Debt does not discriminate. Stay tuned.
From Philadelphia, the home of the Liberty Bell, Financial Freedom Radio starts now. Here’s your host, Raymond Jewell.
Welcome everybody to FinancialFreedomRadio.com. I want to thank you all for coming, downloading, watching, however you get the message. Also want to invite you to like, share, and ring the bell. When you subscribe to our video podcast, what do they call it, Steve? V-log.
No, that’s what you call it.
You’ll get advance notice when we put them up if you ring the bell and subscribe. Also, we work off of referrals and we would like for you to refer us to others so that we can spread the word. This information is not something you’re gonna learn from financial planners or financial institutions because their stuff is flawed. Morning, Steve.
Good morning Uncle Ray. How are you?
I’m good. How are you doing?
I figure after 31 episodes I can start calling you that. I always start calling him Uncle Ray when we’re talking on camera. So now I’m just going to call you Uncle Ray here. I don’t know why, it just seems right.
That’s fine. I’m proud of the title.
How was your vacation?
It was great. We, as you know last show, we went up to the great smoky mountains in an RV. It was cooler up there even though they are having an amazing heatwave. It’s still cooler than down here in Naples, Florida. It was great. Everybody’s wearing masks. I’m just amazed at all the types of masks that are out there.
Don’t get me started on that.
All the creativity centered around masks.
Through the power of modern technology, we were able to keep the show going even though you were on vacation. That was pretty cool. I did some looking while you were gone. You are right. There is no one out there sharing information that you’re sharing. Everybody’s preaching about the Dave Ramsey’s of the world and getting out of debt. You have a unique twist and people need to let other people know about what we’re talking about here because this is, in my opinion, and that’s all it is, this is the single best way to become financially free, financially independent. There are certain notes that people hit that resonate with me. In your last show, you made an observation. Getting out of debt is important, but you lose time when you do that. Time is the one thing you will never get back. The second that’s going through right now will never happen again. It’s very important to get out of debt, but if you have to sacrifice an asset, your time, you will never be able to get it back. You are constantly losing time every day that you’re alive. You have to decide whether or not it’s worth it. I thought that was very powerful.
Sure as we said last week. The Dave Ramsey’s of the world want you to pay off your debt and then start saving. So spend all your money paying off debt. That’s time lost. You have one exponential curve. If you waste your time getting out of debt, you’re not gonna have anything for yourself. Everybody else is gonna get your money and you’re not gonna have anything for yourself. I want to be nice.
That’s okay, I’ll bleep it if I have to.
It doesn’t make sense to spend your time getting out of debt with all your resources and all your money. So if you continue to pay a little bit on debt and you continue to save, your savings may allow you to get out of debt, but as we go through life, our incomes increase. We’re not earning the same income we were 10 years ago. If you are, you better change careers. So, as your income increases and you take that percentage that we talked about last week and start saving it every month you will learn to live within your means and you will get out of debt automatically. But no. They’re assuming everything’s going to stay the same out into the future. That’s illogical. It doesn’t work. That’s why I titled the show debt doesn’t discriminate. When you look at debt, anybody can get in debt. You may look at somebody and say gosh they’re not in debt and I am. It’s because they chose it. It’s a conscious effort not to do it.
It’s a hard one too. It’s like not eating junk food.
Yeah. It’s like you’ve been taught to consume all your money and they’ve done a really good job of it. So, when you look at your dollars that you’re spending, you’re living beyond your means. That’s not the way people in the past did it. If you go back and look at the history of wealthy people, you’ll realize that they live within their means. I had a friend of mine whose father was a sexton in a church. I had to look that up. I didn’t know what that was. It’s a guy who cleans the church. He never made a lot of money, but his kids kept going back to borrow money from dad. How come dad had more resources than they did? Well, he didn’t have more resources, but he did things differently. That’s what we’re talking about. I can do these shows over and over again. I can preach this from the highest mountain. Unless people make an unconscious effort to get out of debt, it’s not going to happen. You can either pay attention to your finances or you can’t, or you don’t. It’s your choice as you well know.
The choice is yours. Currently, everyone is blaming everybody for everything. There’s no one to blame if you’re not prepared for retirement if you have to continue working till you’re dead. If all of the financial planners and all this fabulous stuff that they do work, people wouldn’t be outliving their wealth and they wouldn’t be losing it in massive proportions to financial institutions and financial planners. Most people are losing 10-20% of their gross income every year and they don’t know it. If you’re making $30,000 or if you’re making $300,000, you’re losing 10% and that can make a big difference in your life. All you have to do is a few things differently. People just don’t seem to get it. The bucks stops with the person. You can’t expect someone else to pay your retirement. You can’t expect redistribution of wealth. If that’s what you’re expecting, shut these podcasts off and never come back and listen to me again. If you’re of that mentality that’s out there wanting everything for free and wanting all the giveaways and all the handouts, people are going to stop doing that. There’s gonna be an awakening. It may be this election cycle, I don’t know. People are tired of putting up with other people whining and complaining and rioting and looting.
This we, they mentality is getting on my nerves. How about us? Not we, they. Not democrats, republicans. Not liberals and conservatives. How about us? One thing I learned in the service when I was in the army years and years ago, everybodies blood is red. We are all in this together, but you’ve got to take care of yourself. Other people are gonna get tired of taking care of you and they’re tired of carrying you. They’re gonna stop and you’re gonna be screwed. Social security is not a retirement plan. It’s a supplemental retirement plan. Supplementing what you have put away yourself.
I’m gonna ask this question. Has the show started or are we still on a tirade?
We’re still on a tirade.
We’re about 10 minutes in. It’s time to get this show started.
It is started. Why are you interrupting me?
Because I need to go away.
I like looking at you.
If you don’t have what you want or if you are financially frustrated, then you need to follow a different path. You need to change the path you’re on. Why keep listening to the people that are out there saying stuff that creates losing strategies. It hasn’t worked for over 100 years. Why do you think it’s going to work now? Steve, what’s the definition of insanity?
Doing the same thing over and over again expecting a different result.
There you go. That’s what financial planning is. They expect people to win when they’re never going to win. How can you win when you’ve got people always sticking their hand in your pocket taking your money? You need to stop that stuff. That’s why I’ve said in these podcasts, if you want to have a quick chat, go to the calendar. Raymondjewell.com/meet. Set up a 15-minute telephone call and we’ll chat about it. I’m not going to try to sell you anything. That’s up to you. I’m not here to persuade you. I’m doing these podcasts to help.
You promised not to get political. Do I need to bleep what you just said?
I didn’t say anything.
It’s frustrating to me because I watch the TV. I see all these people rioting and everything and I see these liberal governors not using common sense and saying stop or we’re gonna bring in muscle power to make you stop. You’re hurting the other people.
When people are saving for retirement, if you don’t do it and you rely on somebody else to do it for you, at some point they’re gonna get tired. When you expect the government to bail you out then that’s total financial irresponsibility. So I guess we’re preaching to 10% of the people that want to be responsible and the other 90% can just stop paying attention. If you’re in that 90% and want to move to the 10% then you need to follow these podcasts. There is a better way. The better way is through a macro-economic model where you analyze everything you do. It sounds like it may be time-consuming, but it’s not that difficult. When you analyze everything that you do and see where the money is going, then you can determine if what you’re doing is inefficient or not. I guarantee you that as I said, most people are 10-20% losing in their gross income. They’re inefficient in those areas. When you get efficient in those areas and you put that to growth, let’s say you’re making $30,000 a year and you’re losing 10%, that’s $3000 a year. If you were to put that to grow over time, you would have a sizable amount of wealth to retire on, plus if you learn how to use it while you were living through till retirement, it would be even greater. It’s use and growth simultaneously. I think we’ve done that in some other shows. Maybe we ought to do that again, Steve to refresh people on how to get use and growth simultaneously in everything they do. We could do that down the road.
The point is if you’re taking control of your financial world, you’re winning the game. Whether it’s $3000 or whether it’s $30,000 it doesn’t matter. Anything’s better than nothing. As you start to learn how to do it and get better at it, you will realize that you’ve learned a new way, a new path One of my favorite shows on TV is Goldrush series. What’s the sea up in Alaska? The Bearing Sea. They find gold at the bottom of the sea. When you look at these people, you wouldn’t think they had two nipples rub next to each other because they live within their means, but they make millions of dollars a year.
There’s a book that was written years ago called the Millionaire Next Door. I’m sure you can get it on Amazon. I can’t remember who wrote it. The Millionaire Next Door. The plumber that lives next door to you may be worth millions of dollars and you’ll never know it because they live within their means. So, if you can take away anything from this show, debt doesn’t discriminate. Anybody can get sucked into it. You have to stop consuming, you have to stop putting up with these ads from TV, you have to stop wanting all these fabulous new devices unless you have the extra money to afford them, or go to work. My producer here is an expert on selling information on eBay and Amazon.
Selling products on eBay and Amazon.
It’s a hobby.
He does it very well and he makes a lot of money doing it. There are ways that you can do this to up your income level. So when you look at people and what they do, living within your means is not that hard to do. You’re probably sitting there going yeah right. I’m just heavily in debt. I was there once too, years ago. I know what it’s like. I was there.
I’m gonna jump in. Can I jump in?
Go ahead, sure.
Living within your means is a very challenging thing to do, but it is essential. You’re right about that. When I started creating a food diary and follow my logic on this. When I started actually having to write down what I was eating, it changed how I ate. A lot of that is the same concept with living within your means. You have to identify, you have to physically write down where you’re spending your money. A lot of people have subscriptions to this and that and money leaking out of their lives and they don’t even think about it or realize it. That’s how you get yourself into trouble. The first step is to identify where you’re spending the money. Once you see where the money is going, living within your means gets a heck of a lot easier. I’ve spent the last 10 years of my life doing just that. To the point where I know where every dollar is going. If I want the new shiny object, I can get divert some dollars from where they’re going to where I want them to go. If you don’t know where you’re spending, you’re never going to get ahead of the game. I’m going to disappear.
I agree. On that note, we’ll wrap up the show. I want to thank you all for coming. Be here next week, we’re going to go over some really good stuff. We’re going to break down lifetime acceleration economic processes and explain to you how that works and give you the background into it and walk you through beginning it for yourself. I want to thank you all for coming, downloading, and listening. Please tell your friends. FinancialFreedomRadio or go to YouTube.com/FinancialFreedomRadio. Have a great week, thanks for coming. We’ll look forward to seeing you here next week. Take care. God bless.
Thanks for listening! Please remember to subscribe to the podcast. If you want to learn how to create real sustainable wealth like the extremely rich people do, or maybe you just want to sustain the wealth you already have, you need to check out Dr. Ray’s new book “Why the Rich are Rich”. Ray’s been coaching clients for 35 years and has completely unlocked the secret strategies that rich people use day in and day out to grow and sustain their wealth, regardless of what’s going on in the economy. His book is completely free, and you can get it by going to https://whythericharerich.com and entering your email address. Again, that’s https://whythericharerich.com. Head over there now.