Episode 48

We’ve been talking about entrepreneurism and multiple streams of revenue. We’re going to try to bring it all together on this show. Stay tuned.

From Philadelphia, the home of the Liberty Bell, Financial Freedom Radio starts now. Here’s your host, Raymond Jewell.

Good evening or morning, wherever you are in the world. Welcome to FinancialFreedomRadio.com. I want to thank you all for coming and downloading, listening to the show. We hope you find this interesting and if you do, please subscribe and share and also ring the bell because that is when we will notify you when new shows are being posted. So we want to make sure that you subscribe and share with your friends because referrals are great. They say that the referrals are the ultimate compliment. So if you like what you hear, please share it with your friends and let them hear at FinancialFreedomRadio.com or they can go to YouTube.com/FinancialFreedomRadio. 

So I want to talk this morning with our wonderful producer Steve. How are you, Steve?

Good morning, afternoon, evening, Dr. Ray wherever you’re at when you’re watching this.

Yeah, wherever you are in the world, that’s right. The best place to be. We are a global phenomenon. I don’t know if it’s a phenomenon or not. Folks, if you witnessed the trouble we have sometimes set in this broadcast, you’d think that we’ve got two tin cans strung together. It’s a miracle this show gets pulled off on a weekly basis. We’ve got some pretty high-tech stuff. 

Well, we think we do. Sometimes we think we’re a little bit better than we are. I love your coffee mug there, Dr. Ray.

This is from a friend of mine. Oh, it’s from you. 

Is it from me? How convenient. It’s the Trump soon to be in the second term. 

Don’t put that banner now. I can’t hear it so that’s good. 

It doesn’t make you angry that way.

So, Steve, we’re going to talk about entrepreneurism. I know that’s a topic that’s close to your heart and I’d like to have you chime in whenever you feel like doing it. One of the things that’s important to stress for everyone listening to this call is you want to get control of your financial life. We call this Financial Freedom Radio. It’s not just about looking at numbers and strategies on money and all that kind of stuff. It’s how do you achieve your financial freedom. So many times we have external factors that are out of our control that keep impacting our financial freedom like tax inflation, lost opportunity cost. You’ve heard me go over these over and over again. Also, you have income coming in from your employer. Now depending on who gets in office and we’re hoping our guy does, and you should really hope so too because that could give you a consistent growth in your income. If not, you’ll see employers starting to lay off people and you’ll see markets starting to go down. I got a report here from crestcat.net. You can read it. They talk about markets going down and this outfit is losing ground because of markets that are dropping down. It’s all based on the money that we’re spending to finance all this stuff. We can’t keep spending all this money. We are just starting to spend more than we could possibly recover. 

France went through this years ago. Austria went through it years ago where they had to devalue all their money and start from scratch. People would roll up wheelbarrows full of franks, old franks, to get new franks. You don’t want to have to redeem your old money to get new money because it’s going to take a lot of wealth away from you. So one of the things that we want to understand fully is how to build your wealth and we’re doing it through the entrepreneur system. Wealth is being created in massive amounts in this downturn. So I got this article here that I got off of entrepreneur magazine. Anyway, it talks about entrepreneurs are popping up all over the place. 

So let me just read you a few of these excerpts. Officials in many areas impose new pandemic lockdowns and restrictions going into the holiday season. Things can seem bleak. Depression rates are up. People are fleeing cities in droves, elected leaders regularly violate their own orders and fraud is rampant in the government’s covid-19 stimulus programs. That’s what I’m talking about. It’s a stimulus program. They can’t keep doing this because the deeper they go into debt, the more it’s going to impact your investments and your jobs. It’s understandable to feel frustrated and despair, but more Americans are pushing past the grimness to create and invent during this challenging time. Entrepreneurism continues to soar during the pandemic as displaced dreamers and imaginative doers spot new opportunities and build new businesses at a record pace. It may be one of the few 2020 bright spots. This week, the Wall Street Journal reports that entrepreneurship during the pandemic is accelerating several metric points to this growth, including the number of people applying for tax identification numbers. That’s a number that you need when you create a corporation, whether it’s an LLC, whether it’s a c corp and s corp. Whatever you are creating, you need a tax id number and that’s what they measure. More people are applying for tax id numbers than before. They’re going off the charts. 

So it’s showing that people are starting new businesses. The journal cites U.S. Census Bureau data revealing that applications by small businesses rose nearly ⅓ between January and December, compared to the previous year in particular. Applications skyrocketed between July and September rising 77% from the previous quarter, the biggest quarterly increase in 16 years of tracking this data. So you guys are out there starting new businesses at record rates and you’re finding ways to be creative. You’re starting new businesses. Whether it’s a multi-level marketing business or whether you’re doing what Steve does. You’re using arbitrage to buy low and sell high on Amazon or eBay. It’s amazing. New businesses or small businesses are the lifeblood of our economy. When you have people starting up small businesses at a record rate, that means the economy is ready to take off. But if there’s a change in leadership in this country, it won’t because that’s not the democrat’s mo. Their mo is to tax and spend instead of lowering taxes so you can spend. They tax and spend. They raise your taxes so they can spend. Would you much rather have it for them to spend on your dime or for you to spend on your dime.

Can I just jump in here for a second? I’m gonna hit the politics button on myself for a second here because one of the things that I have noticed and tell me if I’m seeing it right. It seems to me that one of the reasons that businesses are starting to take off is that people are wanting to be in control of their own fate. They want to be in control of their own destiny. They saw the layoff from the first time, so they’re trying to get ahead of things, but it seems to me like there’s almost an equal but opposite force, saying we want to be in control of where your comes from not you being in control. Do you know what I mean? It almost feels like they don’t want small businesses to succeed because if they succeed, it seems to be then they lose control over what’s going on. I don’t want to get political, but that’s the way it feels. It’s like they’re just not interested in helping small businesses succeed because it just gets in the way of what they’re trying to accomplish.

I think you have to get political nowadays even when we’re talking about financial freedom. You’ve got to get political because, at the end of the day, people dovetail together. 

I think what you’re seeing is people who want to be in control of their finances, who want a better station in life and are trying to do whatever they can to get there, and you have another group of people who are like no we know what’s best. You see it in the lockdowns. There’s one group of people who are like, I just want to go out and live my life because I know how I want to live. Then there’s another group that says no, we know what’s best. You need to do what we say. It almost feels like you see that in the business world too.

See one of the things that we’re seeing is a shift of parties and we’re seeing the Republican party morph from being a right-wing party to being a party for the people. A big tent. No matter who you are, no matter your color, race, creed, nationality, if you’re wanting to get ahead, the republican party is wanting to help you. All the strategies and principles that they are initiating come from both sides. So the Republican party now is being the party of taking care of the individual, looking out for all Americans, taking care of the individuals so that they can take care of themselves. The Republicans are not saints, let’s just call it whatever, I get that. The opposition is making sure you pay them so that they could take care of themselves at your expense and that is continuing to become the mo of their party. With all this liberal thinking, when you move towards socialism, you’re moving toward redistribution of wealth and that is a fact. When you redistribute wealth, what they’re doing is they’re taking people’s money and spreading it around to other people and that’s what you’re going to see. You’re seeing that trend move to the left more and more where the Republican trend is lowering taxes, giving you your money, and letting you spend it and you control it yourself.

I think there’s a fine line between them all in the Republican Party right now. The Republican party has even hijacked some democratic principles, some democrat principles that of the middle of the road democrats years ago. So when you look at finance and you look at the people, the Republican party has lifted up the middle class and when you lift up the middle class, the poor class gets lifted too, right? Rising tide lifts all boats, all ships. So when you lift the middle class, you’re going to lift the group below them up. So the democrats are out campaigning under the guise of taking care of the middle class, but all the things they’re talking about lead to the suppression of the middle class and lifting up the poor class. Well, you can’t do that because you can’t sidestep a whole group of people and just focus on one because you’re going to do it at the expense of the larger group of people. Does that make sense?

Yeah, the metaphor that I heard, I’m not sure where I heard it from, but the one I heard that really stuck in my head was the difference between equal opportunity and equal outcome. I think there’s a certain group that is pushing for equal outcome and then there’s the more traditional equal opportunity, everyone has the same opportunity for success. It’s just some people will choose to pursue it and some won’t. Then there’s another group of people that says well they’re not allowed the same opportunity. So whether we’re going to hand them the same outcome, one thing I learned from playing forex a long time ago is that a lot of this is a zero-sum game. Money isn’t just magically created. There’s going to be winners and there’s going to be losers. If you take away from small business to give to people, you have people out there busting their hump trying to make a living, and then you take the money from them and give it to people who are not out there busting a hump and working for a living, it’s a zero-sum game. You’re going to take from one and give to the other. You’re not going to magically create trillions of dollars out of thin air and expect it to be worth anything, right?

When you have a business and you’re creating wealth, there’s not a finite amount of wealth. There’s an unlimited amount of wealth and the difference between wealth and money. There’s a finite amount of money, but of course, the government doesn’t think so. They think they can print money like crazy. 

So let me just go down a little further with this because what you’re talking about will dovetail into this. Many of the individuals currently leaping into entrepreneurship are workers whose businesses were shut down by government edict and who experienced associated layoffs or pay cuts. So they’re bouncing back and they’re bouncing back at a rapid rate according to this week’s journal article. To adapt to the pandemic and the job loss, it unleashed more Americans are becoming their own boss, setting up tiny as to work as traveling hair stylists, in-home personal trainers, boutique mast designers, and chefs. A man in Maryland started a mobile car washing business. They’re coming up with creative ways of making money. No longer do they want to be at the mercy of the government. So it’s an interesting trend when you see that people are creating their own businesses so they can have control over themselves. They’re saying indirectly, we don’t want you to control us and so they are rejecting government or employers for that fact. They are interfering with their business. They want to do it themselves. 

So it’s an interesting article and it goes on. You can find it if you look for fee.org. 

You can find this article frank echo dot. I’ll go look for it. 

So I want to thank you all for coming. I hope this gives you a little bit of information and I want to share with you. I know we’re coming into Thanksgiving and it’s really going to be hard because there’s a lot of people that are saying keep wearing your mask and to not associate with family or friends and wear your mask and take it off as you take one bite at a time. The fact that we’re still a people and we are still in the United States of America, as crazy as 2020 has become, we still give thanks and appreciation for the fact that we are still able to give thanks and appreciation.

As of today, we’re still a free country.

That’s right. I hope this information was valuable to you. We’re going to continue with some really great topics after Thanksgiving on Financial Freedom. There’s many things that we can share with you that will help you achieve your financial freedom. One of the things is to focus on you and build what you can and be as efficient as you can be with your money with all the resources taht you have. We’ll explain that to you. We’ll talk about it in future shows. Have anything you want to share, Steve?

Listen, at the end of the day, I’m going to hit the politics button on me. I’m going to go out and I’m going to say something that may be inappropriate or not popular. You touched on it a little bit. This is Thanksgiving. This is the day where the families come together, you’re probably seeing this the day after Thanksgiving. You’re probably in a turkey coma right about now. I know that there’s a lot of people in this country who say don’t get together with your family. Here’s Steve’s rant. Tomorrow is not guaranteed. I’m very thankful for all the time I’ve had to spend with Uncle Ray. Seriously because tomorrow is not a guarantee. You can either live your life in fear or you can live your life on your terms and go out on your terms. I don’t mean to scare anybody, but if you have elderly family, this could be the last Thanksgiving you get to spend with them. Why are you giving me that look?

You calling me elderly?

I’m not calling you elderly. You fall into that wonderful category that my mother falls into which is heaven doesn’t want you and hell’s afraid you’ll take over. So you’re going to live forever. The point is everyday you step out of your house is a day without taking a risk. You just have to measure the risk appropriately. I don’t want anyone to get in trouble, but you’ve got to do the right thing with what’s right in your heart and in your mind. I’m very blessed I have had all this time with Ray. I’m blessed that we’ve been doing this for coming up on 20 years. There’s been times I’ve had to fight with him to get this show out on a weekly basis, but we’ve gotten it out every week for the entire crazy year of 2020. Be thankful, spend the time with your loved ones. If you’re not willing to do it physically, do it virtually. This is a time to be thankful for what you’ve got.

Also, I want to share with the folks that when you listen to this show, we’re not going to give you magic pearls of wisdom. If you’re coming to this show for pearls of wisdom, it’s not going to happen. All we’re going to do is give you some entertaining babble and point you in the right direction to financial freedom. Our net is pretty big. Sometimes we’ll narrow it down to talk about financial strategies. We need to touch on other things that impact your financial future. We’ve spent the last 3 or 4 weeks talking about multiple streams of revenue. Now we’re finding out that entrepreneurism is on the rise. So we were ahead of that trend a little bit because we were taking time to talk about it. If you’re coming to this show for magic pearls of wisdom, it’s not going to happen.

What you mean to say is, you’re not going to get step-by-step instructions. You’ve given tons of pearls of wisdom. If I could summarize this entire year, you’ve encapsulated into one simple concept. Financial freedom isn’t about money, it’s about mindset. 80% of financial freedom comes from having your head screwed on straight. The rest comes with time. You’ve given pearls of wisdom, but you’re very particular about giving specific concrete steps of advice. I understand that, but if anyone listens to every episode, there’s no reason people could not be on the path to financial freedom by now. 

Thanks for sharing that. I want to thank you all for coming and downloading. Have a happy Thanksgiving or if you had a happy Thanksgiving. Take care, we’ll see you back here next week with FinancialFreedomRadio.com. Tell a friend. Take care.

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.