How to start investing and build real wealth from zero

0:00 spk_0

To me, where trust comes from is representation. So being able to show people stories and examples and individuals that maybe are coming from similar backgrounds to them and say like, no, I can vouch for this. This is something that I try to embed in credibility like that maybe it was scary for me when I got started, but I did this and you can do it too.

0:25 spk_1

Welcome to Warrior Money, the show devoted to supporting our brother and sister veterans. I’m Patrick Murphy, and I’m Dan Kons. Today we’re tackling a challenge many veterans face how to take those first steps into investing.And whether you’re just starting out or feeling behind, you’re not alone. We’re getting honest about the confusion, the fear, and the mist that keeps so many of our brother and sister veterans from building real wealth. We’re gonna share our journeys, discuss the robots, and discuss how anyone can start building a more secure future. So let’s get after it. All right, Dan, we got you, Murphy. We, we talk about this bottom line on of it.How you make your money work for you.

1:06 spk_2

Yeah, how you might make, make your money work for you.You just got to get started. I know we, we talk about this a lot. Like we, you and I have talked about this a lot for a really long time and I, uh, I started investing when I was really young. I was like 15 years old, so I did it before military, but when I was in the military and, and I was at basic training or I was at officer school and I, or it was even my units, right? Money was the number one, like literally the number one question outside of military stuff that people were asking. They’re like, yo, like I got my first paycheck, what do I do with it? And the answer is not to go go buy a car.So like the, the answer is, all right, let’s get some really foundational stuff in place. Like, do you have a brokerage account? Are you investing in TSB, the rift savings plan? Are you doing kind of foundational things just to get started investing? And once you’re starting to do that stuff, it’s like then it starts to create this whole wonderful halo effect because you actually got $1 then turns maybe $1000 which maybe turns into $3000. Then all of a sudden you actually have a little bit of money and then.Oh my God, the 15%, you actually had a little bit more money and you didn’t do do the work for it. So it’s just like this thing you see is a self a self-fulfilling prophecy kind of thing. Yeah,

2:13 spk_1

and I think, you know, advising young young Americans, veterans, even older Americans, like, it’s baby steps, it’s a trust. It’s, it’s first, you have a budget.Number 2, don’t go into debt, and 3, yeah, invest, but uh make a plan and make your plan work for you. Yeah,

2:30 spk_2

totally.I mean, um, the, the, the don’t have debt, that’s like part of the reason why the value proposition for why I joined the military in the first place, like,I had the opportunity to get student loan repayment. They was really, really grateful that that happened, but I can’t imagine right now if I was making $1000 or $1200 a month student loan debt, how I’d actually be accruing wealth in the first place. So I think that’s a really important point. Like use debt when it’s smart, maybe, maybe go buy your mortgage using the VA home loan benefits, but be really smart about the other debt you incur, like.Car loan debt and all the other stuff that you don’t maybe, maybe you don’t need at the time. So get yourself a little nest egg first now that, um, compounding interest do its thing for you. Yeah,

3:08 spk_1

I mean, when you look at it because I know he lives in Tennessee, so we’re outside of Tennessee is Fort Campbell, Kentucky, uh, Hunter First Airborne division, night stalkers, but you think about Fort Campbell, Kentucky, within 1 mile, there are 22 payday loan providers, right? And, and again,You know, people might say, well, I don’t borrow money and do investing, no, no, no, no, like I have a budget. Don’t do that. The best advice I got when I was a young kid I was about to be commissioner as an Army officer was Captain O’Donnell, uh, who now is a Fort Knox, Kentucky. Captain O’Donnell said that all of us, he said, do not buy a new car. I know as a 2nd lieutenant, you’re making a lot of money, $27,000 a year at the time, he said, but do not buy a new car. So my first car was a used pickup ck.I got for my first car. I came back from Fort Knox, Kentucky. I bought a $500 stick shift white Isuzu pickup truck. I don’t know how to drive a stickup I’m like, I’ll figure it out, right? And, and, um, but too many people were like, oh, I’m making a ton of money, and then we go buy and they just basically chase, you know, the Joneses. They chase, oh, I wanna get a nicer car. I wanna get a nicer house, get this, and.They forget, hey, you gotta, it’s not about just getting by now. It’s what are you doing in your future and making your money work for you?

4:18 spk_2

Yeah, it’s really, it’s really, um, you say payday loans. I thought you were gonna say car dealerships because there’s a whole bunch of used car dealerships every, every post I’ve ever been on there’s like they’re right outside the gate. Um, I think the, the, the comment though about getting started, like, if you were in the military and you’re currently serving and I was an armor officer, um, I don’t, I didn’t have the time to actively like actively invest.So part of the answer is automate like automate your investment, like get yourself a Vanguard, Fidelity, Schwab, what I don’t know what the count is, create a little brokerage account, and every time you get paid that isn’t your 401k, just put $100 or $50 or I don’t even really care. $10. Just automate that savings into something that lets your money start to work for yourself and then watch the S&P 500 do its thing. Like I, I mean.We talk about this thing like it’s like complex. The complexity is figuring how to trust something, but the all the tools are in place for us to do in the firstplace.

5:12 spk_1

Yeah, I mean, I even tell my kids, you know, I, you know, my daughter Maggie, she’s going to college next year. She can do Air Force RTC my brother, my son Jack is 15. Jack is, you know, he’s working two jobs. I woke him up this morning at 6:15 in the morning. He works till 1 o’clock tonight, uh, because he’s at an ice cream shop in, in Wildwood, New Jersey, but, you know, he has his Robin Hood account, right? We talk about stocks, we do it, but I, you know, I tell him.You gotta put your money away. It’s OK to invest, but just, it’s like be stoic. You gotta fire and forget, you gotta put that in there. And if it stays in the S&P 500, you know, it’s more likely to grow and double within 7 years.

5:45 spk_2

Yeah, it’s also, but it’s also like kind of this like this this mindset that we have about there’s an ability to get rich quick. Like I’m gonna hit the next, like, I don’t know, billion bagger or whatever, billion bagger like how many times over my, my money’s gonna compound, but like the reality is.8 to 12% over 7 years turns in double your money. You ever, and you’ve got 7 types of intervals to do that, you’re doubling your money every 7 years.That’s a lot of money over time and like people really want to get rich in 7 years, but the reality is like, get rich over 35 years or or get wealthy or get secure over 35 years, you don’t have to do it tomorrow. And that’s, that I think is the, um, the FOMO that a lot of folks in the military community and the athlete community and kind of like the world where I and they tell me I should invest but I don’t know how to do it.But I think I should do it by getting rich quickly. Like that doesn’t work that way. You just, you start, you start quickly, you start slowly. You watch that, you watch that expand over time, you do it consistently and you’re gonna see those numbers go up. Yeah,

6:44 spk_1

and, and what I tell folks, diversify, right? So obviously, you know, you have bills, you know, housing, car expenses, whatever. But the more you can like just keep it, you know, sane and, and not go nuts. But also then, all right, I’m putting this aside for the TSP or the 401k program to have.And then all right, I’m gonna invest this money here and even if you want to go invest in Bitcoin or crypto or whatever, you could do it, but the S&P 500 is the one that’s gonna be rock steady for you. So just diversify that and be somewhat stoic. I don’t think you’re gonna become a day trader if you have a job that’s.

7:17 spk_2

Yeah, I totally have to admitskyest. I literally just changed my business.Bitcoin strategy, do I do $10 a day. I also do $2 every hour. So I’m watching my, I’m watching my Bitcoin go up by like, I’m like, what am I doing right now? But I just like, I believe in it. I believe in automated investing in my brokerage account, which I do. But I also believe like every time you make any level of money beyond what you normally make.Like operating expenses go into one bucket, your investment goes in the other bucket and just have a little system worked out where you’re like, hey, I’m gonna put it this way. I have an advisor for that account. I have an automation for that account. I don’t know what it is, but somewhere where I don’t think about it. And then that side, you go, you pay for the things you want to and if you get an extra 20 or $300 and you want a nicer car, cool, like you earn that, like it’s fine.But don’t like deprive yourself totally of the good things in life.

8:04 spk_1

Yeah, but I do think for a lot of our brothers and sisters out there, it is overwhelming and that’s why we try to tell them like, just take baby steps, just again.Make a budget and

8:15 spk_2

ifit doesn’t look like it’s happening immediately, just like let it, let it be, right,

8:19 spk_1

right.But stay away from debt. I mean, that’s another thing. I mean, it’s, you want to make your money work for you, but if you’re still digging a hole by going into debt, it, you know, it’s, that’s not gonna be the balance that you need in your life.

8:31 spk_2

Yeah, you know, I, I, I have a little bit of an opinion about that because like the, the, my balance, my personal balance sheet, my net worth has gone up significantly because I own a house. And so that debt is debt that I’m, I’m OK with, right? I’m like, OK, paying that debt off and thankfully I have a VA home loan to help me with it, but like,I agree with you. If you, if you get out over your skis on a house, even if a house you could potentially afford, but you’re not able to save and invest in other buckets, like you got to be really, really mindful of like, hey, just because you’re approved for that mortgage or just because you’re approved for that car loan doesn’t mean that’s what you should take. And I think that’s like the number one thing like.Hey, they, they told me I can buy a million dollar house. Like, well, cool, or like a 600 $650,000 house today, if you hold it for 5 years, it’s gonna be worth $800,000 or $900,000 and then you turn that maybe, maybe a little less than that. But then you likeHey, then, I’m gonna flip that in the next house, and then you gradually upgraded houses over time. Like that’s, that’s what we mean by compounding. Like, give yourself the opportunity and space to live within your means today so that you can actually extend tomorrow.

9:32 spk_1

Yeah, I, Iknow you know both Dave Ramsey fans, you know, tell me some of the stories that weren’t so great. Some of the lessons are that you see maybe other people who mistakes or mistakes that you. I’ll tell you

9:41 spk_2

the lessons I, I, I, I’ve learned like personally, I took out too much money for a car loan, uh, like I thought I got out of my skis a little bit.And, uh, I bought a car years ago and when I went to trade it in, I was underwater on the car, so I actually had to pay more money out of pocket because I financed the whole thing on the car and it was just like one of those, I, I know better. It was a simple stupid mistake, but I like, I was, I was dumb. I was getting out of the lease, the miles were up. I was like, oh shit, what do I do there? And then so I went and bought a, I went, I went and did it with a car and like it was a bad decision. I’ve also been known, I’ve also had the tendency like from time to time to, all right, like, well.I’m doing well now, so that money is always gonna stay the way it is. But like lifestyle creeps a real thing. So you gotta like, hey, just because you’re doing well this year doesn’t mean you’re always gonna do well next year. And then the the third lesson, tax man comes every April. Taxman comes every April and he’s gonna get his

10:36 spk_1

piece the taxes.

10:39 spk_2

So, so Taxman’s coming in April. I, I don’t know what you think he’s, I don’t know what you think he’s coming or not coming. He’s coming in April.So you gotta know your taxes and how you’re preparing for that stuff. What about you? I’m, I’m, I’m interested in here. Yeah, I mean,

10:52 spk_1

I think part of it was I had such great role models growing up and keep it. My parents, uh, they didn’t overextend themselves, um, and you know, people like Captain O’Donnell, who basically was like, hey, don’t be stupid, don’t go buy a new car, save your money, put it away, andUm, you know, for me it was like, I always maxed out on the TSP. I did that and now obviously I’ve since, you know, especially over the last 56 years when I left public service, I was really able to ramp up, you know, my investments, right, my brokerage account, etc. and then, you know, I bought a second home, all that stuff like, right, but to me it’s like, and I got 15 year mortgages on both my home, so to me they were smart investments. I’m proud of it.Um, you know, but I wanna make sure that I don’t get over my skis, right? And my daughter’s starting college, like, you know, my son, so those type of things are, and I’m always like, hey, what’s the rainy day front look like, right? Because if things go bad, you know, I’m, I’m trying to help out my parents and my kids, and so

11:47 spk_2

it’s kind of interesting, I, you know, I know no shit whatever I started doing.Actually take my portfolio and I’ve taken some of my credit card statements and I run through chat GPT and I’m like, hey, like, what do you see here? What are the trends here that you think that I could change? And they’re like, hey, you should, you could do this, you could think about doing this, or you could think about reducing expenses here. I, I find it super helpful for my credit card statements like, because I only use.Two credit cards. Like I think people get mistakes when they start using like 456 credit cards and then they’re making minimum payments. Yeah, 112 cards, right? You make two cards, but like if you consolidate your expenses in one place and you get to see what you’re doing, then you get to see my repeating expenses and I get to see my frivolous expenses for things that like I don’t necessarily know. And then now you know where to cut and like, oh man, like if I really like getting my hair done every other week, like, or my wife likes you, like that’s cool, but like.It costs $300 every time you go in there. So it’s like one of those things you gotta start tolook at.

12:41 spk_1

I think a lot of folks look at the numbers. 62% of Americans own a stock, but the majority of those that own the stock, it’s in the 401k program. But the majority of stocks in America are actually owned by the top 1% of American people.

12:54 spk_2

Yeah, that’s an issue. It’s an issue.

12:56 spk_1

Yeah, so there’s a reason why wealthy people invested,

12:59 spk_2

yeah, yeah,and it’s, it’s really why they talk about like, hey, I only want so much money and income like.I don’t like, and this is a, this is a really good problem to have, but like I don’t, I don’t need to make much more than a certain amount of money in take home income because I, I’d really rather have that in the form of equity or in the form of ownership because the tax incentives, the tax structures are very different between the two, right,

13:22 spk_1

right, you don’t have to pay the tax man as much,

13:24 spk_2

or, or yeah, it’s just,

13:26 spk_1

yeah,

13:27 spk_2

you, you always have to pay the tax. It’s just a matter of how you pay the tax.

13:30 spk_1

delayed gratification.

13:32 spk_2

Let, let my wealth grow over time as opposed to like giving them 36% or 40% every year at the end of the year. That’s what itis.

13:38 spk_1

I’m a staff sergeant in the army. I’m making $55,000 a year base pay, not talking about, you know, where you’re getting a basic allowance for housing, etc. What piece of advice would you give, Staff Sergeant Coons?

13:51 spk_2

I would tell him what I would tell everybody else. So I’ll tell my kid this just open an automated a savings account, like open an automated savings account. If you’ve got a bank, if you use any of the major military banks, if you use your old hometown bank, whatever it is, just like take a part of your paycheck and automate that paycheck into a savings account. I don’t even care if it’s not getting any interest. Just like if you’re not already doing that, just automate a savings, right? Just get $100 in there.Do that for 12 months and then you’re, you got $1200 in there, right? And then, then look for your first opportunity to maybe invest in.A money market account. I, I, I’m literally, I’m literally telling you like the most basic stuff you can possibly do automate your savings, get yourself to your first yield account, and then from there you’ve got 1200, 1500 bucks, then you might be able to start minimums on an S&P 500 and next fund. Like that’s, that’s literally the most basic way that I would do it.

14:46 spk_1

Yeah, yeah, yeah. And listen, it’s, it’s, you just got to be disciplined and do it. You have to so.Um, it’s something that people should not feel overwhelmed about. Some people should be confident about, but it is baby steps, you know, but make sure plan your work, work your plan. Number 2, no debt, and 3, make your money work for you. It’s a rare trait for people who can make their money work for them and then save it and not try to keep up with the Jones and not trying to get over their skis. So, uh, this, we have a phenomenal guest in our second half of the show. We have Trey Rivers, Y Byrd from Stackwall Capital. It’s gonna be awesome. We’ll be right back over your money.Welcome back. We talked about our ups and downs getting started as investors, but now we’re gonna bring in someone who could make it easier for veterans and underserved communities to help take that first step. Trevor Rosie Byrd is the founder and CEO of Stockwell, a fintech company on a mission to break down the barriers to investing and helping more people build real lasting wealth.Hey Trevor, thanks for joining us on Warrior Money. Thanks to be here. All right, so, so you were a college athlete, so let’s talk about that. You’re a BC, that with the law school BU, uh, but what got you in? I mean, you were one of the top law firms in the nation, but you gave it up to start going in in the fintech.

16:08 spk_0

Yeah, I mean, I think for me, uh, you talked about being a former college athlete and so much about that, um, you know, just the competitive nature of it, being in an environment where uh the pressure was always on and it was on you very specifically.Um, I felt like I was missing that early in my career and I wanted to continue to find opportunities to get closer and closer to, um, situations in an environment where I had agency and control to make decisions and live and die with whatever those decisions might have been. Um, and so as I progressed in my career, it just, you know, it became very clear for me that I wanted to step out there and do something where I had the ability to set a strategy, drive execution.And live with the results at the end of the day.

16:52 spk_1

Yeah, that again, I, you know, I kind of come from blue collar backgrounds and, and the fact that, you know, we try and serve the veterans community. Uh, I know you are focused on, you know, underserved communities as well and helping them build real wealth. Yeah. What what does that look like? It’s that

17:06 spk_0

well. Well, I think for us, the biggest thing is that regardless of what your background is, there are so many people in this country that believe that.Investing in the financial markets, being able to have a financial advisor, being successful financially is not something that is for them, right? It’s, you know, what we see on TV or in the media, paints a picture that is not representative of the vast majority.of our experiences and backgrounds that many people have. Um, I look at the venerating community, like there is no greater example of just like the diversity and nuance of experiences that exist in our country than the veteran community.Um, and really what we’re trying to do at Stockwell is say, look, no, we see you, we understand that, you know, maybe your historical relationship with money is strained because of how you grew up, and that’s OK. Like we have a tremendous amount of empathy for how you show up today, but we also have this unwavering belief in your upward mobility and trajectory and the ability to accomplish the goals and outcomes that you have for yourself and for your family.Family over, you know, generations to come.

18:13 spk_2

Yeah, one of the things that’sreally, we talk about this a lot, right? So every soldier, sailor, airmen, marine’s life and career will end in service. Like you’re, you’re going to end your career at some point in time, and every athlete has the exact same like critical juncture point. So it’s like, I, there will be a day where I’m not good enough to play on this field anymore or so hopefully somebody else retires. It is what it is, right? So the the journey is like, how do youtransition that life that you lived to finding a life of purpose when you’re whenever you’re on the other side of that purpose, that purpose kind of sphere that you’re talking about. Talk to me a little bit about how this called your purpose. Like how did you get into this in the first place? And why, why do you care? Like why do you care about this? Where did that comefrom?

18:55 spk_0

I love that question. There’s so there’s so much nuance to it because like on the one hand,You’re kind of speaking to like my desire to drive impact and change in communities that I care about. And, you know, for me, like, you know, I had the opportunity to work at some large corporate law firms and, and Wall Street firms and it exposed me to a whole host of things and, and pathways to building wealth thatWe certainly weren’t talking about in my family and I always thought were not for me. You didn’t even see it

19:26 spk_2

inlaw school or something like, hey man, I’m like studying Cit pro. I didn’t, yeah, I don’t know what like, what is, what is this? It’s weird.

19:33 spk_0

You don’t understand it, but I guess the more and more that I saw it, I was able to start to make connections to other things that I had done in my life, right? So we talked about me having played sports. The thing about sports for me is like,It treats, it teaches you how to build habits and behaviors and accountability to self and other people, right? Similar things that you experience in, you know, the service, right? So being able to drill the fundamentals and create these habits of consistently showing up for yourself and for other people that you care about are actually the exact same things that help you be successful financially. All right. So it’s not about how much money you have, not about how much education, it’s like, do I put money away this month and did I do it again next month?I know I’m getting the benefit of, but it’s also like you’realso

20:18 spk_2

helping

20:18 spk_0

people

20:18 spk_2

compound the level of trust though, right? Like if you don’t know how to do it and you save your first dollar, then like, that doesn’t go away. No. And people are like, oh my God, my dollar is now my whatever. And you’re like, All right, now I’ll do $10 because I trust that this, this infrastructure isin place.

20:32 spk_0

Yeah, but to me, where trust comes from is representation. So being able to show people stories and examples andIndividuals that maybe are coming from similar backgrounds to them and say like, oh, I can vouch for this. This is something that I try that in credibility like that maybe it was scary for me when I got started, but I did this and you can do it too. It’s like the underlying theme or message that our company stands for. Yeah,

20:58 spk_1

I thinkthat’s one of the special things because it’s like you make it easy, you break it down for folks to say you could do it too. And this is what right looks like. Um, you did talk about being an athlete, you know, Trevor, andYou know, I know there’s some athletes that supported obviously Stockwell, Chris Paul, Melo, Dwyane Wade, divisionary ventures, uh, you know, initiative. Why did they invest in Stackwell and, you know, what were they hoping to get out of

21:22 spk_0

it? Yeah, I think for them it’s the same thing, like, um, opportunity is not created equally in this country and so they had their own set of experiences that, um, shaped the way in which they, they see the world and I think for them,Um, using their platform for good is, is something that really matters to them, and they all have been very fortunate to be able to leverage the playing careers that they’ve had to go off and explore other business ventures, um, but that’s still not without its challenges, right? And, and those are people that have tremendous amounts of means. Um, so I think for them when they looked at the visionary ventures program,It was about a conscious acknowledgement of the challenges that exist for many people coming from underrepresented communities when it comes to like the intersection between personal wealth and business financial stability.Um, then if you don’t have the first piece, it’s really hard to be successful in the business world, um, and just creating better opportunities for more people to, um, engage and, and create other platforms or, or, um, avenues to build long term sustainable.

22:32 spk_2

It’s also really hard.go from like thelabor employeeside, to like the the flick the switch like I’m now on the capital side, right? So we talk a lot about athletes, we also talk a lot about soldiers, like, there’s a very clear perspective here. Your playing days are over and all you’re doing is eating away at your money and then you die with nothing or you leave nothing, right?So at some point, there’s an inflection point where you’ve got to transition to the capital side, right, make your money work for you. And I think that’s really what we’re trying to describe is like, hey, you can be an employee for a while, but you’ve got to start to think about how you become a lever of capital because capital is requires you to exploit yourdollars.

23:07 spk_0

Yeah, I completely agree with you, and I think the way that we try to talk about it is like this, this um concept or notion of ownership, right? So when you become an owner.You have the ability to start to shape and direct outcomes that matter.

23:21 spk_2

To include justan equity stake like if I own a couple of shares, I get to vote now. Like, yes,

23:25 spk_0

that’s allit comes down to, right? Exactly. And I think, again, going back to why I started this company, um, it was early pandemic, there was a lot of social unrest going on in our country at the time, and I think for me, I had this level of frustration about, um, what was not likely to change, right? And if we truly wanted toUm, have the ability to transform our future and achieve different types of outcomes. More people needed to have a voice in that process, and access to capital or lack thereof directly impacts your ability to have that voice.

24:02 spk_1

Yeah, and I think from our community, and the bachelor’s community, just like that you serve, there it people tend to get overwhelmed and they shouldn’t, and, and you look at the stats, I mean, 62% of Americans own stock, but the majority of that is really 401k programs, etc.So you really empower people to let their money work for them. If I’m Patrick Murphy in the street, I come to start, you know, what, what would you offer me? How does that work if I want to be partof your team?

24:26 spk_0

Yeah, what we offer you is a clear pathway to getting started, right? So for many people, the, the notion of saying like, OK, I know I should invest. I know that this is something that’s important for me to do, but it’s like, well, how do I start? Like what do I pick? What stock do I pick, right?Um, and given that we understand how challenging that is, we help automate that process, help people make decisions, get them into well diversified portfolios, because we know that that is like the most sustainable way for anybody to be investing in the market. So we’re not encouraging risky behaviors, we’re giving people education um in a contextualized way to help them understand how they’re going through this journey um in a progressive way and reallyProviding like the positive affirmation that not only do you belong here, but you can reach the financial goals and outcomes that you’re trying to pursue while you’re working with us on this. What is

25:19 spk_2

contextualize and progressive mean? Like I, I hear, I hear those words, right? But like, I’m thinking about somebody that’s like 22 that like

25:25 spk_0

maybe an

25:26 spk_2

athlete, maybe a soldier, right? 22 years old.

25:28 spk_0

I’m like,

25:28 spk_2

I have no idea what you’re talking about. Like, what is it, what does it mean to be like, hey, we, we’re gonna meet you where you’re at, like kind of go through that journey.

25:35 spk_0

So, as an example, we have built model investment portfolios, which is just a fancy way of saying, we help you pick a number of individual securities to invest in. Those securities that we invest in our ETFs.A lot of people may not know what an ETF is. So in the process of helping you build your portfolio, we’re also giving you education about what does an ETF actually mean, right? It’s a basket or a collection of securities. You could have ETFs that cover the S&P 500. What is the S&P 500 actually, right? So it’s like done in a disarming non-judgmental way, but it’s like, as you’re starting to make the decisions to get started.We’re also helping you be more confident in this process because you know with all these terms now just put just put,

26:22 spk_2

just buy your first share as the S&P 500, right, or get an ETF like I just get started in the game and then you’ll you’ll learn over time and aggregate that way.

26:29 spk_0

Exactly.

26:31 spk_1

Well, it’s one piece of advice you got out there, people are sitting on the sidelines, but they should get in the game to let their money work for them.

26:37 spk_0

Um, I think, you know, the biggest piece of advice, um, that I ever got was just to get started, frankly, um, it’s not about trying to time the market, it’s about time spent in the market, um, not about how much money you have or save and invest, it’s, it’s really just the ability to get your money into places, um, where it can work and compound for you. So getting over that initial hump of saying like,Maybe I’m not as smart as all these guys on Wall Street or whatever, but you’re not as smart that that is, that was one of the first things we like, well, actually, if you’re just a normal everyday person and you have a process or a plan to follow that, you’re going to be more successful than most people just look at the S&P 50 on

27:21 spk_2

average and see how many money managers actually exceed that. Like

27:24 spk_1

it’s not, yeah, we tell people, you know, plan your work, work your plan, be stoic about it, put it there.Fight and forget. We get after it. Hey Joe, we gotta take off with the, uh, thank you so much for joining Warrior Money. We appreciate you. Listen, that wraps up our show, so listen, subscribe, and review Wri Money on Apple Podcasts, Spotify, W your podcast. We find this and Yard Finance. I’m Patrick Murphy, and

27:44 spk_2

I’m Dan Kins. We’ll see you again next week.

27:47 spk_3

This content was not intended to be financial advice and should not be used as a substitute for professional financial services.