How To Kill Your Limiting MONEY Beliefs To Unlock Abundance | Mark Matson

27:28And so then when I went through the divorce, I mean, I was gutted. I mean, it was dark. I'm a bad father. I wasn't seeing my kids. I'm going to lose my company. It's going to be like this is going to be the worst thing ever in my life. I got depressed. And then I was talking to a buddy on the phone. So I lived in a world, a screen, because there is no God. And I'm talking to a buddy of mine, and he's like, I'm probably crying. He's like, well, are you ready? I said, ready for what? He said, are you ready to admit there's a God and it's not you? Oh. And I'm like, yeah, I am. Or you could have said, see, there is no God because I'm divorced.

28:09Half my money is gone. My business is gone. My kids don't like me. Right? You could have also gone and stayed in that belief. Yeah. I could have just stayed there. If there was a God, why would he let this happen to me? Yeah. Right? Well, I knew because I was a sinner and I didn't believe in God. Right, right. But you know what? All of the – and a screen sometimes can change slow or sometimes it can go fast. But I knew instantly I could not live in a world without a God anymore. Wow. I just – it was empty. It was devoid and it was hopeless. And I didn't have any doubts or questions. All the intellectual gymnastics I had been doing my whole life went away.

28:47And he said, get on your knees and let's pray. And I was in that hotel room and started praying. And I went from a screen, a world of no God, to a world of God. And that's made all the difference, kind of like the master screen that fits into the other screens. Wow. But screens are powerful. And people will literally die to keep their screens like my grandpa did. He died. He died. He came to visit us only one time at our house in Cincinnati. It was August. It was a cool for August. He walked in the front door. We had about maybe like an 1 ,800-foot square house. It wasn't huge. He looked at my dad in front of his whole family.

29:26He said, how many people did you have to rip off to get this out of? Oh, my gosh. That was his first thing. That was the first thing out of his mouth. Jeez. His screen, his framework, his mindset, when he saw something, he said, you did something wrong to get this. Yep. There's no way you could have done something good to be able to afford something like this. Man. Yeah. And I know my dad wanted to be proud of him. That's tough. And right in front of his whole family. And he said, George, Mary Lou and I, we're on our own business. We work really hard. We try to build a good family for a good house for our family and a nice home.

30:03And he said, well, you can tell yourself whatever you want. They'll let you sleep. Oh, my gosh. He said, but all I see is a big shot. You think you're better than me? And it got really heated after that for about five minutes. He left. He never came back. And three months later, he was dead in his little teeny shack he lived at in West Virginia. How old were you during that time? About 13. Wow. I mean, that's a memory that is still alive in you today. I'll never forget that day. 47, 48 years ago, right? That was a memory that your grandfather had with your father and your family. what psychological screen did you create in that moment that stuck with you, that benefited you, and one that didn't benefit you?

30:51Yeah. Well. Because money, essentially, your dad tried to break a model of his father's to do something good, but it hurt the relationship with his father. That's right. It caused him, maybe he could think it caused him to die. Maybe not, but it could be like, it was so bad that he died alone because he had no family and he didn't want to be around me. Whatever he made up in his mind. So what was the benefit from you in seeing that experience versus a negative benefit? The benefit in that was that dad stood up for his family. Wow, that's powerful. And stood up to his values and what he believed about America and about freedom and about entrepreneurship and about helping other people and never expecting anything free or that you didn't earn.

31:48And that always stuck with me. On the other hand, when I was a kid, I did go through some stuff. I had trouble studying in school and trouble reading. So I made up I'm stupid. And I'd ask a girl to the dance and she wouldn't say no. And I think, oh, I'm not handsome enough. Or I didn't get to be the captain on the football team. And so I started like I'm dumb. I'm not handsome. I'm not attractive. I'm not man enough. And that was early on. That was like eighth grade. And I got bullied in school. And so I had all these in my strategy. I heard your podcast with Pivot. My strategy was not unlike yours, which was to win at all cost.

32:26Whatever I was going to do, if it's going to be sports, if it's going to be grades, if it's going to be drama club, if it's going to be whatever, I got to have the lead role. I got to be the captain. I got to, you know, win state championship in discus. I mean, I got to do all this or I'm not worth anything. And it got me through a little bit in life, but it ultimately would be a failed strategy. Right, exactly. And you mentioned beforehand that you were, your first marriage, you married for 16 years, roughly 16. And now you've been married in your second marriage, hopefully your last, for 16 years.

33:00What would you say are the lessons from your first marriage to your second marriage about yourself? What is different within you to make this more harmonious than the first marriage? Oh, my God. Not about the other person, but within you. Right, right, right. Well, oh, boy. And part two of that, what money lessons did you learn that you would have applied to the first marriage before getting married? Yeah, well, I think for me early on in the first marriage was it just wasn't a loving, caring relationship. And that's on me. I picked out a relationship that wasn't loving and caring and healthy.

33:48And even from the very beginning, there were a lot of fighting and a lot of, oddly enough, jealousy and a lot of difference in values in the world. Um, and so I, it was, the whole thing was just, I'm surprised it lasted as long as it did actually. Um, but the second time I took the time after I went through the divorce and I went through the depression because of the kids and the business and all the other things I was going through, I took time to actually work on me. To heal. And heal instead of just trying to, not that I didn't try to rush into relationships, I did, but that was failed too.

34:27So finally I was working with my therapist in some way. Okay. What? And she goes, well, you'll get a kick out of this. So we created a project. It was called, my therapist said, you're a genius in business, but you're like an idiot savant. Because when it comes to relationships, you are so bad. And so why don't you come back next so we can come up with a strategy like you do in business? So I came back and I said, okay, 10 friends project. She goes, what's 10 friends? I said, well, what I do is I meet 10 women and just be friends and nothing more than friends. And then after that, I'll learn something about relationships and about friendships and then we'll see what happens after that.

35:12So she said, I think that's a pretty good plan. So I'd go out and I'd tell the girl, you're number one. This is going to be platonic. We're going to be friends and that's it. And they go, oh, really? When are you going to get done with all 10? I'm like, I don't know. It was a weird situation. How long did it take? Probably three or four months. I love that, though. And then it was just friends. And then finally, number seven, who owned a salon shop, said, I think she wanted to be number 10. She was number seven. She said, well, I'll introduce you to a bunch of other girls, and then we'll get you through, and then maybe you could come back to me.

35:51So she introduced me to my wife. Really? Melissa, yeah. Melissa was number 10. Really? that she was 10 different women you just hung out with them as friends went on casual dates yep you know it's friend dates i guess yeah activities or whatever and you said i'm not there's not gonna be anything more than this yep until i meet 10 different women and just have conversation hang out interesting and in between there's a lot of child therapy childhood therapy stuff sure other healing sure along the way wow so what did you learn about money the second time you got married? Oh, well, the second... Because you had made money on your own, then you got married, you made a ton of money, then you got divorced, lost money, made money, then you got married again.

36:37So what did you learn about your money wounds or money and being in a relationship on how to make it work? Yeah, it was so counterintuitive to me because I thought that the money was the only thing that would make it work prior. and I actually wrote out a vision statement about the kind of woman that I wanted to meet.

37:01Funny, athletic, caring, kind, not driven by money. And I remember when I met Melissa, we would go out and she goes, I almost didn't go out with you because you have a little bit of money. And I was really afraid of that. And anybody I went out with that money had this. And, you know, I want you to know that I don't need a lot of money and I don't even want your money and I don't want, you know, I'm taking care of my family and I'm taking care of my kids. And, you know, so it was really completely different than what I had, you know, experienced in the past. But she really, really didn't care about the money at all.

37:42And that's the way she is today, too. and finding someone that once when I found someone that really wanted to be in a relationship with me because of my life experiences and what I've been through and then being able to share that and then going to therapy and counseling together and sharing all that together that was really great it was really great and yeah we still you know had conflict about money here and there but it wasn't from, it wasn't from a place of she was wanting just the money. She really, really loved the relationship. That's beautiful. What would you say are some things people should talk about before getting married about money conversations?

38:24What questions did you ask your partner before getting married to make sure that you're at least setting yourself up on the right track of a healthy, successful marriage? One of the things is I think both people would want to define what their purpose for money is and then make sure that those are synergistic and they work together. Give me an example of what maybe yours was during that time. Mine was love, to create love in the world. And hers was family, love close second. So they were very synergistic. They worked really well together.

39:12She had a belief that her value as a human being was determined on her working. and that if she wasn't working, that she wouldn't have any value. Interesting. And that was something we had to work through because I wanted to be able to travel. I wanted to be able to do things with the kids. I wanted to be able – but her job, she was a physical therapist and went from home physical therapy, but she couldn't take time off. Without thinking she's not valuable anymore. Well, she would lose her job. If she took as much time as I wanted to take off, she would lose her job. And if she wasn't working, she was thinking, I'm not valuable.

39:51I'm not valuable. Interesting. And so that was a money, kind of a money demon we had to work through. Now, I guess she might think I'm not valuable for myself, but also the fear could be, well, if I'm not working, he met me when I was working and providing for myself and independent. That's what turned him on potentially. So if I'm not doing that, will he still be turned on? Yeah. And what if I turned out being like her last husband and then left her and then she'd given up her job? Right. And she has three kids to take care of. That fear. So that fear of being left, being abandoned. And then what would she have?

40:29I mean, it's a real fear though, right? It's a real fear. So she has to have a lot of trust in you that, okay, I'm going to leave my job and you're not going to leave me. How does a woman trust a man in that position who's already been divorced and been wounded, who's already been abandoned? Yeah. who wants to make sure that doesn't happen again, who wants to provide for their family? How does a woman trust and have faith? What can she say to the man to feel safe? I think it's a, well, it was another interesting thing. So her ex-husband had told her that, and this just gutted me when I heard it the first time, had told her that because she had three kids that no one would ever want her.

41:18Talk about a gut punch. I mean, that was just, we had the first date we went to Starbucks and had our first date together. We talked for like three hours. Just as friends. Yeah. Just as friends from the first time. Yeah, yeah. And that made me so mad. And I don't know why, because I never really thought about getting divorced. Maybe it was subconscious. But even from the time I was in college, I thought if I did ever marry somebody that had kids, I would love their kids. the same way that I love them. And I would never let that be an obstacle to having a relationship. Wow. So when he was manipulating her like that and trying to control her and just making her feel bad and really depressed about the whole thing, it really made me mad.

42:02Wow. But that was another one of her money demons was that she had kids and no guy was going to want to take that on. So how did she learn to let go of that and trust you and have faith? I think it was just tons of time and therapy and just lots of discussions about things. And probably your actions matching your words consistently for her, right? Most of our therapy had to do around the kids. I'm sure. This kid's doing this. That parent's doing this. This kid needs that. And this kid needs that. And then working through all of those, working through all of those. We had a therapist once time tell us, you know, three years to get it all really aligned up and make it feel like one's family.

42:43I was like, 10 years maybe? 10 years, yeah. It takes a long time when you have that many players involved. No, but also when you got divorced, I'm assuming it affected your financial situation or your business. You know, you had to split or give up a large portion, I'm assuming. Unless I'm wrong, let me know. But how did you manage that money demon of, man, I worked so hard for this and now I've got to give up half or whenever it was? How did you overcome that? And how did you, instead of being a victim to that situation, how did you start to shift and say, and use it for good, that screen? Well, once I kind of came out of the sadness and some of the grief part of it, I was like, okay.

43:30now what am I going to do to make this mess into a message? And we had a negotiator that helped negotiate the divorce, the mediator. And part of the mediation was, look, this is my company. I built this company. The income you're getting, the benefits, the money, everything you're getting is because I'm keeping this company running. And without me, there is no company. So I'm not going to let you double dip. I'm not going to give you half of the company and half of all the other stuff in addition. Right. Because you can just stop running the company. I'll stop running the company and I'll run it into a ditch.

44:08Yeah, yeah. And then I'm not very great at negotiating, but I was firm on that. But you're getting a really great deal. You're going to get going with your life. You've got lots of great resources to go on and be happy, do your own deal, but I'm not giving you my company. Um, and that was, and I kept the company, uh, intact. Um, that was in retrospect, that was really, really good. But you gave up a lot of your other, or you gave a lot of your other assets and cash and yeah. Yeah. How did that make you feel though? That screen to just say, you know what, this is creating freedom and peace for me and I'm okay with this.

44:48And I just felt like it was worth it. Yeah. I was like, whatever it's going to take to get through this and move on with my life. It's just worth it. Now, going through a divorce one time, did you have these conversations with your current wife before you got married about like, hey, you know, is there prenuptial agreement conversations? Is there, how do you navigate that when one person's been wounded from a previous relationship and been told you're never going to meet anyone again and has to work full time now. And you got wounded by your own stuff. How did that money conversation happen beyond what sounds like a money values conversation, which you had, which is what was your purpose for money in life?

45:29How did you get clear on that? She made it real easy. She said, I don't want your money. She said, I just want you. and I'm like wow that sounds great but we still we put stuff in like that well we would keep things separate for a little while but then if we start putting real estate in her name and different assets in her name and different stuff like that so it took a little bit but now she's fully invested and there was no prenuptial agreement or anything there was initially once everything's going so well Yeah, I was 17 years in, so. Yeah, it doesn't matter anymore. Yeah. That's great. Interesting.

46:12What advice do you have for people who are in their early 20s who don't maybe have a ton of money yet, who are looking to get married? When you become a completely different person in your 30s and 40s, it sounds like, what conversations should they have around money before marriage in their early 20s? Gosh, that's such a hard one. I didn't have, in my 20s, I didn't have any money. I mean, I think the conversation is, can we be happy without money? Because it's just going to be hard. I think I only made like$20 ,000 my first year. And the first condo I bought was$40 ,000 and it was a thousand square foot condo.

46:51I mean, it was - The Cincinnati? Yeah. Wow. I mean, I just didn't have much. And expect things to take. I think so many kids in their 20s today, I think, not everybody, but they want to start at the top. They think they can get on Instagram, be an influencer, get on TikTok, do this and that, and you'll be making fat stacks and be worth a million bucks and very quick. But my experience in life isn't that. My experience is digging it out, grunting, working 70-hour work weeks sometimes, working on the weekends, even now to promote the book. I mean, I'm just all over the place working like crazy. It's never been easy.

47:33It's been fun. It's been challenging. It's been awesome. It's been fulfilling. But it's never been easy. And it's never been fast. And I always tell my kids, look, you know, I'll give you a shot at working in the company, but you've got to be the best employee here. Because if you're not, your name's on the building. You're going to come to kick you out of here. Wow. And I've done that. Really? Oh, yeah. Had kids come work with you that just slacked off or felt entitled or didn't do the hard work? Yep. Just didn't work and had to part ways. And there's no regrets now when we know it all went the right way for everybody.

48:10But I tell my kids today, if I had to start over and I had no money, I'd go to work for somebody. And if I had to, I'd take the lowest job in the company. and I would work my rear end off and I would prove my worth and then the boss would see me in there before everybody. They'd see me leave after everybody. They'd see me take on responsibilities that people didn't tell me to take on. I would always be asking my boss about what can I learn to expand myself. And I would outwork every single person at that company and take every advantage I could get and prove my worth. And if I had to start, there's a chapter, it's on whispers, it says, if you have nothing, great, start with nothing.

48:53But don't expect to get it overnight. Because if you're expecting to get it overnight, you're going to be sadly disappointed. My dad told me a story. He said, look, there's a king and he sends all these wise men out into the world. He says, bring me back all the wisdom. And he brings back a whole library, like 4 ,000 books. And he goes, too much. I can't read it all. Cut it down. Then they come back 10 years later with 500 books. He said, too much. Cut it down. Comes back with one book. He says, too much. Cut it down. They come back with one sentence. And the one sentence is, there ain't no free lunch.

49:27And you're not going to get something for nothing. You're going to have to pour your soul and your passion into something and prove that you're better than the next guy. And if you don't want to work for somebody, then work for yourself and be an entrepreneur, which is, I think, the highest expression of being in the American dream. People misunderstand entrepreneurs. They think they do it because of greed. And even Adam Smith made that mistake in his writings. And I know a lot of entrepreneurs, and they don't do it because of the money. They do it because it's an expression of who they are. It's like an artist would create on a canvas.

50:04An entrepreneur creates their company through a self-expression of creativity. that serves others in the forms of products and services. But the most successful ones are not the ones that are doing it per cash. They're doing it to make the world a better place and to express who they are as a human being. I read of that. Wow. What is the American dream in your mind? The American dream is a way you see the world that you're willing to take a stand for and that you want to see for your family and you want to build into your family. And it's investing your – that's why my publishers were like, well, this is an investing book.

50:47I'm like, no. They go, well, it's a personal development book. I said, no. They said, well, what the heck is it? I said, it's a type of a memoir so you can learn from the storyline. But it's a personal development book and it's an investing book. That's why it's investing your time and your energy and your money. And the best investment you can make is in yourself, not your portfolio. If you'll invest in yourself first, yeah, there's a lot of science about investing. There's a lot of brain stuff you got to learn about investing. But you're the greatest investment you're going to make. And that's the way I see the American dream.

51:25investing in yourself, challenging yourself, asking profound questions, focusing on your purpose. And when people say, well, how do I create my American dream? The easiest way for you to create your American dream is to help other people create theirs. Was that Jim Rohn maybe said that or something like that? Or Zig Ziglar said, if you want to achieve your goals, help everyone else achieve your goals. I'm sure I ripped it off from somebody.

51:52You've got a lot of references to thinking grow rich in here. I do. which I love that book and just kind of the whole idea of really creating that mission and that purpose for yourself and seeing that and visualizing it over and over again. You know, after 61 years of life, a lot of ups and downs and a ton of financial success and now family and relational success and health as well. What is the best investment that you have yet to make in yourself? Have yet to make. you've got a lot of things. You've got the family, you've got the book, you've got the things in motion. But at this season of life, how can you pour back into you to keep investing in you?

52:36I think I should take some time off. I think I should take a little bit more time to rest and relax and meditate. I like to increase my spirituality and my faith. That's something I'm focusing more on now than I ever have before. But I think, and with so many kids and with so many things going on, I think more time with Melissa, just time together to share time, I think that's important. So some rest, some meditation, spirituality, a little bit more time with Melissa, because I'm hitting it on all cylinders on most of the other stuff. What will it take from you to take those actions? and for the next six months really invest in what you're saying.

53:28I think I need to go home right now on the plane and talk to Melissa and say, let's just look at the next six months and sit this out. Because I know she's a big fan of doing it too. So sitting down with her and making a whole game plan out. Yeah. I'm going to text you to see how it does this weekend. All right. See, by this weekend, I want to see the game plan. You're on. For six months. I love it. Of how you're going to say no to more things so you can say yes to you in time with her. That's what I want to do. And rest and fitness and all these things. Because you had a heart surgery a year and a half ago.

53:57I did. And then you launched a book and you're launching all these other things and building the business. Right? Yeah. You don't need more of these things. No. And I was dead for 16 minutes. People ask me, did you see anything? I'm like, oh, I wish I did. That would be a great book, wouldn't it? Yeah, yeah, yeah. You know, heaven in 16 minutes, you know. Nothing to report. Must not have been my time. Nothing, no. No. No visions. You didn't see yourself or anything. Not in your body. But I'll take you on. I'll get your phone number. Get your text message. I'll even come back on in six months and give you a full report.

54:32There you go. That's interesting. Well, I think, you know, for me, you know, I've had a lot of, you know, tons of billionaires on this show and mega millionaires and people with exited huge companies and top sports stars and all these different things for people who have accomplished a lot. Right? Right. Create a lot of value in the world, achieve their dreams, been number one in what they do, top scientists on all these different things. But I think with someone who's created so much at this season of life, that's why I asked that question. You said the best investment is in yourself. So I wanted to throw it back at you and see how could this have value to you to reflect in the middle of it all, book launch and all the things you're trying to create still, but how could you pour into you that you haven't done yet?

55:16And it seems like for the last 40 years, you've been running on multiple cylinders of achievement, success, family, kids, blended family. It's just been nonstop. It has. And so I think that's a great time to invest in. I'm not saying you have to stop everything, but more time, more scheduled time for you guys. I think that is great. I know we just met each other, but it sounds like great insight from a friend. For sure. Yeah. I really appreciate that. Yeah, of course. Well, something I've taken it away so far from you is whether you're just starting out at some company or you're in your twenties or you're restarting in your thirties or forties or whatever it might be.

55:56And you have these limiting beliefs or these, these demon beliefs, whether it be around money or relationships or your health or whatever it might be. And you don't think you have value to add to anyone. What you can do is work really hard. You can also add a lot of value by listening to people. And when you listen to someone, I could have no other skills. I could have no platform or audience or money or nothing. But if I can listen to someone and pay attention to what they're saying and what they're not saying, if I can just be present to your energy and hear you, okay, the best thing you can do is invest more into you.

56:35And then just reflect the question back to you. What do you need to invest in yourself? It's a great way to add value to anyone, whether you think you have value or not, whether you're a billionaire or broke. If you can be present and listen to people and reflect back what they need and be of service with a question, you could change someone's life. And I'm not saying this about me. I'm just saying this about this is something I like to do. It's brilliant. And I think anyone can do it. I don't need to be an investment guru to do that. I don't need to be the world's number one athlete. I don't need to have a billion dollars to be present and listen and just see what I can reflect back for someone to be of service to them.

57:18And hopefully that adds value. We'll see in the next six months. Yes, we will. We're able to do that. But I think a lot of people, like you said, doubt their abilities, doubt themselves. They have these demons that hold them back, that keep them playing small in whatever area of life they're in. But if you can be willing to do everything you said, like I'm going to show up early, leave late to situations, I'm going to take on things that were not required of me. I'm going to have a positive attitude the whole time. You know, I'm going to do whatever it takes and I'm going to be a great listener.

57:55I think you can add a lot of value in the world. You don't need to be talented, but you can do those things. I agree. Yeah. A hundred percent. Yeah. I have a couple of final questions for you. This has been really fascinating. We haven't really talked about like investing at all, you know, right? And that's part of the book. That's a third of the book. This is what you do. You teach people how to make, you know, scientific investment decisions without emotion, essentially, by using data, human behavior, and science to win over the long term. How can people, I mean, you have a whole book about this, but if people aren't, you know, able to dive into it just yet, and you are saying, okay, here's my investing philosophy over the last 30 plus years with all the research and the science that we've had and the Nobel Prize winners that have been researching this and all these different things, here is the investment philosophy in 2025 and beyond.

59:02What would you say that is for people? So just like there's screens in money and relationship, there's screens in investing. And most people operate out of a screen called investor prediction syndrome, where they feel like they need a prediction about the future to be successful. So that leads them to want to ask questions like, what are the best stocks? And when do I get into and what's the market going to do? What are the economic or political things that are going to happen? They're dictating when I should get in and out of the market or who were the greatest managers in the past and I should give them my money and they'll continue to beat the market going forward.

59:45But the reality is that those are all flawed methodologies of investing because they're based on prediction of the future. And when you think about that, that's really insane because, number one, no one can predict the future. And if they could tell you exactly what stocks were going to be the best stocks, they wouldn't tell you. They'd keep all that information for themselves. And all the knowable and predictable information about the future is already factored into the price today. Therefore, only unknowable and unpredictable information are going to change the prices going forward. That means stock picking, market timing, and track record investing are all forms of gambling and speculating with your money.

1:00:30So number one is don't speculate with your money. I'm not making a moral thing where if you get on DraftKings and drop$100 on the weekend, that's up to you. But I'm saying if you're trying to invest for your American dream and you're going to need$2 million for your future, then don't gamble and speculate. Right. The second thing is you want to use academic studies to then build your portfolio. And what academic studies tell us to do is to broadly diversify in over 100 countries so that we're not all in one country. Countries or companies? Countries. Countries. Yeah, countries. Diversify your money in 100 countries.

1:01:14Yeah, all over the world. Or in their... in their markets. Really? Yep. In their markets, in their bonds, and build a globally diversified portfolio. And then once you determine what your mix is, don't stock pick. So if I want to buy small US stocks, I buy a structured fund or an index fund that will buy just that segment of the market. And I'm not going to be churning and burning and trying to predict and forecast. and then I'm going to rebalance. What that means is if I put half in equities and half in fixed income and like in 1998, 2008, 2009 rather, the market crashed 50%. Well, now my stocks are way under allocated in my portfolio.

1:02:02I can tell you what most people do because I've been there. They don't call me up and say, hey, can you sell my fixed income and buy more stocks where they're and sell by 50%. That's when they shouldn't do that. And that's what they should do. So they need to force themselves. You said the thing about emotions. The problem with emotions is they can't be controlled. They can be controlled for. And the way that they're controlled for is through a system, a control system, decision control system, usually by someone who's already demonstrated that they have that kind of discipline. You know, these kind of things like AA or Gamblers anonymous or that kind of stuff.

1:02:40Those are decision control systems that keep people from doing addictive behavior. Well, the same thing goes for investing. You can actually work on a system within that's coaching and training you not to actually gamble with their money when you want to do it the worst. And then the other thing is no toxic investments. What does that mean? Toxic investments would be like Bitcoin. There's no there to Bitcoin. You're not investing in a company. You don't get stock. You don't get intellectual property. You don't get bonds. You don't get real estate. There's nothing, literally nothing. The right price for Bitcoin is zero.

1:03:15There's no economic theory behind any value for Bitcoin. It's all gambling and speculate. Things like hedge funds. Hedge funds are pure gamble and speculation. It costs you 2 % of your money every year and then 20 % of any of the gain. And the hedge fund managers open up 20 different hedge funds knowing darn well that they don't know which one's going to get lucky. But then the one that does get lucky, that's the one they tell you is the best one. But it's just like flipping coins. They don't know which one's going to get lucky. That's why they need 20 of them. And if they actually knew how to make 40 or 50 % a year, they wouldn't give it to you for two and 20.

1:03:53That's insane. Peer-to-peer lending, toxic investing, hedge funds, toxic investing, Bitcoin, toxic commodities in general. Gold, terrible investment. Why is gold? I mean, there's a lot of people out there who are saying, you know, crypto and Bitcoin and decentralizing it. So it's not the feds or the banks and no one's controlling it. You have more control and it's decentralized and blockchain, you know, all that stuff. Yeah. Gold is kind of the standard because when everything else goes down, gold is going up. You know, there's all these different experts out there that talk about the benefits of these things.

1:04:28So how is that not true? So I give you the skinny on gold. I can do this one real quick. Okay. 5 % rate of return. with the same volatility as stocks. Stocks have a 10 % rate of return, double the rate of return, with no volatility. Plus, gold is high. They say it's a hedge against inflation. Well, inflation only moves up even in a bad period, 6%, 7 % a year. But gold has 1 ,000 times the volatility of inflation. So how can I think that if I'm trying to hedge my inflation, it's going up by 3 % or 4 % a year, but I lose 40 % in my gold. How can I possibly think that's a good hedge against inflation?

1:05:09Why do people say gold is the way, though? I mean, hucksters, scammers. What if it's a physical good, though? It's an asset, right? Great for jewelry. Bad for your portfolio. OK. But what do people say? Well, stocks are, you know, they're just pieces of paper, a digital paper. I really don't have any value in that. But gold, I can actually, it's like a real estate in a sense. It's a physical, tangible thing. Well, it's a tangible thing, but it only has worth if other people are willing to pay for it. When I own a company, I don't just own paper. I own a piece of that company. So if my company that I bought makes new products, does new innovation, if I buy an S &P 500 fund, I own a piece of 500 companies.

1:05:52Those companies have intellectual property. They have assets. They have factories. They have R &D. They have teams. They have teams. They have massive amounts of research and development behind them. You're buying something that grows. Gold just sits there and you're safe and does nothing. And besides, if you buy a good diversified portfolio, let's say of the S &P, you've got gold anyway. You've got mining companies. You've got jewelry companies. You've got distribution companies. You're going to have gold in there. You're just not going to double down and bet on it because it has a low return with massive volatility.

1:06:29Okay. Anything else in this philosophy? I don't know if I cut you off at one point. No, no. It's all great. It's great because I'm sure you've had many experts talk about how great hedge funds are and how great peer-to-peer lending. The idea that they perpetuate is that if you want to be a billionaire, invest like a billionaire. But for every billionaire out there, there's thousands, if not millions of people that tried to do the exact same thing they did and lost everything. And they never tell you about those people. If you want to invest for your American dream, you need to use science and math, not just speculating and gambling on what some billionaire says that they did.

1:07:09So say I got anywhere between$50 ,000 to$100 ,000 right now, right? Someone watching, say they have that, or they got anywhere from$10 ,000 to$100 ,000. Let's say that. Yeah. You're starting out, you got$10 ,000 to$100 ,000. You have no idea where to put it. Do I trust a financial advisor or a fiduciary? Do I do it myself? well, you know, what do you do with that$10 ,000 to$100 ,000 today? And then let's say you have $500 a month for the next 25, 30 years to put it somewhere. What would you do? And you don't want to think about it. You don't want it to be stressful or overwhelming or daunting.

1:07:46And you say, how can I set myself up for success the next 20 to 30 years? I got$10 ,000 to$100 ,000 now and$500 a month. What do I do? Yeah. Well, at the risk of selling me self-serving, by the book. But basically what you do is, the first thing you have to do is determine how much risk you're willing to take. Say I'm willing to take a moderate amount of risk. Moderate amount of risk would be - I'm younger. I'm in my 20s and 30s. If you're in your 20s, you probably, if with the right education, could take an aggressive amount of risk. Because stocks, large stocks that have averaged 10 % have a volatility of about standard deviation of 18%.

1:08:27That means within one standard deviation, you could be 28 or you could be negative eight. So it's volatile, but you're starting off with that first 50 or 100 ,000, and then you're putting in that 500 a month. That's dollar cost averaging. So if it does go down, then you're putting in more and you're buying more shares while it's down. So that gives you a lot of volatility, plus you got time. I mean, a lot of ability to take advantage of the volatility, plus you've got time to let it grow with compound interest. So I would build a diversified portfolio of equities using combination of index funds, structured asset categories.

1:09:07I would diversify globally. I would own emerging markets. I would own Asia. I would own Europe. I would own the United States, of course. But I would globally diversify that thing. And then I would rebalance on the – I would also own small stocks and value stocks, not just the S &P type stocks, large stocks. That's the other mistake everybody makes. Then I would eliminate toxic assets from my portfolio. Which are? Crypto. The crypto, the peer-to-peer lending, the commodities. Commodities have made, by the way, zero return over the last 15 years. And that's one of the things that Robinhood, look, most people have their cell phone.

1:09:44They got their Robinhood right next to their draft kings. Just gambling. Just gambling. There was a recent study that just said more people trust their gambling app on their sports than they do their stock picks. Really? Yeah. Because no one's taught them how to use academic science to do it. So obviously, most people have tried stock picking. Most people have tried Bitcoin. Most people have tried these things. And a lot of people have had pretty massive losses along the way. And once you get burned, then you start saying, well, there's no prudent way to do this. But they just didn't take time to learn the science part of it.

1:10:24But everything you just shared right now, picking all these different asset classes and Asia and US and this, for me, I'm like, I don't even know where to start with that. Like, okay, if I'm not educated in investing, what you said to me sounds like Japanese. I know. So is there a fund that does all of this? Is there S &P 500? wonder that does most of it like i i give this example and i'm glad you brought this up or should you not try to should you just not do it on your own well there i got i got this example for you so you know the movies where the pilot gets sick and somebody from the back of the plane uh the doesn't new there's not a pilot lands the plane that never happens yeah but in the movies yes in reality it's never happened and pilots will tell you there's zero chance of it ever happening Of them laying some random person, how to land.

1:11:14Yeah, it's impossible. But if you interview men, what percentage of the men would you think say they thought they think they could land the plane as long as they were talking to the tower? A lot of them. Yeah, 50 % say that they think they could land the plane. So the moral of the story is there really – there are some things you shouldn't probably do alone. Investing is probably one of them. but you can make the right decisions as long as you have a good coach to walk you through the process of how to make those decisions. So should people, so people shouldn't be trying to invest on their own unless they've really studied and educated themselves.

1:11:50So where do they go? Because there are a lot of financial, um, I don't know, advisors out there that are not doing the right things. And, and is it a coach? Is it an advisor? Is it a fiduciary? Is it a, Where do you go to find the right team to support you? Number one, you want to eliminate commissions. That's the first thing. Number two, you do want to look towards a fiduciary. But the problem is that the fiduciaries make, I've trained a lot of them, make the same mistakes that the investor makes. Because how are they going to seduce you to buying their portfolio? They're going to seduce you with the things that have shot up over the last two or three years that look hot and sexy.

1:12:30And they're going to tell you, look, you can make 40%. You can make 80%. it. You can make whatever. And so even though they're fiduciaries, there's nothing to stop them from doing that kind of activity. What I think people should be looking for is number one, a fiduciary. Number two, someone who actually understands the academic principles that had been taught largely at the University of Chicago and in some other places. And then they need a coach that has a proven track record and not panicking when things have been terrible, like 2000, large US stocks lost 50%. They didn't make money for a whole decade.

1:13:10Tech stocks, which is what everybody owns right now, in 2000, that period following 2000, lost 75 % of all their value. Wow. And where is everybody investing all their money today? They're investing in large stocks and tech stocks. Have no idea how much danger they really have in their portfolio. None whatsoever. So as markets do crash, and they will eventually, we just don't know when, they can lose more money than they can possibly estimate because they're not globally diversified. And then you have to have someone that is willing, and this is the hard part, to lose you as a client. Let's say you have$2 million and you come in, you're down a half a million.

1:13:54and you're like, I went out or I went this or I went that. And the money manager knows that if he tells you the truth and says we're not going to do that, that you're going to move your money. And then they're going to be out of whatever fees they were charging, roughly 1%. So that would be like$15 ,000 a year on that million and a half. So they're like, are they going to lose you and tell you the truth and refuse to facilitate a destructive strategy, even though that's how they're going to keep the money? Or are they going to be professional enough to say, you know what, that's destructive, you're going to hurt yourself, and I can't be a party to that.

1:14:38If you can find that person, that's the person you should have coach with you. You know, something I don't like about the financial advisory or money management world, and maybe it's just a money screen of mine, I don't like, I don't like, you tell me if it's a good one or a bad one. And maybe I just feel like the money industry is broken in some ways. But I don't like how a money manager or an advisor, whatever you want to call it, makes money, whether you go up or you go down and they don't lose money with you. I wish like, Hey, if you're going down, I'm going down with, I'm losing. I don't get any commission.

1:15:20but they keep getting paid why should they get 15 or 1 15 grand versus 20 grand at two land why should they say you know what i'm actually getting nothing for this year until you come back yeah for me the model's broken yeah well like that's what i don't like yeah yeah maybe i'm wrong well you're definitely right on commissions i mean something's just it's just totally insane to get commissions with the market goes up or down. But the manager has very little. Most of them will tell you they do have control. They'll tell you that, oh, we'll get you out of the market before it goes down. No, you don't know.

1:16:00They don't know. They have no idea. No clue. So you're actually, sometimes you're harder to keep discipline after you lose 500 ,000. It's actually harder to coach you if you lost some money recently than it is when you've made a lot of money yeah if you if you just made 20 when you're two million you're up 400 grand you're easy you're super easy to coach yeah kill us keep doing it's growing i would rather find you know i get the i get the industry doesn't work doesn't work like this but i would rather say hey i'll pay someone whatever two grand a quarter to do a couple hours of coaching with me yeah that's a flat fee that is this i'd rather do like a flat fee or a thousand bucks a call whatever it is, we do it once a quarter and say, all right, where do I need to go?

1:16:47And you just help me facilitate it. Or you make the facilitation based on what the plan is for this quarter. Yeah. Where the political space is at or not. We just set it and forget it kind of. And it has its own markers for the next 20 years, I guess. But then they just keep getting paid for doing nothing. It's got to be rebalanced. The trick is it's got to be rebalanced. Yeah. The thing that you're paying – the thing that you – if they're good, the thing you're paying for is in your darkest moment, your emotions will take over. Yes. And your instincts will take over. So if you have part of your portfolio that's maybe made 5 % your fixed income but your stocks are down 50%, your emotions are going to mess with you.

1:17:27But your instincts are too because your instincts are going to want to make you run from the thing that just hurt you. Of course. But that's when you need to go into it. And that's why it has to be discretionary because you're not going to pull the trigger on your own. No. They're going to have to do it for you. You're bleeding. You're like, ah. But aren't the software and the tools so sophisticated now that they will recalibrate for you? Oh, this is different. This is great. There are tools out there and these companies that already recalibrate your portfolio for you. Yeah, this is great. It triggers you.

1:17:57When this goes down, we calibrate and just boom. So another way to ask that question is, why don't we automate it? Yeah. And an algorithm is great. And we use an algorithm. But the algorithm is only as good as the human behind the algorithm. So that's why you can't go to Vanguard Online or Robinhood Online. You can go and build a model and you can hit a button that says rebalance. But when you look at your statement and something's down 50%, there's another button right next to it that says don't rebalance. The sell. So get me out. So the algorithms, there's nothing wrong with the algorithm per se.

1:18:41But the button next to the algorithm, that's the problem and that's a human problem. That's why I don't think there's ever going to be a robot that coaches an NFL team to win a Super Bowl. Right. That's a purely human function. Isn't that interesting? Because you need to make decisions based on science and data, not emotion. But people are moved emotionally to take action in sports or relationships or their health. They're moved with emotion as well to live their purpose. Yeah. You've got to harness that emotion, not avoid. You can't be like Spock because you're never going to be like Spock. Yeah, yeah.

1:19:19You have to harness the emotion so that it's powerful and does the most for good. But you can't pretend that it's not there because it's going to be there. Yes. So if you're in my position, I'm 41, right? I'm not going to say everything I have, but let's say if you went back to 41 20 years ago, and it's 2024 going into 2025, and you want to set yourself up for the next 20 years, who would you hire what would you do with your your current portfolio or who would be on your money team well well i another shameless plug i would buy the book we have a two-day workshop that i largely wrote off the book uh and we do it on we do it on zoom uh-huh uh we have one in october and then we have one in live in scottsdale which i teach personally and live in our facilities and it takes some time learning because it's not a quick, it's just not a quick fix.

1:20:20So there's some things that in life, I talk about it in the book that there's no hints and tips in the book because hints and tips don't work. And if it was that simple, everyone would have already figured it out. So a little, so some, some study, the book, two days, a two day workshop is like doing a 12-year thesis on PhD, but still having it fun. You break the no-talk rule. We didn't talk about that today, but there's a no-talk rule about money. You get your purpose for money. You see the screens by which you see the world of money. You learn the academic investing principles. You learn, I only gave you a couple of the biases.

1:20:59You learn what more of the biases are, how they affect you. And it's really a journey into self. The coolest thing about investing is not the portfolio piece. The coolest thing about investing is what it ultimately tells you about yourself and what you can discover about how you're wired and put together and what's really, truly important to you. And I'd love you to be my personal guest. Yeah. I'd love to try to come sometime. I'll see you about January if I can. Yeah. But let's say we do go through the workshop and someone watching or listening, they go through the workshop and they get educated.

1:21:35Do they still hire a coach, a fiduciary, a money manager? Who would be on their team once they're educated, do you think? They didn't want to do it all on their own. You want someone to run you through the process. And once you understand the academics, there's like eight different academic principles we go through. Okay. And I give you the evidence. and you say, okay, I believe, you don't trust anybody. Trust the evidence. Yeah, trust the evidence. Trust the science. Trust the science and look at the science and say, does that make sense to me? Okay, this step, this step, okay, I got that. Okay, I get the science part of it.

1:22:09Then you want to analyze your existing portfolio. Once you say, okay, this is the science, now I want to look at what I got and see how it stands up to the science that I believe. and it would tell you how much volatility you have, how much risk. So if I asked you, for example, in your model, what's the worst three-year period you could go through historically? How much money could you lose? You don't know. I'm not sure. Nobody knows because it's never been analyzed. What's your worst two-year period? How many times over the last 30 years could you have lost 40 % of your money or more over our two - to three-year period?

1:22:49and, you know, as a couple, you talked about things you talk about as a couple. Together in our portfolio, how would we feel, honey, if we're looking at this thing and we got our million and now it's down 40 % and now we got 600? Is that going to meet our sleep factor? And if it doesn't, then I have to redesign you working with your coach, redesign the portfolio so that it doesn't have that kind of risk exposure. But it shouldn't be a mystery. you should know exactly what the volatility could be based on how you structured your portfolio. And so you want to analyze it scientifically to see what's really going on underneath the hood, what's really in there.

1:23:32Because your investments have all these names, growth fund, value fund, international. But that doesn't mean that's exactly what's inside of them. That has to be analyze like an MRI to actually see what's going on inside of those funds. I spent$5 million creating a piece of software that actually analyzes what's going on inside of the portfolio. And then you have enough knowledge to go, okay, now I understand it. Now, then you can make the decision. Well, do I want to try to do this myself? Do I want to do this with somebody else? Do I want the added discipline? But the first – knowledge is power.

1:24:10And if you start with the knowledge piece first, then those type of decisions will get clearer for you. Are there like mats and approved coaches that you have too? Yeah, we have 500 of them all over the country. That have gone through your system. Gone through our training. I've had some of them that have been with us for 30 years. Gotcha. you. So those are people that are probably on your website that people can look at and reference and call and ask questions to and see if it's right for them or whatever as well. Interesting. That's cool. This is really exciting stuff. I'm sure there's a lot more we could go into, but I think this is a great first conversation.

1:24:45I've got a couple of final questions for you, but I want people to get the book. It's called Experiencing the American Dream, How to Invest Your Time, Energy, and Money to Create an Extraordinary Life. But really, it's kind of like a psychology to your beliefs around money, your relationship with money, and how to break free of those things that hold your back in life. Which is interesting because I just finished a book that turned in a few months ago that is called Make Money Easy. And it's all about healing your relationship with money. Oh my gosh. So I kind of wish I interviewed you before.

1:25:18I wish I interviewed you before because a lot of this stuff in here has some similar tones to what I've talked about. And it's not an investing book. It is a relationship to money and healing book because I'm not the expert on investing and I'll have the experience you do, but I interviewed a lot of money experts and a lot of therapists and relationship experts. And I blended kind of the three on how to have a deeper intimate relationship with your money and relationships with others around money. So you're not avoidant. You're not too attached. You're in a secure relationship with money for yourself and with others.

1:26:04Because I think money is a big driver for people, but it also hurts a lot of people and their relationships. Agreed. And if we can heal our relationship to money, have new, you know, mend those money wounds from our past, that wound of your grandfather speaking to your father and him die a few months later. Like we can mend those wounds. You talk about Viktor Frankl in your book a lot, and we create meaning from those memories, reconfigure and integrate those lessons and start to heal as an adult from the past. Then we can have a new relationship to money and we can master it as opposed to it being a master of us.

1:26:42And that's something I'm excited to bring out too. But it sounds like you teach a lot of this stuff as well for people in your workshop, which I'm excited about. Get the book, Experiencing the American Dream. You can check out your website also, which is just essentially your name, mattsonmoney.com, which has a lot of other content and resources I saw on there as well, talking about the science of investing. Check out your workshops, which sounds like you do a couple a year, but also over Zoom, people can take it, or virtually as well? We do it six times a year, three times live in Scottsdale, which is my favorite.

1:27:16That's great. And then we have a... I really went all out. I talk about the space in the book. I have a Berlin Wall, a piece of the Berlin Wall exhibit. I have science exhibits about the scientific theory and how it applies. I have Inspiration Alley. In Scottsdale? In Scottsdale. Really? Yeah. I got a tech facility. That's cool. How big is the facility? 50 ,000 square feet. 50 ,000? Yeah. Holy cow. So it's like an exhibit. Oh, yeah. It's not just an office. Oh, no. It's a full experience. Really? Yeah. I got to check this out. In Scottsdale or Paradise Valley? In Scottsdale, yep. Really? Okay.

1:27:54Next time I'm there, I'm checking it out. I'm calling you up. This is a question I ask everyone towards the end of our conversations. It's called the three truths. So I'd like you to imagine a hypothetical scenario. Mark, it's your, you get to live as long as you want, but it's your last day on earth. You're as old as you want to be, but eventually it's the last day. And you get to accomplish everything you want from this moment until then. These three dreams that you talked about all come true. You see your kids and grandkids and it all happens for you. But on the last day, you have to take everything with you.

1:28:32So no one has access to this conversation. This book is gone. Your dream center, like everything's gone. Hypothetical. No content on social media, website, any information about you is gone. But on the last day, you get to leave three things behind, three lessons. I call it the three truths. And this is all we would have, access of your information, your content, are these three truths behind. What would be those three truths for you? Man, I'm putting the hot seat. For me, God is real.

1:29:14That love is the thing that really binds families together and makes life worth living. and it's not it's probably not going to be the the big as the big things that you said you know all the the books or the dream center or any of that stuff that's going to matter it's going to be the relationships uh in love and intimacy with people uh and i guess if i had a fourth it would be the vision of freedom as a universal principle, uh, that creates better lives for people all over the planet. That's beautiful. Um, before I ask the final question, Mark, I want to acknowledge you for your vision and bringing this message to, to people all over the world.

1:30:07I think this type of content is what we need most. And so when I saw this book, I literally had already finished my book a few months earlier. I turned it in and we're going through the edits right now, but I was like, this is exactly the stuff that it's exciting to me because I feel like families get broken apart because of money. Marriages get broken apart because of money. You know, kids abandon their parents. There's just nasty stuff can happen with money in relationships. But I also think dreams and missions and purpose can come fulfilled as well with the right use of money under the right screen or mental model that we have.

1:30:48And when we can change our screen or our mental model around using money for good, creating value to generate money, being of service, helping others accomplish their goals, their dreams, that's the most rewarding thing that we can do. It's the most fulfilling thing. It's the most selfish thing in a sense is helping others because you get more from it than just someone helping you by yourself. And the money or whatever resources you need will come from that. Whether it's millions of dollars or just an abundance of peace, you will live a rich life. And so I'm grateful for you. I acknowledge you for really mastering this the last 30 plus years, 40 years of your life, diving into this, diving into the academics and the science of this, not going off of emotion yourself, but going into these other areas that have been researched to create a more understandable lens around money and the American dream.

1:31:47So I acknowledge you for what you've created with this. And I acknowledge you for taking this weekend to reflect on how you're going to take time for the next six months for yourself. You got it. And then to give back to you and invest in you. I love it. I love it. My final question, Mark, is what is your definition of greatness? Oh, wow.

1:32:12In our core value documents, we actually have a statement in there about greatness, inspiring others to greatness. And we had a long debate. There were 50 of us in the room, and we wanted to hash out every single word and agree on every single word. Like the Declaration of Independence. Like the Declaration of Independence. That's what we did. and two or three people in the company were like, no, we can't put that in there because we can't inspire people to greatness and that's too big of a thing to take on. Greatness is to me is living an extraordinary life where you've made a difference for other people and you've left the world a better place.

1:32:57Yeah. And if I can leave the world a better place and then I came into it, I'll consider that a win. There you go. Experiencing the American dream. Mark, thanks so much for being here. Thanks, brother. Appreciate it, man. Thank you. I hope you enjoyed today's episode and it inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a full rundown of today's episode with all the important links. And if you want weekly exclusive bonus episodes with me personally, as well as ad-free listening, then make sure to subscribe to our Greatness Plus channel exclusively on Apple Podcasts.

1:33:32Share this with a friend on social media and leave us a review on Apple Podcasts as well. Let me know what you enjoyed about this episode in that review. I really love hearing feedback from you and it helps us figure out how we can support and serve you moving forward. And I wanna remind you, if no one has told you lately, that you are loved, you are worthy, and you matter. And now it's time to go out there and do something great.

1:34:05Thank you.