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Asked about a common money mistake, the guest points to lifestyle inflation: the risk you can take in business is inversely tied to how much you spend on lifestyle. He saves steadily so he can move big when a rare opportunity, roughly every two years, shows up.

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Full transcript on this page

Key takeaways

  • Right or wrong, the amount of risk you can take in your business is simply inversely proportional to the amount of risk you take in your lifestyle.
  • I would say for me, really big opportunities come once every two-ish years.
  • All the times I don't have the big opportunity, I just save with the faith that I will see it when it comes and that just means that when it does come, I'll be able to back the truck up because I'll have stuff I'll have a truck that I can back it up rather than being like, "Oh wow, there's a bunch of gold and all I have is what I can carry with my two hands."

Chapters

  1. 0:00
    Abschnitt 1 What's a money mistake you see people make before they realize it's a problem?

Full transcript

Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.

1 segments

0:00What's a money mistake you see people make before they realize it's a problem? >> Lifestyle. I know a lot of guys >> [music] >> who spend 100% of their check into their 40s because they want to live a certain way or like look a certain way. Right or wrong, the amount of risk you can take in your business is simply inversely proportional to the amount of risk you take in your lifestyle. I would say for me, really big opportunities come once every two-ish years. All the times I don't have the big opportunity, I just save with the faith that I will see it when it comes and that just means that when it does come, I'll be able to back the truck up because I'll have stuff I'll have a truck that I can back it up rather than being like, "Oh wow, there's a bunch of gold and all I have is what I can carry with my two hands."