PODCAST EPISODE 255 – FOMO Can Ruin Your Finances




      • 00:00 – Episode begins Paul welcomes listeners
      • 01:48 – Episode topic: FOMO or fear of missing out
      • 02:30 – Article Breakdown: “The Fea of Missing Out Can Be a Killer for Investors…” (CNBC)
      • 13:00 – Article Breakdown: “The Victims of FOMO. Reach Young Americans Have Lost Confidence in the Stock Market…”
      • 23:28 – How do we deal with all this FOMO? Learn from the Bird.
      • 33:10 – Are you listening to your Larry Bird?
      • 36:25 – Episode ends, thank you for listening.


[Tweet “People don’t have to be lying to mess you up, they just have to be mistaken. #YourBusinessYourWealth”]

[Tweet “If you’re on track to have the level of success that you want, then why are you risking that future to have a little bit more? #YourBusinessYourWealth”]

[Tweet “Real estate has been a popular asset class cause it went up tremendous amounts during the pandemic. #YourBusinessYourWealth”]

[Tweet ” ‘They just laughed and made jokes about me stashing my money away, but I could see what they were doing. They were throwing away their future.’ – Larry Bird #YourBusinessYourWealth”]



Article Link: “The fear of missing out can be a killer for investors…” (CNBC)

Article Link: “Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead….” (Yahoo)

Article Link: “Ex-UGA student who pleaded guilty in Ponzi scheme accused of new fraud” (AJC)

Article Link: “Larry Bird remembers when players that later went bankrupt made fun of him for saving his money” (BN)

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Full Episode Transcription



Hello, welcome to your business your wealth. My name is Paul Adams and I’m joined today by Corey Shepherd, a man who makes looking young, as easy as he makes living a good life look easy. Good morning, Cory.


I wasn’t sure where you’re going with that metaphor. I’m still not sure, but it’s good to be back. I’m never sure when I start how it’s gonna finish.


That’s, that’s one of my favorite. Michael Scott quotes from the office like sometimes to start a sentence.


where it’s going, I’m just gonna get there. Yeah, it’s fine point. Yeah, you’ve been gone for a bit. I was gone for a bit. So yeah, we’re glad to be back with all of you. I do think it’s important. I didn’t talk about this before, Cory. But as I’m used to it, let’s just just bringing everybody in the fold here to talk a little bit about the beard.


It whose ears are mine. I know. It’s, it’s tough for our audience figure out but in this case, we’re talking about mine. Yeah, so I was at a conference in Charlotte, North Carolina. And I was talking to my wife on FaceTime. And with a down angle as outrageous as the spirits starting to look, it looks dang near ZZ Top when you’re holding an iPhone down here. And I said, Honey, this thing’s getting long. I should probably trim it. She says, I love it more every day. And I was like, well, so we’ll see how long it gets guys until Kristen is upset about how it looks. We’ll just we’ll keep going and see Oh, Rip Van Winkle knee beard might be in our future. I don’t know that boy, that’d be something I’m afraid I would get it caught my zipper or something if it gets too long. Which it’d be an awkward thing to have to explain to a firefighter. Today Speaking of things that are difficult to deal with in life, we’re going to be talking about FOMO FOMO. With your Mumbo who with your money. Like what, what goes wrong in our lives. When we end up in this fear of missing out we picked a few popular articles that really speak to this idea of FOMO and the poor decisions we can make. And we’re wrapping this one today with a very famous athlete that give you some insight about how you can avoid getting FOMO.


yourself. Advisor in this article calls them animal spirits to adults pretty fun. So that’s our first is from CNBC. The fear of missing out can be a killer for investors. Here’s how top ranked financial advisors keep it at bay. Now, we’re not so much worried about the advisors that refer to animal spirits when referring to their clients and their clients financial decisions. But it is an incredibly important skill. And a book one of the quotes that was my favorite from this course and like you picked up on it too, is first, we should give you guys the definition. A group of British psychologist defined FOMO as fear that others might be having rewarding experiences from which one is absent. And then this Josh Brown calls them animal spirits to describe the when people let their emotions guide them on their investing. Now social media is absolutely the it’s not the original inventor of FOMO. Because that still happened hundreds of years ago, and you heard someone else got an invitation to the ball at court and you didn’t get to go or whatever, right that it was happening forever. But social media has turned it up to 11. And we’re like we only see the best parts of other people’s lives on social media. So we always feel like it’s way more glamorous. They’re having way more fun eating better food, even though that might be the one thing all week that was good compared to anything you’re experiencing. So well if you’re crazy. And if you read much just about the you know, some past investment debacle, you know that some things like


FOMO are real because of what happened during the tulip bubble. And what happened during the East India Trading Company and their stock rise and valuation and how it crashed. And


yeah, yeah, I was gonna say hundreds of years ago until you got to be me babies. But yes. Why were people doing that? And it’s because they get excited. Now, you guys have heard of Morgan Housel. He’s the guy that wrote the psychology of money. And one of the things that he mentioned, and I really, I wouldn’t have thought of it this way, but I respect it.


because of how much how well thought through the psychology of money was, is that its is probably the most important financial skill these days in the social media era.


Now, I think of it as being important for multiple reasons. One is your lifestyle, that if you’re sitting there wrapped up and thinking about, you know, what are other people doing, or what am I missing out on, then you hear your friend who put a deposit on the newest electric car,


or truck, or truck, but yeah, or, or sports car or vacation or whatever. So your lifestyle can be a big part of it, where you’re gonna sit there and go, you know, I want to keep up with these other experiences other people are having. And that I would say is kind of more like a slow bleed. Because if you make certain lifestyle decisions that aren’t, because that’s how you wanted to live your life. But unknowingly, subconsciously, you wanted those things, because you saw other people had them, then that’s like a slow bleed, the arterial spray


is the investment decisions that get made. Because you will put an amount of money into an investment that is far greater than something you’d pay for a sports car. Because there’s a an anticipated, sometimes only alleged positive outcome that’s going to come from it. Because we not only have the stuff where there are people that are friends that we hear about, but we don’t think about that in social media, there’s all kinds of influencers that are jumping on that train as well. And, you know, the problem is, you don’t know how good at judging what happened, someone else is that’s posting on social media. And, you know, I just think of cases where it’s people have to lie, people don’t have to be lying to mess you up, they just have to be mistaken. Or not completely educated about it. And I’ve seen, you know, I, I try to limit, I limit my social media intake, but I do get on from time to time just to keep tabs on what’s happening in some different circles and different people out there. And, and I’ve seen folks who, you know, and it’s not even that they’re clients, but I just have had conversations with people, I know a little bit about their background, and they post something on social media that is making a really strong claim. And I’m like to myself, I guess it could be true, but everything I know about that situation is probably not quite that big of a magnitude. And but I see it on there. And it’s like, oh, and they’re not I don’t think they’re lying. I just think they don’t realize all the elements that they’re leaving out. That’s a great one. And now think about what that happens in social media here. Cory is a competent professional, specifically in the business realm sees somebody posting what I’ll refer to as humbug. Which in the 1800s was the same as saying bull ish today? Yeah, right? But the humbug is that they’re not lying, meaning they know the truth. And they’re saying something different. The humbug the Bs is, they’re actually just saying what they’re saying to trigger a reaction in their listener, their attempt is not even to be true, or to tell a lie. The person who’s been messing doesn’t think about whether it’s true or a lie. They’re just like what they said works if it gets the reaction, and they’re not even making the assessment about whether or not it’s accurate, or they thought it was true, and they’re just wrong.


And they because unlike everything that we add sound financial group posts for the general public, most folks on social media have no responsibility to any accuracy of anything that they put put out. And we have to put all of our words through a filter to make sure we’re not making extraneous claims, or, you know, promising things that aren’t our true like, we have to have that responsibility because of our licensing. So it’s a really big difference. And here you are a competent, seasoned professional owner of a successful registered investment advisory firm. And even if you see something that you know, is BS, do you then put in the comments? This guy’s full of it? Of course. Because then you have the liability. That’s the thing. The very people that could sniff the BS. Don’t say somebody’s BS. Publicly online, you don’t see there mentions getting blown up by competent professionals because the competent professional doesn’t need the blowback from whatever that’s going to be. So keeping in mind that just because everybody’s really excited to strand may just mean a bunch of really competent people like Cory just kept scrolling when they saw it.


Now, yeah.


A couple of things in here that are fun, like, I think everybody anybody who’s listening to our podcast, has probably heard


heard something about the fervor around crypto over the last several years like their failure fairly familiar with that one Spax Special Purpose acquisition companies are touted as the next big new thing. And they are a newer thing. But really, it’s just a different way for a company to go public. Essentially, it’s not giving us anything new under the hood, like which crypto is it’s just a different organization than a mutual fund or private equity fund for what says the same thing at the end of the day that we’ve had. So it’s just a new wrapper on something old, but that’s all we need in the financial industry is a new rapper to get people all excited about something for and it’s not anything different than the thing that it was yesterday. But because there’s a new rapper, people are treating it differently. I think that’s curious, as well. There’s literally no reason and give to me celebrities, celebrities also pushed some of these specs.


That brings a whole new meaning


to what a new rapper is.


There might be a new rapper promoting SPAC so it’s not just a new rapper they put around it. It’s also the new rapper they put in front of it.


But I did like this. This is something that I think is wise word celebrity, like anybody else can be lured into participating in a risky investment, or maybe better able to sustain the risk of loss. I think the SEC is being polite. I would add don’t listen to celebrities about how to run your life or investments. Because celebrities, you know, basketball players, which we’re gonna get to in a minute, Steph Curry, you know, as much as I would love to invest in Steph Curry, Steph Curry restaurant, you know, like just all curries all the time. So I think it’s in there. Right? Like that name alone. That could, you know, no, I’m not giving investment advice. He doesn’t know he’s a basketball player, just because he has a lot of money in one domain doesn’t mean he has any experience and another and basketball players, any professional athlete are notorious for frittering away their money and bad spending bad investments. So and I think, to the point is, like some of them could, quote unquote, afford to lose the money. But here’s the question that this article asks that I think is relevant to anybody listening. And that is, if you’re on track, to have the level of success that you want, then why are you risking that future? To have a little bit more? Mm hmm. That’s part one. Part two is if you’re in a spot where you’ve done the math, and it doesn’t look like you’re going to make it, how to make it is not to play the lottery, not to play the lottery in real life, like go to the gas station, getting a ticket, but also not playing the lottery of what I need to do is get a bunch of homeruns because base hits will win the day.


ready for our next one? Ready for the I’m ready for the next one, the victims of FOMO rich young Americans have lost confidence in the stock market are betting on these three assets instead, get in now get in now, for strong, long term tailwinds.


I love like the title of his article, especially the last one, get in now. And now.


It like creates a self fulfilling prophecy that started in the first sentence of the




Well, here’s the story. According to a recent survey from Bank of America, individuals aged 21 to 42, with at least 3 million in assets, only have 25% of their portfolio invested in stocks for wealthy investors over age 43. The allocation to equities is much higher at 55%.


So what they’re saying is, people who are under a certain age, they have over $3 million. So under age 4242, or younger, with more than 3 million tend to have less money in the stock market. Now first off, I just want to give like one quick, like little bit of an aha moment, if you are under the age of 42. And already, you’re worth over 3 million. There is some decent possibility that you made your money because say you were in real estate as a business. Yeah, that could be one or any business. Any, any business that you started, you probably didn’t do it. Work a nine to five for someone else. That’s right. Yep, exactly. Right. So you so you have some bias that’s already existing just so you have a certain net worth under a certain age, a certain portion of that might more likely be in ownership in their own company.


And you think you make a good point that it’s


Very likely they have some kind of real estate involvement at someone that age making wealth that quickly with leverage, usually real estate gets involved if it’s not some other business, and then over 43 Well, I mean, a, let’s take, let’s let’s just says over 43. So I’m assuming that includes everybody over 43, up to 6575 85. And someone who’s over five or 70, with over 43, and not dead yet, over 43.


So there’s a little bit of a correlation, not causation here, because you’re going to be you’re 65 with $3 million of assets, then that’s very different than a person who’s 25 with 3 million, and that 3 million is producing a bulk of your income, it’s going to be in lower risk things. It’s not going to be in some private equity fund, most likely it’s going to be stocks and bonds and probably bond or heavy so and it’s kind of a funky statistic, indeed. And but then let’s look at this. What are the things that they’re getting attracted to? Well, one is cryptocurrency. Well, that that’s all well and good. But we know what’s happened to that, where there’s been a huge dropped off in crypto in this last year. Now, what’s funny is when did most millennials get attracted to it? It’s not right now.


And I can tell you, because we have folks as clients, and in 2020 and 21, we’re answering crypto related questions on the regular


this year. I don’t think I’ve had no risk. No one’s asking about it anymore, right? Because that’s the problem is FOMO, the fear of missing out the very people who are like, Oh, maybe I should be in it. Maybe I shouldn’t, might have picked up their head once and said, Oh, man, I’m glad I didn’t do that.


Or if they did it, they’re now living in the story of well, I need to stay and see what happens to it. I already lost 80% of my money.


So then real estate is the next one.


And now real estate has been a popular asset of light, perhaps, because it’s a well known hedge against inflation.


Zhi Jing pan who wrote this, I don’t know who Jing pan is, that’s I don’t even know if I’m pronouncing it right. But that’s problem with the internet Jean pan.


Real Estate’s been a popular asset class, because it went up tremendous amounts during the pandemic, isn’t it people are not buying real estate right now going, Hey, I think my 7% mortgage I’m gonna have to buy this on is really going to help me with inflation.


In fact, by every measure, investor purchases of real estate have dropped this year since the inflation indexes have gone up so much. So. But now let’s talk about that is that with real estate, if it’s done properly, you guys have heard us talk about this on the show before you it’s like you’re buying a little business, called this piece of real estate. And if you run it like a business, you can get returns like a business would. But if you try to buy a piece of real estate, like you buy a mutual fund, it is not even in the same ballpark, which leads me down here. You don’t need a landlord to start investing in real estate, you don’t have to be a landlord. You can go into real estate investment trusts. And let me tell you, the return you get from a real estate investment trust is significantly diluted by all of the management structure that had to go into it. So if you were seriously thinking, I’d like to buy a small strip mall or want to buy a four Plex or I want to buy a duplex or I want to buy a single family home, I’m going to rent it is not an equivalent decision to buy a real estate investment trust, right. It’s not well, I’ll just do it in in this like I’m buying it from Costco or from Target. It’s like not, not same thing. Yep. And then last but not least, and Cory It’s so funny how these articles lived up, because oh my gosh, private equity, like Spax. Right? That basically what’s happening is young millennials who have wealth, who have not yet had a chance to get seriously and I mean, there’s not a bad way, not like they’re totally naive, but as a group, they’re going to be naive to investment losses, they just haven’t been doing it long enough to weather a storm them how to weather a storm in real estate yet that 2008 thing was before a lot of them got up and running in their careers. And many of them haven’t really gone through a real recession yet.


And they’re about to and every one of the things that they’re pointing to and invest are far more volatile than the one that’s getting poo pooed the academically allocated globally diversified investment portfolio.


You know, the thing the theme I also noticed in this is illiquidity.


So crypto is is pretty liquid, you can theoretically sell it at any time, there’s no real restriction, although there may be some theoretical restrictions. But yeah, if you’re, if your crypto doubled this month, do you feel like you want to sell it now? Or it’s like, no, it’s going to the moon, you know, right. And if it goes down by 50%, that’s not the day you’re like, now I’d like to buy my new car.


Right. But private equity and REITs often have some forest holding periods or once your money is in, you don’t get to choose when it’s liquidated again. And so that’s, you know, for someone really young, especially, that’s not really a great choice to make. Because if you, and this is the over 3 million folks still, so maybe they’ve got plenty of plenty of liquidity, but it is, it’s worth noticing that you’re trading something major for putting your money into those which is access when you want it. Indeed, which leads us to our third article in this theme, of fear of missing out. And this is not so important about this specific article, although, you know, it is interesting, this guy literally ran a Ponzi scheme out of his


frat house, basically. And why do people get seduced by attracted to something? That’s a Ponzi scheme?


I want you to just so you’re listening. I want you to think about it before Korean SB two, why is it people get attracted to a Ponzi scheme? Is it because the person leading the Ponzi scheme has a super long track record of success that’s been investigated by the investors and proven true? Is it because


they have looked at the analytics of whatever trading algorithm or real estate investment strategy this person is supposed to be in and all that and it’s really well vetted and did it or the third option? Is it because the investor the investment return sounds so good, I will feel bad if I don’t put money in and these results come true. It’s FOMO. Textbook FOMO.


The, you know, Bernie Madoff’s clients, there’s a lot of, you know, after the fact dissecting it, everyone, just the returns were so good, no one was stopping to ask where they were coming from, because they were afraid of missing out on those returns. And you know why they were afraid because when people asked and dug in with him, he very publicly gave them their money back and told other people, they can’t invest with me anymore. So they he literally produced the FOMO. And that’s, and that’s one of the things that we have to be very careful about. And definitely point people to when you hear you’ve got a friend who’s got some really cool investments supposed to do really well for them. They’re introducing you to it. Your friend has FOMO for you. FOMO, you FOMO others? I don’t know, he’s trying to tell you, but he doesn’t know it. He’s just excited or she is excited and wanting to tell you about it. Point them to articles like this one, just put in Google News, Ponzi, and just watch how many come up and point your friend to go look at those things. Because truth be told, too often people don’t find out, they’re wrapped up in one until it’s too late. And that FOMO blinds them to all of the things that you would later look at as red flags.


So how do we deal with all this FOMO


we’re going to learn from the very tall man who played basketball very well. Give them the bird, give him give them the bird is right. If somebody tries to get your FOMO you give them the bird. Now by that if you’re just listening we mean Larry Bird from the basketball.


Basketball network, Larry Bird remembers when players that later went bankrupt, made fun of him for saving his money. They just laughed and make jokes about me stashing my money away. Larry Bird believed in hard work and being smart about money, which is the main reason why he always refused to give money away to players who went broke.


Now that’s tough.


That now probably not tough for him to say no.


Because after years of having people in the locker room give you a tough time because you did something different with their money than you did. You did something different that was responsible and other people just did whatever they did.


When they turn around and ask you for money. It’s probably pretty easy to be like, Oh, no, man, I can’t help but but he talks in the article about some of the advice you would give people can I read this? I just love that fell in love with this. So quote straight from Larry and I’m definitely gonna read his book birdwatching. That sounds like


Great material. So even when I was at the top of my game, which that he made, estimates already made about 24 million in contracts with the Celtics alone in his 13 year career. So we’re talking 2 million a year from the Celtics plus all of his endorsements. So even as at the top of my game, we didn’t drive a Mercedes, or live in million dollar homes. When I was first, my first playing, we bought a nice little house. And it cost about $125,000. So he’s making somewhere around 2 million a year, and he bought a house for $125,000.


We didn’t run out and spend all our money because we knew there would be a time when it was over. And I wanted to have options on what we could do with our future. I never thought about retiring, I just assumed I would always work. So I just think that that, like, imagine when everyone else around you is buying $700,000 houses. But they’re making less than you. He knew he could flex if he wanted to. And he just took that took the teasing and took the all the humbug that everyone was thrown his way. That’s so impressive. And you don’t hear stories about this? No, not go crazy on the field. Yeah, you if you if you look up. So let’s say you went online, and you decided to you’re reading your sports person, you’re reading about all these athletes? How often do you hear stories about athletes being responsible? Or is it so and so got his fifth Lamborghini, or so and so bought a $20 million home. So every now and then you’ll hear they had to sell it? Every now and then you hear about the epic meltdowns like Springwell. But the problem is you don’t as we don’t get to hear these stories often enough. How often is Leia bird been in the news? And how often has it not had anything to do with him being financially responsible. So


during his career, bird had several encounters with players that made less than him but let an expensive lifestyle that soon ruined their lives and lives, their families, and they couldn’t pay their bills anymore. Now, this is equally true for you. Yeah, the difference is in a regular career, the people around you burn down slower.


That when you look at somebody who’s a major athlete, and they, you know, maybe they have a lifestyle, it takes $5 million a year, and they’ve got all these homes and everything else, and they’re making 10 million a year and it’s okay, right up until that income dries up, and then it burns down in spectacular fashion. But if you think of your say about our age, you’ve been in the workplace for 25 or 30 years. And you can look around at the people who are crushing it at some point in the past, and they’re just not crushing it like they were. It could be because of technology changes in the marketplace could be that they’ve had a medical thing and they fell off all that and they’ve had to take a step back in lifestyle. But the real burned down is the retirement side. And we just don’t see it because we don’t see the kinds of assets people have. So when you’re living humbly, when you’re having good stewardship, when you’re setting aside, we just had just met with a client of ours this morning, Corey went through a big life change got serious, he did the math, he is saving about 37% of his gross comes to about 50% of his take home. That’s him doing something nobody else is doing. And what that means is he’s got to say a no, no to a lot of stuff and people. Some of the guys who’ve made far less than me bought $700,000 homes, Rolex watches and big luxury cars. I used to tell them, You’re crazy. You should be saving your money. They just laugh and make jokes about me stashing money away but I could see what they were doing. There were throwing away their future. What does that joke sound like, by the way? Like I don’t even know what that would be. You’re just like, actually, I got it for you. Oh, you squirrel you don’t tell me you tell me I should be stashing my money away? I’m gonna give it to you just like after the locker room. You’re ready. Yeah, no, I should i i should be anyway.


You should be stashing your money away. Oh, well. What are you some Scrooge McDuck? swimming around your money man, man, I don’t know how long it’s gonna last. I’m gonna draw my life while I got it. Man, you handle Oh, you handle No, you handle nickels. Like their manhole covers? You so hard to get you to spend money. It’s almost like your arms aren’t long enough to reach into your billfold that’s what it’s like going to eat with you, Larry Bird see stuff like that? That’s right, because that mindset is like,


it doesn’t make sense to them, that somebody would be responsible.


They just laugh and make jokes about me.


Extra money away, but I could see what they were doing. They were throwing away their future. They were, I mean, this is such wise words from Larry Bird. They were throwing away their future. So many of them were living for the day and not even stopping for a minute to think about 10 years down the road when their playing careers were over. And the money stopped pouring in. And by the time they realized what I was telling them was true, it was too late. This is also equal for your career.


For the people that Cory and I meet over just the course of our lives in business, where they’re in their 50s, they say, where should I put $5,000? To get the best return? I was like, oh, no, blow it on a bunch of weed and some cocaine, because it’s going to do you more good there than that $5,000 is going to do towards your retirement?


I don’t I don’t joking.


Just joking. I don’t tell them to get we


go straight to the cocaine.


I can’t tell you. How many. Did you stop at that first half of the sentence? Let me just let him imagine. That’s very good. I’ll do better with the imagining. The problem is Cory, my experiences, people’s imaginations are far worse than what I was gonna say. Oh, that’s right. But the difference is people will follow people like you. And they don’t blame you for what they thought they heard you not say. But they will send me hate mail for something they thought I applied that I didn’t even say, all right. But here’s the last one that I think is just lands this entire conversation about FOMO. So well. And that is, I can’t tell you how many ex teammates have asked me for money. It’s heartbreaking for me to say no. But I do, because I warn them, I told them to save.


Now, here, Larry Bird is now near the end of you know, he’s working his career still. But he’s managed to hold on to $70 million net worth,


when he was playing sports at a time that athletes made a fraction of what superstars like him make today.


And he managed to keep a hold of it, he managed to build net worth, he’s built legacy for his family, he’s built an identity as a business person beyond just the sports ball player.


And for all of us, in you know, we’re working on our careers, we’re working on saving money, we’re working on making good decisions.


There are, there’s almost nobody speaking a marketing message to you, or talking to you in the proverbial locker room about what the they’re gonna buy or what they think you should buy with your money. Who has your aims in mind,


period. It’s why we have practices for finding out what our client’s aims are.


Because we need whatever financial decisions we recommend they make to get them closer to those aims. Most people saying the kind of car you should drive or the next promotion you should get or whatever.


To a great, great degree, none of those people have any idea what your aims are. And yet, they’ll make fun of you in the locker room for doing the thing that cares for your aims, without any conversation of even checking in about what your aims might be.


So my question is, are you listening to your Larry Bird or pushing them away? Because I think we all we all have them like you might, it’s not going to be professional athlete. But you probably have someone who, if you with this new perspective we’re giving to if you can just take a step back and look, you say, Oh, they’re actually doing all these things, right to have their future work out the way that they want. And am I listening to them? Are my making it harder and harder for them to speak into my life? Because they’ll reach an endpoint? Well, they’ll just stop like the, like we talked about earlier, the person scrolling through see something that’s humbug. And then not I’m just going to keep moving. Like the only guys show me so many shots for Larry, to give you that advice before they just say it’s not worth the trouble to try anymore. Well, with I think I might leave us off on a little story that just happened last night and a buddy’s garage are looking around. He’s organized his garage and his weight set and all that but he has this really, really great motorcycle that’s like, I’m gonna say the wrong type. But it’s kind of an off road. But it can also, I think it’s called touring bike, but I don’t remember if I got the right or if it’s something cross anyway, beautiful bike. And he’s had it for about three years, put 600 miles on it.


And he says, Man, I just don’t enjoy riding it because I want to do things with my family. And anytime the weather’s nice enough to ride it. I’d rather go throw a ball with the kids or whatever. And I said, Yeah, I was wondering about that three years ago. And he says, Why don’t you say that? I said you already bought it.


Yeah, you see the thing is, I don’t say anything to somebody after they bought it because the closest I’ve ever gotten to the like third or


rail in a relationship with a friend was after they bought the way too expensive pickup truck paid retail for it had big financing on it. And I said, Well, what if you plan on keeping it 15 years? What would it hurt to buy a three year old one, pay half as much and then do all your overlanding stuff to it then if you want, you just keep it for 12 years, but it still save a ton of money. And and all of a sudden, the mood of the conversation changed. I was the problem that so I just don’t comment after people. And I told my buddy, I said next time before we make a big spending decision. If you want my thinking on it asked me before you do it, because I’m telling you right now, I’m never going to be straight with you after you buy it. Because there’s nothing you can do about it after. Right and and that no only reason I bring that up is I think Cory It’s so brilliant, the way you brought up, find the Larry Bird that might be trying to whisper that to you in your life. Yeah, because that person will also probably be a warrior for you being a great parent, and an incredible spouse, a better business person, like this person is probably dropping some gems for you in other areas. And if you’re noticing that somebody cares for you enough to say something about what you’re doing with your money and how to be better with it, then not only is that something that’s probably worth listening to. But it’s also somebody you should probably refer to Corey Shepard almost immediately. And because that person could probably use that up leveling in the way they look at their investing if they’ve been doing it a traditional way. And as always, for all of you


do take some time to make comment on this YouTube video. If you’re watching on YouTube, give us a podcast review. Reach out to us if you find a cool article while you’re reading the paper. Just go ahead and email to us at what is it info at SF way.com. We’d love to hear those things. Some of these topics come from you guys as listeners we appreciate our sound financial family. We’re gonna keep coming doing this every week other than when we’re traveling.


Because we care what happens to you we care that you get a chance to watch for your Larry Bird we care that you’re going out of your way


to be in a position where you’re listening to something like this rather than a topic that would get you deeper into FOMO and maybe in some bad financial decisions.


Anything else where we send them off Cory? Nope. And with that


nobody else at sound financial group thinks this except Miranda, and Miranda wants you all to have this episode be a contribution to you being able to design and build a good life.


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