The Money Mindset That Keeps Jewish Families Financially Independent

Thank you so much for clicking on this video. Very excited for this conversation. What turned out to be what I thought will be a casual moneyful thinking right now in the moment. So sponsors So, if you can please listen and support their sponsors, send them a message, save their number, tell them you came from us, it would mean a lot. I'll make it quickly. And so, as always, but um the first sponsor is Heritage Credit Solutions. Uh very uh simple mention struggle. The credit score is messed up. They come in a full catalog. So the legit and within 24 hours they can get your credit score to a better place already. They help you right away and credit score. Sometimes also it affects the insurance other interest rates. This is a professional company, a guy I know personally, and they will help you with your credit. So the number is 848-3293660. Morns. Now this is a fun one. Okay. Direct car service. This one I'm excited for. 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I'm very proud to bring this to the world. I'm a vulcan subscribing to the membership also $10ish but for that you get bonus footage from the episode and it makes me feel good as support as a member to the channel. Um or or other than that, thank you so much for being here. Yay. The comment y the message of the hotline. Yay. The compliments and wherever is very very much appreciated. Thank you for this beautiful studio here in the Westwood uh office building, the Westwood 2. And um enjoy the episode. I'm very very excited to meet you because credit cards is until you're in it. random credit cards and next thing you know is and the interest minimum payments guide nor towards the interest. Um, so meaning that once you have a credit card bill of $5 to $10,000, it's going to take you, I don't know, 5 to 10 years more to pay or the minimum. Some banks could take 30 years. >> 30 years. Like, so this is a huge trap. Shout out to my own kala who made me pay my own credit cards. Like I didn't have much. You remember I called you. I told you how much I had and I paid off two credit cards because of that. Um, but it's it's insane. like who's is this the copst stick for the credit cards to begin with or is it is it are why are people following it for this like what's for >> well people fall for it for a variety of reasons starting >> pursuing pursuing you know points which is extremely common >> is they made it for that is the point for them >> the credit card companies Yeah. Okay. >> Okay. >> But points take just a percentage. Take a percentage every time I use your card. So why the why mention an Aamian pickle? Well, the short answer to that is yes in the conversation Donald Trump is busy with the same% interest. >> Yeah. Is that a real thing? Like are we can we expect that? [clears throat] >> Trump's going to try to fight for it, >> right? >> But you don't think it's going to happen? >> No. Because I'll tell you a simple reason why. Oh, so mortgage is backed by%. Yeah, SBA loans real estate% easy. So it was collateral meaning in case collection rate is extremely low. This is a separate part of the conversation as mention and the reality plays out differently for many people because the credit card company. So what ends up happening is a judgment meaning the court's bank $50,000 is the judgment act which they sometimes exercise and sometimes not so technically speaking decided upon the plug >> right >> so and was I guess any kind of income wages and it gets like it really doesn't work the way people say it >> the way people think as Yeah, >> you know, a lot of people do it conscious decision. Um, >> so yeah, there's many times there's no way out firsthand. You're talking about mentioning rental properties in the bank assets legit regulations,000 equity over a certain number. cases credit card >> credit cards lines of credits you know again it wasn't intentional relatively >> right >> business necessarily in net profit revenue credit cards meaning not something that you know I would say and mention was running legitimate businesses whatever I've grown the business I've grown It's very reality, right? Yeah. eventually but as long as a cash flow business so it's very different like my business is basically first of the month like floors right construction some portions in days let's slice and whatever and I tell him sometimes I tell him I just feel bad for you like the construction industry business. So I think that people should be conscious and aware of what they could control that when they go into a business especially like I don't think guilt generally speaking is a good thing unless you really know how you're going to like unless you back it up in the S&P 500 >> unless you back up the problem in the moment is the next home run you're a fan of borrowing money in general. >> So that I write the question the short answer to that is when it makes sense most definitely. >> Mhm. >> Why not? Rough businesses that I'm familiar with to some extent operate a line of credit. >> But ultimately this all of this works the business. The problem is as any business at best is a cycle. So the edge as soon as the business was construction sometimes for three years, sometimes for 15 years, right? The lucky ones. Yeah. The [laughter] unlucky ones. number one coach, >> right? >> You know, you know, obviously supercious because you don't have a choice otherwise are the ones that are fortunate. Shine is obviously relative. Well, right lifestyle creep and this is true. Yeah. up to I would say the million dollar range where do I so what does what does that tell me right >> as this is a never ending game >> right so I want to pause for a second um let's clarify that Friedman we never made an introduction here and the and I love how it's going with a million questions. Um, but Yoli Freiedman here. Um, I I think I got to know you cuz I because you helped me or something with my own credit cards, going through the numbers and offset minimum payment, making sure that I pay it when I had a question what to do and it was very helpful and he gave us an honest opinion. Sometimes you want to fill a charge in guilt like before people start reaching out. We can talk about it. Yeah. Um but you're just out there to help passion. So you do basically I think right now you're involved in three things. So the um health budgeting mention budgeting at this at this time. >> Um no mentions budgeting professionals professionals. Okay. Number two is the biz getting the credit cards. So if somebody needs to open a credit card or settle a credit card, >> I'll tell you the credit cards for the most part I know it very well. Okay. >> And I would say at this point mostly friends and friends of friends and friends please help because I don't take it for the most part. >> Okay. So what what do you do? Do you do insurance? >> Okay. >> At this point business and unfortunately the credit cards as much as 60 years old. Wow. How about 80 years old? stories that constantly happen and they come after you the the credit card companies >> if they go after 80 year olds. >> Yeah. >> Like they go after you for owning meaning because airfield guilty how these things play out. No, I'm >> saying but maybe he got a notice or something. Maybe And a lot of these people, they have no idea what Right. Unless Okay. Point the right direction. Yeah, whatever advice gave. Yeah, it's somebody could have given her 25 years ago. And run me through it. What happens? He called the credit card debt of what? Debt of $50,000. >> $20,000. $20,000 minimum payments of social security scary anyway is forced uh It says some sort of agreement of the settlement, you know, mention dollar in the bank judgement and somehow they picked up on it and the guilt, right? So they credit card companies, they don't back down. They don't stop for anybody. Um so before we get to credit cards which is what people do usually when they are in debt or they don't know is let's get to the of knowing which is budgeting which I got to say but I started doing it actually please book a session actually upset of him. So guys, urge him to come up, but I know he's busy. No, no, he's gonna let me know. But he's a great guy. I work with somebody on his team. It changed my life like night and day. And I'll tell you why. And you know in the meeting like okay so extra podcast yeah extra vlog like the host income you got to do more unconsciously that doesn't work what works is if you have a list ofman income is and spending is so oh I just gave give you a shout out is in the house. So to the solutions and how much it helped me solutions free shout out but we should he's he's good at what he does >> and he's probably the only one >> he's not the only one with compel the podcast who does it who see he does it more for like lidisha couples and whatever >> honestly to do a dime a dozen at this point because Dave Ramsey advice was Davis simple strategy it's a onepoint strategy spend less have more. >> Right. Right. Problem is the bank. Why? Why would he not? Okay. Spent hand is a tradeoff. Wasn't a trade-off. Yeah, >> that's $2 that you're not going to be able to spend later on. Now again, I know that this conversation because when you start telling a person cucumbers. >> But the reality is this was being in the insurance business many millions of dollars a year. >> Yeah. >> [snorts] >> So continue [laughter] right. So um you know business But how it ends up playing out unfortunately cases extremely conscious of the spending. >> Yeah. S&P invest life insurance never ended up happening. budget sheet $330,000 >> by many accounts income. >> But kick off the bottom line. Bottom line cost 350. >> Wow. >> Anyways, this was a conversation for a while back and forth and was almost to the point sign us off. You you blew your budget with $20,000 last year. You'll blow it with 32 this year, >> right? >> But get into the habit >> as a as a, you know, long story short,000. >> Wow. Last time I saw it, what suddenly happened? The answer to that is right. Right. >> And and there's the only way realistically it's not going to change much. Why? Because lifts above the basic threshold earner. >> Right. Right. So because I grew up with my mentors mention Bob Proctor, Steve Harvey, Philip Trump, you know first class because successful so mentioned confusing days like positive approach towards money spend Right. So this is pure math. >> Exactly. Yeah. So we also were conflicted positive mention that question. >> Yeah. >> I learned that to distinguish between wealth and the transaction of money, the tool of money. basically well I need to build more and more and be in the abundance of wealth and the the tool even rich people always buy the price because the tool the money is just a tool. So I need to spend less in the money but creating wealth created wealth drive down the dollar amount wealth is cost. >> Yeah. It's a very good answer. >> This is the concerns they like recklessly. line right >> and then again over the years I'm sure peace of mind of mind reasonable solutions to their problem actually [laughter] the car network is going to flip Everything on its head,000 net worth 200,000 network and and that's really how it should be and that's the only way that it's going to end up happening. But mentioned was they got over it probably never made more than $150,000 in a single year. Okay. >> Last I spoke with him was half million investment account. Half a million dollars. Right. So >> you're saying it's an art to be able to save and be responsible with your money art that Yes. But it's a responsibility spouses of Instagram. [laughter] Exactly. Combined weekly income,000 combined monthly income. >> [clears throat] [laughter] >> of a deal. He doesn't know the first thing. Do you realize boxes. Whatever kind of boxes of whatever. So, wow. on average the average family, six, seven kids, >> right? >> It's simply unsustainable, >> right? >> By any means. So is lucky enough, but let's let's say, >> right? So there's a numbers. So let let's say the guy that makes $200 to $600,000 a year. >> Okay, >> relatively across the board and ask people that make this kind of money. and we have nothing to show for it, right? There is a trick in the problem. Mhm. >> So family $100,000 you almost don't stand a chance regardless realistically but these are not the people was I guess direct the conversation towards Right. >> Relatively successful. Wow. So as a family you're lucky enough to shine peace of mind peace of mind as the business slow the the business change. The only way to do that is by being super conscious about every dollar that gets spent. certain plots talking about 50y old people. >> Mhm. >> I know nothing about this guy. Okay. Million check. I can't as a matter of fact half a million dollar check people will lend me money because yeah half million $15 million of income change. >> But what does that tell you? That tells you that this guy's cost of living is close to whatever he earns plus. >> Correct. >> So, right. So, meaning based off of the type of business that you're in. And this is a guy that's making real good money by all accounts, right? $50,000,000 every dollar50 $60,000 a month. I'm going back fame, but not not on this level. solutions. That's why they have the every is a brutal a brutal conversation for any couple,000 web media is already successful. is going to become more successful. >> You'll you'll find yourself in the same place because I I find that most people are like that. No as life just it's called lifestyle creep as it catches up to you. >> It's endless. I have zero ego in the change. >> Exactly. But also going to put ideas because I want people to also share these things is if you're a friend or a family member is 36 yet I don't care you know but donations personal account it's a set number obviously if it's a close one or whatever but I'm at the end of the day. Yeah. With eating out, people don't like average restaurant. This is Gish have a salad. I buy a salad. I buy a salad and a soup >> and one dessert. That's $100. The drinks the stakes. I don't need all of that. Salad and steak is tax. So actually I feel my lifestyle and everything grows. But downgrade my next genesis. Yeah. [cough] [clears throat] [laughter] parking lot. >> Not even. Not so long. Genesis X in the dollar 67 67 >> 67 [laughter] expenses is about to go up by a whole subject in the gas. >> [snorts] >> the average car. the Genesis for the Genesis. The rest >> Mercedes over the gases. The average car [laughter] now. Westgates breaks down. [laughter] Yeah. >> Okay. But the the mindset average describes the poor and the thousand the days what am I doing right or wrong but okay >> yeah exactly but let's take a structure let's budget my my lifestyle right or wrong. I don't know enough about you, but meetings Grand Toyota Highlander which is right. You understand should should be a part of the conversation. >> Now what is the smart way to go about the cheapest car that that you can function in? Now money problem, but you're trading $250, $250. Okay. So expenses translate whatever but but anyway no I don't think like I didn't see much changing besides rent yes that is a big one Right. Endless, right? Okay. But but I'm saying like personally in in upstate respectfully. [clears throat] Yeah, but this is my vehicle. I'm not I'm sorry. I'm not buying it,000 escalate. Next $36,000 income, right? So, what's wrong with that? >> What's wrong with that? Yeah, 100%. Every dollar expenses. Can I ask Can I ask you a question? >> Okay. Next. >> Next. Okay. 20 years ahead. Vival hopefully five and 15, right? Yeah. >> Okay. Good. um as long as the system changed somehow is going to cost you an arm and a leg, right? intuitions and in days cost to the right amounts and guilt. Now, if Weber media keeps growing forever, mindset manifest. >> The problem is that it in almost all cases doesn't play out that way. Reality is >> in in life catches on to you in the extremely extremely tight in guilt which could very well happen not to you but it happens to everyone, right? Right. There's no point in cutting. You're making a couple hundred thousand a year. Till what? Till when do you want to work? Till when do you want to be forced to work? Fine. Mhm. >> probably, right? Hypothetically, real estate properties. >> Driving the Let's take a step back. So, so, so I get the question and the short answer to that is fraction. Income. And I always tell this to people. real estate. Although again cash flow a million dollar a year real estate probably is assume that's a healthy portfolio but we've seen this time and time again portfolios we can unit million has nothing deals is wiped out. So we're not even going to talk about that because reasonably you can expect as a guy no problem escalates. The funny part is that those people don't take escalates. They man was collecting a million dollar in rental income with escalates in many cases but they man sure but that's not the realistic scenario in almost all cases. So basically over the fact of living aost meaning. >> Right. >> Right. You're saying the 90% of 95% >> well over 90 >> are right probably 95% of people uh >> fall into the category. So we had the conversation how does 80% 20% of mentions and a financially fully financially stable aid >> I I highly doubt that I think I think generous numbers once a percent for them [laughter] >> then then you're probably about right >> but uh but 95% of people >> that are it goes south at any point, right? Construction guyes. >> So, what do people overspend the most? >> I'm I'm not even gonna get into that. I'll tell you why. Because like I said earlier, a half million dollar a year in a certain number and beyond that almost liked. Now when I mention liked and like they never find themselves in a place where they enjoy their money. So I tell people Haven this was uh on a case by case basis clearly in in many many cases invest in the guilt but yeah sure I get the investment in that opinion what do you think if I have to say yes or no I would say more no than yes >> why >> although it worked out wonderfully especially market investment. And you know what? Like I said, many people get lucky, but for >> just for an alternative rental unit for $3,500,000 mortgage,000 was last,000. >> [laughter] >> again. Let's see. to equal outcome,000 again. No, there's a chance two-bedroom apartment,000 mortgage payment. Now, what about the fact of the gel of Genesis now? Yes. Best in this is debated topic in location specific income specific situations but the mindset as you have to take everything because right now I I recently learned about this that that rent a hose benefits. You're not paying taxes. You're not paying all the costs of owning a house. You're not paying uh a percentage on a mortgage and your payments in the meantime is a lot less. >> And if you actually are responsible and put away that money, you find yourself in a time. Correct. And at that point that in my opinion that real estate is expensive. So there is a better refi, there is a better resell. They mentioned some hazard in Tom's River Kan broke himself to pay his on,000 mortgage but the mat says the allah houses and twice the amount most of the Tom's river houses now >> the people that bought five years ago. What about 100% in five in six seven years >> it's not true for starters because again river okay >> it's not 100% it's substantially less hold on I if you would have taken that money and put it into other good investments even >> yeah it could have easily outperformed that so again you're saying 20 years down the line >> kind of vic Sure, please. But they the mindset as the ultimate goal is to own the ultimate goal for the mortgage spent payments and spent. You never find yourself in that place. Most people never find themselves in that place. usually doesn't stand a chance, right? But probably 70s. So retirement account pension plans that ultimately the end goal is bills forced automated savings and the cost of living is substantially. So the only way somewhat healthy financial plots is when you find yourself in the place. Then real estate lectures mention friends and enemies at this point or wherever they are. So If I say it differently, let's if you make $300,000 a year, by all accounts, you're probably going to have almost nothing to show for it. Well, again, they relatively shinable. So what's the answer? The answer is family. The only way is super conscious that all of us will spend >> right. I think it comes down to that to be super conscious and have a plan. What am I trying to accomplish with this? Right. Yeah. And then insurance. You think it's a good investment? Insurance. >> I think life insurance is a beautiful well debated subject. And >> I guess life insurance is a phenomenal product. Even whole life insurance. I love it. Although S&P 500 in the market. >> Yeah. Tesla, Apple guy subject in compian, but S&P 500 is for anybody, anybody with stock portfolio, >> right? >> Whole life insurance. Sure. If you could afford it, if it makes sense specific scenario for whatever reason at the time, but whole life insurance is a beautiful product overall. >> So to answer my question, is it an investment? Is it a great investment? It's a part of a overall investment portfolio. So yeah, but this is I'm portion financial plan. Okay, fine. So whole life insurance is a beautiful product. Mhm. But they want to do other things, right? So it's very common investment. All they have is life insurance. Extremely common. unfortunately can stand fair enough in some cases but still still not the right thing to do right now. What's the smartest way to go about it? He wants to pay it. Let's say hot saints wants $1,000. What does he do? What's his next step? coaching. Otherwise, >> you really don't stand a chance, >> right? You're in the dark. I I tell them the end of the conversation realistically you know soach >> based off the financial situation file for bankruptcy those are relatively number. Wow. SBA loans, [clears throat] regular loans. >> It's endless. Loans and loans and loans for sometimes 10, 15 years. >> Wow. >> So impressive. >> I guess for starters, credit cards. budgeting coach finances like nobody else then maybe points is good value maybe well >> like is it or why do you say maybe >> because statistics with studies when I me swipe the credit card you don't want that statistics, great. But as long as 100% confident, odds are that whatever money you make on the points interest, let's put it this way mentioned the points game zero sense because it's a trap and high interest debt line of credits% in credit card debt. Half million dollar in credit card debt is $150,000 a year in interest payments. >> Yeah. Bution. >> So in almost all cases learn to live your life without credit cards. >> Right? >> Finance% is a trap anyways. a trap under% cash back. So he's going to make $60 a month. $60 a month achen find themselves Max points all the time. Credit card,000 points, [laughter] points. Very nice. A pleasure. Um, really good. Anything else you want to share by the way in general overall a message [snorts] something you had in mind sometimes mention the path point is but >> [laughter] >> But I'm very budget conscious. It's Every Dollar app, which I would highly recommend every dollar app and I spent $50,000 recently. Every Dollar I'm actually sticking to my followup meetings right so increase in the budget partner like I I'm very budget conscious and I'll tell you why by the way because I learned that with money you got to have a relationship with it you got to respect it you got to love it you got to the more you look at it you pay attention to it the more it loves you backy >> [clears throat] >> So law of attraction and all of that most mentioned describes in anus because they don't respect money. They don't look at it. They resent it. They ignore it. They try not to know the guilt and whatever. They live that kind of life in the blind. For me, I'm just the opposite. I I adore it. I love it. I take care of it. I nourish it mindset. I see what happens down the line. >> Correct. So yeah, as long as millions of dollars a year in cleaning coach almost get a grip on your finances. loser. We got to put together some money for him. So, Genesis big percent of people find themselves in that place one, you know, eventually. So, be smart. >> Yi Freriedman, thanks a million. Really appreciate you. So, how can So, if somebody needs insurance, can I also reach in? Most definitely. >> Leave your number in the description. >> Yes. >> Okay. And we'll leave his number in the description. Thank you so much for your time and for I know you do a lot of help a lot of people. >> Um, still doing zero APR credit cards know how to settle, how to go about the bills. And thank you guys for being here. Please, please like the episode. Share it with a friend that can enjoy it and subscribe. >> Share it with a friend that's [clears throat] contemplating between a Genesis and Audi. >> Yeah, we're trying to get to 6,000 subscribers. So, if you subscribe, it will mean the world to me. If you leave a question, I'll try to forward it to Yoli or sometimes if there's enough questions, I do a follow-up podcast by if Yoli has the time. And um thank you so much for being here. Also, there's the membership that you can join. $10 a month. This is a very good investment and it's residual. So they can't spend enough cash [laughter] investment for you >> for me and for you and [snorts] um but really there's extra bonus content from every episode so that you can enjoy. Thank you so much.