{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":0.413,"endTime":1.433,"body":"Hey,"},{"speaker":"Average Joe Finances","startTime":0.413,"endTime":1.433,"body":"how's it going everybody?"},{"speaker":"Average Joe Finances","startTime":1.433,"endTime":3.594,"body":"So today's guest is Michael Gilmore."},{"speaker":"Average Joe Finances","startTime":3.594,"endTime":5.994,"body":"And right now we're going to talk"},{"speaker":"Average Joe Finances","startTime":3.594,"endTime":5.994,"body":"a little bit about how Michael"},{"speaker":"Average Joe Finances","startTime":5.994,"endTime":8.484,"body":"got started as the $7 millionaire."},{"speaker":"Average Joe Finances","startTime":8.844,"endTime":12.444,"body":"So he had worked in finance for more"},{"speaker":"Average Joe Finances","startTime":8.844,"endTime":12.444,"body":"than 20 years, selling billion dollar"},{"speaker":"Average Joe Finances","startTime":12.444,"endTime":16.014,"body":"deals and managing the assets of some"},{"speaker":"Average Joe Finances","startTime":12.444,"endTime":16.014,"body":"of the world's smartest investors."},{"speaker":"Average Joe Finances","startTime":16.373,"endTime":20.184,"body":"The concept was born when his"},{"speaker":"Average Joe Finances","startTime":16.373,"endTime":20.184,"body":"teenage daughter asked him a question"},{"speaker":"Average Joe Finances","startTime":20.424,"endTime":24.054,"body":"and he didn't know the answer to"},{"speaker":"Average Joe Finances","startTime":20.424,"endTime":24.054,"body":"what's the smallest amount of money"},{"speaker":"Average Joe Finances","startTime":24.234,"endTime":27.774,"body":"you can save every day to become"},{"speaker":"Average Joe Finances","startTime":24.234,"endTime":27.774,"body":"a millionaire in your lifetime."},{"speaker":"Average Joe Finances","startTime":28.344,"endTime":32.124,"body":"He was genuinely surprised by the"},{"speaker":"Average Joe Finances","startTime":28.344,"endTime":32.124,"body":"answer he calculated and redid the"},{"speaker":"Average Joe Finances","startTime":32.124,"endTime":33.744,"body":"calculations over and over again."},{"speaker":"Average Joe Finances","startTime":33.744,"endTime":38.574,"body":"To double check, you only need"},{"speaker":"Average Joe Finances","startTime":33.744,"endTime":38.574,"body":"to save $7 a day and invest"},{"speaker":"Average Joe Finances","startTime":38.574,"endTime":42.754,"body":"them for 7% returns to become a"},{"speaker":"Average Joe Finances","startTime":38.574,"endTime":42.754,"body":"millionaire  over a 50 year career."},{"speaker":"Average Joe Finances","startTime":43.794,"endTime":47.696,"body":"So this is like a previously magical"},{"speaker":"Average Joe Finances","startTime":43.794,"endTime":47.696,"body":"number that, million dollars, it's"},{"speaker":"Average Joe Finances","startTime":47.696,"endTime":51.026,"body":"something that we all assume would"},{"speaker":"Average Joe Finances","startTime":47.696,"endTime":51.026,"body":"require a jackpot or game show winnings"},{"speaker":"Average Joe Finances","startTime":51.626,"endTime":54.932,"body":"was actually within reach for more"},{"speaker":"Average Joe Finances","startTime":51.626,"endTime":54.932,"body":"than half the people in the world."},{"speaker":"Average Joe Finances","startTime":55.232,"endTime":57.362,"body":"So this is absolutely amazing."},{"speaker":"Average Joe Finances","startTime":57.462,"endTime":60.252,"body":"Awesome background, really excited"},{"speaker":"Average Joe Finances","startTime":57.462,"endTime":60.252,"body":"to talk to you today, Michael."},{"speaker":"Average Joe Finances","startTime":60.252,"endTime":61.122,"body":"Thanks for coming on the show."},{"speaker":"Michael Gilmore","startTime":61.912,"endTime":63.258,"body":"Thanks"},{"speaker":"Michael Gilmore","startTime":61.912,"endTime":63.258,"body":"for having me and thanks."},{"speaker":"Michael Gilmore","startTime":63.778,"endTime":65.948,"body":"You make my background, so"},{"speaker":"Michael Gilmore","startTime":63.778,"endTime":65.948,"body":"I'm way more excited than I"},{"speaker":"Michael Gilmore","startTime":65.958,"endTime":67.389,"body":"make it sound so that's super,"},{"speaker":"Average Joe Finances","startTime":67.389,"endTime":68.839,"body":"I get"},{"speaker":"Average Joe Finances","startTime":67.389,"endTime":68.839,"body":"excited  talking about it."},{"speaker":"Michael Gilmore","startTime":68.979,"endTime":71.035,"body":"Yeah, it was,"},{"speaker":"Michael Gilmore","startTime":68.979,"endTime":71.035,"body":"but it was exactly that moment."},{"speaker":"Michael Gilmore","startTime":71.035,"endTime":75.607,"body":"It was, I was, if I give you the back"},{"speaker":"Michael Gilmore","startTime":71.035,"endTime":75.607,"body":"of my, I realized my daughter was 17."},{"speaker":"Michael Gilmore","startTime":75.607,"endTime":78.787,"body":"She's going to go to college next year"},{"speaker":"Michael Gilmore","startTime":75.607,"endTime":78.787,"body":"and I've been working in finance, but"},{"speaker":"Michael Gilmore","startTime":78.787,"endTime":81.547,"body":"I've not only been working in finance, but"},{"speaker":"Michael Gilmore","startTime":78.787,"endTime":81.547,"body":"also been doing some training with like"},{"speaker":"Michael Gilmore","startTime":81.547,"endTime":84.997,"body":"migrant workers and on financial literacy."},{"speaker":"Michael Gilmore","startTime":85.417,"endTime":88.267,"body":"And I realize she didn't know"},{"speaker":"Michael Gilmore","startTime":85.417,"endTime":88.267,"body":"what they knew because no school"},{"speaker":"Michael Gilmore","startTime":88.267,"endTime":89.327,"body":"had bothered to teach this."},{"speaker":"Michael Gilmore","startTime":89.797,"endTime":92.91,"body":"And so I was working with her step-by-step"},{"speaker":"Michael Gilmore","startTime":89.797,"endTime":92.91,"body":"and we got to the point of, getting"},{"speaker":"Michael Gilmore","startTime":92.91,"endTime":95.89,"body":"to a 4% rule 25 times a year spending."},{"speaker":"Michael Gilmore","startTime":96.59,"endTime":98.199,"body":"And she's okay what if I"},{"speaker":"Michael Gilmore","startTime":96.59,"endTime":98.199,"body":"need a million dollars?"},{"speaker":"Michael Gilmore","startTime":98.229,"endTime":99.219,"body":"How much do I need to save?"},{"speaker":"Michael Gilmore","startTime":99.229,"endTime":99.879,"body":"I need to get that."},{"speaker":"Michael Gilmore","startTime":100.659,"endTime":103.577,"body":"I was like obviously you need to save a"},{"speaker":"Michael Gilmore","startTime":100.659,"endTime":103.577,"body":"million dollars, but how do you get that?"},{"speaker":"Michael Gilmore","startTime":103.6,"endTime":105.286,"body":"Cause that's that's an"},{"speaker":"Michael Gilmore","startTime":103.6,"endTime":105.286,"body":"interesting part, right?"},{"speaker":"Michael Gilmore","startTime":105.286,"endTime":107.296,"body":"Because a lot of people are like, I"},{"speaker":"Michael Gilmore","startTime":105.286,"endTime":107.296,"body":"want to be a millionaire means they"},{"speaker":"Michael Gilmore","startTime":107.296,"endTime":110.986,"body":"want to spend like a millionaire,"},{"speaker":"Michael Gilmore","startTime":107.296,"endTime":110.986,"body":"but you have to save and through your"},{"speaker":"Michael Gilmore","startTime":111.046,"endTime":112.426,"body":"saving an investment a million dollars."},{"speaker":"Michael Gilmore","startTime":112.876,"endTime":115.297,"body":"But just to, pull up the"},{"speaker":"Michael Gilmore","startTime":112.876,"endTime":115.297,"body":"spreadsheet, calculated it."},{"speaker":"Michael Gilmore","startTime":115.327,"endTime":115.857,"body":"I was looking at it."},{"speaker":"Michael Gilmore","startTime":115.867,"endTime":119.587,"body":"I'm thinking, I think if I'd known"},{"speaker":"Michael Gilmore","startTime":115.867,"endTime":119.587,"body":"this when I was 20, I'd have had"},{"speaker":"Michael Gilmore","startTime":119.587,"endTime":123.037,"body":"a lot more money by now because"},{"speaker":"Michael Gilmore","startTime":119.587,"endTime":123.037,"body":"either you just assume this kind of"},{"speaker":"Michael Gilmore","startTime":123.037,"endTime":124.754,"body":"number is out of reach it's at $7."},{"speaker":"Michael Gilmore","startTime":124.754,"endTime":127.124,"body":"What is your daily decision"},{"speaker":"Michael Gilmore","startTime":124.754,"endTime":127.124,"body":"that could put that away?"},{"speaker":"Michael Gilmore","startTime":127.154,"endTime":130.964,"body":"It's tiny as a tiny daily decision"},{"speaker":"Michael Gilmore","startTime":127.154,"endTime":130.964,"body":"that could give you an extra $7."},{"speaker":"Average Joe Finances","startTime":131.052,"endTime":133.332,"body":"That's"},{"speaker":"Average Joe Finances","startTime":131.052,"endTime":133.332,"body":"how the seven millionaire was"},{"speaker":"Average Joe Finances","startTime":133.332,"endTime":134.969,"body":"born was from a simple question."},{"speaker":"Average Joe Finances","startTime":134.973,"endTime":137.835,"body":"But I'd like to talk a little bit"},{"speaker":"Average Joe Finances","startTime":134.973,"endTime":137.835,"body":"more about you and your background,"},{"speaker":"Average Joe Finances","startTime":137.865,"endTime":141.375,"body":"so how did you get to the point where,"},{"speaker":"Average Joe Finances","startTime":137.865,"endTime":141.375,"body":"you know, before this question came"},{"speaker":"Average Joe Finances","startTime":141.375,"endTime":144.501,"body":"up, and you started this journey,"},{"speaker":"Average Joe Finances","startTime":141.375,"endTime":144.501,"body":"your own personal journey, tell"},{"speaker":"Average Joe Finances","startTime":144.501,"endTime":145.851,"body":"us where it all started for you."},{"speaker":"Average Joe Finances","startTime":145.851,"endTime":150.151,"body":"Like how did you, besides that"},{"speaker":"Average Joe Finances","startTime":145.851,"endTime":150.151,"body":"question become the $7 millionaire?"},{"speaker":"Michael Gilmore","startTime":150.274,"endTime":151.774,"body":"Yeah,"},{"speaker":"Michael Gilmore","startTime":150.274,"endTime":151.774,"body":"that's a very good question."},{"speaker":"Michael Gilmore","startTime":151.833,"endTime":156.573,"body":"Where this began was I was a"},{"speaker":"Michael Gilmore","startTime":151.833,"endTime":156.573,"body":"journalist before I worked in finance."},{"speaker":"Michael Gilmore","startTime":156.573,"endTime":158.283,"body":"So I've been in finance"},{"speaker":"Michael Gilmore","startTime":156.573,"endTime":158.283,"body":"now almost 25 years."},{"speaker":"Michael Gilmore","startTime":158.853,"endTime":162.423,"body":"And the bit before that I was doing"},{"speaker":"Michael Gilmore","startTime":158.853,"endTime":162.423,"body":"post-grad research, a little bit of"},{"speaker":"Michael Gilmore","startTime":162.423,"endTime":167.283,"body":"freelance journalism, and I had a job"},{"speaker":"Michael Gilmore","startTime":162.423,"endTime":167.283,"body":"offer and the job offer fell through."},{"speaker":"Michael Gilmore","startTime":167.553,"endTime":170.11,"body":"And I was actually, I kind of then"},{"speaker":"Michael Gilmore","startTime":167.553,"endTime":170.11,"body":"moved into having another job offer"},{"speaker":"Michael Gilmore","startTime":170.11,"endTime":171.94,"body":"from places like Bloomberg Dow Jones."},{"speaker":"Michael Gilmore","startTime":171.94,"endTime":175.81,"body":"And I was working on that and a friend"},{"speaker":"Michael Gilmore","startTime":171.94,"endTime":175.81,"body":"of mine said to me, don't do that."},{"speaker":"Michael Gilmore","startTime":176.02,"endTime":177.67,"body":"You're going to get put"},{"speaker":"Michael Gilmore","startTime":176.02,"endTime":177.67,"body":"on the finance desk."},{"speaker":"Michael Gilmore","startTime":178.18,"endTime":179.59,"body":"You're going to be talking to analysts."},{"speaker":"Michael Gilmore","startTime":179.62,"endTime":180.73,"body":"You can be asking them questions."},{"speaker":"Michael Gilmore","startTime":180.73,"endTime":183.352,"body":"You won't know what the answers mean"},{"speaker":"Michael Gilmore","startTime":180.73,"endTime":183.352,"body":"because no financial journalists"},{"speaker":"Michael Gilmore","startTime":183.352,"endTime":184.762,"body":"do sorry, finance journalists."},{"speaker":"Michael Gilmore","startTime":184.841,"endTime":186.671,"body":"But it was okay."},{"speaker":"Michael Gilmore","startTime":187.151,"endTime":190.211,"body":"You could become an analyst instead"},{"speaker":"Michael Gilmore","startTime":187.151,"endTime":190.211,"body":"and you'll get paid five times more."},{"speaker":"Michael Gilmore","startTime":191.111,"endTime":193.28,"body":"And that last bit really"},{"speaker":"Michael Gilmore","startTime":191.111,"endTime":193.28,"body":"resonated obviously."},{"speaker":"Michael Gilmore","startTime":193.28,"endTime":195.075,"body":"And so I thought, okay, I'll give it a go."},{"speaker":"Michael Gilmore","startTime":195.075,"endTime":196.605,"body":"I got a job as an analyst."},{"speaker":"Michael Gilmore","startTime":196.785,"endTime":200.681,"body":"And I thought I'd get like a two, three"},{"speaker":"Michael Gilmore","startTime":196.785,"endTime":200.681,"body":"month period before I had to start work."},{"speaker":"Michael Gilmore","startTime":201.401,"endTime":203.741,"body":"And literally I got, I"},{"speaker":"Michael Gilmore","startTime":201.401,"endTime":203.741,"body":"was told to start Monday."},{"speaker":"Michael Gilmore","startTime":204.191,"endTime":206.93,"body":"So I get to a book shop,"},{"speaker":"Michael Gilmore","startTime":204.191,"endTime":206.93,"body":"grab, a couple of books."},{"speaker":"Michael Gilmore","startTime":206.93,"endTime":209.18,"body":"I remember one of them"},{"speaker":"Michael Gilmore","startTime":206.93,"endTime":209.18,"body":"was called pocketbook MBA."},{"speaker":"Michael Gilmore","startTime":209.533,"endTime":212.273,"body":"I've never seen it again since"},{"speaker":"Michael Gilmore","startTime":209.533,"endTime":212.273,"body":"I just digested the whole thing."},{"speaker":"Michael Gilmore","startTime":212.273,"endTime":215.273,"body":"That weekend went all the way"},{"speaker":"Michael Gilmore","startTime":212.273,"endTime":215.273,"body":"through it showed up on the Monday."},{"speaker":"Michael Gilmore","startTime":216.233,"endTime":219.233,"body":"And then within a couple of weeks,"},{"speaker":"Michael Gilmore","startTime":216.233,"endTime":219.233,"body":"I'm like, Hey, none of that stuff was"},{"speaker":"Michael Gilmore","startTime":219.233,"endTime":220.403,"body":"actually as hard as I thought it was."},{"speaker":"Michael Gilmore","startTime":220.403,"endTime":222.719,"body":"I'm there, I'm doing this."},{"speaker":"Michael Gilmore","startTime":222.719,"endTime":224.729,"body":"There's obviously stuff I've"},{"speaker":"Michael Gilmore","startTime":222.719,"endTime":224.729,"body":"learned in the last 20 years."},{"speaker":"Michael Gilmore","startTime":224.729,"endTime":229.059,"body":"But, I, the thing that I was scared of,"},{"speaker":"Michael Gilmore","startTime":224.729,"endTime":229.059,"body":"I've learned in that a very short period"},{"speaker":"Michael Gilmore","startTime":229.059,"endTime":230.859,"body":"of time and it wasn't very complicated."},{"speaker":"Michael Gilmore","startTime":231.909,"endTime":235.119,"body":"And then I started thinking, hold"},{"speaker":"Michael Gilmore","startTime":231.909,"endTime":235.119,"body":"on, it's also really powerful."},{"speaker":"Michael Gilmore","startTime":235.719,"endTime":239.049,"body":"This is life-changing, I've learned things"},{"speaker":"Michael Gilmore","startTime":235.719,"endTime":239.049,"body":"here that are going to change my life."},{"speaker":"Michael Gilmore","startTime":239.049,"endTime":242.827,"body":"And I knew it as I'd learned them and I"},{"speaker":"Michael Gilmore","startTime":239.049,"endTime":242.827,"body":"was more comfortable, confident with them."},{"speaker":"Michael Gilmore","startTime":243.157,"endTime":246.547,"body":"I knew this was going to change the way I"},{"speaker":"Michael Gilmore","startTime":243.157,"endTime":246.547,"body":"think about my money, about the job I do."},{"speaker":"Michael Gilmore","startTime":246.547,"endTime":248.707,"body":"Everything is going to change"},{"speaker":"Michael Gilmore","startTime":246.547,"endTime":248.707,"body":"from what I've learned in the last"},{"speaker":"Michael Gilmore","startTime":248.707,"endTime":249.757,"body":"couple of weeks at that point."},{"speaker":"Michael Gilmore","startTime":250.267,"endTime":255.586,"body":"And then I got angry because of the,"},{"speaker":"Michael Gilmore","startTime":250.267,"endTime":255.586,"body":"how do I spend 15 years in education"},{"speaker":"Michael Gilmore","startTime":255.586,"endTime":256.726,"body":"and no one bothered to teach."},{"speaker":"Michael Gilmore","startTime":256.776,"endTime":260.616,"body":"This, I just genuinely angry and"},{"speaker":"Michael Gilmore","startTime":256.776,"endTime":260.616,"body":"that still sits with me today."},{"speaker":"Michael Gilmore","startTime":260.667,"endTime":264.517,"body":"I'm going to smile through it, but I'm"},{"speaker":"Michael Gilmore","startTime":260.667,"endTime":264.517,"body":"genuinely still angry that my own daughter"},{"speaker":"Michael Gilmore","startTime":264.547,"endTime":268.497,"body":"got through 15 years of education and"},{"speaker":"Michael Gilmore","startTime":264.547,"endTime":268.497,"body":"no one bothered to teach her this stuff."},{"speaker":"Michael Gilmore","startTime":268.947,"endTime":272.487,"body":"And so that when I could, I started"},{"speaker":"Michael Gilmore","startTime":268.947,"endTime":272.487,"body":"working in financial literacy."},{"speaker":"Michael Gilmore","startTime":272.697,"endTime":275.157,"body":"And as I mentioned earlier on that"},{"speaker":"Michael Gilmore","startTime":272.697,"endTime":275.157,"body":"kind of kicked off with migrant"},{"speaker":"Michael Gilmore","startTime":275.157,"endTime":279.027,"body":"workers because these are the"},{"speaker":"Michael Gilmore","startTime":275.157,"endTime":279.027,"body":"people who've left their countries."},{"speaker":"Michael Gilmore","startTime":279.027,"endTime":283.917,"body":"They've left their families behind to try"},{"speaker":"Michael Gilmore","startTime":279.027,"endTime":283.917,"body":"and change poverty, one family at a time."},{"speaker":"Michael Gilmore","startTime":284.277,"endTime":285.997,"body":"And if you can help them,"},{"speaker":"Michael Gilmore","startTime":284.277,"endTime":285.997,"body":"you really changed the world."},{"speaker":"Michael Gilmore","startTime":285.997,"endTime":286.99,"body":"You can change their lives."},{"speaker":"Michael Gilmore","startTime":287.44,"endTime":291.16,"body":"And the research I've seen says that only"},{"speaker":"Michael Gilmore","startTime":287.44,"endTime":291.16,"body":"5% of them go home with the money they"},{"speaker":"Michael Gilmore","startTime":291.16,"endTime":292.376,"body":"thought they were going to go home with."},{"speaker":"Michael Gilmore","startTime":292.403,"endTime":295.433,"body":"So you, if you can change that to"},{"speaker":"Michael Gilmore","startTime":292.403,"endTime":295.433,"body":"10% of doubling the impact, you can"},{"speaker":"Michael Gilmore","startTime":295.433,"endTime":299.127,"body":"change it to 20%, again, so that"},{"speaker":"Michael Gilmore","startTime":295.433,"endTime":299.127,"body":"was why I was working with them."},{"speaker":"Michael Gilmore","startTime":299.667,"endTime":303.142,"body":"And then it rolled into helping"},{"speaker":"Michael Gilmore","startTime":299.667,"endTime":303.142,"body":"my daughter out because she"},{"speaker":"Michael Gilmore","startTime":303.142,"endTime":304.312,"body":"needed to know the same stuff."},{"speaker":"Michael Gilmore","startTime":304.522,"endTime":305.392,"body":"They, she didn't know it."},{"speaker":"Average Joe Finances","startTime":305.58,"endTime":307.811,"body":"That's powerful"},{"speaker":"Average Joe Finances","startTime":305.58,"endTime":307.811,"body":"stuff right there, and it's something I've"},{"speaker":"Average Joe Finances","startTime":307.811,"endTime":311.854,"body":"talked about on my show several times in"},{"speaker":"Average Joe Finances","startTime":307.811,"endTime":311.854,"body":"the past is how, financial literacy is"},{"speaker":"Average Joe Finances","startTime":311.854,"endTime":313.744,"body":"not something that's taught in schools."},{"speaker":"Average Joe Finances","startTime":313.744,"endTime":317.236,"body":"And it's absolutely mind boggling"},{"speaker":"Average Joe Finances","startTime":313.744,"endTime":317.236,"body":"because, when we give our children"},{"speaker":"Average Joe Finances","startTime":317.236,"endTime":320.686,"body":"education, the whole point is to get them"},{"speaker":"Average Joe Finances","startTime":317.236,"endTime":320.686,"body":"set up, to go live in the real world."},{"speaker":"Average Joe Finances","startTime":320.686,"endTime":324.128,"body":"And here we are, day one in the real"},{"speaker":"Average Joe Finances","startTime":320.686,"endTime":324.128,"body":"world after they finished school,"},{"speaker":"Average Joe Finances","startTime":324.488,"endTime":325.628,"body":"they don't know how to write a check."},{"speaker":"Average Joe Finances","startTime":325.688,"endTime":326.978,"body":"They don't know how to"},{"speaker":"Average Joe Finances","startTime":325.688,"endTime":326.978,"body":"balance a checkbook."},{"speaker":"Average Joe Finances","startTime":327.008,"endTime":328.758,"body":"They don't know how to pay bills."},{"speaker":"Average Joe Finances","startTime":328.758,"endTime":332.845,"body":"It's wild, it's one of those"},{"speaker":"Average Joe Finances","startTime":328.758,"endTime":332.845,"body":"reasons why I homeschool my kids and"},{"speaker":"Average Joe Finances","startTime":332.875,"endTime":336.195,"body":"financial literacy is part of their"},{"speaker":"Average Joe Finances","startTime":332.875,"endTime":336.195,"body":"curriculum and they have to learn it."},{"speaker":"Average Joe Finances","startTime":336.221,"endTime":339.326,"body":"They have no choice, they're going"},{"speaker":"Average Joe Finances","startTime":336.221,"endTime":339.326,"body":"to learn what compound interest"},{"speaker":"Average Joe Finances","startTime":339.326,"endTime":342.326,"body":"is and why Einstein called it"},{"speaker":"Average Joe Finances","startTime":339.326,"endTime":342.326,"body":"the eighth wonder of the world."},{"speaker":"Average Joe Finances","startTime":342.686,"endTime":346.62,"body":"It's, it's super important, and I want"},{"speaker":"Average Joe Finances","startTime":342.686,"endTime":346.62,"body":"to point out a couple of things that"},{"speaker":"Average Joe Finances","startTime":346.64,"endTime":349.212,"body":"you said, because I like to sit here"},{"speaker":"Average Joe Finances","startTime":346.64,"endTime":349.212,"body":"and take notes while we're talking."},{"speaker":"Average Joe Finances","startTime":349.212,"endTime":350.21,"body":"It's not that hard."},{"speaker":"Average Joe Finances","startTime":350.237,"endTime":351.746,"body":"You're able to read a"},{"speaker":"Average Joe Finances","startTime":350.237,"endTime":351.746,"body":"book over the weekend."},{"speaker":"Average Joe Finances","startTime":351.763,"endTime":353.503,"body":"You were looking at this job on a Friday."},{"speaker":"Average Joe Finances","startTime":353.503,"endTime":356.323,"body":"They told you to come to work on"},{"speaker":"Average Joe Finances","startTime":353.503,"endTime":356.323,"body":"Monday and you read a book over the"},{"speaker":"Average Joe Finances","startTime":356.323,"endTime":358.033,"body":"weekend, just completely digested."},{"speaker":"Average Joe Finances","startTime":358.033,"endTime":360.403,"body":"It showed up Monday and said,"},{"speaker":"Average Joe Finances","startTime":358.033,"endTime":360.403,"body":"this really isn't that bad."},{"speaker":"Average Joe Finances","startTime":360.5,"endTime":363.41,"body":"So it's not complicated,"},{"speaker":"Average Joe Finances","startTime":360.5,"endTime":363.41,"body":"but it's really powerful."},{"speaker":"Average Joe Finances","startTime":363.56,"endTime":365.522,"body":"And like you said, and then the"},{"speaker":"Average Joe Finances","startTime":363.56,"endTime":365.522,"body":"other thing that you said that, that"},{"speaker":"Average Joe Finances","startTime":365.522,"endTime":368.462,"body":"really stuck out to me, and this is"},{"speaker":"Average Joe Finances","startTime":365.522,"endTime":368.462,"body":"the, this is one of the key things"},{"speaker":"Average Joe Finances","startTime":368.462,"endTime":371.792,"body":"that I think every guest I've had"},{"speaker":"Average Joe Finances","startTime":368.462,"endTime":371.792,"body":"on the show all say the same thing."},{"speaker":"Average Joe Finances","startTime":372.262,"endTime":376.382,"body":"You changed your way of thinking you"},{"speaker":"Average Joe Finances","startTime":372.262,"endTime":376.382,"body":"changed your mindset, you changed"},{"speaker":"Average Joe Finances","startTime":376.382,"endTime":377.732,"body":"how you look at money, right?"},{"speaker":"Average Joe Finances","startTime":378.002,"endTime":381.822,"body":"That is the most important thing,"},{"speaker":"Average Joe Finances","startTime":378.002,"endTime":381.822,"body":"because, if everybody just grew"},{"speaker":"Average Joe Finances","startTime":381.822,"endTime":386.388,"body":"up the way, society has us grew up"},{"speaker":"Average Joe Finances","startTime":381.822,"endTime":386.388,"body":"through the education system, you're"},{"speaker":"Average Joe Finances","startTime":386.388,"endTime":391.848,"body":"basically indoctrinated to be a nine"},{"speaker":"Average Joe Finances","startTime":386.388,"endTime":391.848,"body":"to five worker your entire life, right?"},{"speaker":"Average Joe Finances","startTime":391.848,"endTime":393.678,"body":"So you got to break the mold somewhere."},{"speaker":"Average Joe Finances","startTime":393.678,"endTime":394.998,"body":"You gotta be able to retire."},{"speaker":"Average Joe Finances","startTime":395.091,"endTime":396.171,"body":"And to be able to do that."},{"speaker":"Average Joe Finances","startTime":396.231,"endTime":398.421,"body":"You need financial"},{"speaker":"Average Joe Finances","startTime":396.231,"endTime":398.421,"body":"literacy, you need to learn."},{"speaker":"Average Joe Finances","startTime":398.761,"endTime":402.068,"body":"So I really appreciate the fact"},{"speaker":"Average Joe Finances","startTime":398.761,"endTime":402.068,"body":"that you have such a strong"},{"speaker":"Average Joe Finances","startTime":402.068,"endTime":403.638,"body":"passion for financial literacy."},{"speaker":"Average Joe Finances","startTime":403.638,"endTime":406.322,"body":"It's the same reason why I'm doing"},{"speaker":"Average Joe Finances","startTime":403.638,"endTime":406.322,"body":"this podcast and have awesome"},{"speaker":"Average Joe Finances","startTime":406.322,"endTime":407.522,"body":"people like you on the show."},{"speaker":"Michael Gilmore","startTime":407.912,"endTime":411.357,"body":"Mike, it, one of"},{"speaker":"Michael Gilmore","startTime":407.912,"endTime":411.357,"body":"things I love about this sector, this"},{"speaker":"Michael Gilmore","startTime":412.107,"endTime":416.487,"body":"subject I love about it is like most"},{"speaker":"Michael Gilmore","startTime":412.107,"endTime":416.487,"body":"subjects, most sectors you get into"},{"speaker":"Michael Gilmore","startTime":416.487,"endTime":417.897,"body":"everyone's in competition with each other."},{"speaker":"Michael Gilmore","startTime":418.407,"endTime":419.907,"body":"None of us are in"},{"speaker":"Michael Gilmore","startTime":418.407,"endTime":419.907,"body":"competition with each other."},{"speaker":"Michael Gilmore","startTime":419.907,"endTime":424.707,"body":"We know that this is like the whole"},{"speaker":"Michael Gilmore","startTime":419.907,"endTime":424.707,"body":"wellness notice where we're in the 1%,"},{"speaker":"Michael Gilmore","startTime":424.767,"endTime":428.667,"body":"the 2%, I don't believe there's data"},{"speaker":"Michael Gilmore","startTime":424.767,"endTime":428.667,"body":"that say that half the world or a third"},{"speaker":"Michael Gilmore","startTime":428.667,"endTime":429.867,"body":"of the world is financially literate."},{"speaker":"Michael Gilmore","startTime":430.227,"endTime":430.84,"body":"Then not."},{"speaker":"Michael Gilmore","startTime":430.869,"endTime":435.219,"body":"Then that the questions that are being"},{"speaker":"Michael Gilmore","startTime":430.869,"endTime":435.219,"body":"asked are on numeracy questions more than"},{"speaker":"Michael Gilmore","startTime":435.219,"endTime":437.109,"body":"they are lit financial literacy questions."},{"speaker":"Michael Gilmore","startTime":437.439,"endTime":441.909,"body":"If you threw in the question, what is your"},{"speaker":"Michael Gilmore","startTime":437.439,"endTime":441.909,"body":"opportunity cost into those questions?"},{"speaker":"Michael Gilmore","startTime":442.839,"endTime":444.699,"body":"99% of the world is going"},{"speaker":"Michael Gilmore","startTime":442.839,"endTime":444.699,"body":"to have a blank look on it."},{"speaker":"Michael Gilmore","startTime":445.034,"endTime":445.304,"body":"Right?"},{"speaker":"Michael Gilmore","startTime":445.334,"endTime":447.459,"body":"You know, the answer to what"},{"speaker":"Michael Gilmore","startTime":445.334,"endTime":447.459,"body":"your opportunity cost is."},{"speaker":"Michael Gilmore","startTime":447.459,"endTime":448.839,"body":"I know the answer to my opportunity costs."},{"speaker":"Michael Gilmore","startTime":449.019,"endTime":452.68,"body":"That's the fundamental building block"},{"speaker":"Michael Gilmore","startTime":449.019,"endTime":452.68,"body":"of investing is okay, I could do"},{"speaker":"Michael Gilmore","startTime":452.68,"endTime":455.62,"body":"this, but that would be better done."},{"speaker":"Michael Gilmore","startTime":455.622,"endTime":456.828,"body":"This is how you learn to invest."},{"speaker":"Michael Gilmore","startTime":457.278,"endTime":460.598,"body":"And that's where I feel that, that's"},{"speaker":"Michael Gilmore","startTime":457.278,"endTime":460.598,"body":"where this, if that were taught in"},{"speaker":"Michael Gilmore","startTime":460.598,"endTime":465.068,"body":"schools, people would be making decisions"},{"speaker":"Michael Gilmore","startTime":460.598,"endTime":465.068,"body":"about the whole lives better because"},{"speaker":"Michael Gilmore","startTime":465.068,"endTime":468.366,"body":"opportunity cost is actually how we"},{"speaker":"Michael Gilmore","startTime":465.068,"endTime":468.366,"body":"should think, but we're not taught that."},{"speaker":"Michael Gilmore","startTime":468.606,"endTime":471.396,"body":"And the ideal place would be to teach"},{"speaker":"Michael Gilmore","startTime":468.606,"endTime":471.396,"body":"them financial literacy classes."},{"speaker":"Michael Gilmore","startTime":471.424,"endTime":475.142,"body":"Yeah, I love this space too, because I"},{"speaker":"Michael Gilmore","startTime":471.424,"endTime":475.142,"body":"just feel like we've got, we all know"},{"speaker":"Michael Gilmore","startTime":475.142,"endTime":478.412,"body":"we've got the rest of the planet to"},{"speaker":"Michael Gilmore","startTime":475.142,"endTime":478.412,"body":"talk to, and we're not in competition."},{"speaker":"Michael Gilmore","startTime":478.412,"endTime":481.433,"body":"And the more we help each other,"},{"speaker":"Michael Gilmore","startTime":478.412,"endTime":481.433,"body":"the more people find out this stuff"},{"speaker":"Michael Gilmore","startTime":481.433,"endTime":482.571,"body":"and we just, we grow the game."},{"speaker":"Average Joe Finances","startTime":483.336,"endTime":486.144,"body":"Yeah, absolutely"},{"speaker":"Average Joe Finances","startTime":483.336,"endTime":486.144,"body":"like you said it's not a competition."},{"speaker":"Average Joe Finances","startTime":486.144,"endTime":490.033,"body":"And one of the things that I love"},{"speaker":"Average Joe Finances","startTime":486.144,"endTime":490.033,"body":"since, really diving into this this"},{"speaker":"Average Joe Finances","startTime":490.033,"endTime":494.602,"body":"niche or this sector is just everyone"},{"speaker":"Average Joe Finances","startTime":490.033,"endTime":494.602,"body":"I've come across is always willing"},{"speaker":"Average Joe Finances","startTime":494.602,"endTime":497.422,"body":"to help, always willing to teach,"},{"speaker":"Average Joe Finances","startTime":494.602,"endTime":497.422,"body":"always willing to help people learn."},{"speaker":"Average Joe Finances","startTime":497.471,"endTime":499.161,"body":"It's just, it's amazing."},{"speaker":"Average Joe Finances","startTime":499.161,"endTime":502.087,"body":"There's, there's other things like if"},{"speaker":"Average Joe Finances","startTime":499.161,"endTime":502.087,"body":"you were going into like specific career"},{"speaker":"Average Joe Finances","startTime":502.087,"endTime":506.107,"body":"fields where a competition is fierce"},{"speaker":"Average Joe Finances","startTime":502.087,"endTime":506.107,"body":"and everyone's trying to get to the top."},{"speaker":"Average Joe Finances","startTime":506.336,"endTime":509.366,"body":"When it comes to investing"},{"speaker":"Average Joe Finances","startTime":506.336,"endTime":509.366,"body":"and taking care of your own"},{"speaker":"Average Joe Finances","startTime":509.366,"endTime":512.246,"body":"finances, that there is no end."},{"speaker":"Average Joe Finances","startTime":512.306,"endTime":513.566,"body":"There is no top."},{"speaker":"Average Joe Finances","startTime":513.588,"endTime":515.298,"body":"Not everybody can be Jeffrey Bezos, right?"},{"speaker":"Average Joe Finances","startTime":515.298,"endTime":519.768,"body":"Not everybody could be the world's"},{"speaker":"Average Joe Finances","startTime":515.298,"endTime":519.768,"body":"richest man or woman, but what you can"},{"speaker":"Average Joe Finances","startTime":519.768,"endTime":524.176,"body":"be is somebody who always strives to"},{"speaker":"Average Joe Finances","startTime":519.768,"endTime":524.176,"body":"get better every day, and just keep"},{"speaker":"Average Joe Finances","startTime":524.176,"endTime":525.676,"body":"working at it and keep working at it."},{"speaker":"Average Joe Finances","startTime":526.066,"endTime":530.078,"body":"You don't need to be super"},{"speaker":"Average Joe Finances","startTime":526.066,"endTime":530.078,"body":"rich to live a good life."},{"speaker":"Average Joe Finances","startTime":530.148,"endTime":532.128,"body":"The key thing is financial independence."},{"speaker":"Average Joe Finances","startTime":532.128,"endTime":536.488,"body":"You don't need to be, a multimillionaire,"},{"speaker":"Average Joe Finances","startTime":532.128,"endTime":536.488,"body":"but if you are at a point in your life"},{"speaker":"Average Joe Finances","startTime":536.518,"endTime":541.085,"body":"where you can have all of your expenses"},{"speaker":"Average Joe Finances","startTime":536.518,"endTime":541.085,"body":"covered without having to do anything"},{"speaker":"Average Joe Finances","startTime":541.085,"endTime":544.895,"body":"because of your passive income and"},{"speaker":"Average Joe Finances","startTime":541.085,"endTime":544.895,"body":"because of the actions you took earlier"},{"speaker":"Average Joe Finances","startTime":544.895,"endTime":547.825,"body":"in life, It just, it puts you at a spot"},{"speaker":"Average Joe Finances","startTime":544.895,"endTime":547.825,"body":"where you're financially independent"},{"speaker":"Average Joe Finances","startTime":547.825,"endTime":549.625,"body":"and you, and that's true freedom."},{"speaker":"Average Joe Finances","startTime":549.625,"endTime":553.015,"body":"Cause financial independence is"},{"speaker":"Average Joe Finances","startTime":549.625,"endTime":553.015,"body":"true independence because you don't"},{"speaker":"Average Joe Finances","startTime":553.015,"endTime":554.935,"body":"have to worry about going to work."},{"speaker":"Average Joe Finances","startTime":555.415,"endTime":557.635,"body":"You don't have to worry about"},{"speaker":"Average Joe Finances","startTime":555.415,"endTime":557.635,"body":"struggling to put food on the"},{"speaker":"Average Joe Finances","startTime":557.635,"endTime":558.835,"body":"table or things like that."},{"speaker":"Average Joe Finances","startTime":559.075,"endTime":562.915,"body":"You can go and enjoy life because"},{"speaker":"Average Joe Finances","startTime":559.075,"endTime":562.915,"body":"you've set yourself up that way."},{"speaker":"Average Joe Finances","startTime":563.305,"endTime":566.752,"body":"So that's, that's one of the key things"},{"speaker":"Average Joe Finances","startTime":563.305,"endTime":566.752,"body":"why it's super important and actually"},{"speaker":"Average Joe Finances","startTime":566.752,"endTime":570.69,"body":"that's one of the things I want to ask"},{"speaker":"Average Joe Finances","startTime":566.752,"endTime":570.69,"body":"you too, is for you personally, I know"},{"speaker":"Average Joe Finances","startTime":570.69,"endTime":573.628,"body":"we talk about we've talked about this"},{"speaker":"Average Joe Finances","startTime":570.69,"endTime":573.628,"body":"a little bit about, financial literacy"},{"speaker":"Average Joe Finances","startTime":573.628,"endTime":577.598,"body":"being so important, but why do you think"},{"speaker":"Average Joe Finances","startTime":573.628,"endTime":577.598,"body":"financial literacy is so important?"},{"speaker":"Michael Gilmore","startTime":577.598,"endTime":579.758,"body":"Mike, there's"},{"speaker":"Michael Gilmore","startTime":577.598,"endTime":579.758,"body":"a couple of reasons the first"},{"speaker":"Michael Gilmore","startTime":579.758,"endTime":580.448,"body":"one I'm going to touch on."},{"speaker":"Michael Gilmore","startTime":580.448,"endTime":581.588,"body":"Cause I think you've helped me."},{"speaker":"Michael Gilmore","startTime":581.648,"endTime":585.068,"body":"Like I'm actually in the process of"},{"speaker":"Michael Gilmore","startTime":581.648,"endTime":585.068,"body":"writing the next book and I was a bit, I"},{"speaker":"Michael Gilmore","startTime":585.068,"endTime":589.246,"body":"was working on today literally before we"},{"speaker":"Michael Gilmore","startTime":585.068,"endTime":589.246,"body":"spoke is a section on how much is enough."},{"speaker":"Michael Gilmore","startTime":589.966,"endTime":593.056,"body":"And one of the things about how"},{"speaker":"Michael Gilmore","startTime":589.966,"endTime":593.056,"body":"much is enough, we talk about had"},{"speaker":"Michael Gilmore","startTime":593.056,"endTime":596.342,"body":"tonic adaptation, lifestyle creep,"},{"speaker":"Michael Gilmore","startTime":593.056,"endTime":596.342,"body":"whatever you want to call it."},{"speaker":"Michael Gilmore","startTime":596.369,"endTime":598.619,"body":"Our entire human history."},{"speaker":"Michael Gilmore","startTime":599.159,"endTime":602.859,"body":"We've never had a school of philosophy"},{"speaker":"Michael Gilmore","startTime":599.159,"endTime":602.859,"body":"that says that much is enough."},{"speaker":"Michael Gilmore","startTime":602.859,"endTime":607.834,"body":"Unless you're excluding Buddhism,"},{"speaker":"Michael Gilmore","startTime":602.859,"endTime":607.834,"body":"Buddhism said nothing is enough."},{"speaker":"Michael Gilmore","startTime":608.224,"endTime":608.762,"body":"She's hard."},{"speaker":"Michael Gilmore","startTime":608.805,"endTime":611.535,"body":"And actually one of the things I love"},{"speaker":"Michael Gilmore","startTime":608.805,"endTime":611.535,"body":"about Buddhism is it that actual,"},{"speaker":"Michael Gilmore","startTime":611.745,"endTime":614.415,"body":"the maths on that is they're the only"},{"speaker":"Michael Gilmore","startTime":611.745,"endTime":614.415,"body":"ones that can explain what heaven is."},{"speaker":"Michael Gilmore","startTime":614.595,"endTime":615.825,"body":"Heaven is infinite, happiness."},{"speaker":"Michael Gilmore","startTime":616.125,"endTime":617.835,"body":"That's something divided by nothing."},{"speaker":"Michael Gilmore","startTime":617.835,"endTime":621.633,"body":"If you want nothing, impossibly"},{"speaker":"Michael Gilmore","startTime":617.835,"endTime":621.633,"body":"happy, the key word being impossible."},{"speaker":"Michael Gilmore","startTime":621.658,"endTime":626.098,"body":"But the, I was actually working on that"},{"speaker":"Michael Gilmore","startTime":621.658,"endTime":626.098,"body":"because I feel like financial fire or"},{"speaker":"Michael Gilmore","startTime":626.098,"endTime":629.548,"body":"particularly financial independence"},{"speaker":"Michael Gilmore","startTime":626.098,"endTime":629.548,"body":"for the first time in human history."},{"speaker":"Michael Gilmore","startTime":629.548,"endTime":630.568,"body":"We answer that question."},{"speaker":"Michael Gilmore","startTime":630.988,"endTime":633.118,"body":"How much is enough, 25"},{"speaker":"Michael Gilmore","startTime":630.988,"endTime":633.118,"body":"times your spending?"},{"speaker":"Michael Gilmore","startTime":633.628,"endTime":634.318,"body":"That is enough."},{"speaker":"Michael Gilmore","startTime":634.618,"endTime":635.608,"body":"That's all you need to get."},{"speaker":"Michael Gilmore","startTime":635.668,"endTime":636.508,"body":"Now you're independent."},{"speaker":"Michael Gilmore","startTime":636.508,"endTime":637.168,"body":"You can go with it."},{"speaker":"Michael Gilmore","startTime":637.178,"endTime":638.248,"body":"You've got income coming in."},{"speaker":"Michael Gilmore","startTime":638.698,"endTime":639.568,"body":"That's amazing."},{"speaker":"Michael Gilmore","startTime":639.628,"endTime":641.998,"body":"That's such a powerful"},{"speaker":"Michael Gilmore","startTime":639.628,"endTime":641.998,"body":"answer for humanity."},{"speaker":"Michael Gilmore","startTime":642.029,"endTime":643.119,"body":"That one thing I want to say."},{"speaker":"Michael Gilmore","startTime":643.689,"endTime":647.709,"body":"The second thing I'd say that"},{"speaker":"Michael Gilmore","startTime":643.689,"endTime":647.709,"body":"I think is crucial with where"},{"speaker":"Michael Gilmore","startTime":647.709,"endTime":648.639,"body":"we are in the world today."},{"speaker":"Michael Gilmore","startTime":648.639,"endTime":649.779,"body":"And I don't think it matters."},{"speaker":"Michael Gilmore","startTime":650.649,"endTime":652.599,"body":"What side of the political"},{"speaker":"Michael Gilmore","startTime":650.649,"endTime":652.599,"body":"spectrum you're on."},{"speaker":"Michael Gilmore","startTime":652.599,"endTime":657.408,"body":"I think we all know that the inequality"},{"speaker":"Michael Gilmore","startTime":652.599,"endTime":657.408,"body":"is just increasing and increasing."},{"speaker":"Michael Gilmore","startTime":657.47,"endTime":659.18,"body":"There was a story in the"},{"speaker":"Michael Gilmore","startTime":657.47,"endTime":659.18,"body":"financial times, right?"},{"speaker":"Michael Gilmore","startTime":659.45,"endTime":662.253,"body":"So we know, it's in the financial times,"},{"speaker":"Michael Gilmore","startTime":659.45,"endTime":662.253,"body":"this is not talking to the poor people,"},{"speaker":"Michael Gilmore","startTime":662.253,"endTime":664.473,"body":"their wellness, not talking Marxism."},{"speaker":"Michael Gilmore","startTime":664.575,"endTime":670.088,"body":"There was a story about how the parents"},{"speaker":"Michael Gilmore","startTime":664.575,"endTime":670.088,"body":"of the kids in the most elite richest"},{"speaker":"Michael Gilmore","startTime":670.088,"endTime":674.438,"body":"school in the UK are complaining that"},{"speaker":"Michael Gilmore","startTime":670.088,"endTime":674.438,"body":"they can't guarantee getting their"},{"speaker":"Michael Gilmore","startTime":674.438,"endTime":676.088,"body":"kids into the best university anymore."},{"speaker":"Michael Gilmore","startTime":676.958,"endTime":681.668,"body":"I think this is the school that"},{"speaker":"Michael Gilmore","startTime":676.958,"endTime":681.668,"body":"educated 21 of the UKs 60 prime"},{"speaker":"Michael Gilmore","startTime":681.668,"endTime":683.198,"body":"minister, 70 prime ministers, right?"},{"speaker":"Michael Gilmore","startTime":683.198,"endTime":685.318,"body":"It's that school I think."},{"speaker":"Michael Gilmore","startTime":685.318,"endTime":689.378,"body":"And even these people are"},{"speaker":"Michael Gilmore","startTime":685.318,"endTime":689.378,"body":"complaining about inequality."},{"speaker":"Michael Gilmore","startTime":690.098,"endTime":691.778,"body":"And you think through,"},{"speaker":"Michael Gilmore","startTime":690.098,"endTime":691.778,"body":"why would that happen?"},{"speaker":"Michael Gilmore","startTime":691.778,"endTime":693.968,"body":"Why would the rich people"},{"speaker":"Michael Gilmore","startTime":691.778,"endTime":693.968,"body":"complaining about inequality?"},{"speaker":"Michael Gilmore","startTime":694.238,"endTime":696.738,"body":"It's because of the income"},{"speaker":"Michael Gilmore","startTime":694.238,"endTime":696.738,"body":"curve has become a cliff."},{"speaker":"Michael Gilmore","startTime":697.468,"endTime":698.618,"body":"We are all on a cliff."},{"speaker":"Michael Gilmore","startTime":698.978,"endTime":701.888,"body":"Now you, me people in the fire"},{"speaker":"Michael Gilmore","startTime":698.978,"endTime":701.888,"body":"movement, we've worked out"},{"speaker":"Michael Gilmore","startTime":701.888,"endTime":702.758,"body":"how to live on that cliff."},{"speaker":"Michael Gilmore","startTime":702.788,"endTime":706.735,"body":"You take a few steps back with"},{"speaker":"Michael Gilmore","startTime":702.788,"endTime":706.735,"body":"your fire move and you say, okay,"},{"speaker":"Michael Gilmore","startTime":706.765,"endTime":708.205,"body":"I only need this much to live on."},{"speaker":"Michael Gilmore","startTime":708.835,"endTime":710.515,"body":"And then I need 25 times that much."},{"speaker":"Michael Gilmore","startTime":710.575,"endTime":711.947,"body":"And then I'm good."},{"speaker":"Michael Gilmore","startTime":711.947,"endTime":715.171,"body":"Away from the cliff edge, everyone"},{"speaker":"Michael Gilmore","startTime":711.947,"endTime":715.171,"body":"else who's spending every penny, they"},{"speaker":"Michael Gilmore","startTime":715.171,"endTime":718.861,"body":"get to maintain a lifestyle they're"},{"speaker":"Michael Gilmore","startTime":715.171,"endTime":718.861,"body":"on there with their fingernails."},{"speaker":"Michael Gilmore","startTime":719.341,"endTime":722.851,"body":"Like the middle-class has almost"},{"speaker":"Michael Gilmore","startTime":719.341,"endTime":722.851,"body":"vanished from the US and from the UK"},{"speaker":"Michael Gilmore","startTime":722.851,"endTime":726.001,"body":"and from the Western world, like the"},{"speaker":"Michael Gilmore","startTime":722.851,"endTime":726.001,"body":"old fashioned middle-class like, we"},{"speaker":"Michael Gilmore","startTime":726.001,"endTime":729.751,"body":"grew up with our parents where our"},{"speaker":"Michael Gilmore","startTime":726.001,"endTime":729.751,"body":"grandparents were just like, you get a"},{"speaker":"Michael Gilmore","startTime":729.751,"endTime":732.091,"body":"nice job, white collar you'll make enough."},{"speaker":"Michael Gilmore","startTime":732.091,"endTime":737.521,"body":"You'll have a nice lifestyle now because"},{"speaker":"Michael Gilmore","startTime":732.091,"endTime":737.521,"body":"things have become since Thatcher Reagan"},{"speaker":"Michael Gilmore","startTime":737.521,"endTime":742.561,"body":"things have become so efficient, that"},{"speaker":"Michael Gilmore","startTime":737.521,"endTime":742.561,"body":"steep curve is super efficient, but."},{"speaker":"Michael Gilmore","startTime":743.551,"endTime":745.051,"body":"Everyone's just desperate."},{"speaker":"Michael Gilmore","startTime":745.531,"endTime":747.781,"body":"We have to give people the"},{"speaker":"Michael Gilmore","startTime":745.531,"endTime":747.781,"body":"tools to live in that world."},{"speaker":"Michael Gilmore","startTime":747.781,"endTime":750.121,"body":"We can't just create that world, not"},{"speaker":"Michael Gilmore","startTime":747.781,"endTime":750.121,"body":"give them the tools to live on it."},{"speaker":"Michael Gilmore","startTime":750.511,"endTime":752.881,"body":"And the tools for that"},{"speaker":"Michael Gilmore","startTime":750.511,"endTime":752.881,"body":"world is financial literacy."},{"speaker":"Michael Gilmore","startTime":753.151,"endTime":754.981,"body":"You gotta know how to exist in this world."},{"speaker":"Michael Gilmore","startTime":754.981,"endTime":757.891,"body":"There's no point having Dhabi, doc,"},{"speaker":"Michael Gilmore","startTime":754.981,"endTime":757.891,"body":"if you haven't taught your dogs to"},{"speaker":"Michael Gilmore","startTime":757.891,"endTime":759.439,"body":"fight, just give people the tools."},{"speaker":"Michael Gilmore","startTime":760.129,"endTime":763.939,"body":"And that will level the curve a little"},{"speaker":"Michael Gilmore","startTime":760.129,"endTime":763.939,"body":"bit because you and me, we feel okay"},{"speaker":"Michael Gilmore","startTime":763.939,"endTime":767.869,"body":"being in this world because we've learned"},{"speaker":"Michael Gilmore","startTime":763.939,"endTime":767.869,"body":"these lessons and all that 1% that is"},{"speaker":"Michael Gilmore","startTime":767.869,"endTime":769.549,"body":"maybe properly financially illiterate."},{"speaker":"Michael Gilmore","startTime":769.789,"endTime":770.869,"body":"We've learned those lessons."},{"speaker":"Michael Gilmore","startTime":771.109,"endTime":773.929,"body":"Now I could get out there and"},{"speaker":"Michael Gilmore","startTime":771.109,"endTime":773.929,"body":"campaign for universal basic"},{"speaker":"Michael Gilmore","startTime":773.929,"endTime":775.509,"body":"income or socialism or whatever."},{"speaker":"Michael Gilmore","startTime":775.839,"endTime":778.329,"body":"But what I say there, isn't going"},{"speaker":"Michael Gilmore","startTime":775.839,"endTime":778.329,"body":"to have any impact on anyone's"},{"speaker":"Michael Gilmore","startTime":778.329,"endTime":779.872,"body":"live on one guy, but what can I do?"},{"speaker":"Michael Gilmore","startTime":779.872,"endTime":781.732,"body":"I can give you the tools, right?"},{"speaker":"Michael Gilmore","startTime":781.772,"endTime":784.462,"body":"This is, and that's, I can give"},{"speaker":"Michael Gilmore","startTime":781.772,"endTime":784.462,"body":"my own daughter the tools and"},{"speaker":"Michael Gilmore","startTime":784.462,"endTime":786.562,"body":"then publish the book and give"},{"speaker":"Michael Gilmore","startTime":784.462,"endTime":786.562,"body":"everyone's daughter the tools."},{"speaker":"Michael Gilmore","startTime":786.772,"endTime":789.022,"body":"This is how you step away"},{"speaker":"Michael Gilmore","startTime":786.772,"endTime":789.022,"body":"from the edge of that cliff."},{"speaker":"Michael Gilmore","startTime":789.382,"endTime":791.842,"body":"And that to me is what I"},{"speaker":"Michael Gilmore","startTime":789.382,"endTime":791.842,"body":"feel is financially literate."},{"speaker":"Michael Gilmore","startTime":792.172,"endTime":793.762,"body":"It's just, it is so important."},{"speaker":"Michael Gilmore","startTime":794.092,"endTime":796.222,"body":"Just give people the tools for the world."},{"speaker":"Michael Gilmore","startTime":796.222,"endTime":797.062,"body":"We actually live."},{"speaker":"Michael Gilmore","startTime":797.143,"endTime":797.623,"body":"Not the world."},{"speaker":"Michael Gilmore","startTime":797.623,"endTime":798.943,"body":"We think we live in the world."},{"speaker":"Michael Gilmore","startTime":798.943,"endTime":800.893,"body":"We actually live in needs these tools."},{"speaker":"Average Joe Finances","startTime":801.613,"endTime":801.853,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":801.883,"endTime":802.453,"body":"That's huge."},{"speaker":"Average Joe Finances","startTime":802.693,"endTime":806.21,"body":"And it's amazing, like you said, like"},{"speaker":"Average Joe Finances","startTime":802.693,"endTime":806.21,"body":"throughout all this time, where the"},{"speaker":"Average Joe Finances","startTime":806.21,"endTime":811.43,"body":"steep curve came from, that we still"},{"speaker":"Average Joe Finances","startTime":806.21,"endTime":811.43,"body":"have not got to the point where it's"},{"speaker":"Average Joe Finances","startTime":811.43,"endTime":815.321,"body":"become a basic education, that this"},{"speaker":"Average Joe Finances","startTime":811.43,"endTime":815.321,"body":"is something that should be taught to"},{"speaker":"Average Joe Finances","startTime":815.351,"endTime":818.603,"body":"children, and one of the reasons why"},{"speaker":"Average Joe Finances","startTime":815.351,"endTime":818.603,"body":"I teach this to my children, because I"},{"speaker":"Average Joe Finances","startTime":818.603,"endTime":823.184,"body":"want them to grow up and do better than"},{"speaker":"Average Joe Finances","startTime":818.603,"endTime":823.184,"body":"me in the future, or at least have the"},{"speaker":"Average Joe Finances","startTime":823.184,"endTime":824.774,"body":"tools to do it if they don't want to."},{"speaker":"Average Joe Finances","startTime":825.314,"endTime":826.004,"body":"That's fine."},{"speaker":"Average Joe Finances","startTime":826.334,"endTime":830.804,"body":"I want to know that I gave them everything"},{"speaker":"Average Joe Finances","startTime":826.334,"endTime":830.804,"body":"in my power to, to go and build,"},{"speaker":"Average Joe Finances","startTime":830.892,"endTime":832.392,"body":"whatever they want to build in life."},{"speaker":"Average Joe Finances","startTime":832.842,"endTime":836.61,"body":"And I think, this is the biggest"},{"speaker":"Average Joe Finances","startTime":832.842,"endTime":836.61,"body":"thing is giving them the tools and the"},{"speaker":"Average Joe Finances","startTime":836.61,"endTime":839.01,"body":"know-how on how to do things like this."},{"speaker":"Average Joe Finances","startTime":839.079,"endTime":844.613,"body":"So with that being said, so you've"},{"speaker":"Average Joe Finances","startTime":839.079,"endTime":844.613,"body":"really like stomped how powerful and why"},{"speaker":"Average Joe Finances","startTime":844.883,"endTime":850.449,"body":"financial literacy is so important, but"},{"speaker":"Average Joe Finances","startTime":844.883,"endTime":850.449,"body":"what is it that got you started on your"},{"speaker":"Average Joe Finances","startTime":850.449,"endTime":854.859,"body":"own journey right now to teaching people"},{"speaker":"Average Joe Finances","startTime":850.449,"endTime":854.859,"body":"about money and financial literacy?"},{"speaker":"Michael Gilmore","startTime":855.145,"endTime":857.404,"body":"Yeah, let me say"},{"speaker":"Michael Gilmore","startTime":855.145,"endTime":857.404,"body":"that it sat inside me and I was,"},{"speaker":"Michael Gilmore","startTime":857.404,"endTime":858.794,"body":"I described to you on that anger."},{"speaker":"Michael Gilmore","startTime":859.224,"endTime":862.009,"body":"I think it came out a little bit that"},{"speaker":"Michael Gilmore","startTime":859.224,"endTime":862.009,"body":"talking about the incumbent stuff as well."},{"speaker":"Michael Gilmore","startTime":862.131,"endTime":863.613,"body":"I normally hide that a"},{"speaker":"Michael Gilmore","startTime":862.131,"endTime":863.613,"body":"little bit better than that."},{"speaker":"Michael Gilmore","startTime":863.657,"endTime":867.566,"body":"But the, so that had always sat inside"},{"speaker":"Michael Gilmore","startTime":863.657,"endTime":867.566,"body":"me and then a really good friend of mine."},{"speaker":"Michael Gilmore","startTime":867.596,"endTime":870.356,"body":"Jesse runs a initiative"},{"speaker":"Michael Gilmore","startTime":867.596,"endTime":870.356,"body":"now runs a university."},{"speaker":"Michael Gilmore","startTime":870.356,"endTime":874.299,"body":"And in, in the U S she's principal there,"},{"speaker":"Michael Gilmore","startTime":870.356,"endTime":874.299,"body":"but she was, she'd gone to the board"},{"speaker":"Michael Gilmore","startTime":874.299,"endTime":876.259,"body":"of this migrant worker organization."},{"speaker":"Michael Gilmore","startTime":876.469,"endTime":877.649,"body":"She's a Filipino lady."},{"speaker":"Michael Gilmore","startTime":877.705,"endTime":880.575,"body":"This was mainly migrant workers"},{"speaker":"Michael Gilmore","startTime":877.705,"endTime":880.575,"body":"that she was helping with"},{"speaker":"Michael Gilmore","startTime":880.575,"endTime":882.1,"body":"mainly Filipinos in Singapore."},{"speaker":"Michael Gilmore","startTime":882.55,"endTime":885.07,"body":"And she asked me to just"},{"speaker":"Michael Gilmore","startTime":882.55,"endTime":885.07,"body":"take a look at the courses."},{"speaker":"Michael Gilmore","startTime":886.33,"endTime":887.86,"body":"And say, look, come in and teach them."},{"speaker":"Michael Gilmore","startTime":887.89,"endTime":891.06,"body":"Tell me if they're good, because,"},{"speaker":"Michael Gilmore","startTime":887.89,"endTime":891.06,"body":"by that point I was a fund manager."},{"speaker":"Michael Gilmore","startTime":891.06,"endTime":895.29,"body":"I'd been working in finance for 15 years"},{"speaker":"Michael Gilmore","startTime":891.06,"endTime":895.29,"body":"and she just wanted my eye over whether"},{"speaker":"Michael Gilmore","startTime":895.29,"endTime":896.58,"body":"this was the right thing to be teaching."},{"speaker":"Michael Gilmore","startTime":896.58,"endTime":897.75,"body":"There was a lot of stuff that was good."},{"speaker":"Michael Gilmore","startTime":897.78,"endTime":898.23,"body":"It was okay."},{"speaker":"Michael Gilmore","startTime":898.23,"endTime":899.308,"body":"But a lot of stuff was wrong."},{"speaker":"Michael Gilmore","startTime":900.148,"endTime":904.282,"body":"And then she moved me towards looking at"},{"speaker":"Michael Gilmore","startTime":900.148,"endTime":904.282,"body":"the entrepreneurial side of things and"},{"speaker":"Michael Gilmore","startTime":904.282,"endTime":905.692,"body":"doing their entrepreneurship classes."},{"speaker":"Michael Gilmore","startTime":906.202,"endTime":908.782,"body":"And I devised a whole course, which"},{"speaker":"Michael Gilmore","startTime":906.202,"endTime":908.782,"body":"I still think is my best work."},{"speaker":"Michael Gilmore","startTime":908.782,"endTime":911.242,"body":"It's still stuck in a drawer"},{"speaker":"Michael Gilmore","startTime":908.782,"endTime":911.242,"body":"somewhere, but my best work was on"},{"speaker":"Michael Gilmore","startTime":911.242,"endTime":912.502,"body":"the kind of basic entrepreneurship."},{"speaker":"Michael Gilmore","startTime":912.682,"endTime":913.522,"body":"One day it'll come out."},{"speaker":"Michael Gilmore","startTime":913.612,"endTime":914.282,"body":"I think it's really good."},{"speaker":"Michael Gilmore","startTime":914.333,"endTime":918.623,"body":"But the, so we were, I was teaching"},{"speaker":"Michael Gilmore","startTime":914.333,"endTime":918.623,"body":"that and I taught like a couple of"},{"speaker":"Michael Gilmore","startTime":918.623,"endTime":921.923,"body":"groups of classes that, and then at one"},{"speaker":"Michael Gilmore","startTime":918.623,"endTime":921.923,"body":"class I'm looking at one of the nice"},{"speaker":"Michael Gilmore","startTime":921.923,"endTime":925.313,"body":"things about teaching face-to-face is"},{"speaker":"Michael Gilmore","startTime":921.923,"endTime":925.313,"body":"you can really see when people go dead"},{"speaker":"Michael Gilmore","startTime":925.313,"endTime":927.606,"body":"behind the eyes, you can't see over"},{"speaker":"Michael Gilmore","startTime":925.313,"endTime":927.606,"body":"zoom right you know, when someone's"},{"speaker":"Michael Gilmore","startTime":927.626,"endTime":929.485,"body":"not listening in a real time class."},{"speaker":"Michael Gilmore","startTime":929.965,"endTime":931.795,"body":"And I was realized like half"},{"speaker":"Michael Gilmore","startTime":929.965,"endTime":931.795,"body":"the class just isn't listening."},{"speaker":"Michael Gilmore","startTime":932.105,"endTime":935.925,"body":"And it's just bad because these are"},{"speaker":"Michael Gilmore","startTime":932.105,"endTime":935.925,"body":"migrant workers again, one day off a"},{"speaker":"Michael Gilmore","startTime":935.925,"endTime":939.405,"body":"week, they're giving up this day to"},{"speaker":"Michael Gilmore","startTime":935.925,"endTime":939.405,"body":"come and get taught by me and something"},{"speaker":"Michael Gilmore","startTime":939.405,"endTime":941.445,"body":"I'm saying just isn't landing properly."},{"speaker":"Michael Gilmore","startTime":941.925,"endTime":945.465,"body":"So asking a bunch of questions,"},{"speaker":"Michael Gilmore","startTime":941.925,"endTime":945.465,"body":"why is this not landing, trying"},{"speaker":"Michael Gilmore","startTime":945.465,"endTime":946.305,"body":"to get to the bottom of that?"},{"speaker":"Michael Gilmore","startTime":946.605,"endTime":949.665,"body":"And I realized half the class,"},{"speaker":"Michael Gilmore","startTime":946.605,"endTime":949.665,"body":"isn't saving money, I'm teaching"},{"speaker":"Michael Gilmore","startTime":949.665,"endTime":951.285,"body":"entrepreneurship and they're not saving."},{"speaker":"Michael Gilmore","startTime":951.975,"endTime":954.165,"body":"And at least I said,"},{"speaker":"Michael Gilmore","startTime":951.975,"endTime":954.165,"body":"no, I'm not doing this."},{"speaker":"Michael Gilmore","startTime":954.645,"endTime":956.175,"body":"I'm not teaching you how"},{"speaker":"Michael Gilmore","startTime":954.645,"endTime":956.175,"body":"to become an entrepreneur."},{"speaker":"Michael Gilmore","startTime":956.175,"endTime":958.635,"body":"If you don't know what saving"},{"speaker":"Michael Gilmore","startTime":956.175,"endTime":958.635,"body":"is, because it's just dangerous."},{"speaker":"Michael Gilmore","startTime":958.7,"endTime":960.98,"body":"It's a line I use about"},{"speaker":"Michael Gilmore","startTime":958.7,"endTime":960.98,"body":"financial inclusion."},{"speaker":"Michael Gilmore","startTime":961.28,"endTime":963.57,"body":"And I shouldn't say it to Americans"},{"speaker":"Michael Gilmore","startTime":961.28,"endTime":963.57,"body":"because obviously I'm a Brit, you"},{"speaker":"Michael Gilmore","startTime":963.57,"endTime":965.03,"body":"know how we feel about gun control."},{"speaker":"Michael Gilmore","startTime":965.45,"endTime":969.77,"body":"But I say like financial inclusion"},{"speaker":"Michael Gilmore","startTime":965.45,"endTime":969.77,"body":"without financial education is like"},{"speaker":"Michael Gilmore","startTime":969.8,"endTime":971.91,"body":"gun inclusion without gun education."},{"speaker":"Michael Gilmore","startTime":971.926,"endTime":974.476,"body":"If you have financial inclusion, it"},{"speaker":"Michael Gilmore","startTime":971.926,"endTime":974.476,"body":"just, if you don't educate people,"},{"speaker":"Michael Gilmore","startTime":974.476,"endTime":977.776,"body":"it's just going to lead to credit card"},{"speaker":"Michael Gilmore","startTime":974.476,"endTime":977.776,"body":"debt, consumer debt, because that's"},{"speaker":"Michael Gilmore","startTime":977.776,"endTime":979.8,"body":"where the money is for institutions."},{"speaker":"Michael Gilmore","startTime":979.871,"endTime":980.931,"body":"That's what it's going to lead to."},{"speaker":"Michael Gilmore","startTime":980.943,"endTime":982.353,"body":"And I say, I'm not gonna"},{"speaker":"Michael Gilmore","startTime":980.943,"endTime":982.353,"body":"teach you entrepreneurship."},{"speaker":"Michael Gilmore","startTime":982.353,"endTime":984.093,"body":"If you're not saving, you've"},{"speaker":"Michael Gilmore","startTime":982.353,"endTime":984.093,"body":"got to know the basics."},{"speaker":"Michael Gilmore","startTime":984.093,"endTime":989.103,"body":"First, I went back and looked at"},{"speaker":"Michael Gilmore","startTime":984.093,"endTime":989.103,"body":"what was wrong with the cause these"},{"speaker":"Michael Gilmore","startTime":989.103,"endTime":991.503,"body":"people had all been through that"},{"speaker":"Michael Gilmore","startTime":989.103,"endTime":991.503,"body":"basic personal finance courses."},{"speaker":"Michael Gilmore","startTime":992.163,"endTime":994.713,"body":"The people I was teaching something"},{"speaker":"Michael Gilmore","startTime":992.163,"endTime":994.713,"body":"wasn't landing in there, they"},{"speaker":"Michael Gilmore","startTime":994.713,"endTime":995.853,"body":"weren't changing their behavior."},{"speaker":"Michael Gilmore","startTime":996.183,"endTime":998.523,"body":"So that's where I really went"},{"speaker":"Michael Gilmore","startTime":996.183,"endTime":998.523,"body":"back and said, okay, what is it?"},{"speaker":"Michael Gilmore","startTime":998.973,"endTime":1004.103,"body":"And I realized it's not enough to talk"},{"speaker":"Michael Gilmore","startTime":998.973,"endTime":1004.103,"body":"to people about financial literacy."},{"speaker":"Michael Gilmore","startTime":1006.383,"endTime":1007.733,"body":"Financial literacy is missing."},{"speaker":"Michael Gilmore","startTime":1007.793,"endTime":1008.783,"body":"A lot of financial lists."},{"speaker":"Michael Gilmore","startTime":1008.873,"endTime":1012.282,"body":"Literacy is missing a very"},{"speaker":"Michael Gilmore","startTime":1008.873,"endTime":1012.282,"body":"big gap and it's psychology."},{"speaker":"Michael Gilmore","startTime":1012.342,"endTime":1015.362,"body":"The stuff we talk about in"},{"speaker":"Michael Gilmore","startTime":1012.342,"endTime":1015.362,"body":"financial literacy is really simple."},{"speaker":"Michael Gilmore","startTime":1015.752,"endTime":1017.875,"body":"Most of it is you go from zero to one."},{"speaker":"Michael Gilmore","startTime":1017.905,"endTime":1020.605,"body":"It's really simple, but the psychologist."},{"speaker":"Michael Gilmore","startTime":1021.695,"endTime":1025.165,"body":"Actually understanding why someone"},{"speaker":"Michael Gilmore","startTime":1021.695,"endTime":1025.165,"body":"would make fat move and change"},{"speaker":"Michael Gilmore","startTime":1025.165,"endTime":1028.915,"body":"their life and creating that"},{"speaker":"Michael Gilmore","startTime":1025.165,"endTime":1028.915,"body":"aha moment where people get it."},{"speaker":"Michael Gilmore","startTime":1029.515,"endTime":1030.685,"body":"That's the tough part."},{"speaker":"Michael Gilmore","startTime":1031.045,"endTime":1033.978,"body":"And one of the kinds of analogies"},{"speaker":"Michael Gilmore","startTime":1031.045,"endTime":1033.978,"body":"I have in life with this is I feel"},{"speaker":"Michael Gilmore","startTime":1033.978,"endTime":1036.258,"body":"like we're in a, we're in a school."},{"speaker":"Michael Gilmore","startTime":1036.648,"endTime":1039.978,"body":"And like financial literacy is being"},{"speaker":"Michael Gilmore","startTime":1036.648,"endTime":1039.978,"body":"taught on one side of the corridor and"},{"speaker":"Michael Gilmore","startTime":1039.978,"endTime":1042.918,"body":"the people that, the guy in that class,"},{"speaker":"Michael Gilmore","startTime":1039.978,"endTime":1042.918,"body":"like I'm teaching really easy stuff."},{"speaker":"Michael Gilmore","startTime":1042.918,"endTime":1043.848,"body":"Why is no one getting this?"},{"speaker":"Michael Gilmore","startTime":1044.538,"endTime":1046.848,"body":"And he's not looking across the"},{"speaker":"Michael Gilmore","startTime":1044.538,"endTime":1046.848,"body":"corridor to this class on the other"},{"speaker":"Michael Gilmore","startTime":1046.848,"endTime":1051.39,"body":"side, which is teaching marketing 101"},{"speaker":"Michael Gilmore","startTime":1046.848,"endTime":1051.39,"body":"and the guy financial literacy saying"},{"speaker":"Michael Gilmore","startTime":1051.42,"endTime":1053.19,"body":"this is what financial literacy does."},{"speaker":"Michael Gilmore","startTime":1053.19,"endTime":1054.48,"body":"And the guy in the marketing 101 second."},{"speaker":"Michael Gilmore","startTime":1054.84,"endTime":1055.98,"body":"Don't talk about what it does."},{"speaker":"Michael Gilmore","startTime":1056.28,"endTime":1057.45,"body":"Talk about the benefits."},{"speaker":"Michael Gilmore","startTime":1057.75,"endTime":1058.95,"body":"Talk about how the customer."},{"speaker":"Michael Gilmore","startTime":1060.27,"endTime":1061.35,"body":"Give them what they want."},{"speaker":"Michael Gilmore","startTime":1061.98,"endTime":1063.51,"body":"And that's what I realized we had to do."},{"speaker":"Michael Gilmore","startTime":1063.51,"endTime":1066.61,"body":"And that's why that's one of"},{"speaker":"Michael Gilmore","startTime":1063.51,"endTime":1066.61,"body":"the reasons I use the term non."},{"speaker":"Michael Gilmore","startTime":1066.61,"endTime":1068.34,"body":"My name is the $7 millionaire."},{"speaker":"Michael Gilmore","startTime":1068.34,"endTime":1068.55,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":1068.55,"endTime":1069.06,"body":"It's true."},{"speaker":"Michael Gilmore","startTime":1069.45,"endTime":1071.94,"body":"Where we sat there and we came up"},{"speaker":"Michael Gilmore","startTime":1069.45,"endTime":1071.94,"body":"with that with my daughter and I,"},{"speaker":"Michael Gilmore","startTime":1071.97,"endTime":1075.81,"body":"when she asked me that question, but"},{"speaker":"Michael Gilmore","startTime":1071.97,"endTime":1075.81,"body":"equally $7 millionaire mean something,"},{"speaker":"Michael Gilmore","startTime":1075.815,"endTime":1077.415,"body":"it's yeah, millionaire, right?"},{"speaker":"Michael Gilmore","startTime":1077.445,"endTime":1078.225,"body":"That's the big dream."},{"speaker":"Michael Gilmore","startTime":1078.765,"endTime":1083.925,"body":"If you're not a millionaire that should"},{"speaker":"Michael Gilmore","startTime":1078.765,"endTime":1083.925,"body":"drink $7 at a time, it can be done."},{"speaker":"Michael Gilmore","startTime":1083.955,"endTime":1087.285,"body":"This is what, so what we've got in"},{"speaker":"Michael Gilmore","startTime":1083.955,"endTime":1087.285,"body":"there is we've got a big long-term"},{"speaker":"Michael Gilmore","startTime":1087.285,"endTime":1091.065,"body":"goal and a daily goal, but you"},{"speaker":"Michael Gilmore","startTime":1087.285,"endTime":1091.065,"body":"can't explain the two going together"},{"speaker":"Michael Gilmore","startTime":1091.095,"endTime":1092.625,"body":"without thinking about compounding."},{"speaker":"Michael Gilmore","startTime":1093.135,"endTime":1094.905,"body":"Cause you have to use"},{"speaker":"Michael Gilmore","startTime":1093.135,"endTime":1094.905,"body":"compounding to get in that."},{"speaker":"Michael Gilmore","startTime":1094.905,"endTime":1098.995,"body":"So what I've gotten there is a message,"},{"speaker":"Michael Gilmore","startTime":1094.905,"endTime":1098.995,"body":"but I've got the dream built-in"},{"speaker":"Michael Gilmore","startTime":1099.105,"endTime":1103.108,"body":"with the baby step on the way there"},{"speaker":"Michael Gilmore","startTime":1099.105,"endTime":1103.108,"body":"that's marketing basic marketing."},{"speaker":"Michael Gilmore","startTime":1103.149,"endTime":1106.509,"body":"And if I look at financial literacy,"},{"speaker":"Michael Gilmore","startTime":1103.149,"endTime":1106.509,"body":"some of them do it really well."},{"speaker":"Michael Gilmore","startTime":1106.567,"endTime":1110.719,"body":"And I have to take my hat off in some"},{"speaker":"Michael Gilmore","startTime":1106.567,"endTime":1110.719,"body":"ways to like a guy like Ramit Setty."},{"speaker":"Michael Gilmore","startTime":1111.169,"endTime":1116.479,"body":"Cause what he's done is he's taken all"},{"speaker":"Michael Gilmore","startTime":1111.169,"endTime":1116.479,"body":"the tricks of the scam trade and actually"},{"speaker":"Michael Gilmore","startTime":1116.479,"endTime":1118.159,"body":"wrapped it into a financial literacy."},{"speaker":"Michael Gilmore","startTime":1118.549,"endTime":1120.705,"body":"I don't feel, some of his courses"},{"speaker":"Michael Gilmore","startTime":1118.549,"endTime":1120.705,"body":"are a little bit expensive."},{"speaker":"Michael Gilmore","startTime":1120.705,"endTime":1121.275,"body":"What is giving?"},{"speaker":"Michael Gilmore","startTime":1121.275,"endTime":1121.515,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":1121.935,"endTime":1127.065,"body":"But the most of like his book,"},{"speaker":"Michael Gilmore","startTime":1121.935,"endTime":1127.065,"body":"that's the kind of stuff that people"},{"speaker":"Michael Gilmore","startTime":1127.065,"endTime":1130.545,"body":"use to sell you for $200, $300, a"},{"speaker":"Michael Gilmore","startTime":1127.065,"endTime":1130.545,"body":"thousand dollars, and then walk away."},{"speaker":"Michael Gilmore","startTime":1131.025,"endTime":1134.445,"body":"I will teach you to be rich as"},{"speaker":"Michael Gilmore","startTime":1131.025,"endTime":1134.445,"body":"a perfect scam marketing title."},{"speaker":"Michael Gilmore","startTime":1134.865,"endTime":1137.835,"body":"But you know what the reason scams"},{"speaker":"Michael Gilmore","startTime":1134.865,"endTime":1137.835,"body":"are repeat themselves is because"},{"speaker":"Michael Gilmore","startTime":1137.835,"endTime":1142.485,"body":"they work people that it appeals"},{"speaker":"Michael Gilmore","startTime":1137.835,"endTime":1142.485,"body":"to people and we need to use that."},{"speaker":"Michael Gilmore","startTime":1142.755,"endTime":1145.305,"body":"And that I think is probably the"},{"speaker":"Michael Gilmore","startTime":1142.755,"endTime":1145.305,"body":"most important part of my journey"},{"speaker":"Michael Gilmore","startTime":1145.305,"endTime":1147.075,"body":"was realizing it's psychology."},{"speaker":"Michael Gilmore","startTime":1147.645,"endTime":1150.045,"body":"The fact that I think the"},{"speaker":"Michael Gilmore","startTime":1147.645,"endTime":1150.045,"body":"math is easy, isn't relevant,"},{"speaker":"Michael Gilmore","startTime":1150.135,"endTime":1151.575,"body":"it's psychology all the way."},{"speaker":"Average Joe Finances","startTime":1151.9,"endTime":1152.65,"body":"No, that's huge."},{"speaker":"Average Joe Finances","startTime":1152.68,"endTime":1153.16,"body":"That's huge."},{"speaker":"Average Joe Finances","startTime":1153.2,"endTime":1154.913,"body":"I definitely wrote that down."},{"speaker":"Average Joe Finances","startTime":1154.915,"endTime":1156.475,"body":"How important psychology is, right."},{"speaker":"Average Joe Finances","startTime":1156.835,"endTime":1160.555,"body":"And how important it is for people to have"},{"speaker":"Average Joe Finances","startTime":1156.835,"endTime":1160.555,"body":"that aha moment, like you said, right?"},{"speaker":"Average Joe Finances","startTime":1160.975,"endTime":1164.698,"body":"Because you could sit here and"},{"speaker":"Average Joe Finances","startTime":1160.975,"endTime":1164.698,"body":"teach financial literacy all day."},{"speaker":"Average Joe Finances","startTime":1164.727,"endTime":1168.567,"body":"Actually what you were doing is"},{"speaker":"Average Joe Finances","startTime":1164.727,"endTime":1168.567,"body":"teaching entrepreneurship, right?"},{"speaker":"Average Joe Finances","startTime":1168.867,"endTime":1171.687,"body":"And you're teaching it to someone"},{"speaker":"Average Joe Finances","startTime":1168.867,"endTime":1171.687,"body":"who's not financially literate."},{"speaker":"Average Joe Finances","startTime":1171.687,"endTime":1173.931,"body":"So if they're getting them,"},{"speaker":"Average Joe Finances","startTime":1171.687,"endTime":1173.931,"body":"getting their stuff together and"},{"speaker":"Average Joe Finances","startTime":1173.931,"endTime":1176.811,"body":"they're going to start a business,"},{"speaker":"Average Joe Finances","startTime":1173.931,"endTime":1176.811,"body":"but they don't know how to save."},{"speaker":"Average Joe Finances","startTime":1176.841,"endTime":1178.161,"body":"They don't know how to invest their money."},{"speaker":"Average Joe Finances","startTime":1178.161,"endTime":1180.811,"body":"They're not going to be"},{"speaker":"Average Joe Finances","startTime":1178.161,"endTime":1180.811,"body":"able to grow that business."},{"speaker":"Average Joe Finances","startTime":1180.84,"endTime":1183.84,"body":"It'll fail every time because they're not"},{"speaker":"Average Joe Finances","startTime":1180.84,"endTime":1183.84,"body":"going to know what to do with the money."},{"speaker":"Average Joe Finances","startTime":1184.08,"endTime":1186.54,"body":"They're going to take their profits and"},{"speaker":"Average Joe Finances","startTime":1184.08,"endTime":1186.54,"body":"they're going to go live their life and"},{"speaker":"Average Joe Finances","startTime":1186.54,"endTime":1189.06,"body":"then realize, Hey, why are we under water?"},{"speaker":"Average Joe Finances","startTime":1189.09,"endTime":1191.37,"body":"Because while you didn't"},{"speaker":"Average Joe Finances","startTime":1189.09,"endTime":1191.37,"body":"invest, you didn't do ads."},{"speaker":"Average Joe Finances","startTime":1191.37,"endTime":1193.68,"body":"You didn't do what you were supposed"},{"speaker":"Average Joe Finances","startTime":1191.37,"endTime":1193.68,"body":"to do to keep this business afloat."},{"speaker":"Average Joe Finances","startTime":1194.13,"endTime":1196.2,"body":"So yeah, little things like that."},{"speaker":"Average Joe Finances","startTime":1196.269,"endTime":1199.059,"body":"But the psychology piece,"},{"speaker":"Average Joe Finances","startTime":1196.269,"endTime":1199.059,"body":"huge, absolutely huge."},{"speaker":"Average Joe Finances","startTime":1199.089,"endTime":1201.339,"body":"Because like you said, you can"},{"speaker":"Average Joe Finances","startTime":1199.089,"endTime":1201.339,"body":"sit here and talk to somebody"},{"speaker":"Average Joe Finances","startTime":1201.339,"endTime":1203.479,"body":"until they're blue in the face and"},{"speaker":"Average Joe Finances","startTime":1201.339,"endTime":1203.479,"body":"they'll just, yes you to death."},{"speaker":"Average Joe Finances","startTime":1203.499,"endTime":1205.179,"body":"Yes you to death, but."},{"speaker":"Average Joe Finances","startTime":1205.281,"endTime":1209.271,"body":"If they're not truly understanding"},{"speaker":"Average Joe Finances","startTime":1205.281,"endTime":1209.271,"body":"it because their mind's not there."},{"speaker":"Average Joe Finances","startTime":1209.271,"endTime":1212.611,"body":"It's just, it's not going to work,"},{"speaker":"Average Joe Finances","startTime":1209.271,"endTime":1212.611,"body":"and what you're talking about too,"},{"speaker":"Average Joe Finances","startTime":1212.611,"endTime":1215.67,"body":"with with a lot of the stuff with"},{"speaker":"Average Joe Finances","startTime":1212.611,"endTime":1215.67,"body":"scams nowadays, and how appealing"},{"speaker":"Average Joe Finances","startTime":1215.67,"endTime":1218.908,"body":"it is, when you see all these things"},{"speaker":"Average Joe Finances","startTime":1215.67,"endTime":1218.908,"body":"online, you Google how to make money"},{"speaker":"Average Joe Finances","startTime":1218.908,"endTime":1220.588,"body":"online or how to make money from home."},{"speaker":"Average Joe Finances","startTime":1220.978,"endTime":1224.888,"body":"And all these things pop up and"},{"speaker":"Average Joe Finances","startTime":1220.978,"endTime":1224.888,"body":"say, oh, buy my course for $997."},{"speaker":"Average Joe Finances","startTime":1224.917,"endTime":1227.377,"body":"They always put that seven on the"},{"speaker":"Average Joe Finances","startTime":1224.917,"endTime":1227.377,"body":"end because it feels like it's not"},{"speaker":"Average Joe Finances","startTime":1227.377,"endTime":1231.247,"body":"too much, not too small whatever"},{"speaker":"Average Joe Finances","startTime":1227.377,"endTime":1231.247,"body":"the psychology behind it is."},{"speaker":"Average Joe Finances","startTime":1231.275,"endTime":1231.945,"body":"Like you said."},{"speaker":"Average Joe Finances","startTime":1232.014,"endTime":1235.284,"body":"But th the reason why things like that"},{"speaker":"Average Joe Finances","startTime":1232.014,"endTime":1235.284,"body":"happen, and the reason why a lot of these"},{"speaker":"Average Joe Finances","startTime":1235.284,"endTime":1238.933,"body":"people that have peoples that have these"},{"speaker":"Average Joe Finances","startTime":1235.284,"endTime":1238.933,"body":"courses are millionaires it's from the"},{"speaker":"Average Joe Finances","startTime":1238.933,"endTime":1242.233,"body":"course, it's not from the actual investing"},{"speaker":"Average Joe Finances","startTime":1238.933,"endTime":1242.233,"body":"or the action that they've taken."},{"speaker":"Average Joe Finances","startTime":1242.233,"endTime":1246.782,"body":"It's because they built this product that"},{"speaker":"Average Joe Finances","startTime":1242.233,"endTime":1246.782,"body":"keeps roping people back in which, to"},{"speaker":"Average Joe Finances","startTime":1246.782,"endTime":1252.136,"body":"their credit, it's a very smart way, but"},{"speaker":"Average Joe Finances","startTime":1246.782,"endTime":1252.136,"body":"a very not so kind thing to do, right?"},{"speaker":"Average Joe Finances","startTime":1252.136,"endTime":1254.236,"body":"Because the people that are"},{"speaker":"Average Joe Finances","startTime":1252.136,"endTime":1254.236,"body":"come into you or the people"},{"speaker":"Average Joe Finances","startTime":1254.236,"endTime":1255.236,"body":"that are coming to you for help."},{"speaker":"Average Joe Finances","startTime":1255.286,"endTime":1258.036,"body":"Having something, like what would"},{"speaker":"Average Joe Finances","startTime":1255.286,"endTime":1258.036,"body":"I do here with this podcast?"},{"speaker":"Average Joe Finances","startTime":1258.066,"endTime":1261.088,"body":"You can listen to a podcast on"},{"speaker":"Average Joe Finances","startTime":1258.066,"endTime":1261.088,"body":"any platform and it's free, and"},{"speaker":"Average Joe Finances","startTime":1261.088,"endTime":1263.698,"body":"we bring people on like you,"},{"speaker":"Average Joe Finances","startTime":1261.088,"endTime":1263.698,"body":"that can talk intelligently"},{"speaker":"Average Joe Finances","startTime":1263.698,"endTime":1265.318,"body":"about these different topics."},{"speaker":"Average Joe Finances","startTime":1265.798,"endTime":1267.418,"body":"Anybody can come listen to the show."},{"speaker":"Average Joe Finances","startTime":1267.718,"endTime":1271.807,"body":"Anybody can come here and listen to"},{"speaker":"Average Joe Finances","startTime":1267.718,"endTime":1271.807,"body":"Michael, explain, where the $7 millionaire"},{"speaker":"Average Joe Finances","startTime":1271.807,"endTime":1276.227,"body":"came from and why $7 a day, how you know"},{"speaker":"Average Joe Finances","startTime":1271.807,"endTime":1276.227,"body":"how that can get you there over 50 years."},{"speaker":"Average Joe Finances","startTime":1276.257,"endTime":1278.476,"body":"And if you put a little more than"},{"speaker":"Average Joe Finances","startTime":1276.257,"endTime":1278.476,"body":"that, you could even, you could"},{"speaker":"Average Joe Finances","startTime":1278.476,"endTime":1279.736,"body":"start cutting those years down."},{"speaker":"Average Joe Finances","startTime":1280.066,"endTime":1283.246,"body":"So it's super important to"},{"speaker":"Average Joe Finances","startTime":1280.066,"endTime":1283.246,"body":"understand that, there's resources"},{"speaker":"Average Joe Finances","startTime":1283.246,"endTime":1285.206,"body":"out there that are free and there's"},{"speaker":"Average Joe Finances","startTime":1283.246,"endTime":1285.206,"body":"different things you could do."},{"speaker":"Average Joe Finances","startTime":1285.277,"endTime":1287.077,"body":"There's different Facebook"},{"speaker":"Average Joe Finances","startTime":1285.277,"endTime":1287.077,"body":"groups, you can join."},{"speaker":"Average Joe Finances","startTime":1287.077,"endTime":1289.855,"body":"There's different, mentorship"},{"speaker":"Average Joe Finances","startTime":1287.077,"endTime":1289.855,"body":"groups that are free."},{"speaker":"Average Joe Finances","startTime":1289.884,"endTime":1293.274,"body":"There's some that you pay for too"},{"speaker":"Average Joe Finances","startTime":1289.884,"endTime":1293.274,"body":"that are absolutely worth the money."},{"speaker":"Average Joe Finances","startTime":1293.274,"endTime":1295.915,"body":"Cause it's also the people that"},{"speaker":"Average Joe Finances","startTime":1293.274,"endTime":1295.915,"body":"you come together with, it's"},{"speaker":"Average Joe Finances","startTime":1295.915,"endTime":1297.175,"body":"building that network, right?"},{"speaker":"Average Joe Finances","startTime":1297.445,"endTime":1300.635,"body":"Your network is your net worth type"},{"speaker":"Average Joe Finances","startTime":1297.445,"endTime":1300.635,"body":"deal, but at the same time, to get"},{"speaker":"Average Joe Finances","startTime":1300.635,"endTime":1301.955,"body":"there, you've got to build yourself up."},{"speaker":"Average Joe Finances","startTime":1302.165,"endTime":1305.885,"body":"So there's plenty of free resources"},{"speaker":"Average Joe Finances","startTime":1302.165,"endTime":1305.885,"body":"out there that can help get you there."},{"speaker":"Michael Gilmore","startTime":1305.955,"endTime":1308.385,"body":"One of the best thing I"},{"speaker":"Michael Gilmore","startTime":1305.955,"endTime":1308.385,"body":"mentioned here, cause I don't think anyone"},{"speaker":"Michael Gilmore","startTime":1308.385,"endTime":1311.254,"body":"knows about this because this organization"},{"speaker":"Michael Gilmore","startTime":1308.385,"endTime":1311.254,"body":"has classic financial literacy"},{"speaker":"Michael Gilmore","startTime":1311.254,"endTime":1312.944,"body":"organization, so they do no marketing."},{"speaker":"Michael Gilmore","startTime":1312.993,"endTime":1316.904,"body":"But the CFA organization, the chartered"},{"speaker":"Michael Gilmore","startTime":1312.993,"endTime":1316.904,"body":"financial analyst organization, now"},{"speaker":"Michael Gilmore","startTime":1316.904,"endTime":1320.114,"body":"it costs money to become a charter"},{"speaker":"Michael Gilmore","startTime":1316.904,"endTime":1320.114,"body":"financial as a financial analyst and it's"},{"speaker":"Michael Gilmore","startTime":1320.114,"endTime":1322.664,"body":"detailed and I'm not one high backed out."},{"speaker":"Michael Gilmore","startTime":1322.994,"endTime":1325.154,"body":"So it's sufficiently hard that"},{"speaker":"Michael Gilmore","startTime":1322.994,"endTime":1325.154,"body":"I have to put my hand up and"},{"speaker":"Michael Gilmore","startTime":1325.154,"endTime":1325.944,"body":"say, it's too hard for me."},{"speaker":"Michael Gilmore","startTime":1325.995,"endTime":1329.205,"body":"But they have a fundamentals of investing"},{"speaker":"Michael Gilmore","startTime":1325.995,"endTime":1329.205,"body":"course that is a hundred percent free."},{"speaker":"Michael Gilmore","startTime":1329.865,"endTime":1334.034,"body":"This is the organization that every"},{"speaker":"Michael Gilmore","startTime":1329.865,"endTime":1334.034,"body":"single person who really wants"},{"speaker":"Michael Gilmore","startTime":1334.034,"endTime":1336.144,"body":"to work in investing gets a CFA."},{"speaker":"Michael Gilmore","startTime":1336.214,"endTime":1340.204,"body":"I have in my industry, I promise"},{"speaker":"Michael Gilmore","startTime":1336.214,"endTime":1340.204,"body":"you, we have way more respect"},{"speaker":"Michael Gilmore","startTime":1340.834,"endTime":1342.644,"body":"for CFA than we do for an MBA."},{"speaker":"Michael Gilmore","startTime":1342.674,"endTime":1346.384,"body":"You can have an MBA from wherever"},{"speaker":"Michael Gilmore","startTime":1342.674,"endTime":1346.384,"body":"you got a CFA your ahead."},{"speaker":"Michael Gilmore","startTime":1347.174,"endTime":1351.245,"body":"'cause it's cheap and you've had to"},{"speaker":"Michael Gilmore","startTime":1347.174,"endTime":1351.245,"body":"work in your spare time to do it."},{"speaker":"Michael Gilmore","startTime":1351.845,"endTime":1354.095,"body":"And it's more, and it's more detailed."},{"speaker":"Michael Gilmore","startTime":1354.605,"endTime":1357.155,"body":"The CFA organization has a"},{"speaker":"Michael Gilmore","startTime":1354.605,"endTime":1357.155,"body":"fundamental investing course,"},{"speaker":"Michael Gilmore","startTime":1357.185,"endTime":1358.985,"body":"which is a hundred percent free."},{"speaker":"Michael Gilmore","startTime":1359.345,"endTime":1360.695,"body":"You can just go on register."},{"speaker":"Michael Gilmore","startTime":1360.935,"endTime":1362.405,"body":"They'll send you the curriculum."},{"speaker":"Michael Gilmore","startTime":1362.435,"endTime":1366.065,"body":"They'll send you where you"},{"speaker":"Michael Gilmore","startTime":1362.435,"endTime":1366.065,"body":"find that the details takes me."},{"speaker":"Michael Gilmore","startTime":1366.095,"endTime":1370.005,"body":"I think it takes maybe 40, 50 hours"},{"speaker":"Michael Gilmore","startTime":1366.095,"endTime":1370.005,"body":"to complete something like that."},{"speaker":"Michael Gilmore","startTime":1370.056,"endTime":1370.536,"body":"But that's it."},{"speaker":"Michael Gilmore","startTime":1370.956,"endTime":1374.505,"body":"And that's a result, like you said,"},{"speaker":"Michael Gilmore","startTime":1370.956,"endTime":1374.505,"body":"there are amazing resources out there."},{"speaker":"Michael Gilmore","startTime":1374.955,"endTime":1378.165,"body":"The one thing I'd say, and this is"},{"speaker":"Michael Gilmore","startTime":1374.955,"endTime":1378.165,"body":"where we come back to why it should"},{"speaker":"Michael Gilmore","startTime":1378.165,"endTime":1381.995,"body":"be in schools, the job you do, the"},{"speaker":"Michael Gilmore","startTime":1378.165,"endTime":1381.995,"body":"job I do that we're all trying to do."},{"speaker":"Michael Gilmore","startTime":1382.005,"endTime":1384.315,"body":"We're trying to spread this"},{"speaker":"Michael Gilmore","startTime":1382.005,"endTime":1384.315,"body":"information for free, which I love"},{"speaker":"Michael Gilmore","startTime":1384.315,"endTime":1386.355,"body":"one of my, sorry, before I get"},{"speaker":"Michael Gilmore","startTime":1384.315,"endTime":1386.355,"body":"to where it should be in schools."},{"speaker":"Michael Gilmore","startTime":1386.585,"endTime":1391.065,"body":"One things I love about it is I"},{"speaker":"Michael Gilmore","startTime":1386.585,"endTime":1391.065,"body":"love marketing this because the"},{"speaker":"Michael Gilmore","startTime":1391.065,"endTime":1394.635,"body":"marketing message actually is a"},{"speaker":"Michael Gilmore","startTime":1391.065,"endTime":1394.635,"body":"little bit of education, right?"},{"speaker":"Michael Gilmore","startTime":1394.725,"endTime":1398.205,"body":"If I tell you, you can, if part"},{"speaker":"Michael Gilmore","startTime":1394.725,"endTime":1398.205,"body":"of my marketing is you can make a"},{"speaker":"Michael Gilmore","startTime":1398.205,"endTime":1400.065,"body":"million dollars by saving $7 a day."},{"speaker":"Michael Gilmore","startTime":1400.065,"endTime":1401.475,"body":"And that's my marketing strap line."},{"speaker":"Michael Gilmore","startTime":1402.295,"endTime":1403.805,"body":"You just learned"},{"speaker":"Michael Gilmore","startTime":1402.295,"endTime":1403.805,"body":"something that you didn't."},{"speaker":"Michael Gilmore","startTime":1403.874,"endTime":1406.313,"body":"It's there you go, that's"},{"speaker":"Michael Gilmore","startTime":1403.874,"endTime":1406.313,"body":"actually straightforward into."},{"speaker":"Average Joe Finances","startTime":1406.313,"endTime":1408.823,"body":"That's the hook"},{"speaker":"Average Joe Finances","startTime":1406.313,"endTime":1408.823,"body":"to get somebody to come check it out."},{"speaker":"Michael Gilmore","startTime":1408.893,"endTime":1409.643,"body":"But they've learned it."},{"speaker":"Michael Gilmore","startTime":1409.703,"endTime":1411.343,"body":"They've actually learned"},{"speaker":"Michael Gilmore","startTime":1409.703,"endTime":1411.343,"body":"something right there."},{"speaker":"Michael Gilmore","startTime":1411.383,"endTime":1413.673,"body":"They know something they didn't know,"},{"speaker":"Michael Gilmore","startTime":1411.383,"endTime":1413.673,"body":"which is part of financial literacy."},{"speaker":"Michael Gilmore","startTime":1413.693,"endTime":1416.393,"body":"And maybe it works as a hook, but"},{"speaker":"Michael Gilmore","startTime":1413.693,"endTime":1416.393,"body":"even for the one who doesn't, they"},{"speaker":"Michael Gilmore","startTime":1416.393,"endTime":1417.303,"body":"learned something they didn't know."},{"speaker":"Michael Gilmore","startTime":1417.372,"endTime":1420.042,"body":"But the second part to, to get into"},{"speaker":"Michael Gilmore","startTime":1417.372,"endTime":1420.042,"body":"why it's so important for schools"},{"speaker":"Michael Gilmore","startTime":1420.072,"endTime":1424.172,"body":"is unfortunately hearing like all"},{"speaker":"Michael Gilmore","startTime":1420.072,"endTime":1424.172,"body":"this stuff that's free on the."},{"speaker":"Michael Gilmore","startTime":1425.052,"endTime":1425.542,"body":"All of it."},{"speaker":"Michael Gilmore","startTime":1425.611,"endTime":1429.271,"body":"Let's say the good stuff, all the"},{"speaker":"Michael Gilmore","startTime":1425.611,"endTime":1429.271,"body":"well-intentioned stuff, right?"},{"speaker":"Michael Gilmore","startTime":1429.331,"endTime":1432.541,"body":"All the people like you like me, like all"},{"speaker":"Michael Gilmore","startTime":1429.331,"endTime":1432.541,"body":"these people that are trying to help other"},{"speaker":"Michael Gilmore","startTime":1432.541,"endTime":1437.131,"body":"people, unfortunately, we're all providing"},{"speaker":"Michael Gilmore","startTime":1432.541,"endTime":1437.131,"body":"different access points into this."},{"speaker":"Michael Gilmore","startTime":1437.641,"endTime":1441.931,"body":"And if you've got no grounding,"},{"speaker":"Michael Gilmore","startTime":1437.641,"endTime":1441.931,"body":"if you've got no basics, you can"},{"speaker":"Michael Gilmore","startTime":1441.931,"endTime":1444.811,"body":"come and come in and think, oh"},{"speaker":"Michael Gilmore","startTime":1441.931,"endTime":1444.811,"body":"that's the right place to start."},{"speaker":"Michael Gilmore","startTime":1445.411,"endTime":1446.281,"body":"That's what I need to know."},{"speaker":"Michael Gilmore","startTime":1446.431,"endTime":1451.471,"body":"And this is how kids end up trading"},{"speaker":"Michael Gilmore","startTime":1446.431,"endTime":1451.471,"body":"derivatives on Robin hood because they see"},{"speaker":"Michael Gilmore","startTime":1451.471,"endTime":1453.271,"body":"that as their first piece of information."},{"speaker":"Michael Gilmore","startTime":1453.811,"endTime":1457.711,"body":"If they, if we got that in school"},{"speaker":"Michael Gilmore","startTime":1453.811,"endTime":1457.711,"body":"and someone said to us, okay, this is"},{"speaker":"Michael Gilmore","startTime":1457.711,"endTime":1459.611,"body":"how you do, this is how you combat."},{"speaker":"Michael Gilmore","startTime":1459.681,"endTime":1462.711,"body":"Okay, no one is going to learn"},{"speaker":"Michael Gilmore","startTime":1459.681,"endTime":1462.711,"body":"the word in school with one of my"},{"speaker":"Michael Gilmore","startTime":1462.711,"endTime":1466.881,"body":"favorite words, because it's so hard"},{"speaker":"Michael Gilmore","startTime":1462.711,"endTime":1466.881,"body":"to say heteroscedasticity now no"},{"speaker":"Michael Gilmore","startTime":1466.881,"endTime":1470.571,"body":"one's going to do that in school, but"},{"speaker":"Michael Gilmore","startTime":1466.881,"endTime":1470.571,"body":"heteroskedasticity is a really important"},{"speaker":"Michael Gilmore","startTime":1470.571,"endTime":1474.261,"body":"concept because it's the difference"},{"speaker":"Michael Gilmore","startTime":1470.571,"endTime":1474.261,"body":"between compounding at an average of 7%."},{"speaker":"Michael Gilmore","startTime":1475.476,"endTime":1478.986,"body":"'cause your max is maybe 30% plus year."},{"speaker":"Michael Gilmore","startTime":1479.346,"endTime":1481.776,"body":"Your minimum is maybe a minus 15%."},{"speaker":"Michael Gilmore","startTime":1481.776,"endTime":1482.016,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":1482.316,"endTime":1485.496,"body":"And you average out into that kind"},{"speaker":"Michael Gilmore","startTime":1482.316,"endTime":1485.496,"body":"of seven, 8% return, but you're"},{"speaker":"Michael Gilmore","startTime":1485.496,"endTime":1486.936,"body":"never taken out of the game."},{"speaker":"Michael Gilmore","startTime":1487.266,"endTime":1489.186,"body":"If you stay invested, you'll"},{"speaker":"Michael Gilmore","startTime":1487.266,"endTime":1489.186,"body":"never take out the game."},{"speaker":"Michael Gilmore","startTime":1489.186,"endTime":1493.056,"body":"You'll never going to have a minus"},{"speaker":"Michael Gilmore","startTime":1489.186,"endTime":1493.056,"body":"100% there you are in options."},{"speaker":"Michael Gilmore","startTime":1493.956,"endTime":1495.846,"body":"You are going to have a minus a"},{"speaker":"Michael Gilmore","startTime":1493.956,"endTime":1495.846,"body":"hundred percent year on options."},{"speaker":"Michael Gilmore","startTime":1496.026,"endTime":1496.846,"body":"What's gonna happen."},{"speaker":"Michael Gilmore","startTime":1496.916,"endTime":1498.176,"body":"It's just like tossing a coin."},{"speaker":"Michael Gilmore","startTime":1498.266,"endTime":1499.526,"body":"It's just like playing roulette."},{"speaker":"Michael Gilmore","startTime":1499.556,"endTime":1503.406,"body":"You're going to have a minus a"},{"speaker":"Michael Gilmore","startTime":1499.556,"endTime":1503.406,"body":"hundred percent now, reality."},{"speaker":"Average Joe Finances","startTime":1503.477,"endTime":1504.557,"body":"Options"},{"speaker":"Average Joe Finances","startTime":1503.477,"endTime":1504.557,"body":"or anything like that."},{"speaker":"Average Joe Finances","startTime":1504.626,"endTime":1506.636,"body":"That's not something you"},{"speaker":"Average Joe Finances","startTime":1504.626,"endTime":1506.636,"body":"can just go lightly into."},{"speaker":"Average Joe Finances","startTime":1506.636,"endTime":1509.066,"body":"You definitely need to do your"},{"speaker":"Average Joe Finances","startTime":1506.636,"endTime":1509.066,"body":"research and due diligence"},{"speaker":"Average Joe Finances","startTime":1509.532,"endTime":1510.706,"body":"before doing something like that."},{"speaker":"Michael Gilmore","startTime":1511.003,"endTime":1511.693,"body":"Exactly."},{"speaker":"Michael Gilmore","startTime":1511.983,"endTime":1514.903,"body":"And the problem with it is if"},{"speaker":"Michael Gilmore","startTime":1511.983,"endTime":1514.903,"body":"you put all your money in your"},{"speaker":"Michael Gilmore","startTime":1514.903,"endTime":1517.183,"body":"average return is nowhere near 10%."},{"speaker":"Michael Gilmore","startTime":1517.243,"endTime":1517.903,"body":"It's zero."},{"speaker":"Michael Gilmore","startTime":1518.323,"endTime":1521.053,"body":"Because if you're taken out of the"},{"speaker":"Michael Gilmore","startTime":1518.323,"endTime":1521.053,"body":"game, if you have the risk of being"},{"speaker":"Michael Gilmore","startTime":1521.053,"endTime":1524.753,"body":"taken out of the game in one, let's say"},{"speaker":"Michael Gilmore","startTime":1521.053,"endTime":1524.753,"body":"it's roulette, you're going to roll."},{"speaker":"Michael Gilmore","startTime":1524.792,"endTime":1525.94,"body":"You're going roll every hand."},{"speaker":"Michael Gilmore","startTime":1526.3,"endTime":1528.21,"body":"Your average return on roulette is 0."},{"speaker":"Michael Gilmore","startTime":1528.21,"endTime":1531.415,"body":"All right, because eventually you'll"},{"speaker":"Michael Gilmore","startTime":1528.21,"endTime":1531.415,"body":"get taken you're taken out and"},{"speaker":"Michael Gilmore","startTime":1531.415,"endTime":1534.925,"body":"you got no money and that's what"},{"speaker":"Michael Gilmore","startTime":1531.415,"endTime":1534.925,"body":"heteroscedasticity and you could"},{"speaker":"Michael Gilmore","startTime":1534.925,"endTime":1536.375,"body":"refer to it as asymmetric risk."},{"speaker":"Michael Gilmore","startTime":1536.426,"endTime":1541.354,"body":"But it's a very specific asymmetric"},{"speaker":"Michael Gilmore","startTime":1536.426,"endTime":1541.354,"body":"risk of your actual return becomes zero"},{"speaker":"Michael Gilmore","startTime":1541.354,"endTime":1543.604,"body":"because of how much of how uneven it is."},{"speaker":"Michael Gilmore","startTime":1543.874,"endTime":1549.094,"body":"Now, if you could learn something along"},{"speaker":"Michael Gilmore","startTime":1543.874,"endTime":1549.094,"body":"those lines, maybe not that word in, in"},{"speaker":"Michael Gilmore","startTime":1549.094,"endTime":1551.314,"body":"school, you're going to look at options."},{"speaker":"Michael Gilmore","startTime":1551.544,"endTime":1551.884,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":1552.004,"endTime":1556.894,"body":"Options is my gambling money options"},{"speaker":"Michael Gilmore","startTime":1552.004,"endTime":1556.894,"body":"is my hedge options is how I take a"},{"speaker":"Michael Gilmore","startTime":1556.894,"endTime":1558.964,"body":"tiny little position and switch it."},{"speaker":"Michael Gilmore","startTime":1559.354,"endTime":1561.694,"body":"It's not where I put all my money, right?"},{"speaker":"Michael Gilmore","startTime":1561.694,"endTime":1565.054,"body":"This is, and that's not where I take all"},{"speaker":"Michael Gilmore","startTime":1561.694,"endTime":1565.054,"body":"my risk and I can never expose myself."},{"speaker":"Michael Gilmore","startTime":1565.404,"endTime":1569.644,"body":"So losing all my money on this, but"},{"speaker":"Michael Gilmore","startTime":1565.404,"endTime":1569.644,"body":"let's say, I think, you know what?"},{"speaker":"Michael Gilmore","startTime":1569.854,"endTime":1573.154,"body":"I've got all my money in the S\u0026P"},{"speaker":"Michael Gilmore","startTime":1569.854,"endTime":1573.154,"body":"and I'm thinking, it looks a little"},{"speaker":"Michael Gilmore","startTime":1573.154,"endTime":1574.804,"body":"bit toppish, but I want to stay in."},{"speaker":"Michael Gilmore","startTime":1575.134,"endTime":1577.654,"body":"Do you want to have a little bit"},{"speaker":"Michael Gilmore","startTime":1575.134,"endTime":1577.654,"body":"of money where I could say I could"},{"speaker":"Michael Gilmore","startTime":1577.654,"endTime":1581.014,"body":"just get like a buyer really out"},{"speaker":"Michael Gilmore","startTime":1577.654,"endTime":1581.014,"body":"of the money, put option on the S\u0026P"},{"speaker":"Michael Gilmore","startTime":1581.404,"endTime":1582.604,"body":"for a very short period of time."},{"speaker":"Michael Gilmore","startTime":1582.844,"endTime":1585.464,"body":"And you know what, then I've just"},{"speaker":"Michael Gilmore","startTime":1582.844,"endTime":1585.464,"body":"hedged myself on that position."},{"speaker":"Michael Gilmore","startTime":1585.535,"endTime":1589.726,"body":"Something as simple as that, maybe it's"},{"speaker":"Michael Gilmore","startTime":1585.535,"endTime":1589.726,"body":"you want to buy a property in a particular"},{"speaker":"Michael Gilmore","startTime":1589.726,"endTime":1591.346,"body":"market and you're looking to go, okay."},{"speaker":"Michael Gilmore","startTime":1591.346,"endTime":1594.556,"body":"Yeah, I can't, I haven't got the down"},{"speaker":"Michael Gilmore","startTime":1591.346,"endTime":1594.556,"body":"payment yet and I want to save up for it."},{"speaker":"Michael Gilmore","startTime":1594.816,"endTime":1596.986,"body":"Maybe I could buy a warrant on a REIT."},{"speaker":"Michael Gilmore","startTime":1597.606,"endTime":1599.826,"body":"And there just is like as"},{"speaker":"Michael Gilmore","startTime":1597.606,"endTime":1599.826,"body":"sufficiently out of the money."},{"speaker":"Michael Gilmore","startTime":1599.826,"endTime":1600.934,"body":"So it's really cheap."},{"speaker":"Michael Gilmore","startTime":1601.354,"endTime":1605.103,"body":"And if property prices go up that"},{"speaker":"Michael Gilmore","startTime":1601.354,"endTime":1605.103,"body":"rate's going to go up and my warrant"},{"speaker":"Michael Gilmore","startTime":1605.103,"endTime":1608.433,"body":"is going to fly and I'll have more"},{"speaker":"Michael Gilmore","startTime":1605.103,"endTime":1608.433,"body":"money in my deposit to do that."},{"speaker":"Michael Gilmore","startTime":1608.433,"endTime":1610.383,"body":"And I've hedged out my rest now."},{"speaker":"Michael Gilmore","startTime":1611.253,"endTime":1611.583,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":1611.883,"endTime":1613.353,"body":"Those are a couple of jumps for people."},{"speaker":"Michael Gilmore","startTime":1613.383,"endTime":1616.563,"body":"Maybe that's less than like maybe"},{"speaker":"Michael Gilmore","startTime":1613.383,"endTime":1616.563,"body":"that's not a level one financial"},{"speaker":"Michael Gilmore","startTime":1616.563,"endTime":1619.593,"body":"list, level 10 it's level two, right?"},{"speaker":"Michael Gilmore","startTime":1619.623,"endTime":1621.303,"body":"This is stuff that people can understand."},{"speaker":"Michael Gilmore","startTime":1621.372,"endTime":1624.102,"body":"If you can go to, if you can"},{"speaker":"Michael Gilmore","startTime":1621.372,"endTime":1624.102,"body":"lay a bet on a horse race,"},{"speaker":"Michael Gilmore","startTime":1624.102,"endTime":1625.162,"body":"you can understand this stuff."},{"speaker":"Michael Gilmore","startTime":1625.234,"endTime":1630.394,"body":"And that's where I feel if we taught"},{"speaker":"Michael Gilmore","startTime":1625.234,"endTime":1630.394,"body":"it in schools and we get everyone from"},{"speaker":"Michael Gilmore","startTime":1630.394,"endTime":1634.954,"body":"zero to one at school, then they'd be"},{"speaker":"Michael Gilmore","startTime":1630.394,"endTime":1634.954,"body":"free and be confident to go from level"},{"speaker":"Michael Gilmore","startTime":1635.194,"endTime":1637.054,"body":"one to two to three, to four to five."},{"speaker":"Michael Gilmore","startTime":1637.594,"endTime":1640.894,"body":"And that's where school I think is"},{"speaker":"Michael Gilmore","startTime":1637.594,"endTime":1640.894,"body":"it needs to play this vital role"},{"speaker":"Michael Gilmore","startTime":1640.894,"endTime":1645.754,"body":"of giving us that basics like they"},{"speaker":"Michael Gilmore","startTime":1640.894,"endTime":1645.754,"body":"do with maths and language and"},{"speaker":"Michael Gilmore","startTime":1645.823,"endTime":1646.903,"body":"everything else, they teach us."},{"speaker":"Michael Gilmore","startTime":1646.903,"endTime":1647.903,"body":"They give us that basic."},{"speaker":"Average Joe Finances","startTime":1647.934,"endTime":1649.934,"body":"And"},{"speaker":"Average Joe Finances","startTime":1647.934,"endTime":1649.934,"body":"having that basic education"},{"speaker":"Average Joe Finances","startTime":1649.934,"endTime":1651.615,"body":"like that foundation, right?"},{"speaker":"Average Joe Finances","startTime":1651.646,"endTime":1653.256,"body":"It's a foundational education."},{"speaker":"Average Joe Finances","startTime":1653.256,"endTime":1654.786,"body":"It's something you can build upon."},{"speaker":"Average Joe Finances","startTime":1655.266,"endTime":1659.556,"body":"It's something that even if they did"},{"speaker":"Average Joe Finances","startTime":1655.266,"endTime":1659.556,"body":"nothing more or learned anything more,"},{"speaker":"Average Joe Finances","startTime":1659.556,"endTime":1663.576,"body":"it's still a foundation that they"},{"speaker":"Average Joe Finances","startTime":1659.556,"endTime":1663.576,"body":"can rest on that will put them in a"},{"speaker":"Average Joe Finances","startTime":1663.576,"endTime":1665.804,"body":"good place to retire at a decent age."},{"speaker":"Average Joe Finances","startTime":1665.875,"endTime":1670.225,"body":"If you just stick to the foundational"},{"speaker":"Average Joe Finances","startTime":1665.875,"endTime":1670.225,"body":"principles, you can go deeper, you can dig"},{"speaker":"Average Joe Finances","startTime":1670.255,"endTime":1671.945,"body":"deeper, learn how to do different things."},{"speaker":"Average Joe Finances","startTime":1672.016,"endTime":1673.786,"body":"You talked a little bit"},{"speaker":"Average Joe Finances","startTime":1672.016,"endTime":1673.786,"body":"about real estate, right?"},{"speaker":"Average Joe Finances","startTime":1673.817,"endTime":1676.667,"body":"If you didn't have the money for the"},{"speaker":"Average Joe Finances","startTime":1673.817,"endTime":1676.667,"body":"down payment, there's other options,"},{"speaker":"Average Joe Finances","startTime":1676.667,"endTime":1678.317,"body":"you can look for a hard money lender."},{"speaker":"Average Joe Finances","startTime":1678.317,"endTime":1680.937,"body":"If you know what this, you've got"},{"speaker":"Average Joe Finances","startTime":1678.317,"endTime":1680.937,"body":"the numbers work, and that rate"},{"speaker":"Average Joe Finances","startTime":1680.937,"endTime":1683.097,"body":"of return is gonna be better and"},{"speaker":"Average Joe Finances","startTime":1680.937,"endTime":1683.097,"body":"you could pay them back soon."},{"speaker":"Average Joe Finances","startTime":1683.487,"endTime":1685.527,"body":"It might be in your best interest"},{"speaker":"Average Joe Finances","startTime":1683.487,"endTime":1685.527,"body":"to do something like that."},{"speaker":"Average Joe Finances","startTime":1686.192,"endTime":1690.602,"body":"But that is all based on you having"},{"speaker":"Average Joe Finances","startTime":1686.192,"endTime":1690.602,"body":"the basics down, having that foundation"},{"speaker":"Average Joe Finances","startTime":1690.602,"endTime":1694.991,"body":"laid before you start building the"},{"speaker":"Average Joe Finances","startTime":1690.602,"endTime":1694.991,"body":"frame, the framework of what your"},{"speaker":"Average Joe Finances","startTime":1694.991,"endTime":1696.081,"body":"investing is going to look like."},{"speaker":"Average Joe Finances","startTime":1696.131,"endTime":1697.091,"body":"So that's super important."},{"speaker":"Average Joe Finances","startTime":1697.12,"endTime":1699.928,"body":"And you touched on this a little"},{"speaker":"Average Joe Finances","startTime":1697.12,"endTime":1699.928,"body":"bit and I want to ask you something"},{"speaker":"Average Joe Finances","startTime":1699.928,"endTime":1703.017,"body":"else about especially when it comes"},{"speaker":"Average Joe Finances","startTime":1699.928,"endTime":1703.017,"body":"to financial literacy what do you"},{"speaker":"Average Joe Finances","startTime":1703.017,"endTime":1707.967,"body":"think most people are getting wrong"},{"speaker":"Average Joe Finances","startTime":1703.017,"endTime":1707.967,"body":"when it comes to financial literacy?"},{"speaker":"Michael Gilmore","startTime":1708.314,"endTime":1708.674,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":1708.704,"endTime":1708.974,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":1709.064,"endTime":1710.144,"body":"I know that, yeah."},{"speaker":"Michael Gilmore","startTime":1710.444,"endTime":1712.634,"body":"This is an interesting one because"},{"speaker":"Michael Gilmore","startTime":1710.444,"endTime":1712.634,"body":"it's not what everyone thinks because"},{"speaker":"Michael Gilmore","startTime":1712.994,"endTime":1715.394,"body":"it's tempting to say, oh there's"},{"speaker":"Michael Gilmore","startTime":1712.994,"endTime":1715.394,"body":"this one thing everyone talks about."},{"speaker":"Michael Gilmore","startTime":1715.463,"endTime":1716.913,"body":"And there's this other thing"},{"speaker":"Michael Gilmore","startTime":1715.463,"endTime":1716.913,"body":"that everyone talks about."},{"speaker":"Michael Gilmore","startTime":1716.983,"endTime":1721.813,"body":"I think what people most get wrong is that"},{"speaker":"Michael Gilmore","startTime":1716.983,"endTime":1721.813,"body":"they forget that everyone else's journey,"},{"speaker":"Michael Gilmore","startTime":1721.813,"endTime":1723.553,"body":"isn't their journey and their journey."},{"speaker":"Michael Gilmore","startTime":1723.583,"endTime":1724.723,"body":"Isn't everyone else's journey."},{"speaker":"Average Joe Finances","startTime":1725.683,"endTime":1727.843,"body":"I know"},{"speaker":"Average Joe Finances","startTime":1725.683,"endTime":1727.843,"body":"it's a, we talked about that."},{"speaker":"Average Joe Finances","startTime":1727.843,"endTime":1730.583,"body":"Off-camera a little bit before,"},{"speaker":"Average Joe Finances","startTime":1727.843,"endTime":1730.583,"body":"before we hit the record button"},{"speaker":"Average Joe Finances","startTime":1730.583,"endTime":1731.652,"body":"and that's that's awesome."},{"speaker":"Average Joe Finances","startTime":1731.802,"endTime":1732.062,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1732.572,"endTime":1734.815,"body":"I like that where we're"},{"speaker":"Average Joe Finances","startTime":1732.572,"endTime":1734.815,"body":"synced up with that."},{"speaker":"Average Joe Finances","startTime":1734.845,"endTime":1735.595,"body":"That's really cool."},{"speaker":"Michael Gilmore","startTime":1735.838,"endTime":1737.678,"body":"It's"},{"speaker":"Michael Gilmore","startTime":1735.838,"endTime":1737.678,"body":"because it is exactly that."},{"speaker":"Michael Gilmore","startTime":1737.748,"endTime":1741.52,"body":"You see so many people it's and it's"},{"speaker":"Michael Gilmore","startTime":1737.748,"endTime":1741.52,"body":"and it's well-meaning this is say that"},{"speaker":"Michael Gilmore","startTime":1741.52,"endTime":1745.4,"body":"the biggest mistake that well-meaning"},{"speaker":"Michael Gilmore","startTime":1741.52,"endTime":1745.4,"body":"people make with financial literacy is"},{"speaker":"Michael Gilmore","startTime":1745.4,"endTime":1750.389,"body":"to say, Hey, what really worked for me"},{"speaker":"Michael Gilmore","startTime":1745.4,"endTime":1750.389,"body":"was this was what gave me my aha moment."},{"speaker":"Michael Gilmore","startTime":1750.689,"endTime":1754.019,"body":"This is the thing that, you're"},{"speaker":"Michael Gilmore","startTime":1750.689,"endTime":1754.019,"body":"the only thing you need to do."},{"speaker":"Michael Gilmore","startTime":1754.019,"endTime":1755.339,"body":"And then this'll be okay."},{"speaker":"Michael Gilmore","startTime":1756.029,"endTime":1760.049,"body":"And yeah, it's worked for you and it'll"},{"speaker":"Michael Gilmore","startTime":1756.029,"endTime":1760.049,"body":"work for other people that might not"},{"speaker":"Michael Gilmore","startTime":1760.049,"endTime":1761.219,"body":"work for the person you're talking to."},{"speaker":"Michael Gilmore","startTime":1762.029,"endTime":1764.399,"body":"And I'll give you a little bit of"},{"speaker":"Michael Gilmore","startTime":1762.029,"endTime":1764.399,"body":"background on the stuff I was doing."},{"speaker":"Michael Gilmore","startTime":1764.399,"endTime":1766.889,"body":"Am I going to work as a why I"},{"speaker":"Michael Gilmore","startTime":1764.399,"endTime":1766.889,"body":"ended up writing stuff for them"},{"speaker":"Michael Gilmore","startTime":1766.889,"endTime":1769.729,"body":"rather than, taking out a Sunday"},{"speaker":"Michael Gilmore","startTime":1766.889,"endTime":1769.729,"body":"and going teaching them in person."},{"speaker":"Michael Gilmore","startTime":1769.843,"endTime":1773.584,"body":"And that was because I don't look"},{"speaker":"Michael Gilmore","startTime":1769.843,"endTime":1773.584,"body":"like a Filipino domestic worker."},{"speaker":"Michael Gilmore","startTime":1774.244,"endTime":1775.924,"body":"I'm not female, I'm not Filipino."},{"speaker":"Michael Gilmore","startTime":1776.194,"endTime":1779.454,"body":"It's just, they look at me and they"},{"speaker":"Michael Gilmore","startTime":1776.194,"endTime":1779.454,"body":"go, what the hell can you tell me?"},{"speaker":"Michael Gilmore","startTime":1779.601,"endTime":1782.301,"body":"The first lesson, every Filipino"},{"speaker":"Michael Gilmore","startTime":1779.601,"endTime":1782.301,"body":"domestic work that needs to come to"},{"speaker":"Michael Gilmore","startTime":1782.301,"endTime":1785.691,"body":"Singapore needs to learn is how do"},{"speaker":"Michael Gilmore","startTime":1782.301,"endTime":1785.691,"body":"I not send money back to my uncle?"},{"speaker":"Michael Gilmore","startTime":1785.691,"endTime":1787.731,"body":"When he tells me he needs"},{"speaker":"Michael Gilmore","startTime":1785.691,"endTime":1787.731,"body":"some money to do X, Y, Z."},{"speaker":"Michael Gilmore","startTime":1788.661,"endTime":1791.121,"body":"And you're not, I can't"},{"speaker":"Michael Gilmore","startTime":1788.661,"endTime":1791.121,"body":"answer that question for them."},{"speaker":"Michael Gilmore","startTime":1791.181,"endTime":1793.482,"body":"I got, I've heard answers,"},{"speaker":"Michael Gilmore","startTime":1791.181,"endTime":1793.482,"body":"but they're not my answers."},{"speaker":"Michael Gilmore","startTime":1794.022,"endTime":1797.292,"body":"And you have to always like, okay,"},{"speaker":"Michael Gilmore","startTime":1794.022,"endTime":1797.292,"body":"who again, back to marketing, who is"},{"speaker":"Michael Gilmore","startTime":1797.292,"endTime":1799.692,"body":"my customer, understand who they are."},{"speaker":"Michael Gilmore","startTime":1799.932,"endTime":1804.342,"body":"Is it important that your teaching,"},{"speaker":"Michael Gilmore","startTime":1799.932,"endTime":1804.342,"body":"or is it important that they learn?"},{"speaker":"Michael Gilmore","startTime":1804.822,"endTime":1808.782,"body":"If it's important, they learn,"},{"speaker":"Michael Gilmore","startTime":1804.822,"endTime":1808.782,"body":"then it's not matter so much."},{"speaker":"Michael Gilmore","startTime":1808.812,"endTime":1812.892,"body":"What I want to teach you, what matters is,"},{"speaker":"Michael Gilmore","startTime":1808.812,"endTime":1812.892,"body":"okay, how are you going to get into this?"},{"speaker":"Michael Gilmore","startTime":1812.892,"endTime":1814.422,"body":"What is the thing you're going to find?"},{"speaker":"Michael Gilmore","startTime":1814.932,"endTime":1816.972,"body":"And that I think is that to me,"},{"speaker":"Michael Gilmore","startTime":1814.932,"endTime":1816.972,"body":"that's the biggest mistake, too"},{"speaker":"Michael Gilmore","startTime":1816.972,"endTime":1819.871,"body":"many people that they, the old"},{"speaker":"Michael Gilmore","startTime":1816.972,"endTime":1819.871,"body":"line, they've discovered a hammer."},{"speaker":"Michael Gilmore","startTime":1819.871,"endTime":1821.261,"body":"So everything looks like a nail."},{"speaker":"Michael Gilmore","startTime":1821.291,"endTime":1823.63,"body":"I think the, I still love"},{"speaker":"Michael Gilmore","startTime":1821.291,"endTime":1823.63,"body":"Charlie Munger's line."},{"speaker":"Michael Gilmore","startTime":1823.63,"endTime":1826.61,"body":"So out of everyone, it's"},{"speaker":"Michael Gilmore","startTime":1823.63,"endTime":1826.61,"body":"you have to do this."},{"speaker":"Michael Gilmore","startTime":1826.61,"endTime":1830.12,"body":"If you work in investing, you"},{"speaker":"Michael Gilmore","startTime":1826.61,"endTime":1830.12,"body":"have to love Buffett and Munger,"},{"speaker":"Michael Gilmore","startTime":1830.48,"endTime":1833.87,"body":"but obvious, I'm one of the few"},{"speaker":"Michael Gilmore","startTime":1830.48,"endTime":1833.87,"body":"that goes actually, you know what?"},{"speaker":"Michael Gilmore","startTime":1833.93,"endTime":1834.56,"body":"I'm a Munger guy."},{"speaker":"Michael Gilmore","startTime":1834.65,"endTime":1836.75,"body":"I'm a Charlie Munger a hundred percent."},{"speaker":"Michael Gilmore","startTime":1837.2,"endTime":1837.77,"body":"And I love that."},{"speaker":"Michael Gilmore","startTime":1837.77,"endTime":1840.12,"body":"I'm that Charlie Munger instead"},{"speaker":"Michael Gilmore","startTime":1837.77,"endTime":1840.12,"body":"about Warren Buffett's yeah,"},{"speaker":"Michael Gilmore","startTime":1840.39,"endTime":1841.53,"body":"Warren is one of those guys."},{"speaker":"Michael Gilmore","startTime":1841.56,"endTime":1842.73,"body":"He's got a, he's got a hammer."},{"speaker":"Michael Gilmore","startTime":1843.18,"endTime":1845.91,"body":"His genius is identifying nails."},{"speaker":"Michael Gilmore","startTime":1847.02,"endTime":1848.65,"body":"He knows what a nail looks like."},{"speaker":"Average Joe Finances","startTime":1848.721,"endTime":1850.731,"body":"And see what the big"},{"speaker":"Average Joe Finances","startTime":1848.721,"endTime":1850.731,"body":"differences that you said there though,"},{"speaker":"Average Joe Finances","startTime":1850.731,"endTime":1854.691,"body":"where, you know, somebody with a hammer"},{"speaker":"Average Joe Finances","startTime":1850.731,"endTime":1854.691,"body":"starts looking at everything like a nail."},{"speaker":"Average Joe Finances","startTime":1854.721,"endTime":1858.411,"body":"But the difference there with Warren"},{"speaker":"Average Joe Finances","startTime":1854.721,"endTime":1858.411,"body":"Buffett was he identified the nails."},{"speaker":"Average Joe Finances","startTime":1858.411,"endTime":1860.181,"body":"It wasn't, I'm just going"},{"speaker":"Average Joe Finances","startTime":1858.411,"endTime":1860.181,"body":"to swing at everything."},{"speaker":"Average Joe Finances","startTime":1860.631,"endTime":1863.392,"body":"So I just want to point that out"},{"speaker":"Average Joe Finances","startTime":1860.631,"endTime":1863.392,"body":"cause that's a super key point."},{"speaker":"Michael Gilmore","startTime":1864.132,"endTime":1866.831,"body":"And that's Charlie Munger"},{"speaker":"Michael Gilmore","startTime":1864.132,"endTime":1866.831,"body":"looking at his best mate and saying,"},{"speaker":"Michael Gilmore","startTime":1867.131,"endTime":1871.181,"body":"that's, what's special about Warren and I,"},{"speaker":"Michael Gilmore","startTime":1867.131,"endTime":1871.181,"body":"and that's what we all have to remember."},{"speaker":"Michael Gilmore","startTime":1871.421,"endTime":1872.201,"body":"We've all got a hammer."},{"speaker":"Michael Gilmore","startTime":1872.231,"endTime":1873.161,"body":"We all know we've got a hammer."},{"speaker":"Michael Gilmore","startTime":1873.161,"endTime":1874.991,"body":"We've this financial"},{"speaker":"Michael Gilmore","startTime":1873.161,"endTime":1874.991,"body":"literacy is our hammer."},{"speaker":"Michael Gilmore","startTime":1875.291,"endTime":1876.491,"body":"And it might be one particular thing."},{"speaker":"Michael Gilmore","startTime":1876.731,"endTime":1880.519,"body":"We got to remember that not everyone"},{"speaker":"Michael Gilmore","startTime":1876.731,"endTime":1880.519,"body":"is a nail, and that they might need a"},{"speaker":"Michael Gilmore","startTime":1880.519,"endTime":1884.608,"body":"slightly different introduction to this,"},{"speaker":"Michael Gilmore","startTime":1880.519,"endTime":1884.608,"body":"and it's, that's all that's what matters."},{"speaker":"Michael Gilmore","startTime":1884.608,"endTime":1886.658,"body":"And you just have to remember"},{"speaker":"Michael Gilmore","startTime":1884.608,"endTime":1886.658,"body":"that we bring them in softly."},{"speaker":"Average Joe Finances","startTime":1886.802,"endTime":1887.7,"body":"You"},{"speaker":"Average Joe Finances","startTime":1886.802,"endTime":1887.7,"body":"mentioned earlier, every"},{"speaker":"Average Joe Finances","startTime":1887.7,"endTime":1888.99,"body":"everyone's journey is different."},{"speaker":"Average Joe Finances","startTime":1889.06,"endTime":1890.98,"body":"The people that you're teaching right now."},{"speaker":"Average Joe Finances","startTime":1891.04,"endTime":1894.302,"body":"They're not looking to invest and get"},{"speaker":"Average Joe Finances","startTime":1891.04,"endTime":1894.302,"body":"to the point where they're gonna make"},{"speaker":"Average Joe Finances","startTime":1894.302,"endTime":1895.472,"body":"millions and millions of millions."},{"speaker":"Average Joe Finances","startTime":1895.472,"endTime":1897.902,"body":"They're saying, Hey, I need to"},{"speaker":"Average Joe Finances","startTime":1895.472,"endTime":1897.902,"body":"be able to make enough money to"},{"speaker":"Average Joe Finances","startTime":1897.902,"endTime":1899.372,"body":"take care of my family back home."},{"speaker":"Average Joe Finances","startTime":1899.672,"endTime":1903.512,"body":"I need to be able to send this money back"},{"speaker":"Average Joe Finances","startTime":1899.672,"endTime":1903.512,"body":"home when needed, how do I get there?"},{"speaker":"Average Joe Finances","startTime":1903.782,"endTime":1904.862,"body":"So that's their journey."},{"speaker":"Average Joe Finances","startTime":1904.922,"endTime":1907.531,"body":"That's how, that's what"},{"speaker":"Average Joe Finances","startTime":1904.922,"endTime":1907.531,"body":"they need to focus on."},{"speaker":"Average Joe Finances","startTime":1907.582,"endTime":1911.963,"body":"But the thing is educating them on how"},{"speaker":"Average Joe Finances","startTime":1907.582,"endTime":1911.963,"body":"to, put themselves in a better spot"},{"speaker":"Average Joe Finances","startTime":1912.353,"endTime":1916.253,"body":"where maybe they build up some type"},{"speaker":"Average Joe Finances","startTime":1912.353,"endTime":1916.253,"body":"of passive cashflow that just goes"},{"speaker":"Average Joe Finances","startTime":1916.253,"endTime":1918.293,"body":"back home and helps them back there."},{"speaker":"Average Joe Finances","startTime":1918.293,"endTime":1919.613,"body":"And Hey, just put a"},{"speaker":"Average Joe Finances","startTime":1918.293,"endTime":1919.613,"body":"little bit to the side."},{"speaker":"Average Joe Finances","startTime":1919.613,"endTime":1925.323,"body":"If you can do what you can do $7 a day,"},{"speaker":"Average Joe Finances","startTime":1919.613,"endTime":1925.323,"body":"if that's what it is that you can do."},{"speaker":"Average Joe Finances","startTime":1925.394,"endTime":1925.584,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1925.584,"endTime":1925.914,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1926.084,"endTime":1926.724,"body":"That's awesome."},{"speaker":"Michael Gilmore","startTime":1927.315,"endTime":1928.445,"body":"And you'll love this."},{"speaker":"Michael Gilmore","startTime":1928.895,"endTime":1929.225,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":1929.297,"endTime":1933.946,"body":"And they read, if like low income"},{"speaker":"Michael Gilmore","startTime":1929.297,"endTime":1933.946,"body":"level, real estate and places like the"},{"speaker":"Michael Gilmore","startTime":1933.946,"endTime":1936.396,"body":"Philippines can yield 12 to 15 percent."},{"speaker":"Michael Gilmore","startTime":1937.286,"endTime":1940.352,"body":"Now you imagine you can, you just need to"},{"speaker":"Michael Gilmore","startTime":1937.286,"endTime":1940.352,"body":"buy a couple of little properties, right?"},{"speaker":"Michael Gilmore","startTime":1940.472,"endTime":1943.172,"body":"And all of a sudden, you run"},{"speaker":"Michael Gilmore","startTime":1940.472,"endTime":1943.172,"body":"those that you don't need to"},{"speaker":"Michael Gilmore","startTime":1943.172,"endTime":1944.732,"body":"do fancy entrepreneurship."},{"speaker":"Michael Gilmore","startTime":1945.122,"endTime":1948.272,"body":"You just need to save enough to go a"},{"speaker":"Michael Gilmore","startTime":1945.122,"endTime":1948.272,"body":"couple of little pieces of property that"},{"speaker":"Michael Gilmore","startTime":1948.272,"endTime":1949.952,"body":"you can rent out to someone in the area."},{"speaker":"Michael Gilmore","startTime":1950.342,"endTime":1951.632,"body":"And then you're good."},{"speaker":"Michael Gilmore","startTime":1951.842,"endTime":1955.682,"body":"You're probably generating enough passive"},{"speaker":"Michael Gilmore","startTime":1951.842,"endTime":1955.682,"body":"income to run the rest of your life."},{"speaker":"Michael Gilmore","startTime":1956.192,"endTime":1957.662,"body":"That it's that straightforward."},{"speaker":"Michael Gilmore","startTime":1957.692,"endTime":1960.521,"body":"And so sometimes when I hear"},{"speaker":"Michael Gilmore","startTime":1957.692,"endTime":1960.521,"body":"from people, it's These lessons"},{"speaker":"Michael Gilmore","startTime":1960.521,"endTime":1961.961,"body":"don't apply to most of the world."},{"speaker":"Michael Gilmore","startTime":1961.991,"endTime":1963.131,"body":"These are luxury problems."},{"speaker":"Michael Gilmore","startTime":1963.131,"endTime":1964.7,"body":"I'm talking to my, I'm a rich guy."},{"speaker":"Michael Gilmore","startTime":1964.7,"endTime":1967.76,"body":"I'm talking to my rich"},{"speaker":"Michael Gilmore","startTime":1964.7,"endTime":1967.76,"body":"kid daughter about money."},{"speaker":"Michael Gilmore","startTime":1967.97,"endTime":1969.031,"body":"It's yeah, it's true."},{"speaker":"Michael Gilmore","startTime":1969.151,"endTime":1973.171,"body":"I can't deny that, but I've"},{"speaker":"Michael Gilmore","startTime":1969.151,"endTime":1973.171,"body":"tried as much as I can to make"},{"speaker":"Michael Gilmore","startTime":1973.171,"endTime":1974.221,"body":"the lessons are universal."},{"speaker":"Michael Gilmore","startTime":1974.251,"endTime":1978.901,"body":"And I know for a fact that the"},{"speaker":"Michael Gilmore","startTime":1974.251,"endTime":1978.901,"body":"things I talk to the same lessons"},{"speaker":"Michael Gilmore","startTime":1979.141,"endTime":1981.811,"body":"work with university students,"},{"speaker":"Michael Gilmore","startTime":1979.141,"endTime":1981.811,"body":"they work with migrant workers."},{"speaker":"Michael Gilmore","startTime":1981.811,"endTime":1984.721,"body":"They work because I'm taking it"},{"speaker":"Michael Gilmore","startTime":1981.811,"endTime":1984.721,"body":"down to that basic universal though."},{"speaker":"Michael Gilmore","startTime":1985.081,"endTime":1988.601,"body":"You can't ask me about a Roth IRA"},{"speaker":"Michael Gilmore","startTime":1985.081,"endTime":1988.601,"body":"because I do not understand them."},{"speaker":"Michael Gilmore","startTime":1988.631,"endTime":1992.24,"body":"I don't get into the weeds because"},{"speaker":"Michael Gilmore","startTime":1988.631,"endTime":1992.24,"body":"I've got no need to understand it."},{"speaker":"Michael Gilmore","startTime":1992.54,"endTime":1993.32,"body":"I'm not American."},{"speaker":"Michael Gilmore","startTime":1993.53,"endTime":1994.34,"body":"I don't own that."},{"speaker":"Michael Gilmore","startTime":1994.91,"endTime":1996.11,"body":"Other people can only be uniquely."},{"speaker":"Michael Gilmore","startTime":1996.825,"endTime":1999.695,"body":"You need to go from zero to one before"},{"speaker":"Michael Gilmore","startTime":1996.825,"endTime":1999.695,"body":"you can start understanding what those"},{"speaker":"Michael Gilmore","startTime":1999.695,"endTime":2003.145,"body":"things are, but the basics universals"},{"speaker":"Michael Gilmore","startTime":1999.695,"endTime":2003.145,"body":"are the same from the Philippines"},{"speaker":"Michael Gilmore","startTime":2003.145,"endTime":2005.225,"body":"to Nigeria, to the UK, to the US."},{"speaker":"Average Joe Finances","startTime":2006.085,"endTime":2008.245,"body":"Right  and"},{"speaker":"Average Joe Finances","startTime":2006.085,"endTime":2008.245,"body":"what you do understand is compound"},{"speaker":"Average Joe Finances","startTime":2008.245,"endTime":2012.246,"body":"interest and how it works and how"},{"speaker":"Average Joe Finances","startTime":2008.245,"endTime":2012.246,"body":"you can use it to, make more money."},{"speaker":"Average Joe Finances","startTime":2012.636,"endTime":2015.186,"body":"Same thing works for somebody"},{"speaker":"Average Joe Finances","startTime":2012.636,"endTime":2015.186,"body":"that is investing in a Roth IRA."},{"speaker":"Average Joe Finances","startTime":2015.214,"endTime":2016.654,"body":"It's all about the compound interest."},{"speaker":"Average Joe Finances","startTime":2016.654,"endTime":2019.344,"body":"It's about, building up from that"},{"speaker":"Average Joe Finances","startTime":2016.654,"endTime":2019.344,"body":"foundation that we're talking about."},{"speaker":"Average Joe Finances","startTime":2019.393,"endTime":2021.793,"body":"I'd like to even say, I know we were"},{"speaker":"Average Joe Finances","startTime":2019.393,"endTime":2021.793,"body":"talking about it being level one."},{"speaker":"Average Joe Finances","startTime":2021.793,"endTime":2024.992,"body":"I would almost say that's level"},{"speaker":"Average Joe Finances","startTime":2021.793,"endTime":2024.992,"body":"zero, you're ground zero right there."},{"speaker":"Average Joe Finances","startTime":2025.022,"endTime":2029.902,"body":"Your foundation is that basic"},{"speaker":"Average Joe Finances","startTime":2025.022,"endTime":2029.902,"body":"financial literacy level one is when"},{"speaker":"Average Joe Finances","startTime":2029.902,"endTime":2033.102,"body":"you start, putting that money away"},{"speaker":"Average Joe Finances","startTime":2029.902,"endTime":2033.102,"body":"into something and maybe getting a"},{"speaker":"Average Joe Finances","startTime":2033.102,"endTime":2036.993,"body":"small return or just growth level"},{"speaker":"Average Joe Finances","startTime":2033.102,"endTime":2036.993,"body":"two is where you're, you're starting"},{"speaker":"Average Joe Finances","startTime":2036.993,"endTime":2038.403,"body":"to build that passive income, right?"},{"speaker":"Average Joe Finances","startTime":2038.403,"endTime":2040.883,"body":"This you got the foundation down,"},{"speaker":"Average Joe Finances","startTime":2038.403,"endTime":2040.883,"body":"you put the flooring in, and"},{"speaker":"Average Joe Finances","startTime":2040.883,"endTime":2043.603,"body":"now you starting to build the"},{"speaker":"Average Joe Finances","startTime":2040.883,"endTime":2043.603,"body":"framework on the side of the house."},{"speaker":"Average Joe Finances","startTime":2044.053,"endTime":2046.783,"body":"And that's when you're starting to see,"},{"speaker":"Average Joe Finances","startTime":2044.053,"endTime":2046.783,"body":"Hey, this is going to be a shelter in the"},{"speaker":"Average Joe Finances","startTime":2046.783,"endTime":2049.762,"body":"future, this is going to be something that"},{"speaker":"Average Joe Finances","startTime":2046.783,"endTime":2049.762,"body":"I can live under this roof in the future."},{"speaker":"Average Joe Finances","startTime":2049.762,"endTime":2051.812,"body":"Now I just gotta work it up to"},{"speaker":"Average Joe Finances","startTime":2049.762,"endTime":2051.812,"body":"the top and get to the roof."},{"speaker":"Average Joe Finances","startTime":2051.863,"endTime":2055.236,"body":"But it's a foundation, you're"},{"speaker":"Average Joe Finances","startTime":2051.863,"endTime":2055.236,"body":"sitting in a spot where you're good."},{"speaker":"Michael Gilmore","startTime":2056.076,"endTime":2057.456,"body":"You're"},{"speaker":"Michael Gilmore","startTime":2056.076,"endTime":2057.456,"body":"in very dangerous grounds."},{"speaker":"Michael Gilmore","startTime":2057.656,"endTime":2058.866,"body":"You're talking a very good analogy."},{"speaker":"Michael Gilmore","startTime":2058.886,"endTime":2061.306,"body":"Someone who's in the middle of"},{"speaker":"Michael Gilmore","startTime":2058.886,"endTime":2061.306,"body":"writing a book that might get stolen."},{"speaker":"Michael Gilmore","startTime":2061.336,"endTime":2064.246,"body":"So far I've been working, I've been"},{"speaker":"Michael Gilmore","startTime":2061.336,"endTime":2064.246,"body":"working with the metaphor of a path"},{"speaker":"Michael Gilmore","startTime":2064.246,"endTime":2067.726,"body":"rather than a foundations to house, but"},{"speaker":"Michael Gilmore","startTime":2064.246,"endTime":2067.726,"body":"I can see that's going to come back."},{"speaker":"Michael Gilmore","startTime":2068.066,"endTime":2069.556,"body":"I'm going to be writing in"},{"speaker":"Michael Gilmore","startTime":2068.066,"endTime":2069.556,"body":"a couple of days and that's"},{"speaker":"Michael Gilmore","startTime":2069.556,"endTime":2070.646,"body":"going to come back in here."},{"speaker":"Average Joe Finances","startTime":2070.678,"endTime":2071.168,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2071.348,"endTime":2071.868,"body":"That'd be cool."},{"speaker":"Average Joe Finances","startTime":2071.936,"endTime":2075.377,"body":"So yeah, that's, I like real estate,"},{"speaker":"Average Joe Finances","startTime":2071.936,"endTime":2075.377,"body":"so it always comes back to that for me."},{"speaker":"Average Joe Finances","startTime":2075.446,"endTime":2077.237,"body":"But that's the way I've always"},{"speaker":"Average Joe Finances","startTime":2075.446,"endTime":2077.237,"body":"talked about these things like"},{"speaker":"Average Joe Finances","startTime":2077.287,"endTime":2080.677,"body":"these are foundations, like these"},{"speaker":"Average Joe Finances","startTime":2077.287,"endTime":2080.677,"body":"principles that you have to follow."},{"speaker":"Average Joe Finances","startTime":2081.097,"endTime":2083.047,"body":"If you want to get yourself to"},{"speaker":"Average Joe Finances","startTime":2081.097,"endTime":2083.047,"body":"a point where you're going to be"},{"speaker":"Average Joe Finances","startTime":2083.047,"endTime":2086.485,"body":"financially free in the future it's"},{"speaker":"Average Joe Finances","startTime":2083.047,"endTime":2086.485,"body":"not about, getting rich overnight."},{"speaker":"Average Joe Finances","startTime":2086.515,"endTime":2088.706,"body":"And I want, the next two"},{"speaker":"Average Joe Finances","startTime":2086.515,"endTime":2088.706,"body":"years I want to be retired."},{"speaker":"Average Joe Finances","startTime":2088.735,"endTime":2091.885,"body":"Some people have actually done that"},{"speaker":"Average Joe Finances","startTime":2088.735,"endTime":2091.885,"body":"in real estate in two years, got"},{"speaker":"Average Joe Finances","startTime":2091.885,"endTime":2094.054,"body":"themselves to a point where they're"},{"speaker":"Average Joe Finances","startTime":2091.885,"endTime":2094.054,"body":"making enough passive income."},{"speaker":"Average Joe Finances","startTime":2094.054,"endTime":2094.934,"body":"They can call it quits."},{"speaker":"Average Joe Finances","startTime":2095.003,"endTime":2097.103,"body":"Good for them, a lot is"},{"speaker":"Average Joe Finances","startTime":2095.003,"endTime":2097.103,"body":"some people can do that."},{"speaker":"Average Joe Finances","startTime":2097.103,"endTime":2097.673,"body":"Not everybody."},{"speaker":"Average Joe Finances","startTime":2097.673,"endTime":2101.454,"body":"Can you still got to build it up over,"},{"speaker":"Average Joe Finances","startTime":2097.673,"endTime":2101.454,"body":"a couple of years, some people take 5,"},{"speaker":"Average Joe Finances","startTime":2101.454,"endTime":2103.734,"body":"10, 15, some people do it for 20 years."},{"speaker":"Average Joe Finances","startTime":2103.764,"endTime":2105.054,"body":"It just, the point is."},{"speaker":"Average Joe Finances","startTime":2105.105,"endTime":2109.815,"body":"Like we said earlier, everyone's journey"},{"speaker":"Average Joe Finances","startTime":2105.105,"endTime":2109.815,"body":"is different, but the thing is you have"},{"speaker":"Average Joe Finances","startTime":2109.815,"endTime":2114.825,"body":"to be on a journey first, if you don't set"},{"speaker":"Average Joe Finances","startTime":2109.815,"endTime":2114.825,"body":"a path and start walking down that path"},{"speaker":"Average Joe Finances","startTime":2114.855,"endTime":2118.725,"body":"and you're just walking around without a"},{"speaker":"Average Joe Finances","startTime":2114.855,"endTime":2118.725,"body":"compass and you don't know where you are,"},{"speaker":"Average Joe Finances","startTime":2118.875,"endTime":2120.915,"body":"you're just walking through the woods."},{"speaker":"Average Joe Finances","startTime":2121.245,"endTime":2125.325,"body":"Eventually you're going to come to"},{"speaker":"Average Joe Finances","startTime":2121.245,"endTime":2125.325,"body":"that cliff, or you're going to be"},{"speaker":"Average Joe Finances","startTime":2125.325,"endTime":2127.665,"body":"just surrounded by trees and not"},{"speaker":"Average Joe Finances","startTime":2125.325,"endTime":2127.665,"body":"know where you are and you're gonna"},{"speaker":"Average Joe Finances","startTime":2127.665,"endTime":2128.785,"body":"be lost for the rest of your life."},{"speaker":"Michael Gilmore","startTime":2128.835,"endTime":2130.005,"body":"You're"},{"speaker":"Michael Gilmore","startTime":2128.835,"endTime":2130.005,"body":"back in my metaphors."},{"speaker":"Michael Gilmore","startTime":2130.005,"endTime":2135.657,"body":"Now I'm a hundred percent, a hundred,"},{"speaker":"Michael Gilmore","startTime":2130.005,"endTime":2135.657,"body":"and it's interesting cause I love"},{"speaker":"Michael Gilmore","startTime":2135.657,"endTime":2137.587,"body":"hearing real estate guys talk."},{"speaker":"Michael Gilmore","startTime":2137.656,"endTime":2139.406,"body":"I have done real estate."},{"speaker":"Michael Gilmore","startTime":2139.556,"endTime":2140.666,"body":"I don't know the places."},{"speaker":"Michael Gilmore","startTime":2140.666,"endTime":2146.075,"body":"And this is again why it's and real"},{"speaker":"Michael Gilmore","startTime":2140.666,"endTime":2146.075,"body":"estate has a particular advantage as"},{"speaker":"Michael Gilmore","startTime":2146.075,"endTime":2149.676,"body":"an asset class to us, the small guys,"},{"speaker":"Michael Gilmore","startTime":2146.075,"endTime":2149.676,"body":"not the institutional guys real estate"},{"speaker":"Michael Gilmore","startTime":2150.276,"endTime":2155.676,"body":"unit at a price point and other sort"},{"speaker":"Michael Gilmore","startTime":2150.276,"endTime":2155.676,"body":"of renovation level and a fixer-upper,"},{"speaker":"Michael Gilmore","startTime":2156.366,"endTime":2158.266,"body":"they don't work for a big organization."},{"speaker":"Michael Gilmore","startTime":2158.297,"endTime":2162.694,"body":"You can't, if you're the size of"},{"speaker":"Michael Gilmore","startTime":2158.297,"endTime":2162.694,"body":"fidelity or, BlackRock, you cannot"},{"speaker":"Michael Gilmore","startTime":2162.694,"endTime":2166.174,"body":"be buying up a third of the US which"},{"speaker":"Michael Gilmore","startTime":2162.694,"endTime":2166.174,"body":"would be the size of your capital base"},{"speaker":"Michael Gilmore","startTime":2166.534,"endTime":2170.774,"body":"and fixing it up in one go, it just,"},{"speaker":"Michael Gilmore","startTime":2166.534,"endTime":2170.774,"body":"it's just not a scalable endeavor,"},{"speaker":"Michael Gilmore","startTime":2171.104,"endTime":2172.614,"body":"whereas a single, single individual"},{"speaker":"Average Joe Finances","startTime":2172.614,"endTime":2173.884,"body":"And that"},{"speaker":"Average Joe Finances","startTime":2172.614,"endTime":2173.884,"body":"would destroy the entire market."},{"speaker":"Michael Gilmore","startTime":2174.387,"endTime":2174.597,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":2174.617,"endTime":2176.947,"body":"I'm saying I don't want to, I'm not"},{"speaker":"Michael Gilmore","startTime":2174.617,"endTime":2176.947,"body":"trying to encourage them to either."},{"speaker":"Michael Gilmore","startTime":2176.978,"endTime":2179.248,"body":"It's actually practically"},{"speaker":"Michael Gilmore","startTime":2176.978,"endTime":2179.248,"body":"impossible for them to do it."},{"speaker":"Michael Gilmore","startTime":2179.279,"endTime":2180.759,"body":"It's the scale just isn't right."},{"speaker":"Michael Gilmore","startTime":2181.209,"endTime":2183.989,"body":"Whereas at a single human scale,"},{"speaker":"Michael Gilmore","startTime":2181.209,"endTime":2183.989,"body":"it's possible for us, the small"},{"speaker":"Michael Gilmore","startTime":2183.989,"endTime":2187.199,"body":"guy to one go in recognize this"},{"speaker":"Michael Gilmore","startTime":2183.989,"endTime":2187.199,"body":"piece of property is a good deal."},{"speaker":"Michael Gilmore","startTime":2187.469,"endTime":2190.859,"body":"Two actually, maybe even do the"},{"speaker":"Michael Gilmore","startTime":2187.469,"endTime":2190.859,"body":"work themselves and three flip it."},{"speaker":"Michael Gilmore","startTime":2191.159,"endTime":2193.119,"body":"So it makes it an"},{"speaker":"Michael Gilmore","startTime":2191.159,"endTime":2193.119,"body":"enormous amount of sense."},{"speaker":"Michael Gilmore","startTime":2193.139,"endTime":2196.17,"body":"And what's even better about that is"},{"speaker":"Michael Gilmore","startTime":2193.139,"endTime":2196.17,"body":"it's improving the property stock."},{"speaker":"Michael Gilmore","startTime":2196.2,"endTime":2197.73,"body":"This is not making the"},{"speaker":"Michael Gilmore","startTime":2196.2,"endTime":2197.73,"body":"world a worse place."},{"speaker":"Michael Gilmore","startTime":2197.76,"endTime":2199.88,"body":"Isn't making the world a"},{"speaker":"Michael Gilmore","startTime":2197.76,"endTime":2199.88,"body":"better place when they do that."},{"speaker":"Michael Gilmore","startTime":2200.33,"endTime":2203.06,"body":"So this is one of the great"},{"speaker":"Michael Gilmore","startTime":2200.33,"endTime":2203.06,"body":"things about real estate."},{"speaker":"Michael Gilmore","startTime":2203.356,"endTime":2204.736,"body":"One of the problems with real estate."},{"speaker":"Michael Gilmore","startTime":2204.736,"endTime":2205.876,"body":"I'm sorry to say this."},{"speaker":"Michael Gilmore","startTime":2206.176,"endTime":2209.966,"body":"And it's, it is that some people"},{"speaker":"Michael Gilmore","startTime":2206.176,"endTime":2209.966,"body":"in it have that hammer and they"},{"speaker":"Michael Gilmore","startTime":2209.966,"endTime":2211.016,"body":"think everything is a nail."},{"speaker":"Michael Gilmore","startTime":2211.856,"endTime":2212.556,"body":"And it's you know what?"},{"speaker":"Michael Gilmore","startTime":2212.626,"endTime":2214.716,"body":"I, so I live in a country."},{"speaker":"Michael Gilmore","startTime":2214.746,"endTime":2214.986,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2215.076,"endTime":2218.496,"body":"My apartment, I calculate,"},{"speaker":"Michael Gilmore","startTime":2215.076,"endTime":2218.496,"body":"I started rent it."},{"speaker":"Michael Gilmore","startTime":2218.916,"endTime":2220.386,"body":"I pay less than a 1% yield."},{"speaker":"Michael Gilmore","startTime":2221.166,"endTime":2223.906,"body":"Why would I own property in a"},{"speaker":"Michael Gilmore","startTime":2221.166,"endTime":2223.906,"body":"market where it's a 1% yield?"},{"speaker":"Michael Gilmore","startTime":2223.936,"endTime":2227.915,"body":"It's literally, I would have to double"},{"speaker":"Michael Gilmore","startTime":2223.936,"endTime":2227.915,"body":"the amount of money I pay every month to"},{"speaker":"Michael Gilmore","startTime":2227.915,"endTime":2230.435,"body":"pay the mortgage interest on where I live."},{"speaker":"Michael Gilmore","startTime":2231.155,"endTime":2232.115,"body":"It wouldn't make any sense."},{"speaker":"Michael Gilmore","startTime":2232.535,"endTime":2235.145,"body":"Now that's important because"},{"speaker":"Michael Gilmore","startTime":2232.535,"endTime":2235.145,"body":"I know how to do that."},{"speaker":"Michael Gilmore","startTime":2237.185,"endTime":2237.545,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2237.665,"endTime":2239.795,"body":"Over 25, 30 years and make a wrong for me."},{"speaker":"Michael Gilmore","startTime":2240.035,"endTime":2241.955,"body":"Maybe the market will"},{"speaker":"Michael Gilmore","startTime":2240.035,"endTime":2241.955,"body":"fly and it'll go wrong."},{"speaker":"Michael Gilmore","startTime":2242.195,"endTime":2244.164,"body":"But as it I know how"},{"speaker":"Michael Gilmore","startTime":2242.195,"endTime":2244.164,"body":"to do that calculation."},{"speaker":"Michael Gilmore","startTime":2244.854,"endTime":2247.434,"body":"I'd like everyone to be that financially"},{"speaker":"Michael Gilmore","startTime":2244.854,"endTime":2247.434,"body":"illiterate, where they can go, hold on."},{"speaker":"Michael Gilmore","startTime":2247.434,"endTime":2250.474,"body":"I borrow at 3% and the yield is 15 duh."},{"speaker":"Michael Gilmore","startTime":2250.504,"endTime":2253.914,"body":"It's just if it went the most people can't"},{"speaker":"Michael Gilmore","startTime":2250.504,"endTime":2253.914,"body":"see the no-brainer, they can't see the"},{"speaker":"Michael Gilmore","startTime":2253.914,"endTime":2257.424,"body":"no-brainer in either directions because"},{"speaker":"Michael Gilmore","startTime":2253.914,"endTime":2257.424,"body":"they don't have that basic fundamental."},{"speaker":"Michael Gilmore","startTime":2257.724,"endTime":2261.354,"body":"So like I said, real estate is a"},{"speaker":"Michael Gilmore","startTime":2257.724,"endTime":2261.354,"body":"great asset class, but again, it needs"},{"speaker":"Michael Gilmore","startTime":2261.354,"endTime":2263.064,"body":"people to understand the basics of it."},{"speaker":"Michael Gilmore","startTime":2263.064,"endTime":2263.274,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2263.344,"endTime":2265.154,"body":"How do I assess if it's"},{"speaker":"Michael Gilmore","startTime":2263.344,"endTime":2265.154,"body":"a great market or not?"},{"speaker":"Average Joe Finances","startTime":2265.225,"endTime":2265.345,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2265.373,"endTime":2268.162,"body":"For me, I can't just go in there and"},{"speaker":"Average Joe Finances","startTime":2265.373,"endTime":2268.162,"body":"buying, whatever, whatever you feel"},{"speaker":"Average Joe Finances","startTime":2268.162,"endTime":2270.931,"body":"like without doing any type of research,"},{"speaker":"Average Joe Finances","startTime":2268.162,"endTime":2270.931,"body":"like with any investment, right?"},{"speaker":"Average Joe Finances","startTime":2270.931,"endTime":2272.281,"body":"You have to do some type of research."},{"speaker":"Average Joe Finances","startTime":2272.281,"endTime":2273.421,"body":"You have to do your due diligence."},{"speaker":"Average Joe Finances","startTime":2273.421,"endTime":2275.971,"body":"You have to learn and"},{"speaker":"Average Joe Finances","startTime":2273.421,"endTime":2275.971,"body":"educate yourself, right?"},{"speaker":"Average Joe Finances","startTime":2276.271,"endTime":2278.851,"body":"You can't just say, oh, this house"},{"speaker":"Average Joe Finances","startTime":2276.271,"endTime":2278.851,"body":"looks like a good fixer upper,"},{"speaker":"Average Joe Finances","startTime":2278.851,"endTime":2280.351,"body":"let me go buy it and fix it up."},{"speaker":"Average Joe Finances","startTime":2280.591,"endTime":2285.031,"body":"And it turns out you just spent, $400,000"},{"speaker":"Average Joe Finances","startTime":2280.591,"endTime":2285.031,"body":"on a house, in a neighborhood where"},{"speaker":"Average Joe Finances","startTime":2285.031,"endTime":2289.321,"body":"houses around 400 to 450,000 and you"},{"speaker":"Average Joe Finances","startTime":2285.031,"endTime":2289.321,"body":"just put 50,000 in it, renovating it."},{"speaker":"Average Joe Finances","startTime":2290.066,"endTime":2293.747,"body":"And you turn around and you got to put it"},{"speaker":"Average Joe Finances","startTime":2290.066,"endTime":2293.747,"body":"on the market and you're selling it for"},{"speaker":"Average Joe Finances","startTime":2293.957,"endTime":2295.787,"body":"a breakeven price or you're losing money."},{"speaker":"Average Joe Finances","startTime":2295.84,"endTime":2299.311,"body":"You have to be able to know you"},{"speaker":"Average Joe Finances","startTime":2295.84,"endTime":2299.311,"body":"know what those key performance"},{"speaker":"Average Joe Finances","startTime":2299.311,"endTime":2300.271,"body":"indicators are going to be."},{"speaker":"Average Joe Finances","startTime":2300.271,"endTime":2303.569,"body":"You need to know what it is"},{"speaker":"Average Joe Finances","startTime":2300.271,"endTime":2303.569,"body":"you're going to identify to"},{"speaker":"Average Joe Finances","startTime":2303.739,"endTime":2305.209,"body":"go in there and make it work."},{"speaker":"Average Joe Finances","startTime":2305.24,"endTime":2308.65,"body":"You can't just sit here and fudge the"},{"speaker":"Average Joe Finances","startTime":2305.24,"endTime":2308.65,"body":"math in your head, and do napkin math and"},{"speaker":"Average Joe Finances","startTime":2308.65,"endTime":2312.67,"body":"say, okay, this is going to work because"},{"speaker":"Average Joe Finances","startTime":2308.65,"endTime":2312.67,"body":"if I do this, or maybe if I change this,"},{"speaker":"Average Joe Finances","startTime":2312.67,"endTime":2316.85,"body":"or maybe if I do that, don't, if you have"},{"speaker":"Average Joe Finances","startTime":2312.67,"endTime":2316.85,"body":"to like really tweak the numbers, to get"},{"speaker":"Average Joe Finances","startTime":2316.85,"endTime":2320.99,"body":"yourself to a point where it's going to"},{"speaker":"Average Joe Finances","startTime":2316.85,"endTime":2320.99,"body":"be profitable, then you're doing yourself"},{"speaker":"Average Joe Finances","startTime":2320.99,"endTime":2322.29,"body":"a disservice and it's going to hurt."},{"speaker":"Average Joe Finances","startTime":2322.341,"endTime":2324.231,"body":"But if you can go in there"},{"speaker":"Average Joe Finances","startTime":2322.341,"endTime":2324.231,"body":"and you could do like a basic"},{"speaker":"Average Joe Finances","startTime":2324.231,"endTime":2328.382,"body":"calculation and just again, keep"},{"speaker":"Average Joe Finances","startTime":2324.231,"endTime":2328.382,"body":"it very close to the foundation."},{"speaker":"Average Joe Finances","startTime":2328.382,"endTime":2332.072,"body":"If you can keep it there and it"},{"speaker":"Average Joe Finances","startTime":2328.382,"endTime":2332.072,"body":"comes back with a profit, then you're"},{"speaker":"Average Joe Finances","startTime":2332.072,"endTime":2333.332,"body":"probably in a really good spot."},{"speaker":"Average Joe Finances","startTime":2333.332,"endTime":2335.832,"body":"You want to try to be as conservative"},{"speaker":"Average Joe Finances","startTime":2333.332,"endTime":2335.832,"body":"as possible when it comes to that."},{"speaker":"Average Joe Finances","startTime":2335.901,"endTime":2339.231,"body":"And, expect less, but if"},{"speaker":"Average Joe Finances","startTime":2335.901,"endTime":2339.231,"body":"more happens, that's awesome."},{"speaker":"Average Joe Finances","startTime":2339.321,"endTime":2341.861,"body":"So let's put yourself in a spot"},{"speaker":"Average Joe Finances","startTime":2339.321,"endTime":2341.861,"body":"where you're going to be safe and,"},{"speaker":"Average Joe Finances","startTime":2341.93,"endTime":2345.029,"body":"don't sit here and take your life"},{"speaker":"Average Joe Finances","startTime":2341.93,"endTime":2345.029,"body":"savings and dump it into one property"},{"speaker":"Average Joe Finances","startTime":2345.1,"endTime":2346.59,"body":"that, and then it doesn't work out"},{"speaker":"Michael Gilmore","startTime":2346.69,"endTime":2349.168,"body":"Like the whole, like"},{"speaker":"Michael Gilmore","startTime":2346.69,"endTime":2349.168,"body":"what, everyone in the world does."},{"speaker":"Michael Gilmore","startTime":2349.888,"endTime":2351.188,"body":"Everyone's buying their dream home."},{"speaker":"Michael Gilmore","startTime":2351.368,"endTime":2353.618,"body":"They're moving towards their"},{"speaker":"Michael Gilmore","startTime":2351.368,"endTime":2353.618,"body":"dream home as a single property."},{"speaker":"Michael Gilmore","startTime":2353.918,"endTime":2355.988,"body":"It's one of the things I love"},{"speaker":"Michael Gilmore","startTime":2353.918,"endTime":2355.988,"body":"about small real estate investors"},{"speaker":"Michael Gilmore","startTime":2355.988,"endTime":2358.118,"body":"is they're buying garages, right?"},{"speaker":"Michael Gilmore","startTime":2358.118,"endTime":2359.858,"body":"They're buying little rental places."},{"speaker":"Michael Gilmore","startTime":2359.858,"endTime":2361.028,"body":"They're buying commercial properties."},{"speaker":"Michael Gilmore","startTime":2361.028,"endTime":2364.808,"body":"They're buying little kind of units"},{"speaker":"Michael Gilmore","startTime":2361.028,"endTime":2364.808,"body":"that they can, the fit your first unit."},{"speaker":"Michael Gilmore","startTime":2365.558,"endTime":2368.048,"body":"It should not be your bit, the"},{"speaker":"Michael Gilmore","startTime":2365.558,"endTime":2368.048,"body":"biggest gamble you make in your life."},{"speaker":"Michael Gilmore","startTime":2368.618,"endTime":2369.348,"body":"That's insane."},{"speaker":"Michael Gilmore","startTime":2369.379,"endTime":2373.819,"body":"Which is 90% of the property market"},{"speaker":"Michael Gilmore","startTime":2369.379,"endTime":2373.819,"body":"is people getting the biggest deposit"},{"speaker":"Michael Gilmore","startTime":2373.819,"endTime":2375.079,"body":"they can so they can buy the house."},{"speaker":"Michael Gilmore","startTime":2375.079,"endTime":2378.029,"body":"They really like not thinking about all"},{"speaker":"Michael Gilmore","startTime":2375.079,"endTime":2378.029,"body":"the maths that you just went through."},{"speaker":"Michael Gilmore","startTime":2378.1,"endTime":2381.82,"body":"That is the, that's the result"},{"speaker":"Michael Gilmore","startTime":2378.1,"endTime":2381.82,"body":"of no financial literacy, good"},{"speaker":"Michael Gilmore","startTime":2381.82,"endTime":2384.79,"body":"financial literacy people would"},{"speaker":"Michael Gilmore","startTime":2381.82,"endTime":2384.79,"body":"say, okay, this is an asset class."},{"speaker":"Michael Gilmore","startTime":2384.85,"endTime":2386.41,"body":"I need to understand this asset class."},{"speaker":"Michael Gilmore","startTime":2386.41,"endTime":2390.88,"body":"Maybe I should do some small bites size"},{"speaker":"Michael Gilmore","startTime":2386.41,"endTime":2390.88,"body":"experiments and learn where I get things"},{"speaker":"Michael Gilmore","startTime":2390.88,"endTime":2392.14,"body":"wrong and where I get things right."},{"speaker":"Michael Gilmore","startTime":2392.24,"endTime":2394.37,"body":"Let me tell you those stories"},{"speaker":"Michael Gilmore","startTime":2392.24,"endTime":2394.37,"body":"from my day job, because I think"},{"speaker":"Michael Gilmore","startTime":2394.37,"endTime":2395.48,"body":"this is really instructive."},{"speaker":"Michael Gilmore","startTime":2396.143,"endTime":2397.293,"body":"Because it is from my day job."},{"speaker":"Michael Gilmore","startTime":2397.293,"endTime":2398.173,"body":"This is not in the book."},{"speaker":"Michael Gilmore","startTime":2398.242,"endTime":2399.992,"body":"So we got an investment"},{"speaker":"Michael Gilmore","startTime":2398.242,"endTime":2399.992,"body":"wrong a few years back."},{"speaker":"Michael Gilmore","startTime":2400.061,"endTime":2401.681,"body":"Not that it lost us money."},{"speaker":"Michael Gilmore","startTime":2401.771,"endTime":2402.681,"body":"We didn't invest in it."},{"speaker":"Michael Gilmore","startTime":2402.73,"endTime":2403.28,"body":"We didn't like it."},{"speaker":"Michael Gilmore","startTime":2403.348,"endTime":2407.068,"body":"And it went up a lot and every time"},{"speaker":"Michael Gilmore","startTime":2403.348,"endTime":2407.068,"body":"we went up, it obviously got more"},{"speaker":"Michael Gilmore","startTime":2407.068,"endTime":2408.418,"body":"expensive and harder for us to buy it."},{"speaker":"Michael Gilmore","startTime":2408.958,"endTime":2410.638,"body":"And so we're looking at"},{"speaker":"Michael Gilmore","startTime":2408.958,"endTime":2410.638,"body":"anything, what did we do?"},{"speaker":"Michael Gilmore","startTime":2410.638,"endTime":2411.028,"body":"What do we do?"},{"speaker":"Michael Gilmore","startTime":2411.718,"endTime":2415.357,"body":"And so we sat down, we literally"},{"speaker":"Michael Gilmore","startTime":2411.718,"endTime":2415.357,"body":"sat down and we, we w what"},{"speaker":"Michael Gilmore","startTime":2415.447,"endTime":2416.887,"body":"were the things we got wrong?"},{"speaker":"Michael Gilmore","startTime":2417.997,"endTime":2420.817,"body":"And it even got to the point where"},{"speaker":"Michael Gilmore","startTime":2417.997,"endTime":2420.817,"body":"I found the guy who'd been running"},{"speaker":"Michael Gilmore","startTime":2420.817,"endTime":2424.147,"body":"the business, and then we're"},{"speaker":"Michael Gilmore","startTime":2420.817,"endTime":2424.147,"body":"running one big part of it and left."},{"speaker":"Michael Gilmore","startTime":2424.267,"endTime":2426.937,"body":"And I got hold of him on LinkedIn."},{"speaker":"Michael Gilmore","startTime":2427.537,"endTime":2428.848,"body":"And he's yeah, I don't work there anymore."},{"speaker":"Michael Gilmore","startTime":2428.848,"endTime":2429.538,"body":"Why do you want to talk to me?"},{"speaker":"Michael Gilmore","startTime":2429.538,"endTime":2431.218,"body":"And I said, I want to talk to"},{"speaker":"Michael Gilmore","startTime":2429.538,"endTime":2431.218,"body":"you because I want to know how"},{"speaker":"Michael Gilmore","startTime":2431.218,"endTime":2432.408,"body":"I got that investment wrong."},{"speaker":"Michael Gilmore","startTime":2433.488,"endTime":2435.653,"body":"Because it's not like I'm"},{"speaker":"Michael Gilmore","startTime":2433.488,"endTime":2435.653,"body":"going to stop doing this."},{"speaker":"Michael Gilmore","startTime":2436.013,"endTime":2439.583,"body":"I can't just put my head in the sand"},{"speaker":"Michael Gilmore","startTime":2436.013,"endTime":2439.583,"body":"and say, oh, next time I'll be smarter."},{"speaker":"Michael Gilmore","startTime":2440.003,"endTime":2442.893,"body":"But just can just by magic,"},{"speaker":"Michael Gilmore","startTime":2440.003,"endTime":2442.893,"body":"I'll be smarter if I know"},{"speaker":"Michael Gilmore","startTime":2443.073,"endTime":2444.643,"body":"how I was stupid last time."},{"speaker":"Michael Gilmore","startTime":2444.694,"endTime":2445.814,"body":"What did I get wrong?"},{"speaker":"Michael Gilmore","startTime":2445.863,"endTime":2449.433,"body":"And so we literally wrote"},{"speaker":"Michael Gilmore","startTime":2445.863,"endTime":2449.433,"body":"a paper in internally."},{"speaker":"Michael Gilmore","startTime":2449.583,"endTime":2451.113,"body":"So how did we miss this?"},{"speaker":"Michael Gilmore","startTime":2451.113,"endTime":2451.983,"body":"What did we get wrong?"},{"speaker":"Michael Gilmore","startTime":2451.983,"endTime":2453.483,"body":"What do we do differently next time?"},{"speaker":"Michael Gilmore","startTime":2453.693,"endTime":2456.303,"body":"How do we identify what the"},{"speaker":"Michael Gilmore","startTime":2453.693,"endTime":2456.303,"body":"next time of these things is?"},{"speaker":"Michael Gilmore","startTime":2457.203,"endTime":2461.143,"body":"And so we know, and if we've got the"},{"speaker":"Michael Gilmore","startTime":2457.203,"endTime":2461.143,"body":"remaining question marks around who,"},{"speaker":"Michael Gilmore","startTime":2461.163,"endTime":2462.553,"body":"how do we answer those questions?"},{"speaker":"Michael Gilmore","startTime":2463.153,"endTime":2465.913,"body":"It was a painful process,"},{"speaker":"Michael Gilmore","startTime":2463.153,"endTime":2465.913,"body":"but you know what?"},{"speaker":"Michael Gilmore","startTime":2466.363,"endTime":2469.153,"body":"I come up, I might still miss"},{"speaker":"Michael Gilmore","startTime":2466.363,"endTime":2469.153,"body":"the next one, but at least I've"},{"speaker":"Michael Gilmore","startTime":2469.153,"endTime":2471.89,"body":"done my homework, at least I know"},{"speaker":"Michael Gilmore","startTime":2469.153,"endTime":2471.89,"body":"why I missed that one properly."},{"speaker":"Michael Gilmore","startTime":2472.25,"endTime":2475.4,"body":"And that's what everyone should be doing"},{"speaker":"Michael Gilmore","startTime":2472.25,"endTime":2475.4,"body":"in every asset class they're in, right?"},{"speaker":"Michael Gilmore","startTime":2475.4,"endTime":2477.17,"body":"Every time you lose"},{"speaker":"Michael Gilmore","startTime":2475.4,"endTime":2477.17,"body":"money, this is a lesson."},{"speaker":"Michael Gilmore","startTime":2477.84,"endTime":2481.399,"body":"And and you start with a small"},{"speaker":"Michael Gilmore","startTime":2477.84,"endTime":2481.399,"body":"one, you should not be doing okay."},{"speaker":"Michael Gilmore","startTime":2481.429,"endTime":2483.439,"body":"How much can I afford for down"},{"speaker":"Michael Gilmore","startTime":2481.429,"endTime":2483.439,"body":"payment on the house of my"},{"speaker":"Michael Gilmore","startTime":2483.439,"endTime":2485.389,"body":"dreams that are 90% mortgage."},{"speaker":"Michael Gilmore","startTime":2486.349,"endTime":2486.619,"body":"And then."},{"speaker":"Michael Gilmore","startTime":2487.674,"endTime":2489.174,"body":"That's the house for the rest of my life."},{"speaker":"Michael Gilmore","startTime":2489.204,"endTime":2491.304,"body":"Cause if it goes down 10%,"},{"speaker":"Michael Gilmore","startTime":2489.204,"endTime":2491.304,"body":"you lose the money you saved"},{"speaker":"Michael Gilmore","startTime":2491.304,"endTime":2492.624,"body":"the last 10 years you're out."},{"speaker":"Michael Gilmore","startTime":2493.194,"endTime":2494.454,"body":"And it happens to so many people."},{"speaker":"Michael Gilmore","startTime":2494.454,"endTime":2496.924,"body":"There's no opportunity to learn a"},{"speaker":"Michael Gilmore","startTime":2494.454,"endTime":2496.924,"body":"lesson in what they're doing there."},{"speaker":"Michael Gilmore","startTime":2496.965,"endTime":2500.815,"body":"And that again, financial literacy,"},{"speaker":"Michael Gilmore","startTime":2496.965,"endTime":2500.815,"body":"this is, these are the basics."},{"speaker":"Average Joe Finances","startTime":2500.988,"endTime":2502.878,"body":"And like you"},{"speaker":"Average Joe Finances","startTime":2500.988,"endTime":2502.878,"body":"said too, even what you guys did with"},{"speaker":"Average Joe Finances","startTime":2502.878,"endTime":2506.988,"body":"your company, just, figuring out what"},{"speaker":"Average Joe Finances","startTime":2502.878,"endTime":2506.988,"body":"is it you missed and understanding it."},{"speaker":"Average Joe Finances","startTime":2507.016,"endTime":2510.097,"body":"That's super important because if"},{"speaker":"Average Joe Finances","startTime":2507.016,"endTime":2510.097,"body":"same thing in real estate, right?"},{"speaker":"Average Joe Finances","startTime":2510.148,"endTime":2513.739,"body":"If if you decided that you were going"},{"speaker":"Average Joe Finances","startTime":2510.148,"endTime":2513.739,"body":"to go invest in a specific market"},{"speaker":"Average Joe Finances","startTime":2513.832,"endTime":2517.032,"body":"but then you dropped out because"},{"speaker":"Average Joe Finances","startTime":2513.832,"endTime":2517.032,"body":"you didn't do enough research."},{"speaker":"Average Joe Finances","startTime":2517.032,"endTime":2520.212,"body":"You didn't realize that, oh,"},{"speaker":"Average Joe Finances","startTime":2517.032,"endTime":2520.212,"body":"Hey, they're actually building"},{"speaker":"Average Joe Finances","startTime":2520.212,"endTime":2521.922,"body":"like an Amazon warehouse here."},{"speaker":"Average Joe Finances","startTime":2521.922,"endTime":2524.893,"body":"Or the next Tesla Gigafactory"},{"speaker":"Average Joe Finances","startTime":2521.922,"endTime":2524.893,"body":"is going to be here."},{"speaker":"Average Joe Finances","startTime":2525.163,"endTime":2528.653,"body":"And because you missed a small detail like"},{"speaker":"Average Joe Finances","startTime":2525.163,"endTime":2528.653,"body":"that property that you thought was too"},{"speaker":"Average Joe Finances","startTime":2528.653,"endTime":2532.684,"body":"expensive, all of a sudden, five years"},{"speaker":"Average Joe Finances","startTime":2528.653,"endTime":2532.684,"body":"later after the factories' up and running"},{"speaker":"Average Joe Finances","startTime":2532.684,"endTime":2537.004,"body":"and that property has doubled or tripled"},{"speaker":"Average Joe Finances","startTime":2532.684,"endTime":2537.004,"body":"or quadrupled in value, you're like,"},{"speaker":"Average Joe Finances","startTime":2537.274,"endTime":2538.744,"body":"how the heck did I not see this coming?"},{"speaker":"Average Joe Finances","startTime":2538.984,"endTime":2540.574,"body":"Because you didn't do your due diligence."},{"speaker":"Average Joe Finances","startTime":2540.574,"endTime":2542.954,"body":"You didn't research the area"},{"speaker":"Average Joe Finances","startTime":2540.574,"endTime":2542.954,"body":"that you were trying to get into."},{"speaker":"Average Joe Finances","startTime":2542.985,"endTime":2544.105,"body":"And I think that's super important."},{"speaker":"Average Joe Finances","startTime":2544.105,"endTime":2547.116,"body":"That's why I like a lot of the"},{"speaker":"Average Joe Finances","startTime":2544.105,"endTime":2547.116,"body":"real estate syndication companies"},{"speaker":"Average Joe Finances","startTime":2547.116,"endTime":2548.106,"body":"that I deal with right now."},{"speaker":"Average Joe Finances","startTime":2548.106,"endTime":2549.606,"body":"They are very huge on that."},{"speaker":"Average Joe Finances","startTime":2549.606,"endTime":2551.416,"body":"Like they really researched their markets."},{"speaker":"Average Joe Finances","startTime":2551.446,"endTime":2555.127,"body":"And that's one of the things, that"},{"speaker":"Average Joe Finances","startTime":2551.446,"endTime":2555.127,"body":"makes them successful because they"},{"speaker":"Average Joe Finances","startTime":2555.127,"endTime":2557.047,"body":"know what their exit strategy is."},{"speaker":"Average Joe Finances","startTime":2557.047,"endTime":2561.615,"body":"They have a good exit plan, that they have"},{"speaker":"Average Joe Finances","startTime":2557.047,"endTime":2561.615,"body":"multiple exit strategies, not just one."},{"speaker":"Average Joe Finances","startTime":2562.065,"endTime":2565.133,"body":"And that's part of the thing"},{"speaker":"Average Joe Finances","startTime":2562.065,"endTime":2565.133,"body":"that's important too is having"},{"speaker":"Average Joe Finances","startTime":2565.583,"endTime":2568.804,"body":"sure, what I was talking about"},{"speaker":"Average Joe Finances","startTime":2565.583,"endTime":2568.804,"body":"before, like going down a path and"},{"speaker":"Average Joe Finances","startTime":2568.804,"endTime":2570.244,"body":"walking down a path, that's great."},{"speaker":"Average Joe Finances","startTime":2570.244,"endTime":2571.564,"body":"A path is never a straight line."},{"speaker":"Average Joe Finances","startTime":2572.284,"endTime":2573.344,"body":"Never right."},{"speaker":"Average Joe Finances","startTime":2573.413,"endTime":2577.103,"body":"If it is then, Hey, you found"},{"speaker":"Average Joe Finances","startTime":2573.413,"endTime":2577.103,"body":"the magical path, but there's"},{"speaker":"Average Joe Finances","startTime":2577.103,"endTime":2579.863,"body":"always going to be, you're going"},{"speaker":"Average Joe Finances","startTime":2577.103,"endTime":2579.863,"body":"to always come to a crossroad."},{"speaker":"Average Joe Finances","startTime":2579.863,"endTime":2583.643,"body":"You're always going to come to a part"},{"speaker":"Average Joe Finances","startTime":2579.863,"endTime":2583.643,"body":"where it branches off, where you have to"},{"speaker":"Average Joe Finances","startTime":2583.643,"endTime":2586.733,"body":"make a decision and you have to choose"},{"speaker":"Average Joe Finances","startTime":2583.643,"endTime":2586.733,"body":"what path you're going to go down."},{"speaker":"Average Joe Finances","startTime":2587.033,"endTime":2590.483,"body":"So giving yourself an option where"},{"speaker":"Average Joe Finances","startTime":2587.033,"endTime":2590.483,"body":"there's multiple, that all lead, no"},{"speaker":"Average Joe Finances","startTime":2590.483,"endTime":2593.643,"body":"matter what, it's going to get you to"},{"speaker":"Average Joe Finances","startTime":2590.483,"endTime":2593.643,"body":"the same goal at the end, the winding"},{"speaker":"Average Joe Finances","startTime":2593.643,"endTime":2596.414,"body":"brick road while always bringing"},{"speaker":"Average Joe Finances","startTime":2593.643,"endTime":2596.414,"body":"it to the Emerald palace, just what"},{"speaker":"Average Joe Finances","startTime":2596.414,"endTime":2598.364,"body":"matters is, what path do you go down?"},{"speaker":"Average Joe Finances","startTime":2598.404,"endTime":2599.804,"body":"One might be a little bit longer."},{"speaker":"Average Joe Finances","startTime":2600.014,"endTime":2603.134,"body":"One might be a little bit shorter,"},{"speaker":"Average Joe Finances","startTime":2600.014,"endTime":2603.134,"body":"but a little more risky with a"},{"speaker":"Average Joe Finances","startTime":2603.134,"endTime":2604.244,"body":"couple of cliffs on the side."},{"speaker":"Average Joe Finances","startTime":2604.244,"endTime":2606.443,"body":"That if you're not careful enough,"},{"speaker":"Average Joe Finances","startTime":2604.244,"endTime":2606.443,"body":"you're going to fall off the edge."},{"speaker":"Average Joe Finances","startTime":2606.514,"endTime":2608.884,"body":"And then there might be that one,"},{"speaker":"Average Joe Finances","startTime":2606.514,"endTime":2608.884,"body":"that's a straight shot, but it's"},{"speaker":"Average Joe Finances","startTime":2608.884,"endTime":2611.065,"body":"just, really long and treacherous."},{"speaker":"Average Joe Finances","startTime":2611.395,"endTime":2613.475,"body":"So it just depends on what"},{"speaker":"Average Joe Finances","startTime":2611.395,"endTime":2613.475,"body":"path are you gonna take?"},{"speaker":"Average Joe Finances","startTime":2613.475,"endTime":2617.175,"body":"And just being able make an educated"},{"speaker":"Average Joe Finances","startTime":2613.475,"endTime":2617.175,"body":"decision, not just any decision, but"},{"speaker":"Average Joe Finances","startTime":2617.175,"endTime":2620.955,"body":"make an educated decision and understand"},{"speaker":"Average Joe Finances","startTime":2617.175,"endTime":2620.955,"body":"what you're getting yourself into,"},{"speaker":"Average Joe Finances","startTime":2620.955,"endTime":2624.393,"body":"because, I think we've both said"},{"speaker":"Average Joe Finances","startTime":2620.955,"endTime":2624.393,"body":"this a bunch of times is no matter"},{"speaker":"Average Joe Finances","startTime":2624.393,"endTime":2627.645,"body":"what it, any type of investment is"},{"speaker":"Average Joe Finances","startTime":2624.393,"endTime":2627.645,"body":"a risk there's always risk involved."},{"speaker":"Average Joe Finances","startTime":2627.695,"endTime":2630.884,"body":"I think since we talked about nails a lot"},{"speaker":"Average Joe Finances","startTime":2627.695,"endTime":2630.884,"body":"that kind of hits the nail on the head."},{"speaker":"Michael Gilmore","startTime":2631.934,"endTime":2632.714,"body":"Yeah, exactly."},{"speaker":"Michael Gilmore","startTime":2632.864,"endTime":2636.286,"body":"It's actually, so one of the things"},{"speaker":"Michael Gilmore","startTime":2632.864,"endTime":2636.286,"body":"in the book it's good fundamentals"},{"speaker":"Michael Gilmore","startTime":2636.646,"endTime":2637.965,"body":"is the investment section."},{"speaker":"Michael Gilmore","startTime":2638.292,"endTime":2640.983,"body":"A couple of people said to me I don't"},{"speaker":"Michael Gilmore","startTime":2638.292,"endTime":2640.983,"body":"talk about any specific investments at"},{"speaker":"Michael Gilmore","startTime":2640.983,"endTime":2645.213,"body":"all in the investment section I want"},{"speaker":"Michael Gilmore","startTime":2640.983,"endTime":2645.213,"body":"to talk about because I use, I actually"},{"speaker":"Michael Gilmore","startTime":2645.213,"endTime":2649.743,"body":"just have an app, the new acronym"},{"speaker":"Michael Gilmore","startTime":2645.213,"endTime":2649.743,"body":"in it, which is risk with two hours."},{"speaker":"Michael Gilmore","startTime":2650.373,"endTime":2651.353,"body":"I was just talking about risk."},{"speaker":"Michael Gilmore","startTime":2651.783,"endTime":2655.788,"body":"Through the whole investment section,"},{"speaker":"Michael Gilmore","startTime":2651.783,"endTime":2655.788,"body":"because the whole point of investing is"},{"speaker":"Michael Gilmore","startTime":2656.248,"endTime":2661.008,"body":"look, there is no such thing as taking"},{"speaker":"Michael Gilmore","startTime":2656.248,"endTime":2661.008,"body":"no risk, putting your money on the"},{"speaker":"Michael Gilmore","startTime":2661.008,"endTime":2665.928,"body":"mattress is the biggest risk of all,"},{"speaker":"Michael Gilmore","startTime":2661.008,"endTime":2665.928,"body":"because we know there's inflation, right?"},{"speaker":"Michael Gilmore","startTime":2665.958,"endTime":2670.368,"body":"So it's, that is a risk and"},{"speaker":"Michael Gilmore","startTime":2665.958,"endTime":2670.368,"body":"it's just denial is a risk."},{"speaker":"Michael Gilmore","startTime":2670.368,"endTime":2671.808,"body":"You're just denying the rest of the town."},{"speaker":"Michael Gilmore","startTime":2672.408,"endTime":2673.848,"body":"So then you have to take risks."},{"speaker":"Michael Gilmore","startTime":2674.148,"endTime":2676.968,"body":"What risks do you take and"},{"speaker":"Michael Gilmore","startTime":2674.148,"endTime":2676.968,"body":"how do you assess those risks?"},{"speaker":"Michael Gilmore","startTime":2677.388,"endTime":2681.768,"body":"And that's the most important thing is"},{"speaker":"Michael Gilmore","startTime":2677.388,"endTime":2681.768,"body":"how do you assess those risks and how"},{"speaker":"Michael Gilmore","startTime":2681.768,"endTime":2685.758,"body":"do you become comfortable with risk and"},{"speaker":"Michael Gilmore","startTime":2681.768,"endTime":2685.758,"body":"how do you take the right risks for you?"},{"speaker":"Michael Gilmore","startTime":2686.268,"endTime":2689.988,"body":"This is the key to actually investing"},{"speaker":"Michael Gilmore","startTime":2686.268,"endTime":2689.988,"body":"is taking the right risk for you."},{"speaker":"Average Joe Finances","startTime":2690.188,"endTime":2690.428,"body":"Yup."},{"speaker":"Average Joe Finances","startTime":2690.848,"endTime":2691.938,"body":"The right risk and the right choice."},{"speaker":"Average Joe Finances","startTime":2691.987,"endTime":2693.757,"body":"Can I ask you what that"},{"speaker":"Average Joe Finances","startTime":2691.987,"endTime":2693.757,"body":"acronym stands for?"},{"speaker":"Average Joe Finances","startTime":2693.757,"endTime":2695.198,"body":"I love acronyms, so I wrote it down."},{"speaker":"Average Joe Finances","startTime":2695.227,"endTime":2696.127,"body":"R I S K"},{"speaker":"Michael Gilmore","startTime":2696.195,"endTime":2696.435,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2696.435,"endTime":2698.695,"body":"So yeah, so the R in R"},{"speaker":"Michael Gilmore","startTime":2696.435,"endTime":2698.695,"body":"I S K is risk return."},{"speaker":"Michael Gilmore","startTime":2698.765,"endTime":2701.336,"body":"And then the I is for integrity."},{"speaker":"Michael Gilmore","startTime":2702.191,"endTime":2705.161,"body":"And a lot of, not a lot of people"},{"speaker":"Michael Gilmore","startTime":2702.191,"endTime":2705.161,"body":"will talk about this, but it,"},{"speaker":"Michael Gilmore","startTime":2705.491,"endTime":2708.801,"body":"what I mean by integrity is it's"},{"speaker":"Michael Gilmore","startTime":2705.491,"endTime":2708.801,"body":"gotta be the right risk for you."},{"speaker":"Michael Gilmore","startTime":2708.852,"endTime":2711.502,"body":"Don't take risks that your"},{"speaker":"Michael Gilmore","startTime":2708.852,"endTime":2711.502,"body":"life doesn't need you to take."},{"speaker":"Michael Gilmore","startTime":2711.572,"endTime":2714.512,"body":"You don't need, someone might"},{"speaker":"Michael Gilmore","startTime":2711.572,"endTime":2714.512,"body":"tell you that Tokyo property is"},{"speaker":"Michael Gilmore","startTime":2714.512,"endTime":2715.932,"body":"like the best market in the world."},{"speaker":"Michael Gilmore","startTime":2715.981,"endTime":2717.871,"body":"You don't need that risk, right?"},{"speaker":"Michael Gilmore","startTime":2718.231,"endTime":2720.181,"body":"If you need that risk and you"},{"speaker":"Michael Gilmore","startTime":2718.231,"endTime":2720.181,"body":"should take it, if you don't"},{"speaker":"Michael Gilmore","startTime":2720.181,"endTime":2721.051,"body":"need that risk, don't take it."},{"speaker":"Michael Gilmore","startTime":2721.261,"endTime":2725.821,"body":"So taking the right risk for you, like the"},{"speaker":"Michael Gilmore","startTime":2721.261,"endTime":2725.821,"body":"S\u0026P 500 is the right risk for everyone."},{"speaker":"Michael Gilmore","startTime":2725.821,"endTime":2727.901,"body":"This is the biggest 500"},{"speaker":"Michael Gilmore","startTime":2725.821,"endTime":2727.901,"body":"companies in the world."},{"speaker":"Michael Gilmore","startTime":2728.291,"endTime":2729.791,"body":"So it's the right risk for everyone."},{"speaker":"Michael Gilmore","startTime":2729.791,"endTime":2731.581,"body":"We all need to be exposed"},{"speaker":"Michael Gilmore","startTime":2729.791,"endTime":2731.581,"body":"to the global economy."},{"speaker":"Michael Gilmore","startTime":2731.581,"endTime":2734.311,"body":"And the global capital S is for"},{"speaker":"Michael Gilmore","startTime":2731.581,"endTime":2734.311,"body":"spread, which is just another"},{"speaker":"Michael Gilmore","startTime":2734.311,"endTime":2735.361,"body":"word for diversification."},{"speaker":"Michael Gilmore","startTime":2735.361,"endTime":2735.991,"body":"Spread it around."},{"speaker":"Michael Gilmore","startTime":2737.131,"endTime":2739.441,"body":"And K is for knowledge."},{"speaker":"Michael Gilmore","startTime":2739.981,"endTime":2744.541,"body":"That's how you really reduce your risks"},{"speaker":"Michael Gilmore","startTime":2739.981,"endTime":2744.541,"body":"is by knowing more and keep knowing more."},{"speaker":"Michael Gilmore","startTime":2744.541,"endTime":2745.951,"body":"And you're never gonna,"},{"speaker":"Michael Gilmore","startTime":2744.541,"endTime":2745.951,"body":"you're never gonna stop."},{"speaker":"Michael Gilmore","startTime":2746.191,"endTime":2747.151,"body":"You just heard that story."},{"speaker":"Michael Gilmore","startTime":2747.151,"endTime":2751.441,"body":"I told you about that company"},{"speaker":"Michael Gilmore","startTime":2747.151,"endTime":2751.441,"body":"that was last year, 20, 23"},{"speaker":"Michael Gilmore","startTime":2751.441,"endTime":2752.731,"body":"years into my investing career."},{"speaker":"Michael Gilmore","startTime":2753.001,"endTime":2755.611,"body":"And I'm still going to a guy"},{"speaker":"Michael Gilmore","startTime":2753.001,"endTime":2755.611,"body":"saying, how do I get your company?"},{"speaker":"Michael Gilmore","startTime":2756.931,"endTime":2757.601,"body":"What did I do wrong?"},{"speaker":"Michael Gilmore","startTime":2757.672,"endTime":2758.402,"body":"How do I get that wrong?"},{"speaker":"Michael Gilmore","startTime":2758.453,"endTime":2762.613,"body":"And I've made investments where the D"},{"speaker":"Michael Gilmore","startTime":2758.453,"endTime":2762.613,"body":"a, this annoys the crap out of my wife,"},{"speaker":"Michael Gilmore","startTime":2762.853,"endTime":2766.783,"body":"we made an investment maybe 12 years ago"},{"speaker":"Michael Gilmore","startTime":2762.853,"endTime":2766.783,"body":"and I'll refer to how we got it wrong."},{"speaker":"Michael Gilmore","startTime":2766.993,"endTime":2767.833,"body":"And she said, we didn't get it wrong."},{"speaker":"Michael Gilmore","startTime":2768.193,"endTime":2768.823,"body":"We love that place."},{"speaker":"Michael Gilmore","startTime":2768.823,"endTime":2769.303,"body":"We still own it."},{"speaker":"Michael Gilmore","startTime":2769.333,"endTime":2770.623,"body":"Yeah, I didn't do enough research."},{"speaker":"Michael Gilmore","startTime":2770.653,"endTime":2771.953,"body":"It's but we got Yeah, we got it right."},{"speaker":"Michael Gilmore","startTime":2771.953,"endTime":2773.153,"body":"But I didn't do enough research."},{"speaker":"Michael Gilmore","startTime":2774.023,"endTime":2775.053,"body":"I got the process wrong."},{"speaker":"Michael Gilmore","startTime":2775.103,"endTime":2776.213,"body":"I should've done more research."},{"speaker":"Michael Gilmore","startTime":2776.363,"endTime":2779.093,"body":"I might've made a different investment"},{"speaker":"Michael Gilmore","startTime":2776.363,"endTime":2779.093,"body":"and got the investment worse."},{"speaker":"Michael Gilmore","startTime":2779.633,"endTime":2781.343,"body":"Luckily I got the investment."},{"speaker":"Michael Gilmore","startTime":2781.414,"endTime":2783.274,"body":"But that's not process, I got my process."},{"speaker":"Michael Gilmore","startTime":2783.323,"endTime":2784.643,"body":"And it still bothers"},{"speaker":"Michael Gilmore","startTime":2783.323,"endTime":2784.643,"body":"me that I got it wrong."},{"speaker":"Michael Gilmore","startTime":2784.873,"endTime":2786.543,"body":"I'll never do that process ever again."},{"speaker":"Michael Gilmore","startTime":2786.572,"endTime":2788.692,"body":"And you have to have that again."},{"speaker":"Michael Gilmore","startTime":2788.722,"endTime":2789.682,"body":"You see what we're talking about here?"},{"speaker":"Michael Gilmore","startTime":2789.712,"endTime":2793.402,"body":"If you go back to the beginning,"},{"speaker":"Michael Gilmore","startTime":2789.712,"endTime":2793.402,"body":"none of this is complicated, and"},{"speaker":"Michael Gilmore","startTime":2793.402,"endTime":2795.562,"body":"this is, so this is a word that"},{"speaker":"Michael Gilmore","startTime":2793.402,"endTime":2795.562,"body":"you're using in the new book."},{"speaker":"Michael Gilmore","startTime":2795.682,"endTime":2798.682,"body":"It's very important to stress"},{"speaker":"Michael Gilmore","startTime":2795.682,"endTime":2798.682,"body":"the difference between the"},{"speaker":"Michael Gilmore","startTime":2798.682,"endTime":2800.442,"body":"word complex and complicated."},{"speaker":"Michael Gilmore","startTime":2800.532,"endTime":2803.453,"body":"Complicated is a thing that is"},{"speaker":"Michael Gilmore","startTime":2800.532,"endTime":2803.453,"body":"inherently difficult to understand."},{"speaker":"Michael Gilmore","startTime":2803.963,"endTime":2806.103,"body":"The thing itself is"},{"speaker":"Michael Gilmore","startTime":2803.963,"endTime":2806.103,"body":"difficult to understand."},{"speaker":"Michael Gilmore","startTime":2806.103,"endTime":2810.783,"body":"A complex thing is a thing that is made"},{"speaker":"Michael Gilmore","startTime":2806.103,"endTime":2810.783,"body":"up of lots and lots of simple things."},{"speaker":"Michael Gilmore","startTime":2811.653,"endTime":2814.202,"body":"So it looks hard to understand, but"},{"speaker":"Michael Gilmore","startTime":2811.653,"endTime":2814.202,"body":"everything in it is actually quite"},{"speaker":"Michael Gilmore","startTime":2814.202,"endTime":2817.342,"body":"easy and that's investing, most things"},{"speaker":"Michael Gilmore","startTime":2814.202,"endTime":2817.342,"body":"in it are actually pretty simple,"},{"speaker":"Michael Gilmore","startTime":2817.522,"endTime":2820.401,"body":"but sometimes they get layered one"},{"speaker":"Michael Gilmore","startTime":2817.522,"endTime":2820.401,"body":"on top and top on top of the top."},{"speaker":"Michael Gilmore","startTime":2820.401,"endTime":2823.131,"body":"And it looks like, oh, that's too hard"},{"speaker":"Michael Gilmore","startTime":2820.401,"endTime":2823.131,"body":"to understand, particularly for anyone"},{"speaker":"Michael Gilmore","startTime":2823.131,"endTime":2825.411,"body":"new coming in for someone new coming in."},{"speaker":"Michael Gilmore","startTime":2825.411,"endTime":2826.671,"body":"So there's all this stuff to know."},{"speaker":"Michael Gilmore","startTime":2826.701,"endTime":2827.511,"body":"How do I know that?"},{"speaker":"Michael Gilmore","startTime":2827.841,"endTime":2828.091,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2828.159,"endTime":2828.939,"body":"Don't know it all."},{"speaker":"Michael Gilmore","startTime":2829.059,"endTime":2832.929,"body":"Just learn the basics and that'll give"},{"speaker":"Michael Gilmore","startTime":2829.059,"endTime":2832.929,"body":"you enough to go, okay, what's next?"},{"speaker":"Michael Gilmore","startTime":2832.959,"endTime":2834.08,"body":"And what comes after that?"},{"speaker":"Michael Gilmore","startTime":2834.15,"endTime":2837.309,"body":"But that to me is is how we"},{"speaker":"Michael Gilmore","startTime":2834.15,"endTime":2837.309,"body":"keep moving through this."},{"speaker":"Michael Gilmore","startTime":2838.649,"endTime":2840.599,"body":"You asked me another question"},{"speaker":"Michael Gilmore","startTime":2838.649,"endTime":2840.599,"body":"because I completely lost it."},{"speaker":"Average Joe Finances","startTime":2841.589,"endTime":2841.769,"body":"All."},{"speaker":"Average Joe Finances","startTime":2841.769,"endTime":2841.949,"body":"Good."},{"speaker":"Average Joe Finances","startTime":2841.979,"endTime":2845.009,"body":"So actually I have a, I'll just"},{"speaker":"Average Joe Finances","startTime":2841.979,"endTime":2845.009,"body":"one more question I want to ask you"},{"speaker":"Average Joe Finances","startTime":2845.009,"endTime":2848.057,"body":"cause we go, I think we've we hit"},{"speaker":"Average Joe Finances","startTime":2845.009,"endTime":2848.057,"body":"everything I wanted to talk about."},{"speaker":"Average Joe Finances","startTime":2848.126,"endTime":2852.957,"body":"But for, let's say we have somebody who"},{"speaker":"Average Joe Finances","startTime":2848.126,"endTime":2852.957,"body":"is, just looking to get started, they're"},{"speaker":"Average Joe Finances","startTime":2853.077,"endTime":2854.827,"body":"getting ready to build that foundation."},{"speaker":"Average Joe Finances","startTime":2854.896,"endTime":2858.766,"body":"They're just about to finish up paying off"},{"speaker":"Average Joe Finances","startTime":2854.896,"endTime":2858.766,"body":"their debt so they could start investing."},{"speaker":"Average Joe Finances","startTime":2859.366,"endTime":2862.366,"body":"Are there any tips or tricks that"},{"speaker":"Average Joe Finances","startTime":2859.366,"endTime":2862.366,"body":"you would recommend for somebody"},{"speaker":"Average Joe Finances","startTime":2862.366,"endTime":2863.936,"body":"who's getting started today?"},{"speaker":"Michael Gilmore","startTime":2864.006,"endTime":2866.016,"body":"Now I have to explain"},{"speaker":"Michael Gilmore","startTime":2864.006,"endTime":2866.016,"body":"my entire book because that's what"},{"speaker":"Michael Gilmore","startTime":2866.016,"endTime":2867.186,"body":"the book for my daughter was about."},{"speaker":"Michael Gilmore","startTime":2867.257,"endTime":2870.777,"body":"The thing that you, okay, so the most"},{"speaker":"Michael Gilmore","startTime":2867.257,"endTime":2870.777,"body":"important thing you paid off debt,"},{"speaker":"Michael Gilmore","startTime":2870.807,"endTime":2871.917,"body":"so you've actually already live."},{"speaker":"Michael Gilmore","startTime":2872.722,"endTime":2875.652,"body":"The most important lesson, which is"},{"speaker":"Michael Gilmore","startTime":2872.722,"endTime":2875.652,"body":"you don't need to spend all the money"},{"speaker":"Michael Gilmore","startTime":2875.723,"endTime":2877.163,"body":"in your salary or in your income."},{"speaker":"Michael Gilmore","startTime":2877.583,"endTime":2877.853,"body":"That's."},{"speaker":"Michael Gilmore","startTime":2877.922,"endTime":2881.522,"body":"One of the things I think is fascinating"},{"speaker":"Michael Gilmore","startTime":2877.922,"endTime":2881.522,"body":"with people who achieve financial"},{"speaker":"Michael Gilmore","startTime":2881.522,"endTime":2884.882,"body":"independence is the number of them"},{"speaker":"Michael Gilmore","startTime":2881.522,"endTime":2884.882,"body":"that arrived there from a debt"},{"speaker":"Michael Gilmore","startTime":2884.882,"endTime":2888.422,"body":"position and how the debt doesn't"},{"speaker":"Michael Gilmore","startTime":2884.882,"endTime":2888.422,"body":"slow down their progress that much."},{"speaker":"Michael Gilmore","startTime":2888.452,"endTime":2893.252,"body":"And actually a lot of them get to FI"},{"speaker":"Michael Gilmore","startTime":2888.452,"endTime":2893.252,"body":"faster than the people that didn't start"},{"speaker":"Michael Gilmore","startTime":2893.252,"endTime":2897.212,"body":"with debt, because they've learned such an"},{"speaker":"Michael Gilmore","startTime":2893.252,"endTime":2897.212,"body":"aggressive saving habit to get out of the"},{"speaker":"Michael Gilmore","startTime":2897.212,"endTime":2899.012,"body":"debt and then they continue that through."},{"speaker":"Michael Gilmore","startTime":2899.462,"endTime":2904.412,"body":"So I'd say that's the first lesson is"},{"speaker":"Michael Gilmore","startTime":2899.462,"endTime":2904.412,"body":"knowing that you don't have to spend"},{"speaker":"Michael Gilmore","startTime":2904.412,"endTime":2905.552,"body":"all your income once you got there."},{"speaker":"Michael Gilmore","startTime":2905.583,"endTime":2908.202,"body":"You're just so far ahead"},{"speaker":"Michael Gilmore","startTime":2905.583,"endTime":2908.202,"body":"of the rest of the world."},{"speaker":"Michael Gilmore","startTime":2908.472,"endTime":2910.522,"body":"The second thing is, I think"},{"speaker":"Michael Gilmore","startTime":2908.472,"endTime":2910.522,"body":"it's so important to learn."},{"speaker":"Michael Gilmore","startTime":2910.591,"endTime":2913.471,"body":"Okay, so you need, we only"},{"speaker":"Michael Gilmore","startTime":2910.591,"endTime":2913.471,"body":"need an emergency fund."},{"speaker":"Michael Gilmore","startTime":2913.471,"endTime":2914.281,"body":"So we tucked that away."},{"speaker":"Michael Gilmore","startTime":2914.281,"endTime":2915.211,"body":"Let's get that one."},{"speaker":"Michael Gilmore","startTime":2915.211,"endTime":2916.231,"body":"Talk to why pop back."},{"speaker":"Michael Gilmore","startTime":2916.261,"endTime":2917.321,"body":"You need to have an emergency fund."},{"speaker":"Michael Gilmore","startTime":2917.39,"endTime":2921.05,"body":"We know that now, particularly after"},{"speaker":"Michael Gilmore","startTime":2917.39,"endTime":2921.05,"body":"20, what happened in 2020, we all"},{"speaker":"Michael Gilmore","startTime":2921.05,"endTime":2922.37,"body":"know why we need an emergency fund."},{"speaker":"Michael Gilmore","startTime":2923.12,"endTime":2927.05,"body":"If the next stage for me, I think"},{"speaker":"Michael Gilmore","startTime":2923.12,"endTime":2927.05,"body":"is nearly always to understand"},{"speaker":"Michael Gilmore","startTime":2927.05,"endTime":2931.61,"body":"what an index is and what it does"},{"speaker":"Michael Gilmore","startTime":2927.05,"endTime":2931.61,"body":"and how that will probably do you"},{"speaker":"Michael Gilmore","startTime":2931.61,"endTime":2935.67,"body":"find the most of your invest most"},{"speaker":"Michael Gilmore","startTime":2931.61,"endTime":2935.67,"body":"of your equity investing needs."},{"speaker":"Michael Gilmore","startTime":2935.74,"endTime":2938.5,"body":"And this is again, another reason"},{"speaker":"Michael Gilmore","startTime":2935.74,"endTime":2938.5,"body":"why I don't talk about what I do"},{"speaker":"Michael Gilmore","startTime":2938.5,"endTime":2940.3,"body":"in the day job, because obviously"},{"speaker":"Michael Gilmore","startTime":2938.5,"endTime":2940.3,"body":"I do the opposite of that in my"},{"speaker":"Michael Gilmore","startTime":2940.3,"endTime":2943.931,"body":"day job, but in very specialized"},{"speaker":"Michael Gilmore","startTime":2940.3,"endTime":2943.931,"body":"way, but an index for most people."},{"speaker":"Michael Gilmore","startTime":2943.931,"endTime":2944.141,"body":"Okay."},{"speaker":"Michael Gilmore","startTime":2944.141,"endTime":2944.531,"body":"What is it?"},{"speaker":"Michael Gilmore","startTime":2944.561,"endTime":2945.971,"body":"Top 500 companies in the world."},{"speaker":"Michael Gilmore","startTime":2946.091,"endTime":2946.781,"body":"What does that mean?"},{"speaker":"Michael Gilmore","startTime":2947.591,"endTime":2954.431,"body":"You buy one VTI and all of a"},{"speaker":"Michael Gilmore","startTime":2947.591,"endTime":2954.431,"body":"sudden the 500 top paid CEOs"},{"speaker":"Michael Gilmore","startTime":2954.431,"endTime":2955.601,"body":"in the world work for you."},{"speaker":"Michael Gilmore","startTime":2955.961,"endTime":2956.891,"body":"That's what that means."},{"speaker":"Michael Gilmore","startTime":2956.891,"endTime":2960.641,"body":"You've now tapped into the global"},{"speaker":"Michael Gilmore","startTime":2956.891,"endTime":2960.641,"body":"economy in the best way possible."},{"speaker":"Michael Gilmore","startTime":2961.061,"endTime":2962.911,"body":"That's where you go before"},{"speaker":"Michael Gilmore","startTime":2961.061,"endTime":2962.911,"body":"you start doing single stock."},{"speaker":"Michael Gilmore","startTime":2963.003,"endTime":2968.073,"body":"To me, you can learn so much about single"},{"speaker":"Michael Gilmore","startTime":2963.003,"endTime":2968.073,"body":"stocks by understanding the index because"},{"speaker":"Michael Gilmore","startTime":2968.433,"endTime":2970.263,"body":"in the end, it's how you allocate capital."},{"speaker":"Michael Gilmore","startTime":2970.263,"endTime":2972.073,"body":"That will make you the"},{"speaker":"Michael Gilmore","startTime":2970.263,"endTime":2972.073,"body":"most money over time."},{"speaker":"Michael Gilmore","startTime":2972.144,"endTime":2976.194,"body":"There's so much risk in single"},{"speaker":"Michael Gilmore","startTime":2972.144,"endTime":2976.194,"body":"stock that you really need to"},{"speaker":"Michael Gilmore","startTime":2976.194,"endTime":2977.884,"body":"approach it from an index position."},{"speaker":"Michael Gilmore","startTime":2977.953,"endTime":2981.873,"body":"And honestly, I think that gets so many"},{"speaker":"Michael Gilmore","startTime":2977.953,"endTime":2981.873,"body":"people at 80, 90% of the way there."},{"speaker":"Michael Gilmore","startTime":2981.944,"endTime":2983.594,"body":"I think real estate is worth learning."},{"speaker":"Michael Gilmore","startTime":2984.729,"endTime":2986.919,"body":"'cause we're all going to have to own it."},{"speaker":"Michael Gilmore","startTime":2986.919,"endTime":2988.269,"body":"At some point we all live in it."},{"speaker":"Michael Gilmore","startTime":2988.359,"endTime":2989.529,"body":"We have to have somewhere to live."},{"speaker":"Michael Gilmore","startTime":2989.979,"endTime":2995.249,"body":"And so that to me is often because you"},{"speaker":"Michael Gilmore","startTime":2989.979,"endTime":2995.249,"body":"can't put a, a $500 increment into a"},{"speaker":"Michael Gilmore","startTime":2995.249,"endTime":2999.779,"body":"house that to start with an index so"},{"speaker":"Michael Gilmore","startTime":2995.249,"endTime":2999.779,"body":"that it makes sense to be that stage."},{"speaker":"Michael Gilmore","startTime":3000.079,"endTime":3004.197,"body":"But then when you've got money in,"},{"speaker":"Michael Gilmore","startTime":3000.079,"endTime":3004.197,"body":"in, you've got maybe a down payment"},{"speaker":"Michael Gilmore","startTime":3004.197,"endTime":3008.769,"body":"that you can put in a small way into"},{"speaker":"Michael Gilmore","startTime":3004.197,"endTime":3008.769,"body":"real estate, those two things you've"},{"speaker":"Michael Gilmore","startTime":3008.769,"endTime":3014.049,"body":"now got such an enormous part of"},{"speaker":"Michael Gilmore","startTime":3008.769,"endTime":3014.049,"body":"the global capital system, right?"},{"speaker":"Michael Gilmore","startTime":3014.049,"endTime":3016.208,"body":"It's exposure to them"},{"speaker":"Michael Gilmore","startTime":3014.049,"endTime":3016.208,"body":"that will get you there."},{"speaker":"Michael Gilmore","startTime":3016.538,"endTime":3020.288,"body":"The only other thing I'd add in is"},{"speaker":"Michael Gilmore","startTime":3016.538,"endTime":3020.288,"body":"like one of the best tips I've ever"},{"speaker":"Michael Gilmore","startTime":3020.288,"endTime":3023.867,"body":"heard, which is every time you gather,"},{"speaker":"Michael Gilmore","startTime":3020.288,"endTime":3023.867,"body":"every, anytime you get an increase in"},{"speaker":"Michael Gilmore","startTime":3023.867,"endTime":3026.657,"body":"income, 50% of the increase goes into."},{"speaker":"Michael Gilmore","startTime":3028.417,"endTime":3029.407,"body":"And what I love about that."},{"speaker":"Michael Gilmore","startTime":3029.707,"endTime":3033.276,"body":"Cause it's, it's, it reminds me, I"},{"speaker":"Michael Gilmore","startTime":3029.707,"endTime":3033.276,"body":"grew up in the west of England and"},{"speaker":"Michael Gilmore","startTime":3033.276,"endTime":3036.816,"body":"we'd go picking fruit, strawberries"},{"speaker":"Michael Gilmore","startTime":3033.276,"endTime":3036.816,"body":"and stuff and the summer."},{"speaker":"Michael Gilmore","startTime":3037.296,"endTime":3040.985,"body":"And you had to pay for what you"},{"speaker":"Michael Gilmore","startTime":3037.296,"endTime":3040.985,"body":"took out that you'd eat a ton"},{"speaker":"Michael Gilmore","startTime":3040.985,"endTime":3041.895,"body":"while you were doing it as well."},{"speaker":"Michael Gilmore","startTime":3041.923,"endTime":3043.584,"body":"You're picking strawberries"},{"speaker":"Michael Gilmore","startTime":3041.923,"endTime":3043.584,"body":"and it's and there's one for"},{"speaker":"Michael Gilmore","startTime":3043.584,"endTime":3045.144,"body":"me, one for the guy, right?"},{"speaker":"Michael Gilmore","startTime":3045.144,"endTime":3048.804,"body":"One for me, one for the basket, one for"},{"speaker":"Michael Gilmore","startTime":3045.144,"endTime":3048.804,"body":"me, one for the basket and the same thing."},{"speaker":"Michael Gilmore","startTime":3048.804,"endTime":3050.124,"body":"It's such a simple rule, right?"},{"speaker":"Michael Gilmore","startTime":3050.192,"endTime":3054.542,"body":"You get a 50, $50 raise 25"},{"speaker":"Michael Gilmore","startTime":3050.192,"endTime":3054.542,"body":"from a savings, 25 for me."},{"speaker":"Michael Gilmore","startTime":3055.142,"endTime":3059.762,"body":"Now, the reason that works is because"},{"speaker":"Michael Gilmore","startTime":3055.142,"endTime":3059.762,"body":"the 25 is still a raise, right?"},{"speaker":"Michael Gilmore","startTime":3059.762,"endTime":3062.432,"body":"It's still an improvement in your"},{"speaker":"Michael Gilmore","startTime":3059.762,"endTime":3062.432,"body":"standard of living gradually you'd"},{"speaker":"Michael Gilmore","startTime":3062.432,"endTime":3066.152,"body":"improve the 25 into your savings is"},{"speaker":"Michael Gilmore","startTime":3062.432,"endTime":3066.152,"body":"going to boost your savings in a way"},{"speaker":"Michael Gilmore","startTime":3066.152,"endTime":3070.452,"body":"that if you put 50 in your standard"},{"speaker":"Michael Gilmore","startTime":3066.152,"endTime":3070.452,"body":"living is slowly going to come there."},{"speaker":"Michael Gilmore","startTime":3070.522,"endTime":3071.342,"body":"It's just going to happen."},{"speaker":"Michael Gilmore","startTime":3071.41,"endTime":3071.56,"body":"If"},{"speaker":"Average Joe Finances","startTime":3071.56,"endTime":3073.57,"body":"you're keeping"},{"speaker":"Average Joe Finances","startTime":3071.56,"endTime":3073.57,"body":"up with inflation at that point."},{"speaker":"Michael Gilmore","startTime":3074.32,"endTime":3074.63,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":3074.702,"endTime":3077.462,"body":"But if you put 50 into your"},{"speaker":"Michael Gilmore","startTime":3074.702,"endTime":3077.462,"body":"spending, you're never going"},{"speaker":"Michael Gilmore","startTime":3077.462,"endTime":3078.362,"body":"to increase your savings."},{"speaker":"Michael Gilmore","startTime":3078.662,"endTime":3080.492,"body":"So 50 51 for me, one for them."},{"speaker":"Michael Gilmore","startTime":3081.327,"endTime":3082.917,"body":"That I think works for me."},{"speaker":"Michael Gilmore","startTime":3083.187,"endTime":3086.187,"body":"That's like the one that I think"},{"speaker":"Michael Gilmore","startTime":3083.187,"endTime":3086.187,"body":"the, just the simplest little thing."},{"speaker":"Average Joe Finances","startTime":3086.453,"endTime":3086.683,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":3086.754,"endTime":3089.924,"body":"I know people that will take a hundred"},{"speaker":"Average Joe Finances","startTime":3086.754,"endTime":3089.924,"body":"percent of their pay raise and put it"},{"speaker":"Average Joe Finances","startTime":3089.924,"endTime":3092.593,"body":"into a savings, but I liked the 50%."},{"speaker":"Average Joe Finances","startTime":3092.623,"endTime":3095.553,"body":"I think it's much more manageable"},{"speaker":"Average Joe Finances","startTime":3092.623,"endTime":3095.553,"body":"because there, there is an expected"},{"speaker":"Average Joe Finances","startTime":3095.553,"endTime":3098.373,"body":"quality of life increase when you"},{"speaker":"Average Joe Finances","startTime":3095.553,"endTime":3098.373,"body":"get a pay raise and things like that."},{"speaker":"Average Joe Finances","startTime":3098.403,"endTime":3099.303,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":3099.663,"endTime":3099.933,"body":"All right."},{"speaker":"Average Joe Finances","startTime":3099.933,"endTime":3100.083,"body":"My,"},{"speaker":"Michael Gilmore","startTime":3101.133,"endTime":3102.573,"body":"sorry, I'm"},{"speaker":"Michael Gilmore","startTime":3101.133,"endTime":3102.573,"body":"gonna interrupt you just cause"},{"speaker":"Michael Gilmore","startTime":3102.573,"endTime":3103.923,"body":"it's all about the psychology."},{"speaker":"Michael Gilmore","startTime":3104.013,"endTime":3106.094,"body":"It's all about the psychology,"},{"speaker":"Michael Gilmore","startTime":3104.013,"endTime":3106.094,"body":"like we said before, and the"},{"speaker":"Michael Gilmore","startTime":3106.094,"endTime":3108.884,"body":"50 50 works on the psychology."},{"speaker":"Average Joe Finances","startTime":3109.694,"endTime":3109.914,"body":"Yep."},{"speaker":"Average Joe Finances","startTime":3109.945,"endTime":3112.075,"body":"Just like you were nailing"},{"speaker":"Average Joe Finances","startTime":3109.945,"endTime":3112.075,"body":"down before psychology."},{"speaker":"Average Joe Finances","startTime":3112.103,"endTime":3114.811,"body":"It's it has to do a lot with your"},{"speaker":"Average Joe Finances","startTime":3112.103,"endTime":3114.811,"body":"mental state, where it is that,"},{"speaker":"Average Joe Finances","startTime":3114.839,"endTime":3117.349,"body":"you what flips that switch where"},{"speaker":"Average Joe Finances","startTime":3114.839,"endTime":3117.349,"body":"you, like you even said it earlier."},{"speaker":"Average Joe Finances","startTime":3117.419,"endTime":3119.829,"body":"At the very beginning, when"},{"speaker":"Average Joe Finances","startTime":3117.419,"endTime":3119.829,"body":"we first started talking about"},{"speaker":"Average Joe Finances","startTime":3119.878,"endTime":3122.778,"body":"actually I have it here in my notes"},{"speaker":"Average Joe Finances","startTime":3119.878,"endTime":3122.778,"body":"when we were talking about okay."},{"speaker":"Average Joe Finances","startTime":3122.778,"endTime":3126.458,"body":"So we were talking about how"},{"speaker":"Average Joe Finances","startTime":3122.778,"endTime":3126.458,"body":"learning how to do this is not"},{"speaker":"Average Joe Finances","startTime":3126.458,"endTime":3128.138,"body":"difficult, but it's very powerful."},{"speaker":"Average Joe Finances","startTime":3128.468,"endTime":3131.629,"body":"And the key thing that you did is"},{"speaker":"Average Joe Finances","startTime":3128.468,"endTime":3131.629,"body":"you change your thought process."},{"speaker":"Average Joe Finances","startTime":3131.629,"endTime":3136.879,"body":"You change your mindset, and that might"},{"speaker":"Average Joe Finances","startTime":3131.629,"endTime":3136.879,"body":"be the hardest, yet easiest thing for"},{"speaker":"Average Joe Finances","startTime":3136.879,"endTime":3140.569,"body":"anybody to do, because to change your"},{"speaker":"Average Joe Finances","startTime":3136.879,"endTime":3140.569,"body":"mindset, you're going to have to start"},{"speaker":"Average Joe Finances","startTime":3140.569,"endTime":3144.059,"body":"breaking old habits, you're going to have"},{"speaker":"Average Joe Finances","startTime":3140.569,"endTime":3144.059,"body":"to get past some of those spending habits"},{"speaker":"Average Joe Finances","startTime":3144.059,"endTime":3146.279,"body":"that you might have and things like that."},{"speaker":"Average Joe Finances","startTime":3146.279,"endTime":3150.089,"body":"But once you do it and you"},{"speaker":"Average Joe Finances","startTime":3146.279,"endTime":3150.089,"body":"realize how easy that was, that"},{"speaker":"Average Joe Finances","startTime":3150.089,"endTime":3151.539,"body":"change just comes naturally."},{"speaker":"Average Joe Finances","startTime":3151.61,"endTime":3151.92,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":3151.969,"endTime":3156.838,"body":"I have to ask you the most important"},{"speaker":"Average Joe Finances","startTime":3151.969,"endTime":3156.838,"body":"question, and this is because, we've"},{"speaker":"Average Joe Finances","startTime":3156.838,"endTime":3159.118,"body":"had an awesome, amazing conversation."},{"speaker":"Average Joe Finances","startTime":3159.178,"endTime":3161.068,"body":"I really enjoyed so much of it."},{"speaker":"Average Joe Finances","startTime":3161.094,"endTime":3161.894,"body":"My listeners."},{"speaker":"Average Joe Finances","startTime":3161.894,"endTime":3163.574,"body":"I'm sure they're loving it right now, too."},{"speaker":"Average Joe Finances","startTime":3163.574,"endTime":3166.994,"body":"And they're going to want to know a little"},{"speaker":"Average Joe Finances","startTime":3163.574,"endTime":3166.994,"body":"bit more about Michael and where they"},{"speaker":"Average Joe Finances","startTime":3166.994,"endTime":3168.674,"body":"could find some information about you."},{"speaker":"Average Joe Finances","startTime":3169.234,"endTime":3172.124,"body":"They're going to want to know"},{"speaker":"Average Joe Finances","startTime":3169.234,"endTime":3172.124,"body":"more about who this $7 millionaire"},{"speaker":"Average Joe Finances","startTime":3172.124,"endTime":3175.518,"body":"is or what they could find  what"},{"speaker":"Average Joe Finances","startTime":3172.124,"endTime":3175.518,"body":"the $7 millionaires all about."},{"speaker":"Average Joe Finances","startTime":3175.818,"endTime":3179.478,"body":"So if you could please share with"},{"speaker":"Average Joe Finances","startTime":3175.818,"endTime":3179.478,"body":"us, do you have a website, a social"},{"speaker":"Average Joe Finances","startTime":3179.478,"endTime":3180.948,"body":"media that people can check out?"},{"speaker":"Average Joe Finances","startTime":3180.948,"endTime":3181.608,"body":"That'd be awesome."},{"speaker":"Michael Gilmore","startTime":3181.801,"endTime":3181.951,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":3182.021,"endTime":3185.422,"body":"So the book that you can see right"},{"speaker":"Michael Gilmore","startTime":3182.021,"endTime":3185.422,"body":"behind me, the happy ever after."},{"speaker":"Michael Gilmore","startTime":3185.491,"endTime":3188.842,"body":"So that's why the $7 millionaire"},{"speaker":"Michael Gilmore","startTime":3185.491,"endTime":3188.842,"body":"there's seven that's because links"},{"speaker":"Michael Gilmore","startTime":3189.142,"endTime":3192.462,"body":"to get to that on the website,"},{"speaker":"Michael Gilmore","startTime":3189.142,"endTime":3192.462,"body":"which is sevendollarmillionaire.com"},{"speaker":"Michael Gilmore","startTime":3192.562,"endTime":3194.132,"body":"occasionally active on Twitter."},{"speaker":"Michael Gilmore","startTime":3194.203,"endTime":3195.793,"body":"And I don't understand Instagram."},{"speaker":"Michael Gilmore","startTime":3196.103,"endTime":3198.023,"body":"The you'll see stuff on"},{"speaker":"Michael Gilmore","startTime":3196.103,"endTime":3198.023,"body":"Instagram, but that's not me."},{"speaker":"Michael Gilmore","startTime":3198.173,"endTime":3200.343,"body":"That's that if there's stuff"},{"speaker":"Michael Gilmore","startTime":3198.173,"endTime":3200.343,"body":"on Instagram that's an intern."},{"speaker":"Michael Gilmore","startTime":3200.374,"endTime":3203.922,"body":"The the, yeah, that, that's where you"},{"speaker":"Michael Gilmore","startTime":3200.374,"endTime":3203.922,"body":"can find me and it's then there should"},{"speaker":"Michael Gilmore","startTime":3203.922,"endTime":3207.603,"body":"be another book coming out middle of next"},{"speaker":"Michael Gilmore","startTime":3203.922,"endTime":3207.603,"body":"year, which touch wood fingers crossed"},{"speaker":"Michael Gilmore","startTime":3207.673,"endTime":3211.483,"body":"would be similar kinds of lessons, but"},{"speaker":"Michael Gilmore","startTime":3207.673,"endTime":3211.483,"body":"looked at in a totally different way,"},{"speaker":"Michael Gilmore","startTime":3211.543,"endTime":3215.293,"body":"because again, to try and get inside"},{"speaker":"Michael Gilmore","startTime":3211.543,"endTime":3215.293,"body":"someone else's psychology, that one was"},{"speaker":"Michael Gilmore","startTime":3215.623,"endTime":3217.363,"body":"getting inside my daughter's psychology."},{"speaker":"Michael Gilmore","startTime":3217.363,"endTime":3219.193,"body":"This will be the get inside"},{"speaker":"Michael Gilmore","startTime":3217.363,"endTime":3219.193,"body":"someone else's psychology."},{"speaker":"Average Joe Finances","startTime":3219.583,"endTime":3219.743,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":3219.773,"endTime":3220.493,"body":"Different paths."},{"speaker":"Average Joe Finances","startTime":3220.493,"endTime":3223.583,"body":"So it's this happy ever"},{"speaker":"Average Joe Finances","startTime":3220.493,"endTime":3223.583,"body":"after financial freedom?"},{"speaker":"Average Joe Finances","startTime":3223.583,"endTime":3224.303,"body":"Isn't a fairytale."},{"speaker":"Average Joe Finances","startTime":3224.303,"endTime":3225.783,"body":"Is that like a, is it a children's book?"},{"speaker":"Michael Gilmore","startTime":3226.066,"endTime":3230.249,"body":"It's literally the"},{"speaker":"Michael Gilmore","startTime":3226.066,"endTime":3230.249,"body":"publisher Wiley was I laughing when they"},{"speaker":"Michael Gilmore","startTime":3230.279,"endTime":3231.809,"body":"asked me like, who's the target market?"},{"speaker":"Michael Gilmore","startTime":3231.809,"endTime":3234.708,"body":"I said my 17 year old daughter"},{"speaker":"Michael Gilmore","startTime":3231.809,"endTime":3234.708,"body":"as a target market of one,"},{"speaker":"Michael Gilmore","startTime":3234.738,"endTime":3235.948,"body":"I know exactly who it's for."},{"speaker":"Michael Gilmore","startTime":3236.02,"endTime":3237.01,"body":"I've seen it."},{"speaker":"Michael Gilmore","startTime":3237.04,"endTime":3241.51,"body":"I now know it's being read by 12 year"},{"speaker":"Michael Gilmore","startTime":3237.04,"endTime":3241.51,"body":"olds, 13 year olds, 14 year olds, 25"},{"speaker":"Michael Gilmore","startTime":3241.51,"endTime":3243.31,"body":"year olds, 30 year olds, 40 year olds."},{"speaker":"Michael Gilmore","startTime":3243.83,"endTime":3246.55,"body":"Unfortunately when like a 50"},{"speaker":"Michael Gilmore","startTime":3243.83,"endTime":3246.55,"body":"year old reads it, they go, I"},{"speaker":"Michael Gilmore","startTime":3246.55,"endTime":3247.54,"body":"wish I'd learned this earlier."},{"speaker":"Michael Gilmore","startTime":3247.75,"endTime":3251.062,"body":"It's if you go on Amazon and you read"},{"speaker":"Michael Gilmore","startTime":3247.75,"endTime":3251.062,"body":"through reviews, like I think maybe"},{"speaker":"Michael Gilmore","startTime":3251.062,"endTime":3254.312,"body":"three quarters of the reviews say, I"},{"speaker":"Michael Gilmore","startTime":3251.062,"endTime":3254.312,"body":"wish I'd learned this 25 years ago."},{"speaker":"Michael Gilmore","startTime":3254.382,"endTime":3257.62,"body":"And I say to them, give the"},{"speaker":"Michael Gilmore","startTime":3254.382,"endTime":3257.62,"body":"book to your kids, right?"},{"speaker":"Michael Gilmore","startTime":3257.68,"endTime":3259.202,"body":"That's that's what it was written for."},{"speaker":"Michael Gilmore","startTime":3259.232,"endTime":3264.492,"body":"And so that's that it's aimed at that"},{"speaker":"Michael Gilmore","startTime":3259.232,"endTime":3264.492,"body":"era, that age where, you know what you,"},{"speaker":"Michael Gilmore","startTime":3264.492,"endTime":3267.672,"body":"if you're 18, 19, 20, you're going to"},{"speaker":"Michael Gilmore","startTime":3264.492,"endTime":3267.672,"body":"be putting this to use really soon,"},{"speaker":"Michael Gilmore","startTime":3268.422,"endTime":3271.242,"body":"but it's just written in a way that"},{"speaker":"Michael Gilmore","startTime":3268.422,"endTime":3271.242,"body":"you can understand the whole thing."},{"speaker":"Michael Gilmore","startTime":3271.482,"endTime":3274.982,"body":"So my daughter art student writes plays."},{"speaker":"Michael Gilmore","startTime":3275.312,"endTime":3277.282,"body":"Going to need money cause"},{"speaker":"Michael Gilmore","startTime":3275.312,"endTime":3277.282,"body":"she's never going to earn it."},{"speaker":"Michael Gilmore","startTime":3277.37,"endTime":3279.8,"body":"So she's going to have to"},{"speaker":"Michael Gilmore","startTime":3277.37,"endTime":3279.8,"body":"save every penny she gets."},{"speaker":"Michael Gilmore","startTime":3280.4,"endTime":3285.04,"body":"So how do you take someone like"},{"speaker":"Michael Gilmore","startTime":3280.4,"endTime":3285.04,"body":"that and get them all the way to"},{"speaker":"Michael Gilmore","startTime":3285.173,"endTime":3289.444,"body":"understanding FI and that's the whole"},{"speaker":"Michael Gilmore","startTime":3285.173,"endTime":3289.444,"body":"journey of the book is like from real"},{"speaker":"Michael Gilmore","startTime":3289.444,"endTime":3290.684,"body":"basics, the whole journey of the book."},{"speaker":"Michael Gilmore","startTime":3291.004,"endTime":3293.074,"body":"So it can't really be like an"},{"speaker":"Michael Gilmore","startTime":3291.004,"endTime":3293.074,"body":"eight year old cause they can't"},{"speaker":"Michael Gilmore","startTime":3293.074,"endTime":3296.884,"body":"use it, but like someone who's 17,"},{"speaker":"Michael Gilmore","startTime":3293.074,"endTime":3296.884,"body":"18, they're going to use it soon."},{"speaker":"Average Joe Finances","startTime":3297.843,"endTime":3298.293,"body":"Great stuff."},{"speaker":"Average Joe Finances","startTime":3298.293,"endTime":3301.824,"body":"So I wanted to ask because I've got"},{"speaker":"Average Joe Finances","startTime":3298.293,"endTime":3301.824,"body":"my two daughters as they're getting"},{"speaker":"Average Joe Finances","startTime":3301.894,"endTime":3305.314,"body":"getting up in age, I've got them reading"},{"speaker":"Average Joe Finances","startTime":3301.894,"endTime":3305.314,"body":"different financial literacy books."},{"speaker":"Average Joe Finances","startTime":3305.314,"endTime":3307.454,"body":"So this one might have to get"},{"speaker":"Average Joe Finances","startTime":3305.314,"endTime":3307.454,"body":"added to the curriculum when"},{"speaker":"Average Joe Finances","startTime":3307.454,"endTime":3308.324,"body":"they get a little bit older."},{"speaker":"Average Joe Finances","startTime":3308.684,"endTime":3313.325,"body":"So that's they're going to be actually"},{"speaker":"Average Joe Finances","startTime":3308.684,"endTime":3313.325,"body":"turning here soon, very soon, 12 and 10."},{"speaker":"Michael Gilmore","startTime":3313.895,"endTime":3315.085,"body":"The 12 year"},{"speaker":"Michael Gilmore","startTime":3313.895,"endTime":3315.085,"body":"old might be ready for it."},{"speaker":"Michael Gilmore","startTime":3315.145,"endTime":3316.315,"body":"She's read stuff online."},{"speaker":"Michael Gilmore","startTime":3316.315,"endTime":3316.495,"body":"Yeah."},{"speaker":"Michael Gilmore","startTime":3316.915,"endTime":3318.175,"body":"She might be ready for a very soon."},{"speaker":"Michael Gilmore","startTime":3318.295,"endTime":3320.335,"body":"It's got this, got"},{"speaker":"Michael Gilmore","startTime":3318.295,"endTime":3320.335,"body":"fairytales woven through it."},{"speaker":"Michael Gilmore","startTime":3320.404,"endTime":3323.174,"body":"It's deliberately worked to"},{"speaker":"Michael Gilmore","startTime":3320.404,"endTime":3323.174,"body":"just keep them interested."},{"speaker":"Average Joe Finances","startTime":3323.894,"endTime":3324.164,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":3324.404,"endTime":3324.854,"body":"Fantastic."},{"speaker":"Average Joe Finances","startTime":3325.664,"endTime":3325.904,"body":"All right."},{"speaker":"Average Joe Finances","startTime":3325.904,"endTime":3328.994,"body":"I'm going to make sure I get all of"},{"speaker":"Average Joe Finances","startTime":3325.904,"endTime":3328.994,"body":"those links in the show notes for"},{"speaker":"Average Joe Finances","startTime":3328.994,"endTime":3330.374,"body":"everybody that's listening right now."},{"speaker":"Average Joe Finances","startTime":3330.704,"endTime":3332.844,"body":"If you're driving, don't"},{"speaker":"Average Joe Finances","startTime":3330.704,"endTime":3332.844,"body":"write that stuff down."},{"speaker":"Average Joe Finances","startTime":3332.874,"endTime":3335.513,"body":"Wait til later and copy and paste"},{"speaker":"Average Joe Finances","startTime":3332.874,"endTime":3335.513,"body":"it out of the the show notes."},{"speaker":"Average Joe Finances","startTime":3335.513,"endTime":3339.173,"body":"Or as you heard him say it's"},{"speaker":"Average Joe Finances","startTime":3335.513,"endTime":3339.173,"body":"sevendollarmillionaire.com check"},{"speaker":"Average Joe Finances","startTime":3339.173,"endTime":3343.043,"body":"it out, Michael, it was an absolute"},{"speaker":"Average Joe Finances","startTime":3339.173,"endTime":3343.043,"body":"pleasure having this conversation"},{"speaker":"Average Joe Finances","startTime":3343.043,"endTime":3346.004,"body":"with you today with you being in"},{"speaker":"Average Joe Finances","startTime":3343.043,"endTime":3346.004,"body":"Singapore, and me being in Hawaii."},{"speaker":"Average Joe Finances","startTime":3346.033,"endTime":3347.083,"body":"Technology is amazing."},{"speaker":"Average Joe Finances","startTime":3347.113,"endTime":3348.473,"body":"This was an absolute treat."},{"speaker":"Michael Gilmore","startTime":3348.543,"endTime":3349.633,"body":"It was"},{"speaker":"Michael Gilmore","startTime":3348.543,"endTime":3349.633,"body":"wonderful to be on there."},{"speaker":"Michael Gilmore","startTime":3349.633,"endTime":3351.823,"body":"And I want to say, thank"},{"speaker":"Michael Gilmore","startTime":3349.633,"endTime":3351.823,"body":"you as well for doing this."},{"speaker":"Michael Gilmore","startTime":3351.894,"endTime":3354.354,"body":"I think one of the biggest services"},{"speaker":"Michael Gilmore","startTime":3351.894,"endTime":3354.354,"body":"I'd like I've written a book for"},{"speaker":"Michael Gilmore","startTime":3354.444,"endTime":3357.114,"body":"target market of one, one of the"},{"speaker":"Michael Gilmore","startTime":3354.444,"endTime":3357.114,"body":"great things about guys like you doing"},{"speaker":"Michael Gilmore","startTime":3357.114,"endTime":3361.914,"body":"these podcasts is you're aggregating,"},{"speaker":"Michael Gilmore","startTime":3357.114,"endTime":3361.914,"body":"which we need this industry needs us"},{"speaker":"Michael Gilmore","startTime":3361.914,"endTime":3363.294,"body":"because we're not taught it in school."},{"speaker":"Michael Gilmore","startTime":3363.474,"endTime":3367.044,"body":"We need people like you that can talk"},{"speaker":"Michael Gilmore","startTime":3363.474,"endTime":3367.044,"body":"to maybe, I don't know whether you"},{"speaker":"Michael Gilmore","startTime":3367.044,"endTime":3370.284,"body":"talk to 50, a hundred, 200 people"},{"speaker":"Michael Gilmore","startTime":3367.044,"endTime":3370.284,"body":"a year and gather that information"},{"speaker":"Michael Gilmore","startTime":3370.284,"endTime":3371.975,"body":"for people and help people see it."},{"speaker":"Michael Gilmore","startTime":3371.975,"endTime":3372.995,"body":"So I think it's really important."},{"speaker":"Michael Gilmore","startTime":3372.995,"endTime":3373.865,"body":"So thanks for having me on."},{"speaker":"Average Joe Finances","startTime":3374.625,"endTime":3375.435,"body":"Hey, thanks again."},{"speaker":"Average Joe Finances","startTime":3375.495,"endTime":3376.575,"body":"I really appreciate it."},{"speaker":"Average Joe Finances","startTime":3376.875,"endTime":3379.144,"body":"And we'll get this information"},{"speaker":"Average Joe Finances","startTime":3376.875,"endTime":3379.144,"body":"out there for everybody."},{"speaker":"Average Joe Finances","startTime":3379.174,"endTime":3380.434,"body":"It's been an absolute pleasure."},{"speaker":"Average Joe Finances","startTime":3380.434,"endTime":3380.974,"body":"Like I said."},{"speaker":"Michael Gilmore","startTime":3381.754,"endTime":3382.474,"body":"Thanks very much."}]}