Nicole Behnam sits down with Mark Moss to talk about the history of money and how it relates to Bitcoin— a crash course that should be taught in schools. They also delve into topics like family, values, community, and much more.
[00:00:00] Mark Moss best-selling author host of the Mark Moss show and the Bitcoin guy. Yeah
[00:00:06] I feel like we're gonna talk about a lot today. We got a lot of ground to cover
[00:00:10] Yeah, we got a lot of ground to cover and a lot that we've already covered yeah before the cameras went on too much
[00:00:15] We should have been recording. I know we should have been recording
[00:00:17] I
[00:00:18] Want to start with Bitcoin because we hit 70k today amazing and this is the all-time high it is all-time high
[00:00:25] 69 was the previous so we broke it. Yeah, okay there we go so
[00:00:30] I guess I want to start with
[00:00:32] Why Bitcoin because there are still people that are not convinced who aren't buying Bitcoin?
[00:00:37] Why is it so important that they do how deep you want to go?
[00:00:40] I want to go deep and if I don't understand something
[00:00:43] I'm gonna just I can go deep and I can make it where there's no doubt in your mind
[00:00:47] It's the only way possible or we could just start and talk about the price the second one
[00:00:51] Okay, just start talk about the price. No, no, no
[00:00:54] You want to like oh was that all one thing?
[00:00:56] No, I was gonna give you two options we're gonna start about the price and why is this having a grant or I can tell you
[00:01:00] No, no, no, I want like the one where you said where you have no doubt in your mind. Okay?
[00:01:04] Let's go. Let's go. Let's go. Let's spend a few minutes. Okay. Let's go. I'll build this up for you
[00:01:07] Okay, so first all these people lately are saying explain Bitcoin to me like I'm five years old and in five minutes
[00:01:14] No, like five year olds can't grasp this concept. So like
[00:01:20] Unfortunately the TikTok generation today has a short attention span and they want to just read a headline
[00:01:25] And they want to get all the information from a headline. I I do YouTube videos and they're typically about 20 minutes
[00:01:31] And I get comments all the time. Oh, it's get to the point. It's too long
[00:01:33] I'm like dude just read the title then like I'm taking a topic that you would go take a six month course
[00:01:39] And I'm breaking down in 20 minutes if you can't have 20 minutes then
[00:01:43] Go just read the headline. Yeah, read the summary like you know, I mean
[00:01:46] So let me give you the shorter version
[00:01:48] I'm not gonna give the whole long version
[00:01:50] But first of all you have to understand multiple disciplines to understand what's going on here most people
[00:01:55] People way smarter than me in the financial system or whatever, but they only understand one piece
[00:02:00] And so their head is down. They can't see the force for the trees as we'd say and so you have to understand multiple disciplines understands
[00:02:05] Bitcoin so one would be history won't be monetary policy won't be economics won't be philosophy won't be human incentives
[00:02:11] Won't be game theory when you have to understand all these things understand what's going on
[00:02:14] But I'm gonna go that deep. So let's just first to understand
[00:02:17] Don't make a shocking statement
[00:02:19] Nobody wants money
[00:02:21] What do we want? We want the goods and services that money buys us
[00:02:25] Okay, goods and services wealth. You see money is only a tool that gets us what we want
[00:02:31] Which is the goods and services so money is a medium exchange. So in the old days
[00:02:35] We'd have a barter system. Hey, I'll trade you this cow for this goat
[00:02:38] Well three goats for a cow or something like that the problem is what we call the coincidence of once to find the exact
[00:02:44] Person that wants the exact same so Barter doesn't work. So we created what's a medium exchange
[00:02:48] Would you take my phone? No, I don't want the phone. How about 10 bottles of water?
[00:02:51] So now the bottle of water becomes a medium exchange. All right
[00:02:55] So that's the first thing and so the money is
[00:02:59] What we use to get what we want and specifically it's what we use to store our value
[00:03:05] Until I'm ready to get what I want
[00:03:09] Imagine let's just go philosophically for a minute. I don't want to go too deep here
[00:03:12] But let's just have philosophically in the world in thermodynamics the law of energy
[00:03:16] Energy cannot be created energy is only transferred right so
[00:03:20] Sun creates energy into the ground grass grows cows eat the grass
[00:03:24] I eat the cow a calorie as a unit of inner a measure of energy. I eat the energy
[00:03:31] I eat the calorie and then I expend energy to do tasks thinking uses a lot of energy
[00:03:37] Henry Ford said thinking is such hard work. That's why so few people do it
[00:03:40] Our body doesn't like to spend energy
[00:03:42] So we try to build habits instead of using that time to think but imagine if I had like this rare form of diabetes
[00:03:48] Where I couldn't store fat on my body
[00:03:50] I'd have to just eat 24 seven to keep enough calories coming in if you think about it that way fat is like a battery
[00:03:57] So I don't have to eat for a couple days. I could live off my battery my fat as I store more
[00:04:03] Energy more battery. I could live a longer time so
[00:04:07] Using that framework if I'm working for four hours a day
[00:04:10] Expending energy digging a hole and I earn enough to live off for that day
[00:04:14] Let's say I decided to work an extra four hours that day. I expended an extra four hours of energy
[00:04:19] I would store that energy in money, right? So tomorrow. I don't have to expend energy
[00:04:23] I use the stored does that make sense? Yes, okay?
[00:04:26] So literally I'm expending my life's energy and money is a way to store that
[00:04:32] So we think of energy storage today like my iPhone has a battery and it stores on that if your phone gets too old
[00:04:38] The battery dies pretty quickly, but of a new phone man. It lasts a long time. We like that better
[00:04:42] So wouldn't we want our life's energy to be stored in a battery that doesn't lose its energy?
[00:04:49] Correct. Yeah, right good because when my car battery doesn't hold the charge
[00:04:52] I replace that if this doesn't hold the charge or replace that
[00:04:55] But we want our money our life's energy battery to hold its energy as well
[00:04:59] So right now we use a fiat currency the US dollar depending on what country you're in
[00:05:04] But the fiat currency loses value as a matter of fact the Fed continues to tell us that they wanted to lose 2% of its value per year
[00:05:12] But it's really losing about 10% do they tell us that yeah, that's the way that's their
[00:05:17] They don't do that where they say they say their goal is to have 2% inflation
[00:05:21] Okay, that's what they do. They do say that yeah, of course. That's the goal
[00:05:25] So the right now we're on the precipice of the Fed pivoting
[00:05:29] They've been in this tightening monetary policy and now they're going to go into a easing policy
[00:05:33] Which would be to lower they've been raising rates now
[00:05:35] They're gonna start lower rates, right?
[00:05:36] But they say they're not gonna do that and because their goal is to get inflation back to 2%
[00:05:41] It got up to 9% in their official numbers. It was like 20% really
[00:05:44] but in their official numbers 9% and their goal is to get it back to 2% and so that's sort of
[00:05:50] Where we're at so they're telling you that 2% inflation is our target
[00:05:54] But if you understand what inflation is that means their goal is to steal 2% of your wealth or that means your wealth battery
[00:06:00] Your your your life's battery is losing 2% of its value every single year. That means in five years
[00:06:06] You've lost 10% right and so I would want my life's energy to be stored in a battery that doesn't lose value
[00:06:13] Okay, so
[00:06:15] Throughout thousands of years of history there's been lots of things that have been used as a medium of exchange
[00:06:19] So we've had feathers rock seashells gold became that 5000 years. It was gold now
[00:06:25] Money is an evolutionary path. It's not something the government creates. It's something that you and I choose what is money?
[00:06:31] So it starts as a collectible. Oh, there's a really cool feather really cool rock
[00:06:35] I'm gonna collect it if maybe a collectible has the right attributes and it has enough
[00:06:41] Demand it could become a store value. You know a lot of very wealthy people
[00:06:45] They store their wealth their value in old cars fine art
[00:06:49] All types of collectibles right now, maybe if that has the right attributes
[00:06:54] It could evolve from a collectible to a medium of exchange, but it has to have money attributes
[00:07:00] Those would be has to be portable durable divisible
[00:07:04] Fungible so for example money bananas would be a horrible medium of exchange because they're not durable and last a week
[00:07:10] And they go bad. Yeah a cow is a horrible medium of exchange because it's not divisible and
[00:07:16] Even if I divided the cow, it's not fungible a rib eye is worth more than the liver
[00:07:20] Right, so we want it to be portable durable divisible. There are all these things fungible
[00:07:26] So gold became had the best attributes and it became the medium of exchange
[00:07:30] Then maybe if it continues on that path, it could become what's called a unit of account
[00:07:35] So gold was money for 5000 years
[00:07:38] How much is this piece of land? It's three ounces of gold
[00:07:42] How much is this you know this oil? It's two ounces of gold, right?
[00:07:46] And so everything was measured in gold
[00:07:47] Well, then we got the US dollar and then the dollar became the unit of account
[00:07:50] And so gold was 20 us dollars equal to one ounce of gold for a hundred years
[00:07:56] So then what we had is all the dollars in circulation divided by all the gold
[00:08:01] Because gold is too slow to be used so like what happens is we had transactions time sped up
[00:08:08] So I could now order something from a merchant. I'm in California. I could order from New York
[00:08:13] So that got quicker, but how do I pay you in New York?
[00:08:15] I have to send gold from California to New York that takes a long time
[00:08:18] Yeah
[00:08:19] So the gold goes into a bank and the bank uses a ledger and the bank says well instead of sending
[00:08:25] Gold from New York to California or vice versa
[00:08:28] What we'll do is I'm just gonna go on the ledger and say one ounce off of Mark's ledger and one ounce onto Nicole's ledger
[00:08:34] Okay, got it. You got it. So that's how money works
[00:08:36] So what happened is in order to get money settlement to move faster we went to a ledger
[00:08:42] Somebody controls the ledger and said off of Mark's under the Coles
[00:08:45] Okay
[00:08:46] so what happens is those dollars are our debt instruments meaning that that dollar is
[00:08:52] Representative of the gold that somebody's holding for me. It's an IOU
[00:08:56] Right so at some point I could take 20 of those IOU claims and go get the gold if I wanted
[00:09:00] But I don't really need to and so dollars are debt you follow me so far
[00:09:04] Okay, the problem is who controls the ledger
[00:09:08] That introduces what we call counterparty risk do they really have the gold?
[00:09:12] Can I trust them to not take more gold off my account and not give it to you?
[00:09:18] Can I trust them to give it to you when I want them to?
[00:09:21] Can I trust them not to say they have more gold than they actually do and the answer is none of those things yet
[00:09:27] The answer to all of the things is no. So what happened is?
[00:09:31] Through the early 1900s the US federal government or the Fed started printing too many of these paper claims to gold
[00:09:37] But they didn't have okay, they started artificially increasing the amount of money in the system
[00:09:42] But they didn't have the underlying gold and so what happened in 1933?
[00:09:46] The government got themselves into trouble and they owed a lot of gold and so what they do
[00:09:54] Article 6102 they declared a bank holiday all the banks shut down for a week
[00:09:58] No one could get their money out of the bank when the banks open back up
[00:10:02] Gold's illegal. You're not allowed to own it and you can't get your gold out of the bank
[00:10:06] Don't worry though. We're gonna give you your $20 per ounce here. You go these debt instruments
[00:10:11] We're gonna give them to you, but they're not redeemable for gold anymore
[00:10:13] And oh by the way, it's not $20 per ounce or more now. It's $35 per ounce. So you just lost
[00:10:20] 60% of your wealth instantly. Oh my god
[00:10:23] So we know that we can't trust them because they fail over and over and over
[00:10:29] Then now gold is $35 per ounce
[00:10:31] So that continued on to the 30s the 40s the 50s by we get to the 50s in the 60s all these nations around the world
[00:10:38] They're like wait a minute. What is going on? You're printing way too many dollars. We don't want these paper certificates
[00:10:42] We want the gold so you start collecting the gold from the US
[00:10:45] France sends their warships over to the US to collect the gold and President Richard Nixon in 1971 said nope
[00:10:51] We default on our obligations. We will not pay out the gold
[00:10:55] The gold window is closed and the dollar is no longer pegged to gold
[00:10:58] Now this is a really big deal because in 1944 under what's called the Bretton Woods Agreement the entire world agreed
[00:11:05] Collectively that the dollar would be pegged to gold and all the currencies would be pegged to the dollar
[00:11:10] But the US lied the whole time they print too many dollars and when that severed not just dollar get disconnected from gold
[00:11:16] All currencies did so we're 52 years or now 53 years into this fiat money experiment
[00:11:24] That the world has never seen before for all of humanity
[00:11:27] It's been tied to an actual commodity now we're 53 years into this experiment. So that's the first thing
[00:11:32] We're getting to Bitcoin
[00:11:34] We understand that now. Let's just go back to one thing
[00:11:36] I'm gonna make this case real quick. So what we had was all the dollars divided by all the gold
[00:11:41] Right, okay
[00:11:42] Now we're at the end of this fiat experiment for fiat's crashing Lebanon Turkey Argentina just two days ago
[00:11:49] The Egyptian pound lost 50% of its value to the dollar in one day. How does that happen?
[00:11:54] They print too much of the dollars. Okay
[00:11:57] That's what happens every single time Zimbabwe right Zimbabwe was one to one with a dollar
[00:12:01] And then it was a quadrillion to one to the dollar because they printed too many because everything's a ratio everything's a trade, right?
[00:12:06] Okay, so now what's happening worth into this fiat currency experiment. We have central banks around the world Japan China all the central banks
[00:12:12] The Bricks nations they're all buying more gold than any time in history. Some people think that they'll go try and go back to a gold standard
[00:12:19] Look fiat doesn't work. We have to go back to something like gold
[00:12:22] We need a reserve asset that we can that we can peg to so how would that work to go back to gold?
[00:12:28] Well, you would go well shoot we printed up actually. Let me give you an example. I
[00:12:32] Have a story for that
[00:12:34] Let me give you an example at the end of World War one
[00:12:38] Germany and Germany was at war with France in England
[00:12:41] England had printed way too much currency to go to war at the end of the war
[00:12:47] Winston Churchill met with John Maynard Keens who set the economic policy
[00:12:51] Kenzie and the father of Kenzie and economics is which we what we have today and Keens told Churchill
[00:12:55] Hey, you printed way too many dollars. You now have to move the price of gold up
[00:13:00] You have to revalue gold instead of 30 and needs to be like $60 now church. She'll said no
[00:13:05] We're not gonna do that. We're gonna go back to the old gold price. You can't do that
[00:13:08] You printed too many of these paper certificates. I don't care. We're gonna do it. That's what led to the Great Depression. Oh
[00:13:13] Okay, that's what caused this so you can't do that
[00:13:16] So if we go back to the gold standard today, we'd go well we this is how much currency we have 80 trillion
[00:13:22] divided by all the gold eight thousand tons
[00:13:26] Divide that up that's seventy seven thousand dollars an ounce. That's the new gold price
[00:13:32] Right now it's a two thousand. We just made a new all-time. I had 2100 should we be investing in gold? No, and I'll tell you why
[00:13:39] Okay, so I just want you to understand the mechanics of this because we don't want money or currency
[00:13:45] We're talking about we don't want that we want the goods and services money buys us, right?
[00:13:48] So if we were go back to gold, that's how it work. Okay now keep that frame of mind
[00:13:52] Now gold won't work in the future because it didn't work in the past
[00:13:56] We live in a world today of instant transaction time
[00:13:58] I can literally open my phone click a button and have Amazon show up in my house in a couple of hours
[00:14:02] And I need instant settlement with instant transactions right now
[00:14:07] If I have a merchant account takes me three days to get money in my bank, right? I take a credit card or whatever
[00:14:11] right so
[00:14:13] We can't go back to gold because how do we pay each other like we're on the internet age today, right?
[00:14:20] And so that's a problem. So now we have Bitcoin
[00:14:23] All right, so let's introduce Bitcoin. So Bitcoin is a neutral reserve asset. It's a commodity
[00:14:28] What's the difference of Bitcoin versus crypto?
[00:14:31] So Bitcoin is a commodity. What does a commodity mean commodity means that there is one no common issuer
[00:14:38] Anyone anywhere in the world can start digging in the ground and find gold or find oil or grow wheat
[00:14:45] Right, I can grow wheat in China Africa whatever right?
[00:14:50] One no common issuer two you can get it anywhere in the world three no matter where you get it
[00:14:54] It's fungible gold is gold wheat is wheat right so Bitcoin
[00:14:59] You anyone ten years ago or today can plug in a computer and mine Bitcoin
[00:15:04] And no matter if you do it in China or Africa or the US Bitcoin is Bitcoin
[00:15:08] Ethereum and the other fifty thousand crypto currencies aren't like that because they were all pre-mined
[00:15:14] They were commonly issued so 70% of the Ethereum tokens were pre-mined and then released into the ecosystem
[00:15:21] Yeah, right. So it's not like anybody can just go get them and grab them
[00:15:24] You can't mind you can't mind them right?
[00:15:26] So they're not there's securities when I start a company
[00:15:29] I create an entity and we create shares and we issue those shares like tokens
[00:15:36] Tokens shares stocks whatever you want to call them same same thing right?
[00:15:40] It's a representation of ownership of that so Bitcoin's a commodity
[00:15:44] The difference of also that is because there's no common issuer
[00:15:48] There's no control over the network
[00:15:49] So the theorem network just this week is talking about change in the monetary policy again
[00:15:53] They've changed it. I think three times in the last couple of years. It's kind of like the Federal Reserve does
[00:15:57] They're always changing the supply of dollars. We don't know what was there they're debating are they gonna lower rates
[00:16:02] It's gonna be money more expensive more, you know more cheap
[00:16:05] So instead of a bunch of finance Wall Street bros change in the money supply now
[00:16:10] We have a bunch of computer nerds change the money supply on Ethereum and
[00:16:13] It's all in the blank with XYZ, right? So that's like the big difference
[00:16:16] So what the world needs is we need an we need a neutral reserve asset a commodity like gold was and
[00:16:23] And and we need to go back to that. Okay, so let's let's think about this
[00:16:26] So the fiat currency is dying
[00:16:29] We need to find a new neutral reserve asset now
[00:16:31] The world really got put on notice when the truckers in Canada got their bank account seized
[00:16:35] Do you remember that a couple years ago? Oh, yeah, the truckers in Canada were protesting the lockdowns
[00:16:39] They were protected under the Constitution of free assembly. They were peaceful
[00:16:43] But yet their accounts got seized and people who had even like teachers and mothers sent $20 to go fund me
[00:16:48] Got their account seized right or or shut down. I didn't know that part. Yeah, it was really bad
[00:16:53] And so the whole world got put on notice like shoot
[00:16:55] I guess the money in my bank isn't my money and as a matter of fact
[00:17:00] We don't actually own anything
[00:17:02] So for example, you might own Tesla stock or Apple stock or something like that. You don't actually own that
[00:17:07] It's owed to you
[00:17:09] E-Trader Charles Schwab owes that stock to you. You don't own it. It's a big difference legally money in the bank is not your money
[00:17:16] It's owed to you and
[00:17:19] Legally, that's a big deal right legally if you owe it to me, but you go bankrupt
[00:17:23] I don't get it. I have no ownership
[00:17:25] That's why when you go to the bank and you try to send money to a crypto exchange
[00:17:28] They say nope. We're not gonna send money because it's not your money. They decide what to do with it. Yeah
[00:17:33] Okay, so now
[00:17:35] We then the world really got put on notice when Russia had their bank account seized
[00:17:39] There's three superpowers in the world that have nuclear weapons Russia China in the US
[00:17:45] When the Russia Ukraine border dispute broke open
[00:17:49] The 650 billion dollars of Russia's assets got seized
[00:17:54] So the whole world was just notified instantly if they didn't already know
[00:17:58] If you're one of three superpowers nuclear weapons that money is still not your money
[00:18:02] And so the world goes will shoot if it can happen to Russia it can happen to anybody
[00:18:06] So now all of the BRICS nations
[00:18:10] Brazil Russia India China South Africa, but now all the other nations that are joining in Argentina
[00:18:15] Potentially Egypt Iran etc. They're all like well shoot. We don't want to buy US treasures. We're gonna buy gold instead
[00:18:21] So they're all trying to figure out what they can buy that can't be manipulated like US dollars
[00:18:25] So this is what the world's going through right now
[00:18:28] So you can understand the problem
[00:18:29] So we have lots of problems in the world one unlimited money printing to censorship so they just seize your money whenever they want
[00:18:36] Three
[00:18:37] Permission so you have to have permission to join the banking system Russia lost their permission
[00:18:42] 1.5 billion adults in the world today right now have no access to banking
[00:18:47] Because they don't have permission
[00:18:49] Are you from Iran or your family? Yeah? Yeah, so if you're a 14 year old kid from Iran, you don't get to join the banking system
[00:18:57] Sorry no banking for you. I mean this phone is like the great equalizer, right?
[00:19:01] I can learn anything meet anybody do anything we were just talking about earlier people making millions of dollars just off Instagram alone
[00:19:07] Not if you can't join the financial system
[00:19:09] Wait, so if they can't join the banking system, where do they store their money?
[00:19:13] Well, they they have to use a different system. That's a great point. So when Russia gets kicked out of the US
[00:19:21] Dollar financial system, what do they do? They just go die. No, they start using a different system
[00:19:26] Okay
[00:19:27] So if we're all having a party here and I start kicking you out and I kick you out and I kick you out
[00:19:30] Eventually, I'm the only one left in the party and I have no control over you guys
[00:19:33] So everyone's been leaked all these people been kicked out of the financial system
[00:19:36] They're all trying to find a different financial system and this is part of part of this
[00:19:40] So now we have it's they print too much money. That's the problem. So we probably need something with like a fixed supply
[00:19:47] We have a problem that
[00:19:49] You need permission to join it so we need something that's probably permissionless
[00:19:53] We need something that has instant settlement. So we need something that can transfer instantly like Bitcoin
[00:19:59] We also have a problem that now the global cooperation by the US led orders falling apart
[00:20:04] And now every nation is sort of on their own and now we have all these different currencies competing like most of these third world countries
[00:20:10] depend on money being remittances being sent back to them like an El Salvador for example 30% of their gross domestic product their GDP is from remittances and
[00:20:18] About 20% of that goes to fees
[00:20:21] the people sending money like
[00:20:24] Gdp's are being charged right so we kind of need something that's borderless
[00:20:29] Right and most importantly in a world where trust is gone. We need something that's trustless
[00:20:35] Right and so then enter Bitcoin right and then we have Bitcoin
[00:20:38] So now where where is Bitcoin fit into this now?
[00:20:41] There's a lot of skeptics here, and I understand that a lot of people say but but Bitcoin's not a good
[00:20:46] Bitcoin's not be Peter Schiff would say it's not a medium exchange show me where you can go into downtown LA and use Bitcoin
[00:20:52] bro, it's been like
[00:20:55] 15 years like remember I said it's an evolutionary path like give it some time
[00:20:59] We fiat is really good for spending Bitcoin's really good for saving so right now. It's taking this this store of value the savings role
[00:21:06] however
[00:21:07] Lot of people today still think it's like stupid internet money to scam
[00:21:11] Why would I hold it?
[00:21:12] But the largest asset manager in the world black rock a quasi arm of the government the head of that Larry Fink
[00:21:19] They opened up but Bitcoin ETF he went on CNBC and said it's a it's a
[00:21:25] flight to safety if he's saying that I
[00:21:29] Hate to break it, but none of us are smarter than he is when it comes to money
[00:21:31] So we should probably listen to him right and so now the Bitcoin ETFs are seeing more inflows than any ETF has ever seen in history
[00:21:38] Can you explain what an ETF is?
[00:21:39] Yeah, and ETF is a way that you can buy something as like a financial equity as a security as a stock so
[00:21:47] ETFs there's tons it's an exchange traded fund ETF
[00:21:50] And so like for example, typically it's been for a basket. So like I could create my own ETF for example
[00:21:56] I could create
[00:21:57] Mark's ETF and I would put in let's say that I have this end-of-world scenario
[00:22:01] So everybody every company that I think is building into like prepping for example, and I have a prepping ETF
[00:22:06] So I just it's a bundle of a bunch of different assets
[00:22:09] I can whether that's one or two it's for things that I can't really have like I think like nuclear is the future
[00:22:14] I don't just think that the the world energy Association said that the goal is to triple nuclear production in the next 20 years or so
[00:22:21] And so uranium is the fuel for nuclear. Well, that's probably a pretty good asset to own
[00:22:26] I like to own that but I can't store that I can't hold uranium at my house, but I could have an ETF
[00:22:32] That gives me access to the price of it right? I can own gold doing ETF things like that
[00:22:36] So Bitcoin is allowing people to buy it as less stock and the reason why that's important
[00:22:41] is a lot of people that have 401ks and mutual funds and
[00:22:45] Even even major corporations that have treasuries have savings
[00:22:48] They're not allowed to buy Bitcoin, but they can buy stocks. So now they can buy Bitcoin as a stock
[00:22:54] Does that make sense? Yeah
[00:22:56] The other big thing is that about 50% of people in the US don't manage their own money
[00:23:00] It's passively managed meaning their 401k manager manages it for them
[00:23:04] Right and so now they're starting to allocate towards Bitcoin and all these people are gonna own Bitcoin
[00:23:09] And they won't even know it because they don't even know what they own now
[00:23:13] Okay, so
[00:23:14] That's happening
[00:23:16] Where was I in this story? Okay. So
[00:23:19] Bitcoin just made a new all-time eye where at $70,000 which is a which is a pretty big deal huge and
[00:23:25] As it starts to gain momentum it starts to suck more people in right it starts to be bigger and bigger and bigger
[00:23:29] As it starts to get bigger and bigger and bigger more money can come into it
[00:23:31] So it's really hard for like a trillion dollars to come into Bitcoin at the price level
[00:23:35] So we need to get bigger and bigger and bigger and it can absorb more money
[00:23:39] I
[00:23:40] I
[00:23:42] I
[00:23:44] I
[00:23:46] I
[00:23:48] I
[00:23:50] I
[00:23:52] I
[00:23:54] I
[00:23:56] I
[00:23:58] I
[00:24:00] I
[00:24:02] I
[00:24:04] I
[00:24:07] 80% of Bitcoin transactions under $1,000 will be done in Africa
[00:24:12] So it's it's happening, but it's not rampant yet
[00:24:15] But we do know it's a store of value JP Morgan Goldman Sachs that is gonna overtake gold
[00:24:19] So if we look at what Bitcoin is it's lots of things
[00:24:22] But one thing we know for sure it's a store of value back to the energy storing my battery, right?
[00:24:27] So if I look at all the things I can put my my energy into as a battery and I compare them
[00:24:32] Dollars lost 95% of their purchasing power, right? They're losing 2% of years the Fed's targets really about 10% a year
[00:24:38] I could put it into real estate
[00:24:40] So most people store their wealth in real estate, but I'm losing 1 to 3% a year just on taxes alone
[00:24:45] Depending on what state I'm in plus I have maintenance costs, right?
[00:24:48] I could put it into equities, but you have no edge into equities and they're diluting you and
[00:24:54] You know, they're barely keeping up with inflation if you will gold has been the best store of value
[00:24:58] But that's even inflating at about 1.5% a year meaning new gold is entering the ecosystem because it continued to actively mine it
[00:25:05] And if the gold price went to 5,000 or 10,000 they would mine more of it and bring even more into it, right?
[00:25:10] Plus there's nowhere in the world you could have put gold a hundred years ago and still had it today
[00:25:15] Yeah, the US seized it 1933 all of Europe's been through war, right? So it's like
[00:25:21] So when you look at it like Bitcoin is the only thing that's not losing value. I can take it anywhere
[00:25:26] I want it's portable. It's durable. I don't have to trust anybody. It's open. So it's honest. It's an honest ledger
[00:25:32] One question though. Yeah, what do you say to people who sit who think? Well, you know, this is really volatile
[00:25:39] I mean, I've seen it go up. I've seen it go down like what do you say to them? Yeah?
[00:25:42] I say that's we say it's a feature not a bug
[00:25:47] Volatility you said and you're right goes both ways it goes up and down
[00:25:51] So how do you go from one penny valuation to a 70,000 valuation without volatility?
[00:25:58] Everything's volatile the price of gas changes every day true, right? Everything's volatile. So
[00:26:04] Yes, as it gets bigger the volatility has gone down down down down so at a 1 trillion market cap
[00:26:08] We're here at a 50 trillion market cap the volatility will be much lower. So it'll go down over time
[00:26:14] But let's just go back to where it is
[00:26:15] So what Bitcoin will be a lot of things but one thing we know is it's a store value today
[00:26:19] So Bitcoin is not a new technology that's competing against other technologies. It's not competing against other businesses. It's competing against value itself
[00:26:28] Store of value. So how do we value that? How do we know how much Bitcoin could be worth at some point?
[00:26:34] Well, if if we were in Silicon Valley 15 years ago and we're venture capital investors and I say hey Nicole I
[00:26:40] Have this idea for this this new business. Do you want to invest in it? Okay? What is it?
[00:26:44] Maybe it's your friend of all he probably got in on the steal
[00:26:47] And you're like, what is it? I'm like, well, it's it's like this app where you could like call for like a ride
[00:26:53] It'll pick you up. You're like, oh, like I can call a taxi. Yeah, it's kind of like that
[00:26:57] But it's like easier and it's like an app, you know, like okay, how much is the worth?
[00:26:59] I'm like a hundred million like what a hundred million where to get the number? Well tax industry is this big van is this big limo's
[00:27:05] This big if we get 5% of all that it's worth that right you understand that right? Okay
[00:27:09] So let's think about this so if Bitcoin is competing against value itself. What are the store of value assets?
[00:27:16] So gold we store our wealth in gold
[00:27:20] We store our wealth in offshore bank accounts
[00:27:23] 30 to 40 trillion in offshore bank counts. We store our wealth in bonds 80 trillion
[00:27:27] We store our wealth in real estate now obviously some are homes
[00:27:30] But then the rest are investments or store of wealth is 350 trillion if we add up all the store value assets
[00:27:35] We get to about 900 trillion dollars. I have a question you mentioned offshore bank accounts
[00:27:40] But not just not bank accounts sure currency itself too, right? We hold money
[00:27:44] That's a store value as well. So we have about 80 trillion in currency. Okay. Yeah, so we have about 900 trillion dollars of
[00:27:51] Store of value assets
[00:27:53] Now remember the gold to currency
[00:27:57] Ratio it's all the gold divided by all the currency. Okay, so what we have is we have all gold was a store value
[00:28:03] We have all the store value
[00:28:06] divided by all the Bitcoin
[00:28:07] Right 900 trillion divided by 21 million equals 43 million per Bitcoin
[00:28:15] 43 million per Bitcoin
[00:28:19] That's if or when
[00:28:21] Bitcoin makes the full evolution all the way to becoming a unit of account you see right now
[00:28:27] How much is oil $80 a barrel? How much is the median home price in the US 350,000?
[00:28:31] How much do you get paid $32 an hour everything in dollar dollar dollar dollar dollar?
[00:28:36] But eventually I believe and many people believe that Bitcoin will reprice everything will become the new unit of account
[00:28:42] And then you divide the wealth by the currency
[00:28:46] Just like if we went back to the gold standard today
[00:28:49] Okay, wow so
[00:28:52] You so what do you think Bitcoin is gonna be worth in like a
[00:28:56] Year five years ten years
[00:28:58] You know what I mean because it cuz you talked about the evolution of it
[00:29:01] Yeah, so the evolution so the ever the evolutionary path so
[00:29:04] We don't know and first of all I would just say anybody who's tracking their wealth in
[00:29:09] Months and quarters and years is never gonna make it. Okay
[00:29:12] The other thing I would say is that you need to learn to think about it differently
[00:29:16] So whenever somebody asked me mark at what price will you sell your Bitcoin?
[00:29:20] You have no idea the game that we're playing
[00:29:23] The goal is not to get more dollars
[00:29:26] The goal is to buy assets
[00:29:28] The goal is to earn dollars and turn dollars into assets
[00:29:31] And the goal is for me to look at my balance sheet or my scorecard every month and see my assets going up and
[00:29:37] To train my kids to take over my assets and build on top of those and on and on and on
[00:29:42] That's the goal not to sell assets for dollars
[00:29:44] So the goal isn't to sell assets the goal is to buy assets
[00:29:47] So we create wealth by providing value and this is a conversation
[00:29:50] I want to have with you we talked earlier about creating value in different ways that we can think about creating value
[00:29:54] But we create we solve problems in the world. We create value
[00:29:58] We earn money and then we save that money back to the battery. So I like to think of
[00:30:04] My I like to think of as creating wealth through my business and then I don't invest money
[00:30:09] I save money. I save it in real estate. I save it in Bitcoin. I save it in some gold
[00:30:15] It's not investing in real estate. It's saving
[00:30:17] Let me it's it makes sense
[00:30:20] But it's funny because I always hear people say you don't want to save you want to invest no it's semantics
[00:30:25] Right, I mean it's saying the same thing the reason why I like to think of it as savings
[00:30:29] Is because I'm actively trying to make money or I'm actually in making money in my businesses
[00:30:35] Nobody invested their way to wealth
[00:30:38] Warren Buffett the greatest investor of all time still goes to work every day at a business
[00:30:44] Called Berkshire Hathaway
[00:30:46] Ray Dalio went to work every day at a company called Bridgewater Capital
[00:30:51] Right, nobody invested the way to out now. Obviously, there's a couple VCs
[00:30:55] But even those guys made their wealth first, right?
[00:30:58] So and then invest it and then invest it and they run it as a business
[00:31:01] So so we need to think about our wealth in two parts one
[00:31:05] I have to create wealth by solving problems putting value into the world and then I live on what I need
[00:31:10] Hopefully less than I earn and then I save the rest in things that will continue to increase my purchasing power into the future
[00:31:18] Okay, that's the investment part because I want my I want my stored value to buy me more
[00:31:23] Good service in the future than instead of less if I store a hundred thousand dollars in the bank today in five years
[00:31:29] From now buys me fifty thousand dollars worth of goods if I put a hundred thousand in Bitcoin today
[00:31:33] It'll probably buy me five million dollars worth of goods in the future, right? So that's like the difference
[00:31:38] so I think
[00:31:40] If I if I had to say I think you know we're going into the halving right now
[00:31:44] So that means the new the Bitcoin will never have more than 21 million
[00:31:47] But there it's still being issued. So we have about 900 new Bitcoin per day come into the ecosystem
[00:31:53] That's the inflation rate and it caps at 21 million. It's about a hundred hundred years from now
[00:31:58] Every four years the new amount of Bitcoin being released gets cut in half
[00:32:02] So that's happening next month in April. So we'll go from 900 a day to 450 a day and then we'll keep going half half half half
[00:32:10] so historically
[00:32:13] Of the last having cycles we've had we've reached a new all-time high 18 months from the having point
[00:32:19] So it puts us about 18 months from now Bitcoin should have a top
[00:32:23] So you asked in a year let's just go out to the year and a half
[00:32:25] And I would say we're probably in the hundred and fifty thousand range
[00:32:29] A lot of people think will be a lot higher than that two fifty three hundred
[00:32:31] We don't really know none of us have a crystal ball. What you can do is you can look at
[00:32:36] You know sort of the patterns that it's had in this in the in the previous having cycles
[00:32:41] And you can sort of chart it out
[00:32:42] But but you know the volatility was less on the last one some people think it'll be more on this
[00:32:48] And so we don't really know I think 150 is pretty conservative which today
[00:32:51] We're you know across 70 so still a double from here, right? I think by the end of the decade. I think we could be at a million
[00:32:57] For Bitcoin. Yeah. Wow, which is like six seven years from now, right?
[00:33:01] So I think we could be there and back to the
[00:33:04] Repricing assets that's probably not in my lifetime. That's probably 60 to 80 years out
[00:33:09] But I have no crystal ball
[00:33:12] Repricing assets right where where it becomes the unit of account
[00:33:15] Okay, got it right where instead of like pricing things and well
[00:33:18] How many pesos and how many you want and how many yen and how many dollars is just like just in Bitcoin
[00:33:23] Where do you think it's gonna still like what country is going to start adopting that? I know
[00:33:27] Well, there it have right so yeah
[00:33:29] So I mean, I think there's a lot of countries that are probably doing it that aren't talking about it
[00:33:33] But obviously El Salvador was the first one that public he came out and said that
[00:33:37] They were of course ridiculed and mocked but they have completely turned the country around
[00:33:40] They've attracted massive amount of not just tourism, but now investment capital businesses. They're blowing up
[00:33:45] They're you know, they're now selling their own bonds. They're raising money their credit went through the roof
[00:33:51] They bought a bunch of Bitcoin which they were ridiculed for and now they've made a ton of money on their Bitcoin and
[00:33:56] Bukali the president there man. What a what a legend he is
[00:33:59] He's just trolling he's like Elon Musk just trolling people on Twitter so good
[00:34:03] And now he's going to all didn't like not all but several other nations are like hey come on and show us
[00:34:10] What to do so just this week he was in I think in the UAE and he was showing them what to do with their sovereign wealth fund
[00:34:16] He's been talking to all these different nations Mexico Argentina, etc
[00:34:19] And I'm guessing they're all doing it, you know, they haven't all come and formally made the announcement
[00:34:23] But we do know like Qatar and some of these nations are mining Bitcoin. We know that right?
[00:34:28] We know Saudi Arabia is working on setting up Bitcoin mines
[00:34:30] So if they're working on Bitcoin mining, I'm guessing they're putting that into their treasury
[00:34:33] We just don't know the official numbers
[00:34:35] So I think it's happening a lot more than most people realize at this point the United States owns a ton of Bitcoin
[00:34:43] Through seizures and things like that that they've got the Bitcoin
[00:34:46] They've talked about selling it off, you know, we'll see where they're at
[00:34:48] I think a lot of nations probably own it and haven't talked about I'm guessing China probably owes a whole bunch owns a bunch as well
[00:34:53] The thing is and I said you have to know all these different disciplines one is game theory
[00:34:57] So game theory is whoever gets in first like the game of musical chairs
[00:35:00] Whoever gets in first has that has the advantage and so
[00:35:03] You know, hopefully, you know the US is doing something about it
[00:35:07] You know, the US has the ability to print the dollar so they could print a bunch of dollars and buy a bunch of Bitcoin if they wanted
[00:35:13] Yeah, we'll see how that shakes out
[00:35:15] Wow, I want to go back to value. Yeah, let's talk about value how you create it what it is
[00:35:22] Yeah
[00:35:25] Value is a big word right? It's like
[00:35:28] What does it mean? There's a lot of definitions of that but I think of value as
[00:35:32] Am I providing value? Am I helping somebody am I solving a need right?
[00:35:36] so we had talked about it earlier in a sense of like relationships and
[00:35:40] How we can provide value through a relationship. So for example, you're my friend. I come and help you move I
[00:35:46] Provided value to you or you had a bad breakup and I give you a shoulder to cry on or you're sick
[00:35:51] And I bring you a meal, right? You literally did give me a shoulder to cry on the day we met
[00:35:55] I did yeah, I did I did
[00:35:58] So those are to be all ways that you can provide value right, but it's like I'm solving a problem
[00:36:02] I'm serving a need. That's really what it comes down to right and so the bigger the problem that you solve the bigger
[00:36:09] The need the more value you provide the more that you make and this is the number one thing that kids have to learn high schoolers need to learn
[00:36:17] The more value you provide is the more money you can make if you work at McDonald's and you help one person place an order
[00:36:25] You've provided very little value as a matter of fact that person would probably rather just deal with an iPad
[00:36:29] If I do brain surgery and I saved somebody's life
[00:36:32] I'll provide it way more value so I could make a thousand dollars an hour instead of whatever twenty dollars an hour
[00:36:37] The difference is even though I'm making a thousand dollars an hour. I'm only giving value to one person
[00:36:43] now if I create a platform where people can buy and sell goods and
[00:36:47] Millions of people become millionaires on my platform like Jeff Bezos I
[00:36:52] Can become enormously rich like Jeff because he provided enormous value to a lot of people so big problem to a lot of people
[00:36:59] So that's kind of way I think about value
[00:37:00] So if if people would just train their brain specifically said high schoolers, but anyone
[00:37:05] You know where that needs is like just think about if you want to make more money you have to provide more value great
[00:37:09] How do I do that?
[00:37:11] Yeah, well you do that by having skills and mental. I call it mental capital
[00:37:17] Okay
[00:37:17] This is a topic that I'd like to get into I think
[00:37:20] There's three types of capital
[00:37:22] I wrote a book best selling book called the Uncommunist Manifesto and it was sort of a rebuttal
[00:37:27] It wasn't a tit for tat but it was just a different a better version of a Karl Marx's Communist Manifesto
[00:37:32] And in Karl Marx's Communist Manifesto
[00:37:35] He got a lot of things wrong and I give him credit because of where he was at that point of history and whatnot
[00:37:41] But one of the things that he says is that the poor people have no capital all they have is their labor
[00:37:47] But he's just so wrong we have three types of capital
[00:37:51] There's mental capital. That's my emotional intelligence. That's my skill set
[00:37:56] That's my mental capital to I have relational capital
[00:38:00] There's one that we talked about earlier and then the third one is finally financial capital
[00:38:05] Which is what he said they don't have financial capital all they have is their labor
[00:38:07] No, they still have mental and financial capital and here's the thing about this
[00:38:11] That while everybody's focusing on I need more
[00:38:15] Financial capital I need more money takes money to make money. I ain't got no money. What do I do?
[00:38:19] Well, we's me so they're all trying to figure out how to make more money
[00:38:22] It's actually the least important one of the three
[00:38:24] What's the most important one the most important one is probably relational capital
[00:38:30] It's it's maybe a toss-up because it's really its financial capital plus mint
[00:38:34] I'm sorry. It's it's it's a mental capital plus relationship capital equals financial capital
[00:38:40] So let me give you an example
[00:38:43] I
[00:38:44] Came out of high school. I started buying bank owned repos right down here downtown Los Angeles
[00:38:48] I didn't even know what I was doing. I was too dumb to know otherwise
[00:38:50] I started there the bank was given to me at zero dollars. We were rehabbing them
[00:38:53] We were selling them made a bunch of money started building from the ground up
[00:38:57] I built two different businesses had big exits had a fortune 500 exit. I crushed it
[00:39:03] 2008 came along and wiped me out
[00:39:05] So I went completely. Yeah, completely. I was young and dumb
[00:39:08] I grew up racing dirt bikes. I still race dirt bikes
[00:39:10] I I've had eight major surgeries that have metal in all my limbs
[00:39:14] so I'm very risk-adverse or risk tolerant I should say and I had just known this boom and bust everything
[00:39:21] I touched had done very very well and I
[00:39:24] You know, I didn't know what I know now and I just yeah
[00:39:27] I got wiped out in 2008 right?
[00:39:29] We can get into that if you want but the point of the story is I had to not only did I lose an eight figure portfolio
[00:39:34] Now I'm millions of dollars in the hole and even worse than that. I had sold all my rental properties
[00:39:39] I had sold my businesses so I had no income. So now here I am. I have no money. I'm
[00:39:45] Major in debt. I'm married. I got a kid and I don't know what to do and I have no income. What do I do?
[00:39:52] Well, I had no financial capital
[00:39:54] But what I did have is I still had the mental capital and I still had my relationship capital
[00:39:58] So one of my friends that had a mortgage company said hey
[00:40:02] We make a few thousand dollars in every mortgage deal if you could help me generate leads and I close them
[00:40:06] I'm I'll share the revenue with you
[00:40:08] so I had mental capital to know how to generate leads and I had the
[00:40:12] Relationship with him and I was able to start printing money immediately. I didn't need the money
[00:40:17] I didn't need the financial capital. Yeah, and so I think everyone's chasing
[00:40:21] Money, but they don't realize that the money is the byproduct of the relationships and the skills that I have
[00:40:29] So much more important so much more important
[00:40:32] so then one question might be well, how do I get relationship capital and I get mental capital and
[00:40:40] What skill set should I learn that's that's a big question. Yeah, people have no idea what skill set should I learn? Yeah
[00:40:48] Mutual friend of ours Cody Sanchez. She said when people ask me what type of business should I buy?
[00:40:53] She helps people buy businesses for those that don't know
[00:40:55] She says when people ask me what type of business to buy I say that's the wrong question
[00:40:59] The right question is how can I get enough information to wear the point of knowing what business to buy is obvious to me?
[00:41:06] So I'd say the same about skills. It's not what skill set should I learn you need to go learn all the different skills
[00:41:11] That's until the one becomes obvious to you because we're all different. We all have different DNA, right?
[00:41:16] I particularly to help people kind of narrow those down. I would say that I want to be the closest
[00:41:21] I can to the money supply
[00:41:23] Okay, okay, so that means typically skills around sales and marketing
[00:41:27] Okay, so if I if I said Nicole if I bring you a million dollars before the end of the year would you give me a hundred grand of it?
[00:41:33] Yeah, of course you would of course. I would everybody would anyone anyone would yeah, and how could I do that?
[00:41:38] Well, if I had skills around sales and marketing hey Nicole check it out
[00:41:41] I'm gonna launch a new product for you
[00:41:44] I'll create the whole digital course
[00:41:45] It's gonna be about how to start a podcast and how to build relationships and I'm gonna build a course around it
[00:41:50] And maybe this is a good idea for you
[00:41:52] I'll build the funnels all build the course all run the Facebook ads and
[00:41:56] I'm gonna I think I do a million dollars and just give me a hundred grand. Would you do that deal?
[00:42:00] Absolutely great. I could do that because that's what I do
[00:42:03] I've generated 30 million dollars in the last couple years doing that exact thing
[00:42:07] Eight million know how much on your YouTube channel? Well, I was just in one year. That's crazy
[00:42:12] But like but so skills around sales and marketing so I've developed lots of skills copywriting copyrighting is a great skill
[00:42:19] That's a great skill. I actually have that if you know how to write copy you can always you'll always make money
[00:42:23] You'll never go broke if you don't make copy video editing
[00:42:27] storytelling
[00:42:28] Facebook ads
[00:42:29] Funnel building right so all of these skills are around sales and marketing and they're all like pieces in a toolbox, right?
[00:42:34] And so first when I first started back to when I had to rebuild after 2008 I
[00:42:40] Had never actually built a lead capture page before but my buddy knew that I had built websites
[00:42:44] And I was in the web business. I had done e-commerce before so we knew I did that
[00:42:49] But I had never actually built a lead capture page, but I had enough skills to figure it out
[00:42:53] and I was able to do that
[00:42:54] And so but each one of those goes then I had to run paid ads
[00:42:57] So then I had to go learn about pay Google pay-per-click ads, right?
[00:43:00] But like turns out Google pay-per-click wants you to use their services
[00:43:04] So turns out they have lots of help and training for you to do that surprise surprise turns out like click funnels
[00:43:10] Or lead pages wants you to use their services
[00:43:12] So turns out they have lots of training to help you do that
[00:43:14] Turns out turns out Facebook ads wants you to run ads so they have lots of training to help you run Facebook ads
[00:43:19] So we have all the resources we have all the resources boom
[00:43:21] So, you know you want to start learning those skills now which one applies to you?
[00:43:25] Well, I don't know if you like writing then you should probably learn copywriting for me
[00:43:28] I used to like writing now. I prefer video and audio better
[00:43:31] So now I do podcast in YouTube right and so it's like you have to learn different skills
[00:43:34] But ultimately these have to stack
[00:43:37] Let me give you a little better example when I was a kid
[00:43:40] I didn't have a silver spoon my dad was a
[00:43:43] Contractor construction worker and I wanted a new bike and I'm probably ten years old and it's like well, I need money
[00:43:50] So what skills do I have as a ten-year-old? I got no skills. I had one skill that I can remember
[00:43:55] I knew how to mow lawns
[00:43:56] Did you do that?
[00:43:57] So I had one skill set that was mowing lawns and I had a market. What was my market with my neighborhood
[00:44:02] I didn't have a car I could walk around my neighbor
[00:44:05] So I took my skill to my neighborhood I knocked on my neighbor's doors and I mowed their lawns right and and that's just a small
[00:44:10] Example and that's been my life is just adding more skills. So
[00:44:14] maybe
[00:44:15] I'm very good at
[00:44:18] Fitness and exercise. Maybe I'm really good at diet. Maybe I'm super into biohacking
[00:44:22] Maybe I'm really dialed in on macros and and diet and I could help you do the same thing
[00:44:28] I could provide value to you by giving you something that I've developed the skill set in
[00:44:33] Now I might need to take that skill set of biohacking or whatever and then I might need to develop marketing skills around that
[00:44:38] So that's why I typically start there start with sales and marketing
[00:44:41] Okay
[00:44:42] Yeah, if you know sales and marketing like that's that's already such a good base
[00:44:45] Yeah, because if I said the way I look at it as a business as a P&L
[00:44:49] You have the revenue the profit the revenue and you have the expenses
[00:44:52] I always want to come in on the revenue side not the expense side
[00:44:55] So if I said Nicole if I bring you a million dollars give me 100 grand
[00:44:58] You already said you would if I said Nicole all come in here and help you reorganize this office for 10 grand a month
[00:45:03] What would you say?
[00:45:05] No, no because this is an expense. Yeah, and you don't need it, but you do need a million dollars
[00:45:09] Yeah, right so I want to be on the revenue side and that's why that's why if I was gonna learn skills
[00:45:14] Which I do I'd want to be on the sales and marketing side. I mean
[00:45:18] No, brainer. No brainer. No brainer. I want to talk about when you lost everything what happened. Yeah, so
[00:45:26] Huh, what happened? Let's talk about where do we start so I
[00:45:35] Started I came right out of high school started buying bank loan properties
[00:45:38] Fixing flipping like I said started a couple businesses and I was the benefit of a bull run a bull market
[00:45:43] Right. We had ten years of just like booming markets and you know warm Buffett says the rising tide rises all boats
[00:45:50] And so you know, I was hard working. I was smart for sure
[00:45:53] There's plenty people that didn't make any money during that period
[00:45:55] but I also had the benefit of that bull market so it papered over a lot of mistakes and
[00:46:00] Saying that I say a lot now is that smooth seas never made a skilled sailor. I love that the opposite of that is that
[00:46:07] Success is a horrible teacher
[00:46:09] Right and so we have successes, but we're not learning because like even when I make mistakes
[00:46:13] It doesn't really matter like I went over budget on this project
[00:46:16] But it didn't matter because the price appreciated so much, you know
[00:46:19] And that it just papered over that and so you know you start running very fast very loose
[00:46:24] You know you start running and gunning and then you know, you get overconfident and basically what happened is I
[00:46:31] Had built my goal was when I was 20 years old. I'm like by the time I'm 30
[00:46:35] I'm gonna be retired and my friends are like how dude you didn't go to college
[00:46:38] I'm like well because I'm doing these real estate and I could make like a thousand dollars a month on rents
[00:46:43] And if I just get 10 of them, I have 10 grand a month like I'm good
[00:46:46] And I know over the next six seven years I could get 10 of those right
[00:46:50] And so I started building those up
[00:46:51] And then I started getting apartment buildings and I started getting bigger and bigger and bigger
[00:46:54] But then and then I started building businesses
[00:46:56] I had a medical equipment business high-tech medical equipment business that I sold off and then I had a e-commerce business and
[00:47:02] As things were getting bigger and bigger and bigger and then I don't know call it ambition call it greed call it
[00:47:08] naive whatever it is I
[00:47:11] Just want to do bigger and bigger projects
[00:47:13] And so instead of hundred thousand dollar homes in South Central
[00:47:15] I'm now building ten million dollar projects down on the beach in South Orange County
[00:47:19] And in order to do those types of projects, I need a lot of capital
[00:47:22] So let me just sell these rental properties and let me sell this apartment building
[00:47:26] And let me just take all this money from these businesses and let me just push it into here
[00:47:29] And so it's sort of like sitting at the at the blackjack table or the poker table
[00:47:32] And just like let's just go all in and unfortunately then 2008 came along now
[00:47:37] I'm a student of history or to gave you a history lesson on money and the Fed and I'm a student of history
[00:47:42] And I realized that California real estate had only ever dropped one time from 89 to 92
[00:47:46] And during that time that four-year period it dropped about 30%
[00:47:49] The worst the worst 12 month drop in history was 6%
[00:47:52] So I'm like what if it's double the worst 12 percent? What if it's triple the worst 18?
[00:47:55] What if it's four times the worst 24%? I'm good
[00:47:59] I'm sitting on you know
[00:48:01] Multiweight figures of real estate at a 60% loan to value if it drops 25 no big deal
[00:48:07] It drops 60% in a year
[00:48:09] And ultimately what it came down to is I just couldn't afford to carry because I sold all my revenue producing
[00:48:15] Assets and I just had a bunch of debt and I couldn't carry
[00:48:18] You know, I had several hundred thousand dollars a month of obligations to pay and I couldn't afford it
[00:48:23] And so you know we had to start just kind of clearing out properties
[00:48:26] I sold what I could you know some foreclosures some short sales things like that
[00:48:30] I was determined to fight my way out of it and not declare bankruptcy. So I didn't in hindsight
[00:48:35] I probably should have it would have been much quicker and easier
[00:48:38] But um, I fought my way out of it. And that's why I had millions of dollars of debt
[00:48:41] I had to climb out of at that point. Um, so the lessons to take away from that are a couple of things one
[00:48:47] I I didn't need to go all in
[00:48:50] I didn't need to be that aggressive, right? I was diversified. I had rental properties across the united states
[00:48:55] I had businesses that produced income in medical like that were not never was that recession resistant, right?
[00:49:01] And I didn't need to go all in on that. So that's number one
[00:49:04] Don't go all in and so even with bitcoin we laid that down already
[00:49:07] I'm pretty confident that that's where that's gonna go, but I'm not going all in no way the the the
[00:49:14] Getting that right or that I should say the risk of getting it wrong is worse than getting it right. Yes
[00:49:20] That's what I and I had to learn that the hard way back to
[00:49:23] Smooth seas never made a skill sailor. I've gone through the rough seas and now I've learned and so for me
[00:49:27] That those are lessons one. I didn't need to go all in. I should have stayed diversified number one
[00:49:32] Number two when you use leverage or debt in this scenario, which you have to use this another topic
[00:49:37] We can get into if you want we live in a debt based monetary system. That means money is created through debt issuance
[00:49:43] So if we want to build wealth, we have to use debt like donald trump. He was called the king of debt
[00:49:47] Um, but debt is like fire. It can warm up your house and it can burn your house down
[00:49:54] Little kids should never use fire because they don't know how to control fire
[00:49:58] Just like most people should never use debt because they've never learned how
[00:50:02] How do you use that? Yeah, I'll tell you how but let me so that's what got me in trouble
[00:50:06] So I used leverage to build my empire up
[00:50:08] But I didn't structure it properly and so it burned my house down
[00:50:12] I didn't know how to manage it and the big thing was I couldn't carry it
[00:50:16] So I couldn't meet the debt obligations and part of it because I took bad debt. I had bad loan agreements
[00:50:22] I was using hard money. So it was very expensive and things like that
[00:50:25] So that's kind of what happened now. How do you use debt properly? It's a good question
[00:50:30] We use debt properly a couple of ways so
[00:50:33] I don't know if it was while we were recording or maybe before but I I said when people asked me at what price
[00:50:37] I'd sell my bitcoin. I say you have no idea the game that we're playing
[00:50:41] So if we think about the game if I showed up at your house and I and I brought a board game
[00:50:45] And I'm like, hey, Nicole is playing this board game
[00:50:47] You're like cool. I'll play but I don't know what it is. What is it? Okay. What is the game?
[00:50:52] What's the objective of the game?
[00:50:56] What are the rules of the game?
[00:50:58] Who are the other players of the game and once I know those things I can create a strategy
[00:51:03] Right now if I've played the game for 10 years, you've never played it
[00:51:05] I'll probably develop lots of strategies to win quicker than you
[00:51:09] Right just like the billionaires have developed strategies to make wealth faster than we have
[00:51:13] Okay, so we think of the game of money and I'm not I just want to say
[00:51:16] I'm certainly not saying wealth is our number one goal on this earth
[00:51:19] But in the game of money
[00:51:22] We have to understand that the goal the objective is to buy to build assets
[00:51:26] Not dollars we use dollars to get the assets. That's number one number two
[00:51:29] We have to understand there's in-game characters. So like if I'm playing monopoly, there's the bank
[00:51:33] There's the gel right or something like that and there's in-game player character. So we have the fed
[00:51:38] We have the banks we have wall street
[00:51:41] We have the irs
[00:51:42] Right, so those are in-game player characters now while we're trying to build wealth
[00:51:46] There's two mechanisms in the game that take our wealth. So we have to work against one is inflation
[00:51:51] And two is taxes right right so inflation and taxes are still in our wealth as fast as we're trying to build it
[00:51:56] So we're trying to work against the game
[00:51:58] All right, so let's think about debt for example. So there's two ways that we can really use debt
[00:52:02] So the first way we can use debt
[00:52:05] Is by leveraging it to build wealth faster because remember debt money is created through debt issuance
[00:52:11] So we hear like oh the feds printing money. Let the printers go burr. It's not really how it happens
[00:52:15] The banks create money when I go get a loan from the bank
[00:52:18] The money is created into existence. So I get a house a car boat a business loan that money is created into existence
[00:52:23] So when I was a kid, you know, I'd hear my parents go. I wish we had a money tree in the backyard
[00:52:26] Or what do you think we have a money tree in the backyard?
[00:52:28] What we do we have we all have a money tree
[00:52:31] Cody going back to Cody she talks about all the time she goes and gets loans to buy the business
[00:52:35] If I want a million dollar business or a million dollar house, and I don't have the million dollars
[00:52:39] I just go to the money tree the bank and they give me the million dollars
[00:52:43] So we do have a money tree, but we have to understand that debt there's two types of debt
[00:52:46] There's good debt and bad debt productive debt non-productive debt
[00:52:49] So debt on credit cards to go shopping and on vacation and out to dinner. That's horrible debt
[00:52:55] Buying a car horrible debt right even maybe for some people buying a house horrible debt
[00:53:00] Because those things take money from you, but if I'm using debt to get more money
[00:53:05] That's good debt for example
[00:53:07] I could Cody does helps people do this. I could go buy a million dollar business
[00:53:12] That's making 300 thousand dollars of cash flow per year
[00:53:17] I would borrow the million dollars and it would probably cost me 150 thousand of debt service
[00:53:23] And that means i'm left over with 150 thousand dollars of profit
[00:53:27] Got it okay, and I I didn't have the million dollars. I got it from the bank
[00:53:31] But just for me putting the deal together I have 150 thousand dollars a year coming in just because I use debt
[00:53:36] Right that's an example
[00:53:39] So that's a good way we can use debt one to build that empire
[00:53:42] But number two in the game the other thing that steals our wealth well one is inflation
[00:53:47] So by using debt to build assets we're offset inflation, but the second way is taxes
[00:53:51] So if I buy bitcoin if I bought bitcoin as I was telling my camera guy over here to buy it at 15 000 now
[00:53:57] It's at 70 if I bought it at 50 and then I want to sell it at 100
[00:54:03] I could sell it at 100. We're in california. I'm on the top tax bracket 50 percent of my profit goes to tax
[00:54:08] So I bought it at 50. I sell it 100. I sell it. I end up with
[00:54:14] 25 000 goes to the government and they use it for things. I don't approve of and I have 75k in the bank
[00:54:20] Or what I could do
[00:54:22] Use debt
[00:54:23] So I could go buy it 50 sell it 100 and instead of selling to get the 50k. I could borrow 50k against it
[00:54:31] Oh, wow, okay now the 50k that I've pulled out is now tax-free
[00:54:35] Because it's debt
[00:54:38] It's not profit and I still have the hundred thousand dollars of bitcoin
[00:54:43] That's appreciating at 200 percent a year. You see in scenario one. I sold 100k
[00:54:49] I have 75 paid 25k in taxes and I have no more bitcoin
[00:54:52] So when bitcoin goes from 100 to 200, I didn't participate in that the scenario two I use debt
[00:54:57] I get the 50k I pay no taxes and I still have the 100k to go to 200k
[00:55:02] perfect
[00:55:04] So that's how we use debt right we use it to beat inflation and and uh and avoid taxes the two in-game mechanisms that are stealing our wealth
[00:55:12] I remember we talked about this um
[00:55:15] A few months ago
[00:55:17] But they don't teach any of this
[00:55:20] to
[00:55:21] Young kids in school or even high school or college. Yeah, they don't teach any of it
[00:55:26] If you if you if I brought the game over to your house
[00:55:30] Um, usually the games um have like a basic set of instructions
[00:55:34] And they tell you what the rules are of the game and they tell you the characters and they tell you how to play it
[00:55:39] But they don't give you any strategies. Sometimes the game will say like here's one or two strategies
[00:55:43] But really it's through playing the game over and over and over that you'd learn different ways to play the game
[00:55:47] And I think that's sort of how we have certainly. You're absolutely right. They don't teach you any of this
[00:55:51] Henry Ford
[00:55:53] um father of the automobile in the assembly line
[00:55:54] He said whatever 1908
[00:55:57] That if the american people knew how the banking system worked there would be a revolution before the morning
[00:56:03] Not tomorrow
[00:56:04] Like right now. Yeah right now when I explained to my daughter when she was like 11
[00:56:09] How this all worked? She she told me um, we were driving and she looks over me. She's like
[00:56:14] Why do people allow that to happen?
[00:56:16] You know and and they purposely don't teach you this because they don't want you to understand what this game is
[00:56:21] Because the game is rigged against you
[00:56:24] The good news is though is that we can just play the same game that they play
[00:56:28] So for example, we talked about inflation steals your wealth. Why why does the government want inflation?
[00:56:33] Why are they stealing our wealth? Well, the reason why is because they're inflating away their debt
[00:56:38] So through inflation the government's debt gets cheaper and cheaper and cheaper
[00:56:42] They're basically stealing from you to pay off their debt
[00:56:46] But guess what it also pays off my debt
[00:56:52] So I can just play the same game as them. I can also take on debt and I can let them inflate it away for me
[00:56:58] So, um, they don't teach us all of these things. They don't want us to play this game
[00:57:03] But a lot of these strategies just come from playing the game
[00:57:06] It also comes down to relationship capital. So I didn't just magically wake up one day and know this stuff
[00:57:13] I've spent a lot of time in decades and hundreds of thousands of dollars
[00:57:17] traveling meeting talking
[00:57:20] Joining mastermind programs hiring consultants to learn this stuff
[00:57:24] So it takes time you got to play the game and you have to invest into your own mental capital and relationship capital
[00:57:30] To learn these things to get more financial capital, right? Your friends with Robert Kiyosaki, right? Yeah. Yeah, I knew that
[00:57:37] So what was your relationship with him? How'd that start?
[00:57:41] So back to relationship capital, we're always taught most people are taught that it's not who you are it's who you know
[00:57:47] yeah
[00:57:48] I found that to be untrue. It's not who you know. It's who knows you
[00:57:53] Wow, yes
[00:57:54] Right. Yes. Think about that
[00:57:57] There's a lot of people that know you
[00:57:59] But if they called you
[00:58:01] Would you do anything for them? Do you know them? Have they built goodwill with you? There's a lot of people that know you, right?
[00:58:08] So it's not who it's not who you know. It's who knows you, right? So I think about it like that and I was at
[00:58:14] I was at a funnel hacking live event Russell Brunson does click funnels and I was at the funnel hacking live event and he's on stage
[00:58:20] And he's talking about he's invited some big influencer
[00:58:23] I think it was like Prince EA or something to come and he was like showing his phone on stage
[00:58:26] And he's like in his Instagram DMs and he's like he's looked like I DMed him and I asked him if you want to come speak
[00:58:31] And he's like what is this Russell in the way? I'm a big fan
[00:58:33] He's like what I'm a big fan and remember sitting there and in the audience and going
[00:58:37] How would anyone ever be a big fan of mine if I never put out any content?
[00:58:43] The answer is obviously they couldn't yeah, absolutely
[00:58:45] And that was sort of like this turning point for me where I'm like I need to start creating content
[00:58:49] And Russell Brunson would always say and I think he still says if you make content every single day for a year
[00:58:54] You'll never need money again
[00:58:56] And so anyway, I started making content and I'll get to the rubber kids hockey part
[00:58:59] But Rob I read rubber kids hockey books when they came out decades ago
[00:59:03] He's been my mentor. I've read all his books. If you look if you watch my content
[00:59:06] I'm basically just kind of recycling a lot of what I've learned from him
[00:59:10] Um, but I started creating content years later now a couple of years ago. I think it was 2020
[00:59:16] He was watching my videos
[00:59:19] And he liked the content I was putting out and he asked me to come to phoenix, arizona and record rich dad radio with him
[00:59:25] And so I did and since then we've developed a relationship and I've been out there many times
[00:59:29] We've gone to many events together. We text on the phone back and forth like a you know weekly almost
[00:59:34] But it was only because I had put that information out there
[00:59:37] I shot I shined the light out and attracted the right boat. So that that's that's one thing
[00:59:41] But as far as the relationship
[00:59:43] It's certainly like a mentor relationship. He's he's he's sort of like my grandfather if you will
[00:59:50] You know, he tells me the way it is and I just take it
[00:59:52] You know, there's no, uh, there's no debating or arguing with him
[00:59:55] You know, there's no like I like to call it like verbal sparring like let's just kind of figure this out
[00:59:59] It's like he just kind of tells me I take it as a as a mentor student type of example
[01:00:04] But um, yeah, he's great. He's um
[01:00:06] He's certainly got an older for sure, but man, he's still so sharp and the one thing that I would say about him is that
[01:00:13] He really really really cares. I mean, he's a billionaire
[01:00:17] He does not need to do anything
[01:00:20] But yet he just set up a new house in uh, dc
[01:00:24] To do lobbying and he put a general there and he's like trying to lobby for education in dc
[01:00:28] Like he's working with colleges and bring and working with college students to set up education at call like he's still doing that for what?
[01:00:35] For financial literacy. Yeah, but for what like he doesn't he doesn't need the money. He's not doing it for money
[01:00:40] But he still really cares
[01:00:43] He's a marine and he always talks about like values and purpose and like he's living the mission the mission
[01:00:48] He's living the mission, right? So, um, there's certainly a lot to take away from that
[01:00:52] I mean, um, you know people have a lot of different misconceptions about him or their own opinions about him
[01:00:57] I would guess and
[01:00:59] I think I think I think one problem that I see with people today is that people have lost all nuance
[01:01:05] Nothing is black and white. Nothing is linear
[01:01:08] There's things I like and things I don't like about everything like the republican party or democrat candidate or
[01:01:15] Inflation inflation is both good and bad
[01:01:17] Like I leverb rubik yasaki and there's things I don't you know, I mean
[01:01:19] It's like so you don't have to be all in on something. So um, anyway, that's that's kind of my relationship with rubik yasaki
[01:01:26] But you know for you as well sort of similar, right? I mean you've developed relationships with a lot of people because
[01:01:32] Of content you put out and positions you put yourself into. Oh, absolutely
[01:01:36] Um, I like what you said about nuance though that we've lost all nuance because I think not only have we lost all nuance
[01:01:44] As i'm watching these like pot, you know, these podcast clips are going viral every day
[01:01:48] Everyone's starting a podcast everyone has an opinion
[01:01:51] Um, I'm starting to realize like you know a lot of people have great advice, but it may not be for you
[01:01:56] There is no one size fits all
[01:01:59] You know, so when I when I I watch these things I always keep in mind
[01:02:02] I'm like, you know what even if like I see a hundred thousand people liked it and you know tons of people are commenting
[01:02:09] I I've learned to train myself
[01:02:12] Uh to think you know what maybe this advice isn't right for me. Yeah, you just don't know
[01:02:17] It's crazy because the way people talk as if it is black and white as if everything that they think and believe
[01:02:24] And worship is something you have to think and believe in worship too. Yeah
[01:02:28] Well one everything is relative. So everything has a comparison for humans. So what's heavy?
[01:02:36] True. Heavy compared to what? Yeah, heavy compared to heavy for you
[01:02:40] Is this heavy?
[01:02:42] No
[01:02:43] Well, I mean it's heavier than a than a pencil true
[01:02:46] Right and so like we have to kind of think about like that. So when someone says like, what's good? Is this a good investment?
[01:02:53] What's the best investment the best for who?
[01:02:55] Like um, the one thing I say all the time is that
[01:02:58] The quality of your questions
[01:03:01] Determine the quality of your life
[01:03:04] And most people ask horrible questions. They're way too broad and way too vague
[01:03:09] What's one terrible question that you feel like a lot of people are asking
[01:03:13] Well for me because I talk about investing and finance the question I get all the time that drives me crazy is
[01:03:18] What's the best investment I should make right now or what's the best asset?
[01:03:21] I should buy and what's what's the better question that you wish people would ask
[01:03:26] The better question would be
[01:03:28] In my situation being 72 years old and on a pension making 60 thousand dollars a year
[01:03:34] What's the best way that I could preserve my capital but still have a little bit of income to survive for the next 20 years
[01:03:41] Specific specific
[01:03:44] I'm 24 years old. I make 300 thousand dollars a month. What's the best asset I could make to do a certain job to
[01:03:53] Um increase my purchasing power to protect myself from lawsuits to like what are you trying to do?
[01:03:59] Alex from mosey says, what's the problem you're trying to solve?
[01:04:02] So what's the problem trying to solve so people say what's the best asset I should buy?
[01:04:05] I don't know. What are the problem? What's the problem you're trying to solve? Right?
[01:04:08] Yeah, think about chat gbt for example or I've been using google gemini lately, which I think is way better for
[01:04:15] sort of like market research and writing but
[01:04:18] Everybody thinks that chat gbt is going to change the world and it's going to make all these smart people
[01:04:22] But it's not it what it does is it makes very smart people smarter and it makes dumb people
[01:04:27] I think dumber and the reason why is because the quality of the questions they ask
[01:04:31] so
[01:04:32] Most people are like
[01:04:34] I heard that I could just create content. So chat gbt you write me a book
[01:04:38] Huh
[01:04:39] What are you going to get if you say to write you a book?
[01:04:42] Who'd even knows? Yeah, I don't even think so. Okay, write me a book on dogs
[01:04:48] Write my book on training dogs right and think about how much more detail you can add to that and they think about that
[01:04:53] Right, so like I've been writing. I've been starting to write my these prompts as they say right and I'm doing like market research
[01:04:59] So I might say something like
[01:05:01] You are a financial copywriter. This is the role I want you to be in your job is to write
[01:05:07] Financial copy for a website. That's the job that you're doing
[01:05:10] The purpose of the website is to
[01:05:13] Sell a financial product that talks about using debt and using inflation to defeat the game and blah, blah, blah
[01:05:20] Then what's the purpose? You're writing to and then I'll put the avatar 30 to 50 years old in the middle part
[01:05:25] But and I have this long the del over her. All right, so I'll put all this in and then I'll say
[01:05:31] now
[01:05:33] Give me
[01:05:35] Three headlines that would attract this person that would create curiosity use
[01:05:41] Sensitive words use specificity in the title
[01:05:47] And then it gives that to me
[01:05:49] But that's very very specific
[01:05:51] I have to know that I need a headline that needs to be specific
[01:05:54] In curiosity invoking and sensational, but most people don't even know they need that in the headline
[01:05:59] I'm gonna get these prompts from you. Yeah, and then and then and then I say
[01:06:03] And then that's not even the full prompt and then I'll say once I have the
[01:06:06] Once you give me the headline give me the top three questions that that avatar would have as soon as they see the headline
[01:06:13] And then write me one sentence statements that address the question but create even more curiosity and then
[01:06:21] It just fits it off. Wow, but like that's a very detailed question
[01:06:25] And so I get a very good answer back
[01:06:27] Most people would never know to ask that question
[01:06:28] They never get that answer back
[01:06:29] So it just depends on what you're trying to do, but I would just go back to
[01:06:33] Make this much more simple
[01:06:35] What's the problem you're trying to solve and the more specific you can be about it the better question you're gonna get
[01:06:39] Mark, what's the problem you're trying to solve?
[01:06:42] I'm trying to solve lots of problems in different areas
[01:06:46] So then you'd have to ask a much more specific question than that, right?
[01:06:49] So it depends. I mean, I'm trying to solve all kinds of problems. Okay. How about this earlier in
[01:06:55] The conversation you stopped yourself while you were saying something you said and I'm not trying to say
[01:07:00] That wealth is the most important thing we should be chasing. Yeah
[01:07:04] So what do you think is more important than that? Good question. That's a much more specific question
[01:07:10] you know
[01:07:13] People would ask I've been asked many times like how much is enough like what's your number like how much do you need
[01:07:21] How much do I need for what?
[01:07:23] Is there a limit to
[01:07:25] How many people's lives I can change? Is there a limit to how many churches I can donate to
[01:07:31] Is there a limit to how many people in poor countries I can help?
[01:07:35] Is there a limit to how many houses I can help my church build in tijuana?
[01:07:39] Like no, there's no limit to that
[01:07:41] So I think the answer for me is different than most people because most people are only thinking about themselves
[01:07:47] How much money do you need?
[01:07:49] I got enough money
[01:07:50] I'm past that right so for me
[01:07:53] That's why I said wealth isn't the isn't the primary game. I talk about wealth, but that's not the primary game for me
[01:07:58] It's about making an impact. So one with my kids
[01:08:01] Right, so start locally start with my my my kids and then my extended family
[01:08:06] And then my community and then hopefully the world right hopefully the world i'm trying to impact the world
[01:08:11] I do mission trips to
[01:08:14] Mexico with my family and we you know build things and donate things and
[01:08:19] We go to the hospital and do like you know
[01:08:22] Serving ministries at the hospital. We help buy medicine for people that are there
[01:08:26] There's just there's just no you know, there's an orphanage in mexico down in
[01:08:30] Outside of ensanada every july we do a fundraiser for we raised about last year we raised about 400 000 for them
[01:08:38] It's a it's an orphanage that just does kids with special needs which are basically throwaway kids in mexico
[01:08:44] Um, I don't want to sit here and talk about all the charity stuff. I do I don't need credit for that
[01:08:49] But I think that's I think the much bigger goal. I think about money
[01:08:52] What's the purpose of even having money and for me it's so I can have
[01:08:57] Options and freedom for my family and I can help other people
[01:09:01] That's beautiful. Yeah, you mentioned church. Do you have a strong relationship with faith?
[01:09:07] And what is it? Yeah, definitely I do
[01:09:09] Yeah, I definitely do I uh, I don't like labels
[01:09:13] I don't like labels because I believe that we have a problem with like definitions and semantics of that in my book
[01:09:18] The Uncommonist Manifesto we opened up the book me me and my we had a co-author alex fedski
[01:09:24] And uh, we open up the book with definitions
[01:09:27] A lot of times you'll have like a loss at the end, but like we want to get the words straight
[01:09:31] Before we even got into the text and so I like to be clear on that and I think I don't like labels
[01:09:37] I can't say I'm a republican. I'm not a libertarian. I don't know what I am
[01:09:40] I don't like labels either. I'm pro-freedom, you know, whatever that is, right?
[01:09:43] So I could say I'm a freedom maximalist maybe
[01:09:46] And so when it comes to religion the way I look at religion is that to me religion means um acts
[01:09:53] Service acts of service. So if I'm catholic, I have to pray the rosary
[01:09:57] I have to go to confession
[01:09:59] I have to pray for someone to come out of purgatory, right if I'm Muslim
[01:10:02] I have to you know
[01:10:03] Get on my knees and pray at noon every day or whatever
[01:10:05] Each of these religions have acts, right?
[01:10:08] But the teachings of Jesus are not acts at all. So
[01:10:12] Jesus says that it's given by grace. There's nothing that you can do to earn it
[01:10:18] So when I think of religion I think about like all these things I have to do
[01:10:24] And so I wouldn't I wouldn't use the word religious or religion
[01:10:29] I believe in Jesus. I believe in the teachings that that he gave us in the bible
[01:10:34] He said that the the most important commandment is to love god and love others more than yourself
[01:10:39] And I think if the world did that, I think the world would be a much better place
[01:10:42] I mean as a Jew I agree. Yeah, so
[01:10:45] I think you know, I have a lot of friends that are Mormons
[01:10:48] And I don't necessarily believe in that religion
[01:10:51] But they live by a code a moral code and I mean they're good people because of it, right?
[01:10:56] I said so I think even an atheist would probably recognize that if we lived by a moral code would be beneficial
[01:11:02] The other thing I would say is back to atheism
[01:11:05] Actually, I just saw this rant of Joe Rogan the other day. I don't know and it's been going viral at the end
[01:11:09] He said I guess we need Jesus. Did you see that rant of Joe Rogan? No, I didn't I would love I would love to see it
[01:11:14] Man he went on this rant and uh, but he was saying everyone has a religion if you're atheist that is a religion
[01:11:21] Today we have the climate people the climate is a religion for them. Everybody has a god
[01:11:26] It could be yourself
[01:11:28] And that's what like atheism is sort of a thing
[01:11:31] um
[01:11:32] I I just choose to believe that this world wasn't an accident
[01:11:37] I think there was a divine creator and I think part of that that the worldview is super important, especially today more than ever
[01:11:44] Because you have like bill gates going on tv saying that it's time to upgrade the human immune system. He need he
[01:11:51] Bill gates needs to upgrade the human immune system
[01:11:53] And I'm like no
[01:11:55] Like my immune system is everything needs me now. I need to make sure I don't damage it
[01:11:58] I need to make sure I keep my immune system healthy, but like who are you? You're not god
[01:12:03] You can't you can't make the immune system better
[01:12:06] Bill Gates is trying to darken the sky to make the make the world cooler
[01:12:10] Like who like you think you can control the weather
[01:12:14] Like you're and so what happens is when we have complex systems the body's a complex system
[01:12:18] The economy is a complex system the world's a complex system in a complex system
[01:12:22] You can't start adjusting things because then we have unintended consequences for me. We all put our faith in something
[01:12:30] And uh for me, I just brings me I think more peace knowing that
[01:12:35] I'm not I don't have total control over anything nor do I have to pretend like I can or do
[01:12:40] and that there's something bigger going on and um
[01:12:44] You know, I think I think I look at like today
[01:12:46] There's this interesting parallel. I was just talking with someone yesterday
[01:12:50] Um outside of Mexico City
[01:12:51] I'm going down there in a week to go speak at this mastermind of sovereign man sovereign man so cool
[01:12:56] he's really influential in my life, but
[01:12:59] Outside of Mexico City about 45 minutes are these pyramids some of the best pyramids
[01:13:02] In the world because they were abandoned and they were covered with dirt and they uncovered them in their like perfect condition
[01:13:08] And I love history so we went there and like why were they abandoned and why are there such perfect condition?
[01:13:12] well back then it was the priests and the warrior class that that ruled everything and
[01:13:16] Back then just like most of history they believed that when they had drought
[01:13:20] They should sacrifice animals or humans to the weather gods to get rain right?
[01:13:24] I mean, that's a common story right sacrifice a virgin sacrifice a cow whatever it is
[01:13:28] And they were and they were sacrificing children. They did animals. They couldn't get the rain
[01:13:33] They started sacrificing children couldn't get the rain. They killed all the children
[01:13:36] They started getting villagers children ran out of children
[01:13:39] The priest finally said hey warriors give us your children and the warriors are like hell
[01:13:42] No, they killed all the priests and the whole thing fell apart right but
[01:13:45] Think about how ridiculous that seems to us today
[01:13:50] That people back then would sacrifice animals to the weather gods to get it to rain
[01:13:54] So what they were doing is sacrificing animals or people to change the weather
[01:14:00] Right insane. So that's insane. Is it insane that in the netherlands and in new zealand
[01:14:07] They're killing hundreds of thousands of cows today to change the weather
[01:14:12] Is that what they're doing? Yeah
[01:14:14] What do you mean is that what they're doing of course
[01:14:17] Not and they're in the united states, too
[01:14:19] They're killing hundreds of thousands of cows
[01:14:23] To change the weather
[01:14:27] Now they say it's because their farts and their farts leak into this and it's global warming
[01:14:32] Whatever you want to call it the outcome is the same
[01:14:35] Just like civilization in the past sacrificed animals or people to the weather. That's what we're doing today
[01:14:42] We're still worshiping a god either way
[01:14:45] So yeah, so everyone's worshiping something is what you're saying. Yeah
[01:14:50] Okay
[01:14:51] So
[01:14:52] You're a jew i'm a jew you jewish as a religion. Yeah, so you don't believe in jesus. You believe jesus was a teacher
[01:14:58] But he wasn't the messiah
[01:15:00] correct, however
[01:15:02] Because I have so many different friends
[01:15:04] From different religions including christianity
[01:15:07] I appreciate the values and the things that jesus taught
[01:15:12] And I mean, I have so many friends
[01:15:14] who
[01:15:16] Say they were saved by jesus and this and that
[01:15:21] And to me while I don't I don't think of that
[01:15:24] In my own life like oh, I was saved by jesus when this thing happened or that thing happened
[01:15:30] I just appreciate
[01:15:32] That's what they went through and that's what they believe. Yeah, so
[01:15:35] What's your point? Well, you weren't and you and you can't say that because you don't believe in jesus
[01:15:40] True, but but they believe in it and that's their reality. So and I'm okay with that
[01:15:44] I don't I don't think that they're wrong and I'm right. I just think like
[01:15:49] That's their religion and that and I have my own beliefs, but it was also passed down to me. Yeah, so yeah
[01:15:57] I mean, there's a whole lot we can go into there. I'm not I'm no theologian. I'm not a pastor
[01:16:01] I'm not like an expert in this so like I'm probably not the best person to have this like debate or
[01:16:05] I don't think it's even it's not it's not a debate or conversation about
[01:16:09] The way I look at it is
[01:16:11] Jews believe that jesus was like a good teacher, right? But they're not the messiah
[01:16:16] I didn't even know about what they believe all we we were just taught that jesus was jewish
[01:16:20] Yeah, so, you know, you believe in the first five books of the bible the torah, right?
[01:16:25] But the whole old testament is full of prophecies saying that he would come
[01:16:31] So it's like when you line it all up. It's like one long story
[01:16:36] I want to I'm just gonna read this real quick for everybody listening. This is this is a little bit off the track
[01:16:39] But I was just I was out in uh, utah
[01:16:43] I had changed my appointment yesterday with utah today because I went into another podcast in utah
[01:16:48] Sorry about that. Uh, but uh, I was talking to him and we were talking about
[01:16:52] Just the bible and he was saying how um
[01:16:55] What the bible has been rewritten so many times and how we even know it's accurate and blah blah
[01:16:59] Well, the way that you know an accuracy is you look at these ancient manuscripts and they look at how many manuscripts did we find
[01:17:06] More importantly, the first question is how long after the actual events was the manuscript written?
[01:17:12] That's the first thing so from the time how how many generations was the story passed before they actually wrote it down
[01:17:17] Number one because obviously as it gets passed it gets changed
[01:17:20] Uh, so how long after the events did it get written number two
[01:17:23] How many manuscripts were there and then obviously before the printing press in the 1400s books were just hand transcribed
[01:17:29] So how many copies do we find and what was the accuracy between them? Okay, okay
[01:17:33] So that's how you find how valid how valid a book is an ancient book of antiquity
[01:17:39] The bible is the most most read book in history. It's the oldest manuscript in history
[01:17:45] Okay, so um, jordan peterson says that the bible isn't just true
[01:17:50] its truth itself
[01:17:52] And the reason why he says it's truth itself is because back to everything is um
[01:17:57] A comparison to something else and since it's the oldest form of text that we have every text that we
[01:18:04] Inhumanity came from that text
[01:18:08] Anyway, listen to jordan peterson. He can tell you more about that night it but just uh to put this home
[01:18:12] So um, the bible is the oldest manuscript the oldest, uh, book that we found the new testament specifically
[01:18:19] was written about 30
[01:18:23] To 50 years after the death of jesus so everybody was still alive when it was written
[01:18:29] The second oldest book in history was homards iliad, which was written 900 bc
[01:18:35] And uh, it was written 500 years
[01:18:40] After the supposed stories had happened
[01:18:44] Now the second oldest book there was
[01:18:47] 643 copies of that of that homers iliad, um, odyssey found 643 not not not a small number
[01:18:53] It's a lot that were hand transcribed
[01:18:56] Um, the bible there's 5600
[01:19:00] And that's just in the original language in greek people transcribed them to other language syriac latin
[01:19:06] Coptic aramaics there's over 20 000 total copies when they looked at all the copies
[01:19:13] It was 99.5 accuracy the only
[01:19:18] inaccuracies were like punctuation marks
[01:19:21] So like if it it seems pretty legit and what they did is they wrote it in a way where it was written in a very, um
[01:19:29] The way they used to um write down history
[01:19:32] So they'd say this person the son of this person from this family the son of this person, right?
[01:19:36] So it was written very chronologically and written as like a historical artifact
[01:19:39] And they would say there was this witness and this witness and this was they'd they tried to put all that down
[01:19:45] And so they back to jesus they would say like there was over
[01:19:48] This person saw and this person and they named every single one over 500 witnesses on this date at this time at this place
[01:19:56] And there's no books that refute that and it was written during their lifetime
[01:20:00] That's crazy. Yeah, so anyway, I didn't even know that about the iliad. Yeah second oldest book in history
[01:20:05] So um anyway, that's a whole different rabble hole
[01:20:08] But um, I think I think you know, that's why I um, I think that worldview is
[01:20:13] We all have our own worldview and I think that's you know
[01:20:16] What makes our decisions and the way that we interpret things and so for me going back to wealth isn't the biggest thing for me
[01:20:22] It's like what do I do with the wealth? What's the point of it?
[01:20:25] Right and the point is is so I can go make a difference and I can help other people
[01:20:28] But that becomes that's because of my worldview and this is a good point and and I think this is actually a big divide in
[01:20:35] Ideologies, I don't want to say politics, but certainly ideologies
[01:20:39] I was on a plane. Um, it was maybe two years ago. I was sitting first class
[01:20:44] I mean once you fly first class, it's really hard to go in the back of the plane anymore
[01:20:48] And I and part of the reason I spend the extra money because I need to work
[01:20:51] You know, I need my laptop
[01:20:52] But also you meet very interesting people and so I'm sitting there
[01:20:55] And I'm kind of glancing over this guy's laptop and I have my laptop out
[01:20:57] And I could see he was like doing some sort of work similar to mine and and uh, I was like are you like a consultant?
[01:21:02] He's like, yeah, I know so we just kind of started talking about finance and stuff like that
[01:21:06] And I forget how we got down this rabbit hole
[01:21:08] But then we get into like the government and the authoritarian government the overreach and freedom and then we get into taxes, right?
[01:21:15] And he's he's like
[01:21:16] But if the government, you know, if the government were to lower taxes and cut social programs like who's going to take care of all these people
[01:21:23] And I said let me ask you just a personal question real quick and you don't have to answer it if you don't want to
[01:21:28] Let me just ask you a personal question. What percentage of your wealth do you give away?
[01:21:33] Like do you donate whatever and he's like
[01:21:37] None
[01:21:39] I said and that's why you think the government has to steal our money to help other people
[01:21:43] You see
[01:21:45] I live in a world where everybody I know and hang out donates
[01:21:49] It's the churches that have always taken care of people. We give money. What do you mean the government?
[01:21:54] No, no we give it
[01:21:55] And so it's just my worldview is like I don't need the government to steal my money to redistribute to somebody else
[01:22:00] Only a greedy person who's never been generous and given to someone else would have that worldview that is fascinating
[01:22:07] And and I mean they talk about projection all the time. That is projection. It's projection
[01:22:11] So think about it like this you're you're not gonna like well, you will like it some listeners may not like this
[01:22:17] So let me say it in a kodi sanchez clip worthy style
[01:22:20] If you're broke, it shows how selfish you are
[01:22:25] What do I mean by that?
[01:22:27] If you think about world in a barter economy
[01:22:30] If I came over to your house and I helped you move that's a pretty big deal
[01:22:33] That's a lot of value provided to you and you might feel like you owe me a favor
[01:22:38] If I helped you move one day, you might introduce me to somebody or take me to dinner or something right? You owe me a favor
[01:22:44] But that's a barter. What if I don't want to favor from you right then?
[01:22:47] Well, maybe you'll give me an iou like hey mark, uh, nicolos mark a favor
[01:22:51] So now I have this iou certificate for a favor
[01:22:54] But that's still a barter economy coincidence of once what if I don't want to a favor from you
[01:22:58] Well, what if there was a market where I could trade those iou's so I could get a iou for somebody else and then I can give them a
[01:23:03] cool iou
[01:23:05] That's what dollars are. Yeah
[01:23:07] So if I spent every weekend going and helping two friends move per weekend and I was just stacking up iou's
[01:23:15] Nicole look at all these people have helped move look at all these iou's. Would you think I'm a generous person?
[01:23:20] I've helped all not if you're doing it for the iou's
[01:23:23] Okay, let's take out the incentives
[01:23:25] But my point is is like man
[01:23:26] Why is mark just all the time helping all these people moving painting fences like I mean I would think you're generous
[01:23:33] Right. Look wow look at he's doing all that right and you could see it because I have all these favors
[01:23:37] All this goodwill that I've put into the world
[01:23:40] Right and I've and I've consumed less goodwill than I've earned
[01:23:45] Right, I haven't used all the iou's these are the iou's I've left over
[01:23:49] I'm helping everybody move and no one's helping me move. I don't need it. I'm just giving okay
[01:23:53] But that's what dollars are you see when I solve your problem if I paint your fence, you don't give me an iou you give me dollars
[01:24:00] If I help you move you give me dollars
[01:24:02] You don't owe me a iou right and so you think about it that way dollars are the certificates for an iou
[01:24:08] And that's why I say that if you're broke it shows how selfish you are you're not putting any value into the world
[01:24:14] You're at mcdonald's pushing buttons for one person to check out. There's no value. You're putting into the world
[01:24:19] If you create a platform as we already talked about like amazon and make
[01:24:23] Millions of people millionaires that's creating value and you get rewarded that way and most people look at the opposite
[01:24:29] They think that being rich is greedy
[01:24:33] It's the opposite that's true
[01:24:35] Being rich means you're doing something
[01:24:37] Being rich means you're generous
[01:24:40] Because you put so much value into the world and then you get to help more people the more money you have too
[01:24:45] You could now some people are now some people are screwed mcduck or whatever they don't want to
[01:24:51] And that's a whole another rabble hole that we can dig into but um, that's the way that I look at it
[01:24:55] Right, it's like uh, what is the point of it and it's uh, it's very self-suffering
[01:25:00] Part of it's because i'm a father and one day you'll find that out
[01:25:03] I think everyone needs to have kids because it makes you less selfish all of a sudden you realize it's not about you anymore
[01:25:10] I have a different take on that. Yeah, on the everyone needs to have kids. Okay. This is a really popular subject on
[01:25:17] So many podcasts. I think most people need to have kids. I don't think everyone is qualified to have kids
[01:25:24] I don't think everyone has
[01:25:26] the
[01:25:27] emotional maturity to have kids I think
[01:25:31] You know, we see so much. I guess what they call generational trauma
[01:25:35] I don't mean to put it in quotes, but just have heard it so much
[01:25:39] And so many people that are trying to recover from their childhoods that i'm just like this is so much pain
[01:25:46] Do you know what i'm saying? So let's unpack that though. Okay. So first of all, i'm afraid of maximus
[01:25:52] So everybody do what you want
[01:25:54] You don't want to have kids cool
[01:25:55] Whatever, but let's let's just unpack the statements that you made
[01:25:58] So not everyone should have kids because not everyone's emotionally intelligent enough to have that or in an emotional place
[01:26:03] Or they haven't heard your traumas from their past
[01:26:06] Right, not just that that
[01:26:08] Let's let's break down a couple. So the first thing you said was most people a lot of people shouldn't because they're not
[01:26:14] Uh, emotionally old enough or intelligent and mature enough to have kids. You said that
[01:26:19] Okay. Well, that's a non-starter for me
[01:26:22] If you're growing up you're supposed to be coming more mature
[01:26:26] Right, like I tell my kids as they're growing up like look, you're not supposed to be having fits like this
[01:26:31] You have to learn how to control your emotions. You have to as you're growing up. You're supposed to learn those things
[01:26:36] So that's a problem with society
[01:26:39] That they don't learn that stuff that people are still they're they're full grown adult kids today. That's a big problem
[01:26:47] so
[01:26:48] I would while I while I would agree
[01:26:50] Yes, there's lots of full grown adults that are worse than teenage kids and they should probably not have kids
[01:26:57] The problem is we shouldn't have adults that are kids. Oh, absolutely
[01:27:00] Right, I would rather fix the root problem so that more people can do
[01:27:04] So we're so we're agree. Yeah, so I do and I and absolutely. Oh, yeah, trust me. Trust me. I see trust me
[01:27:08] I see I see plenty of people that have kids. They say you should probably not have kids
[01:27:11] That's that's my so I would agree with you on that. Yeah. Yeah
[01:27:14] Yeah, so so there are but then we need to fix that problem
[01:27:16] And that's why I back to this complex system. You can't just go solve one thing
[01:27:20] Everything's like connected to something else. Yeah, which a lot of it goes back to morality
[01:27:27] And this is where the the government playing god tries to step in they're trying to legislate morality
[01:27:32] So now the state of california
[01:27:35] Wants to tell you how you can raise your kids
[01:27:37] Oh, yeah, because they don't think that parents are good parents
[01:27:41] So they have to now legally tell you how to be a kid, right versus if I
[01:27:47] Subscribe to some religion or some sort of morality that taught me to be a good parent
[01:27:52] I don't need the state to tell me that
[01:27:55] And there's no way to legislate morality. It can't be done
[01:27:58] They would they basically have to lock us in a box, right? And we can't hurt anybody that way. So
[01:28:03] Anyway, I yes, I can see that point to I agree but
[01:28:07] It's a deeper issue. It is. Yeah, I mean every it's funny
[01:28:10] The first thing you said when we started talking about how everyone tells you
[01:28:15] Just give me the five minute version. Yeah, tell it to me like I'm five also
[01:28:21] It's like any of these subjects there's there's so much complexity and so much that ties
[01:28:26] You know so many dots to connect that you can't really do that
[01:28:30] Yeah, not at all oversimplify
[01:28:32] Anything because it's complex you can and you can live in your parents basement and watch netflix and order that
[01:28:37] But every day, I mean seriously. Yeah, I mean you're your friends with some very high level people. They're thinkers
[01:28:44] Right, they're readers. Yeah, those are my favorite kinds of right. They're readers. They're thinkers
[01:28:47] Like you don't get successful without putting the time in
[01:28:50] Once in a while, I suppose you get lucky but 75 percent of lottery winners lose their wealth within five years
[01:28:55] So like sure you could get lucky
[01:28:57] You could happen to get the right nft and make a million dollars
[01:29:00] But you're gonna lose that million dollars instantly because you don't have the mental capital
[01:29:04] To back that up, right? So there there really is no shortcut
[01:29:07] There are shortcuts, but at the end of the day you'll still end up at the same place
[01:29:12] And so yeah, if you want to be five years old and have stuff explained to you and just read headlines
[01:29:16] I mean that's just where your life is back to the quality of your questions equal the outcome of your life. Yeah
[01:29:21] Um, how old were you when you got married?
[01:29:23] 28
[01:29:24] You were 28. Yeah, I wanted to be a young father because
[01:29:28] I grew up in Southern California doing action sports and I still do action sports
[01:29:33] And uh, I wanted to be young enough to do those with my kids
[01:29:36] And uh, both my daughters are our snowboarders and surfers
[01:29:40] My daughter my old both were competitive surfers. My daughter was like top 25 in the nation at one point
[01:29:46] Both of them are really good snowboarders tomorrow
[01:29:48] We're gonna go up to Tahoe and spend a couple days in the back country doing that
[01:29:51] And I'll still go to the snowboard park and I'll still hit all the big jumps and my kids are like, what?
[01:29:55] Like I'm like, so I wanted to have kids when I was younger to do that
[01:30:00] I think nobody's ready for it
[01:30:02] And and as a matter of fact, I was married and we had talked about when we want to have kids and then we decided to wait
[01:30:07] And then they accidentally came early then we wanted them and that was like, oh my god
[01:30:10] I can't believe it. I don't want this not ready, you know, but um, yeah ready or not here you come
[01:30:15] We're never ready. We're never ready. But yeah 28
[01:30:18] 28 when I got married 30 when I had my first kid. How did you meet your wife?
[01:30:23] That was uh, that was pre iphone days. There was no no dating apps. That was just through network, right?
[01:30:30] That was just the friends of friends, you know, yeah, honestly, I could see the the jealousy there because um
[01:30:36] We know from marketing studies that the more choices someone's given the less likely are to decide
[01:30:41] And in today's day and age we have too many choices
[01:30:44] And I've been thinking a lot lately. I've seen many of my wife's uh, girlfriends like never end up married
[01:30:49] They're with some guy for six seven years and then they break up and next thing, you know, they're 34 years old and like
[01:30:55] You know and I know many girls in their late 30s and 40s who want to get married and have kids
[01:31:00] But it's like dude, you're 40 now, you know or whatever and I've I've thought and this is you tell me what you think about this
[01:31:05] It's it's a little bit far out there. But and maybe with your culture it might be not so far out there, but like
[01:31:11] almost like
[01:31:12] Maybe like a range marriages wouldn't be such a bad thing
[01:31:16] Because if people treat if a big if if people were to treat each other with respect
[01:31:21] People can learn to love each other. I hear you and I know that statistics show that
[01:31:27] people with a rain marriage arranged marriages are actually happier
[01:31:32] in general
[01:31:33] than people who
[01:31:35] Did not come from arranged marriages who you know, they liked someone and whatever
[01:31:40] Maybe there was lust or chemistry. I think that
[01:31:45] because in america there's such an emphasis on
[01:31:49] feelings and love and romance and things like that
[01:31:54] It would be really hard for people because they would feel like they didn't really have a choice in the matter
[01:31:59] So in that way, I don't think it would work and also like but you just said statistically they're happier
[01:32:03] I know that but i'm saying in the beginning at least I think sexually it would be hard
[01:32:09] For people to I mean you don't just want to sleep with everyone, you know
[01:32:13] It's like right so you meet a guy and you typically are going to go out for a long period of time
[01:32:18] And you're going to start to know each other and you're gonna I mean
[01:32:22] I have so many male friends that i've known for a long time and I
[01:32:27] I love them as people. I'm still not attracted to them. Yeah, you just said statistically though people are happier that way
[01:32:33] I know let me ask you another question. I'm just saying what what is love to you?
[01:32:37] Love to me. You said you said people think it's feelings and emotions
[01:32:41] Is that what do you think it is? I don't think it's that so what do you think it is?
[01:32:45] So when I was younger, I think
[01:32:49] I you know when I would have a crush on someone and it would grow and we would start dating
[01:32:53] I thought I loved all my boyfriends now when I look back
[01:32:58] I like I don't think I was ever in love
[01:33:01] And I don't think I love them
[01:33:03] In this in the way that like a married couple loves each other and the definition
[01:33:08] I think would be that you are
[01:33:12] Sacrificing for someone else every day consistently
[01:33:19] You know with so a promise to make the future better together as a team something more like that
[01:33:25] Right, so love is not a feeling love is a verb. It's an action right
[01:33:29] So the bible says first corinthians 13 says love is patient
[01:33:34] Love is kind
[01:33:35] Love is not self-serving. It keeps no records of wrongs
[01:33:39] Right, so those are actions
[01:33:41] So if I was if I treated you lovingly if I treated you with kindness, right
[01:33:47] Love is patient. I was patient with you. I didn't snap on you, right? I didn't keep records of wrong
[01:33:51] I didn't always well last week you did this this this right? So those are actions that I would do
[01:33:56] It's not it's not a feeling now what you just said is if people would do those things
[01:34:01] They could start to build those feelings. So the feelings come from the actions
[01:34:06] So if you're treating me lovingly if you're patient with me if you're kind with me
[01:34:09] If you don't keep records of wrong now, I have a feeling towards you because of the actions that you've done
[01:34:15] so now going back to this
[01:34:17] You've had friends boy friends
[01:34:20] That you didn't attract have feelings for but you maybe weren't treating each other lovingly so like
[01:34:26] One you said that it was actions. I'm putting your words more into into depth
[01:34:30] But if you agree with that
[01:34:32] Then would you say that if
[01:34:35] Two parties and I know it's a big if because culture is so messed up today
[01:34:38] But if both people would act that way to each other
[01:34:41] How would that work?
[01:34:44] With loveless with kindness with the patience, I think
[01:34:50] Again, that's a hard one because I feel like the way that we date now
[01:34:54] even
[01:34:55] People are thinking of different things like I mean, I talked to so many men
[01:35:01] who
[01:35:03] Say to me like oh, she's got to be a 10
[01:35:06] Unfortunately, that's what they're leading with that's because of the
[01:35:10] Because too much too much selection
[01:35:12] Right there on instagram looking at a thousand girls and now oh, she's got to be a 10
[01:35:16] Like bro, you're like a six like what are you talking about right or whatever?
[01:35:19] But if the six if the six is you know
[01:35:21] Worth a lot of money or really funny or really something then then they feel like okay. Well, I deserve that. Yeah
[01:35:29] A lot of it so one it goes back to like
[01:35:31] Having too much selection right instagram all the dating apps whatever I think one as I said right
[01:35:37] Statistically, we know more choices someone's given less likely are to decide so in marketing
[01:35:41] You're always trying to like that's the whole point of a sales funnel going back to sales funnels and marketing
[01:35:44] But on a sales funnel the whole point is on the landing page. There's one option
[01:35:49] I don't have like an about us and services and contact. There's not like there's one thing
[01:35:53] That's a way that's what a funnel is when you land on the page
[01:35:56] The whole object is for you to put your email there
[01:35:58] Because if I give you too many choices, you won't do that
[01:36:01] And so that's the that's that's that's the one problem
[01:36:03] Then the other problem is back to people don't know how to act
[01:36:05] They think there's feelings there's emotions the other thing that's made it very difficult is just the internet itself
[01:36:10] Not because the dating apps, but
[01:36:12] When I was a kid we all grew up listening to the same music
[01:36:16] Watching the same movies like
[01:36:19] Well, we didn't without the internet. We didn't have iTunes that was streaming a gazillion songs
[01:36:24] It was like you had the top 10 you listened to michael jackson like that was it right and everybody did
[01:36:29] So everybody had a lot of shared
[01:36:32] Commonality and also the united states had a core set of values that people shared and you know
[01:36:37] It was mostly a christian nation so we sort of had that as well
[01:36:39] And the internet has allowed everyone to go chase these weird little niches
[01:36:43] And so now the everyone's so
[01:36:45] Diverse and there's a million
[01:36:48] Interests and niches that you can go down
[01:36:49] So you might like indie rock, but there might be a thousand divisions just within the indie rock or something like that even like
[01:36:55] Electric like like tonic music right think about how many different little subcategories are of that right?
[01:37:00] And so I think that's also a big big category, but
[01:37:03] going back to
[01:37:05] I don't know let's go back to the statement
[01:37:07] Do you I mean it almost seems like maybe like a range of marriages if
[01:37:11] Big if both parties could treat each other with actions of love
[01:37:16] Maybe statistically you said it's working. Do you think
[01:37:19] An arranged marriage would have worked for you
[01:37:22] I don't know maybe I mean it would be hard to say right because like I mean man if my wife was really ugly
[01:37:27] I don't know like that
[01:37:30] Okay, how about this? How about this?
[01:37:33] When I don't have the answer. I was just throwing out a conversation when you when when you met her
[01:37:38] What was the thing that drew you to her and what was the thing that led you to believe?
[01:37:43] This is a person that I want to be married to
[01:37:47] So I think and I think back first of all it was a long time ago
[01:37:50] So I don't know how clear my thinking is but when I think back like
[01:37:54] I had a really big network and I was doing a lot of um
[01:37:57] I told you I used to come up to hollywood a lot and I was a club promoter
[01:38:00] So I was promoting a lot of a lot of night clubs up here in los angeles and orange county
[01:38:03] so my network was pretty big for being at night clubs every night and
[01:38:07] I was kind of running them so like kind of having a lot of attention there even though there was no internet back then
[01:38:13] But uh
[01:38:14] I remember at one point thinking like I had been in a couple
[01:38:18] Relationships that were kind of long term like two three years kind of thing
[01:38:22] And I remember at that point just going I don't need to be in any more long-term relationships
[01:38:26] If I if I don't see it's going somewhere and that's sort of like the life the lifestyle
[01:38:30] Or my my life has been like you either win or learn and I talk about this all the time like
[01:38:34] If if I lose on a business deal or like learning a skill
[01:38:38] I didn't really lose because I learned something that helps make a better decision later
[01:38:41] Yeah
[01:38:42] And so thinking about those relations if I'm in a business
[01:38:45] That's not leading to where I want to go eventually that I'm wasting my time
[01:38:48] And so it's sort of like a relationship if I don't see it even has potential
[01:38:51] I'm just wasting my time
[01:38:52] Yeah, so like sure maybe we'll date we'll hang out
[01:38:53] But like what's the point of being in two years if I don't see it going somewhere
[01:38:56] So I remember kind of getting to that point
[01:38:59] And then I'm big on uh understanding what your core values are
[01:39:02] I think everyone has to figure this out as soon as possible
[01:39:05] Because it what it is is it's a filter that I can filter the world out instantly
[01:39:09] So I get now with you know with my audiences and so forth and being in business and investing
[01:39:13] I have opportunities just come at me every day
[01:39:15] And I'm able to just understand what my core values are and I can quickly just start to filter them out
[01:39:18] But also you can filter out people as well
[01:39:20] So I understood like what are my core values are so then I started to have identified what were the values I'd want in a girl
[01:39:25] And then you know like for me
[01:39:27] It was like I wanted her parents to still be married
[01:39:29] Because my parents were still married and I thought that maybe if their parents were still married
[01:39:32] That would make that were we were sort of modeled that we would fight more for a marriage for example, right?
[01:39:37] So there was things like that so I kind of had this like fitness litmus test and then
[01:39:42] Back to the question of like when I met her
[01:39:43] We were just friends and we had like a big friend group that we would do a lot of things with
[01:39:48] And she had boyfriends and I had girlfriends, but we became good friends through that and um
[01:39:52] One thing that was interesting
[01:39:53] It was probably the first girl that really knew me for who I was as opposed to like a facade that I would put up for a girl
[01:39:59] And then we were both single and then we then we got together
[01:40:02] And so then it was like knowing each other very well and sort of accepting each other for who we are
[01:40:07] And and yeah, we just kind of hit it off and you know, she's beautiful and she's super fun and she was uh
[01:40:12] You know, she's she's definitely a ride or die for sure and um
[01:40:17] Yeah, I don't know it worked but at some point. I mean
[01:40:20] You know, I don't know she's gonna listen to this but I mean I had you know plenty of pretty girlfriends
[01:40:24] I mean I wasn't going out with ugly girls, right?
[01:40:26] But um
[01:40:27] Yeah, I don't know at some point you just have to pick and you just got to stick with it because at the end of the day
[01:40:31] There's no such thing as perfect
[01:40:33] I'm certainly not perfect
[01:40:35] And there's certainly things in my wife that I wish I could fix
[01:40:37] But all I would do is just trade them off for another set of things that I don't even know on the next one, right?
[01:40:41] And so at the end of the day, um
[01:40:43] If the grass is greener on the other side water your own damn lawn
[01:40:46] Right and uh try to make the best out of it and and yeah, you know, nothing's perfect
[01:40:51] And you know, this kind of goes back to even a bigger thing which is like man without without sadness
[01:40:57] You don't even know what happiness is. Yes. And so everyone's trying to mask this. Oh, I'm depressed all the time and in whatever
[01:41:02] It's like dude, like that's just part of life
[01:41:04] And so like relationships are like that as well, right?
[01:41:06] And so it's like my wife and I we don't always agree and we might get mad at each other sometimes
[01:41:10] And like that's just the way it is and like that's cool, but we treat each other with respect and
[01:41:14] Um, and we love each other and and it works good
[01:41:16] Yeah, and you're both committed to the relationship and have the I mean and honestly
[01:41:20] I I mean I I've had friends that have gotten divorced and like man, I do not want that
[01:41:26] I do not one of my friends just uh, I was several months ago. He got divorced
[01:41:30] It was hell for him
[01:41:31] Um, and now he's on these dating apps, you know
[01:41:34] And I remember we were driving in the car and he's like telling me about oh this chick and I went to meet this
[01:41:37] Chick and he's telling me all these stories and and he's like here you want to see the girls
[01:41:41] I'm talking to it. I'm like going through his thing and I'm like
[01:41:45] I'm like no and I went home. I told my wife. I'm like, babe. I don't ever want to get divorced
[01:41:50] Oh my god, don't make me go do that. Like I was like looking at his phone
[01:41:53] I'm like, I would not talk to any of those girls like no like so by the way, I'm sure there's a lot of like beautiful
[01:42:00] Girls on apps. It's not I don't think it's that I think it's like just the fact that you have to like go through and do
[01:42:05] It's well, there's so different than than how it was when yeah, there's that the other thing I would say is that um
[01:42:12] It's probably the most important decision you'll make obviously
[01:42:14] Your life partner, but um, you know for me, you know, I'm running multiple businesses
[01:42:19] I got my my fund the bitcoin fund my multiple businesses all the content I do
[01:42:23] I'm traveling, you know at least once or twice a month speaking
[01:42:27] Um, so I'm busy and I'm trying to do a lot of things and like I need a good support network
[01:42:31] Like really really good support network and like there's no way I could do what I could do without my wife
[01:42:36] Because like who's holding it down right and so like that's that's like a super important piece
[01:42:41] And so like I would think like if I was single and like I got to go out at night to like meet people
[01:42:47] And I got to like go on all these dates. I remember talking to my friend
[01:42:49] I'm like I could only imagine like every time you go on a new date. It's like groundhogs day all over again
[01:42:54] Like here's who I am and here's my interest and he's like, oh, yeah, he's like he's like
[01:42:58] I just recite it. He's like I even know where to interject the fake laughs
[01:43:02] I'm just like like oh, it's just like so exhausting and so it's like by that's like very what I would consider very low value tasks
[01:43:10] Right, so I've eliminated all that so I can just focus on high value tasks
[01:43:14] Why would I want to trade that like what what gain could I have that would be worth it for me to have to
[01:43:22] One give up half my wealth
[01:43:24] But have to start over back to low value tasks that would just drive me crazy and take away from my productivity
[01:43:31] Like I can't just swallow my pride and just like admit. I was wrong in this circumstance
[01:43:36] I would rather like be selfish and then have to go subject myself to living back that life again
[01:43:43] Very short term thinking very short term thinking well good. I hope a lot of people are listening to this
[01:43:50] And by the way, I'm no marriage counselor. I don't think about that but no, but still you don't have to be a marriage counselor
[01:43:55] I think you know that that quote that's like
[01:44:00] Never take advice from someone who's never been where you're going. Yeah 100% so it's like I mean I
[01:44:05] 100% anyone who has a good marriage
[01:44:08] Open to talking to them. Yeah, I love to hear about what works
[01:44:11] Always ask yourself that question if someone tries to give you advice say if I take your advice
[01:44:16] Will I end up like you and if you don't like that answer then certainly don't take advice
[01:44:20] Don't take advice at least not in that arena
[01:44:22] That's another thing that I learned is that not everyone is qualified to give you advice
[01:44:28] About everything
[01:44:29] You know what I'm saying like I would go to
[01:44:32] Naval for advice about
[01:44:35] investing or
[01:44:37] I don't know happiness and all that stuff that all the stuff that he talks about
[01:44:41] But I would go to someone else for advice about
[01:44:45] Something else and so I've learned that not everyone is going to have
[01:44:48] Just because you think so highly of them and you look up to them like they're not going to have advice about every single thing
[01:44:53] Well, they can't have one is their opinion is their worldview to they can't have all the information on you to make the decision
[01:44:58] For you, right? So they don't even know all the background
[01:45:02] And three, you know, you need to have multiple counselors, right?
[01:45:05] So you want people that comport you from multiple places and ultimately you have to be able to decide that for yourself, but
[01:45:12] Yeah, it's uh, it's a it's a tricky game that we're playing and and there's like as I said earlier
[01:45:17] There's no shortcut like you have to build that that in I would start with I made my my daughter read it when she was younger
[01:45:23] Start with reading how to win friends and influence people
[01:45:26] Like read that book like if how old was she when you gave it to her 12, you know probably like, um
[01:45:32] I remember years ago. I was with this teacher and um, we were having this debate about going to college
[01:45:37] And I think it's a waste of time
[01:45:38] She thinks they need to go to college isn't that and she's like she said but everybody needs education, don't they?
[01:45:44] She recited a cliche, right? She hadn't even thought through it and I said
[01:45:50] Yeah, they do what do you think they should be educated in?
[01:45:53] There we go and she could not answer the question
[01:45:57] Which was crazy because she's a teacher. Yeah, that is crazy. She's like well
[01:46:00] I have the answer on the top. She's like, well, what do you think they should be educated in?
[01:46:03] I was like, well, I can tell you right now. I think they should learn how to do time management
[01:46:07] They should learn health and fitness. They should learn how to do manage relationships
[01:46:12] They should like and I think that too and I read all this
[01:46:14] Which is why I have my daughter read those books, right? So I had her read how to win friends
[01:46:17] So start there emotional intelligence
[01:46:20] And then more importantly like a lot of things you can learn in that book like never paint someone in a corner
[01:46:24] Like always give somebody a way out, right?
[01:46:26] Like there's a lot of things that we could just learn if we would learn how to manage
[01:46:30] Relationships and people you're a master at it because obviously your relationship game is on point
[01:46:35] I mean not master but
[01:46:38] But I mean the people that are in my network. I'm very blessed to have yeah. Yeah
[01:46:44] Um
[01:46:45] Okay, there's a question I ask at the end of every single podcast. All right, okay
[01:46:50] and
[01:46:51] it's a scenario
[01:46:53] a hypothetical situation
[01:46:55] And the reason I ask it is because I find that
[01:46:59] People have such a hard time prioritizing
[01:47:03] Um, the important messages that they want to share to the world
[01:47:06] So I came up with this scenario so people can figure out like the one that's the most important to them because everyone's like
[01:47:12] Oh, I don't know like all right. Here's the scenario
[01:47:16] so
[01:47:17] You're at the Oscars and you're nominated for a documentary about bitcoin
[01:47:23] And they announce all the nominees
[01:47:26] Finally it's time to announce the winner. It's you
[01:47:30] And you walk up to the stage you say thank you to everyone who helped who helped you with the documentary
[01:47:37] Your family
[01:47:39] Probably god and right after you thank everybody. There's that 45 second to a minute window
[01:47:45] Where you can say whatever you want
[01:47:49] It's gonna go viral. There are gonna be headlines
[01:47:52] What are you gonna say? I mean the message would obviously be related to the oscar that i'm receiving regarding bitcoin
[01:47:57] But I think it would it would be about the same no matter what it would be because it's the message that I try to put out in the world all the time
[01:48:02] Which is that
[01:48:05] No one's coming to save you
[01:48:07] It's up to us to build into our own skills to put in our own time our own effort
[01:48:11] And ultimately the world is depending on you
[01:48:15] To do that because right now we have a big problem in the world today
[01:48:19] And that is that most people have abdicated all responsibility and tyrants have stepped in to fill that void
[01:48:26] And we now have a situation where we have central planners that are trying to control every minutia detail in our in our life
[01:48:34] But they're not the ones that set the rules. They're not the ones that build the world that we want
[01:48:40] There's a saying that says most people either people either build the world that they want or they get hired by somebody else to build their world
[01:48:47] And I believe that it's up to me and you as the doers
[01:48:52] The builders the dreamers as the men in the arena
[01:48:55] The entrepreneurs to
[01:48:58] Vision the world that we want and go build it and our job is to outpace
[01:49:02] The central planners that are leaching off of us
[01:49:05] And so if we want a more productive a more prosperous and a more free world in the future
[01:49:10] Then it's up to us. And I think it's at an inflection point where
[01:49:14] We need to realize the stakes that we're at
[01:49:19] And be willing to sacrifice our time effort energy focus and even our money
[01:49:24] In order to build that world for the future beautiful mark moss. Thanks for coming on. Yep. Thank you