Finance 101 with the book Unshakeable by Tony Robbins

[00:00:00] Welcome to today's show to okay, so this is gonna be episode two of our financial series, and today we're gonna be talking all things finance with the book Unshakable by Tony Robbins. Basically, the book is all about getting a handle on your money and making smart. Investments. So Robins talks about the psychology behind our financial decisions and , how to develop a long-term strategy for investing.

[00:00:27] So he suggests building a diversified portfolio of low-cost index funds and then protecting yourself from financial scams and fraud. The book also emphasizes the importance of setting clear financial goals and understanding the role of taxes and fees. In investing, we're gonna talk about that quite a bit.

[00:00:46] And then one of the main things that he talks about is using the power of compound interest to grow your wealth over time. So overall, the book's goal is to help you take control of your finances and then invest with confidence. So let's just jump in right there. Compound interest. What is it, ? It's essentially how you eventually build wealth.

[00:01:03] So what is compounding? So we're gonna try, I'm gonna try and do that a little bit through here, is explain some of the big terms that you might be hearing in the financial space. Again, just so you have that overview knowledge. We're not gonna get super deep into the weeds, but just an overview knowledge so that you can, again, make those informed decisions with your money.

[00:01:22] To preface the show like I did the last one, I am not a financial professional. I am not giving you financial advice. Please, I'm, I'm only hoping to to educate and to encourage you to seek out financial help from a professional. . All right, so compounding. So compounding with investments, it means that the money that you make on your investments gets added to your original investment, and then this becomes the new base for your future earnings and it grows exponentially over time.

[00:01:52] That's the magic. So think of it as like a snowball effect when you first start investing. The growth of your investments will be small. But then as your investment starts to earn money, that money gets added back to the original investments and it starts to grow. So as time goes by, the snowball gets bigger and bigger and bigger as it rolls down the hill, just like your investment grows larger over time as it earns more money.

[00:02:13] So for example, . Let's say that you invest a thousand dollars and it earns a 10% return in the first year. That means that your investment is now worth $1,100, but instead of just earning on the original 1000, you're now earning on the 1,100. Now, imagine that you keep adding more and more money. To the investment.

[00:02:35] As time goes on and you continue to earn a return on the larger and larger amount of money, that's how compounding works and the returns on your investment start to grow exponentially over time. So it's important to remember that the earlier you start, just like with life insurance, the earlier that you start, and then the longer you stay invested.

[00:02:55] the more time your money will have to grow and take advantage of the compounding. So that's why many financial experts advise young people to start investing as early as possible in order to benefit from the compounding over a long period of time, which I know is really challenging cuz like you're the poor college kid, you know, , there's like, you're living off of like ramen, right?

[00:03:14] There's really not extra money to be to invest, but the numbers are there if you can do that. It really, the dividends over time are just incredible. . Okay. So he covers so much in the book and he does an absolutely amazing job of simplifying finance into really understandable information. And I am not going to cover everything that he does because that would be a really long show.

[00:03:40] So I thought that I would mainly focus on my biggest takeaways from the book, and they were, number one was how to choose a financial advisor and What to look out. Big, we're gonna to touch on that one a a lot here in just a second. And then number two is understanding fees and understanding and then how your 401k or 4 0 3 might be a, a really crappy investment or get into some numbers of that as well.

[00:04:04] And that also kind of goes along with choosing an advisor. And then finally what it is, just having a broad understanding of the market. So when you hear the headlines about recession and whatnot, they just start running and rampant. You cannot hit the panic button and just stay the course. Okay. All right.

[00:04:20] So, First , why is having a financial plan even important? It's, it's really important because it helps you figure out how to make your money work for you, right? It's like having a roadmap for your finances, and without it, you might end up not saving enough for retirement or overspending and getting into debt.

[00:04:40] And a financial planner is kind of like a personal coach for your money. They can help you set financial goals, figure out a budget. And invest your money in a way that makes sense for you. It's like having a pro in your corner to help you make smart money moves. Plus, if you're not sure about something, you have a question, you just ask them, they're literally there to help you.

[00:05:00] So I, I don't know about you , but I am not interested in reading the tiny printed prospectus that comes with the different investments. Like if you have a 401k or any type of investment you'll get the mailings. Now they email a lot of this stuff, but I mean, it's just, they're like 20 to 30 pages long.

[00:05:17] The writing's tiny, and it's like, really? What the, what? I don't know, please. I just want someone to tell me what I should do with my money . So that's where the financial com financial planner comes in. . Okay. So he really dives deep into the importance of a good financial advisor and what to look out for.

[00:05:34] So this is really important because I know in multiple military spouse groups that I'm in, and even other Facebook groups that I'm in every, you know, once in a while someone's like, Hey, you know, I really need a financial advisor. Does someone have someone that they can recommend? And of course, people Roger up left and right with stuff, but how can you make a good choice?

[00:05:53] About who you are gonna work with. Choosing the right financial advisor is really important, and the wrong advisor can end up costing you a lot of time and money. So here's some tips for choosing the right financial advisor for you. So first you wanna look for an advisor who is a fiduciary.

[00:06:11] It's a fancy word, but it just essentially means that they are legally required to act in your best interest. We'll get into that a little bit more here in. Number two is consider an advisor's qualifications and experience. Look for someone who has the appropriate licenses and credentials, and who has a track record of success for their clients.

[00:06:29] And then you wanna look for an advisor who aligns with your values and goals, right? It's a, it's important to find someone who understands what your financial objectives are, and that's willing to work with you to achieve those. And then you wanna consider an advisor's fee structure. So some advisors charge a flat fee, others charge a percentage of your assets under manage.

[00:06:48] So you wanna choose an advisor whose fee structure aligns with your financial situation and goals. We're gonna get into fees and stuff a lot here in a little bit, and then don't be afraid to ask for references, right? A reputable financial advisor should be able to provide you with references from satisfied clients.

[00:07:03] Okay, so then what makes a good financial advisor? Number one is that they are fiduciary. A fiduciary is a financial advisor who is legally required to act in the best interest of their clients. That means that they must prioritize the interests of their clients above their own, and they must disclose any conflicts of interest that may influence their advice.

[00:07:27] A non fiduciary. Financial advisor, on the other hand, is not legally required to act in the best interest of their clients, and they may be motivated by commissions or other incentives, and they may not be required to disclose conflicts of interest. Kind of seems like a no-brainer on which one to choose.

[00:07:46] Right. Okay. So then what's the difference between a financial advisor and a broker? A financial advisor is a professional who provides financial guidance and advice to individuals or businesses. They might help you develop a financial plan, set goals, and just make informed decisions about your money.

[00:08:04] Financial advisors may also provide investment recommendations and help manage their assets. A broker, on the other hand, is a financial professional who buys and sells securities on behalf of clients. Brokers may also provide financial advice to their clients, but their primary focus is on executing trades.

[00:08:23] So while financial advisors and brokers may both provide financial guidance and advice, The primary difference between the two is the focus of their work. So the financial advisors are focused on helping clients develop a long-term financial plan and make informed decisions about their money. While brokers are primarily focused on executing trades.

[00:08:42] So there are many financial advisors who are also broker. , do you see a conflict of interest there? , bottom line, if you are working with or talking to a financial advisor who is also a broker. Runaway. This is an extreme conflict of interest. Which hat are they wearing at the time of your conversation? A financial advisor or a broker, are they truly recommending the best product for you and not necessarily what they are paid to sell?

[00:09:14] If you are working with or talking to a financial advisor who is a non fiduciary runaway, you wanna work with someone whose sole interest is in you and your goals, not quotas or kickbacks. So it's important to say here as he does in the book, that not all financial advisors are bad. Okay? Not all brokers are bad.

[00:09:32] In fact, I would say that most operate with integrity, but to protect yourself and your money, it only makes sense to choose a fiduciary advisor who is legally required to act in your best interest. Okay. All right. So then when it comes to investing, what are your options? Right. Okay. So there's a few different types of investments that a person can have.

[00:09:52] Some include. Stocks, which are a share in the ownership of a company. Bonds, which are essentially IOUs from a company or a government real estate, which is property such as a house or a building. Mutual funds, which are a type of investment that pools money from many investors to buy a diversified portfolio of stocks, bonds, and other securities.

[00:10:13] And then savings accounts and CDs, which are more low risk options, but they typically offer. Lower return savings accounts are like 0.1%, 0.01 per, it's pretty sad. So most financial advisors will steer you towards a diversified portfolio. So diversification is like spreading your chips around the table in poker, instead of putting all your money on one number, like in roulette.

[00:10:35] When it comes to investing, it means not putting all of your eggs in one . Basket. Instead, it's like spreading your money across different types of investments, and then this way, if one doesn't do so well, you've still got other things working for you. So it's just a smart way to manage risk.

[00:10:49] There are many ways to build a diversified portfolio. One way is to invest in a mix of stocks and bonds, which are the two most common types of investments. Stocks are riskier, but they have a potential for higher returns. While bonds are. Less risky and provide a more steady income. Another way is to diversify across different sectors. So if one sector like technology is not doing well, you'll have exposure to other sectors like healthcare. And additionally, you can diversify across different geographic regions. You can invest in other countries economies. In the book you'll hear a lot about index funds and mutual funds.

[00:11:25] So what's the difference? An index fund is a type of mutual fund or exchange traded fund ETF with a portfolio constructed to match or track the components of a financial market index such as the s and p 500. So the s and p 500 is an index fund. It's essentially the top five. Stocks all put into one thing.

[00:11:46] That's what the, that's what that is. So the idea behind an index fund is to give investors exposure to a broad range of companies without having to pay a professional fund manager to pick individual stocks. A mutual fund is a type of investment made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money, market instruments, and.

[00:12:11] Similar assets. Mutual funds are operated by money managers who invest the funds capital and attempt to produce capital gains and income for the fund's investors. The main difference is that an index fund tracks a specific index, a, like the s and p 500 and a mutual fund is, , is actively managed by a professional fund manager.

[00:12:33] So which should you choose the recommendation of Tony The. And many referenced very successful financial icons like Warren Buffet, is to invest in index funds. Over the last 100 years of the stock market, the average rate of return on index funds is 10%. Of course, you know there's highs and lows here and there, but the average is 10%, which is pretty good.

[00:12:55] The goal. Of a mutual fund is to match or beat the index fund performance by actively moving and trading stocks and bonds based on the current market. So you would think that this would yield better results, right? But when , a sector or stock is doing really well, you wanna get in there and buy.

[00:13:13] When things start to go sideways, sell and find something else that's performing. Sounds great. Right? The problem here is human error. The fund managers or brokers are attempting to quote unquote, time the market, and historically they aren't great at this. Sometimes they might do really well. Sometimes they might, but when you average it out, they don't beat index funds 

[00:13:34] again, many people get lucky from time to time, but overall, actively managed accounts fail to outearn an index fund. And one of the huge differences between an actively managed account vice and index fund is the expense ratio. So an expense ratio is the annual fee. that the mutual funds or ETFs, , it's the fees that's the difference between mutual funds and index funds. So it's expressed in as a percentage of the fund's assets and it covers the fund's operating costs.

[00:14:03] So this is, again, we're talking about the expense ratio. It covers the fund's, operating expenses such as , management fees, administrative costs, and other expenses. Actively managed funds tend to have a higher expense ratio than index funds because they require more work and research to pick individual stocks and bonds.

[00:14:20] The average expense ratio for actively managed mutual funds is around 1% of assets under management. While the average expense ratio for index funds is around 0.1%, so in general, index funds tend to be less expensive than actively managed funds because they don't require the same level of research and management.

[00:14:41] And this means over time an index fund may end up costing you less in fees, which can add up and eat into your returns. Okay, so let's talk about those fees. This is a huge part of the. Of the book. I'm gonna try and keep us out of the weeds here as much as possible, but this is really important to understand.

[00:15:00] You know, one in 2% might sound really small and not seem to matter much, but we're gonna get into some numbers here to help illustrate how all those little fees and many of them are hidden and not easy to understand at all, that these fees add up over time and can cost you a lot of money. Have you ever, if you have a 401K or, or any type of investment, have you ever tried to figure out the actual fees that you pay for the funds that you own?

[00:15:27] After I read this book we had an actively managed account and I read this book and I was like, oh my gosh, our financial advisor is also a broker. Ro ro. Okay, that's not good. And then as I'm diving in and trying to find out what the expenses are that we're. . Hell, if I could figure it out. I couldn't figure out what are we paying for this?

[00:15:48] Are we paying transactions, fee fees? Are we paying this? Are we. I don't know, . It was so vague and so confusing, and it was the first sign that I needed that we needed to change financial advisors, . So if you've looked into it, you've probably zeroed in on the quote unquote expense ratio, which covers , the funds, company's investment advisory fee, and administrative cost for things like postage agent record keeping, 

[00:16:13] a typical fund that invests in stocks might have an expense ratio of 1% to 1.5%, but this is just the tip of the fee iceberg. A few years ago, Forbes published a fascinating article. It was called the Real Cost of Owning a Mutual Fund, and it revealed how expensive funds can truly be. So as the writer pointed, You're not only on the hook for the expense ratio, which the magazine conservatively set at just less than 1% a year, you're also liable to pay through the nose for quote unquote transaction costs.

[00:16:46] All those commissions that your fund pays whenever it buys or sells, stocks, which Forbes estimated at 1.44% a year. And then there's the cash drag or money that your fund manager keeps set aside to cover various fees and to have on hand if something enticing comes along to purchase, which is an estimated at 0.83% a year.

[00:17:08] And then there's the tax cost assessment at 1% a year of the funds if the fund is in a taxable account. So the grand total of all of those fees. . If the fund is held in a non-taxable account like a 401k, you're looking at a total cost of 3.17% a. If it's in a taxable account, the total cost is amounts to a staggering 4.17% a year.

[00:17:32] It's true that the numbers look small at first glance, but when you calculate the impact of excessive costs multiplied over many years, it truly takes your breath away. So here's another way to put this in perspective and actively managed fund that charges you 3%. Is 60 times more expensive than an index fund that charges you 0.05%.

[00:17:55] So imagine going to Starbucks with a friend. She orders a Vente cafe latte and pays $4 and 15 cents, but you decide that you're happy to pay 60 times more. Your price is gonna be $249. that you would think twice about doing something like that. Right. Okay. So in case you're thinking like, oh my gosh, that's really extreme.

[00:18:14] Really, is that, is that really the case? Let's consider the example of two neighbors, Joe and David. . Both are 35 years old and each has saved a hundred thousand dollars, which they decide to invest over the next 30 years. The universe smiles upon them and they each achieve a gross return of 8% a year. Joe does it by investing in a portfolio of index funds that cost him 0.5% a year in fees.

[00:18:39] David does it by owning actively managed funds that cost him 2% a year. And we're being generous here by assuming that the active funds a match, the performance of the index funds, which they usually do not. But at the age of 65, Joe has seen his nest egg grow from $100,000 to approximately $865,000 being invested in index funds.

[00:19:00] And as for David, his $100,000 has grown. $548,000. So they both achieved the same rate of return, 8%, which we generally said for the managed accounts, but they paid different fees. That was the caveat. They paid different fees. The outcome is then that Joe has 58% more money and additional $317,000 for his retirement.

[00:19:27] That's crazy, right? Oh my word. It's tho those fees. They're so sneaky. Okay, so since we're on the topic of fees, let's talk about 401ks and 4 0 3 . We're really actually gonna focus on 401ks here. Again, I'm trying to keep you out of the weeds and keep this like very over level informational and not super long.

[00:19:47] 4 0 3 are. . Okay, we'll, we'll, we'll get into that. Okay, so a 401k and a 4 0 3 are, they're both types of retirement saving plans offered by employers. The main difference is that 401ks are offered by four profit companies, and 4 0 3 are offered by non-profit organizations like schools, hospitals, and religious institutions.

[00:20:08] The contribution limits for 401ks are generally higher than those for 4 0 3 B. And 401ks also have to follow stricter government regulations. So this chapter, which is chapter four in the book, is an essential read for anyone participating in a 401k. I'm gonna give you the Cliff's Notes version, but here we are.

[00:20:28] Okay, so Cliff's Notes version is this. 401ks were invented in 1984 to help people build wealth by making tax deductible contributions to a retirement account directly from your paycheck. You might not believe this, but for almost three decades, companies providing 401k plans were not required by law to disclose how much they were charging their customers.

[00:20:51] Isn't that insane? That's like, that's like going to the mall and shopping in a store and there's no price tags, or booking a vacation and just allowing the airline and the hotel to charge whatever they want. Like that's how 401ks were for decades. . Okay. So it's it's super simple, but most four plans are actively managed mutual funds.

[00:21:16] That's what they are, which we already talked about how much more you pay for those in fees and whatnot than you do index funds. But now, On top of that, you are paying a third party provider to quote unquote administer this account for you. So now you're just adding more on top of that typical 3.17% average, right?

[00:21:37] That you pay for actively mutual managed accounts that we talked about earlier. So here's, here's the crazy thing. , 71% of people enrolled in 401ks think that there are no. and 92% admit that they have no clue what they are. People just wanna set it and forget it. Right? Which I wanna do the same thing too, , but when you set it and forget it, with all of these fees,

[00:22:03] It just the, the difference in what you get at the end of your work life is astronomical. The truth is, is that the vast majority of 401k plans are characterized by huge broker commissions, expensive actively managed funds, and layer after layer of additional and often hidden charges. Here's an interesting.

[00:22:27] an interesting story. There was a senior policy analyst at a think tank called DEOs, and he took the trouble to study and decipher the prospectus of 20 funds in his 401k plan at his company. So he hacked his way through all the legalese and the confusing acronyms, and he wrote a report on it.

[00:22:44] And the report was called The Retirement Savings Drain, the Hidden and Excessive Cost of 401k. So what did he find customers like? , and you and me were hit with 17 different fees and additional costs on top of this is all on top of the 3.17% that you're already paying for the mutual fund. Now these are additional, here's some of the fees that that have been invented

[00:23:11] There's investment expenses, communication expenses, bookkeeping expenses, administrative expenses, trustee expenses, legal expenses, transactional expenses, and stewardship expenses. So how much does all of this cost you? The analyst calculated the impacts of these additional 401k fees. On the average worker who earned $30,000 a year and saves 5% of his or her annual income over a lifetime, this worker would lose 154,794.

[00:23:46] In fees. That's more than five years of. That's insanity. And a worker who earns about $90,000 a year would lose $277,000 in 401k fees. Isn't that unreal And incredibly disturbing . And again, here, knowledge is power when you know better. , you can make better choices. So if you're invested in a company 401k, what can you do?

[00:24:15] Tony offers a website called it's www.showmethefees.com, and it will analyze your plan and calculate within seconds how much you're being charged in fees. As a business owner, This is critical information to share with your employees, and then maybe you can make changes to your plans. And then if you're the employee, after you use this fee checker, you can forward the report to your company's owner or senior management once they know the truth about what's going on.

[00:24:42] Because again, most people don't even know these fees are being charged. Hopefully your employer will want to improve the 401K plan because, I mean, after all, it's. They're investing in this 401k as well as you are. Okay, so that's 401ks. And we didn't go into 4 0 3 4 0 3 are even worse. They are not under the same legal requirements as 401ks.

[00:25:05] They are not, they are not required to disclose, still disclose a lot of their fees and expenses, and some of them were like 9%, 9% off the. Of your , which is just, oh my gosh, it's just absolutely bananas. Okay, so one of the other huge topics of the book is just having an overall understanding of the market so that you can weather and the financial storms that are out there, right?

[00:25:33] Because, you know, you watch the news and you hear about all of these things in recession and done, the stock market plunges, blah, blah, blah, blah, blah. And it's scary. And honestly, it makes a lot of people. Not want to invest. And that's a big mistake if you just keep your money out or keep it in a savings account, you're not earning anything.

[00:25:53] And what we're gonna talk about here is that even through, you know, downturns in the, in the market, the overall, like over the last hundred years of watching the stock market overall, w. it goes up, right? So, but just understanding what some of this stuff is will help. Not panic, , when you start hearing, you know, some of, some of the, the just the political commentary, right?

[00:26:18] Or the financial commentary that you might hear. Okay? So let's go over some investment jargon when. Any market falls by at least 10% from its peak. It's called a correction. You don't hear that term very often, but that's what it's called when a market falls by at least 20% from its peak, it's called a bear market.

[00:26:36] Conversely, a bull market occurs when asset prices rise significantly over a sustained period of time. So bear market is when the market is falls, bull market is when it is when it is rising or has risen significant. . All right. Diving a little bit into what's going on right now in our country, what's a recession?

[00:26:58] what does it mean for you? What's a bear market? How are they different? A bear market is a period of time, like we just said, a period of time in which stock prices are falling. A recession is a period of economic downturn. It's characterized by a reduction in the GDP or gross domestic product, an increase in unemployment, and a decline in income and in spending.

[00:27:18] Bear market can occur during a recession, but it's not the same thing. A recession is basically when the economy is doing bad. It's when people are losing jobs, money's tight and overall things are looking so good. And then to figure out if the country is in a recession. Experts look at different numbers, like how much stuff we're making and how many people have jobs, but there's not like a button that gets pressed or something when a recession starts.

[00:27:40] Usually it's only clear that we're in one after it's been going on for a while. And it's a decision that's a group of economists decide whether the economy is in a recession or not. It's very subjective. On average corrections have occurred about once a year since 1900. Historically, the average correction lasts only about 54 days. That's less than two months. Less than 20% of all corrections turn into a bear market. So it turns out that one in five corrections escalate to the point where they become a bear market.

[00:28:12] So to put it another way, 80% of corrections don't turn into bear markets. All of the hype on the news about markets crashing and impending doom, they're all designed to get ratings, , and keep people engaged in their content. And understanding the market will help lessen the fear when the headlines start screaming about financial crises.

[00:28:34] Okay. . And, and you know, and bottom line is that nobody can predict consistently whether the market will rise or fall. And as Financial Tycoon, Warren Buffet says, the only value of stock forecasters is to make fortune tellers look good, . , the stock market rises over time, despite many short term setbacks.

[00:28:53] So despite a 14.2% drop within each year, on average, the US market has still ended up with a positive return 27 of the last 36 years. What matters most isn't where the economy is right now, but it's where it's headed. And when everything seems terrible, the pendulum eventually swings in the other direction and.

[00:29:14] Every single bear market in US history has been followed by a bull market without exception. So this is the. This is kind of where you get into the actively managed funds and you have, you have brokers and that are go, they're trying to time the market, right? Buy low and sell high.

[00:29:35] And, and trying to, you know, time it and make all those decisions. But if they're off by even a day. You know, then they miss everything. Whereas if you're in an index fund, it just, you sit and write it out. And so it might go down, but it will go back up and you're just sitting in there for all of it.

[00:29:50] You're not gonna miss any of it. And he gives some statistics in there and I don't remember what they are, but of. of how often, if you are in an actively traded account, where the best trading days are and where the worst trading days are and how close they are together. But you have to time that really, really, really specifically, and most, most brokers and financial advisors are not successful , and you're better to just keep in the index fund and just let it ride.

[00:30:17] Building long-term wealth, it takes time and discipline and patience, and one of the most important strategies is to save consistently. And you wanna start by setting a realistic budget. And figuring out how much you can set aside each month for savings. So even if it's a small amount, the key is to do it consistently and to make it a habit.

[00:30:41] And another strategy is to invest consistently. Whether it be in stocks, bonds, real estate, or any other form of investment, putting your money to work in the stock market, for example, can help grow your wealth over. thanks to compounding like we talked about previously. When you consistently invest a small amount of money and allow it to grow, over time, the returns on your investment can start to compound and grow even more, right?

[00:31:04] The best advice here is to make it automatic. Personally, we use Navy Federal for all of our banking, and then we have U S A A for our insurance, like our house and our life insurance as well. And cars. So we, what we did is we opened a checking account with U S A A and that account is, Only for investments in life insurance.

[00:31:24] So we set up an allotment to come out of Michael's paycheck every month. It's directly deposited into that U S A A account and then the payments to our investments and insurance are also automatic. It comes outta that. I don't have to do anything. It all happens automatically and I don't see it. I have to specifically log, cuz I'm in Navy federal.

[00:31:44] All, all the time, right? Looking at our checking account and all that other, what we're actively using U S A A, that's just investments and stuff. I don't wanna actively, I'm not actively in that account, so all of that stuff just happens behind the scenes. I don't have to do anything. Because here's the thing, you know, , when we say that we're gonna do something You know, oh, we're gonna pay this or whatever, but you know, the car breaks or we're PCSing or whatever life throws at you and you have to make a payment to insurance or investments.

[00:32:11] It's easy to stop that when times get tough, but when you set up an allotment and automatic payments, you don't do anything. I'm not writing a check every month. I'm not having to go in and schedule and bill pay to pay something. It's automatically done. I don't even see it. , and because it's at a completely different financial institution, I don't even have to see it.

[00:32:27] I don't have to look at it. I just forget it. I just said it and forget it, and then it keeps working on all of our financial goals behind the scenes. So another thing to remember too is that you want to pay yourself. First, save, invest, have that life insurance. Cover your bases first, and then spend what's left.

[00:32:50] Ultimately, the key to building long-term wealth is to be consistent and disciplined with your savings and investments, and to stay the course even when the markets might be volatile. It's important to be patient and to not expect overnight success. Building wealth takes time. It is like, you know, not it's a marathon, not a sprint so again, today's episode was based on the book Unshakeable by Tony Robbins. Please get yourself a copy of it. Download it on Audible. It's a pretty quick and easy read, despite being about finance and knowledge is truly powerful here. So let's be smart and informed investors and make sure that we're.

[00:33:28] Setting ourselves up as best we can for the future. I would love to hear what you thought about today's show and this whole financial series. So hit me up on Instagram at the Mill Spouse podcast or email me the mill spouse podcast gmail.com. And then stay tuned next week as we're gonna talk to Army Reserve wife Olivia, who is a financial life coach.

[00:33:47] It was interesting, our conversation that they had was really interesting. So we, we talk about specific financial challenges that military families face and best advice for navigating through them. Until next time.