Get Equipped for Financial Mastery with Chris Manske

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<v Speaker 1>Welcome to the big success podcast, cutting edge conversations on business and personal success, as well as how to level up.

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<v Speaker 1>Here's your host, number one business coach in the world, brad Shokers.

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<v Speaker 2>Okay, so we know how wealth happens.

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<v Speaker 2>Well, maybe we don't.

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<v Speaker 2>Chris Mancy is going to take us on a journey today, talking about finances, your finances, my finances.

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<v Speaker 2>West Point grad.

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<v Speaker 2>This book called the prepared investor, this one, outsmart the money magicians.

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<v Speaker 2>Merrill Lynch advisor for many, many years, went on to start his own show, is out there teaching you about wealth, and his definition of success is something I've never heard before, and I think you're going to enjoy the way he helps you and I think, about wealth and wealth creation.

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<v Speaker 2>So, chris, welcome.

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<v Speaker 2>I got to ask you the question, though, that I start everyone with what is your definition of success Like?

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<v Speaker 2>How do you define it?

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<v Speaker 3>Well, I define it as the reduction of suffering.

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<v Speaker 3>You know, if we can help people with reducing or even eliminating the things that create pain in their lives, that is a success, and you can build those small successes up into a really meaningful and fulfilling life.

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<v Speaker 2>Now, was it always that way for you, or did that, did that?

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<v Speaker 2>Is that like something that you gradually learned through your lifetime?

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<v Speaker 3>I think it really came to me as part of my experience in the military, you know.

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<v Speaker 3>I was in the army from 17 to 27, and I think I grew up a lot in the army and that's where I came to have that idea of what makes success real for me.

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<v Speaker 2>Yeah, it's like in your growing up years when you're in that regimented space.

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<v Speaker 2>It'll definitely give you a lot of great definitions.

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<v Speaker 2>Was there one particular person that taught that to you, or was it just an overall military thing?

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<v Speaker 3>You know, I think actually I got it from reading A lot of different books.

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<v Speaker 3>Maybe the first one that comes to mind is Taming the Tiger Within a great book, kind of meditating.

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<v Speaker 2>That now.

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<v Speaker 2>That's an interesting one.

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<v Speaker 2>I got to ask how did you in the military get onto the meditation books?

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<v Speaker 2>That's an interesting thought.

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<v Speaker 3>I got it from a neighbor who I was saying that you know, I felt like I had things I was angry about and he said, oh, you might really like this book, and I'm a voracious reader.

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<v Speaker 3>I love to write, as you already know, brad.

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<v Speaker 3>And yeah, that's where it began.

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<v Speaker 2>Yeah, yeah, a West Point grad doing the meditation.

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<v Speaker 2>I love it.

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<v Speaker 2>That's such a great mindset shift for me here right now.

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<v Speaker 2>So where do you think you chose success in life?

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<v Speaker 2>You know like it had to be, obviously before the military, because you go into West Point.

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<v Speaker 2>You're not going into West Point as just someone that doesn't want to be successful.

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<v Speaker 2>Was it as a young boy?

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<v Speaker 2>Was it from family?

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<v Speaker 2>Where did success become your choice?

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<v Speaker 3>You know I think he might be giving me too much credit as a kid, I was lucky to have a mom and a dad that believed in me and pushed me and gave me their attention and I just kind of, you know, made them upset more often than not because you know, I needed those pushes and I suspect I've made those choices more.

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<v Speaker 3>Like around 24 to 27, toward the end of my time in the army, is when I started thinking, hey, you know, I have agency here.

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<v Speaker 3>I was mature enough finally to realize, you know, each individual can make an impact and I would like my impact to matter.

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<v Speaker 2>Yeah, yeah.

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<v Speaker 2>It's amazing where that choice comes in and how that.

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<v Speaker 2>So you must have developed some sort of a mindset as to how does success happen, like a formula for sort of thing.

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<v Speaker 2>What's your philosophy on how success happens?

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<v Speaker 3>Well, I don't know if I have a formula, but I'm a big believer in if you pay attention to the incremental, you can achieve the monumental, and you know it's a.

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<v Speaker 3>You know the little details, the minutes that make up the hours, the hours that make up the day.

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<v Speaker 3>Pay attention to those details and that's really the way that big things happen.

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<v Speaker 2>So let's dive into that just for a second.

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<v Speaker 2>If you think about your own success, what have been some of those incrementals you've had to focus in on, whether it was in the military career or in the financial career?

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<v Speaker 3>Sure, well, I think the easiest place to talk about that is in my writing endeavors, because each day, you know, I had to find time in the day where I'm already, I'm a family man, I'm married with kids, I've got a business and people that count on me there, and somewhere in the day I had to find time to write, and I mean every letter, every word.

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<v Speaker 3>In fact, one of my editors had said you've got to do so many words a day and it's a very incremental, almost like watching grass grow, and then you know, a week goes by, a month goes by and all of a sudden you realize, well, the grass is really high.

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<v Speaker 3>How did that happen?

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<v Speaker 3>Yeah, and it was incremental.

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<v Speaker 3>And I think a lot of that applies to so many things in my life and I imagine a lot of your listeners' lives too, is whether it's getting that next promotion, the incremental steps to getting that next promotion.

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<v Speaker 3>Or, you know, saving in a savings account, or even doing something good physically, like making your fitness go from today to where you want to be.

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<v Speaker 3>You know it's incremental.

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<v Speaker 2>I want to just dive into that from a financial viewpoint just for a second.

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<v Speaker 2>When you first start investing, it does feel like nothing is happening.

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<v Speaker 2>You know, it's like that first X number of weeks, months, actually years it feels like nothing's happening.

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<v Speaker 2>How do you coach people through that mindset of, yeah, it doesn't seem like there's anything happening, but there's a lot happening?

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<v Speaker 3>Well, I think I start off by saying that actually you're right, a lot is not happening.

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<v Speaker 3>You are correct to feel that way, and the reason that a lot is not happening is because you've been kind of tricked by what is normal in American society, because what's normal is we will finish our college degree.

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<v Speaker 3>This is kind of like the typical path Not that everyone does this, but the typical path, the college degree.

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<v Speaker 3>Maybe you've got a little debt from college, but certainly you're about to get into debt over the next five to 10 years with probably a marriage, a house, a car, maybe end up with a dog, a kid or two, and so it does seem like you aren't moving forward in your savings.

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<v Speaker 3>It seems like it's going the other way, and I think a great way to turn that around is the way you structure your savings.

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<v Speaker 3>You still can do all those things, but if you structure your savings appropriately it's very much the opposite of what Wall Street and most banks and most advisors talk about then you can see it.

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<v Speaker 3>You can see the incremental movement and you can be very excited about it.

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<v Speaker 3>Again, it's not something each day, but each month.

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<v Speaker 3>You really can see the difference.

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<v Speaker 3>But you have to have that first step of going against the herd, going against the grain.

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<v Speaker 3>Don't get tricked by the Wall Street illusion of how to save, and I'm talking about set it or forget it.

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<v Speaker 3>That's such an illusion.

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<v Speaker 3>What I think most of your listeners do right now is they're putting their money into their checking account.

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<v Speaker 3>They work, they get their money in their checking account and then they say I pay myself first and they put something into savings.

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<v Speaker 3>And so this whole arrangement is the set it and forget it arrangement, and it's so hard to really get ahead and see that incremental become monumental when you have that flawed approach.

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<v Speaker 2>So let's go backwards a little, then.

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<v Speaker 2>Part of success is obviously make a mistake along the way.

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<v Speaker 2>How do you view the relationship between failure and success?

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<v Speaker 3>Well, I think it's almost like ying and yang you can't have one without the other.

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<v Speaker 3>They really make everything right.

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<v Speaker 3>The shadows exist because of the light.

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<v Speaker 3>The success exists because of the failures.

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<v Speaker 3>When we look at a failure and we see it as the end all well, then we're not living a genuine path anymore, because you needed that failure in order to become better, in order to see something you couldn't see before, and there are so many people that say it's so much better than I do.

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<v Speaker 3>One of my favorite stories is the really famous one of the 10,000 light bulbs that don't work.

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<v Speaker 3>You don't fail truly until you quit, and quitting is very different from failing.

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<v Speaker 2>Yeah, so let's just throw that across.

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<v Speaker 2>Then to financial side of things.

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<v Speaker 2>You see this I'm sure a lot where someone's made a financial mistake and they just sort of resign themselves to.

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<v Speaker 2>Well, I'm obviously no good at that.

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<v Speaker 2>What's your philosophy on how those who learn from it versus those who let it define them?

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<v Speaker 3>I think that my philosophy is that everybody gets better at the things they practice everybody and we can get better at quitting and believing that our failure means we're not good at it and we can never be good at it.

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<v Speaker 3>So we also can get better at striving and believing that we're moving forward and looking for those incremental successes.

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<v Speaker 3>I think another piece of the puzzle is everybody has an example of that and if you can remind anyone that's listening right now, just remind yourself of your own changes for the better.

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<v Speaker 3>Maybe today you know how to dance, but there was a day when you could not dance.

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<v Speaker 3>Well, but now you can.

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<v Speaker 3>What did that look like?

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<v Speaker 3>Or maybe today you know how to ride a bike.

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<v Speaker 3>I bet you could talk to someone in your family and they have a story about how you could not ride a bike and we all have that.

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<v Speaker 3>It's so true, and whatever item that people are dealing with, that they are thinking I can't do this, it's not possible, or I can't move forward.

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<v Speaker 3>I suspect that what they, what they mean to say, is I can't do it right now.

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<v Speaker 3>Right now I can't do it, but I will be able to.

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<v Speaker 3>Oh yes, I will be able to.

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<v Speaker 2>You're on the Big Success podcast.

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<v Speaker 2>We're going to come back.

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<v Speaker 2>We're going to talk about both the prepared investor, chris's first book, and we're going to dive into a little bit more about market volatility.

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<v Speaker 2>Diversification we're going to talk about well, he's a great storyteller, so we're going to dive into some of those stories as well.

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<v Speaker 2>We'll be back in a second.

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<v Speaker 4>Brad Sugars is one of the most successful franchising experts in the world.

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<v Speaker 4>With the help of real life examples, including KFC and Subway, brad Sugars' book Successful Franchising arms you with the powerful information you can put into action immediately.

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<v Speaker 4>Pick up your copy today.

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<v Speaker 2>And you're back.

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<v Speaker 2>Big success.

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<v Speaker 2>That's what we hear.

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<v Speaker 2>Chris Mansky prepared investor.

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<v Speaker 2>I think that a lot of people don't learn enough before they start investing.

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<v Speaker 2>Is that why you wrote the book, or what was the thinking?

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<v Speaker 3>Well, the reason that I wrote the prepared investor is because it seemed very common in my over 20 years being in finance that when something bad happened, wall Street's predominant reaction was hey, just stay the course, don't do anything.

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<v Speaker 3>You should just not rock the boat.

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<v Speaker 3>We're going to get through this difficult time.

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<v Speaker 3>It might take a while, but we will come out on the other side.

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<v Speaker 3>And it felt to me back in 2000, 2001, like that was the right way, because I was brand new in the industry.

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<v Speaker 3>But then, after 9-11 hit and I saw very clearly that the reaction that the market had was not at all like what the talking heads were expecting and what people were advising their clients to be ready for.

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<v Speaker 3>I started to question well, is this really the end, all be all to crisis investing?

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<v Speaker 3>And so that's where the prepared investor was born, and I'm really proud of the main idea of that book, which is there's a lot you can do, and it's very different depending on the crisis, and it's worth it to examine the nuance of what is happening so that you can pick the path that's appropriate for you and the growth of your net worth.

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<v Speaker 2>Yeah, and that I mean you do discuss a lot of volatility, and I think one of the great things that you bring forward is the amount of opportunity in that time, rather than, oh, let's just ride the course, there's opportunity right here.

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<v Speaker 3>Yes, yeah, and depending on the type of crisis which I think that's something Wall Street when it talks to Main Street it doesn't even differentiate between different types of crises but depending on the crisis, there can be an enormous amount of very obvious opportunity, and sometimes it's not that way, but the point is it's worth it to give it a gander and look at it.

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<v Speaker 3>Yeah, you know, use your, use your mind and think a little and maybe you can.

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<v Speaker 3>You can get ahead because you were prepared.

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<v Speaker 2>Yeah, you go back to the real estate crisis and you say, okay, who made the most money out of the real estate crisis?

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<v Speaker 2>How much?

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<v Speaker 2>And I always joked with some friends, you know, bet, your divorce attorneys are making a lot of money after this coronavirus crisis.

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<v Speaker 2>You know, there's always opportunity in everything that we look at.

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<v Speaker 2>Let's go back to the action steps from prepared investor.

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<v Speaker 2>There's like 20 odd action steps through that.

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<v Speaker 2>What's one or two that you think everyone should be aware of all the time, not just in crisis, but all the time?

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<v Speaker 3>Yes.

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<v Speaker 3>Well, one that comes to mind is you should pay for your news.

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<v Speaker 3>The news is created by excellent, professional reporters.

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<v Speaker 3>Those people make a living at providing that top notch, high integrity reporting to you.

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<v Speaker 3>Well, if you're expecting that you're going to receive that just free of charge, hey, social media is going to give me my news.

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<v Speaker 3>Well, you're probably not getting news.

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<v Speaker 3>You're getting something different and we all have our different ideas of what social media is and the various free news sources that are out there.

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<v Speaker 3>Be careful of that.

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<v Speaker 3>My one of those action steps is you know you get what you pay for.

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<v Speaker 3>Pay for your news so that you can really know what's going on around you.

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<v Speaker 2>Yeah, like if you sit down right now and you start looking at food production capability in China, fertilize the necessities in Argentina, rushes, oil pipeline and ability to produce oil and can transport it, you start to look at some statistics and you go, hang on, there's some big opportunities right here.

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<v Speaker 2>What's another thing people should be focused in on all the time, not just at crisis time.

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<v Speaker 3>Sure.

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<v Speaker 3>Another action step from the book, the prepared investor is to actively follow the leaders on this planet that have nuclear weapons at their disposal.

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<v Speaker 3>Yeah, that is.

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<v Speaker 3>That's a solid group of people that are worth paying attention to and worth following.

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<v Speaker 3>When they say something, when they do something, their lack of action or their action can really move markets and it's worth it to know what they're up to and be plugged into.

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<v Speaker 3>You know, not up to the second, that's impossible because they need their privacy as they're doing what they're doing.

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<v Speaker 3>But you know, the basic social media accounts are a great place to start.

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<v Speaker 2>You know it's interesting, chris.

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<v Speaker 2>A lot of what you did in the prepared investor was through stories, allow normal people to understand the fluctuations, and with history we can go back and look at that and I think it prepares us a lot more.

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<v Speaker 2>Let's move across then and start to look at.

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<v Speaker 2>Well, let's dive into three subjects.

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<v Speaker 2>Number one subject diversification.

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<v Speaker 2>Give me your philosophy on that.

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<v Speaker 2>It's through both of the books, I guess.

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<v Speaker 3>Yes, yes.

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<v Speaker 3>So diversification is a way to lower your risk and increase your return.

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<v Speaker 3>It's the result of Nobel Prize winning work from Dr Markowitz, who's just recently deceased.

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<v Speaker 3>You know he did that work out of Bell Labs in New Jersey back in the 70s and there really has been a lot of watering down of his work.

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<v Speaker 3>You know the phrase diversification gets thrown out there now with talking about almost anything, but there is some mathematical certainty to.

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<v Speaker 3>You can have different asset classes that behave differently and over the long term, that lowers your risk and increases the probability of making money.

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<v Speaker 3>And I do think it's a good way for people to have their assets instead of just going all into Apple or all into Tesla or one of the other real famous people love it so much stocks nothing against those companies at all Just to have everything into one endeavor.

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<v Speaker 3>There's a lot of risk there, yeah.

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<v Speaker 2>Yeah, and so that brings us to volatility, then, and I personally love volatility and you've got some different thoughts on it, on actually both the books again discuss volatility.

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<v Speaker 2>Tell me more about your thoughts around that.

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<v Speaker 3>Sure Well, so volatility is the killer of your savings, but it's the creator of your profit.

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<v Speaker 3>So if you already have it, if you're putting what you already have into something that has a lot of volatility, you're taking a bigger risk than what I would be comfortable with.

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<v Speaker 3>And so, in the prepared investor, I talk about how you can use volatility to your advantage, because crisis makes everything volatile.

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<v Speaker 3>Things don't act normal at all in crisis and you can really use it to your advantage.

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<v Speaker 3>But in my second book, outsmart the money magicians I talk about I talk about how, as you're getting further along in life and you've got your nest egg created quotation completed volatility is the killer of that value, especially if you're a bit emotional or you're a bit more prone to trying to make changes or you react to the market.

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<v Speaker 3>That can cause a lot of problems.

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<v Speaker 2>Yeah, the emotional side of it.

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<v Speaker 2>I'd be intrigued on your perspective on this, because I see a lot of people kill themselves financially with their emotions drive their decisions rather than actual facts.

00:18:46.396 --> 00:18:48.695
<v Speaker 2>How do you get people through?

00:18:48.695 --> 00:18:52.769
<v Speaker 2>I don't know if you can even get people through that, you know.

00:18:52.769 --> 00:18:55.057
<v Speaker 2>Leave your emotions aside, make a real decision.

00:18:56.029 --> 00:19:18.500
<v Speaker 3>Well, there is a great way to help leave those emotions aside and I really talk a lot about it in that book Outsmart the Money Magicians and that is when you focus on the income that your investments are creating, because now you're looking at your portfolio a little bit more like, I'll say, like a house.

00:19:18.500 --> 00:19:20.066
<v Speaker 3>You know the place where you live.

00:19:20.066 --> 00:19:26.074
<v Speaker 3>You know if somebody is saying to you every day oh, your house is not worth anything, your house is not worth anything, you should sell.

00:19:26.074 --> 00:19:30.571
<v Speaker 3>Well, you're not going to sell because you know it's doing something for you.

00:19:30.571 --> 00:19:40.585
<v Speaker 3>It's keeping the rain off your head and in a crisis or in a bad market situation, if you can clearly see these assets are paying me.

00:19:40.585 --> 00:19:44.134
<v Speaker 3>By owning them, I'm getting paid and I can use that money.

00:19:44.736 --> 00:19:51.702
<v Speaker 3>Well, people will tell you well, look at this statement your assets are worth 20%, 30%, 40%, less.

00:19:51.702 --> 00:19:53.528
<v Speaker 3>Yeah, but they're still paying me.

00:19:53.528 --> 00:19:54.411
<v Speaker 3>I don't need to sell.

00:19:54.411 --> 00:19:58.882
<v Speaker 3>And it actually turns things around, brad, because we have FOMO as humans.

00:19:58.882 --> 00:20:07.036
<v Speaker 3>We have this fear of missing out, but it turns that on its head because now your fear of missing out is missing out on the income.

00:20:07.036 --> 00:20:16.111
<v Speaker 3>So you're more likely to not get emotional about I got to sell now you're more likely to be emotional about oh, I can't sell because I need that income.

00:20:16.111 --> 00:20:21.060
<v Speaker 3>I want to keep getting that great stream of dollars that I'll lose if I sell.

00:20:22.230 --> 00:20:47.094
<v Speaker 2>One of the things that you really push is understanding Wall Street's desire versus I'm trying to word this politely for Wall Street, it's almost like their meaning and their way of making money is tangential to what's best for the investor.

00:20:47.094 --> 00:20:51.799
<v Speaker 2>Talk to me a bit more about that and why you're so passionate about that.

00:20:52.551 --> 00:20:59.057
<v Speaker 3>Well, I am very passionate about it and the reason is because it doesn't have to be that way, but it is that way.

00:20:59.057 --> 00:21:13.412
<v Speaker 3>What you've said, very kindly, is that Wall Street has some very systemic flaws deep systemic flaws that do not assist the individual investor and, in fact, in many ways, hurt the individual investor.

00:21:13.412 --> 00:21:29.964
<v Speaker 3>And they're so easy to see through and understand and once you do, you're going to want to avoid it and you will avoid it because they're too straightforward, but I'm passionate about it because it doesn't have to be that way.

00:21:30.307 --> 00:21:40.999
<v Speaker 3>And I'm passionate about it because my overall idea of success is lowering suffering in the world and I think there's a lot of pain and suffering around these misconceptions.

00:21:40.999 --> 00:21:58.902
<v Speaker 3>I just was talking with a neighbor the other night over dinner and he had said it just feels like the system is rigged and we both chuckled to say I need you to do a spot for my book because it does feel that way for a lot of people and it doesn't bring you comfort.

00:21:58.902 --> 00:22:09.992
<v Speaker 3>It gives you a sense of unease and we can make that go away by just approaching the customer with our best foot forward instead of with all these conflicts of interest and other systemic flaws.

00:22:11.155 --> 00:22:18.328
<v Speaker 2>I mean, the reality is the system is rigged, but it's not rigged to make everyone fail.

00:22:18.328 --> 00:22:21.678
<v Speaker 2>It's rigged in your favor If you get the.

00:22:21.678 --> 00:22:26.267
<v Speaker 2>I think one of the words you use a lot is awareness, knowing what's out there.

00:22:26.267 --> 00:22:30.565
<v Speaker 2>If you know what's going on, it's rigged in your favor, almost.

00:22:31.596 --> 00:22:48.984
<v Speaker 3>Yeah, that if you approach things properly, then you're on an even playing field and you really can do wonderfully, especially in an environment like America, where, really, where there much is available to the hardworking, honest person.

00:22:50.076 --> 00:22:50.779
<v Speaker 2>Yeah, very much.

00:22:50.779 --> 00:22:50.961
<v Speaker 2>So.

00:22:50.961 --> 00:22:52.880
<v Speaker 2>All right, you're on the big success podcast.

00:22:52.880 --> 00:22:59.963
<v Speaker 2>I'm going to come back, I'm going to ask Chris a bit more about outspotting the money magicians and we're going to look at scaling up and going big, not just small.

00:22:59.963 --> 00:23:01.779
<v Speaker 2>That's the success we're after.

00:23:02.355 --> 00:23:05.444
<v Speaker 5>Christopher Mansky is on a mission to improve finance for everyone.

00:23:05.444 --> 00:23:14.726
<v Speaker 5>He founded Mansky Wealth Management in 2012, and his firm has been repeatedly recognized by financial advisor magazine as one of the nation's largest investment firms.

00:23:14.726 --> 00:23:19.727
<v Speaker 5>To learn more about Christopher Mansky, please visit manskeywealthcom.

00:23:20.817 --> 00:23:29.781
<v Speaker 2>Chris, in your experience, even back to military days, financial days, what's the difference between someone who does good and someone who does great?

00:23:32.015 --> 00:23:32.154
<v Speaker 3>Well.

00:23:32.154 --> 00:23:45.779
<v Speaker 3>So looking at what success is, I think a lot of people will say, well, great is a billion dollars and good is a million dollars, or great is a million followers and good is a hundred thousand followers.

00:23:45.779 --> 00:23:51.244
<v Speaker 3>We like to have that measurable sense of greatness.

00:23:51.244 --> 00:24:06.945
<v Speaker 3>I think to really go from good to great is to leave behind the easily measured and comfortably walk through the difficult to measure.

00:24:06.945 --> 00:24:30.221
<v Speaker 3>When you can say that you have educated a child, or when you can say that you have influenced a congregation, or when you can say that you have successfully brought authors and other talking heads onto a podcast that touches thousands of people like you do here, that is really special.

00:24:30.875 --> 00:24:33.624
<v Speaker 3>I think that is the movement from good to great.

00:24:33.624 --> 00:24:40.680
<v Speaker 3>Not so much that you've achieved the dollar amount, because truly there's always someone else that has achieved more dollars.

00:24:40.680 --> 00:24:48.179
<v Speaker 3>It's not the heavyweight belt, because you're going to get older and someone else is going to get the heavyweight belt.

00:24:48.179 --> 00:25:02.086
<v Speaker 3>That's being able to successfully go into that realm where you're no longer counting the pennies but you're looking at who have I helped?

00:25:02.086 --> 00:25:08.095
<v Speaker 3>How have I lowered their unease, their sense of pain?

00:25:08.095 --> 00:25:09.942
<v Speaker 3>There's a lot of pain out there.

00:25:09.942 --> 00:25:11.018
<v Speaker 3>Let's make a difference.

00:25:12.776 --> 00:25:14.542
<v Speaker 2>A buddy of mine always jokes.

00:25:14.542 --> 00:25:18.226
<v Speaker 2>He says, brad, the question of good to great is always a wrong question.

00:25:18.226 --> 00:25:24.159
<v Speaker 2>The question should be how do people go from awful to good Now when it comes to money?

00:25:24.159 --> 00:25:28.779
<v Speaker 2>When it comes to money, chris, most people are not at good looking to go great.

00:25:28.779 --> 00:25:35.228
<v Speaker 2>They're at okay or less than okay looking to get to good.

00:25:35.228 --> 00:25:43.298
<v Speaker 2>What's the first three or four steps we can take right now to go from okay to good in our financial world?

00:25:43.934 --> 00:25:44.256
<v Speaker 3>Yes.

00:25:44.256 --> 00:25:55.446
<v Speaker 3>Step number one is anywhere that you get money from from your job, from a garage sale, from a bonus, from your parents as a gift, anywhere that you get money from.

00:25:55.446 --> 00:25:59.105
<v Speaker 3>It all, 100% goes to your savings account.

00:25:59.105 --> 00:26:00.020
<v Speaker 3>That's step one.

00:26:00.020 --> 00:26:05.185
<v Speaker 3>Step two is decide what is your lifestyle, what's the budget you need.

00:26:05.185 --> 00:26:06.440
<v Speaker 3>We're all going to have a different budget.

00:26:06.440 --> 00:26:11.124
<v Speaker 3>There's no wrong answer to that but it needs to be realistic to what you can make.

00:26:11.124 --> 00:26:16.563
<v Speaker 3>Once you know what that budget is, you've completed step two.

00:26:16.563 --> 00:26:25.007
<v Speaker 3>And step three is set up a monthly or every other week withdrawal from your savings to your checking.

00:26:25.007 --> 00:26:31.897
<v Speaker 3>What we all do is we put everything into checking and we say let's move a little bit to savings, set it and forget it.

00:26:31.897 --> 00:26:41.683
<v Speaker 3>Now what happens is you just fixed your savings and you left your lifestyle open for fluctuation, because if it's in the checking account, that means it's available to be spent.

00:26:41.683 --> 00:26:44.358
<v Speaker 3>It's a terrible, terrible illusion.

00:26:44.358 --> 00:26:45.501
<v Speaker 3>Flip it around.

00:26:45.501 --> 00:26:46.784
<v Speaker 3>Those are the first three steps.

00:26:47.405 --> 00:26:48.508
<v Speaker 2>Yeah, pay yourself first.

00:26:48.508 --> 00:26:50.259
<v Speaker 2>Definitely number one.

00:26:50.259 --> 00:26:56.815
<v Speaker 2>All right, let's go to some quick fire questions around the money side.

00:26:56.815 --> 00:26:58.299
<v Speaker 2>I'm going to change it up for you here.

00:26:58.299 --> 00:27:06.384
<v Speaker 2>Quick question, quick answer, like one or two words how do we succeed at increasing our income?

00:27:06.384 --> 00:27:09.207
<v Speaker 2>Short answers Spend less.

00:27:09.207 --> 00:27:10.855
<v Speaker 2>I love it.

00:27:10.855 --> 00:27:13.819
<v Speaker 2>It wasn't about making more, it's about spending less.

00:27:13.819 --> 00:27:17.624
<v Speaker 2>How do we succeed at building wealth?

00:27:19.288 --> 00:27:19.951
<v Speaker 3>Spend less.

00:27:21.233 --> 00:27:23.461
<v Speaker 2>Oh my God, it's going to be the same answer.

00:27:23.461 --> 00:27:24.042
<v Speaker 2>I know this.

00:27:24.816 --> 00:27:27.823
<v Speaker 3>Well, I think you just asked the same question, but it's two sides of the coin.

00:27:28.463 --> 00:27:55.567
<v Speaker 2>Yeah, yeah, it really is, and I think I mean I do love the way that your stories allow the reader in to understand finances better, but when it does come down to the fundamentals of the average person and their finances, the idea of putting it into saving first and then going to checking how do you get someone to mentally?

00:27:55.567 --> 00:27:59.502
<v Speaker 2>This doesn't have to be a short answer how do you get someone to mentally move to that, chris?

00:27:59.502 --> 00:28:01.601
<v Speaker 2>Because it's a big mental shift.

00:28:02.423 --> 00:28:02.703
<v Speaker 3>It is.

00:28:02.703 --> 00:28:09.021
<v Speaker 3>I think it takes a little bit of discussion, Like you said, telling a story as a quick story.

00:28:09.021 --> 00:28:13.489
<v Speaker 3>Everyone has a friend who they're in a job.

00:28:13.489 --> 00:28:19.326
<v Speaker 3>Let's say you've got a neighbor that's a banker and her husband is a lawyer.

00:28:20.257 --> 00:28:24.088
<v Speaker 3>And so they're both working and they connect with each other a little bit.

00:28:24.088 --> 00:28:32.954
<v Speaker 3>They're saving a specific amount every month and so you can see, like, as the years go by, they both got promotions.

00:28:32.954 --> 00:28:35.730
<v Speaker 3>I got promoted at the bank, says your neighbor.

00:28:35.730 --> 00:28:39.537
<v Speaker 3>Oh, I just got a bonus, you know from my law firm, says the neighbor.

00:28:39.537 --> 00:29:01.236
<v Speaker 3>Then there's extra money that's coming in and we can all see that the normal thing that's happening around us is those extra money moments are followed by a fancy car or a really nice vacation, and we're kind of like displaying on social media the proof of our wealth.

00:29:01.236 --> 00:29:05.922
<v Speaker 3>But it's not true, because it's proof that we used to have wealth.

00:29:05.922 --> 00:29:11.577
<v Speaker 3>We gave our wealth to the car company and now we have this thing that shows we used to have money.

00:29:11.577 --> 00:29:17.029
<v Speaker 3>And if we can just agree to that, like, yeah, you know what that does make sense to me.

00:29:17.130 --> 00:29:20.636
<v Speaker 3>I've seen that Well, okay, well, here's the way you stop it.

00:29:20.636 --> 00:29:24.618
<v Speaker 3>Fix your lifestyle and set your savings free.

00:29:24.618 --> 00:29:38.349
<v Speaker 3>Fix your lifestyle so that you're spending the same amount and as you get promotions, as you get your bonuses, when you do a garage sale, when your you know your parents give you gifts, wherever the money's coming from.

00:29:38.349 --> 00:29:39.694
<v Speaker 3>You sell something on eBay.

00:29:39.694 --> 00:29:47.017
<v Speaker 3>You're going to see that that money doesn't just get frittered away as you keep up with the Joneses.

00:29:47.017 --> 00:29:52.857
<v Speaker 3>You're going to see it's in savings, because you locked in your lifestyle and you set your savings free.

00:29:54.549 --> 00:30:03.377
<v Speaker 2>Chris, final question what, in your mind, is either the best advice you ever got on success or the best quote you ever read or heard on success?

00:30:04.849 --> 00:30:12.001
<v Speaker 3>I remember my father saying to me a lot don't let what you want right this minute keep you from what you really want.

00:30:12.001 --> 00:30:21.357
<v Speaker 3>And it's a hard thing to do, you know, I, I, I want this donut right this minute, but what I really want is to be fit.

00:30:21.357 --> 00:30:29.019
<v Speaker 3>Or, you know, I want that dress right this minute, but what I really want is to save money for something next month.

00:30:29.019 --> 00:30:39.579
<v Speaker 3>I really struggle with that and I think a lot of people do, but don't let what you want right this minute keep you from what you really want.

00:30:41.589 --> 00:30:42.935
<v Speaker 2>Chris Manskey great books.

00:30:42.935 --> 00:30:44.916
<v Speaker 2>Check the show notes, do the whole thing.

00:30:44.916 --> 00:30:47.016
<v Speaker 2>I'm Brad sugar's big success podcast.

00:30:47.016 --> 00:30:47.778
<v Speaker 2>We'll see you next week.

00:30:47.778 --> 00:30:49.897
<v Speaker 2>And that's the big success podcast for today.

00:30:49.897 --> 00:30:56.877
<v Speaker 2>Hopefully, you took a lot of notes, learned a whole bunch and, if you need to go re listen to it, we dropped a lot of information right there today.

00:30:56.877 --> 00:30:59.230
<v Speaker 2>Big success is what it's all about.

00:30:59.230 --> 00:31:01.919
<v Speaker 2>And, by the way, if you haven't subscribed, hit that subscribe button.

00:31:01.919 --> 00:31:05.950
<v Speaker 2>So you're here with us every single week on the big success podcast.

00:31:05.950 --> 00:31:06.773
<v Speaker 2>I'm Brad sugar's.

00:31:06.773 --> 00:31:07.416
<v Speaker 2>That's BS.

00:31:07.416 --> 00:31:09.458
<v Speaker 2>Big success is what we're shooting for.

00:31:09.458 --> 00:31:12.118
<v Speaker 2>Check the show notes for all the links.

00:31:12.118 --> 00:31:14.959
<v Speaker 2>Make sure you follow through, keep learning, keep coming back.

00:31:14.959 --> 00:31:19.236
<v Speaker 2>Oh, and, by the way, share this with any of your friends who you know are up for success.

00:31:19.236 --> 00:31:21.872
<v Speaker 2>I'll see you next week on the big success podcast.