August 11, 2025 • 39 mins
Have you ever felt stuck in a cycle of working hard just to pay bills? In this eye-opening Level Up episode, Duayne Pearce shares the game-changing realization that transformed his financial life: wealth is built by how you spend your money, not by your income.
Duayne dives deep into his past struggles with living beyond his means and reveals the powerful shifts he made, from maximizing superannuation to investing heavily in expert advice and personal development. If you're ready to shatter limiting beliefs about money, understand the true value of your spending, and start building genuine wealth, this episode is for you!
Check out the Duayne Pearce website here...
https://duaynepearce.com/
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Transcript
Episode Transcript
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Speaker 1 (00:00):
I'd work my ass off, save up the money and I'd spend
it and it was gone and I mighthave felt good for a little
while, but I wasn't using it tocreate wealth.
I was using every cent that Iwas earning to just live a
lifestyle and, like most people,I started living a life that
was beyond what I could afford.
We've done some work for somevery highly paid professionals.
(00:21):
Yes, they earn a lot from theirjob, but they don't know it
either.
They don't know that wealth iscreated by how you spend money,
because they spend the moneyfaster than they make it.
If you show up to work withthat sort of mindset, that is
going to lead you to creatingmore wealth and you commit to
being consistent andimplementing what you learn.
(00:42):
Don't hold back.
Being wealthy isn't hard.
G'day guys.
Welcome back to another episodeof Level Up.
We are back in the shed todayfor another cracking episode.
We've been getting asked a lotfor some more individual just me
(01:04):
chatting podcasts.
People seem to be getting a lotof value.
Some more individual just mechatting podcasts.
People seem to be getting a lotof value out of it, so that's
pretty cool.
So today I want to talk aboutsomething that I wish I had
learnt 20 years ago instead ofabout 5 or 6 years ago, and that
is that wealth is created byhow you spend your money, not by
(01:26):
what you earn.
This is something that I'vereally sort of struggled with
for a long, long time.
I was brought up if you've beenlistening for a while, you know
my story I just was brought upto work hard and I thought that
the only way to be successful,to get ahead, to reach my goals,
(01:49):
to be able to buy the thingsthat I wanted to buy, was to
just work my ass off and for allfor so long, like in my early
days contracting.
And then, even when I startedbecoming a builder, I saw value
in an hourly rate that I gotpaid.
(02:11):
But the thing is an hourly ratewill cap how much you can earn,
because you can obviously onlydo so many hours before you burn
yourself out.
And so if you can only do somany hours in a week and you're
you can only charge so much foryour time, then you're going to
really restrict what you canearn until you get to a point
(02:32):
where you might employ somepeople.
You might have some contractorsor employees, apprentices,
working for you and you'll beable to pick up some extra money
by charging them out at ahigher hourly rate than what
they're costing you.
Um, a little bit off topic, butI see so many people in the
construction industry that feellike they're making a lot of
(02:54):
money because they might bepaying their apprentice.
I know, let's say they're athird year or whatever and then
I know off the top of my headthey might be getting 24 bucks
an hour or something and theyfeel, because they're charging
them out at $35 or $40 an hour,that they're making a
substantial amount of money ontop of that, when in reality
they don't actually understandthat by the time they pay all
(03:16):
their super, their work cover,they cover all their
inefficiencies and the actualhours that the apprentice won't
be working, deficiencies and theactual hours that the
apprentice won't be working,which in most scenarios adds up
to, I think, approximately about11 weeks a year.
They realize that if they'recharging out at 40 bucks an hour
, they're actually costingthemselves money.
So that's a whole other podcast.
(03:38):
We'll get into that anothertime.
But the thing is I used to setgoals.
I wanted to buy toys,motorbikes, cars, boats, all
those types of things, and I gotstuck in that cycle that I just
thought the only way to achievethem was to just do hours, do
massive hours, get paid forthose hours.
(04:00):
And then, as my business grewand I ended up with a lot of
carpenters, I thought I wasmaking a lot of money.
And look to most people, I wasmaking a lot of money at the
peak of my carpentry businesswhen we had 40 plus carpenters
and I managed to build somereally good relationships with
some big developers and I ran areally good crew and they.
(04:22):
I even thought at the time likeI was making a lot of money
because I was charging every oneof my workers out at like 75,
90, $95 an hour.
Um, and like I'm going back 15years and I got myself into a
lot of trouble because I justthought that all that money
coming in was mine.
I didn't understand taxes andwork cover and all those types
(04:46):
of things, but I also wasn'tbeing, I guess I didn't have the
knowledge to know how to spendthat money to make money, and so
I was like a lot of people.
I see so many people these daysand this is the reason I want
to do this podcast, not onlybecause a lot of people reach
out to me these days to ask mehow I've achieved everything
(05:08):
I've achieved and how I run mybusinesses and how I built my
wealth and all those types ofthings.
I just see this happening allthe time, and even in my own
team, which I'll talk aboutshortly.
But the thing is I just I'd seea new whatever.
It might have been an f truckand I just wanted that f truck.
(05:28):
So I would just I would workout how many hours I had to work
and I'd work my ass off and I'dsave up the money and I'd spend
it and it was gone and it mighthave.
I might have felt good for alittle while, but it it wasn't.
I wasn't using it to createwealth.
I was using every cent that Iwas earning to just live a
lifestyle and, like most people,I started living a life that
(05:53):
was beyond what I could afford.
And then you get caught in atrap where you are just
constantly working to pay backdebt and to pay for a lifestyle
that, a lot of the time, isn'teven the lifestyle that you want
to be living.
You're living a lifestyle tokeep up with the dangers, as
they say.
(06:13):
Like you, you always think thegrass is greener on the other
side of the fence.
So you're.
You're working hard to purchasethings that you feel like you
need and and you feel like youwant, but reality is you don't
really want them.
You're purchasing them to tolook good, to feel good, to keep
up with the friends or familythat you associate with, and I'm
(06:33):
telling you from first-handexperience it's a terrible way
to live your life and it's andit's not going to create wealth.
It's not going to allow you tobe successful and look at value.
Everyone sees value indifferent things, but I wish I
had learned.
I'm not sure why or how it cameabout, but I've just continued
(06:55):
to work very hard and put moneyinto different things.
I think having a family hasdefinitely changed what I've
spent my money on and what I seevalue in, but I don't know.
Something clicked in the lastsort of four to six years, and
now every cent that I earn isput into creating more wealth,
(07:19):
and it's incredible how quicklyyou can accumulate wealth when
you're actually spending moneyon the right things, and so
that's what I wanted to talkabout.
Like, wealth is definitely notcreated by what you earn.
It is definitely created bywhat you spend it on.
And I think over the years I'veseen a lot of the clients that
we've built some prettyincredible homes for, like multi
(07:41):
, multi million dollar homes andover the years working for
these clients, like I've alwaysbeen one to ask questions and
reach out and have conversationswith people and build
relationships with our clientsand talk about business and
things.
And something that I've reallybecame aware of is most people
think that the only way to besuccessful or to become wealthy
(08:05):
or to be seen as somebody is bywhat they earn.
And, like some of our like Idon't know if I should be
talking about some of ourclients Well, I won't name names
or anything, but we've donesome work for some, some very
highly paid professionals andthe thing is, yes, they earn a
(08:29):
lot from their job, but theydon't know it either.
They don't know that wealth iscreated by how you spend money,
because they spend the moneyfaster than they make it.
And I think this happens at alllevels.
It doesn't matter whetheryou're a child getting uh pocket
money, whether you're anapprentice earning a like a low
(08:49):
wage, whether you're a laborer,or whether you're a doctor or a
lawyer that's earning half amillion dollars a year, or
possibly even a million dollarsa year.
It really doesn't matter howmuch you make.
It completely depends on howyou spend it, and I think it
actually gets worse, like thethe more money that people earn
from their day job if they don'thave a mindset about how to
(09:13):
create wealth and how to managemoney, then the more money gets
wasted.
And we've seen this a lot oftimes with some of the clients
that we've built some multi,multi-million dollar homes for,
and it's uh, it really blows mymind that people that have
(09:38):
worked their way up or I guess Idon't know, I've changed my
whole mindset on this.
I used to say smart enough to beable to earn a lot of money,
but it's got nothing to do withbeing smart.
Um, I think these days, themore common sense you have, the
more money you make, but that'smy own opinion on that, but it's
just, it blows my mind howpeople waste their money, and I
think back to the first 15 yearsof me running my business.
(09:59):
It's all I was doing, like Ididn't understand the value, the
true value of money, and I'vetalked about a few times on the
podcast before, like if yousomething that's really, really
changed my mindset on money andwealth is the Audible book the
Creature from Jekyll Island.
It's a really long book, buthighly recommend reading it or
(10:21):
listening to it.
It will completely change youropinion Well, it did mine, mine
anyway and really opened up mymind and my eyes to how the
world works when it comes tomoney.
Um, but just to talk about, Iguess, how different people
value money.
Um, like I, I see it inapprentices all the time.
(10:43):
They don't earn a lot of moneybut they spend all their money
on shit that they don't need anda lot of the time they can't
afford, instead of spending themoney on things that can
actually make them more money.
And this happens at alldifferent levels, but with
apprentices, I see it a lot ofthe time.
(11:04):
If you have, if you have, twoapprentices, two apprentices and
they're earning the same amountof money.
But one guy is more interestedin drinking and pissing it up on
the weekend with his mates andtrying to make out that he's, I
don't know, doing really well infront of his mates and girls
(11:26):
and things, and not puttingmoney back into the way he
presents himself at work, thetools that he buys to be able to
do his job better, to show hisboss that he respects him and
that he wants to get ahead inthe trade.
You're, you're probably notgoing to go a long way, but if
(11:48):
you're an apprentice, that um isquite tight with their money,
lives more more reserved lifeand understands that you've got
to put money into buying toolsso that you can show up to work
and and do your job adequatelyand not have to be using all the
tradesman's tools all the time.
That in itself is adding somuch value to your employer and
(12:15):
the other contractors oremployees that you're working
with that you may not think it,you may not realize it at the
time, but if you show up to workwith that sort of mindset and
spend the money on the tools andall those types of things and
spend the money on the tools andall those types of things, that
is going to lead you tocreating more wealth, because it
will lead to more jobopportunities, your promotions,
(12:39):
your boss might sign you offearlier from your, from your
apprenticeship, because you'llsee that you're driven and that
you want to achieve.
You're there because you'repassionate about you're there
because you believe in it.
If you're just pissing up thewall and not really paying too
much attention to it.
That's not really reflecting onyou well in your work
environment.
So that's one example.
(13:02):
Another example is if you um,like, if you're not putting
money back into, like, so sayyou're, you're a carpenter or
something or or some sort oftrade, and you're not putting
money back into, like, so sayyou're, you're a carpenter or
something or or some sort oftradie and you're working for an
employer.
If you're not, again it'ssimilar situation.
If you're not putting moneyback into, like, maintaining
(13:23):
your work vehicle to make surethat you can show up to work on
time and be at work every day,if you don't show up and present
well, if you don't look afteryour tools and equipment, if
you're not buying the righttools and equipment to allow you
to do the task on site thatyou're meant to be doing for
(13:43):
your employer, again, there'stwo different types of people.
If you're the guy that's justnot interested, you're not
putting in the effort, you'renot buying new tools, you're not
maintaining your tools, you'renot maintaining your vehicle,
you're not showing up all thetime because your vehicle breaks
down, it's a reflection on youand it won't allow you to
(14:06):
progress, your boss won't giveyou promotions.
Your boss won't help youpromotions.
Your boss won't help youachieve your goals.
But if you're doing theopposite and you're buying tools
, you're showing up on time,your car looks good and it's
nice and clean all the time youpresent well, you're buying more
tools on what you need on siteto be able to smash out your
(14:26):
work efficiently and in aquality way, then again your
boss will see that and that'show you'll progress.
You'll get bonuses, you'll getpats on the back, all those
types of things, but it goesright through life and as you
become a business owner, youmight work for yourself If you
just continue to work your assoff all the time, but then you
(14:50):
don't understand the value ofthat money you're earning and
again, it's it's.
The situation is very similar.
It doesn't matter how far downthe road we go, but you can.
You can do the exact same thing.
You can be working your ass off, thinking that you're doing
well, but all you're doing isgetting in debt to the eyeballs.
The more you earn, the more youborrow.
(15:12):
And instead of like you mighthave a home but you might spend
a lot of money on that home, youmight fill that home Like.
You want all the best gadgetsall the time.
You want to keep up with theJoneses.
You're buying a new vehicle allthe time Like on face value
value.
You just want to look pretty.
That's not creating value foryourself, whereas if you're
(15:37):
working your ass off, you'reputting in the good effort,
you're building up your business, you're earning more money and,
yes, you're buying a house.
You you might buy the newvehicle, but you're not living
beyond your means and you'reactually investing some of your
money back into yourself, intowhether it's into training or
whether it's setting up asavings account that will allow
(15:59):
you to build up a deposit to buyan investment property or
something like that, rather thanjust throwing it away on eating
out all the time going to themovies, all the time going on
regular holidays.
So I guess a lot of this comesdown to.
I talk a lot about what you seevalue in.
And look, some people see valuein living a higher life than
(16:19):
what they can afford.
They like being out all thetime.
They like on face value atlooking like they're doing
really well, but then behind thescenes they're probably
whinging that they can't affordthings.
They can't pay their bills.
Why?
Why have I never got any money?
Um, so it's, look, it's, it's atricky one, but the reason I
wanted to do this podcast todayand to talk about this is
(16:40):
because it this sort of stuff Ididn't.
I think the reason it's reallyclicked with me in the last sort
of four to six years is when Istarted getting in my late 30s
and then when I turned 40, itwas like, holy shit, like I've
had an incredible life, I'mdoing really well.
But, man, if I want to achievethe life that I want to have, if
(17:02):
I really want to have thethings that I want to have, I
need to knuckle down.
And that's when I really sortof started seeing value in
different things.
And I guess another example oneof those things was
superannuation.
And look, I think this is it'shard in the building industry.
I didn't get paid super Most ofmy.
(17:23):
I got paid it while I was anapprentice.
When I became a contractor, Iprobably had a good eight or ten
years where I didn't get paidsuperannuation.
And our industry is pretty badfor, um, I guess, employees
trying to dodge and work aroundso they don't have to pay
superannuation and, um, thesedays I think it's.
(17:45):
It's a horrible thing.
I think every employer employeedeserves to get all the
benefits that they should begetting, so, um, but I really
see value in that now.
So, like these days, in acrossall my businesses, um, we pump
as much money intosuperannuation as we possibly
can, right up until to our limitbefore we have to start paying
(18:09):
more tax and stuff on it.
But the reason I I do that andI the reason this is probably
one of my biggest regrets isthat I didn't understand how all
the all this worked earlier,and so now we're really focused
on every year, putting as muchmoney as we can in super and
topping it up as much aspossible to put our maximum
(18:29):
amount in before we go over thethe amount that you have to pay
more tax on it.
And then we use that money,that superannuation, in a
self-managed super fund tocreate more wealth.
And, look, I'm still learning.
I'm definitely no expert, butthe more I learn about it, the
more hungry it makes me to domore in my super, because, um,
(18:51):
the more I invest in my super, Ican then use that money to
purchase shares, or what we'vebeen doing over the last couple
of years is purchasingproperties, and those properties
will go up in value for thenext 10, 20, 30 years until I'm
at a point where I want toaccess my super and there's
(19:13):
going to be a pretty substantialamount of money in there.
Whereas if I hadn't started toget my head around all this and
understand how it all works, Iwould have just been doing what
everyone else in the buildingindustry does only putting the
bare minimum into my super, notunderstanding the full benefits
that I can get and how much itcan affect my future wealth.
(19:35):
So, again, this is where itcomes back to it's.
It's not how you um, it's gotabsolutely nothing to do with
what you earn.
It's how you spend it and everysingle person out there.
It doesn't matter whetheryou're an apprentice, a
contractor, a business owner,like whatever you are.
You all have decisions to makeabout how much money you put
(19:56):
into super.
And look, I would I woulddefinitely put my hand up and
say reach out to your accountant, look into it, and it's
definitely beneficial to put asmuch money as you can into super
, especially, uh, if you're likeI am and you're now in your 40s
or mid 40s and um, just realizethe true value of your super
(20:17):
and how it can help you in yourfuture, um, with your family and
your goals and those sorts ofthings.
Um, another one is like andagain this, like everyone thinks
I was I was exactly like this.
Um, for a long time I used tothink that because I earned a
certain amount of money, then Iwould only spend a certain
(20:40):
amount of money.
Let's just say whatever withlawyers, accountants, um with
with all these people that wereally should have around us.
But these days, the more thatmy wealth grows, um, I've
realized you've got to spendgood money to make good money,
and so don't cut corners.
When it comes to like I thoughtoh look, I only earn this
(21:03):
amount of money.
Why should I spend that muchmoney?
Like, is it going to benefit memore to use this person or that
person?
And I can 100 tell you that themore money you spend, you
search around, you, find qualitypeople it will help you speed
up your wealth.
So don't cut corners on lawyersand solicitors or accountants.
(21:26):
Spend money with the, with goodpeople, with good firms, and
like these days I've got anincredible accountant, um, that
just has helped me so much.
Uh, build my wealth and I I layout like we have regular
meetings, um, and I lay out mycrazy ideas, I, I put my
(21:47):
expectations like we've justfinished a financial year.
So, uh, prior to the, the endof financial year, we had a big
meeting and we talked about whatwas coming up and what we could
do with the money and all thattype of thing.
But, more importantly, now tostart the new financial year,
I've put it all, I've laid itall out for them.
So I've told them the, themoney I want each of my
(22:10):
businesses to make, the, theforecast we have, the, the
properties I want to put, likethe to make the forecast we have
, the value of property I wantto have by the end of this
financial year, the value of thebusinesses I want to have by
the end of this financial year.
Plus, on top of that, all thenew ideas I've got floating
around so that they can workwith me to create a strategy to
(22:30):
whatever whether it's set updifferent companies, different
entities to make sure that whenwe achieve those goals, the
money is siphoned through theright channels to get the right
outcome.
So it costs a lot of money tohave accountants that will sit
down with you, have those typesof meetings and work with you on
a regular basis, but believe me, that money is well worth it,
(22:55):
rather than just sitting back,not spending the money and just
waiting for them at the end offinancial year to say, hey, send
me all your paperwork, I'll doyour tax.
It's too late.
Then you can't build wealth Ifthat's how you're working with
your accountant.
Um, the other one is lawyersand solicitors and those types
of things with With everythingthat I have going on now, with
developments, with businesses,with property purchasing whether
(23:19):
it's buying, selling propertyall those types of things Like.
I literally talk to my lawyerat least once a week.
I get, I ring him up to getadvice, I run things by him, I
check on other deals we've gotprogressing and look, that costs
me a fair bit of money to havea lawyer that's pretty much on
(23:40):
call to be able to help me outwith what I need to, what I need
help with to get to where Iwant to get to.
But again, it is money that iswell spent, because if I wasn't
spending that money, I wouldn'tbe getting the quality advice
that I'm getting and I wouldn'tbe getting to the levels of
wealth that I'm getting to on myown.
So, yeah, reach out, spendmoney with the right consultants
(24:05):
, with the, with accountants,with lawyers, solicitors,
financial planners, like allthose types of people you need
to have in your corner if youtruly want to create wealth.
And look, anyone can do this.
It doesn't something I'verealized now.
It doesn't matter how much youearn, but don't think just
because you're only earningwhatever it is 60, 80, a hundred
(24:26):
thousand dollars a year thatyou shouldn't be spending
reasonable amounts of money withbetter firms, because believe,
like I said, that the better,the more money you spend to get
better advice, the quickeryou're going to achieve goals,
the quicker your wealth's goingto grow.
Um, the other one that is like Ibang on about it all the time
(24:50):
is, uh, personal development,and this is one that I would
like to encourage every personin the world to get on board
with, and I definitely, if Idon't have regrets, but if I did
, it would be that I wish I hadstarted this personal
development journey a lot soonerthan I did.
Since I've been spending moneyon myself, it's everything has
(25:15):
changed.
My relationships have improved,my wealth has improved, just
the whole situation, like thecontacts I get to meet and the
people I associate myself with.
Just the level is constantlygrowing and I'm constantly
getting up and up and up, andthat, like that, doesn't mean
(25:36):
you don't need to wait tillyou're earning $100,000 a year
or $80,000 a year to invest inyourself.
I actually encourage even myapprentices and my employees to
do this.
These days, even if you're anapprentice, it is so easy to get
into training and personaldevelopment.
(25:57):
These days and, like we see iton instagram, there are so many
incredible mentors and coachesand people around the world now
that are putting incredible,incredibly valuable information
out there and most of the time,if you can't afford to turn up
to it live, there's recordingsof it or you can jump on line
(26:18):
and do the like sitting on theseminar online and, um, look,
there's been some pretty insaneseminars over the last three or
four years since covid that, um,because of technology, like I
haven't been able to fly aroundthe world and make it to all of
them, but I've been able to jumponline and attend them through
a zoom.
So, uh, and look, you can dothat for, sometimes free, but a
(26:42):
lot of time.
99, and and that's why I'm abig believer like it, there's no
excuses.
You can't say that you can'tafford it.
Um, and, like I said, it doesn'tmatter what you earn.
Like you, you could be earning$500 a week and you could find
$99 to spend on a course thatwill change your life, and it's
literally that simple.
(27:02):
But the thing is with with themoney, like over the last
probably three years, four years, I would estimate that I've
spent over half a milliondollars on personal development,
business coaches, mentors,courses.
I've paid some big money to bein some one-on-one coaching over
$100,000 on individual coachingand, look, the information you
(27:28):
get at that level is insane andit's definitely helped me with
my property investing and mywealth development.
But the biggest thing is you'vegot to pay to play, and when
you spend that money, it's notlike, yes, you get something out
of the course, you getsomething out of that mentor,
you get driven by being aroundthose types of people, but the
(27:50):
best thing that comes out of itis the people that you get to
associate with.
And look, I talk about all thetime with my live, life build
business.
It's why our building membersdo so well, because they're
surrounding themselves withincredible, like-minded people,
and so that happens at everydifferent level.
And if you've ever heard peopletalk about spending a hundred
(28:12):
thousand or two hundred fiftythousand dollars to get an error
of somebody's time man?
Back in the day I used to thinkthat was nuts, but these days,
like there, I would absolutelyspend two hundred fifty thousand
dollars to be in the being aroom with the right person,
because you sit in that room forthe hour, you have a notebook
and you write as many notes asyou possibly can and you will
(28:35):
definitely get the $250,000worth out of that person.
So look again, like I said,wealth is created by how you
spend money, not how you make itplay at all levels.
(28:57):
The quicker, faster, the betterknowledge, the better
experiences and you willabsolutely smash it out.
And I just want to encourageeveryone don't hold back.
Being wealthy isn't hard.
You just need to, I guess,break a lot of old fashioned
habits and break the old storiesthat you've been and beliefs
that you've been brought uparound.
Like that was my biggest holdback on all of this stuff.
(29:19):
Like I was always brought up tobelieve that that's just a rip
off or that's just a con orthat's not going to work.
But if you're in that mentalityand you're in that mindset, it
will never work.
That's one thing I canguarantee you.
It will never work if you go tosomething thinking like that.
But if you flick the switch andyou pay good money to go to good
(29:42):
seminars and surround yourselfwith incredible people, you be
open-minded, you take a notebookand you write lots of notes
down and you commit to beingconsistent and implementing what
you learn.
This is the key.
Like so many people get givenquality information, like you
ever think about it, these days,all the information you want is
(30:06):
literally on Instagram.
You can spend an hour onInstagram tonight, look up
motivational posts, go and checkout some like Tony Robbins,
grant Cardone, like all thesebig names that are doing
incredibly well in business, andyou could get so much
information purely just offInstagram.
But the thing is, most of youwill sit back and just keep
(30:29):
flicking.
You won't take it in, you won'twrite anything downicking.
You won't take it in, you won'twrite anything down, you won't
take any notes and you won'timplement anything.
And that's the biggest problem.
You've got to be consistent,you've got to show up and you've
got to implement what you'rebeing told.
That's um guys, look, I hopethat gives you a little bit of
encouragement and a little bitof an insight into how easy it
(30:52):
can actually be to create wealth.
It has absolutely nothing to dowith what you earn.
And look, I talk from personalexperience.
I lived so like, up until, likeI said, up until four to six
years ago, my whole life was,the focus was always on oh, I'm
earning 80 grand a year.
Oh, I'm earning 100 grand ayear.
(31:12):
Oh, I'm earning 150 grand ayear, oh, I'm earning 200 grand
a year.
And it was never enough.
I didn't appreciate it.
I didn't truly understand thevalue of money and I was
spending my money on the wrongthings.
We've definitely done all rightover the years.
We've bought a few investmentproperties, but it was always
(31:32):
stretched.
It was always like oh, we'reearning more money, let's get
into more debt, let's go and buyanother property.
How much can we borrow?
Um, and it was, it wasstressful.
It was very, very stressful.
So, look, spend your money.
Associate with the right typesof people, go to seminars, reach
out to people, don't be afraidto ask questions and spend your
(31:55):
money on different things.
Don't go.
Actually, before we wrap this uplike this is this is one that I
actually want to talk abouttoday, if we're all about it
like, um, I hear so many peoplethe car thing, like you, it's
the way the world works, it'sall an agenda.
Like you go and buy a new carand you take out a finance lease
(32:17):
or you lease it through yourbusiness, whatever it is, and
whether it's three years, fouryears or five years, and you
just get stuck in this cycle andthen every say it's four years,
you go back in four years, youtrade it in, you think you've
got a great number for it.
That comes off your purchase ofyour next vehicle and you get
locked straight back intoanother finance deal and you go
again.
So and you're never out of it.
(32:38):
And I know people that havebeen in that situation for
decades.
Like they're up to their fourth, fifth, sixth, seventh car.
They've never owned a car.
It's all financed, and they justkeep rolling it over and uh,
it's all.
It's always the same old storyoh, we write it off on business,
we write it off on tax and it'sa, it's a business cost, that's
(33:02):
.
That's all bullshit.
Like, if you want to createtrue wealth, you pay things off
and uh, yes, you, there iscertain things that you buy
through the business and you doget deductions and you save on
tax and all those sorts ofthings.
But there is good debt and baddebt and I think the biggest
problem with it is that peopledon't understand the debt
(33:25):
they're in.
And a lot of that debt when youget into, with cars in
particular and all that, it'svery high interest and, like I
said, it's an agenda and theywant to keep you in that cycle
of just turning over and neverbeing out of debt.
You just keep rolling it ontothe next vehicle and then you go
again and then you go again andthat's a horrible cycle to get
stuck in.
(33:45):
So, yeah, look guys, spend thetime, spend the money and do
some homework on this sort ofstuff, because it, believe me,
it's really exciting, like whenyou understand probably the best
person you can spend some goodmoney on to start with is a
really good accountant.
Find an accountant that you cansit down, you can chew their
(34:08):
ear off and you can talk aboutall these things.
Talk to them about buyingvehicles and what you can write
off in your business anddepreciation and tax and
creating passive income andsetting up company structures so
you can get the benefit out ofall the tax and all those types
of things, because, believe me,there is a whole other world out
(34:31):
there of ways that you cancreate wealth that you would
never unless someone would tellyou, unless you ask a question,
you will never know anydifferent and you will just be
stuck in the agenda that theworld has for you, which is to
always be in debt, to always bepaying things off and to never
(34:51):
have true financial freedom.
Guys, I hope you've enjoyed thepodcast.
If you've got any questions,happy for you to reach out.
Look, I'm definitely no experton finances and accounting and
creating wealth.
I'm simply just telling you myopinions and my story of how
I've got to where I am, and Iwant to see everybody be
successful.
That's why I put thisinformation out there.
(35:12):
It's why I share it, it's why Italk about the experiences that
I've had, so that you can havethem as well and create true
financial freedom for you andyour family.
Guys, please share like commenton these podcasts.
If you haven't gone to theduanepeircecom website yet and
purchased your merch, make sureyou go and grab it, because I is
, uh, I'm sitting here.
It's pretty chilly today, I gotthe old hoodie on, so, uh, go
(35:34):
check it out and we'll catch youon the next one.
I'd work my ass off, save up the money and I'd spend
it and it was gone and I mighthave felt good for a little
while, but I wasn't using it tocreate wealth.
I was using every cent that Iwas earning to just live a
lifestyle and, like most people,I started living a life that
was beyond what I could afford.
We've done some work for somevery highly paid professionals.
(00:21):
Yes, they earn a lot from theirjob, but they don't know it
either.
They don't know that wealth iscreated by how you spend money,
because they spend the moneyfaster than they make it.
If you show up to work withthat sort of mindset, that is
going to lead you to creatingmore wealth and you commit to
being consistent andimplementing what you learn.
(00:42):
Don't hold back.
Being wealthy isn't hard.
G'day guys.
Welcome back to another episodeof Level Up.
We are back in the shed todayfor another cracking episode.
We've been getting asked a lotfor some more individual just me
(01:04):
chatting podcasts.
People seem to be getting a lotof value.
Some more individual just mechatting podcasts.
People seem to be getting a lotof value out of it, so that's
pretty cool.
So today I want to talk aboutsomething that I wish I had
learnt 20 years ago instead ofabout 5 or 6 years ago, and that
is that wealth is created byhow you spend your money, not by
(01:26):
what you earn.
This is something that I'vereally sort of struggled with
for a long, long time.
I was brought up if you've beenlistening for a while, you know
my story I just was brought upto work hard and I thought that
the only way to be successful,to get ahead, to reach my goals,
(01:49):
to be able to buy the thingsthat I wanted to buy, was to
just work my ass off and for allfor so long, like in my early
days contracting.
And then, even when I startedbecoming a builder, I saw value
in an hourly rate that I gotpaid.
(02:11):
But the thing is an hourly ratewill cap how much you can earn,
because you can obviously onlydo so many hours before you burn
yourself out.
And so if you can only do somany hours in a week and you're
you can only charge so much foryour time, then you're going to
really restrict what you canearn until you get to a point
(02:32):
where you might employ somepeople.
You might have some contractorsor employees, apprentices,
working for you and you'll beable to pick up some extra money
by charging them out at ahigher hourly rate than what
they're costing you.
Um, a little bit off topic, butI see so many people in the
construction industry that feellike they're making a lot of
(02:54):
money because they might bepaying their apprentice.
I know, let's say they're athird year or whatever and then
I know off the top of my headthey might be getting 24 bucks
an hour or something and theyfeel, because they're charging
them out at $35 or $40 an hour,that they're making a
substantial amount of money ontop of that, when in reality
they don't actually understandthat by the time they pay all
(03:16):
their super, their work cover,they cover all their
inefficiencies and the actualhours that the apprentice won't
be working, deficiencies and theactual hours that the
apprentice won't be working,which in most scenarios adds up
to, I think, approximately about11 weeks a year.
They realize that if they'recharging out at 40 bucks an hour
, they're actually costingthemselves money.
So that's a whole other podcast.
(03:38):
We'll get into that anothertime.
But the thing is I used to setgoals.
I wanted to buy toys,motorbikes, cars, boats, all
those types of things, and I gotstuck in that cycle that I just
thought the only way to achievethem was to just do hours, do
massive hours, get paid forthose hours.
(04:00):
And then, as my business grewand I ended up with a lot of
carpenters, I thought I wasmaking a lot of money.
And look to most people, I wasmaking a lot of money at the
peak of my carpentry businesswhen we had 40 plus carpenters
and I managed to build somereally good relationships with
some big developers and I ran areally good crew and they.
(04:22):
I even thought at the time likeI was making a lot of money
because I was charging every oneof my workers out at like 75,
90, $95 an hour.
Um, and like I'm going back 15years and I got myself into a
lot of trouble because I justthought that all that money
coming in was mine.
I didn't understand taxes andwork cover and all those types
(04:46):
of things, but I also wasn'tbeing, I guess I didn't have the
knowledge to know how to spendthat money to make money, and so
I was like a lot of people.
I see so many people these daysand this is the reason I want
to do this podcast, not onlybecause a lot of people reach
out to me these days to ask mehow I've achieved everything
(05:08):
I've achieved and how I run mybusinesses and how I built my
wealth and all those types ofthings.
I just see this happening allthe time, and even in my own
team, which I'll talk aboutshortly.
But the thing is I just I'd seea new whatever.
It might have been an f truckand I just wanted that f truck.
(05:28):
So I would just I would workout how many hours I had to work
and I'd work my ass off and I'dsave up the money and I'd spend
it and it was gone and it mighthave.
I might have felt good for alittle while, but it it wasn't.
I wasn't using it to createwealth.
I was using every cent that Iwas earning to just live a
lifestyle and, like most people,I started living a life that
(05:53):
was beyond what I could afford.
And then you get caught in atrap where you are just
constantly working to pay backdebt and to pay for a lifestyle
that, a lot of the time, isn'teven the lifestyle that you want
to be living.
You're living a lifestyle tokeep up with the dangers, as
they say.
(06:13):
Like you, you always think thegrass is greener on the other
side of the fence.
So you're.
You're working hard to purchasethings that you feel like you
need and and you feel like youwant, but reality is you don't
really want them.
You're purchasing them to tolook good, to feel good, to keep
up with the friends or familythat you associate with, and I'm
(06:33):
telling you from first-handexperience it's a terrible way
to live your life and it's andit's not going to create wealth.
It's not going to allow you tobe successful and look at value.
Everyone sees value indifferent things, but I wish I
had learned.
I'm not sure why or how it cameabout, but I've just continued
(06:55):
to work very hard and put moneyinto different things.
I think having a family hasdefinitely changed what I've
spent my money on and what I seevalue in, but I don't know.
Something clicked in the lastsort of four to six years, and
now every cent that I earn isput into creating more wealth,
(07:19):
and it's incredible how quicklyyou can accumulate wealth when
you're actually spending moneyon the right things, and so
that's what I wanted to talkabout.
Like, wealth is definitely notcreated by what you earn.
It is definitely created bywhat you spend it on.
And I think over the years I'veseen a lot of the clients that
we've built some prettyincredible homes for, like multi
(07:41):
, multi million dollar homes andover the years working for
these clients, like I've alwaysbeen one to ask questions and
reach out and have conversationswith people and build
relationships with our clientsand talk about business and
things.
And something that I've reallybecame aware of is most people
think that the only way to besuccessful or to become wealthy
(08:05):
or to be seen as somebody is bywhat they earn.
And, like some of our like Idon't know if I should be
talking about some of ourclients Well, I won't name names
or anything, but we've donesome work for some, some very
highly paid professionals andthe thing is, yes, they earn a
(08:29):
lot from their job, but theydon't know it either.
They don't know that wealth iscreated by how you spend money,
because they spend the moneyfaster than they make it.
And I think this happens at alllevels.
It doesn't matter whetheryou're a child getting uh pocket
money, whether you're anapprentice earning a like a low
(08:49):
wage, whether you're a laborer,or whether you're a doctor or a
lawyer that's earning half amillion dollars a year, or
possibly even a million dollarsa year.
It really doesn't matter howmuch you make.
It completely depends on howyou spend it, and I think it
actually gets worse, like thethe more money that people earn
from their day job if they don'thave a mindset about how to
(09:13):
create wealth and how to managemoney, then the more money gets
wasted.
And we've seen this a lot oftimes with some of the clients
that we've built some multi,multi-million dollar homes for,
and it's uh, it really blows mymind that people that have
(09:38):
worked their way up or I guess Idon't know, I've changed my
whole mindset on this.
I used to say smart enough to beable to earn a lot of money,
but it's got nothing to do withbeing smart.
Um, I think these days, themore common sense you have, the
more money you make, but that'smy own opinion on that, but it's
just, it blows my mind howpeople waste their money, and I
think back to the first 15 yearsof me running my business.
(09:59):
It's all I was doing, like Ididn't understand the value, the
true value of money, and I'vetalked about a few times on the
podcast before, like if yousomething that's really, really
changed my mindset on money andwealth is the Audible book the
Creature from Jekyll Island.
It's a really long book, buthighly recommend reading it or
(10:21):
listening to it.
It will completely change youropinion Well, it did mine, mine
anyway and really opened up mymind and my eyes to how the
world works when it comes tomoney.
Um, but just to talk about, Iguess, how different people
value money.
Um, like I, I see it inapprentices all the time.
(10:43):
They don't earn a lot of moneybut they spend all their money
on shit that they don't need anda lot of the time they can't
afford, instead of spending themoney on things that can
actually make them more money.
And this happens at alldifferent levels, but with
apprentices, I see it a lot ofthe time.
(11:04):
If you have, if you have, twoapprentices, two apprentices and
they're earning the same amountof money.
But one guy is more interestedin drinking and pissing it up on
the weekend with his mates andtrying to make out that he's, I
don't know, doing really well infront of his mates and girls
(11:26):
and things, and not puttingmoney back into the way he
presents himself at work, thetools that he buys to be able to
do his job better, to show hisboss that he respects him and
that he wants to get ahead inthe trade.
You're, you're probably notgoing to go a long way, but if
(11:48):
you're an apprentice, that um isquite tight with their money,
lives more more reserved lifeand understands that you've got
to put money into buying toolsso that you can show up to work
and and do your job adequatelyand not have to be using all the
tradesman's tools all the time.
That in itself is adding somuch value to your employer and
(12:15):
the other contractors oremployees that you're working
with that you may not think it,you may not realize it at the
time, but if you show up to workwith that sort of mindset and
spend the money on the tools andall those types of things and
spend the money on the tools andall those types of things, that
is going to lead you tocreating more wealth, because it
will lead to more jobopportunities, your promotions,
(12:39):
your boss might sign you offearlier from your, from your
apprenticeship, because you'llsee that you're driven and that
you want to achieve.
You're there because you'repassionate about you're there
because you believe in it.
If you're just pissing up thewall and not really paying too
much attention to it.
That's not really reflecting onyou well in your work
environment.
So that's one example.
(13:02):
Another example is if you um,like, if you're not putting
money back into, like, so sayyou're, you're a carpenter or
something or or some sort oftrade, and you're not putting
money back into, like, so sayyou're, you're a carpenter or
something or or some sort oftradie and you're working for an
employer.
If you're not, again it'ssimilar situation.
If you're not putting moneyback into, like, maintaining
(13:23):
your work vehicle to make surethat you can show up to work on
time and be at work every day,if you don't show up and present
well, if you don't look afteryour tools and equipment, if
you're not buying the righttools and equipment to allow you
to do the task on site thatyou're meant to be doing for
(13:43):
your employer, again, there'stwo different types of people.
If you're the guy that's justnot interested, you're not
putting in the effort, you'renot buying new tools, you're not
maintaining your tools, you'renot maintaining your vehicle,
you're not showing up all thetime because your vehicle breaks
down, it's a reflection on youand it won't allow you to
(14:06):
progress, your boss won't giveyou promotions.
Your boss won't help youpromotions.
Your boss won't help youachieve your goals.
But if you're doing theopposite and you're buying tools
, you're showing up on time,your car looks good and it's
nice and clean all the time youpresent well, you're buying more
tools on what you need on siteto be able to smash out your
(14:26):
work efficiently and in aquality way, then again your
boss will see that and that'show you'll progress.
You'll get bonuses, you'll getpats on the back, all those
types of things, but it goesright through life and as you
become a business owner, youmight work for yourself If you
just continue to work your assoff all the time, but then you
(14:50):
don't understand the value ofthat money you're earning and
again, it's it's.
The situation is very similar.
It doesn't matter how far downthe road we go, but you can.
You can do the exact same thing.
You can be working your ass off, thinking that you're doing
well, but all you're doing isgetting in debt to the eyeballs.
The more you earn, the more youborrow.
(15:12):
And instead of like you mighthave a home but you might spend
a lot of money on that home, youmight fill that home Like.
You want all the best gadgetsall the time.
You want to keep up with theJoneses.
You're buying a new vehicle allthe time Like on face value
value.
You just want to look pretty.
That's not creating value foryourself, whereas if you're
(15:37):
working your ass off, you'reputting in the good effort,
you're building up your business, you're earning more money and,
yes, you're buying a house.
You you might buy the newvehicle, but you're not living
beyond your means and you'reactually investing some of your
money back into yourself, intowhether it's into training or
whether it's setting up asavings account that will allow
(15:59):
you to build up a deposit to buyan investment property or
something like that, rather thanjust throwing it away on eating
out all the time going to themovies, all the time going on
regular holidays.
So I guess a lot of this comesdown to.
I talk a lot about what you seevalue in.
And look, some people see valuein living a higher life than
(16:19):
what they can afford.
They like being out all thetime.
They like on face value atlooking like they're doing
really well, but then behind thescenes they're probably
whinging that they can't affordthings.
They can't pay their bills.
Why?
Why have I never got any money?
Um, so it's, look, it's, it's atricky one, but the reason I
wanted to do this podcast todayand to talk about this is
(16:40):
because it this sort of stuff Ididn't.
I think the reason it's reallyclicked with me in the last sort
of four to six years is when Istarted getting in my late 30s
and then when I turned 40, itwas like, holy shit, like I've
had an incredible life, I'mdoing really well.
But, man, if I want to achievethe life that I want to have, if
(17:02):
I really want to have thethings that I want to have, I
need to knuckle down.
And that's when I really sortof started seeing value in
different things.
And I guess another example oneof those things was
superannuation.
And look, I think this is it'shard in the building industry.
I didn't get paid super Most ofmy.
(17:23):
I got paid it while I was anapprentice.
When I became a contractor, Iprobably had a good eight or ten
years where I didn't get paidsuperannuation.
And our industry is pretty badfor, um, I guess, employees
trying to dodge and work aroundso they don't have to pay
superannuation and, um, thesedays I think it's.
(17:45):
It's a horrible thing.
I think every employer employeedeserves to get all the
benefits that they should begetting, so, um, but I really
see value in that now.
So, like these days, in acrossall my businesses, um, we pump
as much money intosuperannuation as we possibly
can, right up until to our limitbefore we have to start paying
(18:09):
more tax and stuff on it.
But the reason I I do that andI the reason this is probably
one of my biggest regrets isthat I didn't understand how all
the all this worked earlier,and so now we're really focused
on every year, putting as muchmoney as we can in super and
topping it up as much aspossible to put our maximum
(18:29):
amount in before we go over thethe amount that you have to pay
more tax on it.
And then we use that money,that superannuation, in a
self-managed super fund tocreate more wealth.
And, look, I'm still learning.
I'm definitely no expert, butthe more I learn about it, the
more hungry it makes me to domore in my super, because, um,
(18:51):
the more I invest in my super, Ican then use that money to
purchase shares, or what we'vebeen doing over the last couple
of years is purchasingproperties, and those properties
will go up in value for thenext 10, 20, 30 years until I'm
at a point where I want toaccess my super and there's
(19:13):
going to be a pretty substantialamount of money in there.
Whereas if I hadn't started toget my head around all this and
understand how it all works, Iwould have just been doing what
everyone else in the buildingindustry does only putting the
bare minimum into my super, notunderstanding the full benefits
that I can get and how much itcan affect my future wealth.
(19:35):
So, again, this is where itcomes back to it's.
It's not how you um, it's gotabsolutely nothing to do with
what you earn.
It's how you spend it and everysingle person out there.
It doesn't matter whetheryou're an apprentice, a
contractor, a business owner,like whatever you are.
You all have decisions to makeabout how much money you put
(19:56):
into super.
And look, I would I woulddefinitely put my hand up and
say reach out to your accountant, look into it, and it's
definitely beneficial to put asmuch money as you can into super
, especially, uh, if you're likeI am and you're now in your 40s
or mid 40s and um, just realizethe true value of your super
(20:17):
and how it can help you in yourfuture, um, with your family and
your goals and those sorts ofthings.
Um, another one is like andagain this, like everyone thinks
I was I was exactly like this.
Um, for a long time I used tothink that because I earned a
certain amount of money, then Iwould only spend a certain
(20:40):
amount of money.
Let's just say whatever withlawyers, accountants, um with
with all these people that wereally should have around us.
But these days, the more thatmy wealth grows, um, I've
realized you've got to spendgood money to make good money,
and so don't cut corners.
When it comes to like I thoughtoh look, I only earn this
(21:03):
amount of money.
Why should I spend that muchmoney?
Like, is it going to benefit memore to use this person or that
person?
And I can 100 tell you that themore money you spend, you
search around, you, find qualitypeople it will help you speed
up your wealth.
So don't cut corners on lawyersand solicitors or accountants.
(21:26):
Spend money with the, with goodpeople, with good firms, and
like these days I've got anincredible accountant, um, that
just has helped me so much.
Uh, build my wealth and I I layout like we have regular
meetings, um, and I lay out mycrazy ideas, I, I put my
(21:47):
expectations like we've justfinished a financial year.
So, uh, prior to the, the endof financial year, we had a big
meeting and we talked about whatwas coming up and what we could
do with the money and all thattype of thing.
But, more importantly, now tostart the new financial year,
I've put it all, I've laid itall out for them.
So I've told them the, themoney I want each of my
(22:10):
businesses to make, the, theforecast we have, the, the
properties I want to put, likethe to make the forecast we have
, the value of property I wantto have by the end of this
financial year, the value of thebusinesses I want to have by
the end of this financial year.
Plus, on top of that, all thenew ideas I've got floating
around so that they can workwith me to create a strategy to
(22:30):
whatever whether it's set updifferent companies, different
entities to make sure that whenwe achieve those goals, the
money is siphoned through theright channels to get the right
outcome.
So it costs a lot of money tohave accountants that will sit
down with you, have those typesof meetings and work with you on
a regular basis, but believe me, that money is well worth it,
(22:55):
rather than just sitting back,not spending the money and just
waiting for them at the end offinancial year to say, hey, send
me all your paperwork, I'll doyour tax.
It's too late.
Then you can't build wealth Ifthat's how you're working with
your accountant.
Um, the other one is lawyersand solicitors and those types
of things with With everythingthat I have going on now, with
developments, with businesses,with property purchasing whether
(23:19):
it's buying, selling propertyall those types of things Like.
I literally talk to my lawyerat least once a week.
I get, I ring him up to getadvice, I run things by him, I
check on other deals we've gotprogressing and look, that costs
me a fair bit of money to havea lawyer that's pretty much on
(23:40):
call to be able to help me outwith what I need to, what I need
help with to get to where Iwant to get to.
But again, it is money that iswell spent, because if I wasn't
spending that money, I wouldn'tbe getting the quality advice
that I'm getting and I wouldn'tbe getting to the levels of
wealth that I'm getting to on myown.
So, yeah, reach out, spendmoney with the right consultants
(24:05):
, with the, with accountants,with lawyers, solicitors,
financial planners, like allthose types of people you need
to have in your corner if youtruly want to create wealth.
And look, anyone can do this.
It doesn't something I'verealized now.
It doesn't matter how much youearn, but don't think just
because you're only earningwhatever it is 60, 80, a hundred
(24:26):
thousand dollars a year thatyou shouldn't be spending
reasonable amounts of money withbetter firms, because believe,
like I said, that the better,the more money you spend to get
better advice, the quickeryou're going to achieve goals,
the quicker your wealth's goingto grow.
Um, the other one that is like Ibang on about it all the time
(24:50):
is, uh, personal development,and this is one that I would
like to encourage every personin the world to get on board
with, and I definitely, if Idon't have regrets, but if I did
, it would be that I wish I hadstarted this personal
development journey a lot soonerthan I did.
Since I've been spending moneyon myself, it's everything has
(25:15):
changed.
My relationships have improved,my wealth has improved, just
the whole situation, like thecontacts I get to meet and the
people I associate myself with.
Just the level is constantlygrowing and I'm constantly
getting up and up and up, andthat, like that, doesn't mean
(25:36):
you don't need to wait tillyou're earning $100,000 a year
or $80,000 a year to invest inyourself.
I actually encourage even myapprentices and my employees to
do this.
These days, even if you're anapprentice, it is so easy to get
into training and personaldevelopment.
(25:57):
These days and, like we see iton instagram, there are so many
incredible mentors and coachesand people around the world now
that are putting incredible,incredibly valuable information
out there and most of the time,if you can't afford to turn up
to it live, there's recordingsof it or you can jump on line
(26:18):
and do the like sitting on theseminar online and, um, look,
there's been some pretty insaneseminars over the last three or
four years since covid that, um,because of technology, like I
haven't been able to fly aroundthe world and make it to all of
them, but I've been able to jumponline and attend them through
a zoom.
So, uh, and look, you can dothat for, sometimes free, but a
(26:42):
lot of time.
99, and and that's why I'm abig believer like it, there's no
excuses.
You can't say that you can'tafford it.
Um, and, like I said, it doesn'tmatter what you earn.
Like you, you could be earning$500 a week and you could find
$99 to spend on a course thatwill change your life, and it's
literally that simple.
(27:02):
But the thing is with with themoney, like over the last
probably three years, four years, I would estimate that I've
spent over half a milliondollars on personal development,
business coaches, mentors,courses.
I've paid some big money to bein some one-on-one coaching over
$100,000 on individual coachingand, look, the information you
(27:28):
get at that level is insane andit's definitely helped me with
my property investing and mywealth development.
But the biggest thing is you'vegot to pay to play, and when
you spend that money, it's notlike, yes, you get something out
of the course, you getsomething out of that mentor,
you get driven by being aroundthose types of people, but the
(27:50):
best thing that comes out of itis the people that you get to
associate with.
And look, I talk about all thetime with my live, life build
business.
It's why our building membersdo so well, because they're
surrounding themselves withincredible, like-minded people,
and so that happens at everydifferent level.
And if you've ever heard peopletalk about spending a hundred
(28:12):
thousand or two hundred fiftythousand dollars to get an error
of somebody's time man?
Back in the day I used to thinkthat was nuts, but these days,
like there, I would absolutelyspend two hundred fifty thousand
dollars to be in the being aroom with the right person,
because you sit in that room forthe hour, you have a notebook
and you write as many notes asyou possibly can and you will
(28:35):
definitely get the $250,000worth out of that person.
So look again, like I said,wealth is created by how you
spend money, not how you make itplay at all levels.
(28:57):
The quicker, faster, the betterknowledge, the better
experiences and you willabsolutely smash it out.
And I just want to encourageeveryone don't hold back.
Being wealthy isn't hard.
You just need to, I guess,break a lot of old fashioned
habits and break the old storiesthat you've been and beliefs
that you've been brought uparound.
Like that was my biggest holdback on all of this stuff.
(29:19):
Like I was always brought up tobelieve that that's just a rip
off or that's just a con orthat's not going to work.
But if you're in that mentalityand you're in that mindset, it
will never work.
That's one thing I canguarantee you.
It will never work if you go tosomething thinking like that.
But if you flick the switch andyou pay good money to go to good
(29:42):
seminars and surround yourselfwith incredible people, you be
open-minded, you take a notebookand you write lots of notes
down and you commit to beingconsistent and implementing what
you learn.
This is the key.
Like so many people get givenquality information, like you
ever think about it, these days,all the information you want is
(30:06):
literally on Instagram.
You can spend an hour onInstagram tonight, look up
motivational posts, go and checkout some like Tony Robbins,
grant Cardone, like all thesebig names that are doing
incredibly well in business, andyou could get so much
information purely just offInstagram.
But the thing is, most of youwill sit back and just keep
(30:29):
flicking.
You won't take it in, you won'twrite anything downicking.
You won't take it in, you won'twrite anything down, you won't
take any notes and you won'timplement anything.
And that's the biggest problem.
You've got to be consistent,you've got to show up and you've
got to implement what you'rebeing told.
That's um guys, look, I hopethat gives you a little bit of
encouragement and a little bitof an insight into how easy it
(30:52):
can actually be to create wealth.
It has absolutely nothing to dowith what you earn.
And look, I talk from personalexperience.
I lived so like, up until, likeI said, up until four to six
years ago, my whole life was,the focus was always on oh, I'm
earning 80 grand a year.
Oh, I'm earning 100 grand ayear.
(31:12):
Oh, I'm earning 150 grand ayear, oh, I'm earning 200 grand
a year.
And it was never enough.
I didn't appreciate it.
I didn't truly understand thevalue of money and I was
spending my money on the wrongthings.
We've definitely done all rightover the years.
We've bought a few investmentproperties, but it was always
(31:32):
stretched.
It was always like oh, we'reearning more money, let's get
into more debt, let's go and buyanother property.
How much can we borrow?
Um, and it was, it wasstressful.
It was very, very stressful.
So, look, spend your money.
Associate with the right typesof people, go to seminars, reach
out to people, don't be afraidto ask questions and spend your
(31:55):
money on different things.
Don't go.
Actually, before we wrap this uplike this is this is one that I
actually want to talk abouttoday, if we're all about it
like, um, I hear so many peoplethe car thing, like you, it's
the way the world works, it'sall an agenda.
Like you go and buy a new carand you take out a finance lease
(32:17):
or you lease it through yourbusiness, whatever it is, and
whether it's three years, fouryears or five years, and you
just get stuck in this cycle andthen every say it's four years,
you go back in four years, youtrade it in, you think you've
got a great number for it.
That comes off your purchase ofyour next vehicle and you get
locked straight back intoanother finance deal and you go
again.
So and you're never out of it.
(32:38):
And I know people that havebeen in that situation for
decades.
Like they're up to their fourth, fifth, sixth, seventh car.
They've never owned a car.
It's all financed, and they justkeep rolling it over and uh,
it's all.
It's always the same old storyoh, we write it off on business,
we write it off on tax and it'sa, it's a business cost, that's
(33:02):
.
That's all bullshit.
Like, if you want to createtrue wealth, you pay things off
and uh, yes, you, there iscertain things that you buy
through the business and you doget deductions and you save on
tax and all those sorts ofthings.
But there is good debt and baddebt and I think the biggest
problem with it is that peopledon't understand the debt
(33:25):
they're in.
And a lot of that debt when youget into, with cars in
particular and all that, it'svery high interest and, like I
said, it's an agenda and theywant to keep you in that cycle
of just turning over and neverbeing out of debt.
You just keep rolling it ontothe next vehicle and then you go
again and then you go again andthat's a horrible cycle to get
stuck in.
(33:45):
So, yeah, look guys, spend thetime, spend the money and do
some homework on this sort ofstuff, because it, believe me,
it's really exciting, like whenyou understand probably the best
person you can spend some goodmoney on to start with is a
really good accountant.
Find an accountant that you cansit down, you can chew their
(34:08):
ear off and you can talk aboutall these things.
Talk to them about buyingvehicles and what you can write
off in your business anddepreciation and tax and
creating passive income andsetting up company structures so
you can get the benefit out ofall the tax and all those types
of things, because, believe me,there is a whole other world out
(34:31):
there of ways that you cancreate wealth that you would
never unless someone would tellyou, unless you ask a question,
you will never know anydifferent and you will just be
stuck in the agenda that theworld has for you, which is to
always be in debt, to always bepaying things off and to never
(34:51):
have true financial freedom.
Guys, I hope you've enjoyed thepodcast.
If you've got any questions,happy for you to reach out.
Look, I'm definitely no experton finances and accounting and
creating wealth.
I'm simply just telling you myopinions and my story of how
I've got to where I am, and Iwant to see everybody be
successful.
That's why I put thisinformation out there.
(35:12):
It's why I share it, it's why Italk about the experiences that
I've had, so that you can havethem as well and create true
financial freedom for you andyour family.
Guys, please share like commenton these podcasts.
If you haven't gone to theduanepeircecom website yet and
purchased your merch, make sureyou go and grab it, because I is
, uh, I'm sitting here.
It's pretty chilly today, I gotthe old hoodie on, so, uh, go
(35:34):
check it out and we'll catch youon the next one.
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