 30:31

Goodbye