0:00

You are always on decision away from

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taking your business to the next level

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and indecision that helped me to transform

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my business is moving over to Net

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Sweet to I'm excited to Sarah sponsor

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bespoke if you don't or readiness we

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is the number one count financial system

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bringing accounting at financial management infantry hate

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shot into one platform and one source

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of truth. It's reduced I T costs

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because it lives in the cloud, C

0:25

can access it from anywhere, and the

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cost of managing and running multiple systems

0:29

because. It's in one unified Business Management

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Sweet. My team and I don't have

0:34

to worry about tasks being manual and

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clunky and it means that I can

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be more efficient and to focus on

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more important things like bringing you the

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best episodes and guess on this show.

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So I become one of the thirty

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seven thousand companies that have already made

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the move over to Net Sweet. Next

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week has extended. It's one of a

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more weeks ahead to next week.com/bartlett for

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free product or the upside. Confidence.

1:04

Which. Comes from success often really does create

1:06

blind spots in or something I think

1:09

about So much like how do I

1:11

stay. Aware. Of those blind

1:13

spots in my life that you know the

1:15

success of had in various areas has. Undeniably.

1:18

Created and honestly wonder if I just going to

1:20

say front of my stuff because the day or

1:23

wrong you don't wanna go broke. I often think

1:25

about that like whenever the curtain comes down of

1:27

my career. I want to make sure that I

1:29

can say like hey thank you for for. For.

1:32

Letting me have this. I'm so grateful for

1:34

it, but I got saved enough that like

1:36

I'm ready to pass the baton to someone

1:38

else and that's a form of humility to

1:40

support from Denzel Washington where he's talking to

1:42

Will Smith after Wells Miss slapped Chris Rock.

1:44

Know that whole debacle? After that show Denzel

1:46

Washington comes up to else math and he

1:49

says well when you're at your highest moment

1:51

in your career, that's when the devil's gonna

1:53

get you And it's like when when when

1:55

you when your career is so high, your

1:57

so famous you think so highly of yourself

1:59

that you can. The anything. That's

2:01

when you're gonna get yourself in trouble. When.

2:04

A powerful quo. And I

2:06

think just paying attention to that, That's the natural

2:09

humility that goes into it. And it's not false

2:11

humility. It's not like our you know false humility

2:13

like I didn't do any of this, I just

2:15

got lucky. That's all. false humility And the real

2:17

humility As like I don't this through hard work

2:20

the made some good decisions. but. I'm.

2:22

Just, I'm just a guy. I'm a

2:24

salvo As anybody else having that's it's

2:26

it's It's not just important. I think

2:28

that's critical to any amount a sustainable

2:30

success. You told me that the price

2:32

you pay to be. Wealthy.

2:34

Is the volatility you have to incur along the

2:37

way? kind of how we think part of my

2:39

head as the costs of initiative. To

2:41

be what to be wealthy into? to be

2:43

the any levels of success is putting up

2:46

with an enduring on notes and volatility and

2:48

booms and busts and and other bullshit that

2:50

you put up with in investing market and

2:52

in your career and in your relationships there's

2:54

always a cost. The for anything good in

2:57

life there's a cost you have to pay

2:59

Of course the know nothing's free like that

3:01

but most of the cost that you pay

3:03

or not they don't have a price tag

3:05

the you can measure very cleanly like the

3:08

cost of doing well in investing is putting

3:10

up with volatility. The costs of a

3:12

successful career my be long hours where

3:14

you are pulled away from your family. The

3:16

cost of a relationship is like always,

3:18

needing to sacrifice and compromise for the

3:20

other person's nothing is ever free and

3:23

so much of the success in life

3:25

as identifying what the cost is and be

3:27

willing to pay it because we're all.

3:29

The things I just laid out. Investing. Career

3:31

relationships. The cost of admission is worth it.

3:34

Putting up with the volatility is worth it

3:36

over time because if you could put up

3:38

of the market falling thirty percent. If.

3:40

You gotta say as not that big a d

3:43

arms gonna hold type ten years from now

3:45

that causes well worth doing that to be reached

3:47

if you can put up with the compromise that

3:49

takes to have a successful relationship by and large

3:51

us going to be a casus worth paying

3:53

because you know like so much of what matters

3:56

in life is just the relationships that you have

3:58

and once you identify the com that relationship you

4:00

like okay that costs all day long but

4:02

so worth it. This requires you to be cognizant

4:04

of time horizons and your own time horizons which

4:07

is something you took a lot lot about in

4:09

ten to sixteen of the psychology of money.

4:11

Why is it important for us to know our

4:13

time horizons and what you mean by time horizon

4:15

it's are they did not a time between now

4:18

and whatever your goal is which is very different

4:20

for everybody not just by your age but like

4:22

if you want to retire early or whatever it

4:24

be like everyone's going to have a slightly

4:26

different timer. I was use Miami liar you'd break

4:29

it up into different shots. Like I want

4:31

to get to a point. or maybe

4:33

are nearing a point in my career

4:35

where I'm just doing things because I

4:38

enjoy them. There's really no financial incentive

4:40

to what I'm doing. that's one time,

4:42

horizon another is like. Okay

4:44

once my kids start getting older I want to

4:47

make sure that like I'm always there for them

4:49

when they need mean teenage years or so difficult

4:51

for people like I'm always up twenty four seven

4:53

I'll be there for the which means I'm yet

4:55

to pullbacks is going to be a point where

4:57

I to say look I've accomplished what I want

4:59

to with writing. And I want to be able

5:01

to move on to something else. And. There's going to a

5:03

point where I say I really don't want to work that

5:05

much anymore, I just want to move on and be ready

5:07

to take care. My parents would be like there's multiple different

5:09

time horizons. a different goals of your life is buying a

5:11

house, a good or bad financial The says. I'll.

5:14

Tell you my own experience which was

5:16

in my twenties and early thirties. My

5:18

wife and I lived in like seven

5:20

different cities and there was nothing better

5:22

for us. Some of those were just

5:24

like let's try this new city for

5:26

fun. Some of it was moving for

5:28

work. we move for her school and

5:30

our abilities as get up and go

5:32

panda keys back to landlord. Nothing was

5:34

more valuable than once we had our

5:36

son our first kid. Then very quickly

5:38

nothing became more valuable to me than

5:40

having an established secure home base that

5:42

nobody can take away from me. That

5:44

was that your and also like. Kids

5:47

are loud and they scream. I didn't one

5:49

neighbors in an apartment building that I was

5:51

gonna have to like try to keep my

5:53

kid fly from sources. I want my own

5:55

house that's mind and it's just a standalone.

5:57

How much he can scream as loud as

5:59

he wants not bothering anybody else that came

6:02

important me like instantly so it's low. I

6:04

think people get caught up when they're like

6:06

well the housing market returns for and a

6:08

half percent pure and as such sop with

6:10

them spreadsheets. my just do what's gonna work

6:12

for you. I know, I know. Remit said

6:14

he has a lot of thoughts about this

6:16

on renting versus buying and I think one

6:18

one of like the differences between Remit and

6:21

myself. Is. A two

6:23

young kids. And. So like that that if

6:25

I didn't have kids, I. Think I'd be like rent

6:27

rent for ever really and friend tried different cities.

6:29

Move. On move all around we can be done

6:32

that but when you have kids was more important

6:34

me as stability on my kids to go to

6:36

a stable school. Know their neighbors, have friends that

6:38

they can be friends with for years. doesn't work

6:40

if we just think about investing. In

6:43

terms of is buying a house, a good finance

6:45

investments my brother he works in the companies and

6:47

she's when I introduce me to your book many

6:49

and he is going said to me something along

6:51

the lines of. Steve. Don't

6:54

buy houses to make money because you have

6:56

the ability to play different set of games

6:58

that very few people can play. Now when

7:00

I mean by that is he kind of

7:02

explain it's meters this if everyone could buy

7:04

a house to the returns that on could

7:06

be huge and find a game like only

7:08

you can play and get bigger returns. If

7:11

you're buying a house because you think it's

7:13

gonna be a good financial investment stop. At.

7:16

Even. If it turns out in hindsight that it

7:18

was, it doesn't matter. I think these are just

7:20

purely lifestyle decisions and I think so many people

7:22

gets screwed up when they're in a spot in

7:24

your life where they should be renting because they

7:26

need to be mobile. They need to move around

7:28

her new job, new career, new school, whatever it

7:30

is. But they end up buying because I think

7:32

they're going to make money doing it and that's

7:34

like that. That's the Bronx, so I own a

7:36

house and if I ended up losing money and

7:38

then. I only a killer. That's not why

7:40

I'm owning a money as they want to stability

7:42

for my family. I've just made an

7:44

offer on my first and a house and I

7:46

can. I played. I played other many games for

7:48

the last decade of my life and now I

7:50

have a partner and we've been together many years

7:52

and we both like thirty one years old and

7:55

we're getting into that position. or you know, me

7:57

and my brother explain to me guys. Listen, this

7:59

is. A. The financial decision.

8:01

But it's a good. Emotional,

8:04

social life decision and you need to know how

8:06

to separate the two Though market is down as

8:08

a way that you're trying to make money like

8:10

you might make money and and twentieth time if

8:12

you just like if you still living at look

8:14

at it as you know you need somewhere to

8:16

live and I can muster gonna funny when I

8:18

when I when we bought our last house which

8:20

was after I wrote this box as as a

8:22

different experience am. I thought of

8:24

the time is still think today as I probably

8:26

paid a little bit too much me I paid

8:28

the market rate but if he said i told

8:31

you get a good deal since now that I

8:33

didn't bother me in the slightest that's now I

8:35

was doing it for it would be. I mean

8:37

a would be like if you ask like if

8:39

someone is deciding whether or not to have kids

8:41

and they think about the cost of kids that

8:43

forget about of course you're going to dump hundreds

8:45

of thousands or millions of dollars into your kids

8:47

and it's good. It's like say if if money

8:49

is coming into the equation like stop right there

8:51

this is it should not just you doing it

8:53

for very. Different reasons is not an investment.

8:55

People People buy houses because they think it

8:58

by making good the for the has there

9:00

been periods of time though it's people have

9:02

made loads of money historically like Sassy Anomaly

9:04

historically and the Us and the Uk housing

9:07

prices adjust for inflation go nowhere. That's just

9:09

been the last twenty or thirty years that

9:11

there's is very brief window of time that

9:13

owning a house was a great investment. Robert

9:15

Shiller won the Nobel Prize about a decade

9:18

ago for his work and showing that over

9:20

the last hundred and fifty years in the

9:22

United States adjusted for inflation most. Home prices

9:24

have been flat as a pancake. It's

9:26

just the last twenty years that have been inflated

9:29

people's expectations of what has can do. Statistically,

9:32

there's gonna be at least one person listening

9:34

to this. The. Has made an

9:36

offer as we speak for house

9:38

under the assumption that it's going

9:40

to help them stock wealth. If.

9:45

They were purely doing it for those reasons.

9:47

Why? Would you tell them to do instead is

9:49

as purely the reason. Run for, Run for your

9:51

life to the don't do it particular. I mean

9:54

it. It used to be immediate still is like

9:56

this in many cities in America and the Uk,

9:58

but I used to be that. Rentals

10:00

were almost without exception

10:02

shitty houses, There. Are no

10:04

good rentals? A big change? at least America

10:06

last twenty years of the most big cities

10:09

have tons and tons of February apartments. Sullivan

10:11

and That are great places to live. and

10:13

they're in the city centers and they got

10:16

beautiful granite countertops in their great places to

10:18

live. Don't fall for the idea that you

10:20

can't live well if you're renting. I think

10:22

that's that's that's the problem. And realize that

10:25

if you're doing it for financial reasons, you're

10:27

probably about to borrow a shit load of

10:29

money for an investment that historically has been

10:31

a very bad. Investment.

10:34

Like. If you put in those terms like

10:36

what do we do and you're and

10:38

you're going to borrow hundreds of thousands

10:40

dollars for an investment that historically been.

10:43

A loss. That's what you're doing here,

10:45

is you feel good about that? That's

10:47

it. I set it up or says

10:49

classmate. You

10:55

are always one decision away from taking

10:57

your business to the next level and

10:59

indecision have helped me to transform. My

11:01

business is moving over to next week

11:04

to I'm excited to Sarah sponsor bespoke

11:06

cost if you don't were readiness We

11:08

is the number one pound financial system

11:10

bringing something financial management infantry hate shown

11:13

into one platform and one source of

11:15

truth. It's reduced I T costs because

11:17

that lives in the cloud, C can

11:20

access it from anywhere and the cost

11:22

of managing and running multiple systems. Because

11:24

it's in one unified business management sweet.

11:26

My team and I don't have to

11:29

worry about tasks being menu and clunky

11:31

and it means that I can be

11:33

more efficient and to focus on more

11:35

important things like bringing you the best

11:37

episodes and gas on the show. So

11:39

I become one of the thirty seven

11:41

thousand companies. the How The Ready made

11:43

the move over to mess with nets

11:45

we have extended. It's one of a

11:47

kind flexible financing program for a few

11:49

more weeks ahead to next week.com/bartlett for

11:51

free product to.