The Void #12 – Private mortgage lending and other financial advice from Jeremy Mercado – Mar 5, 2022

In this episode, Jeremy Mercado sits down with Mitch and David to discuss his transition to private mortgage lending.  We also get off onto several tangents about some overall great financial advice.  If this show raised questions you’d like us to answer, please feel free to email them to [email protected]  Thanks for listening and thanks for sharing!  Enjoy the show!

00:00
[Music]
00:04
hey everybody and welcome to the void a
00:06
show dedicated to filling the void
00:07
between being an employee and becoming
00:09
self-employed
00:11
most people refer to starting your own
00:12
company as taking the leap as if they’re
00:14
blindly jumping off a cliff and into the
00:16
unknown this show is here to help you
00:18
understand that it doesn’t have to be
00:20
that way
00:21
as always if you like what you’re
00:23
hearing on the show please do us a favor
00:25
and help share the void with somebody
00:27
else who might also be wanting to start
00:29
their own company david and i saw an
00:32
opportunity to help others understand
00:33
that self-employment is well within your
00:36
reach and just as our businesses have
00:38
grown organically and by word of mouth
00:41
we want this show to grow the same way
00:43
and for that to happen it takes two
00:45
things we have to give you guys some
00:47
really great content and you guys have
00:50
to help share our valuable message with
00:53
others
00:54
i’m your host mitch smedley and with me
00:56
as always is david hilton mitch what’s
00:58
up buddy what’s going on dude
00:59
where’s marcus is he here or is he
01:01
sleeping in the back oh he’s here
01:03
is he often hurt going guys never see
01:06
how’s it going that’s good yeah the
01:08
elusive marcus i like these guest
01:10
episodes yeah they’re getting fun the
01:12
first one
01:13
it was pretty good a little rough
01:15
well because we didn’t first guess
01:17
episode right because we didn’t know
01:18
what we were doing right right you know
01:20
so
01:21
they get better every time but tyler was
01:22
great yeah now we’ve got mr jeremy
01:25
mercado we do we do the home loan
01:29
advisor
01:30
yeah connoisseur i guess is that is that
01:33
how you would say it or
01:34
no
01:35
i mean that’s pretty humble yeah
01:37
it’s pretty humble the home alone expert
01:40
extraordinaire baby expert
01:41
extraordinaire i like that a lot
01:43
that’s really good i really like it so
01:45
we’re going to we’re going to dive into
01:47
a little bit of what mr mercado does
01:49
here in a few minutes
01:51
uh j-dog that’s right
01:55
43 seconds and we’ve already got a
01:57
nickname for him
01:59
he’s got a great personality so it’s
02:00
j-dog j-dog that’s what we’re calling
02:02
him from now on i mean not to get mitch
02:05
off topic of what he was talking about
02:06
but i like to do that like challenge him
02:08
always off make him think about
02:09
something right so so you just call me j
02:11
doug through j donkey dog
02:14
mr mercado yeah
02:16
okay so um uh as as we’re going through
02:19
with uh with jeremy on on
02:21
everything that he does and all the
02:23
challenges that he’s faced and
02:24
everything else we’re going to be tying
02:25
those back to
02:27
our six core adversities that you’re
02:30
going to need to be overcoming if you’re
02:32
planning on starting your own venture so
02:34
i’m gonna go through those real quick um
02:37
number one is personal finance
02:38
preparation making sure your personal
02:40
finances are in check before you step
02:43
off onto your own
02:44
number two is business finance
02:46
preparation and that’s going to cover uh
02:49
finances for the business how you’re
02:50
going to come up with the money and kind
02:51
of the budgets that you’re going to work
02:53
from
02:54
number three is systems preparation and
02:57
this actually there’s three episodes
02:59
that it takes to cover systems
03:01
preparation so these are all the rules
03:03
and the systems that your business is
03:05
going to work from and work within it’s
03:07
kind of the kind of your playbook so to
03:08
speak
03:10
number four is community involvement
03:13
work
03:14
and we capture all of our community
03:15
involvement work by sharing it on social
03:17
media using the hashtag
03:19
findtheneed fill the void so uh
03:22
community involvement work is a great
03:24
piece to make your business explode
03:27
while helping your community at the
03:29
exact same time so
03:30
um that is episode seven if you want to
03:32
check out that one uh step number five
03:36
is wake up do work and repeat or as all
03:39
the young kids call it nowadays hustle
03:41
and grind
03:42
uh i hate those words
03:44
hustle
03:49
do work and repeat
03:51
and then finally the sixth step or sixth
03:53
adversity that you’re going to need to
03:55
overcome is you’re going to need to
03:56
learn how to evaluate your performance
03:58
make adjustments and then improve on
04:00
that performance and that is covered in
04:03
episode nine so
04:04
um if you’re just now tuning in if you
04:07
go back and listen through episodes one
04:09
through nine that’ll get you covered on
04:11
all of the six core adversities that
04:13
you’re going to need to overcome and
04:15
then you can just jump right back into
04:16
this show at any time so
04:18
um
04:19
now that you kind of understand the
04:20
framework of the show let’s dive in a
04:22
little bit and learn a little bit about
04:24
jeremy marcato so jeremy tell us a
04:26
little bit about who you are and what
04:28
you do
04:30
well my name is jeremy mercado aka j-dog
04:33
that’s right j-dog
04:35
um i am a residential loan officer for
04:38
mortgages okay so
04:41
i don’t know how far you want me to dive
04:42
into it but
04:44
i don’t know if that’s uh pretty
04:45
self-explanatory
04:48
in summary i mean if you are looking to
04:50
buy a house
04:51
uh i’m the ty i’m the person that you’re
04:53
gonna be talking to right actually
04:55
before a real estate agent believe it or
04:57
not right right so people oh really yeah
04:59
so people think
05:00
you know when you’re trying to buy a
05:02
house oh i gotta i gotta contact the
05:04
realtor right well would you take a girl
05:06
out
05:08
not knowing how much money do you have
05:09
in your bank account
05:11
right you know would you say oh hey girl
05:13
let’s go to capital grill knowing damn
05:15
well you have five dollars a year ago
05:17
[Laughter]
05:18
so why would you go shopping yeah right
05:20
so why would you go shopping for a house
05:21
and you’re like dang yeah i don’t know
05:24
what i can buy i have two cents yeah you
05:26
know so you talk to me and
05:28
believe it or not i mean a lot of people
05:29
actually don’t understand the home
05:31
buying process and so i kind of act as
05:34
an advisor as well right and
05:37
also i mean
05:38
this is also my previous role in the
05:40
past but
05:41
um i actually make a larger impact i
05:44
think on people’s personal finances
05:46
because we talk about credit we talk
05:48
about setting aside reserves
05:50
before buying a house because if things
05:51
break you know call mitch for your
05:53
plumbing needs but
05:55
right
05:55
selfless plug
05:57
or someone cheaper we are shameless
05:59
that’s right
06:00
um
06:01
but yeah i mean
06:03
people have
06:05
credit that needs to be worked on or
06:06
save some down payment stuff like that
06:08
and right financial advisors usually
06:10
don’t talk to
06:11
clients that have less than 100 grand so
06:13
we’re kind of a
06:14
kind of an in between in between yeah
06:16
right like financial advisor slash not
06:20
real estate agent but real estate agent
06:21
slash mortgage advisor slash
06:24
whatever you’ve got to do to make that
06:26
sale right that’s right that’s right now
06:28
now what you do is is kind of a little
06:30
different though because you’re not us
06:33
you’re not a standalone business
06:35
necessarily like you’re not an llc you
06:38
still get a you still get a w-2
06:40
so you’re kind of like hybrid
06:43
self-employed but yet
06:45
employed
06:46
in a sense yeah yeah kind of like jay-z
06:48
right
06:49
break
06:50
can you break can you break that down
06:52
like in a
06:53
like a layman’s terms if you you know
06:56
you’re not but you are so yeah
06:59
you’re you’re basically self-employed
07:01
within the framework or the shelter of a
07:03
bigger entity
07:04
basically is how that’s kind of working
07:06
right so
07:07
you have all of the risks and challenges
07:10
as a self-employed person but you do get
07:12
a little bit of the security of the
07:13
bigger entity
07:15
to an extent yes so especially in in any
07:18
job involving real money you know you’re
07:21
dealing with people’s largest
07:23
uh personal asset right you’re buying a
07:24
house i mean a house you’re not going to
07:26
buy anything for you know five grand
07:28
right so whenever you are encountering
07:31
people’s finances i mean there’s gonna
07:33
be a lot of red tape so
07:35
in order for you to avoid having to do
07:37
that
07:38
and never starting your own mortgage
07:40
company you’re gonna work under
07:42
a mortgage bank right um
07:45
and so that way you don’t have to apply
07:47
for your own licensing it’s like hey
07:49
look
07:50
um
07:51
let us be
07:53
able to
07:54
do va loans i mean there’s a lot of red
07:56
tape doing that you can tell together
07:58
there’s a lot
07:59
yeah a lot of friends of mine va loans
08:01
right and there’s a lot of paperwork
08:03
there’s actually banks out there that
08:04
don’t do like fha loans or va loans
08:06
because there’s so much requirement and
08:08
there’s so much capital required
08:10
um especially for a mortgage bank right
08:13
so
08:14
there’s a lot of this term within the
08:16
mortgage industry was like hey are you
08:17
going to sell my loan
08:19
well
08:20
what people don’t understand that are
08:21
buying a house is
08:23
when they buy a home the bank usually
08:27
lend their own money and if they don’t
08:28
sell that loan they’re out of that 400
08:30
grand or what however much that house is
08:32
yeah well what if you only have 10
08:33
million dollars yep you’re telling me
08:35
you’re only gonna loan two you can only
08:37
loan to 20 houses yeah exactly
08:39
eventually you have to sell to keep the
08:40
doors open exactly yeah and so that way
08:43
you’re also like mitigating the risk
08:45
you know as for me if i were to try to
08:48
do that i don’t have 10 million dollars
08:50
no i don’t know about you and that’s
08:52
and people are probably like
08:54
you know when i first when mitch said
08:56
hey jeremy’s coming on the show he’s
08:57
this and this and that’s what i thought
08:58
of i thought oh he’s some big wig that’s
09:01
you know right he has all this money
09:03
he’s doing all this stuff you know
09:06
he is really cool i will say i mean i
09:08
like him a lot um and i’ve only known
09:11
him for maybe an hour now he’s you know
09:13
seems real down to earth um so when
09:15
someone asks me i will probably be
09:16
giving out your information
09:18
thank you but you know that’s what i
09:20
thought and people don’t realize
09:22
necessarily when you start a small
09:24
business or have a small business there
09:26
are other guys like jeremy yeah that
09:29
even though it seems like it’s this big
09:31
business entity no
09:33
right sometimes it is a small business
09:35
sometimes it is a guy
09:37
when
09:38
just because he doesn’t own the bank
09:40
doesn’t mean he’s not he’s still putting
09:42
his ass out there on the line right for
09:44
sure you know what i mean just like
09:45
everybody else is right so in and i
09:47
always like to encourage people and this
09:50
is all new to me i did not realize any
09:52
of this i read his questionnaire that
09:54
that he filled out before and i was like
09:55
oh [ __ ] you know you know and i learned
09:57
all this stuff and that’s why we’re
09:58
having him on the show right um
10:01
that’s why i encourage people to use
10:03
small business and this is just another
10:05
asset you get a lot better customer
10:07
service from it damn right you do yeah
10:09
yeah so and that’s what’s
10:13
to put it into kind of a comparison it’s
10:15
similar to like
10:17
uh somebody who’s a real estate agent
10:19
who they’re they’re an agent however
10:22
they’re working under a large
10:24
agency say brokerage yeah they’re remax
10:27
or something like that they’re not a
10:28
broker they’re pinned on someone else
10:30
yeah yeah so like re max is handling the
10:32
red tape and putting their overlying
10:34
process on it but here they are kind of
10:36
their hybrid self-employed although uh
10:40
real estate agents are yeah they’re a
10:42
1099 employee so they are selling true
10:45
full-on self-employed but it’s it’s very
10:47
similar only
10:48
in your case
10:50
you’re just getting a w-2 but it’s still
10:52
very very much like self-employed and
10:54
there’s two sides to it too i mean you
10:56
made a good point about like oh who’s
10:58
this guy is this going to be a big wig
11:00
um there are loan officers out there
11:02
that run on a p l model right
11:05
so probably see that do you see the the
11:07
question on my face
11:09
so yeah there are some loan officers
11:11
that operate in that sense so what
11:13
happens is
11:14
yes they’re working under a company but
11:18
they get paid a higher percentage but
11:20
everything comes out of your own pocket
11:21
right wow so you’re like oh dang if i
11:24
don’t sell any loans i have loan
11:26
processors i have assistant i have the
11:29
lease to this place that i’m renting
11:30
like literally everything comes out of
11:32
your pockets so there’s two sides to it
11:34
um
11:35
you could be an employee you could be i
11:37
mean you’re still going to be a w-2 in
11:38
that sense but you’re also running a p l
11:41
yeah and funny enough um for your
11:45
audience i think people
11:48
tend to go into business for the wrong
11:50
reasons absolutely they do right and so
11:54
it’s funny because i’m a w-2 but there
11:56
are literally
11:58
w-2 employees that are loan officers
12:00
yeah that are making millions of dollars
12:03
yeah absolutely yeah and there’s really
12:05
no cap so this is the beautiful thing
12:07
about it like you’re an employee you’re
12:08
working under the safety net
12:11
of a large company but there’s no limit
12:14
to how much money you can make right
12:16
yeah that’s that’s an industry where you
12:17
can go the hybrid model and still see
12:19
the successes of being self-employed
12:21
while having
12:22
the i don’t want to say security because
12:25
i mean if you don’t perform you don’t
12:26
eat so don’t get fired right yeah right
12:28
so there’s no there’s it’s not
12:29
necessarily securities of w-2’s it’s
12:32
just again handling a lot of the rest
12:34
he’s not in a union that’s like hey okay
12:36
well let’s watch no yeah you no you see
12:39
ya you’re out the door which is the same
12:42
as operating your own small business
12:43
right you don’t cut it see
12:46
you’re you know you’re out yeah yeah i
12:47
mean well the other the other thing too
12:49
is you know when you’re starting a small
12:50
business or any business you’re gonna
12:52
file you know your different paperwork
12:54
and stuff like that
12:55
what most people don’t understand is
12:57
before 2008 you can anybody can actually
13:01
originate loans you could be a hamburger
13:03
flipper and then next week you can be
13:05
originating
13:06
and then the whole that’s part of what
13:07
led to the crash yep the whole meltdown
13:09
happened and they’re like because
13:11
everyone was making loans oh exactly and
13:13
no one could cover them and people are
13:14
buying houses too like yeah you can have
13:16
six houses yeah and you’re paying only
13:18
interest on your mortgage
13:20
so fannie mae’s working at mcdonald’s
13:23
yeah no [ __ ] or freddy’s burgers right
13:27
that’s right wow
13:29
wow
13:30
it’s an educational show too oh yeah for
13:32
sure yeah so what are what are some of
13:34
the challenges that you faced because
13:36
you you recently made a change into this
13:39
so
13:40
what are some of the challenges that you
13:42
faced when you had to come with a
13:44
decision of like i’m going to go this
13:45
direction where i’m going to go into
13:47
this kind of more hybrid plan
13:49
instead of just being a mortgage broker
13:51
for some big
13:52
you know national mortgage company
13:55
what were some of the the challenges
13:56
that you faced or struggles that you
13:58
faced having to go into that direction
14:00
i will say so let me give you a
14:01
background of what’s happened in the
14:03
last couple of years yeah so before i
14:05
landed at the company that i’m currently
14:07
with i was with a company that also a
14:11
mortgage bank
14:12
that was like a call center type
14:15
situation oh okay and you were getting
14:17
fed leads and so i think if i were to
14:20
still be there i don’t think i would be
14:22
invited to this show
14:24
right because it literally is
14:26
yeah you’re w2 yeah you’re getting fed
14:28
leads you’re just a real employee
14:30
you’re picking up your phone right and
14:32
you’re typing up on a computer right and
14:34
you go home
14:35
or you clock out for lunch clock back in
14:38
and you don’t really like screw around
14:40
within that guidelines you come in at
14:42
eight o’clock you leave at six yep it’s
14:45
like working for a big bank yep but now
14:46
it’s like so before the show started
14:49
jeremy was on the phone with a customer
14:50
yeah right we talked about maybe
14:52
bringing this up later but when we i’m
14:54
bringing it up anyway and he was like
14:55
hey i’m gonna work on your loan i’m
14:58
doing this podcast with some guys i just
15:00
met i don’t know if it’s gonna work out
15:01
or be super shitty or what’s gonna
15:02
happen
15:04
but i’m gonna i’m gonna do the show and
15:06
then i’m
15:07
when i get home and right now it is
15:09
7 40. when did i make it yeah maybe 6
15:13
40. i don’t know what time it was but so
15:16
you know
15:17
i just want to bring that up because
15:19
he’s working on his own yeah he’s for
15:20
his own business if he was working for
15:22
somebody else he wouldn’t be doing that
15:23
he’d done clocked out and left it for
15:24
the next year and he would yeah and he
15:26
would just be you know regular guy but
15:28
no
15:29
he’s working on it after this right you
15:31
know not here we’re gonna kick his ass
15:33
out and then he’s gonna go home and do
15:34
it that is what happened that’s what
15:36
happened with my previous work um i did
15:38
not have access to
15:39
my files
15:41
and i couldn’t after hours after hours
15:43
so if i had a client that needed to
15:46
submit an offer on the weekends
15:48
i actually i think it was fourth of july
15:50
i went into the office at seven or eight
15:52
o’clock at night really a little bit
15:54
tipsy
15:55
i got a couple of uh fourth of july
15:57
before it’s yeah it’s the fourth of july
15:59
no one’s just you say tipsy i say
16:00
loosened up loosened up lubricated and i
16:03
had to drive all the way to work
16:05
yeah yeah i’m like wow this sucks i got
16:07
to make a change so yeah
16:08
there’s a give and take right there’s
16:10
the risk with everything yeah yeah yeah
16:13
i like it i like it a lot what was what
16:15
did you find as one of the easier
16:17
aspects of making that transition um
16:20
when you were when you were
16:22
making the switch to kind of being more
16:24
on the hybrid plan or more self-employed
16:26
like what
16:27
what struck you
16:28
what was easier that you did not expect
16:30
i guess is what i’m saying
16:32
well my background is in financial
16:33
planning so i was in it for about two
16:35
and a half years and so when i was
16:37
already when i was financial planning i
16:38
was actively networking in the community
16:40
so people know jeremy mercado j-dog
16:44
j-dog yeah he’s going to get new
16:45
business cards after this oh for sure
16:48
it’s going to have like chain on it and
16:49
everything
16:51
but that’s the thing is people already
16:53
knew me when i was in financial planning
16:54
i was doing you know life insurance
16:56
sales retirement planning with my
16:58
partner
16:59
and
17:00
people already knew me which made it
17:02
easier to start going out there and get
17:04
my name out again
17:06
because in the last you know in the last
17:08
year that i was with the previous
17:10
company i was not allowed to go out
17:12
there and prospect myself oh right yeah
17:14
i was banned
17:16
because i would just disappear in the
17:17
middle of the day yeah you couldn’t be a
17:18
hunter of work you just had to take
17:20
whatever they gave you which is funny
17:21
because i would totally be making my old
17:24
boss so much money right how do you let
17:26
me just go out there and we and we’ve
17:28
talked about that and it’s in like five
17:30
episodes about just
17:32
he wanted to be a leader at his company
17:34
and his leadership yeah that was a
17:36
management driven company that was not a
17:38
leadership driven yeah the management
17:39
just wouldn’t let him do it if they
17:41
would have
17:42
he could have stayed there and and
17:44
probably been making them jack been
17:45
making him jack oh yeah guess what they
17:48
were micromanaging him so much he was
17:51
like see ya yeah yeah you know what
17:53
happened see ya it’s yet another example
17:55
of a giant corporate company using
17:58
policy to reduce the experience for both
18:01
the employee and the customer yeah yep
18:03
so it just doesn’t work out yeah
18:05
um
18:06
um so
18:08
so now that you’re into this
18:10
what are the biggest challenges that you
18:12
have now that you didn’t have before
18:15
i have a question go ahead
18:17
oh hold on we got to introduce him here
18:19
what’s going on we’ve got a surprise
18:22
producer
18:24
okay my uh my 10 year old son grant oh
18:27
[ __ ] has decided to finally get up the
18:29
courage no pressure better be a good
18:30
question on the microphone how do i buy
18:32
a house
18:34
how do i dump my parents and take their
18:36
house that’s right what do you do if you
18:38
make a huge mistake on something like
18:40
what do you do to fix it
18:43
well it depends as a loan officer
18:45
oh you own up it you know you own up to
18:47
it yeah you just have to call the
18:49
customer and be like hey oh yeah for
18:50
sure this is look i made a mistake
18:54
we’ve got to move on what’s the process
18:57
there you know it’s very scary actually
18:58
if you make a mistake because you’re
18:59
really like you could potentially be
19:01
[ __ ] up somebody’s life right yes
19:03
there are people that are buying houses
19:05
in between
19:06
homes yeah so let’s they’re like hey man
19:08
i’m gonna sell my house
19:10
and
19:11
i’m gonna have you know i’m gonna be
19:13
homeless right for like the weekend and
19:15
then we’re supposed to be moving into
19:16
the new house on monday
19:18
well what happens if you [ __ ] up on the
19:19
loan right right these people are
19:22
homeless permanently yeah and hey hey no
19:25
pressure yeah yeah
19:26
no it’s legit yeah yeah and so
19:29
everybody’s gonna be mad because at the
19:31
end of the day you’re mad too
19:33
oh yeah you’re mad yeah and the thing is
19:35
the thing that’s very scary with my job
19:37
is
19:39
guidelines change every day so with your
19:41
line of work mitch i i mean there are
19:43
probably some code where you can’t use
19:45
certain pipes right yeah i mean we’ve
19:47
we’ve got code that we adhere to but
19:48
code changes real slow okay and so
19:50
industry yeah yeah let’s be honest if
19:52
mitch makes a mistake and floods
19:54
someone’s house they’re not i mean they
19:56
may be homeless but mitch is paying for
19:57
it right yeah that’s like my mistakes
19:59
let’s be honest yeah my mistakes are
20:01
costly these are life-changing mistakes
20:03
yes and this is mine are costly in a
20:05
dollar
20:06
way right like if i make a mistake i’m
20:08
flooding somebody’s house if you make a
20:09
mistake they don’t have a house to flood
20:12
that or like let’s say somebody does not
20:14
have
20:15
um they only have enough to buy the
20:17
house
20:19
meaning they only have a certain amount
20:20
of down payment and closing costs yeah
20:21
so you have like 15 grand right well
20:24
when you’re buying a house you’re a
20:25
homeowner you’re a homeowner
20:27
when you bought the house
20:30
did you put down a deposit like an
20:31
earnest deposit it’s like a good faith
20:33
right yeah right okay i’m interested in
20:35
buying your house of course don’t sell
20:36
it to anybody else yeah it works the
20:38
same if you’re building a new house hey
20:39
right you’ve got it we the bank wants
20:41
you to have interest in the loan yeah
20:44
interest not in the percentage right say
20:46
hey yeah invested interest we’ll do it
20:49
yeah we’ll do it but yeah you’ve got to
20:50
write us a check for 75k dude especially
20:53
especially when buying a brand new house
20:55
yeah a new build yeah because the
20:57
deposit on those is huge yeah and if
20:59
something gets messed up usually if
21:02
there is a valid reason for you to back
21:03
out of a contract you can actually get
21:05
that earnest deposit back right yeah if
21:07
somebody screws up royally
21:11
the client would lose that money right
21:12
and they can’t they have nothing to they
21:14
can’t do anything about it yeah right
21:16
right but yeah
21:17
so this is what makes a good loan
21:19
officer from a bad loan officer right so
21:22
kind of answering your question about
21:23
what happens when mistakes happen
21:26
well one you really try to do your best
21:28
to not screw up because you could lose
21:29
your license
21:30
you know with attention to detail
21:32
attention to detail that’s for sure at
21:34
this point because the thing that’s
21:35
scary is we don’t push things you know
21:38
we don’t pay-per-push anymore we do
21:40
computer push yeah yeah so everything’s
21:42
electronic yeah you can sign your
21:43
signature yeah and then and then it’s
21:46
just a click and just click click click
21:47
click click done that’s the danger no
21:49
that is scary that is scary first time i
21:51
did it i was like what the heck is this
21:54
that is one of the benefits though of
21:56
working for kind of under that
21:58
semi-quasi umbrella that you have
22:01
is
22:02
that’s their role is to like they’re
22:05
gonna build that process
22:07
so you don’t screw up and and they’re
22:08
gonna basically hand you the right
22:10
paperwork you just have to get it filled
22:12
out correctly
22:13
not to say mistakes can’t have sure they
22:15
still happen yeah but uh that’s that’s
22:18
kind of their role is to help shepherd
22:20
along that overriding process
22:23
so that’s the other thing so let me add
22:24
to you that yes they provide the
22:26
framework but as a loan officer you are
22:28
in charge and responsible for knowing
22:31
the guidelines right oh it still falls
22:34
on your shoulder oh for sure yeah you
22:36
know like there are some things where
22:37
here’s the framework on how to sell a
22:40
basic mortgage but not everybody’s
22:41
situation is the same
22:43
so if you start of course you don’t
22:44
study yeah if you don’t study
22:46
if you don’t teach yourself guidelines
22:48
if you learn and say if you don’t stay
22:49
up on the guidelines exactly for sure
22:51
you could royally f up on something so
22:53
let me ask you a question
22:54
so do they
22:57
how do you stay up on those guidelines
22:58
do they i mean do you get are you part
23:00
of a group that gets emails when they’re
23:02
they’re updated
23:04
from that company from
23:06
from the government i mean how does that
23:07
work yeah so typically the government
23:09
would release new guidelines to the
23:12
out there right industry-wide so there’s
23:14
going to be some newsletters out there
23:15
okay um but the situation is it depends
23:17
on how good your
23:20
company is at staying with that guy okay
23:22
because if the guidelines change and it
23:24
doesn’t
23:24
they don’t pass it on to the loan
23:26
officers right you’re screwed yeah i was
23:28
gonna say then you’d be in trouble right
23:29
for example so my last company there is
23:32
a loan there is a loan program that
23:34
that’s changed where you can average out
23:37
credit scores now
23:39
before you take the lower of the two
23:41
right applicants
23:42
it’s still to a certain extent when you
23:44
say applicants do you mean the two
23:45
people that are applying yep so the
23:47
average
23:48
so there’s three major
23:51
credit bureaus
23:52
so you’ve got three and three you
23:54
average those and then those two people
23:56
get them and then you average that or
23:58
so before we would take the middle lower
24:01
score of the two people okay
24:03
so one person could have everything
24:04
above 700 and the second person could
24:07
have a 500 credit score and then a two
24:09
600 credit scores
24:11
we would use the 500 right which sucks
24:14
yeah which by the way if if you’re
24:16
watching the show and you don’t know
24:17
check your credit score because if your
24:19
lower one’s 550 you’ve got work to do
24:22
that’s right you know and like when we
24:24
built this house
24:25
they took
24:26
this was the lowest this is a long time
24:28
ago uh 10 or 11 years ago
24:30
so this was after 2008 but like he said
24:33
they’re changing them every six years
24:34
they’re changing them all the time but
24:35
like when we built this house they had
24:36
to take of mine and my wife’s they took
24:38
our lowest credit score but then they
24:40
also approved us based off of one income
24:44
and it was whoever’s income was the
24:46
lowest yeah and so
24:48
uh basically they were it was a kind of
24:49
a double measure of security like if
24:51
this loan goes belly up conservative
24:53
yeah we want to make sure that we’re
24:55
we’re approving this off the lower of
24:57
the two credit scores and if they were
24:58
to get split up we want to make sure
25:00
that the lower of the two incomes can
25:01
afford it and i would i thought it was
25:04
really admirable i thought man that’s if
25:06
they would have done this before 2008
25:07
they probably 2008 would probably never
25:09
happen i’m sure that was changed after
25:11
it was right i’m sure they were like oh
25:13
okay [ __ ] this is what happened we’ve
25:15
got to make a you know a change here
25:18
it’s changed now too from what you’re
25:19
just saying about the income part so
25:22
how it works is the credit score would
25:24
be you know it depends on the loan
25:25
program but you can average out the
25:26
loans uh the credit scores interesting
25:29
but on the income now
25:30
um
25:32
the cosigner so let’s say
25:33
mommy and daddy and the kid the kids
25:35
trying to buy a house
25:37
newly graduated from college
25:39
30 000 a year yeah first off just let me
25:42
say i’m not loaning any of them money
25:44
no i don’t i don’t give a [ __ ] so if the
25:46
mommy and daddy didn’t help me with my
25:48
house i’m not not because i don’t mean
25:50
because of that because i don’t trust
25:51
that kid that just graduated college
25:52
right if mom and dad want to sign on the
25:54
number one line okay oh yeah you know
25:57
if they’re signing number two i don’t
25:58
know right that kid’s not getting any
26:00
money from me no yeah just personally
26:02
but the mom and dad
26:05
could very well just co-sign
26:07
right so let’s say mommy daddy makes 150
26:09
000
26:10
for the household yeah
26:12
so
26:14
if
26:15
sally the daughter
26:17
makes 30 grand a year and she’s got good
26:19
credit score mommy and daddy also have a
26:21
good credit score
26:22
but her debt to income is pretty high so
26:24
then you could actually
26:26
um
26:27
bring in somebody that brings in a lot
26:29
of income and then we can count that
26:31
yeah
26:32
yeah that’s that’s getting back to a
26:34
little bit scarier with the
26:37
with the uh
26:38
back kind of towards the 2008 type of
26:40
stuff i hope not a little i like my job
26:43
first off yeah 08 was a [ __ ] show it was
26:45
and so in oa i was doing new
26:47
construction now it’s going to be 08 was
26:51
08 was brutal well it’s going to be a
26:53
little cyclical cyclical right so
26:55
not that bad though there’s been no
26:57
cycle that hit 08. you wouldn’t i mean
26:59
when you go back and look from from 1965
27:02
to 08 that cyclical cycle when it gets
27:05
to oa i mean it’s just i mean it’s a new
27:08
cycle yeah so if it is and there wasn’t
27:10
anything before right i mean when it if
27:13
it turns into a cycle when is the next
27:15
one it’s not right now no no no no no i
27:18
hope not is that right is that one of
27:20
your fears as as as being new and often
27:23
into this and everything is is
27:25
is one of your fears having a housing
27:27
market
27:29
fluctuation like that
27:31
well that’s where you kind of design
27:33
your career all right so we had a refi
27:36
boom you know in the last two years yeah
27:38
rates are so low everybody’s making a
27:40
killing right but everybody was doing a
27:42
lot of refinance because the refinance
27:44
would pay the same as a purchase
27:47
right and those are a lot easier you can
27:48
get those done in like two weeks and get
27:49
it you know get paid yeah
27:52
and uh
27:53
the thing is that’s funny with our
27:55
industry is we actually
27:57
uh do really well in times of
27:58
uncertainty so right now with the award
28:01
with the war that’s going on
28:03
um
28:04
the rates are actually decreasing
28:07
they’re starting to go back down again
28:08
it’s going down a little bit yeah right
28:10
and i don’t get that either this is a
28:11
complete off tangent so when we built
28:13
our house
28:14
you know when we were getting ready to
28:16
the construction loan was closing and we
28:18
were gonna
28:19
you know get into our permanent loan
28:21
the lady was like okay these are your
28:23
terms this is that blah blah it was four
28:25
and a half percent yeah and i’m thinking
28:28
what
28:29
this this was literally four years ago
28:31
i i’m like what
28:33
janine and i are i mean our credit score
28:35
our credit scores were insane yeah i
28:37
would think mine was like 740 and
28:38
janine’s was like 780. okay look at you
28:41
we were even married 22
28:43
22 years 18 years this next year so i
28:46
mean it’s always been her and i against
28:47
everybody else
28:48
so our credit scores were always great
28:50
well so and i’m like what do you mean
28:52
four and a half i see rates are at
28:54
three
28:55
what do you mean four and a half she’s
28:56
like well you don’t own a home
28:59
yeah i’m trying to i know i sold a home
29:02
i’m renting a space from myself to build
29:05
this
29:06
what do you mean no you’re four and a
29:07
half and i mean i was so mad but there
29:10
was nothing i could do about it you know
29:11
so you know we went ahead and did the
29:13
deal and like you just said with the
29:15
refinance i waited six months i think
29:17
that was i think it was six months we
29:18
had to wait and then refinance and they
29:20
were like oh no we can get you for two
29:22
four yeah two four i was like
29:25
at the time i was so mad at everyone
29:27
like you
29:28
no nothing personal but this i mean i
29:31
was
29:32
right i mean i would but then you don’t
29:34
understand the ins and outs you don’t
29:35
understand you know everyone ha and i
29:37
understand everyone has to make money
29:38
right i mean that’s the whole scheme of
29:40
everything
29:41
if everyone’s not making money the
29:42
machine’s not turning
29:44
okay and the credit score thing can be
29:46
kind of weird too well and that’s what
29:47
helps you in some areas hurts you in
29:49
another like you don’t have enough debt
29:52
yeah i was like yeah trade lines yeah
29:53
yeah i was like what do you mean i don’t
29:54
that’s basically what they were saying
29:56
was like no you don’t own a home yeah or
29:58
like a car payment yeah you’re like i
30:00
don’t own a home i don’t have any car
30:01
payments i have this house i can refi
30:04
for two and a half but you’re gonna get
30:06
me for four and a half yeah and i mean
30:08
you just have to kind of swallow your
30:09
pride and be like okay i’ll just wait
30:11
the six months and you know in the grand
30:12
scheme of things it wasn’t that much
30:14
money you know i mean a couple thousand
30:15
dollars what you know whatever but it’s
30:17
just like right at the time but if you
30:19
have a good
30:20
uh loan advisor
30:23
they can uh
30:24
they can explain those things to you
30:26
like hey and and the the lady at the
30:28
time i won’t say who she was but you
30:30
know i’m asking her all these questions
30:31
i mean i’m just i’m not an idiot she’s
30:34
so buy the book she’s not even helping
30:35
yeah this is my second home you know i
30:37
know i’m not an idiot yeah you know so
30:39
i’m just right hands on the day you know
30:42
true
30:43
so i’m just you know rattling off all
30:44
these questions and you know and to have
30:46
a good
30:47
um loan advisor that’s helping you right
30:51
you know that was one of those lessons i
30:52
had to learn because when we bought our
30:53
first house we didn’t care right you
30:55
know we were 22. who cares you know you
30:57
just get in the house but then you learn
30:59
that but but now you know hey and that’s
31:01
part of the show part of you know
31:04
starting a small business is you have to
31:06
vet people
31:07
you have to know what they’re giving you
31:10
yeah you know what i mean
31:11
vet everyone have a good
31:14
loan advisor right have a good plumber
31:16
you know
31:17
have a good
31:18
because you’d be in deep [ __ ] if you
31:19
don’t whatever he is
31:22
no unintended yeah no pun intended
31:24
that’s right you know it’s just i mean
31:26
you
31:27
you’ve got to have people that know what
31:29
they’re doing helping you right all the
31:30
time so to add to that though like you
31:33
know what makes a good loan officer
31:36
right communicate
31:37
you’re not going to be annoyed so you’re
31:39
going to have a really long patience
31:40
because you’re dealing with people
31:42
you’re not just dealing with investors
31:44
you’re dealing with first-time home
31:45
buyers that are freaking out yeah they
31:47
don’t know what the hell is going on
31:48
right second home second time home
31:49
buyers it’s still good they don’t know
31:51
they’re like what
31:52
when she told me that i was like what
31:54
yeah i thought i knew i thought i was
31:55
the [ __ ] i knew everything nope no
31:57
didn’t know
31:58
that’s why you hire real maybe if i had
32:00
known
32:01
you’d get a good one jay dawg
32:03
i would have known you know oh you guys
32:04
are so nice and then like dealing with
32:07
um you’re dealing with
32:09
um the mistakes you own it
32:12
so when you’re dealing with um this goes
32:14
for any business
32:16
if you royally screw up
32:18
own it yeah do not hide do not ignore
32:21
your phone ringing
32:22
yeah just swallow the frog so you want
32:25
to hear a crazy that’s great swallow the
32:27
frog you want to hear a crazy story
32:28
about owning a mistake let’s do it right
32:30
so
32:31
i’ve been plumbing for 20 years
32:34
one of the things one other thing yeah
32:37
over the hill right yes so one of the
32:40
things that plumbers have to do is we
32:41
install bathtubs
32:43
and a couple of weeks ago i was
32:45
installing a customer supplied bathtub
32:48
you or one of your guys i was okay me
32:50
personally okay so if you [ __ ] it up
32:52
i’m ready to i’m ready to get on you
32:54
yeah and this is in a finished house and
32:56
so in a finished house you can’t use a
32:58
full-size bathtub you have to use a
33:00
multi-piece it’s going to have like a
33:01
base and then a back wall and two
33:03
sidewalls right yeah probably above the
33:04
floor rough and and they’re fairly
33:06
expensive yeah they’re about 800 bucks
33:08
for this set right so fiberglass
33:10
customer yep yep so customer provides it
33:13
and i’m getting it all put in
33:15
first time in 20 years
33:19
i drilled the holes in the wrong spot
33:21
for the valve and the tub spout
33:25
just flat mismeasured dude mism misread
33:29
my tape measure i don’t know what it was
33:31
i mean they were perfectly in alignment
33:32
just not in the right spot the beautiful
33:34
thing about owning your own business is
33:35
nobody’s gonna fire you right right
33:39
that’s more important than losing a job
33:41
from my boss the reason i laugh so much
33:42
is because do you remember when we were
33:44
kids
33:45
i said kids when we were 20 and you’d
33:46
have to so the modular would come out to
33:48
a new construction job site and i mean
33:50
they would be like okay this is what you
33:51
got to do yeah you’d measure it twice
33:53
measure it three times you would not and
33:55
if you effed it up literally when we i
33:58
mean they were almost fine
33:59
yeah yeah if you had like one screw up
34:01
before that yeah you were gone so i mean
34:04
they were it was a rotating door
34:06
multi-piece kit that’s so hard right
34:08
multi-piece kit and i just drilled a
34:09
hole in one of the four pieces wrong so
34:12
what’d you do was it the back piece or
34:13
just like uh no it’s the valve side
34:16
right so brutal um
34:18
so the first like the moment i realized
34:20
it was wrong the first thing i do
34:22
customer’s not on site she’s working
34:24
where did she get it from
34:26
she bought it from a supplier i don’t
34:28
know like home depot reloads so you
34:30
snuck off the lows like a general no no
34:32
i pulled out my phone i took a picture
34:34
of the mistake and you can see like
34:36
here’s the drain holes and then here’s
34:37
the valve hole like oh my god right like
34:39
it’s bad
34:41
and and so i took a picture of it
34:43
and i texted her and i said you’re never
34:45
going to believe this 20 years in the
34:47
industry and i’ve never made this
34:48
mistake but i just royally screwed up
34:50
and drilled this in the wrong spot i
34:52
said i owe you
34:54
a new tub wall kit
34:56
where did you buy it because i have to
34:58
go get you one right now sold out and
35:00
yeah probably right now right yeah no
35:02
yeah with the pandemic they’re very hard
35:03
to find yeah and so i the i’m all all
35:06
this is going through my head right like
35:07
you’re like i’m gonna have to drive to
35:08
kck lowe’s i’m gonna have to drive to
35:10
wyandotte county low i’m gonna have to
35:12
drive to who knows we’re talking an hour
35:13
away yeah believe it or not the cost
35:15
wasn’t running through my head as much
35:17
as like the hassle to get it yeah to get
35:19
it so i text her i’m sure a three-piece
35:21
upper is probably not too bad she
35:23
replies right away and she says
35:25
i have a spare set of pant wall panels
35:28
downstairs they ship them wow the first
35:31
ones that showed up there was a crack in
35:32
one of the panels so as long as the
35:34
panel you need isn’t the cracked one
35:36
then we’re good you gotta be the
35:38
luckiest son of a [ __ ] i go down yeah i
35:40
go downstairs right
35:42
i go downstairs and sure marcus in the
35:44
back right now is like this [ __ ]
35:47
god
35:48
son of a lucky i go downstairs and sure
35:51
enough the panel that i need is not
35:52
cracked it’s the other side that’s
35:54
cracked and so i drill it in the right
35:56
spot this time put it all on and
35:58
everything’s good they gave her the
36:00
other wall set for free because the one
36:01
did you give did you give her a little
36:03
kickback for having it no she she didn’t
36:06
like i didn’t i mean i didn’t have to
36:08
she didn’t ask she was just like hey
36:09
this is karma working out you were
36:11
honest you came clean i had the spare
36:13
set like this is just easy this is just
36:15
the way that karma works right so that
36:18
is one thing about that is never assume
36:20
how the conversation is going to be
36:21
right make those tough calls and
36:24
i don’t know if this is going to lead us
36:25
to the next section it’s okay no just
36:27
keep going yeah just go go with your gut
36:30
but you know what when you uh never
36:32
assume how the conversation’s gonna go
36:33
so just do it right and what is going to
36:36
take your business to the next level
36:38
right is one step
36:39
progress even if it’s one little step
36:42
every single day yeah
36:43
right yeah and so this is one of them is
36:46
if you have to make that phone call and
36:47
you don’t want to call that client do it
36:50
because you don’t know what’s gonna
36:51
happen they might be completely
36:52
understanding yeah you know i’ve had
36:54
those where
36:55
this is not really a screw-up but there
36:57
are those you know in this environment
36:59
with interest rates and whatnot
37:02
rates go up like out of nowhere yeah
37:06
yeah and they’re out of your control it
37:08
is out of my control but
37:09
you’re the messenger according yeah and
37:11
you get shot a lot yeah according to the
37:13
client you control everything
37:16
which you’re shooting the messenger yes
37:18
i didn’t want to laugh at it oh for sure
37:20
you shot a lot man and that’s the thing
37:22
is
37:23
you’re gonna talk to
37:25
a client hey you’re looking to refinance
37:27
2.4 interest rate
37:29
and
37:30
what happens if the rate goes up
37:33
next week 2.9 by the time he closed
37:36
even worse it could be from two and a
37:38
half especially in a new construction it
37:39
could go from two and a half yeah to
37:41
four percent yeah those dudes they they
37:43
rotate that so much i mean i know when
37:45
you do a refi um sometimes you know
37:47
they’ll lock you in say hey but a refi
37:49
is different you know you know what’s
37:51
going on this purchase of money yeah
37:52
this is you know
37:54
but yeah make sure you lock it in in a
37:57
new oh
37:59
well i’m trying to think when we built
38:00
and and again 10 11 years ago lots of
38:03
changes it was probably locked in we had
38:04
like a 60-day window if i remember right
38:07
they they kind of said okay your window
38:09
starts now
38:10
you can lock in anytime in the next 60
38:12
days and so we were we were able to like
38:16
call or check online
38:18
what the rate was and then we were
38:20
taking a gamble like okay if we lock in
38:21
now it might go lower later and then we
38:23
kind of lost out or if we lock in now
38:25
when it goes up well we we played a good
38:27
safety yep yeah so
38:29
um but at the time we were building
38:32
um it wasn’t i mean it wasn’t moving but
38:35
maybe a tenth of a point day to day
38:37
today so if there was like three tenths
38:39
of a point swing over that entire 60
38:41
like again it kind of didn’t really
38:43
matter for us yeah and it was a day it’s
38:44
a little bit more volatile yeah it was
38:46
different back then there’s now now it’s
38:48
crazy it’s just literally insane oh
38:50
here’s the danger too what if you lock
38:52
too early and the lock expires so the
38:54
lock expires oh yeah your builder runs
38:56
into lumber shortages or something and
38:58
now i can’t get in either that or so so
39:00
are you calling them like hey
39:02
sorry and that comes out of the door or
39:04
they [ __ ] it or do they call you and
39:06
they’re like hey
39:07
this is going later and you’re like oh i
39:10
don’t know what to tell you oh dude i
39:11
mean what’s that what’s the circumstance
39:13
if you’re a good loan officer you’re
39:14
going to be on top of that so you’re
39:15
going to be doing a review of your
39:16
pipeline
39:18
and you’re going to look at okay this
39:20
lady’s lock is going to expire in seven
39:22
days
39:23
so what can cause a lock to expire is if
39:26
let’s say appraisals appraisals take
39:28
three weeks four weeks and what if you
39:30
only lock it for 30 days
39:32
and the average appraiser i mean there’s
39:34
really there’s a shortage of appraiser
39:36
yeah so and they’re all getting old
39:38
so if you need job security become an
39:40
appraiser
39:42
hey guys
39:43
yeah become self-employed yeah become an
39:45
appraiser and you can make bank yeah
39:48
right but let’s say that turn time is
39:51
longer than 30 days right because
39:53
they’re so busy everybody’s trying to
39:54
buy a house and your lock is only for 30
39:58
days
39:59
so i don’t want to get in too much into
40:01
the weeds but those daily interest daily
40:04
interest
40:05
beyond you’re going to get charged right
40:07
so let’s say you’re
40:08
30 days lot that expires in your 10 days
40:11
after your lock right well you’re
40:13
getting charged interest based on the
40:15
total loan amount
40:16
so if your loan amount is a million
40:18
dollars
40:19
you know it’s a bigger gamble times that
40:21
by 10
40:22
hours
40:23
and you if you’re not closing it within
40:25
a certain time period if you’re
40:27
if it takes you 60 days that’s 30 days
40:30
worth of interest yeah right i hope
40:33
marcus is paying attention to this
40:34
episode yeah marcus is thinking about
40:37
getting him a new house i’m sure let’s
40:39
go we’ve talked about it
40:40
i mean
40:41
he knows who to call i mean weird i mean
40:44
he better be
40:45
after this is all done he’s edited you
40:47
better watch it a couple times
40:49
right exactly you know what i mean i
40:50
might have scared the [ __ ] out of him to
40:52
buy a house he’s like oh my god there’s
40:53
so many different things yeah well
40:54
you’re saying the words
40:56
you know what though
40:57
he you are scaring him but if you have a
40:58
good loan officer they’re going to tell
41:00
you all that up front like hey look
41:02
this is what’s going to happen you can’t
41:03
change reality all you can do is inform
41:05
yourself that’s right you can prepare
41:07
you can prepare for reality and
41:08
communication man yeah own your mistakes
41:11
and communicate yeah in the worst times
41:14
and this has kind of gone from
41:16
a little bit of a
41:18
rabbit hole business owner two
41:21
two more financial advice and that’s
41:22
great yeah but that’s still i love
41:24
finances
41:26
it eats me up
41:27
dave’s a finance geek i love it man all
41:29
i do is read finance study i i love it
41:32
we’ll have to talk about like krypton
41:34
investments too you do all that
41:36
i’ve got some questions yes i understand
41:38
that crypto stuff oh hell yeah look look
41:40
at them there are actually some mortgage
41:41
companies just they’re taking it’s just
41:43
money off of crypto yeah the only thing
41:44
i hate about crypto is is how volatile
41:47
it is i mean i bought some just just as
41:50
as an example i bought some ethereum
41:52
classic
41:53
um i
41:54
i think it was sixty four dollars oh
41:56
he’s got it he’s got money
41:59
it was like sixty five dollars when i
42:00
bought it right now it’s been and for
42:03
the last four months three months it’s
42:05
been trading at like 30. right so it’s
42:07
like i lost you know a lot i didn’t lose
42:09
money because i didn’t sell it i just
42:10
i’m hanging on to it yeah because i
42:12
think it’s you know obviously you know
42:16
if you’re going to get into some classic
42:18
or some smaller stuff like that i i
42:20
don’t want to give financial advice but
42:21
now might be the time oh yeah you know
42:23
so yeah there’s a i mean for
42:25
entertainment purposes entertainment
42:27
purposes only i mean i do it because i
42:29
just i kind of like to do it you know i
42:31
mean i’m not see you could be a [ __ ]
42:32
like me i bought amc at its peak
42:35
thinking it’s going to peak even higher
42:38
and that’s a great way to cut your
42:40
investments by 50 oh my god let me i
42:42
have a story for this dude it happens it
42:44
happens everybody so there’s people so
42:46
there’s this guy
42:48
there’s a guy in a different state
42:51
because i used to be licensed in all 50
42:54
states right so i’m doing business all
42:55
around the country so there’s this guy
42:57
he’s like
42:58
hey jay dog he didn’t really say that
43:00
hey dog
43:01
yeah what’s up dog yeah
43:03
he’s like hey i’m thinking about
43:04
refinancing i said fantastic are you
43:07
doing just to lower your interest rate
43:08
or are we doing some cash out tap into
43:10
the equity of your home
43:11
i am tapping into the equity he’s like
43:14
i’m mortgaging this [ __ ] to the hilt
43:15
that is exactly oh my god don’t tell me
43:17
he mortgaged his house to buy first off
43:20
tell me that
43:21
i know guys that mortgage to the hilt
43:23
that’s their their philosophy to make
43:24
money that’s another conversation for
43:26
another day well we can talk about you
43:28
know uh wealth building strategy if
43:29
you’re borrowing your money at two
43:31
percent two and a half percent yeah
43:34
yeah that’s that’s different great we’re
43:36
not getting into that so this guy and
43:38
that’s yeah that’s a whole nother show
43:40
that’s a whole other show you know what
43:41
i will say this we talked about we i
43:43
don’t want to interrupt jeremy i’m going
43:45
to let him go right after this but we
43:47
talk about having the guests on again in
43:48
like six months to see how they’re doing
43:50
yeah you know maybe we haven’t bought in
43:52
three months to talk about just
43:53
investment strategy and maybe i like
43:55
that then later i like that sidebar show
43:58
go ahead yes go ahead jeremy i’m sorry
43:59
i’d love to i’d be honored um
44:02
he bought some amc
44:05
all of those things in reddit
44:08
junior what dollar amount did he buy it
44:10
was probably missing
44:11
it i don’t remember
44:13
but she’ll load it
44:15
oh my god that means
44:16
you only live once yeah yeah that means
44:19
you only loan once because you’re never
44:20
gonna get loaned again you know what
44:22
when you’re playing craps too there’s
44:23
yellow it’s the same thing this is one
44:26
hell of a story though because
44:29
we got time going it worked it worked
44:31
out in his favor did it so what do you
44:33
buy at 30 bucks or something oh dude so
44:36
i don’t know how like how specific i can
44:38
get i guess i’m not with that company
44:39
anymore so i don’t care well and you
44:40
haven’t said the guy’s name don’t say as
44:42
long as you don’t say any names and give
44:44
approximate numbers it doesn’t matter it
44:46
is
44:47
upper five figures that he cashed out
44:49
okay okay
44:51
at a good interest rate yeah and this
44:53
guy bought some of those reddit stocks
44:56
right and also some crypto like gamestop
44:58
like shiba or whoever shiva yeah
45:02
and he bought shiba oh yeah
45:04
he bought doge before the spike too
45:06
before it exploded bigger balls than i
45:08
did yeah i didn’t have the stones to do
45:10
it and it’s funny because he’s actually
45:12
into trade his he owns a business yeah
45:15
um and he is a blue collar i love it
45:18
yeah always owns the company yeah and uh
45:21
[ __ ] he bought he made better decisions
45:23
than you mean he bought a really he
45:25
bought a really nice boat right nice
45:27
well that’s good
45:28
good for him i mean it this stuff works
45:30
out for anyone so full disclosure
45:32
whenever i invested in crypto it was
45:34
only a thousand bucks right do opposite
45:36
of what mitch does right
45:37
so
45:38
so i put i put a thousand in a week in
45:41
i’m up 300 bucks and i’m like hell yeah
45:44
up 30 in a week this is great paying
45:46
taxes except you’re paying 35 taxes now
45:49
i’m down dude it’s so stupid
45:51
it’s brutal yeah you have to keep your
45:54
tax strategy
45:56
involved when you make
45:58
small investments like that yeah i’m
46:00
intrigued with crypto but i’m not i
46:02
don’t i’m not savvy enough to really
46:03
even make a good conscious decision so
46:06
going back to you gotta have some money
46:07
there’s guys that’ll waste a thousand
46:09
dollars a lot more stupid stuff than
46:10
that yeah capital
46:13
you yeah you do
46:15
but this is for the audience the best
46:17
bet you can make is on yourself so
46:19
you’re kind of going back to yourself in
46:20
your own home we were just talking about
46:22
that mitch yeah yeah that’s the thing
46:24
marcus and i were just having a
46:25
conversation about that on friday yeah
46:26
the what where to invest your money like
46:29
so
46:31
well what we were doing we were running
46:32
a hypothetical
46:33
uh like a hypothetical scenario let’s
46:36
say a person has ten thousand dollars to
46:39
invest somewhere right
46:40
um at a a working-class person
46:45
thousand dollars to invest
46:46
you could plug that into a mutual fund
46:48
or you could plug that into some kind of
46:50
investment and get maybe
46:53
eight to eleven percent in your
46:58
so at 10
47:00
yeah you’re going to put it in for a
47:01
year and at the end of the year you turn
47:03
10 grand into 11 grand big freaking
47:05
whoop you made a thousand bucks right
47:07
first off that’s not how you look at it
47:09
the look you look at it as i understand
47:11
that hey in five years i understand in
47:13
five years that 10 grand is going to be
47:15
16 or 17 and right and now i’ve done
47:18
something
47:20
and it really only works if you’re going
47:21
to take that money and do something else
47:23
with it later when we’re saying like
47:24
working at you go ahead so what
47:26
where we were coming to though was like
47:28
if you’re looking for faster returns on
47:30
your money if you invest that into
47:32
yourself if you start a small business
47:35
or you invest
47:36
in a small business in some way you can
47:39
literally turn that 10 grand into 20 or
47:42
30 grand with your
47:44
this is your sweat equity this is true
47:46
like sweaty so so you can work that
47:49
money
47:50
and turn it into significantly more
47:53
than you would if you just threw it into
47:55
a fund so
47:57
you can and my rebuttal to that would be
47:59
so earlier before the show started you
48:02
know we were talking about marcus doing
48:03
side work yep and you’re like hey marcus
48:06
yeah don’t do side work no i do do side
48:08
work for my my wife though yeah i mean
48:10
you know what i mean but
48:12
realistically in a year can you take
48:13
that 10 grand in side work and make 11.
48:16
right
48:17
maybe
48:18
you know wouldn’t be worth it if you
48:19
really didn’t make it usually
48:21
so the articles i read that are are
48:23
usually like hey invest in yourself
48:25
they’re usually talking about
48:27
you have a steady job and then you take
48:30
that five grand and then do a side
48:32
hustle with it yeah to try to make it
48:35
more usually that’s what they’re talking
48:37
about yeah the easy way
48:39
and this is more of an upper middle
48:41
class thing i would think if you’re
48:44
going to take that money and turn it
48:46
into something then you invest in mutual
48:48
funds and stuff like that now
48:51
and i don’t want to i don’t want to
48:53
demean anyone but the poorer you are the
48:55
easier it is to take that money and make
48:57
something with it because you’re
48:59
probably not making a ton of money at
49:01
your job right yep you know what i mean
49:03
so the percentage is higher because
49:05
you’re
49:06
you’re not making as much to begin with
49:08
right and and and that’s just
49:11
that’s not set in stone that’s just
49:12
another way to think about it yeah so
49:14
this is something that you need to
49:15
consider when you are
49:17
starting your own business when you’re
49:19
starting your own business you have no
49:21
support whatsoever
49:24
right and so you don’t have any benefits
49:26
right okay yeah so you kind of have to
49:27
come up with this
49:29
so there is always ways different ways
49:32
to mitigate risk
49:33
so what you’re talking about is like the
49:35
passive approach right invest it yep
49:37
well that’s not bad either because what
49:39
if your idea completely flops
49:41
and you let’s say you’re like in your
49:43
40s and you don’t have
49:44
uh you don’t have that runway for
49:47
compounding to work yeah right you don’t
49:48
have that launchpad yeah exactly so what
49:50
i would recommend is like not financial
49:53
advice for entertainment purposes
49:55
and that’s what we talk about all the
49:56
time on the show these are these are not
49:58
set in stone ways these this is we have
50:01
gathered all this information jeremy has
50:03
gathered it i’ve gathered it mitch has
50:04
gathered we’re giving you all of this
50:06
information that you are responsible for
50:09
the decisions that you make yeah and so
50:10
what you want to do is you want to do
50:12
one passive and one active so let’s say
50:14
you have 10 grand just like for your
50:16
example out of that out of that 10 grand
50:19
i would split it up five thousand
50:20
dollars put it into the market and
50:23
that’s it
50:24
just let it write because five thousand
50:25
invested in 20 30 years compounded it’s
50:28
gonna be a significant amount of money
50:30
now take that five thousand dollars
50:32
and invest it in training
50:34
right the other five yeah yeah like
50:37
you say like training like courses oh
50:39
courses um equipment okay right maybe
50:43
teaching online classes and videography
50:45
right right because the thing is the
50:47
thing about it is if you invest in
50:50
equipment or invest in training
50:52
the training one is really good roi if
50:55
you’re in sales yeah so i always tell
50:56
people you’re always in sales and two
50:58
the number one highest paying percent uh
51:01
profession is sales
51:02
i don’t care if you’re a dentist you’re
51:04
a surgeon you are yourself whatever
51:07
you’re a salesman if you’re in service
51:08
you’re a salesman you sold yourself to
51:10
your significant other yeah that’s the
51:12
fact you’re in sales anything in life
51:14
that’s exactly right i did it without
51:15
knowing it i sold myself for me to be on
51:18
this podcast
51:19
[Laughter]
51:20
i sold my i oversold myself to mitch i
51:22
was like hey dude i am a badass loan
51:23
officer let me go ahead and be on your
51:25
podcast then he shows up and we’ve been
51:26
waiting with him for an hour and a half
51:28
just to get him prepped to be on the
51:29
show oh yeah for sure he needs a
51:31
permanent spot that’s what he needs oh
51:33
dude maybe we need to be is he working
51:34
for my
51:39
it’ll just be an awesome awesome like
51:41
podcast with like everybody
51:43
dude three people like three guests like
51:45
that um logan paul that podcast yeah
51:47
yeah yeah dude it’s just a bunch of
51:49
people yeah podcast people love it what
51:51
a [ __ ] show people love it too i don’t
51:54
understand it
51:55
i don’t know like i mean i didn’t have i
51:57
do understand i don’t know if that was
51:58
going to get you far as
52:00
doing the whole 10 grand well he’s
52:02
when jeremy talks about that he’s
52:04
talking about long-term investment okay
52:06
right when you guys were talking about
52:08
it the other day because i know we have
52:09
talked about this but you’re thinking
52:11
five years
52:13
you’re thinking five years which would
52:14
be for me
52:16
would be stock index fund would be index
52:18
funds that’s just
52:20
that’s just what i would do because i
52:22
feel safe doing it oh yeah and listen if
52:24
you don’t feel safe doing it and you’ve
52:26
done it before it
52:28
yes but but if you don’t feel safe doing
52:31
it and you’re gonna be
52:32
people don’t talk about this if if
52:34
you’re investing money and every night
52:36
you’re sick to your stomach and you
52:37
can’t sleep you don’t have the stomach
52:39
to do that okay right if you can’t sleep
52:42
for a week don’t do it whether it’s
52:44
making you money or not you have to do
52:46
something
52:47
that you feel comfortable with so that
52:49
you can live your life in addition to
52:52
making those investments because if
52:54
you’re just i mean if you’re sick and
52:55
have diarrhea and you’re throwing up and
52:57
you’re just like oh i can’t stand that
52:58
my twenty thousand dollars is invested
53:01
oh my god it’s not for you okay because
53:03
it you may be making money it’s making
53:05
your life worse
53:07
okay
53:08
that was small problems yeah exactly and
53:11
and there are
53:12
that’s what makes america great i feel
53:14
like is there are opportunities
53:17
for everyone despite their situation
53:20
dude i love america you know what i mean
53:22
you could take that you could take that
53:24
10 grand and buy your wife a salon
53:27
or rent her a salon and she could be
53:29
making you money off of that money okay
53:31
there are a hundred different ways
53:33
there’s a hundred take that you can do
53:35
that with it and moving and she could be
53:37
written booth space
53:38
yeah you know what i mean there are
53:40
there are
53:55
real for every single person out there
53:57
real quick
53:58
that doesn’t work
53:59
that doesn’t work what is a what is a a
54:02
conservatively
54:04
accurate rate of return on a investment
54:07
right now
54:08
eight to ten percent eight to ten so
54:10
we’re gonna start with the market we’re
54:11
gonna go eight yeah okay that’s low i’m
54:14
gonna i’m gonna give a rebuttal if if
54:16
you’re talking um a whole lot five years
54:18
whole life life insurance policies are
54:20
four and a half
54:21
and that is like the lowest that’s the
54:23
lowest of the average right okay so
54:26
on average eight to ten yeah we’re gonna
54:28
where are you going
54:30
yeah yeah stock markets your stock
54:32
markets last hundred years i just ran i
54:34
just ran some very real numbers mutual
54:37
funds mutual funds average over seven
54:39
years they say eight percent right so
54:41
here’s some real numbers for you mutual
54:43
or 401k is double every seven years
54:45
that’s based on eight percent right
54:48
i mean we have just totally gone from
54:50
small business well
54:52
to investing but
54:54
we could be talking i might have met my
54:55
best new friend right here
54:57
we could have been talking over people’s
54:59
heads as they’re thinking well i don’t
55:00
have investments and i don’t i don’t
55:01
think i’m ever going to have investments
55:03
or they’re never going to amount to
55:04
nothing so that’s okay let me give you a
55:05
real life example of the differences
55:07
here if you go buy a car for 25 000 and
55:11
you sign up for a 60-month note on that
55:14
car
55:15
at four percent interest okay that’s
55:17
pretty good interest
55:19
your payments are going to be 460
55:21
dollars a month and at the end of the 60
55:24
years it’s worth five dollars you’re
55:26
going to have an
55:27
it’s it’s worth less but
55:29
you’re going to have invested 27 625
55:34
okay
55:35
so i’m with you just this guy get easy
55:37
on my funny bone
55:39
hang with me for a minute so
55:41
60 months you’ve committed to a 460
55:45
a month investment let’s go and in the
55:47
end of it you’ve invested 27 625 yep and
55:51
you have a car
55:53
that when you bought it was worth 25 we
55:55
don’t know what it’s going to be worth
55:56
at 60 months later in this market might
55:58
be up a little bit might be neutral yeah
56:00
probably right up right now probably
56:01
going to be a little down later on on
56:03
the average is down down a little bit
56:04
right so take that same 460 a month
56:09
and you invest it
56:10
at an eight percent return and you just
56:12
take four sixty five years and you just
56:14
start plugging it into an investment for
56:16
five years for five years five years
56:18
what’s the number thirty four thousand
56:20
one hundred and seventy five dollars
56:22
i like it okay now
56:25
over 20 years that well i’m not gonna
56:28
i’m not gonna go that route with it
56:29
you’re not what you’re not going to turn
56:30
me down on long-term investments no i
56:33
i’m not turning
56:34
i’m not going to determine investments
56:36
compound interest is if you’re freaking
56:38
20 years old compound interest is your
56:40
best friend i guess what i’m saying
56:42
right is under the loan status you’ve
56:44
invested this is coming back on mitch
56:46
here in about two minutes if he doesn’t
56:48
understand under the loan status you’ve
56:50
invested twenty seven thousand six
56:51
hundred dollars and you’re left with an
56:53
asset that probably isn’t worth twenty
56:55
seven thousand six hundred dollars under
56:57
the investment status you’ve invested
56:59
the same twenty seven thousand six
57:01
hundred dollars only now you’re left
57:03
with an asset that’s worth 34. that’s
57:05
the business we need to start so start a
57:07
credit card company
57:08
right
57:10
i got i got a buddy of mine that’ll
57:11
probably be on the a guest on the
57:12
podcast that was a vp of a credit card
57:14
processing company first off that’s the
57:16
guy you’ve been telling me we ain’t got
57:17
the cash
57:18
so i mean i i love the idea but none of
57:21
us got that for a lot of our listeners
57:23
who might be thinking that investing is
57:25
a little over their head
57:27
there is a very realistic example of you
57:30
wanting to go buy the the five-year-old
57:32
dodge challenger that you see on the
57:33
used car lot on the corner that you
57:34
think your wife’s gonna really dig well
57:36
what would she dig more
57:37
an asset that’s undervalued in five
57:39
years or being over you know ten
57:42
thousand dollars up on your investments
57:44
in five years yeah so
57:46
that’s the big difference that that can
57:48
make a a royal difference in in in the
57:51
long term it depends on the woman
57:54
right that’s true too yeah
57:57
that’s very good if you don’t got a rock
57:58
solid woman by your side it’s going to
58:00
be really difficult to be successful
58:02
yeah yeah man yeah yeah first off
58:06
i just want to say
58:07
i love the conversation yeah i love
58:10
where it’s gone yeah i love that
58:13
basically it
58:14
this has gone if you start your business
58:16
and you have money this this is taking
58:18
you to the next level and we talk about
58:20
this we haven’t talked about it a lot on
58:22
the show but we’ve
58:24
we talked about it a lot off air yeah
58:26
about hey
58:27
look if you’re a young man young woman
58:30
whatever
58:31
and listen i don’t want to say young if
58:33
you’re 40 and you haven’t been investing
58:36
this is not a small business you need to
58:38
get into investing
58:40
whether if you don’t own a home
58:43
the most safe investment you can make is
58:46
owning a home
58:47
okay
58:48
if you’re going to be there for more
58:50
than
58:50
seven years
58:52
six years well i don’t know i mean
58:54
you’re going to get your money out
58:56
you’re gonna have to be in there for a
58:56
while you’re gonna get your money back
58:58
no matter what so we i can’t remember
59:01
what great uh investors said the return
59:04
of my money
59:05
is more important than the return on my
59:08
money
59:09
i think that was it wasn’t
59:11
it might even buff it i can’t remember
59:13
but
59:15
the number one safe investment is your
59:16
home after that
59:19
you know long-term investments like
59:21
you know 401k and mitch
59:23
how many times have we talked about it
59:26
if your guys don’t have freaking 401k
59:29
by they will have it by their one
59:36
three months if they don’t have it in
59:38
three months
59:39
i’m gonna destroy you on this show they
59:41
they won’t have it
59:42
by their one year of employment okay
59:43
guaranteed so there’s like two sides to
59:46
it i don’t want to add to that don’t
59:47
defend mitch i’m trying to get his guys
59:48
retirement no i got you i got you
59:51
i’ve got a guy that could set up your
59:52
guys in a foreign i got a guy he’s got
59:55
three guys i’ve been giving him phone
59:56
numbers for a month and a half okay guys
59:58
lay off of me i got you back man yes
60:00
because he wants retirement
60:04
i mean he’s not stupid dude i’ve taught
60:06
him a little a little bit you know there
60:08
we go
60:09
i mean the house in our industry i mean
60:11
it’s considered forced savings so in
60:13
america i mean there’s a lot of people
60:15
that eighty percent i believe i don’t
60:17
know i haven’t checked in a minute but
60:20
eighty percent of americans don’t have a
60:21
thousand dollars right to their name
60:23
which is insanity to me that is
60:25
but it’s very rich you said eighty oh
60:27
yeah yeah insanity i don’t want a
60:29
stereotype when you think that you don’t
60:31
have money
60:32
look at what are your friends like four
60:34
of your friends if you just google hey
60:36
who has what what are the average
60:37
savings in a 401k what are the average
60:40
savings of retirement what are the
60:41
average savings in a checking account
60:43
then then you’re having you’re i mean
60:46
right the realism sets in well and
60:49
yeah you can walk around anywhere in in
60:51
some legit man
60:53
quasi public place and you can start to
60:55
identify again without making judgments
60:57
on people you can start to identify that
60:59
that you’re probably better off than
61:01
most of americans no matter where you’re
61:02
at yes so i don’t know if i say that
61:05
okay so when i go out okay i drive a
61:08
2012 red truck yeah that when i get out
61:10
i’m wearing usually ratty jeans yeah and
61:13
a carhartt shirt but he’s loaded
61:15
and
61:17
yeah but you can tell by a person
61:19
we have we have done great that’s what
61:21
i’m saying it’s not about judging people
61:23
it’s about their actions and how they
61:24
carry their self and no let me finish so
61:27
you know and then i look around and i
61:29
see someone that acts like they have
61:31
money
61:32
and that’s the real problem with america
61:34
is those people that are acting like
61:36
that money and they have that they don’t
61:37
have to live next freaking just man yeah
61:39
they don’t have five cents to their name
61:41
and it’s about personal responsibility
61:43
yeah and saying hey where am i just like
61:46
jeremy was saying
61:47
those people don’t have a thousand
61:48
dollars you know it’s funny instead of
61:50
trying to pretend like you have money
61:52
and i don’t want to turn this into a
61:54
financial show even though i’ve tried 50
61:56
times with mitch off air about making it
61:58
about finance
62:00
personal responsibility
62:03
is another
62:04
aspect of having your own company yeah
62:06
if you can’t
62:08
if you don’t have personal
62:09
responsibility you can’t run your own
62:11
company it’s definitely you can’t be
62:12
successful step one exactly step one you
62:15
can’t be successful and then if you
62:16
wanna and then you can’t hire employees
62:19
yeah and you can’t make it through the
62:20
steps and you cannot grow to be
62:22
something bigger than yourself yeah okay
62:25
so if you’re seriously thinking about
62:27
being successful having employees doing
62:30
all those things
62:31
you have to
62:33
look at yourself in the mirror and say
62:35
just like mitch said the personal
62:37
finance prep episode one if if you can’t
62:40
do those things
62:42
i shouldn’t say if you can’t do those
62:43
things i i want to say you have to do
62:46
those things in order to be
62:49
uh successful yeah dude here’s a can i
62:52
add to that of course you can jeremy
62:54
man no i got you man j-dog j-dog um i
62:58
don’t have my nickname yet no one’s come
63:00
up with it you know what i shouldn’t
63:01
have said that because now i feel like
63:03
i’m gonna have a really shitty nickname
63:04
target
63:05
i got a target on your back for that
63:08
anyway go ahead jeremy no man like it’s
63:10
very real if you cannot manage a hundred
63:13
dollars or ten thousand dollars let’s
63:14
say you can’t manage a million dollars
63:17
exactly and
63:19
i’d like to refer to this but
63:21
jay-z there’s a line that says i’m not a
63:24
businessman i am a business
63:26
man right yeah
63:28
he is
63:31
[Laughter]
63:33
so like think of it this way
63:36
um this is what i recommend a lot of my
63:40
friends who are either self-employed or
63:43
business owners
63:44
i do this myself every morning i open
63:47
before i open facebook before i open
63:49
whatever
63:50
i open my banking app
63:53
because you cannot operate
63:55
on a negative cash flow right i mean i
63:57
guess you can leverage right that’s
63:59
technically negative
64:01
but
64:02
if you check your bank account and it’s
64:05
not where you want it to be you need to
64:06
be pissed off and you need to work your
64:07
ass off that’s disgusting you need to be
64:09
disgusted you’re like what the [ __ ] i’ve
64:11
been hustling all this time and i have
64:13
five dollars yeah
64:15
right and the thing is what you need to
64:17
do
64:17
if you are in that place it’s not
64:19
hopeless right so what you want to do is
64:22
you want to say
64:23
i am jdog llc i am mitch llc right yeah
64:28
and you need to run your own
64:31
like if if
64:32
if you hire someone
64:35
like yourself as if you are the one
64:37
managing your money would you fire them
64:38
or would you keep them right
64:40
right right if you are thinking like wow
64:42
the person managing my money [ __ ]
64:44
sucks fire them
64:46
you need to look in the mirror and say
64:48
[ __ ] i need to change you’re fired yeah
64:50
you’re fired right
64:51
never you ever hear a crackhead say well
64:53
i need crack but i don’t have the money
64:55
so i guess i’m just not going to have
64:56
crack this day no they’re going to go
64:58
out late yeah crackhead will i’ll hustle
65:00
you any day of the week yeah finish that
65:01
i thought you were by any means
65:03
that’s a great thought dude that is a
65:05
really good so that’s what you want to
65:06
do is like we’re trying to end the show
65:08
on that that is i mean that is great
65:10
tying it back
65:12
to like self-employment like one of the
65:14
most difficult things i think is like
65:16
one of the largest struggle besides the
65:18
paperwork i mean i kind of dodged that
65:20
because i am with an employer
65:23
is your money
65:24
like creating it’s not even just
65:27
building up the savings it’s the mindset
65:30
because if you don’t have the mindset
65:31
and you work your ass off to save ten
65:34
thousand dollars or let’s say five
65:36
thousand dollars
65:37
and you get to live off of the five
65:39
thousand dollars because you minimize
65:41
your expenses and i can say oh i can
65:44
live on five grand for two months
65:46
because i’ve minimized everything
65:48
dude if you don’t have the mindset of
65:51
managing your money properly that five
65:53
grand will you’ll blow through it in
65:55
like two days yeah yeah yeah i well it’s
65:57
i can blow that in an hour i couldn’t
66:00
i mean you can’t say it any better than
66:01
that right that’s the millionaire
66:03
mindset that we talk about all the time
66:05
yeah you have to be saving that money
66:07
you have to be moving forward you have
66:09
to make that sacrifice yeah just like he
66:12
said you it’s just like we talked about
66:13
i have that goal just like we talked
66:15
about in episode seven with the
66:16
community involvement work if the habits
66:18
to be there when you’re big the habit
66:20
has to be there when you’re small it’s
66:21
the same with managing your money if you
66:23
can’t manage a hundred dollars you’re
66:24
not gonna be able to manage a thousand
66:26
ten thousand million i think yeah yeah
66:27
money and this isn’t this isn’t a money
66:29
management show it’s a business
66:32
management so it’s getting your mindset
66:33
in the right position but jeremy has
66:34
said it 100 correctly if you can’t
66:38
manage that and like we talked about in
66:40
the preparation step number one
66:43
i mean if you can’t manage it
66:46
it’s not going to work so in the you
66:48
have to take that first step
66:51
literally
66:52
and learn to manage your money if this
66:55
is really something you want to do
66:58
correct one of the biggest problems that
67:00
people have when it start when they
67:01
start thinking conceptually about
67:03
managing larger amounts of money
67:06
people forget that there’s this big gap
67:08
right people think oh million or even
67:11
million is almost like on social media
67:13
especially if a guy is a million dollars
67:14
he’s still not all that cool right like
67:17
they’re wanting tens of millions or or
67:19
even more right
67:21
gary vaynerchuk i i just saw a real
67:24
facebook reel or text 400 000 yeah the
67:27
the top one percent of earners in the
67:30
united states make four hundred and
67:31
fifty thousand dollars a year yep yeah
67:33
and we we don’t even notice them like we
67:36
don’t even recognize them as being
67:37
[ __ ] suck and you know what those
67:39
people are doing they’re taking their
67:40
yacht to [ __ ] italy right and they’re
67:42
[ __ ] cr you know
67:43
but cruising but they’re gonna live in
67:45
the high life what i’m getting at with
67:46
that is is for all of our listeners out
67:49
there they keep thinking well if i had a
67:51
million i’d be more responsible with it
67:53
well the top one percent in america are
67:56
earning 450 and up yeah it’s not a
67:58
million dollar topic that you need to
68:00
not worry about until you’re a
68:01
millionaire you and your wife that’s a
68:03
thousand dollar topic if you if you and
68:05
your wife are making 200
68:07
you’re doing pretty good pat yourself on
68:09
the back take your [ __ ] wife out and
68:11
say thank you yeah and keep being smart
68:13
with your money and don’t don’t be
68:15
making 200 acting like you’re making
68:16
five yeah if you do it for one year
68:19
don’t celebrate keep after it right you
68:21
know what i mean look to the future like
68:23
the millionaire mindset yeah he just
68:25
explained it better than probably we
68:27
freaking have explained it right i mean
68:29
just keep after it
68:31
and he’s never even heard of the german
68:32
millionaire mindset yet yeah and and if
68:34
you and your wife listen
68:37
and i want to say why if i want to say
68:38
partner i mean i want to be pc he’s 20
68:40
22. you know it’s 20 22. if you guys are
68:43
making 150k a year and you’re doing that
68:46
for three years four years five years
68:48
don’t go on stupid freaking tick tock or
68:52
facebook and say oh
68:53
we’re not making 800 we’re not making
68:56
750 right those are unrealistic numbers
69:00
can i say something about that proud of
69:02
yourself in two seconds you can’t i got
69:04
you be proud of yourself and say hey
69:07
we’re moving forward
69:08
we are together we are doing this right
69:11
okay we are
69:13
if you’re making 150 and there’s two of
69:15
you together you are successful yeah
69:17
okay
69:19
that’s it step nine evaluate performance
69:21
make adjustments and improve not that’s
69:24
not evaluate performance make
69:25
adjustments and double yeah improve
69:28
steps in the right direction
69:30
you don’t have to yeah if you’re making
69:31
150 and then the two of you get together
69:34
and
69:35
and the next year you make 150 and 25
69:38
dollars
69:39
you’ve moved up right not only have you
69:41
moved up if you’ve got employees you’ve
69:43
paid for them to move up right okay i
69:46
mean you were gonna i’m sorry
69:48
go ahead oh there’s two sides to it so
69:50
the 450 000 makes you like one percent
69:53
right the average household income in
69:55
america is like 52. yeah 52k yeah
69:58
household yeah it’s super low household
70:00
right household yeah that could be like
70:01
two people i mean marcus makes that when
70:03
he goes to the bathroom oh i bet yeah
70:05
you know he’s like he is pimping right
70:07
now videography extraordinary yeah yeah
70:10
um i appreciate it i appreciate you
70:12
telling me my my work’s nice yeah bro
70:13
that’s cool i saw that ad it’s
70:16
um
70:17
and so you’ve got these kids that are
70:20
graduating college or let’s say let’s
70:22
just say not even that
70:23
entering the trade
70:25
right kind of going back to all that
70:28
what is like a apprentice what is a
70:31
electrical i i don’t know i i will give
70:34
i will give a great example um
70:37
janine and i
70:38
have been
70:39
we’re 40 we’ve been we got married when
70:41
we were 22. neither one of us went to
70:43
college
70:44
neither one of us went to college and we
70:46
make eight
70:48
i’m not gonna i’m not gonna say we bang
70:50
you do very well for 40 year olds we do
70:52
very very well for 40 year olds and
70:54
neither one of us went to college don’t
70:55
think you have to go to college right
70:57
yeah right okay
70:59
if you
71:00
i’m gonna use mark as an example okay
71:04
marcus makes good money okay
71:06
did you go to college i didn’t no he
71:08
didn’t you know why because he works
71:10
hard right okay mitch you go to college
71:13
i did two semesters at college yeah so
71:15
he did nothing at college he got
71:16
freaking drunk
71:18
and hit on chicks that’s what mitch did
71:20
it came out that’s what you do in
71:21
college okay that’s that’s what mitch
71:23
did he did
71:24
it’s k-state what else is there to do at
71:26
k-state oh besides get [ __ ] up nothing
71:29
gets drunk
71:30
that’s the only memory i have of
71:32
manhattan yeah and that’s the only time
71:33
i went to k-state as well no it was one
71:35
time i visited
71:37
yeah
71:37
people have been to aggieville yeah a
71:39
lot of people go i’ve been twice yeah
71:40
and i got drunk and lord i woke up on
71:42
mitch’s floor with a cheetos stuck to my
71:44
face and we had to go back at like four
71:46
a.m and then we had to go back but my
71:49
point is just like jeremy was saying
71:52
hard work hard work will immediately put
71:55
you above the bottom or the average
71:57
income hard work and determination is
72:00
what
72:01
um determines your outcome yeah okay
72:04
i don’t care if you were homeless i
72:07
don’t care if you came from a family
72:08
with money i don’t care if you no matter
72:11
what happens if you work hard and you’re
72:13
dedicated
72:15
you will be successful in this country
72:18
fun fact i was actually homeless in
72:19
2017. and look at you now 2017. yeah
72:23
yeah
72:25
like
72:26
like six months old
72:28
and look and jeremy
72:30
is successful
72:31
trying to be super proud man i love it
72:33
man i love jeremy on the show [ __ ]
72:36
goddamn jeremy let’s go i’ll post yeah
72:38
i’ll post this on our uh
72:41
on our void facebook page tonight
72:44
you can beat 50 of the competition
72:46
simply by showing up and working hard
72:50
you can beat the next 40
72:53
simply by doing things with urgency and
72:55
detail
72:57
the last 10 percent is simply a dog
72:58
fight so you can feed you can beat 90
73:01
percent of the competition by showing up
73:04
working hard
73:06
and doing things with urgency and detail
73:08
right there puts you above 90
73:09
entrepreneurs here that’s listening to
73:11
this or future entrepreneurs listening
73:13
to the show
73:15
if you just pick up the phone
73:18
and
73:19
learn how to tell a joke
73:22
if you pick up the phone when it rings
73:23
be a pleasant person you know bring
73:25
happiness don’t be a debbie downer
73:28
nobody likes to be around those people
73:29
and learn how to tell a joke you will be
73:32
successful than most people yeah and
73:34
when you’re talking about how you know
73:35
hard work
73:37
i must add smart work so
73:40
i can tell you right now that i don’t
73:42
work harder than those people that dig
73:44
ditches
73:46
say it again
73:47
i i don’t work any harder i don’t work
73:50
hard at all compared to the people
73:51
digging ditches with their
73:53
you know with their hand right right
73:56
right that’s hard work that’s hard it’s
73:57
very hard work but the what i’m doing is
74:01
but hard work at your position
74:03
there you go you know what i mean you’re
74:05
now working in the lane you’re out
74:06
working that’s right yeah he’s out
74:08
working the other people in his lane
74:10
yeah and when we say hard work that’s a
74:12
great way to put it yeah you know hey
74:13
the other sons of [ __ ] that are in
74:15
your lane outwork them yeah yeah and you
74:18
can make it what you want to do is
74:21
really really focus on your craft so
74:24
here’s the thing that
74:27
that can bring value to the listeners
74:29
who are probably thinking about a
74:31
business idea
74:32
think of one thing that you’re good at
74:35
and master it before touching or
74:37
considering anything else
74:39
so i am a good example of this okay i
74:43
want to do investments i want to do
74:45
mortgages i started a marketing company
74:49
during the pandemics so i bought like a
74:51
whole gimbal setup and all that and i
74:53
thought i was going to be a real estate
74:54
photographer um
74:57
i was going to do careful marcus yeah i
74:59
was going to get your replacement right
75:01
over here
75:03
i’m going to host a training thing
75:05
oh yeah that’d be awesome
75:08
i thought i was gonna be this mobile
75:10
detailer that’s gonna build this empire
75:12
holy [ __ ] i’ve i’ve invested so much
75:14
into
75:15
different equipment you know i’d say
75:18
two grand and mobile detailing stuff
75:20
and another let’s say a thousand dollars
75:22
on videography and photography equipment
75:24
which is very cheap
75:26
um but had i invested at three thousand
75:29
dollars that i spent on those things on
75:31
getting some sort of training there is a
75:33
training yeah um
75:35
that cost like fifteen hundred bucks for
75:37
mortgage loan originators yeah right
75:39
dude i could have
75:41
i mean 1500 bucks i mean you could
75:43
easily make that with one loan right
75:44
yeah but that three thousand dollars i
75:46
could have easily probably turned it
75:47
like 50k yeah in one year because best
75:51
investments always in yourself yeah and
75:52
this just like talked about that
75:54
you have to really evaluate what you’re
75:57
good at and like
75:58
i was listening to a guy on youtube
76:01
which is funny because i’m listening to
76:02
this guy that is roofing
76:05
um focused channel what the hell is a
76:07
loan officer listening to a roofing
76:09
video right right it’s always something
76:11
to learn well this guy is like
76:14
on your
76:15
business name which you know if you’re
76:16
coming up with a company
76:18
don’t say
76:20
roofing and exteriors
76:23
because if you’re doing seo on google
76:25
this is kind of like getting in the
76:26
weeds but
76:28
um
76:29
when you are typing and when you’re a
76:31
consumer
76:33
my roof just got destroyed by hail right
76:37
i’m not looking for
76:39
roofing and exteriors looking for hell
76:41
damage repair yeah looking for a roofing
76:43
company right and so if you are so
76:46
spread thin you’re going to be [ __ ] at
76:49
everything
76:50
yeah
76:51
good at nothing yeah right there’s real
76:53
truth there’s real you know and now
76:55
especially in the construction industry
76:56
yeah and because like oh man um i just
76:59
fixed the roof but the ladies asked me
77:02
to paint her kitchen easy enough i can
77:04
make two grand yeah but now nobody knows
77:07
to contact you for roof yeah they’re
77:09
gonna contact you as a handyman and
77:11
you’re gonna get paid significantly less
77:14
so when you are
77:17
going off on your own becoming a you
77:18
know self-employed or entrepreneur
77:20
stay in your [ __ ] lane yeah i love it
77:23
yeah
77:24
yeah we do the same thing in our you
77:26
know we have a focus in in the plumbing
77:28
area that we focus on and literally just
77:31
today we were getting emails about
77:32
wanting to get signed up to do a
77:34
slightly different branch of plumbing
77:35
and we’re like no
77:36
like we’re crazy busy doing what we do
77:39
yeah there’s a lot of money on the table
77:41
over there we could do that but that’s
77:43
not in our wheelhouse there’s there’s
77:45
massive contractual stuff and everything
77:47
associated with the other thing and it’s
77:48
it’s not our forte so we just politely
77:52
passed up you could end up building a
77:53
house chasing every little job oh yeah
77:56
yeah damn yeah easy so
77:59
um we uh we got to be kind of wrapping
78:01
things up here but uh rapid fire rapid
78:03
fire yeah uh well what was the what’s
78:06
the one topic we haven’t hit yet
78:08
uh biggest fear i think oh i mean we
78:10
could talk about that um
78:12
if you are starting out in two yeah two
78:14
minutes
78:15
what is the biggest fear running out of
78:17
money after you’ve started is that is
78:19
that your biggest fear that was one of
78:21
the biggest fears yeah because you’re
78:23
now no now that you’ve established now
78:25
that you’ve you’ve got a little bank and
78:27
okay let’s say you
78:29
um you have the money
78:31
um to get past
78:33
you know easy feats
78:34
what is the biggest fear you have
78:37
um moving forward with the growth of
78:40
your company
78:41
oh the biggest fear is always automation
78:44
okay
78:45
robots automation um
78:49
you’re talking the the automation
78:51
industry replacing jobs yeah not just my
78:54
job but like pretty much a lot of
78:56
different things yeah i mean they’re
78:57
automating burger flipping now i mean
78:59
yeah did you see that y castle yeah yeah
79:01
burger flippers and fries yeah i did so
79:04
like and you’re saying that’s your
79:05
biggest fear oh yeah because you know i
79:08
don’t know how long well being a loan
79:09
officer is going to be well yeah i mean
79:10
think about it like
79:11
you used to have to go to a car smart
79:13
car yeah and now you can literally a
79:15
couple clicks online and they’d drop it
79:17
off at your door and pick up yeah like
79:18
covet help with that and he doesn’t mean
79:20
burger flippers he means the computer
79:21
just doing his job yeah
79:23
and automated home loans yeah automated
79:25
homes
79:26
they’re already out there oh there is
79:28
but here’s the thing here’s the point i
79:29
was trying to make on that is you should
79:31
start f and one up once in a while just
79:33
to be like hey you guys can’t you know
79:35
you can’t see this coming just oh yeah
79:37
you know no that’s exactly the point i
79:38
was gonna make is yeah my biggest fear
79:40
is like automation but there’s always
79:43
become irreplaceable right what i mean
79:46
is there’s no robot that can replace a
79:48
relationship of two humans yeah yeah and
79:51
especially like for our generation
79:53
unless you’re like a freaking yeah you
79:54
have connection with like your i hate
79:57
i hate
79:58
if anything is automated like this if we
80:01
could go back to flip phones dude
80:03
phlones did i say phlones if we could go
80:05
back to flip phones i would i’d throw
80:08
this son of a [ __ ] out in the truck i
80:09
tried to swing by walmart to get some
80:11
more sparkling water
80:12
all of the self-checkout lanes there i
80:15
identify the one with a real person in
80:16
it yeah i never gonna wait two or three
80:18
times longer because i’m dealing with a
80:20
person
80:20
i never i never go to self-checkout are
80:22
you serious yeah i know why i look for
80:24
self-checkers they need to give me a
80:26
discount because i’m working there
80:27
martial checking my own ass out marcus
80:29
you know marcus don’t go there why
80:31
because you’re trying to save the jobs
80:33
for because people need jobs man and
80:35
listen there’s not okay there’s there’s
80:38
not an infinite amount of mitch’s or
80:40
jeremies okay
80:42
there are people that
80:44
man this is to sound awful there are
80:45
people that can’t do those jobs yeah
80:47
they don’t have them yeah they don’t
80:49
have the mental capacity there are
80:51
people guess what they should be doing
80:53
they should be checking people out right
80:54
and they should be getting money okay
80:56
and
80:57
and this whole freaking government push
80:59
of oh we’ll just pay those people we’ll
81:01
give them social security or we’ll do
81:03
you know do whatever
81:04
that’s not the right move that doesn’t
81:06
help them and that doesn’t help us okay
81:09
if you sit at home and collect a check
81:11
you’re not happy yeah no matter what
81:13
you’re not you’re happy being a
81:15
productivity you’re not if you’re not
81:17
productive
81:18
man we have all these [ __ ] side
81:20
tangents all the time
81:22
if you’re not productive you’re not
81:24
happy yeah that’s right that’s just
81:26
that’s mankind that’s not that’s not
81:28
black people yeah that’s not white
81:30
people
81:31
jeremy that’s people he’s like this this
81:34
guy’s mexican noah yeah
81:36
jeremy
81:38
he’s a mexicano no no let’s let jeremy
81:41
what did you tell me your heritage was
81:42
we talked about it before and i forgot
81:44
i’m sorry oh my great grandparents are
81:45
from spain spain he is spanish okay but
81:48
i’m filipino but he’s filipino with a
81:50
mexican last name the computers don’t
81:52
give a [ __ ] okay it doesn’t matter
81:54
okay
81:56
give from the the self checkouts get
81:58
from everything
81:59
nothing matters jeremy hit the nail on
82:01
the head we have to help each other and
82:04
we have to all be engaged no matter our
82:07
mental capacity whether we’re checking
82:09
out groceries whether we are
82:12
shoveling poop
82:13
whether we are fixing heating and air
82:15
whether we are making a home loan it
82:16
doesn’t matter you have to be part of
82:18
society to be happy yeah jeremy hit the
82:21
nail on the head those are the things
82:22
that drive me insane human human
82:24
relations you can never give up human
82:27
human to human relations you know what’s
82:29
funny about this so that’s why podcasts
82:31
are so popular i think yeah yeah yeah
82:32
you know what’s funny about that that
82:34
the relationship thing you can’t really
82:36
replace it so we’ve gone so far into
82:40
like in business right we’re always
82:42
trying to automate things like the text
82:43
messages follow-ups right right you know
82:46
what is a good differentiating factor if
82:48
you’re a business owner
82:50
give it to me man
82:51
dude what business are you in
82:54
um heating and air it does help so i did
82:56
i did heating and air and plumbing okay
82:58
and now i do woodworking got it got it
83:01
that explains the ring yeah
83:04
got it okay for whoever’s listening hey
83:06
check out this bowl i made it’s nice
83:08
right
83:09
sick it’s my first epoxy bowl anything
83:11
that you need yeah you see that bowl
83:12
that’s why it’s gonna get replaced by
83:14
robots because look at that bowl
83:16
this is my first one
83:18
first off it’s an epoxy bowl it’s a
83:20
little rough i mean it is
83:22
this was my first one but i wanted that
83:24
ring i wanted to bring it to the set
83:26
you know and and i’ve been thinking
83:28
about the problem with woodworking is
83:29
the profit margins are [ __ ] yeah and
83:31
they always have been yeah but marcus
83:33
the other day was like hey could you get
83:35
into making charcuterie could you make
83:36
me a wood oh yeah ten dollars for twelve
83:39
dollars worth of wood yeah i was real
83:40
smart right
83:42
marcus asked me said hey could you make
83:43
me a wood ring and i was like oh [ __ ] i
83:45
don’t know
83:46
i mean i got a lathe so i made one today
83:49
and i brought it legit yeah he loves it
83:51
yeah just a tad bit too but we’re
83:53
working on it we’re working on it it’s a
83:55
little bigger i’ve never freaking made
83:56
one i was like hey try this on he’s like
83:57
yeah you know when i tell you legit i
84:00
want to do like a review on yelp or
84:01
something but like
84:03
but that’s the thing so you were talking
84:05
human relations yeah and that’s what and
84:07
that’s what we’re talking about here the
84:08
differentiate the differentiating
84:10
derivative differentiating yeah you’re
84:12
not even we’ve been drinking i don’t
84:14
know what you’re doing over here no i’m
84:15
blowing glass
84:16
[Laughter]
84:21
mr mercado ladies and gentlemen
84:24
um the differentiating factor after all
84:26
this automation stuff is
84:28
calling your clients you know what’s
84:30
funny one of my buddies he owns a
84:33
trash company it’s called junkoms okay
84:36
it’s not like a dumpster company anyways
84:38
is it here it’s in uh pleasant hill i
84:40
think i think i’ve heard of it yeah
84:42
j-u-n-k apostrophe ems yeah yeah i’ve
84:46
seen it it’s like purple
84:47
yeah yeah yeah so the thing about it is
84:50
um
84:51
he’s a business owner he’s busy and we
84:53
got facebook now it’s you’re gonna get
84:55
reminded hey it’s your buddy’s birthday
84:56
we should get him on the show call
84:58
that’d be pretty cool oh yeah
85:00
yeah his name’s chad
85:02
we’ll get some more schools
85:05
um
85:06
i think so he’s he’s okay yeah he’s cool
85:09
um i wouldn’t be hanging out with him
85:11
right right
85:12
right um
85:15
but when i called him it was his
85:17
birthday
85:18
i called him instead of leaving a happy
85:20
birthday on facebook right
85:22
me and missed you and you know what
85:24
you know what he hasn’t sent me a
85:26
referral but here’s the thing
85:29
here here’s the thing listen up junkums
85:31
yeah mercado’s waiting on that referral
85:33
that’s right i need it
85:34
um but here’s the thing
85:36
after i caught up i was like hey man
85:38
how’s it going it turned into like a
85:39
15-minute phone call instead of like hey
85:41
man happy birthday click yeah
85:43
yeah he invited me to come over to his
85:45
uh
85:46
his crib on pleasant hill i believe i
85:49
think it’s in pleasant hill
85:51
but
85:52
now we’re gonna get caught up yeah let
85:53
me just i’m gonna see his kids that are
85:55
all grown up now yeah and now he’s like
85:57
[ __ ] dude i don’t know any other
85:58
mortgage lenders
86:00
you’re my guy right right so
86:04
you’re literally mitch you’re the only
86:05
guy that i know that owns employment
86:07
company because it’s hard for me to
86:08
refer people that
86:10
works for somebody right because like
86:11
they could quit and they’re like all
86:12
right i don’t have a guy anymore right
86:14
but if you run the business i’m like you
86:16
know what i want to get get with the
86:17
head because if you’re busy you got
86:18
somebody else that could take care of it
86:20
right yeah um well and we keep that
86:22
personal touch in our company too
86:24
there’s a lot of cr you know in previous
86:25
episodes we’ve talked about crms and and
86:28
stuff like that there’s a lot of
86:29
software’s out there that will automate
86:30
a lot of what we do and we specifically
86:33
choose not to do those because when
86:35
people call in they don’t want to talk
86:37
to some customer service rep that has no
86:40
clue what to do other than book a
86:42
service call hi press one yeah
86:45
and there’s a lot of plumbing companies
86:46
out there that outsource to it like some
86:49
rando call center that they don’t have
86:51
any clue what they’re doing and i think
86:53
it’s going to get to that eventually but
86:54
like right now in our day and age anyone
86:57
over 30 is it’s it’s not happening they
87:00
don’t like it i hate it i [ __ ] hate
87:02
it yeah yeah so that’s why like we’re
87:04
zeros we always say zero zero zero zero
87:07
zero you know trying to get just like
87:08
fashion just like fashion it all comes
87:11
back to circle yeah we always answer our
87:13
phones with a real person and we will
87:15
we’ll keep that personal engagement
87:17
through the entire process yeah and
87:19
that’s what you know that’s another
87:21
point whether it’s a plumber or loan
87:23
officer right it’s like dude i’m gonna
87:25
pick up the phone yeah i literally tell
87:27
people like oh what’s your working hours
87:29
[ __ ] 24 7. as long as like don’t blow
87:31
up my phone at two
87:33
my girlfriend’s gonna be like wow yeah
87:34
right
87:36
if i don’t answer leave a message i’ll
87:38
call you or shoot me a text and the
87:40
thing is like like i said it all comes
87:42
full circle right fashion or whatever
87:44
one of the things i bought my girlfriend
87:45
for valentine’s day it’s like a polaroid
87:49
one of those old-school polaroids
87:50
yeah they started remaking them yeah
87:52
yeah i bought my daughter one so it
87:54
comes of course you so here’s the thing
87:56
of course you did you know the human
87:57
interaction we have instagram why the
87:58
hell do we need a polaroid right right
88:00
people want the human interaction
88:02
because
88:03
i think it’s going to come back to that
88:04
too yep and it’s the physical
88:06
thing yeah right right yeah i have 10
88:08
000 photos in my photo album and in my
88:10
phone never look but you know what’s
88:11
cooler that one’s on your dash ain’t it
88:14
that one’s on your dashboard isn’t it
88:15
yeah my daughter’s is on my dashboard i
88:17
mean i know i mean i i know exactly what
88:20
he’s saying yeah the picture the picture
88:23
what is it called advisor
88:25
you know like
88:27
plays competitive soccer and the
88:29
pictures of her
88:30
you know and and then when she’s little
88:33
you know on my dash right yep
88:35
yeah i
88:36
almost get emotional there you know
88:38
those are more important to me than
88:39
anything in the whole [ __ ] world yeah
88:40
you can’t replace emotional in in real
88:42
life interactions you can’t with digital
88:44
that will that will exponentially
88:47
blow up your business yeah yeah honestly
88:49
yeah staying staying human human
88:51
interaction will
88:52
ignite it stay in power
88:54
so because
88:56
you good day
88:57
yeah no i’m good yeah i’m good i mean i
89:00
just thought yeah allergies
89:02
yeah allergies no i’m not no first off
89:04
i’m not an allergy guy i don’t care
89:06
i cry i cried a bit you all do first off
89:09
i cried at mitch’s wedding
89:10
okay mitch and i’ve been friends forever
89:12
that’s a story for another day i cried
89:13
at my own wedding okay i’ve got a
89:15
nine-year-old daughter she plays
89:16
competitive soccer i love her more than
89:18
[ __ ] life it’s so awesome and when i
89:20
think about you know my close friends
89:22
like mitch you know it makes me think
89:24
about those things yeah and that’s what
89:25
we’re talking about when we talk about
89:26
interaction yeah social interaction
89:29
business interaction
89:30
those things are more important now
89:33
than they’ve ever been i think i feel
89:35
like you know we are the most
89:38
unconnected connected
89:40
people yeah in history
89:42
and i think you know like mitch and i
89:44
are you know we were growing up we were
89:46
generation x and now they’ve tried to
89:48
label us as millennials
89:50
and i don’t know if labels are anything
89:52
but we’re a hybrid millennial we’re
89:54
we’re hybrids you know i always
89:56
considered myself generation x but
89:58
millennials are are
90:00
definitely
90:01
you know all on the phone all the time
90:03
you know i feel like
90:04
you know we are always
90:06
i always reach back to
90:09
you know
90:10
photos and interactions and memories and
90:13
those things and i think that
90:15
here in the next few years those things
90:17
will really start to turn and people
90:20
will start to realize oh [ __ ] you know
90:22
what we have got to get back
90:25
to that style of life yeah that style of
90:28
family that style of everything because
90:30
if we don’t we’re going to be in some
90:32
really deep [ __ ] check this out
90:35
so
90:36
i know we’re wrapping up on time but
90:38
yeah we are we’re getting long we’re
90:39
getting we’re getting a little long we
90:40
gotta yeah we got a few more minutes now
90:42
it’s gonna be one hell of a podcast but
90:44
yeah
90:45
cause i’m here dog in the house
90:49
but the thing is you know facebook you
90:51
can literally just say hey look i’m open
90:53
for business like check it out
90:55
yeah right who gives a [ __ ] yeah
90:56
nobody’s gonna watch that they’re
90:57
probably gonna like it you know like
90:59
five people are gonna like it it takes
91:00
me i can like it without reading it yeah
91:03
and the thing is like what that doesn’t
91:06
give you a call to action and be like oh
91:08
[ __ ] he opened a plumbing company let me
91:10
i need some help right
91:11
versus
91:12
going down your contact list this is
91:14
another strategy that you know somebody
91:16
can take and
91:18
blow up their business when they start
91:19
is
91:20
check your contact scroll all the way to
91:22
the bottom if you have like an iphone
91:24
it’ll say like
91:25
hundreds of content right yeah yeah
91:27
here’s what you do
91:29
you list it out and i’ve learned this
91:30
through when i was a financial planner
91:33
start listing people out and start
91:35
actively calling them they’re gonna be
91:37
like holy [ __ ] i haven’t talked to you
91:38
forever yeah even though building that
91:39
bridge back exactly even though you’ve
91:42
been friends with them on facebook and
91:43
they see your post every single day
91:44
they’re like exactly i haven’t hear
91:45
heard from you
91:47
even on like birthdays like yeah shout
91:48
out to them hey happy birthday exactly
91:50
happy anniversary bro different things
91:51
like that and just rebuilding that that
91:54
uh that relationship here is an awesome
91:56
trick that i’m gonna leave your audience
91:58
and please last trick here we go please
92:00
steal it we’re in and you could actually
92:02
like take this yep you know everybody
92:05
knows when people’s birthdays are on
92:07
facebook now yep so put it on your
92:09
calendar the day before
92:11
yep yeah
92:12
great idea yeah call them up a day
92:14
before they’re gonna be like holy [ __ ]
92:16
how did you know how did you remember i
92:17
wanted to get ahead of the storm i
92:18
wanted to call you before everyone did
92:20
you do this
92:22
yeah i’ve done that i’ve never done it
92:23
but i will say perfect earlier you were
92:26
talking about birthdays so all my
92:28
closest friends that i know deeply so
92:30
when i see it on facebook i call them on
92:33
my phone or i text them yeah i i don’t i
92:36
don’t do
92:37
[ __ ] facebook i don’t i don’t put it on
92:39
facebook and i have about 10 friends and
92:41
sometimes i miss them yeah you know
92:43