Don't F*ck This Up: Personal Finance Edition

28:09And The Exponentialist really is for humans first and investors second. Yes, the opportunities are enormous all round. To find out more and get our special launch pricing, go to realvision.com forward slash the future. This is super important. And what you're describing, I think, will be for people some sense of freedom, or at least being on level playing field with the game, right? So now you feel like you've got a foundation that no one can take away from you. When you look at envy with people, wealthier people, is it because they've got the big house? Or is it because they've got the security of having it?

28:56Really, if you go to the emotional level, it's not about the money. It's about they're okay. And I'm not. But you can make yourself okay by making some of these choices. So the right career choice, knowing that we're all suboptimal, none of us have that perfect CV, we're never going to get what we want, we're going to have to hustle for it, and we're going to have to manifest our destiny and really try hard. And then, with any break that we can, we do something like this. Maybe you were lucky and you invested in crypto in your 20s and 30s, and you're sitting on 200 grand. Well, you can continue to invest that.

29:39That's fine, too. or you can just say, I'm going to bank that into the lifestyle bank. The lifestyle bank is the winning the game bank. And you go and buy yourself your place in Nicaragua and you're done. So now you can really move forwards. So then when you do that, it changes another mindset. It's now about, okay, I've got that. This may not be actually where I want to live in the end, but I can do it. You start thinking, okay, let's maximize my income for now. And let's think about what the next step is. Is it I want to have assets and make money? I didn't do that. I didn't invest. I didn't need to.

30:21I'm like, my whole fucking career is finance. Why do I need extra risk around finance? What I want was income. But when you're in finance, your income is pretty unstable because you get to a point in your career, it's like the turkey chart. Turkey chart, they live every day, live every day, and then they go, right? Finance people get killed, and then you end up working for a French bank, and then a Japanese bank, and then you're out the door. No offense to the French and Japanese. Bankers are there. But that's just how it goes, right? So you have to be prepared for the fact that you will be shot at one point in your career, and it's going to happen unless you really live in hallowed ground.

31:00So you start thinking, okay, what do I do at this point? Do I continue to pursue the game, which is the career game, income, bonuses? Do you play the investment game, which many of my friends did at that point? So they were piling money into an investment, but would live in less nice lifestyles because they forward lifestyle for future investment. Those paths worked both well. The people who didn't work well are people who just spent all their money and got a massive mortgage and played the rich investment banker. That was the game that doesn't work. The game that does work is you either forego your lifestyle and invest more for future lifestyle, or you say, lifestyle is the goal.

31:46I'm going to have a high quality lifestyle now. That's what I did. So yeah, I had a nice flat in London, but nothing outrageous. But what I did do was change my home in Spain for a much bigger place on eight acres and blah, blah, blah, because I was lucky. But I had a mortgage on it. But I bought that. And because, again, every day I'd be thinking, I need to get out this finance thing. I can either try and become a partner at Goldman and do that whole thing, but it's going to destroy me. Or I could just change the game. and changing the game was like i could just fuck off to spain and do something else i was then i'd become a hedge fund manager at that point blah blah blah but i still had the same idea which is like i want to opt out before i get shot get out of the high because then you're in control right one of the worst things about personal finance is you not being in control everything's okay everything's okay everything's okay you're not okay don't let that happen so i I bought this other house in Spain, and that's when I made the choice of becoming an entrepreneur.

32:51And it became all of that income to me because now I had this beautiful house. I sold everything in London, sold everything else, had no debt, had a house in Spain, had no job. Okay, but I could risk it, right? Because I've made that intelligent decision before. I had some savings, but not enough to retire on really, which is why in my bio, it always says semi-retired. So I started writing. I took a risk. Now, that may have failed and I could have done something else, but that one eventually worked. After a few years, it worked. And it showed me the value of income. Of all things, I think income is the most important, because you don't know what the value of those assets are over time.

33:37But you produce income. You're an income generating machine. Jared talked about this. It's about you make your pie bigger by figuring out how to make your income grow. It's the same thing I talked about in the beginning, same along Jared's idea is you can make the choice of where you get paid. And you may choose a different answer because you want to be noble and you want to go into healthcare, whatever, you're taking a different path. And if that's the case, if you're in healthcare and you're getting a high income your whole life and you can retire at 65 because you don't get shot in your 40s like you do in finance, then fine, you should be an investor.

34:17You should be piling money into assets. But if you're in finance, different ways of doing things. So anyway, so I got out and I started an obsession with income. The income would then buy me lifestyle. I was living in Spain. It wasn't expensive. I had disposable income, and then I would have savings. I thought, again, I don't need to invest because I'm living in a beautiful house in Spain in eight acres. The sun shines every day. I've got enough money to do what I want, so I don't need to be the richest man in the world. Why do I need to do that? Why do I need to take that risk and have that stress?

34:57I didn't need to. And people get confused. They think they have to. They don't. Well, it's how you define rich. You were rich in terms of your happiness, your personal satisfaction, your health because of your lifestyle. I grew my fruit and vegetables, everything. We ate everything from the garden. We had almonds and oranges and literally everything. I mean, that was an embarrassment of riches. But I wasn't the richest man in the world by a long way. You know, a lot of my friends in the finance career continued, would be earning millions of dollars every year extra. I didn't. Yeah, my business took off, Global Microinvestor.

35:36But that wasn't the trade. That so happened to bring in more income than I thought. I thought it was just going to cover my costs. But it ended up becoming very successful. So then that led me to the next part, which was, OK, I've now been quite successful in all of this. And I had another dream in my life, which was this whole dream of a tropical beach. But part of it was because I had seen the financial crisis, the European crisis, and I saw an existential risk of A, Spain splitting up, B, taxes going higher and higher and higher because of aging populations and debts, C, population unrest generally.

36:11And I thought, I need a plan B. This is a personal finance decision that, again, was a really, really good decision. I built this house in Cayman, and I moved here. And it felt like an oasis of security in a world that is in turmoil. And again, that gives you the ability to take risk again, because you're not now concerned about the election and this and that and all of the things you worry about, the homeless in the streets of New York, and why is it all changing? Again, it's like Spain. The sun shines every day. Yes, we get a hurricane. You kind of know that they come. You don't know when they come or how big they're going to be.

36:59but it's a lot simpler life. So you've got your life simple again. So if you think of all of these things, even though they're nice places I live in, I mean, this is my house in Little Cayman, they're actually, it's all actually a simple life. And because if you overly complicate it, that's when it becomes problematic. And that allowed me to then take the risk of further into the entrepreneur journey of starting Real Vision and then thinking, okay, I'm now, I guess when I really started to make this decision was at 50, was to say, okay, now I'm going to build assets because now I can see a big secular trend.

37:41I've got income, but I'm now worried because I'm 50, my wife's 36, is what happens if something happens and I don't have income. So now I think about, okay, I've got to take some risk of the accumulate assets. I've learned all of my career, and this is my one moment in time that I can take that risk. Now, even if it all goes wrong, I'm fine because I've got a relatively simple life where I don't have any debts and I've got an income. So it's building your life around lifestyle and not about money, building layers of security that when you look back, you'll laugh and think, was that security, that crappy house in Spain?

38:32But it was. And that allows you each time to move in these five-year forward steps to manifest your own destiny because actually we all like moving forwards. We kind of get a bit antsy if we don't. You know, some people are blessed with the ability not to, but you know, you have to be a bit of a Buddhist monk to live in the present all the time. It's so true. I think what is so interesting about what you're talking about is I think that people think, I'm going to get to this point because then I'm not, I don't have to think about risk. You know, risk can be scary. It can be exciting, but it can be scary.

39:06And you get more risk averse. but you're painting a much different path where you're always on solid ground, but you have the freedom to take risks when you may need to, or because it's something, because it could be purpose-driven risk too. That's a, it's a kind of flips aging on its head, but I love it. Yeah. So you're taking these, it's like a ratchet. You ratchet to the lifestyle, Well, you secure. You look around. What's the opportunity? What do I want? What's my five-year? You can then take risk because you're ratcheted in and you're secure. That is so liberating than thinking 20 years out, how am I going to get there?

39:52Or always adding to your house and this and this and this without pausing. I'm here. Regroup. Figure out, is that possible? Is there another summit in me? Do I want to go on another summit? Maybe I don't. Maybe the game's done for me. And as you say, maybe I want to go and work on malarial projects in India or something. That's still a risk, but you can choose to take these risks. But by breaking it down to bite-sized points, you can actually take more risk than you think in an intelligent way. It's like taking profits in your portfolio as you go. as opposed to running the whole thing as one trade.

40:36I think that's like, I think this is where people, it's so big you can't begin to move forward because especially if you're a young person, I have college loans, I have, or I've got a wife, I've got family, I've got children I'm responsible for. How will I ever get them through college? How will I ever afford a house? How will I ever fund myself into retirement? It just seems so big that people are just in a fetal position in the corner and are paralyzed. you know, paralysis by analysis. I just heard someone say recently, it's true. My route is not the only route, but it is a route and it worked for me.

41:13You know, I would say now the routes are different because I think that first rung of having a house to live in in London or a flat to live in in London is now actually quite difficult to do. Okay. But now people can move outside of a city. So it becomes a little bit doable again. You can actually buy a family house because you can move out to rural New Jersey, and it's a fraction of the price than it is when you're closer to New York City, stuff like that. It's doable. Or you can go and live in Tennessee and work as a remote worker. It has changed somewhat. That's okay. That's helped. But if you can't, that other option, the second option, which is not the obvious option, which doesn't matter if you're still renting your place if you own your beach shack in Nicaragua.

42:00Because you're going to have a big smile on your face all day and all night because that's what you've got. And you've done that. So other people may say now, okay, given the outsized opportunity, like finance was my outsized opportunity back then because it was a mega career overpaying, right? There are some outsized opportunities, technology. We talked about working technology. The other is investing in technology or crypto. So if you do have excess income and you're younger, well, fuck it, go and take all the risk. Because if it goes wrong, what happens? Well, you lose your savings, but you've still got income, and you've got another 30, 40 years of income ahead of you.

42:44Don't worry about it. Just take the risk, because that can get you up the ladder, much like having the secular trend of finance behind me. Now, finance now, a lot of people who watch Real Vision think that they want a job in finance. It's a shrinking industry. It's the worst job in the world to get now. So even if you do get a job and you get paid, A, people get paid a lot less than they used to unless you're super senior. But getting there is much harder because the workforces are shrinking and your rate of survival is so low. So you're a turkey three times a year, not once a year. In every sense of the word.

43:25So there's so much sort of threads that are pulling through the conversation with Jared and with James. And when you keep saying lifestyle, I think it's so interesting to think of it because people see you and they see you sitting in your house in Cayman. And sometimes we drink Cava or champagne. But you're talking about security, really. You're talking about freedom and security as opposed to the trappings of a sort of fancy lifestyle. This house is not about it's a nice house. It's because it's mine. I walk out the door, I don't see anybody. But when I do, they wave and say hello. You don't have money on this island because it's such a small group of 150 people.

44:13You have a tab and you settle at the end. How nice is that, right? There's no dry cleaner. The bank's only open two days a week. You can't run errands. There's one store. So what do you, you know. So it's not for everybody. No, and I don't live here most of the time. I live in Grand Cayman, which is different. But, you know, it's things like that. It's incredible when you shrink life down, how simple it can be. You know, the pleasure here is not throwing wild parties and, you know, driving a Porsche around the island. No, you can't. Pleasure is walking on that beach when there's not a soul there and seeing a stingray swim past and watching the frigates and the boobies fishing.

44:58And, you know, that's magic. Nature is one of those great things that everyone should aspire to. The other thing that I've mentioned before, and I think it's a really key thing for people to understand,

45:19is the Venn diagram of life and success, which is two things that don't actually overlap. So it's not much of a Venn diagram. Two circles. One is your comfort zone, and the other is where the magic happens. Really, most of life should be lived outside of your comfort zone. Particularly if you've got this foundation layer that we talked about, you can live outside your comfort zone you can start a company you can live in a different country you can do all sorts of crazy shit because you've got that foundation layer and all the magic happens outside of your comfort zone your comfort zone ends up becoming drudgery you know and we've all got friends that we grew up with that never left the town that we all grew up with them in and they never went and did all of the things and they're married to the same person.

46:15They go to the same bar and they meet the same people that they've done for 50 years. And you're like, oh my God, they have the same things to talk about. And you're like, but look at the whole world around you. The magic is all out there. The magic of meeting all these amazing people and learning from people, all of that. So that's another key thing is that your comfort zone is not where the magic happens. They just pass in the comfort zone. And you don't have to catapult up to, some far-flung planet to do it. I think the point is just incrementally living outside your comfort zone and then coming back to your foundation.

46:51It can be anything. It could be starting an exercise regime. It could be learning a language. It can be traveling to countries you wouldn't ordinarily travel to. It can be anything. Yeah. But those small successes turn into bigger successes. They also make you as a person. So if you think of yourself as an investment, one of the things is expose yourself to as many different types of people as possible and hear them. Travel is the single best way of doing that. Not watching television, not talking to people in the city or town you're in, not debating with your family, on your video, not online.

47:35Go and meet people and see what their lives are about. And you will understand so much. And it will go back to my point I started at the beginning. You'll learn how to communicate with anybody. Which is going to be increasingly important. James, I talked about this. And for all the things, he was emphasizing, invest in yourself, choose yourself. And I always joke, I never regretted a dollar I ever spent on a plane ticket, even when I didn't have it because it ended up in the end, you know, paying some sort of dividend I couldn't even begin to imagine. And traveling is usually outside your comfort zone.

48:12Yeah. Yeah, increasingly. So we've got some, there's a lot of wisdom in here we're going to digest. We've got a couple of questions and sort of comments. This one is a bit of a math. a mathematical one, and it really touches on this. We always get, do I rent? Do I buy? Should I pay off my mortgage? Should I not? Sean asking, do you think it's better to pay off your mortgage faster or invest the capital if the mortgage is at three and three eights? That's super specific. My view on this has always been pay off your mortgage as fast as possible. And other people will have a different idea. They're like, well, you've got cheap capital.

48:51Why don't you invest it? But my game is not the capital game. My game is the lifestyle game. I'm trading. I'm playing a different game. So that's why I will always take the security of owning the asset, because it's still an asset, over having the debt, leveraging it to use something else, and something being able to go wrong. I grew up, that 1990 recession, and then the 2000 recession, I saw a lot of my friend's parents in their late 50s and 60s lose everything, right at the end of their careers. Because they perpetuated this idea of, I'll use the debt to do more stuff, to maybe start a business, and I'll lend the business money.

49:43And before you know it, it's all a house of cards. And something happens. You're ill. You can't generate an income. Your house of cards goes straight down. And you've lost everything. So I know a lot of people, and a lot of people make a lot of money from doing that route. It's not my route. I just don't like it. I'm actually bizarrely very risk-averse. Yeah, I'm just, I think I'm having this experience. I don't know if anyone listening is, that we tend to think of you a different way, I think, Raoul, because you're irresponsibly long and you're so immersed in the cutting edge next of everything that seems incredibly sort of risky.

50:26And tomorrow, to find out that your North Star is security is so interesting. So even how I think about the exponential age, and David Matten and I have talked about this, is humanity is going to split into those that want to embrace the machines and merge with the machines eventually. Anybody wearing an Apple Watch is merging with a machine. Anybody who's wearing the new Apple Vision Pro is merging with the machines, right? It's an incremental process. It's not like you become a cyborg overnight. But that's what's happening. And there'll be a group of people who don't want anything to do with that.

51:02Humanity will split. Now, whether this creates a new branch of humanity or not remains to be seen. Bizarrely, Neanderthal, and Homo sapiens both lived together in the Mediterranean 400 ,000 years ago, and in Africa, I think. It's weird that the two species of humans live together. This is not unprecedented. How do you deal with this change? Again, think of my mindset. Bank is security. You can take the risk. I want to leap into the exponential age. What is my security?

51:43This little sunny island of nature in the middle of nowhere. There's going to be no robots here. I'm not going to have an AI overlord. Nothing's going to happen. The tide is going to come in. The tide is going to go out. The sand will be on the beach unless global warming removes my beach. The fish will be in the sea. The birds will fly overhead. There'll always be a tropical breeze. That allows you to leap into the exponential age without the fear. Again, it's the same thing, right? It's like turning everything into a call option where you can't lose everything. It's so fascinating. So Michael says, how are you adjusting investments in retirement given the ever-growing life expectancy for us if the final goal is to bounce the check to the funeral home?

52:37Yeah, I mean, that's a big issue, right? So what we're seeing already is the average retirement age across the world is increasing. Now, Europe has a much better social security net, as does Australia, Canada, the US, dozens. So it's harder to retire in your old age. And so we've seen US investors take more risk. So they tend to be equity investors, and everybody else is a fixed income investor. So there's a structural difference because of the lack of health care system. And Americans are just more risk takers by nature.

53:17And then people are trying to get their income as late as possible. Because it's that income thing. The issue is, if you just rely on income, the older you get, you're going to become the turkey where suddenly you can't generate income because you could become ill, or you need to look after your partner or your parents or whatever, and suddenly income becomes not sustainable. That's a problem. So there is this balance of all of that. And look, that is difficult. And so again, you need to think, how much risk can I take when I'm older? Some people are probably able to take more risk because maybe they've got their pension plan.

54:00Maybe they've got that. And that's kind of like, it's not enough, but it's OK. But then they've got a bit of savings. Well, maybe you want to take risk with that. Because then again, you've got security plus upside. That kind of equation is, for me, again, it's the same idea. If not, you're just going to have to trade down lifestyle as fast as you can. But that's okay, too. My parents traded down lifestyle. Most people do as they get older because they don't have kids in the house anymore. They don't need a fancy car. My dad went from like 7 Series BMW every three years to two cars in 27 years.

54:38And they were not great cars. I was going to say, in many events, you get in and out easier. And he went from buying bottles of champagne and nice wine to going to Lidl and Aldi and shopping with his friends for who could find the best cava in the Spanish supermarket. Yeah, it becomes a challenge, right? Could you get it for under five euros? And they'd go for the menu del dia, which is the daily fixed price menu. And they would all find, where's the best one for 20 euros? and you know that's that's the way you you the lifestyle was still high they just changed what they were consuming yeah same thing i go out for lunch every day well sure you can go to labernadan and have lunch every day and spend a thousand bucks or you can go and have your menial del dia and it costs you 20 fine and and i think the key and we'll touch on this in in future uh when we when we continue to come back to this is you just touched on the importance of community, right?

55:40Because that's also what makes you rich. And I think that you can have that cheaper lunch when you're surrounded by people who are also doing the same. I want to squeeze one more in. Jason saying, you've said that you may take money off the table after this cycle for lifestyle. What do you dream about at this stage of your journey? What are you still working towards? It's a great question. Something

56:10it's now not really about basic needs. It's like nice to haves. Really, part of it is, okay, I want to make sure that it's not reliant on Ralph Howe income generation. Because we explained, I've got a younger wife. And just, it's unsustainable. I can't work this hard for my entire life and do that into my 70s. It becomes just hard. So I need to think about that. But then if I take chips off the table, it's probably part of, and this is now a creative lifestyle and not game-changing lifestyle. It's like, I live in a hot, salty rock in the middle of nowhere, or two hot, salty rocks. and really I miss a bit more of that kind of Mediterranean, a bit of the European culture, would I want to spend part of my time somewhere else?

57:11Decisions like that.

57:15And if I can't, then that's fine too. It's not the end of the world because I'm just going to travel there. So really, as I said, I've sort of won the game. I don't feel like I have enough assets to make sure that I can maintain lifestyle, because lifestyle is getting more and more expensive. It's not like I'm flying around by private jets or anything. It's just expensive. And everybody's feeling that. So you're thinking, Christ, if this continues, you've got to figure that part out and make sure your assets are working for you. The other tough thing about assets are, to go back to the very beginning, It is stressful to have to think about running risk.

58:00It's stressful running 100 % of your liquid net worth in cryptocurrencies. I've learned to be zen with it, whatever, but it's still, it takes a lot out of you.

58:16But the question is, somebody asked me this question, which is like, Okay, let's assume crypto goes phenomenally well this cycle, all your other investments, you cash out. What do you do with the money? That's actually a really hard question. Because do you put it in the bank? Well, you don't really want to. We've got another bank blowing up today as we're speaking. Do you put it? How do you allocate money?

58:46It's a very difficult world. And I understand it. So maybe the mindset is, unfortunately, we are all in the game, even if it's not the income game, but we're all going to be in the investing game in one way, shape, or form. And we have to figure out what the balance is, because the 60-40 portfolio may or may not work anymore. We don't know. So how do you build a portfolio that kind of goes up in line with inflation and stuff like that? The problem is the debasement of currency is 15 % a year on average. So we're actually getting poorer. But if you already own your assets, it's okay because you're not having to chase the assets.

59:23So I'm trying to think through that. Does it matter the debasement part when you've already got your assets because they go up anyway? I don't have kids to pass anything on to. And I don't have to put them through education. Yes, I put through two nieces and a nephew through school and university. So I've still done that pain trade, but it's still - That is the pain trade I'm in right now, Raoul, and a lot of us. So we feel you on that. Listen, I think this is, I love that the questions were coming in like this, because I think it shows this is something that just hits such a chord with everyone.

1:00:01So while we talk about all these other really important things, like what does the investment future look like, digital assets versus real assets, what do we all need to be thinking of? I love that we're going to spend some more time layering on this, which is how do we need to think about this from a relationship with money point of view? Yeah, and it's all well and good. It's all well and good me waving my hands at this macro level and saying this is how it worked for me. But there was an element of practical advice that people need that's not from some bloke with a gray beard living in the Cayman Islands.

1:00:34It's actually the real practical elements of some of this decision-making. Because if I think about the average person real vision member. They're about 35, 36 years old. They've just had kids, generally in the last three years. They're thinking, and they've probably bought a house or thinking about a house. Now they're at peak, oh my God, I've got no free time left. My wife and I hate each other. All we're doing is running around these kids. How the hell am I going to pay for school? I can't afford anything anymore. I can't even afford to invest. That's where everybody is. Everybody goes through that age.

1:01:13How do I move forwards? And some practical advice for people I think is super helpful because we're changing. The world is changing. And Jared talked a bit about this, is you need to generate, you need to grow your income pie. Income is everything here, right? It's not assets, it's income really. And we're in a world where you can do multiple things at the same time. How do you do that and still manage your time and not break your whole family dynamics because you're working 14-hour days? Those things, I think there's some great practical advice, the buying versus renting. It depends where you are, what age you are.

1:01:52What risk you take in retirement, I think is a really important question. And the other cohort we have are a lot of people who have done well, but are now facing a very uncertain future, living longer, the cost of that going up, and wanting to leave something for the next generation. There's a lot of legacy as well. They need help with that. One of the reasons I believe that the Federal Reserve and the Treasury want the debasement of currency is it optically makes asset prices go up. Because imagine you've got 76 million boomers, all in retirement, all owning equities, which is what they own. and then the market goes down 60%, 70%, you'll have wiped out 70 % of the savings wealth of the United States.

1:02:38They can't allow that to happen. I've said this since I started making the videos about the retirement crisis. The big risk is these people getting their retirement savings cut in half when their longevity of life goes up. It appears to me, and I've proven it within global macro investor, but people will see some of this stuff, is they know it. And that is the one thing that they can't allow to happen. So that's actually quite useful. But it's still a bloody big risk that you're having to run a racy equity portfolio at 75 years old. Yes. Not for the intellectual fun of it, but because I don't know if my assets are going to be worth enough for when I'm 85.

1:03:26five. It's not easy. And I think I would love to do more on this on Real Vision because these are really important topics. The retirement topic from the retirees, the topic of your life ahead and your personal finance journey for younger people. Unfortunately, you and I, Maggie, in the middle, we just have to figure it out. Exactly. We have a foot in all those worlds. sandwich, the sandwich generation. Raul, this has been so fantastic. And, you know, again, throughout the whole week, you know, I was a little unsure how some of these conversations were going to go. And I just am so, it's so interesting.

1:04:05And for me, really uplifting to see that there is a sort of positive, optimistic way to think about this, because I think we're all so stressed out that being able to break it down into increments and have, think about it from an abundance point of view is super important and information people can really use. So it's just been fantastic. And the life hack, manifest your destiny, but don't try and do it. I want to be the billionaire in this, you know, in 20 years time, forget that. You can keep that in the back of your mind, but you never, you may or may not get there. It's this little five-year thing.

1:04:37It's not a five-year plan. That's the opposite. Five-year plan is I will do this and this, and therefore I am, which is what Jared again was talking about. Don't give yourself, if I save this money, then And I will have, and I hear everybody do that. If I save this money today, then I will be able to afford my house. Blippet in return said, how do I get to this house in the most efficient way possible? Well, it's probably not for going to Starbucks coffee. It's probably from changing your job. Yeah. It's the message of choosing yourself. It's having yourself at the center. Or investing in crypto and taking that risk and changing your job.

1:05:17And these decisions are much better if you think of them in these five-year increments and manifest your destiny. Don't have this five-year plan mentality, which is the scarcity mindset. The abundance mindset is, I can get here. I just look around and say, what does this here mean? How do I get there? Right, I'll figure it out. Yeah, I love that. I love that. So nice to spend some time with you on a Friday, Raoul. I hope we gave everybody some great food for thought and inspiration heading into the weekend. Yeah, absolutely. I hope people find somewhat useful. I know it always feels like everybody's luckier.

1:05:51Trust me. I've gone through every up and down. I came out with no ability to get a job in a recession with a shitty degree in an industry that was never going to take me. I hustled my way. I hustled my way into Goldman Sachs. I proved myself all the way. I then took ridiculous risks and stupid things like starting a business moving to a foreign country where I didn't speak the language you know I've learned to fail I've learned to take risk I've seen lots of people fail around me I've seen my parents ups and downs you know everybody's got their path and everybody's path is different and everybody's path in the end looks like oh it.

1:06:32They had it easy. Nobody ever has it easy. Every billionaire that you see has a story to tell and how they got there. And it's never easy. No, it's not. But that's part of the richness of it all. That's right. That's what makes life. The journey of life is the whole game. It's not even the lifestyle. It's the fucking journey. That is everything. If you sit back and go, wow, that was a ride when you're 80 years old. That's it. You've won everything. You can be rich, poor, nothing. You turn around and go, dust yourself down. Got a few cuts and bruises. And you're like, yeah, you know what? That was a hell of a ride.

1:07:13Yeah, you got some good stories to tell, as they say. But we hope that we can make the journey a little bit more fun, a little more stress less. Exactly. So that's what we're after. Raoul, so great. Thank you all. Hey, drop comments in. Let us know what you're thinking about. Let us know what you want to hear if we do more on this. This is all for you. So we would love to get your input and participation. Have a great weekend, everybody. I'll see you later on The Deli Briefing. Take care. Take care, everyone. Hey, everybody. Today's Real Vision program is sponsored by Engrave, maker of the coldest hardware wallet, Xero, and stainless steel backup graphene.

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