David Tutera on Celebrity Weddings, Bridezillas & Saying Yes to Everything | Coffeez Ep. 311

26:59it. And that, that probably wasn't that long ago, honestly, when I shifted out of money and it being about survival to being about what do I actually want my life to look like? And how do I want to impact people? And how do I want to design my life? And that was probably only a few years ago. And truthfully, like the company that I'm working in now has really helped pull that out of me and like why I'm doing what I'm doing because underneath the money, money is just a tool to get to the outcome. It's not the goal. But underneath of the money, there's always a why. And this company really helped pull that out of me and extract like my why, like my really deep, meaningful reason why I'm even making all this money and why I want to make a lot of money.

27:44So I would say not that long ago, probably like three years ago, not that long ago. Now you get to work with some of the smartest people. What have you noticed as a trend for intelligent people making stupid decisions why do they do it still even though they know better i think it's just human impulse honestly like it's our flawed human design that we want quick hits of adrenaline and we are still addicted to the same things which are adrenaline and oxytocin and dopamine and even when you have a lot of wealth you still like you're still dealing with problems like we discussed earlier and everyone has a different band-aid immediate impulsive solution for that and some people they also just don't have the education and just because you have a lot of money doesn't mean you know what to do with it and I meet a lot of very successful people that are you know they've created successful careers and they make a lot of money and they just downright make stupid decisions because they they don't know any different and no one's ever had the conversation with them, just like financial literacy, to help them understand like, that you can do something different with this money, and that you don't have to spend it on these useless things.

28:58But everyone's motivated by, by different things, and wants slightly different things, you know, materialistically, they want slightly different things, most of the time, they're doing it for ego. They want to flex, they want to look a certain way, they and at the end of the day, at the root of all of that is truly just, you know, a want and desire to be acknowledged and seen and loved truly. But they don't realize that. They don't know that. They're not doing the deep work. And they're also not learning about money. They're just making it. It's coming in and they're just spending it all. They make all kinds of stupid decisions with money.

29:32Kayla, I have a question for you. What is the stupidest thing you think rich people buy?

29:40Honestly, I don't know if it's a buy, but I see a lot of rich people gambling, like gambling at the casino and literally just throwing away so much money on this like a addiction like I see a lot of that and honestly it's all it's truly it's in the little things like and I think we even do it like doesn't matter how much money you have it's all these things that you're not consciously aware of that are just running in the background like subscriptions and your credit card on all these different platforms and rich people do that too they just do it on a way bigger scale of like Amazon, Amazon, Amazon, like packages at the door.

30:15I'm like, stop, like disconnect from Amazon. Like even when you're super wealthy, you're like carelessly throwing money away at nothing. Like you're never going to remember all these stupid gadgets you bought. Like, yes, it's like the immediate hit of I need this right now. And everything is just so quick and easy now. That's why I pivoted to buying cards and they're harder because I want if I get the dopamine hit yeah but i'm investing it right and it's going up in value it's kind of like buying bitcoin but it's way more fun and i get to do it with my kids that's so fun though i mean i love that you're getting your kids into that there's a there's another um i don't know if they work i know when some of the schools are doing this they have like a like a fake trading platform for kids where you can like become a like stock trader on it but it's fake you're trading like fake money but that's a really cool thing to do with them as well as like get them in the practice of like, you know, that things accumulate in value, that you are buying an asset that you can grow money on that asset.

31:16Like just that concept alone is... It's a powerful thing. And, you know, I'm going to, again, use the card. So the card trading platforms, they're like the same stock charts. My son went to our neighbor who's a financial planner. He's our financial planner. He goes to him and my ex-wife was buying him stocks. and he tells my neighbor he's like i want to buy the cheapest stock right now that's gonna what's the cheapest stock that has the most value he asked him like a really complex question he's like dude that's the best question i've gotten all day from like adults you know like so he's like i want to i want to get the best value stock that has the you know like the best cheapest cost right yeah i mean that's really like what that that boils it down to exactly what you should look for yeah kid yeah so so he and he wouldn't have thought like that other than knowing that But if he's buying a certain player in the offseason or there's a player that's hurt that he's betting on.

32:12So he got that concept because he started to understand valuations and multiples and indexes and all types of stuff because he's looking at charts now. So it all relates. But for him, he was able to take that knowledge and immediately implement it into the stock world. He's like, okay, I'm going to buy this stock because it's at a low valuation right now, but it's got a higher upside. There's a lot of opportunity in this specific stock. So it does convert. Wow. At what point did you realize that people don't have money problems, they have money habits? I think pretty immediately. Pretty quickly I came to realize, because we go through a full financial plan with people, that's part of the process.

32:55And in part of that process, we're coaching people around their expenses. and you know it's it's not just about how much money you're making but how much money you're spending and at the end of the day how much money you're keeping right both on a tax perspective but also from what you spend when you have more money left over you can buy more assets right and when you have more assets you have more financial freedom and that's really the recipe right and so it didn't take me very long to figure out that it's truly people's it's habits period with everything that we have in life so like you know our and i'm a big proponent of like controlling your own thoughts right and thoughts around money too and we have these impulses around money that we just right we sign up for the subscription or we buy the thing on amazon and and then suddenly you have no money left over right and so we get into these habits but it's like your thoughts are associated with your emotions and sometimes vice versa and they trigger each other and those create your habits right your habits create your personal reality and your personality your personal reality is your personality right and so a lot of people don't realize that but going through that process with people.

33:57It is such an intimate process, by the way. But you're really able to see that the reason that you are at where you're at in life is literally because of your daily choices and the habits that you have, right? Your habits around money are a result of what you do or do not have because of that. So it really did not take very long to realize that. And same with everything else that we have in our lives, right? Like we, you know, what we do on our day-to-day basis and the decisions that we make on a day-to-day basis, when a habit compounds over time, you create success or you create failure. And I think when you can get really intentional about the choices that you're making and the habits that you have, but you can't do that until you have awareness of what your habits are.

34:46There's this great book called Atomic Habits. Love that book. Great book. Um, for anyone who hasn't read it, read it. It's great. Um, for anyone that's not a reader, there's a great, uh, audio book. Yeah. Audio book. I listened to it. Yeah. Great book. But, um, you know, through that book and also some of Joe Dispenza's books, like, uh, becoming supernatural, I think you're able to actually get into the practice of being the observer of your thoughts so that you can create different habits. And with money, it's the same thing. We have like certain comforts, immediate comforts around money, like buying your morning coffee every day.

35:20Like how much money are you spending collectively? And what is the opportunity cost? Because even though it's maybe it's only three or six dollars for that coffee, compound that money over time, that could be millions of dollars. And so it's all these little daily habits that we just are conditioned to do. But becoming aware of them is the first step and habits are everything. What's the worst money habit you've seen?

35:45The worst money habit is just not investing and not saving anything. There's so many people that don't, they're so overwhelmed when it comes to money. They're either really overwhelmed and they don't, they're not educated about it. So if they're not aware, then they don't know the right decisions to make. So they just don't have the information that they need to make the right decisions around money. And so many people are not saving in the right places and they're not investing and they're also not diversified from within that and where they're investing that money so that is probably the biggest place that people are falling short when it comes to money is just doing nothing you know and keeping their money in a in a sorry in a bank account which is the worst place that you can keep your money or as cash at home like any of these places like you're literally losing money every single day that it sits in a bank account because of inflation.

36:36The cost of everything is going up every single day. It's something that people don't account for. And while your money is sitting in this bank account, you're losing money every day that it's sitting there. Just take that money and move it to another type of account where, you know, depending on your goals, right, depending on what you want, what you want to accomplish. But you have to learn those things first. And that's what we do. That's what we're great at. Teaching people the tools. Well, what's the best money habit then? The best money habit, paying yourself first. We get in this habit of like, we need to fill up our car, we need to pay for our insurance, and we need to pay for our rent.

37:12We pay everyone else before we pay ourselves. The first thing I do is, first of all, I have a plan. And I think that if you don't have a plan, you can't get to your destination. It's like getting in the car and having no idea what your destination is and having no GPS to get to that destination. You need a plan to get there. You need a plan to get to where your financial goals are. But the best money habit is paying yourself first. And that's part of the plan. You need to figure out what your budget is, how much you actually need to be spending on things. Maybe some of those things need to be cut way back, like food.

37:44People overspend ridiculous amounts of money on food. But cutting some of those things back, actually creating a plan for your money, and paying yourself first. And you're comfortable paying yourself first when you actually know how much money you need for the month. But if you don't figure that out first, how can you pay yourself first? We get in this scarcity mindset where we're like, well, what if I need that money? What if I need it for something? But if you planned where your money is going to be going, you already know you don't need that money. You're paying yourself first every single month.

38:11And you're putting that money somewhere where it's actually growing. You're working smarter, not harder. What's your favorite place to put your money right now? I have a couple places. Obviously, like I have a brokerage account. I love crypto. I love those places. But I would say probably my favorite place right now is in a product called an IUL. It's actually a type of life insurance product. And I love it because it creates the flexibility. I'm growing my money tax-free inside of it. I can overfund the policy and still have access to my money. It's a really incredibly powerful tool. And so when I get money out of the blue or unexpected or I have more of it, I mean, I'm always funding it every single month.

38:52And I'm funding all these other things, too. and also real estate. And so I'm going to be using my IUL to fund all my real estate projects. Is an IUL liquid? It is, yeah. So it's still liquid. You have access to up to 90 % of your money. The 90 % and keeping the 10 % in there is what keeps it tax-free growth. It's still growing in the markets. All these standard indexes like the S &P and the NASDAQ and all these great indexes, you have access to at any time. So you can still, you know, they don't recommend it in the first two years. But after those first two years, it's your money. Like you put it in, you could take it right back out.

39:29And the beauty of it is that for real estate investors especially, you can take that dollar and you can kind of have the same dollar growing in two places at once. It's really powerful. It's a super powerful tool that a lot of really wealthy people are using. And not wealthy people, honestly. Like everyone's using it once they get educated about it. but you can borrow the money and you kind of become your own bank. Have you heard of this term like infinite banking? Yeah. That you can fund yourself, right? And so you're able to do that within IUL. And kind of the reason they consider it like your own bank is because the bank, what do they do with your money?

40:04When you put your money in a bank, what do they do with your money? They invest it. They invest it, right? They're going and they're making more money off of it, right? So when you put your money in this product, you can actually lend the money to yourself but make it look like the money never left that account. So imagine having a brokerage account that you have money in. And if you wanted to take money out of your brokerage to go fund a real estate project, it's not going to be in your brokerage anymore. So you're not growing anything inside of your brokerage anymore on the money that you now just put towards your real estate.

40:33So your money is only in one place, right, at once. This concept allows you to keep your money in the policy so it looks like it's still growing wealth on that money, but loan the money to yourself and now you can also invest it over here. So you have the same dollar growing in two places at once. And this is how we work smarter, not harder. It's a great product. I love it. I have multiple of them. As I go through different stages of my career and I grow more and more wealth, I get more and more policies. So that's one of my favorite places right now. Nice. I just buy real estate. I love real estate too.

41:08Nothing wrong with that. However, real estate, it can crash. You know, 2008, it crashed. I like to have diversity in my portfolios. And I think it's also a protected asset. So you can't lose money in it. When the market goes down, it's there's a floor. So you're protected. So why do people usually know what they should do with money, but they still don't do it? I think fear. Fear is at the basis of everything. And money is a fundamental tool for survival. And I think they just don't have enough confidence in they don't have enough knowledge. When you have knowledge, then you can have belief in something.

41:45But even if you know what to do, right, like people know they should invest in the market, but they don't necessarily have trust in it because they understand that there's risk associated and they don't understand enough about it to be trading their own money and putting their own money in the market, which is smart. And I agree with that. I don't think that you should. If you don't know enough about the market, you can lose all of your money. And I think this is why everybody should be working with a financial professional, especially if you're making money, if you're not making money, you need to learn how to do more with the money that you have, whether you have a lot or very little.

42:16You need to learn how to do more and learn how money actually works so you can get over your fear that's stopping you from doing the things you know you need to do. You know you need to save, but you won't spend the time sitting down with yourself to actually create a budget. And I think it really always comes back to the root of everything, which is your why, right? And why am I doing this? Why am I saving money, right? what are you putting money towards if you get really clear about what you want? Like for me, I want to have a huge real estate portfolio and I want to own multiple properties and I want to do huge events.

42:47Like I'm very clear about what I want in life. And so I have a purpose for the money that I'm making and I know why I need to do and make the responsible decisions to spend less because I'm going to get to my goals faster. But that's part of the process we go through as well as like figuring out what do you want? What are your actual goals and how do we help you get there? and that now what are the decisions that you need to make around money to help you get there and it puts meaning behind savings right like when you have a vacation or you have a wedding coming up you have something really specific and it's amazing how much money you can save when you have a really specific goal just like working out right when people have a wedding they go they lose weight they have an exact date right they're very specific to be terrific you have to be specific and so they have a specific goal by a specific deadline they know they have a smart goal right It's measurable.

43:37It's specific. All of that. And now they have a plan. And then you can create a plan to get there. But without that, you're not going to get anywhere with anything. To be terrific, you have to be specific. Yes, yes, exactly. All right, we're going to take a quick coffee break. We can get our barista over here to fill us up and get us dialed in. You ran low on your matcha. Yes. It was so good. Thank you so much. That's my barista right there. That's right, girl. I'm right back. Thank you.

44:18I help people make the American dream come alive. I help them buy homes. You help people make good financial decisions. Sometimes those pass a line and sometimes they're totally blurred. now is buying a home always the right financial decision for somebody or has the mindset shifted um i love real estate i think it's an incredible industry um do i think it's the right decision for everybody no i don't honestly because depending on the person and depending on their goals and also how you treat real estate um i probably have some controversial views on this because I view real estate as an investment.

45:02And so I'm a believer and a proponent of maybe like the more Grant Cardone style. Mindset, yeah. That like you shouldn't live in a house you own. And so while I own property, I actually live in a rented property and I treat my properties as businesses and so that I can write everything off and not everybody is moving into a house. And then what you see is people that are house broke. And every dollar they have. And my parents were like that. All of the value that my parents had was in the house that they owned. And they're raising kids and they have all these expenses. And sure, they're paying a mortgage, which might be a little bit cheaper than rent.

45:42But then they have a leak in the house. And now they have to go into debt. And they have to take out a loan to be able to repair the ceiling and the bathroom or the furnace breaks. And now you have to repair that. And you can't write those things off. Those are not write-offs. But when it's a business, you can write it off. and now you have an income generating asset. So I don't think that it's right for everybody. I love real estate as an investment. I don't necessarily think that everybody, depending on how you're treating it, should be buying a home, especially where you are. Also, location has a huge part of that too because, I mean, LA is crazy expensive.

46:17Some of these real estate properties, like you - LA has dropped a lot in value, actually. It has. It certainly has. It's a good time to buy in LA. Yeah, I mean - It's gone down. It's just challenging, right? And especially for this generation, like we're look at the balance of everything. We're making far less income to how much property value actually is. And the obstacle to buying a home these days is so, so much higher. And I just think that it shouldn't be your first priority. I think that there's other things that you can do to build wealth. And if you treat it like a business, then yeah, but you have to be really educated on where to buy and make sure you're getting the ROI on the property and make sure that you're, you know, educated about that property.

46:58before you invest in it because you could invest in something that's a total dud. So to answer your question, no, I truly don't think that it is for everybody. But for the people that it is for, I think it's amazing. Yeah. Yeah. I kind of disagree with that a little bit. I mean, I think, you know, buying gives you a different sense of responsibility when you own where you live. Just because you have, you know, you have a box that's checked that puts you into a different mental state. Like now you're a homeowner. it holds you to a different level of accountability and me I have a different reason why I like to own my real estate I really like like a very custom house like I have like a smart home for every house I live in so it's like everything's on an app it's on a savant app so it's like I control everything the lights the sound so you can't do that with a rental right this is like living in an apartment I can't put up my artwork I can't you know build out my man cave I mean yes you don't really want to invest into a rental property and there is something to be said about that for the peace of mind that you get around living in a home you own and being able to design it the way that you want to design it and order the furniture that you truly want and invest in all of those things and yeah there is peace of mind but I think that you can get peace of mind from so many things and I also think that we've been programmed to feel the pressure of society that that's just an expectation that that's become an expectation I want to get married I want to buy a home I want to why have you ever actually like diagnosed why we're making these decisions and why we're doing these things like we're programmed it's the American dream supposedly but the American dream I think has changed what do you think the new American dream is um freedom like true freedom like financially mentally physically emotionally like freedom what's the number to be financially free?

48:47What's your number? It's different for everybody. Um, for me, a hundred million, but for most people, I think, um, you need a hundred million dollars to be financially free to stop working. I mean, my fire number is a lot less than that, right? Like my actual financial freedom number is a lot less than that, but that's what I would need to stop. Like really pushing in work. Like I think personally, um, but my actual fire number is about 10 million. Um, and that's all a calculation like you can do a simple calculation to see like what's your cost of life um when do you actually want to stop working but what do you define as 10 million is that your net worth it's not net worth it's what i would need to stop working and never work another day getting my life 10 million in the bank is that 10 million in paid off real estate that's 10 million in the bank not necessarily assets unless those assets are income generating but it's a it's all a calculation on how much are your expenses, right?

49:41And also factoring in inflation into the future, because right now you might be spending$100 ,000 a year to survive and to live and to buy your food or to travel or to do whatever you want, right? Like everyone's lifestyle expectations are different. So everyone's financial freedom number is different, right? Like someone that's, you know, never travels, doesn't want to travel, doesn't have kids, like, you know, they just want to live in their house and they want to live a routine life, the amount of money that they need every year is very different than someone that wants to travel like on private jets and go to luxury vacations.

50:13And that's their norm. Like I would say, you know, there's, there is a calculation that you do to figure out like, what is your actual financial freedom number? Um, essentially how much is the amount of money that you need to retire and never work another day again in your life work because you want to not because you have to. Um, and the calculation is truly different for everyone. That's actually part of what we do in our financial planning is that calculation in exactly how much money you need to never work another day again in your life. Yeah, I feel like that's a moving target too, though.

50:44I agree, but because you're ambitious, right? And so like ambitious people, it is constantly a moving. It is for me too, by the way. And I wouldn't even be able to retire even if I hit my whatever fire number it is. I'm like, I'm so ADD. I just got to be so busy all day long. Well, you're ambitious and you're motivated and you're energetic and you have big goals and big dreams and big visions and like for people like you and me like I never want to stop working I don't see it as work though like I don't see work as like a normal person like I get up at nine and I go to work and I work in an office and I hate my boss like those are the jobs you want to retire from those are the jobs people are like miserable doing like I don't live my life that way I live on my own watch I create my own calendar I decide when I work where I work from how hard I work for how long I work and so and I love what I do like I'm so passionate about what I do to serve people I get to make an impact and I know exactly why I'm doing it and I I just love it I love people I love working with people I love helping people like genuinely in my core that is all I want to do is help people and um the more people that I can impact like that makes my life purposeful so so would you put your money in an IUL or would you put in an investment property both if you're in a position to be able to do that but if I was starting an order of priority I would put my money in an IUL and I don't have enough down payment for the right right so grow the down payment in something that you can later borrow the money from tax-free growth and keep the money growing over here while you invest it in a real estate property and now you have two assets and this asset paid for that asset but you didn't have to move your money out of this when you put your money in a home first it's locked up in that home you can borrow against the equity and all of those things but it costs you there's some cost to doing that and you know you can invest in even more properties and plenty of people you know Robert Kiyosaki and plenty of people have done it that way where they've worked in real estate first but there's definitely way more of a barrier Robert Kiyosaki is brilliant he says just borrow money all the time he's like yeah he leverages the leverages debt real estate yeah leverages that his philosophy on real estate is brilliant I mean you can you can get to the end goal I don't have debt on my properties because I look at it as like part of my net worth and it's silly because I'm here I am a mortgage professional and I'm like I got no mortgages you know not on any properties uh interesting except my place in Utah which is a rental I mean which is a I mean but here's my here's my thing with that right and I see a lot of people doing this is that they are paying off their debt first or they try to pay off debt first I like to be liquid that's my concept I don't disagree with you but in the same context I think about it this way I'm like okay I could pay off this home and now the money is locked up in this home right and or I could have gotten now mortgages are way higher mind you but like if I got a mortgage that was like three four percent right six and a half but it's six and a half now which is that's a little painful so and maybe in that they've been that way for about four years almost It's wild.

53:44And one day it's going to go down. One day it might go down to five. Yeah. It'll go down. Cross our fingers on that one. But it's the 7 % rule, right? And so if your debt is below 7%, then the market typically performs at higher than 7%. Like even just the S &P 500 is on average 10 % over the last 100 years, right? so it makes sense to instead of paying off a debt that could cost you two percent take the same money that you would stuff away in a house and lock up in a house and instead take that money and put it towards something that could grow at ten percent and you make the delta yeah and you make the delta essentially yes so that's my theory on it and that actually keeps you even more liquid because in a house it's locked up maybe you can borrow against it but in an IUL you can take the money out still have it growing inside of it you can kind of do that same principle with real estate it a little bit but you need to be in a really secure financial position to be able to get to that position most people aren't there most people are not even able to buy their first house like how do they get to their first house like that's the conversation we're having with a lot a lot a lot of people and then that that property also has it's a liability like it has you need insurance and you need you don't need to do that with your IUL like you need insurance and you need um you know maybe you have renters in there that are disrespectful and they're ruining things and like the headache or like to have to deal with that like there's no management no stress with an IUL like a property has stress associated with it and that's the you know the cost that you can't really quantify is how much energy do you have to pour into this place to be able to make sense out of it and and how do you get yourself into a position to be able to to buy the house and so we work with a lot of people helping them get into a position to be able to buy a house and it comes with the planning tons of people want to buy a house I'm not like nothing against that I think it's amazing if that's what you want it's truly by the individual this is I'm just speaking about me I'm not giving advice to other people you know I'm not saying maybe that's not necessarily the right decision for everybody but for me that's how I operate now what's what's one piece of financial advice that's become accepted as an actual fact, but you completely disagree with it, with your own philosophy?

56:14There's a few, but I think it comes back to the real estate thing, and maybe it's just because we're on the topic of that, that everyone should buy a home and that a home is the best thing you can invest in. I think it's very dependent on the person.

56:30What's another common belief? I'm seeing a lot of that with Gen Zers is like they'd rather buy Pokemon cards or they'd rather buy, you know, like rent their house or they'd rather buy Bitcoin or whatever's hot at the time. Right now, cards are hot. Bitcoin was hot last year. Ethereum or whatever, like whatever is trending right now, that's what they're into. Yeah. You know, whatever money concept is new, that's like, I don't want to buy a house. I want to do this. Yeah. I'm seeing that now. And like and it's hard to relay the message of maybe because they could just live with their parents for free.

57:01Yeah. You know. And they get to just invest in things and they don't have the responsibility of a house. Like a house, I think now. House changes your mindset. So mindset has value. Because how do you teach someone responsibility without a house? They're like, they don't learn it. Right. Or without kids or a dog or something that you are financially responsible for. So the house is your first step to adulthood or adulting as they like to call it. See, that's the programming. That's what they've taught us. It doesn't necessarily have to be that way. I didn't own a house for like a long time. Like, you know, and I still learned how to be an adult without owning a house.

57:37And I think that's a misconception. It just catapults you into adulthood. Certainly gives you a lot more responsibility. Like now you have this obligation. Like you have something that you can tangibly lose and lose a lot of money. And that's what's attached to it. And you got to deal with gardeners. You got to deal with the pool guy. You got to deal with repairs. You got to deal with, you know, mistakes being made. You got to deal with, and if you have rentals, you got to deal with renters. You got to deal with issues that pop up. Property insurance. So all of that feeds in not only into you being an adult.

58:07Because at some point when you're an adult, you're going to have like kids tuition. You're going to have activities for the kids. You're going to have just a ton of stuff you have to handle. Yeah. So are your kids going to, are you going to make them all buy properties? Oh, yeah. I mean, one of the things I think about all the time is how are my kids going to stay local to me in Newport? You're going to force them to buy houses? Yeah, like I want them right next to me. Not in Long Beach. It should start in Long Beach. Yeah. I mean, I'm like, number one. This is going to be called the Long Beach episode.

58:37They might have to live in Costa Mesa or Santa Ana. If they want. But, you know, I would like them to. I talk to my oldest son all the time, and he jokes. He's like, Dad, I'm going to have millions of dollars in cards by then. I'll be able to buy a house. Don't worry about me. I'll be just fine. Oh, my gosh. That's hilarious. He says it with total confidence, too. He's so confident. He's like, I'm not leaving Newport. You should get him diversified and some other things out. Yeah, yeah. He's got some stocks and he's, you know. Yeah. And he's got land. I bought him land when he was like four and it's in his name.

59:08Oh, wow. Yeah. Really? That's so cool. My idea for him initially when he turned 18, when I bought that land for him, was to, just like I do with cards, is to go through the whole life cycle of the process from grading it, from restoring it to grading it to flipping it. The same thing with real estate. I bought him the land, so I wanted him to work with a contractor to build the property. I wanted him to get his real estate license. I wanted him to sell it. I mean, that's the goal. I don't know how we're going to do it. It's in 29 Palms. So it might just end up being a manufactured home because I don't want to sit there for a year and build the house and deal with the permitting process.

59:46So we might just drop the house on it. Yeah, one of those pre-built homes. Yeah. Still sell it after. But I want them to go through that whole process and go through the understanding of the real estate life cycle. You should build like a storage facility. That might be a play too. Those are very profitable. Yeah. We'll see. It's not zoned for commercial. It's a residential. Got it. What about like an RV park or something like that? Yeah, it's 8 ,000 square feet. So we'll see what we can build. An RV park would be cool. You can make a lot of money on stuff like that. Multiple tiny houses. Yeah, the tiny houses.

1:00:20That's so cool. I love that. So your career has taken so many different turns over the course. Everything you've done has taught you something different. Now, what is working in health and fitness taught you that you still use to this very day in the business that you're in right now? I would say that that comes back to the first thing that we discussed on the show about balance and the five F's and the faith, family, finance, fitness, and food. Um, that industry really taught me how to study people and how to observe people's habits and, um, come up with a plan like that literally is the fitness world.

1:01:06It's you, you make a fitness plan for somebody, for them to get an outcome in their life. You make a food and nutrition plan for them to have that outcome in their life. And finance is the same thing. And I think, But from working in that industry, I think I realized that people's biggest downfall when it comes to accomplishing their health goals, it's so much deeper than just I want to lose weight. Like everyone knows they want to lose weight. Everyone knows they want to be healthier and they want to stop drinking alcohol or they want to do something, but they don't do it. And I think that industry actually triggered my deeper curiosity for human minds and how people actually think and why we're programmed the way we're programmed.

1:01:52And it was the catalyst that helped me on my own self-development journey and on my own study of myself and how I actually operate and observing my own habits. And thank God I got burnt out of that industry and started studying things on a way deeper level. Because I think when you really understand what people's motivators are and you really understand the human mind, and your own human mind, you can accomplish anything. And it's because of that industry that it shaped me into who I am now. Coming from health and fitness and now you're in the financial literacy world, what do you think you're going to do next?

1:02:30Like you're going to stay in the financial sector. You're going to maybe integrate the two because there's a lot of parallels. Yeah, you know, I think about this a lot. And I think I'll always be in the financial space to some degree. I definitely have a goal with what I'm working on now and what I want to do with it. But I would really like to grow my own personal brand a lot more. What would you do if you built your personal brand? I think I have a lot of value to offer people in terms of that balanced lifestyle and in terms of just your thought process and Kind of more on a coaching end more on a self-development space like doing events and bringing together great minds and great people and great leaders that can make change in people's lives and Just really help shifting people's mindsets.

1:03:23Like that's really what I want to do I want to work with people on a way bigger scale and I want to help make a bigger impact in that way on that deep kind of spiritual, intellectual, mental level. That's that's the impact I truly want to have. And this industry is helping me shape what that will become. But finance will always be a part of my life. And what I do here, I'm in it for the long game. I love this industry so much, and it will always be a part of my life, but I will constantly be evolving. I don't know exactly what the future holds in that aspect, but I have a vision. I have a vision of what I'm going to create, and it will be events, and it will be working with people on that deeper level.

1:04:09I love that. Now, let me ask you. Money matters, but it's only one part of the life you're trying to build. walk us through your five f's and which one is the hardest for you to protect um well faith um that's mine too faith i mean it's a struggle daily yeah because i i don't know have you ever read the book outwitting the devil i listen to some of it listen to the whole book it's so good and then actually don't read it listen to the book the audio the audio is amazing I have it in his voice. Yes. The, the, in the devil's voice. Um, it's such a great book. Um, but the devil lives in our own mind and our own bodies and, um, and the temptations and the impulses and the negative thoughts that we have.

1:04:59That to me is the devil. And that book kind of emphasizes that. Um, and so the constant daily battle is yourself. Um, my own thoughts, my own, like controlling my own impulses and my own behaviors. And, um, that truly is the biggest obstacle to all of those things. Um, and faith is probably the one that I try to center most of my life around because it helps keep everything else calibrated. Um, and when I'm in line with God and his calling for you, yeah, then everything just works so much more effortlessly. everything comes so much more naturally and when when i'm doing the things that he tells me to do and i'm following his way um his way is the best way and when i do that everything else just falls in line so that's probably the biggest struggle though because we have you know our human thoughts and our intrusive thoughts and our you know negative thoughts and all these different things the temptations you're faced with and you're in la there's and you know luckily i'm a homebody so I don't have a problem avoiding all of it, but it takes a lot to get me to leave my sanctuary.

1:06:11But yeah. Let's talk about the next generation. If you had one hour with every graduating high school senior, what's the one lesson that you want them to take away? Really making a list of, and I do this with all of my agents. Oh, and man, it's so exciting. Get them right fired up. but making a list of your your top 10 whys like what do you want to do with your life and more importantly why do you want to do it like what's the real why because when you ask on a surface level like what is your why there's always so many layers underneath of it that's really driving it um and i think when you can get really clear on that you'll have so much more passion and energy and things will come so much more naturally.

1:07:01And really getting heart-centered and heart-focused. Like your heart and your mind. And some people think from the mind, they think logically, they think analytically, they think about the numbers and the ROI and all of that stuff. And other people think very heart-focused, like follow your heart. I think when you can have coherence between these and understand what that actually means, you'll be aligned and things will happen a lot more effortlessly for you. And I think if I could spend an hour with them, I would spend all of the time driving home that principle. That's beautiful. Now, 20 years from now, what do you want people to remember about Kayla Bailey?

1:07:37Ooh. How I changed their life. And how the information that I've shared has truly created a profound impact on their lives for generations. Through the information, through the energy. I want to change people's lives. I want to make that impact in their lives and I want that to be the thing they remember before just just me and the information and And the energy that I've shared Now Kayla we'd like to end the show with a quick game Okay, this game is gonna be called smart money or bad money and all you got to do is respond with one or the other Okay, so buying a brand new car after your first big race smart money or bad money bad money carrying your credit card balance to build your credit bad money renting instead of buying good money buying real estate with friends good money depends financing luxury watches or handbags i think that's it depends that's a tough one i'm on the fence on that one really yeah you finance a rolex oh finance oh wait i'm sorry i heard the question wrong bad money financing bad money bad Bad money, bad money.

1:08:56Cryptocurrency. Good money. That also depends which crypto, right? Yeah, very true. Which one are we talking about here? Business coaching. Good money, great money, best money. Paying for AI subscriptions every month. Bad money. Paying extra for convenience. Bad money. Quitting your job before your side hustle makes you money. Bad money. Now, bonus question. If you could change one financial habit for every American overnight, what would it be and why? The rule of... That's hard because there's so many. I would say the pay yourself first rule. Making sure that you're actually budgeting to pay yourself first every single month and investing that money.

1:09:46One last question. When you're in front of the pearly gates, what do you think God's going to tell you? that I serve my purpose on this earth and he's proud of me god bless you Kaylee you've been a pleasure to have on the show thank you so much for coming down from LA and coming on today's show your blessing I hope you hit every single one of your goals and keep crushing it thank you Joe appreciate you thank you thanks

1:10:23Thank you.