What No One Will Tell You About Money! Feat.Rory Douglas @rorykdouglas

💰In this episode, John and La'Fayette are joined by special guest Rory Douglas of Woodland Hills, CA. Rory is a Financial Educator, High Performance Life Coach and Int'l Best Selling Author of  "Cracking The Rich Code".  Within the episode Rory drops several gems about What No One Will Tell You About Money! Gems such as  you don't need money, money needs you!, why banks are not meant for storage, why money DOES buy happiness, why YOU SHOULD use a credit card instead of a debit card, why YOU DON'T have to go to college to be successful and so much more! To hear more of what will change your life forever,  you'll have to hit that PLAY & DOWNLOAD button!

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Transcript

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Welcome to the unscripted Authentic Leadership Podcast. The podcast we are seeking to lead change while also seeking to understand. We are also here as a platform for leaders to come together, to unite, to develop and empower other leaders in the areas of business, family, faith and community. I'm your host, Lafeyette Lane, told by my colleague John LeBrun. Today, we are joined by a special guest all the way from California. Our special guest, Rory Douglas, you already know, know what time it is. Put those hands together, put those clapping motion in the comments section as Roy joins us today to have an incredible conversation about what no one will tell you about money a little bit about. He is a financial educator, High-Performance Life coach and international bestselling author. We are excited to have you on, Roy. Thanks for coming on, man. Thank you, guys, for having me, man. I'm I'm just excited to be able to talk to both of you guys. Man, I call you guys salt and pepper. Y'all get the mix, man. Well, we use peanut butter and jelly all the time last year. And now I have to chase that now. Josh over. I think I like that a little more. Oh, good. I love it. I love it. Roy. Well, let's get right into the conversation, both John and I. I feel like a fanboy tonight. I'm a huge fan of you. Watch you every day. Go back to even rails and stuff that you've posted on Instagram that I've already watch. And I'll watch it again, because you say so many things that are so applicable, things that may seem easily, but people are not applying. For instance, you talked about the five things about finance that we were not taught in school. You talk about banks are not meant for Staats. What compound interest is the rule of 72, the 10 20 rule and the 50, 30, 20 rule? Can you break that down about the five things about finance that they don't teach us in school? Well, I'll tell you, this year, I'm not opposed to school because we all know that education is really what it's all about. But I've always wondered, how is it possible that a box would make millions, but a teacher can barely make a living? Now, I'm just saying that in general, you know, actually, we don't have a money problem in America. We have a literacy problem. And it's a lack of financial literacy and financial literacy for those who don't know, it's just simply a lack of financial education. And right now, we're dealing with a pandemic and very volatile times in this society. But we had a crisis before this particular crisis, this pandemic, before the pandemic. The average American can you believe this was one to two paychecks away from being homeless and one out of three Americans in debt? The average American family cannot even handle a four hundred dollar emergency. The average college student gets out of college with about twenty eight thousand dollars. They're pursuing to be a doctor or lawyer or a professional, anywhere from 100000 to 200000. And the average person went to college in America, still in student loan debt in late 40s. So I'm on a national campaign and financial literacy. So when I give different rules about like the 50, 30, 20 to 10, 20 rule, what I'm doing is giving the common American basic financial literacy, which is not taught in school. And that's what it's all about. We don't have a money problem. We have a literacy problem. But once we've solved the lack of financial literacy, I believe that we'll have money for a lifetime in our lunch time. I love it, I love it, I love it. Somebody just dropped in there, so watching you again on your Instagram and just following you. One thing that really sticks out is you're always talking about not putting your money in the bank because putting your money in the bank doesn't really make you any type of money on the money that you've invested. There's no interest being made on your money and banks not being a storage. Can you kind of go deeper into that and to why we shouldn't put our money in the banks? And if not in the bank, where should we put our money? Well, in actuality, we should do what we call smart banking. And if you guys know that, you hear banks basically talk about smart banking, don't they? Right. No. I always tell people this. We go to the bank, we put our moneys in the bank, and on average banks in America give us about minus one percent. Now, when we think about inflation. I call it the silent killer, inflation right now is about four and a half percent. And for those individuals who don't know what inflation is, is basically your dollars less spending power. But right now, inflation is about four and a half percent. So when you really think about it, guys, if the bank is on average giving us minus one percent and inflation is four and a half percent, we got to have at least five percent or greater, just even beat inflation. So today you could be literally saving money in the bank and losing at the same time, because every year taxes and inflation goes up, but then about your money goes down. So I always tell people, don't save money in the bank because we should do what the bank is doing. I call it BYOB for those who are looking is listening, BYOB, be your own bank, be your own bank, do what the bank is doing. Well, let me tell you guys what the bank is doing. We call to the banks. We put our money in the bank. They give us minus one percent. The bank, they don't save our money. They take our money and put it in the market and get all of the compounding interest. Now, the banks do something that's called fractional banking, fractional banking, which means if I deposit a thousand dollars in the bank, by law, banks are required to keep 10 percent of our deposits. So the bank will keep 100, but invested in the market and get all of the compounding interest. So the same bank that we put money in to save money to save our money. So I always tell people, would you rather put money in the bank and give minus one percent? Or would you rather put your money where the bank put their money? It's just education. Once again, have no problems with the bank. I just want you to do smart banking and your greatest asset is your mindset. Start with your mind first. I call it financial fitness. Get your mind right or get your shift together. I didn't see Kurd's. That's it. Shift. Get your shift together. Change your thinking. Wow. So. On that same note, then, where you can get your shit together, I didn't curse, but you know, you're good. You're good. Yeah, I love it. On the same note then, where if someone's going to ask, OK, so where should I put the money then if I'm not put in the bank? And then I know there's probably the other question is, what is that? What is that threshold or recommendation of like the average American? And I think you mentioned earlier has less than a thousand dollars in savings. And so I can I can hear somebody asking, OK, so what's the threshold of when do I start? The alternative method or do I just take everything and never put it in a bank? Like is there a thousand bucks in the bank? Is it ten thousand? What is that? What is what is that? Can you unpack that a little bit? Oh, definitely. I'll unpack it for you in a couple of ways. Most people, when you tell them, don't put your money in the bank, they want to know quite where I put it. It's important now when I say sad to you guys earlier, would you rather put money in the bank? And get minus one percent or would you rather put your money would have been put their money. What I meant was, OK. The banks put their money. The first thing I told you guys, fractional banking. Also, the banks get involved with home loans, student loans, credit cards, automobile loans, all of that. And then the banks also get involved with investing in the market also, too. But the banks do something that may come to a surprise to most of you that you listeners. The banks are heavy, heavy, heavy vested in life insurance. It's called b, o, l, i, b, o, l i bank on life insurance. The banks were so infatuated with life insurance last year during the pandemic, over 190 trillion dollars was purchased by the banks in America. OK, now what does what does the banks do with that money? Those that life insurance, the banks do. First, they take the life insurance. They cover their asset and their employees. They also take the cash value that's in life insurance. And they do fractional banking. They lend it up and on top of that, all of its tax free. So I always tell people your wealth is your health. Your wealth is your health. Invest in UFAs. Invest in you first. How can the best of me invest in you first? A life insurance policy. Why do you think the banks are investing in life insurance? Because they're Dirac's benefits. Does that make sense? Now, let me tell you why. It seems a little unorthodox to most people, because the average person in America don't understand the real meaning of life insurance. See, the operative word is insurance. That's the operative word insurance. So if I say to you guys right now, automobile insurance, you think about a car quite naturally. If I said home insurance, homeowner's insurance, you think about a home. But when I say life insurance, the first people think about someone passing or dying. But it's called life insurance. There is a particular type of insurance that's called final expense burial insurance. That's to bury you. Life insurance is to carry you, not to bury you, to transfer it well. So the true meaning of life insurance is to transfer wealth. So you can actually have an account in a life. And she was policy. And do private banking be your own banking? Instead of giving minus one percent, you can get up to 15 percent compound. So invest in yourself. You health is your wealth, be your own bank. That's what I'm saying. So you can make money off your life insurance while you're living. Is that what you're saying? You better believe it. That's what the bank is doing, actually. Wow, OK. I never knew that the true meaning of life was sure. All your listeners. Is to transfer wealth. That's why it's called life insurance. Let me say this to you guys. Thanks. Go check it out. Ray Kroc. Get started. McDonald's with Munnings out of a life insurance policy. Well, Disney got started with money out of a life insurance policy. Go check it out, fix. As I said earlier, the average American used life insurance to bury them, but the rich in the wealthy use it to carry them. So invest in yourself, be your own bank and get more interest. That's it. And do smart banking pay your bills with it and things of that sort. OK, so then how does somebody know which type? Because we've all been approached by someone who's selling life insurance. Yes. And often, you know, he's like 23. He wants to tell me how I need to do everything. I'm thinking I am. I'm thirty, almost thirty eight. I have kids. You know, I'm thinking I don't know if you've had life yet happen to you. So, like, how do we know what we're looking at and what really makes sense? Is it depend on the situation or is there I could go to. Well, I'll tell you this, you. It is no silver bullet for everything. I always tell people, you can't have enough life insurance and it's really about the right one for you. So make sure that when you do talk to someone, that they have a track record. And not only that, that they're not just a life insurance agent, they are a financial educator. See, I'm a financial educator. What I do is, is I educate people about life insurance. I educate people about finances. So therefore, you can take it and learn for yourself. So therefore, you can share it with your family and your friends. Because like I said to you guys right now, the average American is one to two paychecks away from being homeless and one out of three in debt. It's a lack of financial education. So we got to really change that. We have to change that. So it's all about education. So how do you know if this is the right thing to do, your due diligence, get the information, look at it, investigate it, and then that's what it's all about. That's what I do. I train people, teach people and what they should have. Does that make sense? I don't know. I never told you anything. I'm a firm believer, I always tell people when value is made, clearly decisions are made easily. I don't have to sell you what you need. Wow. Ooh. Hey, Lafeyette, let's talk real quick. So anybody who's listening right now, if you've picked up anything so far. Take a screenshot of this on your phone and share it on your social media, because your friends need to hear what Rory has to say and always go to Rory's pages. Rory Cade Douglas on Instagram. They've got to listen to what he's saying. So take that screenshot real quick. Just a quick, quick plug shared on your on your social media. And anyway, let's get back to it. So you guys are hard nut to crack. We all say that may not feel good. Let's go, Rory. There was a viral video that went viral about a college professor. He was teaching about debit cards vs. credit cards, and he was saying that he does not buy or give his kids debit cards. He gives them credit cards. Another question I had, I went to your page that I saw that you had made commentary on it. So I'm like, perfect. Rory can impact this because it's kind of the polar opposite of what you hear from some of the famous financial experts, our gurus, that will tell you, you know, credit cards are the enemy and cut up credit cards don't use credit cards. But here it is. This guy was saying, hey, no, that's actually the opposite thinking. Can you unpack us? Unpack that for us. This whole issue of debit cards versus credit cards. At me say that you guys got some good questions. I'll tell you this. Here's the thing. I just gave you guys the facts. The average American, before the pandemic was one to two paychecks away from me on. That's the average American, one out of three Americans in debt, listen to this facts. The average person in America spends about 50 percent of their monthly income just so mortgage or rent. Today in this society with inflation and prices are so astronomical. Who has the cash to be able to pay for these things just straight up? Very little people. So what we have to do is we have to learn how to use credit to our advantage. Does that make sense? Sure, sure. Use it to our advantage, because realistically, you need credit. That's the bottom line. A home today in America on average, we caution 400000. Right. So the bottom line is, is use credit, but you've got to use it to your advantage. Not use credit in a way where you're being addicted and wasteful spending and then you become in debt. Right. I always tell people on a side note, debt stands for do everything but tied, do everything but time. That's what debt stands for. But the bottom line is, is that. The only difference is, you guys, we need credit in this type of society today. But you have to use it to your benefit, not use it in a way where it becomes a habit in your spending and gets out of control like the average American. And put yourself in debt. But everybody needs credit. I'm not really against it. This is everybody needs it. And then when you use a. Debit card. This if I use a debit card and. I have one hundred thousand dollars in my account and someone embezzles 100000 out of my account. Well, I called the bank and I you know, I mean, I even get one hundred thousand dollars back in most cases, but if I have a credit card, it's a different story. You get my point. Right. Do the same thing the banks do when you walk inside of a bank. It says the FDIC only insures your money up to two hundred fifty thousand dollars. Gosh, if I got two million dollars in the bank, the FDIC is only insuring my money up to two hundred fifty thousand dollars. So people don't realize that the insurance companies are the ones who have the money. The banks don't even save your money. So the bottom line is you got the goal where the security is, you got to go where the money is. Yeah. So to provide a little clarity for anybody's wondering, you have to understand the difference of the information someone's giving you. Right. So I think Lafayette's talking about you hear philosophies from like a Dave Ramsey who says don't use terror, but his audience is deeply in debt and they have no idea how to get out of it. And he's saying, here's what you got to do to get out of that debt. Now, he's also worth probably several hundred million dollars. I'm sure he does things differently with his money than I do. And so when now, Lafeyette, bring it up or video he's talking about, if I saw a similar video is basically saying like, look, you can spend your money on everything or you can levett gaining interest and use somebody else's money with a credit card. They're not saying rack up the card and don't pay it off or saying at the end of the month you're going to pay your stuff off and then therefore you're not taking your money out of his interest every month. You're letting it compound for the big diazinon, hit the nail on the head. That's exactly why news is that only suckers save money. Yeah, Monel to save money. Money is meant to be used. Does that make sense to make interest for your money? That's that's important. So we put money in the bank. We save it. We get no interest. But if you put money inside of an investment, that gives you compounding interest grows, right. But the average American is not taught that we're taught to put money in the bank and just save it and allow the bank to make interest out of our money. So that's what it's all about. So I always tell people money needs money needs us. I'll tell you, if I put five thousand dollars on this table right in front of me right here. That five thousand dollars will be here next year, this time if I don't pick it up and use it. So we got to really change our mindset to money needs us, not we need money. Whatever you chase after, if it's going to get away from you. And that's the reason why Americans are suffering. We're chasing money. But that's on a whole nother subject, because I'm a personal believer, a personal believer in natural manifestation and spiritual manifestation . God has an economy and man has an economy. I mean, you work eight hours, you get pay for eight hours in God's economy, work for eight hours, you get paid for eight years. Hmm. Absolutely. Absolutely. So what you're saying is that it starts in the mind, just like everything else in life. It's a mindset because you talked about something on your page that that fell right in line. Where where I wanted to ask you next, because you said that money does buy happiness. We've heard all our lives. You know, you're living with your money. Money can't buy you happiness. What you're saying money does buy happiness. You said, and I quote, The only people who say money doesn't buy happiness are broke people. Please explain that. Man, you guys get me on the grill like El Pollo Loco. But that's OK. I'll answer clearly. All right, let me just say this to you guys, in order for me to answer it, I have to answer it in two ways. Well, I always tell people. In life. Your job is what you get paid for. You're calling is what you were made for. I'm going to say that again, your job is what you get paid for, your calling is what you made for the calling is the thing that is in your heart, the thing that you should be doing to achieving your goals or your dreams that your column. The average American is used to trading time for money, trading time for money. In life, you're only going to be doing two things. Are they going to be working to fulfill your own vision of working to fulfill someone else's vision? When I sent that money does buy happiness. What I meant by that is this. I meant that we know that in this society we need money to pay our bills, to have a healthy family. Whatever we do now, if we look at what's happening in society, marriage number one thing is brooklier of a marriage finance. Crime finance, when it all comes down to it, it's all about finance. Now. The scripture says that a feast was made for laughter. Why make it, Mary, but money answer all things. A face was made for laughter, food, having fun, wine, not drinking knowledge, wine make it merry. But money answer all things. And what if things? Cars, homes, material, things. Faith is the substance of things hoped for, the evidence of things not seen. Don't tell me you have faith if I don't see anything. Worse is did I didn't say fate without w o r k. Think that work that's trading time for money. Faith without works w r s action bird which means what you have faith in it manifest and use to see it. So it's nothing wrong with having money. Broke. People get angry of people who are successful, who have money. And I'm saying this, too. You know what? Money is not the root of all evil. People don't realize that the love of money is the root of all evil, not the love. Yes. The scriptures say that he came, that we may have life and have it more abundant. And when I speak, man, I'm speaking from a standpoint of love. I really want people to be able to get excited. Be the best version of themselves. Have a prosperous life. You can achieve whatever you want to achieve. But people today, they spend so much time outside of themselves and very little time with themselves. What I mean by that is very little time with themselves, but most outside of themselves. We come up as kids in our influence is is to go to college to be a certain thing. The average college student change equations four times. We get into the real world and we do the same thing. We start and stop, start and stop. We always listen to other people's opinions. What mom wanted with dad when my friend said. But the bottom line is, you got to spend time with yourself. When you spend time with yourself, you're you'll discover your passion and your passion. You live your purpose. And once you live your purpose, man, you have money for a lifetime, not a lunch time. It's all about having an abundant life. I always tell people, hurt people, hurt people, and happy people love to help people. I'm one of those guys who I want to help people. I would encourage people when I want to build them up. But at the same token, I also want to identify those individuals who try to wreck people's dream. We talk about the naysayers and the haters and all that stuff. But the bottom line is 90 percent of winning simply excitement. I dare you get excited. That's what it's all about. Your attitude with the term out. It's all about getting excited, living your best life, living your dream. That's what it's all about. I always tell people, ma'am, that your dreams are not a figment of your imagination, just showing glimpses of your future. I wouldn't encourage people to live their dream. Hmm. Oh, my goodness. Who is Steve Harvey? He says, your dream will make room for you, I think is how he says it. Yeah, same scripture says that your gift will make room for you. There we go. That's exactly what I was saying to you. Everybody has a gift inside of them. Everyone has greatness inside of them. And nobody can be you. But more people today spend more time outside of themselves and very little time with themselves. We're getting that information. We're being put information, information, just getting in line. But what we really need is information. Hmm. We can go down that rabbit hole all day. So true. That's why they call it the TV program, right? They sit there and let it tell you what they think all day anyways. Rory? Oh, my goodness. Ma'am, keep going up here, OK? That's OK. Yeah. Wow. Sheesh. I love your message because your message can resonate with anybody. Mm hmm. For instance, something that really stuck out to me. Now, I have went to college. I'm a college graduate, but I'm also a firm believer. Best not everybody's path to be successful. And you said on your page and you actually showed your neighborhood, you showed your neighbors. You talked about that you don't have to be go to college to be successful. And you show some of your neighbor, one neighbor was a a show producer, one was a YouTube or one sales logos and one was an insurance agent. What would you say to those that are saying, hey, the only way that I can be financially successful is to go to college and to get in more debt? Can you expand a little more to tell to encourage our audience to say, hey, there's more than just that one path to be successful? You know. I. Personally believe and I know that you guys also to education is the key to life. We have to be educated. We know that. Sure, it's OK to have education. It's OK to go to college. Sure. But we all at the same token, we have to be honest with ourselves. College in America does not teach us how to go to college and get out and do something for ourselves. It teaches us how to get out and go work in corporate America. Yep. Right. This is fast. Today, the average person keeps a job in corporate America. Five or six years, Fex. So when I say to people that you don't have to go to college to be successful, I mean exactly that. And when you do your due diligence and you see some of the most successful people, Tadano. Don't even have a college degree. Right. It's not to say that no one should go to college, if that's your path, that's your path. But I just gave people the facts. The average college student gets out of college with about twenty eight thousand dollars debt. If they're pursuing to be a professional doctor, alert Caby for 100000 to 200000 dollars debt, the average person in America went to college, is still in student loan debt in their late 40s. Student loan has the highest percentage is man. The highest percentage is like seven hundred twenty eight percent above all other fields. Mm hmm. So when you combine credit cards. Listen to this. When you combine credit cards and bank overdraft charges together, it does not supersede student loan debt. So we see a lot of people going to school with a whole bunch of degrees. But why they broke. Hmm. So I want I want people to get real information. I don't want to get information. The information do what everybody else is doing. I want you to get real information. I want you to get to education. That's what it's all about. Amen. Not talking against it, but I think my kids. I teach my kids right now, my son is 10, my daughter's seven. My son keeps telling people he doesn't have to go to college. And they all look at me like the worst dad ever. Look at kids. Actually, for all those who judge me, they already have like a a saved income. I say college savings plan. There's money in there in case they want to go that route. So it's sort of prepared for. But I don't push it because the thing is, is it only makes sense if if the school color only makes sense is if that's what you need to support sort of your dream or what your purpose is otherwise. Right. Why why am I going to go to school for an art degree, a business degree or whatever? Some people go to school now for entrepreneurship. Well, unless the professor is an entrepreneur, I'm not sure how that helps too much. You write about that. And I'll tell you this, this is a real profound that I talk to a lot of people and we have some of the top colleges. I'm not going to mention the name of these top colleges that has entrepreneurship programs. Yeah. And the importance of that. And I'll tell you another thing also to you I'd be careful about. A lot of us. Are setting up college savings plans for our kids. If you ever heard of a five to nine Covid savings plan you guys ever heard. Yep. OK, but to try and save this billion. Couple of things. Five to nine savings plan. It's basically in an unsecured account, an unsecured account is an account where you can lose, it's on the market market goes up, you make money, the market goes down to lose money. So right off the gate, you get along with your children's education. Then it gets even worse than that. If you have a five to nine savings plans is reported to FASFA guys with estimates. Hmm. The paperwork for a grant. Student loans report to FASFA. And we have a situation that happened last year. You guys would call some celebrities got slapped on the wrist for using identities. Mm hmm. That's what it was all about. There was about a half a billion dollars unaccounted for in urban communities for grants and scholarships that was available. So we got to keep in mind that a lot of things that we're doing today, we got to understand what we're doing. So check check the five to savings plan out and see what's happening with it now. It's report. It's fast. So what you're saying is I need to take all my money out of my 549 account for real. OK, I'm going to send something to you. Don't worry. So you'll see it's reported to fast. So when you get ready to go to college, if they go to college, it's going to hurt them to get the full manifestation. Wow. Yeah. This is authentic leadership right here. No, I don't. No, no, no. That's not what I was saying at all, that, you know, you put yourself out there. That a lot of hits, man. I'd be checking a lot of hits you guys on. Like a lot of times I would take a lot of hits, but not from the people they love everything I'm telling them. Oh, yeah. I've been taking hits. I'm just telling the truth. It's documented. Yes. I was just trying to do the best, you know, how to do to set up the future. But it doesn't always, you know. Absolutely. No, no, no. I wasn't saying anything negative against you, bro. I was saying that he's going to send you some information and some information because you don't want that situation, man, because it's reported to FASFA. But what you can actually do is have your kids have a college savings plan that is not reported to fast, which means not a college savings match, because see, when a kid is waiting with a five to nine seconds, they can take it, do what I want to do with it. Are you aware of that? No Stehr money at 18. They can do what they want to do with them. Hmm. Wow. Can you see that information as well? A college which is also to an ordinary income. Are you aware of that? Now. Yeah, it's important. So you have to make sure that you set your kids up with a plan that is not for college savings plan, but set your kids up with a retirement plan. And the reason we don't send our kids that were retirement plan is because we tell them in America that retirement is age 65. In retirement is when you have enough money, you can retire at 16 if you're rich. OK, I have another question, and this is off this is something just came off my 401k. What's your opinion on 401K? Oh, my God, you guys are killing me. I don't know. I really don't even know your answer. But I really want to know because I have my feelings on it. And I love this because you guys, this is not powderpuff. You guys actually real questions. That's what we're here for the people. Yeah. Let me say this to you, that. For one case at one particular time, was it OK, bet? Which means you could retire after four one K moderately not really comfortable. OK. Now, although today there are more for one K millionaires than ever before because of baby boomers. But a small marjoram. Let me give you an example so you understand what I mean. When for one case first started, they matched dollar for dollar. I put in five hundred dollars, I get match five hundred dollars. That's a good bet. Right now, I told you guys in the beginning of our conversation that inflation in America right now is about four and a half percent. OK, so now we know that we have to have five percent agree because just even beat inflation in Texas. Now, for one case is that's actually an Internal Revenue Service tax code. A lot of people don't even know that when they say for one case, it's not a full one. Can't count where money is inside of for one cares, Internal Revenue Service tax code. Your funds on a retirement account. OK. Now, companies today are not matching anymore. So let's say we have a company to say we're going to go back to two percent. Are you beating inflation? No. OK, now. For one case, once again, for one case for three weeks, speeds, whatever. Those are pretty much in unsecured accounts, unsecured, which means is based off of the market. Market goes up, you make money, market goes down, you lose money. OK, now you don't have to be a rocket scientist. This is where you guys, listeners, I want them to hear this. The market, on average, make a correction every eight to nine years. Facts I can look. 2002 market was up two thousand three. The market failed people's for one case trucked in to tour. One case from 2003 to Mark is spiraled up to two thousand eight. Housing crisis. Market failed peoples for one case turned into two or one case. Here we are from 2008 with twenty twenty one. Mark my word. The same thing is about to happen very, very soon. OK, so since four one ks are not matched dollar for dollar. In my opinion, it's a bad bet because it's in a unsecured account and a lot of people don't want to recognize this. But whenever you have a four one K, you are investing in the stock market for your retirement, not in yourself. Now, what you want to do is, is you want to be able to go from an unsecured account to a secured account. And that's what most Americans don't have that information. What is a secured account? A secured account is in the account where you can't lose anything at all. That makes sense. Now, there's only three ways in America that you can control your own retirement. The first way is called the fifty nine and a half through at fifty nine and a half. Uncle Sam is knocking on the door for taxes. So at 59 and a half, you have the right as an American to control your own retirement. What I mean by that, you can go from an unsecured account to a Security Council. You got to worry about market less anymore. Most Americans don't know that. So they stand unsecured accounts. Even when they retire, they retire instead of getting go to a security camp, they go from an unsecured account back to another unsecured account and played it up and down rat race for the rest of their lives. But the first way. Fifty nine and a half, Ruth. Second wave. If you no longer work for the company, you've got two for one case sitting somewhere else. Most people. Why? Why is this Sydney an unsecured account? Well, taxes. No, you can avoid the taxes. You can go to a secured account and avoid the taxes to not participate in market risk. But the average American don't know this. And then the third and final way, if you bought retirement from one company to the next company. So I always tell people learn how to go from an unsecured account to a secured account. Now, I'm not against stocks in investments. That's great. But the bottom line is, if you work your butt off for 30 years or 20 years, you need to know exactly what your options are. And most Americans don't even know that. And as you and I speak right now. The greatest wealth transformation is taking place in America, the greatest wealth transformation. I'm talking about money exchanging hands from one generation to the next generation. We have twenty seven trillion dollars sitting in retirement accounts right now as we speak, and we have two million one million baby boomers retiring every single day. They don't even have the information, I'm telling you right now. So then what can a company offer if there's a company that really wants to? So I know from because my family owns and owns businesses and so forth that people show up hacia offer for Mackays great tax benefit for the company. Ba, ba, ba. What? Is there something an alternative then that they can offer that will actually be more secured? Yes, it is. Now, if you want to know what to do, you do what the banks are doing that you do with corporate America is doing something is called sea oil. Corporate owned life insurance. See all that? People don't like insurance. Now, listen to this. I just told you guys for one K, right? We established that it's an Internal Revenue Service tax bill. Right. Most people in America don't know about this tax code. Seven seven oh two seven seven oh two. Most Americans don't even know that when I go to my seminars and I ask people they know what if for one reason everybody the reason I say who knows, about seven seven oh two Internal Revenue Service tax code, nobody raised their hand. Seven seven, oh two. Is what the rich in a wealthy used, mostly 7x7 or says anyone who is saving for retirement in America can retire tax free, but only in a life insurance policy. Hmm. When you have a four one K, you investing in the stock market for your retirement, when you have seven, seven or two, you investing in yourself for your retirement. So you are allowed to retire tax free. That's it in secret. A lot of people don't know that. Invest in yourself. Tax free. Yeah. I hope that you don't have to withstand market risk. Wow. That's a real retirement plan, not a plan that's called a retirement plan, where you investing in the market for your retirement and you plan an up and down game. Mm hmm. Rory, I have a I have a four year old daughter and then I have a little baby boy that's on the way. Let's do it a couple of weeks and I want to make sure that I'm saving up for my children. I was on your Instagram again. I'll keep going back to your Instagram. How about the station? Did you go ahead. You did it too far. Instagram real talking about. Don't leave anything for your kids. And because people have the mindset, well, if I just save, save, save, save, save. And I'm like, OK, well, what is he talking about? You went on to explain about if you just leave money for your kids, you know, they may have garnishes, all these different things. People can touch that money. But if you put it in a trust, that money is safe. Can you speak or more on putting money in your trust for your children and how that works? How can we do that? Hey, man, you guys are spiritual guys. You guys heard the scripture before a fool. And his money will not later depart soon. Yeah. That's why we see avid sports players go broke within five years. Hmm. See, when I say don't give your kids anything. Not literally. In other words, you have to set your kids up for success. I always tell people own nothing but control everything. Oh, nothing but control everything. You've got two little ones come, one a little more coming in the world, and congratulations on that and you got the little one. It's no reason why they shouldn't be million dollar babies. They're not babies. But you do in the traditional way of saving in the bank. So they're young. So you set them up now you put them inside of a life plan where they're getting compounding interest. And when they get older, they'll have a bunch of fun sitting there because it's compounding over time. So set them up that way. Invest in them. Does that make sense? Absolutely. Now, I was I'll say I'll say this to you guys that. We don't understand how. Organizations that are known we're talking about Mayne's, Wells Fargo, that's the name of a last name. These are these are legacies that these are these are people of Wal-Mart. That's that's that's the name of the family. And see, I always tell people, man, that you have to leave a legacy for your family. Now, when you have a kid, you no longer hustle for your first name, now you have to put your last name. And the scripture says that just men leave an inheritance for his children's children's children. And guess what? That's not physical money. That's knowledge. So when I said leave your kids nothing, I mean, don't leave your kids anything that they can use and spend without any education. So you got to set them up. So basically what you do is you set your kids up a trust for your kids to be able to protect the money. Let the trust pay the family, but protect it. So no one could be able to abuse the kids, take their funds and the kids know exactly what to do with the funds. So my kids, I'm not giving them nothing. I'm training them how to produce them. Does that make sense? So that's well, it's about education. It's all about education. And I always tell people in life, the more the more education you have, the more you ass'n. Have you ever seen a book, man, when you open up a book? You guys got a book, Open it up. I have a book around it. There you go. Open that book in half Senate math. OK, put your finger in the middle of it and put it up. Up a lot. Now, put up what? What does that look like? Those are my wings. Looks like wings festooned with the wings, the wings of knowledge. The more knowledge you get, the more you advance. Yeah. I love it. Give your kids knowledge so they can rise above their condition. So they'll have knowledge. So when I was saying give the kids nothing, not literally, don't give them nothing, set them up so they can get something for themselves, you know, for a lifetime once again and at lunch time. That's what I meant by that. In setting kids up today is easier than ever. But if we don't understand the financial system, then we can't really get ahead. And that's what the book is all about, cracking the rich code. The new bestseller. I love it, I love it. Well, we'll go get it to the book, I just have one more question about another subject. This one, this one. I'll take you off the grill for this one. You said something that really encouraged me about networking, because we're in a networking age and we know networking is absolutely necessary if we're going to be successful. But you said it from a different perspective that I've never looked at it from. You said that you cannot network are networking does not work if you don't have anything in your net. Can you explain to us what you meant by that? Well, you know, today people use networking loosely, they use entrepreneurism loosely. I see a lot this is a slang word I created, I see a lot of what you pronounce and very little entrepreneurs. I want you kronur if somebody wants to do something but never pull the trigger on. Somebody who wants to do something, but they never pulled the trigger. What I mean by that, they don't put their all into it. They're not committed. I always tell people, man, that. This is my three C's. The first thing is consistency. Consistency is the key to success. Being consistent. That's the key to success. You don't have to be the best. You have to know the most. But being consistent, that's the key to success. That's my hersi. The second C is confidence. Confidence is a very tricky word. You're not going to wake up tomorrow and have confidence. That's why we say we have to gain confidence. You will never gain confidence if you're not consistent. Confidence comes by doing the same thing over and over again when you do the same thing over and over again. You don't get better. You get better once you become consistent, consistent. You gain confidence. Once you gain confidence, you start to see you gain the courage to win. You gain the courage to win. So the bottom line is, is what I'm saying to you is that. You got to really, really understand today that people they don't buy books anymore, they don't buy music, they buy you. They buy you. So today, in a society of artificial intelligence, A.I., these are facts, man. You go to the bank to see machines, you go to the airport to see machines. You go into the store, you see machines. In the next five years in America, 85 million jobs are going to be displaced due to artificial intelligence. We got college students today paying for an education is going out well and no one is coming in. We're so far behind in America. So far by so we have to begin to have these type of conversations that I'm having with you guys. We have to have this kind down conversation, because you're not truly an entrepreneur

unless you're willing on turning your 9: 47:33

00 to 5:00 a.m., six to nine. I'm going to say that again, if you're not really returning, turning your nine to five to your six to nine, you're not a true entrepreneur because a true entrepreneur will work at least six hours a day. That's a true entrepreneur, and these are facts, if you work 16 hours a day for yourself, doing something that you specialize in in the next three years, you can have financial freedom. Hmm. But guess what? The average person at that start and stop mentality would change their major in college four times. They get in the real world and do the same thing. But like I said earlier, your job is what you get paid for. But your colleagues, what you're made for, very little people live in, they call it. You have so many people that's fulfilling someone else's vision, someone else's dream. That's what's happening in America. That's the bottom line. But listen, you got to fulfill your own vision, your own dream. Got one to put it in to you. He went to put it inside of you if you didn't have the ability to bring it up. You said he's going to give us the desires of our heart. If it's inside of you, you have the ability to bring it up. But most people like discipline, discipline, whether they lack being consistent, they lack confidence. And all of that boils down to one word. Fear is out of fear. And I got something for fear. I always tell people fear is really not a part of this man. It comes upon us. You know, the scripture says that God does not give the spirit of fear. There is a spirit. Poverty is a spirit. Lack is the spirit. Ignorance is the spirit. God does not give this spirit of fear. Guess what he does? He give the spirit of love, peace and a sound mind. You got power. That's what it's all about. So you need to give in to the spirit of power, not the spirit of fear. He is not a part of us. It comes upon us. And it's not just living in. Hmm. You get my point. But when you operate in the spirit of power, fear begins to fear you. And I always tell people when you become fearless, like become limitless. Hmm. My God, today. Yeah. Fear is basically you're just scared of something that hasn't even happened yet. Say it again. Scared of something that's never even happened yet. You're just assuming something bad's going to happen. That's it. That's it. And that stops. People forget. Oh, yeah, people. Because they lack discipline. They're not consistent. They lack confidence. My three CS. Listen, you don't have to be the best. You don't have to know the most. Just get consistent. Yes. Praise, progress, but not perfection. That's what it's all about. Mm. Hey, man, Rory, tell us about your international bestseller, Cracking the Rich Code that you ever tell our audience about this amazing book that is now a bestseller. We'll crack into Rich Coal is actually a book that a great friend of mine, Jim, great world renowned life coach, business strategist, actually Tony Robbins spent a lot of time with. We all learn a lot from him. He basically called me to be a part of a book is called Cracking the Rich Code based off what I'm doing in the marketplace, helping people and talking to people. In the book is basically Entrepreneurs Blueprint. It's a book that basically put together some of the best minds and collaborate on the challenges that they had in business and understand how money works, finance work, how the world works. That's why it's called cracking the rich code. So a lot of people don't know that doctors have a language, not literally when speak. Lawyers have a language. So there's a rich in the wealthy. Once you learn the language of the rich and wealthy, you crack the rich code. That's the reason why I'm encouraging people to really start getting involved with finance. I call it financial fitness. Get your hand right. Financial fitness people are eating right than a gym. That's great. But you got to really get your head right. Financial fitness. So that's what it's all about. Financial fitness. Get your kids work to work their minds out with finance. That's the whole nine yards. So it's all about that. It's just a movement man of educating people, giving them real information. So therefore, they can really break this spirit of poverty. This permeating in one of the richest countries in the world is poverty. And we to get away from that. And it's not about black and white. It's about wrong and right. You know, we got to really, really start loving and caring for one another man is too much division in America, too much bickering and fighting and politics and all this stuff. And the bottom line is, man, if we don't get it together when our young kids today, what does the future look like? I got young kids coming up. You guys got young kids coming up. So we have to be the change that they that we want to see. We have to be the change that they want to see, because I'm a firm believer that it's just like a tree. If you don't like the fruit of a tree, produce. You don't get the fruit. You got to get mad at the root. So the young kids today are bad. We're bad. We produce them. So I'm just trying to be a change man. I'm just being a change agent, talking to young kids. And what I'm saying, connect with young kids. I mean, I go to high schools. They love it, man. They say nobody's been on a campus like you talking like this. I'm giving kids some true stuff. You know, that's what it's all about. So I'm excited. Nothing's going to stop me, man. I'm fifty eight years old. I'm about to turn fifty eight. You know, I feel good. I'll get in the ring with 18 year old and beat them down. I'm just having fun. Mean in life. I love it. And those of you that are watching and listening will listen to this. We want you to stay connected or you can do that several ways. He is his handle. He is a Rorick, a Douglas on Instagram, Tikai and on Twitter. That is at Roary Kate Douglas. Also, you can find him on LinkedIn under Warick Douglas on Facebook. His page is official Rory Douglas. Also, check out his website, Roary Kate Douglas. Dot com in the podcast. Oh, and the podcast is a clear and. I don't publicize it that much, but I like this official Roary groovy kind of. OK, I've got a podcast is a lot of content there. Also, go check out his podcast. I'm sure that inspired just as sure as I listen to this tonight. As always, stay tuned in to what we have going here on unscripted on our Facebook pages, unscripted, authentic leadership podcast on Facebook, YouTube and link. Then you can find us on Twitter, unscripted, LA. Also on Instagram ads on Scripta leadership, those you that will listen and download the podcast. You're part of our listening audience. You can stream our podcast on any major podcast platform from Apple or Spotify, Google podcast, wherever you get your podcast and type in unscripted authentic leadership podcast, you can find us there. And last but not least, sign up for an unscripted mastermind group on the unscripted Dach leadership dot com website. You also, when you sign up for email, Grig, we will receive a 10 percent of Mirch promo code right there on Unscripted. That's leadership dot com. And I want to jump in on script. I want to say this. Yeah, I'm scripted. I'm telling you that this particular platform, this podcast is the future. It's the future. I love it. I love what you guys do, what you guys are doing out there in the marketplace. And I'm telling you guys, the best is yet to come. So whoever is listening and looking and looking right now. Make sure you tune in to what these guys are doing. If one place I received that. Thank you. Thank you. Thank you. Hello. Thank you. As always, Roy, you didn't mess me up tonight. As always, we pray that you be the leader that God has called you to be. We're here to build bridges and not walls. There's a connect the walls of our until next time. God bless you.