Ann Marie Sabath - Financial Planning Uncomplicated - Money For Lunch with Bert Martinez

Episode Transcript
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Speaker 1 (00:00):
Nonsense. So you are in LA or where are you?

Speaker 2 (00:04):
I am currently in the Phoenix area. Nice, and so
Phoenix doesn't change time zones, so they kind of Arizona
and Hawaii kind of have their own. I think they're
the only two states that don't follow. Oh yeah, so.

Speaker 1 (00:27):
Very nice.

Speaker 2 (00:27):
It works.

Speaker 1 (00:28):
And Abigail as a gem, I don't know. She's very much,
very very responsive, which is wonderful.

Speaker 2 (00:36):
Yes, all right, so I see your your what do
you call it? Your light is reflecting off your glasses?

Speaker 1 (00:41):
Can you say here? How about if I take them off?

Speaker 2 (00:44):
Okay, you do that or raise or you can raise
it or you can raise the uh what do you
call it? The light? Whichever is easiest. So if you
can see, if you can see, turn taking them off? Great?

Speaker 1 (00:53):
Okay, I can do either one.

Speaker 2 (00:55):
Okay, you know what I'll do. I'll do.

Speaker 1 (00:57):
Just give me thirty seconds I can whoa. Okay, there
we go. How's that better? Oh they're still doing it,

(01:20):
so forget it. Okay, oh my losing you there we go. Okay,
we're in business. You know what. It still did it,
so I'm not worried about it. We'll take keep them all.
Oh okay, So thank you for having me on. I
really appreciate it.

Speaker 2 (01:41):
We'll have fun, yes, absolutely, it's I always tell people
it is about us having fun. If we have a
good time, they'll have a good time. The honors will
have a good time, even if they don't. At least
we did exactly.

Speaker 1 (01:55):
We know how to do that. Listen, it is that's
what life's about it. Yes, and the energy good. So
how long you had your show?

Speaker 2 (02:03):
Oh my goodness, many years because originally we were on
CNN Radio and then we were on CBS Radio for
a few years. Then we had an issue with CBS,
and so I want to say, we've been on the
air NonStop for twelve years.

Speaker 1 (02:26):
Very nice, and you've seed you see, it's really changed.
Have you adapted according to what's going on, according to listeners,
how they're listening. What have you done?

Speaker 2 (02:35):
Yeah, you know right now. I think there's kind of
a myth, a myth conception that we have this short
attention span and that this new generation won't listen to
anything longer than a couple of minutes. And that's not
true because I have are our youngest kids. There are
a set of twins. They're that young generation, right, They're

(02:59):
twenty two years old. Yes, and if it's boring, just
like all of us, we'll turn it off. If it's
not boring, they'll listen to a two or three or
four hour show. It's just it's all depends. Yeah, it
just all depends what you're into. So I think the
same thing with attension deficit disorder. Everybody and their dogs
seems to have it all of a sudden. And I

(03:21):
can tell you that when somebody finds the material engaging,
attention deficit disorder doesn't seem to exist. Now, could you
be tired, you know, after listening to something that you're
really interested in for an hour? Yeah, you know there's
the old saying that the ears can only sustain with
the butt and something like that. You know, yeah, you know,

(03:47):
if you get tired, you get tired, and you got
to stop and take a break.

Speaker 3 (03:50):
And but.

Speaker 2 (03:52):
I think that a lot of it is blown out
of proportion, and then some of it's real.

Speaker 3 (03:59):
I mean, I I interviewing this This younger generation is
slightly different going through the whole job high or the
whole yeah, job hiring process.

Speaker 2 (04:15):
There there seems to be, at least in my experience
from what I observed, Marie. Is that I'm sorry, is
it am Marie?

Speaker 1 (04:23):
That's right? Either way is the one, yes.

Speaker 2 (04:26):
Okay and Marie. So, so what I have found, uh
to just observing is that a lot of people of
our generation we worked hard to where to get where
we're at, and we really have a certain level of
respect for the money. And and I've noticed a lot
of a lot of I guess there were boomers or

(04:47):
right there. And so there's a lot of people of
our generation that don't want their children to suffer like
like supposedly we did. And and so they're cheating their kids.
It's out of hard work.

Speaker 1 (05:03):
They're absolutely right, they're cheating them a lot. They gave
them the ride. They never talked them how to fish.
You're right, that is like the worst. They're absolutely there's
not even a question. Let me just shut this thing.
You're right, thank you, you're absolutely right. So yes, So

(05:30):
then your listener ranges from twenty to eighty.

Speaker 2 (05:35):
Yeah, I mean, I think our medium listener age is
somewhere in the thirty eight age group. We have a
decent split between men and women. We do cater to
business owners, managers, things of that people, and so a
lot of our listeners will have children that maybe they

(05:59):
can hass down some information too. But I think there's
also again from my experience, you know, I don't know,
I think that when I was in my let's say,
late late twenties, you know, I remember reading a few
books and going to a few seminars and people saying,

(06:20):
start saving now, start investing now, and invest now, invest early,
do it, you know, as much as you can whatever,
even if it's just a few dollars, you need to
start investing now. And so, first of all, one of
my mistakes, because I didn't understand money, is well, what's
a few bucks going to do?

Speaker 1 (06:38):
Exactly?

Speaker 2 (06:38):
I can't.

Speaker 1 (06:39):
I echo what you're saying. Absolutely, How is that going
to change right later? I can do it when I'm
in my forties.

Speaker 2 (06:47):
Yes, Well, my thinking was, once I start making some
money money, I'll start investing then, because at this point
I'm you know, I've just gotten done with some college
and I'm just trying to get my feet wet and
my rear launched and this and that, and so when
you tell people save for retirement, I think that's the

(07:07):
wrong message. At least it doesn't work for for people
like myself at that time who don't understand money. And
so I think that a message that might and I
say might have worked better for me would be, hey,
start saving now so you can so you can have
the lifestyle that you want or what kind of lifestyle

(07:28):
do you want? Well, that's the time that you know.
So again a perfect example, or my kids. So we
have five kids, and thank you and really God bless
my wife and so.

Speaker 1 (07:43):
And so.

Speaker 2 (07:45):
You know, Congress got upset with who's he's a billionaire
and so they found out that in his rawth ira
he's got like two or three billion dollars and that
upset them. I mean, Congress, who is who who does
insider trading on a daily basis? I know, you know

(08:09):
who are fairly wealthy individuals themselves. The two people that
made the most noise are again, people who have significant wealth.
And so Elizabeth Warren up, she said, oh, it's just
another rich person trying to take advantage of the system. Well,
first of all, you guys set up the system and
we're and everybody should be taking advantage of it, but

(08:31):
they don't understand it. And this guy did. So he
bought a bunch of PayPal stock. He was one of
the founders of PayPal. He bought a bunch of PayPal
stock through his for his wrath worth two or three
billion dollars. And so Congress is saying, well, we may
have to fix that because we don't want to be
we don't want people taking advantage of it. I'm thinking,

(08:53):
how ludicrous that a bunch of government people would stop
they're citizens from saving and investing money. To me, it's
ludicrous that if you and I want to put ten
or fifteen or twenty thousand dollars a year in our
wroth Ira, we can't. We are prohibited depending on how

(09:14):
hold you are. It's either sixty five or seventy five
or whatever it is. But how crazy is that that
they're going to tell you, no, wait, you can't save
that much money. And so anyway, so back to this Congress,
there is this possibility that Congress is going to change
the wroth Ira rules. So for Christmas, my wife and
I got all our we offered our kids to start

(09:40):
their initial wroth ira.

Speaker 1 (09:42):
Very nice.

Speaker 2 (09:43):
Out of five kids, one of them took us up
on it.

Speaker 1 (09:47):
Oh my gosh, And guess what will happen? Guess what
will happen if you? If you mention it every year.
I bet you every few years one more will continue.
Who has saved what one? Wouldn't you say that is
going to be the best lesson? Yes it is and
really amazing it is.

Speaker 3 (10:07):
And so I.

Speaker 2 (10:10):
Just think that with all the things that are taught
in school both I would say, and let's just say
junior high and high school, I think there's a lot
of fluff that's being taught. And one of the things
that I appreciate about I have a friend that does homeschooling.

(10:30):
She's got four kids. She does homeschooling. Her and her
husband do it. And one of the things that I
appreciate about the homeschooling program is that if your child
has an acuity or an interest in science, they can
get more science stuff. If that child has, you know,

(10:51):
is really into math, they can get more math stuff.
Or maybe they're more musically inclined, or or maybe they're
more into writing, and so they can customize their schooling
to help encourage that child in an area that they're
already kind of interested in or gifted in, where in
our current public school system it's one size fits all,

(11:12):
and if you don't fit in it, then you're kind
of messed up. You're kind of outside the box. You
might need it might be a special needs or it
might be this, or it might be that, or at
tension deficit or some other disability, and then we have
And my point to all this is that a lot
of the stuff that they teach doesn't make sense. For example,

(11:33):
if you and I want to have a music degree
in high school, we're still required to take high level math,
which I consider high level math, algebra, geometry, things of
that nature, which we're most likely not going to use.
And so I think that definitely in high school we

(11:55):
need to start teaching money principles. We need to sell
really just beating them on the head. This is how
it works. So if you're able to say just you know,
one hundred bucks a month, that means that instead of
retiring at the age of sixty five or seventy and
being broke like our average Americans are, you might be
able to retire at the age of thirty five or

(12:16):
forty with a couple of million dollars.

Speaker 1 (12:18):
Absolutely, and you're absolutely right. Well, the great news is
twenty three states in the US have mandated and you
may know this, they have mandated that a high school
graduates have to take a computer excuse me, a financial

(12:38):
literacy class before graduating. That's great, and truly, I'm not
kidding you. I could care less if they use my
book or not. But when I wrote this book, which
is for the everyday person, because I wasn't want to
be ten years ago, right, what happens is they will
at least get a grasp. I can guarantee you I
don't care if they are going to work at Panera

(12:59):
after college, if they're going to go on to college,
if they choose to graduate from college, I can tell you,
you know, being somebody who didn't know a thing and
had my money literally under the mattress and in certificates
of deposit, I knew nothing. And the funny thing is
is it really is a language of investing. We truly

(13:23):
could have learned this in the eighth grade and understood it.
I'm not kidding you. It's so easy. When I say easy,
I'm not saying you take money and do it. But
it's so easy to understand. And this is something if
we only have a listener learn this, it's worth being
on your show. Did you know that one of the

(13:46):
six reasons that people don't invest in the market is
because they have student debt and they believe they should
pay that off first. And they're right, you know that. However,
did you know that within the last twelve to twenty
four months there was something pasted, a law pass and
legislation called and it's in the book, first chapter Secure Secure,

(14:08):
Secure two point oh Act. You can look it up online.
I was stunned and I was thrilled to have found
it before this book was published. The Secure two point
o Act allows companies to match or to contribute to
an employee's retirement fund based on the amount that they

(14:31):
on which they pay their student loans. And you imagine, yes,
Now the deal is does a company do it? And
I will mention, I'll ask individuals does your company do it?
They said, we don't know. Well, how are you going
to find out? And if they don't, you need to
get a petition with individuals who have student debt to

(14:53):
be able to say, we work here, this is something
very important for us, We would like to continue to
work here. Have we know your competition does have it,
and this is a very important thing to consider. So
think about it. Pay debt. I don't care what the
amount is and they can figure it out based on
what their companies are willing to match. How magnificent. So

(15:17):
when I tell you there is no reason to not
invest in the market, and here's many people say I
can't afford it. Well, let me tell you. That's the
second reason I used. I didn't have student debt. I
used every single reason possible I can't afford it.

Speaker 2 (15:34):
Well.

Speaker 1 (15:34):
What I finally realized is this, It's not how much
you make, it's what you do with it. I uber
more than anything in the way of transportation. Living in
New York City. I'll say, people say I don't I
don't have enough. I said, let me ask you a question.
You pack a lunch or buy a lunch. I buy
a lunch. Oh, so how much you spend im and

(15:55):
mamma fifteen? How many days you drive? Five? Oh sexy?
Do you say sex? That's ninety bucks? Ninety Bucksack a
lunch at home, buy a loaf of bread, buy turkey,
buy whatever you're buying. I convince so many of them
you have to do this. That's ninety bucks times four
three sixty, three.

Speaker 2 (16:14):
Hundred and sixty.

Speaker 1 (16:15):
You go out to dinner, you know what, don't go
out five nights a week, and when you do, don't
get an appetizer, get a main course. But this is enough.
And so you know, when I tell them this, they
get it. And then one young man, if I may share,
just last week, I said, so, what's your five year goal?
He said, My five year goal is they have enough
money to put down for a mortgage. I said, Corret,

(16:36):
well are you doing it? And actually, yes, he is
doing it. However, when I broke down and they asked him, abo,
he packed a lunch, he bought a lunch. He really
only had to save. It was working to earn fifty
six dollars more a day. Just earn fifty six dollars
more a day, you'll have ninety thousand dollars. I think

(16:57):
it was within four years to put down for that
three hundred thousand dollars house. That's a thirty percent. And
my whole point is, you know what, when you put
it in everyday terms, this is important. However, this the
time to begin and did I believe it?

Speaker 2 (17:13):
No? Do I know now?

Speaker 1 (17:15):
Yes, the time to do it is immediately. Do you know, Bert,
If I may, and I'll stop talking. My grandchildren are
eleven and sixteen. When they were seven and eleven. I
was so into this because this book took me want
to be investor took me three years to write. I
said to them, you're going to be smarter than me.

(17:35):
You certainly I didn't know this when I was seven
and eleven. No more toys for me and no more clothes.
You're going to get a share of stock, or if
it's an expensive stock, I will give you a fraction,
and that means part share, and you will be very
wealthy women someday. Well, guess what. They now have nineteen stocks.

(17:57):
They have a charm bracelet and each they're each charm
nineteen charms. They have an apple. They have a share
of apple. They have a little Starbucks cup. I said,
you buy the call, you buy the stock, not the coffee.
Right a local grocery store. I said, so, how's your
Kroger stop doing? They said, we don't know. I said,

(18:18):
don't you look at the parking lot. That's all that means.
I'll give you one laste. I said, you have to
do things that help people understand. The very first stock
I gave them was a Disney stock because I figured
they Disney, even though they were two weeks after I
gave them the stock, the older one said to me
at eleven, she said, my Disney stock's growing. I said, well, congratulations.

(18:40):
How do you know, she said, because we went trick
or treating and there were so many kids with Disney costumes.

Speaker 2 (18:45):
Oh smart.

Speaker 1 (18:48):
The point is you do it now? And you know what, like,
why would you have all those toys when kids much
rather play with pots and pans or whatever they're playing with,
when their babies do it? Did it mean to take
over there? However? I want your listeners to be financially literate, savvy.

Speaker 2 (19:08):
Yes. And my journey just real quick. So when I
really started getting into it, I got a couple of
memberships at Motley Fool and there were I think three
or four hundred yeah, three or four hundred dollars apiece,
and they and they kind of helped me. And then
then I started studying Warren Buffet, and Warren Buffett I

(19:29):
think is a genius because he really simplifies investing. He says, look,
this is the way I do it. He talks about
he'll spend hours weeks studying, yes, the stock, the company,
the people involved, and he says, if you're not willing
to do that buy the S and P five hundred exactly,
and and just make it easy nobody, he says, there's

(19:51):
not too many people out there that beat the S
and P five hundred, and so I got rid of
my memberships and I just follow Warren Buffett and so
whatever he I'm buying obviously on a much much smaller scale.
And to your point when you mentioned fractions, this is
something a lot of people don't know.

Speaker 1 (20:07):
Uh.

Speaker 2 (20:08):
You know, if a stock is if a stock that
you like is training at let's say whatever it is,
four or five hundred, one thousand dollars, two thousand dollars,
you can buy a fraction of that exactly, and it
it is a great way to get into that stock
and get to know the company, and you still get
all the investment literature you could. You could participate in

(20:29):
the in the investment calls, you can participate in the
in the annual meetings if you want, and it's really
a great way of again playing a little bit bigger
than than without breaking the bank.

Speaker 1 (20:41):
So you're absolutely right. Now, I want to piggyback off
of what you said. Number one, I want every listener
to put on their bucket list to attend a Berkshire
halfaway meeting, which is of course, but Warren Buffett's that
was my dream this past May, it's all he's the
first week ind of May. Did you have you ever

(21:02):
been there?

Speaker 2 (21:03):
I have not been there. I was thinking about going
last year and somebody who was going to make some
arrangements that didn't happen. But it's on my list as well.

Speaker 1 (21:13):
Well, let me tell you here's what you do. I'm
going next year. I've already made my playing reservations for
next May, all right, and I go, coach. I'm going
to take that extra money instead of going first, I'll
invest I own all of three shares of Berkshire. And
let me tell you. What you do is you get
a pass intel you get four passes. So if you
don't do it, let me know. I'll meet you in

(21:33):
there and give you one of the passes. Your wife goes,
be happy to give her that third pass. Just tell
me so I can save them. And what happens is
it's the most magnificent thing possible. So what happens is
some people think that there's Berkshire A and Berkshire B.
You're going to want the B because the B is
right now I don't know what it is. Let's say
three four hundred dollars. And so the key is one

(21:54):
of the things that's important for your listeners. And this
is why I really want them to read this book.
They want to be in yester and listen. Ten bucks
is not going to change my life, but I guarantee
it will change theirs. That's on an ebook. What happens
is this many, not all, but some brokerage firms do
not allow a power show share to be bought. Now

(22:15):
I know Fidelity does. I'm sure other ones do. You'd
simply have to make sure. And today we're not going
to go into AI because that is my favorite topic
besides financial literacy. You can go on chat GBT and
you simply say, does Fidelity Investments allow shareholders to buy
fractionated shares? And they say no, Well, which brokerage firms

(22:36):
allow fractionated A shareholder to buy fractioned share and you
do that. So the key is this, but nobody, nobody
is allowed to buy a Sheriff stock until one they
fund their organization's retirement plan. They max it out every year.
So if they are allowed to put let's say, oh,

(22:58):
let's say five percent of their pay and they make
fifty thousand dollars, all right, that means they're allowed to
put twenty five hundred dollars in a year. And let's
say they get paid twice a month, so that's a
little more than one hundred dollars. That would be one
hundred dollars a month, okay, or twenty five dollars a week,

(23:19):
and divide that into seven that's nothing three dollars, a
little more than three dollars a day, right, right, So
the point I'm making is they have to max out
their pension plan. You're not allowed to buy a stock
until you max it out. Every year. And if you say, oh,
three bucks a pack of lunch or I will do
shopping therapy at TJ Max and not buy anything unless
they have a gift card. That's the case. The other

(23:40):
thing people must do before they even think of buying
a single share of stock is to have a minimum
of three months of an emergency fund. So that means
the relook I mean, you know what happens. Look, we
live in an apartment in the city. We just bought
a washer and dryer. Did we think we were going
to No, you have to have a minimum of three

(24:02):
months of an emergency fund. We don't have a car
because we're in New York. However, you know you're going
to need new tires, you know the battery is going
to go, you know, all the things. Minimum of three months.
Then what you do? You read the book so you're prepared,
and then you ask yourself. And I'm going to go
back to Warren Buffett. You must buy stocks, you understand,

(24:23):
And on page seventy five to eighty of The Wannabe Investor,
it also says you must meaning I do this, Okay,
you buy stocks with a mote moat. Do you know
what a book a mote is, Burt, Yes, okay, good,
would you explain it and I'll add to it.

Speaker 2 (24:41):
Okay, you know a moat is basically I don't know.
It's a safety feature that goes around the castle. Or
in the business world, a moat would be a competitive advantage,
something that is hard for your competitors to break down.

Speaker 1 (25:00):
You're so right, and you know what. Most people didn't
know this until the mid nineties, when Warren Buffett spoke
to a group of finance students at Columbia University and
Professor Greenwald had invited Warren Buffett, and he said, he asked,
mister Buffett. He said, mister Buffett, how do you decide
what stocks to buy? And Warren Buffett said, I only

(25:21):
buy stocks with a mote. And when he said asked
what it was, he said, let me give you an example.
Apple has a mote. Why because it has name recognition. One,
because it has a network. That means we have an
Apple phone and we can communicate with our iPad, which
also is part of the cloud. That's two. It has

(25:44):
intellectual property. God only knows Apple does it is. It's
very challenging to make the shift. So it's very difficult. Example,
we want to buy Samsung. Do you know what it
takes to change everything? Are you kidding me? That's another reason.
So there are several reasons, and that's what a mote is.
Now I'm going to tell your your listeners this. You know,

(26:06):
people say what should I buy? And I say, I'm
not you, I'm me. So in SAP chapter of the
book helps you to identify are you low risk tolerant,
medium risk tolerant, or high risk tolerant. And if you're
low risk tolerant, then you may have a very small
percentage of your investments in stocks. If your medium risk tolerant,
then you have more than somebody who's low risk. However

(26:30):
less than somebody who's high risk. And I'm going to
tell something you might know this. I read believe CNBC.
I read about this. Individuals younger than forty four typically
prefer to it other than the maxing out their pension.
They prefer to invest in real estate. Individuals over forty
four prefer to invest in equities in stocks, which is fascinating.

(26:56):
So the key, the secret is is there something right
or wrong?

Speaker 2 (26:59):
No?

Speaker 1 (27:00):
Should you do both? Yes? And I know there's a
listener out there who is a business owner and says, well,
I don't have a company because I work for myself.
And I say, you darn well, bet you better get
started on your wrath. I r a and a roth.
I rate lets you contribute. It's so it's so important.

(27:21):
You know, this is like Greek. And when I tell you,
it's incredible when I say to you, and I say
this from my heart because at this point, when I'm
talking to your listeners and telling them about this book
and want to be investor, I have to tell you
I have Yes, it's on Amazon. I have no webinar
to sell them. I have nothing to sell them except

(27:44):
to help them create their own success. And you know,
I've had more people when I've been on podcasts email
me or text me because I say, as long as
you don't say something silly, I'm more than happy to
answer your questions. I care, I genuinely care. That's what
it's about. And they can. Could I give my email

(28:04):
address so they can email me anytime they want, certainly,
thank you, and Marie A N N M A R
I E AT and then my name Anne Marie Sabbath
with one B S A B A T H dot com,
so it's Amoratamrisabbath dot com. And this is what they
can email me any question. Now it's important they should

(28:26):
read the book. Okay, however, let's say they feel good.
This is a nice thing about this book in a
simple way. Do you know people can actually read the
Bernie Siegel's books. Who's the professor at Wharton. He's this,
He's in the sixth edition of his book Stocks. In
the long run, I didn't understand that until after I've

(28:46):
figured out what these fifty cent words were. This is
what happens. You can do this and this is the case.
Do you know I have to say, if there is
a listener out there, I'm going to smack you if
I ever hear you say this. I don't have to
learn about this because my husband does it. Are you
really kidding me? Are you really kidding me?

Speaker 2 (29:06):
Right? And and sometimes it's reverse right, I don't have
to do it. Sometimes my wife is doing all that.
And and uh, you know what, there's a I can't
remember in which book, but I remember there was a
tragic tale of a scenario where there was a husband
and wife and they got divorced. Uh, the husband failed

(29:29):
to update his beneficiary. He passes away. His beneficiary was
his ex wife, so his new wife didn't get any money. Uh.
So not only are you wrong because the person that
helds all the knowledge could drastically disappear out of your life.
But a real quick pointer is make sure you have

(29:50):
your beneficiaries.

Speaker 1 (29:51):
Up to date and a herdbeat. Yes, And it's I mean,
it's it's so important to always do that, to conntinue
to update them. At the same time, it's important even
if people there's a whole chapter in here about working
with financial advisors. Good if you want to work with
financial advisor. You should do that. There are a lot

(30:13):
of different types of financial advisors. You need to at
least learn understand what they're saying, so you do not
not say okay, okay, okay. You should be able to
ask questions, intelligent questions. So many people are intimidated. Do
you know that so many people do not even open
their monthly statements because they don't know how to read it.
And guess what, an entire chapter about how to read

(30:36):
your brokerage statement. Because these are things I didn't know,
so I didn't know that there was another person or
two in the world who don't. So this is very important.

Speaker 2 (30:47):
I want to oh, first of all, for everybody listening,
I'm going to put all these links and Marie's email
address in the show notes and things like that. Now,
you wrote another book that let's see a whole long
whereas where to Go. It's the what self made millionaires
do that most people don't do. It's fifty two ways
to create your own success? Thank you? So all right,

(31:15):
So let's talk about this book a little bit as well,
because I like the fact that there's fifty two ways
to create your own success, and one of the things
that I do love about this book I started reading
is that you go through the the and I think
we could just do a whole thing on the misconception
of what people think millionaires do with their money. And

(31:38):
you know, one of the things that tickles me is
the I've had the pleasure of hanging around people that
are way way more successful than I am, that you
know some of them, some of them, A couple of
them have their own private planes, and most of them
have a considerable amount of wealth. And as I observe

(32:02):
these people, even with the people with the big toys,
they're still pretty frual with their money. Goodness, you're late,
they might they might, they might stop at a coffee shop,
but unless you bring it to their table, they're not
tipping the tip jar.

Speaker 1 (32:18):
Well, here's the deal, you know, I interviewed. Let me
tell you how I ended up why I ended up
writing this book. I wrote, what self, my millionaires do
that most people don't Because I have a friend and
she was always late and I don't do late. I
don't do windows, and I don't do late, and she
always complained about money, And I thought, how could this be?

(32:38):
And I would say to I couldn't say, or you
need to be early. I would always show up early,
always be kept waiting intentionally because people who are kept
waiting make others feel vulnerable. When you need to favor,
they're more likely to say yes. So I said, I
need to figure out what it is that she does.
And in fact, I dedicated to her that self made
millionaires do better well number one self made millionaires. And

(33:04):
here's the deal. If you can manage your time, you
can manage your money. Yes, now I'm going to tell
you I was late for thirty five years. I was
born two weeks late. I was late for my wedding,
not really, you know, I got out of the house
like five minutes late. Remember my parents yelling at me,
come on, come on, anyway, you get to the church
on time. And what I realized I was thirty five
before I said I can never be late again, because

(33:26):
I started a business which lasted for thirty three years.
I realized something that I want your listeners to hear.
You're ready. You never will be late. When you write
down the time you have to leave, not the time
you have to be somewhere. That's what you do. So example,

(33:46):
I promise, So I knew we were going to begin
talking today, so I made sure that I said to myself,
I will be accessible fifteen minutes ahead. So that was
the time that I wrote. Now, another thing is this,
if I want to talk to the most important ones.
When I say the most important, the ones that I
want your listeners to do asap. I want them to

(34:11):
do whatever they do, find their passion so that their
work feels like play, because you're going to get burned
out if you don't. Now example, I love telling people
what to do. That's what I've done my whole life,
and once I stop close my business, I continue to
write more books because I love telling people what to
do based on what I don't know, based on what

(34:33):
I didn't know that I learned. Now another thing that
is essential, and I know so many of your listeners
will not when they hear this podcast. You must manifest
you must do this, document your goals and tell no one.
Most people talk it and they don't walk it. And
so if there's somebody listening, what I want them to

(34:55):
do is they may say, Okay, I'm going to give
myself thirty days. What is my five year goal? Don't
tell anybody when they figure out what it is. And remember,
if you don't know, it's not the answer, it's the question.
There many times when I need to move forward, I've
accomplished my goals, like now what like not the answer,
it's the question. Once you know, you document your goal,

(35:17):
you put it under your mattress. You put the little
note in your wallet. If you have a car, put
it in the glove compartment of your car by your
registration and put it in the notes section of your phone,
and then act as if I have manifested cars. I've
manifested my poor husband. He didn't have a chance. He

(35:40):
didn't have a chance because I knew exactly what I wanted.
I tell you something, I guarantee you. Manifestation works like
no wather. I wrote something down about oh twenty fourteen,
and I went into a wallet I don't use anymore
in my dresser. I mean, I tell you, it was like, OMG,
I opened I had that note. I opened it because

(36:03):
I mean, I know what I want subconsciously, and it
was like, oh MG, I am one month away from
accomplishing it.

Speaker 2 (36:10):
Now.

Speaker 1 (36:10):
Remember that was ten years ago, twenty fourteen, and I
did it. And let me tell you, you never stop
you always do things for the good of all and
until you get what you want. Another one of the
fifty two secrets is you always always pay things forward.
I was at Whole Food. Somebody was picking up getting
something to eat, and I was getting God only knows

(36:32):
what I was getting whatever. Let's say, I don't know
what it was. I always getting. I was getting flowers
because we were having company and she needed to get spooned,
a spoon napkin. So I went over and got a
spoon and napkin. I said, here we go. She looked
at me, like, what's wrong with you? I said, I said,
I love helping people. And my point is that's paying

(36:52):
it forward. And you know what, I'm not doing it
to be a Pollyanna. You do it if you know
I help people across the street if they're slow, let's say,
or you know, it doesn't matter. Do it because this
is the right thing in life. And let me guarantee
you and I'm sure you do this burden. When you
need something, I promise it will be there waiting for you.

(37:15):
But you have to to pay it forward together. You
have to put in the universe more you owe me
than I owe you.

Speaker 2 (37:21):
Is yes, and I believe that's one of the things
that we were put on earth to do. You know
that there are many religions out there and they all
have the the common goal of servicing other people. And
there's nothing better than giving somebody service that doesn't know you.

(37:44):
They're not going to be able to repay you. There's
a spark that happens. You feel good, they feel good.
It's a win win, it's an awesome it's an awesome thing.

Speaker 1 (37:55):
It's an awesome thing exactly. And you know, I want
your listeners to know always paid forward. You know what
if you have to think something positive, if you think something, oh,
that person looks good in red, then you say, usually
look good and read. Let me give you two more things.
One of the self made millionaire secrets is they have
passive income. And so after I wrote this book, and

(38:18):
I take two years to market the book, I make
sure a minimum of ten thousand copies sell before I
get the next one. I might write it before I
even think of having it published, you know, assuming my
publisher will do it. Is you must have passive income.
And so passive income includes investments things that will grow.
Now I want to tell you something I live in

(38:40):
New York. I told you I go shopping every single
day in my closet. You got it, every day I
go shopping in my closet. And so I'm not going
to wear something that's Kashmir now. So I put all
of those winter things away, basically just on a higher
shelf because we don't have a lot of and I'm saying, oh,

(39:01):
I can't wait to wear that new wardrobe. My point is,
you don't need new things. I have shoes that I've
had for so long that the shoemaker, I've had them
rebuilt four times. The shoemaker says, you need a new pair,
and we're not fixing these again. They're finished. And I listen.
My point is, buy less, pay more, let them last,

(39:24):
buy things you wear you around. And so this is
what self made millionaires do. And listen, because your listeners
are listening to this podcast. I know they have several
of them down to a science, because a self made
millionaire learns something new every day. They're listening to you today,
they're listening to what it takes to be successful. They're
listening to the want to be, what the want to

(39:46):
be investors about, and so you know what some people
try to dig into your pockets. Run as fast as
you can. Some people give you an investment tip. Run
as fast as you can, because that's not you. But
you must learn something new every single day. And again,
pay We talked about paying it forward. Be a minimalist.

(40:06):
If there's something you haven't worn for two years, put
it on eBay, give it away, give it to Salvation Army.
My clothes are so loved that they won't even take
my clothes at Salvation Army. They say two loved because
I wear them. I love my clothes.

Speaker 2 (40:22):
Well, you know, one of the things I started doing
this year, matter of fact, is and I got this
from somebody else, But you go through your closet and
you hang everything in the kind of the opposite direction,
and when you use it, you hang it in the
in the different direction. And at the end of the
year you can look and say, look, look at all

(40:42):
the clothes I didn't wear, And then you have to
you make that decision. Do I give it away, sell
it whatever. That to me was a glorious idea. You know.
One of the great things about living in New York
I used to live there in Manhattan many many many
years ago, is that because space is so what do
you call it valued? Right? As space is so limited

(41:05):
that it forces you to be more minimalist.

Speaker 1 (41:09):
Right.

Speaker 2 (41:10):
And that's a good thing, it really is, because we
don't really need as much as we think we did.
And and and and this is a situation that I
think happens to a lot of people when you when
you're living that college life and you're so used to
stretching every dollar and you're so used to just being
frugal and broke that when you start making the new

(41:32):
career money, you want to you want to like, oh,
I deserve it, So I'm gonna buy myself this and that.
And you get into dead and you have a new
car or maybe some credit card bills, and you take
the big vacation. Yes, and that's great. I'm not saying
you don't deserve that, but there may be some better
things to do. And I'm not saying don't do some
of this stuff, and maybe don't do as much. To

(41:53):
your point, do less. And again, as we're as we're
preaching today in some of that because there's a great
little meme out there, and I think this can be
applied to a lot of different situations. But the gentleman
who or the person who wrote the meme was talking

(42:13):
about the Tesla S A models I believe, and it
was it was selling for like seventy grand and he's
and of course he says that in five years that
that model S will probably be worth about ten grand.
But if you take to say seventy thousand dollars five
years later, if you would have bought no, that's what
it was. If you would have bought Tesla stock with

(42:35):
the same seventy thousand dollars in five years, you would
have had a couple of million.

Speaker 1 (42:38):
There you go. And so this is the case. And
here's one of the things I want to make sure
your listeners remember. You have to You're right, it could
be Tesla. I want them to do this. It has
They must diversify. So put no more than ten percent
in any one stock and in any one business sector,

(42:58):
and they'll see there's a whole chain because they're eleven
business centers in the stock market. And with that said,
they want to study it. This is like learning a language.
If you know the phrase do you speak French? And
I don't speak French, barlet vous front saying that doesn't
mean you're ready to go to Paris. That means you
are learning, you're going to learn French. And so it's
the same thing with investing takes. Say you know what,

(43:20):
I'm going to wait two years. I'm going to till
I wait until I max it out. It can be
five years until I have a minimum of three months
of emergency fund. Not when you get a new job
and make more. It's when you pack a lunch. It's
when you get people over for whatever you're having, have
dinner and then they reciprocate or everybody does a pot. Look,
but something I have to make sure your listeners know.

(43:40):
And this is what self my millionaires do. What they
do is they do not put on their credit card
anything that they will not see at the end of
the month. That means they're not going to put food
on a credit card because it's not going to be there.
They may put maybe they're buying something for their kitchen

(44:01):
that they're going to use. Maybe they're going to buy
something that they mapped out, and you know the other
thing that's critical, So put on there what you know
you're going to see. Otherwise, paying cash, you have to
make sure that's a big one. Or if you're going
this is just really important to do. The other thing
that is essential is again what you want to do

(44:26):
is if you're going to people don't write checks anymore,
but make sure you don't have to keep up with
the joneses. So many people who to your point, have
private planes, have this, have that, have that, you know what,
some of them are living in such debt. And I'm
going to give you a scenario. I have a cousin
whose father worked like a dog. He was my mother's brother.
They were so poor growing up. They were lucky if

(44:48):
they got an orange or a pair of socks for Christmas. Well,
long short, long short of it all. Fifty years later
he owned more land except for gm in his area.
And so his daughter who still I mean, she showed
me something the other day. She bought this credenza from

(45:10):
home Goods. When she said it's four hundred dollars. I
could have bought something for four thousand, but why would
I waste that money? She's still you think like you're
supposed to. She had a sister, excuse me, a cousin.
They came into a lot of money. She ended up
having houses in five different states. Everybody's your friend when
you have money. Well, they lost all the money. This

(45:33):
her cousin ended up on welfare. The only difference is
how they did it. It doesn't mean they don't go
out to nice restaurants. It doesn't mind, you know matter that.
My point is, you know what you want to do
the right thing, and I can tell you firsthand when
you add that extra zero to your life, and it
will happen. It will happen if you're thirty five, by

(45:56):
the time you're fifty. If you do this consistently, you'll
be amazed. I mean, I can tell you we could
talk all night, and I know we can't do that. However,
you have to read this book because let me tell
you something. I just give you a scenario. There were twins.
They were given I believe ten thousand dollars from their grandmother.
They said, you're not She said, you're not allowed to
sell it for I think it was I believe it

(46:16):
was twenty five years. Well, one twin, Jason, took his dividends.
So a company will give you dividends sort of as
a perk, as a bonus. His female twin will allowed
the dividends to reinvest when the end of the time
when the end was there. He had taken out two

(46:37):
hundred and fifty one thousand dollars in dividends because maybe
maybe they wanted to go on vacation, maybe they want
to do this. Well, the other I don't know what
the other. What his twin sister did. Maybe she used cards,
maybe her credit cards earned airline points or maybe hotel points.
I don't know what she did. He ended up after
that amount of time, I believe it was twenty five years,

(46:59):
with four hundred some thousand dollars, Okay, by letting that
ten thousand dollars sit, she ended up with one point,
I don't have the exact amount. I can look it up,
four million dollars by letting the dividends be reinvested because
they were compounded, meaning they multiplied. So you have to
do this again?

Speaker 2 (47:20):
Do you have to know?

Speaker 1 (47:21):
But why not have a good ending? And I'm going
to say one last thing I can tell you by
doing this, and I have done it religiously, religiously for
ten years, I had some money. You didn't have a lot,
but I had some, okay that I had saved since
I was forty two by maxing out my pension and
I was a business owner. And you know what, once

(47:44):
you add that extra zero to your life and you
can afford it, you still think like the person who
can't afford it. I just sent my husband to Northshums
because I needed more makeup base while I was making
dinner and he said, what are these? I said, oh,
these are two gift cards that I got from my
credit card I saved and now it's one hundred dollars

(48:05):
gift card and two notes. He said, what's that about?
I said, why would I pay the full amount? My
point is, you know what, You treat your money like
your most precious commodity, because the first thing we have
in life is health. You have to have health. Your
family's critical. You treat it like a commodity, and by

(48:25):
doing that you will be able to if you have children.
Your children will learn much more from what they see
than what they hear. So you do things that are fun.
However you do it because it's the exception, it's not
the rule. I want everyone to be successful, it's all
I can tell you, and we can all do it.
We just have to want it, and we have to

(48:46):
have knowledge by somebody who's not going to try to snooker.

Speaker 2 (48:49):
You sure, absolutely well. And again this is one of
those things that needs to be beaten into our into
our society, because back in the day, you know, they
call it the great the greatest generation. These guys saved.
The saving was was the thing that you did. You

(49:12):
save and invest, You saved and invested. We got away
from that, and now we have this programming that says, hey,
you go get into debt so you can get a
college education, so you can get a job, and then
you you know, live happily ever after. Of course, now
just recently, a lot of companies are saying, you know,

(49:33):
we don't even care if you have a college degree,
because after thirty or forty years, we've realized it doesn't
make that big of a difference. You still got to
train people. So things have changed. And once you put
on the frugal what do you call it mindset, once
you you know, you realize a couple of things. First

(49:55):
of all, you don't have to keep up with the Joneses.
They don't even care. They they're not worried about you.
They're worried about them, and they're probably gonna you know,
what do you call it, They're they're not gonna what
do you call it, say anything because you're frugal. And
if they do, who cares, Because at the end of
the day, it's how much money you have. And that

(50:15):
money will give you peace, it will give you power.
It is a wonderful thing to have.

Speaker 1 (50:20):
You know.

Speaker 2 (50:20):
One of the things when I was in sales management
and we you know, you have these young people that
are coming in and they want to buy a new suit. Well,
what I would always tell them, and to this day
I do the same thing is go to the nicest
areas of town and you'll find a good Will in

(50:41):
the nice area of town. You can go in there
and you give yourself a nice suit and you'll spend
twenty thirty maybe fifty bucks getting it tailored to your fit.
But now you have a nice suit for fifty sixty bucks.

Speaker 1 (50:55):
You know.

Speaker 2 (50:56):
So that is my go to. The last two p
and jeans that I bought, I bought it Goodwill and
nobody cares. Nobody, you know, nobody says, hey, those pants
look like you bought them from Goodwill. And if they
did say that, I would, You know, I'm not ashamed
of it. I like saving money knowing that you know
that I that instead of spending fifty sixty one hundred

(51:19):
bucks on our fair of jeans, I got it. I
think for twelve dollars. That's great. One of the other.

Speaker 1 (51:23):
Times, yes, that's right. I want to tell you, you
know how they knew they were from Goodwill because they
bought them there too.

Speaker 2 (51:31):
And you know, one of the other things. When my
wife and I go out to eat on many occasions,
we split the appetizer and we split the entree depending
on how big it is. Now my eating has changed.
When I was younger and more athletic, I would eat more.
I don't eat as much, and so it's easier for

(51:52):
us to split the entre, especially if it's you know,
some of these portions are huge. Now, if they're smaller portions,
there's nothing there to split. But I want to say,
eighty percent of time we split the entree. Eighty percent
of time we split the spit, split the appetizer. And
there's a lot of different things. But you know, back

(52:13):
to these misconceptions that millionaires all for you know, all
go to. For example, there's this misconception that they've gotten
a leg up because they go to the most expensive
Ivy League schools and it's not true.

Speaker 1 (52:28):
It's not true. And you know what the key is,
you don't want for some For individuals who are in
their thirties who say I'm not going to split because
I have a big appetite, well guess what. Don't order
an appetizer, have that second piece of bread, and get
a nice main course, a hardy main course, or if
you enjoy a glass of wine or whatever you enjoy,
have a glass. I have to have four of them.

(52:49):
You know, say to yourself, this is what I'm going
to do, and you budget, you said, this is what
I'm going to be spending a week going out to
eat and the other times today with hybrid, you don't
have to spend that much. You should be eating at home.

Speaker 2 (53:02):
You know.

Speaker 1 (53:02):
Again, in New York, we go out to eat at
least five nights a week right in our own home.
That's the end of it. And we're going to do tomorrow.
I just you must you must be listening to us burden,
because I just said to my husband, we're going to
a movie tomorrow night. I said, why don't we go
to that Greek restaurant and get the same thing we had?
And he said, what's that? I said, don't you remember

(53:23):
we split a Greek salad which was enough for four people,
and we split a lamb kebab because there were two
he could hardly eat them all they eat what he had.
The point is you're not being cheap. You simply are
being practical or you're going to take it home for
the next night. So this is what self may millionaires
do and they take time to think. We talked these

(53:44):
are some of the main ones. But document your goals
and oh I must share this. You must surround yourself
with people you want to be like. When I started
my business, let me tell you, there were very few
business owners who are women. So what I did as
I bought books by women owners and I read about them.

(54:05):
How did they do? What did they do? Of course
male owners of course, However, I wanted to know what
I needed to do so that I was taken seriously.
So you don't have to know somebody today you go online.
You asked j H to bet give me three books
that were a great article about a business female business
owner who grew her business to.

Speaker 2 (54:25):
X y Z.

Speaker 1 (54:26):
So the point is make positive you surround yourself the
people you want to be like, and make sure you mentor.
When you mentor, you want to make sure that you
are accessible for people who want to be like you.

Speaker 2 (54:38):
Yes, absolutely, you know again, I had I've had the
pleasure of hanging around a gentleman named Wayne Heizinger. Who
Wayne Heisinger is. If he's not a billionaire, he's got
to be fairly close. So at one point Wayne Heizinger
owned he was running Blockbuster. He had taken over Blockbuster

(55:04):
before that, it was waste management, and he has been
very successful. Does he drive a nice car? He does.
Is it the latest model? It's not. It's again, he
does have some trappings of wealth. But at the same time,

(55:27):
you know he's been you know, twenty thirty forty fifty
years accumulating that. It wasn't like he was spending it
as quickly he was making it. In a lot of cases,
you know, he was driving a beat up car for
many years while some of his employees had nicer cars.

Speaker 1 (55:46):
And that was all right. But you know what the
key is, you do have to enjoy it along the way. Yes,
and it's very good because coffins don't have pockets. Your
children will spend it like Matt unless they have learned
the work ethic and values from you, and yes, you
know it's it's important to enjoy what you're doing. However,
recognize that less is more and you know I can

(56:09):
promise you firsthand that chase is so much more fun
than the catch. And you are saying the same thing.
You can buy a designer pair of jeans, but you
know what you love the chance you love the chance
to be able to find that chase. Let me see
if I'm going to find a nice pair of jeans
and Goodwill and you do, that's half the fun'out questions.

(56:34):
So you know, I want to make sure I know
your listeners learn something from you that's incredible that they
can apply every single time. I want your listeners to
please do whatever it takes, and I want them to
know you're never too young to invest in the market.
That means set something up, buy it, buy a stock

(56:55):
or a fraction part of a stock for children, and
do something that you know they're going to. One of
my grandchildren wanted to have something related to animals. Well,
I didn't know we weren't doing chewy I could have,
so we ended up looking at stocks and I bought
her a portion fresh than's share of general miles because

(57:15):
it has a PEC division and so the kids. So
she got a little cat as her term. And so
what I'm saying is you want to make positive that
you educate people early. And while schools are important, we
need to do it by our actions. Because we said
this already. Children learn more from what they see than
what they hear, and so you know, it's educating ourselves

(57:39):
and it's learning recognizing what it's going to take to
be financially successful so that you can help your children.
And I'll give the last thing I've seen. It's critical
once you have earned enough that you can take care
of yourself, your future, your children, health. Made millionaires are philanthropic.

(58:03):
They give back and by giving back, maybe they make
a donation to their favorite charity, it doesn't matter what
the amount is, they give back. And so by doing that,
it's a full circle. So again, these are not difficult things.
It's not about the money. What self made millionaires do

(58:24):
is about their habits. And so that's why. And this
is what I told the person who is a producer
with a major television show that I'm not going to name.
She just didn't know how she was going to do it.
She finally changed her habits by writing down the time
she was going to leave and all of the lotted
that stuff we've talked about.

Speaker 2 (58:42):
Absolutely and I do want to hit that again. Writing
down your goals, writing down what time you're going to leave,
is essential. It is first of all, so there's something
magic that happens when you write down your goals. Your
brain is more locked into it. Some people call it energy,
some people call it vibration, whatever, manifesting, whatever happens, it

(59:03):
is magical and there and also humans we forget really
important things because I hear people say, well, you know,
if it's important, you don't you shouldn't have to write
it down. Well, people forget anniversaries, they forget court dates,
they forget what you know, they forget airline tickets. We

(59:24):
forget a lot of important things because we have so
many things going on. So writing it down, if it's important,
write it down. It only takes a few seconds. And
one of my favorite places to write it down is
right there on my phone. I can see my goals
every day. And then I also use the mirror in
my bathroom. I write things there and so it's a
lot of fun. And look, one of my goals that

(59:47):
I accomplished, like two years ago. Two years ago took
me twenty five years to complete.

Speaker 1 (59:55):
Now let me ask you. We're not allowed to talk
about our goals until we accomplish them. So will you
share the goal that you've accomplished for it?

Speaker 2 (01:00:02):
Sure? So I wanted to. When I was younger, in
my twenties, I had entered a bodybuilding show and I
wanted to do it again. And it took me roughly
twenty five years to do my second show. But I
had written it down. And you know, life, you know,
first of all the priorities would change. You know, it's important,

(01:00:24):
it's super important. It's not that important. As I explained
to a Marie when we got started. My wife and
I've had we have five kids. So when you're juggling
career and five kids and all the other stuff, sometimes
things have to be put off. But it was always
there and I was able to finally accomplish that goal.

(01:00:44):
I competed and I was lucky enough to place in
the top four, so I didn't win, but still I
was excited to finish that goal.

Speaker 1 (01:00:53):
And yes, I have to interrupt you. I have to
interrupt you because I want your listeners to hear some
thing you said, and then I'm going to correct you.
You said you were lucky to achieve that goal. Guess what,
You create your own luck.

Speaker 2 (01:01:09):
You work like a dog to do that.

Speaker 1 (01:01:11):
So I'm going to say, we create our own luck.
One other thing I'm going to say to build, and
I want your listeners to hear this. You said, it's
very important to document your goals. I want to give
them a perspective, just like you documentaris. When you think
about what you want, you're one third of the way there.
It's a thought. When you document your goals, it is

(01:01:31):
a tangible. You see it, you see it, it's there.
So when you look in the mirror, you see that goal.
When you look at your phone, no such, you see
that goal. So it's a tangible. That means you are
two thirds of the way there. The thought has become
a tangible. The last third. You're not going to say
I can do it within five years. I can do

(01:01:52):
with it. Jut is you simply say this is my goal,
and I always say I always say later. If I
think I can do it in ten years, I'll say fifteen.
Because it's better to underpromise and over deliver so that
you're not disappointing yourself, and so the last third will
happen and you're working on it subconsciously. So right now
Bert is two thirds of the way where his next

(01:02:14):
goal is. Because he's thought about it and he's documented it.
Your two thirds of the way there. That is the secret.
The last third happens because of consciously you work at
it and because call the person God, Buddha, Allah, power, universe,
whatever it is, it so happens. If we can leave
your listeners with this, wouldn't that be wonderful?

Speaker 2 (01:02:37):
Absolutely? Absolutely. So many people think that writing stuff down
doesn't make a difference, and I think that it makes
a huge difference. It's been proven time and time again,
and for people who are watching and listening, try it.
If you've never written down your goals, write him down,

(01:02:57):
and even if you forget about him, there's something magical.
Matthew McConaughey, there's a great video and he talks about
he had written down one of his goals and like
a lot of times it happens, he misplaced the paper
that he wrote his goals down. Well he found it again.
It is ten years later, and everything on that list

(01:03:18):
had come true.

Speaker 1 (01:03:19):
Absolutely, And let me tell you, you're so right. And
one of the things that people realize once they know
when they are in sync, their words are so powerful
because your word is your wind. Laurene Sen said that
in a book that's age old, what happens is when
you ask for something, when everything is aligned, it happens.

(01:03:42):
It's magic. I'm going to give you a scenario. I
hired a narrator for a book that's coming out because
I have a small publishing firm. It's coming out October.

Speaker 2 (01:03:51):
First. We hired her.

Speaker 1 (01:03:52):
The author decided she was the one, and so we
had a conversation telling of selling her. She was chosen,
and she said, when will I get the final manuscript?
I said, the editor's working on it. You will definitely
have it as soon as I get it, and it
should be and I knew it'd probably be by last Friday.
I said to her, you will have it easily by Tuesday.

(01:04:13):
The minute I said that, I tell you, I couldn't
believe it. I got an email ding it was the
editor who had set the finished manuscript, and I said
to her, you wouldn't believe it. She said what I said?
The second I said you would get that manuscript. It came.

(01:04:33):
She said, have you ever heard of the book The
Artist's Way? I said, you bet your bottom dollar. So
my point is you do you are aligned. You have
to believe it to see it and again and you
know what, and bless and please. And this was the
last thing I have to say with self made millionaires.
Be grateful for what you have. You have to write

(01:04:54):
for what you have in order to have more. But
sometimes just be happy. The greatest wealth is hel It's
like the best. This is what it's about. You know
what you make something? I mean, just recognize this is
what it's about. And again, once you know how to invest,
and it's like a turtle that you don't have to

(01:05:14):
have a lot. The turtle won the race compared to
the hair go slow and sure and it's there. So
I'm going to share that again. And I know you'll
tell your listeners. Anytime your listeners have a question, there's
no hidden agenda. I'm not going to ask them for
the email addresses. I'm not going to do all that nonsense.

(01:05:36):
They are welcome to email me and well, I guess
I'll get that. And either're not going to get any
spam from me, because that's not how I operate. Remember,
we have My goal is help other people. That's my
goal in life. I'm refired, not retired, and that's what
I want to do.

Speaker 2 (01:05:52):
Excellent, excellent, Okay, So let me ask you this. So
if somebody has let's say they have twenty thousand dollars
in their investment account, yes, and it's performing well, but
they also had twenty thousand dollars worth of credit card debt.
Do you sell the equity pay off the credit card debt?
What would you suggest?

Speaker 1 (01:06:11):
Well, there are different forms, there are different ways of
looking at that. First of all, the average, according to
Bernie Siegel, and this is in the book, the average,
it depends what their credit card debt is. They may
have eighteen percent credit card debt. You know what they done, well,
better pay it off. Because if they're going to make
over twenty year period average six point some percent a

(01:06:33):
year and they have eighteen percent credit card debt, they
better pay off that credit card debt. That's the end
of the story. And first of all, you know what,
you have to have a credit card. I don't care
if you put fifteen dollars a month on it, because
that is the way to build your credit score. You
have to build credit. You have to build a credit score,

(01:06:53):
and by doing that, you have to owe something and
pay it. And something that most of your listeners don't
know it. My daughter is a bean counter, she's an accountant,
and she said to me, Mom, what you want to
do is, let's say you owe five hundred dollars on
a particular credit card. You can pay it a week early,
and that's going to help your credit. However, if you
pay one hundred dollars or two hundred and fifty dollars

(01:07:17):
twice a month, or one hundred dollars before it's due
five different times, it will actually build It will improve
your credit score more than if you paid it on time,
because your debt to credit ratio goes down.

Speaker 2 (01:07:31):
Right. And also on that same theme there, every time
you make a payment, so again taking the same five
hundred dollars, if you paid it again, you're paying it
one hundred bucks a week. Every time you make a payment.
It kind of resets the interest rate. So in some cases,
when you're paying multiple payments per month, get it drops

(01:07:53):
the interest rate a little bit, but a little bit
can sometimes make a difference.

Speaker 1 (01:07:58):
Absolutely, So there's so many, so many things that people
need to learn. I'm going to do one more thing,
and this is not going to want to be investor. However,
I learned. If you have a mortgage, and let's say
you have whatever you have, Let's say I don't know,
three thousand dollars a month mortgage. If you pay fifteen
hundred dollars middle of the month, let's say the beginning

(01:08:18):
of the month, and then the other fifteen hundred dollars
this is for the following month. Or let's say you
owe on the first of the month, so you take
fifteen hundred dollars and you pay for the second month.
Let's say for September, you pay August fifteenth, you pay
half a month, you have half to two weeks ahead.

(01:08:41):
By doing that over a twelve month period, you will
end up having an extra how can I say it?
You will actually be making an extra payment because the
interest will be less because you're paying it down right
hover That's an important thing.

Speaker 2 (01:09:00):
Yes, so absolutely correct. And again it's the magic of
this compounding interest. When you're making these additional payments, it
does something with the interest rate. I think also that
if you make an extra mortgage payment per year. It
takes your thirty year mortgage into like a twenty year mortgage,

(01:09:20):
saving you tens of thousands of dollars in interest payments.
I think there are several experts out there that they
like having a fifteen year mortgage. I don't agree with that.
I'd rather have a thirty year mortgage and then pay
it off in fifteen years. That's what I prefer to do.
But whatever works, I mean, it's something that you said

(01:09:43):
in the very beginning, is find out what works for you.
Because everybody's different. Everybody's got different goals and they have
different needs. So find out what works for you. All right,
let me ask you this, Marie, and Marie, what were
you doing prior to becoming a best selling author? So
were you always in finance? Talk about how you got

(01:10:03):
started and how you got to where you're at today.

Speaker 1 (01:10:06):
Okay, well, thank you. I don't want to burst anybody's bubble.
I was never in finance. Here's what happened. Okay. I
owned a consulting firm and I told people how to
be successful through etiquette for thirty years. And the way
this whole thing came about is when I retired and
my partner. My former partner passed away. I like men,

(01:10:29):
and I decided after six months I was no spring chicken.
I said, I want to find a partner. So I
joined e Harmony, which is a dating service, and I
wrote down exactly what I wanted. Manifested the poor man, okay,
And so what I did is we met, We dated
a little while, and he's retired from the New York Philharmonic.

(01:10:50):
I actually upgraded big time. He's read from the New
York Philharmonic, hire under Leonard Bernstein. God rest your soul,
but it is true. AnyWho? And so what happen?

Speaker 2 (01:11:00):
And was?

Speaker 1 (01:11:01):
He had retired and I said to him, so what
do you do? You don't pitsicato all the time? What
do you do? He said, well, I've been invested in
the stock market. I said for how long? He said
fifty five years. I said, you've got to be kidding nobody.
And he didn't tell anybody because his wife wasn't interested.
She was interested in teaching raising the kids. It wasn't
on her list. For his kids could have cared less

(01:11:23):
because they just didn't get it. They weren't at that stage.
So I said to him, I have to learn how
to do it? Will you teach me? For ten consecutive years,
that's up until last year, and he still teaches me
ten consecutive years. He taught me something. He would say,
he'd forward an article to me. Read this. He would

(01:11:44):
teach me. If we were together after dinner we weren't
very interesting, we go back to his place or my place,
and he would teach me about technical analysis. And then
I could hardly wait to do that the whole thing.
And let me tell you, this book isn't boring because
there are forty alans. It was because his name is Alan.
And if you put an isam, if you put something

(01:12:04):
a prefix or a suffix at the end of the
word becomes a word. So there are a lot of Allenisms. However,
again it's not a dry book because when I was
writing about bonds, I said to him, tell me about bonds,
and he said, I'd rather talk about blonds. I said,
that's enough. I have a deadline. Stop it. And so
my point is, I learned when I tell you ten years.
So in the seventh year of learning, I said, huh,

(01:12:27):
I've bet that a lot of people are like me,
because I learned that forty percent of Americans are not
in the stock market, and so I said, I have
to do write this want to be investor, because everybody's
not going to have access to you. So I wrote it,
wrote it, wrote it, and then I'd asked him questions
and then I'd write it. And I had three editors
to include one who is an independent contract with Motley full.
I had to get it right. I had the most

(01:12:48):
critical people who knew about investing reading it because I
had to get it right. And so that's how it
came about it. So that's again, I'm not a financial person.
I'm not going to say let me have your business
so I can manage your front. No, I'm an everyday person.
And let me tell you who learned an extraordinary thing.
And added, as I said, I'm not bragging. I simply

(01:13:11):
want your listeners to know added a zero to my
net worth because for ten consecutive years I did this.
And again, I do not trade stocks. I invest in stocks.
I keep a minimum, have a minimum, and I don't
even probably have ten stocks max. And they're in different

(01:13:31):
business sectors because and so my style is different than
other people's. This really works. It's in everyday language. People
shouldn't buy it and start investing, you know, say to yourself,
I mean there's actually a one hour a year strategy
that's in that book. And I'm not going to go
through the whole thing. However, so chapter Dogs of the Dow.

(01:13:52):
That means that the Dogs of the Dow. You do
it one the first business day of the year. And
I took maybe ten percent of what I had and
I tried it the first year because I was scared
to death. And so my point is it's an everyday experience.
Most people don't have time to watch their funds. Take
something or do virtual trading, write it down and pretend

(01:14:14):
you bought it, and every month see where it is,
and after twelve months, see what the average would be,
not even counting the reinvestment.

Speaker 2 (01:14:23):
Yeah. Well, and one of the things that you've said
is this decade that you invested in learning. And the
thing that I learned from Warren Buffett and from any
other expert, is that Warren is a big on. There's
no point in trying to time the market. That timing
the market is where people get hurt the most. And

(01:14:45):
you know, and so he says, I know that I'm
going to buy Apple today, and in ten years from now,
I'm going to sell it for more than I bought
it for. That's all I know. So it's you know,
he's thinking ten years. Most people are thinking a few months,
you know, they're like, oh, oh my stock, my stock

(01:15:05):
went down. And if and this is something that you
mentioned earlier about investing in companies that you know like
and trust. You know, so if you know Disney, you
believe in Disney, you believe in Coca Cola, you believe
in these companies, and so you bought it at this
price and it goes down, that means it's at a
better deal. Buy it again, Buy it again. I love

(01:15:28):
chasing down a stock that I believe in and getting
that my average cost way down and then it comes right,
you know, as it comes back up, I feel like
though I've done something. So absolutely, it's it's that mindset
of you invest and forget it, just leave it alone.

Speaker 1 (01:15:45):
You're right, and you said it, Warren Buffett saying is
exactly that it's not timing the market. It's your time
in the market. And that's why ten years is essential.
It's essential. And again, do not let somebody give you
a tip about a hot stock. Because again run you
have to know yourself. It's like same thing for clothes.

(01:16:08):
You have to know what is your style? Do you
like this, this or this? It's your style, it's what
your comfort level is. Can you sleep at night? That's
the key with confidence. And so again what Alan taught
me is not his style, isn't my style. I had
to identify my style and that's the case. However, my recommendation,
there's a whole chapter in the book you should not

(01:16:29):
buy a newly issued stocks newly issued probably traded companies,
because that's when a company grows, and if you want
to help it grow, then buy it. However, if you
want to buy a stock that is established, then buy
a stock. And I've said this is the third time
that's a minimum of ten years old. That's what larn

(01:16:50):
Buffett does. Why would we go against the master?

Speaker 2 (01:16:53):
Right? Well, and so the way I like to look
at IPOs or newly issued stocks is I I just
kind of like what you were talking about earlier. I
watch it. I just put it on my watch list.
And so what typically happens is the stock again comes
out and because people are promoting and it's going to
go up, and then it's going to come back down.

(01:17:14):
And so this is an advanced thing. I do it
very very infrequent. I do it very cautiously. And so
if I see the stock go up, I will short
it for just a little bit. And just this is
just a cash grab. It's not an investment strategy, per se.
You can lose quite a bit of money by shorting

(01:17:35):
a stock. And so anyway, if you watch an IPO,
you will see that within a year that stock that
was at maybe one hundred dollars or fifty dollars might
be at five or six dollars. And again, if you
believe in that company now, it would be the time
to buy. I look, at one point, Tesla was at
twenty five thirty bucks.

Speaker 1 (01:17:56):
That's right, that's right.

Speaker 2 (01:17:58):
And I didn't buy it at twenty five bucks, right,
And you.

Speaker 1 (01:18:02):
Know what, and that's you're absolutely right. Some people know
the word in Nvidia, which is the AI stock. Listen,
some of us bought it, well, I'm not telling you
what I bought it at. How our cousin bought it
at fifteen dollars. I bought it at thirty four dollars.
And I've had it for ten years. And if you
and it went to twelve hundred dollars and then it split,

(01:18:23):
and we need to talk about a split. People think
they would rather wait until a stock split. So if
you had one share of Nvidia, oh gosh, the beginning
of June, first week of June, and it's for twelve
hundred dollars, some people say, oh, I'll wait until it splits. Well,
you could have bought one tenth of a share, a
fractionented share, for one hundred and twenty dollars. It doesn't matter.

(01:18:44):
The point is it's no more valuable when it splits.
It's simply that if you had one share of stock
at one hundred and twenty, at twelve hundred dollars, you'd
have ten more shares. You have ten shares of stock
because it's split one ten to one. So the kids,
you want to learn about this, and then you have

(01:19:05):
to learn something new every day. You know, I watch
CNBC the minute I get up, before I even have
my coffee, because I love squot Box, and I will
listen to many of these. You have to decide what's
your favorite. Charles pain is at two o'clock. You can
listen to his podcast when most of us don't have
the time at two pm, listen to things noon to one.
If you're every lunch, then have lunch with whatever. It's

(01:19:28):
called noon to one at CNBC. You don't have to
believe everything everybody does. Listen and then you decide what
your strategy is and decide who you want to have
as your mentor. And so to your point, I think
I hope that we've shared things with your listeners. To know,
you have to get your feet wet, don't jump in,
you know, wait a year, wait two years, simply listen

(01:19:50):
and see what you see, what it's about. And I'm
going to tell you all these fifty cent words become
people try to intimidate you. They're not fifty cent words.
They simply maybe multiple three maybe three syllable words. They're
not difficult. If you can learn a language, you can
learn how to invest in the stock market. It's strictly
the language of investing right.

Speaker 2 (01:20:12):
And to your point, if you are dealing with an
advisor and you don't understand, ask if the advisor makes
you feel stupid, get a new advisor. It worked for you, yes,
and so there there are different types of advisors there,
and so the one that I feel most comfortable with

(01:20:34):
is a fid one who's got a fiduciary designation, meaning
they can't do anything other than help you, as opposed
to let's say just a playing stockbroker. He can sell
you whatever he's going to make money on. He doesn't
look for your best interest. But somebody with a fiduciary
designation has to look out for your best interests. And
that's a that to me is first of all, it's

(01:20:55):
great that we have that designation, but it's it's terrible
that not everybody has that same standard that if I'm
a stockbroker, I can please, I can sell you whatever
crap I want as long as I make money on it.
And and the standard is accept I forgot what the
standard is, but it's the lowest standard. And and bottom
line is it should be if I'm really if I

(01:21:19):
really care about my customer, I should be looking out
for my customer period all the time. But anyway, it's
not always that way. So if you're dealing with somebody
they're making you feel dumb, get a new person. There's
just too many out there to choose from, and it
just it's it is learning a new language, it is
learning something new and you might have to hear that

(01:21:42):
word three or four or five times before you go, oh, yeah,
I understand that what that is. Now I now understand
what a reverse split is, or I understand what a
ten for one split is, or or whatever the deal is.
And so it's it is not that difficult. It's like
anything else. You get into it, you start playing in
the sandbox and you'll understand you're right.

Speaker 1 (01:22:04):
And I want to build on what you said. It's
important if your listeners have a financial advisor, you want
to ask them are you a fiduciary? And if the
person says yes, you'd say I would like you to
send me documentation. If the person is not comfortable with that,
then I don't know that that person has that designation.

(01:22:28):
And this is essential because if somebody who has who
is a fiduciary, mean your interests are in his best
interests and if they're not, that person will actually lose
his license. Right, So this is essential. You can do that.
And again there's an entire chapter on that. I'm looking
at the table at the glossary, the index and it's

(01:22:50):
right there, one thirty nine, page one thirty nine. Real important. Absolutely,
So again you know it's raising levels of awareness. That's
what it is. And again we can all do it.
We work too hard for our money to have somebody
who might not even have two nickels throw up together

(01:23:11):
manage your money. Are you kidding me? Right?

Speaker 2 (01:23:14):
Well? And again it's it's it's we work too hard
for our money to let somebody who doesn't care about
us mistreat us abuse us. Uh. The way most of
these stockbrokers make their money, they make money when they
sell you a stock or buy a stock on your
behalf and when they sell it right, and so again
be aware of that. And there are some there are

(01:23:36):
some different financial instruments that I wouldn't mind talking about
this that are see if I got the right uh,
what's the right phrasing here? There? It has to do
with the commission structure or the load the fee. Uh.
Some of them are are have low fees, some of
them have no fees, some of them have high fees,

(01:23:57):
and they don't necessarily disclose them very easily. So if
you could maybe talk about this a little bit, because
this is so important, you might be I think a
lot of the four to one k's are like this.
You might be investing in a four to one k,
and you see that the average out there is six percent.
But then you look at your statement and you made
two percent. Well, the reason why is because there were

(01:24:18):
some fees in there, exits that took most of your money.

Speaker 1 (01:24:23):
You're absolutely right, And I fight with people all the time. Again,
I don't manage their money, but they say, I have
a mutual fund or I have an ETF, I don't pay.

Speaker 2 (01:24:33):
Well.

Speaker 1 (01:24:33):
In this book, there is we did the advantages and
disadvantages of each the each type of financial vehicle, savings account,
checking account. Those are the safest bonds, treasury, the mutual funds,
et cetera. And some of the disadvantages might be okay,
people have to make money, don't kid yourself. But again

(01:24:54):
in mutual funds there are management fees and they are
in such fine print that you can not even see them.
You cannot, but you know what, these people have to
make a living. Now you can manage your own. If
you say I'm going to put this in and that's
the end of it, then you have a call center. Example,
with these brokerage firms like Fidelity, Marilynd Schwab, they're all

(01:25:17):
very good all and there's a whole list of brokerage
firms that are credible. All right. What happens is you
can actually open your own account. You can fund your
account and have it go automatically. The money go automatically
from your checking account. Even when you get paid automatically
to that you're not fund you're and you say, okay,

(01:25:39):
I'm going to buy ten stocks, I'm going to see
or I'm going to do dogs it out once a year,
but you put things on pay per, try it for
a year before you do anything or have It's all
right to have mutual funds, your ETFs. It's a right
to pay people if you want a small fee. If
you make money, then that's great. It's just like it's
Allan always says he loves paying taxes because that means

(01:26:01):
he made money. So the most important thing is you
want to see but don't ever kid yourself. There are
definitely fees with these, so again you know, don't don't
fool yourself into saying no, we don't, we don't have it.
People have to make money, so mutual funds definitely, definitely,
as ETFs, they do have fees, management fees. If there's

(01:26:25):
somebody responsible for your brokeureunt. They call you once a
year to see how your tennis game is. Listen to me,
they they are definitely getting a commission, and it's all right,
you know, or when they sell they are. The key
is just know that don't look foolish going.

Speaker 2 (01:26:42):
In right and to your point, these people are doing
their job to make a living. Yes, And I don't
mind somebody making a living. I do not. In fact,
I you know, one of the deals that I have
with with one of my brokers is I will pay
him his full commission if I actually cute a deal
that he brought to the table, he found the stock

(01:27:05):
and and and we buy, then he gets his full commission. Great. However,
if I buy a stock, if I do the research
and I execute a stock, then he gets a much
less would call it a discounted commission because I did
all the work. I'm taking all the risks. Now what
I have done lately, and I want to say lately,

(01:27:26):
in the last five years that I started moving away
to I started using robin Hood and now my bank,
Chase has a free trading as well. And even these
guys with their free trades, they're still making a quarter
of a penny on some of these trades, so they're
making a fraction of money and that's how they make

(01:27:47):
their quote free trade happen. So nowadays you don't really
even need a broker. To your point, if you feel
comfortable buying for yourself, investing for yourself, use robin Hood
or go to your bank. They probably have something that's
very comparable that allows you to buy. You can have
a roth a roth ira, you can you can do

(01:28:07):
besides a roth Ira. You can just have a basic
trading account and and and make things happen for yourself.
And it's I love the fact Marie and Marie that
you're you're basically just focusing or not focusing, but just repeating, guys,
you don't have to invest everything today. Start a little
bit here, a little bit there, get over that fear,

(01:28:30):
and and buy companies that you know, don't buy the
stop to try to make money, make the quick buck tomorrow,
buy for the long haul. Hey, you know that Coca
Cola is not going any place. If you like coke
or maybe you're a Pepsi person, there are a lot
of great companies out there that pay dividends. Again, Coca
is one of them. Apple is one of them. There

(01:28:51):
is something sweet about that dividend check or that dividend amount.
And and I remember the first dividend I got was
like fifty nine cents or something.

Speaker 1 (01:29:00):
I was like, WHOA, that's right. And you know what,
And again, remember you don't use your dividend. Now, some people,
what Alan does is he does not reinvest his dividends.
He keeps that in a pot, meaning in his accountant.
That's the extra money that he uses to maybe invest
in a new stock. So that's everybody's different strategy.

Speaker 2 (01:29:20):
Not me.

Speaker 1 (01:29:21):
What I do is if I know X y Z
stock paid a dividend, I want it to get that back.
So what happens is that money is reinvested, so I
may have an itsy bitsy more of a share, maybe
a percentage of a share of that dividend. However, it's
so important. Again, some brokerage firms require a minimum for

(01:29:44):
you to in order for you to open an account.
Others don't. And so Gilson, there's so many you calling
it called use a close center. They're open twenty four
hours edition. And I'm going to say, well, I like banks,
I would not open and invest a brokerage firm through
a bank because there's going to be something. Oh, if
you have any questions on me, now that person's going

(01:30:04):
to be getting something, call an eight hundred number. I'm
telling you the Mayor, Lynch, the Fidelity, the call to
do that, because while the stock that you that you use,
maybe they're going to give they buy and sell so
many stocks that they're going to get a discounted rate
and they're going to help you with that. I'm simply saying,
don't buy anything. First read the book. I don't care

(01:30:27):
if you read somebody else's book or my book. But
read the book and then watch something. I don't care
if you read one article. They first read the book.
I met somebody this past weekend and you should have
heard me.

Speaker 2 (01:30:39):
Here.

Speaker 1 (01:30:40):
You're in Arizona. I was in where was I? I
was in Cleveland, and I gave her my business card
and it happens to have on it and this is
anyone who's an author has to have this. So here's
my business card. And on the other side is the
QR code that with my name address that goes directly
to Amazon. And she said, she said, what's that. I said,
don't worry about that. Here's a contact information when you

(01:31:02):
come to New York. Let me know so we can
get together. And she said, wait a minute, She said,
let me see that book. I said, what do you mean?
She said, I have that book at home and I
had never met her. I said, that is an author's
dream for a stranger to I have a book at home.
That was the first time that happened with this book.
My point is you learn something. And I said, why

(01:31:23):
do you have it? She said, because investing is something
I don't understand. I just don't understand. And my dad
was an investments He's passed away. God rest his soul.
She said. I just wasn't willing to listen to My
ears were not open to listen. And so I said,
I have to learn. I said to her, you read
the book. We're going to spend two days together, and

(01:31:45):
I'm not going to tell you what to buy, but
I'm going to explain to you when you decide. So
again this is so important, and again you will all
have alan because you're going to see what I want
to be investment investor needs. And the only foolish question
is the one you don't ask. That's such a simple phrase.
You have to do that I'm learning twenty four to seven.

(01:32:08):
It's so important. There's so many great, great podcasts out there.
We're having. We've taught you so much today through this
podcast and again email email Bert, email me, ask any
question you want.

Speaker 2 (01:32:25):
I love it. I love it. We're going to end
on that note. Like I said, I'm going to put
everything here in the show notes. If somebody wanted to
reach out to you or go to your website. What's
the best website for you?

Speaker 1 (01:32:35):
Thank you? It's my name Anne, Marie Sabbath dot com
Wwwnresabbath dot com and it has my books and so
they can email usys contact, they can email me at
naytime and I'm there for them without question. And it's
also in the back of the book. So it's ready
for you. Actually you also have that because I always

(01:32:55):
forget about this one. But you can also go to
the want to be invest and so you know because
that actually goes over to my want Amrie Sabbath dot com.
So most important thing, let's help other people and they
in turn can pay it forward.

Speaker 2 (01:33:14):
Will I love that so much, And Marie Sabbath, thank
you so much for stopping by today. Looking forward to
having you.

Speaker 1 (01:33:18):
Back I'd be honored. Thank you, Bert.

Speaker 2 (01:33:22):
All right, we're out. That was good.

Speaker 1 (01:33:24):
Yes, Well you make it so easy. It's like you
having a nice conversation. So do you and your wife
ever come to New York? We'd love to have you over.

Speaker 2 (01:33:31):
Oh that would be great. We haven't been in New
York in a long time. You know, I used to love.
I used to love going to New York. We live
there in West Eighteenth Street, and and you know, now
that we're on the other side, I jokingly referred to

(01:33:53):
Las vegas Is as my new New York because it's
you know, they brought in, they brought in the Broadway shows,
they brought in the super nice restaurants, they brought in
what do you call it, these these art shows and
stuff so nice, instead of you know, going five hours

(01:34:14):
towards the East Coast. I'm an hour away and so
I haven't. Yeah.

Speaker 1 (01:34:20):
Absolutely, But you know something I really want, I'm serious,
you and your wife to think about is buy one
share by one stinky share for four hundred bucks of
Berkshire Hathaway and you can get your own and march
they send it. Or if you say I'm not going
to buy it, anybody who goes. I mean I had
four passes. Four and let me tell you the best

(01:34:41):
part of it because you can watch it, you know,
stream it Yahoo Finance. I went on Thursday, the entire
flight that was delayed, that we're in the wear and
that we have some stuff. Nobody complained because probably ninety
five percent of those people were going to the conference.
The best part of that conference is getting to know
the people. They are you, they are me. Yeah, and

(01:35:04):
let me tell you, women have to go. That was
the only time in my life I never had there
was nobody in line because most of the people there
were men. I mean, I still communicate within somebody from
South Korea, from Vancouver, from London, from Denmark. We're all
in line. And the show, the show, it's called Shopping Day.

(01:35:27):
The show you just go around and talk to these people.
Whether it's Pilot, you know what you see on the freeway, Pilot, Harmon, Harmon, No,
it's a Harmon homes these Prefams homes for two hundred
and sixty thousand dollars. All you need is the land.
I mean, you can't believe it. I would like sell
my apartment the men if I had a piece of land. Well,
I could easily buy land with that. But I'm telling

(01:35:48):
you seize candy, which was the person said she'd been
there twenty two years and think she was all of
thirty five, and she oversees the online business. She said,
it's Warren buff It's favorite uh, part of the favorite
company he owns within Berkshire, and Charlie was the one
who convinced him to buy it. I mean, but when

(01:36:10):
I tell you, it's so much fun meeting the people
as long as you have a pass, it's I mean,
I've never been in a sorority, but it must be
like you were in a sorority or fraternity because you're
you talk to anybody anytime. It's just so much fun,
I can tell you. And you know what almost how small?
I had the same Uber driver twice?

Speaker 2 (01:36:31):
And when did they have their annual is it? Did
you say? March?

Speaker 1 (01:36:33):
First weekend of May? Always the first weekend of May.
So I'm telling you you and your wife want to go.
And they don't do hotels until August and then I mean,
I love like I stayed at the Hilton. I stayed
at Boutique Hotel because they let me market my book.
I have peripheral material. So I say to too, I'm
kidding you. I mean I saw say not you know,
I didn sell a million of them, but I saw

(01:36:54):
sales go up. And so the point is, sure, you
can say at the Hilton it's a few hundred bucks,
but you know what, you get your free airline ticket.
You know, you do your thing. But this was my
vacation and Alan didn't want to go, so he watched
it online, you know, a way to him. And it
doesn't matter where you sit. You know, we had to
have four thirty in the morning, but we didn't need
that for seven o'clock.

Speaker 2 (01:37:16):
We didn't need it.

Speaker 1 (01:37:16):
Because you're really looking at the screens. You know, it's
so much. It's so it is. I'm absolutely going back.
I mean when I tell you it was so enthralling,
I mean, you can do an entire podcast there.

Speaker 2 (01:37:29):
I'm telling you, sure, absolutely, it's.

Speaker 1 (01:37:31):
So much that is that way. But if you and
your wife want to go and you don't buy the Berkshire,
just say to me, Amory, save me.

Speaker 2 (01:37:38):
Because well I'm gonna buy. I'm gonna buy. You know,
it's so funny because I just I had I had
a fractional a fractional amount in Berkshire Hathaway A good
and I bought it. I bought it. I bought it
at four hundred thousand dollars. Well again, I did not

(01:37:58):
have four hundred thousand dollars in that's you know. That
would have been the if I could have Yeah, and
then sold it at six or one thousand. Wonderful, So
you know whatever that is? Yeah, you did, just what'll fine?

Speaker 1 (01:38:10):
It's a nice Well I.

Speaker 2 (01:38:12):
Made enough money where I can buy Birshire Hathaway b.

Speaker 1 (01:38:15):
You could buy. So how many How old are your children? Oh?

Speaker 2 (01:38:19):
My goodness, so thirty five, thirty thirty, No, thirty five,
thirty two thirty, and then the twins are twenty two
twenty three.

Speaker 1 (01:38:31):
I love your wife. I have to choke. What about
your your child or not child who began investing? Maybe
you should take if your wife doesn't go, maybe.

Speaker 2 (01:38:43):
That would be a fun trip.

Speaker 1 (01:38:44):
That would be fine, and she would really eat he
or she would eat it up.

Speaker 2 (01:38:49):
Yeah, she would. She might like that. It's a great idea.
I like that. I like it.

Speaker 1 (01:38:53):
What a nice birthday present?

Speaker 2 (01:38:55):
You know?

Speaker 1 (01:38:56):
Frequent flyer points I didn't do. But if you're going
to go, I mean for three hundred bucks. Go get
that ticket now.

Speaker 2 (01:39:03):
Right well, interestingly enough, right now if you don't mind
flying Southwest Airlines because of Amazon days. Yes, so they're
on sale. Also, uh, if you go to costco dot com, yes,
you can buy. They have a five hundred dollars Southwest
car that you can buy for four hundred and fifty dollars.

(01:39:25):
Really and sometimes like in January, it'll drop down to
four hundred and twenty five dollars.

Speaker 1 (01:39:30):
That's incredible.

Speaker 2 (01:39:31):
And so right now you can go to any Costco
they have a whole rack of Southwest cards. Again it's
five hundred dollars car, you're getting it for four to fifty.

Speaker 1 (01:39:40):
I mean, come on, this is what it's about. This
is this, Yes, it's amazing, all right, No, it doesn't love.

Speaker 2 (01:39:47):
A deal, right, And so the way I do it
is I will buy the Southwest car and then I'm
looking and on top of that, so I just save
ten percent and then and then on top of that,
I'm looking for a sale. So Southwest might put you know,
some eats on sale boom because from me from from
Phoenix to Las Vegas, it's it's fairly cheap.

Speaker 1 (01:40:08):
No doubt. I'm sure it is, which is great, and
you know what, that's how it works. It's so much
it's so much fun. Now let me ask you, and
I'm I don't mean to be rude, because I should
know this. Do you have a book?

Speaker 2 (01:40:21):
I do?

Speaker 1 (01:40:22):
Which one I need to put an on I need
to go ahead and for my social media?

Speaker 2 (01:40:26):
So I I have a book called Dominating Your Mind.

Speaker 1 (01:40:29):
Ooh okay.

Speaker 2 (01:40:32):
And interestingly enough, so interestingly enough, I've been writing my
second book, which is Dominating Your Money.

Speaker 1 (01:40:39):
Oh my god, I love it.

Speaker 2 (01:40:41):
I will uh yeah, And and basically it's just what
I've learned about money and some of my shortcuts and
and so, uh my.

Speaker 1 (01:40:51):
Gosh, I love it. Listen, if you need an endorsement,
I do it in a heartbeat. Thank you that I
appreciate that too, because I you know, And who publishes
your book?

Speaker 2 (01:41:01):
I do?

Speaker 1 (01:41:02):
Okay, So what what is the name of it? I mean,
what is your quote unquote publishing business name?

Speaker 2 (01:41:07):
Oh, I'd have to look it up. It's on the
back of the book.

Speaker 1 (01:41:09):
Whatever it is.

Speaker 2 (01:41:10):
It's a Treehouse Publishing.

Speaker 1 (01:41:12):
I love it. I love it good. It's so perfect. Okay,
I see this, so Dominating your Mind. I will put
it up. And what I will do is I will
do an email. I'll keep it in and for tomorrow morning,
I will do it. I say, I don't know what
you did last night, but listen what I did. Wait
until you hear this podcast and not only blah blah
blah Bert and I'll say, he has a book, and

(01:41:32):
I'll pull it up if I it's on Amazon, so
I can go ahead, and I can. Okay, I will
do that.

Speaker 2 (01:41:37):
You'll have a deal.

Speaker 1 (01:41:37):
That is so wonderful.

Speaker 2 (01:41:39):
That's very nice of you. I appreciate that.

Speaker 1 (01:41:40):
Are you kidding? Listen to me? Is this not what
life's about?

Speaker 2 (01:41:43):
Right?

Speaker 1 (01:41:44):
Really? I mean, what else is there?

Speaker 2 (01:41:46):
Right? That's it?

Speaker 1 (01:41:48):
That's it. There's nothing like.

Speaker 2 (01:41:50):
I love it.

Speaker 1 (01:41:51):
Okay, definitely take me up on this, because that's the key.
Very very nice. All right, Yes, I will do that.
And I don't remember who else did my book for
what self? Ma million is there, but I'll look to
see who else endorsed it if there's anybody from my
paperback The hardback is twenty nine ninety five. I didn't
know this, but now I know. So the next book

(01:42:14):
like I'm doing somebody else's book, but it's unrelated to
what we're doing now today. You know this kind of stuff.
It's a great book. But anyway, forgetting about that, what
happens is that will book will be tweenty nine ninety five.
I will not release the paperback until sales go down.
It could be six months, okay, that's why. And what
the other thing I want you to do? Bert, you
have a great voice. I want you to do an audiobook.

Speaker 2 (01:42:37):
I am doing an audiobook for dominating your mind right now. Perfect.
So let me ask you this Ingram Sparks. What is
ingram Spark Okay?

Speaker 1 (01:42:44):
Ingram Spark is just like KDP okay, And what it
is is that allows you to do the hardback.

Speaker 2 (01:42:52):
Well you know KDP does that now?

Speaker 1 (01:42:54):
Oh well, if it does, then that's good. Then make
sure you put it. But here's what I want you
to do. Okay. Then here's what I want you to do.
If you go to draft okay to Digital d R
A f T and then number two draft to digital
dot com okay, that allows you to go wide. So
that means the Want to Be Investor is on almost

(01:43:15):
every uh every site. So it's on Cobo, it's on
the course, Bond and Noble. That it's at Target, it's
at Walmart dot com. They don't carry the books. But
see this is going wide. You're gonna get a little less.
But who gives a mood? You know, just because it's everywhere.
You have to do this and then the other thing
I want you to do. And I don't know if

(01:43:36):
you did it because I just pulled this up. I'll
look at it afterward. Did you get reviews?

Speaker 2 (01:43:42):
I've gotten a few. I haven't gotten that many from who.
But let me.

Speaker 1 (01:43:45):
I'm going to tell you how to do it. Have
you did you do Kirkus or book Life.

Speaker 2 (01:43:50):
I've not heard of Kirkus or book Life.

Speaker 1 (01:43:52):
You have to do this.

Speaker 2 (01:43:53):
How do you It's k I r k U S
k I r k U S And what are they? What?

Speaker 1 (01:44:01):
This is a big deal one. Kirkus is like you know,
it's like quote unquote, it's prestige. Okay. What they do
is I think I paid five or six hundred bucks
and it's not like I have a tree in my backyard,
but you get that's an editorial review. So what you
do is you have to have you don't have to,
but you need to have the finished manuscript. Okay, Like

(01:44:23):
I sent them the unformatted, unformatted manuscript. Okay, that's number one,
and they take four to six weeks. They send it
to somebody who has that topic. And so if you
go to my book, they want to be investor under
editorial reviews, you're going to see it. And then I
did it for book Life, Okay, book Life, and then
I think I paid four But see it's a big

(01:44:44):
deal because and then because here's what happens. Libraries look
at it, bookstores look at it, and I'm convinced that's
why some of them put it on their website.

Speaker 2 (01:44:54):
See. Okay, so is Kirkus. What was the other work?

Speaker 1 (01:44:56):
It's k r kus Reviews and then book and then
Capitol l one word book Life, book Life the other
one you want to send it to, Okay, but you
have to make sure it's a you have a good cover,
and I'm not. You know, there's no bsing going on.
What I would do? Okay, here I get, as I said,

(01:45:16):
and I don't get broker's fees. I mean, I just
love helping people. But what I would do give me
a second. This man, this is not an easy one
to get to. But I'll tell you how. Maybe you
can okay, uh, Midwest Review. This is a big one.
And I'm going to tell you the man's name Midwest Review. Okay,

(01:45:39):
his name is Jim Cox Kox. He gets eight hundred,
eight hundred requests a week and he only he throws
the book away if he doesn't like the cover, okay,
and then he assigns it to people. Now there is

(01:46:00):
somebody who I have and I'm going to give you
his name. Okay, you can always contact me, but listen,
I'm not Please, don't think I'm being bossy. You know,
you probably know this. I did not know so much
when you write a book because this was the first
time I did my book. You know, I didn't have
my publisher, so I hired, as I said, a few editors.

(01:46:21):
The first editor, who I liked well anyway, one was
a wannabe, so I wanted to know what is it
that wannabes? No, I know what, I don't know, but
I want to know what do wannabes want to know?
Second one was with Motley. I loved him. He was
good when he wanted to know my voice and the
book was written, but he just kind of edited what
he did and it wasn't his fault because I was stupid.

(01:46:43):
He wrote it in the AP style, and so then
I sent it to the third person. I mean, I
spent way too much money on this one, but I
just had to have it right from a finance standpoint.
And she was magnificent. I mean it was good. But
she said, a Marie, it's an able. I said, what
does that mean? She said, you need to write it
in Chicago style. She said, you know it's not going

(01:47:05):
to take much, but we're going to have to do this.
I said, okay, and she's not a gold digger. So
here's what I will tell you. Okay, I'm I'm going
to work with her. But I think it's possible. Okay,
if you put your book on I wouldn't swore my
wife on it, but I think there's a good chance
you put your chapters, you know, maybe just X amount

(01:47:26):
of pages at a time on chat rept and simply
say please write this, Please change this to the Chicago
manual style. It's just that the spacing is going to
be a little bit different. This kind of stuff. Okay,
that's number one. That's number one, and two. You can
also use her. I love her, you know, I can
give you her when you're ready to do it. I

(01:47:46):
love her like I I'm not writing again. Please don't
tell anybody, but I'm telling you as another book, as
another author, this next one. But please don't ever use
it or do it, and I will help you. It's
I'm so excited, which is mean I don't have a life.
The wanna be time saver. And I don't know how
many X amount key ways X amount key ways. I
say forty key ways for becoming time affluent.

Speaker 2 (01:48:11):
Oh I like that. You like that? I love that.

Speaker 1 (01:48:14):
And so we're talking about the time affluence because if
you have to have a minimum I mean I'm reading
and outsource people two hours a free time a day.
I don't know when that means, what that means in
order to be happy, and no more than five hours
a day to avoid being depressed. And so we're going
to talk about the importance of time. You know how
time is like money and all that, and then do
the must know the must key way you know the

(01:48:36):
key ways. So I'm only saying that to you because listen,
you know, do you use sources? Do you quote people?

Speaker 2 (01:48:44):
I do? Yeah? In dominating your money? Yes, there I'm
quoting different people in different we'd call it sources there
dominating your mind. It was more based on my experience,
so there wasn't that much vaing.

Speaker 1 (01:49:00):
Okay, so if you went with this dominating your mind
or your money what she told me, because you know, god,
I was high maintenance, not high maintenance like I had
to do a lot of things. She said, I'm Marie.
When you quote people, put the link right there. Just
put it right there. Yes, So it's easier because then
you have the source on the back and if you
want to get it to nine to one hundred and
ninety two pages. And actually it's helped me, you know.

(01:49:22):
I said, she said, you want an index? I said,
I don't know, and then I said, yeah, I definitely
want one. So it's going to cost a little more
because she paid an indexer. You know, she had to
sub it. But you know, now, like when I looked
up motes or I looked up fiduciary, I could go
right to that page. So it's worth it. And by
doing that, you're actually adding pages. You with me, Yeah,

(01:49:45):
I'm telling you listen, I know how to fudge. I
don't mean fudge, but you have to pad it right.

Speaker 2 (01:49:50):
And then when you ask Fudge.

Speaker 1 (01:49:53):
No, it's not a bad thing. But let me ask
you another question with your book, just as another for
getting more the words in. Do you start with a
quote at all? Anybody's quote, somebody else's quote.

Speaker 2 (01:50:04):
I have to look at it.

Speaker 1 (01:50:06):
Okay, here's what here's just I'm just giving you a
little budgie. Okay, I've done this with my last three books.
What you do is, you know, brainy quote dot com
be our ai. Okay, so that's what I do, you know,
I said, Okay, Now I'm going to talk about uh
stock market crash. Okay, I don't quite know what I'm
going to do yet, so I'll look for one that's
relative to the tone of that section, right, and that

(01:50:29):
in and then it's credibility because you have Zuckerberger, you
have Buffet, or you have whatever. You know what I'm saying, right, Okay,
let me tell you one last thing. As I told you,
book Worm has a uh, I don't want to say
a shop, but it has a has a presence at
the shop, at this thing, at the book, at the

(01:50:50):
shopping day. And what I learned this year, the only
book they had was uh, Charles Charlie Munger's Good book,
and I don't know if it was an exclusive. I
had the big one, but you know, I bought the
other one for Alan, but of course I read it
because he's he's not you know whatever, He's not into it.
I don't know why. But anyway, So what I learned,

(01:51:10):
and I haven't done it yet, for mind your money
dominating your money, you can go to bookworm and you
ask them about carrying it and they are the ones
who will determine which I think there are forty books
will be at the shopping day related to money. Oh nice,
I know, yeah, And I've learned that from somebody by

(01:51:32):
getting to the airport early on my way home and
one of the women told me abcde The other man
he was a senior editor. He was I'm not gossiping
because I don't gossip, but he needed these servers attention.
It was just like a little breakfast bar. And he
wanted what did he want? Whatever? Bloody Mary? He said,

(01:51:53):
I'm so nervous when I fly. I said, you want
me to hold your hand? He could have been my kid,
he says. He said, I need a bloody Mary, and
so we'll get some service attention. He was a senior
former senior editor of Forbes.

Speaker 2 (01:52:04):
Oh nice, nice, you will love it.

Speaker 1 (01:52:08):
You will love, love love it.

Speaker 2 (01:52:09):
If I can tell you, I can't wait, I'm gonna
definitely go. I look forward to seeing you there.

Speaker 1 (01:52:14):
You will We will do that, yeah, and I hope
your daughter goes. What we'll do is, we'll catch up
one night for dinner. We'll have fun.

Speaker 2 (01:52:21):
Okay.

Speaker 1 (01:52:21):
Well, when I make my reservation, I will do my
best to remember and I'll say they're taking it right now.

Speaker 2 (01:52:27):
Great, Okay, thank you, Amory.

Speaker 1 (01:52:30):
Take care. We're here for you.

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Ann Marie Sabath - Financial Planning Uncomplicated

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Ann Marie Sabath - Financial Planning Uncomplicated