MI Rewind: Good Money Revolution w/ Derrick Kinney

25:21You just have to understand and embrace that concept. But when I talk about save more money here, one of the things I like to talk about is what's called commoditized expenses. So I live here in Texas, and so we could choose our electricity provider. All across the country, people can pick their cable provider for the most part, their automobile insurance company, homeowners insurance, renters insurance. And more times than not, when I have a conversation with people, I say, look, call those service providers and tell them you're considering making a change. tell me what they say. And they say, Derek, you were exactly right.

25:54They say, we can find a way. Let's find a new customer special for you. Let's find a way to save money. And so there's always ways to keep your business. I got a call just the other day from DirecTV calling me saying, hey, we have a proactive way to save you money. So people know that customers are on the move right now for these commoditized anywhere you want to buy them from expenses. But here's the deal. So many people will do what I call capture the money. They'll get the savings, maybe it's 50 bucks a month, that's$500 a year, whatever it is. But then what often happens is the new laptop shows up on their front doorstep, or they suddenly have the new truck out front of the house, or they have the new gaming system that appears.

26:35And so they've really not made any progress toward their goals. What I want to do is add the word keep. So capture the savings and then keep it. And you want to then put that savings toward your number one highest financial pain point that you've got. If you owe$25 ,000 on student debt, you want to put it toward that. If you owe$10 ,000 on credit card debt that's in an obscene interest rate, you want to drop it right there. I know in my own case, I used it to pay my house off about 10 years early. I would just simply accumulate these savings and drop it into my pre-done automatic house payment I made every month and would just increase that amount.

27:13And so it was out of sight, out of mind. But the bottom line is, I want you to be a dollar detective. You know, you work, and I say you, I'm speaking to everybody listening right now, each of you work so hard for your money. Don't take any dollar for granted. You know, I want to make sure that you're working hard for it, that then your money's working equally hard for you. And there's one example I give in the book, and Clay, you might've read this. It was by a friend of mine, Bola Sukunbi. And she talks about this example that your dollars hanging out in the break room unsupervised. And she talks about this concept of that you need to become the CEO of your dollars.

27:49You know, if you have employees who aren't supervised, they go off and do random stuff. They don't show up on time. They leave early. They're not productive. And your dollars are the same way. You want to tell your money, here's where you're going before you even arrive. And that sounds so basic. We call that set and forget, whether it's a 401k contribution, an IRA contribution, and a payment toward debt. But when you're faced with that decision of, I want to go party with my friends or save for retirement, one of those clearly has a more attractive option to it. And so it's very, very important to have a game plan for that money.

28:23But then also when we talk about crush your debt, just taking every dollar available and not overcomplicating things. So much of financial planning today I find is people just get scared because it feels like it's so over the top. I've got to have a Harvard degree. I've got to have attended Stanford. I have to. It's like, no, no, no, no, no, no. With a couple of simple, basic, powerful lessons, you have the exact tools available as the people on Wall Street do. You just have to embrace those things and keep it simple. And one of the most simple ones is just setting one major financial goal a year, not 10 or 20.

29:02People get overcomplicated. They overgoal themselves. But if you can set one goal, you're going to be surprised and put all your energy toward that, how many other goals will get paid off and made progress toward because you're focused on that one thing. I think one of the most important pieces of this is automation, especially when it comes to your debt payments, your savings, and your investments. Once you automate those payments, all of the friction is removed. Whether it's the day you receive your paycheck or the first day of the month, whatever it is, it's like you'll hardly even notice you even had the money in the first place.

29:36yet you'll receive the benefits from that one simple decision for the decades to come. Yeah. I mean, Clay, what you said there, it almost sounds too simple the way you said that. And I want our listeners to embrace what you just said. I mean, the way to make money is actually very simple. You want to make as much as you can, save as much as you can, but you've got to find a way to fight back the peer pressure. Back when I was in When I was in junior high, there were those days you'd wake up and there was that fresh pimple on your face. And you're like, oh, no, my day is ruined. And I thought when I graduated high school, the peer pressure went away.

30:18But no, no, no, no, no. Now the peer pressure is where does my kid go to school? What car does my kid drive or do I drive? Where do I live? What country color am I part of? Where do I hang out? And that's the game that so many people are playing. What I want them to do is just say, reset. I find successful people have a reset button that they press often. And this is the time to just press it over and over again because frugality is back, friends. If you want to be wealthy, super, super wealthy, you can't keep up with the Joneses. You can't just buy things to impress people you don't like with money you don't have.

30:55It's not going to work. It's just simply not going to work. Another intriguing part of your book is what you call the seven-step good money framework. How is this framework different from any other financial strategy that's out there? Yeah. So 25 years, I would walk my clients through a financial planning process. And basically, when something like this, let's say that Tom and Susan came in and they both wanted to retire when they were 65. And I would ask them, what are some things you want to do? I want to spend time with my grandkids. I want to go to the beach. I want to be able to travel when I want to do it.

31:33And so that was important. Or someone would say, I just want to be debt-free. I want to pay off my mortgage. I want to pay off the student debt, the credit card debt, all of those things. But one of the things I realized that was missing was when the market would drop and inevitably a large amount of stress and pressure and emotional baggage would kind of seep in, there really wasn't a cause tied to people's money that kept driving them to do more good. And they often felt panicked like, what am I doing all this for? And so now let me bring this up to COVID time. I talked to so many people, Clay, and they tell me, no, Derek, I'm tired of just making money.

32:10You know, I like to make it and I like to have a good living. I like to have a nice automobile. I like to be able to take my boyfriend or girlfriend out. I like to enjoy life. But I feel like there's something missing inside of me this fulfillment that I want for myself, but I don't know how to get it. And where I believe our seven-step framework dramatically helps with that is we start off, instead of saying, what is your number one financial goal? It's what is your generosity purpose? And what I like to ask people is, whether it was when you were growing up, did you see a need that you wanted to help solve?

32:45Was there a cause that you care deeply about? Or even right now an injustice that you see in the world or even in your local community that you've always wanted to have an impact in. I'll give you an example. There was a couple who I knew who was really concerned about the homeless population in their local town. And they had this idea that, Derek, I don't want to just keep giving money to people at the stop sign because am I really making an impact? And so I encouraged Therese, you know what, there's a good organization in your local area. Go talk to the director. Here's her name. And why don't you educate yourself on what are some practical ways that you could actually help solve this homeless crisis.

33:24And so she found out there were some programs that they were already doing that she could easily slot into, but it was all about preparing them to be independent. And so she then began to say, hey, I'm going to start saving X amount of money per month. And she then went to her boss. And what she did with this was so powerful. She said, look, I love working here, but I want to make more money, but I know I can't just ask you for, hey, just give me more money. That's the cheapest way to do things. Just because my standard of living has gone up doesn't mean that you owe me anything. But she said, if we can find ways for me to add more value to this business and help you save money, grow the business, increase your own capacity to make more money, I'd like to have a part of that.

34:04Well, her boss was immediately interested. They began to work up a game plan, and she then took a large percentage of her newfound wealth, that raise she got, and began to fund this homeless shelter. So now when she laid her head on her pillow at night, she knew she was working hard, getting paid what she was worth, which was so, so powerful. And she was making a difference, not just in the community, but in her own bank account. She was actually making more money and doing more good. It was a powerful combination. I think another point to add to that, everyone knows that you can give your money to a cause you care about, but you can also give your time.

34:42One could choose a career that is committed to helping a cause they deeply care about, or even just volunteering or working a part-time gig that achieves that same goal. I think not only giving your money to a cause, but also devoting your time and energy can be very powerful and fulfilling as well. That's exactly right. It's interesting because so many people go to jobs right now that they may feel like is not the perfect fit for them. And one of my friends who I quote in the book, her name is B Bo Calandro. She wrote a book called Doing Good at Work. And her whole concept was that it's up to you whether you choose to stay at a job or leave a job.

35:23And especially right now, there's so many options for people. But if you choose to stay, I would encourage you to try to attach meaning to that job. You know, one example that she gave, this was kind of a crazy example, but she recognized that when the cleaning staff every night would clean the bathrooms, they would empty out toilet paper rolls that were like a fourth of the way used. And so she said, look, instead of wasting that toilet paper, just leave it on my desk. And so she became affectionately known as Toilet Paper Tina in her office there because she was the person who they dropped all this toilet paper off.

35:57And what she found was she was able to go to the homeless shelter and donate this toilet paper that would have just been thrown away and it saved them enough to have an ice cream social every single month. And so it was just one way that she was able to put meaning to doing what she did. And one of the examples I quote in the book also was, for example, a valet parking attendant. Typically, you think somebody who parks the car, they get the car back, there's no big deal there. He would go around and he would actually measure the depth of each tire tread of each tire. And what he would do is in his mind, he felt like, I'm going to let everybody know, hey, by the way, I noticed your car already dropped off.

36:37You're going to need a new tire here pretty soon. It was his way of helping protect and add more value to people for free, but it gave him a sense of meaning. And so what I would tell people listening right now is whether you work for someone or you're about to start a business, I think it's essential that you find a cause that you care deeply about. I think it's essential. One of the things that Damon John told me, one of his favorite charities is a place called Bombas Socks. And Bombas recognize the homeless community and the issue that socks play. Without good socks, people's feet really can deteriorate.

37:16And so their model is simple that each pair of Bombas socks you buy, they donate a pair to a reputable homeless community. And what happened was, is when you line up the cost of socks, Bomba socks are typically more expensive. And so one would think, well, why would people buy more or pay more for those socks when they could buy a cheaper alternative? It's because they're part of the story. They're entering into a story where they're helping make people's lives better. All of us, I mean, Clay, you're busy, I'm busy. To think that we're just going through life and emotions here, but if we can actually pay a little bit more money to add more value to people's lives, to help improve their situation, that's a really good feeling.

38:01It's a feeling of fulfillment that I think so many people are lacking and really hungry for right now. Let's take a quick break and hear from today's sponsors. Hey, it's Sean O'Malley, just popping in with a quick message. If you like this podcast, well, I've got great news for you. We've got a handful of other shows for you to explore. from learning about Bitcoin to embracing a richer, wiser, happier lifestyle. Just go into your podcast app and type in We Study Billionaires to find our collection of shows. We Study Billionaires is our flagship podcast, and we've made a name for ourselves over the years by interviewing the best investors in the world, including Ray Dalio, Howard Marks, Joel Greenblatt, and many, many more.

38:41My colleagues Stig Brodersen, Clay Fink, Kyle Greve, Preston Pysh, and William Green each host their own We Study Billionaires episodes and bring their own unique perspectives. A whole new world of insights awaits you. Just go ahead and type in We Study Billionaires into your podcast app and see what you've been missing out on. Seriously, go ahead. I promise you'll like what you find. Bonus points if you show your support for our work by clicking follow. If something piques your interest, just start listening. No hard feelings. I'll be waiting for you back here. Just like everybody else, there was a time when I was a beginner investor, and I have to say, investing is particularly filled with jargon that can just make it so difficult for new investors to understand what is going on.

39:21But it's never too late to get smarter about stock investing from the ground up. At The Investors Podcast Network, we've made a habit of studying the world's best investors. And now I'm distilling those learnings into a simple course for you or for anyone in your life who you might want to share the gift of knowledge with. With my How to Get Started with Stocks course, you can master the principles of excellent lifelong investing with valuable insights for both beginners and pros. The course covers 10 different sections, beginning with the basics of what a stock actually is and how the stock markets work, to strategies to optimize your retirement savings, how to pick great companies for the long term, what to look for in ETFs, and how to monitor your investments, plus so much more.

40:00To begin getting smarter about investing, just visit theinvestorspodcast.com slash get started with stocks. That's theinvestorspodcast.com slash get started with stocks. And for a limited time, you can use code STOCKS15 for a 15 % discount at checkout. Not to be cliche, but building a market-beating portfolio really doesn't have to be a mystery, at least with the right tools. If you've listened to our podcast for a while, then you know we spend a lot of time learning from savvy investors. So why not use the same tools we do? With TIP Finance, you can. Screening for great companies, calculating intrinsic value, keeping up with legendary investors' portfolios, and more are all not just possible, but easy to do.

40:46TIP Finance was created by investors for investors. It's quite literally the tools we wanted to use ourselves when researching investments in a simple-to-use interface. You can get started by creating an account for free. Who knows? Maybe TIP Finance will help you find your next 100 to 1 investment. Between the screener and Legend Investment Portfolios to reference, I've gotten a ton of ideas from TIP Finance. What are you waiting for? Take the next step in your investment journey today with the right tools at your fingertips. Grab your device and type into your browser, theinvestorspodcast.com slash TIP-finance to get started.

41:25That's theinvestorspodcast.com slash tip-finance. All right, back to the show. You touched a little bit on ways people can make more money at their job, and that's by providing more value. Do you have any other tips people can think about in ways they can potentially earn more money? Yeah. One of the ways that we often hear about is the side hustle, the side gig. And let me go back a step here just a second, because one of the biggest holdbacks I find for people are parents who have had job losses, and they really don't want their kids to go through that same roller coaster ride, but they feel ill-equipped to teach their kids what to do about it.

42:10And I mentioned this earlier, and that is this whole concept of teaching our kids not just to be the earner of money, but the creator of money. It's just the receiver, but the creator of it. Meaning that if for whatever reason, the government stepped in and said, okay, this entire industry has to be shut down, well, you're not subject to that whim. You can still run your business based on how you want to do it. Or if your company came back and said, hey, we've got to cut everybody's salary by 30%, you've got some other alternatives to do that. And the way to do that is to tell your kids, look, I'm not the expert.

42:44I've made some decisions I'm not even proud of, but let's be curious together. Let's learn this together so that you're not somebody who doesn't have the tools and all the opportunities available to make more money. So let me go deeper into this subject now, Clay. So one of the pushbacks I often get from people comes from teachers. Now, you may be the best teacher in the world. You may be teacher of the year. You may be the teacher that every parent wants their kid to have. But you have a low likelihood of success if you bang on your principal's door and say, I demand a raise. Okay. it's probably not going to happen.

43:21Same if you're a cop, if you're a firefighter, if you're part of a union, there's just different pay areas that you just can't do that in. So, you have a choice to make. And that is either to stay in the job you're in, and I know you're working lots of hours and you're tired when you get home, or you could choose to change the career and provide more opportunity for yourself, or you could stay where you're at and launch a side hustle. And what I find the easiest way to launch the side hustle is not to invent yourself into some, I'm going to learn quantum physics because that's where I think the market is, or I'm going to do...

43:56No, no, no, no, no. Just ask yourself and ask the people around you, when people have a problem, what do they ask your help to solve? That's the money-making question. The bottom line is you already have what you need to do a successful business. If you enjoy education, if you're a good teacher, and often teachers ask you, hey, give me some advice on how to establish more classroom management or how to grow this particular opportunity, then that's what you want to do. So the bottom line is, all of us have choices to make. You can choose to stay in a job where you're likely not going to get a raise, but you can either choose to find someplace else to go or find that side hustle.

44:38It's going to be up to you, but you want to make it simple. And one thing that I find is, you can choose to agree or disagree on this based on what you found. Parents will pay obscene amounts of money when you help their kid do better in education and in sports. If you can add value to people's kids, they will pay big time because you're adding value and you're helping achieve their kid's dream for them. Yeah, I'm sure they see that as just a fantastic investment for them to make. Thank you for sharing that great advice. Our show talks a lot about investing and investing strategies. And you break down investing in this really cool analogy that I think our listeners will really like.

45:20Could you talk about that for our audience? Well, I presume you're talking about the four lanes on the investing highway. So money, as I've mentioned before, can be made so complicated. And when I was a financial advisor, I would use an analogy of three buckets, short-term, medium-term, long-term. But what I want to do is get people to think about money as part of their everyday life. So picture yourself now on the highway. Now in Texas, we have a lot of four-lane highways. So let's start on this far right-hand lane. And typically, that's the slow lane. That's the lane where I think about your checking account and your savings account.

45:56It's not the get-rich-quick fund. It's money that's accessible, ATM. You need money, an emergency comes up, you've got the money available. Maybe it earns one-tenth of 1 % on a good day. But the goal there is you want to have enough money there to give you peace of mind. That's the whole strategy there. This next lane over, I call this the three to five year time frame. So this might be, Derek, I want to save enough to buy a house. I want to buy that next car. I want to pay down$10 ,000 of credit card debt. So this is money that may be earning, let's say maybe two to 4%. Again, not get rich quick, but it allows you to have some flexibility there that if an opportunity comes up, you've got cash available.

46:41Now, this third lane over, this is the longer term retirement lane. So think about your 401k, your IRA, depending on your advisor's advice and what they may be telling you to do. That may include an annuity of some sort that can provide some guaranteed income. It could involve real estate, big fan of that. It could involve stocks, bonds, mutual funds. One of my favorite are some exchange traded funds, those miniature indexes that are there. The goal there is that you've got a strategy in place where you know where the money is going. Now, this far left-hand lane, keep in mind, that's the lane where most people get their tickets.

47:16That's the speedy lane. That's the fast lane. This is where you want to put money into things like those cryptocurrencies, NFTs, things that may make you wonder, what am I putting money into this for? But it's all about the trends of where consumers are going. And the bottom line is, we know right now that millennials, up to about 75 % of them all have something in crypto. That is a huge demographic, not to follow the lead on of someone who's owning cryptocurrency. Now, is it going to feel like a smooth ride in the country? No. It's going to go like this. It's going to be a wild, wild ride. But what I suggest people do is maybe they put in 25 bucks a week, 50 bucks a month, whatever it is that doesn't cost your retirement.

48:06But the bottom line is you've got money going in each of those lands on the highway. And one thing I would also add is those people who are married or they're doing life with someone and managing money together. One of the biggest mistakes I made, Clay, early on was I was both the day-to-day and the long-term investing guy. And it really got me messed up. I really had several traffic jams and accidents on my four-lane investing highway. I didn't like managing the day to day at all. I was the long-term investment guy, had a good eye for it, still love doing that to this day. My wife, once I got her enrolled, she was able to see the big picture.

48:43And so even to this day, she manages the day to day. I handle the long-term investing and we get along great. So it's important to know your roles. If not, you may have some unintended accidents on that four-lane highway. I think that investing is so widely misunderstood by a lot of people. It just seems to be the societal norm that if you can afford the newest trending car, the new house, the extra vacation, then you should be purchasing that just because you can. And then people wonder why there are millions out there that don't have enough money saved up come retirement time. I'm a firm believer that a lot of people don't truly understand the power of your retirement accounts and investing for the long-term in that third lane analogy that you're using.

49:30And another thing I think many people miss is that saving and having conservative finances gives you optionality. With conservative finances, you're able to do things like take a pay cut to start your dream business or work your dream job. If someone is strapped down by a large mortgage payment, a large car payment and such, then that likely isn't possible for them. Well, that's exactly right. And it's all thinking about how can you get your money to work hard for you? That's the bottom line. And whether you're making$30 ,000 a year, or some people are making$100 ,000 a year,$200 ,000 a year, whatever that is, I want you to have accountability to each of those dollars.

50:16That's very, very important. Because obviously, I want you to go make money for the good you can do, but also making more money is very strategic to your long-term success. For example, the more you get paid, that means if your company matches part of your 401k, well, they're matching a higher dollar amount. That means if you're saving more money, then a percentage of a higher salary means you're saving more money. So all of those are easy ways to make sure that you're definitely making more money. But again, right now, I think now more than ever, especially in this great resignation, You know, we see people who are, they're jumping ship.

50:55Often though they're finding that the grass isn't as green as they thought it would be on the other side, and now they're stuck. I would just encourage you to not just make a move to make more money, but make a move to be in a culture that brings out the best in you. You know, as I would often tell my kids growing up, my job as a parent was to be a professional potential extractor. My job was to express belief at such a high level that I could just pull out the goals and the dreams and the things that were important to them, not me living my life through them, but me walking alongside them as they live their life right in front of me.

51:33And bosses these days are short in supply. And I would really, in those interviews, if you're about to think about changing jobs, ask about the culture. What does a winning culture look like? How does your boss handle conflict? What would winning look like for you to be there a year from now. And if you can be in a culture that wins, you'll be much more motivated to make more money and be part of something much bigger as well. I love that. Not just being someone that gives yourself, you want to be surrounded by people that share those same values that you do. For example, my company here at TIP started giving a portion of their profits to charities of the employee's choice.

52:12And that goes to show that they have similar values that I have, which I find very important in the place that I choose to work. That's powerful. I mean, right there, that's such a big differentiator. And I'll tell you a quick story on that. One of the things that Bebo Calandro told me, she said, Derek, when they measure brainwaves and people look at regular advertisements, for example, if it's buying a new car or buying a new house, whatever the hot product or services, your brain registers it and then goes on down the path. But if it's something like save the whales or support the Olympic team or write this injustice in the world that's out there right now, the way the brain responds, it's as though you're looking in to the eyes of someone you love.

52:57I mean, that is powerful. Just that brain activity that goes into when you think here's a company who's actually helping make other people's lives better. Can you express that as well? Again, I just can't underestimate that if you want to be a company that really stands out in a crowded marketplace and one that's heavily commoditized, your generosity purpose is the catalyst that will help you stand out now more than ever. I think for most business owners, making money is their scorecard. But you say that what you give matters more on your scorecard. After you pointed that out, I realized that companies do marketing and advertising around this idea all the time.

53:39I think there's definitely something primal behind this marketing idea as well that companies are really tapping into. Yeah, it's very true. And what I would also differentiate is, are companies doing it just as a marketing message, or is it really part of their DNA? And people can sniff that out very, very quickly. That's why it's important to have the founder of the company talk about the story or have them have a customer talk about how their product or service dramatically impacted their lives so that people can buy into this story where they can see themselves as a hero in a story helping solve a big, big problem.

54:24But if they come across and just say, hey, we give X amount of money every year, that's great. no fault of their own, but it can often come across as just, hey, we just kind of give money away. And so this is where I think smart companies today will take practical examples. And they may say, hey, just so you know, we give away a portion of our proceeds. And here's an example of how those proceeds were used. And here's a short video of this couple who benefited from this. So just so you know, every purchase you make from us is helping couples like this. improve their life. You see, that's magical.

55:02That's magical. Now, does it take a little bit of work? Yes. But again, I believe that we're at a crescendo here in terms of it's a new way to think about money. And we know, you know, you think about Maslow's hierarchy of needs, you think about people at the end of their life, they want to have a sense of fulfillment. They want to have a sense of meaning, a sense of having made a difference or an impact. You know, all these great movies, those that help me in character often, if only I had done this and given more of this. And I just don't want that for people's lives. I want each of our listeners to be able to have that impact right now.

55:36And I believe it's not the only lever, but I think it's the biggest lever for positive change is making more money. And I hope, I hope I'm giving you a compelling reason why to go make more money and the good that you can do with it in your local community. I 100 % agree that people can sniff out the motives behind the actions. And I think that small businesses especially can use giving in their small community to their own advantage. I see it all the time from successful businesses that actively promote shopping locally and supporting the local schools and charities. Yeah, that's so important right there, Clay.

56:13I just think many people don't feel like they can make a difference. I think people think, I have to have$100. I've got to have$1 ,000. I've got to have$100 ,000 to do any kind of an impact. But what companies are realizing is the power of the GoFundMe or just the power of the movement. And it's just, hey, I want to raise$500 to help provide school supplies for this student who needs money to get a leg up on their life. People will join that. And that's all that it takes. You know, one of my friends, Bob Goff, shared with me on the podcast, Derek, he said, if you want to make a difference in the world, start by walking across the street.

56:50And it was so powerful. So many of us think we've got to go overseas. We've got to go all around the world. Hey, if there's somebody that needs something, if there's a homeless shelter, if there's a food bank, if there's a family member who's lost their job, man, just drop an anonymous amount of money in their mailbox. I mean, that's how you do it and involve your family. That's really powerful for your kids to see mom and dad being generous and involving them at their school. Hey, if you hear of needs that your friends have, let's anonymously help take care of that because we want to be part of the solution, not the problem.

57:26Fantastic message. For anyone that wants to check it out, it's The Good Money Revolution. I highly recommend the book. Derek, thank you so much for coming onto the show and giving your time to our audience. I love the message you're sending out with your new book. Before we close out the episode, where can the audience go to connect with you and learn more about the book? Well, Clay, I have really enjoyed this. I love your podcast. I love each of your interviews. And it was a real honor for me to be with you today. My hope with this book is that it will just help impact people's lives. It will help them be motivated to make more money and do more good.

58:01And they can go to goodmoneychapters.com. goodmoneychapters.com. We're actually giving away the first five chapters of the book for free just to add value to people right away. We talked about asking your boss the best ways to add value. I want to add value to each of your listeners. So goodmoneychapters.com would love to have this book in your hands. And I feel like it'll make a big difference in your individual personal life and your business life this year. Awesome. For those interested, I'll be sure to link that in the show notes so it's easy to get access to. Derek, thanks again. My pleasure.

58:33Thank you, Clay. All right, everybody. I hope you enjoyed today's episode. Please go ahead and follow us on your favorite podcast app so you can get these episodes delivered automatically. And if you haven't already done so, be sure to check out our website, theinvestorspodcast.com. There you'll find all of our episodes, some educational resources we have, as well as some tools you can use as an investor. And with that, we'll see you again next time. Thank you for listening to TIP. Make sure to subscribe to We Study Billionaires by the Investors Podcast Network. Every Wednesday, we teach you about Bitcoin and every Saturday, we study billionaires and the financial markets.

59:13To access our show notes, transcripts or courses, go to theinvestorspodcast.com. This show is for entertainment purposes only. Before making any decision consult a professional. This show is copyrighted by the Investors Podcast Network. Written permission must be granted before syndication or rebroadcasting.