Biggest Financial Ideas That Messed With Your Brain

In this Walk and Talk with Ben Everingham we look at some of the biggest financial ideas that messed with our brains and changed our lives for the better.

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Transcription:

Hey guys, Ryan here from on-property. Welcome to walk and talk with Ben Everingham. You, we are going to talk about some financial stuff, but first we have a very important question. What’s your favorite movie then? Uh, my favorite memory has to be shawshank redemption, or remember the titans, who remember the times? Sure. Shane definitely good below as well with Johnny Depp. No, I haven’t seen that. Oh my God, I wish I was you right now. What does that year? Uh, so favorite movie is very hard to choose. I love unlike a lord of the Rings Fan Massively Sue Towers is my favorite. That ballot helm’s deep just does it for me every time. No matter how many times I watch it, so that’s a favorite, but I also like movies with really cool endings that you just wouldn’t expect. So enemy of the state with will Smith is like an epic movie with an ending that you just don’t expect.

And I’m like, I really liked behind enemy lines. And another movie that I wouldn’t say is my favorite, but it has a cool ending. It’s called draft day, which I try to get you to watch, but like you haven’t watched, it still hasn’t watched you enemy the status. Well, you’re going to froth on draft day because it’s just all about negotiating and stuff and it’s um, it’s really good. So I’m hoping that the wind isn’t too bad out here. We’ve got our wind filter on but we’ll see how we go. And so what I want to talk about in this episode, I’ll just show you guys where we are looking at this. This is like one street down from Ben’s office. This is what happens when you live on the sunshine coast. Guys. We both moved out to Sydney. Sydney is not worth it. Okay?

What I want to talk about in today’s episode is the biggest like financial ideas that really just messed with your brain and change your life force. So that’s what I, that’s what I want to touch on. So do you want to go first or do you want me to look at it? This is all right. Can this way. And there’s a dude doing leaf blowing out there. So let’s turn. Are we light? Okay? Am I going first? Yeah, you’re up. Biggest one for me. This always happens to me. The biggest one for me, I think, or one of them is that the rich don’t work for money, so this is something that I got out of Robert Kiyosaki’s book. I remember my wife was pregnant with our first kid. I basically didn’t have a job. I think I worked one day a week or something like that and I just smashed her or Robert Kiyosaki’s books, got them from the library because I was poor and just this idea that the rich don’t work for money, but they work for to build assets that generate their money so like they can and do work for money, but they don’t trade their time for money.

They work to build assets and to build passive income. And so ever since that idea, I then just changed all the work that I did show I had to earn an income. So I went and got a job shortly after that because I had a kid. So I had to earn the income to pay for rent and nappies and formula and all that good stuff, but all my spare time was spent on, okay, how can I generate passive income and basically built my online business all around that.

There’s two ideas that have dramatically shaped my life. And the first one’s just the compliment. Ryan’s and that was rich Dad, poor dad. I’m like, I came from a place and I’m just had certain came from a place really. I came from a place I came from a place where I’m like probably had a poor dad like raised me, if you know what I mean. Like maybe not financially, but mindset was. And so what I learned was that assets a better than savings because as Ryan said, they continued to generate you revenue for the longterm. And the second thing was businesses, if you can start them and have the skill sets can be better than working for someone else. And so, you know, immediately after reading that book at 23, I went about creating this skills to start a business and immediately as soon as I was ending income, bought a couple of investment properties and that was the first thing that changed my life financially.

The second thing was picking up Phil Anderson’s the sacred law of real estate and banking. I still haven’t read that. I really need to cry. Like this is a guy who predicted the global financial crisis, published that book three years before it calling it the other book that he recommends that gave him the urge to write. Here’s was Fred Harrison’s the pair and the land which predicted the crash before the JFC. Yeah. Yes. Before it happened. And these guys just have done so much study of the American market in the European markets history that what it actually did for me was help me identify like a pattern of when to invest in certain markets and when to sit on the fence, when to be in cash and when to be heavily invested in assets. So really, really, really powerful stuff. For those of you that liked the detail like I do, and you just did a video on all these ideas in you just send me the under seven things. What’s it called? Yeah. So I can’t remember now. Um, the seven things every investor needs to know to beat market averages and this is pretty much my blueprint or foundation for seven things that I’ll never not do again. Knowing what I now know,

another big idea that I’ve had which has only really recently as I’ve started budgeting, is this idea of pay yourself first. Pay Yourself first, you try and budget and you try and whatever’s leftover, that’s what you’ll save. But rather than doing that, just being like, okay, I’m going to pay myself first. That money is going away. And then putting the responsibility on yourself to be like, I am going to make this work. So either I’m going to make more money or I’m going to spend less. Ideally I’m going to make more. But just the idea that, okay, I’m going to pay myself first x amount of money per month or per week or whenever you get paid and then that’s just locked in and that’s just what you do and then force yourself into a position where you can then try and make more or try and change law because I feel like you’d.

You don’t force yourself into a position. We just don’t do it because if you try and budget way out of a position, it’s never going to happen. And if you try, if you start with pay yourself first, that makes sense. Exponentially ac because at a certain point I talked to a young guy yesterday and he said he always knew that once he had more than 10 grand in the Bank of savings, he just finished university. That it would become less about spending that money and more on continuing decided and invested in. Since that point he’s gone on to save 60 k, let’s say 25 year old when you’ve got two grand or five grand. So that’s a holiday or a biker stuff. So to spend it. But then once you push it over that 10 k mark as I don’t want to touch this and so when the Mrs comes to you and she’s like, I want to get a thermomix, you’re like, I’m not touching my savings by, but set the basis is kind of directed me to ask, you know what I’m talking about. They don’t need to know.

So what else? What else is another one that’s been big for me, it was just this idea of responsibility. So I had friends, I’ve had actually a bunch of friends that had just been stitched up by property spruikers who were just sell them crap basically. So overpriced properties. They do the all fancy reports and whatever. Sell them a new build that’s overpriced for the area, give them guaranteed rental returns for a year. And then after that the property rents for like 50 percent of what that will promise. And so I’ve had a bunch of friends they stitched up by that and it’s been really hard to see them go through that. But it’s also. I’ve had a bunch of friends who have gone through that and then just spend the next five to 10 years just being angry at the company that stitched them up and do the wrong thing and so their focus is just on how this these people did this wrong thing to them and that shouldn’t have happened, but then the idea that I found was really powerful was just this idea of just take responsibility yourself, even if it’s someone else’s fault that doesn’t help you, but if you just take responsibility yourself and say, okay, what did I do wrong?

How did I stuff up? And then you can learn from that, and so that idea of like full responsibility, no matter what happens, it’s your fault. Even if it’s not. That then allows you to learn from the experience that allows you to do better next time and like these people spent what, five, 10 years blaming someone else and didn’t move forward, didn’t learn anything from that. They just learned that these other people are rip offs and they don’t care about you, which they already knew. Anyway. I spent five years just knowing that same thing and so I think I carried that throughout my whole life in finances, in business, in relationships, in whatever happens. It’s like, okay, the only thing I have control over is myself and my own attitude. So I just take responsibility no matter what. And the big, big thing on that responsibility fan for me and something that’s completely changed my mindset is taking

action, taking action is being the difference between, you know, essentially anyone that I’ve ever spoke to that’s achieved anything in any area of their life and anyone that’s still making excuses and I get the excuse makers, I just don’t hang around and I just don’t want him in my life. And you know, obviously you’re watching this video because you’re not and you are looking to do things. Should we go down this snaky path? It’s awesome. Take the road less traveled. There’s this mad little seat down here. Okay. Um, but yeah, like it’s about to get romantic guy. I love taking calculated actions in the direction of my dreams. And like Ryan said, it’s all about personal responsibility for things to work out for you financially. It’s like any area of your life and the way that I think about this is you’re currently owning, let’s say $100,000 per year for $100,000 a year combined.

You’re trading what, how many way to you? Forty eight weeks, a year for that money and you want to replace that income in 12 months doing something part time, which might be property two, three, four hours a week. And you think that’s fair and this is the problem in property. Like people think that they can get rich quick, that it’s all going to come to them and that have naturally got the knowledge and skills because they’ve watched a couple of videos to execute on the strategy. So the big thing for me that I’ve learned financially is that financially financial independence is probably going to take twice as long as you expected it to take at 24. I thought I’d be done by 28 at 28. I thought I’d be done by 32. Like there’s always something that you’re working towards, no matter what your position is, and you know, that’s been a huge lesson for me to be patient and allow the market to do what it does. You’re not going to get rich quick in a day. It takes time to build true wealth, choking out this romantic spot.

Um, so yeah, I think that kind of gives people a, your ideas. Is there anything we could go on forever? They’re the biggies for me. Like the real big, big things that I think the other big thing for me is ask better questions. And so that’s something that a lot of people don’t do is they don’t spend time trying to find the answer to a question that’s not very good. And so by asking better questions, but rather than asking, I’m trying to think of an example, but I can’t off the top of my head. Here’s a perfect example. Like I get people booking strategy sessions with me. They tell me for 15 minutes exactly what they’re going to do, which is completely in disagreement with what they want to do. And then they don’t ask me a single question about their position, my thoughts on their position as someone that’s bought $150,000,000 worth of property in the bought zero.

It’s kind of like, why would you spend 15 minutes talking about something that’s not your core core thing or something that’s clearly not working for you and not being an asshole. But I’m brutal like that. Like if you’re not there, there’s a reason you’re not there. Like you can. Health isn’t good. It’s because you’re not looking after yourself. If you’re not financially independent, it’s because you’re not looking after yourself financially or you haven’t given enough time to see it through. Like it’s not an instant thing. So asking better questions and actually listening and then taking all of the stuff that people have to say with a grain of salt and making up your own mind has been the biggest one for me. Like there’s been so many people that have been, Ben, you should do this. Like my father in law’s a developer and a builder.

A lot of my mentors have been very, very successful people in different pockets of their life. Their strategy for my life has always been do what I’ve done because it’s worked for them and that’s what we can say, I’m not going to do something different and do what you want. What do you want man? And when you figure out what it is that you want to do that you’re gonna work harder on because you enjoy doing it. That feels like it’s not pushing a rock up a hill to get there, but it’s just, you know, you’re being pulled in the direction because it’s fun for you. That’s why I liked property so much cause I love the process of creation and other people like stocks because I love to play with like check the charts and play with the numbers and set their little losses and stuff.

Other people like to start businesses because they love marketing. I love sales. I love managing a team. Like whatever your passion is is what you’ve got to pursue and then you turn that passion no matter what it is into hard assets. It gives you recurring income for life and capital growth and that’s as simple as it is a thought of an example of a better question. What’s a better question? So like when people say, well, when they’re budgeting, because that’s something that I’ve been doing lately, it’s like people say, okay, how can I live off this amount of money? That’s one question and sure that’s good to us, but a better question is how can I, what can I do to earn more money? Yeah, but so that’s just an example. You’ve got two questions. One is going to shrink your life and you’re going to focus inshallah on how you can live off what you’ve got. Whereas one is going to stretch your life and force you to think outside the box and to say, okay, well how can I learn more? What can I do? So that’s just one example of a different question. So yeah, I think that wraps up this episode of

with Ben and Ryan. We hope that you enjoyed it. We hope you enjoyed the lovely view as well. And so yeah, I hope that these ideas kind of stimulate your mind. Look at this, look at this beautiful spot. We’re going to do one up in Noosa, man of walk into it. Yeah, it’s good. And so yeah, that’s it from us guys. Until next time, stay positive.

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