July 18, 2025 • 52 mins
What do you do when you’ve made millions, but don’t know what to do with them? Walter Clarke saw this firsthand and set out to fix it, not by selling, but by teaching.
From helping wealthy entrepreneurs understand their finances to writing 401Kid to teach kids about money early, Walter’s mission is clear: empower people before they get taken advantage of.
Oh, and he’s also a 62-year-old Ironman athlete training for a 100-mile ultramarathon. His secret? Pushing physical limits to build mental strength—on the track and in life.
This episode is packed with real money talk, mindset shifts, and lessons for raising financially smart kids.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
okay, so welcome to our podcast.
This is a little bit differenttoday because this podcast is a
spin-off of our radio show.
This is the podcast, the john jJ Van Ness podcast.
(00:26):
My guest, walter Clark.
Walter, I'm kind of nervous, mywife said on the way over.
She goes, you seem nervous, Igo, I am nervous.
I'm nervous because the fieldyou're in I don't understand it
completely.
But you and I met about a monthago, hit it off in Atlanta at
this sauna retreat with JesseYetzler's house, right, we hit
(00:49):
it off and you live here inPhoenix, I live here in Phoenix.
And then we connected again andafter spending several hours
with you, I was fascinated byyou and I was like you know, I
got this podcast where I'minterviewing people that I think
are very interesting and I waslike I wonder if I could just
talk to you and just pick yourbrain on stuff, cause I thought
you were so interesting.
So with that, walter Clark, I'mprobably gonna make a lot of
(01:10):
mistakes, I'm probably gonna saysome things that are really
dumb, but if you're laid backenough, I hope you don't mind.
Speaker 2 (01:15):
Yeah, there are.
There are no.
There are no dumb questions in,so okay, fire away all right.
Speaker 1 (01:23):
So I you know what I also did.
I also, uh, asked chachi bt todo a deep dive into you and come
up with questions for me to askyou too.
So I might do that too at somepoint.
Perfect, when I'm like, oh mygod, I'm lost.
He's too smart.
Uh, who is walter clark?
No, just kidding.
So what you like, you do thefamily wealth thing right yeah,
I run a run a family office here.
Speaker 2 (01:42):
My background really started in 95 in the business
and then in kind of interestingthrough a lunch I had with a
gentleman who sold a verysignificant business in town.
He was iconic car dealer.
Talked about his frustrationwith the language and
understanding of the investmentworld, which I thought was
(02:02):
fascinating, because you make anassumption based on how
successful are that they?
They kind of know everything.
Speaker 1 (02:08):
Right.
Speaker 2 (02:09):
And so he knew everything about the car
business and nothing aboutfinance.
And so now that he had a lot ofmoney and he would walk into
these, these advisors and thesepeople selling them stuff, he
said he was clueless on how tointeract with them.
So I thought that wasinteresting and so you said let
me help you well, no, I, I saidhe.
I said well, what do you need?
He said I need to get educatedand not sold.
(02:31):
And I thought, oh, that'sinteresting.
And so I had a partner at thetime and and we created a
curriculum based on his guidanceand back in 99 we went to asu
and voila restarted the programat asu in 1999 there's like a
class that you yeah, it was aclass geared towards people that
(02:52):
came into sudden money, aliquidity event it's either an
inheritance, uh, divorce, uh,business transaction, uh some
sort of major liquidity eventthat takes you from one economic
event to another and when you,when somebody shows up at your
door, you think it's an amazingthing you get a bucket of money
(03:14):
dropped on your doorstep.
There's a tremendous amount ofresponsibility in that and also
a tremendous amount ofvulnerability.
You're like you don't even knowwhat to do, how to do it, what
the terminology is, and you feelat a, at a huge disadvantage to
the industry, and so our classwas really to close that, what
(03:36):
we call an information gap.
So we empower families,individuals, so they can make
better decisions and be betterinformed when people are
offering them investmentproducts.
Speaker 1 (03:49):
But you never worked with the car dealer guy.
He just inspired you.
Speaker 2 (03:52):
No, we never Does.
He know that.
Now, what's that?
Speaker 1 (03:54):
Does he know what?
What happened?
Speaker 2 (03:56):
Oh yeah, yeah, no, he's now deceased.
It was Lou Grubb.
Oh really, yeah, and Lou waswas an iconic guy.
So Lou really tracked what wewere doing.
We went on, we started ASU andwe went on to I don't know eight
or nine different universitiesaround the country.
We've taught at UCLA and UCBerkeley.
We even did a program down atthe Tech of Monterey, but
(04:16):
there's just a common theme,because people that create
wealth are really good at thatthing.
So Lou is great at the carbusiness and so he just never
really had a need in the moneybusiness.
But since he sold hisdealerships he now had a new
business and he just didn't likebeing vulnerable.
(04:36):
Nobody likes being vulnerable.
Nobody likes walking in and say, well, john Jay, I got to trust
you, I hope you're going to dothe right thing.
That's not where you want tocome from, you want to come from
an educated perspective so youcan match your knowledge and
understanding, and so that'sreally what we taught.
We taught structure and processand really empowered people,
(04:57):
and we had all walks of lifecome to our program over the
years of, you know, engineersand MBAs and all kinds of
different people that had thesame common theme educate me,
don't sell me.
Speaker 1 (05:10):
So are people?
Are graduates of your program,have they gone on to them?
They themselves become wealthyor they themselves now are
wealth management people.
Speaker 2 (05:16):
No, they're not.
We didn't teach to wealthmanagement people.
We didn't really want thoseguys in, because that's a
different educational program.
We wanted to teach to the money.
Okay, and what does the moneyneed to understand, whether or
not they want to try to do itthemselves, or if they work with
the wealth industry, then whatdo they need to look for and how
(05:37):
do they hire and how do theyevaluate?
And really it was just an a toz about hey, if you, if you got
a bunch of money, we.
We had one guy, fascinating guy, probably the most eclectic,
fascinating guy.
He was employee number 21 atGoogle and he created Gmail and
went on to do like amazingthings.
And he walked in.
He's 30 years old, worthhundreds of millions of dollars,
(06:00):
and he just said show me behindthe curtain.
That's it?
Speaker 1 (06:04):
What year was this?
Speaker 2 (06:05):
This was, oh God, this is probably you know, 06,
07.
Speaker 1 (06:11):
Okay, because you know what's funny about that
right.
Speaker 2 (06:13):
You know, google went public, I think you know, but
it was interesting because itwas so funny.
His email address he says Iwant to meet with you.
His email address was his firstname At Google, At googlecom
okay, so funny story I was about.
Speaker 1 (06:27):
I was about to say when you brought up luke grubb
this is the thing about walterthat I've discovered is that you
and I have these paths thathave crossed in many different
ways, because I have a lukegrubb story too.
I have two different storiesfor that.
But let me jump to the googlething.
Uh, one of my wife's bestfriends who was in our wedding,
um, we, we were, we met and wegot, we were dating in san diego
(06:47):
and one of my wife's bestfriends was working for uh, what
was it?
The san diego journal, the sandiego business journal, and it's
a couple years out of college.
So this is, this is like.
I think it was like 96, 97, 95,96 or something like that.
And she was quitting the sandiego business journal to go
join a startup, and it was that.
And she was quitting the sandiego business journal to go
join the startup, and it wasgoogle.
And she was the third person.
(07:09):
Her email is carrie atgooglecom and I remember telling
her going are you stupid?
Why will you leave the sandiego business journal to go to
this startup no one's ever heardof before?
Right, I mean, now you know shedrives ferraris and
Lamborghinis and Rolls Royceseverywhere she goes and she
cashed out pretty big.
Right Now she's at Reddit.
(07:29):
Now she's at Reddit right now.
So that's a Walter path.
A couple days ago, you and I,when we were hanging out at the
Global Ambassador after I leftthere, you know Walter, you know
I had people because back thenext day for something and he
(07:50):
just brought a blue grub, um, mywife, who just met her dad as a
car dealer, or was a car dealertoo, he sold out.
He was he pals with blue grub.
Yeah, they, oh yeah.
They were good friends with thegrub and a good friend of mine.
About 78 months ago I was incancun getting stem cell I'm a
big stem cell freak, uh, uh.
And I was in mexico gettingstem cells next to a guy, me,
and the guy hit it off and hewas from here too and he's.
I need to get my cardio up.
So him and I started hikingabout twice a week, sometimes
(08:11):
more than that, and he lives inthe house that Lou Grubb built.
Weird, right, I got Lou Grubb,I got Walter connections.
I mean, I know it's not, but aninteresting fact about his
house is at one point he had thetallest tree in Arizona.
It was a maple and it was LouGrubb's tree.
Well, you know I know it'sweird.
Speaker 2 (08:30):
So what was kind of fascinating about the story?
So ASU as an organization wasactually afraid of a financial
class.
So we wrote it and went throughall the due diligence and was
with them for a year and Louwould always check in with us
How's it going, how's it going,how's it going?
And and finally they finallysaid you know what?
We're not really sure we wantto do this because they were
(08:51):
afraid that we were going torecommend something and then
that was going to go bad andthat they were going to get sued
.
We had really told them thatour class was process driven and
not not opportunity driven.
So Lou said hang on a second.
And he called me two days laterand said you're approved.
And I said what'd you do?
(09:11):
And he said well, laddy Corr isa good friend of mine, prior to
Michael Crow being thepresident of ASU called Laddy
Corr and said Laddy, you got todo this class because it's for
people like me and all theothers that need to be educated
without a, without a brochure,because you can imagine Lou's
transaction hit the paper.
So everybody knew what thetransaction was and and the
(09:34):
approximate value.
So he had everybody under thesun the real estate guys, the
insurance guys, the wealth guys,the stock guys, everybody in
their son was selling themsomething.
And Lou is such a nice guy thatif somebody would call him and
say, hey, can I grab 10 minutesof your time, he would say yes,
and he just was beside himselfat just the inability to kind of
sort it all out.
Speaker 1 (09:55):
So what was that number?
I'm just using the paper.
What was?
What was it?
It was 100 million so he soldfor 100 million back in 96 right
, wow so, wow.
So since then, right now, likedo you manage 10 families, 50
families, six, six families?
Yeah, do you take new clients,or that's if it's the right fit
so it's kind of like the firmyeah it's the right.
Speaker 2 (10:20):
we, we do things very specifically and have a very
specific model and and somepeople fit really well into that
and some people don't- Are theywell-known families in Arizona
or all over the country?
Well, we sprinkle between SanFrancisco, LA, and here in North
Carolina.
Speaker 1 (10:34):
Oh, but these families own businesses all
around town.
Yeah, businesses, we would know.
Is it like a doctor thingYou're not allowed to say who it
is?
Speaker 2 (10:42):
Yeah, it's fair.
There's a lot ofconfidentiality of this stuff.
Speaker 1 (10:46):
So what are some numbers Like this story?
It sounds like those people youalways hear about that win the
lotto and they don't know whatto do with their money, right,
and then they go broke, or a lotof like pro athletes.
Yep, they get all this moneyand you always hear about so
many career making millions andmillions and millions and now
they have nothing right.
Speaker 2 (11:03):
Yeah, yeah, we actually got really really close
to doing a program with the nba, uh, but but unfortunately it
just it didn't happen.
You need a certain, you need acommitment and a certain amount
of time with people in order toget them educated.
You can't do it kind ofhaphazardly, you can't do it you
know one hour here at a lunchor you got it.
It's got to be a committedprocess.
(11:24):
The program that I taught was18 hours, six weeks.
You know three hours once aweek and it was homework and
reading and worksheets.
Speaker 1 (11:33):
But you're not teaching now, are you?
Speaker 2 (11:35):
I haven't for a while .
Speaker 1 (11:36):
So what's a day like for you, because I know you're
also in the health and wellnessLike you get up, at what time?
What do you do?
Speaker 2 (11:41):
Well, I mean'm training, uh, kind of on on the
side.
I'm training for an ultramarathon which is 100 miles 100
miles at in leadville.
So that's that's kind of um apersonal challenge that I'm,
that I'm taking have you everdone that before?
Speaker 1 (11:55):
100 miles?
Speaker 2 (11:56):
no, I don't, I don't, I don't like to run, so um,
it's uh, it's a really, it's auh, it's really.
It's been a really amazingmental process for me.
I've done a lot of extremeevents that have tested me in
different ways, but I think thiswill be the toughest thing I've
ever done.
Speaker 1 (12:13):
What are some things you've done?
Triathlons.
Speaker 2 (12:15):
So I've done four Ironmans.
I actually did one Ironmanseven months after full hip
replacement with a kid that hadcerebral palsy.
So I carted around 140 poundsfor 17 hours and my doctor said
that was impossible to be ableto do that.
And you know again, mindset anddiscipline and having a plan.
(12:39):
And so ended up doing that andfinished it.
Finished with 20 minutes tospare.
And then I did the hardestmountain bike race in the world,
which is called the Cape Epic,and that's an eight day mountain
bike race in South Africa, andso that was a different race
because it was a multi day.
So we were on the bike seven tonine hours a day for eight days
(13:03):
.
Speaker 1 (13:03):
How do you plan for that?
Like I rode a bike three milesand my butt hurt.
Like how do you I got tobelieve nine hours on a bike,
your butt had to hurt.
Speaker 2 (13:12):
Yeah, I mean, it doesn't matter what seat you
wear or what pad you have, youhurt everywhere, right, I mean
it's not just your butt, it'syour hands, it's your neck, it's
everything, and you hurt in away that is different.
Speaker 1 (13:23):
Right.
Speaker 2 (13:23):
And then how about you do that?
And then you wake up the nextday and you do it again for
seven more days.
Speaker 1 (13:29):
Is there recovery in between or no, Not really.
Speaker 2 (13:32):
I mean we were slow and so the pros do it super fast
, but by the time we got in itwent anywhere from four to six
at night.
You leave at 7 to 7.30, 8, andyou eat.
You're not moving really fast,you.
You take a shower, you eat, youget a massage and to go to bed.
Speaker 1 (13:50):
When?
When is the ultra marathon?
Speaker 2 (13:52):
Uh August 15th.
Speaker 1 (13:53):
And how many miles have you done at one time
training for that?
Speaker 2 (13:57):
Uh, 30.
Wow.
So now it's.
I'm in ramp up mode right now.
I've done, I've run fivemarathons in the last seven
months and so my body's got alot of base of a volume on it
and you learn a lot aboutyourself and how your body holds
up with injury and littleknickknacks and getting sick and
all those things that are allpart of the all part of the
(14:19):
journey.
That's incredible.
Speaker 1 (14:20):
Like, what's your like?
Are you running at a fast pace?
Do you have you paced yourmiles?
Speaker 2 (14:24):
yeah, I mean, it's really not a speed race right um
, I do some speed training, butit's mostly just endurance, you
know long and and steady and andnutrition.
So when you're running thatlong and that far, what about
when you're not racing?
Speaker 1 (14:35):
are you watching your nutrition?
Speaker 2 (14:36):
are you carb loading like what's the I mean I, I just
, I eat pretty healthy.
Speaker 1 (14:39):
So you do, you drink no ever like that's not, that's
no.
Not because you're training,you just don't drink, right
right.
Speaker 2 (14:46):
Wow, stopped that when I was 22.
Oh, that's good.
That's a whole other story, isit?
That's a different podcast.
We cover it all here, man.
Speaker 1 (14:54):
I mean when you do a, you know, when you and I were
just sitting a couple weeks agowith Jesse Itzler.
Yeah, Jesse Itzler.
Speaker 2 (15:00):
Yeah.
Speaker 1 (15:01):
And that guy runs ultra marathons and does all
these incredible things.
When you do that, are you goalsetting?
Do you write these things down?
Speaker 2 (15:08):
You teach yourself physical mindset, which
translates into business mindset.
Like we, we come into businessdifferently.
You know we have fears andinsecurities that hit us a
different way and we talkourselves out of doing things in
business, whether it's a newventure or something we don't
know how to do, or I don't wantto look stupid, or you know all
(15:29):
that stuff.
And when you, when you take onbig physical challenges, you're
you're kind of training yourmind to transcend things that
make you uncomfortable.
And so I like the parallel, Ilike building that muscle
physically, which thentranslates, see, emotional
challenges are harder to me, areharder to overcome because
(15:51):
they're a lot more subtle andthey're they're they kind of way
that they exist in your mind.
They're sort of covert and howthey want to try to have you not
do what you intend to do.
Speaker 1 (16:03):
Are these things like ultra marathons and Ironmans?
Is that like an addiction?
I mean it sounds like.
I mean that's I just like, Ican't imagine, I can't, even I
can't.
I tried today on the treadmill.
I was walking on the treadmilltoday before I worked out and I
thought let me just do a littlesprint.
And I'm not trying to be funny.
Speaker 2 (16:29):
I did three seconds and I was like I'm out of a run.
I don't think it's an addiction, I think it's a lifestyle.
I think it's a lifestyle ofwhat you're committed to and how
you want to live your life.
Now, in any endurance there's a, there's sort of a build.
You know there's.
You know, when I startedtriathlons, I did a.
I did a sprint distance, whichis relatively short, and then I
did an, an Olympic distance.
And then somebody said, hey,let's do a half Ironman.
And I'd never even thoughtabout doing a full Ironman.
I mean, that was likeimpossible.
(16:49):
So I did a half and then I didthe half and I'm like there's no
way I could go another minute.
And then, you know, a month anda half later I was doing a full
.
Speaker 1 (16:58):
But this ultra marathon you're doing in August,
back in November, or did youwrite this down?
I want in 2025, I want to do anultramarathon, like what made
you want to do the ultramarathon.
Speaker 2 (17:09):
Well, it was kind of the next thing, because I don't
really like to run and running,running long distances it's it's
absolutely a mental challenge,you know, after you get beyond
10 miles, and so I really wantedto be part of that, and then a
couple of my daughter's friendshad signed up for it and they're
like, hey, let's, let's do that.
(17:29):
So I'm competing with a coupleof 25 year olds and I'm 62.
And so they don't know what'scoming.
Speaker 1 (17:36):
So are you in better shape now with your hips
replaced than you were before.
Speaker 2 (17:39):
Oh yeah.
Like there's no pain in yourhips, even when run 30 miles,
there's any kind of pain at all.
Like you don't even know thatyou.
Well, when you, when you thinkabout when you do amazing things
and you do big things, there'sa there's a tremendous
multiplier to yourself andothers.
So, like if you go into phoenixsports med today, you walk
(18:00):
through the hallways and there'sthere's nothing but
professional athletes that havegotten you know, tomm, tommy
John surgery and kneereplacements and all that, but
in the exam and consultationroom there's no professional
athletes.
There's just a poster of a52-year-old guy pushing Patrick
Utitas, who has cerebral palsy,across the finish line at
Ironman.
(18:20):
And so when people say, hey,what's my life going to be like,
they can't translate or relateto a professional athlete
because they're so far removedfrom that.
Speaker 1 (18:29):
Right.
Speaker 2 (18:30):
But a 52 year old guy pushing 140 pounds for 17 hours
, they can relate to that didthat, get national news when you
did that?
Uh, I don't.
I don't know, because thatstory sounds familiar to me.
Yeah, could have you don't know.
Speaker 1 (18:43):
Yeah, so then after the ultra marathon, what's next?
I don't know everest, we'll seeone of those things I don't
know well when you do stuff likesauna, you know because you,
you and I met in the sauna uh,do you try to do extreme
temperatures?
Do you try to go for longerdistance there too?
Speaker 2 (18:58):
No, I mean, I always try to challenge myself, but
it's not.
There's never like kind of anend.
Speaker 1 (19:03):
Do you have advice for anyone watching this?
That's maybe I mean like Idon't want to run.
I hate running, but talking toyou now makes me want to learn
to run, because I also think Ihave bad running form.
Speaker 2 (19:17):
Do you bad running form?
Do you work on your form?
You have a coach?
Yeah, you have a coach.
Yeah, I had to.
Speaker 1 (19:20):
I had to relearn how to run after my hip replacement.
Speaker 2 (19:21):
Oh you, did because, yeah, so people, people's
running form causes, uh, a lotof joint dysfunction, I believe
that so I had to learn how torerun in order to have longevity
, because I knew I wanted to usethe hip.
And so I went to a running guyand I said you know, you watch
my gape.
And and so we, uh, we had torelearn to run you?
Speaker 1 (19:40):
um, you'd be really interested in the stem cell
stuff that I'm doing.
Have you done any of that stuffyet?
No oh, man, I think, because Imean you don't look 62 to me,
you look late 40s yeah what areyou doing like?
What's?
What's your anti-aging secret?
Speaker 2 (19:55):
well, I you know I don't drink, I'm I'm healthy, I
I have a sleep regimen, I have aschedule do you monitor your
sleep?
I don't monitor it, I'm not.
I'm not a gadget guy, I'mpretty lazy and so, um, I just
have a particular routine and myuh, my dad's 90, my mom's 89,
and we just have great genes andtake care of ourselves and love
(20:15):
to exercise.
Speaker 1 (20:18):
Let's talk about this book.
Okay, I remember we were againabout a month ago I feel like a
host of a talk show 401kid.
We were sitting in Georgia atJesse Itzler's cabin, yeah, and
you said I have this book.
It's called 401kid and for somereason this sticks in my head.
(20:38):
Head.
He goes what a great name for abook, what a great name.
So what is 401 kid?
Speaker 2 (20:44):
so, um, 401 kid is is the result of so many
conversations that I've had withpeople over the years, I mean
from you would think, um, thatpeople that came to my class the
Lou Grubb who was actually oneof the founders would have a
level of financial acumen intheir world.
(21:05):
And people always said,categorically, I wish I would
have learned this earlier.
And I just got tired of hearingit.
And then I was somewhere in avery wealthy area and I had a
very disturbing thing happen,and that was I was with some
dads and their kids had justgraduated college and they found
(21:29):
out I was an educator and theystarted peppering me with
questions like what should we beteaching our kids?
And I kind of was like, andthey were in the finance
business and I thought, Hmm,this is this sort of interesting
.
And there's a, there's a greatbook written by John support
called the wealthy gardener, andit's the one I recommend to
everybody to to read.
It's it's similar to my book,only, you know, very deep, very
(21:52):
well written.
He draws the analogy between agarden and and and investing.
And so I just got, I got tired,and what the dad said.
I said what are you teachingyour kid about money and he goes
.
I'm not.
And I thought, Hmm, why is thathe goes?
I don't want him to be aspoiled, entitled kid.
And so I thought about that.
(22:12):
And so here we are and I'llgive you the landscape.
So in the Bay area, his dadlived in a little community
called Atherton and Atherton isone of the most wealthiest zip
codes in California not in thecountry and I and I just said to
him, I said you know that's amistake.
You know you really got toteach, you got to talk to your
kid, you got to be vulnerablewith him, you got to tell him
(22:33):
about your journey.
You're not trying to give himmoney.
You need to educate him aboutwhat is your successes, your
failures, how you did it, whatwas good, what didn't work, and
really the overall landscape.
And so the other thing that wasalso impactful about that is I
watched those families and thetrajectory of their kids.
(22:55):
They were all Ivy league,investment banking, New York.
But then what about thelandscaper?
What about the dock worker,what about the restaurant guy?
And what kids typically do isthey will follow in the
footsteps of what they see,Mm-hmm.
And so, anyway, I just I walkedaway and I said I got to do
(23:16):
something.
And so, anyway, I just I walkedaway and I said I gotta do
something.
I gotta write a book wherebyparents need to educate their
kids, and then the one thingthat we're just not doing is we
have a window of opportunityfrom zero to ten, when our kids
like us, they think we're smartand their minds are very pliable
and they're ready to absorb,and we're not doing any of it in
(23:40):
this zone, and that's a massive, massive mistake.
So my book is really a wake-upcall around how to build kids'
self-esteem, how to build theircharacter, Because if we don't
do it, because it's in theforward, like if we don't do it.
Speaker 1 (23:58):
Guess who's going to do it?
Going to do it?
Speaker 2 (23:59):
the internet, oh god yeah, and the internet is going
to tell our kids and there's anepidemic with suicides and kids
that can't get out of theirrooms and all the things that
are affecting our kids becausethe internet is so persuasive in
the message of my life isamazing your sucks and then kids
adopt that and then they get onthis rat treadmill of I got to
(24:20):
get something on the outside tomake myself feel better.
Speaker 1 (24:22):
Yeah, it's doom scrolling.
Yeah, they just start lookingin.
Yeah.
Speaker 2 (24:27):
And parents got to get in front of that.
Yeah, they, they 100% got toget in front of it.
Speaker 1 (24:31):
That's a problem too.
Yeah, you know what it's sodamn interesting, cause I I know
nothing about that stuff.
You know, no one ever taught mehow to do that stuff, and in
school they kind of stoppedteaching all that.
I remember when I was in school, you know, I remember taking a
class I don't remember whatclass it was but they taught us
how to write a check.
They told us how to fill outthe W2s and W4s.
I don't think that happensanymore, right?
(24:52):
So how are they going to teachyou how to manage wealth?
So this is on Amazon, this iseverywhere, bookstores,
everywhere.
It's on audio, is it youreading it, Uh-huh.
Speaker 2 (25:00):
Yep.
Speaker 1 (25:01):
Can I keep this one?
I want to read it.
Yep, the other day I thoughtyou posted something so funny
and it was well.
I experienced this myself acouple weeks ago.
I saw David Goggins running onthe canal David Goggins, navy
SEAL, motivational speaker,tough, tough guy and he was
running towards me and I waslike that looks like David
(25:22):
Goggins, I'm going to saysomething.
No, I'm not going to saysomething.
He runs by and I thought thatwould've been so cool to say hey
, david, I'm going to run withyou but I can't run.
So I really probably would haverun like three or four steps.
But then you saw David GogginsWalk me through that experience.
Speaker 2 (25:38):
So I'd actually seen him the day before and so I
looked up and he was running onthe other side of the canal.
I'd heard that he was in townand I'd heard that he'd been
running on the canal and I knewit was just a matter of time
because I run so much that therewas a likelihood I would run
into him.
And so I saw him and it lookedlike he wasn't running that fast
and he was kind of saunteringand I I was 11 miles into a 12
(26:00):
mile run.
So I I was pretty cooked umwhen I I had nothing left in the
tank.
But the minute I saw him I'mlike, okay, it's game on, I'm
gonna catch this guy.
And boy, I emptied the tank andI could not, I could not catch
him and I was flying, I mean, Iwas rolling, he's fast.
But the thing that was reallyreally impactful to me was I saw
(26:25):
him the next day and this dayhe was running at me.
So I'm like, okay, I'm going toflip around.
And so I flipped around and weran together a little bit and I
said, how far are you going?
He goes 21.
I go, do you mind if I run withyou and he goes.
No, I run alone.
And that's the only thing hesaid to me.
It wasn't.
I'm sorry, it wasn't any.
(26:46):
He didn't explain anything tome and the really fascinating
thing is he is so hyper-focused.
He had no water.
He had no water.
He had no headphones.
He had no sunglasses.
He had no camel pack.
He had no nutrition.
He had no water, it was justblack shorts and shoes.
(27:08):
And he said no, I run alone.
He had nobody with him, it wasjust him.
Speaker 1 (27:17):
So then do you just slow down and let him go?
Speaker 2 (27:19):
Yeah, yeah I didn't want to get killed you know,
when you run, what do you?
Speaker 1 (27:25):
you got headphones on .
What do you listen to?
Speaker 2 (27:27):
Shit.
I listen to audio books, so Iread.
I probably during my Leadvilletrain I've probably read 40
audio books.
Speaker 1 (27:35):
Does it just take you away?
Speaker 2 (27:42):
You're just in the zone.
Yeah, I mean it.
You learn a lot I.
I love reading all kinds of allkinds of different books and
it's on my journal.
Sometimes I listen to music butit's mostly you take a call
sometimes, well, very cool.
Speaker 1 (27:48):
So I went to jet gpt um because, like I said, you
know, it was like like, when Ihave other people in here, like
I had sam fox in here, you know,I had, uh, this Rafael
Gonzalez's scientist guy aboutstem cells, like it's stuff that
I know, so I can just like Ican talk to Sam Fox about
restaurants.
He lives on my street we couldtalk about.
You know, we grew up in thesame town, so it's like with you
, it's just so out of my world.
(28:10):
I should have read this bookfirst and then come in there and
said and ask you, you questions.
So I was at Chachapiti and I'mfascinated with Chachapiti and I
was like I'm interviewing thisguy, walter Clark, do a deep
dive and can you come up withsome good questions for me to
ask?
And, holy smokes, man, can youshare the story behind your
Ironman triathlon?
(28:30):
You already did.
What lessons did you learn fromthe challenges?
Yes, okay, you already did thatone.
What are common mistakesfamilies make when dealing with
sudden wealth and how can theybe avoided?
Boom, that's a good one youknow what?
Speaker 2 (28:45):
what happens?
There's a there's a thing withmoney, um, when you get a
windfall and people look at ittwo ways.
Athletes do this all the time,but it's what money can support
versus what money can buy, andso there's a very, very
different, distinct methodaround that.
So money generally can supportabout a 4% distribution rate.
(29:09):
So if you get $10 million, thatsupports $400,000 a year in
annual spending.
But $10 million can buy a bighouse, cars, a boat, a lot of
stuff, but what you do is youdiminish the engine.
Money is the engine thatgenerates return, which feeds
(29:30):
your lifestyle, and so whathappens for people in the sudden
wealth spectrum, kind oftwofold One is a lot of people
want to sell you stuff and a lotof people get caught in
complexity and don't keep thingssimple and they get involved in
a lot of things and they um,they don't understand, and so
(29:51):
therefore, they make a lot ofmistakes and they lose a lot of
money.
There's lots of examples.
I wrote another book beforethis, one called the big risk.
I thought it.
It was a big mistake.
Yeah, I know the big risk, andand we watched a lot of people
vanish money and getting intothings cause, cause they thought
they were smart, they mademoney in one business and they
(30:11):
thought it translated intoanother and um, and so they took
unnecessary risk and jeopardizetheir, their lifestyle.
They people overspend andtherefore that that that bucket
of money can't, can't support sois there basic advice?
Speaker 1 (30:29):
you think people should save a certain percentage
of their.
Speaker 2 (30:32):
Well, there's two sides.
There's accumulation size,where you're saving and you're
investing for a future date.
The audience that I taught tohad the windfall.
So it wasn't really aboutsavings anymore, it was about I
got this amount of money, howcan I best invest it to where it
(30:53):
can be efficient and then itcan serve me and my family, not
only for my generation, butfuture generations to come?
Speaker 1 (31:00):
Was there ever a moment when you first started
where you had a client, a newclient, and let's say they were
worth a billion dollars andthey're coming to you?
I don't know how wealthy yourclients are, but if the first
time someone came to you withtheir money said help me, did
you freak out?
Did you stress?
Did you, were you worried?
Speaker 2 (31:17):
Did you freak out?
Did you stress?
Did you were you worried?
Did you make mistakes?
No, because you do it in such away that you craft a plan based
on what they're trying toaccomplish, so you're really
matching what it is that they'rewanting you to do.
So you just have to understandvolatility and how markets go up
and down, and it's really for alot of, what financial advisors
(31:38):
do is regulate the emotions oftheir customers.
We see it right now with thetariffs and the world and the
panic that we saw not less thanthree weeks ago.
You know, the world was fallingapart and people were running
for cover and now, all of asudden, the sun's out, like we
just made a deal with China.
Speaker 1 (31:56):
I just I just made a deal with China.
I just told my wife that today.
I said we should have boughtstocks this morning.
Right, Was today the day to doit?
No, it was two weeks ago.
Two weeks ago.
I said that two weeks ago too,when everybody was running for
cover.
Speaker 2 (32:07):
I mean, what happens for people is.
We're a big advocate in theclass and in my practice.
You got to keep things simple.
Complexity breeds loss and thefamilies that do the best over a
long period of time havesimplicity inside their
(32:28):
investment thesis and they don'tget involved in the newest and
the latest.
Speaker 1 (32:33):
Crypto.
They don't do crypto.
Speaker 2 (32:34):
You know whether they do it or not.
They may do it in a smallpercentage, but they don't chase
the fads that everybody else isrunning around with.
They're very basic, they'revery simple.
You know they're on.
They're not on the five-yearplan or the two-year plan,
they're on the 50-year plan orthe hundred-year plan.
Speaker 1 (32:51):
What is your take on crypto?
By the way?
Speaker 2 (32:52):
You know, I just I don't have a lot of opinion
about it.
It's an equity asset that has.
I look at every asset in termsof two things.
One is it's expected return,like how much money it will make
going forward, and then howmuch volatility it has.
And so, based on those twothings, how much of it are you
(33:14):
going to mix into your equation?
That's what people?
It's three things it's expectedreturn, variation and
correlation.
Those are the three things thatyou look at when you're mixing
in and you're building aportfolio.
And so crypto is just a thing.
It's not the thing, it's notthe catch-all.
It's like do you want 5% crypto?
(33:36):
Do you want 2%?
Do you want 10%?
And then what does that do interms of the variability to your
portfolio?
So you're building somethingthat can weather storms.
That's what is important,because most people in portfolio
management, if you violate yourfear threshold like we lost 22%
(33:59):
in the stock market inliterally three weeks you know
trump gets elected, everybody'sexcited, the market goes up.
Then he comes into office, hestarts rattling the saber.
Oh shit, oh shit.
You know we're going down,we're, and rational people
become very irrational in fear.
And so when you're craftingportfolios, you've got to do it
(34:22):
in such a way to where peoplestay the course when they're in
a lot of fear.
That's great advice, and if youdon't do that, you're going to
make a decision.
So, like all the people andthere's a lot of them because
tariffs were really scary, rightRight, like the world's falling
apart, and a lot of thembecause tariffs were really
scary, right right, like theworld's falling apart and a lot
(34:43):
of people said I'm just gonna goto the sidelines, I'm just
gonna wait this out, right,right.
Well, you gotta be.
You gotta make two decisions.
You make one decision when tosell, and then you gotta make
another decision to rebuy.
Now, today, they, they read thepaper and like, oh no, Do I get
back in or I not?
(35:03):
I guarantee you they're gettingback in higher than what they
sold for, because people sell onthe way down.
They don't sell wheneverything's wonderful, and so
it's really.
It's a psychological game.
So if you just do what we teachin the class, if you just do
what we teach in the class, ifyou just do basic things, basic
things, and get market-likereturns and stay the course,
(35:28):
you'll do better than 98 percentof all the people that are out
there I agree with you I thinkthat's what we do.
Speaker 1 (35:33):
That way we do good.
Uh, you know, you brought upyour daughter, 25 year old-old
daughter.
Did you teach her all this?
Speaker 2 (35:39):
So she's a financial advisor, oh, wow, okay.
And so she's a rock star.
Speaker 1 (35:44):
Does she work with you or just her own thing?
Speaker 2 (35:46):
No, she works with a group out of the Bay Area at
Northwestern Mutual an amazinggroup, amazing firm, an amazing
team and you know she gets it.
Speaker 1 (35:56):
Was she always inquisitive growing up, asking
you questions about finances andhow to do this.
Dad, how do you?
Speaker 2 (36:01):
do that Well.
You know both my kids my olderone was an athlete, my younger
one was more analytical.
But what's happening is,because they've been in the
conversation for so long, theyboth really understand budget
and spending, and one of thethings that is paramount for
families and kids is they needto understand the twofold
(36:22):
aspects of revenue how muchmoney you make versus expenses.
And where a lot of people makea ton of mistakes is in
lifestyle inflation, because youstart making more money and we
have conversations all the timeabout bonuses and as wage
increases and you know, can youkeep your lifestyle in check and
(36:42):
not buy the bigger apartment,the bigger car?
Cause there's cause.
That's what 20 year olds do.
They want to impress everybody.
You know I'm, I'm driving abigger car, I live in a bigger
apartment, I have nicer stuff,and you know it's the.
It's the challenge of what wecall the fake rich.
You know people that want toshow an air of and so to be able
to have an image of disciplinewhere you're not flaunting your
(37:09):
lifestyle, but what you have istremendous amount of free cash
flow where you're putting stuffaway in your retirement accounts
and your Roth and your yourbuilding for the future, which
is not sexy, you know.
It's sexy to show people thatI'm oh, look at this vacation,
or look at this car, or look atthis watch, or look at this
(37:31):
fanfare, look at this party thatI was in and that.
And that's not freedom.
Speaker 1 (37:35):
But what about living and having life experiences?
I have a friend of mine that'spretty wealthy and he does
incredible things, and he toldme several years ago you know,
life is about experiences.
You can't take this money withyou when you go.
And my father passed away atthe age of 66, and he was always
saving, always saving, and helived life, but he didn't live
(37:58):
life For me.
Right now I look at it like I'mlike let's get those four seats
of the suns, let's fly firstclass, let's get the private jet
here, let's buy the fancy car,and, of course, now I think
we're broke.
So, uh, you know.
But but we have these greatlife experiences, right?
Is that?
That doesn't sit well with you.
Speaker 2 (38:17):
Well, I mean it's.
You have two.
You have two aspects to thewealth management game
accumulation and distribution,and health and longevity and
enjoyment.
Some, some decisions you makeare efficient decisions, Some
are enjoyment decisions.
There has to be a balance, butyou can't be a slave to your
lifestyle.
I've been involved with somecelebrities and some Hollywood
(38:38):
figures and and I've looked attheir books.
And they have no money.
They have no money and sothey're a slave to their
business.
And one of the things whenyou're a high income earner,
what that means is you have morevariability to your income than
the 50 to a hundred thousanddollar guy.
You know he has a bad year, hemakes 60,.
(39:00):
You know the million you knowhe has a bad year, he makes 60.
You know the million dollar guyhe has a bad year, he makes
zero.
So if you got a really, reallyhigh lifestyle, you're in
trouble.
So it's really about financialfreedom, and so I believe that
if you're reaching for lifestylebut you're impoverished because
you're overspending, you're notmaking lifestyle decisions
(39:21):
because you're reaching forlifestyle but you're
impoverished because you'reoverspending.
You're not making lifestyledecisions because you're
suffering.
So, like my daughter and I wentover her budget, she called me
and said dad, I'm overspending.
And she said I'm going to cutout my latte.
She went through her budget,kind of line item by line item,
and she says I'm really going tosacrifice because I'm not going
to have these things.
And we thought about it for aminute and we said are you
(39:43):
sacrificing or are you not?
So when you're spending moneythat you know you don't have, is
that a sacrifice?
That's almost like a punishment, because you know in the back
of your mind you can't affordthat stuff.
So you're putting on a creditcard and then the credit card
bill comes and you feel guilty,you feel remorse and you're like
, oh my God, how am I going tomake that payment?
I have no money, but yet I'mshowing the world that I'm a
(40:05):
baller.
And so months go by and shecalls me back.
She goes, dad, the credit cardsare gone.
I go.
How do you feel?
She goes?
I feel like a million bucks.
I go.
Do you feel like you madesacrifice?
She says 100%.
Not.
I got right with myself.
I had to talk to myself in themirror and that's really what we
need to teach our kids is thatdelayed gratification, that
(40:29):
fiscal discipline, that wantversus that need and what you
can afford and what you can'tafford.
So she cut out lattes.
Speaker 1 (40:37):
She cut out lattes.
Speaker 2 (40:38):
She cut out a lot of thingses.
She cut out a lot of things.
Yeah, she cut out a lot ofthings.
She cut it to the bone.
She said I don't want to livelike this anymore.
Speaker 1 (40:45):
What about you?
Is there anything you splurgedon that you regret, or splurged
on that you?
Speaker 2 (40:52):
thought was.
So I really break my life intotwo categories the spender
Walter and then the fiscallydisciplined Walter.
So in the book the big risk youknow I was uh, I never learned
it, even though I was afinancial educator.
It's like the cobblers kidshave no shoes.
You know, I didn't.
I never drank the Kool-Aid andI always believe that more was
(41:13):
coming.
And so you know, when I mademoney and spent money, I spent
equal amount of money that Ithat I made.
So it was a very, very painfullesson going through that, going
through that scenario, and itreally shapes you in a in a
different way, and so you, youhave a very, very different view
, because the 089 downturn wastough, very tough, tough on me
(41:35):
and tough on a lot of people.
A of people lost, lost a lotbut since then?
Speaker 1 (41:41):
so now you've you.
You've got the two walters, youknow who they are yeah,
definitely you go.
Speaker 2 (41:45):
you go through a painful and I think I needed to
go through all that becausehence here's the book.
You know the big risk is thereand 401kid and it's like you got
to get in front of this becauseI I grew up with mr spender.
You know my dad had to live alife with with other people.
We were ski racers so we hadthere was little money, mid
(42:08):
money and big money, and we werelittle money.
That wanted to be big money andin the boat racing world, if
you're ever a racer, a car racer, both it is not an inexpensive
sport, and so he tried tocompete in a landscape that he
just couldn't compete in, and soI just learned that and what
you learn.
(42:28):
He never sat down at the tableand said, son, I'm spending
every nickel I made and thensome.
He didn't say that, I justexperienced it in his behaviors.
So kids are going to watch whatyou do.
They watch what you do, and,and even for families that are
that are financially challenged,what I say to them is you can
(42:52):
hire coaches and steer your kidstowards the internet so they
can pick up mentors like SarahBlakely, I mean Jesse's wife.
Love Jesse.
I've never really met Sarah,and so in my book Sarah's dad is
leaving leaving their householdand gives her a series of tapes
(43:13):
from Wayne Dyer and says andthey're the limitless Wayne
Dyer's tapes that you can doanything.
And she grabbed that at 15years old and realized it was up
to her to create her owndestiny.
Speaker 1 (43:24):
I didn't know that story.
Speaker 2 (43:25):
Yeah, they didn't have much.
Speaker 1 (43:27):
Right.
Speaker 2 (43:27):
And so 401kid is more for the lower income than it is
for the privileged families,because there's so many
resources now that are next tofree, where you can teach your
kid entrepreneurialcharacteristics and your kids
can have a different life thanyou.
(43:48):
You want your kid to be alandscaper, a mechanic.
That's fine, but maybe insteadof being a wage earner in the
landscape company, he can ownthe landscape company.
Or maybe he can develop an appor a technology or a new
electric motor.
So maybe there's many, manythings that they can do, I
believe my wife.
Speaker 1 (44:08):
did you go on a date with Wayne Dwyer's son?
Were you on a date withsomebody like that, some
motivational?
I was just going off theconnection with the Walter
connection.
I felt like you told me, or wasit Ken Blanchardard, there was
somebody you went on a date withthat was a motivational speak,
ken blanchard, yeah, his son.
Um, I didn't know that aboutsarah blakely.
And a real quick story when Istarted in radio, um, I was on a
(44:31):
sports radio station, uh, doingI was an intern for free, and a
guy there gave me thesecassettes that were tonybins
cassettes.
There were cassettes, go backto you know, and I listened to
those things every freaking dayover and over and over again and
I always felt like you couldpull something out of there, you
know, and just pull somethingthat makes you a better person
or better at what you do.
You're ahead of the game.
(44:51):
I didn't know that about SarahBlakely.
That's, that's awesome, that'sall and that's pretty wild,
didn't it?
Yeah, no, jesse's in the bookthree times.
He is uh-huh before you met you, like you didn't?
That's wild?
Yeah, wow, you like manifestedthat right, because now you're
spending it, yeah, so jesse dida couple things on the kids side
(45:12):
.
Speaker 2 (45:12):
One is he said um raise gritty, we're raising our
kids to be too soft yes, I agreewith that and he said praise
the effort, not the results.
I think parents are being waytoo negative the the tennis
parent, or the swim parent orthe uh, baseball parent that's
yelling at their kids throughthe chain link fence because
(45:33):
they're not performing in theway they.
I think that's.
I think that's a cancer.
So I think we need to do abetter job of of encouragement.
I think we need to do a betterjob of of encouragement.
I think we need to do a jobbetter job at mentorship.
I think we need to teach ourkids entrepreneurial traits
about business and lemonadestands and what's possible for
them out in the future insteadof, you know, soccer, sports,
(45:55):
music.
We really got gotta teach lifeskills and we hire so many coach
.
I mean, all the kids have musicteachers, dance coaches shooting
coaches why not have like alife coach, uh, for, for the
parents and for their kids to,to, to create unity in in the
(46:18):
family, to bridge thateducational gap?
Because you know there's aninteresting story Francis Tiafoe
I don't know if you know whothat- is.
Yeah, why do I know that name?
Speaker 1 (46:29):
Oh, he's the tennis player.
Tennis player, yeah, the tennisplayer.
That's right, right, right yeah.
Speaker 2 (46:33):
Francis is incredible .
My daughter played tennis withFrancis oh wow Coming up through
the junior ranks.
The guy was a oh wow his tenniscareer, but instead his dad
(47:03):
recognized that his son hadtalent.
He's like I got to get my sonto people that can further this
talent.
And it's the same withentrepreneurship I don't care
who you are, we have to exposeour kids to this dynamic, to
show them how to create, how tobuild, how to be a part of.
Which was fascinating in myclass to Sudden Wealth.
I never had a founder show up.
(47:23):
Not one time did the guy thatcreated the company come to my
class.
But how many millionaires andmultiples of millionaires come
because they had equity in thecompany?
Employee 21 didn't start Google, he just went to work there.
So, teaching our kids how toget equity, how many
(47:43):
millionaires are at Walmart,meta, facebook, nvidia, plantier
?
We got to teach our kids thatequity is the game, not wages,
and so the sooner we teach themthat, the sooner they learn and
they start to look at the worlddifferently.
Speaker 1 (47:58):
The problem with the Tiafoe story is, I think every
parent thinks that their kid isfrancis.
So they get him a coach, theyget him a shooting coach, you
get him a batting coach, ahitting coach, a pitching coach
right.
And then I call it the americanidol syndrome and I used to
feel like that about my.
I thought am I a parent likethat?
Because I thought my son was apretty good basketball player
and I'm right.
Right because he's got ascholarship to play basketball.
(48:19):
I was right.
But I used to think like whenthey weren't playing my kid, I'd
be like why aren't they puttinghim in Like he's great?
And then I remember AmericanIdol, season one of American
Idol.
One of the reasons American Idoltook off was because of all the
horrible singers.
Do you remember the horriblesingers and all those horrible
singers?
They'd interview their parentsand the parents would go my son
is just the best, he's thegreatest.
And I thought is that me?
(48:41):
Do I think my son is a realgood basketball player?
But in reality he's not.
Am I an American Idol parent?
Now I look back and I was right, because he's currently playing
with a basketball scholarshipin Hawaii.
So I think there's a lot ofthat.
Like Francis Tiafoe, his dadsaw something special, but he
knew it.
He wasn't an American Idolparent Somewhere along the line.
(49:02):
Someone's got to be realistic.
We need a book on being arealistic parent.
Does your kid have talent?
Does he not have talent?
Speaker 2 (49:12):
But you also got to be tougher on them too, because
they're so soft.
But if you think about the oddsand the percentages, how many
kids grow up to actually?
One become a professionalplayer and two make money?
Speaker 1 (49:22):
right it's.
Speaker 2 (49:23):
The odds are, but, but if you teach entrepreneurial
skills oh yeah how many ofthose kids are going to go on to
create businesses or go to workfor businesses that change the
world?
Speaker 1 (49:34):
where does someone get an entrepreneurial coach?
Speaker 2 (49:39):
they're all over the internet.
Speaker 1 (49:40):
Well, it's the internet.
We try to keep kids on theinternet.
Speaker 2 (49:42):
They are.
They are.
Jesse Itzler is one.
Speaker 1 (49:46):
Can you hire him?
Speaker 2 (49:46):
individually?
No, but there's the one guythat runs around on the internet
School of Hard Knocks.
I think he's amazing.
Speaker 1 (49:53):
He goes around and interviews oh yeah, yeah, yeah,
yeah, he was an athlete anex-handball athlete, yeah, and
he played for.
Speaker 2 (50:01):
And he has little.
Speaker 1 (50:02):
He has little Lewis Howes.
Speaker 2 (50:05):
Yeah, he has all kinds of things.
There's all kinds of veryaffordable, whether it's Gary
Vee or Grant Cardone or RussellBrunson.
There's tremendous amount ofresources on the internet for
free on people that you canlearn Wayne Dyer tapes, I mean.
I think that stuff's free now.
(50:25):
You know the Anthony Robbinsstuff.
I had it when I moved out herein 85.
I came to a Tom Hopkins seminar.
Speaker 1 (50:35):
I was just talking about him to my wife.
I went to his seminars.
Speaker 2 (50:38):
Is he still around Because he lives out here.
He is still around.
He is still around.
He is still around, but he blewme away.
Speaker 1 (50:45):
Yeah.
Speaker 2 (50:45):
He showed me something and it was affordable.
Speaker 1 (50:49):
Right.
Speaker 2 (50:50):
We have to do a better job at, yeah, sports,
music, dance, all great stuff.
We all learn greatcharacteristics, but we have to
start teaching business.
We're not teaching business toour kids.
We're not teaching life skillsabout learning, trying, failing,
excelling, building, creatingvalue.
(51:13):
Value comes from compensation.
The more value, the more we'renot.
We're not teaching these thingsto our kids early and we just
need to do a better job of it.
Speaker 1 (51:24):
You're a hundred percent right.
Let me ask you this, cause uh,you and I are going to this
party in a couple of days and Iwas asking you what to wear.
You said business casual.
But you're like like, where doyou get your style?
Cause you got.
Every time I've seen you,you're like style, don't just
tell me me.
Do somebody help you?
I I'm, I look on the internet,do you really?
I'm a visual person, so you'relike that looks cool, it'll work
(51:45):
on me because you dress sharpyeah, thank you.
Yeah, I want to dress like you.
Yeah, we'll dress the same whenwe go to this party yeah all
right, so this, this is out401kid great book.
Um, I I thought because you knowI I do this thing where I try
not to research anyone I'minterviewing, like I like to all
come up.
But the one thing that poppedup when I was asked, I thought
(52:05):
you didn't have a book calledthe Great Mistake, the Big
Mistake, it's the Big Risk, theBig Risk.
Well, maybe you do part two ofthe Big Mistake.
The Big Mistake is me callingit the Big Mistake on this
interview and not doing myresearch.
All right, well, thanks, walterClark.
Thanks, brother.
Okay, so welcome to our podcast.
This is a little bit differenttoday because this podcast is a
(52:28):
spin off of our radio show.
okay, so welcome to our podcast.
This is a little bit differenttoday because this podcast is a
spin-off of our radio show.
This is the podcast, the john jJ Van Ness podcast.
(00:26):
My guest, walter Clark.
Walter, I'm kind of nervous, mywife said on the way over.
She goes, you seem nervous, Igo, I am nervous.
I'm nervous because the fieldyou're in I don't understand it
completely.
But you and I met about a monthago, hit it off in Atlanta at
this sauna retreat with JesseYetzler's house, right, we hit
(00:49):
it off and you live here inPhoenix, I live here in Phoenix.
And then we connected again andafter spending several hours
with you, I was fascinated byyou and I was like you know, I
got this podcast where I'minterviewing people that I think
are very interesting and I waslike I wonder if I could just
talk to you and just pick yourbrain on stuff, cause I thought
you were so interesting.
So with that, walter Clark, I'mprobably gonna make a lot of
(01:10):
mistakes, I'm probably gonna saysome things that are really
dumb, but if you're laid backenough, I hope you don't mind.
Speaker 2 (01:15):
Yeah, there are.
There are no.
There are no dumb questions in,so okay, fire away all right.
Speaker 1 (01:23):
So I you know what I also did.
I also, uh, asked chachi bt todo a deep dive into you and come
up with questions for me to askyou too.
So I might do that too at somepoint.
Perfect, when I'm like, oh mygod, I'm lost.
He's too smart.
Uh, who is walter clark?
No, just kidding.
So what you like, you do thefamily wealth thing right yeah,
I run a run a family office here.
Speaker 2 (01:42):
My background really started in 95 in the business
and then in kind of interestingthrough a lunch I had with a
gentleman who sold a verysignificant business in town.
He was iconic car dealer.
Talked about his frustrationwith the language and
understanding of the investmentworld, which I thought was
(02:02):
fascinating, because you make anassumption based on how
successful are that they?
They kind of know everything.
Speaker 1 (02:08):
Right.
Speaker 2 (02:09):
And so he knew everything about the car
business and nothing aboutfinance.
And so now that he had a lot ofmoney and he would walk into
these, these advisors and thesepeople selling them stuff, he
said he was clueless on how tointeract with them.
So I thought that wasinteresting and so you said let
me help you well, no, I, I saidhe.
I said well, what do you need?
He said I need to get educatedand not sold.
(02:31):
And I thought, oh, that'sinteresting.
And so I had a partner at thetime and and we created a
curriculum based on his guidanceand back in 99 we went to asu
and voila restarted the programat asu in 1999 there's like a
class that you yeah, it was aclass geared towards people that
(02:52):
came into sudden money, aliquidity event it's either an
inheritance, uh, divorce, uh,business transaction, uh some
sort of major liquidity eventthat takes you from one economic
event to another and when you,when somebody shows up at your
door, you think it's an amazingthing you get a bucket of money
(03:14):
dropped on your doorstep.
There's a tremendous amount ofresponsibility in that and also
a tremendous amount ofvulnerability.
You're like you don't even knowwhat to do, how to do it, what
the terminology is, and you feelat a, at a huge disadvantage to
the industry, and so our classwas really to close that, what
(03:36):
we call an information gap.
So we empower families,individuals, so they can make
better decisions and be betterinformed when people are
offering them investmentproducts.
Speaker 1 (03:49):
But you never worked with the car dealer guy.
He just inspired you.
Speaker 2 (03:52):
No, we never Does.
He know that.
Now, what's that?
Speaker 1 (03:54):
Does he know what?
What happened?
Speaker 2 (03:56):
Oh yeah, yeah, no, he's now deceased.
It was Lou Grubb.
Oh really, yeah, and Lou waswas an iconic guy.
So Lou really tracked what wewere doing.
We went on, we started ASU andwe went on to I don't know eight
or nine different universitiesaround the country.
We've taught at UCLA and UCBerkeley.
We even did a program down atthe Tech of Monterey, but
(04:16):
there's just a common theme,because people that create
wealth are really good at thatthing.
So Lou is great at the carbusiness and so he just never
really had a need in the moneybusiness.
But since he sold hisdealerships he now had a new
business and he just didn't likebeing vulnerable.
(04:36):
Nobody likes being vulnerable.
Nobody likes walking in and say, well, john Jay, I got to trust
you, I hope you're going to dothe right thing.
That's not where you want tocome from, you want to come from
an educated perspective so youcan match your knowledge and
understanding, and so that'sreally what we taught.
We taught structure and processand really empowered people,
(04:57):
and we had all walks of lifecome to our program over the
years of, you know, engineersand MBAs and all kinds of
different people that had thesame common theme educate me,
don't sell me.
Speaker 1 (05:10):
So are people?
Are graduates of your program,have they gone on to them?
They themselves become wealthyor they themselves now are
wealth management people.
Speaker 2 (05:16):
No, they're not.
We didn't teach to wealthmanagement people.
We didn't really want thoseguys in, because that's a
different educational program.
We wanted to teach to the money.
Okay, and what does the moneyneed to understand, whether or
not they want to try to do itthemselves, or if they work with
the wealth industry, then whatdo they need to look for and how
(05:37):
do they hire and how do theyevaluate?
And really it was just an a toz about hey, if you, if you got
a bunch of money, we.
We had one guy, fascinating guy, probably the most eclectic,
fascinating guy.
He was employee number 21 atGoogle and he created Gmail and
went on to do like amazingthings.
And he walked in.
He's 30 years old, worthhundreds of millions of dollars,
(06:00):
and he just said show me behindthe curtain.
That's it?
Speaker 1 (06:04):
What year was this?
Speaker 2 (06:05):
This was, oh God, this is probably you know, 06,
07.
Speaker 1 (06:11):
Okay, because you know what's funny about that
right.
Speaker 2 (06:13):
You know, google went public, I think you know, but
it was interesting because itwas so funny.
His email address he says Iwant to meet with you.
His email address was his firstname At Google, At googlecom
okay, so funny story I was about.
Speaker 1 (06:27):
I was about to say when you brought up luke grubb
this is the thing about walterthat I've discovered is that you
and I have these paths thathave crossed in many different
ways, because I have a lukegrubb story too.
I have two different storiesfor that.
But let me jump to the googlething.
Uh, one of my wife's bestfriends who was in our wedding,
um, we, we were, we met and wegot, we were dating in san diego
(06:47):
and one of my wife's bestfriends was working for uh, what
was it?
The san diego journal, the sandiego business journal, and it's
a couple years out of college.
So this is, this is like.
I think it was like 96, 97, 95,96 or something like that.
And she was quitting the sandiego business journal to go
join a startup, and it was that.
And she was quitting the sandiego business journal to go
join the startup, and it wasgoogle.
And she was the third person.
(07:09):
Her email is carrie atgooglecom and I remember telling
her going are you stupid?
Why will you leave the sandiego business journal to go to
this startup no one's ever heardof before?
Right, I mean, now you know shedrives ferraris and
Lamborghinis and Rolls Royceseverywhere she goes and she
cashed out pretty big.
Right Now she's at Reddit.
(07:29):
Now she's at Reddit right now.
So that's a Walter path.
A couple days ago, you and I,when we were hanging out at the
Global Ambassador after I leftthere, you know Walter, you know
I had people because back thenext day for something and he
(07:50):
just brought a blue grub, um, mywife, who just met her dad as a
car dealer, or was a car dealertoo, he sold out.
He was he pals with blue grub.
Yeah, they, oh yeah.
They were good friends with thegrub and a good friend of mine.
About 78 months ago I was incancun getting stem cell I'm a
big stem cell freak, uh, uh.
And I was in mexico gettingstem cells next to a guy, me,
and the guy hit it off and hewas from here too and he's.
I need to get my cardio up.
So him and I started hikingabout twice a week, sometimes
(08:11):
more than that, and he lives inthe house that Lou Grubb built.
Weird, right, I got Lou Grubb,I got Walter connections.
I mean, I know it's not, but aninteresting fact about his
house is at one point he had thetallest tree in Arizona.
It was a maple and it was LouGrubb's tree.
Well, you know I know it'sweird.
Speaker 2 (08:30):
So what was kind of fascinating about the story?
So ASU as an organization wasactually afraid of a financial
class.
So we wrote it and went throughall the due diligence and was
with them for a year and Louwould always check in with us
How's it going, how's it going,how's it going?
And and finally they finallysaid you know what?
We're not really sure we wantto do this because they were
(08:51):
afraid that we were going torecommend something and then
that was going to go bad andthat they were going to get sued
.
We had really told them thatour class was process driven and
not not opportunity driven.
So Lou said hang on a second.
And he called me two days laterand said you're approved.
And I said what'd you do?
(09:11):
And he said well, laddy Corr isa good friend of mine, prior to
Michael Crow being thepresident of ASU called Laddy
Corr and said Laddy, you got todo this class because it's for
people like me and all theothers that need to be educated
without a, without a brochure,because you can imagine Lou's
transaction hit the paper.
So everybody knew what thetransaction was and and the
(09:34):
approximate value.
So he had everybody under thesun the real estate guys, the
insurance guys, the wealth guys,the stock guys, everybody in
their son was selling themsomething.
And Lou is such a nice guy thatif somebody would call him and
say, hey, can I grab 10 minutesof your time, he would say yes,
and he just was beside himselfat just the inability to kind of
sort it all out.
Speaker 1 (09:55):
So what was that number?
I'm just using the paper.
What was?
What was it?
It was 100 million so he soldfor 100 million back in 96 right
, wow so, wow.
So since then, right now, likedo you manage 10 families, 50
families, six, six families?
Yeah, do you take new clients,or that's if it's the right fit
so it's kind of like the firmyeah it's the right.
Speaker 2 (10:20):
we, we do things very specifically and have a very
specific model and and somepeople fit really well into that
and some people don't- Are theywell-known families in Arizona
or all over the country?
Well, we sprinkle between SanFrancisco, LA, and here in North
Carolina.
Speaker 1 (10:34):
Oh, but these families own businesses all
around town.
Yeah, businesses, we would know.
Is it like a doctor thingYou're not allowed to say who it
is?
Speaker 2 (10:42):
Yeah, it's fair.
There's a lot ofconfidentiality of this stuff.
Speaker 1 (10:46):
So what are some numbers Like this story?
It sounds like those people youalways hear about that win the
lotto and they don't know whatto do with their money, right,
and then they go broke, or a lotof like pro athletes.
Yep, they get all this moneyand you always hear about so
many career making millions andmillions and millions and now
they have nothing right.
Speaker 2 (11:03):
Yeah, yeah, we actually got really really close
to doing a program with the nba, uh, but but unfortunately it
just it didn't happen.
You need a certain, you need acommitment and a certain amount
of time with people in order toget them educated.
You can't do it kind ofhaphazardly, you can't do it you
know one hour here at a lunchor you got it.
It's got to be a committedprocess.
(11:24):
The program that I taught was18 hours, six weeks.
You know three hours once aweek and it was homework and
reading and worksheets.
Speaker 1 (11:33):
But you're not teaching now, are you?
Speaker 2 (11:35):
I haven't for a while .
Speaker 1 (11:36):
So what's a day like for you, because I know you're
also in the health and wellnessLike you get up, at what time?
What do you do?
Speaker 2 (11:41):
Well, I mean'm training, uh, kind of on on the
side.
I'm training for an ultramarathon which is 100 miles 100
miles at in leadville.
So that's that's kind of um apersonal challenge that I'm,
that I'm taking have you everdone that before?
Speaker 1 (11:55):
100 miles?
Speaker 2 (11:56):
no, I don't, I don't, I don't like to run, so um,
it's uh, it's a really, it's auh, it's really.
It's been a really amazingmental process for me.
I've done a lot of extremeevents that have tested me in
different ways, but I think thiswill be the toughest thing I've
ever done.
Speaker 1 (12:13):
What are some things you've done?
Triathlons.
Speaker 2 (12:15):
So I've done four Ironmans.
I actually did one Ironmanseven months after full hip
replacement with a kid that hadcerebral palsy.
So I carted around 140 poundsfor 17 hours and my doctor said
that was impossible to be ableto do that.
And you know again, mindset anddiscipline and having a plan.
(12:39):
And so ended up doing that andfinished it.
Finished with 20 minutes tospare.
And then I did the hardestmountain bike race in the world,
which is called the Cape Epic,and that's an eight day mountain
bike race in South Africa, andso that was a different race
because it was a multi day.
So we were on the bike seven tonine hours a day for eight days
(13:03):
.
Speaker 1 (13:03):
How do you plan for that?
Like I rode a bike three milesand my butt hurt.
Like how do you I got tobelieve nine hours on a bike,
your butt had to hurt.
Speaker 2 (13:12):
Yeah, I mean, it doesn't matter what seat you
wear or what pad you have, youhurt everywhere, right, I mean
it's not just your butt, it'syour hands, it's your neck, it's
everything, and you hurt in away that is different.
Speaker 1 (13:23):
Right.
Speaker 2 (13:23):
And then how about you do that?
And then you wake up the nextday and you do it again for
seven more days.
Speaker 1 (13:29):
Is there recovery in between or no, Not really.
Speaker 2 (13:32):
I mean we were slow and so the pros do it super fast
, but by the time we got in itwent anywhere from four to six
at night.
You leave at 7 to 7.30, 8, andyou eat.
You're not moving really fast,you.
You take a shower, you eat, youget a massage and to go to bed.
Speaker 1 (13:50):
When?
When is the ultra marathon?
Speaker 2 (13:52):
Uh August 15th.
Speaker 1 (13:53):
And how many miles have you done at one time
training for that?
Speaker 2 (13:57):
Uh, 30.
Wow.
So now it's.
I'm in ramp up mode right now.
I've done, I've run fivemarathons in the last seven
months and so my body's got alot of base of a volume on it
and you learn a lot aboutyourself and how your body holds
up with injury and littleknickknacks and getting sick and
all those things that are allpart of the all part of the
(14:19):
journey.
That's incredible.
Speaker 1 (14:20):
Like, what's your like?
Are you running at a fast pace?
Do you have you paced yourmiles?
Speaker 2 (14:24):
yeah, I mean, it's really not a speed race right um
, I do some speed training, butit's mostly just endurance, you
know long and and steady and andnutrition.
So when you're running thatlong and that far, what about
when you're not racing?
Speaker 1 (14:35):
are you watching your nutrition?
Speaker 2 (14:36):
are you carb loading like what's the I mean I, I just
, I eat pretty healthy.
Speaker 1 (14:39):
So you do, you drink no ever like that's not, that's
no.
Not because you're training,you just don't drink, right
right.
Speaker 2 (14:46):
Wow, stopped that when I was 22.
Oh, that's good.
That's a whole other story, isit?
That's a different podcast.
We cover it all here, man.
Speaker 1 (14:54):
I mean when you do a, you know, when you and I were
just sitting a couple weeks agowith Jesse Itzler.
Yeah, Jesse Itzler.
Speaker 2 (15:00):
Yeah.
Speaker 1 (15:01):
And that guy runs ultra marathons and does all
these incredible things.
When you do that, are you goalsetting?
Do you write these things down?
Speaker 2 (15:08):
You teach yourself physical mindset, which
translates into business mindset.
Like we, we come into businessdifferently.
You know we have fears andinsecurities that hit us a
different way and we talkourselves out of doing things in
business, whether it's a newventure or something we don't
know how to do, or I don't wantto look stupid, or you know all
(15:29):
that stuff.
And when you, when you take onbig physical challenges, you're
you're kind of training yourmind to transcend things that
make you uncomfortable.
And so I like the parallel, Ilike building that muscle
physically, which thentranslates, see, emotional
challenges are harder to me, areharder to overcome because
(15:51):
they're a lot more subtle andthey're they're they kind of way
that they exist in your mind.
They're sort of covert and howthey want to try to have you not
do what you intend to do.
Speaker 1 (16:03):
Are these things like ultra marathons and Ironmans?
Is that like an addiction?
I mean it sounds like.
I mean that's I just like, Ican't imagine, I can't, even I
can't.
I tried today on the treadmill.
I was walking on the treadmilltoday before I worked out and I
thought let me just do a littlesprint.
And I'm not trying to be funny.
Speaker 2 (16:29):
I did three seconds and I was like I'm out of a run.
I don't think it's an addiction, I think it's a lifestyle.
I think it's a lifestyle ofwhat you're committed to and how
you want to live your life.
Now, in any endurance there's a, there's sort of a build.
You know there's.
You know, when I startedtriathlons, I did a.
I did a sprint distance, whichis relatively short, and then I
did an, an Olympic distance.
And then somebody said, hey,let's do a half Ironman.
And I'd never even thoughtabout doing a full Ironman.
I mean, that was likeimpossible.
(16:49):
So I did a half and then I didthe half and I'm like there's no
way I could go another minute.
And then, you know, a month anda half later I was doing a full
.
Speaker 1 (16:58):
But this ultra marathon you're doing in August,
back in November, or did youwrite this down?
I want in 2025, I want to do anultramarathon, like what made
you want to do the ultramarathon.
Speaker 2 (17:09):
Well, it was kind of the next thing, because I don't
really like to run and running,running long distances it's it's
absolutely a mental challenge,you know, after you get beyond
10 miles, and so I really wantedto be part of that, and then a
couple of my daughter's friendshad signed up for it and they're
like, hey, let's, let's do that.
(17:29):
So I'm competing with a coupleof 25 year olds and I'm 62.
And so they don't know what'scoming.
Speaker 1 (17:36):
So are you in better shape now with your hips
replaced than you were before.
Speaker 2 (17:39):
Oh yeah.
Like there's no pain in yourhips, even when run 30 miles,
there's any kind of pain at all.
Like you don't even know thatyou.
Well, when you, when you thinkabout when you do amazing things
and you do big things, there'sa there's a tremendous
multiplier to yourself andothers.
So, like if you go into phoenixsports med today, you walk
(18:00):
through the hallways and there'sthere's nothing but
professional athletes that havegotten you know, tomm, tommy
John surgery and kneereplacements and all that, but
in the exam and consultationroom there's no professional
athletes.
There's just a poster of a52-year-old guy pushing Patrick
Utitas, who has cerebral palsy,across the finish line at
Ironman.
(18:20):
And so when people say, hey,what's my life going to be like,
they can't translate or relateto a professional athlete
because they're so far removedfrom that.
Speaker 1 (18:29):
Right.
Speaker 2 (18:30):
But a 52 year old guy pushing 140 pounds for 17 hours
, they can relate to that didthat, get national news when you
did that?
Uh, I don't.
I don't know, because thatstory sounds familiar to me.
Yeah, could have you don't know.
Speaker 1 (18:43):
Yeah, so then after the ultra marathon, what's next?
I don't know everest, we'll seeone of those things I don't
know well when you do stuff likesauna, you know because you,
you and I met in the sauna uh,do you try to do extreme
temperatures?
Do you try to go for longerdistance there too?
Speaker 2 (18:58):
No, I mean, I always try to challenge myself, but
it's not.
There's never like kind of anend.
Speaker 1 (19:03):
Do you have advice for anyone watching this?
That's maybe I mean like Idon't want to run.
I hate running, but talking toyou now makes me want to learn
to run, because I also think Ihave bad running form.
Speaker 2 (19:17):
Do you bad running form?
Do you work on your form?
You have a coach?
Yeah, you have a coach.
Yeah, I had to.
Speaker 1 (19:20):
I had to relearn how to run after my hip replacement.
Speaker 2 (19:21):
Oh you, did because, yeah, so people, people's
running form causes, uh, a lotof joint dysfunction, I believe
that so I had to learn how torerun in order to have longevity
, because I knew I wanted to usethe hip.
And so I went to a running guyand I said you know, you watch
my gape.
And and so we, uh, we had torelearn to run you?
Speaker 1 (19:40):
um, you'd be really interested in the stem cell
stuff that I'm doing.
Have you done any of that stuffyet?
No oh, man, I think, because Imean you don't look 62 to me,
you look late 40s yeah what areyou doing like?
What's?
What's your anti-aging secret?
Speaker 2 (19:55):
well, I you know I don't drink, I'm I'm healthy, I
I have a sleep regimen, I have aschedule do you monitor your
sleep?
I don't monitor it, I'm not.
I'm not a gadget guy, I'mpretty lazy and so, um, I just
have a particular routine and myuh, my dad's 90, my mom's 89,
and we just have great genes andtake care of ourselves and love
(20:15):
to exercise.
Speaker 1 (20:18):
Let's talk about this book.
Okay, I remember we were againabout a month ago I feel like a
host of a talk show 401kid.
We were sitting in Georgia atJesse Itzler's cabin, yeah, and
you said I have this book.
It's called 401kid and for somereason this sticks in my head.
(20:38):
Head.
He goes what a great name for abook, what a great name.
So what is 401 kid?
Speaker 2 (20:44):
so, um, 401 kid is is the result of so many
conversations that I've had withpeople over the years, I mean
from you would think, um, thatpeople that came to my class the
Lou Grubb who was actually oneof the founders would have a
level of financial acumen intheir world.
(21:05):
And people always said,categorically, I wish I would
have learned this earlier.
And I just got tired of hearingit.
And then I was somewhere in avery wealthy area and I had a
very disturbing thing happen,and that was I was with some
dads and their kids had justgraduated college and they found
(21:29):
out I was an educator and theystarted peppering me with
questions like what should we beteaching our kids?
And I kind of was like, andthey were in the finance
business and I thought, Hmm,this is this sort of interesting
.
And there's a, there's a greatbook written by John support
called the wealthy gardener, andit's the one I recommend to
everybody to to read.
It's it's similar to my book,only, you know, very deep, very
(21:52):
well written.
He draws the analogy between agarden and and and investing.
And so I just got, I got tired,and what the dad said.
I said what are you teachingyour kid about money and he goes
.
I'm not.
And I thought, Hmm, why is thathe goes?
I don't want him to be aspoiled, entitled kid.
And so I thought about that.
(22:12):
And so here we are and I'llgive you the landscape.
So in the Bay area, his dadlived in a little community
called Atherton and Atherton isone of the most wealthiest zip
codes in California not in thecountry and I and I just said to
him, I said you know that's amistake.
You know you really got toteach, you got to talk to your
kid, you got to be vulnerablewith him, you got to tell him
(22:33):
about your journey.
You're not trying to give himmoney.
You need to educate him aboutwhat is your successes, your
failures, how you did it, whatwas good, what didn't work, and
really the overall landscape.
And so the other thing that wasalso impactful about that is I
watched those families and thetrajectory of their kids.
(22:55):
They were all Ivy league,investment banking, New York.
But then what about thelandscaper?
What about the dock worker,what about the restaurant guy?
And what kids typically do isthey will follow in the
footsteps of what they see,Mm-hmm.
And so, anyway, I just I walkedaway and I said I got to do
(23:16):
something.
And so, anyway, I just I walkedaway and I said I gotta do
something.
I gotta write a book wherebyparents need to educate their
kids, and then the one thingthat we're just not doing is we
have a window of opportunityfrom zero to ten, when our kids
like us, they think we're smartand their minds are very pliable
and they're ready to absorb,and we're not doing any of it in
(23:40):
this zone, and that's a massive, massive mistake.
So my book is really a wake-upcall around how to build kids'
self-esteem, how to build theircharacter, Because if we don't
do it, because it's in theforward, like if we don't do it.
Speaker 1 (23:58):
Guess who's going to do it?
Going to do it?
Speaker 2 (23:59):
the internet, oh god yeah, and the internet is going
to tell our kids and there's anepidemic with suicides and kids
that can't get out of theirrooms and all the things that
are affecting our kids becausethe internet is so persuasive in
the message of my life isamazing your sucks and then kids
adopt that and then they get onthis rat treadmill of I got to
(24:20):
get something on the outside tomake myself feel better.
Speaker 1 (24:22):
Yeah, it's doom scrolling.
Yeah, they just start lookingin.
Yeah.
Speaker 2 (24:27):
And parents got to get in front of that.
Yeah, they, they 100% got toget in front of it.
Speaker 1 (24:31):
That's a problem too.
Yeah, you know what it's sodamn interesting, cause I I know
nothing about that stuff.
You know, no one ever taught mehow to do that stuff, and in
school they kind of stoppedteaching all that.
I remember when I was in school, you know, I remember taking a
class I don't remember whatclass it was but they taught us
how to write a check.
They told us how to fill outthe W2s and W4s.
I don't think that happensanymore, right?
(24:52):
So how are they going to teachyou how to manage wealth?
So this is on Amazon, this iseverywhere, bookstores,
everywhere.
It's on audio, is it youreading it, Uh-huh.
Speaker 2 (25:00):
Yep.
Speaker 1 (25:01):
Can I keep this one?
I want to read it.
Yep, the other day I thoughtyou posted something so funny
and it was well.
I experienced this myself acouple weeks ago.
I saw David Goggins running onthe canal David Goggins, navy
SEAL, motivational speaker,tough, tough guy and he was
running towards me and I waslike that looks like David
(25:22):
Goggins, I'm going to saysomething.
No, I'm not going to saysomething.
He runs by and I thought thatwould've been so cool to say hey
, david, I'm going to run withyou but I can't run.
So I really probably would haverun like three or four steps.
But then you saw David GogginsWalk me through that experience.
Speaker 2 (25:38):
So I'd actually seen him the day before and so I
looked up and he was running onthe other side of the canal.
I'd heard that he was in townand I'd heard that he'd been
running on the canal and I knewit was just a matter of time
because I run so much that therewas a likelihood I would run
into him.
And so I saw him and it lookedlike he wasn't running that fast
and he was kind of saunteringand I I was 11 miles into a 12
(26:00):
mile run.
So I I was pretty cooked umwhen I I had nothing left in the
tank.
But the minute I saw him I'mlike, okay, it's game on, I'm
gonna catch this guy.
And boy, I emptied the tank andI could not, I could not catch
him and I was flying, I mean, Iwas rolling, he's fast.
But the thing that was reallyreally impactful to me was I saw
(26:25):
him the next day and this dayhe was running at me.
So I'm like, okay, I'm going toflip around.
And so I flipped around and weran together a little bit and I
said, how far are you going?
He goes 21.
I go, do you mind if I run withyou and he goes.
No, I run alone.
And that's the only thing hesaid to me.
It wasn't.
I'm sorry, it wasn't any.
(26:46):
He didn't explain anything tome and the really fascinating
thing is he is so hyper-focused.
He had no water.
He had no water.
He had no headphones.
He had no sunglasses.
He had no camel pack.
He had no nutrition.
He had no water, it was justblack shorts and shoes.
(27:08):
And he said no, I run alone.
He had nobody with him, it wasjust him.
Speaker 1 (27:17):
So then do you just slow down and let him go?
Speaker 2 (27:19):
Yeah, yeah I didn't want to get killed you know,
when you run, what do you?
Speaker 1 (27:25):
you got headphones on .
What do you listen to?
Speaker 2 (27:27):
Shit.
I listen to audio books, so Iread.
I probably during my Leadvilletrain I've probably read 40
audio books.
Speaker 1 (27:35):
Does it just take you away?
Speaker 2 (27:42):
You're just in the zone.
Yeah, I mean it.
You learn a lot I.
I love reading all kinds of allkinds of different books and
it's on my journal.
Sometimes I listen to music butit's mostly you take a call
sometimes, well, very cool.
Speaker 1 (27:48):
So I went to jet gpt um because, like I said, you
know, it was like like, when Ihave other people in here, like
I had sam fox in here, you know,I had, uh, this Rafael
Gonzalez's scientist guy aboutstem cells, like it's stuff that
I know, so I can just like Ican talk to Sam Fox about
restaurants.
He lives on my street we couldtalk about.
You know, we grew up in thesame town, so it's like with you
, it's just so out of my world.
(28:10):
I should have read this bookfirst and then come in there and
said and ask you, you questions.
So I was at Chachapiti and I'mfascinated with Chachapiti and I
was like I'm interviewing thisguy, walter Clark, do a deep
dive and can you come up withsome good questions for me to
ask?
And, holy smokes, man, can youshare the story behind your
Ironman triathlon?
(28:30):
You already did.
What lessons did you learn fromthe challenges?
Yes, okay, you already did thatone.
What are common mistakesfamilies make when dealing with
sudden wealth and how can theybe avoided?
Boom, that's a good one youknow what?
Speaker 2 (28:45):
what happens?
There's a there's a thing withmoney, um, when you get a
windfall and people look at ittwo ways.
Athletes do this all the time,but it's what money can support
versus what money can buy, andso there's a very, very
different, distinct methodaround that.
So money generally can supportabout a 4% distribution rate.
(29:09):
So if you get $10 million, thatsupports $400,000 a year in
annual spending.
But $10 million can buy a bighouse, cars, a boat, a lot of
stuff, but what you do is youdiminish the engine.
Money is the engine thatgenerates return, which feeds
(29:30):
your lifestyle, and so whathappens for people in the sudden
wealth spectrum, kind oftwofold One is a lot of people
want to sell you stuff and a lotof people get caught in
complexity and don't keep thingssimple and they get involved in
a lot of things and they um,they don't understand, and so
(29:51):
therefore, they make a lot ofmistakes and they lose a lot of
money.
There's lots of examples.
I wrote another book beforethis, one called the big risk.
I thought it.
It was a big mistake.
Yeah, I know the big risk, andand we watched a lot of people
vanish money and getting intothings cause, cause they thought
they were smart, they mademoney in one business and they
(30:11):
thought it translated intoanother and um, and so they took
unnecessary risk and jeopardizetheir, their lifestyle.
They people overspend andtherefore that that that bucket
of money can't, can't support sois there basic advice?
Speaker 1 (30:29):
you think people should save a certain percentage
of their.
Speaker 2 (30:32):
Well, there's two sides.
There's accumulation size,where you're saving and you're
investing for a future date.
The audience that I taught tohad the windfall.
So it wasn't really aboutsavings anymore, it was about I
got this amount of money, howcan I best invest it to where it
(30:53):
can be efficient and then itcan serve me and my family, not
only for my generation, butfuture generations to come?
Speaker 1 (31:00):
Was there ever a moment when you first started
where you had a client, a newclient, and let's say they were
worth a billion dollars andthey're coming to you?
I don't know how wealthy yourclients are, but if the first
time someone came to you withtheir money said help me, did
you freak out?
Did you stress?
Did you, were you worried?
Speaker 2 (31:17):
Did you freak out?
Did you stress?
Did you were you worried?
Did you make mistakes?
No, because you do it in such away that you craft a plan based
on what they're trying toaccomplish, so you're really
matching what it is that they'rewanting you to do.
So you just have to understandvolatility and how markets go up
and down, and it's really for alot of, what financial advisors
(31:38):
do is regulate the emotions oftheir customers.
We see it right now with thetariffs and the world and the
panic that we saw not less thanthree weeks ago.
You know, the world was fallingapart and people were running
for cover and now, all of asudden, the sun's out, like we
just made a deal with China.
Speaker 1 (31:56):
I just I just made a deal with China.
I just told my wife that today.
I said we should have boughtstocks this morning.
Right, Was today the day to doit?
No, it was two weeks ago.
Two weeks ago.
I said that two weeks ago too,when everybody was running for
cover.
Speaker 2 (32:07):
I mean, what happens for people is.
We're a big advocate in theclass and in my practice.
You got to keep things simple.
Complexity breeds loss and thefamilies that do the best over a
long period of time havesimplicity inside their
(32:28):
investment thesis and they don'tget involved in the newest and
the latest.
Speaker 1 (32:33):
Crypto.
They don't do crypto.
Speaker 2 (32:34):
You know whether they do it or not.
They may do it in a smallpercentage, but they don't chase
the fads that everybody else isrunning around with.
They're very basic, they'revery simple.
You know they're on.
They're not on the five-yearplan or the two-year plan,
they're on the 50-year plan orthe hundred-year plan.
Speaker 1 (32:51):
What is your take on crypto?
By the way?
Speaker 2 (32:52):
You know, I just I don't have a lot of opinion
about it.
It's an equity asset that has.
I look at every asset in termsof two things.
One is it's expected return,like how much money it will make
going forward, and then howmuch volatility it has.
And so, based on those twothings, how much of it are you
(33:14):
going to mix into your equation?
That's what people?
It's three things it's expectedreturn, variation and
correlation.
Those are the three things thatyou look at when you're mixing
in and you're building aportfolio.
And so crypto is just a thing.
It's not the thing, it's notthe catch-all.
It's like do you want 5% crypto?
(33:36):
Do you want 2%?
Do you want 10%?
And then what does that do interms of the variability to your
portfolio?
So you're building somethingthat can weather storms.
That's what is important,because most people in portfolio
management, if you violate yourfear threshold like we lost 22%
(33:59):
in the stock market inliterally three weeks you know
trump gets elected, everybody'sexcited, the market goes up.
Then he comes into office, hestarts rattling the saber.
Oh shit, oh shit.
You know we're going down,we're, and rational people
become very irrational in fear.
And so when you're craftingportfolios, you've got to do it
(34:22):
in such a way to where peoplestay the course when they're in
a lot of fear.
That's great advice, and if youdon't do that, you're going to
make a decision.
So, like all the people andthere's a lot of them because
tariffs were really scary, rightRight, like the world's falling
apart, and a lot of thembecause tariffs were really
scary, right right, like theworld's falling apart and a lot
(34:43):
of people said I'm just gonna goto the sidelines, I'm just
gonna wait this out, right,right.
Well, you gotta be.
You gotta make two decisions.
You make one decision when tosell, and then you gotta make
another decision to rebuy.
Now, today, they, they read thepaper and like, oh no, Do I get
back in or I not?
(35:03):
I guarantee you they're gettingback in higher than what they
sold for, because people sell onthe way down.
They don't sell wheneverything's wonderful, and so
it's really.
It's a psychological game.
So if you just do what we teachin the class, if you just do
what we teach in the class, ifyou just do basic things, basic
things, and get market-likereturns and stay the course,
(35:28):
you'll do better than 98 percentof all the people that are out
there I agree with you I thinkthat's what we do.
Speaker 1 (35:33):
That way we do good.
Uh, you know, you brought upyour daughter, 25 year old-old
daughter.
Did you teach her all this?
Speaker 2 (35:39):
So she's a financial advisor, oh, wow, okay.
And so she's a rock star.
Speaker 1 (35:44):
Does she work with you or just her own thing?
Speaker 2 (35:46):
No, she works with a group out of the Bay Area at
Northwestern Mutual an amazinggroup, amazing firm, an amazing
team and you know she gets it.
Speaker 1 (35:56):
Was she always inquisitive growing up, asking
you questions about finances andhow to do this.
Dad, how do you?
Speaker 2 (36:01):
do that Well.
You know both my kids my olderone was an athlete, my younger
one was more analytical.
But what's happening is,because they've been in the
conversation for so long, theyboth really understand budget
and spending, and one of thethings that is paramount for
families and kids is they needto understand the twofold
(36:22):
aspects of revenue how muchmoney you make versus expenses.
And where a lot of people makea ton of mistakes is in
lifestyle inflation, because youstart making more money and we
have conversations all the timeabout bonuses and as wage
increases and you know, can youkeep your lifestyle in check and
(36:42):
not buy the bigger apartment,the bigger car?
Cause there's cause.
That's what 20 year olds do.
They want to impress everybody.
You know I'm, I'm driving abigger car, I live in a bigger
apartment, I have nicer stuff,and you know it's the.
It's the challenge of what wecall the fake rich.
You know people that want toshow an air of and so to be able
to have an image of disciplinewhere you're not flaunting your
(37:09):
lifestyle, but what you have istremendous amount of free cash
flow where you're putting stuffaway in your retirement accounts
and your Roth and your yourbuilding for the future, which
is not sexy, you know.
It's sexy to show people thatI'm oh, look at this vacation,
or look at this car, or look atthis watch, or look at this
(37:31):
fanfare, look at this party thatI was in and that.
And that's not freedom.
Speaker 1 (37:35):
But what about living and having life experiences?
I have a friend of mine that'spretty wealthy and he does
incredible things, and he toldme several years ago you know,
life is about experiences.
You can't take this money withyou when you go.
And my father passed away atthe age of 66, and he was always
saving, always saving, and helived life, but he didn't live
(37:58):
life For me.
Right now I look at it like I'mlike let's get those four seats
of the suns, let's fly firstclass, let's get the private jet
here, let's buy the fancy car,and, of course, now I think
we're broke.
So, uh, you know.
But but we have these greatlife experiences, right?
Is that?
That doesn't sit well with you.
Speaker 2 (38:17):
Well, I mean it's.
You have two.
You have two aspects to thewealth management game
accumulation and distribution,and health and longevity and
enjoyment.
Some, some decisions you makeare efficient decisions, Some
are enjoyment decisions.
There has to be a balance, butyou can't be a slave to your
lifestyle.
I've been involved with somecelebrities and some Hollywood
(38:38):
figures and and I've looked attheir books.
And they have no money.
They have no money and sothey're a slave to their
business.
And one of the things whenyou're a high income earner,
what that means is you have morevariability to your income than
the 50 to a hundred thousanddollar guy.
You know he has a bad year, hemakes 60,.
(39:00):
You know the million you knowhe has a bad year, he makes 60.
You know the million dollar guyhe has a bad year, he makes
zero.
So if you got a really, reallyhigh lifestyle, you're in
trouble.
So it's really about financialfreedom, and so I believe that
if you're reaching for lifestylebut you're impoverished because
you're overspending, you're notmaking lifestyle decisions
(39:21):
because you're reaching forlifestyle but you're
impoverished because you'reoverspending.
You're not making lifestyledecisions because you're
suffering.
So, like my daughter and I wentover her budget, she called me
and said dad, I'm overspending.
And she said I'm going to cutout my latte.
She went through her budget,kind of line item by line item,
and she says I'm really going tosacrifice because I'm not going
to have these things.
And we thought about it for aminute and we said are you
(39:43):
sacrificing or are you not?
So when you're spending moneythat you know you don't have, is
that a sacrifice?
That's almost like a punishment, because you know in the back
of your mind you can't affordthat stuff.
So you're putting on a creditcard and then the credit card
bill comes and you feel guilty,you feel remorse and you're like
, oh my God, how am I going tomake that payment?
I have no money, but yet I'mshowing the world that I'm a
(40:05):
baller.
And so months go by and shecalls me back.
She goes, dad, the credit cardsare gone.
I go.
How do you feel?
She goes?
I feel like a million bucks.
I go.
Do you feel like you madesacrifice?
She says 100%.
Not.
I got right with myself.
I had to talk to myself in themirror and that's really what we
need to teach our kids is thatdelayed gratification, that
(40:29):
fiscal discipline, that wantversus that need and what you
can afford and what you can'tafford.
So she cut out lattes.
Speaker 1 (40:37):
She cut out lattes.
Speaker 2 (40:38):
She cut out a lot of thingses.
She cut out a lot of things.
Yeah, she cut out a lot ofthings.
She cut it to the bone.
She said I don't want to livelike this anymore.
Speaker 1 (40:45):
What about you?
Is there anything you splurgedon that you regret, or splurged
on that you?
Speaker 2 (40:52):
thought was.
So I really break my life intotwo categories the spender
Walter and then the fiscallydisciplined Walter.
So in the book the big risk youknow I was uh, I never learned
it, even though I was afinancial educator.
It's like the cobblers kidshave no shoes.
You know, I didn't.
I never drank the Kool-Aid andI always believe that more was
(41:13):
coming.
And so you know, when I mademoney and spent money, I spent
equal amount of money that Ithat I made.
So it was a very, very painfullesson going through that, going
through that scenario, and itreally shapes you in a in a
different way, and so you, youhave a very, very different view
, because the 089 downturn wastough, very tough, tough on me
(41:35):
and tough on a lot of people.
A of people lost, lost a lotbut since then?
Speaker 1 (41:41):
so now you've you.
You've got the two walters, youknow who they are yeah,
definitely you go.
Speaker 2 (41:45):
you go through a painful and I think I needed to
go through all that becausehence here's the book.
You know the big risk is thereand 401kid and it's like you got
to get in front of this becauseI I grew up with mr spender.
You know my dad had to live alife with with other people.
We were ski racers so we hadthere was little money, mid
(42:08):
money and big money, and we werelittle money.
That wanted to be big money andin the boat racing world, if
you're ever a racer, a car racer, both it is not an inexpensive
sport, and so he tried tocompete in a landscape that he
just couldn't compete in, and soI just learned that and what
you learn.
(42:28):
He never sat down at the tableand said, son, I'm spending
every nickel I made and thensome.
He didn't say that, I justexperienced it in his behaviors.
So kids are going to watch whatyou do.
They watch what you do, and,and even for families that are
that are financially challenged,what I say to them is you can
(42:52):
hire coaches and steer your kidstowards the internet so they
can pick up mentors like SarahBlakely, I mean Jesse's wife.
Love Jesse.
I've never really met Sarah,and so in my book Sarah's dad is
leaving leaving their householdand gives her a series of tapes
(43:13):
from Wayne Dyer and says andthey're the limitless Wayne
Dyer's tapes that you can doanything.
And she grabbed that at 15years old and realized it was up
to her to create her owndestiny.
Speaker 1 (43:24):
I didn't know that story.
Speaker 2 (43:25):
Yeah, they didn't have much.
Speaker 1 (43:27):
Right.
Speaker 2 (43:27):
And so 401kid is more for the lower income than it is
for the privileged families,because there's so many
resources now that are next tofree, where you can teach your
kid entrepreneurialcharacteristics and your kids
can have a different life thanyou.
(43:48):
You want your kid to be alandscaper, a mechanic.
That's fine, but maybe insteadof being a wage earner in the
landscape company, he can ownthe landscape company.
Or maybe he can develop an appor a technology or a new
electric motor.
So maybe there's many, manythings that they can do, I
believe my wife.
Speaker 1 (44:08):
did you go on a date with Wayne Dwyer's son?
Were you on a date withsomebody like that, some
motivational?
I was just going off theconnection with the Walter
connection.
I felt like you told me, or wasit Ken Blanchardard, there was
somebody you went on a date withthat was a motivational speak,
ken blanchard, yeah, his son.
Um, I didn't know that aboutsarah blakely.
And a real quick story when Istarted in radio, um, I was on a
(44:31):
sports radio station, uh, doingI was an intern for free, and a
guy there gave me thesecassettes that were tonybins
cassettes.
There were cassettes, go backto you know, and I listened to
those things every freaking dayover and over and over again and
I always felt like you couldpull something out of there, you
know, and just pull somethingthat makes you a better person
or better at what you do.
You're ahead of the game.
(44:51):
I didn't know that about SarahBlakely.
That's, that's awesome, that'sall and that's pretty wild,
didn't it?
Yeah, no, jesse's in the bookthree times.
He is uh-huh before you met you, like you didn't?
That's wild?
Yeah, wow, you like manifestedthat right, because now you're
spending it, yeah, so jesse dida couple things on the kids side
(45:12):
.
Speaker 2 (45:12):
One is he said um raise gritty, we're raising our
kids to be too soft yes, I agreewith that and he said praise
the effort, not the results.
I think parents are being waytoo negative the the tennis
parent, or the swim parent orthe uh, baseball parent that's
yelling at their kids throughthe chain link fence because
(45:33):
they're not performing in theway they.
I think that's.
I think that's a cancer.
So I think we need to do abetter job of of encouragement.
I think we need to do a betterjob of of encouragement.
I think we need to do a jobbetter job at mentorship.
I think we need to teach ourkids entrepreneurial traits
about business and lemonadestands and what's possible for
them out in the future insteadof, you know, soccer, sports,
(45:55):
music.
We really got gotta teach lifeskills and we hire so many coach
.
I mean, all the kids have musicteachers, dance coaches shooting
coaches why not have like alife coach, uh, for, for the
parents and for their kids to,to, to create unity in in the
(46:18):
family, to bridge thateducational gap?
Because you know there's aninteresting story Francis Tiafoe
I don't know if you know whothat- is.
Yeah, why do I know that name?
Speaker 1 (46:29):
Oh, he's the tennis player.
Tennis player, yeah, the tennisplayer.
That's right, right, right yeah.
Speaker 2 (46:33):
Francis is incredible .
My daughter played tennis withFrancis oh wow Coming up through
the junior ranks.
The guy was a oh wow his tenniscareer, but instead his dad
(47:03):
recognized that his son hadtalent.
He's like I got to get my sonto people that can further this
talent.
And it's the same withentrepreneurship I don't care
who you are, we have to exposeour kids to this dynamic, to
show them how to create, how tobuild, how to be a part of.
Which was fascinating in myclass to Sudden Wealth.
I never had a founder show up.
(47:23):
Not one time did the guy thatcreated the company come to my
class.
But how many millionaires andmultiples of millionaires come
because they had equity in thecompany?
Employee 21 didn't start Google, he just went to work there.
So, teaching our kids how toget equity, how many
(47:43):
millionaires are at Walmart,meta, facebook, nvidia, plantier
?
We got to teach our kids thatequity is the game, not wages,
and so the sooner we teach themthat, the sooner they learn and
they start to look at the worlddifferently.
Speaker 1 (47:58):
The problem with the Tiafoe story is, I think every
parent thinks that their kid isfrancis.
So they get him a coach, theyget him a shooting coach, you
get him a batting coach, ahitting coach, a pitching coach
right.
And then I call it the americanidol syndrome and I used to
feel like that about my.
I thought am I a parent likethat?
Because I thought my son was apretty good basketball player
and I'm right.
Right because he's got ascholarship to play basketball.
(48:19):
I was right.
But I used to think like whenthey weren't playing my kid, I'd
be like why aren't they puttinghim in Like he's great?
And then I remember AmericanIdol, season one of American
Idol.
One of the reasons American Idoltook off was because of all the
horrible singers.
Do you remember the horriblesingers and all those horrible
singers?
They'd interview their parentsand the parents would go my son
is just the best, he's thegreatest.
And I thought is that me?
(48:41):
Do I think my son is a realgood basketball player?
But in reality he's not.
Am I an American Idol parent?
Now I look back and I was right, because he's currently playing
with a basketball scholarshipin Hawaii.
So I think there's a lot ofthat.
Like Francis Tiafoe, his dadsaw something special, but he
knew it.
He wasn't an American Idolparent Somewhere along the line.
(49:02):
Someone's got to be realistic.
We need a book on being arealistic parent.
Does your kid have talent?
Does he not have talent?
Speaker 2 (49:12):
But you also got to be tougher on them too, because
they're so soft.
But if you think about the oddsand the percentages, how many
kids grow up to actually?
One become a professionalplayer and two make money?
Speaker 1 (49:22):
right it's.
Speaker 2 (49:23):
The odds are, but, but if you teach entrepreneurial
skills oh yeah how many ofthose kids are going to go on to
create businesses or go to workfor businesses that change the
world?
Speaker 1 (49:34):
where does someone get an entrepreneurial coach?
Speaker 2 (49:39):
they're all over the internet.
Speaker 1 (49:40):
Well, it's the internet.
We try to keep kids on theinternet.
Speaker 2 (49:42):
They are.
They are.
Jesse Itzler is one.
Speaker 1 (49:46):
Can you hire him?
Speaker 2 (49:46):
individually?
No, but there's the one guythat runs around on the internet
School of Hard Knocks.
I think he's amazing.
Speaker 1 (49:53):
He goes around and interviews oh yeah, yeah, yeah,
yeah, he was an athlete anex-handball athlete, yeah, and
he played for.
Speaker 2 (50:01):
And he has little.
Speaker 1 (50:02):
He has little Lewis Howes.
Speaker 2 (50:05):
Yeah, he has all kinds of things.
There's all kinds of veryaffordable, whether it's Gary
Vee or Grant Cardone or RussellBrunson.
There's tremendous amount ofresources on the internet for
free on people that you canlearn Wayne Dyer tapes, I mean.
I think that stuff's free now.
(50:25):
You know the Anthony Robbinsstuff.
I had it when I moved out herein 85.
I came to a Tom Hopkins seminar.
Speaker 1 (50:35):
I was just talking about him to my wife.
I went to his seminars.
Speaker 2 (50:38):
Is he still around Because he lives out here.
He is still around.
He is still around.
He is still around, but he blewme away.
Speaker 1 (50:45):
Yeah.
Speaker 2 (50:45):
He showed me something and it was affordable.
Speaker 1 (50:49):
Right.
Speaker 2 (50:50):
We have to do a better job at, yeah, sports,
music, dance, all great stuff.
We all learn greatcharacteristics, but we have to
start teaching business.
We're not teaching business toour kids.
We're not teaching life skillsabout learning, trying, failing,
excelling, building, creatingvalue.
(51:13):
Value comes from compensation.
The more value, the more we'renot.
We're not teaching these thingsto our kids early and we just
need to do a better job of it.
Speaker 1 (51:24):
You're a hundred percent right.
Let me ask you this, cause uh,you and I are going to this
party in a couple of days and Iwas asking you what to wear.
You said business casual.
But you're like like, where doyou get your style?
Cause you got.
Every time I've seen you,you're like style, don't just
tell me me.
Do somebody help you?
I I'm, I look on the internet,do you really?
I'm a visual person, so you'relike that looks cool, it'll work
(51:45):
on me because you dress sharpyeah, thank you.
Yeah, I want to dress like you.
Yeah, we'll dress the same whenwe go to this party yeah all
right, so this, this is out401kid great book.
Um, I I thought because you knowI I do this thing where I try
not to research anyone I'minterviewing, like I like to all
come up.
But the one thing that poppedup when I was asked, I thought
(52:05):
you didn't have a book calledthe Great Mistake, the Big
Mistake, it's the Big Risk, theBig Risk.
Well, maybe you do part two ofthe Big Mistake.
The Big Mistake is me callingit the Big Mistake on this
interview and not doing myresearch.
All right, well, thanks, walterClark.
Thanks, brother.
Okay, so welcome to our podcast.
This is a little bit differenttoday because this podcast is a
(52:28):
spin off of our radio show.
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