August 7, 2023 • 47 mins
Ever wonder why people who seem financially stable are often not? Join us in an enlightening conversation with our guest, Vince Shorb, a financial coaching expert who's helped over 20,000 clients, shares valuable insights. He sheds light on the importance of financial literacy, an often overlooked skill crucial in shaping successful entrepreneurs. Vince brings to the surface the harsh reality of our financial situations and the significance of saving money in good times, and preparing for the unexpected, such as recessions.
We also navigate the fascinating realm of side hustles. Vince, with his vast expertise, shares how side hustling and budgeting can serve as stepping stones towards achieving our financial goals. He emphasizes the importance of creating a solid plan and the challenges of overcoming consumerism, alluding to the critical role of accountability partners in this journey. Our chat furthers into the exciting territory of passive income and the importance of financial mastery, discussing innovative ways to create passive income streams that can yield substantial returns without consuming too much of our time.
Finally, we mull over the state of financial education, or the lack thereof, in our schools. We talk about how financial literacy can open up a plethora of career opportunities for students, equipping them with the knowledge to pursue their dreams with confidence. The episode also discusses the current state of education and career opportunities, shedding light on the limited resources often available to students in inner city schools. This episode is a must-listen if you're keen on managing personal finances, starting a side hustle, or just want to be more financially literate. Don't miss out on Vince's invaluable insights!
As you're inspired to embark on your own side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. That's where our trusted partner, Reversed Out Creative comes in.
Specializing in strategic branding and digital marketing, Reversed Out Creative is an advertising agency dedicated to helping you turn your side hustle into your main hustle. With a team of experienced professionals and a track record of helping clients achieve their dreams, they are ready to assist you in reaching your goals.
To find out more about how they can elevate your side hustle, visit www.reversedout.com today and start your journey towards success. Our blog is also full of great information that we work hard on to provide you with a leg up on the competition. We also recently launched our YouTube Channel, Marketing Pro Trends, which summarizes all of our blog posts.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 2 (00:11):
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevy, myco-host.
Let's get started, all right.
(00:31):
Welcome back everybody to theSide Hustle City podcast today,
special guest Vince Shore.
Vince, how are you doing?
I'm good to be here.
Great Thanks for having me,thanks for being on the show.
So you know we just I spent youknow I talked about a little
bit before the show here.
I spent a couple of days at apartner company of ours and we
were talking to the interns justgiving them a little advice on,
(00:53):
you know, life and hey, onceyou get done here, you're going
to go into the real world,you're going to get, you know,
you're going to graduate college, you're going to, you know,
probably want to spend all yourmoney that you make.
I told them more money, moreproblems, like the more money
you make, the more money youwant to.
You think you can spend right,and then something happens like
a recession which we're kind ofmoving into right now, and then
(01:13):
you wonder what happened?
All my money?
And you're here to essentiallyjust give us a little breakdown
on on on how to act when itcomes to finance and you know,
maybe some of the demystify,some of the issues people have
with money.
Speaker 3 (01:27):
And see all the points you made are right on
target and it's alwaysinteresting.
You know, when people earn more, they spend more than just
things we see all the time.
Yeah, I took over 20,000applications from coaching the
mortgage side over my life andyou think these people look like
they're in a great financialsituation.
They get nice house, some nicecars.
(01:49):
Then you open up under the hood, right, you see what's on the
back end of their finances,their credit, their lack of a
money, Emergency savings, anddata typically shows you know
people out there 40 to 60% ofpeople, just depending on the
survey you're looking at wouldhave a lot of problems coming up
with even $1,000.
And I think when it's in thegood times, you need to be like
(02:10):
that squirrel, like you said,socking things away.
You know we have so many riskpotentials out there, right, we
saw with COVID right, that was abig eye-opener for a lot of
people that you know we'reprepared for some basic things
on a couple of months laid offand other more serious issues,
but it's epidemic and we reallyour message is really preparing
(02:31):
people so they don't feel in asituation where they can't sleep
at night, where they're worriedabout how their next food bill
is going to be paid or theirhousing expense, so they can
enjoy a little of what life'sabout and relax a bit and pursue
those other things in life.
Speaker 2 (02:46):
Yeah, and I know a little bit, just as somebody
who's.
You know we grew up in poverty.
We didn't have a whole lot.
You know money was a big deal.
You know when you don't have it, you know you're always
thinking about it, worried aboutit, and you know I made it a
point of mine.
You know, hey, one of thesedays, if I ever get some money,
I'm going to learn how to use it.
Learn how to use it best, learnhow to invest it.
Be smart about money.
(03:07):
You know I don't have 15 yearsof financial services experience
like you do.
I mean you've helped 20,000people.
I mean it's amazing, you know,having people like you on the
show.
It really benefits, you know,all of our listeners.
It benefits me.
I learned from everybody that'son this show.
But I mean this is somethingthat you know.
I know it's super important.
(03:28):
Don't even.
You can't even start a business.
You can't even I mean you can'teven start making a budget for
your.
You've got to understandfinance Like there's.
You can't take risk in thisworld, especially in America,
and go and try to become anentrepreneur until you know at
least the basics of finance.
(03:49):
How does money work?
You know how do I set.
You know how do I?
You know you've got to getconservative with money.
If you're going to be anentrepreneur, there's going to
be upsides.
There's going to be downsides.
You're going to have cash flowissues, god forbid.
You start hiring employees Now.
You're responsible for theirlivelihoods.
I don't want to work forsomebody who doesn't know how to
manage money.
I mean, that's just basic rightand you owe it to your company.
(04:13):
You owe it to your family.
You owe it to the families ofthe people that work for you to
understand what's going on andunfortunately, vince, they don't
teach us stuff in schools.
Speaker 3 (04:24):
They don't and it's sad.
And if you would look at howkids are raised, starting young,
because a lot of what we seewith adults is behavioral, that
starts habits as kids, right, wesee advertisers targeting kids
with these messages.
We see schools not teaching it.
We see these influencerspromoting this lifestyle, which
is great for them.
They can afford it.
(04:44):
The average person can't.
So there's always a feeling oftrying to keep up with the
Joneses, right.
And for those younger listeners, keep it up with the Joneses, I
mean keep it up with yourneighbors and the people you
feel are peers.
And today our peer group, withsocial media so far, has
expanded so greatly and thisoften carries from the personal
side of things to that businessside.
(05:06):
So I know what theentrepreneurs we work with.
We see bad habits on theirpersonal side, either with
credit or budgeting.
Those are the same skill setsand abilities you need to manage
business.
If you think it's challengingto manage your personal finances
, imagine when it's fiveemployees, 10 employees, you
know, $10,000 a month,subscriptions, office expense,
(05:27):
et cetera.
It's the same skill set justamplified.
And I agree with you completelyas business owners, you have a
duty for those people around you.
So we need to start to thinkback to that childhood.
What are those behaviors?
How do I manage my money?
How can I tweak my behavior soI'm a better steward, so I can
take better care of peoplearound me?
Speaker 2 (05:48):
That's right.
That's right, and I just youcould probably talk to this,
speak to this.
I just heard the other day, andI just looked it up here now,
that Americans are getting intomore credit card debt.
Interest rates went through theroof.
People had a lot of stuffduring COVID.
They may have took off work,they may have left their job
completely.
You know they were relying onthe government for those little
$300 checks they were doling out.
(06:09):
And now this headline on CNBChere says Americans owe nearly
$1 trillion in credit card debt.
This isn't just all debt, thisis just the credit card debt,
and there's a breakdown on thisarticle by HP.
If you want to go, look at thison the CNBC site.
You know, just look up.
You know personal credit carddebt for Americans, but the
average American carries $5,700over $5,700 in credit card debt
(06:35):
right now, and people between 40and 49, my age group carry over
$7,600 in credit card debt.
And this has just been going upand up and up and I feel like
it's the folks that you know.
They were living high on thehog before you know, when
everything was going good andthe money was getting handed out
and money was plentiful and itwas cheap, credit debt was cheap
(06:57):
, but now those 0% credit cardsare turning into 24% credit
cards.
Speaker 3 (07:02):
Right, Very true.
And if we add in just studentloan debt at the $1.7 trillion
mark as well, now we're at the$2.7 trillion.
We add in auto debt and otherdebt that's depreciating assets
or no assets, we got a majorproblem on our hand.
And again it goes back to whatwe're not teaching at school,
goes back to habits, consumerism.
(07:23):
But the beauty is there's somuch information out there shows
like yours, people teaching indifferent venues and things like
that.
There's ways to learn andoftentimes we find people's
motivation to learn is eitherone of two things Is either
something very positive, like Iwant to buy a home, I want to
invest, I want to do somethingpositive or something negative
(07:45):
right, hey, I'm going to getevicted, I just lost my job.
So we find the motivation tolearn is really at these two
extremes.
What I always encourage peopleto do is have a plan.
Very few people have a planless than a third from the data
I saw from a Gallup poll aCharles Schwab survey, I believe
it was have a financial planlaid out.
(08:07):
And when you don't have a plan,what are you going to educate
yourself on?
It's like what am I?
I have a plan, then I canfigure out what I need to
educate myself on.
If I'm not going to buy a homefor 10 years, maybe I don't have
to educate myself on that now,but I may need to learn about
credit, improving my credit,saving money.
So the basics A plan always canguide our learning, especially
(08:30):
with adults.
For those younger it's oftenjust preparing for those
upcoming life events, but as anadult, we have so access to so
much information.
Create a plan and then decideon what education you need now,
what you need to learn andmaster to get to that next level
.
Speaker 2 (08:49):
That's right.
That's right.
And, guys, if you don't knowthis, if you've never started to
side us before and you've neverturned that into like a real
business, if you've just got anine to five job they're paying
you a W-2, you can budget, youcan plan.
It's not that hard, it's reallyeasy.
Once your life gets ascomplicated as mine and you've
got rental property sometimespeople pay their rent, sometimes
(09:10):
they don't You've got, you know, variable projects that come
through.
You know I own an ad agency, sonot everybody's on a fixed
retainer.
Sometimes I get it.
You know, tomorrow I could geta $10,000 website project.
You know, I don't know.
It becomes so much morecomplicated when you don't know
where the money's coming fromand you have to go out there and
(09:30):
hustle and grind to get everyjob right.
And that's just going to happen.
It's going to be harder andharder and harder if and I don't
want to, you know dissuadepeople from starting a side
hustle because it's great, thefinance.
You know, the freedom is greatof it, but it's going to get
much more complicated.
If you think it's hard tobudget now, just wait until you
start you.
Maybe your wife starts her ownside hustle If you break away
(09:53):
from that nine to five world.
It's going to get morechallenging.
Speaker 3 (09:57):
Yeah, man, I love the whole concept of the show the
side hustle simply because youknow, if we look at the data you
shared before, the averageperson about $5,700 a debt, $40
to $49,.
I believe you said you know, ifyou get a side hustle that pays
$500 a month, right, well,that's a year you can pay down
that debt, right.
So things like this that can beadd on where you can say, hey,
(10:20):
I'm going to really put somefocus down, I'm going to pay off
debt, I love my job, I lovewhat I do.
They won't give me a raiseright now.
There are other opportunitiesfor you.
Or, hey, I'm working hard, Ipaid off my debt, but I just
don't have enough to say for adown payment.
There's opportunities throughside hustles and other things
that aren't major disruptors toyour life.
(10:40):
It's just something to add onto really enhance and help you
work faster toward those endgoals.
Speaker 2 (10:46):
That's right.
And, vince, I'm just going togo out on a limb here and say,
you're kind of like me andyou're probably enjoy being
cheap Like I.
Actually it's a challenge forme.
I'm like, let me see how cheapI can be this month and it's
frugality, right, it's a goodword for it.
You know people say, oh, you'rebeing cheap, whatever.
(11:07):
I just think there's somepeople who are kind of made for
this.
They're kind of made to budget.
They're kind of made we getexcited about how much money we
saved and we're able to investlast month.
But there's a lot of people thataren't made for that and it
takes a lot for them to be ableto overcome the consumerism that
(11:29):
is prevalent in this country.
This entire country is built onconsumerism and you're hit with
messages and I own an ad agency.
I know I'm I'm guilty ofputting these messages out here.
You're constantly being hitwith buy this, buy this.
Oh, you need this new thing,you, your life needs to be more
convenient.
They are hitting on all thepsychological triggers that make
(11:53):
you want to purchase something,even when you go in the store
where products are all thatstuff.
You're constantly being hitwith this stuff and it can be a
challenge, and working with aprofessional, working with
someone who can, who can be anaccountability partner for you,
is very important, I think.
Speaker 3 (12:11):
I agree, and that's you know.
We train coaches and educatorsand our coaches are working with
people one on one, and that wasalways a big challenge is to
switch their behaviors from theyou know their temptation all
around ads, which you mentionedconsumerism, it's all around.
So oftentimes, when people arelike that, what they have them
focus on is their major expenseswhere they live, their car and
(12:36):
taxes of some cases.
But a lot of people most people, are about the 30% of their
income goes to their housing.
Right, that's a major expense.
Do you need that housing or canyou tailor that back?
You know, shaving 10% off ahousing expense can go a long
way toward being able to enjoythose other things.
(12:57):
Maybe you don't want to give upin your daily life.
Cars I see the most ridiculouscars out there.
When I drive throughneighborhoods I'm like this does
not look like a neighborhoodthat should have a escalated
Mercedes and a Hummer.
Right, it's the.
And even when I go to collegesto talk, I see the nicest cars.
(13:17):
Meanwhile at school I drovelike a beat up green truck, just
bad.
But yeah, even today I buy oldused cars, I mean the outdated
models.
I don't see a purpose in it forme personally, right, it's
never earned me.
Business has never doneanything for me but be an
expense.
So I had to agree.
I am frugal in those senseshousing and car expenses and so
(13:38):
forth.
I might do like.
You know, we can pick ourbattles on what we like to
splurge on.
I have once I like that nicemeal out or that vacation.
I'm sure you do as well.
But for those people that arehaving problems that say, hey, I
can't stick to my budget,tackle the big boys first.
Right, look at your housingexpense, look at your car
expense, see how you can reducethose and still live maybe more
(14:01):
of that lifestyle you want.
But you got to save first.
You got to find a way to save.
Otherwise, when that money runsout, another COVID hits.
Who knows what's going to happenin the future?
You're going to completely missout on that lifestyle.
You're going to have tocompletely change and you're
going to have a lot more worryassociated with it.
So a lot of our culture aretrying to paint hey, here's the
(14:22):
positives, here's the negatives.
Right?
Either encourage them you knowwe can encourage with the carrot
or a whip, right?
So the carrot is the positivethings we're working toward and
the whip is those things we'rescared of as people.
And you can do this on yourself.
You know for your listeners, ifyou feel like hey, I just can't
stay motivated, can reflect onthe things that you want and the
(14:43):
things that you just are scaredof.
Speaker 2 (14:45):
Well, vince, I'm going to change your life here.
Your car is about to become anasset for you.
So I've been using Turro.
So I it's actually part of thispodcast I went out and bought a
new car and I put it as aGenesis GV80.
So it's not a cheap payment butit's a really nice car.
I live close to the airport soI can deliver it to business
people when they come into town,which is key for what I'm doing
(15:06):
, the strategy I'm using forTurro.
But Turro is like the Airbnb ofcars, right.
So I, literally right before Igot on this podcast with you,
somebody booked my car and I gotto meet her tomorrow at my
building and she's going to pickit up and take it down to
Nashville.
But three days 517, 518, 517.95, I'm looking at it now and just
(15:29):
to take my car until Sunday andpick drops it off.
So Friday to Sunday, you know,after fees and all that other
stuff, that's half my payment,right?
So last month I think it waslike $2,500 I made rent my car
out.
Somebody took it to it for, youknow, seven days or whatever.
But you know, I mean it's a wayto if you already spent money on
(15:49):
that expensive car.
If you've already got that car,you don't have a beater to
drive around.
It's an option, right?
It's an option Like you rentthis thing out for a week, pay
for your car for the whole month.
And there's other people thatuse different strategies.
They'll go out and get, say, anold.
Actually, the hot car right now, I think in Ohio that makes the
(16:10):
most sense, is a MaseratiGhibli.
So there's $100,000 new car.
But if you buy it two or threeyears later it drops all the way
down to $30,000.
But people still think it's areally fancy car, so they're
willing to pay $150,000.
$200 a day to rent this car out.
And here you are with anothercar, a nice car that you could
(16:32):
rent out.
And then if you've gotsomething else, like I've got a
Silverado, I got an old 2007Silverado.
I had that car ever since CS7.
Like that's been my car, right,I can always drive that thing
around.
Doesn't bother me any, you know, as long as I'm getting this
car payment paid down.
But there are things now sidehustles, like Turro, like Airbnb
(16:52):
, where you can rent out a roomin your house that can help you
reduce some of these biggestexpenses in your life your house
, your rent, like you said, 40%,30%, 40%.
That is your biggest expense inyour life outside of maybe a
kid.
You know You've got thatproblem.
Then you've got your car, whichis probably next, unless you've
(17:12):
got these crazy student loans.
Maybe that's third, maybe thestudent loans are second.
I don't know.
Maybe you're a doctor, yourstudent loans are definitely
second.
They might even be first atthat point.
But there are things out herethat you can investigate to
bring down those monthlyexpenses and then take that
extra money, put that aside fora nest egg.
But it requires people toactually dig in and look for
(17:36):
these things that could beopportunities for them to make,
earn extra income, save somemoney, invest that for a rainy
day, because you do not want tobe in a position where we hit a
recession all of a sudden andVince, I'm sure you're talking
to people right now that this is.
We hit a wall.
People were living high on thehog three, four, six months ago
(18:01):
and it just this interest ratestuff.
It happened quick and theeconomy is slowing down and we
hope we have a soft landing.
People listening probably don'tknow the difference.
You know soft and hard landing,but we're hoping for a soft
landing right now.
Speaker 3 (18:16):
Yeah, fingers crossed , and yeah, you make great
points with all those.
I actually had a conversationabout the tour and I love the
concept.
I was talking with a personabout it and they said, well, I
don't want to do all that work.
I'm like, how much do you getpaid Right Hourly?
And like you pick up, drop offand you have to clean it.
I think that's all you reallyneed to do.
Inspection initially, it's likedo you make?
(18:37):
You know?
I forget whether they're likeyou know 500 less, use $500.
Do you make that $500?
How long does that take you?
Oh, a week, okay, well, hereyou go.
Right, yeah, I'm not sure, butI consider that more on the
passive income side than reallyactive, where you're having to
drive a Uber or something, whereyou're active to earn every
dollar.
Speaker 2 (18:56):
Exactly yes.
Speaker 3 (18:59):
So I think opportunities like that are
great because time is yourbiggest commodity.
If you're doing side hustlesthat require your time and
attention all the time, that'sfine, but there's a limit to
that amount, right?
So if you're doing these otherthings that are more passive,
that require a finite amount oftime and you can earn more over,
(19:19):
you know that you can benefitfrom that time advantage.
Renting a room out, you knowwhen you go on vacation and
renting your place out, allthose things can help to offset
costs.
And I'm doing a.
I'm turning the place, I'mdoing some rehab into a place I
just bought.
I'm going to turn it intoAirbnb with the only goal to pay
for my trips.
I'm put up online when I wantto go.
(19:41):
I'm going to pay for at leastthe hotel and I can enjoy it,
and it's kind of a hopefully anet zero by the end of the trip.
Speaker 2 (19:49):
That's right.
Well, my wife and I we're.
We bought a pre-constructioncondo in Miami and I talk about
it every once a while on hereand my friends are probably
tired of hearing about itbecause it's been under
construction for the last threeyears.
But whenever you buy one ofthese units you're buying them
probably 20 to 30% below marketbecause it's pre-construction
right.
The developers are motivated tosell units because if they
don't sell a pre-sell enough ofthem, the bank's not going to
(20:11):
give them the debt financing aspart of the capital stack.
So they have to sell theseunits.
So you go in there.
Usually you know you have tocome up with 50%, at least in
Miami, and that's to keep kindof the 3% people out of there.
Like the people that only got3% to put down, they're not that
invested in it.
They need people who are fullyinvested.
So you have to put 50% down.
(20:31):
But you got about two years toput that down because there's
tranches right.
Every time they hit a milestoneyou put a little bit more money
down.
But these units that they'rebuilding now down there I mean
half the building's, probably ahotel, the other half's owner
units.
But the hotel will manage theseunits for you for 25%, and it
used to be 50%.
These condo tells.
In places like Brickle, whichis a really nice part of Miami,
(20:55):
they were doing these condotells where essentially you only
get access to your unit for 30days or 60 days or whatever it
is, and then you have to give itto the hotel the rest of the
time.
Well, the new units they'rebuilding, these are fully Airbnb
, no rental restrictions.
You can rent it one day, youcan live in it another day, you
can do whatever you want, butthe Airbnb it's paying for it.
(21:15):
I mean the average rent downthere.
You know, if you wanted to rentit out, regulars like $3,500,
$4,600 a month downtown Miami.
If you want to do Airbnb,you're looking at maybe $400 on
average a day and you can rentit out 70% of the time.
I mean, why wouldn't you dothat?
And now you've got a unit thatyou own in downtown Miami, say
(21:35):
Brickle, one of these, windwood,which is another you know up
and coming area in Miami.
But I mean the rental is payingfor the unit, very similar to
what you're talking about.
I mean it's assets, right,assets.
These things are making youmoney while you're asleep.
It does not require your time.
It requires a little bit oftime.
(21:56):
Right, you're signed a deal,but you know there's things out
there that people could be doingthat they're just not thinking
about.
And it's amazing what's outthere now, these options, so
many of them, were not availableto people 20, 30 years ago.
They just weren't.
And people act like we stilllive in those times.
(22:17):
But you're not going to getwealthy.
You're not going to get overthe hump with a nine to five job
.
You're going to be essentiallya wage slave until you, you know
, get that gold watch when youturn 65 and you can finally get
that Social Security you've beenpaying it to.
But you need assets.
You need assets and you need toinvestigate what is out there
and you need to understand justthe basics of money.
(22:39):
And this is one of those thingsTime.
You only have so much of it.
You need to multiply yourselfsomehow, unless you have
employees.
If you don't have employees,you got to get assets Agreed.
Speaker 3 (22:53):
And I would say there's so many investments out
there, I always try to narrowpeople down early on and try to
master at least one.
If you love real estate, you'llfind a thing there.
Maybe you want to do Airbnb.
I love pre-construction.
We did a lot of that in the mid2000s.
There's different techniques,strategies owning just rental
(23:13):
properties, flipping properties,rehabbing.
Probably if you're good withyour hands, you like that.
Flip properties.
There's a lot of opportunitiesout there.
With every opportunity there'srisk.
So I just tell people whateveryou're going to do and as a
full-time hustle or a sidehustle, you need to take the
time to master that, tounderstand the risk, the
(23:34):
potential gains, how it fitsinto your overall plan and all
that is the next level.
But you need that foundationfirst Minimal debt, the good
credit and so forth.
Even if you're going to do theTuro I see a lot of the exotic
car rentals where you buy anexotic car and the same same.
I think Turo might do thoseexotic car rentals as well.
(23:55):
You need to understand cars, youneed to understand maintenance,
you need to understand the costinvolved.
I'm always shocked at whenpeople go in still to the state,
go in to buy a car and carsalesmen know this.
They go in to buy a car theyhave kicking tires.
Okay, what's your budget?
Okay, it's $600 a month.
They're not talking aboutinsurance, taxes, registry, all
(24:17):
those other things that they'llexperience.
So car salesmen selling themthat $600 a month payment and
they realize, oh, I forgot aboutinsurance.
And these are adults that havebought two, three, four cars and
even with in my mortgage days,when I'd refinance people,
they'd be on their fifth, sixthrefinance they still didn't
understand the process.
(24:38):
And knowing that, those aspectsof the process, if you're going
in the car game or the realestate game or maybe invest in
other type of investment game,you need to take the time to
master that and have yourfoundation in place.
You're going to be the only onethat you should be trusting
fully, because there's peopletrying to sell you things.
(24:59):
You need to be able to ask goodquestions and understand hey,
they're trying to sell me this.
It may not make sense for mysituation because my goals are
here.
They're going to know yoursituation better than anybody
else.
Unless you're hiring anindependent person, a coach, an
educator, independent, nottrying to sell you anything.
It's really upon you to masterthose topics so you're in
(25:20):
minimized risk and maximizeupside potential.
Speaker 2 (25:23):
That's right.
That's right.
I don't think people understandwho they're listening to right
now, like you've been in USAToday.
Motley Fawn will blow your headup, but NBC News, american
Banker, washington Post,business Insider, cnbc, a Nerd
Wallet, nasdaq MarketWatch, Imean it goes on and on 401k,
specialist Financial Advisor,like the list goes on.
What made you want to get intothis?
(25:46):
What have you learned alongyour own financial journey that
led you to this point where nowyou're helping other people?
Speaker 3 (25:56):
I think it started young.
I was always so watch my dadand my grandfather always
interested in investing.
I bought my first property at19 years old, my next one at 20.
I still am selling here in afew weeks.
Here's put on Market Lease andI just always had that interest
in investing.
But I made mistakes when Istarted.
That was the sexy stuff, right,investing, growth, businesses,
(26:20):
real estate.
I did a study the creditbudgeting.
It doesn't sound as exciting,but it's really the foundation.
I messed up, got myself behindthe eight ball gun, to trouble
for many years, worry, sleeplessnights, all that.
So I got into financialservices because I want to help
people.
Right, I want to help peopleavoid that.
In my last seven years or so wasin the mortgage side of things
(26:41):
and I would love helping people.
I loved it.
They come in you have a lot ofdebt, have some equity in their
home.
They're wanting to refinancehigh rate.
I would pay off all their debt.
Get them into a nice clean loan.
I would show them on aspreadsheet I don't work out
their budget on a spreadsheetYou're saving 2,500 a month.
Put that in savings.
You're good, you're golden.
I get really excited andinspired, especially when I
(27:02):
first started, but then fivemonths, six months later.
Hey, I need another 50 grand.
Well, what happened?
We had a plan you should be up24 grand this year just on the
amount of savings I have.
Oh, yeah, got a bow, went onvacation.
Okay, one more time, let's dothis 50 grand more.
Okay, what happened six, eightmonths later?
(27:24):
Another thing, and at that timeprices were obviously going up,
so it was like a bank accountfor them and even though I was
getting paid on that, I neverwanted to see them do that I
would work in, and so I feltlike I was putting a bandaid on
people and it was frustrating.
And some of the stories youhear where people are getting
(27:44):
evicted while they're on thephone with you hey, I need help.
You should have called me amonth ago.
Or guys like you know theworker factory that are crying
on the phone begging for money.
It was heavy stuff, man.
I never get stressed about mypersonal things, but during my
last few years I was sleeplessnights because I'm like how am I
gonna help this guy?
What can I do?
So I need a break.
(28:06):
Went up to my parents up inMontana and my mom said when
you're younger, you always wereupset that they didn't teach
financial literacy in school.
That's right.
So from that point on, just lefteverything I was doing on the
mortgage side and focused onfinancial education with a focus
on youth, teens and youngadults, cause I wanted people to
(28:26):
avoid the mistakes I did.
I also had the successes I didearly on and we've since grown
to serve all ages, kids throughadults.
But that was really theinspiration, what brought me
here, and the goal is to helppeople proactively do it.
It's much easier to walk arounda pitfall than is to climb out
of a deep hole, right, so I wantto do that, but I know a lot of
(28:47):
people in those deep holes and,hey, there's support here for
you.
There's a path.
It might take some hard workand may take some extra effort,
but you can get there.
I just want everybody having agood night's sleep, know what,
hey, their family's protected,knowing they can pursue
opportunities, and know thatthey can be, in case that COVID
happens or something else, theycan be that contributing member
(29:08):
of their society, of theirneighborhood, of their friends
and family, work where they canlend that to support to other
people.
Speaker 2 (29:14):
I love it.
I mean, what is wrong with theschools?
What's going on there?
These states, it's nuts thatthey just don't teach personal
finance.
I mean, here's the thing.
I mean, I've run for state repand I was in the running for
mayor here in Cincinnati.
And the states want to attractbusinesses right, they want to
(29:38):
attract people.
They want their states tothrive economically right, it's
really hard to get somebody tomove from a place like
California to Ohio, for example.
Right, you would think stateswould want to teach financial
literacy so that the people whocurrently live in the state
(29:58):
could prosper and createbusinesses and hire other people
.
And it's just not.
Unless you're personallymotivated as a young person,
like you were, like I was to dobetter, it just doesn't happen.
Like you're not going to,you're not probably going to
grow up to be an entrepreneur,you know, and it sucks because
(30:23):
you would think the states wouldwant to see that happen for
people, right?
Speaker 3 (30:28):
You would think you know I have my own conspiracy
theories behind why they don'tbut the facts are.
For the last 100 years we'vebeen teaching the same subjects.
We actually pulled up reportcards.
From 1920 till today it's beenmath, english, social studies or
social science and science.
Right, that's the four coresubjects Back then.
These have the religion classesand so forth, but the core four
(30:50):
fundamental classes are thesame.
We have computers now.
Second, these high school levelsubjects aren't used by anybody
in the real world to make money.
Science less than 6% of peopleutilize that to earn income In
high school level.
Math less than 25%.
It's closer than less than 10%that really even need it, but
25% just expanding it to be veryconservative.
(31:12):
Social science less than 16%.
So they're teaching uselesssubjects.
Financial literacy,entrepreneurship, career
planning benefit 100% ofstudents and they're failing to
teach that.
Even the states that and I'malways kind of the negative
person in the financialeducation space because
everybody always claps when astate enacts, like Florida did,
(31:33):
a half credit requirement tograduate Everybody's clapping.
I'm like that sucks right.
There's these grading systemsfor states.
Financial literacy Everybodyhas like a ABCD rating system.
If we looked at them and we sayevery state absolutely fails,
they failed to meet even thebasic education standards
(31:54):
required by other subjects.
What are some of the basiceducation standards Funding
qualified educators actuallyknow what they're teaching right
.
Oh my God, yeah, curriculumthat's not just random topics
that are thrown in, that arefocused on outcomes, testing
requirements, standalone classrigor.
Like you would.
Anything Sun's quoted in thisForbes article where everybody's
(32:16):
clapping this one state,african state, oh great, it's
showing them a momentum offinancial education.
I said it's not doing anything.
Imagine trying to speak inSpanish after one half a
semester of that.
You can't do it.
And with money you and I knowwe've experienced this
behavioral.
It's not just one plus oneequals two.
(32:36):
No, every kid in the class hasdifferent experience, different
socioeconomic background,different habits, different
behaviors, different goals,different plans, and we need to
address that and I'd say that'sthe most important topic we need
to teach.
When I say financial literacy,I mean also not only money
management, but entrepreneurshipand career planning, because
(32:56):
you need money coming in to beable to manage something.
Right.
That's right.
That needs to be taught inschool so that we're producing
these kids that can go out andactually move out before they're
40, right, and we see it withthe boomerang kids going to
college coming back with theparents of 30, 40.
Most parents are still feedingtheir kids money after they're
18 years old.
(33:16):
It's time to clip their wingsand to clip their wings, we need
to make sure they get theeducation required to do so.
Speaker 2 (33:24):
When.
It's funny, I'm from Cincinnatihere in Vivec Ramaswamy who's
running for president right now.
He's.
I've been following him becausehe's from Cincinnati and he's
from the West Side, so that's myside.
And his parents were immigrants.
They had to come here withnothing and figure out how to do
something.
He started severalmulti-billion dollar companies.
A hardworking guy came fromnothing and went to Harvard and
(33:47):
a bunch of other great schoolsand yeah, I think guy's worth
like $600 million now.
So he's running and he's talkingabout the schools and he's
saying you're unionized.
What are you unionized against?
Like you're funded by the state.
Like it's not like you havesome like boss, that there's
some evil corporate greedy bossperson like there was back in
(34:10):
the day who's telling you youhave to work all these extra
late hours and everything.
Your boss is just the state.
You're getting this money, nomatter what.
Are you actually unionizedagainst being held accountable?
Is that what you're unionizedagainst?
Because it seems like for yearsthese schools, especially inner
city schools I mean luckily Iwent to a performing arts school
(34:31):
in the city and now I own an adagency, right, so I mean it
worked for me, but it was aspecialized school, one of two
schools in the public schoolsystem here that is a magnet
school, is the other ones forsmart kids and the other one I
went to is for creative kids.
But those largely do well thestudents that come out of there.
But the other ones are just acomplete failure.
(34:52):
It seems like, and it's beenlike that for years.
I don't think I could remembera time when people that were
coming out of those schools weredoing well.
I mean, you have every once in awhile you have an outlier, but
most of these people I mean theyfeel, you know, stuck.
They don't, they don't graduate.
A lot of them.
They they're not motivated tostay in school.
(35:14):
They're not learning anything.
It's really engaging them andif they do get out of school
they don't know what in theworld they want to be.
They don't want to bescientists, they don't want to
be whatever they're.
They're, they're looking forsomething, but nobody ever told
them hey, here are the thingsthat you can be when you
graduate.
If I grew up in the hood like Idid, there's like five things
you think you can be.
If you don't see it and most ofthe people around you are on
(35:37):
public assistance or they're onwhatever you don't like okay,
maybe I'm a professional publicassistance taker, or maybe I'm a
drug dealer, or maybe I becomea rapper, or maybe I'm a
football player.
Like, what are the chancesyou're going to become any of
those things, right?
Nobody teaches kids how to be anaccountant.
Nobody teaches kids that's evenan option for them.
Nobody teaches that.
I mean, you think, maybe doctor?
(35:59):
I don't know how to become adoctor.
Really, I got to go to schoolfor that.
I I sucked at school.
You know what else is there, youknow there's so many
professions out there.
But people that live in kind ofone of these situations where
they don't have a large network,they're not exposed to
different career paths, they'rejust not.
You know, it's a you're, you'relimited to even the
(36:21):
understanding.
I mean, just teach that inschools.
At least teach them the options, like, maybe do a personality
test and say, hey, you're veryanalytical.
This personality test showed us, maybe you should go into this
career.
Or wow, you're really creative.
Maybe you should go into thiscareer.
That's not happening.
We're just not teaching thesekids stuff.
We're teaching them stuff theydon't care about and stuff they
(36:42):
don't plan on ever using.
And the big thing is finance.
That's if they could just comeout of school understanding how
money works, how our systemworks.
You live in a world we live inAmerica.
This is pure individualisticcapitalism 100%.
Speaker 3 (37:02):
Yeah, people die to get here because of the
opportunity every day.
Yes, they're taking theselittle raps from unknown places,
we know, but they're takingraps willing to die for the
opportunity.
We need to start teaching ourkids hey, you have opportunity
here.
Yes, you might be in an areawhere that's, you know,
socioeconomic, economically low,but we need to expose them.
(37:25):
There's an interesting study.
They surveyed kids in Chinaabout what they want to be in
kids in America.
This came out about a month ago.
Kids in China list the top fiveis like astrophysicists,
astronaut not making these up,chemical something, but they're
all like impressive, like wow,they're thinking this America
YouTube was number one athleteentertainer and the only one on
(37:49):
there that wasn't like kind ofthese fringe type of.
You know, good luck if you makea YouTube star, but you need a
backup.
Right Was teacher and we weretalking to our advisory board
and we were like why is that?
And the conclusion we came upwith was well, that's the only
other profession the mass ofthese students are exposed to.
So, introducing these concepts,I remember my buddy a good
(38:11):
buddy, shane.
In school we called him by hislast name.
I won't throw him under the bus.
He would never recognize if Icalled him Shane, but that was
his first name and you know hewas two years held back in high
school because he kind of passedEnglish, math, science.
He just could not.
We all helped him graduate bycheating from all that, but he
(38:32):
just needed the paper right.
I don't even care Morally, Iwant to help this guy.
Speaker 2 (38:35):
That's right.
Speaker 3 (38:36):
He was a genius when it came to cars and working on
it.
He had this old Chevy something.
I'm not too good with cars, buthe rebuilt the body, took apart
the whole engine, rebuilt thething from scratch.
On Dimes who's just picking upand picking up pieces from the
auto shop, all this.
He rebuilt it right.
He's an impressive guy.
(38:56):
He felt so beat down.
We had to help him with that.
Hey, dude, don't worry aboutthat, you're not going to go
this route.
Yeah, get that your paper.
You're not going to go there,I'll go to the cars.
But you know he was so beatdown.
He felt like such a loserbecause he couldn't pass a class
right.
And you know, fortunately wehave guys, I think, kind of joke
around with each other aboutthat.
(39:16):
But he, you know, he moved onand I think he got into that the
whole car thing after hegraduated.
We lost contact shortlythereafter but again he was a
few years behind there.
But he was so beat down becausehe'll never use science in his
life.
You never know what's pie usedfor Some circle thing.
I never needed it.
I spent weeks on it.
What's the purest tableelements?
(39:38):
I don't care.
I know I'm drinking, you knowwater and green tea, that's.
I don't care.
Photosynthesis I'll watch aDiscovery Channel if I'm
interested.
They're teaching these concepts.
It makes absolutely nodifference in our lives.
We'll never use it in anyprofession, unless you're an
engineer or something else whichyou need it.
But make those electives forthose people, like you said,
(39:58):
that are analytical.
For those other people that aremore just going to get in jobs
sales, marketing, other thingshelp give them another pass so
they don't have to waste theirtime with useless information.
Money, entrepreneurship thoseother things are really critical
to 100% of people that graduate.
Speaker 2 (40:17):
That's awesome.
That's awesome.
That's 100% true, everythingyou said.
It's just amazing that you know, we know, everybody seems to
know, everybody talks about itbut nothing ever changes.
And it's amazing that this isthe situation.
And I mean, yeah, like youmentioned, I mean there's people
coming into this country forthe opportunity and when they
(40:38):
get here, they take advantage ofthe opportunity.
Jeff Bezos' dad was a Syrianimmigrant.
Elon Musk's dad, you know, isfrom South Africa.
You know all these people.
Steve Jobs, his dad was aSyrian immigrant.
You know these guys are sayinglook where I came from.
I came from a place where thiswasn't possible.
I'm going to do what I can formy family to put my kids in a
(40:59):
position where they can becomesuccessful.
And it's that, you know, thatfirst generation that comes over
.
They're the ones who have to.
You know, fight and claw toothand nail to just get anything to
happen, because America'sexpensive, it's not cheap to
live here.
But the kids, they have theopportunity.
They're the ones who end upbeing the entrepreneur.
You know the big entrepreneurshit it big, take advantage of
(41:22):
what's happening, because theyhear the stories about the old
country.
They hear about the stories of,you know, being persecuted and
not being able to do what youcan do in America, and they
actually take advantage.
It's just we're not teachingthe kids here that same stuff,
right?
I mean, it's just like you'rein America already.
Good for you, you go work forsomebody.
Speaker 3 (41:42):
Yeah, I think you know we have American problems.
You know we work in all of them.
We have people in 60 countriesteaching with our certification
and you know it's.
You know we did a thing inPakistan years ago, but we had a
sense of team of surveyors overthere.
Nobody could really read sothey had to do it in person and
they were going to these littlevillages where if they needed
(42:02):
money they'd go to their triballeader.
If they couldn't pay theirtribal leader, then the kids
would go work for them, right?
So kind of enslavementcondition.
If their goat or any of theirlivestock, and mainly goats, if
they had a goat and it died, acouple goats died, that's their
entire future, right?
So the consequences globallyare our death.
Yeah, here in the States we'rearguing about the stupidest
(42:24):
stuff.
When we have a serious problem,I put a financial wellness at
the top of the problems.
That.
That one of the top problemsthat the country is facing today
.
Instead, we're arguing aboutdumb stuff and we're ignoring
the fact that this nextgeneration is inadequately
prepared.
They're soft, they're not readyfor the real world and we need
(42:44):
to prepare them so they can, youknow, carry this great, you
know, thing that's been going onin the future.
And we actually put outstandards for policymakers,
because all these financialliteracy bills come out Again,
everybody claps but it's justrandom.
So we put out standards forpolicymakers.
They gave them 12 clear bulletpoints.
Here's what needs to be in thebill and the reason we did that
(43:06):
is over the years last decade orso we had over a dozen
different people from houserepresentatives, the state
legislatures and so forth reachout saying will you support our
bill?
Right, and we'd read it andwe'd say, no, but here's our
notes, right, you can add those.
And we just gather that and wepublish these standards for them
.
But we really want to elevatethis.
So, again, these kids are ableto be self-sufficient.
(43:31):
You alluded to something earlierand you said it actually
directly.
You said that's the foundationPersonal, the individual's
financial strength contributesto community financial strength,
which contributes to nationalfinancial strength, and you know
the US is one of the biggestgivers internationally.
So I think it only strengthensthe entire world.
We can make the change.
(43:51):
It's time now that the schoolsystems adopt quality financial
education programming.
And you know again, people likeyou shows like yours, and how
your advocate too for this isalways needed because you're
reaching the masses right and Iencourage everybody to get
involved when you're looking atvoting.
(44:12):
So for the encourage thosepeople you like to support
financial literacy in theirschools.
Speaker 2 (44:17):
That's right.
That's right.
Well, vince, we're on the samepage here.
I think anybody who understandsmoney, understands, you know,
has started a company,understands how tough that is.
You know, put in the work tolearn things.
We get it.
We know it needs to change.
Unfortunately, there's a lot ofpeople out there who have no
idea what's happening to themand it's sad.
But I feel like it's ourresponsibility as people who do
(44:40):
know, you know, who see behindthe curtain, that it's our
responsibility to let otherpeople know, and I'm so glad you
were able to come on thepodcast today.
This has been great.
Talk a little bit about, realquick, how people get ahold of
you.
You know how do they reach outto the National Financial
Educators Council.
Who are the people that youwant to talk to?
Speaker 3 (45:02):
Yeah, thanks for that .
And really we want to talk toanybody that's passionate about
bringing this to their community, whether they want to educate,
whether they want to coach orwhether they just want to be an
advocate and say, hey, I believein this.
So we work with a lot offinancial professionals, a lot
of colleges, schools, nonprofits, faith based groups.
Really it's a very diversegroup that we serve.
(45:23):
So I might be on the phone witha retiree that just has a
passion for one second.
Next, it's a big corporation.
I'm what's bringing in forworkplace wellness.
So really, if you have apassion for this, if you want to
enhance your community'sfinancial wellness, we're open
to talk to you.
Financial educators council dotorg.
Financial educators council dotorg is where you can reach us,
(45:43):
and my personal LinkedIn isVince shoreb sh orb.
I'm on LinkedIn, so lookforward to connecting with you.
But I love your show, love whatyou're about.
You know these tips andstrategies are given it.
You know, for some people itmight just be two, five, $100,
$1000 a month.
It makes a huge difference.
Other people may take it muchfurther away, but I love what
your show is about and I reallyappreciate you have me on every
(46:06):
dollar counts, vince, that'sright.
Speaker 2 (46:08):
I appreciate it and thank you for your time I know
it's valuable.
And get back to doing that goodwork you do.
Speaker 3 (46:15):
Thanks, I appreciate it.
Speaker 2 (46:16):
Thank you.
Thanks for joining us on thisweek's episode of side hustle
city.
Well, you've heard from ourguests.
Now let's hear from you.
Join our community on Facebook,side hustle city.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(46:39):
Thank you.
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevy, myco-host.
Let's get started, all right.
(00:31):
Welcome back everybody to theSide Hustle City podcast today,
special guest Vince Shore.
Vince, how are you doing?
I'm good to be here.
Great Thanks for having me,thanks for being on the show.
So you know we just I spent youknow I talked about a little
bit before the show here.
I spent a couple of days at apartner company of ours and we
were talking to the interns justgiving them a little advice on,
(00:53):
you know, life and hey, onceyou get done here, you're going
to go into the real world,you're going to get, you know,
you're going to graduate college, you're going to, you know,
probably want to spend all yourmoney that you make.
I told them more money, moreproblems, like the more money
you make, the more money youwant to.
You think you can spend right,and then something happens like
a recession which we're kind ofmoving into right now, and then
(01:13):
you wonder what happened?
All my money?
And you're here to essentiallyjust give us a little breakdown
on on on how to act when itcomes to finance and you know,
maybe some of the demystify,some of the issues people have
with money.
Speaker 3 (01:27):
And see all the points you made are right on
target and it's alwaysinteresting.
You know, when people earn more, they spend more than just
things we see all the time.
Yeah, I took over 20,000applications from coaching the
mortgage side over my life andyou think these people look like
they're in a great financialsituation.
They get nice house, some nicecars.
(01:49):
Then you open up under the hood, right, you see what's on the
back end of their finances,their credit, their lack of a
money, Emergency savings, anddata typically shows you know
people out there 40 to 60% ofpeople, just depending on the
survey you're looking at wouldhave a lot of problems coming up
with even $1,000.
And I think when it's in thegood times, you need to be like
(02:10):
that squirrel, like you said,socking things away.
You know we have so many riskpotentials out there, right, we
saw with COVID right, that was abig eye-opener for a lot of
people that you know we'reprepared for some basic things
on a couple of months laid offand other more serious issues,
but it's epidemic and we reallyour message is really preparing
(02:31):
people so they don't feel in asituation where they can't sleep
at night, where they're worriedabout how their next food bill
is going to be paid or theirhousing expense, so they can
enjoy a little of what life'sabout and relax a bit and pursue
those other things in life.
Speaker 2 (02:46):
Yeah, and I know a little bit, just as somebody
who's.
You know we grew up in poverty.
We didn't have a whole lot.
You know money was a big deal.
You know when you don't have it, you know you're always
thinking about it, worried aboutit, and you know I made it a
point of mine.
You know, hey, one of thesedays, if I ever get some money,
I'm going to learn how to use it.
Learn how to use it best, learnhow to invest it.
Be smart about money.
(03:07):
You know I don't have 15 yearsof financial services experience
like you do.
I mean you've helped 20,000people.
I mean it's amazing, you know,having people like you on the
show.
It really benefits, you know,all of our listeners.
It benefits me.
I learned from everybody that'son this show.
But I mean this is somethingthat you know.
I know it's super important.
(03:28):
Don't even.
You can't even start a business.
You can't even I mean you can'teven start making a budget for
your.
You've got to understandfinance Like there's.
You can't take risk in thisworld, especially in America,
and go and try to become anentrepreneur until you know at
least the basics of finance.
(03:49):
How does money work?
You know how do I set.
You know how do I?
You know you've got to getconservative with money.
If you're going to be anentrepreneur, there's going to
be upsides.
There's going to be downsides.
You're going to have cash flowissues, god forbid.
You start hiring employees Now.
You're responsible for theirlivelihoods.
I don't want to work forsomebody who doesn't know how to
manage money.
I mean, that's just basic rightand you owe it to your company.
(04:13):
You owe it to your family.
You owe it to the families ofthe people that work for you to
understand what's going on andunfortunately, vince, they don't
teach us stuff in schools.
Speaker 3 (04:24):
They don't and it's sad.
And if you would look at howkids are raised, starting young,
because a lot of what we seewith adults is behavioral, that
starts habits as kids, right, wesee advertisers targeting kids
with these messages.
We see schools not teaching it.
We see these influencerspromoting this lifestyle, which
is great for them.
They can afford it.
(04:44):
The average person can't.
So there's always a feeling oftrying to keep up with the
Joneses, right.
And for those younger listeners, keep it up with the Joneses, I
mean keep it up with yourneighbors and the people you
feel are peers.
And today our peer group, withsocial media so far, has
expanded so greatly and thisoften carries from the personal
side of things to that businessside.
(05:06):
So I know what theentrepreneurs we work with.
We see bad habits on theirpersonal side, either with
credit or budgeting.
Those are the same skill setsand abilities you need to manage
business.
If you think it's challengingto manage your personal finances
, imagine when it's fiveemployees, 10 employees, you
know, $10,000 a month,subscriptions, office expense,
(05:27):
et cetera.
It's the same skill set justamplified.
And I agree with you completelyas business owners, you have a
duty for those people around you.
So we need to start to thinkback to that childhood.
What are those behaviors?
How do I manage my money?
How can I tweak my behavior soI'm a better steward, so I can
take better care of peoplearound me?
Speaker 2 (05:48):
That's right.
That's right, and I just youcould probably talk to this,
speak to this.
I just heard the other day, andI just looked it up here now,
that Americans are getting intomore credit card debt.
Interest rates went through theroof.
People had a lot of stuffduring COVID.
They may have took off work,they may have left their job
completely.
You know they were relying onthe government for those little
$300 checks they were doling out.
(06:09):
And now this headline on CNBChere says Americans owe nearly
$1 trillion in credit card debt.
This isn't just all debt, thisis just the credit card debt,
and there's a breakdown on thisarticle by HP.
If you want to go, look at thison the CNBC site.
You know, just look up.
You know personal credit carddebt for Americans, but the
average American carries $5,700over $5,700 in credit card debt
(06:35):
right now, and people between 40and 49, my age group carry over
$7,600 in credit card debt.
And this has just been going upand up and up and I feel like
it's the folks that you know.
They were living high on thehog before you know, when
everything was going good andthe money was getting handed out
and money was plentiful and itwas cheap, credit debt was cheap
(06:57):
, but now those 0% credit cardsare turning into 24% credit
cards.
Speaker 3 (07:02):
Right, Very true.
And if we add in just studentloan debt at the $1.7 trillion
mark as well, now we're at the$2.7 trillion.
We add in auto debt and otherdebt that's depreciating assets
or no assets, we got a majorproblem on our hand.
And again it goes back to whatwe're not teaching at school,
goes back to habits, consumerism.
(07:23):
But the beauty is there's somuch information out there shows
like yours, people teaching indifferent venues and things like
that.
There's ways to learn andoftentimes we find people's
motivation to learn is eitherone of two things Is either
something very positive, like Iwant to buy a home, I want to
invest, I want to do somethingpositive or something negative
(07:45):
right, hey, I'm going to getevicted, I just lost my job.
So we find the motivation tolearn is really at these two
extremes.
What I always encourage peopleto do is have a plan.
Very few people have a planless than a third from the data
I saw from a Gallup poll aCharles Schwab survey, I believe
it was have a financial planlaid out.
(08:07):
And when you don't have a plan,what are you going to educate
yourself on?
It's like what am I?
I have a plan, then I canfigure out what I need to
educate myself on.
If I'm not going to buy a homefor 10 years, maybe I don't have
to educate myself on that now,but I may need to learn about
credit, improving my credit,saving money.
So the basics A plan always canguide our learning, especially
(08:30):
with adults.
For those younger it's oftenjust preparing for those
upcoming life events, but as anadult, we have so access to so
much information.
Create a plan and then decideon what education you need now,
what you need to learn andmaster to get to that next level
.
Speaker 2 (08:49):
That's right.
That's right.
And, guys, if you don't knowthis, if you've never started to
side us before and you've neverturned that into like a real
business, if you've just got anine to five job they're paying
you a W-2, you can budget, youcan plan.
It's not that hard, it's reallyeasy.
Once your life gets ascomplicated as mine and you've
got rental property sometimespeople pay their rent, sometimes
(09:10):
they don't You've got, you know, variable projects that come
through.
You know I own an ad agency, sonot everybody's on a fixed
retainer.
Sometimes I get it.
You know, tomorrow I could geta $10,000 website project.
You know, I don't know.
It becomes so much morecomplicated when you don't know
where the money's coming fromand you have to go out there and
(09:30):
hustle and grind to get everyjob right.
And that's just going to happen.
It's going to be harder andharder and harder if and I don't
want to, you know dissuadepeople from starting a side
hustle because it's great, thefinance.
You know, the freedom is greatof it, but it's going to get
much more complicated.
If you think it's hard tobudget now, just wait until you
start you.
Maybe your wife starts her ownside hustle If you break away
(09:53):
from that nine to five world.
It's going to get morechallenging.
Speaker 3 (09:57):
Yeah, man, I love the whole concept of the show the
side hustle simply because youknow, if we look at the data you
shared before, the averageperson about $5,700 a debt, $40
to $49,.
I believe you said you know, ifyou get a side hustle that pays
$500 a month, right, well,that's a year you can pay down
that debt, right.
So things like this that can beadd on where you can say, hey,
(10:20):
I'm going to really put somefocus down, I'm going to pay off
debt, I love my job, I lovewhat I do.
They won't give me a raiseright now.
There are other opportunitiesfor you.
Or, hey, I'm working hard, Ipaid off my debt, but I just
don't have enough to say for adown payment.
There's opportunities throughside hustles and other things
that aren't major disruptors toyour life.
(10:40):
It's just something to add onto really enhance and help you
work faster toward those endgoals.
Speaker 2 (10:46):
That's right.
And, vince, I'm just going togo out on a limb here and say,
you're kind of like me andyou're probably enjoy being
cheap Like I.
Actually it's a challenge forme.
I'm like, let me see how cheapI can be this month and it's
frugality, right, it's a goodword for it.
You know people say, oh, you'rebeing cheap, whatever.
(11:07):
I just think there's somepeople who are kind of made for
this.
They're kind of made to budget.
They're kind of made we getexcited about how much money we
saved and we're able to investlast month.
But there's a lot of people thataren't made for that and it
takes a lot for them to be ableto overcome the consumerism that
(11:29):
is prevalent in this country.
This entire country is built onconsumerism and you're hit with
messages and I own an ad agency.
I know I'm I'm guilty ofputting these messages out here.
You're constantly being hitwith buy this, buy this.
Oh, you need this new thing,you, your life needs to be more
convenient.
They are hitting on all thepsychological triggers that make
(11:53):
you want to purchase something,even when you go in the store
where products are all thatstuff.
You're constantly being hitwith this stuff and it can be a
challenge, and working with aprofessional, working with
someone who can, who can be anaccountability partner for you,
is very important, I think.
Speaker 3 (12:11):
I agree, and that's you know.
We train coaches and educatorsand our coaches are working with
people one on one, and that wasalways a big challenge is to
switch their behaviors from theyou know their temptation all
around ads, which you mentionedconsumerism, it's all around.
So oftentimes, when people arelike that, what they have them
focus on is their major expenseswhere they live, their car and
(12:36):
taxes of some cases.
But a lot of people most people, are about the 30% of their
income goes to their housing.
Right, that's a major expense.
Do you need that housing or canyou tailor that back?
You know, shaving 10% off ahousing expense can go a long
way toward being able to enjoythose other things.
(12:57):
Maybe you don't want to give upin your daily life.
Cars I see the most ridiculouscars out there.
When I drive throughneighborhoods I'm like this does
not look like a neighborhoodthat should have a escalated
Mercedes and a Hummer.
Right, it's the.
And even when I go to collegesto talk, I see the nicest cars.
(13:17):
Meanwhile at school I drovelike a beat up green truck, just
bad.
But yeah, even today I buy oldused cars, I mean the outdated
models.
I don't see a purpose in it forme personally, right, it's
never earned me.
Business has never doneanything for me but be an
expense.
So I had to agree.
I am frugal in those senseshousing and car expenses and so
(13:38):
forth.
I might do like.
You know, we can pick ourbattles on what we like to
splurge on.
I have once I like that nicemeal out or that vacation.
I'm sure you do as well.
But for those people that arehaving problems that say, hey, I
can't stick to my budget,tackle the big boys first.
Right, look at your housingexpense, look at your car
expense, see how you can reducethose and still live maybe more
(14:01):
of that lifestyle you want.
But you got to save first.
You got to find a way to save.
Otherwise, when that money runsout, another COVID hits.
Who knows what's going to happenin the future?
You're going to completely missout on that lifestyle.
You're going to have tocompletely change and you're
going to have a lot more worryassociated with it.
So a lot of our culture aretrying to paint hey, here's the
(14:22):
positives, here's the negatives.
Right?
Either encourage them you knowwe can encourage with the carrot
or a whip, right?
So the carrot is the positivethings we're working toward and
the whip is those things we'rescared of as people.
And you can do this on yourself.
You know for your listeners, ifyou feel like hey, I just can't
stay motivated, can reflect onthe things that you want and the
(14:43):
things that you just are scaredof.
Speaker 2 (14:45):
Well, vince, I'm going to change your life here.
Your car is about to become anasset for you.
So I've been using Turro.
So I it's actually part of thispodcast I went out and bought a
new car and I put it as aGenesis GV80.
So it's not a cheap payment butit's a really nice car.
I live close to the airport soI can deliver it to business
people when they come into town,which is key for what I'm doing
(15:06):
, the strategy I'm using forTurro.
But Turro is like the Airbnb ofcars, right.
So I, literally right before Igot on this podcast with you,
somebody booked my car and I gotto meet her tomorrow at my
building and she's going to pickit up and take it down to
Nashville.
But three days 517, 518, 517.95, I'm looking at it now and just
(15:29):
to take my car until Sunday andpick drops it off.
So Friday to Sunday, you know,after fees and all that other
stuff, that's half my payment,right?
So last month I think it waslike $2,500 I made rent my car
out.
Somebody took it to it for, youknow, seven days or whatever.
But you know, I mean it's a wayto if you already spent money on
(15:49):
that expensive car.
If you've already got that car,you don't have a beater to
drive around.
It's an option, right?
It's an option Like you rentthis thing out for a week, pay
for your car for the whole month.
And there's other people thatuse different strategies.
They'll go out and get, say, anold.
Actually, the hot car right now, I think in Ohio that makes the
(16:10):
most sense, is a MaseratiGhibli.
So there's $100,000 new car.
But if you buy it two or threeyears later it drops all the way
down to $30,000.
But people still think it's areally fancy car, so they're
willing to pay $150,000.
$200 a day to rent this car out.
And here you are with anothercar, a nice car that you could
(16:32):
rent out.
And then if you've gotsomething else, like I've got a
Silverado, I got an old 2007Silverado.
I had that car ever since CS7.
Like that's been my car, right,I can always drive that thing
around.
Doesn't bother me any, you know, as long as I'm getting this
car payment paid down.
But there are things now sidehustles, like Turro, like Airbnb
(16:52):
, where you can rent out a roomin your house that can help you
reduce some of these biggestexpenses in your life your house
, your rent, like you said, 40%,30%, 40%.
That is your biggest expense inyour life outside of maybe a
kid.
You know You've got thatproblem.
Then you've got your car, whichis probably next, unless you've
(17:12):
got these crazy student loans.
Maybe that's third, maybe thestudent loans are second.
I don't know.
Maybe you're a doctor, yourstudent loans are definitely
second.
They might even be first atthat point.
But there are things out herethat you can investigate to
bring down those monthlyexpenses and then take that
extra money, put that aside fora nest egg.
But it requires people toactually dig in and look for
(17:36):
these things that could beopportunities for them to make,
earn extra income, save somemoney, invest that for a rainy
day, because you do not want tobe in a position where we hit a
recession all of a sudden andVince, I'm sure you're talking
to people right now that this is.
We hit a wall.
People were living high on thehog three, four, six months ago
(18:01):
and it just this interest ratestuff.
It happened quick and theeconomy is slowing down and we
hope we have a soft landing.
People listening probably don'tknow the difference.
You know soft and hard landing,but we're hoping for a soft
landing right now.
Speaker 3 (18:16):
Yeah, fingers crossed , and yeah, you make great
points with all those.
I actually had a conversationabout the tour and I love the
concept.
I was talking with a personabout it and they said, well, I
don't want to do all that work.
I'm like, how much do you getpaid Right Hourly?
And like you pick up, drop offand you have to clean it.
I think that's all you reallyneed to do.
Inspection initially, it's likedo you make?
(18:37):
You know?
I forget whether they're likeyou know 500 less, use $500.
Do you make that $500?
How long does that take you?
Oh, a week, okay, well, hereyou go.
Right, yeah, I'm not sure, butI consider that more on the
passive income side than reallyactive, where you're having to
drive a Uber or something, whereyou're active to earn every
dollar.
Speaker 2 (18:56):
Exactly yes.
Speaker 3 (18:59):
So I think opportunities like that are
great because time is yourbiggest commodity.
If you're doing side hustlesthat require your time and
attention all the time, that'sfine, but there's a limit to
that amount, right?
So if you're doing these otherthings that are more passive,
that require a finite amount oftime and you can earn more over,
(19:19):
you know that you can benefitfrom that time advantage.
Renting a room out, you knowwhen you go on vacation and
renting your place out, allthose things can help to offset
costs.
And I'm doing a.
I'm turning the place, I'mdoing some rehab into a place I
just bought.
I'm going to turn it intoAirbnb with the only goal to pay
for my trips.
I'm put up online when I wantto go.
(19:41):
I'm going to pay for at leastthe hotel and I can enjoy it,
and it's kind of a hopefully anet zero by the end of the trip.
Speaker 2 (19:49):
That's right.
Well, my wife and I we're.
We bought a pre-constructioncondo in Miami and I talk about
it every once a while on hereand my friends are probably
tired of hearing about itbecause it's been under
construction for the last threeyears.
But whenever you buy one ofthese units you're buying them
probably 20 to 30% below marketbecause it's pre-construction
right.
The developers are motivated tosell units because if they
don't sell a pre-sell enough ofthem, the bank's not going to
(20:11):
give them the debt financing aspart of the capital stack.
So they have to sell theseunits.
So you go in there.
Usually you know you have tocome up with 50%, at least in
Miami, and that's to keep kindof the 3% people out of there.
Like the people that only got3% to put down, they're not that
invested in it.
They need people who are fullyinvested.
So you have to put 50% down.
(20:31):
But you got about two years toput that down because there's
tranches right.
Every time they hit a milestoneyou put a little bit more money
down.
But these units that they'rebuilding now down there I mean
half the building's, probably ahotel, the other half's owner
units.
But the hotel will manage theseunits for you for 25%, and it
used to be 50%.
These condo tells.
In places like Brickle, whichis a really nice part of Miami,
(20:55):
they were doing these condotells where essentially you only
get access to your unit for 30days or 60 days or whatever it
is, and then you have to give itto the hotel the rest of the
time.
Well, the new units they'rebuilding, these are fully Airbnb
, no rental restrictions.
You can rent it one day, youcan live in it another day, you
can do whatever you want, butthe Airbnb it's paying for it.
(21:15):
I mean the average rent downthere.
You know, if you wanted to rentit out, regulars like $3,500,
$4,600 a month downtown Miami.
If you want to do Airbnb,you're looking at maybe $400 on
average a day and you can rentit out 70% of the time.
I mean, why wouldn't you dothat?
And now you've got a unit thatyou own in downtown Miami, say
(21:35):
Brickle, one of these, windwood,which is another you know up
and coming area in Miami.
But I mean the rental is payingfor the unit, very similar to
what you're talking about.
I mean it's assets, right,assets.
These things are making youmoney while you're asleep.
It does not require your time.
It requires a little bit oftime.
(21:56):
Right, you're signed a deal,but you know there's things out
there that people could be doingthat they're just not thinking
about.
And it's amazing what's outthere now, these options, so
many of them, were not availableto people 20, 30 years ago.
They just weren't.
And people act like we stilllive in those times.
(22:17):
But you're not going to getwealthy.
You're not going to get overthe hump with a nine to five job
.
You're going to be essentiallya wage slave until you, you know
, get that gold watch when youturn 65 and you can finally get
that Social Security you've beenpaying it to.
But you need assets.
You need assets and you need toinvestigate what is out there
and you need to understand justthe basics of money.
(22:39):
And this is one of those thingsTime.
You only have so much of it.
You need to multiply yourselfsomehow, unless you have
employees.
If you don't have employees,you got to get assets Agreed.
Speaker 3 (22:53):
And I would say there's so many investments out
there, I always try to narrowpeople down early on and try to
master at least one.
If you love real estate, you'llfind a thing there.
Maybe you want to do Airbnb.
I love pre-construction.
We did a lot of that in the mid2000s.
There's different techniques,strategies owning just rental
(23:13):
properties, flipping properties,rehabbing.
Probably if you're good withyour hands, you like that.
Flip properties.
There's a lot of opportunitiesout there.
With every opportunity there'srisk.
So I just tell people whateveryou're going to do and as a
full-time hustle or a sidehustle, you need to take the
time to master that, tounderstand the risk, the
(23:34):
potential gains, how it fitsinto your overall plan and all
that is the next level.
But you need that foundationfirst Minimal debt, the good
credit and so forth.
Even if you're going to do theTuro I see a lot of the exotic
car rentals where you buy anexotic car and the same same.
I think Turo might do thoseexotic car rentals as well.
(23:55):
You need to understand cars, youneed to understand maintenance,
you need to understand the costinvolved.
I'm always shocked at whenpeople go in still to the state,
go in to buy a car and carsalesmen know this.
They go in to buy a car theyhave kicking tires.
Okay, what's your budget?
Okay, it's $600 a month.
They're not talking aboutinsurance, taxes, registry, all
(24:17):
those other things that they'llexperience.
So car salesmen selling themthat $600 a month payment and
they realize, oh, I forgot aboutinsurance.
And these are adults that havebought two, three, four cars and
even with in my mortgage days,when I'd refinance people,
they'd be on their fifth, sixthrefinance they still didn't
understand the process.
(24:38):
And knowing that, those aspectsof the process, if you're going
in the car game or the realestate game or maybe invest in
other type of investment game,you need to take the time to
master that and have yourfoundation in place.
You're going to be the only onethat you should be trusting
fully, because there's peopletrying to sell you things.
(24:59):
You need to be able to ask goodquestions and understand hey,
they're trying to sell me this.
It may not make sense for mysituation because my goals are
here.
They're going to know yoursituation better than anybody
else.
Unless you're hiring anindependent person, a coach, an
educator, independent, nottrying to sell you anything.
It's really upon you to masterthose topics so you're in
(25:20):
minimized risk and maximizeupside potential.
Speaker 2 (25:23):
That's right.
That's right.
I don't think people understandwho they're listening to right
now, like you've been in USAToday.
Motley Fawn will blow your headup, but NBC News, american
Banker, washington Post,business Insider, cnbc, a Nerd
Wallet, nasdaq MarketWatch, Imean it goes on and on 401k,
specialist Financial Advisor,like the list goes on.
What made you want to get intothis?
(25:46):
What have you learned alongyour own financial journey that
led you to this point where nowyou're helping other people?
Speaker 3 (25:56):
I think it started young.
I was always so watch my dadand my grandfather always
interested in investing.
I bought my first property at19 years old, my next one at 20.
I still am selling here in afew weeks.
Here's put on Market Lease andI just always had that interest
in investing.
But I made mistakes when Istarted.
That was the sexy stuff, right,investing, growth, businesses,
(26:20):
real estate.
I did a study the creditbudgeting.
It doesn't sound as exciting,but it's really the foundation.
I messed up, got myself behindthe eight ball gun, to trouble
for many years, worry, sleeplessnights, all that.
So I got into financialservices because I want to help
people.
Right, I want to help peopleavoid that.
In my last seven years or so wasin the mortgage side of things
(26:41):
and I would love helping people.
I loved it.
They come in you have a lot ofdebt, have some equity in their
home.
They're wanting to refinancehigh rate.
I would pay off all their debt.
Get them into a nice clean loan.
I would show them on aspreadsheet I don't work out
their budget on a spreadsheetYou're saving 2,500 a month.
Put that in savings.
You're good, you're golden.
I get really excited andinspired, especially when I
(27:02):
first started, but then fivemonths, six months later.
Hey, I need another 50 grand.
Well, what happened?
We had a plan you should be up24 grand this year just on the
amount of savings I have.
Oh, yeah, got a bow, went onvacation.
Okay, one more time, let's dothis 50 grand more.
Okay, what happened six, eightmonths later?
(27:24):
Another thing, and at that timeprices were obviously going up,
so it was like a bank accountfor them and even though I was
getting paid on that, I neverwanted to see them do that I
would work in, and so I feltlike I was putting a bandaid on
people and it was frustrating.
And some of the stories youhear where people are getting
(27:44):
evicted while they're on thephone with you hey, I need help.
You should have called me amonth ago.
Or guys like you know theworker factory that are crying
on the phone begging for money.
It was heavy stuff, man.
I never get stressed about mypersonal things, but during my
last few years I was sleeplessnights because I'm like how am I
gonna help this guy?
What can I do?
So I need a break.
(28:06):
Went up to my parents up inMontana and my mom said when
you're younger, you always wereupset that they didn't teach
financial literacy in school.
That's right.
So from that point on, just lefteverything I was doing on the
mortgage side and focused onfinancial education with a focus
on youth, teens and youngadults, cause I wanted people to
(28:26):
avoid the mistakes I did.
I also had the successes I didearly on and we've since grown
to serve all ages, kids throughadults.
But that was really theinspiration, what brought me
here, and the goal is to helppeople proactively do it.
It's much easier to walk arounda pitfall than is to climb out
of a deep hole, right, so I wantto do that, but I know a lot of
(28:47):
people in those deep holes and,hey, there's support here for
you.
There's a path.
It might take some hard workand may take some extra effort,
but you can get there.
I just want everybody having agood night's sleep, know what,
hey, their family's protected,knowing they can pursue
opportunities, and know thatthey can be, in case that COVID
happens or something else, theycan be that contributing member
(29:08):
of their society, of theirneighborhood, of their friends
and family, work where they canlend that to support to other
people.
Speaker 2 (29:14):
I love it.
I mean, what is wrong with theschools?
What's going on there?
These states, it's nuts thatthey just don't teach personal
finance.
I mean, here's the thing.
I mean, I've run for state repand I was in the running for
mayor here in Cincinnati.
And the states want to attractbusinesses right, they want to
(29:38):
attract people.
They want their states tothrive economically right, it's
really hard to get somebody tomove from a place like
California to Ohio, for example.
Right, you would think stateswould want to teach financial
literacy so that the people whocurrently live in the state
(29:58):
could prosper and createbusinesses and hire other people
.
And it's just not.
Unless you're personallymotivated as a young person,
like you were, like I was to dobetter, it just doesn't happen.
Like you're not going to,you're not probably going to
grow up to be an entrepreneur,you know, and it sucks because
(30:23):
you would think the states wouldwant to see that happen for
people, right?
Speaker 3 (30:28):
You would think you know I have my own conspiracy
theories behind why they don'tbut the facts are.
For the last 100 years we'vebeen teaching the same subjects.
We actually pulled up reportcards.
From 1920 till today it's beenmath, english, social studies or
social science and science.
Right, that's the four coresubjects Back then.
These have the religion classesand so forth, but the core four
(30:50):
fundamental classes are thesame.
We have computers now.
Second, these high school levelsubjects aren't used by anybody
in the real world to make money.
Science less than 6% of peopleutilize that to earn income In
high school level.
Math less than 25%.
It's closer than less than 10%that really even need it, but
25% just expanding it to be veryconservative.
(31:12):
Social science less than 16%.
So they're teaching uselesssubjects.
Financial literacy,entrepreneurship, career
planning benefit 100% ofstudents and they're failing to
teach that.
Even the states that and I'malways kind of the negative
person in the financialeducation space because
everybody always claps when astate enacts, like Florida did,
(31:33):
a half credit requirement tograduate Everybody's clapping.
I'm like that sucks right.
There's these grading systemsfor states.
Financial literacy Everybodyhas like a ABCD rating system.
If we looked at them and we sayevery state absolutely fails,
they failed to meet even thebasic education standards
(31:54):
required by other subjects.
What are some of the basiceducation standards Funding
qualified educators actuallyknow what they're teaching right
.
Oh my God, yeah, curriculumthat's not just random topics
that are thrown in, that arefocused on outcomes, testing
requirements, standalone classrigor.
Like you would.
Anything Sun's quoted in thisForbes article where everybody's
(32:16):
clapping this one state,african state, oh great, it's
showing them a momentum offinancial education.
I said it's not doing anything.
Imagine trying to speak inSpanish after one half a
semester of that.
You can't do it.
And with money you and I knowwe've experienced this
behavioral.
It's not just one plus oneequals two.
(32:36):
No, every kid in the class hasdifferent experience, different
socioeconomic background,different habits, different
behaviors, different goals,different plans, and we need to
address that and I'd say that'sthe most important topic we need
to teach.
When I say financial literacy,I mean also not only money
management, but entrepreneurshipand career planning, because
(32:56):
you need money coming in to beable to manage something.
Right.
That's right.
That needs to be taught inschool so that we're producing
these kids that can go out andactually move out before they're
40, right, and we see it withthe boomerang kids going to
college coming back with theparents of 30, 40.
Most parents are still feedingtheir kids money after they're
18 years old.
(33:16):
It's time to clip their wingsand to clip their wings, we need
to make sure they get theeducation required to do so.
Speaker 2 (33:24):
When.
It's funny, I'm from Cincinnatihere in Vivec Ramaswamy who's
running for president right now.
He's.
I've been following him becausehe's from Cincinnati and he's
from the West Side, so that's myside.
And his parents were immigrants.
They had to come here withnothing and figure out how to do
something.
He started severalmulti-billion dollar companies.
A hardworking guy came fromnothing and went to Harvard and
(33:47):
a bunch of other great schoolsand yeah, I think guy's worth
like $600 million now.
So he's running and he's talkingabout the schools and he's
saying you're unionized.
What are you unionized against?
Like you're funded by the state.
Like it's not like you havesome like boss, that there's
some evil corporate greedy bossperson like there was back in
(34:10):
the day who's telling you youhave to work all these extra
late hours and everything.
Your boss is just the state.
You're getting this money, nomatter what.
Are you actually unionizedagainst being held accountable?
Is that what you're unionizedagainst?
Because it seems like for yearsthese schools, especially inner
city schools I mean luckily Iwent to a performing arts school
(34:31):
in the city and now I own an adagency, right, so I mean it
worked for me, but it was aspecialized school, one of two
schools in the public schoolsystem here that is a magnet
school, is the other ones forsmart kids and the other one I
went to is for creative kids.
But those largely do well thestudents that come out of there.
But the other ones are just acomplete failure.
(34:52):
It seems like, and it's beenlike that for years.
I don't think I could remembera time when people that were
coming out of those schools weredoing well.
I mean, you have every once in awhile you have an outlier, but
most of these people I mean theyfeel, you know, stuck.
They don't, they don't graduate.
A lot of them.
They they're not motivated tostay in school.
(35:14):
They're not learning anything.
It's really engaging them andif they do get out of school
they don't know what in theworld they want to be.
They don't want to bescientists, they don't want to
be whatever they're.
They're, they're looking forsomething, but nobody ever told
them hey, here are the thingsthat you can be when you
graduate.
If I grew up in the hood like Idid, there's like five things
you think you can be.
If you don't see it and most ofthe people around you are on
(35:37):
public assistance or they're onwhatever you don't like okay,
maybe I'm a professional publicassistance taker, or maybe I'm a
drug dealer, or maybe I becomea rapper, or maybe I'm a
football player.
Like, what are the chancesyou're going to become any of
those things, right?
Nobody teaches kids how to be anaccountant.
Nobody teaches kids that's evenan option for them.
Nobody teaches that.
I mean, you think, maybe doctor?
(35:59):
I don't know how to become adoctor.
Really, I got to go to schoolfor that.
I I sucked at school.
You know what else is there, youknow there's so many
professions out there.
But people that live in kind ofone of these situations where
they don't have a large network,they're not exposed to
different career paths, they'rejust not.
You know, it's a you're, you'relimited to even the
(36:21):
understanding.
I mean, just teach that inschools.
At least teach them the options, like, maybe do a personality
test and say, hey, you're veryanalytical.
This personality test showed us, maybe you should go into this
career.
Or wow, you're really creative.
Maybe you should go into thiscareer.
That's not happening.
We're just not teaching thesekids stuff.
We're teaching them stuff theydon't care about and stuff they
(36:42):
don't plan on ever using.
And the big thing is finance.
That's if they could just comeout of school understanding how
money works, how our systemworks.
You live in a world we live inAmerica.
This is pure individualisticcapitalism 100%.
Speaker 3 (37:02):
Yeah, people die to get here because of the
opportunity every day.
Yes, they're taking theselittle raps from unknown places,
we know, but they're takingraps willing to die for the
opportunity.
We need to start teaching ourkids hey, you have opportunity
here.
Yes, you might be in an areawhere that's, you know,
socioeconomic, economically low,but we need to expose them.
(37:25):
There's an interesting study.
They surveyed kids in Chinaabout what they want to be in
kids in America.
This came out about a month ago.
Kids in China list the top fiveis like astrophysicists,
astronaut not making these up,chemical something, but they're
all like impressive, like wow,they're thinking this America
YouTube was number one athleteentertainer and the only one on
(37:49):
there that wasn't like kind ofthese fringe type of.
You know, good luck if you makea YouTube star, but you need a
backup.
Right Was teacher and we weretalking to our advisory board
and we were like why is that?
And the conclusion we came upwith was well, that's the only
other profession the mass ofthese students are exposed to.
So, introducing these concepts,I remember my buddy a good
(38:11):
buddy, shane.
In school we called him by hislast name.
I won't throw him under the bus.
He would never recognize if Icalled him Shane, but that was
his first name and you know hewas two years held back in high
school because he kind of passedEnglish, math, science.
He just could not.
We all helped him graduate bycheating from all that, but he
(38:32):
just needed the paper right.
I don't even care Morally, Iwant to help this guy.
Speaker 2 (38:35):
That's right.
Speaker 3 (38:36):
He was a genius when it came to cars and working on
it.
He had this old Chevy something.
I'm not too good with cars, buthe rebuilt the body, took apart
the whole engine, rebuilt thething from scratch.
On Dimes who's just picking upand picking up pieces from the
auto shop, all this.
He rebuilt it right.
He's an impressive guy.
(38:56):
He felt so beat down.
We had to help him with that.
Hey, dude, don't worry aboutthat, you're not going to go
this route.
Yeah, get that your paper.
You're not going to go there,I'll go to the cars.
But you know he was so beatdown.
He felt like such a loserbecause he couldn't pass a class
right.
And you know, fortunately wehave guys, I think, kind of joke
around with each other aboutthat.
(39:16):
But he, you know, he moved onand I think he got into that the
whole car thing after hegraduated.
We lost contact shortlythereafter but again he was a
few years behind there.
But he was so beat down becausehe'll never use science in his
life.
You never know what's pie usedfor Some circle thing.
I never needed it.
I spent weeks on it.
What's the purest tableelements?
(39:38):
I don't care.
I know I'm drinking, you knowwater and green tea, that's.
I don't care.
Photosynthesis I'll watch aDiscovery Channel if I'm
interested.
They're teaching these concepts.
It makes absolutely nodifference in our lives.
We'll never use it in anyprofession, unless you're an
engineer or something else whichyou need it.
But make those electives forthose people, like you said,
(39:58):
that are analytical.
For those other people that aremore just going to get in jobs
sales, marketing, other thingshelp give them another pass so
they don't have to waste theirtime with useless information.
Money, entrepreneurship thoseother things are really critical
to 100% of people that graduate.
Speaker 2 (40:17):
That's awesome.
That's awesome.
That's 100% true, everythingyou said.
It's just amazing that you know, we know, everybody seems to
know, everybody talks about itbut nothing ever changes.
And it's amazing that this isthe situation.
And I mean, yeah, like youmentioned, I mean there's people
coming into this country forthe opportunity and when they
(40:38):
get here, they take advantage ofthe opportunity.
Jeff Bezos' dad was a Syrianimmigrant.
Elon Musk's dad, you know, isfrom South Africa.
You know all these people.
Steve Jobs, his dad was aSyrian immigrant.
You know these guys are sayinglook where I came from.
I came from a place where thiswasn't possible.
I'm going to do what I can formy family to put my kids in a
(40:59):
position where they can becomesuccessful.
And it's that, you know, thatfirst generation that comes over
.
They're the ones who have to.
You know, fight and claw toothand nail to just get anything to
happen, because America'sexpensive, it's not cheap to
live here.
But the kids, they have theopportunity.
They're the ones who end upbeing the entrepreneur.
You know the big entrepreneurshit it big, take advantage of
(41:22):
what's happening, because theyhear the stories about the old
country.
They hear about the stories of,you know, being persecuted and
not being able to do what youcan do in America, and they
actually take advantage.
It's just we're not teachingthe kids here that same stuff,
right?
I mean, it's just like you'rein America already.
Good for you, you go work forsomebody.
Speaker 3 (41:42):
Yeah, I think you know we have American problems.
You know we work in all of them.
We have people in 60 countriesteaching with our certification
and you know it's.
You know we did a thing inPakistan years ago, but we had a
sense of team of surveyors overthere.
Nobody could really read sothey had to do it in person and
they were going to these littlevillages where if they needed
(42:02):
money they'd go to their triballeader.
If they couldn't pay theirtribal leader, then the kids
would go work for them, right?
So kind of enslavementcondition.
If their goat or any of theirlivestock, and mainly goats, if
they had a goat and it died, acouple goats died, that's their
entire future, right?
So the consequences globallyare our death.
Yeah, here in the States we'rearguing about the stupidest
(42:24):
stuff.
When we have a serious problem,I put a financial wellness at
the top of the problems.
That.
That one of the top problemsthat the country is facing today
.
Instead, we're arguing aboutdumb stuff and we're ignoring
the fact that this nextgeneration is inadequately
prepared.
They're soft, they're not readyfor the real world and we need
(42:44):
to prepare them so they can, youknow, carry this great, you
know, thing that's been going onin the future.
And we actually put outstandards for policymakers,
because all these financialliteracy bills come out Again,
everybody claps but it's justrandom.
So we put out standards forpolicymakers.
They gave them 12 clear bulletpoints.
Here's what needs to be in thebill and the reason we did that
(43:06):
is over the years last decade orso we had over a dozen
different people from houserepresentatives, the state
legislatures and so forth reachout saying will you support our
bill?
Right, and we'd read it andwe'd say, no, but here's our
notes, right, you can add those.
And we just gather that and wepublish these standards for them
.
But we really want to elevatethis.
So, again, these kids are ableto be self-sufficient.
(43:31):
You alluded to something earlierand you said it actually
directly.
You said that's the foundationPersonal, the individual's
financial strength contributesto community financial strength,
which contributes to nationalfinancial strength, and you know
the US is one of the biggestgivers internationally.
So I think it only strengthensthe entire world.
We can make the change.
(43:51):
It's time now that the schoolsystems adopt quality financial
education programming.
And you know again, people likeyou shows like yours, and how
your advocate too for this isalways needed because you're
reaching the masses right and Iencourage everybody to get
involved when you're looking atvoting.
(44:12):
So for the encourage thosepeople you like to support
financial literacy in theirschools.
Speaker 2 (44:17):
That's right.
That's right.
Well, vince, we're on the samepage here.
I think anybody who understandsmoney, understands, you know,
has started a company,understands how tough that is.
You know, put in the work tolearn things.
We get it.
We know it needs to change.
Unfortunately, there's a lot ofpeople out there who have no
idea what's happening to themand it's sad.
But I feel like it's ourresponsibility as people who do
(44:40):
know, you know, who see behindthe curtain, that it's our
responsibility to let otherpeople know, and I'm so glad you
were able to come on thepodcast today.
This has been great.
Talk a little bit about, realquick, how people get ahold of
you.
You know how do they reach outto the National Financial
Educators Council.
Who are the people that youwant to talk to?
Speaker 3 (45:02):
Yeah, thanks for that .
And really we want to talk toanybody that's passionate about
bringing this to their community, whether they want to educate,
whether they want to coach orwhether they just want to be an
advocate and say, hey, I believein this.
So we work with a lot offinancial professionals, a lot
of colleges, schools, nonprofits, faith based groups.
Really it's a very diversegroup that we serve.
(45:23):
So I might be on the phone witha retiree that just has a
passion for one second.
Next, it's a big corporation.
I'm what's bringing in forworkplace wellness.
So really, if you have apassion for this, if you want to
enhance your community'sfinancial wellness, we're open
to talk to you.
Financial educators council dotorg.
Financial educators council dotorg is where you can reach us,
(45:43):
and my personal LinkedIn isVince shoreb sh orb.
I'm on LinkedIn, so lookforward to connecting with you.
But I love your show, love whatyou're about.
You know these tips andstrategies are given it.
You know, for some people itmight just be two, five, $100,
$1000 a month.
It makes a huge difference.
Other people may take it muchfurther away, but I love what
your show is about and I reallyappreciate you have me on every
(46:06):
dollar counts, vince, that'sright.
Speaker 2 (46:08):
I appreciate it and thank you for your time I know
it's valuable.
And get back to doing that goodwork you do.
Speaker 3 (46:15):
Thanks, I appreciate it.
Speaker 2 (46:16):
Thank you.
Thanks for joining us on thisweek's episode of side hustle
city.
Well, you've heard from ourguests.
Now let's hear from you.
Join our community on Facebook,side hustle city.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show.
(46:39):
Thank you.
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