What’s the Real Problem Behind the Money Crisis?

$3,000 rent a month. Is that even possible? >> My my mindset was always like, "Someone owns that building, right? What do they know? Maybe it's a few people owning." >> People started saying, "What do you mean? How can you talk like that? You don't know how we struggle." >> The job market is hard. >> They're making $7,000 [music] a month and their expenses are 12. >> Who's the rich guy on the block? And you know, jealousy or money hungry? Starting a business is something that, you know, does require risk. So, someone having a spending problem, what does that look like? Either one of you, somebody's got to work more. Somebody's got to get a raise, get a different job. >> Yeah. You know, maybe she should wash wigs at [music] night or maybe she should, you know, learn something, learn something where where she can make more money on the side, right? >> Welcome to another episode of Positivity. I'm very excited to be here um with Moisha Wanderer. Now, most of the podcast that I record is usually with people that I know. I know them from the past or whatever. That's like kind of like my policy almost. But over here something interesting happened. We made a conversation on our my WhatsApp status. Uh something um that I said in another podcast with somebody about budgeting um budget related budgeting relating related. I said that basically that I think every person should be able to afford uh $3,000 rent because they were saying they're building Okachobee for cheaper houses. So, you know, over here it's $3,000 average rent. Is that too expensive or can everybody afford it? And people started saying, "What do you mean? How can you talk like that? You don't know how we struggle. You don't know." And and then I I I doubled down. I said, "What do you mean? Everything is a mindset. put you set your mind to how much money you want to make and you make that money. And people started saying, you don't know how bad the economy is. You don't know how bad the job market is. I have this friend looking for a job for multiple weeks and months. And I noticed, okay, there's something seriously going on that if I make a podcast about budgeting and financials and stuff like that that it's going to take off. There's going or at least for some people, they're really going to enjoy the episode. So, while you're not a singer or celebrity necessarily, you're a celebrity in your field. >> Yeah. Um, but people can can benefit a lot from a conversation about budgeting. So that's where that's where why I got very into this and that's where I said, you know what, even though I don't know you personally, but you're an expert. Many people recommended your name. You have a big LinkedIn following of almost 10,000 followers. You have 75 clients and more and counting. So that's amazing. Um, so let me get right into it. >> Yeah. the average family, can they pay um $3,000 rent a month? Is that even possible or not? And then you can introduce yourself. >> Yeah. Okay. So, so before I I think before anything, you know, I think I need to make a little a small disclaimer. >> Okay. >> Which is that a lot of things I think we're going to discuss is going to be a lot ofadas. And you know, I don't want people to take it in the way of like, oh, um, what do I have to plan? Hashem has a plan, you know. So, you know, conversations like these where it's like, go make more money may sound like, you know, a little bit like, you know, we we we can do it. So, >> and it's only, if I may interrupt, it's only for the 1% of people like myself that constantly try to overlever myself with a budget and plan, by the way. Meaning, I want to just say I feel proud of myself that even if I if my goal is, let's say, to spend uh uh uh you know, $30,000 next month and I know that my I only make 20, I'm going to put in in my budget a path to make the next month 30 or 35. So, it's all within the frame of budgeting, but I'm just constantly pushing the boundaries. But I am. >> Yeah. So, so to to your direct question. >> So, it's a disclaimer that we're talking about physical actions, not we're not talking now. Okay. >> Correct. So, to answer your direct question, it's I I I would say it's a little a little to the aggressive side in a way where not everybody could afford certain things and and the job market is hard and and people do have certain limitations, right? So, you know, to tell a person who's, let's say, in sales and he could have the drive to make $200,000 a year, $300,000 a year, for him, it may be something that if he has that mindset, he could be able to do it, right? But there are people that do have certain cir circumstances where they can't afford a job that's paying them that money. They they don't they can do such a job. And the job market doesn't even fully allow it, right? Because if you would tell everybody to get a job that's $250,000, let's say just throwing out a number. >> Mhm. >> Then who number one, who's doing all the other >> come back? >> Number one, who's doing all the other jobs? >> Right. >> Right. And and it's a job market, right? So there there's going to be people always on on every side of the coin and there's always going to be people making more and there's always going to be people making less. um $3,000. Again, it it's it's something that not everybody could necessarily afford, but but but there is there is definitely a a mindset to it, which I would agree with what you're saying, where there are people who could do it, but they're not. >> Okay. >> Right. So, there's definitely people out there who you're talking to who you're saying you could do better and many of them could, right? >> But also, many of them can't. >> Right. Okay. Now, a little bit of introduction. First of all, you are you Wall's brother? >> I'm not Is Wall's brother? But no, but I I'm related to Joel Wall is what is what? Yeah. So, shout out to Joel. >> We had him on the podcast. >> Yes, I saw. Yeah. >> A good man. He he made a post today on LinkedIn >> about his like his shows, why it's $3,500 a ticket for an average person to come in. >> And I personally I hate that because I feel like it's it's crazy. But then when you read the whole post and then when you acknowledge that I myself was an exhibitor at his show brick and mortar and I actually closed two clients that are still my client today. So you're talking six months later happy clients you understand that the money that I paid to exhibit there which is the average price whatever comparison to how much money I made from those clients is incredible. So shout out to Israel Wool and to Joel Wool. Yeah. and Israel and uh >> Israel is is the guy who does the the Gumarra thing, right? >> He does the Gumar He's the anxiety expert. >> Oh, I thought he's the one who does like the the the lead lamps that re that make the words bigger. >> Oh, yeah. It's another guy maybe. >> Shout out to everybody. [laughter] >> Yeah. Um so, give us a little bit of a background of what you do and how you got into this. >> So, it's actually pretty funny um how how I got into it, you know. um going back in like ninth ninth grade, 10th grade, 11th grade. You you know my my whole that that whole um time of life, a lot of Bakam are into sports and some are into this and some are into that. For me, it was always being into money. >> Um and it wasn't really in the sense of like you know who's the rich guy on the block and you know jealousy or money hungry or anything like that. It was more of a sense of like how does it work? How is it made? innovation, you know, what what what could be done and >> curiosity >> curiosity and these are the conversations that I always had with friends and you know I'd be driving in Manhattan with friends and and whatever and saw a building my my mindset was always like someone owns that building right what do they know maybe it's a few people own the building but like what what do they know right there's a million businesses all around right so like that's where my you know all my conversations >> really were um for for the most part and when I was looking for for a job. I actually for some I I didn't even think about going into this. I was actually going to, you know, go into drug rehab. Um I don't know why why that piqued my interest, but you know, I saw something. >> Yeah. >> Um and I I didn't get the job and then I just I saw this on a chat like >> on a WhatsApp chat and I was like, wait, like why didn't I even, you know, think of this? hopped into it, figured like like you know this is something that that I want to do and I and I and I'm very passionate about >> of you know just >> helping people with money and you know just having money conversations is something that that that I really enjoy and I figured why not make a parasa from from it. So, um, you know, it's really exciting and, you know, we're sitting down with couples every single day, helping them, you know, really, really believe in themselves and believe in their families to really accomplish things that, >> right, >> they didn't think they would be able to, >> right? Okay. So, I want to share my personal uh, story with budgeting because like this, I want to see how you help people. So, my story was that for me, it was pretty much the same. It was just spend money, hope you'll have enough money. Um, I tried knowing a little bit how much my expenses are and how much money I make so that they somewhat match up, but I didn't want to get into I didn't want to know the details. And then I always knew that the order of life is that is that if you want to be successful, if you want God to give you a lot of money, you kind of have to know where it's going to because he can give you a million dollars. But if you don't have an order on how you spend money, you're going to lose that million dollars. Meaning you're going to right away buy a stupid car, buy a stupid house, whatever, like it's so easy to lo It's easier to lose a million than 10. You know what I'm saying? Like >> so >> so I got very into budgeting. Like I set myself up on every dollar app. I did get myself a financial coach and I'm consistent with that. Every second week I go through my own my every charge that I have, put them in a category, set a budget. So I noticed that when I made a plan of how much money I want to spend, I noticed that okay now I have something to work towards and I and I started exercising different avenues of money in my life because now I have a budget. So my question is that when a couple comes into you and they say he says he makes $1,000 a week, he's a maj. She says she's a secretary and makes $3,000 a month. Together they're making $7,000 a month and their expenses are 12 because between rent and a car and average groceries and schools for kids, you're an average family is at 10 or 12. What do you do? Meaning I know for myself what I did to stretch um and also I have a business. So for me it's just okay another sale work harder >> right >> and I have this whole career so there's like I do feel lucky but you know and and again I built all of this there was nobody gave it to me so I did build it I did have a job up until four years ago four years ago I was still working a job in construction but the question is for the average family what do they do what does even budgeting help them >> right um so the fir the first thing you said I want to go back back a second right you were saying how you know money was coming in and money was going out, you you didn't want to see it, right? Yeah. And and it happens to be a lot of people have that mindset of of like, you know, Hashem has a plan. My is to have a job. >> Mhm. >> Right. And that's my whatever happens tomorrow is going to happen tomorrow. But I'm not a RV or anything, but but just food for thought is maybe a is also to plan for the future, right? like Hashem didn't give you maybe Hashem who gave someone $10,000 a month is only giving them $9,000 a month for today and a th000 for the future, right? We don't necessarily know if it's if it's all if it's all for today. Of course, we believe that, you know, Hashem is going to pro provide for us on on a daily basis and and and and that's what, you know, what we work and and we eat, but at the end of the day, like we we have to plan for the future. Um, but you're asking you're asking, you know, with a family who's really in the red, right? >> Yeah. >> Now, if someone's really in the red like that, there's many people who could help with with debt removal and helping them sort of get out of debt, right? So, a lot of things will we'll speak to clients and, you know, they are in the red, you know, depending on how much is we'll sort of see is there an income problem or is there a spending problem, >> right? It's it's it's it's going to be one or the other. Once we know what that problem is, then we then then we can take take a step back and see what could be done. Right? So what you described is is problem. >> If I'm this person, what do you do for me? I'm I'm I'm describing this scenario 7 12. What What do I do? >> So So we we we can't do magic and and and and make someone, you know, make more money, right? So if if someone is making $7,000 a month and their expenses are 10 and they're going negative $3,000 every month, there's not something that we could do as financial planners to necessarily bring them to the green besides to sort of guide them on on, you know, what what that will do for them if if they could achieve that, right? So, if someone is passionate about it and and they want to they want to do something and this goes back to your original point, there's a lot of things that they could do to try, right? They could they could do a side hustle, right? If if if the lady is is a teacher, you know, maybe she should wash wigs at night or maybe she should, you know, learn something learn something where she can make more money on the side, right? And a lot of people are going to say, you know, we're already working so hard, we don't want to do it. But >> but you showed them pen and paper. Right. >> Right. There there is a cost to to to being in the green and there's a cost to being financially free. And for some for some people that cost is is going to be to have, you know, another source of income. You know, you can take that away. If it's a spending problem, it's a little bit easier to to to take care of obviously, right? No one I don't think really has a spending problem where it's like negative 3,000. Um, but if someone has a spending problem, it's definitely >> some probably do. >> Of course, of course people have a spending problem, but then already you could sort of see, you know, where we're where someone's falling short. I I actually posted this on LinkedIn. I had a a client who who I sat with >> um he was giving $2,500 a year um towards weddings, right? So, you're going to get married, you're going to get a lot of a lot of checks probably, you know, at your wedding. And this guy was was doing it. And and it's a beautiful it really is a beautiful thing. You know, I got married. I I made money at my wedding and and it's amazing. But then he wasn't putting away any money for his kids, >> right? So So when it comes to these sort of things, sometimes it's it's pretty obvious on what >> be able to show it to them, >> on what it's becut, right? And and when you go to someone, you tell them like, you know, you're giving money towards this person's wedding, but not to your kids, it sort of puts them in a different mindset on like, oh wow, like >> we could actually, you know, do something with this money, >> right? So someone having a spending problem, what does that look like? You're telling me that there's a person. So first of all, I my opinion is that when somebody comes in with a problem that I mentioned is that I I would use a spiritual approach with them. Like I would use an approach where I would say, "Look, dude, either one of you, somebody's got to work more. Somebody's got to get a raise, get a different job. Somebody's got to start doing what they love >> because you're working too hard." the the answer is not always to work more. It's start doing what you love. Maybe consider opening a business because this doesn't make sense. So, I'm saying I think my approach to being a financial adviser if I were to do it is I would help them and guide them into okay, what do we have to do now to be able to fit that budget and maybe you do that. I'm saying that's my >> Yeah. For sense yeah it definitely it definitely makes makes sense what you're saying. Now, starting a business is something that you know does require risk. So, not everybody has that capability. to take on that risk, right? Because if they're even if they're making 7,000 a month, now if they, you know, go into sales, let's say, and they don't make any money for the next two, three months, they they they they fall deeply. So, >> a person does have to have the the I guess luckiness to to be able to take on on such a risk, right? Like like you you know, you you you had that where where you could for the past 5 years, you were able to take on that risk where you could go and and open your business. Um but but not everybody has that. But but yeah, normally we're going through and we're seeing, you know, where we could make more money, right? So there's so many small businesses out there, right? You know, there's >> there's people selling meatboards and fish boards. >> So do you help them making more money? Do you help? >> We we we we we help them understand what more money is going to do for them, >> right? So and and I'll tell you this, a lot of people like Well, let's talk about a family that's flat, right? Because this is the most common where a family is making we're just throwing a number. A family is making $10,000 a month. They're spending $10,000 a month, right? Couple dollars up, couple dollars down, but they're not saving. They're not going into debt. >> Okay? >> So, to them, it doesn't seem like they should go out and and do something more, right? Why? Because what's $200 $300, right? So, the conversation that we have with them is is, you know, if you go out, let's say, and make another $300 a month, let's say, right? So $300 today doesn't seem like anything, >> right? But every $100 that you save on a monthly basis for 20 years towards let's say a child's casta is $80,000. >> Wow. >> Right? So the mindset that we sort of put them in is $100 is not $100. >> It's it's $80,000. >> And and once they have that mindset and they know that the $100 that I'm making today is not it's not 100. >> Wow. Then then they could be like, "Okay, maybe it makes sense for, you know, my my wife to well, not not to throw on a wife, but maybe, you know, a wife could have a lot more side hustles." I think throw it on. >> No, I think No, cuz they there's a lot of side hustles, you know, that that that a woman could do. >> Um or or, you know, for the man to make a couple meat platters, make you know, learn something new, right, >> if they saw the value in that extra three month. you're here to educate them. >> $500 a month, you know, like like it's >> it's we we educate them that that it's not $500. >> It's it's way beyond that. And and you know, when when when once you have that mindset, it just gets more and more and more. We've had clients that that came and and they've done this, right? And they hustled and they went out, they made an extra $200 a month to be able to, you know, put away towards their child's kasinas and all of a sudden they come back and they're ready to put in more. And and I asked him like like where did this happen? Like a minute ago you were right. But once they have that mindset where they're like, "Oh my gosh, I'm I'm I'm investing. I'm doing this. I see it. It's growing. It's happening." Like all of a sudden like more things start to open up. And back to another another point that that you said like how to budget and you know how to how to bring financial planning into that is is you know another thing I like to to tell people a lot is that your investment accounts are a credit card bill >> right so for one is making interest and one is charging you interest and and and and that's really how it is right so if if let's say let's say let's call a wedding $80,000 right that you can make wedding for much less you can make a wedding for much or we're just we're just giving an example. $80,000, right? >> That wedding could cost you $80,000 or it could cost you $30,000, >> right? It's it's it's a big sale. >> Y >> it's a big sale and and it's a credit card bill that you're paying towards the future. So, let's say someone has a $4,000 credit card bill every month. >> So, make it make the bill 4,200, right? It's it's part of your credit card bill. Just one is going for the future and one is paying off the past. and and that I think the mindset that that people could have could really shift a lot of things for them and open up, you know, a lot of opportunities into starting and and investing and people are always putting in more on once the door is open. >> We have clients, they start off with $50 a month and all of a sudden they call me, let's up it to 150, right? >> Let's open up another account. >> Right? >> Because they get the feeling of it. The feeling, >> right? So now when somebody does have a spending problem, what do you do? They they coming into you, they say, "I'm making 10,000 a month. My budget is 10,000 a month, but I'm spending 3,000 on random stupid stuff, and it's getting me into debt." So, what do you do? >> Yeah. So, with with this kind of scenario, it's very, first of all, very important that we sit together with both the husband and the wife, right? So, a lot of times we'll meet with just the husband or or, you know, and they sort of take care of the finances and the wife doesn't want to doesn't want to have anything to do with it. But when there's a spending problem, usually you want to have both both spouses there together so they could really understand what they're missing out on. >> Yeah. >> Right. It at the end of the day, it's their decision, right? You could want to enjoy the now. You could want to enjoy the future. It's it's up to you. We we can't we can't force you to do it, but we could show you what it's going to look like, right? So when you start really taking things apart and you're like, "Does this make sense as opposed to as opposed to, you know, a beautiful retirement with traveling the world." >> Yeah. >> Right. It opens up their mind as a couple like what do what do we want to accomplish? Right. Do we want this pair of shoes now or do we want to, you know, go to Aritis and visit our our kids in in in Israel? Right. >> Right. So, it's it's up to them and and and we're there to to open it up and and most of the time it's like, "Yeah, that's that's that's much more that's much more enjoyable." You know, we we rather that. And again, it's it's >> it's very hard when when you're when you don't see it so clearly yet cuz let's say you're putting away $300 a month, you're like, "What's this going to do for us?" >> Right. But over time, it it's magic. >> Right. Right. >> It's it's magic. You're literally I think in the educational business like just educating educating people explaining to them what it means to spend money how to now do you use um every dollar or how do you what how do you have your own platform? How do you help actual budget? What's the do you go through every transaction that they have? What's the >> So it's really a persontoperson thing, right? If someone's coming to us and and they, you know, we see their income, we see their their spending on a month on a monthly basis and let's say they are able to put away $2,000 a month, right? Then it doesn't it doesn't necessarily make sense for us to dig deeper to see, you know, if we could get more, like they're they're they're in a pretty good spot. >> Yeah. >> Right. >> But if someone is coming and and they want to try to get from from flat to green, >> then then we we start we have to dig in a little bit and and and yeah, we have a platform. We go through everything. It's not necessarily going through every single expense. It's really just discussing, you know, the the the the overall picture and and seeing, you know, where we're where something could come out of. >> Um but yeah, it's really person it's it's really >> it's it's very um person person to person. It's very personable, right? It's it's like we're sitting down with you >> and you know, doesn't matter what anybody else is doing. Like let's see let's see what what what you could gain, right? So I think that's something that's that's very very important for for families, you know. >> Yeah, that's that's impressive. Um again, for me, budgeting just simply helped me with my investments to push forward to have the clarity to just feel better. Um I stopped spending on a lot of things that I would in the past spend and then I just noticed what I mean. It's every dollar adds up. So I think that that just gave me tremendous clarity when you the moment you create a budget which is to monitor what you're spending on or what you want to be spending on I think it just gives you like a whole different uh perspective. >> Yeah. It it really it really opens up it it opens up the mind you know you see >> part of it like is part of it you do see right you see like opening up and also part of it also is is very hard because sometimes it feels insignificant. >> Mhm. >> Right. And some people come to us and like well I should open up an account $100 like $100 a month like you know what I have to do that and like you know they have one kid and like tell them like you know this will literally get you to X Y and Z. It's not it's it's not $100 and it's it's really it's really all in in the mind to to o open up those doors. Um and like again like we're sitting with people and I'm again and again like it's always more. It's never that they never come back and say, you know, I I I need to lower my lower what what I'm putting in, >> you know, it never happens. And >> and and also like like a spending problem, it's someone someone has to want it, >> right? You you you have to want it. And and there's a cost to being financially free. So So people like they'll come and they'll be like, "What do I have to do this?" Right? Like you tell me to work more. I'm already working so much. I come home so late. Like it might sound off a little bit to say this, but like okay, so like you're you're you you may struggle >> like you may struggle. Like it's it's not it's not something that's magic. Like you know you we live in today like life is so expensive. >> Yeah. >> You know it's so expensive and everything around us seems like hustling and bustling and there's money everywhere, right? You know, everyone thinks that everybody else has has so much. >> Yeah. and and and it gets like it gets all over the place and and and you you think like, okay, so what's my measly, you know, $300 a month going to do? But like you can look at other people, you know, because first of all, a lot of those people, they they they they don't have what what you think they have. And you probably know this, a lot of people on LinkedIn, right? You see CEO, founder, uh all these things, and you're like, "Oh my gosh, like everybody around me is just doing so well. Like what like what am I doing wrong?" Usually usually, you know, a lot of those people are are in are in that same are in that same pos position and and they're not >> well, some of them are doing well. You know, we're not going to put everybody down. There are people who I sit with young people and you know, they're making $300,000 a year, $400,000 a year, and they're they're out there. Pe people can make money. >> Yeah, that that was going to be my next question. like how much you probably see crazy numbers like from big families making nothing to people younger people making a lot of money. What's h how does somebody make3 $400,000 a year? Young person. >> Yeah, it's it's funny like it's like people ask me what's the average what's the average salary, right? What how am I doing compared to others? People always want to know how they're doing compared to others and it's impossible to give a a number because like it's such a wide range, right? you sit with people who have $70,000 annual income and then I sit with a 24-y old guy who's making $350,000 a year, [clears throat] right? So, the gap is so big where you can't even call you can't even call an average, >> right? Um, how they doing it? Like, you know, there's people who are making money in every industry. It's it's it's but it's the people who are out there, you know, really putting in the work, you know. >> Do you see a pattern now of a good industry or it's just basically everybody each for their own, whatever they're good at? I think people are thinking that ABA is pretty hot right now. >> It still is. I thought it's not. >> I I sit with people who are making good money there. Um then there's a lot of people who say that that a lot of people are not making money there, >> right? >> Um but but I I seem to >> I think I think it's making money. I think people in the healthcare industry are are are doing are doing pretty well. Of course, there's people who are who are not. Yeah. >> Um but every industry is is is is a money-making business. Depends where you are in that industry, right? I I know someone who who makes millions of dollars selling sponges. >> Wow. >> You know, like like you you really don't have to be in a specific field to make money. You just have to, you know, really go out there and and hustle. And and for someone who does have for someone who does have a an annual income and they're not doing sales, I actually saw your your podcast with uh Yetuk Schwarz. >> Yeah. >> Right. On sales. Um you know, but for someone who >> Buddha Schwarz >> Buddha Schwarz Yeah. Yeah. Sorry. Um another LinkedIn another LinkedIn shout out. Yeah. um you know but for someone who's not doing sales and you know I I'm in sales right every day I I wake up I could go and you know for me on a personal financial level right I'm also doing my my own finances so on a personal level I know that I can wake up in the morning and I could make $5,000 today right I can make $20,000 today it's it's all possible when and when you're in such such an industry you know it's it's it's a big bonus but I think that a lot of people you know there's a lot of side hustles out there's people who offer referrals where people can make a lot of extra extra money, >> right? So, like I know a guy who who he pays me $1,000 for every person I I I bring to him. >> Um, you know, there's a lot of industries that do that. And if you just if you're out there and you talk to people and and you put yourself out there a little bit Yeah. >> and and you put in that work, like most people most people could get to the green, >> right? Especially for young families, right? Of course, you'll have people who have, you know, six, seven, eight kids and, you know, the person's the father's a rebby and the mother is is a teacher. And that's a whole different a whole different area, a whole different circumstance. But for a young person when you're just starting fresh, >> it's much easier to start fresh and have that mindset where, you know, I I could go out and and and make more money. >> Um, but, you know, >> it's it's it's really you got to put in the work. >> You got to put in the work if you want it. But and and then again back to the other point which I think it's just one big point is once you decide to put in that work again you you have to understand what that work is doing for you >> right >> and when you know what it's doing for you it's like it it becomes much easier. >> Wow. >> It's a mindset shift you know and you're you're you're the mindset guy you know. >> Yeah that because so that but that's the difference because most people I don't think even have the mindset. I always say this, you know, people sending me messages, you don't understand, the economy is not doing well, which I want to touch on my next question, but the economy is not doing well and this is not doing well and I can't get a job and no job is paying. >> Did you even write down or think for a second how much money you do want to make? >> What it is that you do want to do, right? >> What are your goals? What do you want to be spending money? or all you're doing is just whining about the economy or whining about my mindset. Like I hear people are complaining to me. They're like, "How can you say it's a mindset? I'm here out and struggling and hustling, >> dude." 100%. Like I I I met with a with with a guy, young young family, and and you know, we sat down. He was making he was making a very decent salary happens to be >> like whatever a very decent salary >> and his wife wasn't working. >> Yeah. >> Right. And he was coming I can't put away like like at the end of the day like like again every person is is is a separate story but every person has to know what's what's holding them back. Right. >> Like in today's economy >> you you probably need a second income. Right. So number one if if your if your wife is not working number one you you're probably spending more money. >> Mhm. you're also not making that money. And if let's say that person's making $100,000 and his lifestyle is $100,000 and his wife would just get a job for even $40,000, all of a sudden you're putting away $40,000 a year. >> Right. Right. >> You know, so every person has to has to have, you know, a a specific story and you know what's what's holding them back, >> but but there's always something holding holding them back. Like there's always more out there, >> right? What's the most common item people overspend on? like overlever themselves on >> overspend overspend it's a very good question because I I happen to think that people are not so much overspending >> especially young families because >> because life is very expensive >> right so normally when they're coming to to sit down >> their budget looks pretty clean for the most part like like I'm not >> everything there is important and is an important uh expense >> mo most things most things are important right like you you you can't necessarily tell someone and by the way our goal as financial planners to to start, right? Is is is not to make someone not enjoy life, right? We don't want to go to someone and be like, "Why did you buy that pure shoes, right? We're not like there to to put down what you purchase on what what what you want to enjoy life today." Because again, a person does have to enjoy a little bit a little bit of the now, but there has to be a balance, >> right? There has to be a balance of I'm enjoying today but I'm I'm also enjoying enjoying the future. Um but but a lot of people are you know are let's say extras where a vacation let's say right pe people people are people feel they need to go on vacation twice a year once a year where maybe they could cut that out maybe they can't right it's >> you don't want to tell someone what they could necessarily spend money on unless they're you know coming to you from a personal a personal basis and being like you know where what should we cut out right but a lot of the times it's just you know really having everything down on paper and making that those investments a part of that budget is is something that is is going to be the most important thing because when it's a part of the budget, it's almost like I need to do it, right? Let's say you have a $4,000 credit card bill. You know, you need to pay that, >> right? So, if you had a $300 investment bill, you got to pay it, >> right? >> You got to pay it. You'll you figure it out. >> Mhm. >> You know, um but but people people are obviously overspending. Um there's a lot of you know, there's a lot of people spending on gifts is something that a lot of people overspend on, >> right? like, you know, especially well, not counting the season, but you know, baby presents and and and things and gifting is is very nice. But then, you know, we sit down with with with people and >> they're throwing gifts all over the place. You know, every friend who had a baby, every and these things are nice, >> right? But again, a person has to look at themselves and be like, >> I deserve something also, >> you know, there there's there's a balance between being a nice person and being mean to yourself. You know, they always say it starts in the home, >> right? >> Right. You know, if you have someone who's a huge bassad and he's running around to every organization and he's doing this and doing that and his kids don't even his kids don't even get to to to speak to him. It's like, >> right, what >> how is that charity? Yeah. >> How is that charity? Right. So, you're running around, you're giving gifts, you're doing this, you're doing that, but but like >> yeah, >> do a little for yourself, >> right? >> Do a little for your future. >> What's the most that you've seen a young couple or a couple being in debt? Have you seen where like a couple can come in with $100,000 in debt? So, so that that does come a lot from student loans, right? Which is which is a sort of people like to put in a different category of debt, which it is because it's it's a lower interest. It's, you know, it's it's not as on top of your head as a credit card bill. >> Um, there are people, a lot of people are who are in debt and and that's something that, you know, you you got to we're sitting with a client right now who who has about $30,000 in debt. um he came to us and you know >> he was really really into getting getting rid of this debt and it happens to be you know he had he had an account um that whatever I don't want to get into too much detail but he had an account with the savings that was for a specific thing that was for an extra >> right so we we sort of went to the mindset of like right now your priority is to hone in on that right yeah >> so and and and >> people like number one yes you have the mindset where if you pay off slowly eventually it goes away. But again, it's all it's all in the mind where like you have to decide today, right? I actually saw an episode where where this Jewish couple went on on the Ramsey on on Dave Ramsey show. I'm not sure if you saw it. I think I think either it just came out or >> he has a show or podcast. >> Dave Ramsey Dave Ramsey's podcast. >> Okay. >> It was actually a Jewish couple who went on and >> I like him by the way. He's very good. and they were $70,000 in debt >> and they wanted to buy a house and they were about to buy a house and then they made the the decision. It was a just a decision and Dave Ramsey said it all starts with the decision that this is all we are worried about. It's the debt and that's it. And >> if someone wants it, you just hone in on it and that is what matters, right? So yes, paying it off slowly could help, right? and and it and it and it does do something. And if someone can dump in can dump in so much money at a at a time to pay that off, then okay, fine. But if you >> you you have to be willing to give up on something, >> right? You have to give up on the now for the future, >> right? >> And and and you have to be able to see what it's going to do for you and it's it's a it's a decision that you have to make and you have to believe in. So this person, this specific person, he had $7,000 sitting for something extra and we're like, why is it there? Hone in on this, right? get to get to even. You you you your number one thing is is is to get to even and then and and then and then you could build. >> Um but you you can't be spending on extras and and and you can't be h you know doing all these fun things and you know even the small things and and he he he asked us he was like you know do this do the small purchases matter? It does. >> It does matter because it's not just the amount. Let's say you you know you stop in the morning to buy coffee and a donut or whatever it is and it's $7, right? So, it's not that that $7 go off to paying the credit card bill. It's it's that when when you have the mindset we're just spending and you know it's on the credit card and you know it looks easy, doesn't look like it's having an effect or versus the mindset of I'm honing in on on this debt and nothing matters besides what I need to live. >> Right. >> Right. My rent, my food, >> my tuition. That's it. >> Right. >> Right. And even if it means, you know, going to shab for Shabas to your parents more more often. Right. Which by the way, pe a lot of people are doing, right? Right. They're >> going away fish for shops cost, let's say, >> you know, a couple, let's say, let's say they're making $500. Yeah. >> Yeah. If they're hosting a meal, >> for a couple $400 for average couple between fish and meat and chicken, especially if they're hosting a meal, right? So, when you start really taking apart these things, you realize, okay, maybe maybe let's go away for Chabas, you know, for for a couple weeks. And all of a sudden, we're saving we're saving money, right? You want to eliminate anything you possibly could if if you're in a case of debt >> and then and then it becomes a hobby. You enjoy to see how you're saving money. D Ramsey has a great approach which is spend less, have more. Like it's a very simple approach and I I'm the love of it. I agree on it. And even for me, I live a good lifestyle. I have a successful business. But I enjoy saving money. I enjoy I enjoy not spending. It used to be the opposite way around. Today's days I enjoy I enjoy finding a good deal. I enjoy going to Marshalls and getting a good piece of clothing for a good price. Like, and I want people to get into the habit of that. But even more, what I want people to do is, and I want people to learn, and this is my message. And I think I've offended people by saying that they should spend more money or make more. I acknowledge, yes, I understand it's hard to make money. It's hard to work a job. It's hard to find a job that pays much, and it's hard to work a job that you feel you're not paying enough paid paid enough. But the point is at least go take the five minutes, write down a budget, a future budget. What do you want in your budget? Whatever wherever you are. Somebody messaged me today back and forth. Um, you know, it's like you're engaging. You have a business. Of course, your life is great. I'm 15 and I'm single. I'm not doing anything. My my life is bad. Like, you can stand in the mirror and tell yourself positive affirmations. I can't. And I said, what do you mean? Like first of all, I wasn't always engaged and I wasn't always having a business. And when I happened to have made that video that I posted where I'm talking to myself in the mirror, I I don't think I had a business or a a kala at that time. So like and then so I told him do these things and then you'll get to where you want to be by doing it. He's like I can't fake. I said fake it till you make it. Literally he can't. So that's what I noticed a lot of people is the the mindset is really limited. Meaning, create a future budget. Write down, I want to be paying for a house every month, $5,000. Right? That's the average mortgage price days. 5,000. You want a nice car, right? So, write down, I want to be paying $2,000 a month for a car with the gas and toll and expenses, right? That's the average price. If you want to drive any kind of nicer car, you want a nice watch, right? >> Or you could even go down to the less or even even for just even for just the basics for some people. Correct. Even if even for basics, make a list. Write down what it is that you want. Don't just live and say, "I give up." And then once you have that basis, you can go and say, "Okay, you know what? Either my job right now is clearly not working or maybe it is working, but the expenses that I have is wrong." There's you you have something to work on, >> right? Again, do I have an income problem? Do I have a spending problem? Right? What what could I do more? Could I do a side hustle? Could I refer people? Could I go to to, you know, more events and and meet more people in different businesses and try to connect people, right? Connectors make tons of money. >> Yeah. >> You know, and and this is these are things that you could do at night like 7:00. You could go to networking events. >> Commission. You have to be willing to put in the work if you want it. >> I do many times. I do the acorns. First of all, I love acorns cuz that's how I bought my first house. Like I randomly set it up two, three years ago for $100 a week. didn't even it didn't even take out every week because if there's no money in the account it doesn't take out money >> and then a few years later I'm like whoa there's 20 grand in there that's almost a down payment so I was like okay let's use it for a down payment >> so Acron's amazing and then they have this like bonuses if you sign up four people you get $1,000 cash >> that's nice money >> like I made it a habit to try to find areas to make money wherever I go whatever I do >> right and and it I think the reason why people are not doing what what you're saying and and what I'm saying is is is again because they don't see that it will have significance. >> Y >> right. But just like you said, you're putting in $100 a week and all of a sudden you turn around and it's $20,000. >> Right. >> Right. That's a lot of money. They're not seeing it. >> Right. They're not seeing what the value is going to be for the future. Right. People are are very in the present. Yeah. >> And in the unfortunately in the past also, but they're in the past, they're in the present. And and they're not looking towards their future. And and when you start looking toward towards your future, like there's a lot of things that could be done and investing is fun like like you just said like has me per personally like you know like you know my my wife actually sent me like you know money that I didn't even know that that she had in one of the accounts to put into one of our investment accounts. >> It gets me it gets me excited. Yeah. >> You know it gets me excited like more money to invest more money to invest and and like I don't want I don't want to spend that money, >> right? you know, I I want to I want to, you know, not max out my investments >> and that and that's more fun to me and and right like it's it's really a decision I always I always say this like for me on a personal level is I rather be struggling >> than than to you know to actually either be struggling or be successful. meaning to say I don't want to live the middle of the ground lifestyle for me personally where it's like um you know spend spend money on on a on an average car right now I own a garbage car very proud of it why because I want to enjoy that lifestyle and know that I'm building towards the future right so I could be making the same money by the way we sit with a lot of people who are in the same exact boat two people let's say making $150,000 one person is so calm >> he has things going putting away >> towards his retirement he's maxing out his his Roth IRA. He's he's he's putting $150 towards his kids. He knows that, you know, he's going to be able to pay for his kids seminary, his kids Israel, right? And one person is, you know, has the Acura instead of the Toyota. And and that makes the difference. And and if it's just that small decision, like, let me have the Toyota Camry or or let me have the the cheaper car that I'll buy for $6,000 instead of paying $800 a month for for a car. These differences could be huge. Right now, that person has the Acura, but this person is going to come to his child's wedding, $80,000 in the account when his child gets married stress free. He's going to dance. He's going to enjoy it. As opposed to the person who's going to have to refinance his house, go into more debt, not not enjoy retirement for what? For for for a little bit of a nicer car. Right. >> Right. So, it's >> that's the awareness part. >> It's it's the awareness. It's it's education. It's education of of realizing what you could do with with those small extra dollars. And it's, by the way, it's not a lot of money that that it takes to to be to to get to these levels, right? Let's say someone has four kids and he puts $125 a month for for each kid each kid when they're born. Yeah. >> That's about $90,000 per wedding. >> Wow. >> Right now, you may not want to make a $90,000 wedding, and you don't have to, but you could help your kids out a little bit, right? You could set them up. You could give them something that maybe you didn't have or maybe you did have, right? And and to get to that to get to that level is what? $400 a month, >> right? >> Like we're not talking about huge numbers. Like >> you don't have to be rich to do financial planning. Yeah. >> You know, you don't have to be putting away you don't have to be making $30,000 a month that where you could put away 10,000 of it into financial planning. You could be making >> $8,000 a month and put away 300. >> Yes. >> You could put away a hundred. Right. You could start small. like you know pe people are always upping people are always upping their their thing because it just >> it builds it builds it builds the mindset it builds the and again compound interest it's the eighth wonder of the world no one even understand even I don't understand sometimes how it works it's like you know let's say you're making average of 8% a year right and nothing's guaranteed right but let's say average 8% a year it's like 8% on 8% on 8% and >> it's like you would think it's 8% of of what you put in right like like what's 8% it's it just compounds and all of a sudden like you know we we run numbers for people all the time. It's like, okay, if you put in $125 a month towards your child's kasa, your contributions would be $28,000. You'd come out with 90. And the and like, >> whoa. Like, where did the $70,000 come from >> as as opposed to paying the debt, >> right? >> It's a sale, >> right? >> It's one big sale. >> You're buying a wedding on sale, you're buying a house on sale, you're buying whatever you want to buy, it's on sale, >> right? >> Used and this can be used towards personal goals. Also, I have people have accounts for a safe retire. >> Oh, wow. >> Right. like like people who want to do extra things and they want to put you know what let me put $25 away towards safe tire I have people putting away money a guy came to me he wants he has a dream car >> right he has a dream car he's putting away money towards other things also but he wants to put away some money to towards a dream car like these are things that that people want to do and and >> everybody can do it >> and everybody can do it everybody can do it some people can do it today and they're not right for many different reasons some people feel like they could do it themselves right a lot of them are making mistakes which also I think we we should touch Right? Because a lot of people a lot of people ask me and tell me this is not an ad for me. You could do it yourself. You could do go to any other financial planner. You know, I just want people to have money. Is is why can I do it myself? Right. People see there's Robin Hood like you said, there's Acorns. There's there's things out there and a lot of times what we uncover is that there's simple easy mistakes that that that people are are doing which will cost them much more than any fee. >> Right? So like >> example >> people are in the wrong account right so there's so many different types of accounts out there with different tax law with different tax laws different things that you could do right so let's say for a child's wedding there's custodian accounts that that you could use which is you know you're paying less taxes >> right so these small little nuances um you know when it comes to retirement some people are in traditional IRA when they should be in Roth some people are in Roth when they should be in traditional and and these small mistakes it could be they're right right it could be their right but not necessarily do they know that they're doing it right. A lot of people like to do it themselves and and and some people could, but again, there there's there's people out there who who could really help you and and guide you. And there's so many financial planners out there. Um but there's people, you know, that that could really take you to the ne to that next level and and to really uncover things that that you didn't think. Yeah. >> You know, >> wow. What are some of the common things that people overspend on? I think we we >> No, like meaning what if somebody wants to save money today? >> Yeah. >> What should they what should they start doing differently? >> What should they start doing today to save? You're talking about someone who who is, let's say, flat. >> Yeah. >> So, a family that's flat again, they're probably going to have to do something extra. >> Are they cutting budget on certain things? Like, what should they do? I >> If >> we're buying food for $1,000, should we buy now for $800 and save that extra 200? No. >> Okay. >> Not no not flat no. But that's not that's not necessarily the goal, right? You don't want it because you don't want them to have the mindset of let's cut down and this is a burden. >> Yeah. >> Right. You don't want it to be a burden. You want it to be fun. >> Correct. >> And it could only be fun when when you you know that you're somewhat enjoying your life and you know, yes, of course, there's a concept of, you know, spending less and not buying stupid things. And like Dave Ramsey says, right, if you can't afford it, just don't buy it, right? >> You know, know what you could afford. If if you can't afford the the the Gucci shoes, just don't buy it. Right. >> Right. But but if if you're dealing with someone who who has a decent income and they could just make that little more, generally that's the best route to go because it's going to drive them more. >> Right. >> But but that that that doesn't >> go upwards, not downwards. >> Yeah. Go Exactly. Go up, not down. >> Yeah. >> You know what I mean? >> Um >> Yeah. >> So, what specifically do you do? A family comes to you today. What do you do? You have a interview with them. Do you talk to them? Do you give them to one of your agents? And then what happens? You have monthly follow-ups. If somebody's considering now to say, "Okay, you know what? Let me take a financial planner. I want somebody to help me. I want somebody, [snorts] excuse me, to crunch my numbers and and all." How does your process work? >> Yeah. So, the exact process first we have about probably a half hour meeting where we're really getting to know the person and their family with with the finances, right? What are you making? What are you spending? What do you do, right? What is what is what does financial life look like to you? What are your goals? Really just uncovering like everything that that they want, right? Like they want to travel, they want to do this, they want to do that. Like in in a fun way, right? Not not in a way of like crunching numbers. It's more just like fun. What do you want to accomplish? >> Yeah. >> Right. What do you want to be? Um once we have that, right, >> that's definitely fun. That's hard. >> It is fun. Those are always very fun conversations to have with people, especially with, you know, people who want to put away money for cify rats. Like, >> like people people [clears throat] have people have goals, you know, people want to travel the world. People want to have goals. And we we want we want all that because we want we want it to be fun. It's not just about saving money for things that you need. It's also about having a good life, right? About travel, you know, traveling the world for a lot of people is is a big one for me personally. That's why that's why I keep saying it. Um but you know we really want to uncover everything and and then the next step which is the main step is which I think is the most important thing is planting all the seeds >> right it's opening all the accounts >> right towards all their goals. So, let's say you know someone came, they have a goal for to travel the world, retirement, weddings, right? All those things, but they can't put away money yet. But we're going to open the accounts, right? Feel it. >> Feel the accounts open. Put in $10 a month. >> Wow. >> You can't you can't you can't you >> We're talking about a person who can't afford it yet. Put in $10 a month. >> Right. Start. Feel it. You have the accounts. You have an app. You see it. It's like it's like in your face like you started something, >> right? Once we're up to that level, right, we're talking about someone a family, well, if you go to a family that could afford it, obviously we're starting with with with more money, right? And we're going based on what they could afford. But once once you start, then again, we build up and the financial world is huge, right? So eventually get into much bigger stuff like business planning, right? So it's very on a personal level, right? someone has a business. We, you know, there's ways to save on taxes and there's ways to, you know, do certain things, open certain accounts, you know, that we could do many, many different things, but first we want to plant all the basic seeds and and and allow them to feel it and and to grow from there. And, you know, sitting down with them. >> So, is this like a monthly meeting or has >> So, so it's it's very um dependent on the person in the sense where we're going to meet you, right? I'm I'm I'm going to meet you. We're going to sit down once a year to do a review, right? Life's always changing, right? And and sometimes they won't come back to us and be like, oh, I want to up it, right? Sometimes we'll have to sit down again and all a sudden we uncover like, oh wait, you have something more that that we could do. So, generally, you know, uh 6 months to a year is generally when you you meet clients again. But of course, if someone ever wants to meet, we're going to meet. >> Yeah. >> Right. Like if you have a change like calendar is always open you know like you have someone you have someone that's there for your guidance 247 right >> the phone is always available the the WhatsApp's available the email is always available >> oh so it's not like a monthly thing it's more like a setup and then 6 months >> it's yeah exactly it's it's it's more of a setup and and you know every six months to a year we're seeing if if things changed you know they could always check in obviously >> um but it's not like we're sitting down on a monthly basis Because generally things are not changing on, you know, month-to-month basis. You know, >> 6 months to a year, maybe a person had another kid or they got a raise and they didn't think of reaching out, right? So, generally six to to 6 months to year is generally, you know, >> what about the weekly accountability? You want to make sure that they're actually logging their expenses, not overspending. >> So, so everything is done pretty automated when when when it comes to to to the investments, >> right? And and and we're not we're not really watching their expenses, right? We're not watching what they're spending in the in the grocery. They are right. We're we're we're giving we're we're teaching, right? We're teaching them that you you want this, >> right? You came here, you want this. You you you know what you want to accomplish. You know where you want to see yourself. You know what to do on the spending. >> You know, you know you have to afford this. Your money's coming out automatically, right? If you're setting up, let's say, $150 a month, that money's coming out. You you have to budget that. We we know that you could cuz we figured that out in in the beginning part >> if a month you can't you could shut it off if if you need to, right? You're not trapped. >> But but like at the end of the day, it's like they want to afford it. Like I I have investment accounts that like it's every month like it's it's part of my credit card bill, >> right? >> That's that that's the mindset. That that's the mindset it goes in. I have the same way I'm affording my I have to afford my groceries. I have to afford that. Now, of course, I'm in sales, so I know I got to make that money. >> Yeah. But but like even for someone who has a job, right? Do something extra, you know, if if you want it. >> It all starts with wanting it. It starts with, you know, and and and this is I think your biggest thing and honestly why I I think you're, you know, really special is like you're all about the the mindset and believing in yourself and and I think today people don't believe in themselves and and they don't think that they could get more from from what they have and they could. And some people come out after this and say, "No, what are you saying?" Right? like the people came after you like and yeah, there's obviously a level and and a balance, but you know, they're going to come after and they're going to say, "No, how how could you expect someone to to work more? They're coming home at 6:00 already." They're Yeah, you have to want it. >> Yeah, >> there's a cost. There's a cost. And >> I was going to say again, yeah, if you want to make three If you want to be able to pay $3,000 a month rent easily, you ain't have to want it. That's for sure. I'm not just validating. I have love and care for every person that struggles to come up with that money. But the first thing that happens, you have to want it. And if you want it, write it down. Put it on a vision board. Think about it. Talk about it. Make it make it part of your life that you want to make more money. >> And a lot of people are doing this, by the way. Sometimes I sit with people and honestly I'm like, whoa. Like, how do you do that? Like I sit with people and they have a whole budget >> on an Excel sheet. Every single thing is logged. Every in every every insurance, every every bill, everything. And I'm like, wow. like like like they did the work. People people are doing the work. So for the people sitting at home who are like are people doing this? Yeah. >> Yeah. >> People are people are doing it. You know people are taking the time to to put in that effort >> and yeah they they want it and and and if you want it and you know you got to go after what you want like there's no handouts. >> Yeah I agree. [laughter] Very nice. Okay. [snorts] I think we covered uh much of it. I didn't notice even this. We're sitting here for an hour almost or more. Um, it's very very nice. Anything else that you wanted to share that you thought maybe you want to share with the audience? >> I think just uh just to recap is is is again the mindset shift. You know, knowing that that your $100 today, we're using $100 as an example is not 100. You know, you have to look at what it's going to be, what the future what the future looks like. And just to really have that mindset that that you know that what you think is insignificant is very very significant. >> Yeah. >> Very significant. And it really takes families from refinancing homes and paying debt for till they're 75 years old to, you know, it's like massive swings. Yeah. >> Ma like it's almost like I I for, you know, I one time saw this video like uh it had like a plane, you know, and and if you start off on a line and you veer like just one degree, right? Just one degree. How how over time you're traveling >> how how wide that gets >> exactly >> is is exactly financial planning. It's like >> from it's from debt to to to huge >> like and and that's I think what you know I I would say is something something that's very very important. >> Right. [snorts] Beautiful. Okay. Um we're going to put all of Moshe's information in the description. So if people want to reach out, they can reach out um to work with him. Um, thank you guys for being I always say if there's enough comments and questions, some follow-ups that people want me to ask of Mosha, I'm going to ask him to come back again. And um, always we always love your comments and likes. Share share it with a friend that can enjoy and benefit from this. Um, as always, if you can subscribe to the membership, it's about $10 a month and you get bonus content from every episode that we ever recorded and it helps us uh, keep the program alive. So, thank you everybody for being here and looking forward to seeing you on the next one. >> Thank you.